UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04986

Franklin Investors Securities Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA  94403-1906

(Address of principal executive offices)(Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 10/31

Date of reporting period: 10/31/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

Annual

Report

and

Shareholder

Letter

Franklin

Investors

Securities

Trust

October

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

Franklin

Investors

Securities

Trust

1

franklintempleton.com

Annual

Report

SHAREHOLDER

LETTER

Dear

Shareholder,

We

are

pleased

to

provide

the

annual

report

of

Franklin

Investors

Securities

Trust

for

the

12-month

reporting

period

ended

October

31,

2023.

Please

read

on

for

a

detailed

look

at

prevailing

economic

and

market

conditions

during

the

Fund’s

reporting

period

and

to

learn

how

those

conditions

have

affected

Fund

performance.

As

always,

we

remain

committed

to

providing

you

with

excellent

service

and

a

full

spectrum

of

investment

choices.

We

also

remain

committed

to

supplementing

the

support

you

receive

from

your

financial

advisor.

One

way

we

accomplish

this

is

through

our

website,

www.franklintempleton.

com.

Here

you

can

gain

immediate

access

to

market

and

investment

information,

including:

•

Fund

prices

and

performance.

•

Market

insights

and

commentaries

from

our

portfolio

Managers,

and

•

A

host

of

educational

resources.

We

look

forward

to

helping

you

meet

your

financial

goals.

Sincerely,

Gregory

E.

Johnson

Chairman

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

2

Contents

Franklin

Convertible

Securities

Fund

3

Franklin

Equity

Income

Fund

11

Franklin

Managed

Income

Fund

18

Financial

Highlights

and

Schedules

of

Investments

26

Financial

Statements

58

Notes

to

Financial

Statements

64

Report

of

Independent

Registered

Public

Accounting

Firm

82

Tax

Information

83

Board

Members

and

Officers

84

Shareholder

Information

89

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

Franklin

Convertible

Securities

Fund

Fund

Overview

The

Fund

closed

to

new

investors

with

limited

exceptions

on

August

29,

2018.

Existing

investors

may

continue

to

purchase

additional

shares

of

the

Fund.

Q.

What

is

the

Fund's

investment

strategy?

A.

When

choosing

convertible

securities

for

the

Fund,

we

attempt

to

maintain

a

balance

in

the

portfolio

between

the

equity

and

debt

characteristics

of

convertible

securities

with

an

emphasis

on

the

equity

features.

We

also

consider

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

By

investing

in

convertible

securities,

the

Fund

seeks

the

opportunity

to

participate

in

the

capital

appreciation

of

underlying

stocks,

while

at

the

same

time

relying

on

the

fixed

income

aspect

of

the

convertible

securities

to

provide

current

income

and

reduced

price

volatility,

which

can

limit

the

risk

of

loss

in

a

down

equity

market.

Some

of

the

convertible

securities

in

which

the

Fund

may

invest

have

been

structured

to

provide

enhanced

yield,

increased

equity

exposure

or

enhanced

downside

protection.

These

securities,

generally

referred

to

as

enhanced

convertible

securities,

typically

provide

a

benefit

to

the

issuer

in

exchange

for

the

enhanced

features,

such

as

a

conversion

premium

that

is

paid

by

the

Fund.

We

may

invest

in

convertible

securities

of

companies

of

any

capitalization

size,

but

we

generally

seek

to

make

the

portfolio

representative

of

the

entire

convertible

securities

market.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

During

the

12-month

period

under

review,

global

financial

markets

benefited

from

resilient

global

economic

growth,

generally

better-than-expected

corporate

earnings,

decelerating

inflation

in

many

regions,

the

temporary

suspension

of

the

U.S.

debt

ceiling,

and

several

major

central

banks’

slower

pace

or

pausing

of

interest-rate

hikes.

However,

banking-industry

stress

in

early

2023,

recession

fears,

and

concerns

about

central

banks’

rate

paths

intermittently

pressured

investor

sentiment.

As

measured

by

MSCI

indices

in

U.S.-dollar

terms,

emerging

market

equities

modestly

outpaced

a

global

index,

developed

market

stocks

slightly

lagged

it,

and

frontier

market

equities

significantly

trailed

it.

Since

a

late-2022

low,

the

recovery

in

stocks

through

July

2023

was

driven

partly

by

investor

enthusiasm

about

artificial

intelligence,

subsiding

inflation

concerns,

and

hopes

for

interest-rate

cuts

if

recession

hits.

However,

investor

risk

appetite

soured

in

the

period’s

last

three

months

as

it

became

clearer

that

key

central

banks

like

the

U.S.

Federal

Reserve

(Fed)

intend

to

hold

interest

rates

higher

for

longer.

Rising

sovereign

bond

yields

and

energy

prices,

along

with

China’s

property

market

crisis,

Fitch

Ratings’

downgrade

of

U.S.

long-term

debt,

and

heightened

geopolitical

tensions,

further

weighed

on

equity

markets

near

period-end.

U.S.

equities

advanced

as

the

country’s

banking

system

stabilized,

economic

growth

accelerated,

and

the

Fed

slowed

its

interest-rate

hikes

and

paused

on

two

occasions.

Stocks

in

Europe

outperformed

those

in

other

major

regions

(all

in

U.S.-dollar

terms)

as

concerns

about

the

banking

industry

eased,

and

consumer

and

business

sentiment

improved.

The

European

Central

Bank

and

the

Bank

of

England

raised

their

policy

rates

multiple

times

but

paused

their

rate

hikes

near

period-end.

In

Asia,

stocks

rose

despite

concerns

about

China’s

economy

and

troubled

property

market.

The

People’s

Bank

of

China

lowered

its

key

loan

prime

rate

and

the

reserve

requirement

ratio

for

banks.

The

Bank

of

Japan

raised

the

cap

on

the

10-year

government

bond

yield

and

allowed

greater

flexibility

with

its

yield

curve

control.

As

it

pertains

to

the

Fund

specifically,

the

U.S.

and

global

convertible

bond

(CB)

market

started

the

period

on

an

upward

path.

But

since

July,

CB

performance

has

disappointed

as

a

sustained

cross-asset

selloff

dragged

the

asset

class

lower.

During

the

Fund’s

fiscal

year,

performance

within

the

group

varied

widely

as

U.S.-based

“busted”

(credit-/rate-sensitive)

convertibles

(+3.9%)

held

up

better

than

both

equity-sensitive

convertibles

(-2.8%)

and

balanced

convertibles

(-8.7%).

The

pattern

was

similar

on

a

global

level,

where

CBs

were

generally

more

buoyant:

global

busted

CBs

(+8.0%)

fared

best

of

all,

equity-sensitive

CBs

actually

advanced

(+0.8%),

and

balanced

CBs

sustained

less

than

half

the

losses

(-4.2%)

as

the

U.S.-only

group.

Total

2022

convertible

issuance,

at

$39.5

billion,

was

the

smallest

in

records

going

back

to

1998.

Issuance

picked

up

in

2023,

with

global

CB

issuance

through

October

2023

totaling

$65.1

billion,

led

by

the

U.S.

and

was

on

track

to

reach

$75

to

$85

billion

globally

by

the

end

of

the

year.

Expectations

for

“higher-for-longer”

interest

rates

may

encourage

issuers

to

refinance

straight

debt

with

lower-

coupon

convertibles—a

potentially

attractive

option

for

names

with

2024/2025

maturities.

In

general,

the

majority

of

CB

issuers

were

still

well-

capitalized

companies

with

strong

liquidity.

Roughly

half

of

the

issuers

of

convertible

securities

(in

the

U.S.

and

globally)

had

no

other

outstanding

debt

on

their

books,

so

they

were

experiencing

lower

cost-of-capital

debt

conditions.

Franklin

Convertible

Securities

Fund

4

franklintempleton.com

Annual

Report

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

30

.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

Through

recent

market

changes,

we

continued

to

manage

the

Fund

in

the

same

manner

that

we

have

found

to

be

successful

for

decades.

We

once

again

focused

on

investing

in

balanced

convertibles,

those

with

a

preferable

blend

of

both

bond

and

equity

characteristics.

Balanced

convertibles

typically

provide

more

upside

and

less

downside

relative

to

the

underlying

equity.

We

believe

these

characteristics

are

the

reason

to

own

convertibles

versus

owning

equity

or

straight

debt.

We

have

found

the

greatest

long-term

success

by

following

this

strategy

through

all

market

conditions

and

continue

to

do

so.

Performance

Overview

For

the

12

months

under

review,

the

Fund’s

Class

A

shares

posted

a

+0.62%

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

ICE

BofA

All

Alternatives

U.S.

Convertibles

Index,

which

tracks

the

domestic

convertible

securities

market,

posted

a

-0.48%

cumulative

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

7

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

In

absolute

terms,

broad-based

gains

made

in

the

first

half

of

the

Fund’s

fiscal

year

were

diminished

by

a

modest

loss

in

the

latter

half,

thereby

limiting

the

scope

of

contributing

sectors

and

individual

securities.

For

the

year

as

a

whole,

eight

out

of

11

equity

sector

allocations

were

net

contributors,

led

by

communication

services,

information

technology

(IT)

and

financials.

The

majority

of

our

communication

services

holdings

traded

higher

while

a

much

larger

portion

of

the

portfolio

was

comprised

of

IT

companies,

several

of

which

posted

double-digit

percentage

gains.

IT

sector

contributor

Coupa

Software

(business

spending

management

platform;

sold

by

period-end)

convertibles

benefited

from

the

company’s

acquisition

of

Thoma

Bravo

(not

a

Fund

holding)

at

a

substantial

premium

to

its

stock

price

at

the

time

of

the

deal.

Their

tie-up

triggered

the

right

to

put

Coupa’s

convertible

bonds

at

par

value

(a

“put”

is

an

option

that

gives

the

owner

an

opportunity

to

sell

the

security

at

a

specified

price

within

a

defined

timeframe).

Other

strong

performers

included

HubSpot

(customer

relationship

management

platform)

and

cybersecurity

specialist

Palo

Alto

Networks

(sold

by

period-

end).

Alternative

asset

manager

KKR

&

Co.,

a

position

which

matured

and

was

converted,

was

the

best

of

three

net

contributors

in

the

financials

sector.

KKR

manages

multiple

asset

classes

including

private

equity,

energy,

infrastructure,

real

estate,

credit

and,

through

its

strategic

partners,

hedge

funds.

Similar

to

other

“alts”

managers,

KKR

reported

mixed

quarter

results

over

the

summer,

with

asset

flows

a

bit

light

(but

improving)

and

earnings

that

were

ahead

of

Wall

Street’s

consensus

expectations,

driven

mostly

by

stronger

market

performance

and

transaction

fees.

KKR

also

provided

what

we

view

as

a

strong

outlook,

with

the

company

noting

that

it

will

have

more

than

30

strategies

in

the

market

over

the

next

18

months,

with

solid

identifiable

growth

in

insurance

and

wealth

management.

The

asset-

backed

origination

market

is

one

of

KKR’s

best

opportunities

in

private

credit—a

newly

created

vertical

in

its

business

line—as

banks

pull

back

in

the

space,

while

the

operating

backdrop

continues

to

improve.

A

minor

overall

gain

in

the

consumer

discretionary

sector

was

bracketed

on

the

high

and

low

ends

by

e-commerce

companies,

topped

by

home

furnishings

retailer

Wayfair

and

China-based

PDD

Holdings,

which

operates

the

country’s

popular

Pinduoduo

commerce

platform

as

well

as

the

Temu

deep-discount

global

online

marketplace.

Wayfair’s

underlying

equity

value

skyrocketed

in

early

2023

when

it

announced

a

cost-cutting

plan

of

up

to

$1.4

billion

per

year,

laid

off

1,750

employees,

and

said

it

would

reach

its

breakeven

profitability

target

earlier

in

2023

than

initially

expected.

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Convertible

Bonds

87.3%

Convertible

Preferred

Stocks

5.2%

Common

Stocks

4.3%

Short-Term

Investments

&

Other

Net

Assets

3.2%

Franklin

Convertible

Securities

Fund

5

franklintempleton.com

Annual

Report

To

a

lesser

extent,

the

Fund’s

industrials,

materials,

energy

and

utilities

sector

investments

also

added

to

returns,

though

utilities

were

just

about

breakeven

as

the

gains

associated

with

Northern

California

power

company

PG&E

and

other

contributors

were

nearly

erased

by

several

that

declined

in

the

face

of

rising

interest

rates.

And

though

health

care

was

an

area

of

weakness,

a

handful

of

these

holdings

rallied

solidly,

including

Insmed

and

Intercept

Pharmaceuticals.

Insmed,

which

focuses

its

drug

discovery

efforts

on

rare

metabolic

diseases

and

endocrine

disorders

with

unmet

medical

needs,

reported

topline

results

from

the

ARISE

study

for

Arikayce,

an

inhaled

antibiotic

that

is

approved

for

patients

with

a

lung

infection

called

MAC

(mycobacterium

avium

complex).

Arikayce

was

already

FDA

approved

for

patients

who

have

not

responded

adequately

to

other

antibiotic

therapies,

and

Insmed

is

now

pursuing

development

in

previously

untreated

patients.

The

ARISE

study

was

designed

to

validate

a

patient-reported

outcome

(PRO)

tool

for

the

ongoing

Phase

3

ENCORE

study.

Importantly,

the

ARISE

results

showed

that

not

only

do

more

patients

on

Arikayce

clear

the

infection

when

the

drug

is

added

to

their

standard

of

care,

but

this

correlated

to

meaningful

improvements

in

respiratory

function—and

suggested

no

modifications

will

be

needed

to

ENCORE.

Q.

What

were

the

leading

detractors

from

performance?

A.

In

the

latter

half

of

the

year,

holdings

in

the

health

care,

consumer

staples

and

real

estate

sectors

stopped

serving

as

net

contributors

and

flipped

into

full-year

detractors,

with

the

bulk

of

their

combined

decline

owing

to

poor-

performing

medical

technology

and

device

companies

such

as

Insulet

(disposable

insulin

delivery

devices)

and

DexCom

(continuous

glucose

monitoring

systems),

as

well

as

biotechnology

names

such

as

PTC

Therapeutics

(developer

of

small

molecule

drugs

and

gene

therapies

for

rare

disorders)

and

Revance

Therapeutics

(innovative

aesthetic

and

therapeutic

offerings

for

skin

diseases).

The

selloff

in

Insulet

and

Dexcom

was

due

in

large

part

to

the

market

reaction

around

new

studies

touting

the

effectiveness

of

GLP-1

drugs

(such

as

Ozempic

and

Wegovy)

to

treat

Type

2

diabetes,

which

some

investors

believe

may

eventually

reduce

the

demand

for

both

companies’

products.

Additionally,

Insulet

contended

with

greater

price

pressures

and

increased

competition

in

the

insulin

market

and

shed

more

than

a

quarter

of

its

convertible

bond

value

despite

an

accelerating

growth

rate

amid

record

quarterly

new

user

starts.

Mixed

results

in

the

IT

sector

were

anchored

to

the

downside

by

Wolfspeed,

Viavi

Solutions

and

BILL

Holdings.

Wolfspeed—operating

in

semiconductor

manufacturing

and

specializing

in

power

and

radio

frequency

semiconductors

and

materials

processing—fared

worst

of

all

and

was

the

Fund’s

largest

overall

detractor

of

the

year.

Wolfspeed

reported

mixed

financial

results

as

accounting

changes

tied

to

facility

startup

and

underutilization

costs

were

included

for

the

first

time.

It

was

still

ramping

up

its

state-of-the-art

200-millimeter

silicon

carbide

fabrication

plant

in

Mohawk

Valley,

New

York.

The

facility

is

expected

to

generate

about

$100

million

of

quarterly

revenues

at

some

point

in

the

second

half

of

2024,

which

would

represent

about

20%

of

capacity

utilization.

Given

the

inclusion

of

startup

and

underutilization

charges

in

its

financial

results,

Wolfspeed’s

gross

profit

margin

and

operating

margin

contracted

sharply

year-over-year.

Wolfspeed’s

North

Carolina

materials

production

facility

plans

to

expand

its

capacity

tenfold

and

is

on

track

to

produce

silicon

wafers

in

the

latter

half

of

2024.

Wolfspeed

still

believes

that

when

both

facilities

are

ramped

up

and

at

“full”

capacity,

it

can

potentially

achieve

50%+

gross

profit

margins.

In

our

view,

the

company

is

tackling

a

lot

in

trying

to

ramp

up

multiple

facilities.

However,

we

also

believe

gallium

nitride

and

silicon

carbide

products

are

making

inroads

in

the

power

semiconductor

market,

where

Wolfspeed

can

ultimately

be

a

leader

in

this

transition.

We

also

see

Wolfspeed

as

a

“clean

tech”

leader

since

its

silicon

carbide

products

are

critical

to

improving

alternative

energy

solutions

to

help

reduce

global

pollution.

Elsewhere

in

the

portfolio,

the

e-commerce

contributors

mentioned

above

were

partially

offset

by

several

other

e-commerce/retail

detractors

including

Etsy

(U.S.-based

e-commerce

sales

platform

for

specialty,

hand-crafted

and

creative

goods)

and

RH

(Restoration

Hardware;

high-

end

home

décor

and

furnishings).

Many

such

companies

experienced

lower

gross

merchandise

sales

as

the

pandemic

goods-buying

surge

slowly

wore

off

amid

a

concomitant

rebound

in

services-sector

spending.

In

general,

we

think

these

companies

still

possess

competitive

advantages

that

could

revive

sales

and

revenue

once

inflation

abates

further.

In

the

utilities

sector,

most

of

our

holdings

traded

lower

including

a

substantial

loss

for

NextEra

Energy.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

Cash

and

equivalents

roughly

doubled

(from

1.6%

to

3.1%)

and

the

portfolio

mix

at

year-end

included

4.3%

of

total

net

assets

in

non-convertible

equities,

whereas

none

were

held

12

months

ago.

The

equity

weighting

was

a

temporary

phenomenon

due

to

the

recent

conversion

of

a

few

maturing

convertibles.

Convertibles

remained

the

bulk

of

the

portfolio

with

92.6%

exposure

by

period-end.

Often

called

“balanced”

convertibles,

those

with

deltas

(a

measure

of

their

equity

sensitivity)

near

the

middle

of

the

range

from

0.0

to

1.0

can

participate

more

with

an

issuer’s

equity

upside

Franklin

Convertible

Securities

Fund

6

franklintempleton.com

Annual

Report

than

they

do

with

the

downside.

These

are

the

types

of

convertibles

we

continue

to

prefer,

as

we

feel

this

is

the

most

appealing

aspect

of

the

asset

class.

Our

weighting

in

higher-growth

companies

within

the

IT

sector

(representing

20.1%

of

the

portfolio

at

period-end)

is

significantly

lower

than

it

was

a

year

ago,

when

the

allocation

covered

nearly

a

third

of

total

assets.

This

was

due

to

our

sale

of

“busted”

convertibles,

maturities,

and

reductions

in

market

value

in

that

sector,

but

it

also

reflected

a

reclassification

of

sector

constituent

companies

which

took

place

earlier

in

the

year.

Additionally,

a

shift

in

the

composition

of

the

new-issuance

market

has

reduced

our

new

purchases

in

that

sector.

The

decline

in

the

relative

size

of

the

Fund’s

IT

holdings

has

resulted

in

proportional

growth

of

other

sector

allocations;

the

largest

upward

shifts

went

to

industrials,

financials

(due

primarily

to

a

reclassification

of

certain

portfolio

positions

from

IT

to

financials),

health

care,

consumer

staples

and

electric

utility

company

convertibles

foremost.

Thank

you

for

your

continued

participation

in

Franklin

Convertible

Securities

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Alan

E.

Muschott,

CFA

Lead

Portfolio

Manager

Eric

Webster,

CFA

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

10/31/23

Company

Industry,

Country

%

of

Total

Net

Assets

a

a

Jazz

Investments

I

Ltd.

2.7%

Pharmaceuticals,

United

States

Cable

One,

Inc.

2.6%

Media,

United

States

Neurocrine

Biosciences,

Inc.

2.6%

Biotechnology,

United

States

BILL

Holdings,

Inc.

2.6%

Software,

United

States

Ivanhoe

Mines

Ltd.

2.5%

Metals

&

Mining,

Canada

CenterPoint

Energy,

Inc.

2.5%

Multi-Utilities,

United

States

Liberty

Broadband

Corp.

2.4%

Media,

United

States

Snap,

Inc.

2.4%

Interactive

Media

&

Services,

United

States

Shift4

Payments,

Inc.

2.4%

Financial

Services,

United

States

Apollo

Global

Management,

Inc.

2.4%

Financial

Services,

United

States

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

October

31,

2023

Franklin

Convertible

Securities

Fund

7

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of 10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

+0.62%

-4.92%

5-Year

+56.68%

+8.17%

10-Year

+132.81%

+8.20%

Advisor

1-Year

+0.87%

+0.87%

5-Year

+58.71%

+9.68%

10-Year

+138.72%

+9.09%

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

(with

fee

waiver)

(without

fee

waiver)

A

0.99%

0.79%

0.78%

Advisor

1.32%

1.09%

1.08%

See

page

9

for

Performance

Summary

footnotes.

Franklin

Convertible

Securities

Fund

Performance

Summary

8

franklintempleton.com

Annual

Report

See

page

9

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Convertible

Securities

Fund

Performance

Summary

9

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Convertible

securities

are

subject

to

the

risks

of

stocks

when

the

underlying

stock

price

is

high

relative

to

the

conversion

price

and

debt

securities

when

the

underlying

stock

price

is

low

relative

to

the

conversion

price.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

past

four

quarterly

dividends

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

6.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

7.

Source:

FactSet.

The

ICE

BofA

All

Alternatives

U.S.

Convertibles

Index

comprises

domestic

securities

of

all

quality

grades

that

are

convertible

into

U.S.

dollar-denomi-

nated

common

stock,

ADRs

or

cash

equivalents

and

have

a

delta

(measure

of

equity

sensitivity)

that

indicates

the

security

likely

has

a

balance

between

the

debt

and

equity

characteristics

of

the

security.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

Total

A

$0.1608

$0.0839

$1.4460

$1.6907

C

$0.0175

$0.0839

$1.4460

$1.5474

R6

$0.2263

$0.0839

$1.4460

$1.7562

Advisor

$0.2110

$0.0839

$1.4460

$1.7409

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.83%

0.84%

Advisor

0.58%

0.59%

Your

Fund’s

Expenses

Franklin

Convertible

Securities

Fund

10

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$959.40

$3.86

$1,021.26

$3.99

0.78%

C

$1,000

$955.80

$7.55

$1,017.48

$7.79

1.53%

R6

$1,000

$960.30

$2.34

$1,022.82

$2.42

0.47%

Advisor

$1,000

$960.60

$2.63

$1,022.52

$2.71

0.53%

11

franklintempleton.com

Annual

Report

1.

Source:

Morningstar.

Frank

Russell

Company

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Russell

®

is

a

trademark

of

Frank

Russell

Company.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

include

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

39

.

Franklin

Equity

Income

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

We

seek

to

invest

in

a

broadly

diversified

portfolio

of

equity

securities

that

we

consider

to

be

financially

strong,

with

a

focus

on

blue

chip

companies.

We

apply

a

bottom-up

approach

to

investing

in

individual

securities.

We

will

assess

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

cash

flow

potential

and

balance

sheet

strength.

We

also

consider

a

company’s

price/earnings

ratio,

return

on

capital,

profit

margins

and

asset

value.

We

consider

dividend

yield

and

the

opportunity

for

dividend

growth

in

selecting

stocks

for

the

Fund

because

we

believe

that,

over

time,

dividend

income

can

contribute

significantly

to

total

return

and

can

be

a

more

consistent

source

of

investment

return

than

capital

appreciation.

We

seek

to

take

advantage

of

price

dislocations

that

result

from

the

market’s

short-term

focus

and

choose

to

invest

in

those

companies

that,

in

our

opinion,

offer

the

best

trade-off

between

growth

opportunity,

business

and

financial

risk,

and

valuation.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

In

the

U.S.,

gross

domestic

product

expanded

in

the

fourth

quarter

of

2022

and

the

first

half

of

2023

amid

rising

investment

and

resilient

spending

on

services.

The

labor

market

remained

tight

as

unemployment

was

very

low

by

historic

standards

and

wages

continued

to

grow.

To

control

inflation,

the

U.S.

Federal

Reserve

(Fed)

raised

the

federal

funds

target

rate

six

times,

ending

at

a

range

of

5.25%–

5.50%,

the

highest

level

since

2001.

The

central

bank

hinted

that

interest

rates

would

likely

be

higher

for

longer

than

investors

had

expected

though

the

pace

of

hikes

seemed

to

be

nearing

an

end

as

the

period

closed.

The

Fed

also

indicated

that

it

would

continue

to

reduce

its

U.S.

Treasury

and

agency

debt

and

mortgage-backed

security

holdings.

Several

prominent

bank

failures

drove

increased

uncertainty

among

investors,

but

government

intervention

led

to

swift

reorganizations

and

equities

recovered

from

a

brief

decline.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

As

a

bottom-up,

fundamental

research

driven

strategy,

our

focus

is

on

identifying

and

evaluating

the

specific

opportunities

and

risks

facing

high-quality

companies

we

own

or

could

own.

Over

the

past

12-18

months,

we

have

had

a

relatively

cautious

view

of

earnings,

particularly

for

companies

in

the

discretionary

and

industrials

sectors

where

estimates

for

2023-24

seemed

to

be

at

risk.

This

more

cautious

view

has

largely

been

reflected

through

position

sizing.

Additions

were

made

to

names

that

we

believe

have

strong

long-term

prospects,

as

well

as

more

certainty

of

cash

flows,

higher

confidence

in

company

strategy

and

durability

of

end

markets.

We

continue

to

have

an

overweight

to

the

energy

sector

as

long-term

supply/demand

drivers

are

supportive

of

oil

prices

and

capital

discipline

within

the

industry

remains

healthy.

We

have

seen

additional

opportunities

in

health

care

as

well.

We

remain

committed

to

investing

primarily

in

common

stocks

though

we

continue

to

find

usage

of

a

smaller

group

of

convertibles

and

equity-

linked

notes

as

compelling

ways

to

participate

in

long-term

capital

appreciation

opportunities

while

reducing

volatility

and

generating

attractive

levels

of

income.

Performance

Overview

For

the

12

months

under

review,

the

Fund’s

Class

A

shares

posted

a

-0.25%

cumulative

total

return.

In

comparison,

the

Fund’s

primary

benchmark,

the

Russell

1000

®

Value

Index,

which

measures

performance

of

those

Russell

1000

®

Index

companies

with

relatively

lower

price-to-book

ratios

and

lower

forecasted

growth

rates,

posted

a

+0.13%

cumulative

total

return.

1

The

Fund’s

secondary

benchmark,

the

Standard

&

Poor’s

®

500

Index

(S&P

500

®

),

which

is

designed

to

measure

total

U.S.

equity

market

performance,

posted

a

+10.14%

cumulative

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

14

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Franklin

Equity

Income

Fund

12

franklintempleton.com

Annual

Report

Q.

What

were

the

leading

contributors

to

performance?

A.

The

Fund

saw

positive

contributions

from

the

information

technology

(IT)

and

financials

sectors.

Broadcom

and

Oracle

were

listed

among

the

strongest

holdings

in

the

IT

sector.

Broadcom

has

seen

strong

demand

for

its

products

and

services

and

from

the

adoption

of

its

artificial

intelligence

(AI)

offerings.

Oracle’s

solid

year-to-date

stock

performance

was

boosted

by

its

cloud

infrastructure

business.

In

the

financials

sector,

our

exposure

to

several

private

asset

managers

has

been

positive.

Companies

such

as

Apollo

Global

Management

and

Ares

Management

continue

to

see

strong

earnings

growth

from

capital

inflows

into

their

broad

range

of

offerings.

In

the

banking

industry,

a

strong,

diversified

revenue

base

helped

provide

some

protection

from

economic

headwinds

for

JPMorgan

Chase.

Elsewhere,

a

leading

individual

stock

contributor

was

Eaton

in

the

industrials

sector.

The

power

management

company

continues

to

see

strength

across

its

industrial,

automotive,

utility

and

non-residential

construction

markets.

*Categories

within

the

Other

category

are

listed

in

full

in

the

Fund's

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

Q.

What

were

the

leading

detractors

from

performance?

A.

Our

investment

in

the

health

care

sector

weighed

on

Fund

results

with

a

large

position

in

Johnson

&

Johnson

(JNJ)

among

the

leading

detractors.

JNJ,

which

was

a

strong

relative

performer

in

2022,

faced

competitive

pressures

that

hurt

its

stock.

The

utilities

sector

also

hindered

returns

with

a

position

in

NextEra

Energy

detracting

from

performance.

The

shares

of

the

renewable

energy

provider

were

pressured

by

investor

concerns

of

slower

growth

and

the

financing

of

future

capital

projects.

While

financials

were

a

contributor

at

the

sector

level,

recession

fears

had

a

negative

impact

on

the

shares

of

Bank

of

America.

In

the

energy

sector,

the

shares

of

Chevron

declined

on

concerns

that

slower

economic

growth

would

weigh

on

energy

demand.

The

Fund

was

also

hurt

by

a

position

in

Target

in

the

consumer

discretionary

sector.

The

omnichannel

retailer

faced

softer

sales

trends

and

weaker

margin

performance

in

a

tougher

economic

environment

for

discretionary

spending.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

The

Fund

continues

to

be

active

with

the

addition

and

exiting

of

several

holdings

over

the

course

of

the

year.

We

remain

committed

to

fundamental

research

and

look

to

identify

high-quality

companies

that

have

attractive

capital

appreciation

opportunities,

and

which

we

believe

can

perform

relatively

well

in

both

stronger

and

weaker

markets.

The

Fund

became

slightly

more

concentrated

during

the

period

and

held

fewer

positions

as

compared

to

last

year.

We

have

generally

been

adding

to

positions

in

the

health

care

and

energy

sectors

while

reducing

weightings

in

the

consumer

discretionary

and

utilities

sectors.

Even

as

sector

weightings

fluctuated

during

the

year,

our

goal

was

to

maintain

a

diversified

portfolio

of

what

we

believe

are

market

leading

companies.

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Oil,

Gas

&

Consumable

Fuels

11.2%

Capital

Markets

8.0%

Banks

7.1%

Pharmaceuticals

5.7%

Electric

Utilities

5.5%

Health

Care

Equipment

&

Supplies

4.5%

Health

Care

Providers

&

Services

4.4%

Beverages

3.7%

Semiconductors

&

Semiconductor

Equipment

3.6%

Life

Sciences

Tools

&

Services

3.3%

Household

Products

3.1%

Aerospace

&

Defense

2.7%

Software

2.7%

Consumer

Staples

Distribution

&

Retail

2.7%

Other

*

28.4%

Short-Term

Investments

&

Other

Net

Assets

3.4%

Top

10

Holdings

10/31/23

Company

Industry,

Country

%

of

Total

Net

Assets

a

a

JPMorgan

Chase

&

Co.

4.2%

Banks,

United

States

Chevron

Corp.

3.5%

Oil,

Gas

&

Consumable

Fuels,

United

States

Johnson

&

Johnson

3.4%

Pharmaceuticals,

United

States

Morgan

Stanley

3.2%

Capital

Markets,

United

States

Procter

&

Gamble

Co.

(The)

3.1%

Household

Products,

United

States

Oracle

Corp.

2.7%

Software,

United

States

Bank

of

America

Corp.

2.5%

Banks,

United

States

Duke

Energy

Corp.

2.5%

Electric

Utilities,

United

States

Broadcom,

Inc.

2.5%

Semiconductors

&

Semiconductor

Equipment,

United

States

NextEra

Energy,

Inc.

2.3%

Electric

Utilities,

United

States

Franklin

Equity

Income

Fund

13

franklintempleton.com

Annual

Report

Thank

you

for

your

continued

participation

in

Franklin

Equity

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Matthew

D.

Quinlan

Lead

Portfolio

Manager

Alan

E.

Muschott,

CFA

Todd

Brighton,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

October

31,

2023

Franklin

Equity

Income

Fund

14

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of 10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

a

Rounds

to

less

than

0.01%.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

-0.25%

-5.74%

5-Year

+42.15%

+6.08%

10-Year

+108.39%

+7.01%

Advisor

1-Year

-0.00%

a

-0.00%

a

5-Year

+43.96%

+7.56%

10-Year

+113.62%

+7.89%

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

(with

fee

waiver)

(without

fee

waiver)

A

2.62%

1.93%

1.91%

Advisor

3.03%

2.29%

2.28%

See

page

16

for

Performance

Summary

footnotes.

Franklin

Equity

Income

Fund

Performance

Summary

15

franklintempleton.com

Annual

Report

See

page

16

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Equity

Income

Fund

Performance

Summary

16

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Equity

securities

are

subject

to

price

fluctuation

and

possible

loss

of

principal.

Distributions

are

not

guaranteed

and

are

subject

to

change.

Investments

in

equity-linked

notes

often

have

risks

similar

to

their

underlying

securities,

which

could

include

management

risk,

market

risk

and,

as

applicable,

foreign

securities

and

currency

risks.

Convertible

securities

are

subject

to

the

risks

of

stocks

when

the

underlying

stock

price

is

high

relative

to

the

conversion

price

and

debt

securities

when

the

underlying

stock

price

is

low

relative

to

the

conversion

price.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

current

quarterly

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

6.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

7.

Source:

FactSet.

The

Russell

1000

®

Value

Index

is

market

capitalization

weighted

and

measures

the

performance

of

those

Russell

1000

®

Index

companies

with

relatively

lower

price-to-book

ratios

and

lower

forecasted

growth

rates.

The

S&P

500

is

a

market

capitalization-weighted

index

of

500

stocks

designed

to

measure

total

U.S.

equity

market

performance.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

Long-Term

Capital

Gain

Total

A

$0.7236

$0.9002

$1.6238

C

$0.4570

$0.9002

$1.3572

R

$0.6563

$0.9002

$1.5565

R6

$0.8170

$0.9002

$1.7172

Advisor

$0.7939

$0.9002

$1.6941

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.83%

0.84%

Advisor

0.58%

0.59%

Your

Fund’s

Expenses

Franklin

Equity

Income

Fund

17

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$948.20

$4.00

$1,021.10

$4.15

0.81%

C

$1,000

$944.90

$7.67

$1,017.32

$7.95

1.56%

R

$1,000

$946.70

$5.23

$1,019.84

$5.42

1.07%

R6

$1,000

$949.80

$2.39

$1,022.76

$2.48

0.49%

Advisor

$1,000

$949.40

$2.77

$1,022.36

$2.88

0.56%

18

franklintempleton.com

Annual

Report

Franklin

Managed

Income

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

We

apply

a

bottom-up

approach

to

investing

in

individual

securities.

We

will

assess

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-

term

earnings,

asset

value

and

cash

flow

potential.

We

also

consider

a

company’s

price/earnings

ratio,

profit

margins

and

liquidation

value.

In

determining

an

optimal

mix

of

equity

and

fixed

income

investments

for

the

Fund,

we

assess

changing

economic,

market

and

industry

conditions.

The

Fund

seeks

income

by

investing

in

a

combination

of

corporate,

agency

and

government

bonds

issued

in

the

U.S.

and

other

countries,

as

well

as

common

stocks

of

companies

in

any

market

capitalization

range

and

convertible

securities.

The

Fund

seeks

capital

appreciation

by

investing

in

equity

securities

and

convertible

securities

of

companies

from

a

variety

of

industries.

The

Fund

also

invests

in

equity-linked

notes,

which

are

hybrid

derivative-type

instruments

designed

to

combine

the

characteristics

of

one

or

more

securities

(usually

a

single

stock,

a

stock

index

or

a

basket

of

stocks)

and

a

related

equity

derivative.

We

may,

from

time

to

time,

use

for

various

purposes

equity-related

derivatives,

including

call

and

put

options

and

futures

on

equity

securities

and

equity

indexes,

options

on

equity

index

futures,

as

well

as

interest-rate,

currency

and

credit-related

derivatives.

These

purposes

include

enhancing

Fund

returns,

increasing

liquidity,

gaining

exposure

to

securities

or

markets

in

more

efficient

or

less

expensive

ways

and/or

hedging

risks.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

The

Fund

generated

positive

returns

during

the

period,

driven

by

strong

performance

from

fixed

income

holdings.

Positive

returns

within

the

Fund’s

fixed

income

allocation

were

slightly

offset

by

negative

performance

within

equities.

Relative

to

the

Fund’s

blended

benchmark,

the

overweight

allocation

to

credit

supported

absolute

performance.

Throughout

the

period,

the

Federal

Reserve

(Fed)

continued

to

increase

interest

rates

from

2022

levels

to

counteract

stubborn

inflation.

Despite

the

Fed’s

hawkish

stance,

the

labor

market

remains

tight

and

the

economy

continues

to

grow

with

gross

domestic

product

in

excess

of

2%.

The

Fund

used

interest

rate

futures

to

hedge

duration

in

the

period.

However,

this

did

not

cause

the

change

to

Net

Assets

from

Operations

for

the

fiscal

year

to

exceed

5%.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

The

Fund

entered

the

period

with

an

equity

weighting

of

55.1%

and

a

fixed

income

weighting

of

44.7%

(while

holding

0.2%

in

cash

equivalents).

As

interest

rates

rose

during

the

period,

the

Fund

took

advantage

of

higher

yield

investment

opportunities

within

fixed

income

and

ended

the

period

with

a

considerable

shift

in

asset

allocation.

By

period-end,

equity

allocation

was

37.9%

and

fixed

income

allocation

reached

60.6%,

while

cash

equivalents

comprised

1.5%

of

the

Fund.

Performance

Overview

For

the

12

months

under

review,

the

Fund’s

Class

A

shares

posted

a

cumulative

total

return

of

+0.34%.

In

comparison,

the

Fund’s

primary

benchmark,

the

Bloomberg

U.S.

Aggregate

Index,

which

measures

the

performance

of

the

investment-grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market,

posted

a

+0.36%

cumulative

total

return.

1

The

Fund’s

secondary

benchmark,

the

blended

50%

MSCI

USA

High

Dividend

Yield

Index,

25%

ICE

BofA

U.S.

Corporate

&

High

Yield

Index

and

25%

Bloomberg

U.S.

Aggregate

Bond

Index

(Blended

Benchmark),

which

is

a

combination

of

leading

stock

and

bond

indexes,

posted

a

+0.62%

cumulative

total

return.

2

The

MSCI

USA

High

Dividend

Yield

Index

is

designed

to

reflect

the

performance

of

equities

in

the

MSCI

USA

Index

(excluding

REITs)

with

higher

dividend

income

and

quality

characteristics

than

average

dividend

yields

that

are

both

sustainable

and

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Corporate

Bonds

54.8%

Common

Stocks

27.6%

Equity-Linked

Securities

8.9%

U.S.

Government

and

Agency

Securities

5.0%

Management

Investment

Companies

1.2%

Other

1.0%

Short-Term

Investments

&

Other

Net

Assets

1.5%

1.

Source:

Morningstar.

2.

Source:

FactSet.

The

Blended

Benchmark

was

calculated

internally.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

48

.

Franklin

Managed

Income

Fund

19

franklintempleton.com

Annual

Report

persistent.

The

MSCI

USA

Index

is

designed

to

measure

the

performance

of

the

large-

and

mid-capitalization

segments

of

the

U.S.

market.

The

ICE

BofA

U.S.

Corporate

&

High

Yield

Index

tracks

the

performance

of

U.S.

dollar-denominated

investment-grade

corporate

debt

publicly

issued

in

the

U.S.

domestic

market,

and

below

investment

grade,

but

not

in

default,

U.S.

dollar-denominated

corporate

bonds

publicly

issued

in

the

U.S.

domestic

market

and

includes

issues

with

a

credit

rating

of

BBB

or

below,

as

rated

by

credit

rating

agencies

Moody’s

and

Standard

&

Poor’s.

The

Fund’s

third

primary

benchmark,

the

Standard

&

Poor’s

®

500

Index

(S&P

500

®

),

which

is

designed

to

measure

total

U.S.

equity

market

performance,

posted

a

+10.14%

cumulative

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

21

.

The

Fund

was

able

to

successfully

meet

its

monthly

distributions

under

its

managed

distribution

policy

without

the

return

of

capital

and

without

an

associated

impact

from

return

of

capital

on

the

Fund’s

net

asset

value

per

share.

The

policy

had

no

material

impact

on

the

Fund’s

investment

strategy.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

Fixed

income

holdings

contributed

the

highest

returns

to

the

Fund

during

the

year,

led

by

the

health

care,

materials,

and

consumer

discretionary

sectors.

Community

Health

Systems

and

Bausch

Health

Companies

performed

best

within

health

care,

while

ArcelorMittal

SA

and

Ford

Motor

Company

contributed

the

highest

absolute

performance

within

the

materials

and

consumer

discretionary

sectors,

respectively.

British

American

Tobacco

was

also

a

top

performer

within

the

consumer

staples

sector.

At

period-end,

the

Fund

no

longer

held

Bausch

Health

Companies.

Within

the

Fund’s

equity

allocation,

the

information

technology

(IT),

materials,

and

communication

services

sectors

performed

best.

Broadcom

and

Microchip

Technology

contributed

within

IT,

while

Rio

Tinto

added

value

within

materials.

JP

Morgan

Chase

&

Co

also

aided

returns

within

financials.

Q.

What

were

the

leading

detractors

from

performance?

A.

U.S.

Treasuries

detracted

the

most

from

performance

within

the

Fund’s

fixed

income

allocation.

Mauser

Packaging

Solutions

and

Emergent

BioSolutions

also

detracted

within

the

materials

and

health

care

sectors,

respectively.

The

Fund

no

longer

holds

a

position

in

Emergent

BioSolutions,

as

of

the

period-end

on

October

31,

2023.

In

terms

of

equities,

the

financials,

health

care,

and

energy

sectors

were

the

leading

detractors.

Bank

of

America

and

U.S.

Bancorp

hindered

returns

within

financials,

while

Bristol-Myers

Squibb

and

Chevron

were

the

worst

performers

within

the

health

care

and

energy

sectors,

respectively.

Thank

you

for

your

continued

participation

in

Franklin

Managed

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Edward

D.

Perks,

CFA

Co-Lead

Portfolio

Manager

Brendan

Circle,

CFA

Co-Lead

Portfolio

Manager

Todd

Brighton,

CFA

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

Top

Five

Fixed

Income

Holdings

10/31/23

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

U.S.

Treasury

Notes

2.8%

Financial

Services

,

United

States

U.S.

Treasury

Bonds

2.3%

Financial

Services

,

United

States

CHS/Community

Health

Systems,

Inc.

1.3%

Health

Care

Providers

&

Services

,

United

States

BAT

Capital

Corp.

1.2%

Tobacco

,

United

Kingdom

Barclays

plc

1.1%

Banks

,

United

Kingdom

Top

Five

Equity

Holdings

10/31/23

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Chevron

Corp.

2.0%

Oil,

Gas

&

Consumable

Fuels

,

United

States

Union

Pacific

Corp.

1.5%

Ground

Transportation

,

United

States

Texas

Instruments,

Inc.

1.5%

Semiconductors

&

Semiconductor

Equipment

,

United

States

JPMorgan

Chase

&

Co.

1.5%

Banks

,

United

States

Home

Depot,

Inc.

(The)

1.3%

Specialty

Retail

,

United

States

Franklin

Managed

Income

Fund

20

franklintempleton.com

Annual

Report

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

October

31,

2023

Franklin

Managed

Income

Fund

21

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of 10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

+0.34%

-5.16%

5-Year

+25.85%

+3.53%

10-Year

+62.27%

+4.36%

Advisor

1-Year

+0.60%

+0.60%

5-Year

+27.42%

+4.97%

10-Year

+66.55%

+5.23%

Share

Class

Distribution

Rate

5

30-Day

Standardized

Yield

6

A

4.64%

4.21%

Advisor

5.17%

4.71%

See

page

24

for

Performance

Summary

footnotes.

Franklin

Managed

Income

Fund

Performance

Summary

22

franklintempleton.com

Annual

Report

See

page

24

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Managed

Income

Fund

Performance

Summary

23

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Equity

securities

are

subject

to

price

fluctuation

and

possible

loss

of

principal.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

The

Fund

is

not

guaranteed

to

achieve

its

investment

goal

nor

is

there

any

guarantee

that

the

Fund

will

provide

sufficient

income

at

or

through

the

investor's

retirement.

In

addition,

some

of

its

distributions

may

be

treated

in

part

as

a

return

of

capital,

which

will

decrease

shareholders'

cost

basis

in

the

Fund

and

affect

the

amount

of

any

capital

gain

or

loss

that

they

realize

when

selling

or

exchanging

Fund

shares.

The

annual

payout

rate

may

be

adjusted

higher

or

lower

from

year

to

year

and

could

vary

substantially

over

time.

It

is

possible

for

the

Fund

to

suffer

substantial

investment

losses

and

simultaneously

experience

additional

asset

reductions

as

a

result

of

its

distributions

to

shareholders

under

the

managed

distribution

policy.

Investors

who

hold

the

Fund

within

a

tax-advantaged

retirement

account

should

consult

their

tax

advisors

to

discuss

tax

consequences

of

receiving

cash

distributions.

In

addition,

use

of

the

Fund

or

election

of

the

option

to

receive

distribution

payments

in

cash

may

be

restricted

in

certain

retirement

plans

by

the

terms

of

the

governing

plan

documents

and/or

the

discretion

of

the

plan

administrator.

Investors

are

strongly

advised

to

consult

with

their

financial

advisor

for

assistance

before

selecting

the

appropriate

Fund,

based

on

their

goals

and

personal

situations,

including

time

horizon,

retirement

income

needs,

risk

tolerance,

and

tax

bracket.

Net

Asset

Value

Share

Class

(Symbol)

10/31/23

10/31/22

Change

A

(FBLAX)

$11.25

$11.73

-$0.48

C

(FBMCX)

$11.13

$11.61

-$0.48

R

(FBFQX)

$11.28

$11.77

-$0.49

R6

(FBFRX)

$11.28

$11.77

-$0.49

Advisor

(FBFZX)

$11.28

$11.76

-$0.48

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

A

$0.5448

C

$0.4482

R

$0.5164

R6

$0.5876

Advisor

$0.5768

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.91%

0.92%

Advisor

0.66%

0.67%

Franklin

Managed

Income

Fund

Performance

Summary

24

franklintempleton.com

Annual

Report

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

October

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

6.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

7.

Source:

FactSet.

The

Bloomberg

U.S.

Aggregate

Index

measures

the

performance

of

the

investment-grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

nonagency).

The

Blended

Benchmark

(50%

MSCI

USA

High

Dividend

Yield

Index,

25%

ICE

BofA

U.S.

Corporate

&

High

Yield

Index

and

25%

Bloomberg

U.S.

Aggregate

Bond

Index)

is

a

combination

of

leading

stock

and

bond

indexes.

The

MSCI

USA

High

Dividend

Yield

Index

is

based

on

the

MSCI

USA

Index,

its

parent

index,

and

includes

large-

and

mid-capitalization

stocks.

The

index

is

designed

to

reflect

the

performance

of

equities

in

the

parent

index

(excluding

real

estate

investment

trusts)

with

higher

dividend

income

and

quality

characteristics

than

average

dividend

yields

that

are

both

sustainable

and

persistent.

The

ICE

BofA

U.S.

Corporate

&

High

Yield

Index

tracks

the

performance

of

U.S.

dollar-denominated

investment-grade

corporate

debt

publicly

issued

in

the

U.S.

domestic

market,

and

below

investment

grade,

but

not

in

default,

U.S.

dollar-denominated

corporate

bonds

publicly

issued

in

the

U.S.

domestic

market,

and

includes

issues

with

a

credit

rating

of

BBB

or

below,

as

rated

by

credit

rating

agencies

Moody's

and

S&P.

The

S&P

500

is

a

market

capitalization-weighted

index

of

500

stocks

designed

to

measure

total

U.S.

equity

market

performance.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Your

Fund’s

Expenses

Franklin

Managed

Income

Fund

25

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$936.10

$4.34

$1,020.72

$4.53

0.89%

C

$1,000

$932.50

$7.99

$1,016.94

$8.34

1.64%

R

$1,000

$934.40

$5.56

$1,019.46

$5.80

1.14%

R6

$1,000

$937.20

$2.83

$1,022.28

$2.96

0.58%

Advisor

$1,000

$936.70

$3.12

$1,021.98

$3.26

0.64%

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Convertible

Securities

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

o

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.43

$31.15

$27.11

$22.13

$20.65

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18

0.14

0.19

0.22

0.21

Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

(5.47)

7.01

6.67

2.47

Total

from

investment

operations

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

0.16

(5.33)

7.20

6.89

2.68

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.15)

(0.23)

(0.30)

(0.45)

Net

realized

gains

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

(1.53)

(5.24)

(2.93)

(1.61)

(0.75)

Total

distributions

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

(1.69)

(5.39)

(3.16)

(1.91)

(1.20)

Net

asset

value,

end

of

year

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

$18.90

$20.43

$31.15

$27.11

$22.13

Total

return

c

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

0.62%

(19.94)%

27.98%

33.49%

13.84%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.82%

0.83%

0.83%

0.83%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.81%

0.83%

e

0.82%

0.83%

e

0.83%

Net

investment

income

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

0.91%

0.61%

0.64%

0.96%

0.97%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$901,820

$1,067,202

$1,621,832

$1,385,821

$1,169,928

Portfolio

turnover

rate

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

22.92%

6.64%

32.67%

32.46%

26.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Convertible

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$19.92

$30.53

$26.66

$21.77

$20.31

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.03

(0.03)

(0.03)

0.05

0.04

Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

(5.34)

6.89

6.56

2.45

Total

from

investment

operations

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

0.01

(5.37)

6.86

6.61

2.49

Less

distributions

from:

Net

investment

income

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

(0.02)

—

(0.06)

(0.11)

(0.28)

Net

realized

gains

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

(1.53)

(5.24)

(2.93)

(1.61)

(0.75)

Total

distributions

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

(1.55)

(5.24)

(2.99)

(1.72)

(1.03)

Net

asset

value,

end

of

year

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

$18.38

$19.92

$30.53

$26.66

$21.77

Total

return

c

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

(0.16)%

(20.53)%

27.04%

32.48%

13.03%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.57%

1.58%

1.57%

1.59%

1.60%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.56%

1.57%

1.57%

e

1.58%

1.58%

Net

investment

income

(loss)

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

0.15%

(0.15)%

(0.10)%

0.21%

0.22%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$67,313

$100,936

$198,611

$233,295

$256,075

Portfolio

turnover

rate

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

22.92%

6.64%

32.67%

32.46%

26.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Convertible

Securities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.62

$31.39

$27.29

$22.28

$20.78

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25

0.22

0.29

0.31

0.28

Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

(5.52)

7.07

6.69

2.50

Total

from

investment

operations

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

0.22

(5.30)

7.36

7.00

2.78

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.23)

(0.33)

(0.38)

(0.53)

Net

realized

gains

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

(1.53)

(5.24)

(2.93)

(1.61)

(0.75)

Total

distributions

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

(1.76)

(5.47)

(3.26)

(1.99)

(1.28)

Net

asset

value,

end

of

year

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

$19.08

$20.62

$31.39

$27.29

$22.28

Total

return

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

0.89%

(19.65)%

28.43%

33.89%

14.26%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.51%

0.53%

0.55%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.49%

0.48%

0.50%

0.50%

0.49%

Net

investment

income

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

1.23%

0.95%

0.97%

1.30%

1.31%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$89,591

$95,418

$127,846

$113,642

$51,791

Portfolio

turnover

rate

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

22.92%

6.64%

32.67%

32.46%

26.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Convertible

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.43

$31.16

$27.11

$22.14

$20.65

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23

0.20

0.26

0.28

0.26

Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

(5.48)

7.03

6.66

2.49

Total

from

investment

operations

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

0.21

(5.28)

7.29

6.94

2.75

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.21)

(0.31)

(0.36)

(0.51)

Net

realized

gains

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

(1.53)

(5.24)

(2.93)

(1.61)

(0.75)

Total

distributions

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

(1.74)

(5.45)

(3.24)

(1.97)

(1.26)

Net

asset

value,

end

of

year

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

$18.90

$20.43

$31.16

$27.11

$22.14

Total

return

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

0.87%

(19.75)%

28.34%

33.80%

14.18%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.57%

0.58%

0.58%

0.58%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.56%

0.58%

d

0.57%

0.58%

d

0.58%

Net

investment

income

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

1.16%

0.85%

0.89%

1.20%

1.22%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,474,802

$1,894,863

$3,355,546

$2,773,524

$2,379,435

Portfolio

turnover

rate

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

22.92%

6.64%

32.67%

32.46%

26.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Convertible

Securities

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

4.3%

Capital

Markets

1.1%

KKR

&

Co.,

Inc.

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

United

States

523,200

$

28,985,280

Electric

Utilities

3.2%

American

Electric

Power

Co.,

Inc.

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

United

States

279,660

21,125,517

NextEra

Energy,

Inc.

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

United

States

554,360

32,319,187

a

PG&E

Corp.

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

United

States

1,619,947

26,405,136

79,849,840

Total

Common

Stocks

(Cost

$105,285,509)

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

108,835,120

Convertible

Preferred

Stocks

5.2%

Financial

Services

2.4%

Apollo

Global

Management,

Inc.,

6.75%

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

United

States

1,240,000

59,656,400

Machinery

1.0%

RBC

Bearings,

Inc.,

5%,

A

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

United

States

250,000

26,297,500

Multi-Utilities

1.8%

NiSource,

Inc.,

7.75%

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

United

States

450,000

45,670,500

Total

Convertible

Preferred

Stocks

(Cost

$132,000,000)

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

131,624,400

Principal

Amount

*

Convertible

Bonds

87.3%

Aerospace

&

Defense

1.9%

b

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/27

.......

United

States

45,000,000

48,532,500

Biotechnology

8.6%

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25

%

,

4/01/28

...........

Denmark

32,500,000

28,803,125

Insmed,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/28

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

United

States

46,000,000

44,482,000

Intercept

Pharmaceuticals,

Inc.

,

Senior

Note

,

2

%

,

5/15/26

.......

United

States

21,000,000

20,870,094

b

Mirum

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/29

....

United

States

16,500,000

19,274,062

Neurocrine

Biosciences,

Inc.

,

Senior

Note

,

2.25

%

,

5/15/24

......

United

States

44,750,000

66,006,250

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/26

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

United

States

48,000,000

38,112,000

217,547,531

Broadline

Retail

4.4%

Etsy,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/27

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

United

States

72,500,000

57,567,419

PDD

Holdings,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/01/25

..........

China

55,000,000

54,834,945

112,402,364

Communications

Equipment

0.8%

b

Viavi

Solutions,

Inc.

,

Senior

Note

,

144A,

1.625

%

,

3/15/26

.......

United

States

20,709,000

19,021,216

Construction

&

Engineering

1.5%

b

Fluor

Corp.

,

Senior

Note

,

144A,

1.125

%

,

8/15/29

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

United

States

39,000,000

37,625,250

Consumer

Staples

Distribution

&

Retail

0.6%

b

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

144A,

2.375

%

,

12/15/28

United

States

21,000,000

16,212,000

Electric

Utilities

1.2%

b

Duke

Energy

Corp.

,

Senior

Note

,

144A,

4.125

%

,

4/15/26

........

United

States

30,500,000

29,773,181

Energy

Equipment

&

Services

1.2%

Oil

States

International,

Inc.

,

Senior

Note

,

4.75

%

,

4/01/26

.......

United

States

28,000,000

29,440,429

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Convertible

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Financial

Services

5.1%

Block,

Inc.

,

Senior

Note,

Zero

Cpn.,

5/01/26

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

United

States

24,500,000

$

20,457,500

Senior

Note,

0.25%,

11/01/27

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

United

States

45,000,000

33,862,500

b

Repay

Holdings

Corp.

,

Senior

Note

,

144A,

Zero

Cpn.,

2/01/26

....

United

States

19,000,000

15,229,469

Shift4

Payments,

Inc.

,

Senior

Note,

Zero

Cpn.,

12/15/25

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

United

States

36,000,000

32,400,000

Senior

Note,

0.5%,

8/01/27

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

United

States

35,000,000

27,507,693

129,457,162

Food

Products

2.5%

b

Freshpet,

Inc.

,

Senior

Note

,

144A,

3

%

,

4/01/28

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

United

States

27,000,000

28,923,750

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

36,000,000

34,326,000

63,249,750

Ground

Transportation

3.3%

Lyft,

Inc.

,

Senior

Note

,

1.5

%

,

5/15/25

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

United

States

61,000,000

55,937,000

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

......

United

States

30,000,000

27,413,293

83,350,293

Health

Care

Equipment

&

Supplies

6.7%

Dexcom,

Inc.

,

Senior

Note,

0.25%,

11/15/25

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

United

States

31,000,000

29,450,000

b

Senior

Note,

144A,

0.375%,

5/15/28

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

United

States

32,250,000

28,509,000

Haemonetics

Corp.

,

Senior

Note

,

Zero

Cpn.,

3/01/26

...........

United

States

37,500,000

32,345,610

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

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

United

States

50,000,000

46,325,000

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

2.125

%

,

2/15/28

.....

United

States

30,000,000

33,052,718

169,682,328

Health

Care

Providers

&

Services

1.4%

Accolade,

Inc.

,

Senior

Note

,

0.5

%

,

4/01/26

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

United

States

19,000,000

15,020,524

Guardant

Health,

Inc.

,

Senior

Note

,

Zero

Cpn.,

11/15/27

........

United

States

20,000,000

13,532,877

NeoGenomics,

Inc.

,

Senior

Note

,

0.25

%

,

1/15/28

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

United

States

9,500,000

6,904,738

35,458,139

Hotel

&

Resort

REITs

0.8%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75

%

,

12/15/26

.........

United

States

26,000,000

20,607,909

Hotels,

Restaurants

&

Leisure

2.8%

Booking

Holdings,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/25

...........

United

States

19,000,000

29,048,392

Vail

Resorts,

Inc.

,

Senior

Note

,

Zero

Cpn.,

1/01/26

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

United

States

48,000,000

41,970,000

71,018,392

Interactive

Media

&

Services

2.4%

Snap,

Inc.

,

Senior

Note,

Zero

Cpn.,

5/01/27

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

United

States

41,000,000

30,770,500

Senior

Note,

0.125%,

3/01/28

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

United

States

43,000,000

29,347,500

60,118,000

IT

Services

4.6%

Cloudflare,

Inc.

,

Senior

Note

,

Zero

Cpn.,

8/15/26

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

United

States

66,200,000

55,508,700

Okta,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/25

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

United

States

53,000,000

47,461,500

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Convertible

Securities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

IT

Services

(continued)

Wix.com

Ltd.

,

Senior

Note

,

Zero

Cpn.,

8/15/25

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

Israel

15,400,000

$

13,613,600

116,583,800

Media

6.1%

Cable

One,

Inc.

,

Senior

Note,

Zero

Cpn.,

3/15/26

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

United

States

48,750,000

39,999,375

Senior

Note,

1.125%,

3/15/28

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

United

States

36,250,000

26,951,875

b

Liberty

Broadband

Corp.

,

Senior

Bond

,

144A,

3.125

%

,

3/31/53

...

United

States

62,000,000

61,808,275

b

Liberty

Media

Corp.

,

Senior

Note

,

144A,

3.75

%

,

3/15/28

........

United

States

23,000,000

25,116,000

153,875,525

Metals

&

Mining

2.6%

b

Ivanhoe

Mines

Ltd.

,

Senior

Note

,

144A,

2.5

%

,

4/15/26

..........

Canada

55,000,000

64,543,519

Multi-Utilities

2.5%

b

CenterPoint

Energy,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

8/15/26

.....

United

States

65,000,000

63,797,500

Pharmaceuticals

3.5%

Jazz

Investments

I

Ltd.

,

Senior

Note,

1.5%,

8/15/24

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

United

States

34,750,000

33,559,812

Senior

Note,

2%,

6/15/26

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

United

States

35,000,000

35,525,000

Revance

Therapeutics,

Inc.

,

Senior

Note

,

1.75

%

,

2/15/27

.......

United

States

27,000,000

20,340,187

89,424,999

Professional

Services

1.4%

Upwork,

Inc.

,

Senior

Note

,

0.25

%

,

8/15/26

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

United

States

44,000,000

36,212,000

Real

Estate

Management

&

Development

1.2%

Zillow

Group,

Inc.

,

Senior

Note

,

2.75

%

,

5/15/25

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

United

States

31,500,000

30,666,233

Semiconductors

&

Semiconductor

Equipment

2.8%

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

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

United

States

31,000,000

32,333,000

Wolfspeed,

Inc.

,

Senior

Note,

0.25%,

2/15/28

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

United

States

29,900,000

18,672,550

b

Senior

Note,

144A,

1.875%,

12/01/29

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

United

States

35,000,000

21,000,000

72,005,550

Software

11.9%

BILL

Holdings,

Inc.

,

Senior

Note,

Zero

Cpn.,

12/01/25

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

United

States

37,500,000

35,671,875

Senior

Note,

Zero

Cpn.,

4/01/27

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

United

States

37,000,000

29,600,000

BlackLine,

Inc.

,

Senior

Note

,

0.125

%

,

8/01/24

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

United

States

9,500,000

9,232,517

Envestnet,

Inc.

,

Senior

Note,

0.75%,

8/15/25

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

United

States

4,900,000

4,468,800

b

Senior

Note,

144A,

2.625%,

12/01/27

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

United

States

47,500,000

40,850,000

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

3/15/25

.........

United

States

44,000,000

44,374,000

HubSpot,

Inc.

,

Senior

Note

,

0.375

%

,

6/01/25

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

United

States

37,500,000

58,668,750

Splunk,

Inc.

,

Senior

Note

,

1.125

%

,

9/15/25

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

United

States

22,500,000

24,221,250

Workiva,

Inc.

,

Senior

Note,

1.125%,

8/15/26

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

United

States

7,000,000

8,624,000

b

Senior

Note,

144A,

1.25%,

8/15/28

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

United

States

49,000,000

44,565,500

300,276,692

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Convertible

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

33

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Specialty

Retail

5.5%

Burlington

Stores,

Inc.

,

Senior

Note,

2.25%,

4/15/25

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

United

States

13,000,000

$

12,586,267

b

Senior

Note,

144A,

1.25%,

12/15/27

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

United

States

42,287,000

37,889,152

RealReal,

Inc.

(The)

,

Senior

Note

,

1

%

,

3/01/28

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

United

States

30,000,000

12,150,000

RH

,

Senior

Note

,

Zero

Cpn.,

9/15/24

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

United

States

24,000,000

28,164,000

Wayfair,

Inc.

,

Senior

Note,

3.25%,

9/15/27

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

United

States

47,250,000

45,478,125

b

Senior

Note,

144A,

3.5%,

11/15/28

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

United

States

3,450,000

4,014,075

140,281,619

Total

Convertible

Bonds

(Cost

$2,420,077,909)

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

2,211,163,881

Total

Long

Term

Investments

(Cost

$2,657,363,418)

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

2,451,623,401

a

Short

Term

Investments

3.1%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.1%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

79,626,510

79,626,510

Total

Money

Market

Funds

(Cost

$79,626,510)

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

79,626,510

Total

Short

Term

Investments

(Cost

$79,626,510

)

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

79,626,510

a

Total

Investments

(Cost

$2,736,989,928)

99.9%

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

$2,531,249,911

Other

Assets,

less

Liabilities

0.1%

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

2,276,951

Net

Assets

100.0%

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

$2,533,526,862

a

a

a

See

Abbreviations

on

page

81

.

*

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$639,737,167,

representing

25.3%

of

net

assets.

c

See

Note

3(f)

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

Financial

Highlights

Franklin

Equity

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$28.35

$33.10

$24.22

$26.23

$24.86

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.55

0.49

0.44

0.49

0.46

Net

realized

and

unrealized

gains

(losses)

...........

(0.57)

(2.94)

9.26

(1.11)

2.49

Total

from

investment

operations

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

(0.02)

(2.45)

9.70

(0.62)

2.95

Less

distributions

from:

Net

investment

income

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

(0.72)

(0.63)

(0.60)

(0.63)

(0.58)

Net

realized

gains

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

(0.90)

(1.67)

(0.22)

(0.76)

(1.00)

Total

distributions

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

(1.62)

(2.30)

(0.82)

(1.39)

(1.58)

Net

asset

value,

end

of

year

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

$26.71

$28.35

$33.10

$24.22

$26.23

Total

return

c

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

(0.25)%

(7.84)%

40.58%

(2.43)%

12.73%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.83%

0.83%

0.85%

0.86%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.82%

0.82%

0.85%

e

0.85%

0.85%

Net

investment

income

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

1.93%

1.64%

1.47%

1.98%

1.85%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$2,777,434

$2,841,036

$2,952,462

$1,953,985

$2,017,910

Portfolio

turnover

rate

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

29.01%

25.41%

25.49%

26.90%

23.23%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

35

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$28.11

$32.83

$24.03

$26.01

$24.64

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.34

0.26

0.22

0.30

0.28

Net

realized

and

unrealized

gains

(losses)

...........

(0.56)

(2.91)

9.17

(1.10)

2.47

Total

from

investment

operations

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

(0.22)

(2.65)

9.39

(0.80)

2.75

Less

distributions

from:

Net

investment

income

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

(0.46)

(0.40)

(0.37)

(0.42)

(0.38)

Net

realized

gains

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

(0.90)

(1.67)

(0.22)

(0.76)

(1.00)

Total

distributions

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

(1.36)

(2.07)

(0.59)

(1.18)

(1.38)

Net

asset

value,

end

of

year

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

$26.53

$28.11

$32.83

$24.03

$26.01

Total

return

c

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

(0.97)%

(8.53)%

39.51%

(3.19)%

11.91%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.58%

1.58%

1.60%

1.61%

1.61%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.57%

1.57%

1.60%

e

1.60%

1.60%

Net

investment

income

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

1.20%

0.89%

0.73%

1.23%

1.10%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$95,960

$181,548

$202,148

$161,707

$208,734

Portfolio

turnover

rate

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

29.01%

25.41%

25.49%

26.90%

23.23%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$28.37

$33.12

$24.24

$26.23

$24.85

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.48

0.42

0.36

0.43

0.41

Net

realized

and

unrealized

gains

(losses)

...........

(0.57)

(2.94)

9.27

(1.10)

2.49

Total

from

investment

operations

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

(0.09)

(2.52)

9.63

(0.67)

2.90

Less

distributions

from:

Net

investment

income

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

(0.66)

(0.56)

(0.53)

(0.56)

(0.52)

Net

realized

gains

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

(0.90)

(1.67)

(0.22)

(0.76)

(1.00)

Total

distributions

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

(1.56)

(2.23)

(0.75)

(1.32)

(1.52)

Net

asset

value,

end

of

year

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

$26.72

$28.37

$33.12

$24.24

$26.23

Total

return

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

(0.52)%

(8.07)%

40.22%

(2.62)%

12.50%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.08%

1.08%

1.09%

1.08%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.07%

1.07%

1.09%

d

1.08%

d

1.08%

Net

investment

income

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

1.67%

1.40%

1.22%

1.75%

1.62%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$10,671

$9,580

$9,426

$5,795

$7,284

Portfolio

turnover

rate

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

29.01%

25.41%

25.49%

26.90%

23.23%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

37

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$28.40

$33.17

$24.27

$26.29

$24.91

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.64

0.59

0.54

0.57

0.54

Net

realized

and

unrealized

gains

(losses)

...........

(0.55)

(2.95)

9.27

(1.11)

2.50

Total

from

investment

operations

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

0.09

(2.36)

9.81

(0.54)

3.04

Less

distributions

from:

Net

investment

income

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

(0.82)

(0.74)

(0.69)

(0.72)

(0.66)

Net

realized

gains

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

(0.90)

(1.67)

(0.22)

(0.76)

(1.00)

Total

distributions

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

(1.72)

(2.41)

(0.91)

(1.48)

(1.66)

Net

asset

value,

end

of

year

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

$26.77

$28.40

$33.17

$24.27

$26.29

Total

return

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

0.08%

(7.53)%

41.02%

(2.07)%

13.12%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.51%

0.53%

0.52%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.49%

0.49%

0.51%

0.51%

0.51%

Net

investment

income

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

2.26%

1.97%

1.80%

2.32%

2.19%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$149,692

$159,953

$150,328

$97,565

$96,406

Portfolio

turnover

rate

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

29.01%

25.41%

25.49%

26.90%

23.23%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$28.40

$33.16

$24.26

$26.27

$24.90

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.62

0.56

0.51

0.55

0.50

Net

realized

and

unrealized

gains

(losses)

...........

(0.57)

(2.94)

9.28

(1.11)

2.51

Total

from

investment

operations

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

0.05

(2.38)

9.79

(0.56)

3.01

Less

distributions

from:

Net

investment

income

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

(0.79)

(0.71)

(0.67)

(0.69)

(0.64)

Net

realized

gains

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

(0.90)

(1.67)

(0.22)

(0.76)

(1.00)

Total

distributions

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

(1.69)

(2.38)

(0.89)

(1.45)

(1.64)

Net

asset

value,

end

of

year

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

$26.76

$28.40

$33.16

$24.26

$26.27

Total

return

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

(—)%

c

(7.62)%

40.94%

(2.18)%

13.04%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.58%

0.60%

0.61%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.57%

0.57%

0.60%

d

0.60%

0.60%

Net

investment

income

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

2.18%

1.89%

1.70%

2.21%

2.10%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$329,595

$382,893

$378,891

$219,362

$173,739

Portfolio

turnover

rate

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

29.01%

25.41%

25.49%

26.90%

23.23%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Rounds

to

less

than

0.01%.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Equity

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

39

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

84.9%

Aerospace

&

Defense

2.7%

L3Harris

Technologies,

Inc.

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

United

States

80,000

$

14,352,800

Lockheed

Martin

Corp.

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

United

States

15,500

7,046,920

RTX

Corp.

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

United

States

870,000

70,809,300

92,209,020

Air

Freight

&

Logistics

2.0%

United

Parcel

Service,

Inc.,

B

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

United

States

467,500

66,034,375

Banks

6.6%

Bank

of

America

Corp.

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

United

States

2,565,000

67,562,100

JPMorgan

Chase

&

Co.

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

United

States

1,027,500

142,884,150

Truist

Financial

Corp.

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

United

States

460,000

13,045,600

223,491,850

Beverages

3.7%

Coca-Cola

Co.

(The)

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

United

States

865,000

48,863,850

PepsiCo,

Inc.

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

United

States

455,000

74,292,400

123,156,250

Capital

Markets

7.5%

Ares

Management

Corp.,

A

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

United

States

655,000

64,576,450

BlackRock,

Inc.

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

United

States

70,500

43,165,740

Blackstone,

Inc.

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

United

States

409,500

37,817,325

Morgan

Stanley

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

United

States

1,510,000

106,938,200

252,497,715

Chemicals

0.9%

BASF

SE

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

Germany

475,000

21,946,324

Huntsman

Corp.

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

United

States

400,000

9,332,000

31,278,324

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.,

A

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

United

States

50,000

7,424,500

Communications

Equipment

2.3%

Cisco

Systems,

Inc.

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

United

States

1,470,000

76,631,100

Consumer

Finance

0.2%

American

Express

Co.

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

United

States

55,000

8,031,650

Consumer

Staples

Distribution

&

Retail

2.7%

Target

Corp.

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

United

States

267,500

29,636,325

Walmart,

Inc.

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

United

States

365,000

59,644,650

89,280,975

Diversified

Telecommunication

Services

0.2%

TELUS

Corp.

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

Canada

459,000

7,400,663

Electric

Utilities

4.4%

Duke

Energy

Corp.

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

United

States

935,000

83,112,150

Evergy,

Inc.

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

United

States

475,000

23,341,500

NextEra

Energy,

Inc.

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

United

States

710,000

41,393,000

147,846,650

Electrical

Equipment

2.4%

Eaton

Corp.

plc

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

United

States

326,500

67,882,615

Emerson

Electric

Co.

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

United

States

160,000

14,235,200

82,117,815

Electronic

Equipment,

Instruments

&

Components

1.1%

TE

Connectivity

Ltd.

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

United

States

309,500

36,474,575

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Financial

Services

1.0%

Apollo

Global

Management,

Inc.

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

United

States

450,000

$

34,848,000

Food

Products

1.0%

Mondelez

International,

Inc.,

A

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

United

States

497,500

32,939,475

Ground

Transportation

0.7%

Norfolk

Southern

Corp.

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

United

States

125,000

23,848,750

Health

Care

Equipment

&

Supplies

3.9%

Becton

Dickinson

&

Co.

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

United

States

148,500

37,537,830

a

Boston

Scientific

Corp.

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

United

States

725,000

37,112,750

Medtronic

plc

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

United

States

780,000

55,036,800

129,687,380

Health

Care

Providers

&

Services

4.4%

HCA

Healthcare,

Inc.

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

United

States

335,000

75,756,900

UnitedHealth

Group,

Inc.

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

United

States

135,000

72,300,600

148,057,500

Health

Care

REITs

0.8%

Healthpeak

Properties,

Inc.

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

United

States

595,000

9,252,250

Ventas,

Inc.

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

United

States

400,000

16,984,000

26,236,250

Hotels,

Restaurants

&

Leisure

1.3%

McDonald's

Corp.

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

United

States

161,000

42,209,370

Household

Products

3.1%

Procter

&

Gamble

Co.

(The)

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

United

States

705,000

105,771,150

Industrial

REITs

0.4%

Prologis,

Inc.

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

United

States

145,000

14,608,750

Insurance

0.3%

Arthur

J

Gallagher

&

Co.

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

United

States

35,000

8,242,150

Interactive

Media

&

Services

0.3%

a

Alphabet,

Inc.,

A

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

United

States

82,500

10,236,600

Life

Sciences

Tools

&

Services

2.0%

Danaher

Corp.

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

United

States

118,000

22,658,360

Thermo

Fisher

Scientific,

Inc.

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

United

States

102,500

45,588,925

68,247,285

Machinery

1.1%

Caterpillar,

Inc.

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

United

States

95,000

21,474,750

Illinois

Tool

Works,

Inc.

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

United

States

75,000

16,809,000

38,283,750

Media

1.3%

Comcast

Corp.,

A

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

United

States

1,035,000

42,735,150

Oil,

Gas

&

Consumable

Fuels

10.4%

Canadian

Natural

Resources

Ltd.

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

Canada

420,000

26,682,600

Chevron

Corp.

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

United

States

810,000

118,041,300

EOG

Resources,

Inc.

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

United

States

588,000

74,235,000

Shell

plc,

ADR

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

Netherlands

1,020,000

66,442,800

Suncor

Energy,

Inc.

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

Canada

2,000,000

64,800,000

350,201,700

Pharmaceuticals

5.7%

AstraZeneca

plc,

ADR

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

United

Kingdom

677,500

42,838,325

Bristol-Myers

Squibb

Co.

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

United

States

325,000

16,747,250

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

41

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Pharmaceuticals

(continued)

Johnson

&

Johnson

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

United

States

775,000

$

114,963,500

Pfizer,

Inc.

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

United

States

560,000

17,113,600

191,662,675

Residential

REITs

1.3%

Mid-America

Apartment

Communities,

Inc.

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

United

States

360,000

42,534,000

Semiconductors

&

Semiconductor

Equipment

3.6%

Broadcom,

Inc.

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

United

States

98,100

82,538,397

Texas

Instruments,

Inc.

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

United

States

267,500

37,987,675

120,526,072

Software

2.7%

Oracle

Corp.

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

United

States

865,000

89,441,000

Specialty

Retail

2.1%

Lowe's

Cos.,

Inc.

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

United

States

127,000

24,202,390

Tractor

Supply

Co.

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

United

States

240,000

46,214,400

70,416,790

Trading

Companies

&

Distributors

0.6%

United

Rentals,

Inc.

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

United

States

52,500

21,329,175

Total

Common

Stocks

(Cost

$2,195,874,200)

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

2,855,938,434

b

Equity-Linked

Securities

9.5%

Banks

0.5%

c

UBS

AG

into

Bank

of

America

Corp.,

144A,

7%,

11/22/23

.......

United

States

677,000

18,270,400

Capital

Markets

0.5%

c

Royal

Bank

of

Canada

into

Blackstone,

Inc.,

144A,

9%,

8/30/24

...

United

States

186,500

17,966,416

Chemicals

1.6%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Huntsman

Corp.,

144A,

8%,

5/09/24

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

United

States

894,000

21,720,993

c

Royal

Bank

of

Canada

into

Linde

plc,

144A,

6.5%,

11/29/23

......

United

States

83,500

32,198,511

53,919,504

Consumer

Finance

0.7%

c

BofA

Finance

LLC

into

American

Express

Co.,

144A,

7.25%,

2/12/24

United

States

160,000

24,120,976

Energy

Equipment

&

Services

0.6%

c

JPMorgan

Chase

Bank

NA

into

Technip

Energies

NV,

144A,

6%,

7/19/24

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

France

160,000

19,333,442

Health

Care

Equipment

&

Supplies

0.6%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Boston

Scientific

Corp.,

144A,

5.5%,

6/21/24

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

United

States

385,000

19,979,972

Industrial

REITs

0.6%

c

Barclays

Bank

plc

into

Prologis,

Inc.,

144A,

7.5%,

12/29/23

......

United

States

191,800

19,595,909

Interactive

Media

&

Services

1.0%

c

Goldman

Sachs

International

Bank

into

Alphabet,

Inc.,

144A,

6.25%,

3/28/24

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

United

States

279,500

33,014,584

Life

Sciences

Tools

&

Services

1.3%

c

Merrill

Lynch

International

&

Co.

CV

into

Danaher

Corp.,

144A,

5.5%,

4/30/24

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

United

States

120,000

26,433,003

c

Royal

Bank

of

Canada

into

Thermo

Fisher

Scientific,

Inc.,

144A,

5.5%,

10/09/24

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

United

States

36,000

16,690,589

43,123,592

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Equity

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

b

Equity-Linked

Securities

(continued)

Machinery

0.7%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Caterpillar,

Inc.,

144A,

8%,

11/01/24

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

United

States

95,000

$

22,474,136

Oil,

Gas

&

Consumable

Fuels

0.8%

c

BNP

Paribas

Issuance

BV

into

Canadian

Natural

Resources

Ltd.,

144A,

9.5%,

1/12/24

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

Canada

452,000

28,778,287

Trading

Companies

&

Distributors

0.6%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

United

Rentals,

Inc.,

144A,

9%,

9/27/24

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

United

States

45,500

19,253,935

Total

Equity-Linked

Securities

(Cost

$330,860,713)

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

319,831,153

Convertible

Preferred

Stocks

2.2%

Electric

Utilities

1.1%

NextEra

Energy,

Inc.,

6.926%

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

United

States

962,500

36,132,250

Financial

Services

1.1%

Apollo

Global

Management,

Inc.,

6.75%

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

United

States

790,500

38,030,955

Total

Convertible

Preferred

Stocks

(Cost

$84,781,851)

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

74,163,205

Total

Long

Term

Investments

(Cost

$2,611,516,764)

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

3,249,932,792

a

Short

Term

Investments

3.4%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.4%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

114,853,407

114,853,407

Total

Money

Market

Funds

(Cost

$114,853,407)

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

114,853,407

Total

Short

Term

Investments

(Cost

$114,853,407

)

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

114,853,407

a

Total

Investments

(Cost

$2,726,370,171)

100.0%

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

$3,364,786,199

Other

Assets,

less

Liabilities

(

0.0

)

%

†

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

(1,433,259)

Net

Assets

100.0%

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

$3,363,352,940

a

a

a

See

Abbreviations

on

page

81.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

1(d)

regarding

equity-linked

securities.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2023,

the

aggregate

value

of

these

securities

was

$319,831,153,

representing

9.5%

of

net

assets.

d

See

Note

3(f)

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

Financial

Highlights

Franklin

Managed

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

43

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.73

$13.83

$11.73

$12.80

$11.89

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.46

0.35

0.30

0.31

0.29

Net

realized

and

unrealized

gains

(losses)

...........

(0.40)

(1.46)

2.36

(0.44)

1.17

Total

from

investment

operations

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

0.06

(1.11)

2.66

(0.13)

1.46

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.50)

(0.47)

(0.46)

(0.41)

Net

realized

gains

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

—

(0.49)

(0.09)

(0.48)

(0.14)

Total

distributions

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

(0.54)

(0.99)

(0.56)

(0.94)

(0.55)

Net

asset

value,

end

of

year

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

$11.25

$11.73

$13.83

$11.73

$12.80

Total

return

c

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

0.34%

(8.52)%

23.01%

(1.06)%

12.64%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.90%

0.91%

0.92%

0.93%

0.96%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.89%

0.90%

0.91%

0.91%

0.94%

Net

investment

income

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

3.78%

2.72%

2.27%

2.55%

2.36%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$2,844,145

$3,102,045

$3,523,379

$2,860,390

$2,966,899

Portfolio

turnover

rate

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

92.40%

75.02%

39.64%

64.69%

53.02%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

44

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.61

$13.68

$11.61

$12.67

$11.78

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.36

0.25

0.20

0.22

0.20

Net

realized

and

unrealized

gains

(losses)

...........

(0.39)

(1.43)

2.34

(0.43)

1.15

Total

from

investment

operations

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

(0.03)

(1.18)

2.54

(0.21)

1.35

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.40)

(0.38)

(0.37)

(0.32)

Net

realized

gains

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

—

(0.49)

(0.09)

(0.48)

(0.14)

Total

distributions

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

(0.45)

(0.89)

(0.47)

(0.85)

(0.46)

Net

asset

value,

end

of

year

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

$11.13

$11.61

$13.68

$11.61

$12.67

Total

return

c

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

(0.46)%

(9.15)%

22.07%

(1.79)%

11.79%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.65%

1.66%

1.66%

1.68%

1.71%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.64%

1.65%

1.65%

1.66%

1.69%

Net

investment

income

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

3.01%

1.94%

1.54%

1.84%

1.61%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$115,185

$168,085

$259,206

$341,521

$491,751

Portfolio

turnover

rate

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

92.40%

75.02%

39.64%

64.69%

53.02%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

45

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.77

$13.88

$11.76

$12.84

$11.92

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43

0.32

0.27

0.28

0.26

Net

realized

and

unrealized

gains

(losses)

...........

(0.40)

(1.47)

2.38

(0.45)

1.18

Total

from

investment

operations

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

0.03

(1.15)

2.65

(0.17)

1.44

Less

distributions

from:

Net

investment

income

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

(0.52)

(0.47)

(0.44)

(0.43)

(0.38)

Net

realized

gains

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

—

(0.49)

(0.09)

(0.48)

(0.14)

Total

distributions

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

(0.52)

(0.96)

(0.53)

(0.91)

(0.52)

Net

asset

value,

end

of

year

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

$11.28

$11.77

$13.88

$11.76

$12.84

Total

return

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

0.02%

(8.79)%

22.84%

(1.38)%

12.43%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.15%

1.16%

1.16%

1.18%

1.21%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.14%

1.15%

1.15%

1.16%

1.19%

Net

investment

income

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

3.52%

2.47%

2.03%

2.33%

2.11%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$2,382

$2,976

$3,435

$3,093

$4,081

Portfolio

turnover

rate

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

92.40%

75.02%

39.64%

64.69%

53.02%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

46

`

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.77

$13.88

$11.76

$12.85

$11.93

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.50

0.39

0.34

0.35

0.33

Net

realized

and

unrealized

gains

(losses)

...........

(0.40)

(1.46)

2.39

(0.45)

1.18

Total

from

investment

operations

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

0.10

(1.07)

2.73

(0.10)

1.51

Less

distributions

from:

Net

investment

income

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

(0.59)

(0.55)

(0.52)

(0.51)

(0.45)

Net

realized

gains

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

—

(0.49)

(0.09)

(0.48)

(0.14)

Total

distributions

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

(0.59)

(1.04)

(0.61)

(0.99)

(0.59)

Net

asset

value,

end

of

year

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

$11.28

$11.77

$13.88

$11.76

$12.85

Total

return

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

0.61%

(8.23)%

23.52%

(0.86)%

13.14%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.59%

0.60%

0.60%

0.60%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.58%

0.59%

0.59%

0.58%

0.61%

Net

investment

income

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

4.10%

3.05%

2.59%

2.87%

2.69%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$174,925

$169,511

$184,084

$155,563

$159,877

Portfolio

turnover

rate

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

92.40%

75.02%

39.64%

64.69%

53.02%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

47

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.76

$13.87

$11.76

$12.84

$11.92

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.49

0.38

0.34

0.34

0.32

Net

realized

and

unrealized

gains

(losses)

...........

(0.39)

(1.46)

2.37

(0.44)

1.18

Total

from

investment

operations

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

0.10

(1.08)

2.71

(0.10)

1.50

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.54)

(0.51)

(0.50)

(0.44)

Net

realized

gains

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

—

(0.49)

(0.09)

(0.48)

(0.14)

Total

distributions

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

(0.58)

(1.03)

(0.60)

(0.98)

(0.58)

Net

asset

value,

end

of

year

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

$11.28

$11.76

$13.87

$11.76

$12.84

Total

return

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

0.60%

(8.31)%

23.34%

(0.86)%

12.96%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.65%

0.66%

0.67%

0.68%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.64%

0.65%

0.66%

0.66%

0.69%

Net

investment

income

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

4.03%

2.98%

2.52%

2.79%

2.61%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$191,532

$203,346

$228,617

$166,947

$180,882

Portfolio

turnover

rate

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

92.40%

75.02%

39.64%

64.69%

53.02%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Managed

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

27.6%

Aerospace

&

Defense

1.4%

Lockheed

Martin

Corp.

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

United

States

75,000

$

34,098,000

RTX

Corp.

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

United

States

155,000

12,615,450

46,713,450

Banks

3.8%

Bank

of

America

Corp.

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

United

States

1,300,000

34,242,000

Fifth

Third

Bancorp

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

United

States

600,000

14,226,000

JPMorgan

Chase

&

Co.

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

United

States

350,000

48,671,000

Truist

Financial

Corp.

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

United

States

650,000

18,434,000

US

Bancorp

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

United

States

300,000

9,564,000

125,137,000

Beverages

0.7%

Coca-Cola

Co.

(The)

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

United

States

125,000

7,061,250

PepsiCo,

Inc.

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

United

States

100,000

16,328,000

23,389,250

Biotechnology

2.2%

AbbVie,

Inc.

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

United

States

250,000

35,295,000

a

Amgen,

Inc.

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

United

States

150,000

38,355,000

73,650,000

Capital

Markets

1.9%

Charles

Schwab

Corp.

(The)

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

United

States

200,000

10,408,000

a

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

50,000

15,180,500

Morgan

Stanley

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

United

States

550,000

38,951,000

64,539,500

Chemicals

0.8%

Air

Products

and

Chemicals,

Inc.

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

United

States

43,000

12,144,920

LyondellBasell

Industries

NV,

A

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

United

States

150,000

13,536,000

25,680,920

Consumer

Staples

Distribution

&

Retail

0.3%

Target

Corp.

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

United

States

100,000

11,079,000

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

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

United

States

100,000

3,513,000

Electric

Utilities

2.8%

Duke

Energy

Corp.

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

United

States

400,000

35,556,000

Edison

International

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

United

States

350,000

22,071,000

Southern

Co.

(The)

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

United

States

500,000

33,650,000

91,277,000

Ground

Transportation

0.9%

Union

Pacific

Corp.

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

United

States

150,000

31,141,500

Health

Care

Providers

&

Services

0.2%

CVS

Health

Corp.

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

United

States

100,000

6,901,000

Household

Products

0.9%

Procter

&

Gamble

Co.

(The)

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

United

States

200,000

30,006,000

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

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

United

States

100,000

18,326,000

IT

Services

0.4%

b

International

Business

Machines

Corp.

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

United

States

100,000

14,464,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

49

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Media

0.1%

Comcast

Corp.,

A

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

United

States

100,000

$

4,129,000

Metals

&

Mining

0.8%

Rio

Tinto

plc,

ADR

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

Australia

400,000

25,736,000

Multi-Utilities

1.0%

DTE

Energy

Co.

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

United

States

150,000

14,457,000

Sempra

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

United

States

250,000

17,507,500

31,964,500

Oil,

Gas

&

Consumable

Fuels

2.9%

Chevron

Corp.

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

United

States

450,000

65,578,500

Exxon

Mobil

Corp.

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

United

States

300,000

31,755,000

97,333,500

Pharmaceuticals

1.6%

AstraZeneca

plc,

ADR

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

United

Kingdom

350,000

22,130,500

Johnson

&

Johnson

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

United

States

200,000

29,668,000

51,798,500

Semiconductors

&

Semiconductor

Equipment

2.4%

Analog

Devices,

Inc.

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

United

States

200,000

31,466,000

Texas

Instruments,

Inc.

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

United

States

350,000

49,703,500

81,169,500

Specialty

Retail

1.3%

Home

Depot,

Inc.

(The)

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

United

States

150,000

42,703,500

Tobacco

0.5%

Philip

Morris

International,

Inc.

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

United

States

200,000

17,832,000

Total

Common

Stocks

(Cost

$801,123,108)

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

918,484,120

Management

Investment

Companies

1.2%

Capital

Markets

1.2%

c

Franklin

U.S.

Low

Volatility

ETF

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

United

States

780,000

36,332,400

c

Western

Asset

Diversified

Income

Fund

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

United

States

250,905

3,116,240

39,448,640

Total

Management

Investment

Companies

(Cost

$31,871,257)

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

39,448,640

d

Equity-Linked

Securities

8.9%

Aerospace

&

Defense

1.4%

e

BNP

Paribas

Issuance

BV

into

Northrop

Grumman

Corp.,

144A,

7.5%,

9/10/24

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

United

States

54,000

24,108,249

e

Merrill

Lynch

International

&

Co.

CV

into

RTX

Corp.,

144A,

7.5%,

10/02/24

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

United

States

295,700

23,199,185

47,307,434

Air

Freight

&

Logistics

0.6%

e

Merrill

Lynch

International

&

Co.

CV

into

United

Parcel

Service,

Inc.,

144A,

8.5%,

10/02/24

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

United

States

143,650

20,813,430

Automobiles

0.2%

e

Barclays

Bank

plc

into

Ford

Motor

Co.,

144A,

12%,

2/09/24

......

United

States

725,000

7,434,723

Banks

0.2%

e

Citigroup

Global

Markets

Holdings,

Inc.

into

Bank

of

America

Corp.,

144A,

8%,

8/16/24

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

United

States

200,000

5,586,173

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

a

a

Country

Shares

a

Value

a

a

a

a

a

a

d

Equity-Linked

Securities

(continued)

Broadline

Retail

0.4%

e

Goldman

Sachs

International

Bank

into

Amazon.com,

Inc.,

144A,

9%,

11/20/24

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

United

States

98,000

$

11,968,180

Capital

Markets

0.2%

e

UBS

AG

into

Charles

Schwab

Corp.

(The),

144A,

10%,

7/17/24

...

United

States

150,000

7,916,886

Communications

Equipment

1.0%

e

Mizuho

Markets

Cayman

LP

into

Cisco

Systems,

Inc.,

144A,

7.5%,

7/23/24

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

United

States

600,000

31,396,766

Consumer

Staples

Distribution

&

Retail

0.5%

e

Barclays

Bank

plc

into

Target

Corp.,

144A,

8.5%,

10/08/24

......

United

States

135,000

15,167,437

Electric

Utilities

0.5%

e

Mizuho

Markets

Cayman

LP

into

NextEra

Energy,

Inc.,

144A,

8%,

3/19/24

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

United

States

275,000

16,514,111

Ground

Transportation

0.6%

e

UBS

AG

into

Union

Pacific

Corp.,

144A,

8%,

3/13/24

...........

United

States

100,000

20,728,973

Machinery

0.3%

e

National

Bank

of

Canada

into

Cummins,

Inc.,

144A,

8.5%,

2/13/24

United

States

45,000

10,094,835

Media

0.8%

e

Royal

Bank

of

Canada

into

Comcast

Corp.,

144A,

8%,

7/12/24

...

United

States

660,000

27,542,736

Oil,

Gas

&

Consumable

Fuels

0.3%

e

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.,

144A,

9.5%,

2/22/24

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

United

States

100,000

10,871,551

Pharmaceuticals

0.9%

e

National

Bank

of

Canada

into

Bristol-Myers

Squibb

Co.,

144A,

8%,

9/05/24

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

United

States

530,000

28,904,302

Semiconductors

&

Semiconductor

Equipment

0.3%

e

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.,

144A,

10%,

11/12/24

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

United

States

150,000

11,027,176

Software

0.7%

e

Societe

Generale

SA

into

Workday,

Inc.,

144A,

9%,

11/13/24

.....

United

States

115,000

24,307,867

Total

Equity-Linked

Securities

(Cost

$308,421,274)

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

297,582,580

Convertible

Preferred

Stocks

0.6%

Electric

Utilities

0.6%

NextEra

Energy,

Inc.,

6.926%

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

United

States

500,000

18,770,000

Total

Convertible

Preferred

Stocks

(Cost

$22,220,190)

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

18,770,000

Principal

Amount

*

Corporate

Bonds

54.8%

Aerospace

&

Defense

1.0%

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

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

United

States

15,000,000

12,966,461

Senior

Note,

5.04%,

5/01/27

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

United

States

5,000,000

4,843,197

Senior

Note,

5.15%,

5/01/30

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

United

States

15,000,000

14,061,608

31,871,266

Automobiles

0.4%

f

General

Motors

Co.

,

Senior

Bond

,

5.6

%

,

10/15/32

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

United

States

15,000,000

13,702,605

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

5.6%

Bank

of

America

Corp.

,

Senior

Bond,

3.419%

to

12/19/27,

FRN

thereafter,

12/20/28

...

United

States

20,000,000

$

17,810,750

Senior

Bond,

5.872%

to

9/14/33,

FRN

thereafter,

9/15/34

.....

United

States

15,000,000

14,130,974

Barclays

plc

,

Senior

Bond,

4.337%,

1/10/28

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

United

Kingdom

15,000,000

13,715,326

Senior

Bond,

5.746%

to

8/08/32,

FRN

thereafter,

8/09/33

.....

United

Kingdom

10,000,000

8,979,654

Senior

Note,

7.385%

to

11/01/27,

FRN

thereafter,

11/02/28

....

United

Kingdom

15,000,000

15,169,454

Citigroup,

Inc.

,

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

.....

United

States

20,000,000

18,124,860

Senior

Bond,

6.27%

to

11/16/32,

FRN

thereafter,

11/17/33

.....

United

States

10,000,000

9,713,765

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

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

United

States

10,000,000

9,689,344

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

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

United

States

10,000,000

9,869,104

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

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

United

States

10,000,000

9,421,320

Truist

Bank

,

Sub.

Bond

,

2.636%

to

9/16/24,

FRN

thereafter

,

9/17/29

United

States

10,000,000

9,227,594

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

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

United

States

10,000,000

8,584,171

US

Bancorp

,

Senior

Bond,

5.85%

to

10/20/32,

FRN

thereafter,

10/21/33

....

United

States

10,000,000

9,191,337

Senior

Note,

4.548%

to

7/21/27,

FRN

thereafter,

7/22/28

......

United

States

10,000,000

9,285,669

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

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

United

States

25,000,000

22,642,849

185,556,171

Biotechnology

1.1%

AbbVie,

Inc.

,

Senior

Bond,

4.55%,

3/15/35

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

United

States

15,000,000

13,194,629

Senior

Bond,

4.5%,

5/14/35

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

United

States

10,000,000

8,740,515

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

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

United

States

15,000,000

13,996,244

35,931,388

Broadline

Retail

0.3%

Amazon.com,

Inc.

,

Senior

Bond

,

3.6

%

,

4/13/32

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

United

States

10,000,000

8,686,769

Capital

Markets

2.0%

Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

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

United

States

10,000,000

9,176,654

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/20/31,

FRN

thereafter,

10/21/32

....

United

States

15,000,000

11,282,798

Senior

Bond,

6.561%

to

10/23/33,

FRN

thereafter,

10/24/34

...

United

States

10,000,000

9,943,940

Morgan

Stanley

,

Senior

Bond,

2.699%

to

1/21/30,

FRN

thereafter,

1/22/31

.....

United

States

10,000,000

8,037,645

Senior

Bond,

6.342%

to

10/17/32,

FRN

thereafter,

10/18/33

...

United

States

15,000,000

14,710,625

Senior

Bond,

5.424%

to

7/20/33,

FRN

thereafter,

7/21/34

.....

United

States

15,000,000

13,695,342

66,847,004

Chemicals

2.1%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

20,000,000

19,288,642

f

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3

%

,

3/15/33

..........

United

States

10,000,000

10,051,480

DuPont

de

Nemours,

Inc.

,

Senior

Note

,

4.493

%

,

11/15/25

.......

United

States

10,000,000

9,747,396

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.......

United

States

20,000,000

17,901,219

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

15,000,000

12,969,183

69,957,920

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Communications

Equipment

0.2%

e

CommScope,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

3/01/26

.....

United

States

10,000,000

$

8,413,304

Consumer

Finance

3.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

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

Ireland

20,000,000

15,491,608

Capital

One

Financial

Corp.

,

Senior

Bond,

5.268%

to

5/09/32,

FRN

thereafter,

5/10/33

.....

United

States

10,000,000

8,557,702

Senior

Note,

6.312%

to

6/07/28,

FRN

thereafter,

6/08/29

......

United

States

10,000,000

9,578,173

Senior

Note,

3.273%

to

2/28/29,

FRN

thereafter,

3/01/30

......

United

States

15,000,000

12,305,360

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

7.35%,

11/04/27

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

United

States

15,000,000

15,220,094

Senior

Note,

3.625%,

6/17/31

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

United

States

15,000,000

11,865,754

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

3.6%,

6/21/30

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

United

States

20,000,000

16,512,787

f

Senior

Bond,

6.4%,

1/09/33

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

United

States

10,000,000

9,584,783

99,116,261

Consumer

Staples

Distribution

&

Retail

0.3%

Target

Corp.

,

Senior

Bond

,

4.5

%

,

9/15/32

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

United

States

10,000,000

9,077,210

Containers

&

Packaging

0.6%

e

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

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

United

States

20,000,000

18,752,379

Diversified

REITs

0.5%

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625

%

,

12/01/29

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

United

States

20,000,000

17,318,406

Diversified

Telecommunication

Services

0.6%

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

....

United

States

25,000,000

18,703,279

Electric

Utilities

3.2%

Edison

International

,

Senior

Note

,

6.95

%

,

11/15/29

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

United

States

20,000,000

20,344,639

e

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

7

%

,

3/15/33

.....

United

States

10,000,000

9,463,906

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

4.55%,

7/01/30

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

United

States

25,000,000

21,650,118

Senior

Bond,

6.15%,

1/15/33

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

United

States

10,000,000

9,211,002

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

10/15/32

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

United

States

15,000,000

14,383,381

e

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

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

United

States

36,000,000

31,344,611

106,397,657

Electrical

Equipment

0.6%

e

Regal

Rexnord

Corp.

,

Senior

Note

,

144A,

6.05

%

,

4/15/28

.......

United

States

20,000,000

19,139,937

Electronic

Equipment,

Instruments

&

Components

1.3%

Flex

Ltd.

,

Senior

Bond,

4.875%,

5/12/30

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

United

States

20,000,000

18,167,485

Senior

Note,

6%,

1/15/28

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

United

States

10,000,000

9,902,847

Jabil,

Inc.

,

Senior

Bond

,

3

%

,

1/15/31

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

United

States

20,000,000

15,852,641

43,922,973

Entertainment

0.8%

Netflix,

Inc.

,

Senior

Bond

,

4.875

%

,

4/15/28

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

United

States

10,000,000

9,643,064

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

4.279

%

,

3/15/32

......

United

States

20,000,000

16,590,296

26,233,360

Financial

Services

0.5%

Fiserv,

Inc.

,

Senior

Bond

,

3.5

%

,

7/01/29

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

United

States

20,000,000

17,550,622

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

53

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

1.3%

e

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

,

Senior

Bond

,

144A,

6.75

%

,

3/15/34

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

United

States

15,000,000

$

14,066,700

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note,

5.5%,

1/15/30

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

United

States

10,000,000

9,144,986

Senior

Note,

3.75%,

12/01/31

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

United

States

5,000,000

3,889,659

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25

%

,

4/15/31

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

United

States

21,000,000

17,320,384

44,421,729

Ground

Transportation

0.9%

e

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

5.5%,

8/11/32

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

United

Kingdom

15,000,000

13,430,867

Senior

Bond,

144A,

5.95%,

10/15/33

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

United

Kingdom

10,000,000

9,129,342

Union

Pacific

Corp.

,

Senior

Bond

,

4.5

%

,

1/20/33

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

United

States

10,000,000

9,059,747

31,619,956

Health

Care

Equipment

&

Supplies

1.1%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

9,700,000

9,092,841

GE

HealthCare

Technologies,

Inc.

,

WI

,

Senior

Note

,

5.905

%

,

11/22/32

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

United

States

15,000,000

14,526,137

e

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

United

States

15,000,000

12,679,510

36,298,488

Health

Care

Providers

&

Services

5.3%

Centene

Corp.

,

Senior

Note

,

4.625

%

,

12/15/29

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

United

States

25,000,000

22,353,519

e

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

11,435,000

4,443,070

Senior

Secured

Note,

144A,

8%,

3/15/26

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

United

States

20,000,000

18,308,513

Senior

Secured

Note,

144A,

5.625%,

3/15/27

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

United

States

15,000,000

12,198,430

Senior

Secured

Note,

144A,

8%,

12/15/27

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

United

States

10,000,000

8,492,350

CVS

Health

Corp.

,

Senior

Bond,

3.25%,

8/15/29

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

United

States

15,000,000

12,964,686

Senior

Bond,

3.75%,

4/01/30

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

United

States

10,000,000

8,703,509

e

DaVita,

Inc.

,

Senior

Bond,

144A,

3.75%,

2/15/31

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

United

States

10,500,000

7,556,539

Senior

Note,

144A,

4.625%,

6/01/30

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

United

States

16,000,000

12,552,323

e

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

3

%

,

12/01/31

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

Germany

20,000,000

13,926,241

HCA,

Inc.

,

Senior

Bond,

4.125%,

6/15/29

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

United

States

10,000,000

8,878,420

Senior

Bond,

5.5%,

6/01/33

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

United

States

15,000,000

13,691,436

Humana,

Inc.

,

Senior

Bond

,

5.875

%

,

3/01/33

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

United

States

15,000,000

14,553,038

Tenet

Healthcare

Corp.

,

Senior

Note,

6.125%,

10/01/28

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

United

States

10,000,000

9,283,800

Senior

Secured

Note,

4.375%,

1/15/30

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

United

States

10,000,000

8,467,727

176,373,601

Health

Care

REITs

0.5%

Healthpeak

OP

LLC

,

Senior

Note

,

5.25

%

,

12/15/32

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

United

States

20,000,000

18,123,493

Hotels,

Restaurants

&

Leisure

2.2%

e

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/01/27

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

United

States

20,000,000

17,870,740

Expedia

Group,

Inc.

,

Senior

Bond,

3.8%,

2/15/28

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

United

States

15,000,000

13,582,800

Senior

Note,

5%,

2/15/26

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

United

States

10,000,000

9,777,302

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Starbucks

Corp.

,

Senior

Bond

,

2.55

%

,

11/15/30

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

United

States

10,000,000

$

8,069,924

e

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Note

,

144A,

5.25

%

,

5/15/27

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

United

States

25,000,000

23,117,985

72,418,751

Household

Durables

0.3%

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.......

United

States

10,000,000

9,189,717

Insurance

1.3%

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375

%

,

3/15/31

...........

United

States

31,000,000

23,269,853

e

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

United

States

10,000,000

9,462,283

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4

%

,

12/15/36

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

United

States

10,000,000

9,393,364

42,125,500

Interactive

Media

&

Services

0.3%

Meta

Platforms,

Inc.

,

Senior

Note

,

3.85

%

,

8/15/32

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

United

States

10,000,000

8,695,277

Machinery

0.6%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7

%

,

8/14/33

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

United

States

20,000,000

18,906,848

Metals

&

Mining

2.3%

e

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125

%

,

3/31/29

.

United

States

15,000,000

13,081,615

ArcelorMittal

SA

,

Senior

Bond,

4.25%,

7/16/29

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

Luxembourg

7,700,000

6,939,363

Senior

Note,

6.55%,

11/29/27

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

Luxembourg

25,000,000

25,126,676

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625

%

,

8/01/30

........

United

States

20,000,000

17,643,004

e

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

4.875

%

,

3/12/29

.....

Australia

15,000,000

14,025,702

76,816,360

Multi-Utilities

0.8%

Dominion

Energy,

Inc.

,

A

,

Senior

Note

,

4.35

%

,

8/15/32

.........

United

States

15,000,000

12,993,295

Sempra

,

Senior

Bond

,

5.5

%

,

8/01/33

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

United

States

15,000,000

13,959,073

26,952,368

Oil,

Gas

&

Consumable

Fuels

2.5%

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.633

%

,

4/06/30

..

United

States

10,000,000

8,836,792

e

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11

%

,

4/15/25

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

United

States

15,000,000

15,054,538

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7

%

,

11/15/29

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

United

States

10,000,000

8,716,941

Energy

Transfer

LP

,

Senior

Bond

,

5.75

%

,

2/15/33

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

United

States

15,000,000

14,072,910

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375

%

,

9/01/28

......

United

States

10,000,000

10,072,957

Williams

Cos.,

Inc.

(The)

,

Senior

Bond,

4.65%,

8/15/32

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

United

States

10,000,000

8,816,741

Senior

Bond,

5.65%,

3/15/33

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

United

States

20,000,000

18,879,840

84,450,719

Passenger

Airlines

1.0%

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

25,000,000

23,510,215

e

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

11,250,000

11,122,286

34,632,501

Personal

Care

Products

0.6%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.........

United

States

25,000,000

20,839,121

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

55

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

0.9%

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

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

United

States

20,000,000

$

14,694,933

Viatris

,

Inc.

,

Senior

Note

,

2.7

%

,

6/22/30

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

United

States

20,000,000

15,366,386

30,061,319

Semiconductors

&

Semiconductor

Equipment

1.7%

Broadcom,

Inc.

,

Senior

Bond,

4.3%,

11/15/32

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

United

States

20,000,000

17,027,692

e

Senior

Bond,

144A,

3.469%,

4/15/34

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

United

States

20,000,000

15,245,172

Microchip

Technology,

Inc.

,

Senior

Note

,

4.25

%

,

9/01/25

........

United

States

5,000,000

4,823,357

Micron

Technology,

Inc.

,

Senior

Bond,

4.663%,

2/15/30

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

United

States

15,000,000

13,448,135

Senior

Bond,

5.875%,

2/09/33

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

United

States

5,000,000

4,653,815

55,198,171

Software

1.2%

Oracle

Corp.

,

Senior

Bond,

6.25%,

11/09/32

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

United

States

10,000,000

9,910,603

Senior

Bond,

3.9%,

5/15/35

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

United

States

20,000,000

15,761,772

Workday,

Inc.

,

Senior

Note

,

3.5

%

,

4/01/27

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

United

States

15,000,000

13,931,142

39,603,517

Specialized

REITs

0.9%

American

Tower

Corp.

,

Senior

Bond,

3.8%,

8/15/29

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

United

States

15,000,000

13,138,218

Senior

Bond,

5.9%,

11/15/33

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

United

States

10,000,000

9,450,192

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1

%

,

5/01/33

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

United

States

10,000,000

8,888,936

31,477,346

Specialty

Retail

0.8%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5

%

,

4/15/33

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

United

States

30,000,000

27,306,505

Technology

Hardware,

Storage

&

Peripherals

0.9%

Apple,

Inc.

,

Senior

Bond

,

3.35

%

,

8/08/32

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

United

States

10,000,000

8,589,524

HP,

Inc.

,

Senior

Bond,

5.5%,

1/15/33

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

United

States

15,000,000

13,777,474

Senior

Note,

2.65%,

6/17/31

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

United

States

10,000,000

7,635,674

30,002,672

Tobacco

1.8%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

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

United

States

15,000,000

10,953,588

BAT

Capital

Corp.

,

Senior

Bond,

4.742%,

3/16/32

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

United

Kingdom

15,000,000

12,896,411

Senior

Bond,

7.75%,

10/19/32

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

United

Kingdom

25,000,000

25,668,720

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

....

United

States

10,000,000

9,423,931

58,942,650

Trading

Companies

&

Distributors

0.6%

e

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

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

United

States

22,500,000

21,666,089

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

0.9%

Sprint

LLC

,

Senior

Note

,

7.625

%

,

2/15/25

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

United

States

10,000,000

$

10,150,260

e

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

,

Senior

Secured

Note

,

144A,

4.738

%

,

3/20/25

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

United

States

2,812,500

2,781,096

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3.5

%

,

4/15/31

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

United

States

20,000,000

16,616,252

29,547,608

Total

Corporate

Bonds

(Cost

$1,884,382,004)

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

1,822,848,817

U.S.

Government

and

Agency

Securities

5.0%

U.S.

Treasury

Bonds

,

4.125

%,

8/15/53

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

United

States

87,500,000

74,867,187

U.S.

Treasury

Notes

,

4.125%,

8/31/30

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

United

States

40,000,000

38,162,500

3.875%,

8/15/33

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

United

States

60,000,000

55,232,813

Total

U.S.

Government

and

Agency

Securities

(Cost

$179,963,188)

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

168,262,500

Asset-Backed

Securities

0.4%

Passenger

Airlines

0.4%

United

Airlines

Pass-Through

Trust

,

2020-1,

A,

5.875%,

10/15/27

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

United

States

6,469,833

6,377,515

2020-1,

B,

4.875%,

7/15/27

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

United

States

7,296,000

6,996,842

13,374,357

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$13,765,833)

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

13,374,357

Mortgage-Backed

Securities

0.0%

†

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

30

Year,

4%,

8/01/49

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

United

States

1,027,137

907,996

Total

Mortgage-Backed

Securities

(Cost

$1,088,123)

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

907,996

Total

Long

Term

Investments

(Cost

$3,242,834,977)

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

3,279,679,010

a

Short

Term

Investments

0.5%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.5%

c,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

17,699,568

17,699,568

Total

Money

Market

Funds

(Cost

$17,699,568)

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

17,699,568

Total

Short

Term

Investments

(Cost

$17,699,568

)

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

17,699,568

a

Total

Investments

(Cost

$3,260,534,545)

99.0%

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

$3,297,378,578

Options

Written

(0.0)%

†

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

(16,000)

Other

Assets,

less

Liabilities

1.0%

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

30,806,477

Net

Assets

100.0%

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

$3,328,169,055

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Managed

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

57

At

October

31,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c). 

See

Abbreviations

on

page

81

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

h

Options

Written

(0.0)%

†

Calls

-

Exchange-Traded

Equity

Options

Amgen,

Inc.,

November

Strike

Price

$290.00,

Expires

11/17/23

...

1,500

38,355,000

$

(15,000)

Goldman

Sachs

Group,

Inc.

(The),

November

Strike

Price

$365.00,

Expires

11/17/23

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

500

15,180,500

(1,000)

(16,000)

Total

Options

Written

(Premiums

received

$1,285,346)

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

$

(16,000)

#

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

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

year

end.

b

Non-income

producing.

c

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

d

See

Note

1(d)

regarding

equity-linked

securities.

e

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$708,705,912,

representing

21.3%

of

net

assets.

f

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2023.

See

Note

1(e).

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(c)

regarding

written

options.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

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

Long

1,000

$

106,171,875

12/19/23

$

(5,179,835)

U.S.

Treasury

Ultra

Bonds

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

Long

750

84,421,875

12/19/23

(13,274,089)

Total

Futures

Contracts

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

$(18,453,924)

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

October

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,657,363,418

$2,611,516,764

$3,210,963,720

Cost

-

Controlled

affiliates

(Note

3f)

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

—

—

28,553,850

Cost

-

Non-controlled

affiliates

(Not

e

3f)

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

79,626,510

114,853,407

21,016,975

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$—,

$—

and

$8,499,937,

respectively)

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

$2,451,623,401

$3,249,932,792

$3,240,230,370

Value

-

Controlled

affiliates

(Note

3f)

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

—

—

36,332,400

Value

-

Non-controlled

affiliates

(Not

e

3f)

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

79,626,510

114,853,407

20,815,808

Cash

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

—

981,236

311,612

Receivables:

Investment

securities

sold

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

—

11,715,589

—

Capital

shares

sold

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

954,257

907,743

2,569,784

Dividends

and

interest

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

6,701,193

4,124,667

28,198,668

European

Union

tax

reclaims

(Note

1

f

)

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

—

487,557

1,236,496

Deposits

with

brokers

for:

Futures

contracts

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

—

—

6,500,000

Variation

margin

on

futures

contracts

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

—

—

117,193

Total

assets

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

2,538,905,361

3,383,002,991

3,336,312,331

Liabilities:

Payables:

Investment

securities

purchased

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

—

14,678,653

—

Capital

shares

redeemed

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

3,135,708

2,079,183

5,074,792

Management

fees

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

973,539

1,274,659

1,577,230

Distribution

fees

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

255,453

695,223

719,511

Transfer

agent

fees

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

826,851

744,799

542,588

Trustees'

fees

and

expenses

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

1,900

307

1,076

Options

written,

at

value

(premiums

received

$–,

$–

and

$1,285,346,

respectively)

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

—

—

16,000

Accrued

expenses

and

other

liabilities

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

185,048

177,227

212,079

Total

liabilities

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

5,378,499

19,650,051

8,143,276

Net

assets,

at

value

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

$2,533,526,862

$3,363,352,940

$3,328,169,055

Net

assets

consist

of:

Paid-in

capital

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

$2,702,481,065

$2,663,114,819

$3,322,414,403

Total

distributable

earnings

(losses)

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

(168,954,203)

700,238,121

5,754,652

Net

assets,

at

value

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

$2,533,526,862

$3,363,352,940

$3,328,169,055

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

59

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Class

A:

Net

assets,

at

value

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

$901,820,431

$2,777,433,960

$2,844,145,162

Shares

outstanding

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

47,722,602

103,987,764

252,871,695

Net

asset

value

per

share

a

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

$18.90

$26.71

$11.25

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$20.00

$28.26

$11.90

Class

C:

Net

assets,

at

value

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

$67,312,964

$95,959,921

$115,184,726

Shares

outstanding

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

3,662,920

3,617,703

10,351,556

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$18.38

$26.53

$11.13

Class

R:

Net

assets,

at

value

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

$—

$10,671,428

$2,382,384

Shares

outstanding

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

—

399,339

211,114

Net

asset

value

and

maximum

offering

price

per

share

...........

$—

$26.72

$11.28

Class

R6:

Net

assets,

at

value

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

$89,591,206

$149,692,325

$174,925,252

Shares

outstanding

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

4,694,662

5,591,564

15,507,752

Net

asset

value

and

maximum

offering

price

per

share

...........

$19.08

$26.77

$11.28

Advisor

Class:

Net

assets,

at

value

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

$1,474,802,261

$329,595,306

$191,531,531

Shares

outstanding

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

78,040,220

12,316,831

16,984,021

Net

asset

value

and

maximum

offering

price

per

share

...........

$18.90

$26.76

$11.28

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

for

the

year

ended

October

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$1,045,636

and

$–,

respectively)

Unaffiliated

issuers

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

$14,506,321

$94,683,585

$38,827,624

Controlled

affiliates

(Note

3f)

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

—

—

635,106

Non-controlled

affiliates

(Not

e

3f)

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

7,071,377

5,725,132

2,725,168

Interest:

Unaffiliated

issuers

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

27,734,025

713

130,252,771

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

59,506

324

16,964

Non-controlled

affiliates

(Not

e

3f)

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

181,602

205

186,391

Other

income

(Note

1

f

)

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

—

4,186

566,191

Total

investment

income

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

49,552,831

100,414,145

173,210,215

Expenses:

Management

fees

(Note

3

a

)

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

13,176,437

16,752,161

20,350,037

Distribution

fees:

(Note

3c

)

    Class

A

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

2,534,975

7,327,311

7,888,868

    Class

C

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

858,760

1,730,000

1,486,393

    Class

R

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

—

53,085

15,344

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

1,014,343

3,199,327

2,846,401

    Class

C

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

86,620

188,105

134,521

    Class

R

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

—

11,595

2,767

    Class

R6

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

39,113

53,557

49,861

    Advisor

Class

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

1,700,141

406,133

195,320

Custodian

fees

(Note

4

)

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

6,809

30,261

8,467

Reports

to

shareholders

fees

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

38,692

160,213

85,386

Registration

and

filing

fees

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

130,660

200,482

171,799

Professional

fees

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

82,290

69,573

75,893

Trustees'

fees

and

expenses

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

37,680

44,718

46,484

Interest

expense

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

—

—

6,453

Other

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

75,944

89,073

127,298

Total

expenses

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

19,782,464

30,315,594

33,491,292

Expense

reductions

(Note

4

)

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

(9,120)

(12,427)

13,125

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(376,893)

(474,118)

(320,068)

Net

expenses

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

19,396,451

29,829,049

33,184,349

Net

investment

income

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

30,156,380

70,585,096

140,025,866

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

61

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

37,704,871

91,125,979

23,950,734

Controlled

affiliates

(Note

3

f

)

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

—

—

809,863

Non-controlled

affiliates

(Not

e

3f)

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

—

—

(6,215,094)

Written

options

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

—

—

5,338,417

Foreign

currency

transactions

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

—

14,438

10,639

Forward

exchange

contracts

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

—

(3,205)

—

Futures

contracts

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

—

—

(7,092,233)

Net

realized

gain

(loss)

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

37,704,871

91,137,212

16,802,326

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(27,179,088)

(160,622,584)

(120,433,297)

Controlled

affiliates

(Not

e

3f)

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

—

—

1,828

Non-controlled

affiliates

(Not

e

3f)

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

—

—

6,840,458

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

—

61,538

73,238

Written

options

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

—

—

1,269,346

Futures

contracts

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

—

—

(18,421,884)

Net

change

in

unrealized

appreciation

(depreciation)

..........

(27,179,088)

(160,561,046)

(130,670,311)

Net

realized

and

unrealized

gain

(loss)

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

10,525,783

(69,423,834)

(113,867,985)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$40,682,163

$1,161,262

$26,157,881

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

E

3

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$30,156,380

$29,502,249

$70,585,096

$59,250,450

Net

realized

gain

(loss)

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

37,704,871

262,990,651

91,137,212

147,407,120

Net

change

in

unrealized

appreciation

(depreciation)

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

(27,179,088)

(1,257,833,160)

(160,561,046)

(507,120,265)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

40,682,163

(965,340,260)

1,161,262

(300,462,695)

Distributions

to

shareholders:

Class

A

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

(85,707,219)

(278,593,942)

(165,141,379)

(210,401,246)

Class

C

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

(7,332,304)

(32,745,743)

(8,470,387)

(12,966,193)

Class

R

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

—

—

(559,295)

(656,640)

Class

R6

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

(7,902,038)

(27,438,151)

(9,783,554)

(11,606,633)

Advisor

Class

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

(149,752,591)

(574,322,200)

(22,227,978)

(27,731,038)

Total

distributions

to

shareholders

.....

(250,694,152)

(913,100,036)

(206,182,593)

(263,361,750)

Capital

share

transactions:

(Note

2

)

Class

A

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

(92,071,577)

30,184,007

108,551,298

337,706,025

Class

C

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

(27,614,778)

(29,126,451)

(81,728,369)

10,731,937

Class

R

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

—

—

1,764,007

1,653,180

Class

R6

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

932,846

22,030,422

(1,256,644)

33,598,030

Advisor

Class

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

(296,126,753)

(290,064,516)

(33,966,693)

61,890,454

Total

capital

share

transactions

.......

(414,880,262)

(266,976,538)

(6,636,401)

445,579,626

Net

increase

(decrease)

in

net

assets

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

(624,892,251)

(2,145,416,834)

(211,657,732)

(118,244,819)

Net

assets:

Beginning

of

year

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

3,158,419,113

5,303,835,947

3,575,010,672

3,693,255,491

End

of

year

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

$2,533,526,862

$3,158,419,113

$3,363,352,940

$3,575,010,672

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

63

Franklin

Managed

Income

Fund

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$140,025,866

$108,053,686

Net

realized

gain

(loss)

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

16,802,326

51,199,736

Net

change

in

unrealized

appreciation

(depreciation)

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

(130,670,311)

(511,711,146)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

26,157,881

(352,457,724)

Distributions

to

shareholders:

Class

A

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

(141,714,730)

(257,376,941)

Class

C

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

(5,460,004)

(15,769,507)

Class

R

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

(130,492)

(231,881)

Class

R6

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

(8,975,610)

(14,138,484)

Advisor

Class

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

(10,277,757)

(17,188,220)

Total

distributions

to

shareholders

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

(166,558,593)

(304,705,033)

Capital

share

transactions:

(Note

2

)

Class

A

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

(137,547,804)

133,628,627

Class

C

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

(49,558,512)

(55,136,786)

Class

R

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

(492,842)

55,797

Class

R6

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

13,436,915

14,741,171

Advisor

Class

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

(3,231,489)

11,116,066

Total

capital

share

transactions

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

(177,393,732)

104,404,875

Net

increase

(decrease)

in

net

assets

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

(317,794,444)

(552,757,882)

Net

assets:

Beginning

of

year

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

3,645,963,499

4,198,721,381

End

of

year

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

$3,328,169,055

$3,645,963,499

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

64

franklintempleton.com

Annual

Report

1.

Organization

and

Significant

Accounting

Policies

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, three

of

which

are

included

in

this

report

(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.

The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years. Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Franklin

Convertible

Securities

Fund

closed

to

new

investors

with

limited

exceptions

on

August

29,

2018.

Class

A,

Class

C,

Class

R,

Class

R6

&

Advisor

Class

Franklin

Managed

Income

Fund

Franklin

Equity

Income

Fund

Class

A,

Class

C,

Class

R6

&

Advisor

Class

Franklin

Convertible

Securities

Fund

The

following

summarizes

the Funds'

significant

accounting

policies. 

a.

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

and

certain

preferred

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.

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

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

65

franklintempleton.com

Annual

Report

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.

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

Funds.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

October

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Derivative

Financial

Instruments

Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

66

franklintempleton.com

Annual

Report

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

At

October

31,

2023,

Franklin

Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund

had

no

futures

contracts.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. At

October

31,

2023, Franklin

Convertible

Securities

Fund,

Franklin

Equity

Income

Fund

and

Franklin

Managed

Income

Fund

had

no

forward

exchange

contracts.

Certain

or

all

Funds

purchased

or

wrote

exchange

traded OTC option

contracts

primarily

to

manage

and/or

gain

exposure

to

equity

volatility

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

At

October

31,

2023,

Franklin

Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund

had

no

options

contracts.

See

Note

8

regarding

other

derivative

information.

d.

Equity-Linked

Securities

Certain

or

all

Funds

invest in

equity-linked

securities.

Equity-linked

securities

are

hybrid

financial

instruments

that

generally

combine

both

debt

and

equity

characteristics

into

a

single

note

form.

Income

received

from

equity-linked

securities

is

recorded

as

realized

gains

in

the

Statements

of

Operations

and

may

be

based

on

the

performance

of

an

underlying

equity

security,

an

equity

index,

or

an

option

position.

The

risks

of

investing

in

equity-linked

securities

include

unfavorable

price

movements

in

the

underlying

security

and

the

credit

risk

of

the

issuing

financial

institution.

There

may

be

no

guarantee

of

a

return

of

principal

with

equity-linked

securities

and

the

appreciation

potential

may

be

limited.

Equity-linked

securities

may

be

more

volatile

and

less

liquid

than

other

investments

held

by

the

Funds.

e.

Securities

Lending

Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds.

Additionally,

at

October

31,

2023,

Franklin

Managed

Income

Fund

held

$8,796,033

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund's

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statements

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

67

franklintempleton.com

Annual

Report

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

October

31,

2023,

Franklin

Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund

had

no

securities

on

loan.

f.

Income

and

Deferred

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2023, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

g.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income

on

the

Statements

of

Operations.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Franklin

Managed

Income

Fund

employs

a

managed

distribution

policy.

Under

this

policy,

the

fund

will

distribute

level

monthly

distributions

in

any

given

year

regardless

of

the

performance

of

the

fund;

however,

the

twelfth

monthly

payment

may

be

greater

than

the

initially

anticipated

amount

if

additional

income

or

capital

gains

are

required

to

be

distributed.

These

distributions

may

include

income

and

capital

gains

generated

by

the

Fund,

as

well

as

a

possible

return

of

capital

component,

if

necessary,

to

meet

the

annual

distribution

rate.

The

annual

payout

rate

may

be

adjusted

higher

or

lower

from

year

to

year

in

response

to

market

conditions.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

1.

Organization

and

Significant

Accounting

Policies

(continued)

e.

Securities

Lending

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

68

franklintempleton.com

Annual

Report

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

h.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

October

31,

2023,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Year

ended

October

31,

2023

Shares

sold

a

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

3,067,149

$61,111,881

14,572,533

$415,416,374

Shares

issued

in

reinvestment

of

distributions

..........

4,151,284

80,675,938

5,744,799

161,763,879

Shares

redeemed

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

(11,730,426)

(233,859,396)

(16,538,560)

(468,628,955)

Net

increase

(decrease)

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

(4,511,993)

$(92,071,577)

3,778,772

$108,551,298

Year

ended

October

31,

2022

Shares

sold

a

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

3,528,462

$81,704,017

17,185,498

$514,155,522

Shares

issued

in

reinvestment

of

distributions

..........

10,751,868

263,621,337

6,724,965

206,017,007

Shares

redeemed

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

(14,108,546)

(315,141,347)

(12,900,507)

(382,466,504)

Net

increase

(decrease)

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

171,784

$30,184,007

11,009,956

$337,706,025

Class

C

1.

Organization

and

Significant

Accounting

Policies

(continued)

g.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

69

franklintempleton.com

Annual

Report

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Shares

Amount

Shares

Amount

Class

C

Shares:

Year

ended

October

31,

2023

Shares

sold

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

126,487

$2,434,972

1,977,276

$55,778,901

Shares

issued

in

reinvestment

of

distributions

..........

376,284

7,098,094

301,742

8,415,691

Shares

redeemed

a

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

(1,908,009)

(37,147,844)

(5,118,778)

(145,922,961)

Net

increase

(decrease)

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

(1,405,238)

$(27,614,778)

(2,839,760)

$(81,728,369)

Year

ended

October

31,

2022

Shares

sold

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

179,088

$4,186,946

1,834,865

$55,546,358

Shares

issued

in

reinvestment

of

distributions

..........

1,295,654

31,121,593

420,769

12,876,801

Shares

redeemed

a

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

(2,912,500)

(64,434,990)

(1,955,137)

(57,691,222)

Net

increase

(decrease)

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

(1,437,758)

$(29,126,451)

300,497

$10,731,937

Class

R

Class

R

Shares:

Year

ended

October

31,

2023

Shares

sold

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

—

$—

104,140

$2,955,808

Shares

issued

in

reinvestment

of

distributions

..........

—

—

19,750

556,678

Shares

redeemed

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

—

—

(62,252)

(1,748,479)

Net

increase

(decrease)

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

—

$—

61,638

$1,764,007

Year

ended

October

31,

2022

Shares

sold

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

—

$—

82,686

$2,467,955

Shares

issued

in

reinvestment

of

distributions

..........

—

—

21,378

656,122

Shares

redeemed

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

—

—

(51,002)

(1,470,897)

Net

increase

(decrease)

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

—

$—

53,062

$1,653,180

Class

R6

Class

R6

Shares:

Year

ended

October

31,

2023

Shares

sold

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

1,180,680

$23,626,407

1,347,516

$38,294,748

Shares

issued

in

reinvestment

of

distributions

..........

398,310

7,823,257

269,828

7,613,373

Shares

redeemed

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

(1,512,286)

(30,516,818)

(1,655,326)

(47,164,765)

Net

increase

(decrease)

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

66,704

$932,846

(37,982)

$(1,256,644)

Year

ended

October

31,

2022

Shares

sold

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

1,766,270

$47,640,387

1,888,227

$56,835,158

Shares

issued

in

reinvestment

of

distributions

..........

1,097,271

27,093,993

296,335

9,065,202

Shares

redeemed

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

(2,308,082)

(52,703,958)

(1,086,998)

(32,302,330)

Net

increase

(decrease)

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

555,459

$22,030,422

1,097,564

$33,598,030

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

70

franklintempleton.com

Annual

Report

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Shares

Amount

Shares

Amount

Advisor

Class

Shares:

Year

ended

October

31,

2023

Shares

sold

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

14,950,339

$299,431,946

3,069,278

$87,746,193

Shares

issued

in

reinvestment

of

distributions

..........

6,590,350

128,160,676

760,467

21,448,966

Shares

redeemed

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

(36,239,243)

(723,719,375)

(4,994,390)

(143,161,852)

Net

increase

(decrease)

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

(14,698,554)

$(296,126,753)

(1,164,645)

$(33,966,693)

Year

ended

October

31,

2022

Shares

sold

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

22,514,113

$514,171,857

4,809,064

$143,377,165

Shares

issued

in

reinvestment

of

distributions

..........

19,812,549

485,167,624

870,642

26,624,989

Shares

redeemed

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

(57,281,750)

(1,289,403,997)

(3,625,874)

(108,111,700)

Net

increase

(decrease)

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

(14,955,088)

$(290,064,516)

2,053,832

$61,890,454

Franklin

Managed

Income

Fund

Shares

Amount

Class

A

Class

A

Shares:

Year

ended

October

31,

2023

Shares

sold

a

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

22,216,418

$268,709,132

Shares

issued

in

reinvestment

of

distributions

..........

11,442,420

137,792,939

Shares

redeemed

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

(45,191,799)

(544,049,875)

Net

increase

(decrease)

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

(11,532,961)

$(137,547,804)

Year

ended

October

31,

2022

Shares

sold

a

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

28,573,160

$366,266,017

Shares

issued

in

reinvestment

of

distributions

..........

19,338,624

250,731,226

Shares

redeemed

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

(38,189,802)

(483,368,616)

Net

increase

(decrease)

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

9,721,982

$133,628,627

Class

C

Class

C

Shares:

Year

ended

October

31,

2023

Shares

sold

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

1,680,185

$20,022,005

Shares

issued

in

reinvestment

of

distributions

..........

448,299

5,349,424

Shares

redeemed

a

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

(6,259,845)

(74,929,941)

Net

increase

(decrease)

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

(4,131,361)

$(49,558,512)

Year

ended

October

31,

2022

Shares

sold

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

1,985,417

$25,675,886

Shares

issued

in

reinvestment

of

distributions

..........

1,202,978

15,555,196

Shares

redeemed

a

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

(7,646,748)

(96,367,868)

Net

increase

(decrease)

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

(4,458,353)

$(55,136,786)

Class

R

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

71

franklintempleton.com

Annual

Report

Franklin

Managed

Income

Fund

Shares

Amount

Class

R

Shares:

Year

ended

October

31,

2023

Shares

sold

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

81,913

$983,960

Shares

issued

in

reinvestment

of

distributions

..........

10,534

127,413

Shares

redeemed

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

(134,180)

(1,604,215)

Net

increase

(decrease)

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

(41,733)

$(492,842)

Year

ended

October

31,

2022

Shares

sold

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

20,379

$262,738

Shares

issued

in

reinvestment

of

distributions

..........

17,776

231,450

Shares

redeemed

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

(32,885)

(438,391)

Net

increase

(decrease)

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

5,270

$55,797

Class

R6

Class

R6

Shares:

Year

ended

October

31,

2023

Shares

sold

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

3,850,218

$46,700,145

Shares

issued

in

reinvestment

of

distributions

..........

740,366

8,937,577

Shares

redeemed

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

(3,485,728)

(42,200,807)

Net

increase

(decrease)

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

1,104,856

$13,436,915

Year

ended

October

31,

2022

Shares

sold

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

2,936,983

$37,459,817

Shares

issued

in

reinvestment

of

distributions

..........

1,085,405

14,091,202

Shares

redeemed

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

(2,881,346)

(36,809,848)

Net

increase

(decrease)

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

1,141,042

$14,741,171

Advisor

Class

Advisor

Class

Shares:

Year

ended

October

31,

2023

Shares

sold

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

5,202,026

$63,238,039

Shares

issued

in

reinvestment

of

distributions

..........

760,551

9,185,505

Shares

redeemed

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

(6,264,884)

(75,655,033)

Net

increase

(decrease)

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

(302,307)

$(3,231,489)

Year

ended

October

31,

2022

Shares

sold

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

6,285,500

$79,520,077

Shares

issued

in

reinvestment

of

distributions

..........

1,192,389

15,470,720

Shares

redeemed

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

(6,672,248)

(83,874,731)

Net

increase

(decrease)

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

805,641

$11,116,066

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

72

franklintempleton.com

Annual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

Franklin Managed

Income Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund

pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

as

follows:

For

the

year

ended

October

31,

2023,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.620%

Up

to

and

including

$250

million

0.595%

Over

$250

million,

up

to

and

including

$500

million

0.570%

Over

$500

million,

up

to

and

including

$1

billion

0.545%

Over

$1

billion,

up

to

and

including

$2.5

billion

0.520%

Over

$2.5

billion,

up

to

and

including

$5

billion

0.495%

Over

$5

billion,

up

to

and

including

$10

billion

0.470%

Over

$10

billion,

up

to

and

including

$15

billion

0.445%

Over

$15

billion,

up

to

and

including

$20

billion

0.420%

In

excess

of

$20

billion

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

Over

$20

billion,

up

to

and

including

$35

billion

0.355%

Over

$35

billion,

up

to

and

including

$50

billion

0.350%

In

excess

of

$50

billion

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

73

franklintempleton.com

Annual

Report

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

For

Franklin

Managed

Income

Fund,

the

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.456%

0.459%

0.549%

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Class

A

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

0.25%

0.25%

0.35%

Class

C

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

1.00%

1.00%

1.00%

Class

R

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

—%

0.50%

0.50%

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$10,437

$373,831

$242,559

CDSC

retained

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

$1,818

$33,526

$13,975

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

74

franklintempleton.com

Annual

Report

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2023,

the

fees

are

based

on

a

fixed

margin

earned

by

Investor

Services

and

are

allocated

to

the

Funds based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year ended

October

31,

2023,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services: 

f.

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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

October

31,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Transfer

agent

fees

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

$754,173

$1,220,921

$1,151,633

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$32,225,199

$932,322,869

$(884,921,558)

$—

$—

$79,626,510

79,626,510

$4,455,752

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$16,573,000

$48,231,000

$(64,804,000)

$—

$—

$—

—

$181,602

Total

Affiliated

Securities

...

$48,798,199

$980,553,869

$(949,725,558)

$—

$—

$79,626,510

$4,637,354

3.

Transactions

with

Affiliates

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

75

franklintempleton.com

Annual

Report

g.

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

respective

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin Managed Income Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

Franklin

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$130,310,388

$704,789,818

$(720,246,799)

$—

$—

$114,853,407

114,853,407

$5,725,132

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$—

$1,556,000

$(1,556,000)

$—

$—

$—

—

$205

Total

Affiliated

Securities

...

$130,310,388

$706,345,818

$(721,802,799)

$—

$—

$114,853,407

$5,725,337

Franklin

Managed

Income

Fund

Controlled

Affiliates

Dividends

Franklin

U.S.

Low

Volatility

ETF

$39,259,172

$—

$(3,738,463)

$809,863

$1,828

$36,332,400

780,000

$635,106

Non-Controlled

Affiliates

Dividends

Franklin

FTSE

United

Kingdom

ETF

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

$26,243,750

$—

$(26,699,013)

$(1,132,862)

$1,588,125

$—

$—

Franklin

Systematic

Style

Premia

ETF

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

25,286,000

—

(25,284,171)

(4,675,392)

4,673,563

—

515,592

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

7,831,637

1,048,794,430

(1,038,926,499)

—

—

17,699,568

17,699,568

1,551,371

Western

Asset

Diversified

Income

Fund

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

3,105,000

3,317,407

(3,478,097)

(406,840)

578,770

3,116,240

250,905

658,205

Total

Non-Controlled

Affiliates

$62,466,387

$1,052,111,837

$(1,094,387,780)

$

(6,215,094)

$

6,840,458

$20,815,808

$

2,725,168

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$9,298,000

$56,126,000

$(65,424,000)

$—

$—

$—

—

$186,391

Total

Affiliated

Securities

...

$111,023,559

$1,108,237,837

$(1,163,550,243)

$(5,405,231)

$6,842,286

$57,148,208

$3,546,665

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

76

franklintempleton.com

Annual

Report

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

does

not

exceed

0.68%

based

on

the

average

net

assets

of

each

class

until

February

29,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

February

29,

2024.

4.

Expense

Offset

Arrangement

The Funds have

previously

entered

into

an

arrangement

with their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the

year

ended

October

31,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. Effective

July

10,

2023,

earned

credits,

if

any,

will

be

recognized

as

income.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2023,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2023

and

2022,

was

as

follows:

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

—

$

—

$

32,004,979

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

2023

2022

2023

2022

Distributions

paid

from:

Ordinary

income

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

$39,502,376

$76,360,776

$92,825,064

$84,206,466

Long

term

capital

gain

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

211,191,776

836,739,260

113,357,529

179,155,284

$250,694,152

$913,100,036

$206,182,593

$263,361,750

Franklin

Managed

Income

Fund

2023

2022

Distributions

paid

from:

Ordinary

income

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

$166,558,593

$161,876,295

Long

term

capital

gain

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

—

142,828,738

$166,558,593

$304,705,033

3.

Transactions

with

Affiliates

(continued)

g.

Waiver

and

Expense

Reimbursements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

77

franklintempleton.com

Annual

Report

At

October

31,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

investments

in

the

contingent

securities,

financial

futures

transactions,

equity-linked

securities

and

investments

in

the

convertible

securities.

The

Funds,

except

for

Franklin

Managed

Income

Fund,

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

October

31,

2023,

were

as

follows:

7.

Credit Risk

and

Defaulted

Securities

At

October

31,

2023,

Franklin

Convertible

Securities

Fund

and

Franklin

Managed

Income

Fund had 82.5%

and

5.8%,

respectively, of their

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

a

a

a

a

Cost

of

investments

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

$2,740,224,763

$2,734,134,804

$3,245,575,007

Unrealized

appreciation

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

$99,694,040

$777,202,296

$174,273,092

Unrealized

depreciation

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

(308,668,892)

(146,550,901)

(140,939,445)

Net

unrealized

appreciation

(depreciation)

.......

$(208,974,852)

$630,651,395

$33,333,647

Distributable

earnings:

Undistributed

ordinary

income

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

$2,467,064

$9,106,103

$3,160,572

Undistributed

long

term

capital

gains

...........

37,553,585

59,999,940

—

Total

distributable

earnings

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

$40,020,649

$69,106,043

$3,160,572

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Purchases

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

$640,905,905

$1,020,736,709

$3,355,958,071

Sales

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

$1,356,207,138

$1,117,764,675

$3,594,455,128

5.

Income

Taxes

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

78

franklintempleton.com

Annual

Report

8.

Other

Derivative

Information

At

October

31,

2023,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

For

the

year

ended

October

31,

2023,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

year

ended

October

31,

2023,

the

average

month

end

notional

amount

of

futures

contracts

and

options

were

as

follows:

See

Note

1(c) regarding

derivative

financial

instruments. 

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Franklin

Managed

Income

Fund

Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

—

Variation

margin

on

futures

contracts

$

18,453,924

a

Equity

contracts

...........

Investments

in

securities,

at

value

—

Options

written,

at

value

16,000

Total

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

$—

$18,469,924

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Year

Franklin

Equity

Income

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(3,205)

Forward

exchange

contracts

$—

Total

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

$(3,205)

$–

Franklin

Managed

Income

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

(7,092,233)

Futures

contracts

(18,421,884)

Equity

Contracts

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

Written

options

5,338,417

Written

options

1,269,346

Total

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

$(1,753,816)

$(17,152,538)

Franklin

Managed

Income

Fund

Futures

contracts

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

$

144,716,707

Options

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

1,393,923

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

79

franklintempleton.com

Annual

Report

9.

Holdings

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

year

ended

October

31,

2023

,

investments

in

“affiliated

companies”

were

as

follows:

10.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

October

31,

2023,

the

Funds

did

not

use

the

Global

Credit

Facility.

11.

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)

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

Franklin

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

NiSource,

Inc.,

7.75%

..

$

45,886,500

$

—

$

—

$

—

$

—

a

$

—

a

—

a

$

2,615,625

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

..........

$45,886,500

$—

$—

$—

$—

$—

$2,615,625

a

As

of

October

31,

2023,

no

longer

an

affiliate.

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

80

franklintempleton.com

Annual

Report

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

October

31,

2023,

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:

Common

Stocks

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

$

108,835,120

$

—

$

—

$

108,835,120

Convertible

Preferred

Stocks

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

131,624,400

—

—

131,624,400

Convertible

Bonds

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

—

2,211,163,881

—

2,211,163,881

Short

Term

Investments

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

79,626,510

—

—

79,626,510

Total

Investments

in

Securities

...........

$320,086,030

$2,211,163,881

$—

$2,531,249,911

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

92,209,020

—

—

92,209,020

Air

Freight

&

Logistics

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

66,034,375

—

—

66,034,375

Banks

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

223,491,850

—

—

223,491,850

Beverages

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

123,156,250

—

—

123,156,250

Capital

Markets

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

252,497,715

—

—

252,497,715

Chemicals

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

9,332,000

21,946,324

—

31,278,324

Commercial

Services

&

Supplies

...........

7,424,500

—

—

7,424,500

Communications

Equipment

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

76,631,100

—

—

76,631,100

Consumer

Finance

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

8,031,650

—

—

8,031,650

Consumer

Staples

Distribution

&

Retail

......

89,280,975

—

—

89,280,975

Diversified

Telecommunication

Services

.....

7,400,663

—

—

7,400,663

Electric

Utilities

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

147,846,650

—

—

147,846,650

Electrical

Equipment

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

82,117,815

—

—

82,117,815

Electronic

Equipment,

Instruments

&

Components

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

36,474,575

—

—

36,474,575

Financial

Services

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

34,848,000

—

—

34,848,000

Food

Products

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

32,939,475

—

—

32,939,475

Ground

Transportation

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

23,848,750

—

—

23,848,750

Health

Care

Equipment

&

Supplies

.........

129,687,380

—

—

129,687,380

Health

Care

Providers

&

Services

..........

148,057,500

—

—

148,057,500

Health

Care

REITs

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

26,236,250

—

—

26,236,250

Hotels,

Restaurants

&

Leisure

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

42,209,370

—

—

42,209,370

Household

Products

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

105,771,150

—

—

105,771,150

Industrial

REITs

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

14,608,750

—

—

14,608,750

Insurance

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

8,242,150

—

—

8,242,150

Interactive

Media

&

Services

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

10,236,600

—

—

10,236,600

Life

Sciences

Tools

&

Services

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

68,247,285

—

—

68,247,285

Machinery

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

38,283,750

—

—

38,283,750

Media

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

42,735,150

—

—

42,735,150

Oil,

Gas

&

Consumable

Fuels

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

350,201,700

—

—

350,201,700

Pharmaceuticals

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

191,662,675

—

—

191,662,675

Residential

REITs

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

42,534,000

—

—

42,534,000

Semiconductors

&

Semiconductor

Equipment

.

120,526,072

—

—

120,526,072

Software

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

89,441,000

—

—

89,441,000

Specialty

Retail

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

70,416,790

—

—

70,416,790

Trading

Companies

&

Distributors

..........

21,329,175

—

—

21,329,175

Equity-Linked

Securities

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

—

319,831,153

—

319,831,153

Convertible

Preferred

Stocks

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

74,163,205

—

—

74,163,205

Short

Term

Investments

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

114,853,407

—

—

114,853,407

Total

Investments

in

Securities

...........

$3,023,008,722

$341,777,477

a

$—

$3,364,786,199

11.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

81

franklintempleton.com

Annual

Report

12.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

$

918,484,120

$

—

$

—

$

918,484,120

Management

Investment

Companies

.........

39,448,640

—

—

39,448,640

Equity-Linked

Securities

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

—

297,582,580

—

297,582,580

Convertible

Preferred

Stocks

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

18,770,000

—

—

18,770,000

Corporate

Bonds

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

—

1,822,848,817

—

1,822,848,817

U.S.

Government

and

Agency

Securities

.......

—

168,262,500

—

168,262,500

Asset-Backed

Securities

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

—

13,374,357

—

13,374,357

Mortgage-Backed

Securities

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

—

907,996

—

907,996

Short

Term

Investments

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

17,699,568

—

—

17,699,568

Total

Investments

in

Securities

...........

$994,402,328

$2,302,976,250

$—

$3,297,378,578

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

16,000

$

—

$

—

$

16,000

Futures

contracts

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

18,453,924

—

—

18,453,924

Total

Other

Financial

Instruments

.........

$18,469,924

$—

$—

$18,469,924

a

Includes

foreign

securities

valued

at

$21,946,324,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

REIT

Real

Estate

Investment

Trust

11.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

82

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Investors

Securities

Trust

and

Shareholders

of

Franklin

Convertible

Securities

Fund,

Franklin

Equity

Income

Fund,

and

Franklin

Managed

Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Franklin

Convertible

Securities

Fund,

Franklin

Equity

Income

Fund,

and

Franklin

Managed

Income

Fund

(three

of

the

funds

constituting

Franklin

Investors

Securities

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2023,

the

related

statements

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

PricewaterhouseCoopers

LLP

San

Francisco,

California

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Investors

Securities

Trust

Tax

Information

(unaudited)

83

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Funds

hereby

report

the

following

amount

s

,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amount

s

,

for

the

fiscal

year

ended

October

31,

2023:

Note

(1)

-

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

Pursuant

to:

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$212,662,160

$124,418,369

—

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$9,416,952

$78,348,651

$35,298,057

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$9,416,952

$89,891,395

$36,568,616

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$39,023,217

—

—

Section

163(j)

Interest

Dividends

Earned

§163(j)

$15,458,113

$541

$107,584,726

Interest

Earned

from

Federal

Obligations

Note

(1)

—

—

$7,718,957

Franklin

Investors

Securities

Trust

Board

Members

and

Officers

84

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton/Legg

Mason

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1986

118

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2017

118

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

board

of

trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

board

of

trustees

of

the

Foreign

Policy

Association

(2005-present);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

118

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Franklin

Investors

Securities

Trust

85

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

1998

and

Lead

Independent

Trustee

since

2019

118

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

118

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

The

Coca-Cola

Company

(beverage

company)

(2021-present);

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(2019-2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

118

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-

2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Franklin

Investors

Securities

Trust

86

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Valerie

M.

Williams

(1956)

Trustee

Since

2021

109

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016)

and

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Gregory

E.

Johnson

2

(1961)

Chairman

of

the

Board,

Trustee

and

Vice

President

Chairman

of

the

Board,

Vice

President

since

January

2023

and

Trustee

since

2013

128

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

Rupert

H.

Johnson,

Jr.

3

(1940)

Trustee

Since

1987

118

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Reema

Agarwal

(1974)

Vice

President

Since

2019

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Advisers,

Inc.;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Ted

P.

Becker

(1951)

Chief

Compliance

Officer

Since

2023

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Global

Compliance

of

Franklin

Templeton

(since

2020);

Chief

Compliance

Officer

of

Franklin

Templeton

Fund

Adviser,

LLC

(since

2006);

Chief

Compliance

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Director

of

Global

Compliance

at

Legg

Mason

(2006

to

2020);

Managing

Director

of

Compliance

of

Legg

Mason

&

Co.

(2005

to

2020).

Independent

Board

Members

(continued)

Franklin

Investors

Securities

Trust

87

franklintempleton.com

Annual

Report

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

1.

We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

2.

Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

3.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

2022

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Edward

D.

Perks

(1970)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

President

and

Director,

Franklin

Advisers,

Inc.;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

June

2023

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Franklin

Investors

Securities

Trust

88

franklintempleton.com

Annual

Report

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

served

as

a

director

of

Avis

Budget

Group,

Inc.

(2007

to

2020)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Franklin

Investors

Securities

Trust

Shareholder

Information

89

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

INVESTORS

SECURITIES

TRUST

Franklin

Convertible

Securities

Fund

Franklin

Equity

Income

Fund

Franklin

Managed

Income

Fund

(each

a

Fund)

March

27,

2023

15(c)

Meeting

At

a

meeting

held

on

March

27,

2023

(March

Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Investors

Securities

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

the

period

May

1,

2023

through

June

30,

2023

(Stub

Period).

The

Independent

Trustees

noted

that

the

Fund’s

annual

contract

review

was

historically

held

at

the

February

Board

meeting

and

that

management

proposed

to

move

the

contract

review

to

the

May

Board

meeting.

The

Independent

Trustees

further

noted

management’s

explanation

that,

to

effect

this

change,

the

Board

needed

to

consider

the

renewal

of

the

Fund’s

Management

Agreement

prior

to

its

current

April

30,

2023

expiration

date.

The

Independent

Trustees

also

noted

that

management

would

ask

them

to

consider

the

continuation

of

the

Management

Agreement

again

at

the

May

Board

meeting

for

the

12-month

period

beginning

July

1,

2023.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement

for

the

Stub

Period.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

March

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

March

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

March

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

each

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors

(Factors).

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

Franklin

Investors

Securities

Trust

Shareholder

Information

90

franklintempleton.com

Annual

Report

party

servicing

arrangements.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Funds

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund’s

performance

results

is

below.

Franklin

Convertible

Securities

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

convertible

securities

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Equity

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

equity

income

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

and

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Managed

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

and

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

Franklin

Investors

Securities

Trust

Shareholder

Information

91

franklintempleton.com

Annual

Report

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

each

Fund

and

for

each

of

the

other

funds

in

each

Fund’s

respective

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund

–

The

Expense

Group

for

the

Franklin

Convertible

Securities

Fund

included

the

Fund

and

nine

other

convertible

securities

funds.

The

Expense

Group

for

the

Franklin

Equity

Income

Fund

included

the

Fund

and

16

other

equity

income

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Franklin

Managed

Income

Fund

–

The

Expense

Group

for

the

Fund

included

the

Fund

and

12

other

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

and

in

the

second

quintile

of

its

Expense

Group.

The

Board

further

noted

that

the

actual

total

expense

ratio

for

the

Fund

reflected

a

fee

waiver

from

management.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds’

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent,

and

quality

of

services

provided

to

each

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

Franklin

Investors

Securities

Trust

Shareholder

Information

92

franklintempleton.com

Annual

Report

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

the

Stub

Period.

May

24,

2023

15(c)

Meeting

At

a

meeting

held

on

May

24,

2023

(May

Meeting),

the

Board

reviewed

and

approved

each

Management

Agreement

for

an

additional

twelve-month

period

beginning

July

1,

2023.

The

Board

noted

its

review

and

consideration

of

the

information

it

received

in

connection

with

both

the

March

Meeting

and

the

May

Meeting.

In

particular,

the

Board

reviewed

and

considered

information

provided

in

response

to

a

follow-up

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees,

which

included

information

on

Fund

performance

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

other

Factors.

The

Board

determined

that

the

conclusions

it

made

at

the

March

Meeting

had

not

changed.

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

Factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

twelve-month

period

beginning

July

1,

2023.

Liquidity

Risk

Management

Program

Each

of

the

Franklin

Templeton

and

Legg

Mason

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

Franklin

Investors

Securities

Trust

Shareholder

Information

93

franklintempleton.com

Annual

Report

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

six-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

each

Fund's

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

FIST1

A

12/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

and

Shareholder

Letter

Franklin

Investors

Securities

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

ANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

Investors

Securities

Trust

October

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Formerly,

Franklin

Adjustable

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

Franklin

Investors

Securities

Trust

1

franklintempleton.com

Annual

Report

SHAREHOLDER

LETTER

Dear

Shareholder,

We

are

pleased

to

provide

the

annual

report

of

Franklin

Investors

Securities

Trust

for

the

12-month

reporting

period

ended

October

31,

2023.

Included

is

the

inaugural

annual

report

for

Franklin

Long

Duration

Credit

Fund

which

covers

the

fiscal

year

ended

since

the

Fund’s

inception

August

22,

2023,

through

October

31,

2023.

In

addition,

effective

March

1,

2023,

Franklin

Adjustable

U.S.

Government

Securities

Fund

changed

its

name

to

Franklin

Low

Duration

U.S.

Government

Securities

Fund.

The

Fund

also

changed

its

investment

goal,

investment

strategy

and

benchmark.

Please

read

on

for

a

detailed

look

at

prevailing

economic

and

market

conditions

during

the

Funds’

reporting

period

and

to

learn

how

those

conditions

have

affected

Fund

performance.

As

always,

we

remain

committed

to

providing

you

with

excellent

service

and

a

full

spectrum

of

investment

choices.

We

also

remain

committed

to

supplementing

the

support

you

receive

from

your

financial

advisor.

One

way

we

accomplish

this

is

through

our

website,

www.franklintempleton.com

.

Here

you

can

gain

immediate

access

to

market

and

investment

information,

including:

•

Fund

prices

and

performance.

•

Market

insights

and

commentaries

from

our

portfolio

managers,

and

•

A

host

of

educational

resources.

We

look

forward

to

helping

you

meet

your

financial

goals.

Sincerely,

Gregory

E.

Johnson

Chairman

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

2

Contents

Franklin

Floating

Rate

Daily

Access

Fund

3

Franklin

Long

Duration

Credit

Fund

9

Franklin

Low

Duration

Total

Return

Fund

15

Franklin

Low

Duration

U.S.

Government

Securities

Fund

21

Franklin

Total

Return

Fund

27

Financial

Highlights

and

Schedules

of

Investments

33

Financial

Statements

296

Notes

to

Financial

Statements

307

Report

of

Independent

Registered

Public

Accounting

Firm

343

Tax

Information

344

Special

Shareholder

Meeting

345

Board

Members

and

Officers

346

Shareholder

Information

351

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

Franklin

Floating

Rate

Daily

Access

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

We

use

a

detailed

credit

analysis

process

to

select

corporate

loan

and

corporate

debt

securities

that

meet

our

criteria.

We

conduct

ongoing

credit

monitoring

of

our

investments.

To

help

manage

the

credit

risk

associated

with

investing

in

securities

rated

below

investment

grade

(or

if

unrated,

of

comparable

quality),

we

seek

to

diversify

the

Fund

by

investing

in

a

large

number

of

loans

of

companies

that

we

have

identified

as

having

attractive

risk/reward

profiles,

favorable

capital

structures,

strong

asset

coverage

and

dominant

market

shares.

This

diversification

potentially

reduces

credit

risk

by

spreading

assets

across

many

different

industries.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A

.

Inflation

levels

and

central

bank

action

remained

the

focus

of

financial

markets

during

the

12-month

period

under

review,

during

which

the

U.S.

Federal

Reserve

(Fed)

continued

its

aggressive

action

to

address

the

decades-high

levels

of

inflation

in

the

U.S.

The

Fed’s

rate

hike

campaign

was

initiated

in

March

2022;

the

latest

rate

increase

was

a

25-basis

point

hike

in

the

fed

funds

target

rate

in

July’s

2023

meeting,

which

was

followed

by

two

consecutive

pauses.

At

its

most

recent

November

1st

meeting,

the

Fed’s

post-

meeting

statement

said

“tighter

financial”

conditions

existed

when

compared

to

its

September

meeting,

which

potentially

signaled

that

the

rise

in

long-term

rates

has

likely

left

the

Fed

with

less

to

do

in

terms

of

raising

rates.

Federal

Reserve

Chair

Jerome

Powell

also

noted

that

he

wasn't

yet

confident

in

ascertaining

whether

monetary

policy

was

restrictive

enough,

further

highlighting

the

need

for

the

committee

to

be

data

dependent.

The

U.S.

Treasury

(UST)

yield

curve

shifted

higher

during

the

12-month

period

under

review,

while

remaining

inverted,

the

latter

of

which

is

often

a

sign

of

a

slowing

economy.

Over

the

12-month

period,

headline

inflation

measures

moved

significantly

lower

such

that

a

soft-landing

scenario

for

the

U.S.

economy

has

increasingly

become

a

general

market

consensus.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

In

response

to

the

continued

rising

rate

environment

during

the

reporting

period,

we

maintained

an

up

in

quality

bias

and

looked

to

de-risk

our

portfolio

from

lower-quality

issuers

most

vulnerable

to

a

correction

in

demand.

We

took

advantage

of

market

dislocations

to

add

to

our

upper-

tier

exposure

and

move

up

in

quality

within

our

middle-tier

exposure.

We

maintained

an

underweight

to

lower-tier

issuers

and

reduced

our

exposure

to

issuers

that

we

expected

to

have

weak

interest

coverage

and

tight

liquidity

following

rate

hikes.

We

kept

a

very

modest

exposure

to

high-yield

bonds,

with

preference

in

short-dated

maturities

and

higher

quality

issuers.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+13.59%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Credit

Suisse

Leveraged

Loan

Index

(CS

LLI),

which

is

designed

to

mirror

the

investable

universe

of

the

U.S.

dollar-

denominated

leveraged

loan

market,

posted

a

+11.56%

cumulative

total

return.

1

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

5

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

Our

allocation

to

equity

received

from

prior

restructurings

was

a

major

contributor

to

relative

performance.

Our

loan

selection

in

gaming/leisure,

service,

and

telecommunication

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Senior

Floating

Rate

Interests

80.1%

Common

Stocks

6.1%

Corporate

Bonds

5.5%

Other

1.6%

Short-Term

Investments

&

Other

Net

Assets

6.7%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

37

.

Franklin

Floating

Rate

Daily

Access

Fund

4

franklintempleton.com

Annual

Report

issuers

also

benefited

results.

The

Fund’s

underweight

in

upper-tier

and

lower-tier

loans

relative

to

the

index

contributed

to

performance,

as

did

the

Fund’s

overweight

in

middle-tier

loans

relative

to

the

index.

Q.

What

were

the

leading

detractors

from

performance?

A.

Our

allocation

to

cash

hindered

results.

Our

high-

yield

bond

exposure

also

detracted

from

performance

as

rising

rates

caused

these

investments

to

underperform

loans.

While

equity

from

prior

restructurings

contributed

to

performance

overall,

shares

of

one

company

in

the

manufacturing

sector

detracted

from

performance.

An

issuer

in

the

food/tobacco

industry

also

detracted

after

its

term

loan

was

downgraded

due

to

declining

sales.

Thank

you

for

your

continued

participation

in

Franklin

Floating

Rate

Daily

Access

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Reema

Agarwal,

CFA

Judy

Sher

Justin

Ma,

CFA

Margaret

Chiu,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

10/31/23

Company

Industry,

Country

%

of

Total

Net

Assets

a

a

Quarternorth

Energy

Holding,

Inc.

4.9%

Oil,

Gas

&

Consumable

Fuels,

United

States

First

Brands

Group

LLC

1.5%

Automobile

Components,

United

States

Asurion

LLC

1.4%

Insurance,

United

States

Global

Tel*Link

Corp.

1.3%

Diversified

Telecommunication

Services,

United

States

UTEX

Industries,

Inc.

1.2%

Machinery,

United

States

Rand

Parent

LLC

1.0%

Air

Freight

&

Logistics,

United

States

Pitney

Bowes,

Inc.

1.0%

Commercial

Services

&

Supplies,

United

States

GNC

Holdings,

Inc.

1.0%

Consumer

Staples

Distribution

&

Retail,

United

States

Waystar

Technologies,

Inc.

1.0%

Health

Care

Providers

&

Services,

United

States

Invesco

Senior

Loan

ETF

0.9%

Capital

Markets,

United

States

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

October

31,

2023

Franklin

Floating

Rate

Daily

Access

Fund

5

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

2.25%

and

the

minimum

is

0%.

Class

A:

2.25%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

1-Year

+13.59%

+11.00%

5-Year

+14.48%

+2.28%

10-Year

+33.32%

+2.69%

Advisor

1-Year

+13.87%

+13.87%

5-Year

+15.77%

+2.97%

10-Year

+36.65%

+3.17%

30-Day

Standardized

Yield

5

Share

Class

Distribution

Rate

4

(with

fee

waiver)

(without

fee

waiver)

A

8.00%

8.04%

8.03%

Advisor

8.43%

8.51%

8.49%

See

page

7

for

Performance

Summary

footnotes.

Franklin

Floating

Rate

Daily

Access

Fund

Performance

Summary

6

franklintempleton.com

Annual

Report

See

page

7

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Floating

Rate

Daily

Access

Fund

Performance

Summary

7

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

The

Fund

should

not

be

considered

an

alternative

to

money

market

funds

or

certificates

of

deposit

(CDs).

Floating-rate

loans

and

debt

securities

are

typically

rated

below

investment

grade

and

are

subject

to

greater

risk

of

default,

which

could

result

in

loss

of

principal.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

Active

management

does

not

ensure

gains

or

protect

against

market

declines.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Distribution

rate

is

based

on

an

annualization

of

the

sum

of

the

respective

class’s

past

month’s

daily

distributions

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

5.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

6.

Source:

Credit

Suisse

Group.

The

Credit

Suisse

Leveraged

Loan

Index

(CS

LLI)

is

designed

to

mirror

the

investable

universe

of

the

U.S.

dollar-denominated

leveraged

loan

market.

Loans

must

be

below

investment-grade

and

rated

no

higher

than

Baa/BB+

or

Ba1/BBB+

by

Moody’s

or

S&P.

7.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

A

$0.607354

C

$0.577172

R6

$0.635712

Advisor

$0.626141

Total

Annual

Operating

Expenses

7

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.95%

0.98%

Advisor

0.70%

0.73%

Your

Fund’s

Expenses

Franklin

Floating

Rate

Daily

Access

Fund

8

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,059.30

$4.76

$1,020.58

$4.67

0.92%

C

$1,000

$1,057.10

$6.83

$1,018.57

$6.70

1.32%

R6

$1,000

$1,061.10

$2.

85

$1,022.44

$2.79

0.55%

Advisor

$1,000

$1,060.60

$3.47

$1,021.84

$3.40

0.67%

9

franklintempleton.com

Annual

Report

Franklin

Long

Duration

Credit

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

The

Fund’s

investment

goal

is

to

seek

to

maximize

risk-adjusted

returns

through

a

combination

of

income

and

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

fixed

income

securities

and

invests

predominately

in

investment-grade

securities.

For

purposes

of

the

Fund’s

investment

goal,

the

investment

manager

considers

“risk-adjusted

returns”

to

mean

the

calculation

of

the

return

(or

potential

return)

on

an

investment

when

compared

to

the

Fund’s

benchmark,

the

Bloomberg

U.S.

Long

Credit

Index.

The

Fund

may

also

enter

into

U.S.

Treasury

futures

contracts

for

hedging

purposes

and

to

manage

duration

or

cash

flows.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A

.

From

the

launch

of

the

Fund

through

the

end

of

the

reporting

period,

volatility

returned

to

both

the

rates

market

as

well

as

to

credit

spreads.

The

10-year

U.S.

Treasury

moved

up

materially

in

both

the

month

of

September

and

October

2023.

Risk

assets

that

had

rallied

through

the

summer

began

to

sell

off.

Fixed

income

asset

classes

with

greater

duration

exposure

saw

greater

negative

absolute

returns,

all

else

equal.

Long

Duration

U.S.

investment-grade

(IG)

rated

credit

continued

to

exhibit

a

strong

technical

demand

pressure

for

longer-dated

paper,

as

IG

corporate

issuers

had

generally

avoided

issuing

longer-dated

paper

in

an

effort

to

avoid

locking-in

long-term

funding

costs.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

The

Fund

management

team

runs

portfolios

that

closely

mirror

the

benchmark

in

terms

of

overall

credit

beta

and

duration.

The

team

didn’t

deviate

from

that

long-term

philosophy.

Our

view

is

that

credit

spreads

are

trading

tight

relative

to

history,

especially

considering

the

uncertain

macroeconomic

environment,

leading

us

to

believe

that

the

market

is

not

necessarily

pricing

in

greater

uncertainties

that

could

arise

from

tightening

in

credit

conditions,

particularly

in

the

most

cyclical

and

higher

beta

sectors.

Given

this

view,

the

portfolio

did

tend

to

favor

defensive,

non-cyclical

sectors

in

the

investment

universe

and

then

was

underweight

relative

to

the

index

in

some

of

the

more

cyclical

and

lower

quality

segments

of

the

investable

universe.

From

a

portfolio

construction

perspective,

the

team

looked

to

find

select

relative

value

opportunities

at

the

front-end

of

the

U.S.

Treasury

(UST)

yield

curve

given

the

curve

inversion

and

paired

this

with

higher

quality

risk

at

the

long-end

of

the

curve

to

serve

as

a

ballast

and

protect

the

portfolio

in

the

event

of

adverse

credit

market

conditions.

Performance

Overview

Since

the

Fund’s

inception

through

October

31,

2023,

the

Fund

posted

a

-6.39%

cumulative

total

return

for

the

period

under

review.

In

comparison,

the

Bloomberg

U.S.

Long

Credit

Index,

which

measures

the

performance

of

investment-grade

corporate

bonds,

U.S.

Treasuries

and

government-related

issues

with

maturities

greater

than

10

years,

posted

a

-6.13%

cumulative

total

return.

1

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

11

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

Certain

sector

positioning

positively

contributed

to

relative

performance.

The

portfolio

was

underweight

Latin

American

sovereigns

that

issue

U.S.

Dollar

denominated

debt,

which

is

a

component

of

the

Bloomberg

U.S.

Long

Credit

Index.

This

sector

underperformed

in

September

2023

and

the

portfolio

benefited

as

a

result.

UST

yield

curve

positioning

also

marginally

contributed

to

relative

outperformance.

The

portfolio

had

select

exposure

to

bonds

with

shorter

duration

than

the

index

and

also

an

underweight

to

the

20yr

point

on

the

yield

curve.

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Corporate

Bonds

93.1%

Foreign

Government

and

Agency

Securities

2.7%

U.S.

Government

and

Agency

Securities

1.3%

Municipal

Bonds

1.2%

Short-Term

Investments

&

Other

Net

Assets

1.7%

1.

Source:

FactSet.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

54

.

Franklin

Long

Duration

Credit

Fund

10

franklintempleton.com

Annual

Report

Q.

What

were

the

leading

detractors

from

performance?

A.

An

underweight

to

the

taxable

municipal

cohort

of

the

Bloomberg

U.S.

Long

Credit

Index

detracted

from

performance.

These

taxable

municipals

are

less

liquid

than

comparable

rated

corporate

bonds

and

there

has

been

very

little

new

issuance

in

the

primary

market.

Security

selection

also

detracted

from

relative

performance,

in

some

instances

in

certain

defensive

sectors

that

we

expect

to

exhibit

greater

resiliency

in

the

event

that

volatility

persists.

Thank

you

for

your

continued

participation

in

Franklin

Long

Duration

Credit

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Josh

Lohmeier,

CFA

Michael

Cho,

CFA

George

Bailey,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

October

31,

2023

Franklin

Long

Duration

Credit

Fund

11

franklintempleton.com

Annual

Report

The

performance

tables

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

R6:

no

sales

charges.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

Class

R6

Since

Inception

(8/22/23)

-6.39%

-6.39%

30-Day

Standardized

Yield

5

Distribution

Rate

4

(with

fee

waiver)

(without

fee

waiver)

R6

1.01%

5.82%

5.51%

See

page

13

for

Performance

Summary

footnotes.

Franklin

Long

Duration

Credit

Fund

Performance

Summary

12

franklintempleton.com

Annual

Report

See

page

13

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

R6

(8/22/23–10/31/23)

Franklin

Long

Duration

Credit

Fund

Performance

Summary

13

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

The

Fund

is

newly

organized,

with

a

limited

history

of

operations.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond's

issuer,

insurer

or

guarantor,

may

affect

the

bond's

value.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

Derivative

instruments

can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund's

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

8/31/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Distribution

rate

is

based

on

an

annualization

of

the

sum

of

the

respective

class’s

past

month’s

daily

distributions

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

5.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

6.

Source:

FactSet.

The

Bloomberg

U.S.

Long

Credit

Index,

which

measures

the

performance

of

investment-grade

corporate

bonds,

U.S.

Treasuries

and

government-related

issues

with

maturities

greater

than

10

years.

7.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(8/22/23–10/31/23)

Net

Investment

Income

R6

$0.093300

Total

Annual

Operating

Expenses

7

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

R6

0.09%

0.39%

Your

Fund’s

Expenses

Franklin

Long

Duration

Credit

Fund

14

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

August

22,

2023

for

Actual;

May

1,

2023

for

Hypothetical.

2.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period

for

Hypothetical

expenses.

Non-

recurring

expenses

are

not

annualized.

For

Actual

expenses,

the

multiplier

is

70/365

to

reflect

the

number

of

days

since

the

commencement

of

operations.

3.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

1

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

8/22/23–10/31/23

2,3

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

2,3

a

Net

Annualized

Expense

Ratio

3

R6

$1,000

$936.10

$1.10

$1,022.23

$3.01

0.59%

15

franklintempleton.com

Annual

Report

Franklin

Low

Duration

Total

Return

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

We

seek

to

invest

in

a

combination

of

fixed

income

securities,

primarily

from

across

the

investment-grade

debt

universe.

We

analyze

securities

using

proprietary

and

nonproprietary

research

to

help

us

identify

attractive

investment

opportunities

across

the

entire

fixed

income

opportunity

set

on

a

relative

basis.

When

making

investment

decisions,

we

evaluate

business

cycles,

yield

curves,

and

values

between

and

within

markets.

Through

a

low

duration

portfolio,

we

seek

to

position

the

Fund

to

be

less

affected

by

interest-rate

changes

than

a

fund

with

a

higher

duration.

In

addition,

we

may

use

derivative

transactions,

such

as

forwards,

currency,

interest

rate/bond

futures

contracts

and

options

on

exchange-traded

funds,

and

swap

agreements

to

obtain

net

long

or

short

exposures

to

select

currencies,

interest

rates,

countries,

duration

or

credit

risks.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

Over

the

past

12

months,

there

have

been

significant

bouts

of

volatility

within

the

fixed

income

markets.

The

U.S.

Federal

Reserve

(Fed)

continued

its

aggressive

monetary

policy

tightening

through

the

end

of

2022

and

into

the

summer

before

pausing

at

its

June

2023

meeting.

Proceeding

cautiously,

the

Fed

did

a

25-basis

point

(bp)

hike

in

July,

while

not

changing

the

rate

in

September.

Inflation

measures

continued

to

moderate

over

the

period

with

the

12-month

change

in

the

Consumer

Price

Index

(CPI)

dropping

to

3.7%

by

the

end

of

September

2023.

This

provided

room

for

the

Fed

to

assess

the

cumulative

effect

of

their

rate

hikes

on

the

U.S.

economy.

However,

U.S.

gross

domestic

product

growth

remained

robust,

and

the

job

market

has

shown

little

signs

of

slowing

down

which

may

require

additional

Fed

action.

U.S.

Treasury

(UST)

yields

generally

rose

over

the

past

12

months

with

the

benchmark

10-year

UST

yield

reaching

its

highest

level

since

2007

near

period-end.

Fixed

income

spreads

generally

tightened

over

the

period

under

review,

but

there

was

considerable

volatility

along

the

way.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

Through

most

of

the

year,

we

positioned

the

portfolio

defensively

as

we

anticipated

market

volatility

due

to

Fed

tightening.

We

emphasized

investment-grade

corporates

and

securitized

products

that

are

high

in

the

capital

structure

and

were

selective

with

regard

to

high-yield

corporate

credit

and

bank

loans.

Generally,

we

kept

portfolio

duration

slightly

shorter

than

the

benchmark.

Toward

the

end

of

the

period,

as

our

economic

outlook

improved,

we

increasingly

found

investment

opportunities

in

lower

rated

credit,

and

as

the

yield

curve

increasingly

reflected

our

"higher

for

longer”

view

for

interest

rates,

we

moved

portfolio

duration

closer

to

neutral.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+4.48%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

benchmark,

the

Bloomberg

U.S.

Government/Credit

Index:

1-3

Year

Component,

posted

a

+3.23%

cumulative

total

return.

1

The

index

measures

the

performance

of

investment-grade,

U.S.

dollar-denominated,

fixed-rate

Treasuries,

government-related

and

corporate

securities

with

at

least

one

year

up

to,

but

not

including,

three

years

to

final

maturity.

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

17

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

Exposure

to

corporate

credit

sectors

(namely

collateralized

loan

obligations,

high-yield

and

investment-

grade

corporate

bonds,

and

bank

loans)

was

a

leading

relative

performance

contributor.

Our

overweight

allocation

to

non-agency

residential

mortgage-backed

securities

and

commercial

mortgage-backed

securities

also

benefited

relative

results.

Q.

What

were

the

leading

detractors

from

performance?

A.

There

were

no

significant

detractors

from

performance.

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

67

.

Franklin

Low

Duration

Total

Return

Fund

16

franklintempleton.com

Annual

Report

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

Given

our

cautious

macro

outlook,

we

reduced

risk

and

increased

liquidity

over

the

course

of

the

period.

In

particular,

we

reduced

our

exposure

to

bank

loans,

collateralized

loan

obligations,

and

emerging

market

bonds,

while

increasing

investment-grade

bonds.

While

we

initially

reduced

high-

yield

bonds,

we

selectively

added

to

this

asset

class

later

in

the

period

as

the

economic

outlook

improved.

We

also

increased

duration,

ending

the

period

with

an

overall

duration

position

similar

to

that

of

the

benchmark.

Thank

you

for

your

continued

participation

in

Franklin

Low

Duration

Total

Return

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Sonal

Desai,

Ph.D.

Patrick

Klein,

Ph.D.

Tina

Chou

Kent

Burns,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

U.S.

Government

and

Agency

Securities

35.1%

Corporate

Bonds

33.2%

Asset-Backed

Securities

*

11.8%

Residential

Mortgage-Backed

Securities

3.9%

Marketplace

Loans

2.5%

Management

Investment

Companies

2.3%

Foreign

Government

and

Agency

Securities

2.0%

Commercial

Mortgage-Backed

Securities

1.7%

Mortgage-Backed

Securities

1.3%

Municipal

Bonds

1.1%

Other

†

0.6%

Short-Term

Investments

&

Other

Net

Assets

4.5%

*

Includes

non-agency

residential

mortgage

backed

securities,

collateralized

loan

obligations

and

consumer

loan

certificates.

†

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund’s

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

Performance

Summary

as

of

October

31,

2023

Franklin

Low

Duration

Total

Return

Fund

17

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

2.25%

and

the

minimum

is

0%.

Class

A

:

2.25%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

1-Year

+4.48%

+2.14%

5-Year

+6.64%

+0.84%

10-Year

+12.31%

+0.94%

Advisor

1-Year

+4.72%

+4.72%

5-Year

+7.92%

+1.54%

10-Year

+15.07%

+1.41%

30-Day

Standardized

Yield

5

Share

Class

Distribution

Rate

4

(with

fee

waiver)

(without

fee

waiver)

A

0.80%

4.47%

4.19%

Advisor

1.03%

4.79%

4.51%

See

page

19

for

Performance

Summary

footnotes.

Franklin

Low

Duration

Total

Return

Fund

Performance

Summary

18

franklintempleton.com

Annual

Report

See

page

19

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Low

Duration

Total

Return

Fund

Performance

Summary

19

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Asset-backed,

mortgage-backed

or

mortgage-related

securities

are

subject

to

prepayment

and

extension

risks.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

Derivative

instruments

can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund’s

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Distribution

rate

is

based

on

an

annualization

of

the

sum

of

the

respective

class’s

past

month’s

daily

distributions

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

5.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

6.

Source:

FactSet.

The

Bloomberg

U.S.

Government/Credit

Index:

1-3

Year

Component

includes

investment-grade,

U.S.

dollar-denominated,

fixed-rate

Treasuries,

government-related

(sovereign,

agency,

local

authority

and

supranational)

and

corporate

securities

with

at

least

one

year

up

to,

but

not

including

three

years

to

final

maturity.

7.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

A

$0.325929

C

$0.291479

R

$0.304412

R6

$0.357636

Advisor

$0.347744

Total

Annual

Operating

Expenses

7

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.72%

0.96%

Advisor

0.47%

0.70%

Your

Fund’s

Expenses

Franklin

Low

Duration

Total

Return

Fund

20

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,005.50

$3.33

$1,021.88

$3.36

0.66%

C

$1,000

$1,003.60

$5.36

$1,019.86

$5.40

1.06%

R

$1,000

$1,004.30

$4.59

$1,020.62

$4.63

0.91%

R6

$1,000

$1,006.10

$1.52

$1,023.69

$1.53

0.30%

Advisor

$1,000

$1,006.70

$2.06

$1,023.15

$2.08

0.41%

21

franklintempleton.com

Annual

Report

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Formerly,

Franklin

Adjustable

U.S.

Government

Securities

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

We

employ

a

conservative

investment

strategy

as

we

strive

to

produce

solid

performance

in

a

variety

of

interest-

rate

climates.

We

choose

securities

using

a

value-oriented

approach,

emphasizing

the

bonds’

economic

fundamentals

in

relation

to

comparable

securities,

as

well

as

their

historical

prepayment

performance.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

Inflation

levels

and

central

bank

action

remained

the

focus

of

financial

markets

during

the

12-month

period

under

review,

during

which

the

U.S.

Federal

Reserve

(Fed)

continued

its

aggressive

action

to

address

the

decades-high

levels

of

inflation

in

the

U.S.

The

Fed’s

rate

hike

campaign

was

initiated

in

March

2022;

the

latest

rate

increase

was

a

25-basis

point

hike

in

the

fed

funds

target

rate

in

the

July

2023

meeting,

which

was

followed

by

two

consecutive

pauses.

At

its

most

recent

November

1st

meeting,

the

Fed’s

post-meeting

statement

said

“tighter

financial”

conditions

existed

when

compared

to

its

September

2023

meeting,

which

potentially

signaled

that

the

rise

in

long-term

rates

has

likely

left

the

Fed

with

less

to

do

in

terms

of

raising

rates.

Federal

Reserve

Chair

Jerome

Powell

also

noted

that

he

wasn't

yet

confident

in

ascertaining

whether

monetary

policy

was

restrictive

enough,

further

highlighting

the

need

for

the

committee

to

be

data

dependent.

The

U.S.

Treasury

(UST)

yield

curve

shifted

higher

during

the

12-month

period

under

review,

while

remaining

inverted,

the

latter

of

which

is

often

a

sign

of

a

slowing

economy.

Over

the

12-month

period,

headline

inflation

measures

moved

significantly

lower

such

that

a

soft-landing

scenario

for

the

U.S.

economy

has

increasingly

become

a

general

market

consensus.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

In

anticipation

of

rates

being

higher

for

longer,

we

maintained

a

duration

position

short

of

the

benchmark,

especially

in

the

front

end

of

yield

curve.

The

Fund

also

increased

its

exposure

to

U.S.

Treasuries,

while

reducing

agency

mortgage-backed

securities

(MBS),

post

reset

and

collateralized

mortgage

obligation

(CMO)

allocations.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+2.66%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

new

primary

benchmark,

the

Bloomberg

U.S.

Government

Index:

1-3

Year

Component,

which

is

an

index

of

U.S.

dollar-denominated,

fixed-rate,

nominal

U.S.

Treasuries

and

U.S.

agency

debentures

(securities

issued

by

U.S.

government-owned

or

government-sponsored

entities,

and

debt

explicitly

guaranteed

by

the

U.S.

government)

with

at

least

one

year

up

to,

but

not

including,

three

years

to

final

maturity,

posted

a

+2.92%

cumulative

total

return.

1

The

Fund’s

prior

primary

benchmark,

the

Bloomberg

U.S.

Government

Index:

1-2

Year

Component,

posted

a

+3.27%

cumulative

total

return

for

the

same

period.

1

The

Bloomberg

U.S.

Government

Index:

1-3

Year

Component

is

replacing

the

Bloomberg

U.S.

Government

Index:

1-2

Year

Component

as

the

Fund’s

primary

benchmark

because

the

investment

manager

believes

that

the

benchmark

better

reflects

the

Fund’s

investment

strategies.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

23

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Mortgage-Backed

Securities

64.3%

Commercial

Mortgage-Backed

Securities

19.9%

U.S.

Government

and

Agency

Securities

12.9%

Short-Term

Investments

&

Other

Net

Assets

2.9%

1.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

168

.

Franklin

Low

Duration

U.S.

Government

Securities

Fund

22

franklintempleton.com

Annual

Report

Q.

What

were

the

leading

contributors

to

performance?

A.

The

Fund

remained

invested

in

seasoned,

shorter-

maturity,

high-quality

adjustable-rate

mortgage

securities

(ARMs)

that

tend

to

be

less

sensitive

to

interest-rate

changes,

which

benefited

performance.

We

continued

to

focus

on

diverse,

seasoned,

post-reset

Fannie

Mae

(FNMA)

and

Freddie

Mac

(FHLMC)

ARMs

with

larger

loan

counts

as

well

as

sequential

CMO

floaters

backed

by

seasoned

hybrid

ARM

collateral.

Our

overweight

allocation

to

agency

hybrid

ARMs

contributed

to

relative

performance.

Our

yield-curve

positioning

benefited

results.

Q.

What

were

the

leading

detractors

from

performance?

A.

Our

overweight

allocation

to

CMOs

contributed

negatively

to

returns,

as

did

our

overweight

allocation

to

agency

MBS.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

The

Fund

utilized

treasury

futures

for

duration

management

as

well

as

increased

its

exposure

to

nominal

treasuries.

The

Fund

reduced

exposure

to

fixed-rate

mortgages

as

well

as

select

post

reset

hybrid

ARMs.

Thank

you

for

your

continued

participation

in

Franklin

Low

Duration

U.S.

Government

Securities

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Paul

Varunok

Lead

Portfolio

Manager

Neil

Dhruv

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

October

31,

2023

Franklin

Low

Duration

U.S.

Government

Securities

Fund

23

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

2.25%

and

the

minimum

is

0%.

Class

A:

2.25%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

1-Year

+2.66%

+0.38%

5-Year

+1.89%

-0.09%

10-Year

+2.49%

+0.02%

Advisor

1-Year

+2.78%

+2.78%

5-Year

+3.16%

+0.62%

10-Year

+4.95%

+0.48%

30-Day

Standardized

Yield

5

Share

Class

Distribution

Rate

4

(with

fee

waiver)

(without

fee

waiver)

A

3.94%

3.52%

3.45%

Advisor

4.28%

3.86%

3.78%

See

page

25

for

Performance

Summary

footnotes.

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Performance

Summary

24

franklintempleton.com

Annual

Report

See

page

25

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Performance

Summary

25

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance

.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Asset-backed,

mortgage-backed

or

mortgage-related

securities

are

subject

to

prepayment

and

extension

risks.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Distribution

rate

is

based

on

an

annualization

of

the

sum

of

the

respective

class’s

past

month’s

daily

distributions

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

5.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

6.

Source:

FactSet.

The

Bloomberg

U.S.

Government

Index:

1-3

Year

Component

includes

U.S.

dollar-denominated,

fixed-rate,

nominal

U.S.

Treasuries

and

U.S.

agency

debentures

(securities

issued

by

U.S.

government-owned

or

government-sponsored

entities,

and

debt

explicitly

guaranteed

by

the

U.S.

government)

with

at

least

one

year

up

to,

but

not

including,

three

years

to

final

maturity.

The

Bloomberg

U.S.

Government

Index:

1-2

Year

Component

includes

U.S.

dollar-denominated,

fixed-rate,

nominal

U.S.

Treasuries

and

U.S.

agency

debentures

(securities

issued

by

U.S.

government-owned

or

government-sponsored

entities,

and

debt

explicitly

guaranteed

by

the

U.S.

govern-

ment)

with

at

least

one

year

up

to,

but

not

including

two

years

to

final

maturity.

7.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

A

$0.246081

A1

$0.257256

C

$0.215630

R6

$0.270096

Advisor

$0.265269

Total

Annual

Operating

Expenses

7

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.84%

0.94%

Advisor

0.59%

0.68%

Your

Fund’s

Expenses

Franklin

Low

Duration

U.S.

Government

Securities

Fund

26

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,012.60

$4.21

$1,021.02

$4.23

0.83%

A1

$1,000

$1,014.70

$3.46

$1,021.78

$3.47

0.68%

C

$1,000

$1,010.50

$6.23

$1,019.00

$6.26

1.23%

R6

$1,000

$1,014.00

$2.79

$1,022.44

$2.80

0.55%

Advisor

$1,000

$1,013.80

$2.94

$1,022.28

$2.96

0.58%

27

franklintempleton.com

Annual

Report

Franklin

Total

Return

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

We

seek

to

invest

in

a

combination

of

fixed

income

securities,

primarily

from

across

the

investment-grade

debt

universe.

We

analyze

securities

using

proprietary

and

nonproprietary

research

to

help

us

identify

attractive

investment

opportunities,

across

the

entire

fixed

income

opportunity

set

on

a

relative

basis.

The

Fund

may

also

invest

up

to

20%

of

its

total

assets

in

noninvestment-grade

debt

securities.

In

addition,

we

may

use

derivative

transactions,

such

as

currency

and

currency

forwards,

interest

rate/bond

futures

contracts,

options

on

exchange-traded

funds

and

swap

agreements,

to

obtain

net

long

or

short

exposures

to

select

currencies,

interest

rates,

countries,

duration

or

credit

risks.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

Over

the

past

12

months,

there

have

been

significant

bouts

of

volatility

within

the

fixed

income

markets.

The

U.S.

Federal

Reserve

(Fed)

continued

its

aggressive

monetary

policy

tightening

through

the

end

of

2022

and

into

the

summer

before

pausing

at

its

June

2023

meeting.

Proceeding

cautiously,

the

Fed

did

a

25-basis

point

(bp)

hike

in

July,

while

not

changing

the

rate

in

September.

Inflation

measures

continued

to

moderate

over

the

period

with

the

12-month

change

in

the

Consumer

Price

Index

(CPI)

dropping

to

3.7%

by

the

end

of

September

2023.

This

provided

room

for

the

Fed

to

assess

the

cumulative

effect

of

their

rate

hikes

on

the

U.S.

economy.

However,

U.S.

gross

domestic

product

growth

remained

robust,

and

the

job

market

has

shown

little

signs

of

slowing

down

which

may

require

additional

Fed

action.

U.S.

Treasury

(UST)

yields

generally

rose

over

the

past

12

months

with

the

benchmark

10-year

UST

yield

reaching

its

highest

level

since

2007

near

period-end.

Fixed

income

spreads

generally

tightened

over

the

period

under

review,

but

there

was

considerable

volatility

along

the

way.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

For

most

of

the

period

under

review,

we

kept

an

underweight

overall

duration

position.

This

was

based

on

our

assessment

that

yields

remained

too

low,

particularly

in

the

short-

to

intermediate-end

of

the

yield

curve.

In

our

view,

inflation

continued

to

be

more

“sticky”

than

the

Fed

and

market

had

anticipated.

This

resulted

in

the

Fed

increasing

rates

at

a

rapid

pace

and

will

likely

need

to

keep

them

higher

for

longer.

As

yields

increased

towards

the

end

of

the

period,

we

moved

more

to

a

neutral

duration

position.

We

remained

defensively

positioned

and

favored

short-duration,

high-quality

investment-grade

corporate

bonds.

With

high

shorter-term

yields,

we

found

value

as

holdings

provided

good

income

opportunities

with

limited

duration

or

spread

widening

risk.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+1.14%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

benchmark,

the

Bloomberg

U.S.

Aggregate

Index,

posted

a

+0.36%

cumulative

total

return.

1

The

index

measures

the

U.S.

investment-grade,

fixed-rate,

taxable

bond

market

with

index

components

for

government

and

corporate,

mortgage

pass

through

and

asset-backed

securities.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

29

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

We

saw

strong

returns

from

our

duration

positioning

primarily

by

being

underweight

duration

versus

the

benchmark

as

UST

yields

rose

substantially.

Sector

allocations

were

also

major

contributors

to

relative

returns

for

the

period,

especially

in

corporate

credit

sectors

including

investment-grade

(IG)

and

high-yield

(HY)

bonds,

senior-secured

floating-rate

bank

loans,

and

collateralized

loan

obligations

(CLOs).

Additionally,

holdings

in

taxable

municipal

bonds

and

our

out-of-index

allocation

to

marketplace

loans

lifted

performance.

Security

selection

also

boosted

results,

led

by

selection

in

HY

corporate

bonds.

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

177

.

Franklin

Total

Return

Fund

28

franklintempleton.com

Annual

Report

Q.

What

were

the

leading

detractors

from

performance?

A.

Over

the

period

under

review,

our

underweight

to

agency

mortgage-backed

securities

(MBS)

detracted

from

relative

results.

Security

selection

in

MBS

was

also

a

drag

on

returns

for

the

year.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

Given

our

cautious

macro-outlook,

we

reduced

risk

and

increased

liquidity

over

the

course

of

the

period.

In

particular,

we

reduced

high-yield,

bank

loans,

CLOs,

municipals

and

emerging

market

bonds,

while

increasing

investment-grade

bonds

and

MBS.

We

also

increased

duration,

ending

the

period

with

an

overall

duration

position

like

that

of

the

benchmark.

Thank

you

for

your

continued

participation

in

Franklin

Total

Return

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Sonal

Desai,

Ph.D.

Patrick

Klein,

Ph.D.

Tina

Chou

Thomas

Runkel,

CFA

Josh

Lohmeier,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

10/31/23

%

of

Total

Net

Assets

Mortgage-Backed

Securities

30.6%

U.S.

Government

and

Agency

Securities

26.0%

Corporate

Bonds

23.3%

Management

Investment

Companies

11.1%

Asset-Backed

Securities

*

7.2%

Residential

Mortgage-Backed

Securities

3.6%

Foreign

Government

and

Agency

Securities

2.2%

Municipal

Bonds

1.8%

Marketplace

Loans

1.6%

Commercial

Mortgage-Backed

Securities

1.5%

Other

†

0.6%

Short-Term

Investments

&

Other

Net

Assets

-9.5%

*

Includes

non-agency

residential

mortgage

backed

securities,

collateralized

loan

obligations

and

consumer

loan

certificates.

†

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund’s

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

Performance

Summary

as

of

October

31,

2023

Franklin

Total

Return

Fund

29

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

10/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

+1.14%

-2.66%

5-Year

-2.81%

-1.32%

10-Year

+4.20%

+0.03%

Advisor

1-Year

+1.39%

+1.39%

5-Year

-1.69%

-0.34%

10-Year

+6.83%

+0.66%

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

(with

fee

waiver)

(without

fee

waiver)

A

1.88%

4.19%

4.10%

Advisor

2.19%

4.57%

4.48%

See

page

31

for

Performance

Summary

footnotes.

Franklin

Total

Return

Fund

Performance

Summary

30

franklintempleton.com

Annual

Report

See

page

31

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(10/31/13–10/31/23)

Advisor

Class

(10/31/13–10/31/23)

Franklin

Total

Return

Fund

Performance

Summary

31

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls

.

Asset-backed,

mortgage-backed

or

mortgage-related

securities

are

subject

to

prepayment

and

extension

risks.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value

.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

Derivative

instruments

can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

2/29/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

sum

of

the

respective

class’s

past

month’s

daily

distributions

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

10/31/23.

6.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

7.

Source:

FactSet.

The

Bloomberg

U.S.

Aggregate

Index

measures

the

performance

of

the

investment-grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

nonagency).

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(11/1/22–10/31/23)

Share

Class

Net

Investment

Income

A

$0.272079

C

$0.239692

R

$0.251716

R6

$0.301673

Advisor

$0.292582

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.91%

1.00%

Advisor

0.66%

0.74%

Your

Fund’s

Expenses

Franklin

Total

Return

Fund

32

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period

5/1/23–10/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$937.10

$4.06

$1,021.02

$4.23

0.83%

C

$1,000

$934.70

$6.01

$1,018.99

$6.28

1.23%

R

$1,000

$936.80

$5.29

$1,019.74

$5.52

1.08%

R6

$1,000

$939.20

$2.29

$1,022.84

$2.39

0.47%

Advisor

$1,000

$938.60

$2.83

$1,022.29

$2.95

0.58%

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Floating

Rate

Daily

Access

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

33

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.28

$7.89

$7.35

$8.18

$8.70

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.627

0.359

0.296

0.332

0.441

Net

realized

and

unrealized

gains

(losses)

...........

0.330

(0.607)

0.545

(0.808)

(0.515)

Total

from

investment

operations

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

0.957

(0.248)

0.841

(0.476)

(0.074)

Less

distributions

from:

Net

investment

income

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

(0.607)

(0.362)

(0.301)

(0.355)

(0.446)

Net

asset

value,

end

of

year

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

$7.63

$7.28

$7.89

$7.35

$8.18

Total

return

c

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

13.59%

(3.25)%

11.79%

(6.00)%

(0.88)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

0.95%

1.00%

0.96%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.94%

0.92%

d

0.98%

d

0.93%

d

0.86%

d

Net

investment

income

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

8.35%

4.68%

3.86%

4.33%

5.21%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$873,367

$828,324

$803,542

$717,021

$1,049,359

Portfolio

turnover

rate

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

30.81%

37.05%

66.03%

32.39%

23.23%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.28

$7.89

$7.36

$8.18

$8.70

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.595

0.325

0.268

0.306

0.407

Net

realized

and

unrealized

gains

(losses)

...........

0.332

(0.604)

0.532

(0.804)

(0.514)

Total

from

investment

operations

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

0.927

(0.279)

0.800

(0.498)

(0.107)

Less

distributions

from:

Net

investment

income

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

(0.577)

(0.331)

(0.270)

(0.323)

(0.413)

Net

asset

value,

end

of

year

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

$7.63

$7.28

$7.89

$7.36

$8.18

Total

return

c

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

13.14%

(3.63)%

11.34%

(6.39)%

(1.39)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.37%

1.35%

1.40%

1.36%

1.29%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.34%

1.32%

d

1.38%

d

1.33%

d

1.26%

d

Net

investment

income

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

7.92%

4.24%

3.50%

3.98%

4.81%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$80,606

$89,383

$100,317

$160,194

$296,134

Portfolio

turnover

rate

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

30.81%

37.05%

66.03%

32.39%

23.23%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

35

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.29

$7.90

$7.37

$8.19

$8.71

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.652

0.446

0.317

0.363

0.463

Net

realized

and

unrealized

gains

(losses)

...........

0.334

(0.668)

0.541

(0.804)

(0.508)

Total

from

investment

operations

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

0.986

(0.222)

0.858

(0.441)

(0.045)

Less

distributions

from:

Net

investment

income

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

(0.636)

(0.388)

(0.328)

(0.380)

(0.475)

Net

asset

value,

end

of

year

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

$7.64

$7.29

$7.90

$7.37

$8.19

Total

return

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

13.99%

(2.92)%

12.15%

(5.69)%

(0.54)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.60%

0.67%

0.72%

0.69%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.57%

0.58%

c

0.63%

c

0.59%

c

0.53%

c

Net

investment

income

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

8.65%

5.96%

4.09%

4.71%

5.54%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$117,289

$201,719

$24,999

$9,568

$18,764

Portfolio

turnover

rate

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

30.81%

37.05%

66.03%

32.39%

23.23%

d

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.28

$7.89

$7.36

$8.18

$8.71

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.643

0.365

0.315

0.358

0.463

Net

realized

and

unrealized

gains

(losses)

...........

0.333

(0.594)

0.535

(0.806)

(0.525)

Total

from

investment

operations

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

0.976

(0.229)

0.850

(0.448)

(0.062)

Less

distributions

from:

Net

investment

income

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

(0.626)

(0.381)

(0.320)

(0.373)

(0.468)

Net

asset

value,

end

of

year

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

$7.63

$7.28

$7.89

$7.36

$8.18

Total

return

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

13.87%

(3.01)%

12.06%

(5.78)%

(0.74)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.72%

0.70%

0.75%

0.71%

0.64%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.69%

0.67%

c

0.73%

c

0.68%

c

0.61%

c

Net

investment

income

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

8.55%

4.74%

4.09%

4.65%

5.46%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$319,093

$300,958

$434,688

$376,997

$858,071

Portfolio

turnover

rate

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

30.81%

37.05%

66.03%

32.39%

23.23%

d

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Floating

Rate

Daily

Access

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

37

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

6.1%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

287,830

$

52,529

Machinery

1.2%

a,b

UTEX

Industries,

Inc.

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

United

States

261,340

16,595,090

Oil,

Gas

&

Consumable

Fuels

4.9%

b

Quarternorth

Energy

Holding,

Inc.

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

United

States

504,224

68,112,343

Total

Common

Stocks

(Cost

$75,728,344)

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

84,759,962

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

c

Invesco

Senior

Loan

ETF

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

United

States

615,695

12,806,456

Total

Management

Investment

Companies

(Cost

$13,283,196)

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

12,806,456

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

681,685

10,225

a

Total

Preferred

Stocks

(Cost

$919,936)

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

10,225

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b,d

UTEX

Industries,

Inc.,

2/20/49

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

United

States

634

1,185

Total

Warrants

(Cost

$–)

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

1,185

Principal

Amount

*

Corporate

Bonds

5.5%

Air

Freight

&

Logistics

0.3%

e

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

....

United

States

5,050,000

4,616,387

Capital

Markets

0.1%

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

1,600,000

1,365,239

Chemicals

0.2%

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

3,900,000

3,371,988

Commercial

Services

&

Supplies

0.7%

e

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

7/15/26

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

United

States

4,900,000

4,592,892

e

GFL

Environmental,

Inc.

,

Senior

Secured

Note,

144A,

4.25%,

6/01/25

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

Canada

1,300,000

1,251,079

Senior

Secured

Note,

144A,

3.5%,

9/01/28

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

Canada

2,300,000

1,971,998

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

4/15/24

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

United

States

2,000,000

1,989,232

9,805,201

Construction

Materials

0.3%

e

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.........

Mexico

3,875,000

3,514,635

Containers

&

Packaging

0.5%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Secured

Note

,

144A,

4.125

%

,

8/15/26

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

United

States

3,800,000

3,357,376

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

(continued)

e

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

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

United

States

694,400

$

651,082

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

1,125,000

958,301

e

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

2,500,000

2,184,122

7,150,881

Diversified

Consumer

Services

0.2%

e

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

United

States

5,520,000

3,454,775

Diversified

Telecommunication

Services

0.3%

e

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

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

France

2,000,000

1,370,693

Senior

Secured

Note,

144A,

5.5%,

10/15/29

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

France

3,730,000

2,568,648

3,939,341

Entertainment

0.2%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,300,000

2,244,461

Ground

Transportation

0.0%

†

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

403,080

Health

Care

Equipment

&

Supplies

0.1%

e

Bausch

&

Lomb

Escrow

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

1,320,000

1,312,740

Health

Care

Providers

&

Services

0.4%

e

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

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

United

States

1,334,000

1,135,429

e

RP

Escrow

Issuer

LLC

,

Senior

Secured

Note

,

144A,

5.25

%

,

12/15/25

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

United

States

5,350,000

3,817,600

4,953,029

Hotels,

Restaurants

&

Leisure

0.1%

e

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

2,300,000

2,094,817

Independent

Power

and

Renewable

Electricity

Producers

0.3%

e

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

.......

United

States

4,400,000

3,971,566

Insurance

0.1%

e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

1,470,600

1,207,523

Media

0.4%

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

4,300,000

3,771,831

e

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

9/15/26

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

United

States

1,600,000

1,224,918

e

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

5.125

%

,

2/15/25

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

United

States

1,093,556

1,068,951

6,065,700

Oil,

Gas

&

Consumable

Fuels

0.2%

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

2,400,000

2,195,003

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

39

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Passenger

Airlines

0.8%

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

4,833,333

$

4,704,929

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

4,000,000

3,888,775

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

2,485,000

2,307,595

10,901,299

Personal

Care

Products

0.2%

e

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

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

United

States

2,400,000

2,295,444

Wireless

Telecommunication

Services

0.1%

e

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

1,430,000

1,126,156

Total

Corporate

Bonds

(Cost

$83,466,899)

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

75,989,265

f

Senior

Floating

Rate

Interests

80.1%

g

Aerospace

&

Defense

1.0%

h

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

PIK,

14

%

,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

12,519,696

12,042,884

Dynasty

Acquisition

Co.,

Inc.

,

2023

Specified

Refinancing

CME

Term

Loan,

B-1,

9.324%,

(1-month

SOFR

+

4%),

8/24/28

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

United

States

1,075,682

1,064,657

2023

Specified

Refinancing

CME

Term

Loan,

B-2,

9.324%,

(1-month

SOFR

+

4%),

8/24/28

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

United

States

461,007

456,281

13,563,822

a

a

a

a

a

a

Air

Freight

&

Logistics

1.4%

i,j

Forward

Air

Corp.

,

Covenant-Lite

Senior

Secured

CME

Term

Loan,

B

,

TBD,

9/20/30

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

United

States

3,176,471

3,040,153

g

Kenan

Advantage

Group,

Inc.

(The)

,

CME

Term

Loan,

B-2,

9.727%,

(6-month

SOFR

+

4%),

3/24/26

..

United

States

935,156

934,576

U.S.

Term

Loan,

B1,

9.477%,

(6-month

SOFR

+

4.178%),

3/24/26

United

States

6,441,075

6,431,575

g

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.64

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

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

United

States

9,974,049

9,631,241

20,037,545

a

a

a

a

a

a

g

Automobile

Components

2.9%

Adient

US

LLC

,

CME

Term

Loan,

B1

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

4/10/28

.....................................

United

States

4,531,863

4,536,101

Clarios

Global

LP

,

First

Lien,

2023

CME

Term

Loan

,

9.074

%

,

(

1-month

SOFR

+

3.75

%

),

5/06/30

.......................

United

States

2,035,807

2,035,298

DexKo

Global,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan,

9.64%,

(3-month

SOFR

+

4.25%),

10/04/28

.............................

United

States

1,578,947

1,528,950

First

Lien,

Closing

Date

Term

Loan,

9.402%,

(3-month

SOFR

+

3.75%),

10/04/28

....................................

United

States

4,595,691

4,408,738

First

Brands

Group

LLC

,

2022-II

Incremental

CME

Term

Loan,

10.881%,

(6-month

SOFR

+

5%),

3/30/27

.......................................

United

States

8,226,602

8,113,486

First

Lien,

2021

CME

Term

Loan,

10.881%,

(6-month

SOFR

+

5%),

3/30/27

...........................................

United

States

7,621,574

7,532,631

Second

Lien,

2021

Term

Loan,

14.381%,

(6-month

SOFR

+

8.5%),

3/30/28

...........................................

United

States

5,920,469

5,589,900

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

9.924

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

................

United

States

620,376

614,482

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Automobile

Components

(continued)

Tenneco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.477

%

,

(

3-month

SOFR

+

5

%

),

11/17/28

................................

United

States

5,421,466

$

4,524,810

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

...............

United

States

1,355,380

1,356,505

40,240,901

a

a

a

a

a

a

Automobiles

0.6%

g

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

................

United

States

8,139,039

7,677,840

g

Beverages

0.8%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

9.164

%

,

(

3-month

SOFR

+

3.5

%

),

4/05/28

........................

United

States

6,218,992

4,573,540

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.74

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

..............................

United

States

1,749,640

1,614,227

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.902

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

.......................

United

States

5,158,288

4,899,780

11,087,547

a

a

a

a

a

a

g

Building

Products

0.2%

Cornerstone

Building

Brands,

Inc.

,

CME

Term

Loan,

B

,

8.685

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

.......................

United

States

2,895,526

2,760,406

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

CME

Term

Loan

,

8.189

%

,

(

1-month

SOFR

+

2.75

%

),

3/19/29

...........

United

States

9,850

9,857

2,770,263

a

a

a

a

a

a

Capital

Markets

3.0%

i,j

Aretec

Group,

Inc.

,

CME

Term

Loan

,

TBD,

1/01/38

............

United

States

6,034,483

5,853,448

g

Citadel

Securities

LP

,

CME

Term

Loan

,

7.939

%

,

(

1-month

SOFR

+

2.5

%

),

7/29/30

......................................

United

States

4,455,173

4,444,347

g

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.14

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

............

United

States

2,727,460

2,637,686

g

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

8.931

%

,

(

1-month

SOFR

+

3.5

%

),

4/07/28

........

United

States

5,151,244

5,070,473

i,j

GTCR

W

Merger

Sub

LLC

,

USD

CME

Term

Loan,

B

,

TBD,

9/20/30

United

States

7,597,826

7,553,493

g

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

8.189

%

,

(

1-month

SOFR

+

2.75

%

),

1/26/28

...................................

United

States

4,861,583

4,856,114

g

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B

,

9.082

%

,

(

1-month

SOFR

+

3.75

%

),

7/31/28

.......................

United

Kingdom

6,178,297

6,070,887

g,j

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

CME

Term

Loan

,

8.916

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/25

............

United

States

5,792,219

5,509,848

41,996,296

a

a

a

a

a

a

g

Chemicals

4.3%

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

CME

Term

Loan

,

9.29

%

,

(

3-month

SOFR

+

3.75

%

),

12/12/25

......................

United

States

9,326,212

8,713,200

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

9.402

%

,

(

3-month

SOFR

+

3.75

%

),

12/29/27

......................

United

States

2,696,726

2,134,756

Cyanco

Intermediate

2

Corp.

,

Initial

CME

Term

Loan

,

10.074

%

,

(

1-month

SOFR

+

4.75

%

),

7/10/28

.......................

United

States

7,061,340

7,037,084

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

10.033%,

(3-month

SOFR

+

4.5%),

3/15/29

......................................

United

States

6,715,000

6,226,484

Second

Lien,

Initial

CME

Term

Loan,

12.864%,

(1-month

SOFR

+

7.438%),

3/15/30

....................................

United

States

2,093,023

1,716,279

Ineos

Quattro

Holdings

UK

Ltd.

,

2030

Dollar

CME

Term

Loan,

B

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

................

United

Kingdom

1,734,783

1,695,750

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Chemicals

(continued)

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

8.189

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

.......................

United

Kingdom

4,226,160

$

4,165,958

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

......................

Luxembourg

1,472,600

1,459,052

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

.....................................

United

States

4,442,141

4,331,998

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

6/30/27

...............

United

States

3,107,746

3,093,574

Nouryon

Finance

BV

,

Extended

Dollar

CME

Term

Loan

,

9.434

%

,

(

1-month

SOFR

+

4

%

),

4/03/28

.........................

Netherlands

2,083,333

2,040,365

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.807

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

.....................................

United

States

13,173,644

11,989,400

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

9.439

%

,

(

1-month

SOFR

+

4

%

),

3/16/27

..................

United

States

5,134,624

5,073,676

59,677,576

a

a

a

a

a

a

g

Commercial

Services

&

Supplies

4.2%

Allied

Universal

Holdco

LLC

,

Amendment

No.

3

CME

Term

Loan,

10.074%,

(1-month

SOFR

+

4.75%),

5/12/28

.....................................

United

States

833,333

810,421

Initial

U.S.

Dollar

CME

Term

Loan,

9.174%,

(1-month

SOFR

+

3.75%),

5/12/28

.....................................

United

States

4,032,466

3,837,234

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

9.335

%

,

(

1-month

SOFR

+

4

%

),

2/15/29

............

United

States

9,988,323

9,797,946

APX

Group,

Inc.

,

Initial

Term

Loan

,

8.929

%

,

(

3-month

SOFR

+

2.25%;

3-month

SOFR

+

3.25%

),

7/10/28

..................

United

States

3,101,275

3,102,252

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.39

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

................................

United

States

5,426,332

5,318,945

Covanta

Holding

Corp.

,

2023

Incremental

CME

Term

Loan,

B,

8.332%,

(1-month

SOFR

+

3%),

11/30/28

......................................

United

States

1,285,412

1,275,572

2023

Incremental

CME

Term

Loan,

C,

8.332%,

(1-month

SOFR

+

3%),

11/30/28

......................................

United

States

96,406

95,668

Indicor

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.89

%

,

(

3-month

SOFR

+

4.5

%

),

11/22/29

.......................

United

States

1,932,039

1,930,310

Madison

IAQ

LLC

,

Term

Loan

,

8.703

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

6/21/28

.....................................

United

States

5,673,421

5,480,780

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.439

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

.........................

United

States

14,408,531

13,814,179

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan,

B-1

,

7.832

%

,

(

1-month

SOFR

+

2.5

%

),

10/13/30

United

States

4,864,108

4,859,560

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

9.664

%

,

(

3-month

SOFR

+

4

%

),

3/04/28

.......................................

United

States

8,764,188

7,539,173

57,862,040

a

a

a

a

a

a

Communications

Equipment

0.6%

g

CommScope,

Inc.

,

Initial

Term

Loan

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

.....................................

United

States

9,151,167

7,873,802

g

Construction

&

Engineering

0.6%

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.931

%

,

(

1-month

SOFR

+

3.5

%

),

5/12/28

...............................

United

States

6,824,101

6,605,525

Zekelman

Industries,

Inc.

,

2020

Term

Loan

,

7.449

%

,

(

1-month

SOFR

+

2

%

),

1/24/27

......................................

United

States

1,364,635

1,363,305

7,968,830

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Consumer

Staples

Distribution

&

Retail

1.2%

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

11.415

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

...........................

United

States

14,754,161

$

13,450,926

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

CME

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

9/23/27

.................

United

States

3,828,821

3,824,035

17,274,961

a

a

a

a

a

a

g

Containers

&

Packaging

2.0%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

...............

United

States

9,383,707

9,156,762

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.476

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

.............................

Luxembourg

4,341,779

4,113,836

j

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

CME

Term

Loan

,

9.319

%

,

(

1-month

SOFR

+

4

%

),

8/14/26

..................

United

States

9,018,750

8,769,968

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

..............................

United

States

1,534,124

1,529,153

ProAmpac

PG

Borrower

LLC

,

2023-1

CME

Term

Loan

CME

Term

SOFR+4.5

,

10.585

%

,

(

3-month

SOFR

+

3.5%;

3-month

SOFR

+

4.5%

),

9/15/28

......................................

United

States

4,040,741

3,992,777

27,562,496

a

a

a

a

a

a

g

Diversified

Consumer

Services

1.6%

KUEHG

Corp.

,

Initial

CME

Term

Loan

,

10.39

%

,

(

3-month

SOFR

+

5

%

),

6/12/30

.......................................

United

States

6,000,000

6,005,790

Learning

Care

Group

(US)

No.

2,

Inc.

,

Initial

CME

Term

Loan

,

10.141

%

,

(

3-month

SOFR

+

4.75

%

),

8/11/28

...............

United

States

1,710,310

1,714,056

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

12/15/28

.......................

United

States

1,423,628

1,394,393

Sedgwick

Claims

Management

Services,

Inc.

,

2023

CME

Term

Loan

,

9.074

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

................

United

States

10,214,529

10,191,393

WW

International,

Inc.

,

Initial

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

......................................

United

States

4,681,981

3,347,616

22,653,248

a

a

a

a

a

a

g

Diversified

Telecommunication

Services

1.4%

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan,

9.783%,

(3-month

SOFR

+

4.25%),

11/29/25

..........................................

United

States

11,787,866

11,415,075

Second

Lien,

CME

Term

Loan,

15.533%,

(3-month

SOFR

+

10%),

11/29/26

..........................................

United

States

7,895,149

6,947,731

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

8.439

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

.........................

United

States

1,755,569

1,487,985

19,850,791

a

a

a

a

a

a

Electrical

Equipment

0.1%

g

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.074

%

,

(

1-month

SOFR

+

3.75

%

),

5/13/29

...........................................

United

States

1,924,172

1,927,953

g

Entertainment

0.8%

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

8.447

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

............................

United

States

1,948,980

1,598,378

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

9.169

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/28

..............................

France

1,928,462

1,926,775

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

8.189

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................................

United

States

5,178,724

5,032,477

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

43

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Entertainment

(continued)

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

8.189

%

,

(

1-month

SOFR

+

2.75

%

),

5/18/25

...................................

United

States

2,049,802

$

2,050,714

10,608,344

a

a

a

a

a

a

g

Financial

Services

1.5%

Belfor

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

9.574

%

,

(

1-month

SOFR

+

4.25

%

),

4/06/26

.......................

United

States

694,596

695,899

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

8/02/28

........................

United

States

6,397,121

6,287,858

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

.............................

United

States

4,802,971

4,495,053

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

9.439

%

,

(

1-month

SOFR

+

4

%

),

8/27/25

.......................................

United

States

8,842,066

8,848,520

20,327,330

a

a

a

a

a

a

Food

Products

0.1%

g

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

9.546

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

.........................

United

States

1,978,043

1,973,632

g

Ground

Transportation

0.5%

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C

,

8.924

%

,

(

1-month

SOFR

+

3.5

%

),

3/16/29

...............................

United

States

1,674,500

1,678,334

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

9.894

%

,

(

1-month

SOFR

+

4.25%;

3-month

SOFR

+

4.25%

),

12/15/28

...

United

States

6,940,244

5,273,753

6,952,087

a

a

a

a

a

a

g

Health

Care

Equipment

&

Supplies

0.9%

Bausch

+

Lomb

Corp.

,

Initial

CME

Term

Loan

,

8.755

%

,

(

3-month

SOFR

+

3.25

%

),

5/10/27

..............................

United

States

2,992,424

2,869,451

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

10/23/28

.............................

United

States

6,300,445

6,266,989

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

10.74

%

,

(

3-month

SOFR

+

5.25

%

),

12/15/27

..........................................

United

States

4,200,689

3,980,153

13,116,593

a

a

a

a

a

a

g

Health

Care

Providers

&

Services

6.6%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

8.814%,

(1-month

SOFR

+

3.375%),

12/23/27

............................

United

States

5,047,440

4,545,875

Amendment

No.

5

Incremental

Term

Loan,

9.189%,

(1-month

SOFR

+

3.75%),

12/23/27

.............................

United

States

924,995

837,893

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

9.272

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

................

United

States

2,106,589

1,902,187

j

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.591

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

.......................

United

States

6,914,220

6,848,812

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.926

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.......................

United

States

5,043,767

5,025,256

eResearchTechnology,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.939

%

,

(

1-month

SOFR

+

4.5

%

),

2/04/27

.................

United

States

2,920,603

2,827,757

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

9.439%,

(1-month

SOFR

+

4%),

12/18/28

..........................................

United

States

5,189,115

4,118,860

Second

Lien,

Initial

Term

Loan,

12.189%,

(1-month

SOFR

+

6.75%),

12/17/29

....................................

United

States

779,707

473,477

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

44

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Health

Care

Providers

&

Services

(continued)

j

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

9.895

%

,

(

3-month

SOFR

+

4.25

%

),

3/14/25

.......................

United

States

2,400,000

$

1,570,008

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.772

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

...............

United

States

4,825,908

4,511,476

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

9.916

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

..............................

United

States

6,307,810

5,869,323

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

9.187%,

(1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%),

3/02/28

..................

United

States

5,776,836

5,056,551

First

Lien,

Initial

Term

Loan,

C,

9.24%,

(3-month

SOFR

+

3.75%),

3/02/28

...........................................

United

States

199,681

174,784

Pacific

Dental

Services

LLC

,

Term

Loan

,

8.94

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

......................................

United

States

2,625,365

2,616,334

j

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

3/31/27

................

United

States

6,766,837

6,185,735

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

8.931

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/26

........................

United

States

4,599,189

4,572,169

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.681

%

,

(

1-month

SOFR

+

3.25

%

),

11/15/28

.............................

United

States

4,595,951

4,547,418

Pluto

Acquisition

I,

Inc.

,

First

Lien,

2021

Term

Loan

,

9.684

%

,

(

3-month

SOFR

+

4

%

),

6/22/26

.........................

United

States

2,294,133

1,932,807

j

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.179

%

,

(

6-month

SOFR

+

4.25

%

),

7/09/25

.......................

United

States

7,563,427

5,670,679

Star

Parent,

Inc.

,

CME

Term

Loan

,

9.386

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

...........................................

United

States

3,333,333

3,186,683

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.679

%

,

(

1-month

SOFR

+

4.25

%

),

10/01/28

......................

United

States

6,664,793

5,814,099

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.439

%

,

(

1-month

SOFR

+

4

%

),

10/22/26

........................

United

States

13,406,679

13,429,738

91,717,921

a

a

a

a

a

a

Health

Care

Technology

0.9%

g

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.577

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

..............................

United

States

13,112,950

12,738,313

g

Hotels,

Restaurants

&

Leisure

5.8%

h

24

Hour

Fitness

Worldwide,

Inc.

,

Tranche

1

Term

Loan

,

PIK,

10.652

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

.................

United

States

23,423,338

7,383,878

Bally's

Corp.

,

Term

Loan,

B

,

8.927

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

..........................................

United

States

9,909,964

9,232,222

j

Caesars

Entertainment,

Inc.

,

2023

Incremental

CME

Term

Loan,

B

,

8.674

%

,

(

1-month

SOFR

+

3.25

%

),

2/06/30

................

United

States

4,976,001

4,964,258

Dave

&

Buster's,

Inc.

,

2023

CME

Term

Loan,

B

,

9.188

%

,

(

1-month

SOFR

+

3.75

%

),

6/29/29

..............................

United

States

2,678,799

2,679,080

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

9.324

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

.........................

United

States

6,200,705

6,073,405

Flutter

Entertainment

plc

,

Third

Amendment

CME

Term

Loan,

2028

B

,

8.902

%

,

(

3-month

SOFR

+

3.25

%

),

7/22/28

..............

Ireland

1,076,695

1,078,956

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

CME

Term

Loan

,

9.689

%

,

(

1-month

SOFR

+

4.25

%

),

11/22/28

...............

United

States

8,173,587

8,154,011

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

8.189

%

,

(

1-month

SOFR

+

2.75

%

),

8/02/28

.......................

United

States

8,692,880

8,702,398

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

8.416

%

,

(

1-month

SOFR

+

3

%

),

12/15/27

........................

United

States

3,623,365

3,589,396

Ontario

Gaming

GTA

LP

,

CME

Term

Loan,

B

,

9.64

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

...................................

Canada

2,728,927

2,728,927

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

8.166

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

..............................

United

States

3,541,653

3,541,175

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Hotels,

Restaurants

&

Leisure

(continued)

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

9.658

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

................................

United

States

5,544,317

$

5,548,281

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.914

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

............

United

States

8,179,778

8,056,099

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.435

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

..................

United

States

4,342,703

4,344,071

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

8.439

%

,

(

1-month

SOFR

+

3

%

),

8/03/28

.......................................

United

States

4,159,489

4,126,754

80,202,911

a

a

a

a

a

a

g

Household

Durables

0.4%

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

11.231

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

...................

United

States

3,809,917

2,396,437

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.891

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

...............................

Netherlands

3,368,693

3,187,643

5,584,080

a

a

a

a

a

a

Household

Products

0.1%

g

Energizer

Holdings,

Inc.

,

2020

Term

Loan

,

7.703

%

,

(

1-month

SOFR

+

2.25

%

),

12/22/27

..................................

United

States

1,459,351

1,458,622

g

Independent

Power

and

Renewable

Electricity

Producers

0.4%

j

Calpine

Construction

Finance

Co.

LP

,

Refinancing

CME

Term

Loan

,

7.574

%

,

(

1-month

SOFR

+

2.25

%

),

7/31/30

................

United

States

3,200,000

3,176,848

Talen

Energy

Supply

LLC

,

Initial

CME

Term

Loan,

B,

9.876%,

(3-month

SOFR

+

4.5%),

5/17/30

...........................................

United

States

2,352,541

2,358,011

Initial

CME

Term

Loan,

C,

9.876%,

(3-month

SOFR

+

4.5%),

5/17/30

...........................................

United

States

497,355

498,511

6,033,370

a

a

a

a

a

a

g

Insurance

4.2%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

8.939%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

......................................

United

States

5,908,163

5,767,845

First

Lien,

2021-1

Additional

Term

Loan,

9.189%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

..............................

United

States

4,132,122

4,072,206

First

Lien,

2021-2

Additional

Term

Loan,

9.689%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

..............................

United

States

2,942,369

2,930,099

Alliant

Holdings

Intermediate

LLC

,

New

CME

Term

Loan,

B5,

8.835%,

(1-month

SOFR

+

3.5%),

11/05/27

..........................................

United

States

2,994,810

2,988,117

New

Term

Loan,

B4,

8.939%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

..........................................

United

States

4,645,555

4,635,172

AssuredPartners,

Inc.

,

2020

February

Refinancing

Term

Loan,

8.939%,

(1-month

SOFR

+

3.5%),

2/12/27

......................................

United

States

8,072,341

8,012,364

2022-2

CME

Term

Loan,

9.566%,

(1-month

SOFR

+

4.25%),

2/12/27

...........................................

United

States

781,579

779,785

Asurion

LLC

,

New

CME

Term

Loan,

B10,

9.424%,

(1-month

SOFR

+

4%),

8/19/28

...........................................

United

States

2,282,707

2,183,318

New

CME

Term

Loan,

B11,

9.674%,

(1-month

SOFR

+

4.25%),

8/19/28

...........................................

United

States

1,029,310

985,246

New

Term

Loan,

B8,

8.689%,

(1-month

SOFR

+

3.25%),

12/23/26

United

States

2,652,110

2,567,415

New

Term

Loan,

B9,

8.689%,

(1-month

SOFR

+

3.25%),

7/31/27

United

States

8,252

7,901

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Insurance

(continued)

Asurion

LLC,

(continued)

Second

Lien,

New

Term

Loan,

B3,

10.689%,

(1-month

SOFR

+

5.25%),

1/31/28

.....................................

United

States

7,696,342

$

6,715,058

Second

Lien,

New

Term

Loan,

B4,

10.689%,

(1-month

SOFR

+

5.25%),

1/20/29

.....................................

United

States

7,422,294

6,370,592

HUB

International

Ltd.

,

2022

Incremental

CME

Term

Loan,

9.365%,

(3-month

SOFR

+

4%),

11/10/29

......................................

United

States

9,208,116

9,206,781

2023

Refinancing

CME

Term

Loan,

9.662%,

(3-month

SOFR

+

4.25%),

6/20/30

.....................................

United

States

1,022,727

1,023,412

58,245,311

a

a

a

a

a

a

g

IT

Services

4.2%

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.674

%

,

(

1-month

SOFR

+

4.25

%

),

4/23/26

.......................

United

States

3,328,378

3,325,099

j

Arches

Buyer,

Inc.

,

Refinancing

CME

Term

Loan

,

8.674

%

,

(

1-month

SOFR

+

3.25

%

),

12/06/27

.............................

United

States

5,923,987

5,765,846

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

10.231%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

.....................................

United

States

13,050,328

11,214,147

Second

Lien,

Initial

Term

Loan,

13.981%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

....................................

United

States

375,000

268,995

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.883

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

........................

United

States

5,823,168

5,566,948

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

9.49

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

........................

United

States

11,974,436

11,475,521

Go

Daddy

Operating

Co.

LLC

(GD

Finance

Co.,

Inc.)

,

Amendment

No.

6

CME

Term

Loan

,

7.824

%

,

(

1-month

SOFR

+

2.5

%

),

11/09/29

United

States

693,183

694,601

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

9.74

%

,

(

3-month

SOFR

+

4.25

%

),

8/19/28

.......................

United

Kingdom

2,541,520

2,522,471

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

.....................................

United

States

10,683,691

10,501,748

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

8/28/28

..............................

France

6,332,504

6,126,698

Thrasio

LLC

,

Initial

Term

Loan

,

12.652

%

,

(

3-month

SOFR

+

7

%

),

12/18/26

..........................................

United

States

2,449,749

1,543,342

59,005,416

a

a

a

a

a

a

g

Leisure

Products

0.4%

j

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

12/16/24

United

States

3,977,868

3,939,581

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

8.903%,

(3-month

SOFR

+

3.25%),

11/12/26

...

United

Kingdom

1,535,738

1,531,899

Term

Loan,

B2,

8.903%,

(3-month

SOFR

+

3.25%),

11/12/26

...

United

Kingdom

218,938

218,390

5,689,870

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

0.3%

g

ICON

plc

,

CME

Term

Loan,

7.902%,

(3-month

SOFR

+

2.25%),

7/03/28

...

United

States

3,189,448

3,194,981

U.S.

CME

Term

Loan,

7.902%,

(3-month

SOFR

+

2.25%),

7/03/28

United

States

794,653

796,032

3,991,013

a

a

a

a

a

a

g

Machinery

1.4%

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

9.652

%

,

(

3-month

SOFR

+

4

%

),

10/13/28

.....................................

United

States

8,287,408

7,316,248

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

47

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Machinery

(continued)

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.674

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

.......................

United

States

5,861,534

$

5,740,669

j

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

9.381

%

,

(

6-month

SOFR

+

3.5

%

),

7/30/27

...............................

Germany

6,632,440

6,595,995

19,652,912

a

a

a

a

a

a

g

Media

4.6%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

10.405

%

,

(

3-month

SOFR

+

4.75

%

),

7/14/26

..............................

United

States

12,015,624

11,904,359

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

9.145

%

,

(

3-month

SOFR

+

3.5

%

),

8/21/26

........................

United

States

330,320

318,070

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

7.699

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

..................

United

States

9,023,740

8,788,806

Gray

Television,

Inc.

,

Term

Loan,

D

,

8.429

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

..........................................

United

States

5,409,344

5,200,760

j

iHeartCommunications,

Inc.

,

New

Term

Loan

,

8.439

%

,

(

1-month

SOFR

+

3

%

),

5/01/26

.................................

United

States

6,316,667

5,410,414

j

McGraw-Hill

Education,

Inc.

,

Initial

CME

Term

Loan

,

10.189

%

,

(

1-month

SOFR

+

4.75

%

),

7/28/28

.......................

United

States

12,027,769

11,424,216

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2020

June

New

Term

Loan,

9.189%,

(1-month

SOFR

+

3.75%),

9/13/24

.....................................

United

States

455,420

456,132

First

Lien,

2023

May

Incremental

CME

Term

Loan,

9.574%,

(1-month

SOFR

+

4.25%),

5/03/28

.......................

United

States

3,937,220

3,769,062

Nexstar

Media,

Inc.

,

Term

Loan,

B4

,

7.939

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

......................................

United

States

944,699

945,549

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan,

B

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

9/25/26

.......................

United

States

7,679,932

6,375,802

Univision

Communications,

Inc.

,

First

Lien,

Initial

Term

Loan,

B

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

................

United

States

3,036,040

2,993,824

j

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

8.699

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

.....................................

United

States

6,355,393

6,242,204

63,829,198

a

a

a

a

a

a

Metals

&

Mining

0.2%

g

Arsenal

AIC

Parent

LLC

,

CME

Term

Loan,

B

,

9.879

%

,

(

3-month

SOFR

+

4.5

%

),

8/18/30

...............................

United

States

2,186,712

2,184,765

g

Passenger

Airlines

1.4%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

10.427

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

..........

United

States

3,648,928

3,705,943

Air

Canada

,

Term

Loan

,

9.128

%

,

(

3-month

SOFR

+

3.5

%

),

8/11/28

Canada

4,454,854

4,455,968

Kestrel

Bidco,

Inc.

,

Term

Loan

,

8.424

%

,

(

1-month

SOFR

+

3

%

),

12/11/26

..........................................

Canada

4,826,369

4,671,539

United

Airlines,

Inc.

,

Term

Loan,

B

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/28

.....................................

United

States

6,528,227

6,524,146

19,357,596

a

a

a

a

a

a

g

Personal

Care

Products

1.5%

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

5/17/28

..............................

United

States

10,511,079

9,770,048

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

9.24

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........................

Luxembourg

10,449,942

10,447,747

20,217,795

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Pharmaceuticals

1.6%

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

7.424

%

,

(

1-month

SOFR

+

2

%

),

11/15/27

..................

Spain

2,000,000

$

1,949,500

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

...............................

United

States

8,969,775

8,977,220

Organon

&

Co.

,

Dollar

Term

Loan

,

8.45

%

,

(

1-month

SOFR

+

3

%

),

6/02/28

...........................................

United

States

3,857,082

3,854,189

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

7.674

%

,

(

1-month

SOFR

+

2.25

%

),

4/20/29

...................................

United

States

3,181,485

3,171,941

j

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

8.924

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/25

........

United

States

4,506,797

4,507,405

22,460,255

a

a

a

a

a

a

g

Professional

Services

1.1%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............................

United

States

5,193,098

4,949,698

CHG

Healthcare

Services,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan,

9.145%,

(3-month

SOFR

+

3.75%),

9/29/28

..............................

United

States

926,829

920,022

First

Lien,

Initial

Term

Loan,

8.689%,

(1-month

SOFR

+

3.25%),

9/29/28

...........................................

United

States

5,043,244

4,996,922

Dun

&

Bradstreet

Corp.

(The)

,

Refinancing

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

2.75

%

),

2/06/26

.......................

United

States

3,816,788

3,816,788

14,683,430

a

a

a

a

a

a

g

Real

Estate

Management

&

Development

0.3%

Cushman

&

Wakefield

US

Borrower

LLC

,

2023-1

Refinancing

CME

Term

Loan,

8.674%,

(1-month

SOFR

+

3.25%),

1/31/30

.....................................

United

States

2,593,500

2,483,276

2023-2

Refinancing

CME

Term

Loan,

9.324%,

(1-month

SOFR

+

4%),

1/31/30

.......................................

United

States

626,852

603,345

Greystar

Real

Estate

Partners

LLC

,

CME

Term

Loan

,

9.147

%

,

(

3-month

SOFR

+

3.75

%

),

8/21/30

.......................

United

States

789,889

789,889

3,876,510

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.3%

g

MKS

Instruments,

Inc.

,

2023-1

Dollar

CME

Term

Loan,

B

,

7.819

%

,

(

1-month

SOFR

+

2.5

%

),

8/17/29

........................

United

States

3,953,982

3,934,212

Software

9.0%

g

Central

Parent

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan

,

9.406

%

,

(

3-month

SOFR

+

4

%

),

7/06/29

..................

United

States

7,925,256

7,890,582

g

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

10/08/28

.............................

United

States

5,972,707

5,757,421

g,j

ConnectWise

LLC

,

Initial

CME

Term

Loan

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

9/29/28

....................................

United

States

3,191,878

3,115,273

g

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

......................

United

States

2,225,169

2,106,122

g

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.324

%

,

(

1-month

SOFR

+

4

%

),

10/16/26

........................

United

States

4,865,275

4,786,214

g,j

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

9.402

%

,

(

3-month

SOFR

+

3.75

%

),

11/09/27

......................

United

States

6,439,719

6,414,217

g,j

Epicor

Software

Corp.

,

Term

Loan,

C

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

.....................................

United

States

9,425,108

9,387,313

g

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

CME

Term

Loan

,

9.431

%

,

(

1-month

SOFR

+

4

%

),

12/01/27

........

United

States

11,246,446

11,250,326

g,j

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.272

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

...................................

United

States

4,945,837

4,859,310

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Software

(continued)

g,j

IGT

Holding

IV

AB

,

CME

Term

Loan,

B2

,

8.962

%

,

(

3-month

SOFR

+

3.4

%

),

3/31/28

......................................

Sweden

3,477,406

$

3,462,923

g

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

9.907%,

(3-month

SOFR

+

4.25%),

12/01/27

......................

United

States

3,512,474

3,132,688

First

Lien,

First

Amendment

Term

Loan,

9.668%,

(3-month

SOFR

+

4%),

12/01/27

......................................

United

States

298,746

264,390

g

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.165

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

.....................................

United

States

9,460,954

9,072,913

g

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

9.189%,

(1-month

SOFR

+

3.75%),

10/15/28

..........................................

United

States

4,348,793

4,251,620

Second

Lien,

Initial

Term

Loan,

11.939%,

(1-month

SOFR

+

6.5%),

10/15/29

..........................................

United

States

428,571

400,515

g

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

9.439

%

,

(

1-month

SOFR

+

4

%

),

6/02/28

.................................

United

States

9,783,901

9,258,016

g

Precisely

Software,

Inc.

,

First

Lien,

Third

Amendment

Term

Loan

,

9.64

%

,

(

3-month

SOFR

+

4

%

),

4/24/28

...................

United

States

2,918,197

2,787,243

i,j

Project

Alpha

Intermediate

Holding,

Inc.

,

Initial

CME

Term

Loan

,

TBD,

10/28/30

......................................

United

States

5,500,000

5,350,482

g,j

Project

Boost

Purchaser

LLC

,

2021

CME

Term

Loan,

2

,

8.939

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/26

........................

United

States

4,021,429

4,002,327

g

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.783

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

................

United

States

4,361,127

3,466,006

g

Rocket

Software,

Inc.

,

Extended

Dollar

CME

Term

Loan

,

10.074

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

......................

United

States

2,740,468

2,692,853

g,j

Severin

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.599

%

,

(

3-month

SOFR

+

3.25

%

),

8/01/27

.......................

United

States

769,231

769,300

g

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

9.939

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

........................

United

States

6,107,493

5,990,871

g,j

Surf

Holdings

SARL

,

First

Lien,

Dollar

CME

Term

Loan

,

8.956

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

........................

Luxembourg

5,000,000

4,975,775

g

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

CME

Term

Loan,

8.764%,

(3-month

SOFR

+

3.25%),

5/04/26

..............................

United

States

4,660,378

4,641,830

First

Lien,

Initial

CME

Term

Loan,

9.233%,

(3-month

SOFR

+

3.75%),

5/04/26

.....................................

United

States

5,191,804

5,187,806

125,274,336

a

a

a

a

a

a

g

Specialty

Retail

3.6%

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

10.902

%

,

(

3-month

SOFR

+

5.25

%

),

4/26/28

..............................

United

States

4,591,457

4,604,382

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

9.402

%

,

(

3-month

SOFR

+

3.75

%

),

3/06/28

..............................

United

States

4,732,124

4,705,009

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

9.902

%

,

(

3-month

SOFR

+

4.25

%

),

4/15/28

.....................................

United

States

5,620,330

4,710,146

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.907

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

......................

United

States

1,183,123

1,121,547

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.902

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

................

United

States

3,773,862

3,696,290

PetSmart

LLC

,

Initial

CME

Term

Loan

,

9.174

%

,

(

1-month

SOFR

+

3.75

%

),

2/11/28

.....................................

United

States

4,296,918

4,251,714

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

9.189

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/28

.....................................

United

States

8,461,464

8,098,341

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.674

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

...............

United

States

2,126,887

2,016,289

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

g

Specialty

Retail

(continued)

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1,

10.634%,

(3-month

USD

LIBOR

+

5%),

4/16/26

................................

United

States

5,001,984

$

4,312,911

j

2019

Refinancing

New

Term

Loan,

B-2,

10.134%,

(3-month

USD

LIBOR

+

4.5%),

9/12/24

...............................

United

States

3,995,573

3,972,039

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

9.074

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

2,910,656

2,896,438

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.397

%

,

(

3-month

SOFR

+

3.75

%

),

12/21/27

.............................

United

States

7,832,817

6,383,746

50,768,852

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.3%

g

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

10.631

%

,

(

3-month

SOFR

+

5

%

),

7/27/28

.................................

United

States

6,768,862

4,803,794

g

Textiles,

Apparel

&

Luxury

Goods

0.4%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

11.152

%

,

(

3-month

SOFR

+

5.5

%

),

12/19/25

.......................

United

States

4,637,796

4,647,930

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

8.689

%

,

(

1-month

SOFR

+

3.25

%

),

4/16/28

.....................................

United

States

1,492,117

1,466,631

6,114,561

a

a

a

a

a

a

g

Transportation

Infrastructure

1.4%

First

Student

Bidco,

Inc.

,

j

Incremental

CME

Term

Loan,

B,

9.49%,

(3-month

SOFR

+

4%),

7/21/28

...........................................

United

States

2,974,750

2,918,363

j

Incremental

CME

Term

Loan,

C,

9.49%,

(3-month

SOFR

+

4%),

7/21/28

...........................................

United

States

208,162

204,216

Initial

Term

Loan,

B,

8.652%,

(3-month

SOFR

+

3%),

7/21/28

...

United

States

4,377,547

4,249,636

Initial

Term

Loan,

C,

8.652%,

(3-month

SOFR

+

3%),

7/21/28

...

United

States

1,645,318

1,597,242

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

10.396

%

,

(

6-month

SOFR

+

4.5

%

),

5/07/28

...............................

United

States

11,070,614

9,963,553

18,933,010

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$1,153,944,927)

........................

1,113,761,950

Asset-Backed

Securities

0.7%

Financial

Services

0.7%

e,g

Alinea

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

7.577

%

,

(

3-month

SOFR

+

2.162

%

),

7/20/31

.

...................................

United

States

7,000,000

6,838,063

e,g

Dryden

40

Senior

Loan

Fund

,

2015-40A

,

CR

,

144A,

FRN

,

7.726

%

,

(

3-month

SOFR

+

2.362

%

),

8/15/31

.

.....................

United

States

2,000,000

1,961,443

e,g

Galaxy

XXV

CLO

Ltd.

,

2018-25A

,

C

,

144A,

FRN

,

7.64

%

,

(

3-month

SOFR

+

2.262

%

),

10/25/31

.

............................

United

States

500,000

492,336

9,291,842

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$9,500,000)

................................

9,291,842

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,d

Millennium

Corporate

Claim

Trust,

Escrow

Account

............

United

States

13,585,837

—

a,d

Millennium

Lender

Claim

Trust,

Escrow

Account

..............

United

States

13,585,837

—

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

51

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

(continued)

a,b,d

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

......

Australia

11,563,612

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

—

Total

Long

Term

Investments

(Cost

$1,336,843,302)

.............................

1,296,620,885

a

Short

Term

Investments

10.4%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

5.0%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

69,605,515

69,605,515

Total

Money

Market

Funds

(Cost

$69,605,515)

..................................

69,605,515

Principal

Amount

*

a

a

a

Repurchase

Agreements

5.4%

m

Joint

Repurchase

Agreement,

5.215%,

11/01/23

(Maturity

Value

$74,411,600)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$34,312,677)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$16,766,422)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$23,332,501)

Collateralized

by

U.S.

Government

Agency

Securities,

1.8%

-

7.5%,

5/15/27

-

10/20/53;

U.S.

Government

Agency

Strips,

2/15/30

-

5/15/46;

U.S.

Treasury

Bonds,

6.13%

-

6.88%,

8/15/25

-

11/15/27;

and

U.S.

Treasury

Notes,

0.38%

-

4.75%,

11/30/23

-

8/31/28

(valued

at

$75,968,006)

...............................

74,400,821

74,400,821

Total

Repurchase

Agreements

(Cost

$74,400,821)

...............................

74,400,821

Total

Short

Term

Investments

(Cost

$144,006,336

)

...............................

144,006,336

a

Total

Investments

(Cost

$1,480,849,638)

103.7%

................................

$1,440,627,221

Other

Assets,

less

Liabilities

(3.7)%

...........................................

(50,273,081)

Net

Assets

100.0%

...........................................................

$1,390,354,140

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

See

Abbreviations

on

page

342

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

11

regarding

holdings

of

5%

voting

securities.

c

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2023.

See

Note

1(f).

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

13

regarding

fair

value

measurements.

e

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$83,086,104,

representing

6.0%

of

net

assets.

f

See

Note

1(h)

regarding

senior

floating

rate

interests.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

Income

may

be

received

in

additional

securities

and/or

cash.

i

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

j

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

k

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

m

See

Note

1(c)

regarding

joint

repurchase

agreement.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Long

Duration

Credit

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

53

a

Year

Ended

October

31,

2023

a

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

...........................................................................

0.093

Net

realized

and

unrealized

gains

(losses)

.............................................................

(0.730)

Total

from

investment

operations

......................................................................

(0.637)

Less

distributions

from:

Net

investment

income

............................................................................

(0.093)

Net

asset

value,

end

of

year

.........................................................................

$9.27

Total

return

d

.....................................................................................

(6.39)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

........................................................

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

.........................................................

0.59%

Net

investment

income

.............................................................................

5.00%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.......................................................................

$66,208

Portfolio

turnover

rate

..............................................................................

6.12%

a

For

the

period

August

22,

2023

(commencement

of

operations)

to

October

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Long

Duration

Credit

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

54

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

93.1%

Aerospace

&

Defense

2.5%

Boeing

Co.

(The)

,

Senior

Bond

,

3.75

%

,

2/01/50

...............

United

States

1,280,000

$

814,916

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07

%

,

12/15/42

.........

United

States

890,000

690,183

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.95

%

,

3/15/53

........

United

States

170,000

140,961

1,646,060

Automobile

Components

0.4%

Aptiv

plc

,

Senior

Bond

,

3.1

%

,

12/01/51

.....................

United

States

440,000

237,271

Banks

4.8%

Bank

of

America

Corp.

,

Senior

Bond,

3.974%

to

2/06/29,

FRN

thereafter,

2/07/30

.....

United

States

370,000

327,319

Senior

Bond,

2.676%

to

6/18/40,

FRN

thereafter,

6/19/41

.....

United

States

1,615,000

985,254

a

HSBC

Holdings

plc

,

Senior

Bond

,

FRN

,

6.332

%

,

(

SOFR

+

2.65

%

),

3/09/44

...........................................

United

Kingdom

200,000

185,537

JPMorgan

Chase

&

Co.

,

Senior

Bond,

3.109%

to

4/21/40,

FRN

thereafter,

4/22/41

.....

United

States

380,000

252,020

Senior

Bond,

2.525%

to

11/18/40,

FRN

thereafter,

11/19/41

....

United

States

425,000

254,122

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

...................................

United

States

125,000

107,302

Wells

Fargo

&

Co.

,

Senior

Bond,

5.389%

to

4/23/33,

FRN

thereafter,

4/24/34

.....

United

States

80,000

72,457

Senior

Bond,

3.068%

to

4/29/40,

FRN

thereafter,

4/30/41

.....

United

States

345,000

220,585

Senior

Bond,

3.9%,

5/01/45

............................

United

States

365,000

253,821

Senior

Bond,

4.611%

to

4/24/52,

FRN

thereafter,

4/25/53

.....

United

States

660,000

486,946

3,145,363

Beverages

2.5%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9

%

,

2/01/46

............................

Belgium

1,475,000

1,229,408

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.375

%

,

4/15/38

...........................................

Belgium

395,000

326,993

PepsiCo,

Inc.

,

Senior

Bond

,

4.2

%

,

7/18/52

..................

United

States

160,000

123,553

1,679,954

Biotechnology

3.0%

AbbVie,

Inc.

,

Senior

Bond

,

4.45

%

,

5/14/46

..................

United

States

460,000

357,797

Amgen,

Inc.

,

Senior

Bond,

3.15%,

2/21/40

...........................

United

States

265,000

177,592

Senior

Bond,

5.6%,

3/02/43

............................

United

States

355,000

316,822

Senior

Bond,

5.65%,

3/02/53

...........................

United

States

660,000

580,953

b

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75

%

,

4/27/52

..........

Australia

390,000

312,453

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8

%

,

9/15/50

...

United

States

455,000

245,230

1,990,847

Broadline

Retail

1.6%

Amazon.com,

Inc.

,

Senior

Bond

,

2.875

%

,

5/12/41

.............

United

States

1,590,000

1,068,127

Capital

Markets

3.9%

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

3.102%

to

2/23/32,

FRN

thereafter,

2/24/33

.....

United

States

215,000

167,210

Senior

Bond,

2.908%

to

7/20/41,

FRN

thereafter,

7/21/42

.....

United

States

310,000

191,098

Jefferies

Financial

Group,

Inc.

,

Senior

Bond

,

2.625

%

,

10/15/31

...

United

States

365,000

269,277

Moody's

Corp.

,

Senior

Bond

,

2.75

%

,

8/19/41

.................

United

States

110,000

67,947

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

55

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Morgan

Stanley

,

Senior

Bond,

1.794%

to

2/12/31,

FRN

thereafter,

2/13/32

.....

United

States

395,000

$

285,915

a

Senior

Bond,

FRN,

3.971%,

7/22/38

.....................

United

States

1,050,000

795,136

Nasdaq,

Inc.

,

Senior

Bond

,

5.95

%

,

8/15/53

..................

United

States

225,000

200,962

S&P

Global,

Inc.

,

WI

,

Senior

Bond

,

3.9

%

,

3/01/62

.............

United

States

165,000

111,135

a,b

UBS

Group

AG

,

Senior

Bond

,

144A,

FRN

,

2.746

%

,

(

1-year

CMT

T-Note

+

1.1

%

),

2/11/33

...............................

Switzerland

670,000

490,879

2,579,559

Chemicals

0.6%

Albemarle

Corp.

,

Senior

Bond

,

5.65

%

,

6/01/52

...............

United

States

40,000

31,020

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.419

%

,

11/15/48

.......

United

States

195,000

169,339

Nutrien

Ltd.

,

Senior

Bond

,

5.8

%

,

3/27/53

....................

Canada

210,000

183,762

384,121

Communications

Equipment

0.5%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5

%

,

9/01/44

...........

United

States

405,000

340,169

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

.................................

Ireland

430,000

333,070

Consumer

Staples

Distribution

&

Retail

1.3%

Dollar

Tree,

Inc.

,

Senior

Bond

,

3.375

%

,

12/01/51

..............

United

States

245,000

139,336

Sysco

Corp.

,

Senior

Bond

,

3.3

%

,

2/15/50

...................

United

States

195,000

117,872

Target

Corp.

,

Senior

Bond

,

4.8

%

,

1/15/53

...................

United

States

195,000

158,729

Walmart,

Inc.

,

Senior

Bond,

2.65%,

9/22/51

...........................

United

States

300,000

172,360

Senior

Bond,

4.5%,

4/15/53

............................

United

States

370,000

300,668

888,965

Diversified

Consumer

Services

2.0%

Leland

Stanford

Junior

University

(The)

,

3.647

%

,

5/01/48

.......

United

States

895,000

647,489

Massachusetts

Institute

of

Technology

,

G

,

2.294

%

,

7/01/51

......

United

States

395,000

208,340

President

and

Fellows

of

Harvard

College

,

3.745

%

,

11/15/52

.....

United

States

450,000

322,970

University

of

Miami

,

2022

,

Senior

Bond

,

4.063

%

,

4/01/52

.......

United

States

240,000

173,239

1,352,038

Diversified

REITs

0.3%

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/30

...........................................

United

States

230,000

189,958

Diversified

Telecommunication

Services

4.8%

AT&T,

Inc.

,

Senior

Bond,

2.25%,

2/01/32

...........................

United

States

1,125,000

831,746

Senior

Bond,

2.55%,

12/01/33

..........................

United

States

475,000

341,051

Senior

Bond,

5.4%,

2/15/34

............................

United

States

285,000

261,967

Verizon

Communications,

Inc.

,

Senior

Bond,

5.05%,

5/09/33

...........................

United

States

360,000

329,656

Senior

Bond,

4.5%,

8/10/33

............................

United

States

185,000

160,405

Senior

Bond,

2.65%,

11/20/40

..........................

United

States

1,190,000

719,769

Senior

Note,

2.355%,

3/15/32

..........................

United

States

695,000

519,951

3,164,545

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

56

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

10.7%

Alabama

Power

Co.

,

Senior

Bond

,

4.15

%

,

8/15/44

............

United

States

375,000

$

273,651

Appalachian

Power

Co.

,

Senior

Bond

,

7

%

,

4/01/38

............

United

States

175,000

180,087

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

6/01/52

....

United

States

225,000

171,295

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.85

%

,

3/15/52

.......

United

States

450,000

305,957

DTE

Electric

Co.

,

B

,

Senior

Bond

,

3.65

%

,

3/01/52

.............

United

States

245,000

160,378

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95

%

,

3/15/48

......

United

States

915,000

637,473

Duke

Energy

Corp.

,

Senior

Bond

,

3.5

%

,

6/15/51

..............

United

States

450,000

273,265

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4

%

,

10/01/46

........

United

States

380,000

240,386

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15

%

,

12/01/44

......

United

States

240,000

175,572

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1

%

,

6/15/41

...........

United

States

230,000

149,419

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05

%

,

6/01/42

........

United

States

825,000

628,230

Georgia

Power

Co.

,

Senior

Bond

,

5.125

%

,

5/15/52

............

United

States

335,000

277,809

MidAmerican

Energy

Co.

,

Senior

Bond,

3.15%,

4/15/50

...........................

United

States

825,000

494,877

Senior

Bond,

5.85%,

9/15/54

...........................

United

States

140,000

131,282

Northern

States

Power

Co.

,

Senior

Bond

,

2.6

%

,

6/01/51

........

United

States

515,000

274,201

PacifiCorp

,

Senior

Bond,

5.35%,

12/01/53

..........................

United

States

380,000

302,657

Senior

Bond,

5.5%,

5/15/54

............................

United

States

390,000

318,073

PECO

Energy

Co.

,

Senior

Bond

,

4.8

%

,

10/15/43

..............

United

States

215,000

174,363

PG&E

Wildfire

Recovery

Funding

LLC

,

A-5

,

Senior

Secured

Bond

,

5.099

%

,

6/01/52

.....................................

United

States

640,000

548,148

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95

%

,

6/01/47

........

United

States

245,000

174,906

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8

%

,

6/15/47

.....

United

States

310,000

209,135

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond,

5.45%,

8/01/53

...........................

United

States

185,000

167,190

Senior

Secured

Bond,

3%,

3/01/51

......................

United

States

310,000

182,979

Southern

California

Edison

Co.

,

Senior

Bond

,

4

%

,

4/01/47

.......

United

States

310,000

212,476

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45

%

,

2/15/44

....

United

States

515,000

388,756

7,052,565

Entertainment

1.8%

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8

%

,

5/13/60

............

United

States

215,000

140,324

Warnermedia

Holdings,

Inc.

,

Senior

Bond,

5.05%,

3/15/42

...........................

United

States

865,000

641,167

Senior

Bond,

5.391%,

3/15/62

..........................

United

States

630,000

441,544

1,223,035

Financial

Services

2.4%

Fiserv,

Inc.

,

Senior

Bond

,

4.4

%

,

7/01/49

....................

United

States

430,000

312,306

Global

Payments,

Inc.

,

Senior

Bond

,

5.95

%

,

8/15/52

...........

United

States

275,000

232,398

Mastercard,

Inc.

,

Senior

Bond

,

3.65

%

,

6/01/49

...............

United

States

200,000

141,623

Shell

International

Finance

BV

,

Senior

Bond

,

3

%

,

11/26/51

......

Netherlands

310,000

182,994

b

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875

%

,

3/11/41

.....................................

Germany

715,000

478,580

Visa,

Inc.

,

Senior

Bond

,

4.3

%

,

12/14/45

.....................

United

States

320,000

255,776

1,603,677

Food

Products

1.7%

b

Cargill,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

4/22/52

.............

United

States

230,000

176,539

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

57

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

Conagra

Brands,

Inc.

,

Senior

Bond

,

5.4

%

,

11/01/48

............

United

States

255,000

$

204,251

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Bond,

4.375%,

2/02/52

..........................

United

States

395,000

241,626

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

4.375

%

,

6/01/46

..........

United

States

125,000

91,524

b

Mars,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

4/01/54

..............

United

States

180,000

127,152

b

Nestle

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.7

%

,

1/15/53

........

United

States

365,000

304,981

1,146,073

Gas

Utilities

0.5%

Southern

California

Gas

Co.

,

Senior

Bond

,

6.35

%

,

11/15/52

.....

United

States

340,000

328,666

Ground

Transportation

2.4%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75

%

,

5/01/40

..

United

States

1,205,000

1,149,970

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

....................

United

States

125,000

95,474

Union

Pacific

Corp.

,

Senior

Bond

,

3.5

%

,

2/14/53

..............

United

States

550,000

356,327

1,601,771

Health

Care

Equipment

&

Supplies

0.7%

Baxter

International,

Inc.

,

Senior

Bond

,

3.132

%

,

12/01/51

.......

United

States

265,000

145,781

Medtronic,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/45

...............

United

States

405,000

334,571

480,352

Health

Care

Providers

&

Services

6.5%

Ascension

Health

,

Senior

Bond,

3.945%,

11/15/46

.........................

United

States

215,000

155,783

B,

Senior

Bond,

3.106%,

11/15/39

.......................

United

States

260,000

180,761

Cigna

Group

(The)

,

Senior

Bond

,

4.9

%

,

12/15/48

.............

United

States

150,000

120,050

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187

%

,

10/01/49

...

United

States

250,000

174,850

CVS

Health

Corp.

,

Senior

Bond,

4.78%,

3/25/38

...........................

United

States

270,000

223,513

Senior

Bond,

5.125%,

7/20/45

..........................

United

States

705,000

563,311

Senior

Bond,

5.625%,

2/21/53

..........................

United

States

235,000

199,319

Senior

Bond,

5.875%,

6/01/53

..........................

United

States

160,000

140,052

Elevance

Health,

Inc.

,

Senior

Bond

,

5.125

%

,

2/15/53

...........

United

States

660,000

548,084

HCA,

Inc.

,

Senior

Bond,

5.9%,

6/01/53

............................

United

States

385,000

325,755

WI,

Senior

Bond,

4.625%,

3/15/52

.......................

United

States

365,000

254,349

Kaiser

Foundation

Hospitals

,

2021

,

3.002

%

,

6/01/51

...........

United

States

650,000

382,114

Sutter

Health

,

5.547

%

,

8/15/53

...........................

United

States

125,000

113,957

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

6.05

%

,

2/15/63

.........

United

States

690,000

658,146

UPMC

,

Secured

Bond

,

5.377

%

,

5/15/43

....................

United

States

290,000

255,730

4,295,774

Hotels,

Restaurants

&

Leisure

0.4%

Choice

Hotels

International,

Inc.

,

Senior

Bond

,

3.7

%

,

1/15/31

....

United

States

295,000

232,157

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5

%

,

10/01/53

United

States

85,000

79,938

Insurance

4.1%

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635

%

,

6/30/50

.........

United

States

215,000

136,795

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144

%

,

11/01/43

.....

United

States

175,000

144,998

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

58

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.05

%

,

3/09/52

.........

United

States

745,000

$

406,581

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

3.85

%

,

3/15/52

.

United

States

515,000

359,434

Brown

&

Brown,

Inc.

,

Senior

Bond

,

4.95

%

,

3/17/52

............

United

States

415,000

308,360

Chubb

INA

Holdings,

Inc.

,

Senior

Bond

,

3.05

%

,

12/15/61

........

United

States

425,000

239,521

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond,

4.9%,

3/15/49

............................

United

States

160,000

131,728

Senior

Bond,

5.45%,

3/15/53

...........................

United

States

160,000

141,187

b

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45

%

,

3/30/51

.....................................

United

States

475,000

287,134

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125

%

,

4/15/47

........

United

States

400,000

296,776

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

5/30/47

...........

United

States

380,000

276,572

2,729,086

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75

%

,

5/15/63

............

United

States

405,000

363,620

Life

Sciences

Tools

&

Services

0.5%

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404

%

,

8/10/43

.....

United

States

335,000

304,033

Machinery

0.2%

Deere

&

Co.

,

Senior

Bond

,

3.75

%

,

4/15/50

..................

United

States

150,000

111,146

Media

2.8%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond,

3.5%,

3/01/42

.....................

United

States

630,000

372,289

Senior

Secured

Bond,

3.7%,

4/01/51

.....................

United

States

895,000

491,040

Comcast

Corp.

,

Senior

Bond

,

2.887

%

,

11/01/51

..............

United

States

1,090,000

602,451

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

...................

United

States

475,000

393,289

1,859,069

Metals

&

Mining

0.5%

BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.5

%

,

9/08/53

......

Australia

85,000

77,375

Freeport-McMoRan,

Inc.

,

Senior

Note

,

4.25

%

,

3/01/30

.........

United

States

255,000

221,295

298,670

Multi-Utilities

1.6%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45

%

,

3/15/44

...........................................

United

States

510,000

388,863

Consumers

Energy

Co.

,

Senior

Bond

,

4.35

%

,

4/15/49

..........

United

States

330,000

251,374

Dominion

Energy,

Inc.

,

B

,

Senior

Bond

,

4.85

%

,

8/15/52

.........

United

States

565,000

430,051

1,070,288

Office

REITs

0.7%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

3.55

%

,

3/15/52

United

States

725,000

432,921

Oil,

Gas

&

Consumable

Fuels

8.7%

b

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1

%

,

7/15/31

..............

Norway

600,000

471,680

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06

%

,

6/17/41

...

United

States

375,000

248,259

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

5.85

%

,

2/01/35

..

Canada

210,000

192,264

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

......

United

States

385,000

345,025

ConocoPhillips

Co.

,

Senior

Bond,

3.8%,

3/15/52

............................

United

States

210,000

143,195

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

59

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

ConocoPhillips

Co.,

(continued)

Senior

Bond,

5.55%,

3/15/54

...........................

United

States

85,000

$

76,052

Diamondback

Energy,

Inc.

,

Senior

Bond

,

4.4

%

,

3/24/51

.........

United

States

280,000

198,882

Energy

Transfer

LP

,

Senior

Bond,

5.15%,

3/15/45

...........................

United

States

815,000

631,712

Senior

Bond,

6%,

6/15/48

.............................

United

States

460,000

391,468

Enterprise

Products

Operating

LLC

,

Senior

Bond,

4.9%,

5/15/46

............................

United

States

165,000

135,942

Senior

Bond,

4.8%,

2/01/49

............................

United

States

470,000

380,266

Senior

Bond,

3.7%,

1/31/51

............................

United

States

480,000

321,402

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

.............

United

States

565,000

371,706

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25

%

,

2/15/30

United

States

390,000

334,080

Kinder

Morgan,

Inc.

,

Senior

Bond

,

3.6

%

,

2/15/51

..............

United

States

250,000

150,669

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4

%

,

1/15/32

........................

United

States

540,000

444,974

b

Var

Energi

ASA

,

Senior

Bond

,

144A,

8

%

,

11/15/32

............

Norway

595,000

614,382

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1

%

,

9/15/45

..........

United

States

400,000

321,830

5,773,788

Passenger

Airlines

1.1%

b

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

.....................................

United

States

755,000

710,009

Personal

Care

Products

1.0%

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.15

%

,

5/15/53

.....

United

States

275,000

236,028

Haleon

US

Capital

LLC

,

Senior

Bond

,

4

%

,

3/24/52

............

United

States

250,000

175,748

Kenvue,

Inc.

,

WI

,

Senior

Bond

,

5.05

%

,

3/22/53

...............

United

States

275,000

236,470

648,246

Pharmaceuticals

4.2%

b

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.875

%

,

6/25/48

...

Germany

565,000

423,790

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

3.7

%

,

3/15/52

..........

United

States

145,000

97,420

Eli

Lilly

&

Co.

,

Senior

Bond

,

4.95

%

,

2/27/63

..................

United

States

305,000

260,022

Johnson

&

Johnson

,

Senior

Bond

,

2.45

%

,

9/01/60

.............

United

States

160,000

82,208

Merck

&

Co.,

Inc.

,

Senior

Bond,

2.75%,

12/10/51

..........................

United

States

280,000

158,254

Senior

Bond,

5.15%,

5/17/63

...........................

United

States

145,000

123,675

Novartis

Capital

Corp.

,

Senior

Bond

,

2.75

%

,

8/14/50

...........

Switzerland

345,000

205,230

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

5/19/53

United

States

640,000

560,388

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607

%

,

12/13/51

.....

United

States

695,000

385,701

Royalty

Pharma

plc

,

Senior

Bond

,

3.35

%

,

9/02/51

.............

United

States

825,000

455,395

2,752,083

Semiconductors

&

Semiconductor

Equipment

0.3%

Analog

Devices,

Inc.

,

Senior

Bond

,

2.95

%

,

10/01/51

...........

United

States

360,000

211,118

Software

3.4%

Intuit,

Inc.

,

Senior

Bond

,

5.5

%

,

9/15/53

.....................

United

States

170,000

154,784

Microsoft

Corp.

,

Senior

Bond

,

2.921

%

,

3/17/52

...............

United

States

1,080,000

667,306

Oracle

Corp.

,

Senior

Bond,

3.8%,

11/15/37

...........................

United

States

450,000

331,370

Senior

Bond,

3.6%,

4/01/40

............................

United

States

945,000

649,296

Senior

Bond,

4%,

7/15/46

.............................

United

States

240,000

161,385

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

60

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Software

(continued)

Salesforce,

Inc.

,

Senior

Bond

,

2.9

%

,

7/15/51

.................

United

States

525,000

$

309,034

2,273,175

Specialty

Retail

0.6%

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

3.625

%

,

4/15/52

.........

United

States

310,000

206,611

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5.75

%

,

7/01/53

...............

United

States

225,000

197,570

404,181

Technology

Hardware,

Storage

&

Peripherals

2.0%

Apple,

Inc.

,

Senior

Bond

,

3.85

%

,

5/04/43

....................

United

States

1,745,000

1,350,642

Textiles,

Apparel

&

Luxury

Goods

0.3%

NIKE,

Inc.

,

Senior

Bond

,

3.375

%

,

3/27/50

...................

United

States

280,000

188,574

Tobacco

2.4%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

...............

United

States

660,000

481,958

BAT

Capital

Corp.

,

Senior

Bond

,

7.079

%

,

8/02/43

.............

United

Kingdom

185,000

168,764

b

JT

International

Financial

Services

BV

,

Senior

Bond

,

144A,

6.875

%

,

10/24/32

..........................................

Japan

520,000

540,652

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875

%

,

8/21/42

....

United

States

590,000

414,305

1,605,679

Water

Utilities

0.4%

American

Water

Capital

Corp.

,

Senior

Bond

,

3.45

%

,

5/01/50

.....

United

States

425,000

272,043

Wireless

Telecommunication

Services

1.8%

T-Mobile

USA,

Inc.

,

Senior

Bond,

3%,

2/15/41

.............................

United

States

345,000

217,895

Senior

Bond,

3.4%,

10/15/52

...........................

United

States

815,000

482,704

Vodafone

Group

plc

,

Senior

Bond

,

6.15

%

,

2/27/37

.............

United

Kingdom

545,000

517,682

1,218,281

Total

Corporate

Bonds

(Cost

$65,134,527)

......................................

61,620,707

Foreign

Government

and

Agency

Securities

2.7%

b

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375

%

,

8/20/50

United

States

200,000

118,636

Mexico

Government

Bond

,

Senior

Bond

,

6.338

%

,

5/04/53

.......

Mexico

945,000

828,502

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/29/47

......

Philippines

210,000

156,457

b

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

1/18/53

.

Saudi

Arabia

565,000

448,452

Uruguay

Government

Bond

,

Senior

Bond

,

5.1

%

,

6/18/50

........

Uruguay

240,000

208,530

Total

Foreign

Government

and

Agency

Securities

(Cost

$1,881,145)

...............

1,760,577

U.S.

Government

and

Agency

Securities

1.3%

U.S.

Treasury

Bonds

,

Strip,

11/15/44

......................................

United

States

720,000

238,493

2.875%,

5/15/52

.....................................

United

States

150,000

100,137

3.625%,

5/15/53

.....................................

United

States

665,000

518,492

Total

U.S.

Government

and

Agency

Securities

(Cost

$932,832)

....................

857,122

Municipal

Bonds

1.2%

California

0.9%

Los

Angeles

Unified

School

District

,

GO

,

2009

KRY

,

5.75

%

,

7/01/34

United

States

620,000

615,079

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Long

Duration

Credit

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

61

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.3%

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507

%

,

11/01/51

..........................................

United

States

245,000

$

196,752

Total

Municipal

Bonds

(Cost

$838,506)

.........................................

811,831

Total

Long

Term

Investments

(Cost

$68,787,010)

................................

65,050,237

a

Short

Term

Investments

29.8%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

29.8%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

19,752,974

19,752,974

Total

Money

Market

Funds

(Cost

$19,752,974)

..................................

19,752,974

Total

Short

Term

Investments

(Cost

$19,752,974

)

................................

19,752,974

a

Total

Investments

(Cost

$88,539,984)

128.1%

...................................

$84,803,211

Other

Assets,

less

Liabilities

(28.1)%

..........................................

(18,595,454)

Net

Assets

100.0%

...........................................................

$66,207,757

a

a

a

See

Abbreviations

on

page

342

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

The

coupon

rate

shown

represents

the

rate

at

period

end.

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$6,415,058,

representing

9.7%

of

net

assets.

c

See

Note

3(f)

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

Financial

Highlights

Franklin

Low

Duration

Total

Return

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.70

$9.55

$9.54

$9.65

$9.60

Income

from

investment

operations

a

:

Net

investment

income

..........................

0.317

b

0.162

b

0.105

b

0.244

b

0.290

Net

realized

and

unrealized

gains

(losses)

...........

0.069

(0.735)

0.170

(0.079)

0.068

Total

from

investment

operations

....................

0.386

(0.573)

0.275

0.165

0.358

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.326)

(0.277)

(0.265)

(0.275)

(0.308)

Net

asset

value,

end

of

year

.......................

$8.76

$8.70

$9.55

$9.54

$9.65

Total

return

c

...................................

4.48%

(6.09)%

2.90%

1.77%

3.78%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.96%

0.93%

0.94%

0.94%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.66%

0.67%

0.67%

0.67%

0.68%

Net

investment

income

...........................

3.61%

1.77%

1.09%

2.58%

2.99%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$1,471,021

$1,726,461

$1,915,410

$1,778,666

$1,631,123

Portfolio

turnover

rate

............................

55.59%

66.75%

85.02%

e

93.23%

51.93%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

55.59%

55.24%

56.22%

e

67.97%

51.93%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

63

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.66

$9.51

$9.50

$9.61

$9.56

Income

from

investment

operations

a

:

Net

investment

income

..........................

0.280

b

0.120

b

0.068

b

0.205

b

0.251

Net

realized

and

unrealized

gains

(losses)

...........

0.061

(0.730)

0.169

(0.074)

0.068

Total

from

investment

operations

....................

0.341

(0.610)

0.237

0.131

0.319

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.291)

(0.240)

(0.227)

(0.242)

(0.269)

Net

asset

value,

end

of

year

.......................

$8.71

$8.66

$9.51

$9.50

$9.61

Total

return

c

...................................

3.98%

(6.49)%

2.50%

1.42%

3.38%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.36%

1.33%

1.35%

1.34%

1.34%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.06%

1.07%

1.08%

1.07%

1.08%

Net

investment

income

...........................

3.20%

1.31%

0.71%

2.18%

2.59%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$44,178

$62,457

$99,990

$117,893

$135,372

Portfolio

turnover

rate

............................

55.59%

66.75%

85.02%

e

93.23%

51.93%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

55.59%

55.24%

56.22%

e

67.97%

51.93%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

Year

Ended

October

31,

Year

Ended

October

31,

2019

a

2023

2022

2021

2020

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.70

$9.55

$9.54

$9.65

$9.65

Income

from

investment

operations

b

:

Net

investment

income

..........................

0.306

c

0.138

c

0.077

c

0.219

c

0.012

Net

realized

and

unrealized

gains

(losses)

...........

0.048

(0.734)

0.174

(0.073)

0.001

Total

from

investment

operations

....................

0.354

(0.596)

0.251

0.146

0.013

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.304)

(0.254)

(0.241)

(0.256)

(0.013)

Net

asset

value,

end

of

year

.......................

$8.75

$8.70

$9.55

$9.54

$9.65

Total

return

d

...................................

4.12%

(6.33)%

2.64%

1.57%

0.14%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

......

1.22%

1.18%

1.17%

1.17%

1.19%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.91%

0.92%

0.92%

0.90%

0.93%

Net

investment

income

...........................

3.50%

1.51%

0.81%

2.33%

2.73%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$303

$175

$198

$95

$18

Portfolio

turnover

rate

............................

55.59%

66.75%

85.02%

g

93.23%

51.93%

g

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

h

....

55.59%

55.24%

56.22%

g

67.97%

51.93%

g

a

For

the

period

October

15,

2019

(effective

date)

to

October

31,

2019.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

h

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

65

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.76

$9.61

$9.61

$9.71

$9.66

Income

from

investment

operations

a

:

Net

investment

income

..........................

0.349

b

0.198

b

0.141

b

0.277

b

0.326

Net

realized

and

unrealized

gains

(losses)

...........

0.059

(0.738)

0.159

(0.071)

0.071

Total

from

investment

operations

....................

0.408

(0.540)

0.300

0.206

0.397

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.358)

(0.310)

(0.300)

(0.306)

(0.347)

Net

asset

value,

end

of

year

.......................

$8.81

$8.76

$9.61

$9.61

$9.71

Total

return

....................................

4.71%

(5.71)%

3.15%

2.20%

4.17%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.62%

0.58%

0.58%

0.58%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.30%

0.30%

0.30%

0.30%

0.30%

Net

investment

income

...........................

3.93%

2.15%

1.46%

2.92%

3.37%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$483,828

$601,379

$543,485

$553,603

$1,003,208

Portfolio

turnover

rate

............................

55.59%

66.75%

85.02%

d

93.23%

51.93%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

e

....

55.59%

55.24%

56.22%

d

67.97%

51.93%

d

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

e

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

66

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.75

$9.60

$9.60

$9.70

$9.65

Income

from

investment

operations

a

:

Net

investment

income

..........................

0.340

b

0.182

b

0.128

b

0.269

b

0.315

Net

realized

and

unrealized

gains

(losses)

...........

0.068

(0.732)

0.161

(0.073)

0.069

Total

from

investment

operations

....................

0.408

(0.550)

0.289

0.196

0.384

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.348)

(0.300)

(0.289)

(0.297)

(0.334)

Net

asset

value,

end

of

year

.......................

$8.81

$8.75

$9.60

$9.60

$9.70

Total

return

....................................

4.72%

(5

.83)%

3.03%

2.10%

4.04%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.71%

0.67%

0.69%

0.69%

0.69%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.41%

0.41%

0.42%

0.42%

0.43%

Net

investment

income

...........................

3.84%

1.98%

1.33%

2.83%

3.24%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$174,506

$198,526

$251,429

$229,233

$254,314

Portfolio

turnover

rate

............................

55.59%

66.75%

85.02%

d

93.23%

51.93%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

e

....

55.59%

55.24%

56.22%

d

67.97%

51.93%

d

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

e

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Low

Duration

Total

Return

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

67

,

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.6%

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

—

—

Oil,

Gas

&

Consumable

Fuels

0.6%

Quarternorth

Energy

Holding,

Inc.

.........................

United

States

99,347

13,420,141

Total

Common

Stocks

(Cost

$9,655,216)

.......................................

13,420,141

Management

Investment

Companies

2.3%

Capital

Markets

2.3%

d

Franklin

Floating

Rate

Income

Fund

.......................

United

States

6,248,232

49,548,481

Total

Management

Investment

Companies

(Cost

$50,162,114)

....................

49,548,481

Principal

Amount

*

Corporate

Bonds

33.2%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

..............

United

States

10,400,000

9,558,376

General

Dynamics

Corp.

,

Senior

Note

,

3.25

%

,

4/01/25

.........

United

States

4,000,000

3,875,529

e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

....

United

States

1,500,000

1,466,857

14,900,762

Air

Freight

&

Logistics

0.1%

e

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

1,700,000

1,635,038

Automobile

Components

0.1%

e

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

4.75

%

,

10/01/27

..

United

States

1,200,000

1,095,598

Automobiles

0.3%

e

Mercedes-Benz

Finance

North

America

LLC

,

Senior

Note

,

144A,

4.95

%

,

3/30/25

.....................................

Germany

7,100,000

7,036,776

Banks

9.8%

e,f

ABN

AMRO

Bank

NV

,

Senior

Note

,

144A,

FRN

,

6.339

%

,

(

1-year

CMT

T-Note

+

1.65

%

),

9/18/27

..........................

Netherlands

1,800,000

1,780,985

Bank

of

America

Corp.

,

Senior

Note,

2.015%

to

2/12/25,

FRN

thereafter,

2/13/26

......

United

States

3,500,000

3,301,334

Senior

Note,

3.384%

to

4/01/25,

FRN

thereafter,

4/02/26

......

United

States

8,300,000

7,954,716

Senior

Note,

4.376%

to

4/26/27,

FRN

thereafter,

4/27/28

......

United

States

8,000,000

7,470,181

Bank

of

Montreal

,

H

,

Senior

Note

,

4.25

%

,

9/14/24

.............

Canada

9,850,000

9,692,131

Bank

of

Nova

Scotia

(The)

,

Senior

Note

,

2.951

%

,

3/11/27

.......

Canada

7,000,000

6,349,837

e

BNP

Paribas

SA

,

Senior

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

..................................

France

5,700,000

5,485,230

e

BPCE

SA

,

Senior

Note

,

144A,

2.375

%

,

1/14/25

...............

France

7,000,000

6,657,984

Citigroup,

Inc.

,

Senior

Note,

3.29%

to

3/16/25,

FRN

thereafter,

3/17/26

.......

United

States

8,200,000

7,854,111

Senior

Note,

3.106%

to

4/07/25,

FRN

thereafter,

4/08/26

......

United

States

6,500,000

6,205,004

Sub.

Bond,

4.6%,

3/09/26

.............................

United

States

2,600,000

2,492,544

HSBC

Holdings

plc

,

Senior

Bond,

4.3%,

3/08/26

............................

United

Kingdom

800,000

766,856

Senior

Note,

4.18%

to

12/08/24,

FRN

thereafter,

12/09/25

.....

United

Kingdom

6,000,000

5,844,282

Senior

Note,

2.013%

to

9/21/27,

FRN

thereafter,

9/22/28

......

United

Kingdom

7,600,000

6,381,273

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Huntington

National

Bank

(The)

,

Senior

Note

,

5.699%

to

11/17/24,

FRN

thereafter

,

11/18/25

..............................

United

States

5,700,000

$

5,535,375

JPMorgan

Chase

&

Co.

,

Senior

Note,

3.845%

to

6/13/24,

FRN

thereafter,

6/14/25

......

United

States

5,400,000

5,317,682

Senior

Note,

2.083%

to

4/21/25,

FRN

thereafter,

4/22/26

......

United

States

18,200,000

17,109,419

Sub.

Bond,

3.875%,

9/10/24

...........................

United

States

8,400,000

8,240,068

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

..................

United

States

5,400,000

5,023,754

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4

%

,

11/21/25

..

United

States

7,900,000

7,646,196

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note,

5.063%

to

9/11/24,

FRN

thereafter,

9/12/25

......

Japan

10,700,000

10,584,596

f

Senior

Note,

FRN,

5.719%,

(1-year

CMT

T-Note

+

1.08%),

2/20/26

...........................................

Japan

1,000,000

993,945

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

...................................

Japan

4,500,000

4,396,470

National

Bank

of

Canada

,

Senior

Note

,

3.75%

to

6/08/24,

FRN

thereafter

,

6/09/25

...................................

Canada

6,600,000

6,488,542

e

Nordea

Bank

Abp

,

Senior

Note

,

144A,

4.75

%

,

9/22/25

..........

Finland

3,800,000

3,722,601

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

...............................

United

Kingdom

5,900,000

5,145,146

e

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375

%

,

10/21/26

....

South

Korea

6,500,000

5,737,877

e

Societe

Generale

SA

,

Senior

Note,

144A,

2.226%

to

1/20/25,

FRN

thereafter,

1/21/26

.

France

6,600,000

6,219,375

Senior

Note,

144A,

1.792%

to

6/08/26,

FRN

thereafter,

6/09/27

.

France

3,900,000

3,428,693

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.285

%

,

9/13/24

.....

Canada

13,900,000

13,705,451

Truist

Financial

Corp.

,

Senior

Note

,

5.9%

to

10/27/25,

FRN

thereafter

,

10/28/26

..................................

United

States

6,800,000

6,689,176

Wells

Fargo

&

Co.

,

Senior

Note,

2.188%

to

4/29/25,

FRN

thereafter,

4/30/26

......

United

States

13,400,000

12,608,861

Senior

Note,

6.303%

to

10/22/28,

FRN

thereafter,

10/23/29

....

United

States

4,000,000

3,967,932

Sub.

Bond,

4.1%,

6/03/26

.............................

United

States

3,000,000

2,833,902

213,631,529

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Note

,

3.65

%

,

2/01/26

...........................

Belgium

8,000,000

7,693,342

e

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5

%

,

1/15/27

...........................................

United

Kingdom

4,400,000

3,825,592

11,518,934

Biotechnology

0.5%

AbbVie,

Inc.

,

Senior

Bond,

3.6%,

5/14/25

............................

United

States

810,000

783,882

Senior

Note,

3.8%,

3/15/25

............................

United

States

600,000

584,246

Senior

Note,

2.95%,

11/21/26

..........................

United

States

500,000

463,222

Amgen,

Inc.

,

Senior

Note

,

5.15

%

,

3/02/28

...................

United

States

10,200,000

9,959,041

11,790,391

Broadline

Retail

0.0%

a,e,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

1,068,278

—

a,e,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

470,581

—

—

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

69

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

2.6%

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

5.224%

to

11/20/24,

FRN

thereafter

,

11/21/25

..............................

United

States

7,900,000

$

7,838,625

Deutsche

Bank

AG

,

Senior

Note

,

4.162

%

,

5/13/25

.............

Germany

6,600,000

6,406,941

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

3.75%,

2/25/26

...........................

United

States

6,500,000

6,167,900

Senior

Note,

5.7%,

11/01/24

...........................

United

States

5,400,000

5,380,695

Senior

Note,

4.387%

to

6/14/26,

FRN

thereafter,

6/15/27

......

United

States

2,700,000

2,580,316

Senior

Note,

2.64%

to

2/23/27,

FRN

thereafter,

2/24/28

.......

United

States

5,500,000

4,873,544

Morgan

Stanley

,

Senior

Bond,

3.7%,

10/23/24

...........................

United

States

1,400,000

1,368,724

Senior

Note,

2.188%

to

4/27/25,

FRN

thereafter,

4/28/26

......

United

States

3,800,000

3,575,240

Sub.

Bond,

4.35%,

9/08/26

............................

United

States

7,800,000

7,381,706

UBS

Group

AG

,

Senior

Note,

4.55%,

4/17/26

...........................

Switzerland

5,100,000

4,876,923

e

Senior

Note,

144A,

6.373%

to

7/14/25,

FRN

thereafter,

7/15/26

.

Switzerland

500,000

497,101

e

Senior

Note,

144A,

5.711%

to

1/11/26,

FRN

thereafter,

1/12/27

.

Switzerland

6,500,000

6,395,410

57,343,125

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

Senior

Note

,

4.875

%

,

4/01/29

..........

United

States

4,000,000

3,838,187

Communications

Equipment

0.0%

†

e

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

..

United

States

900,000

541,354

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

6.1%,

1/15/27

............................

Ireland

2,200,000

2,164,830

Senior

Note,

3%,

10/29/28

............................

Ireland

3,000,000

2,528,054

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8

%

,

1/31/28

........

United

States

7,000,000

6,173,706

Caterpillar

Financial

Services

Corp.

,

Senior

Note

,

1.45

%

,

5/15/25

.

United

States

1,100,000

1,035,992

11,902,582

Consumer

Staples

Distribution

&

Retail

0.2%

e

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

Senior

Note

,

144A,

5.875

%

,

2/15/28

.........

United

States

600,000

575,324

e

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

...........

Chile

2,900,000

2,660,035

3,235,359

Diversified

Consumer

Services

0.1%

Grand

Canyon

University

,

Secured

Note

,

4.125

%

,

10/01/24

......

United

States

1,900,000

1,812,030

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

Senior

Note

,

1.65

%

,

2/01/28

....................

United

States

7,000,000

5,854,131

e

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

6.5

%

,

10/15/26

..

France

2,000,000

1,870,703

Verizon

Communications,

Inc.

,

Senior

Note

,

1.45

%

,

3/20/26

.....

United

States

15,700,000

14,204,250

21,929,084

Electric

Utilities

1.9%

Exelon

Corp.

,

Senior

Bond

,

3.4

%

,

4/15/26

...................

United

States

7,000,000

6,639,107

Florida

Power

&

Light

Co.

,

Senior

Note

,

4.4

%

,

5/15/28

.........

United

States

3,150,000

2,998,833

e

Korea

East-West

Power

Co.

Ltd.

,

Senior

Note,

144A,

1.75%,

5/06/25

......................

South

Korea

8,500,000

7,998,972

Senior

Note,

144A,

3.6%,

5/06/25

.......................

South

Korea

4,700,000

4,552,158

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note,

6.051%,

3/01/25

..........................

United

States

2,700,000

2,699,256

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

70

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

NextEra

Energy

Capital

Holdings,

Inc.,

(continued)

Senior

Note,

5.749%,

9/01/25

..........................

United

States

5,800,000

$

5,774,910

Southern

Co.

(The)

,

Senior

Bond,

3.25%,

7/01/26

...........................

United

States

6,850,000

6,404,959

Senior

Note,

5.5%,

3/15/29

............................

United

States

5,400,000

5,293,992

42,362,187

Entertainment

0.7%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

...........................................

France

1,400,000

1,366,194

Netflix,

Inc.

,

Senior

Bond,

5.75%,

3/01/24

...........................

United

States

1,800,000

1,797,678

Senior

Bond,

4.375%,

11/15/26

.........................

United

States

3,100,000

2,984,940

e

Senior

Note,

144A,

3.625%,

6/15/25

.....................

United

States

3,100,000

2,990,839

Walt

Disney

Co.

(The)

,

Senior

Note

,

1.75

%

,

1/13/26

...........

United

States

6,600,000

6,095,805

15,235,456

Financial

Services

0.5%

a,f

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

818,811

e

EDP

Finance

BV

,

Senior

Note

,

144A,

1.71

%

,

1/24/28

..........

Portugal

6,500,000

5,455,769

Fiserv,

Inc.

,

Senior

Note

,

2.25

%

,

6/01/27

....................

United

States

5,200,000

4,596,964

10,871,544

Food

Products

0.3%

Hershey

Co.

(The)

,

Senior

Note

,

4.25

%

,

5/04/28

..............

United

States

2,800,000

2,688,686

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note,

2.5%,

1/15/27

............................

United

States

2,800,000

2,461,102

Senior

Note,

3%,

2/02/29

.............................

United

States

900,000

741,618

5,891,406

Health

Care

Equipment

&

Supplies

0.4%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

300,000

281,222

GE

HealthCare

Technologies,

Inc.

,

WI,

Senior

Note,

5.55%,

11/15/24

.......................

United

States

2,800,000

2,787,100

WI,

Senior

Note,

5.65%,

11/15/27

.......................

United

States

5,000,000

4,950,515

8,018,837

Health

Care

Providers

&

Services

1.0%

Centene

Corp.

,

Senior

Note

,

3.375

%

,

2/15/30

................

United

States

2,700,000

2,234,923

Cigna

Group

(The)

,

Senior

Note

,

1.25

%

,

3/15/26

..............

United

States

8,300,000

7,468,926

CVS

Health

Corp.

,

Senior

Note

,

5

%

,

1/30/29

.................

United

States

4,700,000

4,500,361

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101

%

,

3/01/28

...........

United

States

4,000,000

3,738,054

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

15,000

13,709

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45

%

,

6/01/26

..........

United

States

4,150,000

3,914,060

21,870,033

Health

Care

REITs

0.2%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

.......................................

United

States

6,900,000

5,337,195

Hotels,

Restaurants

&

Leisure

0.3%

Sands

China

Ltd.

,

Senior

Note

,

2.55

%

,

3/08/27

...............

Macau

3,400,000

2,907,104

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

71

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

6

%

,

7/15/25

.......

Macau

2,700,000

$

2,546,964

5,454,068

Industrial

REITs

0.3%

Prologis

LP

,

Senior

Note

,

4.875

%

,

6/15/28

...................

United

States

7,800,000

7,507,709

Insurance

2.4%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/28

.....................

United

States

2,000,000

1,902,631

e

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

..

United

States

4,700,000

4,645,823

e

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

3.85

%

,

4/11/25

...

United

States

11,300,000

10,885,810

e

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

4.05%,

8/25/25

.....................

United

States

7,000,000

6,787,246

Secured

Note,

144A,

5.05%,

1/06/28

.....................

United

States

4,100,000

3,979,496

e

New

York

Life

Global

Funding

,

Secured

Note

,

144A,

3.6

%

,

8/05/25

United

States

10,700,000

10,353,018

e

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9

%

,

6/12/28

...........................................

United

States

5,000,000

4,803,438

e

Pricoa

Global

Funding

I

,

Secured

Note

,

144A,

5.1

%

,

5/30/28

.....

United

States

5,300,000

5,150,739

e

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

3.218

%

,

3/28/25

...........................................

United

States

4,000,000

3,848,218

52,356,419

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

..............

United

States

9,800,000

9,502,727

e

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81

%

,

1/26/26

.......

China

3,000,000

2,755,005

12,257,732

Life

Sciences

Tools

&

Services

0.2%

Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3

%

,

3/15/27

.........

United

States

900,000

820,794

Illumina,

Inc.

,

Senior

Note

,

5.8

%

,

12/12/25

..................

United

States

4,000,000

3,962,084

4,782,878

Machinery

0.2%

Parker-Hannifin

Corp.

,

Senior

Note

,

3.65

%

,

6/15/24

...........

United

States

4,700,000

4,631,765

Media

0.8%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.908

%

,

7/23/25

.....

United

States

8,000,000

7,824,601

Comcast

Corp.

,

Senior

Note

,

4.55

%

,

1/15/29

.................

United

States

6,400,000

6,077,286

e

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.25

%

,

12/01/26

...

United

States

2,000,000

1,617,051

Fox

Corp.

,

Senior

Note

,

3.05

%

,

4/07/25

.....................

United

States

2,000,000

1,920,358

17,439,296

Metals

&

Mining

0.0%

†

e

Novelis

Corp.

,

Senior

Note

,

144A,

3.25

%

,

11/15/26

............

United

States

1,000,000

891,282

Multi-Utilities

0.3%

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85

%

,

8/15/26

.........

United

States

1,300,000

1,197,041

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

...............

United

States

5,000,000

4,758,679

5,955,720

Oil,

Gas

&

Consumable

Fuels

2.2%

e

Aker

BP

ASA

,

Senior

Note

,

144A,

2

%

,

7/15/26

...............

Norway

3,296,000

2,948,925

BP

Capital

Markets

America,

Inc.

,

Senior

Note

,

3.41

%

,

2/11/26

...

United

States

7,000,000

6,674,867

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

5,800,000

$

5,773,755

Chevron

Corp.

,

Senior

Note

,

1.554

%

,

5/11/25

................

United

States

4,500,000

4,246,889

e

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375

%

,

6/15/26

...........................................

United

States

3,400,000

3,343,668

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

.................................

United

States

2,000,000

1,920,600

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

.............

United

States

5,200,000

5,047,121

EnLink

Midstream

Partners

LP

,

Senior

Bond

,

4.85

%

,

7/15/26

.....

United

States

3,900,000

3,669,868

MPLX

LP

,

Senior

Note

,

4.875

%

,

12/01/24

...................

United

States

6,800,000

6,709,944

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note,

5.75%,

5/15/24

....................

United

States

300,000

299,559

Senior

Secured

Note,

5.625%,

3/01/25

...................

United

States

2,000,000

1,987,520

e

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

...........................................

United

States

2,000,000

1,943,172

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

9/15/25

...........

United

States

2,300,000

2,212,439

46,778,327

Passenger

Airlines

0.2%

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.............................

United

States

1,083,333

1,054,553

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

3,070,000

2,984,635

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

300,000

278,583

4,317,771

Personal

Care

Products

0.8%

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Note

,

4.375

%

,

5/15/28

.....

United

States

3,100,000

2,961,362

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/27

.........

United

States

7,700,000

7,103,291

Kenvue,

Inc.

,

WI

,

Senior

Note

,

5.05

%

,

3/22/28

...............

United

States

7,500,000

7,363,133

e

Oriflame

Investment

Holding

plc

,

Senior

Secured

Note

,

144A,

5.125

%

,

5/04/26

.....................................

Switzerland

240,000

76,320

17,504,106

Pharmaceuticals

1.4%

AstraZeneca

plc

,

Senior

Note

,

0.7

%

,

4/08/26

.................

United

Kingdom

6,300,000

5,640,638

e

Bayer

US

Finance

II

LLC

,

Senior

Note,

144A,

3.875%,

12/15/23

....................

Germany

5,800,000

5,784,222

Senior

Note,

144A,

4.25%,

12/15/25

.....................

Germany

4,600,000

4,420,524

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

2.9

%

,

7/26/24

..........

United

States

2,551,000

2,499,285

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Note

,

4.45

%

,

5/19/28

United

States

8,800,000

8,414,853

Royalty

Pharma

plc

,

Senior

Note

,

1.75

%

,

9/02/27

.............

United

States

700,000

596,257

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

.....................................

Israel

2,200,000

2,000,215

29,355,994

Semiconductors

&

Semiconductor

Equipment

0.4%

Analog

Devices,

Inc.

,

WI

,

Senior

Note

,

3.45

%

,

6/15/27

.........

United

States

800,000

745,384

e

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

.............

South

Korea

9,900,000

8,904,098

9,649,482

Specialized

REITs

0.1%

Public

Storage

Operating

Co.

,

Senior

Note

,

5.125

%

,

1/15/29

.....

United

States

1,300,000

1,267,634

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

73

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

0.0%

†

e,f,h

Party

City

Corp.

,

144A,

FRN

,

Zero

Cpn.,

7/15/25

..............

United

States

565,890

$

73,017

Technology

Hardware,

Storage

&

Peripherals

0.3%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

5.9

%

,

10/01/24

....

United

States

5,690,000

5,680,696

Tobacco

0.8%

Altria

Group,

Inc.

,

Senior

Note

,

2.35

%

,

5/06/25

...............

United

States

4,200,000

3,981,793

e

Imperial

Brands

Finance

plc

,

Senior

Bond,

144A,

4.25%,

7/21/25

......................

United

Kingdom

5,495,000

5,309,447

Senior

Note,

144A,

3.125%,

7/26/24

.....................

United

Kingdom

700,000

683,471

Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/28

....

United

States

7,700,000

7,402,285

17,376,996

Wireless

Telecommunication

Services

0.3%

e

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

,

Senior

Secured

Note

,

144A,

4.738

%

,

3/20/25

...........................................

United

States

300,000

296,650

T-Mobile

USA,

Inc.

,

Senior

Note,

2.25%,

2/15/26

...........................

United

States

2,900,000

2,670,018

Senior

Note,

4.95%,

3/15/28

...........................

United

States

4,200,000

4,042,692

7,009,360

Total

Corporate

Bonds

(Cost

$766,272,891)

.....................................

722,087,659

i

Marketplace

Loans

2.5%

a

Financial

Services

2.5%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$61,502,757)

....................................

55,313,777

Foreign

Government

and

Agency

Securities

2.0%

e

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

...........................................

Supranational

j

3,900,000

3,477,692

Colombia

Government

Bond

,

Senior

Bond

,

8.125

%

,

5/21/24

.....

Colombia

5,300,000

5,370,109

e

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

......

France

1,000,000

979,146

Equinor

ASA

,

Senior

Note,

2.875%,

4/06/25

...........................

Norway

15,300,000

14,757,784

Senior

Note,

1.75%,

1/22/26

...........................

Norway

5,400,000

4,986,849

Export-Import

Bank

of

Korea

,

Senior

Bond

,

2.875

%

,

1/21/25

.....

South

Korea

2,000,000

1,937,110

e

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

.

South

Korea

2,800,000

2,785,757

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.........

Peru

800,000

642,433

Petroleos

Mexicanos

,

Senior

Note

,

6.875

%

,

10/16/25

..........

Mexico

990,000

951,219

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

1/21/24

......

Philippines

1,600,000

1,593,912

e

Romania

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

1/22/24

.

Romania

6,500,000

6,489,113

Total

Foreign

Government

and

Agency

Securities

(Cost

$46,040,360)

..............

43,971,124

U.S.

Government

and

Agency

Securities

35.1%

U.S.

Treasury

Notes

,

0.375%,

8/15/24

.....................................

United

States

205,000,000

196,983,723

0.625%,

10/15/24

....................................

United

States

210,000,000

200,641,329

1%,

12/15/24

.......................................

United

States

94,000,000

89,553,359

0.25%,

5/31/25

.....................................

United

States

87,000,000

80,522,579

4.625%,

6/30/25

.....................................

United

States

72,000,000

71,392,500

1.625%,

2/15/26

.....................................

United

States

53,000,000

49,157,500

k

Index

Linked,

0.125%,

4/15/26

..........................

United

States

23,400,000

25,624,824

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

0.75%,

8/31/26

.....................................

United

States

55,000,000

$

49,018,750

Total

U.S.

Government

and

Agency

Securities

(Cost

$767,753,911)

................

762,894,564

Asset-Backed

Securities

11.8%

Banks

0.7%

Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49

%

,

5/15/27

.

...........................................

United

States

9,780,000

9,448,457

Chase

Issuance

Trust

,

2022-A1

,

A

,

3.97

%

,

9/15/27

.

............

United

States

6,794,000

6,592,390

16,040,847

a

a

a

a

a

a

Consumer

Finance

1.7%

American

Express

Credit

Account

Master

Trust

,

2022-3

,

A

,

3.75

%

,

8/15/27

.

...........................................

United

States

18,235,000

17,657,665

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56

%

,

7/15/27

.

United

States

18,930,000

18,253,616

35,911,281

a

a

a

a

a

a

Financial

Services

9.4%

e

American

Homes

4

Rent

Trust

,

2014-SFR3,

A,

144A,

3.678%,

12/17/36

...................

United

States

675,618

656,650

2015-SFR1,

A,

144A,

3.467%,

4/17/52

....................

United

States

5,151,020

4,954,061

e,l

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

6.727

%

,

(

3-month

SOFR

+

1.312

%

),

4/20/34

.

.............................

United

States

19,306,000

19,096,640

BA

Credit

Card

Trust

,

2022-A1

,

A1

,

3.53

%

,

11/15/27

.

...........

United

States

3,870,000

3,739,792

e,l

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

6.634

%

,

(

3-month

SOFR

+

1.222

%

),

4/23/31

.

.....................

United

States

1,900,207

1,895,065

e,l

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1

,

144A,

FRN

,

6.808

%

,

(

3-month

SOFR

+

1.412

%

),

4/19/34

.

.....................

United

States

3,130,000

3,084,888

e,l

Carlyle

Direct

Lending

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

7.855

%

,

(

3-month

SOFR

+

2.462

%

),

10/15/31

.

..............

United

States

7,300,000

7,136,547

e,l

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

6.817

%

,

(

3-month

SOFR

+

1.402

%

),

4/20/34

.

..........

United

States

2,000,000

1,983,578

e

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69

%

,

7/15/60

.

.....

United

States

3,291,994

2,988,658

m

Conseco

Finance

Securitizations

Corp.

,

2002-2

,

M1

,

FRN

,

7.424

%

,

3/01/33

.

...........................................

United

States

55,649

55,683

e,m

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

25.86%,

12/15/43

................

United

States

2,772

2,629

2019-26,

PT,

144A,

FRN,

16.108%,

8/15/44

................

United

States

101,925

95,682

2019-31,

PT,

144A,

FRN,

12.109%,

9/15/44

................

United

States

86,946

79,836

2019-37,

PT,

144A,

FRN,

15.935%,

10/17/44

...............

United

States

94,194

89,090

2019-42,

PT,

144A,

FRN,

14.513%,

11/15/44

...............

United

States

91,086

85,226

2019-51,

PT,

144A,

FRN,

14.731%,

1/15/45

................

United

States

234,290

220,508

2019-52,

PT,

144A,

FRN,

13.603%,

1/15/45

................

United

States

277,918

261,230

2019-S1,

PT,

144A,

FRN,

4.311%,

4/15/44

.................

United

States

12,423

11,997

2019-S2,

PT,

144A,

FRN,

8.762%,

5/16/44

.................

United

States

19,858

18,383

2019-S3,

PT,

144A,

FRN,

9.663%,

6/15/44

.................

United

States

17,233

15,867

2019-S4,

PT,

144A,

FRN,

9.816%,

8/15/44

.................

United

States

51,646

49,573

2019-S5,

PT,

144A,

FRN,

10.314%,

9/15/44

................

United

States

53,105

49,492

2019-S6,

PT,

144A,

FRN,

8.155%,

10/17/44

................

United

States

71,674

66,335

2019-S7,

PT,

144A,

FRN,

8.271%,

12/15/44

................

United

States

103,496

95,586

2019-S8,

PT,

144A,

FRN,

8.946%,

1/15/45

.................

United

States

125,788

116,485

2020-2,

PT,

144A,

FRN,

14.503%,

3/15/45

.................

United

States

276,449

259,222

2020-7,

PT,

144A,

FRN,

15.031%,

4/17/45

.................

United

States

168,994

156,212

e,l

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.784

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

.............................

United

States

1,000,000

980,693

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

75

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

l

Countrywide

Asset-Backed

Certificates

Trust

,

2002-3

,

1A1

,

FRN

,

6.179

%

,

(

1-month

SOFR

+

0.854

%

),

5/25/32

.

...............

United

States

289

$

287

l

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

6.189

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

...................................

United

States

25,520

24,940

e,l

Dryden

85

CLO

Ltd.

,

2020-85A

,

AR

,

144A,

FRN

,

6.805

%

,

(

3-month

SOFR

+

1.412

%

),

10/15/35

.

............................

United

States

2,110,000

2,088,032

e,l

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

7.327

%

,

(

3-month

SOFR

+

1.912

%

),

7/20/30

.

.............................

United

States

2,663,285

2,667,845

e

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

4,152,546

3,766,118

e,l

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

6.653

%

,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

.............................

United

States

1,461,445

1,454,152

e,l

GoldenTree

Loan

Management

US

CLO

1

Ltd.

,

2021-9A

,

A

,

144A,

FRN

,

6.747

%

,

(

3-month

SOFR

+

1.332

%

),

1/20/33

.

..........

United

States

15,731,000

15,632,519

e

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.

United

States

1,380,922

1,163,893

e,l

Magnetite

XXIX

Ltd.

,

2021-29A

,

A

,

144A,

FRN

,

6.645

%

,

(

3-month

SOFR

+

1.252

%

),

1/15/34

.

.............................

United

States

21,809,000

21,696,500

e,l

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

7.074

%

,

(

3-month

SOFR

+

1.662

%

),

10/21/30

.

..............

United

States

2,295,000

2,276,729

e,l

Neuberger

Berman

CLO

XVI-S

Ltd.

,

2017-16SA

,

AR

,

144A,

FRN

,

6.695

%

,

(

3-month

SOFR

+

1.302

%

),

4/15/34

.

...............

United

States

15,000,000

14,849,579

e

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

13,870,000

11,881,661

e,l

Octagon

56

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

6.815

%

,

(

3-month

SOFR

+

1.422

%

),

10/15/34

.

...................................

United

States

15,000,000

14,844,973

e,l

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

6.615

%

,

(

3-month

SOFR

+

1.222

%

),

4/16/31

.

...............

United

States

942,913

936,641

e,l

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

6.777

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

...............

United

States

2,000,000

1,962,878

e,l

Octagon

Investment

Partners

46

Ltd.

,

2020-2A

,

AR

,

144A,

FRN

,

6.815

%

,

(

3-month

SOFR

+

1.422

%

),

7/15/36

.

...............

United

States

17,400,000

17,303,831

e,l

OHA

Credit

Partners

VII

Ltd.

,

2012-7A

,

AR3

,

144A,

FRN

,

6.711

%

,

(

3-month

SOFR

+

1.332

%

),

2/20/34

.

.....................

United

States

17,876,000

17,727,297

e,m

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

14.089%,

3/15/26

................

United

States

146,975

142,518

2020-PT2,

A,

144A,

FRN,

12.177%,

4/15/26

................

United

States

176,504

167,699

2020-PT3,

A,

144A,

FRN,

5.076%,

5/15/26

.................

United

States

68,349

62,099

l

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

6.139

%

,

(

1-month

SOFR

+

0.814

%

),

3/25/34

.

...................................

United

States

66,902

65,483

e,l

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

6.775

%

,

(

3-month

SOFR

+

1.382

%

),

4/15/36

.

...................................

United

States

23,418,000

23,183,844

e,m

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

30.725%,

6/15/25

................

United

States

16,456

14,664

2019-PT2,

A,

144A,

FRN,

21.642%,

2/15/26

................

United

States

141,725

138,162

e,l

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.905

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...................................

United

States

2,500,000

2,451,472

204,749,424

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

34,850

30,795

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

273,600

262,382

293,177

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$262,342,217)

..............................

256,994,729

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

1.7%

Financial

Services

1.7%

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705

%

,

9/15/48

.....................................

United

States

100,000

$

94,628

e,l

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

6.149

%

,

(

1-month

SOFR

+

0.814

%

),

9/15/36

......................

United

States

5,430,000

5,266,749

e,l

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

6.138

%

,

(

1-month

SOFR

+

0.804

%

),

10/15/36

............................

United

States

7,517,000

7,337,093

e,l

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

6.825

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

....................................

United

States

7,828,852

7,716,018

m

Commercial

Mortgage

Trust

,

2006-GG7

,

AJ

,

FRN

,

6.012

%

,

7/10/38

United

States

836,002

362,407

e,l

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

8.5

%

,

(

PRIME

+

0.7

%

),

6/15/34

......................................

United

States

9,145,000

9,157,797

e,m

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

.....................................

United

States

2,005,000

1,788,395

GS

Mortgage

Securities

Trust

,

2016-GS3,

A4,

2.85%,

10/10/49

.........................

United

States

600,000

543,612

2017-GS6,

A3,

3.433%,

5/10/50

.........................

United

States

2,000,000

1,786,430

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30,

A5,

3.822%,

7/15/48

.........................

United

States

1,500,000

1,413,040

2016-C1,

A5,

3.576%,

3/17/49

..........................

United

States

1,500,000

1,405,800

36,871,969

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$38,112,835)

................

36,871,969

Mortgage-Backed

Securities

1.3%

n

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

4.327%

-

5.1%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.........

United

States

547,320

552,353

552,353

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.0%

FHLMC

Gold

Pool,

30

Year,

5%,

1/01/39

....................

United

States

43,914

42,352

FHLMC

Pool,

15

Year,

3%,

10/01/37

.......................

United

States

11,513,750

10,304,630

FHLMC

Pool,

15

Year,

3.5%,

10/01/37

......................

United

States

12,169,161

11,119,848

21,466,830

n

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.3%

FNMA,

2.462%

-

5.343%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

....................................

United

States

18,401

17,856

FNMA,

3.948%

-

5.6%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

..................................

United

States

34,348

33,407

FNMA,

5.613%,

(5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

...

United

States

16,513

16,436

FNMA,

6.375%,

(6-month

H15BDI

+/-

MBS

Margin),

8/01/32

.....

United

States

13,175

12,958

FNMA,

6.455%

-

6.475%,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

..........

United

States

27,226

27,207

FNMA,

3.59%

-

6.5%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

..............

United

States

3,333,842

3,346,902

FNMA,

3.645%

-

6.599%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

3/01/24

-

4/01/40

....................................

United

States

678,353

671,537

FNMA,

5.999%

-

7.298%,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.......................

United

States

145,708

143,343

FNMA,

4.16%

-

7.37%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

1/01/25

-

8/01/37

..........

United

States

385,194

379,930

4,649,576

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

15

Year,

3.5%,

10/01/25

...........................

United

States

98,798

96,797

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

77

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,

15

Year,

4%,

12/01/25

............................

United

States

119,769

$

116,127

FNMA,

15

Year,

4.5%,

1/01/24

-

6/01/25

....................

United

States

30,423

30,376

FNMA,

30

Year,

5%,

3/01/38

.............................

United

States

6,178

5,988

249,288

n

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

3.625%

-

3.875%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

....................................

United

States

3,997

3,915

3,915

Total

Mortgage-Backed

Securities

(Cost

$28,041,221)

............................

26,921,962

Municipal

Bonds

1.1%

California

0.3%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

.............................

United

States

5,795,000

5,271,459

Hawaii

0.1%

City

&

County

Honolulu

,

Wastewater

System

,

Revenue

,

2019

B

,

Refunding

,

2.233

%

,

7/01/24

............................

United

States

2,470,000

2,415,990

Massachusetts

0.1%

Massachusetts

State

College

Building

Authority

,

Revenue

,

2019

C

,

Refunding

,

2.256

%

,

5/01/26

............................

United

States

2,635,000

2,439,021

New

York

0.4%

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2019

B

,

Refunding

,

2.25

%

,

3/15/26

...........

United

States

8,750,000

8,132,591

Texas

0.2%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

.....................................

United

States

4,825,000

4,519,645

Total

Municipal

Bonds

(Cost

$24,202,911)

......................................

22,778,706

Residential

Mortgage-Backed

Securities

3.9%

Capital

Markets

0.0%

†

l

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A,

1A,

FRN,

6.179%,

(1-month

SOFR

+

0.854%),

3/25/28

.

United

States

48,686

45,593

2003-E,

A1,

FRN,

6.059%,

(1-month

SOFR

+

0.734%),

10/25/28

United

States

139,197

127,236

172,829

a

a

a

a

a

a

Financial

Services

3.9%

l

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

7.901

%

,

(

6-month

SOFR

+

2.428

%

),

6/25/45

...............

United

States

138,823

136,852

e,m

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

..........................................

United

States

2,958,279

2,758,972

m

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

4.523

%

,

7/25/34

...........................................

United

States

544,976

496,104

e,m

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

...........

United

States

83,551

75,360

e,m

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

...........................................

United

States

2,854,420

2,645,411

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

........................................

Switzerland

102,991

57,962

e,m

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5

%

,

7/25/44

........

United

States

314,871

275,618

l

FHLMC

STACR

Debt

Notes

,

2014-DN3,

M3,

FRN,

9.435%,

(30-day

SOFR

Average

+

4.114%),

8/25/24

...........................................

United

States

615,045

616,545

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

l

FHLMC

STACR

Debt

Notes,

(continued)

2014-DN4,

M3,

FRN,

9.985%,

(30-day

SOFR

Average

+

4.664%),

10/25/24

..........................................

United

States

1,064,723

$

1,072,784

2014-HQ2,

M3,

FRN,

9.185%,

(30-day

SOFR

Average

+

3.864%),

9/25/24

...........................................

United

States

4,881,210

4,979,509

2016-DNA2,

M3,

FRN,

10.085%,

(30-day

SOFR

Average

+

4.764%),

10/25/28

...................................

United

States

5,440,333

5,714,921

2016-HQA2,

M3,

FRN,

10.585%,

(30-day

SOFR

Average

+

5.264%),

11/25/28

...................................

United

States

4,041,904

4,286,031

l

FNMA

Connecticut

Avenue

Securities

,

2014-C01,

M2,

FRN,

9.835%,

(30-day

SOFR

Average

+

4.514%),

1/25/24

...........................................

United

States

917,812

924,763

2014-C02,

2M2,

FRN,

8.035%,

(30-day

SOFR

Average

+

2.714%),

5/25/24

...........................................

United

States

618,749

623,083

2014-C03,

2M2,

FRN,

8.335%,

(30-day

SOFR

Average

+

3.014%),

7/25/24

...........................................

United

States

2,693,160

2,717,246

2014-C04,

2M2,

FRN,

10.435%,

(30-day

SOFR

Average

+

5.114%),

11/25/24

...................................

United

States

471

471

2015-C01,

1M2,

FRN,

9.735%,

(30-day

SOFR

Average

+

4.414%),

2/25/25

...........................................

United

States

1,599,846

1,647,910

2015-C02,

1M2,

FRN,

9.435%,

(30-day

SOFR

Average

+

4.114%),

5/25/25

...........................................

United

States

2,332,847

2,410,987

2015-C03,

1M2,

FRN,

10.435%,

(30-day

SOFR

Average

+

5.114%),

7/25/25

....................................

United

States

2,451,619

2,577,209

2016-C01,

1M2,

FRN,

12.185%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

....................................

United

States

511,785

545,593

2016-C01,

2M2,

FRN,

12.385%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

....................................

United

States

1,745,673

1,828,961

m

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

4.796

%

,

1/25/35

United

States

84,677

76,544

m

J.P.

Morgan

Mortgage

Trust

,

2004-A1,

5A1,

FRN,

4.24%,

2/25/34

......................

United

States

17,085

16,611

e

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

10,531,111

8,721,452

e

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

2,079,927

1,707,328

e,m

Mill

City

Mortgage

Loan

Trust

,

2018-1,

A1,

144A,

FRN,

3.25%,

5/25/62

...................

United

States

2,882,955

2,783,382

2018-4,

A1B,

144A,

FRN,

3.5%,

4/25/66

...................

United

States

4,269,010

4,066,013

l

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

6.114

%

,

(

1-month

SOFR

+

0.789

%

),

2/25/36

.............................

United

States

43,449

41,618

e

OBX

Trust

,

l

2018-1,

A2,

144A,

FRN,

6.089%,

(1-month

SOFR

+

0.764%),

6/25/57

...........................................

United

States

732,947

695,705

m

2021-J3,

A4,

144A,

FRN,

2.5%,

10/25/51

..................

United

States

1,826,914

1,507,552

e,m

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

7,004,235

5,757,285

e,m

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

10,498,767

8,808,640

l

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

6.179

%

,

(

1-month

SOFR

+

0.854

%

),

9/25/34

......................

United

States

241,191

216,203

e,m

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

460,318

456,270

2018-4,

A1,

144A,

FRN,

3%,

6/25/58

.....................

United

States

8,258,350

7,452,180

2019-1,

A1,

144A,

FRN,

3.75%,

3/25/58

...................

United

States

6,176,832

5,735,525

84,434,600

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$95,438,575)

.................

84,607,429

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

79

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

..............

South

Africa

60,686

$

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

.....................

United

States

1,900,000

137,750

Total

Escrows

and

Litigation

Trusts

(Cost

$1,838,967)

...........................

137,750

Total

Long

Term

Investments

(Cost

$2,151,363,975)

.............................

2,075,548,291

a

Short

Term

Investments

3.7%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.0%

d,o

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

43,685,347

43,685,347

Total

Money

Market

Funds

(Cost

$43,685,347)

..................................

43,685,347

Principal

Amount

*

a

a

a

Repurchase

Agreements

1.7%

p

Joint

Repurchase

Agreement,

5.215%,

11/01/23

(Maturity

Value

$36,294,870)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$16,736,291)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$8,177,960)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$11,380,619)

Collateralized

by

U.S.

Government

Agency

Securities,

1.8%

-

7.5%,

5/15/27

-

10/20/53;

U.S.

Government

Agency

Strips,

2/15/30

-

5/15/46;

U.S.

Treasury

Bonds,

6.13%

-

6.88%,

8/15/25

-

11/15/27;

and

U.S.

Treasury

Notes,

0.38%

-

4.75%,

11/30/23

-

8/31/28

(valued

at

$37,054,020)

...............................

36,289,613

36,289,613

Total

Repurchase

Agreements

(Cost

$36,289,613)

...............................

36,289,613

Total

Short

Term

Investments

(Cost

$79,974,960

)

................................

79,974,960

a

Total

Investments

(Cost

$2,231,338,935)

99.2%

..................................

$2,155,523,251

Other

Assets,

less

Liabilities

0.8%

.............................................

18,314,250

Net

Assets

100.0%

...........................................................

$2,173,837,501

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

*

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

13

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

8

regarding

restricted

securities.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$482,492,763,

representing

22.2%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

See

Note

7

regarding

credit

risk

and

defaulted

securities.

i

See

Note

1(i)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

j

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

k

Principal

amount

of

security

is

adjusted

for

inflation.

See

Note

1(k).

l

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

See

Note

1(c)

regarding

joint

repurchase

agreement.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Low

Duration

Total

Return

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

81

,

At

October

31,

2023,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

Description

Principal

Amount

Value

Marketplace

Loans

-

2.5%

Block,

Inc.

5382818.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

$

42

$

11

5394107.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

303

80

5397942.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

570

191

5400388.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,133

722

5411337.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

839

267

5411468.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

248

145

5414116.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

15,698

3,860

5414769.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,337

211

5462926.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

3,148

284

5472389.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,558

427

5473313.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

683

151

5473776.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

2,036

667

5474055.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

1,696

592

5481590.SQ.FTS.B,

Zero

Cpn,

12/06/23

..

991

200

5507161.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

8,476

1,946

5518301.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

22,861

9,079

5528209.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

28,387

8,287

5532399.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,906

201

5534237.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

6,545

1,345

5537587.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

2,687

318

5540468.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

1,805

401

5550397.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

15,511

5,051

5552696.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

6,663

1,359

5554476.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

2,479

701

5554806.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,418

253

5557572.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,381

252

5557933.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

785

370

5558623.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,085

450

5562881.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,180

849

5563818.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

428

149

5563833.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

204

122

5564544.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,336

359

5564661.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,190

746

5565100.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,552

917

5565348.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

8,568

2,187

5568047.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

25,893

7,644

5568680.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

447

247

5569241.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

189

141

5571589.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

1,376

417

5571676.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

1,927

273

5575033.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,041

336

5575348.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

936

597

5576519.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

4,813

1,691

5577616.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

746

292

5581276.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

869

311

5581687.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

529

197

5584721.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

2,213

892

5584916.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

3,248

1,095

5585270.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

281

113

5588007.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

16,177

1,746

5588118.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

157

123

5588372.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

8,728

1,616

5588652.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

881

273

5588819.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,320

183

5588829.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

2,427

1,432

5594146.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

3,596

1,463

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5595419.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

$

1,655

$

367

5597324.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,316

328

5597532.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

496

134

5597616.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

7,276

2,384

5598446.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

607

60

5600022.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,161

520

5600473.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

248

116

5600497.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

130

61

5600512.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

8,852

867

5610840.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

7,754

700

5611660.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

167

73

5615484.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

9,295

2,326

5618540.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

545

340

5618906.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

2,590

628

5622466.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,406

226

5624747.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,208

348

5624912.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

294

145

5627076.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

8,401

2,568

5627773.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,198

442

5628952.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

4,403

1,317

5630143.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

506

171

5630388.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

498

253

5640772.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

1,825

355

5641349.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

1,084

108

5642051.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

483

361

5651368.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

66

42

5656415.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

865

287

5662108.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

6,816

1,541

5662396.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

879

295

5667327.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

22,164

6,576

5671837.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,021

372

5694516.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

36,178

10,835

5707166.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

2,496

1,178

5712977.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,502

582

5714794.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

5,387

3,967

5718687.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

712

177

5719839.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

7,877

3,230

5720918.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,184

462

5729235.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

3,052

1,812

5730596.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

785

248

5731830.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

12,416

3,060

5732468.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

156

90

5732580.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

756

136

5733330.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

17,241

12,181

5734498.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,621

676

5738195.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

854

348

5739159.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

13,484

2,478

5740833.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

315

182

5741356.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,619

156

5742284.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

6,940

2,083

5744108.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

995

896

5746817.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

5,246

2,312

5752919.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

812

642

5753332.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,135

799

5753519.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

88

70

5754537.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

930

282

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5754674.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

$

2,696

$

263

5757339.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

697

356

5762467.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

2,052

332

5768898.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

1,889

787

5771987.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

20,849

11,157

5774005.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,473

332

5774288.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,182

542

5779421.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

1,309

554

5779587.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

969

94

5779612.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

3,348

905

5783939.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

867

374

5784284.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

5,640

1,282

5787095.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

491

206

5788688.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

24,427

11,678

5790156.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,282

503

5790251.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,713

280

5801823.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

903

283

5802372.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

5,979

1,824

5803073.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

369

267

5803772.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,128

544

5806812.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,311

450

5807048.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

703

200

5807339.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

9,138

4,124

5811792.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

5,438

4,254

5812422.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

1,059

780

5813279.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,311

631

5813539.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

2,195

916

5813757.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

536

258

5813805.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

571

136

5820502.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,422

242

5820697.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,220

119

5821573.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,346

250

5822374.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

440

120

5823975.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

134

126

5830050.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

1,105

871

5830227.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

196

106

5830235.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

10,562

4,148

5831651.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

368

336

5832721.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

601

453

5833277.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,687

890

5833649.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

9,478

5,179

5833923.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,357

1,203

5834289.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

913

398

5836241.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

4,473

524

5836746.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

394

267

5837597.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

795

407

5837692.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,489

484

5837836.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

4,096

1,243

5838132.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

490

119

5842217.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

755

93

5843755.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

5,701

2,234

5845026.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

716

148

5845038.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,162

657

5846114.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,043

2,001

5848218.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,095

1,493

5848448.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

960

347

5848518.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,368

721

5849069.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

5,862

2,455

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5850752.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

$

137

$

134

5851164.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

26,208

4,882

5852595.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,240

879

5852732.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

6,024

1,117

5853179.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

363

342

5853867.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

6,893

1,305

5854302.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,611

1,090

5855340.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

25

22

5855566.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

168

155

5855717.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,319

312

5856105.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

570

100

5857372.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

683

588

5861074.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,179

577

5861387.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

347

127

5862719.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,110

528

5864418.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,386

4,030

5867284.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,662

865

5871974.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

354

142

5873637.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

51

46

5874911.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

2,099

1,421

5876337.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

2,139

201

5877622.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

1,737

401

5881097.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

3,348

1,189

5888259.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

69

69

5889200.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

782

112

5889950.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,001

492

5889977.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,467

5,642

5890652.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

5,299

1,784

5893134.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

12,238

5,029

5893733.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

558

365

5894262.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,335

2,614

5894927.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

97

89

5894989.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

1,832

951

5895434.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

233

174

5901096.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

14,211

4,505

5901715.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

491

380

5903831.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

3,131

2,567

5908142.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

21,534

8,074

5908682.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

482

305

5909211.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

10,377

7,085

5912773.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

13,179

3,632

5913027.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

426

376

5914110.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

1,688

993

5915164.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,047

661

5916065.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,336

1,622

5918667.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

4,117

3,425

5919675.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

235

218

5922874.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

9,877

2,910

5924210.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

13,250

10,055

5925246.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,050

2,194

5929107.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,507

988

5929675.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

310

152

5930081.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,383

260

5932661.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

357

255

5934510.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

1,073

126

5937710.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

9,403

2,743

5938544.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

8,920

1,986

5939909.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,104

2,745

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

83

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5941408.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

$

4,459

$

1,112

5943314.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,040

582

5943690.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,168

895

5945430.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,439

1,165

5949113.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

4,893

2,449

5949246.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,143

689

5949611.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,582

1,074

5949681.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

147

111

5949698.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

289

263

5950325.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

1,266

207

5951102.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

199

188

5951713.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

1,970

577

5951743.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

12,927

3,085

5952038.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,030

946

5953015.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,471

1,255

5954049.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

60

54

5954057.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

10,357

5,233

5955467.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

4,424

1,426

5956156.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

5,083

1,223

5956226.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

5,662

3,432

5958877.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

269

262

5959066.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,222

1,981

5959659.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,433

1,138

5959894.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,969

1,783

5960644.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

52

47

5960662.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

98

94

5961512.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

639

247

5961920.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

6,800

5,860

5965480.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

3,540

1,308

5966004.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

25,979

9,691

5966970.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

6,042

4,589

5971088.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,819

1,271

5972193.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

3,163

1,353

5972346.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,924

1,031

5972484.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

8,468

7,303

5974110.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

764

205

5974884.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

2,485

2,258

5975492.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

812

760

5977756.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

10,272

3,753

5978241.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

660

602

5978395.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

5,654

1,200

5978518.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

6,593

3,674

5979445.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

12

11

5980004.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

14,671

4,012

5980834.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

2,059

342

5980967.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

191

159

5981203.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

3,392

2,647

5983711.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

170

95

5983727.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,611

1,107

5984682.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

585

101

5986413.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,347

235

5989761.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

125

64

5989789.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

231

186

5991501.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,416

297

5991559.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,645

1,615

5992175.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

801

315

5994719.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,468

2,020

5995767.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,398

1,245

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5996138.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

$

2,729

$

1,205

5996458.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

16,042

5,917

5996647.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

1,379

1,152

5997093.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

6,729

4,756

5997621.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,321

383

6000204.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

175

117

6001625.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

146

46

6001752.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

8,388

5,809

6002205.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

283

226

6003010.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,626

333

6003035.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

40,734

16,071

6004389.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

854

608

6005126.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

5,285

3,537

6005761.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

771

255

6006167.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

12,418

9,924

6006837.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

11,360

4,060

6006972.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

563

220

6007073.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

72

68

6007321.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

527

467

6007679.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,522

596

6010152.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,140

2,874

6010579.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

911

609

6011305.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

745

615

6012042.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

104

102

6012799.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,472

2,309

6013787.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

380

210

6014176.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

698

246

6015922.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,381

730

6016010.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,543

2,262

6016187.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

305

298

6017671.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,081

285

6020766.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,785

362

6020853.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,184

462

6020901.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

746

741

6021277.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

4,902

1,007

6022191.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,494

1,466

6022441.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

969

873

6022461.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

148

131

6022726.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,328

1,077

6024779.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,205

735

6025558.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

833

170

6026347.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

84

66

6026398.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,245

787

6030375.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,915

1,667

6032149.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

7,651

3,006

6033308.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,943

1,510

6035132.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

777

443

6035358.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

4,232

3,065

6037303.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

10,274

7,027

6037518.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

968

746

6038304.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

201

184

6038307.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

11,023

3,037

6038663.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,867

1,481

6039096.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,390

1,344

6041701.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

6,983

701

6041983.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

40,970

10,134

6046321.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,007

993

6046375.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,159

337

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6047533.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

$

986

$

874

6047820.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,332

948

6047891.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

25,098

18,524

6048429.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,407

3,152

6048564.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,185

525

6050998.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,592

4,310

6051129.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,172

2,402

6051266.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,067

1,770

6051791.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,659

3,262

6056014.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

13,974

10,461

6056540.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

61

58

6056808.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,150

2,108

6057566.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

462

435

6057689.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

54

50

6057791.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

3,777

3,604

6057856.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

4,257

1,288

6057877.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,158

1,129

6058394.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,571

1,021

6058411.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,465

1,149

6059039.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

325

239

6059314.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

5,060

3,617

6059813.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

6,787

1,218

6060944.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,932

1,861

6061453.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

3,221

2,921

6062536.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

4,586

1,526

6062959.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

289

217

6063093.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

3,406

796

6064603.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

350

324

6065870.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,192

1,089

6066715.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

334

290

6066772.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

616

603

6066955.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,810

1,368

6109460.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

5,188

4,307

6120750.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

557

226

6120756.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

204

188

6120938.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

19,846

3,626

6122160.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

1,030

993

6122715.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

45,745

24,269

6123399.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

239

233

6123680.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

33,867

18,393

6124687.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

3,140

2,829

6125197.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,302

1,243

6125695.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

5,963

5,256

6126232.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

994

781

6126259.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

855

820

6126608.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

4,440

1,594

6126676.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

5,721

5,558

6127192.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,501

906

6127273.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,447

1,023

6127374.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,574

430

6131346.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

3,476

3,188

6132104.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

3,152

2,944

6133707.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

11,499

3,250

6134305.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

13,059

12,231

6134623.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

21,035

16,102

6134865.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,935

3,820

6135022.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,579

2,528

6135248.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

8,060

2,616

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6135702.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

$

1,105

$

639

6136113.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,104

2,736

6136349.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

173

112

6136481.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,428

734

6137611.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

511

230

6137703.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

914

237

6139899.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,390

1,800

6141331.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

884

842

6141598.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

8,126

4,732

6141802.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

510

387

6141840.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,197

975

6142329.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

745

716

6144045.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

399

316

6144839.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

6,813

3,819

6145011.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

769

760

6145716.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

9,466

4,465

6145876.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,747

498

6145953.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,214

1,174

6146248.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

3,142

2,844

6147217.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

462

181

6147230.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

2,220

2,051

6147426.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

1,690

1,265

6147492.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

505

213

6147656.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

715

464

6147679.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

3,793

2,843

6148012.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

50

47

6149785.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,256

554

6150045.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

744

655

6150201.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

755

266

6151232.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

419

256

6151254.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

34,791

13,839

6153219.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,934

1,246

6153275.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,420

1,670

6153972.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

141

138

6154042.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

6,004

5,660

6154525.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

343

340

6155893.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,689

674

6155930.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

9,003

1,665

6157641.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

116

108

6157661.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

955

402

6157670.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,666

664

6157710.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,004

998

6158330.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

76

75

6158976.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

662

272

6160815.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

18,893

17,462

6161004.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

1,893

1,765

6161316.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

804

775

6161916.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,028

531

6162241.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,834

1,762

6162742.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,813

3,441

6163115.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

9,867

4,505

6163558.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

820

236

6163673.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,743

1,648

6163704.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

381

366

6164110.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,016

979

6164424.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,709

753

6165145.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

1,021

850

6165678.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

4,327

994

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

85

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6165977.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

$

1,011

$

871

6166335.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

5,817

5,588

6168927.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

6,647

6,549

6169587.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

4,056

1,817

6169978.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

564

542

6170990.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,574

1,405

6171064.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,562

1,297

6171117.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,076

2,014

6171294.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,168

480

6171310.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

598

538

6171786.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

641

610

6172045.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

656

543

6173147.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,364

2,075

6173207.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

772

758

6173433.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,252

2,081

6173644.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

6,033

5,080

6173987.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,457

1,342

6174077.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

777

679

6174099.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

882

590

6174644.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

879

791

6174665.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,501

1,195

6175348.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

12,238

11,962

6178370.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

55

48

6178990.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,079

1,796

6179370.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,946

1,426

6179623.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,053

1,011

6179723.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,310

4,178

6179908.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

103

97

6179958.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

789

773

6180061.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

141

139

6180067.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

644

634

6180164.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,240

937

6180254.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,432

4,061

6181329.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

941

880

6181401.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

643

413

6182309.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,673

1,581

6182359.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,935

1,891

6183450.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

3,246

3,121

6183669.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

7,062

5,967

6183889.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

10,674

8,805

6184697.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

5,378

4,673

6184876.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

5,881

2,611

6185855.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

2,635

1,758

6186156.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

456

446

6186244.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

678

631

6186637.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

681

659

6186836.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,281

1,676

6186999.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,145

958

6188752.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

772

755

6188810.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

4,386

4,146

6189329.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

16,495

14,600

6190102.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,160

605

6190213.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

219

212

6190783.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,090

181

6190859.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

381

310

6190985.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

5,651

5,470

6191317.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

529

509

6192067.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

497

232

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6192723.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

$

343

$

296

6194735.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,577

964

6194754.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,402

1,093

6194832.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,970

3,907

6195067.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

850

833

6195557.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,813

1,746

6195754.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

7,539

7,263

6196374.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

452

450

6196554.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,328

2,051

6196734.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,042

359

6196818.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

583

574

6196936.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,154

325

6197006.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,432

2,235

6199760.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

18,699

14,024

6200609.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,137

397

6200641.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

455

385

6202896.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

591

410

6203333.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

798

723

6203362.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

24,392

17,158

6204357.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

10,898

8,845

6204820.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,654

707

6206170.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

153

129

6206242.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

941

745

6206617.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

393

307

6206729.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,027

1,017

6206838.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

2,163

1,910

6207369.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,067

766

6207861.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

37,929

6,646

6208894.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,331

1,294

6209054.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

315

309

6209701.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

3,125

2,427

6213350.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

786

732

6213383.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

636

600

6213794.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

3,389

1,499

6214034.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

8,577

8,284

6214394.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

185

183

6215032.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,365

2,368

6216579.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

711

305

6216601.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,272

1,388

6216993.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,558

1,395

6217064.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,613

2,369

6217865.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

14,901

13,813

6219277.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,831

1,469

6219730.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,055

2,011

6220076.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

3,725

522

6220131.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

8,591

8,393

6220695.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

23,011

17,617

6221174.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

707

703

6223854.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

1,226

1,031

6224598.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

454

443

6225147.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

2,909

2,598

6226446.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

763

756

6226503.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,008

2,472

6226978.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

214

194

6227620.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,912

1,743

6227804.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

90

80

6227879.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

4,513

3,535

6228415.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,356

1,127

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

86

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6228503.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

$

7,244

$

6,178

6229047.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

181

177

6229080.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

885

880

6229129.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

44,876

24,631

6234555.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,536

841

6235160.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

6,431

794

6235237.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

3,421

3,010

6235489.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

13,206

8,662

6235701.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

2,678

2,548

6235797.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

5,020

507

6235824.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

1,663

718

6236009.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

2,353

2,270

6236068.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

8,349

6,273

6236218.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

3,084

3,026

6236331.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

1,465

1,453

6236408.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

752

384

6236427.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

10,363

1,395

6236717.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

280

246

6236739.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

1,484

1,433

6237557.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

429

366

6237605.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

173

156

6237922.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

937

872

6238700.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

410

282

6238744.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

591

269

6239610.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

349

323

6240143.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,654

2,396

6240208.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

5,830

1,818

6240483.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,022

1,745

6241607.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

526

490

6241838.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

12,807

3,812

6242397.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

305

300

6242415.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

8,774

8,288

6243216.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

5,813

4,875

6243323.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

67

57

6243689.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

857

837

6244041.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

733

681

6244810.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

928

875

6244975.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,712

1,211

6245007.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,294

1,250

6245050.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

3,019

2,744

6245977.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

312

217

6245981.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,604

1,576

6246292.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,402

4,370

6248864.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,864

3,720

6249623.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

648

609

6249640.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

304

294

6249869.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

528

514

6250117.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,160

1,059

6250187.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,013

984

6250257.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

496

459

6250307.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,549

2,412

6250370.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,360

2,252

6250833.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,381

1,339

6250884.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,643

2,080

6250983.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

8,811

7,424

6251253.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,657

1,473

6251321.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,478

1,448

6252047.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

8,005

7,288

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6252495.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

$

13,698

$

12,010

6252835.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

1,709

1,678

6253254.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

2,409

1,209

6253588.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

3,260

3,083

6253727.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

1,810

1,758

6253833.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

13,508

12,811

6254742.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

14,661

14,174

6255303.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,603

1,527

6255416.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

9,029

7,096

6255542.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

593

179

6255617.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,344

1,835

6255656.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

4,081

3,790

6255909.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

975

293

6255997.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

1,357

144

6256008.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

2,239

2,218

6256139.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

627

541

6256236.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,812

2,689

6256373.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

1,066

944

6256384.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

9,988

7,893

6256511.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

5,529

5,251

6256740.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

818

568

6258122.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

2,995

2,906

6258680.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

185

146

6259919.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,314

1,177

6260233.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

10,523

9,447

6261373.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

6,272

5,987

6261670.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

3,219

3,132

6261747.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

3,523

2,727

6261880.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

11,944

11,856

6262497.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

8,184

4,711

6262558.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

122

119

6265146.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

1,003

856

6265155.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

6,047

3,425

6265294.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

3,435

3,228

6266047.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

4,943

2,521

6266429.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

376

371

6266463.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

3,513

3,412

6267922.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

1,636

1,404

6268002.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

2,014

1,643

6268181.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,008

1,945

6268562.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

180

172

6268566.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,892

1,679

6268655.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,034

372

6268996.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,614

1,471

6269919.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

260

211

6269933.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

476

431

6269972.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

7,309

7,013

6270448.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,215

920

6270473.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,312

351

6270529.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

120

116

6270933.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,812

3,670

6271274.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

380

301

6271350.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

4,408

3,581

6271872.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

13,505

10,544

6272091.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,714

1,517

6272162.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

326

324

6274063.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

672

657

6275849.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

22,507

18,466

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

87

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6276763.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

$

2,289

$

2,128

6276874.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

3,151

1,262

6277246.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

989

727

6277279.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

3,970

3,687

6278058.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

3,447

3,318

6279862.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

16,989

5,797

6280040.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,416

1,397

6280869.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

4,517

2,824

6281158.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

22,413

18,976

6282086.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

849

526

6282110.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

8,610

7,958

6284087.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

7,128

6,591

6284249.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

11,290

10,797

6284870.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

7,986

5,485

6285052.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

27,114

25,839

6285816.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

46,364

36,603

6286798.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

3,737

2,565

6287026.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

387

375

6287076.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

4,163

3,507

6287618.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,428

2,415

6288005.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

419

414

6288212.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

984

952

6288398.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,390

2,256

6289202.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,350

2,283

6289285.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,584

1,521

6290073.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,033

2,910

6290212.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,840

3,435

6290401.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,620

2,514

6290598.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

11,696

11,116

6290930.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,600

1,487

6290969.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,814

1,447

6291009.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,105

2,069

6291341.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

984

886

6291374.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

7,848

5,018

6291486.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,537

1,493

6291702.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,150

2,114

6293418.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

6,347

6,010

6299081.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

98

93

6300054.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

700

687

6300581.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

515

506

6300719.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

6,670

6,516

6301243.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

78

77

6302279.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,056

3,009

6302745.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

97

95

6302866.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,032

966

6302938.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

284

182

6303276.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

1,626

1,599

6303349.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

3,501

3,336

6303578.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

2,889

2,776

6303685.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

11,364

9,418

6303939.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

2,614

2,558

6304069.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

456

446

6304147.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

1,514

1,352

6304176.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

4,182

4,143

6304502.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

11,825

7,739

6304870.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

15,082

12,362

6305129.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,293

1,209

6305291.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

419

403

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6305409.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

$

2,282

$

2,188

6305766.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

2,311

2,215

6305807.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,265

1,044

6305994.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

5,677

5,524

6306494.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

13,515

8,349

6307006.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

11,600

10,024

6307596.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

13,602

11,937

6307949.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

971

923

6308011.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,951

2,835

6308429.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

3,900

2,090

6308611.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

10,461

8,417

6308976.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,197

1,002

6309043.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,574

1,513

6309929.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

471

360

6310692.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,476

1,401

6314510.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

316

308

6314524.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

9,609

4,440

6314730.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

3,074

1,864

6314771.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

2,675

2,643

6314964.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

51

49

6315031.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

2,628

2,538

6315256.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

3,856

950

6315790.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

4,853

4,643

6316163.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

38,692

30,433

6317824.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

390

379

6318267.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

853

797

6318353.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

653

643

6318378.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

28,576

27,407

6319060.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

9,189

7,228

6319487.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

4,602

4,524

6319630.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,935

1,491

6319653.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,684

1,440

6319714.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,251

1,219

6319919.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

855

533

6319933.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

14,196

6,136

6320082.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

1,381

1,145

6320178.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

3,234

709

6320582.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

705

681

6321655.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

358

314

6321669.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,915

1,787

6321758.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

7,002

4,136

6322025.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

2,784

2,603

6326567.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,522

1,452

6328384.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

780

712

6328930.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

25,072

11,538

6351613.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,205

1,074

6351811.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

8,239

7,382

6352284.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

560

540

6352358.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,141

1,111

6352903.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,461

1,418

6352934.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,903

2,846

6353560.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,196

1,186

6353710.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

4,189

3,828

6353899.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

28,215

16,825

6355005.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

11,762

11,187

6355353.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

6,871

3,781

6355988.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

5,664

5,521

6356205.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

632

618

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6356831.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

$

3,163

$

3,071

6357249.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

1,607

1,568

6357416.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

591

580

6359467.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

62,182

32,187

6360918.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

2,058

2,041

6361496.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

2,161

2,105

6361924.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

5,350

3,406

6361981.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

1,945

1,816

6362613.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

323

298

6362699.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

42,087

26,114

6363683.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

2,755

1,060

6363828.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

550

474

6363853.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,699

1,303

6363908.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

4,755

3,356

6364035.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

2,530

1,783

6364283.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

5,200

5,163

6364953.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

5,776

4,416

6365756.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

39,973

33,070

6366412.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

2,983

2,754

6366452.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

3,478

2,811

6366902.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

1,246

1,217

6366974.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

1,020

980

6368120.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

2,134

1,845

6368321.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

910

604

6369186.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

625

610

6369227.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

4,428

4,190

6369458.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

25,101

23,787

6370729.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

2,729

2,402

6370849.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

306

274

6371322.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

3,185

1,182

6371519.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

2,846

2,800

6372222.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

17,780

17,330

6372802.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

1,876

1,753

6372921.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

1,242

1,105

6373205.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

1,468

1,462

6373846.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

4,529

3,673

6375270.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

1,605

1,574

6376101.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

1,446

1,310

6376136.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

6,791

6,361

6378691.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

32,355

9,242

6379319.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

624

601

6379558.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

831

805

6379736.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

2,929

2,884

6380466.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

22,538

21,427

6381205.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

7,388

7,174

6382402.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

226

224

6382458.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

15,232

11,612

6383269.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

2,399

1,380

6383602.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

78

76

6383625.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

809

790

6384427.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

1,728

1,479

6384482.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

617

614

6384775.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

10,299

9,477

6385054.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

2,753

2,370

6385234.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

1,292

1,206

6385279.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

5,492

4,921

6385396.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

2,198

1,909

6385452.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

482

470

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6385609.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

$

195

$

188

6385633.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

912

887

6385666.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

1,880

841

6385845.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

360

177

6385873.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

5,131

4,946

6386508.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

2,950

2,854

6387091.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,834

1,754

6388040.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

289

279

6388059.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,212

1,182

6388111.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

6,805

6,520

6388413.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

14,807

11,098

6388693.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

3,867

3,805

6389106.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,265

1,200

6389151.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,528

757

6389172.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

35,394

19,002

6389644.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,396

1,348

6389705.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,604

1,544

6389974.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

549

541

6390221.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

844

837

6390336.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

3,245

3,170

6390421.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

2,373

2,296

6390840.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

3,964

2,088

6391172.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,365

1,225

6391321.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

2,215

2,112

6391370.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,497

1,449

6391712.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

7,458

5,177

6392265.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

869

862

6393237.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

5,093

4,928

6393406.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

36,938

24,937

6394237.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

882

853

6394386.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

816

257

6394397.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

16,904

15,737

6395219.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

1,382

942

6395239.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

5,787

5,756

6397754.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

4,434

3,757

6398627.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

5,550

5,280

6399140.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

1,141

1,117

6399219.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

3,548

3,496

6399658.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

903

537

6399687.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

2,500

2,309

6399871.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

6,197

6,156

6400939.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

8,886

6,788

6401059.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

950

854

6401145.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

595

553

6401192.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

838

659

6401242.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

1,594

1,447

6401525.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

813

777

6401558.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

2,230

1,842

6401620.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

536

358

6401627.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

3,388

3,202

6401953.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

876

696

6401970.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

1,893

1,596

6403317.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

1,181

1,161

6403479.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

7,266

4,809

6403873.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

6,496

5,222

6404052.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

270

266

6404068.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

6,466

3,930

6404445.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

1,315

765

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

89

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6404554.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

$

796

$

619

6404685.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

4,850

3,859

6404787.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

4,970

4,708

6404893.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

11,073

10,249

6405066.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

648

618

6405166.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

19,913

7,442

6405296.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

1,012

1,006

6405910.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

8,349

7,751

6406305.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

251

125

6406598.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,854

914

6406621.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

554

538

6406724.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,888

2,531

6406838.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

26,895

22,199

6407446.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

162

142

6407824.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

460

363

6407848.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

7,553

7,311

6408022.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,397

2,118

6408129.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,739

2,389

6408194.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

884

850

6408336.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

5,428

5,142

6408433.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,111

1,096

6408523.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

10,525

8,453

6408789.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

13,212

11,680

6409097.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

4,815

4,410

6409279.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,142

2,071

6409486.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

691

687

6409863.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

3,662

3,455

6410247.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

4,367

4,248

6410466.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

3,523

2,647

6410538.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

465

459

6410566.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

997

988

6410635.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

1,354

1,234

6410910.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,176

2,120

6411150.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,740

2,511

6411484.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

3,545

3,505

6411642.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

3,634

3,537

6411768.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

419

379

6411819.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

664

576

6412243.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

4,050

1,717

6412321.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

3,377

3,270

6412510.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

13,121

12,658

6413000.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,601

1,910

6413294.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

813

648

6413433.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

317

267

6413440.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

396

368

6413606.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

4,503

4,279

6413892.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

1,991

1,555

6414098.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

3,987

1,400

6414183.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

3,284

3,215

6414273.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,490

2,412

6414405.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

1,715

397

6418258.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

8,300

8,039

6418931.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

5,346

5,192

6419201.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

2,216

2,160

6419910.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

2,595

2,516

6420013.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

2,730

2,602

6420149.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

12,660

6,448

6420303.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

11,624

11,230

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6421268.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

$

5,635

$

5,340

6421679.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

1,116

778

6421778.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

1,111

1,089

6421844.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

3,473

2,896

6422227.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

479

377

6422256.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

2,249

1,496

6422311.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

964

911

6422447.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

6,014

5,907

6422706.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

442

441

6422830.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

4,142

4,088

6422990.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

5,876

5,089

6423315.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

7,977

7,800

6423636.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

1,806

1,753

6423702.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

19,955

10,193

6424082.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

8,324

6,977

6424267.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

12,232

5,551

6424637.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

1,257

1,240

6425248.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

8,864

6,783

6425633.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

783

751

6425653.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

9,410

8,946

6425796.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

2,895

1,764

6425927.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

4,821

4,706

6426098.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

2,071

2,031

6426138.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

2,548

1,997

6426587.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

4,980

4,696

6426694.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

6,121

5,936

6426793.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

868

431

6427509.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

4,726

3,230

6427748.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,461

1,348

6427815.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

5,052

4,841

6428249.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

9,271

7,034

6428407.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

7,388

1,778

6428491.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

6,352

5,633

6429149.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,080

1,069

6429349.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,468

1,456

6429640.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

5,813

4,544

6429724.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

18,206

16,613

6430423.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,247

1,118

6430566.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

16,327

14,632

6431083.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

2,709

2,647

6431582.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

2,180

1,432

6431623.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

6,283

6,186

6432607.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

26,690

25,256

6435408.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

10,419

9,926

6435568.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

285

218

6436173.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

3,276

3,141

6436397.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,804

1,484

6436495.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

28,850

11,938

6438782.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,850

1,632

6439279.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,327

1,178

6439293.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

7,365

7,060

6439475.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

2,043

1,868

6439961.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

2,352

1,802

6440058.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,029

1,009

6440069.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

3,525

3,322

6440133.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

3,066

2,984

6440404.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,121

1,085

6440495.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

525

509

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

90

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6440508.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

$

608

$

484

6440963.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

769

743

6441111.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

858

790

6441255.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

1,042

1,020

6441614.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

15,417

11,787

6442344.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

3,530

2,040

6442428.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

5,966

5,380

6442783.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

44,723

42,680

6443696.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

403

355

6443707.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

35,282

17,216

6444072.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

2,742

2,701

6444161.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

895

871

6444180.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

3,078

2,894

6444404.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

2,244

2,059

6444427.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

1,311

1,077

6444455.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

1,434

1,279

6444474.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

14,525

13,607

6445162.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

7,749

3,687

6445431.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

785

774

6445475.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

1,383

864

6446268.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,578

1,502

6446898.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,109

1,071

6447179.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,388

1,000

6447474.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

2,705

2,210

6447640.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

2,396

1,532

6447919.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

305

285

6447940.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,502

1,461

6448059.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

5,149

2,381

6448205.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

9,529

5,364

6448382.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

6,532

2,471

6448554.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

3,484

739

6448627.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

590

571

6448675.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

9,110

8,941

6449218.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

2,131

1,644

6449422.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,170

864

6449480.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

21,904

20,312

6450293.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

681

660

6450376.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

7,314

7,103

6450774.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

662

647

6450862.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,024

2,921

6451120.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

967

950

6451161.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

14,825

14,552

6451773.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

8,258

7,964

6452425.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

951

914

6452451.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,082

2,863

6452582.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,270

1,249

6452758.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,569

3,472

6452841.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

29,059

28,591

6453876.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

5,252

5,114

6453977.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

1,856

1,796

6454295.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

3,137

3,082

6455408.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

3,943

3,682

6457374.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

3,792

2,625

6457946.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

22,284

19,692

6458653.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

12,326

11,768

6459072.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

612

608

6460018.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

2,400

1,211

6460528.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,252

1,228

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6460577.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

$

1,112

$

980

6460606.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

2,289

2,187

6461915.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

10,308

10,108

6462554.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

16,050

13,013

6462726.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

4,092

3,983

6463454.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

998

766

6463654.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

5,293

4,948

6463733.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,255

722

6463758.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

2,037

1,941

6463889.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

16,331

6,005

6464011.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

540

496

6464023.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

2,743

2,224

6464362.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

4,169

1,500

6464433.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

16,717

14,638

6464784.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

7,126

5,009

6464915.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

5,726

5,622

6465209.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

1,175

1,160

6466816.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

783

770

6466888.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,961

1,657

6466953.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

6,153

5,959

6467210.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

854

826

6467340.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

4,278

3,953

6467579.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,617

1,448

6467627.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

15,388

14,698

6467915.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

2,469

2,355

6467957.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

5,385

4,897

6468063.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,643

1,323

6468495.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,330

1,173

6468533.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

3,026

2,560

6468636.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

10,598

3,016

6468778.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,862

1,726

6469183.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

2,895

2,808

6469492.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

5,472

4,258

6469888.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

4,066

3,117

6470083.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

2,103

1,853

6470553.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

3,121

2,973

6470745.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

1,769

1,684

6470844.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

8,573

6,479

6471840.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

2,117

1,996

6472637.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

5,032

4,633

6472795.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

8,444

4,602

6472869.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

515

508

6472874.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

6,762

5,249

6473176.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

3,267

3,115

6473393.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

1,259

1,213

6473478.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

610

591

6473565.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

428

415

6473791.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

116

113

6473813.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

19,760

16,135

6475823.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

1,753

1,726

6477767.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

2,974

2,916

6477840.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

3,007

1,973

6478752.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

3,035

1,345

6478924.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,607

1,582

6479093.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,972

1,326

6479204.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

2,096

2,034

6479532.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

2,517

2,472

6479709.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,715

1,686

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

91

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6479758.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

$

2,759

$

2,611

6479843.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

14,798

3,971

6480583.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

525

515

6481451.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

8,520

8,352

6482433.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

4,749

4,620

6482688.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

987

961

6482763.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

3,505

3,110

6482925.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

4,629

4,352

6483172.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

5,243

4,581

6483301.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,934

1,167

6483587.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

11,277

9,314

6483765.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,591

1,528

6483803.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,414

1,366

6483827.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,005

972

6483849.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

10,881

9,755

6484119.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

5,008

4,920

6484438.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,150

1,076

6484471.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

3,948

3,805

6484618.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

5,141

4,627

6484730.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

20,862

19,483

6485016.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

17,576

5,312

6485138.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

2,670

2,501

6485200.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

6,526

2,427

6485262.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

1,496

1,464

6485387.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

194

176

6485393.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

3,620

3,533

6485565.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

16,325

14,651

6485862.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

13,536

11,775

6486219.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

908

744

6486247.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

2,732

2,629

6486317.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

1,024

799

6486337.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

2,089

1,131

6486381.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

1,475

1,266

6486939.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

566

375

6486969.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

580

567

6487077.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

894

810

6487145.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

8,062

4,682

6487391.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

3,618

3,475

6487587.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

1,298

148

6487697.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

4,935

3,246

6487959.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

330

295

6487981.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

1,514

603

6488012.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

6,217

5,504

6488324.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

3,611

3,511

6488459.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

9,442

5,419

6488723.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

2,548

2,436

6488938.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

21,627

20,688

6489755.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

599

573

6489884.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

4,551

4,087

6490633.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

3,755

3,383

6491324.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,300

2,246

6491762.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

714

547

6491770.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

8,493

7,848

6492050.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,237

1,166

6492096.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

978

960

6492133.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,590

1,362

6492212.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

11,554

3,598

6492471.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

9,593

9,316

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6492780.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

$

17,855

$

12,920

6493113.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

3,847

3,774

6493205.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,520

1,446

6493279.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

20,141

19,459

6493842.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,938

1,709

6493919.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,861

1,775

6494041.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,210

1,728

6494136.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,706

1,453

6494237.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

10,848

10,028

6494843.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

10,587

9,177

6495065.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,532

1,511

6495247.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

393

380

6495262.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,058

2,482

6495762.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,607

2,560

6495901.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

21,770

20,532

6496439.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,087

2,005

6496704.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,681

1,645

6496902.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

9,157

5,599

6497094.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,866

1,445

6497150.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

8,307

8,222

6499048.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

10,064

8,519

6499196.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

4,994

4,783

6499389.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

6,955

3,501

6499971.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

686

675

6499996.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

1,029

1,010

6500866.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

5,233

3,216

6501171.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,773

3,707

6501401.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

10,708

10,455

6502338.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

12,581

12,008

6502829.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

338

223

6502939.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

3,479

3,343

6503847.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

13,314

9,388

6504092.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

6,871

6,588

6504715.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

4,634

4,312

6505264.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,638

674

6505368.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

2,157

1,947

6505487.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

4,448

4,409

6505683.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

3,826

3,393

6505793.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

2,242

1,038

6505823.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

4,981

4,453

6506022.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

830

797

6506138.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

6,096

5,306

6506338.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

1,127

1,121

6506509.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

551

363

6506517.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

1,910

1,866

6506690.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

7,529

6,355

6506887.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

4,366

4,182

6507647.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,200

2,164

6507835.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

928

444

6508048.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

3,210

3,140

6508171.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

13,681

11,069

6508452.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

354

330

6508942.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,484

2,393

6509505.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

719

714

6509738.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,450

711

6509756.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,018

1,944

6509840.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

645

628

6510179.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

24,604

8,753

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

92

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6510608.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

$

3,426

$

3,369

6510705.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,079

1,060

6510863.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

12,024

11,139

6511300.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

3,969

3,676

6511415.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

5,570

3,777

6511726.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

1,346

1,118

6512222.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

2,688

1,617

6512730.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

8,179

7,877

6512922.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,711

7,467

6513165.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

1,476

1,459

6513909.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

4,841

4,224

6513960.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

2,639

2,586

6514021.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,792

4,153

6514121.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

439

416

6514208.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

5,611

5,249

6514372.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,621

2,018

6514892.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

1,721

1,691

6514949.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

6,188

4,685

6515238.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

774

545

6515558.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

12,649

11,945

6516032.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

25,776

24,598

6516690.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

134

132

6516725.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,769

3,465

6516868.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,820

3,616

6516901.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,187

1,964

6516931.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,194

3,054

6516997.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

902

838

6517017.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

1,222

1,202

6518769.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

3,743

3,459

6518875.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

7,011

6,470

6519045.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

572

346

6519064.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,453

2,376

6519155.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,617

2,543

6519286.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,366

497

6519301.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

3,796

3,630

6519513.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

3,532

2,602

6519830.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

932

901

6520131.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

11,649

6,408

6520367.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

3,652

3,525

6520448.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,872

2,819

6520875.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,140

1,925

6521195.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,031

978

6521243.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

3,884

2,818

6521314.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

3,298

3,243

6521453.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

10,482

9,459

6522466.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,868

2,263

6522541.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

692

672

6522670.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

8,249

7,304

6523018.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

7,915

7,742

6523872.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

629

559

6523985.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

332

325

6524095.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

12,420

11,007

6524312.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

1,012

989

6524998.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

925

791

6525021.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

7,055

3,192

6525114.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

1,142

1,125

6525132.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

661

536

6525155.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

4,734

4,542

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6525421.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

$

271

$

232

6525621.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,029

948

6525663.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,322

1,263

6525772.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

3,483

3,094

6525874.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

7,607

7,122

6526020.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

2,567

2,303

6526070.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

4,638

3,928

6526180.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

968

854

6526192.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

408

269

6526477.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

385

372

6526493.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,269

882

6526542.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

12,972

8,457

6526727.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

260

238

6526731.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

765

739

6526856.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

2,164

1,236

6527010.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,031

654

6527022.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

2,246

2,094

6527252.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,127

1,075

6527322.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

642

625

6527420.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

4,390

4,258

6527951.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

3,155

3,125

6528195.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

4,088

3,970

6528654.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,896

1,844

6528685.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

8,048

7,712

6528883.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

3,615

3,180

6528987.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

667

653

6529012.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

4,259

4,079

6529157.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,847

1,797

6529197.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,479

1,430

6529240.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

4,319

4,173

6529369.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

17

17

6529506.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,143

856

6529515.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

7,430

5,749

6529613.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

7,829

7,589

6529930.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

229

222

6530827.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

21,345

20,738

6531669.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

347

319

6531847.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,485

3,407

6531978.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,879

2,761

6532434.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

10,339

8,870

6532694.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

4,369

3,173

6532858.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

1,101

1,087

6532955.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,982

3,937

6533237.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

4,042

3,656

6533589.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

475

428

6533643.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,712

2,638

6533807.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

891

766

6533974.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

370

354

6534157.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,592

2,977

6535332.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,055

1,129

6535641.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,387

1,318

6536231.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,126

2,095

6536590.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

3,099

2,995

6536665.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

391

162

6536733.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,459

2,450

6537306.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,645

1,587

6537336.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,340

1,312

6537417.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,057

1,955

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

93

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6537646.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

$

5,575

$

5,377

6537783.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

4,969

4,523

6537839.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

7,900

6,988

6537901.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

4,367

4,220

6539808.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

7,938

7,733

6540169.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

349

241

6540251.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

2,709

2,644

6540528.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

7,924

6,506

6541091.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,734

3,126

6542030.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

11,228

10,809

6542573.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

31,635

30,372

6543152.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,008

429

6543240.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

23,968

22,440

6544544.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,429

1,409

6544848.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

2,100

2,019

6545018.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,259

5,063

6545807.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,550

3,607

6546231.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,169

1,084

6546312.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

9,870

9,342

6546599.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

743

692

6546666.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

2,149

2,091

6546916.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

3,397

2,870

6546981.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

2,478

2,313

6547132.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

4,925

4,836

6547288.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

4,136

3,994

6547379.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

3,100

2,958

6547450.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

2,333

1,847

6547481.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

2,761

2,686

6547586.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

495

441

6547604.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

9,660

9,559

6548112.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

3,994

3,454

6548202.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

764

756

6548463.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,667

2,528

6548568.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,996

4,881

6549336.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

5,410

5,287

6549544.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

1,278

1,168

6549597.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

676

661

6549643.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

466

434

6549985.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

445

326

6550072.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,325

4,159

6550263.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

3,172

3,042

6550356.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,683

2,593

6550403.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,460

3,728

6550689.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

9,505

4,281

6550814.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,948

3,733

6550914.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

3,756

3,672

6551208.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

8,955

8,752

6551421.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

9,874

5,964

6551528.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,945

4,737

6551701.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,937

1,431

6551813.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,607

2,512

6551948.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,497

1,460

6551997.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,001

995

6552128.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

531

518

6552142.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

4,758

4,646

6552432.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

789

184

6552468.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

921

906

6552648.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

4,625

4,015

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6552779.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

$

2,263

$

1,145

6552823.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,841

2,558

6552931.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,799

1,767

6553212.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

4,958

4,573

6553291.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,215

1,209

6553682.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

861

842

6553822.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

205

203

6553971.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,189

1,172

6554013.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

5,840

5,400

6554172.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

709

600

6554182.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

3,361

1,756

6554237.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

8,445

7,927

6554530.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

7,783

7,470

6554904.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

8,257

7,594

6555069.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

17,596

17,180

6555384.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

724

618

6555404.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

4,843

4,739

6555512.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

2,852

2,662

6555631.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

5

5

6555651.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

3,922

3,662

6555961.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,654

1,624

6556061.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

488

471

6556197.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

80

79

6556234.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

5,471

5,103

6556350.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

2,061

2,007

6556561.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

30,984

28,618

6557456.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

7,129

6,379

6557661.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

5,239

4,818

6557802.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,181

1,135

6559548.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,053

694

6559837.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,918

1,785

6560096.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

47

44

6560556.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

971

756

6560566.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

4,360

4,192

6560718.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

2,032

1,959

6560794.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

7,909

7,786

6561367.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

6,412

5,627

6561534.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

2,153

2,024

6561666.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

354

300

6561685.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

814

784

6561851.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

146

144

6561905.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

849

836

6561946.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

7,147

6,433

6562144.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,736

1,668

6562223.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,174

1,149

6562377.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

7,663

6,045

6563045.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

8

8

6563707.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,833

2,756

6564281.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

5,163

4,112

6564446.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,049

3,915

6564615.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

38,744

34,811

6565305.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

8,047

7,868

6565581.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,581

4,304

6565683.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

56

55

6565688.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,851

3,447

6565784.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,816

2,769

6566055.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

3,313

3,264

6566173.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,769

1,692

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

94

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6566218.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

$

796

$

615

6566230.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,165

899

6566270.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,213

1,090

6566309.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

872

861

6566330.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

3,041

2,687

6566401.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,300

1,221

6566431.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

5,092

4,979

6566576.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

13,362

9,437

6566797.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

420

408

6566804.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,216

1,081

6566829.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

2,963

2,908

6566878.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,712

1,160

6566900.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,402

1,370

6567114.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,756

782

6567237.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

18,447

15,313

6567416.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

3,966

3,811

6567620.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,068

2,000

6567779.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

5,256

4,095

6568019.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

602

591

6568362.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,175

2,081

6568423.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

7,218

6,935

6568686.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

11,592

8,055

6568971.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

255

253

6569241.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

430

425

6569303.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

156

150

6569324.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

9,780

9,690

6569746.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

21,451

17,563

6570147.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,203

1,170

6570553.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

6,394

4,059

6570601.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

357

306

6570707.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,647

2,547

6570734.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,603

1,162

6570746.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

11,552

10,241

6570919.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,798

1,771

6570986.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

4,898

4,817

6571313.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,191

1,908

6571387.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

540

535

6571419.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,088

1,066

6571593.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

12,853

10,017

6572066.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,250

3,159

6572155.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

16,072

12,564

6572722.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

4,119

3,847

6572904.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

5,339

4,668

6573078.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

12,090

11,757

6573424.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

6,313

5,709

6573531.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,850

3,650

6573708.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,468

1,856

6574042.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,429

1,344

6574116.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,449

581

6574130.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,044

969

6574151.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,341

803

6574171.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,400

2,335

6574227.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

18,573

17,865

6574672.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

4,142

4,020

6575291.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

27,315

26,756

6576916.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

12,296

8,697

6577258.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

6,742

6,611

6577450.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,593

2,530

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6577574.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

$

992

$

984

6577708.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,627

3,487

6577778.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

7,340

6,429

6577886.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,036

1,996

6577941.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

359

313

6577950.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,498

3,438

6578011.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,235

1,090

6579828.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

4,461

4,337

6579993.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,521

2,285

6580156.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

3,708

3,441

6580517.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,101

2,052

6580594.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

3,722

3,172

6580695.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

10,533

10,317

6581129.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,687

2,590

6581222.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

596

498

6581234.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

565

524

6581382.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,023

1,965

6581595.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

8,848

8,625

6581927.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

4,987

4,811

6582053.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

18,406

17,758

6582526.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

3,185

1,137

6582560.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

3,055

2,624

6582618.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,787

2,711

6582691.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

33,106

31,782

6583567.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

8,935

8,783

6584142.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

497

347

6584221.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

3,606

3,503

6584354.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

12,758

10,067

6584584.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,786

1,570

6584701.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

8,508

8,296

6584979.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

11,053

10,727

6585418.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

8,389

7,868

6585683.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

3,896

3,749

6585824.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,832

1,649

6585859.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,734

1,694

6585989.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

48,601

45,751

6586640.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

1,155

1,043

6586659.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

1,248

1,216

6586702.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

11,049

7,518

6586838.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

1,980

1,948

6586889.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

559

550

6586899.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

2,901

2,422

6586950.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

8,836

8,004

6587060.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

5,362

5,241

6587169.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

6,563

5,653

6587248.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

761

483

6587293.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

4,625

4,436

6587383.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

549

447

6587407.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,750

2,567

6587513.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,999

2,675

6587639.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

3,986

3,955

6587857.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

533

521

6587871.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,597

1,507

6587905.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,133

1,123

6587941.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,513

1,379

6588219.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

405

397

6588338.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

5,148

4,891

6588601.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

8,496

8,177

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

95

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6588929.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

$

519

$

504

6588941.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

10,209

9,758

6589334.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

9,114

8,920

6589674.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

13,294

12,923

6589887.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

28,241

20,832

6590308.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

215

208

6590318.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,873

1,858

6590389.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,436

1,404

6590435.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

146

144

6590442.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

10,462

5,961

6590561.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,980

2,916

6590879.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

18,791

18,281

6591293.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

3,441

2,040

6591580.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

4,480

4,377

6591780.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

5,812

5,609

6591946.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

14,769

12,524

6592268.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

536

436

6592595.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

4,768

4,618

6592821.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

21,988

15,754

6593307.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

10,747

10,465

6593557.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

38,037

37,305

6594291.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

6,540

4,605

6594369.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

1,161

1,116

6594394.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

12,410

7,890

6594512.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

9,703

9,441

6594650.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

812

803

6594726.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

2,518

2,493

6595699.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

6,466

6,222

6595866.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

2,572

2,338

6596021.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

990

974

6596053.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

278

274

6596074.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

598

589

6596096.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

417

415

6596218.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

28,848

28,227

6596797.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

8,437

8,292

6596989.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

179

176

6596999.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

2,623

2,507

6598771.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

608

602

6598822.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

4,119

3,041

6598899.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

6,956

4,334

6599059.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

725

707

6599158.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

760

753

6599296.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

541

532

6599318.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,515

2,472

6599432.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

301

298

6599454.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

8,376

6,637

6600675.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,286

994

6600732.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,077

1,045

6600754.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,660

1,574

6600797.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

4,320

4,155

6601167.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

15,242

14,765

6601613.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,408

2,015

6601639.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,517

2,352

6601677.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

3,541

3,322

6601754.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

459

454

6601829.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

2,000

1,897

6601863.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

18,873

18,252

6602383.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

4,602

4,535

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6602728.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

$

557

$

291

6602960.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

5,248

4,471

6603202.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

459

451

6603315.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,156

1,104

6603476.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

4,889

4,340

6603580.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

11,148

9,886

6603884.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,675

3,610

6603985.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

622

512

6604005.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,936

1,808

6604310.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

2,793

2,468

6604427.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

924

910

6604438.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

506

499

6604448.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

4,450

3,602

6604504.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

453

295

6604559.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

314

290

6604591.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

2,614

2,552

6604631.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

13,133

12,868

6604938.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

1,416

1,380

6605116.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

444

427

6605126.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

3,484

3,353

6605316.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

5,452

5,320

6605771.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,926

2,590

6605873.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

22,639

20,669

6606495.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,329

1,292

6606586.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

427

417

6606635.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

15,636

15,068

6607275.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,499

2,448

6607373.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,464

1,806

6607632.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

8,151

7,964

6607860.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,860

1,831

6607903.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

4,103

3,677

6607977.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,807

618

6608746.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,132

1,503

6608828.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

43,918

32,670

6609650.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,361

3,244

6609737.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,214

1,197

6609785.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

7,234

6,917

6609985.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,113

910

6609998.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,559

5,426

6610119.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

680

675

6610173.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,935

2,824

6610210.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

950

908

6610214.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

7,924

7,588

6610450.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,312

3,216

6610657.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

7,861

7,060

6610806.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

914

896

6610856.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

826

820

6610999.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

11,178

10,879

6611284.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

4,846

4,659

6611358.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,119

2,485

6611585.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,780

3,240

6611828.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

3,208

2,038

6611891.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

6,379

5,620

6612221.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

8,614

8,196

6612752.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

12,078

11,786

6613369.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

7,707

7,593

6613970.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,068

1,039

6614501.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

5,775

3,867

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

96

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6614660.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

$

9,386

$

7,746

6614846.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,130

1,114

6614889.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

640

588

6614956.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

3,077

2,464

6616864.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

670

664

6617184.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

823

577

6617223.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,605

1,548

6617253.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

836

747

6617263.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

6,824

6,281

6618290.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

954

895

6618344.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,873

2,816

6618529.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,165

1,727

6618726.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,399

1,384

6618946.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

574

545

6619009.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

30,590

25,236

6619910.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

780

698

6619927.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,774

1,109

6620171.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,914

1,843

6620227.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

27,188

15,733

6620476.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

21,688

13,310

6620888.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

7,871

7,693

6621448.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

17,687

12,208

6621778.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,535

2,014

6621823.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,932

4,755

6622228.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,995

4,819

6622344.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

3,551

3,424

6622400.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,302

1,229

6622414.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

6,358

6,262

6622589.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,375

1,359

6622798.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

20,584

20,207

6623392.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,389

2,347

6624332.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

1,915

1,538

6624366.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

1,928

1,836

6624401.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

23,159

20,860

6624765.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

7,023

3,695

6624842.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

645

597

6624855.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

854

296

6624868.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

1,731

1,191

6624896.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

10,510

9,208

6625073.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

4,047

3,962

6625199.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

882

854

6625228.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

897

823

6625383.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

3,188

2,935

6625433.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

6,098

5,862

6625553.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

1,084

971

6625809.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

2,984

2,284

6625891.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

3,489

3,359

6626076.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

3,847

3,796

6626390.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

13,903

10,836

6627126.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

3,555

3,282

6627199.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

3,720

3,584

6627947.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

12,337

12,193

6628718.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

6,143

4,676

6628803.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

627

600

6628859.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

2,468

2,380

6629291.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,046

420

6629624.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

329

318

6629667.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,823

1,706

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6629762.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

$

314

$

312

6629774.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,293

5,203

6629902.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

186

180

6629989.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

10,748

10,540

6630463.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,339

3,150

6630658.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,993

2,050

6630713.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

964

936

6630770.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,084

1,031

6630786.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

869

852

6630826.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,052

3,974

6631000.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,189

3,099

6631076.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,227

5,080

6631472.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,298

1,897

6631497.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

38,279

37,292

6632572.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,959

4,277

6632650.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

29,980

29,247

6633115.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

5,504

5,396

6633296.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

23,719

23,422

6634331.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

529

516

6634349.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

874

812

6634481.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

3,060

2,152

6634644.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

24,000

23,399

6635024.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

9,337

8,366

6635192.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

22,114

21,385

6635700.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

519

290

6635707.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

3,831

3,763

6635842.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

3,176

3,097

6635881.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

31,795

25,916

6637819.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

4,890

4,751

6637927.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,049

1,037

6638018.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,642

2,375

6638128.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,028

2,954

6638194.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

7,161

6,884

6638452.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,980

2,437

6638536.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

945

914

6638709.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

8,692

8,373

6638973.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

8,392

8,075

6639157.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,138

3,008

6639236.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,903

3,751

6639315.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,777

2,501

6639381.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

4,260

3,929

6639552.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

949

829

6639605.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,104

1,974

6639926.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,554

3,486

6640242.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,063

1,015

6640589.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

8,366

8,085

6640791.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,668

1,605

6640854.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

4,299

4,144

6640997.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,016

1,911

6641178.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

4,636

3,792

6641342.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,062

2,989

6641569.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

5,851

5,594

6641796.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

8,986

8,662

6642114.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,717

4,644

6642511.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

7,161

6,902

6642649.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,412

3,364

6642769.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

5,428

5,270

6643060.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

12,449

12,232

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

97

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6643477.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

$

661

$

576

6643537.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

242

239

6643566.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

850

821

6643579.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

18,333

16,123

6643825.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,196

1,809

6643860.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,333

1,515

6643893.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,560

4,053

6643989.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

932

844

6644007.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

7,789

5,479

6644138.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,010

796

6644357.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,290

4,139

6644613.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

12,378

11,386

6644814.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

4,021

3,916

6644874.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

2,728

2,597

6644920.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

12,610

11,249

6645096.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

2,520

2,001

6645127.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

12,148

11,698

6645286.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,461

1,420

6645329.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,810

1,778

6645397.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

3,810

3,064

6645540.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

3,212

2,808

6645596.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

4,329

4,178

6645672.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

10,510

10,203

6646362.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

12,245

10,083

6646778.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

8,025

5,363

6647657.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

8,838

6,809

6647826.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,723

1,647

6647896.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

4,804

3,801

6648008.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

4,093

3,789

6648094.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

5,944

5,319

6648165.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

345

342

6648196.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

33,282

31,314

6648861.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,923

2,779

6649085.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,824

3,694

6649178.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,036

985

6649195.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,398

2,230

6649272.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

942

495

6649665.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

5,705

4,745

6649776.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

3,085

2,606

6650224.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

742

690

6650257.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

2,324

1,724

6650321.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

722

648

6650854.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

19,249

9,982

6651233.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

866

853

6651260.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,519

796

6651398.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

5,404

5,348

6651584.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

9,081

8,671

6652292.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

6,748

6,545

6652918.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,012

1,738

6652994.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

13,335

13,050

6653616.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,583

2,536

6653861.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

4,246

3,239

6653991.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

973

956

6654040.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

1,176

1,142

6654097.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

5,705

5,552

6654641.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

665

647

6654688.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

4,684

4,565

6654817.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,191

2,861

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6654878.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

$

2,692

$

2,008

6654933.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

283

277

6654951.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,637

3,516

6655077.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

1,069

1,043

6655127.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,723

3,554

6655267.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

4,565

4,385

6655390.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

4,136

4,031

6655502.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

9,875

9,497

6655776.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

5,920

5,745

6655867.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,198

2,106

6655938.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,502

2,443

6657751.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,655

3,511

6657919.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,733

2,659

6658065.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

1,712

1,655

6658175.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

17,326

15,578

6658794.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

13,680

13,214

6659284.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

7,201

6,934

6659487.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

4,135

4,076

6659674.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,034

2,947

6659749.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

4,379

3,933

6659813.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,662

3,321

6659900.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

5,260

5,155

6660080.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

6,763

5,269

6660190.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,231

3,208

6660510.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

1,862

1,819

6660557.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

21,169

16,537

6660956.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

1,275

1,240

6660996.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

340

336

6661074.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

518

506

6661188.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

9,121

8,756

6661525.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

1,490

1,255

6661552.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

736

397

6661574.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

8,724

8,395

6661884.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

11,913

5,076

6662282.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

1,660

1,614

6662406.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

6,968

4,157

6662592.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

13,906

12,105

6662990.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

6,769

3,618

6663138.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

24,518

23,826

6664028.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

2,635

2,532

6664075.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

1,313

1,285

6664467.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

13,038

12,771

6664752.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

6,494

6,205

6664859.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

6,337

6,001

6664982.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

364

347

6665012.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

1,926

1,893

6665054.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

6,255

4,905

6665113.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

3,287

3,204

6665290.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

953

923

6665466.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

576

566

6665546.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

374

363

6665567.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

4,677

4,233

6665786.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

22,538

21,874

6666097.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

990

944

6666123.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

2,214

2,153

6666432.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,312

3,001

6666551.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

8,062

7,685

6666962.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,843

4,389

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

98

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6667102.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

$

1,119

$

1,086

6667151.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

6,627

6,428

6667699.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,063

3,776

6667791.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

380

378

6667860.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

5,091

3,723

6667926.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,075

2,594

6668002.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

939

884

6668020.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

12,195

11,395

6668201.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,370

4,271

6668360.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

9,373

9,211

6668833.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,991

4,005

6668920.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,573

1,542

6668965.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

6,757

6,315

6669089.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,531

3,168

6669152.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

25,018

12,461

6669458.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

928

910

6669469.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,913

1,819

6671088.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,321

1,299

6671137.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

5,347

4,760

6671255.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,650

1,489

6671295.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

763

735

6671607.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

816

808

6671669.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,735

1,283

6671708.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,561

2,486

6671771.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

3,368

3,280

6671836.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

846

781

6671850.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,140

873

6671867.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,544

2,319

6672119.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

8,833

7,528

6672429.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

375

355

6672511.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

3,491

1,210

6672698.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

7,311

7,167

6672952.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,135

1,880

6673008.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,310

1,270

6673046.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,752

2,599

6673093.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

24,771

23,983

6673659.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

636

619

6673763.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,087

2,025

6673873.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,859

1,833

6673941.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,294

3,240

6674075.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,438

5,619

6674330.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,957

2,476

6674450.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

18,609

10,282

6674820.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

11,008

10,679

6675103.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,340

3,253

6675529.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

4,448

3,456

6675615.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,046

1,823

6675629.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

9,506

9,084

6675867.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,688

1,644

6675922.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

4,381

4,306

6676101.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,148

1,076

6676124.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

4,025

3,834

6676189.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

11,730

7,600

6676382.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

4,671

2,830

6676435.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,764

2,707

6676531.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,063

525

6676546.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

165

160

6676560.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

966

713

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6676580.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

$

242

$

229

6676586.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,057

2,938

6676632.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

13,007

10,315

6678614.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

9,438

8,926

6678791.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

4,844

3,977

6679167.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

3,932

3,842

6679324.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,135

1,877

6679364.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

5,320

4,954

6680126.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,028

1,972

6680294.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

8,463

6,724

6680532.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

14,664

13,896

6680871.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

52,347

44,321

6681653.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,284

1,928

6681691.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

574

526

6681781.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

6,918

3,096

6681932.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

5,003

4,865

6682115.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,078

862

6682153.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,334

960

6682212.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

2,042

1,989

6682358.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

2,559

2,468

6682727.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

8,208

5,804

6682865.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

691

679

6682893.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

8,146

7,645

6683335.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

850

801

6683345.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

11,646

11,017

6683637.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

4,054

3,985

6683772.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

17,883

16,875

6683997.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

910

895

6684007.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

20,972

20,221

6684322.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

8,394

7,810

6684413.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

32,448

31,885

6685005.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

18,745

14,736

6685177.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

880

842

6685214.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

2,921

1,500

6685234.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

6,337

5,953

6685322.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

2,080

2,040

6685357.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

7,399

7,235

6685517.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

1,692

1,035

6685530.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

5,356

5,214

6685614.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

4,002

3,661

6685677.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

2,770

2,668

6685720.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

743

728

6685739.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

8,808

8,549

6685865.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

2,935

2,513

6686049.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

14,138

13,321

6686240.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

2,745

2,064

6686271.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

1,523

1,436

6686430.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

581

559

6686446.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

12,927

10,963

6686915.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

3,659

3,340

6687086.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

230

227

6687263.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,490

2,466

6687394.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,619

1,591

6687490.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,779

1,628

6687536.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

6,907

5,539

6687776.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,050

1,002

6687788.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

3,897

3,401

6687859.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,729

2,624

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

99

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6688070.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

$

1,665

$

1,604

6688197.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

5,403

3,485

6688245.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

9,096

8,151

6688428.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

54,995

53,803

6689529.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

3,527

3,386

6689610.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,254

4,006

6689919.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

6,530

6,391

6690044.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

6,683

4,797

6690132.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

415

279

6690218.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,260

1,175

6690233.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

2,054

1,830

6690639.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

4,032

3,929

6690762.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,439

1,383

6690791.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,871

1,793

6690981.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,165

1,064

6691020.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

7,313

6,965

6691231.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

13,462

12,927

6691441.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

4,741

4,643

6691576.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

7,696

7,296

6691756.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

8,427

5,793

6691862.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

7,345

6,310

6692287.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

846

807

6692346.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,454

1,445

6692484.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

993

970

6692580.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

48,577

47,291

6693705.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

15,339

15,013

6694439.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

388

378

6694473.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

1,759

1,662

6694527.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

9,381

4,639

6694630.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

8,330

7,992

6694828.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

9,487

9,115

6695061.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

4,449

4,276

6695210.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

1,540

1,518

6695303.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

492

471

6695320.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

2,824

2,773

6695446.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

539

502

6695465.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

14,933

13,628

6695723.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

6,070

5,382

6695822.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

2,404

2,334

6695889.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

2,719

2,690

6695993.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

13,443

13,093

6696188.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

9,044

6,335

6696314.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

5,001

4,924

6699725.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

3,556

3,248

6699794.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

8,080

5,487

6699920.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,637

2,500

6699959.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

4,468

4,165

6700000.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

4,011

3,978

6700242.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

9,958

8,155

6700488.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

3,736

3,583

6700670.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,508

2,454

6700766.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

919

910

6700843.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

6,362

6,131

6701036.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,963

1,687

6701218.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

4,090

3,863

6701358.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

4,311

4,190

6701478.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,650

2,605

6701550.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,945

1,874

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6702953.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

$

2,249

$

2,082

6702995.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

7,574

7,240

6703155.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,331

1,278

6703192.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

14,618

14,177

6703549.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

12,251

11,544

6703789.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

26,405

25,884

6704080.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

3,521

3,384

6704279.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

3,111

2,991

6704342.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

10,421

9,930

6704686.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

1,131

1,055

6704732.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

5,881

3,435

6704916.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

3,303

2,366

6705011.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

1,866

1,814

6705126.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

2,906

2,661

6705288.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

1,183

1,074

6705352.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

2,391

2,226

6705665.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

27,798

26,691

6706182.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

4,533

4,462

6706359.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

8,462

7,732

6706486.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

1,428

976

6706540.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

6,410

5,429

6706624.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

502

462

6706631.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

88

86

6706671.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

5,460

5,244

6706794.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

1,009

981

6706824.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

61,365

59,481

6707219.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

15,699

15,418

6707571.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

4,643

2,863

6707639.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

1,290

1,248

6707673.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

9,908

9,714

6709724.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

3,824

3,710

6708020.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

5,979

4,716

6708092.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,361

1,340

6708125.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,147

720

6708160.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

254

230

6708168.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

2,005

1,578

6708197.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

682

671

6708211.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

3,894

3,725

6708328.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,198

1,169

6708389.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,586

1,549

6708420.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

11,068

7,698

6708789.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

1,165

1,153

6708820.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

667

607

6708840.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

20,190

19,075

6709127.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

3,773

3,566

6709170.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

301

282

6709200.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

2,468

2,331

6709223.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

3,216

2,018

6709253.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

7,453

6,976

6709351.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

12,962

12,761

6709562.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

404

398

6709605.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

2,578

2,525

6709784.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

6,993

6,868

6712991.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

7,516

7,209

6713470.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

33,347

25,736

6714247.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

2,983

2,906

6714711.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

10,207

9,929

6715174.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

11,313

10,731

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6715440.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

$

927

$

653

6715463.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

9,947

9,097

6715800.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

641

635

6715898.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

27,265

25,542

6716301.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

13,802

13,244

6717863.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

3,340

3,168

6717996.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

6,867

6,598

6718091.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

2,683

2,518

6718717.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

5,214

5,106

6718991.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

2,417

2,088

6719031.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

309

282

6719061.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

3,270

3,177

6719655.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

1,641

1,580

6719670.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

8,090

7,856

6719961.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

3,998

3,438

6720048.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,095

3,896

6720259.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

1,975

1,861

6720345.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,324

2,536

6720381.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

5,246

5,044

6720555.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,376

4,210

6720775.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

19,110

18,857

6721305.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

20,451

19,893

6721717.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

587

569

6721745.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

9,646

9,455

6721996.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

41,129

39,877

6723412.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

3,808

3,490

6723630.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

2,055

1,974

6723797.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

1,900

1,655

6723834.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

2,472

2,423

6724016.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

1,289

1,278

6724129.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

738

728

6724162.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

162

157

6724165.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

638

631

6724467.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

1,024

591

6724488.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

4,399

4,261

6724576.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

20,785

20,385

6725218.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

14,895

14,317

6725452.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

1,417

1,363

6725785.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

410

400

6725831.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

863

849

6725901.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

1,200

597

6725916.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

1,710

1,476

6725972.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

4,099

3,986

6726040.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

897

840

6726064.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

1,894

1,830

6726090.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

5,667

5,190

6726169.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

2,378

2,225

6726202.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

2,460

2,373

6726253.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

3,481

3,369

6726306.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

7,641

7,423

6726418.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,178

1,163

6726480.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

270

258

6726539.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

9,932

9,615

6727278.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,766

3,680

6727480.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

715

699

6727530.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

15,904

15,554

6728160.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

6,687

6,540

6728294.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

2,226

2,112

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6728345.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

$

8,027

$

7,002

6728467.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

689

633

6728494.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,502

3,340

6728529.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,983

3,824

6728590.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

2,742

1,990

6728636.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,016

922

6728699.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

14,883

12,861

6728880.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

30,514

26,745

6729271.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

8,878

8,286

6729415.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

315

303

6729420.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,621

1,546

6729839.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

18,147

12,802

6730082.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

17,286

16,731

6730190.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

57,918

55,280

6731412.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,035

2,153

6731471.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,377

3,241

6731578.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

11,760

7,689

6731737.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

995

871

6731758.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

18,943

18,651

6732287.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

2,901

2,648

6732344.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

25,536

25,013

6733026.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

46,387

45,223

6733804.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,622

2,833

6734190.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,054

2,862

6734242.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,476

3,287

6734333.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

5,692

5,502

6734586.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

7,153

7,039

6734806.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

1,789

1,725

6735492.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

14,938

13,034

6735778.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

461

436

6735799.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

10,219

9,889

6736022.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,467

2,579

6736067.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

6,756

6,377

6736227.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

7,989

7,224

6736446.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

10,559

10,088

6736828.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

39,231

29,004

6739367.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,301

1,219

6739424.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,712

3,550

6739677.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,833

3,745

6739849.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

5,940

5,772

6740145.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

658

530

6740161.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

609

567

6740190.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

229

222

6740221.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

8,343

8,061

6740553.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,873

2,816

6740665.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

32

31

6740954.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

10,876

7,069

6741176.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

720

710

6741237.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

17,569

16,775

6741712.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

5,281

5,151

6742040.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,530

2,274

6742224.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

8,678

7,819

6742416.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,059

2,959

6742508.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,357

1,179

6742544.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,359

2,312

6742646.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

112

111

6742656.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

4,237

3,732

6742781.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

526

479

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

101

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6742798.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

$

9,240

$

8,096

6742956.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

893

863

6743021.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

9,506

9,210

6743357.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

19,588

19,035

6744112.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,417

1,362

6744321.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

564

552

6744324.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,065

1,038

6744358.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

957

872

6744390.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

4,313

2,866

6744464.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

11,946

11,481

6744674.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

29,516

28,092

6745166.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

565

552

6745196.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

47,421

46,374

6746262.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,378

1,296

6746270.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

10,486

9,540

6746366.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,525

2,387

6746408.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,320

1,218

6746429.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

16,256

15,665

6746623.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

7,309

6,373

6746678.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

17,178

16,480

6746971.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

617

589

6746997.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

21,219

20,372

6747295.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

3,865

3,685

6747483.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

1,773

1,720

6747512.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

2,091

2,055

6747586.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

3,746

2,471

6747609.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

1,343

698

6747630.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

2,084

2,024

6747656.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

1,071

1,000

6747666.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

817

682

6747681.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

1,647

1,622

6747712.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

136

134

6747720.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

4,022

3,962

6747827.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

14,348

14,054

6748415.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

4,512

4,088

6748751.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

963

953

6748824.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

999

926

6748865.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

9,381

6,997

6749060.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

675

513

6749086.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

6,703

5,725

6749230.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

4,769

4,659

6749403.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

3,748

3,566

6749536.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

6,026

5,752

6749981.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

7,255

7,099

6750326.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,121

1,102

6750354.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

417

382

6750360.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

52,328

50,761

6751174.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

4,367

4,007

6751758.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

2,118

2,051

6752088.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

11,194

10,708

6752447.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,206

1,179

6752534.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

3,205

3,117

6752687.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,079

4,921

6752866.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,885

1,494

6752882.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

9,484

9,298

6753268.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

8,342

7,674

6753451.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

4,101

3,932

6753526.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

6,265

5,096

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6753678.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

$

19,908

$

19,333

6754103.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

13,055

12,448

6754423.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

945

934

6754449.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,070

2,008

6754482.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

37,760

23,589

6755029.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

14,659

13,552

6755394.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,742

5,621

6755681.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

4,727

4,326

6755877.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

593

582

6756095.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,839

5,646

6756307.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,163

1,103

6756336.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

4,756

4,679

6756522.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,008

976

6756552.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

14,530

13,797

6756857.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,304

5,218

6757050.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,358

2,240

6757096.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

3,635

3,488

6757148.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

4,079

3,908

6757187.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,523

1,487

6757224.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

9,441

8,914

6757467.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

16,340

15,789

6757880.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

3,460

3,302

6757994.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,901

2,746

6758029.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,740

2,593

6758077.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,506

2,443

6758159.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

598

568

6758170.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,423

1,385

6758210.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

17,534

17,117

6762017.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

367

359

6762066.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

7,147

6,249

6762304.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

3,236

3,175

6762704.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

781

732

6762735.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,126

2,053

6762927.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

1,084

1,035

6763217.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

797

784

6763271.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

17,990

17,492

6763957.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

12,799

12,512

6764204.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

965

849

6764411.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

496

485

6764422.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

1,298

548

6764436.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

607

589

6764449.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

946

869

6764463.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

3,265

3,067

6764528.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

20,606

19,898

6764876.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

6,730

5,510

6764959.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

3,572

3,496

6765053.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

1,348

1,278

6765094.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

3,122

3,099

6765340.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

12,932

10,816

6765684.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

9,049

8,778

6766138.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,520

2,219

6766237.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

5,408

5,264

6766577.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

592

250

6766592.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

13,076

12,542

6766975.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

5,747

3,976

6767091.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,490

2,440

6767192.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,476

2,341

6767251.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

1,269

972

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

102

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6767285.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

$

580

$

567

6767319.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

7,301

6,915

6767536.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

22,854

20,812

6767980.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

11,010

10,512

6768327.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

1,232

1,193

6768384.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,188

1,797

6768404.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

30,174

28,286

6768964.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

1,891

1,443

6769015.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

6,368

6,184

6769117.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

3,875

3,767

6769204.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

12,808

12,363

6769402.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

10,888

10,019

6769521.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

2,411

2,352

6769646.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

17,195

16,774

6769991.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

9,642

8,879

6770114.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,431

1,347

6770185.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

23,924

22,928

6770557.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

16,270

12,455

6770737.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,724

3,622

6770814.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

5,081

4,893

6770919.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,751

3,640

6770956.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,164

2,885

6771003.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,960

3,783

6771045.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,488

1,458

6771063.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

5,043

4,655

6771103.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,665

3,045

6771128.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,528

3,330

6771253.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,761

3,108

6771282.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

971

865

6771292.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,958

4,789

6771352.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,319

1,268

6771377.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

33,294

32,306

6772234.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

5,117

4,884

6772401.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,536

1,286

6772439.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,604

2,577

6772927.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,549

3,348

6773022.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,559

2,493

6773093.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

6,359

6,157

6773263.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

889

881

6773287.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,396

3,212

6773312.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

8,680

8,505

6773491.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

4,979

4,849

6773596.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

8,902

8,099

6773744.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,644

2,534

6773785.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,760

1,571

6774326.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

880

845

6774338.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

21,365

20,219

6774547.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

672

633

6774611.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

5,256

4,928

6774656.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,020

990

6774678.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

5,227

5,047

6774732.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

862

836

6774743.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

21,527

20,223

6774899.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

5,763

5,291

6774941.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

5,478

5,319

6775103.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,600

1,470

6775149.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,664

2,443

6775219.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

6,589

6,236

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6775430.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

$

15,417

$

14,878

6775724.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

134

133

6775739.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

3,965

3,832

6775795.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

295

282

6775807.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,381

2,122

6775842.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

3,253

3,173

6776022.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,094

2,009

6776039.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,308

1,241

6776064.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

66,871

37,703

6776741.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

10,031

9,571

6776929.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,923

1,894

6776960.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

3,979

3,843

6777013.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,705

1,585

6777028.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

409

403

6777037.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,885

1,303

6777150.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

3,118

3,020

6777205.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

4,679

4,539

6777288.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

19,254

8,491

6777417.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,350

1,748

6777443.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

384

369

6777456.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

11,818

11,135

6777625.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

11,890

7,719

6779441.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

653

527

6779527.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,547

1,484

6779586.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

7,700

7,136

6779746.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

3,151

3,084

6779897.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

2,586

2,352

6779985.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

5,048

4,946

6780270.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

2,336

2,281

6780361.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

6,115

5,852

6780472.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,866

1,755

6780567.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

876

858

6780594.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

2,321

2,247

6780654.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,430

1,402

6780703.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,024

707

6780708.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

600

550

6781242.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,560

1,128

6781275.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

11,266

11,071

6781564.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

8,360

7,930

6781732.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

2,720

2,629

6781808.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

6,032

5,894

6781977.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,647

1,570

6782008.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,300

1,268

6782055.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

35,039

27,372

6782856.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

2,377

1,484

6782872.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,762

1,719

6783107.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

3,782

3,717

6783252.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

4,300

4,172

6783437.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

67,238

61,098

6785072.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,829

1,695

6785131.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,240

1,110

6785159.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,102

2,014

6785223.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,775

2,734

6785354.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

3,019

2,836

6785451.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

683

645

6785470.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

4,258

4,115

6785551.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,011

1,789

6785586.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,481

1,424

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

103

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6785602.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

$

5,073

$

4,948

6785872.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

26,483

24,064

6785939.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

933

866

6785969.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

4,117

4,024

6786030.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

1,111

814

6786035.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

1,966

1,637

6786052.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

14,030

13,311

6786228.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

632

568

6786237.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

11,239

11,018

6786435.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

8,732

8,276

6786543.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

3,656

3,490

6786592.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

9,612

9,211

6786721.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

8,804

8,442

6786832.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

5,330

2,361

6786902.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

6,075

5,750

6787012.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

2,300

2,171

6787060.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

2,396

2,305

6787128.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

13,552

13,207

6787765.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

3,555

3,452

6788053.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,578

1,406

6788087.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,110

1,025

6788153.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

893

870

6788204.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,268

1,243

6788252.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

365

357

6788285.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,472

2,387

6788352.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

6,438

5,709

6788772.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

5,256

5,079

6788984.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

17,832

17,276

6789406.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,012

1,467

6789468.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

7,945

7,701

6789753.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

7,874

7,638

6790015.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

4,278

4,054

6790092.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

34,412

32,996

6790849.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,011

1,925

6790891.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

3,814

3,733

6790976.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

14,198

13,907

6791523.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,090

2,955

6791588.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,583

3,475

6791791.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

8,177

7,997

6792133.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,951

2,805

6792201.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

15,767

11,717

6792484.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,825

3,650

6793520.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

4,547

4,229

6793570.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

862

826

6793584.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

9,353

8,942

6793702.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

12,849

12,552

6793937.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

809

450

6793946.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

329

316

6793965.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

4,317

2,889

6794028.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

512

489

6794037.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,615

2,525

6794081.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

19,030

18,883

6794818.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,412

3,268

6794863.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,063

1,800

6794888.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,727

1,666

6794934.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,230

808

6794964.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,211

2,159

6795031.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

19,021

16,556

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6795113.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

$

1,993

$

1,955

6795245.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

17,508

16,020

6795711.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,974

1,919

6795766.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

5,602

5,507

6795958.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

3,541

2,999

6796024.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

30,667

25,822

6796531.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,997

1,957

6796595.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,069

1,013

6796634.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

6,950

6,704

6796698.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,211

1,126

6796712.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

915

820

6796725.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

16,648

15,668

6796927.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

6,149

4,495

6796986.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

4,955

3,671

6797001.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

657

653

6797012.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

931

741

6797025.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

7,762

7,416

6797083.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,082

980

6797101.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,995

2,940

6797242.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

3,771

3,489

6797317.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,686

2,576

6797340.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,707

2,658

6797388.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,094

1,031

6797430.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

7,494

7,354

6797569.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,632

1,592

6797593.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,658

2,547

6797691.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

5,268

5,194

6797813.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,041

2,022

6797895.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,031

488

6797907.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

16,242

14,987

6798078.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

14,821

14,158

6800039.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

3,454

3,316

6800152.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

2,625

2,543

6800364.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

3,704

3,551

6800482.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

595

556

6800599.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

2,036

1,964

6800647.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

692

673

6800673.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

974

849

6800730.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

10,285

9,477

6800956.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

33,322

32,277

6801604.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,672

1,603

6801649.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

2,154

2,088

6801689.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

3,068

2,960

6801737.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

7,886

7,574

6801912.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

502

479

6801948.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

9,363

8,974

6802055.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

7,099

6,489

6802237.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

61,706

57,424

6803130.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

7,331

6,704

6803215.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

13,401

13,067

6804772.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

44

43

6804795.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

790

769

6804813.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

707

688

6804846.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

19,900

19,355

6805352.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,905

2,781

6805465.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

3,415

3,346

6805577.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

469

466

6805630.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

1,371

1,202

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6805679.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

$

4,903

$

3,894

6805763.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

7,937

7,615

6805962.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

5,321

4,869

6806067.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

952

911

6806079.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

3,581

3,450

6806300.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

572

553

6806302.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

72,442

70,229

6807859.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

6,619

6,386

6808038.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

3,645

3,472

6808132.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

5,171

4,266

6808192.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,882

2,689

6808231.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

7,561

7,395

6808323.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

5,679

5,583

6808402.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

1,073

1,055

6808422.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

873

837

6808442.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

5,370

5,123

6808513.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

4,069

3,980

6808615.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,231

2,155

6808655.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

1,162

1,065

6808675.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

76

75

6808699.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,339

2,220

6808737.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,083

2,014

6808845.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,478

2,404

6808881.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

3,465

2,719

6808922.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,448

2,183

6808946.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,575

2,541

6809043.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

6,495

6,237

6809101.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

667

650

6809112.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

608

575

6809126.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

4,377

4,221

6809193.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

6,622

6,028

6809269.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

2,326

2,065

6809350.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

1,680

835

6809366.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

538

519

6809375.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

1,485

1,041

6809388.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

4,325

4,145

6809448.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

833

816

6809469.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

3,732

3,540

6809516.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

4,100

3,922

6809576.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

1,367

1,034

6809587.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

672

610

6809598.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

4,696

4,411

6809641.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

2,527

2,415

6809670.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

2,248

2,230

6809875.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

7,805

7,392

6810050.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

20,161

19,337

6810659.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

4,389

4,174

6811174.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

3,569

2,875

6811219.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,591

1,579

6811290.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

3,405

3,260

6811328.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

25,863

24,465

6811666.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

8,036

7,367

6811779.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

7,228

6,845

6811915.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

589

582

6811944.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

508

485

6812018.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

9,528

8,800

6812204.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

370

326

6812219.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,573

1,268

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6812325.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

$

579

$

554

6812340.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

3,177

3,120

6812405.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

5,576

5,325

6812500.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,822

2,783

6812583.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,168

2,057

6812645.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,612

2,535

6812699.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,951

2,858

6812742.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

18,091

17,507

6812962.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,338

2,213

6813004.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,724

2,515

6813242.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

4,275

4,096

6813428.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

2,670

2,576

6813457.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

569

502

6813464.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

615

571

6813473.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

17,678

17,184

6813713.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

5,208

5,098

6813899.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

7,370

7,058

6813991.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

4,791

4,628

6814316.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

18,301

15,927

6814762.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

1,504

1,442

6814783.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

3,172

2,988

6814859.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

13,679

13,119

6815184.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

1,240

1,093

6815214.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

15,988

15,092

6815496.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

56,183

49,999

6816146.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

1,360

1,336

6816187.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

15,592

15,301

6816661.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

13,909

11,801

6816811.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

8,448

8,092

6816940.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

7,572

7,313

6817048.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

32,913

31,032

6818914.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

11,969

11,293

6819107.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

2,958

2,805

6819244.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

999

921

6819267.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

404

364

6819280.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

1,331

1,103

6819303.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

2,873

2,711

6819380.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

209

206

6819599.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

3,525

3,381

6819804.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

2,724

2,642

6819930.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

8,019

7,665

6820141.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

9,170

8,782

6820295.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

1,159

1,099

6820334.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

23,004

22,222

6820797.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

6,041

4,975

6820854.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

28,102

27,149

6821264.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

48,261

36,809

6821924.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

7,927

7,770

6822114.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

1,953

1,718

6822156.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

5,302

5,081

6822326.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

38,440

36,891

6822488.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

770

763

6822545.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

27,143

23,230

6823063.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

3,828

3,709

6823299.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,007

936

6823326.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

22,219

21,201

6823888.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

11,810

11,549

6824226.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

3,685

3,305

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

105

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6824272.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

$

373

$

361

6824276.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,592

1,530

6824307.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

9,462

9,242

6824522.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

6,553

4,996

6824643.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

2,296

2,222

6824684.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,480

1,383

6824700.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

8,418

8,196

6824904.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

958

886

6824918.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

13,140

12,433

6825133.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

631

609

6825144.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

10,778

10,303

6825415.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

3,692

3,185

6825535.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,422

1,327

6825568.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

6,288

5,573

6825697.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,719

1,688

6825751.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

4,477

4,357

6825882.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

3,781

3,688

6825993.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

2,343

2,184

6826034.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

4,070

3,963

6826119.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

2,230

2,134

6826158.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

648

639

6826181.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

1,652

1,281

6826212.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

17,379

13,974

6826509.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

3,309

3,092

6826580.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

1,243

1,126

6826592.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

4,497

4,262

6826668.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

2,802

2,616

6826707.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

696

639

6826739.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

9,963

9,554

6826864.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

8,452

7,823

6826936.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

1,683

1,344

6826954.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

1,854

1,604

6826965.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

4,716

4,515

6827030.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

3,199

3,132

6827100.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

6,324

5,872

6827188.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

814

628

6827196.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

7,362

7,180

6827370.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

5,152

4,974

6828140.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

889

859

6828159.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

1,016

990

6828179.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

3,882

3,673

6828257.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

1,465

1,426

6828318.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

8,653

8,235

6828508.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

880

852

6828551.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,656

5,421

6828714.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

4,656

4,402

6828832.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

4,991

3,957

6828901.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

769

627

6828911.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

2,861

2,798

6828951.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

7,711

7,009

6829013.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

32,123

31,062

6829291.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

15,638

13,438

6829368.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

730

714

6829390.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

2,968

2,791

6829424.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

4,326

4,233

6829445.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

112

110

6829450.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

7,629

7,314

6829529.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

24,459

23,554

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6830214.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

$

4,047

$

3,874

6830230.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

6,826

6,018

6830282.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

736

717

6830322.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

806

775

6830371.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

6,346

6,066

6830508.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

846

807

6830522.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

2,637

2,552

6830593.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

8,484

8,186

6830814.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

7,579

7,348

6831048.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,804

1,735

6831092.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

2,395

2,271

6831237.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,829

1,731

6831348.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

54,102

50,030

6832254.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,447

1,349

6832268.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

3,044

2,943

6832316.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

8,195

7,778

6832385.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

15,253

14,449

6832657.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

6,563

6,205

6832814.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

4,939

4,720

6833032.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

21,566

20,829

6833386.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

24,517

23,751

6833705.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,369

1,309

6833726.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

14,754

14,247

6833858.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

4,059

3,919

6834075.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

6,422

6,187

6834164.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

1,481

1,364

6834245.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

3,348

3,277

6834338.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

9,091

8,514

6834576.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

230

224

6834730.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

12,405

12,056

6835083.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

4,464

4,082

6835172.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

583

574

6835175.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

6,353

6,192

6835286.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

5,392

4,841

6835400.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

11,512

11,109

6835522.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

922

763

6835534.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

3,502

3,412

6835584.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

4,051

3,836

6835645.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

1,022

968

6835679.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

3,289

3,128

6835781.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

20,845

19,939

6835999.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

14,066

12,853

6836263.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

31,371

30,271

6838444.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

6,496

5,979

6838587.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

3,143

2,918

6838661.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

3,835

3,497

6838986.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

927

885

6839017.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

1,123

1,077

6839109.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

4,441

4,288

6839231.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

6,652

6,432

6839397.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

2,393

2,275

6839460.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

3,821

3,688

6839532.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

20,007

19,311

6840011.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

5,848

5,692

6840156.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

8,360

7,225

6840285.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

13,109

11,263

6840492.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

2,646

2,520

6840562.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

22,496

22,146

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

106

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6841773.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

$

44,136

$

41,545

6842174.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

9,218

8,463

6842467.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

3,046

2,775

6842558.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

377

359

6842576.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

6,082

5,863

6842903.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

7,788

6,994

6843076.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

2,217

2,126

6843139.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

4,816

4,625

6843330.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

22,821

21,368

6843843.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

33,032

31,623

6844326.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

1,072

611

6844340.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

4,329

4,233

6844425.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

3,799

3,725

6844499.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

1,278

1,156

6844504.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

17,316

16,099

6844756.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

2,481

2,394

6844839.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

5,801

5,603

6844947.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

9,535

9,282

6845163.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

3,683

3,598

6845224.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

5,489

5,137

6845298.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

75,483

72,726

6846325.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

1,431

1,364

6846350.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

1,465

1,447

6846380.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

180

179

6846424.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

177

175

6846441.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

5,071

4,914

6846525.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

3,125

3,020

6846564.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

2,386

2,197

6846600.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

481

468

6846610.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

2,136

2,079

6846643.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

14,386

13,751

6846819.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

368

350

6846824.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

3,695

3,591

6847031.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

960

908

6847041.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

1,009

993

6847055.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

11,792

11,690

6847762.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

8,255

8,042

6847986.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

9,050

8,742

6848142.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

2,580

2,511

6848179.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

10,319

9,765

6848316.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

15,435

14,950

6848533.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

8,916

8,359

6848723.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

4,040

3,186

6848782.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

52,714

49,148

6849472.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

6,875

6,731

6849618.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

3,516

3,416

6849686.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

427

419

6849695.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

3,007

2,795

6849748.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

7,664

7,558

6850363.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

6,112

5,699

6850527.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

724

721

6850619.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

240

233

6850718.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

8,057

7,602

6850861.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

6,037

4,815

6850978.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

14,897

14,672

6851489.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

41,951

40,504

6852156.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,317

1,275

6852250.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

7,598

7,040

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6852319.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

$

1,847

$

1,556

6852343.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

579

563

6852350.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,527

1,479

6852362.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,393

1,355

6852397.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

3,082

3,020

6852448.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

10,050

9,910

6852669.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

2,056

1,970

6852714.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

14,118

13,372

6852998.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

10,469

9,930

6853138.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

7,029

6,663

6853217.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,425

1,337

6853261.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

9,706

9,162

6853445.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,949

1,927

6853540.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

11,728

11,243

6853599.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,522

2,441

6853678.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

4,528

2,139

6853747.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

8,872

8,591

6854031.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

197

192

6854061.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

1,548

1,096

6854113.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

1,150

594

6854153.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

681

664

6854255.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

1,116

1,056

6854334.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,373

1,825

6854381.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,378

2,093

6854489.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

13,593

13,055

6854785.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

6,111

5,799

6854877.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

676

659

6854897.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

4,820

3,813

6854996.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

6,086

4,809

6855069.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

5,835

5,693

6855155.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,607

2,541

6855203.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

6,279

5,969

6855292.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

678

643

6855299.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

38,250

36,317

6855976.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

11,159

10,598

6856117.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,767

2,734

6856230.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,917

2,844

6856361.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

886

617

6856405.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,511

2,430

6856451.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

5,870

4,417

6856521.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

15,317

14,554

6858159.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

931

904

6858228.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

6,670

5,978

6858315.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

8,769

7,731

6858620.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

1,235

1,211

6858720.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

664

373

6858763.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

1,667

1,614

6858854.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

11,374

10,564

6859076.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

5,632

5,436

6859829.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,235

2,149

6859865.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

21,801

20,857

6860349.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

845

823

6860390.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

775

722

6860414.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

16,563

15,351

6860713.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

4,164

3,202

6860765.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

7,431

7,226

6860904.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

44,217

42,058

6861560.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

16,838

16,527

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

107

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6861610.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

$

20,007

$

17,286

6862126.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

2,919

2,735

6862297.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

6,491

6,104

6862450.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,161

1,121

6862483.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

4,887

4,632

6862595.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

5,432

5,201

6862726.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

4,113

3,969

6862848.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

33,892

32,169

6863642.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

22,905

22,122

6864093.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,507

1,472

6864136.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

12,037

11,545

6864433.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

9,493

9,187

6864604.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

18,959

18,319

6864947.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

2,518

2,493

6865001.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

16,921

15,475

6865169.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

5,396

5,296

6865251.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

4,056

3,939

6865311.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

1,432

1,381

6865330.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

2,107

1,360

6865359.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

12,326

11,909

6865547.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

530

510

6865560.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

1,226

1,204

6865580.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

2,662

1,687

6865607.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

4,592

4,117

6865702.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

1,532

1,485

6865728.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

2,892

2,743

6865768.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

7,133

6,828

6865884.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

1,012

992

6865910.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

1,089

1,047

6865924.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

3,973

3,917

6866262.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

4,331

4,151

6866461.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

6,178

5,699

6866666.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

7,364

7,100

6866865.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,311

1,256

6866900.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,725

1,659

6866949.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

5,543

5,415

6867081.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

13,810

12,901

6867279.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

19,259

17,848

6867556.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

3,092

2,953

6867593.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

2,395

2,150

6867629.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

9,833

9,486

6867756.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,580

1,479

6867830.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,477

1,437

6867840.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

7,224

6,972

6867914.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

5,210

4,889

6867976.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

24,525

20,116

6868199.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,129

1,085

6868209.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

38,869

37,048

6868585.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

10,009

9,499

6868681.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

2,011

1,725

6868707.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,042

782

6868733.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

2,999

2,771

6868776.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

42,611

40,377

6869300.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,539

1,491

6869320.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

3,078

2,867

6869344.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

6,775

5,850

6869391.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,419

1,372

6869416.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

5,083

4,409

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6869457.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

$

36,739

$

35,071

6869501.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,715

3,560

6869669.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,300

1,237

6869712.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

2,022

1,974

6869798.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

637

615

6869824.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

361

346

6869960.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

17,610

17,345

6870588.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

2,412

2,329

6870680.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,287

3,048

6870762.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

10,114

9,751

6870902.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

4,266

4,150

6870943.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

16,387

15,970

6871168.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

2,323

1,895

6871187.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

8,248

7,670

6871309.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,693

1,633

6871341.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,718

1,605

6871381.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

676

666

6871394.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

10,636

9,987

6871486.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

364

353

6871497.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,746

1,686

6871513.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

4,156

3,996

6871543.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

12,690

12,175

6871666.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,639

1,519

6871681.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

7,494

7,344

6871820.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

10,344

10,012

6871925.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

13,217

12,615

6872169.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

35

35

6872177.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,522

1,384

6872183.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

5,458

5,298

6872268.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,760

3,057

6872295.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

15,144

14,752

6872584.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

760

698

6872638.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

14,587

13,730

6872920.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

3,957

3,786

6872995.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,632

1,169

6873013.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

8,721

8,547

6873357.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

3,502

2,128

6873418.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,497

2,400

6873457.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

10,047

9,691

6873678.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

15,757

15,262

6873914.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

40,110

37,695

6874440.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,708

1,509

6874453.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

3,925

3,818

6874506.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,188

1,175

6874523.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,793

1,704

6874546.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

5,527

5,156

6874599.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

12,407

11,944

6874785.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

3,281

1,838

6874843.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,641

2,587

6874904.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,146

944

6874913.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

56

56

6874934.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

8,334

8,047

6875400.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

99

97

6875406.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

41,885

40,188

6877229.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

4,220

4,056

6877363.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

7,510

7,127

6877543.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,574

1,501

6877575.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,163

1,117

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

108

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6877606.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

$

4,289

$

4,193

6877725.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

7,371

7,073

6877934.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,458

1,369

6877962.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

7,208

6,670

6878099.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

5,538

5,300

6878189.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

6,765

6,462

6878296.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

8,429

8,132

6878539.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

2,955

2,836

6878583.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

2,160

2,088

6878650.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,435

1,425

6878910.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

3,742

3,606

6878988.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

31,652

17,828

6879546.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

950

840

6879563.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

2,501

2,397

6879630.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

7,900

7,371

6879790.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

12,963

9,274

6879981.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

11,219

10,526

6880076.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

6,660

6,313

6880137.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

45,457

43,849

6880850.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

5,078

4,871

6881021.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

2,649

2,560

6881124.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

918

859

6881157.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

2,169

1,729

6881299.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

3,128

2,990

6881428.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

4,096

3,062

6881604.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

2,004

1,941

6881687.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

532

511

6881726.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

7,159

6,915

6882012.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

14,850

13,781

6882443.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

41,556

39,276

6883274.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

11,710

10,832

6883486.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

1,357

1,318

6883520.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

5,399

5,133

6883824.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

10,306

9,670

6884016.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

1,622

1,523

6884054.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

863

810

6884071.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

14,865

14,500

6884295.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

7,588

7,138

6884360.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

3,323

3,171

6884400.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

3,219

3,139

6884448.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

21,950

21,028

6884736.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

1,259

1,251

6884806.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

716

679

6884815.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

5,199

4,721

6884886.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

6,486

5,940

6884972.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

1,812

1,723

6885061.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

15,647

13,523

6885245.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

1,796

1,754

6885276.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

4,655

4,523

6885361.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

2,471

2,321

6885410.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

1,614

1,468

6885424.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

12,348

11,591

6885876.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,495

1,456

6885924.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

3,958

3,824

6886047.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,855

1,834

6886137.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

596

559

6886158.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

2,033

1,911

6886237.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

3,746

3,460

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6886392.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

$

6,772

$

5,747

6886565.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

10,710

10,020

6886789.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,251

4,132

6886898.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,666

4,528

6886999.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

892

647

6887010.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

14,603

13,823

6887251.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

8,318

7,986

6887440.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,061

920

6887452.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

26,270

24,966

6887829.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,349

1,303

6887861.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,405

4,039

6887935.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

5,882

4,678

6887999.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,923

4,602

6888060.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

997

956

6888067.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,394

4,244

6888133.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

18,321

17,460

6888388.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

2,933

2,859

6888509.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

2,816

2,456

6888564.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

5,759

5,680

6888706.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

11,818

11,225

6888877.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

24,909

23,882

6889162.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,574

1,519

6889192.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

11,874

11,019

6889366.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

25,027

24,152

6890016.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

9,881

9,437

6890304.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

9,311

8,926

6890477.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

4,423

4,242

6890590.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

4,157

3,947

6890712.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

524

508

6890728.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,738

1,680

6890782.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

17,145

12,620

6891017.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

13,734

12,211

6891209.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

55,084

53,181

6892214.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

3,015

2,878

6892286.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

797

773

6892310.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

6,192

5,948

6892461.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,489

1,394

6892469.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

4,267

4,004

6892505.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

3,699

3,557

6892586.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

2,820

2,343

6892642.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

7,348

7,018

6892716.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

17,833

11,677

6893041.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,492

1,439

6893064.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

14,570

13,641

6893424.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,349

1,307

6893482.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,547

2,950

6893542.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

11,647

10,902

6893738.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,123

2,981

6893788.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,074

1,042

6893818.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,498

3,301

6893876.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

21,442

20,669

6894245.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,780

3,634

6894291.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

782

477

6894316.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,608

1,558

6894356.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

23,761

22,767

6894702.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,004

903

6894721.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

34,476

32,917

6895245.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

15,972

15,481

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

109

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6895649.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

$

797

$

749

6895735.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

5,147

4,837

6895825.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

2,903

2,795

6895874.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

58,110

55,837

6897586.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

742

705

6897625.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

4,224

4,014

6897743.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

6,465

6,192

6897921.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

2,699

2,546

6897991.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

13,868

11,786

6898401.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

3,950

3,783

6898521.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

11,022

10,569

6898782.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

4,022

3,871

6898922.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

1,015

982

6898963.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

11,106

10,677

6899605.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

36,225

34,174

6900404.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

7,241

7,008

6900617.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

703

462

6900634.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

1,251

1,211

6900673.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

14,853

13,578

6900995.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

10,722

10,192

6901406.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

5,070

4,828

6901515.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

1,019

980

6901545.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

3,773

3,569

6901684.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

6,422

6,176

6902000.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

1,648

1,583

6902064.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

3,644

3,530

6902178.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

36,299

33,957

6902880.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

6,357

6,117

6902981.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

24,152

23,212

6903390.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

8,661

7,811

6903487.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

11,372

8,443

6903631.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

956

896

6903656.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

5,245

5,055

6903786.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

508

487

6903796.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

7,809

7,244

6903898.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

27,872

26,756

6904242.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

5,185

4,912

6904322.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

12,899

11,993

6904616.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

3,909

3,735

6904680.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

539

524

6904696.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

2,518

2,415

6904719.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

1,228

1,179

6904750.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

5,697

5,468

6904841.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

1,807

1,753

6904876.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

1,489

1,433

6904902.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

3,106

2,840

6904945.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

73

71

6904960.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

20,370

19,642

6905266.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

9,931

9,304

6905534.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

4,148

3,337

6905563.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

2,157

1,804

6905582.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

13,789

13,005

6905747.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

2,907

2,823

6906105.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

2,460

2,378

6906187.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

2,332

2,231

6906251.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

4,105

3,900

6906391.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

2,724

2,281

6906474.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

6,031

5,807

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6906659.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

$

2,756

$

2,634

6906735.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,271

1,230

6906794.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,152

1,105

6906833.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

6,539

6,129

6906964.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

3,307

3,118

6907017.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

4,304

4,064

6907096.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

509

494

6907137.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

27,041

25,866

6907551.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

3,284

3,164

6907610.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

5,643

5,329

6907700.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

7,775

7,123

6907871.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

48,199

46,155

6908555.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

26,656

25,595

6909042.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,295

4,127

6909162.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

1,182

1,135

6909180.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

7,947

7,608

6909253.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

1,864

1,254

6909279.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

10,315

9,838

6909502.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

824

802

6909541.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,990

3,795

6909654.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

2,328

2,235

6909772.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

8,058

7,738

6909971.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

1,738

1,656

6910000.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

1,958

1,853

6910038.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

5,373

5,042

6910153.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

5,211

4,986

6910250.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

2,935

2,747

6910295.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,538

3,370

6910351.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

9,647

9,129

6910510.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

7,376

7,114

6910689.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

15,618

14,646

6910825.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

5,602

5,376

6910926.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,320

3,112

6910972.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

2,006

1,936

6911000.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

8,738

8,190

6911084.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

588

558

6911098.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,111

3,860

6911179.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,040

2,942

6911238.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

13,090

11,503

6911406.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

734

712

6911424.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,175

3,972

6911495.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

12,351

9,999

6911629.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

10,292

9,758

6911802.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,943

4,746

6911917.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,870

4,660

6912048.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

7,769

7,510

6912159.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

7,986

7,757

6912402.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

2,773

2,522

6912511.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

26,854

22,555

6913117.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

12,954

12,154

6913367.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

1,675

1,610

6913377.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

66,809

63,231

6914328.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

49,854

47,087

6916064.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

19,154

17,962

6916525.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

3,091

2,951

6916657.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

4,878

4,488

6916843.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

5,064

4,637

6916953.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

3,217

3,044

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

110

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6917048.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

$

4,030

$

3,853

6917182.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

5,687

5,516

6917401.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

28,334

27,325

6917870.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

13,891

12,620

6918116.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

6,973

6,766

6918389.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

3,007

2,845

6918406.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

7,817

7,519

6918575.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

7,009

5,451

6918684.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

49,990

47,630

6918954.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

17,435

16,664

6919160.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

11,950

11,489

6919377.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

4,193

4,011

6919469.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

22,999

21,980

6919873.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

9,856

9,420

6919997.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

1,340

1,287

6920001.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

8,701

7,793

6920074.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

7,157

6,868

6920165.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

2,588

2,318

6920198.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

5,194

4,905

6920256.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

9,169

8,715

6920356.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

1,498

1,138

6920373.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

11,149

10,340

6920528.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

1,171

1,139

6920624.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

2,210

2,092

6920646.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

3,214

3,093

6920685.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

16,186

15,523

6920873.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

319

305

6920881.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

36,128

33,868

6921239.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

971

936

6921262.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

2,071

1,990

6921289.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

1,756

1,691

6921317.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

1,628

1,544

6921352.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

8,008

7,732

6921699.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

2,791

2,673

6921803.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

6,813

6,347

6921972.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

3,126

2,989

6922012.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

6,764

6,387

6922099.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

20,725

19,896

6922314.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

16,327

14,072

6922411.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

12,858

12,316

6922498.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

28,740

27,466

6922774.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

630

612

6922819.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

23,681

22,750

6923036.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

2,150

2,051

6923055.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

3,538

3,397

6923071.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

49,981

47,329

6923308.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

50,486

48,147

6928502.SQ.FTS.B,

Zero

Cpn,

2/16/25

...

1,200

1,093

6928829.SQ.FTS.B,

Zero

Cpn,

2/16/25

...

2,587

2,481

6929014.SQ.FTS.B,

Zero

Cpn,

2/16/25

...

75,270

70,617

6932368.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

9,411

8,995

6933249.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

13,409

12,769

6933405.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,385

3,265

6933461.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,800

2,612

6933493.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

4,739

4,446

6933547.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,728

1,655

6933569.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

15,479

14,883

6933764.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

9,773

8,787

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6933863.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

$

9,585

$

8,964

6933966.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

13,735

12,999

6934101.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

7,273

6,908

6934194.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

752

726

6934200.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

21,240

20,364

6934459.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,748

2,650

6934522.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

16,009

15,465

6934936.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

5,670

5,367

6935007.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

8,926

8,496

6935097.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,735

3,503

6935159.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

17,820

16,928

6935419.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

6,784

6,465

6935509.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,716

3,562

6935560.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,117

2,647

6935597.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

16,034

15,380

6935877.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,128

2,998

6935941.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

10,480

10,045

6936080.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,298

3,158

6936122.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,931

1,772

6936164.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

5,429

5,157

6936224.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

11,727

11,219

6936381.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

8,554

8,137

6936445.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

12,541

10,847

6936515.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

648

595

6936519.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,652

1,577

6936529.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,154

1,113

6936548.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,825

2,729

6936577.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

18,552

16,431

6936695.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

4,189

4,005

6936729.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,740

1,671

6936737.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

4,240

4,078

6936776.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,995

3,747

6936803.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

13,143

12,364

6936888.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

24,342

23,332

6936951.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

4,909

4,726

6937020.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

9,943

8,609

6937090.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

8,967

8,602

6937162.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

50,476

47,572

6937687.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,933

4,709

6937752.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

10,237

9,800

6937845.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

18,154

16,091

6938046.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

6,195

5,939

6938129.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,233

978

6938135.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,951

2,823

6938227.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

7,455

6,529

6938388.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

593

569

6938407.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,327

4,022

6938470.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,853

3,617

6938528.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,769

4,290

6938607.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,985

1,897

6938674.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

7,131

6,816

6938875.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

6,095

5,918

6939214.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,113

3,942

6939265.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,088

4,880

6939319.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

134

131

6939329.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,341

4,168

6939361.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,518

2,384

6939388.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,375

3,984

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

111

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6939435.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

$

11,336

$

10,850

6939623.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,532

3,138

6939693.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

57,014

53,961

6940658.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

18,597

17,398

6941002.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,496

3,335

6941070.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,488

1,154

6941093.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,134

1,092

6941165.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

11,072

10,546

6941280.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

1,029

945

6941294.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

4,282

3,954

6941335.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

2,231

2,128

6941360.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

6,087

5,818

6941405.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

4,991

3,517

6941439.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

9,783

9,152

6941545.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

4,275

4,097

6941599.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

24,985

23,735

6941940.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

1,341

1,291

6941962.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

3,548

3,401

6942014.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

1,348

1,277

6942028.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

1,567

1,480

6942117.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

3,371

3,232

6942149.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

3,610

3,394

6942187.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

3,826

3,622

6942222.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

1,852

1,797

6942262.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

5,927

5,712

6942335.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

7,243

6,940

6942449.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

653

632

6942465.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

4,742

3,909

6942522.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

12,266

11,775

6942910.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

4,170

4,017

6943067.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

597

550

6943108.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

3,546

2,832

6943184.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,771

1,665

6943225.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

13,996

13,452

6943641.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

3,645

3,484

6943705.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,247

2,129

6943768.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,228

2,155

6943816.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,777

1,659

6943855.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,818

1,737

6943886.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

586

564

6944003.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

4,982

4,773

6944071.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

13,872

9,235

6944248.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

3,050

2,838

6944283.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

7,555

7,221

6944374.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,547

1,455

6944390.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,626

2,532

6944466.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,904

2,770

6944504.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

28,728

26,560

6944857.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

362

349

6944879.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

53,636

50,217

6945549.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

21,731

20,823

6945897.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,907

1,771

6945921.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,007

1,934

6945938.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

7,920

7,569

6946056.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

26,037

25,098

6946389.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

6,086

5,667

6946498.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

10,062

9,132

6946591.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

11,610

11,225

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6946823.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

$

4,866

$

4,696

6946907.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

47,100

44,451

6947925.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

756

722

6947936.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

5,076

4,787

6948035.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

7,489

7,141

6948222.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

39,998

38,221

6948723.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

56,855

52,559

6949328.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

5,721

4,074

6949372.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

5,720

5,301

6949469.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

23,716

22,719

6949752.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

16,715

15,935

6949958.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

373

359

6949964.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,954

3,811

6949999.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

22,604

21,484

6950294.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

2,770

2,659

6950339.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

760

734

6950351.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

52,398

49,822

6951131.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,324

1,262

6951154.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,647

1,597

6951209.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

4,303

4,103

6951265.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,483

1,399

6951302.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

3,056

2,914

6951333.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

22,310

21,448

6951670.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

2,330

2,233

6951708.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

470

433

6951722.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

23,921

22,939

6951919.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

57,888

55,747

6952609.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

12,731

11,527

6952811.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

14,648

13,491

6952990.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

40,317

38,573

6954757.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

4,034

3,842

6954866.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

900

872

6954924.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

473

456

6954966.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

13,640

11,305

6955287.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

1,415

1,332

6955349.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

1,854

1,687

6955378.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

5,615

5,239

6955514.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

3,605

3,092

6955566.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

1,401

1,305

6955588.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

3,710

3,463

6955667.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

5,707

5,035

6955765.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

9,185

8,795

6955886.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

6,001

5,351

6955979.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

48,300

45,897

6956682.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

5,256

4,791

6956752.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

16,383

15,514

6957098.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

6,439

6,160

6957156.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

1,089

783

6957160.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

4,329

4,151

6957197.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

3,685

3,584

6957334.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

824

764

6957355.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

14,314

13,190

6957595.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

2,541

2,242

6957622.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

4,042

3,860

6957679.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

24,043

23,049

6958004.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

18,460

17,567

6958264.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

5,907

5,612

6958313.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

13,579

12,094

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6958372.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

$

5,508

$

5,246

6958559.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

26,427

19,938

6959245.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

28,758

26,606

6959688.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

389

376

6959697.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

3,824

3,591

6959771.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

8,464

7,026

6959837.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

12,334

11,650

6959964.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

281

272

6959966.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

12,413

11,786

6960079.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

9,278

8,828

6960238.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,207

4,039

6960276.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

11,484

11,014

6960385.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

481

463

6960394.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

13,681

12,900

6960597.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,769

1,645

6960606.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,483

1,429

6960629.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

10,260

9,612

6960759.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

10,886

9,704

6961528.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,755

1,457

6961728.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

551

533

6961761.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

7,315

6,384

6961825.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,498

4,278

6961898.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

955

890

6961948.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

10,941

10,365

6962075.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,166

1,111

6962083.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

22,677

21,781

6962376.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

2,563

2,457

6962411.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

3,382

3,206

6962443.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

223

217

6962456.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

5,805

5,385

6962485.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

303

294

6962488.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

19,380

18,537

6962628.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

14,431

13,774

6962750.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

15,920

15,250

6962846.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

5,037

4,511

6962893.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

24,789

23,712

6963107.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

4,048

3,817

6963144.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,075

2,009

6963174.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

21,370

20,454

6963383.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,436

1,392

6963414.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,691

2,602

6963451.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,609

2,453

6963468.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,590

2,479

6963494.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,959

2,838

6963533.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,220

2,071

6963552.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

8,486

8,131

6963625.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

4,680

4,347

6963666.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

13,610

12,601

6964024.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,152

5,608

6964145.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,709

1,644

6964210.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,266

3,136

6964280.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,301

2,204

6964367.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,844

5,495

6964539.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,367

3,229

6964622.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,930

3,509

6964669.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,124

970

6964696.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,663

2,563

6964748.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,448

1,299

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6964771.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

$

11,980

$

11,393

6964929.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,264

2,137

6964955.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,716

1,631

6964981.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

13,806

13,194

6965159.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,304

7,163

6965288.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,512

1,456

6965319.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,706

2,618

6965356.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,706

4,548

6965459.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,593

11,042

6965565.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

16,674

15,830

6965742.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,735

3,455

6965799.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,684

5,351

6965888.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,523

10,131

6966024.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,895

1,824

6966051.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,640

1,824

6966079.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

32,256

29,880

6966269.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,714

1,639

6966277.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

25,410

23,752

6966570.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

14,849

13,429

6966676.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,615

6,238

6966796.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

897

857

6966807.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

16,998

14,662

6967002.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,881

9,154

6967094.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,630

1,406

6967105.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

435

422

6967109.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,385

4,084

6967162.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,645

7,315

6967240.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,988

2,875

6967265.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

37,763

33,079

6967515.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

61,369

58,137

6968625.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,347

10,859

6968795.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,299

2,170

6968829.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,214

10,837

6969043.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,738

3,572

6969085.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

770

738

6969092.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,660

8,184

6969202.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,480

1,404

6969213.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,379

3,915

6969284.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,859

8,436

6969375.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,059

6,771

6969493.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,623

2,512

6969511.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,781

2,321

6969530.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,100

7,638

6969623.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

982

916

6969647.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

691

627

6969659.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,948

3,762

6969701.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

17,797

16,977

6969926.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,787

5,446

6969985.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,058

4,849

6970084.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,214

2,124

6970092.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

640

618

6970107.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,873

3,585

6970161.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,406

3,271

6970204.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,093

2,006

6970253.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,325

3,985

6970303.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,499

2,191

6970317.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

13,077

12,201

6970478.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,070

3,895

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

113

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6970507.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

$

5,131

$

4,920

6970585.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,254

10,691

6970709.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

13,851

13,205

6970935.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,718

1,622

6970985.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,188

1,149

6971009.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,676

3,541

6971049.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,794

1,725

6971076.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

373

362

6971155.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,331

3,218

6971200.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,639

8,934

6971273.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,995

3,806

6971330.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,107

2,959

6971383.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,038

4,829

6971476.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,281

5,024

6971515.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,363

2,296

6971611.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,989

11,484

6971918.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

13,323

12,744

6972162.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,677

7,370

6972375.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

12,504

11,972

6972471.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,591

2,465

6972507.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,849

4,636

6972593.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,037

1,934

6972626.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,224

8,408

6972734.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

19,381

18,541

6973052.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,024

6,164

6973135.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,268

1,219

6973145.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,510

8,015

6973287.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,083

4,461

6973375.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,183

2,113

6973457.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

730

648

6973464.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,068

1,977

6973499.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,412

1,310

6973530.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,954

1,835

6973592.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,340

7,992

6973705.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,245

2,152

6973768.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

623

605

6973782.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,109

10,642

6973960.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,160

2,970

6973985.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,520

2,368

6974007.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,432

1,372

6974023.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,880

3,646

6974078.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,388

1,336

6974095.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,250

9,816

6974192.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,258

6,015

6977385.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,357

1,289

6977432.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,427

2,318

6977489.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,399

6,440

6977593.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,781

2,442

6977614.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,467

2,367

6977676.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,093

2,956

6977773.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,729

1,662

6977822.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,406

6,118

6977932.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,679

1,576

6977998.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,628

6,603

6978243.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

498

484

6978274.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,743

5,233

6978405.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,442

10,035

6978588.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

22,095

21,247

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6978940.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

$

2,388

$

2,251

6978960.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,499

8,129

6979081.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

624

587

6979084.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,015

971

6979098.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,885

7,495

6979187.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

67,682

64,336

6979942.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

961

820

6979980.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,052

6,751

6980094.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,040

994

6980120.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,724

1,646

6980139.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,144

4,871

6980213.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,971

4,663

6980266.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

42,921

41,075

6980850.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,248

5,970

6980904.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

72,589

69,194

6981261.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,979

2,801

6981350.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,547

2,438

6981429.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

9,666

9,241

6981613.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

461

443

6981619.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

28,935

27,387

6982274.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

15,492

14,024

6982590.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

7,603

7,275

6982777.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,080

887

6982800.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

6,763

6,342

6982903.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

5,609

5,337

6982956.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

39,897

38,224

6983540.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

5,963

5,676

6983598.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,082

2,014

6983659.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

961

903

6983671.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

5,611

5,079

6983761.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,417

2,299

6983788.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

8,527

8,145

6983938.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

18,646

17,729

6984186.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,005

859

6984206.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

40,237

38,215

6984705.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

20,635

19,524

6984910.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

687

651

6984925.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

10,042

9,562

6985018.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

8,805

8,550

6985204.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

1,416

1,348

6985220.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

586

551

6985229.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

1,484

1,393

6985241.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

2,603

2,494

6985273.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

3,345

2,684

6985308.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

15,214

14,395

6985471.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

1,273

1,217

6985481.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

11,952

11,221

6985603.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

1,305

1,252

6985621.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

3,671

2,744

6985666.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

450

438

6985675.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

1,958

1,886

6985716.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

4,985

4,684

6985757.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

1,403

1,336

6985777.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

1,170

1,098

6985787.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

12,542

11,368

6985898.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

5,676

5,444

6985955.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

544

521

6985962.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

1,129

1,096

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6985983.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

$

3,082

$

2,927

6986012.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

18,423

17,505

6986211.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

3,132

2,586

6986243.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

316

307

6986253.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

602

580

6986260.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,905

2,608

6986292.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

17,019

16,315

6986557.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

4,232

4,049

6986596.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

8,841

8,510

6986691.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

3,264

3,124

6986723.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,562

1,458

6986732.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

3,581

3,118

6986779.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

6,280

5,900

6986837.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,320

2,250

6986883.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

7,463

7,140

6986929.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

28,841

27,353

6987177.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,290

1,231

6987193.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

5,104

4,883

6987244.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

12,841

12,179

6987544.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

8,118

7,645

6987677.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

520

467

6987687.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

627

610

6987724.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

37,589

36,004

6988599.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,683

3,527

6988640.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

11,037

10,510

6988810.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

4,874

4,642

6988906.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,417

2,317

6988972.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,902

3,554

6989032.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

32,786

31,149

6989550.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

48,961

46,853

6989969.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,134

2,976

6989985.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,197

2,000

6989999.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,467

3,287

6990022.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,469

3,254

6990047.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

20,849

19,968

6990181.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

977

935

6990188.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

976

943

6990197.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

12,661

12,087

6990265.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,813

2,694

6990296.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

9,953

8,398

6990348.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,561

3,232

6990385.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

915

841

6990418.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

6,913

6,575

6990477.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,513

1,464

6990487.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,625

8,323

6990561.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,474

1,424

6990574.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

708

665

6990581.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,871

8,411

6990697.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

248

239

6990702.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,182

1,133

6990717.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,805

1,728

6990727.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

36,889

34,225

6991152.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

3,952

3,762

6991196.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,570

7,875

6991273.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

5,529

4,178

6991317.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

17,115

16,397

6991595.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

5,054

4,719

6991623.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,109

7,764

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6991704.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

$

14,826

$

13,408

6992008.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

3,436

2,786

6992169.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,878

2,735

6992374.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

3,939

3,577

6992507.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

4,225

4,034

6992564.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

13,467

12,679

6992711.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,065

1,991

6992735.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

5,615

5,264

6992776.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

652

632

6992795.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

12,126

11,510

6992882.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

5,132

4,969

6992954.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,781

2,502

6992980.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

11,259

10,126

6993093.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,671

2,533

6993132.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

6,455

6,060

6993196.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

4,359

4,105

6993266.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

4,895

4,735

6993371.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,076

7,753

6993500.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

5,838

5,571

6993612.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,702

8,228

6993734.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

9,906

9,479

6995631.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

6,210

5,903

6995756.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

68,198

65,329

6996953.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

501

468

6996964.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,140

1,099

6996992.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

32,961

31,019

6997539.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

24,541

23,522

6997742.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,333

1,284

6997755.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,773

1,666

6997764.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

34,227

32,711

6998047.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

5,203

4,895

6998119.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

51,648

49,429

6999260.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

2,373

2,262

6999650.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

1,712

1,638

6999700.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

11,469

10,685

6999863.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

10,007

8,750

6999974.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

6,082

5,784

7000029.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

31,774

29,827

7000411.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

3,059

2,953

7000454.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

3,272

3,038

7000476.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

2,049

1,946

7000509.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

30,258

28,759

7000865.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

95,668

90,316

7001929.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

29,009

26,372

7002249.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

2,465

2,343

7002287.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

13,449

12,696

7002308.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

1,899

1,784

7002347.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

6,927

6,620

7002411.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

932

885

7002426.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

1,847

1,722

7002443.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

3,716

3,547

7002471.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

5,638

5,379

7002536.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

7,761

7,419

7002610.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

24,249

23,114

7002859.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

1,375

1,291

7002862.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

133

128

7002864.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

3,590

3,408

7002901.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

23,281

22,115

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

115

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7003146.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

$

5,831

$

5,481

7003194.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

2,431

2,357

7003240.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

2,050

1,885

7003256.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

5,313

5,042

7003293.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

44,587

42,548

7003674.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

12,378

11,859

7003770.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

4,141

3,948

7003810.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

9,644

9,218

7003900.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

20,412

19,346

7004443.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,360

994

7004499.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

6,684

6,282

7004680.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,369

2,196

7004763.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

4,364

4,171

7004843.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

8,999

8,623

7004959.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

5,107

4,893

7005010.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,164

2,064

7005046.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

7,020

6,698

7005135.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

9,529

8,914

7005245.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

7,103

6,676

7005376.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,540

1,469

7005398.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,189

1,139

7005431.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

7,835

7,488

7005506.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

40,305

38,537

7005940.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

5,921

5,195

7005989.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

5,901

5,679

7006058.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

42,299

40,326

7006546.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

42,292

40,442

7007029.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

3,868

3,634

7007058.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

8,941

8,359

7007162.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

11,202

10,705

7007244.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

3,151

3,011

7007275.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

10,593

9,953

7007353.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

4,816

4,587

7007402.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

3,596

3,412

7007431.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

5,014

4,114

7007456.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

70,060

66,998

7008617.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

6,831

6,555

7008756.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

24,144

23,121

7008977.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,346

2,210

7008995.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,324

2,229

7009055.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

11,773

11,176

7009171.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,584

2,487

7009215.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

646

619

7009248.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

906

867

7009259.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

5,504

5,209

7009344.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

37,644

36,056

7009676.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

1,672

1,603

7009683.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

1,434

1,395

7009740.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,968

2,681

7009760.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

1,162

1,092

7009778.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

7,211

6,922

7009850.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

13,692

13,104

7009988.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

5,347

5,067

7010049.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

5,872

5,619

7010131.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

51,812

49,428

7010737.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,757

2,630

7010756.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

4,548

4,374

7010794.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

39,406

37,762

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7010824.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

$

4,510

$

3,821

7010885.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,326

3,191

7010951.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

42,758

40,215

7012037.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

2,154

2,016

7012100.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

2,752

2,359

7012151.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,412

1,358

7012175.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

5,154

4,871

7012291.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

13,308

12,658

7012626.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,346

1,264

7012640.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

12,250

11,694

7012805.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,694

1,453

7012825.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

60,373

57,235

7013636.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

9,115

8,689

7013736.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,102

1,070

7013753.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

7,928

7,559

7013896.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

91,280

87,584

7016317.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

12,197

11,584

7016529.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

2,306

2,158

7016562.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

1,301

1,239

7016583.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

738

674

7016598.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

23,522

22,113

7017174.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

21,588

20,576

7017813.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

1,856

1,779

7017831.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

376

358

7017834.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

30,023

28,540

7018441.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

5,281

4,945

7018508.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

30,439

29,209

7018954.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

17,150

16,291

7019209.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

2,245

2,178

7019278.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

2,977

2,832

7019301.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

4,138

3,955

7019356.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

19,425

18,228

7019673.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

1,593

1,496

7019693.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

633

555

7019703.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

2,957

2,672

7019759.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

78,151

74,555

7020319.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

7,082

6,708

7020480.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

10,078

9,637

7020715.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

699

676

7020735.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

918

685

7020752.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,412

5,143

7020860.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,276

5,030

7020977.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

21,640

20,715

7021418.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

3,316

3,131

7021474.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,778

1,698

7021510.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

20,077

17,679

7021817.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,317

4,574

7021905.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,306

2,193

7021942.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

36,277

33,550

7022511.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,816

1,730

7022562.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

35,746

34,194

7023120.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

890

862

7023145.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,709

2,534

7023175.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,792

1,648

7023194.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

55,393

52,995

7024051.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,545

2,323

7024095.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

571

548

7024117.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

4,909

4,689

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

116

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7024212.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

$

443

$

432

7024235.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

8,314

6,525

7024365.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,069

4,767

7024434.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,422

2,084

7024480.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

12,012

11,479

7024630.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

10,835

10,202

7024748.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

3,780

3,616

7024797.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

9,776

9,345

7024885.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

5,094

4,831

7024926.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,735

1,661

7024946.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

10,145

9,761

7025072.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,344

1,237

7025079.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,933

2,801

7025097.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,809

1,722

7025111.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,412

1,257

7025124.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

5,221

3,908

7025168.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

11,407

10,784

7025272.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

557

528

7025284.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

3,305

3,111

7025313.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

6,140

5,848

7025370.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,674

2,553

7025394.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

486

468

7025404.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,097

2,014

7025441.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,394

2,187

7025463.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

9,373

8,817

7025541.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

2,095

1,995

7025560.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

8,591

8,276

7025658.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

620

596

7025673.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

4,678

4,499

7025730.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

1,427

1,372

7025753.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

2,845

2,733

7025788.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

12,424

10,596

7025888.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

1,101

951

7025900.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

6,344

6,101

7025978.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

3,964

3,766

7026010.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

4,020

3,829

7026048.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

1,114

1,060

7026063.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

2,597

2,460

7026080.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

2,325

2,202

7026123.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

5,011

4,801

7026417.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

6,677

6,414

7026480.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

7,504

7,145

7026580.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,839

3,692

7026679.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,659

3,532

7026783.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,486

3,330

7026898.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

968

917

7026929.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

9,140

8,297

7027184.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,963

3,794

7027254.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,732

3,570

7027313.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,405

4,830

7027425.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,572

1,505

7027442.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,813

1,570

7027480.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

18,259

17,318

7027686.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,832

1,716

7027715.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

18,408

16,448

7027959.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

15,038

14,393

7028159.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

498

483

7028189.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

9,675

9,165

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7028276.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

$

3,339

$

3,175

7028322.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

7,983

7,611

7028392.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,025

986

7028406.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,092

3,933

7028450.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,713

4,532

7028502.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,759

1,691

7028526.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

718

689

7028535.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,789

2,545

7028557.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,147

2,879

7028576.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

873

840

7028579.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,898

3,706

7028614.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

856

646

7028622.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,494

5,269

7028688.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,888

4,587

7028728.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

50,530

47,414

7029290.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

34,345

32,630

7029681.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,322

2,218

7029725.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,380

1,329

7029748.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

8,050

7,649

7029856.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

6,067

4,827

7029924.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,327

2,221

7029950.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,498

3,340

7029992.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

17,522

16,681

7030173.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

539

517

7030183.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

10,328

9,707

7030340.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,009

953

7030349.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,172

4,934

7030379.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

8,424

8,060

7030454.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

4,199

3,999

7030550.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

20,155

19,234

7030804.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

22,471

20,593

7031290.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

1,900

1,795

7031385.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

3,736

2,840

7031450.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

15,325

14,603

7031667.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

1,791

1,737

7031742.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

30,171

28,407

7032083.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

5,113

4,842

7032162.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

4,771

3,627

7032226.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

24,697

23,116

7032415.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

13,249

12,587

7032512.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

91,654

87,717

7033312.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,563

2,451

7033335.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

12,079

11,609

7033444.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,771

2,612

7033452.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

48,495

46,262

7033888.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

20,041

18,870

7034063.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,398

2,289

7034086.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

510

495

7034088.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

40,227

38,399

7034170.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,231

3,033

7034265.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

583

565

7034276.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,092

915

7034311.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

936

893

7034320.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,163

1,117

7034364.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

27,194

25,728

7035045.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

22,997

21,833

7035303.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

6,294

6,012

7035507.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

13,173

12,493

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

117

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7036010.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

$

10,982

$

10,379

7036117.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,472

1,384

7036140.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,379

2,279

7036164.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

6,795

5,962

7036201.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,414

2,321

7036232.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

4,424

4,123

7036293.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,054

1,961

7036335.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,977

1,916

7036374.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

8,706

8,367

7036484.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

54,165

51,752

7036973.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

7,834

7,513

7037033.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

7,598

7,155

7037079.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

10,234

9,761

7037164.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

853

816

7037170.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

6,228

5,987

7037196.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

17,959

17,032

7037492.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

18,334

17,539

7037704.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

42,369

40,120

7039769.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

6,828

6,454

7039863.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,613

4,341

7039923.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,914

2,756

7039967.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,819

2,640

7040021.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,853

4,593

7040135.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

10,041

8,733

7040198.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,731

4,563

7040340.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

9,860

9,428

7040597.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,657

3,997

7040685.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

10,597

10,015

7040905.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

37,023

35,324

7041652.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

41,126

39,175

7042236.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

891

840

7042273.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

3,386

3,199

7042303.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

5,519

5,252

7042372.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

13,769

12,935

7042479.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

7,280

6,942

7042553.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

5,950

5,696

7042625.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

9,749

9,278

7042748.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

64,119

57,435

7043668.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

16,299

14,821

7043806.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

14,055

13,343

7044117.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

16,100

15,470

7044414.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

1,577

1,466

7044438.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

2,381

2,250

7044507.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

6,030

5,634

7044663.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

464

447

7044672.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

29,600

28,057

7045264.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

1,398

1,345

7045277.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

4,213

3,958

7045354.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

19,690

18,959

7045763.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

31,080

29,419

7046286.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

4,861

4,700

7046386.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

10,799

10,089

7046552.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

7,299

6,853

7046602.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

4,522

4,317

7046617.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

23,611

22,182

7046813.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

1,425

1,369

7046825.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

787

756

7046831.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

52,080

49,211

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7047070.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

$

1,694

$

1,611

7047100.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

1,935

1,669

7047114.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

3,818

3,650

7047140.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

2,597

2,380

7047161.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

33,673

31,871

7047407.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

4,119

3,958

7047457.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

4,482

4,281

7047503.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

5,176

4,902

7047552.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

638

611

7047554.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

7,742

7,393

7047598.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

15,831

15,112

7047810.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

316

308

7047839.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

3,539

3,318

7047886.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

1,368

1,281

7047898.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

3,979

3,783

7047938.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

14,512

13,857

7048180.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

9,303

8,877

7048274.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

23,510

22,243

7048482.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,182

2,049

7048508.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

5,110

4,882

7048542.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,045

1,920

7048572.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

1,701

1,640

7048591.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

4,490

4,227

7048633.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

8,864

8,081

7048733.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,632

2,511

7048979.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,953

1,738

7048990.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

11,815

11,303

7049225.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,797

4,505

7049306.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,564

1,467

7049336.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,461

5,206

7049398.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,048

3,795

7049464.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

2,026

1,936

7049501.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

2,763

2,627

7049580.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

11,896

11,155

7049797.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,097

4,779

7049844.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,110

3,921

7049893.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,606

3,423

7049929.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,097

1,031

7049941.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

8,597

8,100

7050019.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,691

4,416

7050093.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,325

3,178

7050136.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,184

3,955

7050168.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

22,315

20,057

7050424.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,125

1,040

7050436.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

7,491

7,147

7050501.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,538

4,330

7050530.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

7,250

6,615

7050581.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

11,963

10,915

7050654.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,268

5,939

7050668.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,985

4,737

7050700.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,574

3,398

7050727.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,672

1,594

7050736.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

8,465

7,608

7050801.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,549

4,347

7050837.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

23,988

22,941

7051010.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,851

6,547

7051062.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

21,985

20,965

7051266.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,845

4,588

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7051307.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

$

979

$

933

7051321.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

12,698

11,826

7051432.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

21,123

20,005

7051657.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,374

5,128

7051712.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

23,229

22,251

7051918.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,658

5,403

7051978.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,053

3,796

7052013.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

41,419

39,565

7052418.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,709

1,637

7052432.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,294

1,224

7052447.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

11,123

10,210

7052508.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

976

927

7052511.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

12,147

11,609

7052626.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

17,411

16,564

7052702.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

3,245

2,683

7052737.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

867

834

7052757.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

9,166

8,702

7052861.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

26,181

24,955

7053205.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

1,442

1,384

7053261.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

2,928

2,830

7053320.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

14,876

14,112

7053706.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

3,597

3,423

7053759.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

11,554

10,995

7053879.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

6,278

6,030

7054001.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

13,452

12,802

7054143.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

1,447

1,390

7054172.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

1,434

1,120

7054188.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

1,427

1,377

7054204.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

1,828

1,705

7054223.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

17,965

17,141

7054351.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

3,223

3,095

7054393.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

12,614

11,973

7054573.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

19,987

18,255

7055666.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

512

489

7055680.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

29,112

27,891

7055827.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

5,157

4,918

7055873.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

6,769

6,377

7055931.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

5,382

5,155

7055970.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

3,596

3,417

7056009.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,175

2,090

7056024.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

5,073

4,799

7056063.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

8,311

7,963

7056138.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,652

4,463

7056194.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,475

3,964

7056257.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,457

1,356

7056271.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

6,028

5,703

7056331.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

28,215

26,409

7056834.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,136

3,949

7056888.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,076

1,970

7056921.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

5,275

4,834

7056980.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

18,586

17,742

7057393.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,159

1,121

7057422.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,541

4,301

7057540.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,007

1,912

7057586.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,695

4,482

7057625.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,837

1,627

7057637.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

23,950

21,996

7057976.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

14,999

14,353

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7058184.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

$

8,255

$

7,777

7058284.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,710

2,307

7058312.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

11,128

10,621

7058391.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

5,565

5,301

7058483.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

13,424

12,852

7058667.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

3,888

3,729

7058708.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,462

1,365

7058728.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

10,046

9,351

7058841.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

9,055

8,569

7060912.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

11,600

10,834

7061845.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

961

883

7061857.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

5,010

4,594

7062011.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

4,213

3,900

7062199.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

21,162

19,393

7062654.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

1,585

1,463

7062676.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

11,171

10,473

7062885.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

2,334

2,142

7062918.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

3,951

3,600

7062985.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

14,417

13,248

7063234.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

5,851

5,460

7063345.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

103,061

96,272

7064779.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

5,170

4,748

7064997.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

3,232

2,980

7065109.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

2,024

1,859

7065185.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

2,637

2,435

7065262.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

4,292

3,932

7065453.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

13,531

12,682

7065942.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

6,394

5,887

7066077.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

472

392

7066140.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

4,206

3,892

7066194.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

48,303

44,813

7066672.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

2,193

1,944

7066719.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

11,959

11,078

7067040.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

605

555

7067058.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

31,394

28,963

7067969.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

40,402

37,691

7068137.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

4,040

3,746

7068200.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

990

907

7068208.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

32,042

29,778

7068598.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

7,550

7,063

7068718.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

11,061

10,200

7068868.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,262

2,085

7068897.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,848

2,617

7068924.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

5,601

5,213

7068987.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

3,585

3,345

7069025.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

5,985

5,557

7069131.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

2,556

2,379

7069170.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

2,544

2,329

7069196.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

1,529

1,401

7069211.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

4,452

4,156

7069273.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

1,179

1,076

7069287.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

6,080

5,566

7069390.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

3,291

3,056

7069432.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

925

832

7069451.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

38,946

36,510

7070145.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

15,251

14,064

7071093.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

7,216

6,762

7071249.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

18,405

16,366

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

119

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7071783.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

$

2,198

$

2,019

7071817.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

5,075

4,688

7071928.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

8,981

8,384

7072004.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

3,629

3,375

7072036.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

35,335

32,259

7072619.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

4,615

4,259

7072723.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

5,181

4,751

7072819.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

1,016

929

7072882.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

2,214

2,029

7072928.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

16,498

15,459

7073268.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

1,601

1,459

7073297.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

13,093

12,132

7073547.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

1,341

1,252

7073574.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

2,296

2,084

7073602.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

2,457

2,257

7073679.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

2,726

2,505

7073702.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

3,435

3,145

7073759.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

4,486

4,161

7073998.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,002

918

7074032.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,134

1,957

7074064.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

804

722

7074073.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

4,312

4,023

7074126.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

27,959

26,001

7074678.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

4,892

4,535

7074737.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

28,374

26,400

7075404.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

16,505

15,401

7075677.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

10,552

9,685

7075871.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

746

676

7075884.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

5,594

5,157

7075959.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

19,559

18,094

7076262.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

44,254

41,471

7076936.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

3,090

2,857

7076994.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

4,131

3,806

7077029.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

4,270

3,987

7077118.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

595

537

7077126.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

15,170

13,827

7077309.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,599

1,488

7077327.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

5,509

5,120

7077380.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

9,287

8,664

7077517.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,262

1,158

7077534.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

5,634

5,205

7077576.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

6,775

6,241

7077661.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

3,489

3,200

7077720.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,185

1,075

7077757.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,994

2,769

7077799.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

3,854

3,553

7077813.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

14,364

13,337

7078085.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

1,186

1,064

7078139.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

1,719

1,580

7078191.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

1,681

1,547

7078218.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

9,098

8,364

7078506.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

14,465

13,379

7078893.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

16,210

15,003

7079236.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

1,726

1,578

7079289.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

3,809

3,552

7079356.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

6,661

6,217

7079447.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

23,642

22,148

7079730.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

29,393

27,291

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7080090.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

$

24,964

$

23,094

7080452.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

44,614

41,639

7081099.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,639

2,436

7081151.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

17,977

16,523

7084771.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,227

2,051

7085122.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

3,097

2,828

7085143.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,286

4,933

7085175.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,589

1,449

7085190.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,569

2,374

7085218.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

4,811

4,440

7085359.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

21,325

19,974

7086092.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

6,589

6,172

7086265.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

4,164

3,857

7086337.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

22,655

21,015

7086733.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,462

1,333

7086747.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

9,037

8,404

7086886.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

8,668

8,013

7087045.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

3,255

2,999

7087117.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

11,822

11,072

7087310.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

9,620

8,955

7087467.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

53,074

49,191

7088086.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

21,045

19,709

7088413.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

961

879

7088428.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

10,890

10,130

7088599.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

13,670

12,802

7088934.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

5,390

5,049

7089056.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,001

1,853

7089132.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

30,952

28,954

7089928.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

20,749

19,164

7090408.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,419

2,229

7090441.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

7,640

7,102

7090585.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

4,543

4,169

7090651.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,896

2,699

7090659.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

72,836

68,237

7091461.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,660

2,481

7091481.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

7,632

7,032

7091532.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

6,264

5,791

7091581.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

5,672

5,239

7091650.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

1,864

1,707

7091683.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

294

246

7091702.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

9,406

8,810

7091825.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

7,269

6,758

7091954.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

9,637

8,992

7092062.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

3,837

3,501

7092138.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

5,641

5,242

7092227.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

15,616

14,559

7092348.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

10,691

9,883

7092597.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

963

877

7092636.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

2,496

2,287

7092686.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

1,684

1,565

7092726.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

9,967

9,292

7092955.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

2,434

2,221

7092985.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

2,863

2,645

7093039.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

10,368

9,615

7093276.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

1,682

1,553

7093323.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

1,800

1,660

7093368.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

6,826

6,348

7093550.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

2,077

1,921

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

120

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7093596.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

$

3,217

$

2,973

7093679.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

1,254

1,146

7093714.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

1,562

1,427

7093745.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

766

715

7093774.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

8,372

7,842

7094011.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

964

881

7094049.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

8,588

7,981

7094253.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

1,261

1,152

7094271.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

8,715

7,950

7094464.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

4,450

4,098

7094543.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

1,367

1,253

7094575.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

60,560

55,872

7095720.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

18,874

17,599

7096392.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

5,704

5,275

7096604.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,120

1,022

7096633.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

5,862

5,469

7096826.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,339

3,063

7096894.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,922

1,758

7096932.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

6,420

5,950

7097115.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,324

1,211

7097170.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,440

1,309

7097219.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,679

2,462

7097273.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

789

706

7097310.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

9,514

8,799

7097479.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

10,415

9,643

7097722.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

6,315

5,843

7097822.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,346

2,151

7097891.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,710

1,581

7097917.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

10,771

10,047

7098174.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

16,509

15,392

7098533.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,354

3,095

7098616.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

4,915

4,495

7098714.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

16,845

15,713

7099068.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

9,069

8,414

7099259.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

8,296

7,669

7099483.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

14,953

13,778

7099846.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

23,374

21,427

7100127.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

37,958

35,219

7101415.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

5,473

5,021

7101489.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

2,724

2,512

7101509.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

4,985

4,592

7101561.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

65,130

60,753

7102472.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

6,105

5,677

7102542.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

2,108

1,956

7102574.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

37,779

35,380

7102906.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,840

1,691

7102917.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

2,079

1,906

7102927.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

14,103

13,209

7103003.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

6,080

5,603

7105104.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,236

2,048

7105170.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

14,675

13,663

7105417.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

7,595

6,943

7105598.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

7,045

6,500

7105782.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,716

2,532

7105896.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

22,978

21,426

7106377.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,234

3,014

7106491.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

4,605

4,311

7106601.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

5,052

4,693

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7106719.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

$

3,229

$

2,999

7106732.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

6,738

6,157

7106837.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

5,454

5,106

7106931.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

6,897

6,315

7107004.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,508

3,218

7107060.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

35,876

33,348

7107482.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,898

2,678

7107517.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

5,325

4,866

7107564.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

4,952

4,589

7107648.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,305

1,194

7107658.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

54,923

50,782

7108325.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,155

1,059

7108338.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,581

1,465

7108349.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,715

1,588

7108370.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,319

3,006

7108425.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,917

3,633

7108520.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

20,601

19,047

7108768.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

25,164

23,507

7109261.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

710

654

7109301.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

2,472

2,248

7109316.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,571

4,259

7109414.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

7,944

7,297

7109614.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

1,619

1,491

7109653.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,690

4,393

7109861.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

1,451

1,352

7109913.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,961

4,616

7110017.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

29,091

26,955

7110504.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

743

689

7110527.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

107,594

99,949

7112020.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

41,774

38,818

7112700.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

997

911

7112722.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

2,508

2,295

7112766.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

5,323

4,963

7112840.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

4,829

4,411

7112916.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

4,875

4,562

7112991.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

2,443

2,271

7113027.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

2,131

1,983

7113063.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

2,855

2,630

7113115.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

11,597

10,675

7113346.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

1,903

1,735

7113376.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

1,936

1,795

7113408.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

4,055

3,770

7113468.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

16,604

15,429

7113722.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

1,639

1,413

7113771.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

4,208

3,897

7114114.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

22,703

21,159

7114992.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

6,324

5,853

7115113.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

5,633

5,254

7115251.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

1,919

1,758

7115284.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

9,672

8,958

7115457.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

6,228

5,712

7115546.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

58,092

53,412

7116462.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

7,476

6,842

7116601.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

53,169

49,368

7117461.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

9,480

8,748

7117552.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

520

475

7117565.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

5,530

5,133

7117661.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

5,668

5,185

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

121

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7117807.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

$

1,737

$

1,625

7117852.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,933

2,679

7117904.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,693

3,408

7118004.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,393

3,163

7118102.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,171

1,088

7118122.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,612

3,302

7118185.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

6,482

5,973

7118416.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,012

917

7118456.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

22,090

20,677

7118924.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

5,458

5,054

7118981.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,756

1,624

7119013.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

33,525

31,058

7119443.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,421

3,155

7119486.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

7,799

7,132

7119593.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

7,048

6,566

7119619.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

793

721

7119624.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

5,466

5,049

7119683.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

50,315

46,725

7120228.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

12,212

11,290

7120305.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

22,946

21,381

7120767.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,704

2,476

7120830.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

4,644

4,285

7120873.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,819

2,569

7120915.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,809

3,523

7120961.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

617

573

7120966.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

8,249

7,578

7121153.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

6,647

5,909

7121348.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,197

2,019

7121378.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,337

2,153

7121443.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

7,029

6,426

7121503.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,793

1,649

7121609.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

23,407

21,546

7122152.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

7,622

7,063

7122363.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,627

1,516

7122429.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,331

1,229

7122479.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

7,150

6,691

7122576.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,299

3,049

7122648.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

7,721

7,225

7122791.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

5,559

5,096

7122850.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

8,138

7,616

7122963.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

25,267

23,368

7123211.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

14,080

13,089

7123358.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,109

1,011

7123381.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

8,331

7,716

7123485.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,471

2,253

7123530.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

8,958

8,273

7123712.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

22,173

20,352

7124204.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,370

1,264

7124219.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

13,599

12,483

7124530.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,583

3,278

7124599.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

67,661

63,059

7125937.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

4,662

4,320

7126036.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,842

3,596

7128390.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

10,103

9,382

7128660.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

3,061

2,836

7128765.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,788

2,608

7128857.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,757

2,552

7129008.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

8,478

7,900

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7129757.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

$

24,520

$

22,602

7131986.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

6,348

5,818

7132566.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

551

513

7132568.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

5,625

5,143

7132621.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,329

2,163

7132655.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

11,670

10,809

7132843.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

28,279

26,109

7133597.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

14,074

13,119

7133973.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

917

848

7134027.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,222

2,054

7134102.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,075

1,910

7134142.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,966

1,802

7134183.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

6,535

6,088

7134372.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

5,813

5,399

7134487.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

874

817

7134530.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,795

2,596

7134609.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

4,727

4,360

7134657.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

9,439

8,718

7134739.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

13,624

12,650

7134867.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,459

2,292

7134910.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

15,758

14,459

7135072.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,017

1,844

7135103.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,132

1,963

7135136.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

4,099

3,836

7135175.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

5,335

4,990

7135230.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

3,832

3,530

7135277.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

35,108

32,496

7135686.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

802

741

7135696.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,034

952

7135706.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

741

692

7135719.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,884

1,717

7135747.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

3,015

2,751

7135809.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,186

1,999

7135840.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

16,796

15,713

7136322.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

5,015

4,631

7136419.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

8,082

7,436

7136588.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

5,863

5,402

7136698.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,081

2,851

7136800.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

659

615

7136817.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

13,089

11,980

7137130.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

35,501

32,942

7137922.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

5,435

5,064

7138137.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

6,001

5,523

7138268.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

4,161

3,863

7138369.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

49,560

46,358

7139347.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,428

3,162

7139430.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

2,155

1,997

7139448.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

16,623

15,490

7140068.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

4,491

4,140

7140246.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,772

3,438

7140398.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

675

629

7140407.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

715

661

7140431.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

787

718

7140454.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

22,298

20,859

7140892.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

2,229

2,063

7140930.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

5,201

4,804

7141058.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,798

3,470

7141107.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

5,567

5,111

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

122

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7141206.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

$

3,172

$

2,920

7141269.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

7,725

7,225

7141362.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

764

696

7141365.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

6,866

6,358

7141448.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

6,855

6,343

7141569.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

1,961

1,814

7141603.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

8,369

7,769

7141786.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

1,873

1,739

7141819.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

9,469

8,743

7142027.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

16,840

15,590

7142375.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

1,182

1,085

7142394.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

2,638

2,409

7142457.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

1,298

1,197

7142503.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

8,443

7,866

7142691.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

2,777

2,578

7142762.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

3,277

3,035

7142852.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

5,679

5,273

7142950.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

976

891

7142965.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

1,103

1,015

7142994.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

41,265

38,596

7144408.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,165

1,065

7144447.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

36,228

33,879

7145760.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

12,965

11,956

7145955.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

3,280

3,056

7145997.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

5,428

4,940

7146101.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

11,388

10,400

7146290.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,316

1,212

7146302.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,315

1,211

7146320.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,110

1,017

7146324.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

50,018

46,612

7147299.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

13,697

12,687

7147604.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

6,180

5,739

7147720.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

34,876

32,280

7148254.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

11,573

10,663

7148510.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

110,996

103,392

7150115.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,280

2,124

7150146.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

3,703

3,426

7150208.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

15,379

14,327

7150471.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

14,531

13,487

7150678.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

50,567

46,588

7151351.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,997

2,738

7151372.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,497

2,334

7151446.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

3,852

3,576

7151499.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

19,838

18,412

7151864.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

19,566

18,061

7152222.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,390

3,137

7152332.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

580

520

7152353.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

15,693

14,615

7152583.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

9,371

8,763

7152656.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

47,626

44,536

7153121.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

17,729

16,411

7153341.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

16,399

15,099

7153584.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,028

2,832

7153664.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

4,862

4,508

7153714.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

11,315

10,475

7153910.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

6,980

6,386

7154002.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

1,227

1,135

7154007.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,940

2,684

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7154030.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

$

15,542

$

14,255

7154213.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

6,747

6,262

7154314.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,219

2,981

7154332.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

9,245

8,539

7154430.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,367

3,114

7154462.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

1,925

1,757

7154481.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

32,758

30,410

7156649.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

96,081

89,156

7158084.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

8,694

8,005

7158170.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

27,607

25,550

7158377.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

2,285

2,120

7158393.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

3,570

3,257

7158429.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

39,988

37,106

7159596.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

53,203

48,982

7160329.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

13,173

12,086

7160534.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

6,632

6,139

7160663.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

2,044

1,887

7160698.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

1,618

1,484

3210332.SQ.FTS.B,

Zero

Cpn,

3/18/32

...

4,369

–

3212181.SQ.FTS.B,

Zero

Cpn,

3/18/32

...

380

–

3232249.SQ.FTS.B,

Zero

Cpn,

3/25/32

...

828

–

3233993.SQ.FTS.B,

Zero

Cpn,

3/26/32

...

428

–

3234758.SQ.FTS.B,

Zero

Cpn,

3/28/32

...

637

–

3238373.SQ.FTS.B,

Zero

Cpn,

3/29/32

...

870

–

3255010.SQ.FTS.B,

Zero

Cpn,

4/07/32

...

1,659

–

3260194.SQ.FTS.B,

Zero

Cpn,

4/09/32

...

204

–

3297660.SQ.FTS.B,

Zero

Cpn,

4/24/32

...

556

–

3311752.SQ.FTS.B,

Zero

Cpn,

4/30/32

...

252

–

3320535.SQ.FTS.B,

Zero

Cpn,

5/05/32

...

13,177

–

3336181.SQ.FTS.B,

Zero

Cpn,

5/12/32

...

7,935

–

3336690.SQ.FTS.B,

Zero

Cpn,

5/12/32

...

486

–

3344944.SQ.FTS.B,

Zero

Cpn,

5/17/32

...

877

–

3361155.SQ.FTS.B,

Zero

Cpn,

5/19/32

...

1,466

–

3365511.SQ.FTS.B,

Zero

Cpn,

5/20/32

...

243

–

3366564.SQ.FTS.B,

Zero

Cpn,

5/20/32

...

120

–

3371556.SQ.FTS.B,

Zero

Cpn,

5/23/32

...

698

–

3401486.SQ.FTS.B,

Zero

Cpn,

6/02/32

...

263

–

3407926.SQ.FTS.B,

Zero

Cpn,

6/03/32

...

1,511

–

3411766.SQ.FTS.B,

Zero

Cpn,

6/04/32

...

5,695

1

3414237.SQ.FTS.B,

Zero

Cpn,

6/05/32

...

2,276

–

3415734.SQ.FTS.B,

Zero

Cpn,

6/07/32

...

4,366

–

3419699.SQ.FTS.B,

Zero

Cpn,

6/08/32

...

10,480

–

3425756.SQ.FTS.B,

Zero

Cpn,

6/10/32

...

821

–

3428606.SQ.FTS.B,

Zero

Cpn,

6/11/32

...

2,118

–

3432767.SQ.FTS.B,

Zero

Cpn,

6/14/32

...

1,841

–

3433089.SQ.FTS.B,

Zero

Cpn,

6/14/32

...

396

–

3434383.SQ.FTS.B,

Zero

Cpn,

6/14/32

...

11,741

–

3435958.SQ.FTS.B,

Zero

Cpn,

6/15/32

...

2,155

–

3436460.SQ.FTS.B,

Zero

Cpn,

6/15/32

...

585

–

3436486.SQ.FTS.B,

Zero

Cpn,

6/15/32

...

376

–

3437194.SQ.FTS.B,

Zero

Cpn,

6/15/32

...

1,490

–

3437850.SQ.FTS.B,

Zero

Cpn,

6/16/32

...

4,084

–

3452149.SQ.FTS.B,

Zero

Cpn,

6/21/32

...

969

–

3463095.SQ.FTS.B,

Zero

Cpn,

6/23/32

...

11,405

–

3472489.SQ.FTS.B,

Zero

Cpn,

6/26/32

...

2,604

–

3487584.SQ.FTS.B,

Zero

Cpn,

6/30/32

...

2,184

–

3510070.SQ.FTS.B,

Zero

Cpn,

7/06/32

...

25,800

1

3513483.SQ.FTS.B,

Zero

Cpn,

7/07/32

...

4,792

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

123

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

3516078.SQ.FTS.B,

Zero

Cpn,

7/08/32

...

$

8,033

$

1

3521469.SQ.FTS.B,

Zero

Cpn,

7/08/32

...

3,422

–

3559884.SQ.FTS.B,

Zero

Cpn,

7/19/32

...

616

–

3566831.SQ.FTS.B,

Zero

Cpn,

7/20/32

...

2,799

–

3572652.SQ.FTS.B,

Zero

Cpn,

7/21/32

...

758

–

3573904.SQ.FTS.B,

Zero

Cpn,

7/21/32

...

2,469

–

3612013.SQ.FTS.B,

Zero

Cpn,

7/29/32

...

3,513

–

3612313.SQ.FTS.B,

Zero

Cpn,

7/30/32

...

3,994

–

3616837.SQ.FTS.B,

Zero

Cpn,

8/01/32

...

1,256

–

3622745.SQ.FTS.B,

Zero

Cpn,

8/03/32

...

5,722

–

3629212.SQ.FTS.B,

Zero

Cpn,

8/05/32

...

316

–

3631012.SQ.FTS.B,

Zero

Cpn,

8/07/32

...

702

–

3693768.SQ.FTS.B,

Zero

Cpn,

8/20/32

...

1,735

–

3700150.SQ.FTS.B,

Zero

Cpn,

8/22/32

...

3,008

–

3760407.SQ.FTS.B,

Zero

Cpn,

9/01/32

...

3,543

–

3820662.SQ.FTS.B,

Zero

Cpn,

9/07/32

...

734

–

3842781.SQ.FTS.B,

Zero

Cpn,

9/11/32

...

10,067

1

3849054.SQ.FTS.B,

Zero

Cpn,

9/12/32

...

679

–

3849313.SQ.FTS.B,

Zero

Cpn,

9/12/32

...

204

–

3849333.SQ.FTS.B,

Zero

Cpn,

9/12/32

...

8,085

–

3869455.SQ.FTS.B,

Zero

Cpn,

9/17/32

...

7,514

–

3877914.SQ.FTS.B,

Zero

Cpn,

9/18/32

...

1,608

–

3908447.SQ.FTS.B,

Zero

Cpn,

9/24/32

...

608

–

3944713.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

16,717

–

3948363.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

386

–

3953673.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

673

–

3953788.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

6,116

–

3988483.SQ.FTS.B,

Zero

Cpn,

10/06/32

..

6,804

–

3995187.SQ.FTS.B,

Zero

Cpn,

10/07/32

..

966

–

4006108.SQ.FTS.B,

Zero

Cpn,

10/08/32

..

3,609

–

4012864.SQ.FTS.B,

Zero

Cpn,

10/08/32

..

418

–

4027848.SQ.FTS.B,

Zero

Cpn,

10/13/32

..

13,882

–

4030312.SQ.FTS.B,

Zero

Cpn,

10/13/32

..

596

–

4039216.SQ.FTS.B,

Zero

Cpn,

10/15/32

..

645

–

4042564.SQ.FTS.B,

Zero

Cpn,

10/15/32

..

379

–

4044447.SQ.FTS.B,

Zero

Cpn,

10/16/32

..

14,344

1

4077814.SQ.FTS.B,

Zero

Cpn,

10/23/32

..

2,357

–

4079086.SQ.FTS.B,

Zero

Cpn,

10/23/32

..

3,779

–

4079838.SQ.FTS.B,

Zero

Cpn,

10/23/32

..

6,825

–

4080547.SQ.FTS.B,

Zero

Cpn,

10/24/32

..

1,952

–

4095538.SQ.FTS.B,

Zero

Cpn,

10/28/32

..

3,487

–

4125734.SQ.FTS.B,

Zero

Cpn,

11/05/32

..

4,285

–

4138127.SQ.FTS.B,

Zero

Cpn,

11/09/32

..

2,987

–

4142060.SQ.FTS.B,

Zero

Cpn,

11/10/32

..

1,222

–

4147030.SQ.FTS.B,

Zero

Cpn,

11/11/32

..

346

–

4163065.SQ.FTS.B,

Zero

Cpn,

11/14/32

..

1,168

–

4171680.SQ.FTS.B,

Zero

Cpn,

11/17/32

..

3,222

1

4171907.SQ.FTS.B,

Zero

Cpn,

11/17/32

..

4,783

2

4186988.SQ.FTS.B,

Zero

Cpn,

11/20/32

..

375

–

4189414.SQ.FTS.B,

Zero

Cpn,

11/20/32

..

259

1

4197129.SQ.FTS.B,

Zero

Cpn,

11/21/32

..

38

–

4200379.SQ.FTS.B,

Zero

Cpn,

11/23/32

..

1,060

2

4207561.SQ.FTS.B,

Zero

Cpn,

11/25/32

..

1,742

4

4229796.SQ.FTS.B,

Zero

Cpn,

11/27/32

..

2,213

2

4267608.SQ.FTS.B,

Zero

Cpn,

12/04/32

..

4,641

15

4271659.SQ.FTS.B,

Zero

Cpn,

12/04/32

..

970

3

4280865.SQ.FTS.B,

Zero

Cpn,

12/07/32

..

7,991

27

4309215.SQ.FTS.B,

Zero

Cpn,

12/10/32

..

2,829

6

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4314394.SQ.FTS.B,

Zero

Cpn,

12/11/32

..

$

4,763

$

20

4315019.SQ.FTS.B,

Zero

Cpn,

12/11/32

..

1,296

5

4315085.SQ.FTS.B,

Zero

Cpn,

12/11/32

..

753

3

4333949.SQ.FTS.B,

Zero

Cpn,

12/17/32

..

1,348

6

4342268.SQ.FTS.B,

Zero

Cpn,

12/20/32

..

3,769

20

4345972.SQ.FTS.B,

Zero

Cpn,

12/21/32

..

457

1

4352084.SQ.FTS.B,

Zero

Cpn,

12/22/32

..

1,688

10

4352239.SQ.FTS.B,

Zero

Cpn,

12/22/32

..

620

4

4383604.SQ.FTS.B,

Zero

Cpn,

12/30/32

..

2,916

19

4390373.SQ.FTS.B,

Zero

Cpn,

1/02/33

...

527

2

4390406.SQ.FTS.B,

Zero

Cpn,

1/02/33

...

950

10

4394687.SQ.FTS.B,

Zero

Cpn,

1/06/33

...

832

4

4413064.SQ.FTS.B,

Zero

Cpn,

1/15/33

...

738

10

4413957.SQ.FTS.B,

Zero

Cpn,

1/16/33

...

356

2

4430691.SQ.FTS.B,

Zero

Cpn,

1/22/33

...

968

10

4431496.SQ.FTS.B,

Zero

Cpn,

1/22/33

...

432

3

4438299.SQ.FTS.B,

Zero

Cpn,

1/27/33

...

2,530

19

4438563.SQ.FTS.B,

Zero

Cpn,

1/27/33

...

14,155

130

4452962.SQ.FTS.B,

Zero

Cpn,

2/03/33

...

8,915

135

4455128.SQ.FTS.B,

Zero

Cpn,

2/04/33

...

2,253

30

4457642.SQ.FTS.B,

Zero

Cpn,

2/05/33

...

3,469

39

4463189.SQ.FTS.B,

Zero

Cpn,

2/09/33

...

2,140

15

4465207.SQ.FTS.B,

Zero

Cpn,

2/10/33

...

3,432

32

4469186.SQ.FTS.B,

Zero

Cpn,

2/12/33

...

1,033

11

4481855.SQ.FTS.B,

Zero

Cpn,

2/19/33

...

1,079

14

4481874.SQ.FTS.B,

Zero

Cpn,

2/19/33

...

1,551

31

4484475.SQ.FTS.B,

Zero

Cpn,

2/20/33

...

3,439

43

4484542.SQ.FTS.B,

Zero

Cpn,

2/20/33

...

6,016

75

4488928.SQ.FTS.B,

Zero

Cpn,

2/23/33

...

703

8

4489974.SQ.FTS.B,

Zero

Cpn,

2/24/33

...

4,041

52

4499783.SQ.FTS.B,

Zero

Cpn,

2/28/33

...

2,186

49

4508723.SQ.FTS.B,

Zero

Cpn,

3/02/33

...

6,372

148

4510936.SQ.FTS.B,

Zero

Cpn,

3/03/33

...

3,480

65

4513287.SQ.FTS.B,

Zero

Cpn,

3/04/33

...

12,361

280

4514072.SQ.FTS.B,

Zero

Cpn,

3/05/33

...

1,866

45

4516974.SQ.FTS.B,

Zero

Cpn,

3/07/33

...

88

2

4519611.SQ.FTS.B,

Zero

Cpn,

3/08/33

...

12,933

200

4532062.SQ.FTS.B,

Zero

Cpn,

3/14/33

...

328

7

4532929.SQ.FTS.B,

Zero

Cpn,

3/14/33

...

2,327

64

4534513.SQ.FTS.B,

Zero

Cpn,

3/15/33

...

304

5

4535094.SQ.FTS.B,

Zero

Cpn,

3/15/33

...

3,360

59

4540937.SQ.FTS.B,

Zero

Cpn,

3/17/33

...

6,282

53

4546342.SQ.FTS.B,

Zero

Cpn,

3/20/33

...

3,208

29

4548999.SQ.FTS.B,

Zero

Cpn,

3/21/33

...

4,823

111

4549725.SQ.FTS.B,

Zero

Cpn,

3/21/33

...

3,736

37

4549873.SQ.FTS.B,

Zero

Cpn,

3/21/33

...

201

4

4549880.SQ.FTS.B,

Zero

Cpn,

3/21/33

...

3,819

35

4550163.SQ.FTS.B,

Zero

Cpn,

3/21/33

...

1,397

26

4550265.SQ.FTS.B,

Zero

Cpn,

3/21/33

...

545

11

4555245.SQ.FTS.B,

Zero

Cpn,

3/23/33

...

4,885

150

4556429.SQ.FTS.B,

Zero

Cpn,

3/23/33

...

3,512

69

4556489.SQ.FTS.B,

Zero

Cpn,

3/23/33

...

3,126

81

4556569.SQ.FTS.B,

Zero

Cpn,

3/23/33

...

18,356

505

4557410.SQ.FTS.B,

Zero

Cpn,

3/23/33

...

5,012

77

4558347.SQ.FTS.B,

Zero

Cpn,

3/23/33

...

1,070

20

4561168.SQ.FTS.B,

Zero

Cpn,

3/24/33

...

715

7

4561751.SQ.FTS.B,

Zero

Cpn,

3/25/33

...

3,074

29

4562273.SQ.FTS.B,

Zero

Cpn,

3/26/33

...

3,405

101

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

124

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4563389.SQ.FTS.B,

Zero

Cpn,

3/27/33

...

$

3,392

$

35

4565857.SQ.FTS.B,

Zero

Cpn,

3/27/33

...

14,859

359

4566912.SQ.FTS.B,

Zero

Cpn,

3/28/33

...

1,449

48

4579623.SQ.FTS.B,

Zero

Cpn,

4/01/33

...

30,289

722

4581333.SQ.FTS.B,

Zero

Cpn,

4/02/33

...

3,759

84

4581555.SQ.FTS.B,

Zero

Cpn,

4/02/33

...

12,644

429

4582331.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

5,425

148

4585539.SQ.FTS.B,

Zero

Cpn,

4/04/33

...

643

13

4586510.SQ.FTS.B,

Zero

Cpn,

4/04/33

...

6,337

173

4589242.SQ.FTS.B,

Zero

Cpn,

4/05/33

...

488

7

4600950.SQ.FTS.B,

Zero

Cpn,

4/07/33

...

936

11

4601418.SQ.FTS.B,

Zero

Cpn,

4/08/33

...

4,582

83

4601908.SQ.FTS.B,

Zero

Cpn,

4/08/33

...

835

20

4603785.SQ.FTS.B,

Zero

Cpn,

4/08/33

...

2,545

45

4604781.SQ.FTS.B,

Zero

Cpn,

4/09/33

...

302

11

4606149.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

2,129

52

4606526.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

462

10

4607817.SQ.FTS.B,

Zero

Cpn,

4/12/33

...

768

30

4609191.SQ.FTS.B,

Zero

Cpn,

4/12/33

...

3,788

114

4610483.SQ.FTS.B,

Zero

Cpn,

4/13/33

...

4,727

187

4612864.SQ.FTS.B,

Zero

Cpn,

4/13/33

...

831

10

4612909.SQ.FTS.B,

Zero

Cpn,

4/13/33

...

3,394

107

4618545.SQ.FTS.B,

Zero

Cpn,

4/14/33

...

2,720

79

4618572.SQ.FTS.B,

Zero

Cpn,

4/14/33

...

927

24

4620208.SQ.FTS.B,

Zero

Cpn,

4/14/33

...

2,314

38

4622912.SQ.FTS.B,

Zero

Cpn,

4/15/33

...

12,026

282

4623698.SQ.FTS.B,

Zero

Cpn,

4/15/33

...

4,549

87

4625409.SQ.FTS.B,

Zero

Cpn,

4/18/33

...

1,903

57

4626052.SQ.FTS.B,

Zero

Cpn,

4/18/33

...

3,539

71

4626904.SQ.FTS.B,

Zero

Cpn,

4/18/33

...

4,667

59

4627946.SQ.FTS.B,

Zero

Cpn,

4/18/33

...

968

40

4630150.SQ.FTS.B,

Zero

Cpn,

4/19/33

...

3,187

88

4630473.SQ.FTS.B,

Zero

Cpn,

4/19/33

...

336

9

4631665.SQ.FTS.B,

Zero

Cpn,

4/20/33

...

4,254

137

4637259.SQ.FTS.B,

Zero

Cpn,

4/22/33

...

146

3

4639123.SQ.FTS.B,

Zero

Cpn,

4/22/33

...

1,166

19

4639291.SQ.FTS.B,

Zero

Cpn,

4/22/33

...

2,606

87

4641955.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

13,703

376

4645672.SQ.FTS.B,

Zero

Cpn,

4/26/33

...

10,185

336

4646107.SQ.FTS.B,

Zero

Cpn,

4/26/33

...

2,393

89

4646691.SQ.FTS.B,

Zero

Cpn,

4/26/33

...

582

18

4650952.SQ.FTS.B,

Zero

Cpn,

4/28/33

...

2,708

100

4652170.SQ.FTS.B,

Zero

Cpn,

4/28/33

...

3,326

108

4654724.SQ.FTS.B,

Zero

Cpn,

4/29/33

...

439

15

4655105.SQ.FTS.B,

Zero

Cpn,

4/29/33

...

1,842

47

4656767.SQ.FTS.B,

Zero

Cpn,

4/30/33

...

2,269

65

4660577.SQ.FTS.B,

Zero

Cpn,

5/01/33

...

5,607

159

4660611.SQ.FTS.B,

Zero

Cpn,

5/01/33

...

1,867

63

4662056.SQ.FTS.B,

Zero

Cpn,

5/02/33

...

40,082

1,436

4665723.SQ.FTS.B,

Zero

Cpn,

5/03/33

...

813

13

4668525.SQ.FTS.B,

Zero

Cpn,

5/04/33

...

412

6

4669203.SQ.FTS.B,

Zero

Cpn,

5/04/33

...

309

5

4669930.SQ.FTS.B,

Zero

Cpn,

5/04/33

...

1,076

38

4679063.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

2,470

91

4681090.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

1,211

45

4682306.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

19,587

599

4684103.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

761

15

4684220.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

332

12

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4704761.SQ.FTS.B,

Zero

Cpn,

5/10/33

...

$

1,417

$

47

4706260.SQ.FTS.B,

Zero

Cpn,

5/10/33

...

3,411

145

4710517.SQ.FTS.B,

Zero

Cpn,

5/12/33

...

3,185

156

4717011.SQ.FTS.B,

Zero

Cpn,

5/15/33

...

8,731

317

4719485.SQ.FTS.B,

Zero

Cpn,

5/15/33

...

1,274

45

4723323.SQ.FTS.B,

Zero

Cpn,

5/16/33

...

239

11

4728302.SQ.FTS.B,

Zero

Cpn,

5/17/33

...

4,296

207

4746441.SQ.FTS.B,

Zero

Cpn,

5/19/33

...

1,301

77

4761481.SQ.FTS.B,

Zero

Cpn,

5/23/33

...

4,254

166

4763575.SQ.FTS.B,

Zero

Cpn,

5/23/33

...

1,338

66

4773719.SQ.FTS.B,

Zero

Cpn,

5/24/33

...

1,216

54

4789346.SQ.FTS.B,

Zero

Cpn,

5/29/33

...

6,004

199

4790074.SQ.FTS.B,

Zero

Cpn,

5/29/33

...

1,864

75

4794467.SQ.FTS.B,

Zero

Cpn,

5/30/33

...

116

4

4796271.SQ.FTS.B,

Zero

Cpn,

5/30/33

...

1,575

89

4799750.SQ.FTS.B,

Zero

Cpn,

6/01/33

...

3,222

208

4810478.SQ.FTS.B,

Zero

Cpn,

6/03/33

...

13,210

583

4812628.SQ.FTS.B,

Zero

Cpn,

6/03/33

...

7,404

249

4814186.SQ.FTS.B,

Zero

Cpn,

6/03/33

...

3,604

81

4819764.SQ.FTS.B,

Zero

Cpn,

6/07/33

...

1,187

54

4819908.SQ.FTS.B,

Zero

Cpn,

6/07/33

...

745

36

4829812.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

336

9

4829826.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

2,529

105

4831455.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

1,012

24

4832246.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

58

3

4839177.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

1,366

31

4839467.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

1,586

96

4840100.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

1,543

55

4848330.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

12,857

331

4860368.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

989

55

4862382.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

5,131

118

4862453.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

264

23

4862500.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

1,479

95

4863679.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

16,205

577

4864955.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

7,356

478

4866679.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

1,660

121

4867627.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

2,052

56

4867691.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

43

3

4868123.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

533

20

4868930.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

1,648

59

4871945.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

5,985

229

4872471.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

1,391

57

4872677.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

3,275

269

4873083.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

9,479

498

4873268.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

6,701

535

4873945.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

3,094

79

4874117.SQ.FTS.B,

Zero

Cpn,

6/22/33

...

4,590

371

4875505.SQ.FTS.B,

Zero

Cpn,

6/23/33

...

318

19

4877302.SQ.FTS.B,

Zero

Cpn,

6/25/33

...

624

27

4877319.SQ.FTS.B,

Zero

Cpn,

6/25/33

...

1,558

89

4877812.SQ.FTS.B,

Zero

Cpn,

6/26/33

...

2,173

123

4878164.SQ.FTS.B,

Zero

Cpn,

6/27/33

...

2,972

181

4880047.SQ.FTS.B,

Zero

Cpn,

6/27/33

...

132

4

4880109.SQ.FTS.B,

Zero

Cpn,

6/27/33

...

10,497

752

4880571.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

14,651

1,006

4881599.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

1,874

55

4881617.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

1,646

73

4881988.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

41,908

2,544

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

125

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4882388.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

$

1,033

$

100

4882604.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

4,323

238

4886936.SQ.FTS.B,

Zero

Cpn,

6/30/33

...

29,822

797

4889578.SQ.FTS.B,

Zero

Cpn,

7/01/33

...

6,235

387

4891549.SQ.FTS.B,

Zero

Cpn,

7/03/33

...

3,445

160

4893163.SQ.FTS.B,

Zero

Cpn,

7/04/33

...

12,426

732

4900969.SQ.FTS.B,

Zero

Cpn,

7/07/33

...

1,027

72

4901122.SQ.FTS.B,

Zero

Cpn,

7/07/33

...

611

23

4905832.SQ.FTS.B,

Zero

Cpn,

7/10/33

...

6,609

440

4907500.SQ.FTS.B,

Zero

Cpn,

7/11/33

...

4,190

180

4908035.SQ.FTS.B,

Zero

Cpn,

7/11/33

...

5,837

174

4909783.SQ.FTS.B,

Zero

Cpn,

7/12/33

...

36

1

4922859.SQ.FTS.B,

Zero

Cpn,

7/14/33

...

513

58

4923842.SQ.FTS.B,

Zero

Cpn,

7/16/33

...

1,929

85

4924187.SQ.FTS.B,

Zero

Cpn,

7/17/33

...

357

27

4925184.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

2,723

240

4925548.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

16,715

1,711

4925972.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

7,444

565

4926169.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

261

24

4927104.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

7,625

583

4937358.SQ.FTS.B,

Zero

Cpn,

7/24/33

...

640

28

4938983.SQ.FTS.B,

Zero

Cpn,

7/25/33

...

1,318

98

4942412.SQ.FTS.B,

Zero

Cpn,

7/26/33

...

13,011

794

4955556.SQ.FTS.B,

Zero

Cpn,

7/29/33

...

1,374

48

4960204.SQ.FTS.B,

Zero

Cpn,

7/31/33

...

361

18

4965912.SQ.FTS.B,

Zero

Cpn,

8/01/33

...

1,587

143

4967772.SQ.FTS.B,

Zero

Cpn,

8/02/33

...

7,693

841

4968011.SQ.FTS.B,

Zero

Cpn,

8/02/33

...

732

66

4968065.SQ.FTS.B,

Zero

Cpn,

8/02/33

...

9,113

786

4975394.SQ.FTS.B,

Zero

Cpn,

8/05/33

...

1,503

78

4981564.SQ.FTS.B,

Zero

Cpn,

8/09/33

...

474

29

4981810.SQ.FTS.B,

Zero

Cpn,

8/09/33

...

913

63

4989575.SQ.FTS.B,

Zero

Cpn,

8/11/33

...

1,283

110

4990427.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

646

29

4990812.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

3,319

283

4991412.SQ.FTS.B,

Zero

Cpn,

8/13/33

...

1,244

78

4992493.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

1,237

115

4993580.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

600

59

5006802.SQ.FTS.B,

Zero

Cpn,

8/16/33

...

7,127

798

5019192.SQ.FTS.B,

Zero

Cpn,

8/17/33

...

10,195

561

5026306.SQ.FTS.B,

Zero

Cpn,

8/19/33

...

5,011

629

5026883.SQ.FTS.B,

Zero

Cpn,

8/20/33

...

4,074

598

5027172.SQ.FTS.B,

Zero

Cpn,

8/21/33

...

156

8

5042184.SQ.FTS.B,

Zero

Cpn,

8/25/33

...

236

22

5044115.SQ.FTS.B,

Zero

Cpn,

8/27/33

...

551

62

5044278.SQ.FTS.B,

Zero

Cpn,

8/27/33

...

4,435

263

5047301.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

4,140

432

5047438.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

1,084

191

5053049.SQ.FTS.B,

Zero

Cpn,

9/02/33

...

110

16

5057829.SQ.FTS.B,

Zero

Cpn,

9/03/33

...

273

14

5058089.SQ.FTS.B,

Zero

Cpn,

9/03/33

...

14,656

1,237

5062108.SQ.FTS.B,

Zero

Cpn,

9/05/33

...

2,002

94

5065553.SQ.FTS.B,

Zero

Cpn,

9/07/33

...

11,144

529

5065983.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

137

7

5073687.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

2,366

153

5075271.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

1,279

69

5075710.SQ.FTS.B,

Zero

Cpn,

9/11/33

...

2,580

454

5075922.SQ.FTS.B,

Zero

Cpn,

9/11/33

...

309

17

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5083204.SQ.FTS.B,

Zero

Cpn,

9/15/33

...

$

1,242

$

203

5084881.SQ.FTS.B,

Zero

Cpn,

9/16/33

...

552

70

5090985.SQ.FTS.B,

Zero

Cpn,

9/17/33

...

383

26

5094121.SQ.FTS.B,

Zero

Cpn,

9/19/33

...

410

57

5094327.SQ.FTS.B,

Zero

Cpn,

9/19/33

...

349

45

5094655.SQ.FTS.B,

Zero

Cpn,

9/20/33

...

2,008

272

5096024.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

9,361

819

5096286.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

250

23

5097330.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

4,283

605

5099070.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

659

60

5102362.SQ.FTS.B,

Zero

Cpn,

9/23/33

...

26,662

2,679

5109707.SQ.FTS.B,

Zero

Cpn,

9/25/33

...

478

69

5110232.SQ.FTS.B,

Zero

Cpn,

9/26/33

...

4,917

632

5110354.SQ.FTS.B,

Zero

Cpn,

9/26/33

...

407

70

5110450.SQ.FTS.B,

Zero

Cpn,

9/26/33

...

4,298

555

5114631.SQ.FTS.B,

Zero

Cpn,

9/29/33

...

2,038

307

5118658.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

879

133

5122398.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

5,431

552

5123250.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

2,209

301

5123870.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

461

66

5130538.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

2,193

198

5130975.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

272

61

5132890.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

30,012

4,977

5134488.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

1,144

104

5135982.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

11,822

764

5136603.SQ.FTS.B,

Zero

Cpn,

10/06/33

..

1,728

256

5138301.SQ.FTS.B,

Zero

Cpn,

10/06/33

..

2,419

428

5142732.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

172

11

5144732.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

2,684

347

5146188.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

6,782

994

5149203.SQ.FTS.B,

Zero

Cpn,

10/10/33

..

473

58

5153658.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

202

33

5154060.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

494

101

5155680.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

521

35

5156338.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

2,755

537

5156676.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

1,284

174

5160593.SQ.FTS.B,

Zero

Cpn,

10/13/33

..

14,723

1,482

5162594.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

617

38

5163731.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

7,221

808

5164639.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

519

101

5172784.SQ.FTS.B,

Zero

Cpn,

10/17/33

..

6,176

1,456

5179416.SQ.FTS.B,

Zero

Cpn,

10/18/33

..

2,654

370

5181201.SQ.FTS.B,

Zero

Cpn,

10/19/33

..

6,478

1,184

5183474.SQ.FTS.B,

Zero

Cpn,

10/19/33

..

575

98

5185761.SQ.FTS.B,

Zero

Cpn,

10/20/33

..

715

160

5190095.SQ.FTS.B,

Zero

Cpn,

10/20/33

..

4,638

782

5210392.SQ.FTS.B,

Zero

Cpn,

10/23/33

..

2,424

184

5219088.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

1,399

486

5220601.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

650

146

5220660.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

1,536

169

5238450.SQ.FTS.B,

Zero

Cpn,

10/29/33

..

401

99

5239973.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

1,526

152

5241436.SQ.FTS.B,

Zero

Cpn,

11/01/33

..

3,606

559

5243291.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

75

7

5243505.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

20,719

4,809

5244949.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

2,287

559

5245623.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

4,046

754

5250245.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

419

74

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5250706.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

$

1,023

$

310

5250769.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

1,742

154

5254509.SQ.FTS.B,

Zero

Cpn,

11/04/33

..

234

67

5254554.SQ.FTS.B,

Zero

Cpn,

11/04/33

..

5,092

454

5254769.SQ.FTS.B,

Zero

Cpn,

11/04/33

..

1,097

341

5255302.SQ.FTS.B,

Zero

Cpn,

11/04/33

..

19,141

4,774

5262459.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

220

22

5266447.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

318

57

5266476.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

4,839

523

5266837.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

3,783

836

5281083.SQ.FTS.B,

Zero

Cpn,

11/10/33

..

337

110

5281103.SQ.FTS.B,

Zero

Cpn,

11/10/33

..

8,490

785

5293954.SQ.FTS.B,

Zero

Cpn,

11/14/33

..

476

103

5294371.SQ.FTS.B,

Zero

Cpn,

11/15/33

..

329

46

5296287.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

311

62

5305068.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

77,744

18,789

5313405.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

546

99

5316290.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

1,073

290

5317552.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

181

55

5320657.SQ.FTS.B,

Zero

Cpn,

11/20/33

..

443

215

5321872.SQ.FTS.B,

Zero

Cpn,

11/20/33

..

1,538

299

5322693.SQ.FTS.B,

Zero

Cpn,

11/20/33

..

874

123

5325004.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

1,379

353

5325652.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

659

172

5328895.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

2,371

633

5329650.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

1,202

267

5329785.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

1,629

194

5330101.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

7,563

2,545

5331262.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

4,420

643

5363132.SQ.FTS.B,

Zero

Cpn,

11/26/33

..

7,301

1,619

5372948.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

7,104

1,730

5374200.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

7,532

2,430

5380422.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

12,758

2,035

5381740.SQ.FTS.B,

Zero

Cpn,

11/29/33

..

733

78

29,169,589

Freedom

Financial

Asset

Management

LLC

APP-11740309.FP.FTS.B,

5.99%,

12/20/23

963

966

APP-11877787.FP.FTS.B,

5.99%,

1/08/24

.

983

986

APP-11878440.FP.FTS.B,

5.99%,

1/08/24

.

669

349

APP-12386826.FP.FTS.B,

23.99%,

2/01/24

2,536

2,546

APP-11929185.FP.FTS.B,

18.49%,

2/20/24

6,052

965

APP-11877563.FP.FTS.B,

5.99%,

2/21/24

.

1,141

1,145

APP-11798519.FP.FTS.B,

5.99%,

2/22/24

.

1,573

1,580

APP-12287371.FP.FTS.B,

5.99%,

3/17/24

.

1,536

1,544

APP-11595183.FP.FTS.B,

5.99%,

3/22/24

.

1,943

1,953

APP-14217946.FP.FTS.B,

5.99%,

5/06/24

.

3,337

3,356

APP-13741737.FP.FTS.B,

5.99%,

5/16/24

.

2,607

2,623

APP-13628198.FP.FTS.B,

5.99%,

5/20/24

.

2,573

2,590

APP-14866497.FP.FTS.B,

5.99%,

5/24/24

.

3,366

3,390

APP-13746596.FP.FTS.B,

5.99%,

5/29/24

.

2,850

2,873

APP-14939093.FP.FTS.B,

5.99%,

6/01/24

.

2,593

2,608

APP-14129567.FP.FTS.B,

5.99%,

6/10/24

.

2,728

2,743

APP-14038696.FP.FTS.B,

16.49%,

6/10/24

4,934

4,967

APP-14317523.FP.FTS.B,

17.49%,

6/12/24

2,596

2,615

APP-14689106.FP.FTS.B,

5.99%,

6/15/24

.

2,656

2,668

APP-14190363.FP.FTS.B,

5.99%,

6/16/24

.

3,061

3,082

APP-14178961.FP.FTS.B,

5.99%,

6/17/24

.

2,534

2,555

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14057537.FP.FTS.B,

5.99%,

6/20/24

.

$

3,527

$

3,552

APP-14304559.FP.FTS.B,

5.99%,

6/20/24

.

2,574

2,593

APP-14343981.FP.FTS.B,

5.99%,

6/20/24

.

3,365

3,390

APP-15398343.FP.FTS.B,

5.99%,

6/20/24

.

4,039

4,070

APP-15654646.FP.FTS.B,

19.74%,

7/05/24

4,991

5,024

APP-14867047.FP.FTS.B,

5.99%,

7/08/24

.

3,881

3,907

APP-14918054.FP.FTS.B,

14.99%,

7/08/24

7,478

4,943

APP-15601576.FP.FTS.B,

16.49%,

7/08/24

3,254

3,277

APP-14886138.FP.FTS.B,

5.99%,

7/16/24

.

3,483

3,509

APP-15145416.FP.FTS.B,

5.99%,

7/16/24

.

2,459

2,477

APP-15110089.FP.FTS.B,

5.99%,

7/30/24

.

3,637

3,674

APP-15573525.FP.FTS.B,

23.99%,

8/01/24

7,278

7,315

APP-15556796.FP.FTS.B,

5.99%,

8/05/24

.

3,507

3,531

APP-17023826.FP.FTS.B,

5.99%,

8/06/24

.

4,395

4,429

APP-15420537.FP.FTS.B,

23.99%,

8/12/24

16,272

16,446

APP-15754991.FP.FTS.B,

5.99%,

8/13/24

.

3,307

3,334

APP-16050735.FP.FTS.B,

5.99%,

8/14/24

.

3,892

3,922

APP-16062858.FP.FTS.B,

23.99%,

8/14/24

4,857

4,901

APP-15525886.FP.FTS.B,

13.49%,

8/15/24

5,589

5,641

APP-15705719.FP.FTS.B,

17.74%,

8/20/24

4,703

4,756

APP-15870402.FP.FTS.B,

5.99%,

8/28/24

.

4,700

4,745

APP-17083152.FP.FTS.B,

5.99%,

9/06/24

.

3,151

3,173

APP-17218556.FP.FTS.B,

5.99%,

9/09/24

.

5,175

5,215

APP-17481705.FP.FTS.B,

15.99%,

9/13/24

6,228

6,284

APP-17230704.FP.FTS.B,

5.99%,

9/23/24

.

4,337

4,379

APP-10830803.FP.FTS.B,

23.49%,

11/30/24

5,474

5,578

APP-11673054.FP.FTS.B,

18.99%,

12/16/24

5,434

5,491

APP-11740833.FP.FTS.B,

23.99%,

12/22/24

8,414

8,543

APP-11877979.FP.FTS.B,

7.49%,

1/06/25

.

12,531

12,621

APP-11942701.FP.FTS.B,

9.49%,

1/08/25

.

18,019

18,152

APP-11729669.FP.FTS.B,

10.74%,

1/08/25

4,802

4,822

APP-12331634.FP.FTS.B,

7.74%,

2/04/25

.

7,795

7,850

APP-11751656.FP.FTS.B,

9.74%,

2/05/25

.

7,882

7,934

APP-11912407.FP.FTS.B,

15.99%,

2/15/25

10,400

10,458

APP-11872506.FP.FTS.B,

19.49%,

2/15/25

8,784

8,818

APP-12050640.FP.FTS.B,

12.24%,

3/15/25

14,250

14,367

APP-12033288.FP.FTS.B,

14.49%,

3/15/25

10,049

10,104

APP-11949006.FP.FTS.B,

9.74%,

3/17/25

.

8,084

2,644

APP-12270565.FP.FTS.B,

16.49%,

3/17/25

15,311

15,341

APP-12351684.FP.FTS.B,

7.49%,

3/18/25

.

8,777

8,851

APP-12270708.FP.FTS.B,

9.49%,

3/20/25

.

11,781

11,892

APP-12420138.FP.FTS.B,

17.99%,

3/20/25

5,184

5,224

APP-12418031.FP.FTS.B,

13.99%,

3/22/25

12,178

12,298

APP-12287521.FP.FTS.B,

16.49%,

3/22/25

7,228

7,288

APP-13752242.FP.FTS.B,

10.09%,

4/01/25

5,398

5,417

APP-13961297.FP.FTS.B,

17.49%,

4/16/25

5,116

1,003

APP-13951296.FP.FTS.B,

17.24%,

4/26/25

13,907

14,011

APP-14058368.FP.FTS.B,

12.49%,

5/01/25

13,404

13,471

APP-14113024.FP.FTS.B,

11.59%,

5/03/25

6,330

6,376

APP-14094552.FP.FTS.B,

17.74%,

5/03/25

22,094

22,032

APP-14304933.FP.FTS.B,

14.99%,

5/12/25

6,995

7,023

APP-13745262.FP.FTS.B,

12.84%,

5/16/25

27,064

27,297

APP-13550190.FP.FTS.B,

24.99%,

5/16/25

9,140

9,116

APP-13512883.FP.FTS.B,

9.84%,

5/20/25

.

21,646

21,868

APP-13060190.FP.FTS.B,

10.24%,

5/20/25

15,596

15,747

APP-13805924.FP.FTS.B,

24.99%,

5/20/25

9,391

9,379

APP-14613251.FP.FTS.B,

10.49%,

5/25/25

3,243

3,251

APP-13938404.FP.FTS.B,

12.24%,

5/26/25

21,829

22,022

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

127

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13957398.FP.FTS.B,

14.49%,

6/01/25

$

12,294

$

12,355

APP-13914811.FP.FTS.B,

15.09%,

6/03/25

5,932

5,974

APP-14959860.FP.FTS.B,

19.74%,

6/03/25

32,331

19,266

APP-13821733.FP.FTS.B,

22.99%,

6/03/25

8,607

8,482

APP-13609952.FP.FTS.B,

10.09%,

6/04/25

23,799

23,975

APP-13818738.FP.FTS.B,

10.84%,

6/04/25

25,492

25,713

APP-14919947.FP.FTS.B,

16.24%,

6/05/25

19,426

19,365

APP-14179362.FP.FTS.B,

17.49%,

6/05/25

5,618

5,647

APP-15039073.FP.FTS.B,

23.49%,

6/05/25

6,408

6,338

APP-13901500.FP.FTS.B,

19.49%,

6/07/25

8,989

8,927

APP-13913960.FP.FTS.B,

25.49%,

6/07/25

5,750

5,679

APP-13968504.FP.FTS.B,

19.49%,

6/08/25

9,121

9,063

APP-14166988.FP.FTS.B,

17.49%,

6/09/25

5,944

5,981

APP-14165903.FP.FTS.B,

19.24%,

6/12/25

30,087

29,970

APP-14337562.FP.FTS.B,

11.24%,

6/13/25

28,484

28,721

APP-14058139.FP.FTS.B,

11.84%,

6/15/25

7,598

7,660

APP-14058182.FP.FTS.B,

18.49%,

6/15/25

4,595

4,614

APP-14134773.FP.FTS.B,

21.99%,

6/15/25

6,434

6,410

APP-14319615.FP.FTS.B,

18.49%,

6/16/25

13,164

13,179

APP-13822936.FP.FTS.B,

9.34%,

6/17/25

.

17,101

17,267

APP-14057042.FP.FTS.B,

7.84%,

6/18/25

.

8,818

8,871

APP-14176007.FP.FTS.B,

7.84%,

6/18/25

.

14,005

14,141

APP-14182518.FP.FTS.B,

7.84%,

6/18/25

.

12,263

12,382

APP-14189826.FP.FTS.B,

9.34%,

6/18/25

.

16,984

17,153

APP-14058031.FP.FTS.B,

16.49%,

6/18/25

5,955

5,982

APP-14147815.FP.FTS.B,

19.99%,

6/18/25

8,050

7,994

APP-14145063.FP.FTS.B,

20.49%,

6/18/25

4,489

4,512

APP-14118175.FP.FTS.B,

10.09%,

6/19/25

10,253

10,359

APP-14058272.FP.FTS.B,

12.59%,

6/19/25

16,067

16,228

APP-14181617.FP.FTS.B,

18.49%,

6/19/25

9,600

9,644

APP-14188793.FP.FTS.B,

25.49%,

6/19/25

5,516

5,498

APP-14194578.FP.FTS.B,

25.49%,

6/19/25

4,718

4,708

APP-14057653.FP.FTS.B,

10.09%,

6/20/25

10,246

10,354

APP-14215775.FP.FTS.B,

16.49%,

6/20/25

11,456

11,557

APP-14309929.FP.FTS.B,

25.49%,

6/20/25

1,514

176

APP-14349793.FP.FTS.B,

16.24%,

6/26/25

18,400

18,477

APP-14107541.FP.FTS.B,

10.09%,

6/28/25

4,288

4,306

APP-14196847.FP.FTS.B,

20.49%,

6/28/25

3,134

3,103

APP-14318446.FP.FTS.B,

23.49%,

6/28/25

7,277

7,219

APP-15705647.FP.FTS.B,

18.74%,

6/30/25

9,457

9,532

APP-15602534.FP.FTS.B,

17.24%,

7/02/25

13,195

13,126

APP-15754423.FP.FTS.B,

25.49%,

7/04/25

7,543

7,489

APP-14867025.FP.FTS.B,

8.24%,

7/06/25

.

13,704

13,813

APP-14874396.FP.FTS.B,

11.24%,

7/06/25

29,820

30,054

APP-15716641.FP.FTS.B,

25.49%,

7/06/25

6,722

6,628

APP-14907939.FP.FTS.B,

17.49%,

7/07/25

13,785

13,627

APP-14925295.FP.FTS.B,

10.24%,

7/08/25

22,551

22,729

APP-15017105.FP.FTS.B,

22.49%,

7/11/25

6,215

6,180

APP-14864961.FP.FTS.B,

22.74%,

7/11/25

16,061

5,589

APP-15033224.FP.FTS.B,

25.49%,

7/12/25

5,816

5,762

APP-16047052.FP.FTS.B,

20.74%,

7/13/25

26,251

26,148

APP-15043725.FP.FTS.B,

12.74%,

7/15/25

8,489

8,554

APP-14877854.FP.FTS.B,

14.99%,

7/15/25

1,978

1,975

APP-14866721.FP.FTS.B,

17.49%,

7/15/25

4,178

4,164

APP-14887227.FP.FTS.B,

17.49%,

7/15/25

7,486

7,508

APP-14890683.FP.FTS.B,

17.49%,

7/15/25

7,350

7,402

APP-15129611.FP.FTS.B,

10.49%,

7/16/25

7,779

2,430

APP-14867122.FP.FTS.B,

14.99%,

7/16/25

12,333

12,341

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14748673.FP.FTS.B,

10.74%,

7/17/25

$

8,976

$

9,057

APP-14866669.FP.FTS.B,

17.49%,

7/17/25

8,667

8,670

APP-14522319.FP.FTS.B,

10.24%,

7/20/25

16,970

17,155

APP-14854614.FP.FTS.B,

14.99%,

7/21/25

10,464

10,567

APP-14909153.FP.FTS.B,

16.74%,

7/21/25

19,978

20,055

APP-14957730.FP.FTS.B,

16.99%,

7/21/25

15,207

15,257

APP-14920948.FP.FTS.B,

10.49%,

7/22/25

11,754

11,861

APP-14987575.FP.FTS.B,

19.99%,

7/22/25

10,199

10,173

APP-15015830.FP.FTS.B,

25.49%,

7/22/25

6,555

6,519

APP-15036503.FP.FTS.B,

25.49%,

7/22/25

9,308

9,256

APP-15038725.FP.FTS.B,

23.49%,

7/24/25

6,821

6,783

APP-17010427.FP.FTS.B,

8.74%,

7/25/25

.

9,651

9,737

APP-11741918.FP.FTS.B,

16.49%,

7/25/25

3,990

3,991

APP-14192654.FP.FTS.B,

19.49%,

7/25/25

4,494

4,477

APP-14867189.FP.FTS.B,

17.49%,

7/26/25

9,748

9,812

APP-15050243.FP.FTS.B,

18.99%,

7/26/25

6,338

6,382

APP-14543407.FP.FTS.B,

10.49%,

7/29/25

11,972

12,109

APP-15143633.FP.FTS.B,

10.49%,

7/30/25

10,602

1,267

APP-17491589.FP.FTS.B,

11.49%,

8/03/25

17,888

17,998

APP-15593139.FP.FTS.B,

25.49%,

8/04/25

10,138

9,955

APP-16899367.FP.FTS.B,

25.49%,

8/04/25

6,095

6,072

APP-15235015.FP.FTS.B,

8.74%,

8/05/25

.

11,553

11,615

APP-15602610.FP.FTS.B,

16.49%,

8/05/25

6,629

6,613

APP-15739609.FP.FTS.B,

8.74%,

8/07/25

.

18,143

18,288

APP-17496469.FP.FTS.B,

14.99%,

8/10/25

10,248

10,323

APP-15032228.FP.FTS.B,

23.49%,

8/12/25

6,864

6,780

APP-15025145.FP.FTS.B,

25.49%,

8/12/25

6,818

6,771

APP-15537240.FP.FTS.B,

25.49%,

8/12/25

8,604

8,501

APP-15576269.FP.FTS.B,

25.49%,

8/13/25

9,465

2,086

APP-15715162.FP.FTS.B,

16.74%,

8/14/25

10,370

10,386

APP-15222033.FP.FTS.B,

22.24%,

8/14/25

23,416

8,171

APP-16065337.FP.FTS.B,

23.49%,

8/14/25

8,384

2,995

APP-15259729.FP.FTS.B,

25.49%,

8/14/25

8,355

777

APP-13337231.FP.FTS.B,

8.99%,

8/15/25

.

10,625

10,727

APP-15399078.FP.FTS.B,

20.99%,

8/15/25

33,633

33,656

APP-16002031.FP.FTS.B,

11.49%,

8/19/25

14,041

14,182

APP-10173660.FP.FTS.B,

14.49%,

8/19/25

27,638

28,064

APP-15744848.FP.FTS.B,

25.49%,

8/20/25

8,839

8,780

APP-15705051.FP.FTS.B,

11.74%,

8/21/25

27,776

28,070

APP-14371156.FP.FTS.B,

20.49%,

8/22/25

5,361

5,343

APP-15524582.FP.FTS.B,

10.49%,

8/25/25

9,372

9,479

APP-16072062.FP.FTS.B,

25.49%,

8/26/25

4,409

1,671

APP-16069326.FP.FTS.B,

25.49%,

8/27/25

2,412

2,393

APP-16077556.FP.FTS.B,

14.99%,

8/28/25

26,248

26,549

APP-15532550.FP.FTS.B,

5.99%,

8/30/25

.

2,185

2,198

APP-16638019.FP.FTS.B,

15.24%,

9/13/25

9,247

9,304

APP-16609197.FP.FTS.B,

12.99%,

9/15/25

11,537

11,640

APP-17493794.FP.FTS.B,

19.99%,

9/15/25

7,146

7,090

APP-16928712.FP.FTS.B,

17.99%,

9/17/25

11,567

11,641

APP-16931630.FP.FTS.B,

17.99%,

9/17/25

13,300

13,352

APP-17510658.FP.FTS.B,

16.24%,

9/18/25

10,200

10,263

APP-17058236.FP.FTS.B,

9.74%,

9/19/25

.

10,377

10,486

APP-16725749.FP.FTS.B,

13.99%,

9/20/25

13,437

13,556

APP-13608599.FP.FTS.B,

11.49%,

9/23/25

21,658

21,915

APP-15010755.FP.FTS.B,

25.49%,

9/23/25

16,340

16,183

APP-16554677.FP.FTS.B,

13.24%,

9/25/25

26,459

26,709

APP-10482527.FP.FTS.B,

10.99%,

10/26/25

..........................

11,000

11,127

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10846360.FP.FTS.B,

11.49%,

11/30/25

$

18,622

$

18,941

APP-11672772.FP.FTS.B,

13.99%,

12/01/25

17,967

18,180

APP-11657253.FP.FTS.B,

16.99%,

12/20/25

32,785

9,899

APP-11733135.FP.FTS.B,

20.99%,

12/22/25

6,416

6,620

APP-08649280.FP.FTS.B,

9.99%,

12/23/25

12,696

12,894

APP-11461331.FP.FTS.B,

8.99%,

12/25/25

18,142

18,395

APP-10224409.FP.FTS.B,

10.24%,

1/04/26

8,349

8,454

APP-11461158.FP.FTS.B,

7.99%,

1/26/26

.

24,066

24,437

APP-11727451.FP.FTS.B,

19.49%,

2/01/26

5,288

5,388

APP-11740312.FP.FTS.B,

20.49%,

2/03/26

12,849

13,152

APP-12270370.FP.FTS.B,

8.99%,

2/04/26

.

31,254

31,662

APP-11693759.FP.FTS.B,

13.99%,

2/05/26

14,611

14,897

APP-11750555.FP.FTS.B,

19.49%,

2/06/26

7,658

7,880

APP-11750277.FP.FTS.B,

20.99%,

2/06/26

5,089

5,207

APP-11872702.FP.FTS.B,

7.99%,

2/20/26

.

14,120

14,335

APP-15727324.FP.FTS.B,

25.49%,

2/20/26

4,230

2,205

APP-11880862.FP.FTS.B,

17.99%,

2/21/26

7,862

8,054

APP-12409087.FP.FTS.B,

7.99%,

3/08/26

.

15,538

15,754

APP-12287223.FP.FTS.B,

19.99%,

3/08/26

11,423

11,701

APP-12410099.FP.FTS.B,

10.24%,

3/15/26

10,505

10,660

APP-12417109.FP.FTS.B,

15.49%,

3/21/26

6,595

6,714

APP-12270589.FP.FTS.B,

10.24%,

3/22/26

11,830

12,022

APP-14057607.FP.FTS.B,

13.99%,

4/30/26

14,187

14,485

APP-14153218.FP.FTS.B,

17.99%,

5/01/26

19,982

20,244

APP-14308214.FP.FTS.B,

17.49%,

5/06/26

9,919

10,072

APP-13754165.FP.FTS.B,

8.34%,

5/16/26

.

23,931

24,276

APP-13539948.FP.FTS.B,

21.74%,

5/18/26

14,621

14,960

APP-12270410.FP.FTS.B,

8.34%,

5/20/26

.

17,616

17,912

APP-13700095.FP.FTS.B,

21.74%,

5/20/26

8,012

7,980

APP-12032996.FP.FTS.B,

12.34%,

5/22/26

8,244

8,379

APP-13485505.FP.FTS.B,

15.74%,

5/22/26

21,752

22,179

APP-11934555.FP.FTS.B,

19.49%,

5/22/26

11,258

11,515

APP-13826786.FP.FTS.B,

16.49%,

6/03/26

8,979

4,762

APP-13823472.FP.FTS.B,

17.24%,

6/03/26

27,709

28,089

APP-14175261.FP.FTS.B,

20.49%,

6/05/26

22,997

23,393

APP-14058279.FP.FTS.B,

21.74%,

6/10/26

15,098

15,319

APP-14297747.FP.FTS.B,

22.99%,

6/12/26

7,447

7,555

APP-14338698.FP.FTS.B,

14.74%,

6/13/26

33,400

17,826

APP-14057255.FP.FTS.B,

12.34%,

6/15/26

9,766

9,917

APP-14222736.FP.FTS.B,

12.84%,

6/15/26

13,403

13,596

APP-14174847.FP.FTS.B,

16.49%,

6/15/26

8,515

8,513

APP-14058114.FP.FTS.B,

16.99%,

6/15/26

13,726

13,928

APP-14057971.FP.FTS.B,

17.99%,

6/15/26

10,842

11,065

APP-14331555.FP.FTS.B,

20.49%,

6/15/26

6,587

642

APP-14185776.FP.FTS.B,

18.49%,

6/16/26

9,456

9,621

APP-14085492.FP.FTS.B,

9.84%,

6/17/26

.

21,850

22,188

APP-14181485.FP.FTS.B,

11.34%,

6/17/26

35,025

35,574

APP-14057334.FP.FTS.B,

17.49%,

6/18/26

16,728

17,034

APP-14192027.FP.FTS.B,

9.84%,

6/19/26

.

21,310

21,657

APP-07740556.FP.FTS.B,

12.59%,

6/19/26

17,573

17,867

APP-13767318.FP.FTS.B,

13.34%,

6/19/26

30,105

30,610

APP-13963648.FP.FTS.B,

17.24%,

6/19/26

23,591

24,033

APP-13768424.FP.FTS.B,

17.49%,

6/19/26

18,624

18,983

APP-14057973.FP.FTS.B,

17.99%,

6/19/26

13,553

13,717

APP-14214629.FP.FTS.B,

10.34%,

6/20/26

20,328

20,641

APP-14193365.FP.FTS.B,

21.49%,

6/20/26

13,493

13,778

APP-14178499.FP.FTS.B,

26.49%,

6/21/26

5,756

5,882

APP-15602395.FP.FTS.B,

17.24%,

6/24/26

16,430

16,713

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14329001.FP.FTS.B,

23.49%,

6/24/26

$

5,679

$

5,808

APP-14280430.FP.FTS.B,

20.49%,

6/25/26

13,411

13,684

APP-15479960.FP.FTS.B,

24.74%,

6/29/26

8,008

8,180

APP-15673409.FP.FTS.B,

17.24%,

7/01/26

6,098

6,164

APP-14548332.FP.FTS.B,

16.49%,

7/05/26

19,118

19,366

APP-16068283.FP.FTS.B,

20.74%,

7/05/26

19,513

19,692

APP-15676938.FP.FTS.B,

14.49%,

7/06/26

7,467

7,564

APP-14801281.FP.FTS.B,

14.99%,

7/08/26

11,499

11,656

APP-14689091.FP.FTS.B,

17.49%,

7/09/26

3,110

3,097

APP-14943051.FP.FTS.B,

17.99%,

7/09/26

15,479

8,735

APP-14522661.FP.FTS.B,

15.99%,

7/10/26

19,687

19,945

APP-16070360.FP.FTS.B,

20.74%,

7/10/26

32,426

32,825

APP-15869429.FP.FTS.B,

21.99%,

7/10/26

6,951

7,036

APP-15045798.FP.FTS.B,

17.74%,

7/12/26

30,881

17,414

APP-15054747.FP.FTS.B,

21.49%,

7/12/26

19,877

20,176

APP-16085008.FP.FTS.B,

18.49%,

7/14/26

14,487

14,665

APP-14920803.FP.FTS.B,

16.99%,

7/15/26

11,591

11,770

APP-14921360.FP.FTS.B,

16.99%,

7/15/26

10,686

10,850

APP-14865932.FP.FTS.B,

17.49%,

7/15/26

20,099

20,389

APP-11443413.FP.FTS.B,

10.59%,

7/17/26

26,304

26,700

APP-14689124.FP.FTS.B,

10.99%,

7/17/26

13,632

13,840

APP-14882473.FP.FTS.B,

12.99%,

7/17/26

29,886

30,306

APP-14688569.FP.FTS.B,

17.74%,

7/17/26

26,695

27,106

APP-14176550.FP.FTS.B,

10.34%,

7/18/26

22,511

22,850

APP-14816252.FP.FTS.B,

10.74%,

7/18/26

15,528

15,767

APP-14688717.FP.FTS.B,

10.99%,

7/18/26

9,129

9,271

APP-14870900.FP.FTS.B,

17.49%,

7/19/26

14,751

15,004

APP-14905708.FP.FTS.B,

16.99%,

7/20/26

9,324

9,486

APP-14820629.FP.FTS.B,

17.24%,

7/20/26

29,881

30,378

APP-15020361.FP.FTS.B,

26.49%,

7/20/26

6,446

580

APP-14902088.FP.FTS.B,

11.24%,

7/22/26

11,328

11,506

APP-14865904.FP.FTS.B,

15.74%,

7/23/26

28,986

29,503

APP-14980679.FP.FTS.B,

17.99%,

7/23/26

4,768

1,850

APP-14964964.FP.FTS.B,

18.99%,

7/23/26

19,442

19,813

APP-13767438.FP.FTS.B,

10.74%,

7/25/26

25,115

25,518

APP-15048537.FP.FTS.B,

20.99%,

7/25/26

19,076

19,432

APP-13608775.FP.FTS.B,

13.49%,

7/26/26

21,603

6,385

APP-17114653.FP.FTS.B,

18.74%,

8/01/26

6,193

6,227

APP-17112981.FP.FTS.B,

10.74%,

8/03/26

12,624

12,758

APP-16811535.FP.FTS.B,

21.74%,

8/03/26

31,616

31,845

APP-17117415.FP.FTS.B,

11.24%,

8/06/26

22,067

22,344

APP-17510305.FP.FTS.B,

18.49%,

8/07/26

19,066

19,244

APP-15589148.FP.FTS.B,

14.49%,

8/08/26

7,915

8,030

APP-10219598.FP.FTS.B,

15.49%,

8/11/26

10,467

10,740

APP-15594842.FP.FTS.B,

17.24%,

8/12/26

15,282

15,488

APP-16036383.FP.FTS.B,

20.24%,

8/13/26

9,220

9,349

APP-15327014.FP.FTS.B,

9.24%,

8/14/26

.

24,892

25,291

APP-15585646.FP.FTS.B,

9.49%,

8/14/26

.

10,070

10,223

APP-15594751.FP.FTS.B,

10.74%,

8/14/26

23,278

23,640

APP-15585110.FP.FTS.B,

11.49%,

8/14/26

13,701

13,917

APP-16050065.FP.FTS.B,

23.99%,

8/14/26

6,261

6,324

APP-15449600.FP.FTS.B,

20.74%,

8/15/26

19,184

19,442

APP-15763520.FP.FTS.B,

20.74%,

8/15/26

20,116

20,387

APP-15526039.FP.FTS.B,

21.74%,

8/15/26

10,930

11,069

APP-15529270.FP.FTS.B,

24.74%,

8/15/26

1,878

1,860

APP-16072518.FP.FTS.B,

12.49%,

8/16/26

37,005

37,523

APP-10235724.FP.FTS.B,

15.49%,

8/20/26

14,361

14,446

APP-15493477.FP.FTS.B,

16.74%,

8/20/26

14,457

14,706

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

129

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15602180.FP.FTS.B,

18.74%,

8/20/26

$

12,018

$

12,237

APP-15747887.FP.FTS.B,

18.74%,

8/20/26

4,142

4,144

APP-15743821.FP.FTS.B,

26.49%,

8/20/26

8,847

8,992

APP-15757972.FP.FTS.B,

18.24%,

8/21/26

11,954

12,170

APP-15750146.FP.FTS.B,

19.24%,

8/21/26

9,294

9,456

APP-15467456.FP.FTS.B,

26.49%,

8/21/26

8,508

8,657

APP-15025202.FP.FTS.B,

23.74%,

8/22/26

14,703

14,827

APP-13200176.FP.FTS.B,

16.49%,

8/24/26

10,327

10,503

APP-12414817.FP.FTS.B,

15.24%,

8/26/26

14,740

14,989

APP-12674952.FP.FTS.B,

15.24%,

8/26/26

12,377

12,507

APP-16078255.FP.FTS.B,

19.24%,

8/26/26

20,504

20,880

APP-16046150.FP.FTS.B,

21.74%,

8/26/26

4,339

2,061

APP-16051271.FP.FTS.B,

21.74%,

8/27/26

12,023

12,223

APP-15951898.FP.FTS.B,

16.49%,

8/28/26

23,419

23,734

APP-15872992.FP.FTS.B,

19.24%,

8/28/26

14,790

15,075

APP-16947974.FP.FTS.B,

13.24%,

9/06/26

13,668

13,816

APP-17143594.FP.FTS.B,

9.99%,

9/07/26

.

11,804

11,955

APP-17156366.FP.FTS.B,

11.24%,

9/07/26

17,189

17,380

APP-16728029.FP.FTS.B,

26.49%,

9/09/26

6,495

6,532

APP-15043711.FP.FTS.B,

26.49%,

9/12/26

8,819

701

APP-17115080.FP.FTS.B,

15.24%,

9/13/26

8,636

8,743

APP-15872822.FP.FTS.B,

19.24%,

9/15/26

10,126

10,226

APP-16681815.FP.FTS.B,

8.24%,

9/16/26

.

19,562

19,840

APP-14329008.FP.FTS.B,

19.49%,

9/17/26

20,272

20,386

APP-16637553.FP.FTS.B,

24.49%,

9/17/26

8,092

8,138

APP-16640720.FP.FTS.B,

9.99%,

9/18/26

.

37,565

38,122

APP-16637870.FP.FTS.B,

12.49%,

9/18/26

12,174

12,359

APP-17100593.FP.FTS.B,

9.49%,

9/20/26

.

14,941

15,167

APP-17124398.FP.FTS.B,

9.74%,

9/20/26

.

37,527

38,096

APP-16119643.FP.FTS.B,

12.24%,

9/20/26

22,598

22,958

APP-17439783.FP.FTS.B,

10.74%,

9/25/26

4,523

4,593

APP-17331723.FP.FTS.B,

16.99%,

9/25/26

20,586

20,843

APP-15458893.FP.FTS.B,

20.74%,

10/15/26

..........................

19,414

1,879

APP-16067938.FP.FTS.B,

18.74%,

10/24/26

..........................

19,453

1,944

APP-10745954.FP.FTS.B,

12.74%,

11/30/26

25,408

25,921

APP-11742538.FP.FTS.B,

16.49%,

12/15/26

18,692

19,004

APP-11603796.FP.FTS.B,

20.99%,

12/15/26

11,157

11,542

APP-11741994.FP.FTS.B,

18.99%,

12/16/26

12,430

12,734

APP-11695022.FP.FTS.B,

16.49%,

12/17/26

17,483

17,806

APP-11737893.FP.FTS.B,

25.49%,

12/18/26

8,247

8,493

APP-11743333.FP.FTS.B,

16.49%,

12/19/26

10,834

11,033

APP-11694428.FP.FTS.B,

14.49%,

12/22/26

6,657

6,770

APP-11742165.FP.FTS.B,

18.49%,

12/22/26

8,798

9,043

APP-11739845.FP.FTS.B,

19.99%,

12/22/26

9,947

10,272

APP-11751120.FP.FTS.B,

8.99%,

12/23/26

27,225

27,697

APP-11694004.FP.FTS.B,

11.74%,

12/23/26

34,701

35,298

APP-11749943.FP.FTS.B,

18.49%,

12/23/26

10,599

1,201

APP-11708423.FP.FTS.B,

20.99%,

12/23/26

26,864

27,675

APP-11743539.FP.FTS.B,

21.74%,

12/23/26

18,744

19,388

APP-11752109.FP.FTS.B,

22.49%,

12/23/26

8,213

8,398

APP-10229823.FP.FTS.B,

25.49%,

12/26/26

..........................

7,613

7,858

APP-11940969.FP.FTS.B,

13.99%,

1/05/27

12,692

12,699

APP-11890774.FP.FTS.B,

8.99%,

1/06/27

.

27,930

28,336

APP-11920032.FP.FTS.B,

19.99%,

1/07/27

18,838

19,223

APP-11939491.FP.FTS.B,

15.49%,

1/08/27

11,342

11,556

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11795112.FP.FTS.B,

19.99%,

1/08/27

$

11,186

$

11,381

APP-11929275.FP.FTS.B,

19.99%,

1/08/27

7,531

7,672

APP-12270584.FP.FTS.B,

10.49%,

1/25/27

5,172

3,523

APP-11749683.FP.FTS.B,

16.74%,

1/25/27

20,261

20,740

APP-11704729.FP.FTS.B,

16.99%,

1/25/27

14,369

14,647

APP-11752310.FP.FTS.B,

25.49%,

1/28/27

1,094

1,091

APP-12268807.FP.FTS.B,

10.99%,

2/01/27

19,309

19,561

APP-11022562.FP.FTS.B,

11.74%,

2/01/27

6,887

6,968

APP-12396734.FP.FTS.B,

11.74%,

2/03/27

36,349

36,837

APP-11732843.FP.FTS.B,

14.74%,

2/03/27

36,160

36,785

APP-11712261.FP.FTS.B,

18.49%,

2/03/27

11,730

11,900

APP-11745377.FP.FTS.B,

21.49%,

2/04/27

12,184

12,402

APP-11612708.FP.FTS.B,

22.99%,

2/04/27

12,434

12,684

APP-11752870.FP.FTS.B,

16.49%,

2/05/27

8,946

9,103

APP-12293217.FP.FTS.B,

17.49%,

2/05/27

18,877

19,170

APP-11742593.FP.FTS.B,

17.99%,

2/05/27

7,553

7,690

APP-11703116.FP.FTS.B,

19.49%,

2/05/27

9,143

9,310

APP-11799159.FP.FTS.B,

11.49%,

2/15/27

11,633

11,821

APP-11922307.FP.FTS.B,

20.49%,

2/15/27

9,131

9,327

APP-11919163.FP.FTS.B,

10.99%,

2/17/27

19,742

20,063

APP-11904406.FP.FTS.B,

11.24%,

2/19/27

13,632

13,860

APP-11942494.FP.FTS.B,

18.99%,

2/19/27

14,328

14,637

APP-11940530.FP.FTS.B,

13.49%,

2/20/27

13,501

13,741

APP-11942190.FP.FTS.B,

18.49%,

2/20/27

9,596

9,807

APP-11509327.FP.FTS.B,

18.99%,

2/20/27

24,073

24,623

APP-11923837.FP.FTS.B,

19.74%,

2/20/27

31,587

32,148

APP-11944817.FP.FTS.B,

20.49%,

2/20/27

4,545

4,521

APP-11810142.FP.FTS.B,

10.99%,

2/21/27

17,911

18,237

APP-11937475.FP.FTS.B,

16.49%,

2/21/27

18,744

19,164

APP-11928189.FP.FTS.B,

18.49%,

2/21/27

3,972

2,808

APP-11939575.FP.FTS.B,

22.49%,

2/21/27

6,987

7,172

APP-11927887.FP.FTS.B,

9.24%,

2/22/27

.

8,926

9,086

APP-11861145.FP.FTS.B,

13.24%,

2/22/27

15,097

15,343

APP-11941579.FP.FTS.B,

16.49%,

2/22/27

14,779

15,009

APP-11872292.FP.FTS.B,

19.99%,

2/22/27

10,693

10,962

APP-15432708.FP.FTS.B,

24.74%,

3/05/27

6,943

407

APP-12361627.FP.FTS.B,

8.99%,

3/07/27

.

17,863

18,127

APP-12232977.FP.FTS.B,

14.74%,

3/07/27

37,164

37,722

APP-12389833.FP.FTS.B,

16.49%,

3/07/27

9,020

9,174

APP-12183710.FP.FTS.B,

22.99%,

3/07/27

3,496

3,483

APP-12410874.FP.FTS.B,

10.99%,

3/08/27

18,128

18,398

APP-12418857.FP.FTS.B,

11.24%,

3/08/27

10,170

10,321

APP-12405015.FP.FTS.B,

13.24%,

3/08/27

14,949

15,174

APP-12415944.FP.FTS.B,

13.24%,

3/08/27

18,876

19,224

APP-12412062.FP.FTS.B,

16.49%,

3/08/27

20,310

20,620

APP-12416735.FP.FTS.B,

11.24%,

3/15/27

9,494

9,648

APP-12032886.FP.FTS.B,

16.99%,

3/16/27

8,099

8,244

APP-12384050.FP.FTS.B,

13.74%,

3/17/27

20,271

20,615

APP-12397582.FP.FTS.B,

19.99%,

3/18/27

19,901

20,167

APP-12408565.FP.FTS.B,

17.99%,

3/19/27

17,741

18,095

APP-12270281.FP.FTS.B,

10.99%,

3/20/27

14,815

15,070

APP-11947650.FP.FTS.B,

15.49%,

3/20/27

12,063

12,300

APP-12270508.FP.FTS.B,

8.99%,

3/21/27

.

13,212

13,351

APP-11694093.FP.FTS.B,

13.49%,

3/21/27

14,146

14,404

APP-12402081.FP.FTS.B,

18.49%,

3/21/27

22,059

22,535

APP-11940575.FP.FTS.B,

25.49%,

3/21/27

7,000

7,179

APP-12412441.FP.FTS.B,

11.24%,

3/22/27

29,262

29,789

APP-12412264.FP.FTS.B,

19.99%,

3/22/27

10,908

11,152

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13642414.FP.FTS.B,

17.99%,

4/11/27

$

21,047

$

4,143

APP-11877626.FP.FTS.B,

13.59%,

4/14/27

30,679

31,141

APP-13682302.FP.FTS.B,

18.49%,

4/15/27

8,098

8,225

APP-13824171.FP.FTS.B,

20.24%,

4/15/27

31,065

31,287

APP-13744711.FP.FTS.B,

26.49%,

4/15/27

6,943

2,443

APP-12119826.FP.FTS.B,

12.09%,

4/16/27

37,825

38,328

APP-13846094.FP.FTS.B,

19.49%,

4/16/27

6,128

1,914

APP-13767273.FP.FTS.B,

11.59%,

4/18/27

12,550

12,732

APP-13929153.FP.FTS.B,

9.59%,

4/20/27

.

10,200

10,352

APP-11878337.FP.FTS.B,

11.24%,

4/21/27

9,897

2,782

APP-14057284.FP.FTS.B,

13.59%,

4/23/27

30,023

30,436

APP-13920277.FP.FTS.B,

17.99%,

4/24/27

17,876

5,616

APP-13899643.FP.FTS.B,

12.09%,

4/28/27

37,517

38,084

APP-14059320.FP.FTS.B,

16.99%,

4/30/27

20,828

4,026

APP-14099769.FP.FTS.B,

20.49%,

4/30/27

15,871

16,245

APP-14199304.FP.FTS.B,

13.59%,

5/01/27

27,286

27,612

APP-14146465.FP.FTS.B,

17.99%,

5/01/27

2,849

2,856

APP-14187476.FP.FTS.B,

17.99%,

5/01/27

21,302

21,490

APP-14176600.FP.FTS.B,

22.99%,

5/01/27

9,325

9,376

APP-14087177.FP.FTS.B,

18.99%,

5/02/27

14,007

4,612

APP-14289803.FP.FTS.B,

22.49%,

5/02/27

7,706

7,750

APP-14041540.FP.FTS.B,

11.59%,

5/03/27

16,253

16,464

APP-14129708.FP.FTS.B,

11.34%,

5/05/27

26,029

26,394

APP-14179808.FP.FTS.B,

17.99%,

5/05/27

22,409

22,653

APP-14172338.FP.FTS.B,

18.49%,

5/05/27

10,325

10,378

APP-14163190.FP.FTS.B,

18.74%,

5/05/27

27,119

27,149

APP-13965445.FP.FTS.B,

20.24%,

5/08/27

16,663

5,613

APP-14263477.FP.FTS.B,

21.99%,

5/10/27

14,685

14,835

APP-13484916.FP.FTS.B,

14.99%,

5/12/27

16,315

16,558

APP-14330285.FP.FTS.B,

11.74%,

5/13/27

20,497

20,781

APP-13720484.FP.FTS.B,

11.34%,

5/15/27

30,275

30,712

APP-13483981.FP.FTS.B,

16.99%,

5/15/27

9,942

10,086

APP-13485148.FP.FTS.B,

18.49%,

5/15/27

23,866

24,209

APP-13694672.FP.FTS.B,

24.99%,

5/15/27

24,558

24,845

APP-13725984.FP.FTS.B,

13.59%,

5/17/27

23,454

23,805

APP-13302047.FP.FTS.B,

13.74%,

5/17/27

8,227

8,350

APP-13417402.FP.FTS.B,

17.99%,

5/18/27

11,713

11,889

APP-12287013.FP.FTS.B,

18.24%,

5/18/27

25,502

25,867

APP-13849753.FP.FTS.B,

9.34%,

5/20/27

.

23,911

24,269

APP-13484281.FP.FTS.B,

11.34%,

5/20/27

7,132

7,159

APP-13800465.FP.FTS.B,

18.49%,

5/20/27

9,474

9,617

APP-13529032.FP.FTS.B,

18.74%,

5/20/27

27,997

28,484

APP-13705972.FP.FTS.B,

26.49%,

5/20/27

8,502

8,575

APP-13542298.FP.FTS.B,

11.34%,

5/21/27

19,530

19,883

APP-13811007.FP.FTS.B,

11.34%,

5/21/27

19,926

20,229

APP-13848454.FP.FTS.B,

16.09%,

5/21/27

8,912

9,048

APP-13767415.FP.FTS.B,

19.49%,

5/21/27

15,222

15,458

APP-13826410.FP.FTS.B,

20.49%,

5/21/27

16,414

16,626

APP-13838022.FP.FTS.B,

22.49%,

5/21/27

6,458

6,556

APP-13660286.FP.FTS.B,

22.99%,

5/21/27

7,824

7,980

APP-13840262.FP.FTS.B,

23.49%,

5/21/27

10,143

10,295

APP-11743712.FP.FTS.B,

21.49%,

5/22/27

12,502

12,621

APP-13921670.FP.FTS.B,

18.49%,

5/24/27

2,403

2,403

APP-13628676.FP.FTS.B,

16.99%,

5/27/27

9,861

10,056

APP-13485109.FP.FTS.B,

20.49%,

5/27/27

9,703

9,899

APP-13724215.FP.FTS.B,

10.09%,

5/28/27

36,054

36,692

APP-13751462.FP.FTS.B,

11.59%,

5/28/27

28,886

29,411

APP-13574037.FP.FTS.B,

15.24%,

5/28/27

36,190

36,834

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13628755.FP.FTS.B,

19.49%,

5/28/27

$

8,466

$

8,642

APP-13521024.FP.FTS.B,

20.99%,

5/28/27

12,990

13,263

APP-13696300.FP.FTS.B,

13.84%,

5/29/27

11,625

11,848

APP-13932583.FP.FTS.B,

15.49%,

5/30/27

4,958

4,950

APP-13836108.FP.FTS.B,

13.59%,

5/31/27

31,452

31,890

APP-13852222.FP.FTS.B,

26.49%,

5/31/27

7,793

7,902

APP-14965459.FP.FTS.B,

17.24%,

6/01/27

24,182

24,406

APP-15037607.FP.FTS.B,

20.99%,

6/01/27

9,249

9,269

APP-13623936.FP.FTS.B,

9.34%,

6/03/27

.

30,646

31,086

APP-13816811.FP.FTS.B,

18.99%,

6/03/27

16,277

16,416

APP-14795053.FP.FTS.B,

26.99%,

6/03/27

7,555

7,507

APP-13628843.FP.FTS.B,

16.99%,

6/04/27

10,158

10,286

APP-14688354.FP.FTS.B,

17.49%,

6/04/27

20,813

21,038

APP-15009891.FP.FTS.B,

20.74%,

6/05/27

25,613

25,680

APP-13965578.FP.FTS.B,

22.49%,

6/05/27

2,535

2,497

APP-14190918.FP.FTS.B,

9.59%,

6/06/27

.

5,939

5,966

APP-14191584.FP.FTS.B,

11.34%,

6/06/27

28,849

29,278

APP-14200239.FP.FTS.B,

11.34%,

6/06/27

30,547

30,970

APP-14177752.FP.FTS.B,

11.59%,

6/06/27

20,016

20,268

APP-14165096.FP.FTS.B,

14.74%,

6/06/27

23,756

24,078

APP-14192451.FP.FTS.B,

17.99%,

6/06/27

23,628

23,827

APP-14083608.FP.FTS.B,

20.49%,

6/06/27

9,377

9,322

APP-14192777.FP.FTS.B,

20.49%,

6/06/27

12,726

2,647

APP-13961157.FP.FTS.B,

12.09%,

6/07/27

38,111

38,610

APP-14225512.FP.FTS.B,

20.49%,

6/07/27

8,104

8,177

APP-14212766.FP.FTS.B,

26.49%,

6/07/27

3,360

3,290

APP-14925385.FP.FTS.B,

15.49%,

6/10/27

12,133

12,272

APP-13914635.FP.FTS.B,

20.99%,

6/10/27

16,315

16,444

APP-15045243.FP.FTS.B,

21.49%,

6/10/27

16,048

16,137

APP-14179267.FP.FTS.B,

17.24%,

6/11/27

38,736

39,266

APP-14197185.FP.FTS.B,

20.49%,

6/12/27

17,854

2,017

APP-14221142.FP.FTS.B,

24.24%,

6/12/27

19,764

12,433

APP-14324970.FP.FTS.B,

24.74%,

6/12/27

11,700

11,840

APP-14189919.FP.FTS.B,

20.49%,

6/13/27

12,906

13,025

APP-14176860.FP.FTS.B,

20.24%,

6/15/27

24,505

24,790

APP-14227617.FP.FTS.B,

20.99%,

6/15/27

8,156

8,235

APP-14197537.FP.FTS.B,

22.99%,

6/15/27

8,785

2,976

APP-14219059.FP.FTS.B,

11.34%,

6/16/27

15,484

15,714

APP-15597460.FP.FTS.B,

16.49%,

6/16/27

25,301

25,561

APP-14301553.FP.FTS.B,

22.49%,

6/16/27

14,958

15,117

APP-14046117.FP.FTS.B,

9.59%,

6/17/27

.

12,511

12,708

APP-14151947.FP.FTS.B,

10.84%,

6/17/27

23,194

23,566

APP-14138938.FP.FTS.B,

11.59%,

6/17/27

13,040

13,251

APP-14194032.FP.FTS.B,

13.59%,

6/17/27

21,281

2,431

APP-14104736.FP.FTS.B,

15.49%,

6/17/27

3,567

3,565

APP-14188906.FP.FTS.B,

16.99%,

6/17/27

16,062

16,326

APP-14160914.FP.FTS.B,

20.99%,

6/17/27

15,071

15,252

APP-14200894.FP.FTS.B,

23.49%,

6/17/27

11,245

11,370

APP-14243912.FP.FTS.B,

26.49%,

6/17/27

7,199

7,248

APP-14301044.FP.FTS.B,

26.49%,

6/17/27

7,795

7,822

APP-14057201.FP.FTS.B,

15.99%,

6/18/27

9,600

9,737

APP-13986857.FP.FTS.B,

20.49%,

6/18/27

12,314

12,482

APP-14108165.FP.FTS.B,

20.49%,

6/18/27

14,953

15,122

APP-14152014.FP.FTS.B,

20.49%,

6/18/27

8,589

8,703

APP-14181527.FP.FTS.B,

22.49%,

6/18/27

13,311

1,327

APP-14066107.FP.FTS.B,

9.34%,

6/19/27

.

30,647

31,142

APP-14157257.FP.FTS.B,

11.34%,

6/19/27

15,818

16,077

APP-14170154.FP.FTS.B,

11.59%,

6/19/27

9,332

9,488

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

131

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14165192.FP.FTS.B,

17.99%,

6/19/27

$

15,806

$

16,042

APP-14159215.FP.FTS.B,

18.49%,

6/19/27

9,355

9,501

APP-14191093.FP.FTS.B,

18.99%,

6/19/27

16,277

16,515

APP-14195378.FP.FTS.B,

19.49%,

6/19/27

23,023

23,409

APP-14025039.FP.FTS.B,

20.49%,

6/19/27

10,672

10,810

APP-14034800.FP.FTS.B,

22.24%,

6/19/27

16,527

16,697

APP-14326267.FP.FTS.B,

23.74%,

6/19/27

25,867

25,931

APP-14194801.FP.FTS.B,

11.34%,

6/20/27

15,534

15,798

APP-14202174.FP.FTS.B,

11.59%,

6/20/27

10,114

10,286

APP-14202404.FP.FTS.B,

12.09%,

6/20/27

39,025

39,696

APP-14077334.FP.FTS.B,

13.59%,

6/20/27

22,930

23,302

APP-14188625.FP.FTS.B,

13.59%,

6/20/27

15,735

15,987

APP-14162980.FP.FTS.B,

16.74%,

6/20/27

30,468

30,791

APP-14057492.FP.FTS.B,

16.99%,

6/20/27

11,860

11,990

APP-14066475.FP.FTS.B,

17.99%,

6/20/27

22,646

4,577

APP-14194952.FP.FTS.B,

17.99%,

6/20/27

16,218

16,430

APP-14198467.FP.FTS.B,

18.99%,

6/20/27

21,705

21,922

APP-14221223.FP.FTS.B,

19.24%,

6/20/27

39,752

40,230

APP-14172834.FP.FTS.B,

20.99%,

6/20/27

9,457

9,586

APP-14159440.FP.FTS.B,

21.99%,

6/20/27

12,932

13,118

APP-14195756.FP.FTS.B,

22.49%,

6/20/27

13,253

13,424

APP-14199815.FP.FTS.B,

22.49%,

6/20/27

9,280

9,388

APP-08640096.FP.FTS.B,

11.34%,

6/21/27

21,732

22,086

APP-14317227.FP.FTS.B,

20.74%,

6/21/27

33,410

3,468

APP-14278564.FP.FTS.B,

20.49%,

6/24/27

10,254

10,411

APP-14292674.FP.FTS.B,

21.99%,

6/25/27

14,239

14,461

APP-14215379.FP.FTS.B,

17.49%,

6/26/27

14,434

14,704

APP-14178588.FP.FTS.B,

22.99%,

6/26/27

1,483

1,475

APP-13787332.FP.FTS.B,

11.34%,

6/27/27

19,806

20,158

APP-14178884.FP.FTS.B,

17.49%,

6/27/27

8,005

8,035

APP-14335800.FP.FTS.B,

19.99%,

6/27/27

12,072

12,290

APP-14341730.FP.FTS.B,

20.99%,

6/27/27

11,948

12,153

APP-13695730.FP.FTS.B,

26.49%,

6/28/27

6,287

6,396

APP-15557986.FP.FTS.B,

10.99%,

6/30/27

33,543

34,098

APP-15748724.FP.FTS.B,

12.49%,

7/01/27

19,268

19,476

APP-15753390.FP.FTS.B,

26.99%,

7/01/27

8,668

8,703

APP-15425472.FP.FTS.B,

18.99%,

7/02/27

25,659

25,788

APP-15635946.FP.FTS.B,

24.74%,

7/03/27

13,793

13,850

APP-15718781.FP.FTS.B,

26.74%,

7/03/27

3,406

3,323

APP-15653357.FP.FTS.B,

21.24%,

7/04/27

6,707

6,746

APP-14883847.FP.FTS.B,

17.24%,

7/06/27

6,076

6,152

APP-15716454.FP.FTS.B,

20.24%,

7/06/27

1,567

1,545

APP-14197811.FP.FTS.B,

20.49%,

7/06/27

16,103

16,241

APP-15556990.FP.FTS.B,

21.24%,

7/06/27

8,384

8,441

APP-14902078.FP.FTS.B,

11.74%,

7/07/27

19,257

19,506

APP-14904704.FP.FTS.B,

13.99%,

7/07/27

30,298

30,659

APP-14911217.FP.FTS.B,

13.99%,

7/07/27

19,328

19,594

APP-15744265.FP.FTS.B,

14.49%,

7/07/27

8,347

8,360

APP-14143499.FP.FTS.B,

17.24%,

7/07/27

27,004

27,192

APP-14923950.FP.FTS.B,

13.74%,

7/08/27

10,328

10,465

APP-14844069.FP.FTS.B,

16.49%,

7/08/27

22,910

23,180

APP-14917832.FP.FTS.B,

16.49%,

7/08/27

4,417

4,371

APP-14923618.FP.FTS.B,

16.49%,

7/08/27

12,903

1,386

APP-14840263.FP.FTS.B,

17.49%,

7/08/27

21,804

22,078

APP-14994439.FP.FTS.B,

19.99%,

7/10/27

14,935

15,123

APP-15007157.FP.FTS.B,

20.99%,

7/11/27

9,889

9,951

APP-14868239.FP.FTS.B,

11.99%,

7/12/27

9,568

9,704

APP-14709072.FP.FTS.B,

17.49%,

7/12/27

16,726

16,944

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15039779.FP.FTS.B,

17.49%,

7/12/27

$

18,417

$

5,302

APP-15023218.FP.FTS.B,

23.99%,

7/12/27

22,895

14,273

APP-15042638.FP.FTS.B,

26.99%,

7/12/27

8,466

8,503

APP-16045778.FP.FTS.B,

22.49%,

7/13/27

9,334

914

APP-14930206.FP.FTS.B,

14.49%,

7/14/27

9,122

9,259

APP-14689546.FP.FTS.B,

11.74%,

7/15/27

22,666

23,004

APP-14818480.FP.FTS.B,

11.74%,

7/15/27

31,626

32,099

APP-14821859.FP.FTS.B,

11.74%,

7/15/27

16,267

16,508

APP-14914496.FP.FTS.B,

11.74%,

7/15/27

31,626

32,100

APP-15114820.FP.FTS.B,

11.74%,

7/15/27

15,757

15,974

APP-13767685.FP.FTS.B,

11.99%,

7/15/27

17,764

2,290

APP-14996949.FP.FTS.B,

11.99%,

7/15/27

11,234

11,377

APP-15137192.FP.FTS.B,

11.99%,

7/15/27

13,882

14,073

APP-14128298.FP.FTS.B,

23.99%,

7/15/27

12,825

12,854

APP-15039028.FP.FTS.B,

22.99%,

7/16/27

6,685

6,729

APP-14843307.FP.FTS.B,

11.99%,

7/17/27

11,889

12,074

APP-14866235.FP.FTS.B,

12.74%,

7/17/27

39,260

39,795

APP-14906097.FP.FTS.B,

16.74%,

7/18/27

39,107

39,585

APP-14882502.FP.FTS.B,

11.74%,

7/19/27

19,012

19,318

APP-14811744.FP.FTS.B,

13.99%,

7/19/27

28,098

28,551

APP-14688586.FP.FTS.B,

17.49%,

7/19/27

22,029

22,384

APP-14174912.FP.FTS.B,

22.99%,

7/19/27

26,315

26,685

APP-14160424.FP.FTS.B,

23.99%,

7/19/27

14,452

14,661

APP-14057681.FP.FTS.B,

11.99%,

7/20/27

9,581

9,739

APP-13547748.FP.FTS.B,

12.09%,

7/20/27

40,591

41,268

APP-14766983.FP.FTS.B,

13.99%,

7/20/27

32,130

32,659

APP-14859116.FP.FTS.B,

13.99%,

7/20/27

5,145

5,154

APP-14911982.FP.FTS.B,

15.99%,

7/20/27

15,482

15,748

APP-14902830.FP.FTS.B,

16.24%,

7/20/27

32,550

32,959

APP-15056862.FP.FTS.B,

22.99%,

7/20/27

16,780

16,897

APP-14688432.FP.FTS.B,

9.99%,

7/21/27

.

9,810

9,968

APP-14865961.FP.FTS.B,

11.74%,

7/21/27

28,385

28,860

APP-14937680.FP.FTS.B,

11.99%,

7/21/27

13,318

13,529

APP-14938376.FP.FTS.B,

11.99%,

7/21/27

11,913

12,113

APP-14881643.FP.FTS.B,

17.49%,

7/21/27

17,796

18,099

APP-14877061.FP.FTS.B,

9.99%,

7/22/27

.

12,953

13,166

APP-14728435.FP.FTS.B,

11.99%,

7/22/27

10,328

10,505

APP-15030718.FP.FTS.B,

18.24%,

7/22/27

33,145

33,547

APP-16899204.FP.FTS.B,

16.24%,

7/23/27

24,415

24,697

APP-14529813.FP.FTS.B,

18.24%,

7/23/27

31,295

31,756

APP-14859157.FP.FTS.B,

19.24%,

7/24/27

33,151

33,639

APP-15024147.FP.FTS.B,

22.99%,

7/25/27

6,404

2,138

APP-14314279.FP.FTS.B,

23.49%,

7/25/27

6,428

6,507

APP-15048932.FP.FTS.B,

11.99%,

7/26/27

13,493

13,720

APP-14346063.FP.FTS.B,

18.49%,

7/27/27

20,631

20,959

APP-15053109.FP.FTS.B,

11.74%,

7/29/27

15,858

16,141

APP-16318783.FP.FTS.B,

18.99%,

7/30/27

15,225

15,445

APP-14191366.FP.FTS.B,

22.49%,

7/31/27

14,513

1,374

APP-15578753.FP.FTS.B,

11.74%,

8/01/27

24,063

24,350

APP-15576948.FP.FTS.B,

12.24%,

8/01/27

28,157

28,493

APP-16690743.FP.FTS.B,

18.49%,

8/01/27

6,715

6,784

APP-15361603.FP.FTS.B,

19.74%,

8/01/27

15,146

15,204

APP-15584134.FP.FTS.B,

12.99%,

8/03/27

21,263

21,510

APP-16724945.FP.FTS.B,

13.99%,

8/03/27

42,191

21,465

APP-16827842.FP.FTS.B,

16.24%,

8/03/27

19,951

20,192

APP-16934495.FP.FTS.B,

13.99%,

8/05/27

12,998

13,055

APP-17031491.FP.FTS.B,

13.99%,

8/05/27

41,370

41,821

APP-17503110.FP.FTS.B,

15.99%,

8/05/27

43,916

4,300

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-17272402.FP.FTS.B,

21.24%,

8/05/27

$

26,996

$

26,947

APP-15682350.FP.FTS.B,

22.24%,

8/05/27

18,117

6,024

APP-15713621.FP.FTS.B,

12.49%,

8/06/27

13,863

14,042

APP-15751991.FP.FTS.B,

12.49%,

8/07/27

12,428

12,583

APP-15763190.FP.FTS.B,

22.24%,

8/08/27

21,427

21,423

APP-15743089.FP.FTS.B,

16.74%,

8/10/27

20,342

20,596

APP-15600789.FP.FTS.B,

22.24%,

8/10/27

6,374

6,419

APP-17457181.FP.FTS.B,

16.24%,

8/12/27

8,315

8,412

APP-15231441.FP.FTS.B,

16.99%,

8/12/27

39,004

39,563

APP-17422584.FP.FTS.B,

18.49%,

8/12/27

16,798

16,893

APP-15558741.FP.FTS.B,

19.49%,

8/12/27

31,903

32,198

APP-15594246.FP.FTS.B,

25.49%,

8/12/27

22,822

22,875

APP-15576373.FP.FTS.B,

19.24%,

8/13/27

12,911

13,042

APP-15302717.FP.FTS.B,

20.24%,

8/13/27

18,047

18,072

APP-15437840.FP.FTS.B,

20.24%,

8/13/27

13,324

13,381

APP-16055829.FP.FTS.B,

12.99%,

8/14/27

9,687

9,801

APP-15595170.FP.FTS.B,

15.24%,

8/14/27

41,145

41,798

APP-15805332.FP.FTS.B,

18.74%,

8/14/27

21,702

6,312

APP-16079598.FP.FTS.B,

20.49%,

8/14/27

16,734

16,856

APP-16063371.FP.FTS.B,

20.99%,

8/14/27

20,961

21,112

APP-15638158.FP.FTS.B,

21.24%,

8/14/27

8,232

4,653

APP-15526033.FP.FTS.B,

21.74%,

8/14/27

17,540

17,610

APP-14058523.FP.FTS.B,

21.99%,

8/14/27

27,921

28,118

APP-15802156.FP.FTS.B,

22.24%,

8/14/27

12,590

12,686

APP-15356967.FP.FTS.B,

22.49%,

8/14/27

42,705

43,038

APP-15578534.FP.FTS.B,

11.74%,

8/15/27

24,690

25,039

APP-15398960.FP.FTS.B,

12.99%,

8/15/27

34,834

35,405

APP-15709743.FP.FTS.B,

14.49%,

8/15/27

32,685

33,161

APP-15299307.FP.FTS.B,

14.99%,

8/15/27

24,336

24,730

APP-11750409.FP.FTS.B,

17.99%,

8/15/27

15,106

15,238

APP-15544956.FP.FTS.B,

18.74%,

8/15/27

13,002

13,211

APP-15710954.FP.FTS.B,

18.99%,

8/15/27

25,985

26,231

APP-15570179.FP.FTS.B,

19.99%,

8/15/27

633

396

APP-15574568.FP.FTS.B,

20.24%,

8/15/27

25,108

25,305

APP-15702332.FP.FTS.B,

20.24%,

8/15/27

8,411

8,532

APP-15744959.FP.FTS.B,

20.49%,

8/15/27

31,626

3,589

APP-15585228.FP.FTS.B,

22.24%,

8/15/27

19,638

19,755

APP-16074588.FP.FTS.B,

23.49%,

8/15/27

12,700

12,738

APP-16075494.FP.FTS.B,

23.49%,

8/15/27

6,789

6,833

APP-15763149.FP.FTS.B,

26.99%,

8/15/27

9,020

9,047

APP-15868809.FP.FTS.B,

12.99%,

8/16/27

27,771

28,156

APP-13337190.FP.FTS.B,

18.99%,

8/16/27

12,161

12,312

APP-15602475.FP.FTS.B,

12.49%,

8/19/27

14,360

14,592

APP-15591313.FP.FTS.B,

20.74%,

8/19/27

11,576

11,698

APP-15601188.FP.FTS.B,

21.24%,

8/19/27

40,927

41,342

APP-15697643.FP.FTS.B,

19.24%,

8/20/27

16,862

17,065

APP-15811836.FP.FTS.B,

19.74%,

8/20/27

20,947

21,169

APP-15742698.FP.FTS.B,

20.74%,

8/20/27

16,778

16,924

APP-15741986.FP.FTS.B,

12.49%,

8/21/27

25,457

25,868

APP-15737768.FP.FTS.B,

17.74%,

8/21/27

15,235

4,778

APP-15602128.FP.FTS.B,

21.74%,

8/21/27

11,413

11,533

APP-15663958.FP.FTS.B,

22.24%,

8/21/27

11,953

12,081

APP-15745269.FP.FTS.B,

22.24%,

8/21/27

13,233

13,346

APP-16024812.FP.FTS.B,

12.99%,

8/22/27

9,727

9,875

APP-15037668.FP.FTS.B,

26.99%,

8/23/27

9,047

9,099

APP-15044155.FP.FTS.B,

20.99%,

8/25/27

17,407

5,956

APP-15006613.FP.FTS.B,

23.49%,

8/25/27

5,410

5,346

APP-14178173.FP.FTS.B,

15.24%,

8/26/27

17,678

17,982

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15871509.FP.FTS.B,

20.49%,

8/26/27

$

15,294

$

15,495

APP-16071674.FP.FTS.B,

22.49%,

8/26/27

8,959

9,090

APP-15043328.FP.FTS.B,

22.74%,

8/26/27

11,381

11,508

APP-14920951.FP.FTS.B,

23.49%,

8/26/27

6,631

6,726

APP-14977194.FP.FTS.B,

26.99%,

8/26/27

10,346

10,420

APP-16053754.FP.FTS.B,

10.99%,

8/27/27

26,383

26,828

APP-15234987.FP.FTS.B,

16.74%,

8/27/27

24,251

24,669

APP-16061296.FP.FTS.B,

23.49%,

8/27/27

12,015

12,155

APP-16074435.FP.FTS.B,

23.49%,

8/27/27

21,395

4,631

APP-12674078.FP.FTS.B,

20.24%,

8/28/27

25,804

26,197

APP-16019364.FP.FTS.B,

20.99%,

8/28/27

24,483

24,861

APP-14688218.FP.FTS.B,

13.99%,

8/30/27

21,824

2,150

APP-16813915.FP.FTS.B,

19.99%,

9/04/27

16,977

17,133

APP-16893024.FP.FTS.B,

19.99%,

9/04/27

13,850

7,206

APP-17103722.FP.FTS.B,

9.74%,

9/06/27

.

4,037

4,087

APP-17244225.FP.FTS.B,

9.49%,

9/09/27

.

16,989

17,199

APP-17250115.FP.FTS.B,

9.74%,

9/09/27

.

6,061

6,135

APP-14530395.FP.FTS.B,

17.49%,

9/10/27

9,381

2,112

APP-17398424.FP.FTS.B,

18.24%,

9/12/27

8,327

8,328

APP-17433516.FP.FTS.B,

20.49%,

9/12/27

21,156

21,265

APP-17455190.FP.FTS.B,

12.74%,

9/13/27

40,956

41,445

APP-17430483.FP.FTS.B,

12.99%,

9/13/27

21,690

21,961

APP-17450366.FP.FTS.B,

21.24%,

9/13/27

10,116

10,156

APP-16817244.FP.FTS.B,

18.24%,

9/14/27

42,324

42,909

APP-15589159.FP.FTS.B,

26.74%,

9/14/27

14,266

14,273

APP-17144021.FP.FTS.B,

12.99%,

9/15/27

20,119

2,153

APP-16652517.FP.FTS.B,

14.24%,

9/15/27

16,580

16,798

APP-16847088.FP.FTS.B,

18.24%,

9/15/27

8,471

8,526

APP-15040717.FP.FTS.B,

20.99%,

9/15/27

7,979

7,976

APP-15593379.FP.FTS.B,

24.74%,

9/15/27

7,000

7,021

APP-15584156.FP.FTS.B,

26.99%,

9/15/27

10,287

3,595

APP-17507239.FP.FTS.B,

16.24%,

9/16/27

6,948

6,950

APP-16896117.FP.FTS.B,

23.99%,

9/16/27

7,832

7,860

APP-16906029.FP.FTS.B,

17.74%,

9/17/27

8,900

9,046

APP-16901085.FP.FTS.B,

22.49%,

9/17/27

15,576

15,710

APP-14132105.FP.FTS.B,

22.99%,

9/17/27

25,942

26,002

APP-16806378.FP.FTS.B,

23.49%,

9/17/27

23,902

24,065

APP-16119812.FP.FTS.B,

21.74%,

9/18/27

19,606

19,754

APP-16599721.FP.FTS.B,

13.49%,

9/19/27

15,669

15,900

APP-17029315.FP.FTS.B,

14.49%,

9/19/27

8,166

8,182

APP-16335329.FP.FTS.B,

11.24%,

9/20/27

15,264

15,499

APP-17023882.FP.FTS.B,

13.24%,

9/20/27

11,791

11,979

APP-15706743.FP.FTS.B,

24.24%,

9/20/27

8,613

8,676

APP-15738048.FP.FTS.B,

24.99%,

9/20/27

16,653

16,717

APP-15718443.FP.FTS.B,

26.99%,

9/20/27

22,097

22,104

APP-17104731.FP.FTS.B,

13.49%,

9/21/27

15,731

15,973

APP-15601763.FP.FTS.B,

24.24%,

9/21/27

9,951

10,032

APP-15757316.FP.FTS.B,

24.99%,

9/21/27

18,213

18,293

APP-15723564.FP.FTS.B,

26.99%,

9/21/27

6,980

7,007

APP-15725666.FP.FTS.B,

26.99%,

9/21/27

6,552

6,585

APP-15758289.FP.FTS.B,

26.99%,

9/21/27

9,169

9,206

APP-17193229.FP.FTS.B,

11.99%,

9/22/27

12,328

12,517

APP-17221012.FP.FTS.B,

15.24%,

9/22/27

21,191

21,494

APP-15432924.FP.FTS.B,

18.99%,

9/23/27

19,704

19,880

APP-13628761.FP.FTS.B,

20.99%,

9/23/27

14,854

14,989

APP-14078519.FP.FTS.B,

24.24%,

9/24/27

17,219

17,321

APP-17458369.FP.FTS.B,

14.49%,

9/25/27

7,745

7,869

APP-17362213.FP.FTS.B,

18.49%,

9/25/27

16,949

17,118

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

133

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-17450170.FP.FTS.B,

20.24%,

9/25/27

$

37,333

$

37,666

APP-17493809.FP.FTS.B,

20.49%,

9/25/27

15,116

15,351

APP-17329208.FP.FTS.B,

20.99%,

9/25/27

14,815

14,980

APP-17418426.FP.FTS.B,

18.99%,

9/26/27

21,043

21,266

APP-17489430.FP.FTS.B,

8.49%,

9/27/27

.

21,211

21,539

APP-15069494.FP.FTS.B,

11.99%,

9/27/27

13,276

13,499

APP-17458150.FP.FTS.B,

18.99%,

9/27/27

34,028

34,564

APP-15307313.FP.FTS.B,

22.24%,

10/12/27

..........................

13,740

8,526

APP-15684113.FP.FTS.B,

20.74%,

10/18/27

19,122

19,237

APP-15593978.FP.FTS.B,

26.74%,

10/21/27

..........................

14,364

1,349

APP-14057430.FP.FTS.B,

14.09%,

10/29/27

..........................

12,650

12,744

APP-15008780.FP.FTS.B,

19.99%,

10/29/27

..........................

14,763

14,866

APP-15634817.FP.FTS.B,

25.24%,

11/12/27

6,790

6,663

APP-15651111.FP.FTS.B,

24.99%,

11/18/27

21,370

21,346

APP-14122876.FP.FTS.B,

23.49%,

11/20/27

31,636

31,588

APP-13754354.FP.FTS.B,

11.34%,

11/30/27

27,529

13,499

APP-15576572.FP.FTS.B,

20.74%,

12/11/27

18,685

1,964

APP-15398570.FP.FTS.B,

18.99%,

12/14/27

..........................

42,460

43,146

APP-16637613.FP.FTS.B,

19.99%,

12/16/27

..........................

11,957

12,045

APP-15590969.FP.FTS.B,

20.49%,

2/29/28

29,685

29,926

11,169,602

LendingClub

Corp.

162565626.LC.FTS.B,

16.95%,

11/30/23

..

748

78

144492132.LC.FTS.B,

18.94%,

12/06/23

..

889

887

145295088.LC.FTS.B,

10.72%,

12/21/23

..

477

477

145216495.LC.FTS.B,

11.8%,

12/21/23

...

436

436

145263254.LC.FTS.B,

11.8%,

12/21/23

...

589

588

145296187.LC.FTS.B,

12.98%,

12/21/23

..

966

966

145611420.LC.FTS.B,

10.72%,

12/31/23

..

1,268

1,262

145280246.LC.FTS.B,

20.89%,

12/31/23

..

775

776

145642678.LC.FTS.B,

Zero

Cpn,

1/02/24

.

3,350

–

145183021.LC.FTS.B,

10.33%,

1/03/24

...

1,578

1,571

145710063.LC.FTS.B,

10.72%,

1/03/24

...

1,043

1,039

146037087.LC.FTS.B,

12.98%,

1/10/24

...

1,002

998

144986124.LC.FTS.B,

17.97%,

1/14/24

...

1,477

1,484

146449830.LC.FTS.B,

11.8%,

1/23/24

....

781

778

146360497.LC.FTS.B,

12.98%,

1/23/24

...

2,083

2,076

146570696.LC.FTS.B,

14.47%,

1/23/24

...

783

782

146822604.LC.FTS.B,

17.97%,

1/25/24

...

748

751

146347023.LC.FTS.B,

Zero

Cpn,

1/29/24

.

4,835

–

146986250.LC.FTS.B,

10.72%,

1/29/24

...

1,591

1,586

146951890.LC.FTS.B,

12.98%,

1/30/24

...

800

798

146832728.LC.FTS.B,

15.02%,

1/30/24

...

695

696

146154250.LC.FTS.B,

17.97%,

1/30/24

...

1,116

1,125

147059235.LC.FTS.B,

15.02%,

1/31/24

...

1,838

1,830

144718606.LC.FTS.B,

17.97%,

2/10/24

...

4,230

4,241

147312249.LC.FTS.B,

11.8%,

2/18/24

....

3,457

3,435

147424780.LC.FTS.B,

19.92%,

2/20/24

...

519

519

145533215.LC.FTS.B,

11.8%,

2/29/24

....

2,618

2,585

148255751.LC.FTS.B,

12.4%,

3/05/24

...

1,632

1,619

148465404.LC.FTS.B,

17.97%,

3/06/24

...

2,429

2,426

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

148704813.LC.FTS.B,

13.9%,

3/12/24

...

$

3,925

$

3,914

148710415.LC.FTS.B,

20%,

3/12/24

.....

4,415

4,420

148285066.LC.FTS.B,

17.97%,

3/15/24

...

4,200

4,220

148686543.LC.FTS.B,

16.4%,

3/16/24

...

2,138

2,130

146454152.LC.FTS.B,

16.14%,

3/18/24

...

2,017

2,005

148912242.LC.FTS.B,

20%,

3/18/24

.....

3,531

3,552

149314316.LC.FTS.B,

10.33%,

3/19/24

...

1,533

1,517

148124381.LC.FTS.B,

16.4%,

3/23/24

...

4,616

4,601

149281358.LC.FTS.B,

12.4%,

3/26/24

...

2,556

2,537

149315507.LC.FTS.B,

13.08%,

3/26/24

...

2,206

2,191

149128960.LC.FTS.B,

10.33%,

4/01/24

...

3,117

3,086

148529602.LC.FTS.B,

15.57%,

4/01/24

...

1,402

1,390

150130575.LC.FTS.B,

13.9%,

4/12/24

...

5,353

5,331

150116474.LC.FTS.B,

20%,

4/12/24

.....

1,913

1,921

150114686.LC.FTS.B,

13.9%,

4/16/24

....

1,338

1,333

150302648.LC.FTS.B,

15.57%,

4/17/24

...

2,763

2,753

150457673.LC.FTS.B,

20%,

4/22/24

.....

3,002

3,023

150622391.LC.FTS.B,

13.9%,

4/23/24

...

3,345

3,338

150627709.LC.FTS.B,

20%,

4/23/24

.....

2,251

2,268

150850415.LC.FTS.B,

12.4%,

4/30/24

...

2,429

2,401

150851475.LC.FTS.B,

20%,

5/08/24

.....

3,097

3,089

151444001.LC.FTS.B,

14.74%,

5/09/24

...

1,892

1,880

151467501.LC.FTS.B,

20%,

5/09/24

.....

6,186

589

148165215.LC.FTS.B,

15.57%,

5/15/24

...

6,568

359

151690420.LC.FTS.B,

17.97%,

5/23/24

...

2,941

2,954

152159254.LC.FTS.B,

Zero

Cpn,

5/24/24

.

9,049

–

152303972.LC.FTS.B,

Zero

Cpn,

5/24/24

.

12,769

–

151495173.LC.FTS.B,

12.4%,

5/24/24

...

3,328

3,295

151810309.LC.FTS.B,

13.08%,

5/24/24

...

3,056

3,025

151897315.LC.FTS.B,

20%,

5/25/24

.....

3,255

3,274

151979821.LC.FTS.B,

13.9%,

5/28/24

...

3,133

3,116

147890443.LC.FTS.B,

11.02%,

6/05/24

...

7,725

7,600

152765318.LC.FTS.B,

17.19%,

6/11/24

...

2,810

2,786

152970058.LC.FTS.B,

13.08%,

6/12/24

...

6,601

6,517

153172761.LC.FTS.B,

16.12%,

6/12/24

...

3,675

3,651

149882426.LC.FTS.B,

12.4%,

6/15/24

...

5,555

287

150392604.LC.FTS.B,

17.97%,

6/18/24

...

7,129

7,124

153720322.LC.FTS.B,

12.4%,

6/20/24

...

3,602

3,558

153211777.LC.FTS.B,

15.24%,

6/20/24

...

1,914

1,900

153987117.LC.FTS.B,

12.4%,

6/24/24

....

3,610

3,567

153754650.LC.FTS.B,

16.95%,

6/27/24

...

4,024

3,999

154462977.LC.FTS.B,

16.12%,

7/01/24

...

2,054

2,033

154940690.LC.FTS.B,

16.12%,

7/09/24

...

5,458

5,408

150616815.LC.FTS.B,

17.97%,

7/09/24

...

3,129

3,112

154267934.LC.FTS.B,

14.3%,

7/15/24

...

7,773

7,693

154935107.LC.FTS.B,

20%,

7/15/24

.....

2,165

2,169

150328755.LC.FTS.B,

13.08%,

7/17/24

...

2,239

2,201

155164991.LC.FTS.B,

15.24%,

7/18/24

...

8,110

8,030

154020911.LC.FTS.B,

16.95%,

7/22/24

...

4,168

4,140

155717890.LC.FTS.B,

15.24%,

7/23/24

...

2,021

2,008

151707588.LC.FTS.B,

14.74%,

7/29/24

...

4,707

4,652

155334080.LC.FTS.B,

16.12%,

7/29/24

...

8,419

8,354

155246628.LC.FTS.B,

17.74%,

7/30/24

...

2,386

2,368

156078988.LC.FTS.B,

17.74%,

7/30/24

...

5,280

5,253

156134234.LC.FTS.B,

17.74%,

7/30/24

...

2,112

2,101

155823373.LC.FTS.B,

15.24%,

7/31/24

...

6,863

6,775

155931737.LC.FTS.B,

17.74%,

8/01/24

...

5,951

5,877

148318987.LC.FTS.B,

13.9%,

8/07/24

...

3,130

548

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

156198752.LC.FTS.B,

16.95%,

8/10/24

...

$

3,529

$

3,481

156287957.LC.FTS.B,

14.3%,

8/11/24

....

8,438

8,328

157178824.LC.FTS.B,

16.12%,

8/20/24

...

2,720

2,696

146385161.LC.FTS.B,

18.94%,

8/22/24

...

7,204

922

153537119.LC.FTS.B,

16.12%,

8/25/24

...

2,152

2,134

156805347.LC.FTS.B,

17.74%,

8/26/24

...

4,015

3,974

157328472.LC.FTS.B,

14.3%,

8/27/24

...

5,238

5,153

157585737.LC.FTS.B,

15.24%,

8/28/24

...

3,623

3,596

157148290.LC.FTS.B,

14.3%,

8/29/24

...

5,594

5,541

156938647.LC.FTS.B,

16.12%,

8/31/24

...

8,496

8,379

158081866.LC.FTS.B,

16.12%,

9/05/24

...

6,937

6,841

158175447.LC.FTS.B,

17.74%,

9/10/24

...

8,912

8,795

157912310.LC.FTS.B,

17.74%,

9/16/24

...

4,637

4,571

159010378.LC.FTS.B,

17.74%,

9/19/24

...

6,093

6,010

154841821.LC.FTS.B,

16.12%,

9/22/24

...

5,723

5,620

157396742.LC.FTS.B,

15.24%,

9/23/24

...

8,706

8,593

155360790.LC.FTS.B,

15.24%,

9/25/24

...

4,314

4,239

157742410.LC.FTS.B,

6%,

9/28/24

......

2,748

2,635

150551318.LC.FTS.B,

20%,

9/29/24

.....

5,662

5,707

159435722.LC.FTS.B,

12.4%,

9/30/24

...

4,644

4,568

159372853.LC.FTS.B,

13.08%,

10/01/24

..

5,357

5,251

156927320.LC.FTS.B,

Zero

Cpn,

10/16/24

8,096

–

160079994.LC.FTS.B,

13.08%,

10/17/24

..

7,704

7,550

150241560.LC.FTS.B,

20%,

10/21/24

....

2,818

2,800

160529999.LC.FTS.B,

16.95%,

10/22/24

..

3,254

3,204

160490410.LC.FTS.B,

15.24%,

10/25/24

..

10,585

10,457

148711863.LC.FTS.B,

16.4%,

10/27/24

...

2,723

2,683

161573592.LC.FTS.B,

12.4%,

11/07/24

...

5,720

5,599

154797502.LC.FTS.B,

16.12%,

11/09/24

..

4,017

3,944

161593900.LC.FTS.B,

13.08%,

11/12/24

..

1,650

202

161740410.LC.FTS.B,

17.74%,

11/14/24

..

5,967

5,869

158052058.LC.FTS.B,

14.3%,

11/18/24

...

3,425

3,346

162085568.LC.FTS.B,

16.95%,

11/19/24

..

5,861

5,755

162329802.LC.FTS.B,

20.55%,

11/26/24

..

4,649

4,662

144940694.LC.FTS.B,

11.8%,

11/30/24

...

5,286

5,167

162054102.LC.FTS.B,

14.3%,

11/30/24

...

7,273

7,126

158914371.LC.FTS.B,

16.12%,

11/30/24

..

9,468

9,232

162770667.LC.FTS.B,

11.02%,

12/04/24

..

7,853

7,672

162767538.LC.FTS.B,

12.4%,

12/04/24

...

4,368

4,267

161969346.LC.FTS.B,

20.55%,

12/05/24

..

3,311

3,288

162981224.LC.FTS.B,

20.55%,

12/10/24

..

4,635

4,610

145998409.LC.FTS.B,

12.98%,

12/14/24

..

4,454

4,351

148849654.LC.FTS.B,

Zero

Cpn,

12/15/24

4,429

4,344

163112532.LC.FTS.B,

14.3%,

12/16/24

...

4,847

4,747

163046946.LC.FTS.B,

15.24%,

12/16/24

..

6,099

5,988

163060788.LC.FTS.B,

13.08%,

12/17/24

..

5,927

5,794

153895344.LC.FTS.B,

13.08%,

12/20/24

..

3,449

3,414

163583417.LC.FTS.B,

20.55%,

12/23/24

..

2,813

2,801

148932528.LC.FTS.B,

17.19%,

12/25/24

..

6,676

6,559

164220289.LC.FTS.B,

16.95%,

1/02/25

...

6,633

6,480

161662827.LC.FTS.B,

20.55%,

1/12/25

...

396

392

164731071.LC.FTS.B,

18.62%,

1/13/25

...

3,420

3,399

165056556.LC.FTS.B,

20.55%,

1/17/25

...

5,612

5,587

164591978.LC.FTS.B,

12.4%,

1/21/25

...

7,761

7,578

165397300.LC.FTS.B,

14.3%,

1/22/25

...

3,400

3,334

165469392.LC.FTS.B,

14.3%,

1/23/25

...

3,037

2,980

164059283.LC.FTS.B,

17.74%,

1/23/25

...

965

178

165808132.LC.FTS.B,

20.55%,

1/29/25

...

3,544

3,532

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

165938778.LC.FTS.B,

20.55%,

2/03/25

...

$

4,467

$

4,414

165780834.LC.FTS.B,

13.08%,

2/05/25

...

4,792

4,666

155027113.LC.FTS.B,

17.97%,

2/10/25

...

6,825

6,724

166781902.LC.FTS.B,

13.08%,

2/18/25

...

4,995

4,868

166943124.LC.FTS.B,

15.24%,

2/20/25

...

3,355

3,283

165810247.LC.FTS.B,

18.62%,

2/24/25

...

5,269

5,177

166773880.LC.FTS.B,

10.33%,

2/28/25

...

6,457

6,290

167785877.LC.FTS.B,

15.24%,

3/04/25

...

10,910

10,589

168256441.LC.FTS.B,

17.74%,

3/13/25

...

11,314

11,028

167908793.LC.FTS.B,

14.3%,

3/16/25

...

4,258

4,147

168305153.LC.FTS.B,

Zero

Cpn,

3/20/25

.

11,025

–

149957207.LC.FTS.B,

17.19%,

4/09/25

...

11,680

11,295

162782888.LC.FTS.B,

16.95%,

5/25/25

...

13,862

13,477

159782705.LC.FTS.B,

17.74%,

8/13/25

...

16,038

15,420

149399946.LC.FTS.B,

20%,

10/09/25

....

16,153

963

166624371.LC.FTS.B,

17.74%,

3/04/33

...

11,972

–

140103085.LC.FTS.B,

Zero

Cpn,

10/05/33

2,413

–

142083793.LC.FTS.B,

24.37%,

10/18/33

..

4,416

4,379

142542297.LC.FTS.B,

11.55%,

10/25/33

..

2,410

2,384

142456892.LC.FTS.B,

11.55%,

11/02/33

..

889

886

143378025.LC.FTS.B,

8.81%,

11/14/33

...

820

820

144173279.LC.FTS.B,

10.72%,

11/14/33

..

1,179

556

143428192.LC.FTS.B,

11.8%,

11/14/33

...

263

262

142640425.LC.FTS.B,

10.47%,

11/16/33

..

361

361

143646902.LC.FTS.B,

13.56%,

11/16/33

..

868

869

166785571.LC.FTS.B,

11.71%,

11/18/33

..

1,921

211

143835362.LC.FTS.B,

18.94%,

11/19/33

..

713

716

162174058.LC.FTS.B,

18.62%,

11/20/33

..

381

383

142526281.LC.FTS.B,

14.47%,

11/21/33

..

1,076

1,077

143453403.LC.FTS.B,

10.33%,

11/26/33

..

339

340

144026346.LC.FTS.B,

17.97%,

11/27/33

..

774

780

144230589.LC.FTS.B,

12.98%,

11/28/33

..

675

675

144195034.LC.FTS.B,

19.92%,

11/28/33

..

311

314

144228163.LC.FTS.B,

14.47%,

11/29/33

..

463

465

143917879.LC.FTS.B,

16.91%,

11/29/33

..

10,108

–

141403690.LC.FTS.B,

18.94%,

11/29/33

..

3,066

291

143073416.LC.FTS.B,

19.92%,

11/29/33

..

573

576

144128930.LC.FTS.B,

10.72%,

11/30/33

..

278

278

623,921

LendingClub

Corp.

-

LCX

151548915.LC.FTS.B,

10.33%,

5/10/24

...

1,448

1,437

151286105.LC.FTS.B,

11.71%,

5/10/24

...

4,464

4,430

151948521.LC.FTS.B,

17.97%,

5/31/24

...

2,273

2,292

155815338.LC.FTS.B,

14.3%,

7/25/24

...

2,074

2,074

155872968.LC.FTS.B,

14.3%,

7/25/24

...

2,981

2,985

155893259.LC.FTS.B,

15.24%,

7/25/24

...

7,076

7,086

155929091.LC.FTS.B,

15.24%,

7/25/24

...

3,032

3,036

155673715.LC.FTS.B,

16.12%,

7/25/24

...

6,988

6,998

156008127.LC.FTS.B,

14.3%,

7/26/24

...

7,951

7,963

156010180.LC.FTS.B,

17.74%,

7/26/24

...

3,593

3,586

153882991.LC.FTS.B,

14.3%,

7/31/24

...

4,245

4,229

155970724.LC.FTS.B,

16.95%,

7/31/24

...

2,815

2,805

158294506.LC.FTS.B,

16.12%,

9/09/24

...

2,973

2,958

158749928.LC.FTS.B,

15.24%,

9/24/24

...

2,707

2,696

158302406.LC.FTS.B,

17.74%,

9/25/24

...

6,340

6,332

158297432.LC.FTS.B,

15.24%,

11/09/24

..

6,890

6,807

158338447.LC.FTS.B,

16.12%,

11/17/24

..

10,794

10,656

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

135

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

(continued)

162127861.LC.FTS.B,

12.4%,

11/19/24

...

$

2,853

$

2,741

156001816.LC.FTS.B,

16.12%,

1/12/25

...

4,784

4,724

163084513.LC.FTS.B,

18.62%,

1/21/25

...

3,422

3,411

165130966.LC.FTS.B,

20.55%,

1/21/25

...

1,759

1,761

165148027.LC.FTS.B,

20.55%,

1/21/25

...

7,050

7,058

165276233.LC.FTS.B,

20.55%,

1/21/25

...

7,394

7,376

165396953.LC.FTS.B,

11.02%,

1/22/25

...

9,682

9,469

154670467.LC.FTS.B,

15%,

1/31/25

.....

3,575

2,981

164300242.LC.FTS.B,

16.12%,

1/31/25

...

12,969

12,657

165919458.LC.FTS.B,

15.24%,

2/03/25

...

13,772

13,445

165905919.LC.FTS.B,

16.12%,

2/03/25

...

9,726

9,495

166100453.LC.FTS.B,

14.3%,

2/05/25

...

13,575

13,260

167192844.LC.FTS.B,

23.05%,

2/24/25

...

9,610

7,484

167466474.LC.FTS.B,

11.02%,

2/27/25

...

7,413

6,986

167085834.LC.FTS.B,

12.4%,

2/28/25

...

8,440

1,384

163582275.LC.FTS.B,

16.12%,

2/28/25

...

8,059

7,305

166101353.LC.FTS.B,

20.55%,

2/28/25

...

2,234

2,058

168045027.LC.FTS.B,

14.3%,

3/15/25

...

4,571

4,321

168273324.LC.FTS.B,

18.62%,

3/17/25

...

6,091

5,752

164935272.LC.FTS.B,

20.55%,

3/21/25

...

14,633

14,418

168585809.LC.FTS.B,

15.24%,

3/24/25

...

3,863

3,605

167746704.LC.FTS.B,

16.12%,

3/28/25

...

11,404

10,757

165378648.LC.FTS.B,

11.02%,

3/31/25

...

13,675

13,279

167808300.LC.FTS.B,

13.08%,

4/14/25

...

4,819

4,436

166908304.LC.FTS.B,

15.24%,

4/18/25

...

10,574

9,667

165108708.LC.FTS.B,

15%,

2/15/26

.....

14,392

11,369

155128973.LC.FTS.B,

15.24%,

3/25/26

...

15,464

14,840

164610022.LC.FTS.B,

5%,

1/17/33

......

1,144

940

166112715.LC.FTS.B,

16.95%,

10/20/33

..

3,849

354

155983239.LC.FTS.B,

14.3%,

11/09/33

...

12,970

12,708

167087629.LC.FTS.B,

16.95%,

11/28/33

..

396

395

298,806

LendingClub

Corp.

-

LCX

PM

188248955.LC.FTS.B,

19.49%,

4/12/25

...

12,793

12,728

188336152.LC.FTS.B,

23.99%,

4/19/25

...

11,846

11,879

188581186.LC.FTS.B,

14.49%,

4/21/25

...

13,291

13,113

187760587.LC.FTS.B,

15.99%,

4/21/25

...

7,271

7,269

188588570.LC.FTS.B,

16.29%,

4/21/25

...

2,522

2,501

188585972.LC.FTS.B,

19.44%,

4/21/25

...

11,378

11,353

188593902.LC.FTS.B,

21.49%,

4/21/25

...

11,584

11,652

188631141.LC.FTS.B,

18.19%,

4/22/25

...

22,691

22,751

188664382.LC.FTS.B,

21.49%,

4/22/25

...

6,950

6,993

188534183.LC.FTS.B,

22.99%,

4/22/25

...

2,052

2,083

188686293.LC.FTS.B,

23.99%,

4/22/25

...

6,775

6,842

188654930.LC.FTS.B,

24.79%,

4/22/25

...

3,546

3,641

188635054.LC.FTS.B,

16.99%,

4/24/25

...

6,441

6,441

188123636.LC.FTS.B,

5%,

4/01/26

......

11,695

11,452

188053341.LC.FTS.B,

6%,

4/08/27

......

4,802

4,769

187991007.LC.FTS.B,

17.19%,

4/08/27

...

4,701

4,560

188037917.LC.FTS.B,

22.49%,

4/08/27

...

10,681

10,303

188072484.LC.FTS.B,

22.49%,

4/08/27

...

6,304

2,403

187457590.LC.FTS.B,

26.79%,

4/08/27

...

5,206

–

187514926.LC.FTS.B,

23.49%,

4/11/27

...

6,384

6,328

188122973.LC.FTS.B,

23.49%,

4/11/27

...

26,760

26,225

188256153.LC.FTS.B,

18.99%,

4/12/27

...

4,904

1,803

188186124.LC.FTS.B,

21.49%,

4/12/27

...

5,622

5,349

188277181.LC.FTS.B,

23.49%,

4/13/27

...

28,357

27,528

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

188110736.LC.FTS.B,

23.99%,

4/13/27

...

$

8,122

$

7,975

188229601.LC.FTS.B,

22.49%,

4/14/27

...

16,117

15,577

188277503.LC.FTS.B,

23.19%,

4/14/27

...

8,090

7,921

188308390.LC.FTS.B,

25.99%,

4/14/27

...

4,921

4,837

188316633.LC.FTS.B,

25.99%,

4/14/27

...

8,209

999

188149297.LC.FTS.B,

27.79%,

4/14/27

...

6,977

7,098

188352437.LC.FTS.B,

23.99%,

4/15/27

...

25,175

24,998

188437817.LC.FTS.B,

18.19%,

4/18/27

...

4,727

4,630

188225211.LC.FTS.B,

20.99%,

4/18/27

...

11,998

11,395

188142269.LC.FTS.B,

27.79%,

4/18/27

...

7,765

7,879

188580819.LC.FTS.B,

21.49%,

4/20/27

...

15,800

1,481

188535698.LC.FTS.B,

21.99%,

4/20/27

...

12,825

10,259

188575003.LC.FTS.B,

22.49%,

4/20/27

...

5,628

5,586

188415292.LC.FTS.B,

22.99%,

4/20/27

...

25,947

20,613

188261615.LC.FTS.B,

23.99%,

4/20/27

...

17,993

17,955

188452079.LC.FTS.B,

23.99%,

4/20/27

...

29,549

22,878

188450442.LC.FTS.B,

15.19%,

4/21/27

...

21,687

20,164

188527493.LC.FTS.B,

16.19%,

4/21/27

...

22,182

2,096

188615522.LC.FTS.B,

16.19%,

4/21/27

...

12,465

12,043

188223031.LC.FTS.B,

18.99%,

4/21/27

...

23,838

23,246

188623242.LC.FTS.B,

19.41%,

4/21/27

...

14,310

14,257

188593509.LC.FTS.B,

19.44%,

4/21/27

...

5,712

5,687

188582913.LC.FTS.B,

20.49%,

4/21/27

...

17,442

17,236

188303635.LC.FTS.B,

20.99%,

4/21/27

...

8,918

7,125

188594404.LC.FTS.B,

20.99%,

4/21/27

...

24,626

19,409

188494026.LC.FTS.B,

21.99%,

4/21/27

...

15,277

15,226

188619005.LC.FTS.B,

23.99%,

4/21/27

...

3,512

3,468

188353998.LC.FTS.B,

25.99%,

4/21/27

...

13,701

68

188633218.LC.FTS.B,

28.99%,

4/21/27

...

9,980

10,207

188476890.LC.FTS.B,

17.49%,

4/22/27

...

6,278

6,158

188541138.LC.FTS.B,

20.49%,

4/22/27

...

6,383

225

188630360.LC.FTS.B,

20.49%,

4/22/27

...

17,551

17,415

188087453.LC.FTS.B,

23.99%,

4/22/27

...

6,609

6,575

188631251.LC.FTS.B,

23.99%,

4/22/27

...

17,835

1,678

188260791.LC.FTS.B,

23.99%,

4/24/27

...

7,908

7,788

187548960.LC.FTS.B,

20.49%,

4/25/27

...

14,563

13,695

187548690.LC.FTS.B,

23.49%,

4/25/27

...

12,014

11,960

188528665.LC.FTS.B,

23.99%,

4/25/27

...

5,725

5,616

188348987.LC.FTS.B,

23.99%,

4/26/27

...

6,498

100

188400206.LC.FTS.B,

23.19%,

4/27/27

...

10,760

10,647

188048788.LC.FTS.B,

25.99%,

4/28/27

...

20,104

19,540

187899660.LC.FTS.B,

23.99%,

4/29/27

...

16,633

16,271

188557045.LC.FTS.B,

18.99%,

4/30/27

...

21,053

20,227

188590730.LC.FTS.B,

20.49%,

4/30/27

...

35,120

3,298

188352447.LC.FTS.B,

21.49%,

4/30/27

...

8,312

367

188574271.LC.FTS.B,

22.49%,

4/30/27

...

22,823

22,703

188575150.LC.FTS.B,

22.99%,

4/30/27

...

18,789

18,689

725,231

Prosper

Funding

LLC

1654956.PS.FTS.B,

13.2%,

10/26/24

....

2,399

651

1648237.PS.FTS.B,

15.1%,

10/26/24

....

2,954

2,922

1645289.PS.FTS.B,

15.29%,

10/27/24

...

2,488

2,462

1645544.PS.FTS.B,

15.5%,

10/27/24

....

7,056

6,982

1649764.PS.FTS.B,

10.6%,

10/28/24

....

5,972

5,882

1646276.PS.FTS.B,

13.36%,

10/28/24

...

5,506

5,423

1657446.PS.FTS.B,

14.79%,

10/29/24

...

8,257

8,192

1649248.PS.FTS.B,

16.6%,

10/29/24

....

10,490

10,492

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

136

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1647314.PS.FTS.B,

20.01%,

10/29/24

...

$

6,468

$

6,494

1651390.PS.FTS.B,

12%,

11/01/24

......

2,014

1,967

1648712.PS.FTS.B,

12.4%,

11/02/24

....

4,850

4,738

1660875.PS.FTS.B,

12%,

11/05/24

......

805

787

1651670.PS.FTS.B,

11.4%,

11/08/24

.....

2,604

2,548

1657969.PS.FTS.B,

11.88%,

11/08/24

....

12,432

12,162

1657975.PS.FTS.B,

13.05%,

11/08/24

....

8,128

7,952

1665222.PS.FTS.B,

20.46%,

11/08/24

....

8,645

8,572

1653485.PS.FTS.B,

10.8%,

11/09/24

....

2,929

2,869

1658923.PS.FTS.B,

14.39%,

11/09/24

....

4,092

4,014

1653425.PS.FTS.B,

17.8%,

11/09/24

....

777

770

1667316.PS.FTS.B,

15.4%,

11/10/24

....

4,121

4,044

1660087.PS.FTS.B,

16.02%,

11/10/24

....

2,072

2,057

1660872.PS.FTS.B,

19.71%,

11/11/24

....

3,235

3,192

1658476.PS.FTS.B,

13.6%,

11/20/24

....

3,519

3,498

1644782.PS.FTS.B,

15%,

11/25/24

......

2,963

2,916

1649773.PS.FTS.B,

15.1%,

12/02/24

....

3,416

3,356

1686279.PS.FTS.B,

10.8%,

12/15/24

....

2,063

2,036

1686276.PS.FTS.B,

13.9%,

12/15/24

....

2,632

2,582

1686264.PS.FTS.B,

14.11%,

12/15/24

....

10,206

9,982

1673615.PS.FTS.B,

13.96%,

12/16/24

...

2,104

1,773

1680019.PS.FTS.B,

13.96%,

12/16/24

...

8,041

7,868

1686630.PS.FTS.B,

15.1%,

12/16/24

....

2,658

2,608

1680844.PS.FTS.B,

15.29%,

12/17/24

...

4,658

4,572

1687257.PS.FTS.B,

16%,

12/17/24

......

5,358

5,244

1687224.PS.FTS.B,

19.6%,

12/17/24

....

2,295

2,282

1674899.PS.FTS.B,

13.8%,

12/20/24

....

10,957

10,728

1689444.PS.FTS.B,

11.79%,

12/21/24

....

6,896

5,839

1676741.PS.FTS.B,

21.45%,

12/22/24

...

4,866

4,850

1679401.PS.FTS.B,

18.11%,

12/24/24

....

915

895

1659661.PS.FTS.B,

18.6%,

12/26/24

....

4,344

1,130

1673252.PS.FTS.B,

16.3%,

12/29/24

....

7,271

7,200

1683619.PS.FTS.B,

12.33%,

12/30/24

...

16,199

16,115

1690636.PS.FTS.B,

17%,

1/07/25

.......

4,782

4,720

1694140.PS.FTS.B,

12.3%,

1/12/25

.....

8,325

4,789

1701024.PS.FTS.B,

15.1%,

1/12/25

.....

7,071

6,912

1693717.PS.FTS.B,

15.7%,

1/12/25

.....

7,112

6,952

1700814.PS.FTS.B,

16.6%,

1/12/25

.....

7,152

6,990

1693750.PS.FTS.B,

19.3%,

1/12/25

.....

2,576

1,578

1695016.PS.FTS.B,

12.2%,

1/13/25

.....

8,757

8,542

1688477.PS.FTS.B,

17.59%,

1/13/25

....

1,425

1,389

1701786.PS.FTS.B,

20.01%,

1/13/25

....

1,467

1,452

1689320.PS.FTS.B,

12%,

1/14/25

.......

9,200

8,976

1689317.PS.FTS.B,

13.4%,

1/14/25

.....

10,468

10,241

1695328.PS.FTS.B,

13.6%,

1/14/25

.....

1,864

1,824

1695337.PS.FTS.B,

13.6%,

1/14/25

.....

930

908

1695322.PS.FTS.B,

13.7%,

1/14/25

.....

1,632

1,593

1695349.PS.FTS.B,

14.39%,

1/14/25

....

3,540

3,454

1702131.PS.FTS.B,

14.49%,

1/14/25

....

7,507

7,344

1689350.PS.FTS.B,

14.89%,

1/14/25

....

2,353

2,302

1702164.PS.FTS.B,

16.2%,

1/14/25

.....

1,185

162

1695730.PS.FTS.B,

16.6%,

1/14/25

.....

4,186

2,470

1686609.PS.FTS.B,

11.16%,

1/15/25

....

4,623

4,504

1696453.PS.FTS.B,

14.39%,

1/18/25

....

2,813

2,756

1702737.PS.FTS.B,

15.1%,

1/18/25

.....

6,098

–

1704912.PS.FTS.B,

12.3%,

1/19/25

.....

4,613

4,506

1705407.PS.FTS.B,

13.5%,

1/20/25

.....

4,632

4,541

1706154.PS.FTS.B,

15.29%,

1/20/25

....

4,505

3,830

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1695325.PS.FTS.B,

18.09%,

1/20/25

....

$

4,845

$

4,782

1693714.PS.FTS.B,

22.6%,

1/20/25

.....

4,494

4,469

1698682.PS.FTS.B,

22.6%,

1/20/25

.....

2,990

2,996

1693753.PS.FTS.B,

24.4%,

1/21/25

.....

1,624

1,615

1702071.PS.FTS.B,

25.99%,

1/22/25

....

510

505

1706943.PS.FTS.B,

17.7%,

1/24/25

.....

9,615

9,574

1690034.PS.FTS.B,

11.6%,

1/25/25

.....

2,536

2,472

1702114.PS.FTS.B,

16%,

1/25/25

.......

1,214

1,193

1692299.PS.FTS.B,

21.5%,

1/26/25

.....

2,561

–

1700610.PS.FTS.B,

22.6%,

1/26/25

.....

2,527

2,511

1711818.PS.FTS.B,

17.8%,

1/31/25

.....

17,092

178

1693775.PS.FTS.B,

22.6%,

2/01/25

.....

2,677

2,668

1702146.PS.FTS.B,

13.2%,

2/09/25

.....

2,007

1,950

1708013.PS.FTS.B,

11.7%,

2/15/25

.....

3,410

3,322

1721415.PS.FTS.B,

11.7%,

2/15/25

.....

4,628

4,508

1715365.PS.FTS.B,

11.79%,

2/15/25

....

5,797

5,652

1708001.PS.FTS.B,

11.89%,

2/15/25

....

4,879

4,752

1721412.PS.FTS.B,

13.9%,

2/15/25

.....

4,952

4,823

1721856.PS.FTS.B,

14.6%,

2/15/25

.....

5,723

5,587

1720959.PS.FTS.B,

16.6%,

2/15/25

.....

5,049

4,928

1715137.PS.FTS.B,

16.7%,

2/15/25

.....

7,352

1,010

1708886.PS.FTS.B,

17.4%,

2/15/25

.....

12,694

12,552

1714681.PS.FTS.B,

22.6%,

2/15/25

.....

4,231

4,202

1720995.PS.FTS.B,

25.4%,

2/15/25

.....

2,145

2,138

1722456.PS.FTS.B,

14.09%,

2/16/25

....

2,727

2,663

1715824.PS.FTS.B,

17%,

2/16/25

.......

1,499

1,482

1715869.PS.FTS.B,

23.13%,

2/16/25

....

2,640

2,611

1721859.PS.FTS.B,

15.4%,

2/17/25

.....

9,280

9,035

1716898.PS.FTS.B,

21%,

2/17/25

.......

5,224

5,195

1708025.PS.FTS.B,

12.3%,

2/21/25

.....

2,233

2,176

1708019.PS.FTS.B,

14.2%,

2/23/25

.....

2,447

2,389

1712990.PS.FTS.B,

17%,

2/23/25

.......

2,785

2,765

1720297.PS.FTS.B,

18.6%,

2/23/25

.....

3,130

3,097

1721877.PS.FTS.B,

14.39%,

2/28/25

....

5,539

1,408

1720956.PS.FTS.B,

15.1%,

2/28/25

.....

6,675

6,500

1722244.PS.FTS.B,

17.54%,

2/28/25

....

13,460

13,400

1702474.PS.FTS.B,

22%,

2/28/25

.......

13,265

13,129

1752441.PS.FTS.B,

13.7%,

4/05/25

.....

4,133

3,996

1742756.PS.FTS.B,

18.6%,

4/05/25

.....

2,276

2,219

1749697.PS.FTS.B,

13.7%,

4/06/25

.....

8,333

8,058

1749733.PS.FTS.B,

13.9%,

4/06/25

.....

3,311

3,198

1749727.PS.FTS.B,

18.11%,

4/06/25

....

11,361

10,971

1753725.PS.FTS.B,

14.6%,

4/07/25

.....

2,413

2,337

1743983.PS.FTS.B,

15.86%,

4/07/25

....

2,406

2,324

1753728.PS.FTS.B,

16.8%,

4/07/25

.....

1,125

1,087

1744487.PS.FTS.B,

18.09%,

4/07/25

....

11,514

11,235

1744493.PS.FTS.B,

19.3%,

4/07/25

.....

11,432

11,154

1743971.PS.FTS.B,

22.9%,

4/07/25

.....

8,789

8,642

1744373.PS.FTS.B,

23.13%,

4/07/25

....

2,359

2,301

1745288.PS.FTS.B,

15.9%,

4/08/25

.....

1,118

1,081

1755081.PS.FTS.B,

16.06%,

4/08/25

....

3,334

3,231

1745372.PS.FTS.B,

18.41%,

4/08/25

....

2,614

2,526

1752910.PS.FTS.B,

10.5%,

4/11/25

.....

5,703

3,187

1752838.PS.FTS.B,

14.6%,

4/11/25

.....

2,772

2,682

1754245.PS.FTS.B,

16%,

4/13/25

.......

8,397

8,216

1757928.PS.FTS.B,

22.6%,

4/13/25

.....

2,334

2,304

1757895.PS.FTS.B,

24.4%,

4/13/25

.....

5,900

5,822

1750528.PS.FTS.B,

21.5%,

4/15/25

.....

2,917

2,846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

137

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1757065.PS.FTS.B,

22.06%,

4/15/25

....

$

6,979

$

6,897

1750469.PS.FTS.B,

19.5%,

4/17/25

.....

3,076

3,024

1762446.PS.FTS.B,

25.4%,

4/19/25

.....

7,323

–

1745342.PS.FTS.B,

13.9%,

4/20/25

.....

7,371

1,810

1755585.PS.FTS.B,

17.84%,

4/25/25

....

10,831

10,474

1755967.PS.FTS.B,

22.6%,

4/26/25

.....

1,503

1,486

1744502.PS.FTS.B,

20.46%,

4/30/25

....

4,304

4,187

1743599.PS.FTS.B,

24.3%,

4/30/25

.....

2,550

2,556

1714675.PS.FTS.B,

24.5%,

5/23/25

.....

11,621

3,017

1721664.PS.FTS.B,

11.4%,

8/15/25

.....

3,984

2,291

1700571.PS.FTS.B,

18.11%,

12/25/25

....

8,484

8,099

1751899.PS.FTS.B,

22.6%,

1/20/26

.....

5,064

3,053

1744778.PS.FTS.B,

18.09%,

3/08/26

....

7,189

955

1655640.PS.FTS.B,

16.33%,

10/27/26

...

15,185

14,805

1655235.PS.FTS.B,

24.03%,

10/27/26

...

10,464

10,775

1649857.PS.FTS.B,

10.5%,

10/28/26

....

10,170

9,877

1656498.PS.FTS.B,

10.9%,

10/28/26

....

5,094

4,953

1649350.PS.FTS.B,

18.78%,

10/28/26

...

9,736

9,741

1657464.PS.FTS.B,

10.5%,

10/29/26

....

5,898

5,742

1646555.PS.FTS.B,

10.9%,

10/29/26

....

16,979

16,514

1646513.PS.FTS.B,

13.2%,

10/29/26

....

10,376

10,127

1646915.PS.FTS.B,

16.1%,

10/29/26

....

10,608

10,625

1656576.PS.FTS.B,

16.18%,

10/29/26

...

24,767

24,166

1648681.PS.FTS.B,

12.21%,

11/01/26

....

4,128

4,003

1658775.PS.FTS.B,

12.5%,

11/02/26

....

22,993

22,205

1651286.PS.FTS.B,

24.33%,

11/05/26

....

11,259

11,344

1664685.PS.FTS.B,

11.79%,

11/08/26

....

13,674

13,221

1665042.PS.FTS.B,

14.68%,

11/08/26

....

10,489

10,139

1658917.PS.FTS.B,

10.7%,

11/09/26

....

9,489

9,177

1666464.PS.FTS.B,

15.29%,

11/09/26

....

7,025

6,794

1654475.PS.FTS.B,

10.8%,

11/10/26

....

10,175

9,842

1660093.PS.FTS.B,

10.9%,

11/10/26

....

2,986

2,891

1666896.PS.FTS.B,

11.7%,

11/10/26

.....

14,669

14,253

1654034.PS.FTS.B,

13.6%,

11/10/26

....

6,935

6,711

1654907.PS.FTS.B,

16%,

11/12/26

......

7,193

7,099

1665225.PS.FTS.B,

19.53%,

11/14/26

....

5,094

5,012

1652072.PS.FTS.B,

11.1%,

11/15/26

.....

6,824

6,591

1667685.PS.FTS.B,

17.1%,

11/15/26

....

17,838

17,591

1660869.PS.FTS.B,

19%,

11/16/26

......

6,786

908

1664865.PS.FTS.B,

14.29%,

12/01/26

...

7,148

7,042

1660267.PS.FTS.B,

14%,

12/07/26

......

19,799

19,117

1673249.PS.FTS.B,

10.7%,

12/15/26

....

12,196

11,800

1679392.PS.FTS.B,

13.8%,

12/15/26

....

4,969

4,807

1673255.PS.FTS.B,

17.01%,

12/15/26

...

10,169

10,052

1679752.PS.FTS.B,

10.71%,

12/16/26

...

11,128

1,380

1679995.PS.FTS.B,

12.7%,

12/16/26

....

1,966

1,929

1686612.PS.FTS.B,

16.8%,

12/16/26

....

17,998

17,413

1679746.PS.FTS.B,

16.93%,

12/16/26

...

10,889

10,535

1673612.PS.FTS.B,

19.3%,

12/16/26

....

4,427

4,376

1674065.PS.FTS.B,

27.18%,

12/16/26

...

11,625

11,799

1674635.PS.FTS.B,

13.77%,

12/17/26

...

12,064

11,680

1681423.PS.FTS.B,

10.08%,

12/20/26

...

10,367

10,030

1688043.PS.FTS.B,

10.5%,

12/20/26

....

8,307

8,045

1681000.PS.FTS.B,

11.6%,

12/20/26

....

9,820

7,928

1681408.PS.FTS.B,

14.7%,

12/20/26

....

7,145

6,924

1676714.PS.FTS.B,

12.62%,

12/21/26

...

24,625

23,852

1673606.PS.FTS.B,

16.33%,

12/21/26

...

5,616

5,422

1673600.PS.FTS.B,

11.6%,

12/25/26

....

7,008

6,773

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1681444.PS.FTS.B,

9.81%,

12/27/26

....

$

14,110

$

13,651

1675322.PS.FTS.B,

21.09%,

12/30/26

...

11,407

11,826

1687683.PS.FTS.B,

11.61%,

1/02/27

....

12,936

12,490

1687826.PS.FTS.B,

12.6%,

1/12/27

.....

8,618

8,322

1688138.PS.FTS.B,

13.6%,

1/12/27

.....

25,316

24,422

1700574.PS.FTS.B,

14%,

1/12/27

.......

6,891

6,647

1700562.PS.FTS.B,

15.18%,

1/12/27

....

16,274

15,730

1688201.PS.FTS.B,

24.03%,

1/12/27

....

7,733

7,803

1694581.PS.FTS.B,

10.5%,

1/13/27

.....

10,610

10,249

1686624.PS.FTS.B,

11.2%,

1/13/27

.....

3,124

3,032

1701357.PS.FTS.B,

11.7%,

1/13/27

.....

7,136

6,892

1694575.PS.FTS.B,

11.99%,

1/13/27

....

15,017

14,504

1688543.PS.FTS.B,

16.18%,

1/13/27

....

11,067

10,653

1689533.PS.FTS.B,

10.5%,

1/14/27

.....

3,890

3,759

1695334.PS.FTS.B,

15.1%,

1/14/27

.....

8,039

7,759

1702050.PS.FTS.B,

18.78%,

1/14/27

....

7,489

7,373

1689323.PS.FTS.B,

26.88%,

1/14/27

....

2,358

2,380

1689608.PS.FTS.B,

28.23%,

1/14/27

....

11,874

11,983

1689992.PS.FTS.B,

11.7%,

1/18/27

.....

22,122

21,392

1691645.PS.FTS.B,

22.9%,

1/19/27

.....

1,585

1,591

1705371.PS.FTS.B,

12.62%,

1/20/27

....

21,549

20,846

1692635.PS.FTS.B,

14.7%,

1/20/27

.....

18,222

17,625

1705833.PS.FTS.B,

18.48%,

1/20/27

....

2,990

2,953

1693711.PS.FTS.B,

21.63%,

1/25/27

....

7,708

7,745

1688975.PS.FTS.B,

12.4%,

1/27/27

.....

16,209

15,640

1689314.PS.FTS.B,

10.26%,

1/28/27

....

25,344

24,463

1689341.PS.FTS.B,

11.7%,

1/28/27

.....

11,002

10,619

1704399.PS.FTS.B,

13.8%,

2/03/27

.....

26,067

25,100

1689626.PS.FTS.B,

19%,

2/07/27

.......

7,731

7,555

1715428.PS.FTS.B,

9.99%,

2/15/27

.....

3,599

3,475

1708010.PS.FTS.B,

10.5%,

2/15/27

.....

7,743

6,257

1714702.PS.FTS.B,

11.6%,

2/15/27

.....

2,547

2,459

1720965.PS.FTS.B,

11.7%,

2/15/27

.....

18,208

17,578

1708892.PS.FTS.B,

11.79%,

2/15/27

....

14,592

14,075

1714669.PS.FTS.B,

11.79%,

2/15/27

....

9,474

9,146

1708910.PS.FTS.B,

12.5%,

2/15/27

.....

3,560

3,466

1707998.PS.FTS.B,

13.5%,

2/15/27

.....

13,790

3,118

1708442.PS.FTS.B,

13.5%,

2/15/27

.....

4,866

4,720

1714684.PS.FTS.B,

14.53%,

2/15/27

....

11,113

10,726

1720971.PS.FTS.B,

14.7%,

2/15/27

.....

15,085

14,537

1720962.PS.FTS.B,

15.1%,

2/15/27

.....

7,205

6,942

1715584.PS.FTS.B,

16.33%,

2/15/27

....

5,256

5,064

1708445.PS.FTS.B,

16.63%,

2/15/27

....

1,419

1,391

1708439.PS.FTS.B,

16.7%,

2/15/27

.....

4,511

4,431

1715575.PS.FTS.B,

18.59%,

2/15/27

....

7,413

7,272

1708043.PS.FTS.B,

19%,

2/15/27

.......

1,370

1,336

1715140.PS.FTS.B,

24.03%,

2/15/27

....

1,846

1,814

1715893.PS.FTS.B,

10.8%,

2/16/27

.....

5,791

5,592

1702128.PS.FTS.B,

13.4%,

2/16/27

.....

11,315

8,929

1722345.PS.FTS.B,

15.7%,

2/16/27

.....

23,184

22,348

1709228.PS.FTS.B,

18.48%,

2/16/27

....

10,742

10,512

1709420.PS.FTS.B,

21.18%,

2/16/27

....

8,428

8,274

1716991.PS.FTS.B,

13.7%,

2/17/27

.....

18,455

17,801

1709807.PS.FTS.B,

15.1%,

2/17/27

.....

13,417

12,935

1696093.PS.FTS.B,

16%,

2/17/27

.......

11,402

11,173

1710296.PS.FTS.B,

21.18%,

2/17/27

....

7,732

7,595

1709822.PS.FTS.B,

26.2%,

2/17/27

.....

12,464

1,848

1711007.PS.FTS.B,

18.78%,

2/18/27

....

12,807

12,593

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1710686.PS.FTS.B,

19%,

2/18/27

.......

$

7,633

$

7,505

1724112.PS.FTS.B,

11.2%,

2/25/27

......

13,465

2,885

1721862.PS.FTS.B,

12.3%,

2/28/27

.....

7,508

7,241

1720876.PS.FTS.B,

18.4%,

2/28/27

.....

14,321

13,980

1715572.PS.FTS.B,

21.5%,

2/28/27

.....

11,821

11,842

1723455.PS.FTS.B,

19%,

3/02/27

.......

3,921

3,825

1725226.PS.FTS.B,

11.5%,

3/03/27

.....

7,431

7,145

1710332.PS.FTS.B,

16.18%,

3/24/27

....

11,745

11,259

1749361.PS.FTS.B,

10.5%,

4/05/27

.....

10,540

10,133

1742753.PS.FTS.B,

11.7%,

4/05/27

.....

10,620

10,210

1749355.PS.FTS.B,

12.7%,

4/05/27

.....

28,190

12,757

1742750.PS.FTS.B,

16.18%,

4/05/27

....

6,624

6,325

1752456.PS.FTS.B,

16.18%,

4/05/27

....

4,676

4,465

1752438.PS.FTS.B,

18.13%,

4/05/27

....

7,879

7,522

1749730.PS.FTS.B,

11.6%,

4/06/27

.....

11,375

10,937

1752882.PS.FTS.B,

12.4%,

4/06/27

.....

3,809

3,663

1752861.PS.FTS.B,

12.5%,

4/06/27

.....

7,624

7,330

1750048.PS.FTS.B,

13.13%,

4/06/27

....

11,479

10,969

1750153.PS.FTS.B,

16.9%,

4/06/27

.....

7,042

6,806

1750045.PS.FTS.B,

29.69%,

4/06/27

....

8,348

8,214

1744484.PS.FTS.B,

11.2%,

4/07/27

.....

26,468

25,456

1754274.PS.FTS.B,

11.6%,

4/07/27

.....

2,653

2,552

1754268.PS.FTS.B,

13.4%,

4/07/27

.....

7,666

7,327

1751020.PS.FTS.B,

14.49%,

4/07/27

....

4,507

4,315

1753719.PS.FTS.B,

14.68%,

4/07/27

....

12,352

11,885

1744412.PS.FTS.B,

19%,

4/07/27

.......

10,292

9,948

1745348.PS.FTS.B,

10.4%,

4/08/27

.....

22,572

21,715

1745183.PS.FTS.B,

10.5%,

4/08/27

.....

3,542

3,443

1745378.PS.FTS.B,

12.2%,

4/08/27

.....

11,414

10,980

1749376.PS.FTS.B,

19.06%,

4/10/27

....

4,374

4,224

1755504.PS.FTS.B,

10.29%,

4/11/27

....

6,767

6,514

1745708.PS.FTS.B,

11.79%,

4/11/27

.....

2,275

2,191

1752913.PS.FTS.B,

15.5%,

4/11/27

.....

7,762

7,428

1754277.PS.FTS.B,

25.9%,

4/11/27

.....

2,957

779

1756335.PS.FTS.B,

18.33%,

4/12/27

....

18,536

17,966

1755102.PS.FTS.B,

15.29%,

4/13/27

....

23,316

22,291

1759314.PS.FTS.B,

10.8%,

4/14/27

.....

7,543

7,266

1742747.PS.FTS.B,

14.38%,

4/15/27

....

8,142

7,827

1742765.PS.FTS.B,

18%,

4/15/27

.......

4,757

4,596

1750933.PS.FTS.B,

18.48%,

4/15/27

....

558

547

1762938.PS.FTS.B,

16.83%,

4/20/27

....

13,171

12,874

1755513.PS.FTS.B,

21%,

4/20/27

.......

4,828

4,777

1752091.PS.FTS.B,

13.2%,

4/28/27

.....

27,569

26,365

1760241.PS.FTS.B,

15%,

4/28/27

.......

11,946

11,442

1744499.PS.FTS.B,

18.48%,

4/30/27

....

7,385

7,086

1750531.PS.FTS.B,

10.5%,

5/01/27

.....

4,029

3,937

1686267.PS.FTS.B,

21.18%,

6/15/27

....

7,871

3,753

1693040.PS.FTS.B,

15.29%,

8/13/27

....

11,759

11,279

1750289.PS.FTS.B,

15%,

10/22/27

......

16,316

7,985

1693289.PS.FTS.B,

12.9%,

12/21/27

....

8,080

1,031

1743968.PS.FTS.B,

11.2%,

3/07/28

.....

14,326

6,248

2,064,345

Upgrade,

Inc.

24996014.UG.FTS.B,

25.26%,

1/21/24

...

1,420

1,441

22753947.UG.FTS.B,

28.99%,

9/16/24

...

5,787

6,077

22724262.UG.FTS.B,

29.69%,

9/17/24

...

6,903

7,241

22728779.UG.FTS.B,

15.62%,

9/20/24

...

3,195

3,300

Description

Principal

Amount

Value

Upgrade,

Inc.

(continued)

23038391.UG.FTS.B,

26.77%,

9/26/24

...

$

3,670

$

3,842

22732959.UG.FTS.B,

28.71%,

10/03/24

..

8,148

8,512

23786228.UG.FTS.B,

29.69%,

10/28/24

..

4,074

4,327

24184289.UG.FTS.B,

27.74%,

11/06/24

..

4,187

4,320

24800940.UG.FTS.B,

25.82%,

11/27/24

..

10,056

10,543

24350329.UG.FTS.B,

27.74%,

11/29/24

..

4,132

4,356

24938220.UG.FTS.B,

26.77%,

12/03/24

..

7,199

7,506

25206108.UG.FTS.B,

25.82%,

12/20/24

..

5,364

5,606

24763225.UG.FTS.B,

27.74%,

12/24/24

..

14,874

15,704

25561593.UG.FTS.B,

21.93%,

12/27/24

..

7,331

7,638

25820593.UG.FTS.B,

26.77%,

1/17/25

...

4,609

4,801

95,214

Upgrade,

Inc.

-

Card

991824942.UG.FTS.B,

29.49%,

1/14/24

..

4

3

991778146.UG.FTS.B,

18.71%,

2/10/24

..

42

42

991813036.UG.FTS.B,

29.49%,

2/10/24

..

242

244

991858193.UG.FTS.B,

29.49%,

2/10/24

..

6

6

991820873.UG.FTS.B,

29.48%,

2/11/24

..

61

24

991812643.UG.FTS.B,

29.49%,

2/11/24

..

14

14

991803397.UG.FTS.B,

Zero

Cpn,

2/12/24

.

74

5

991819802.UG.FTS.B,

Zero

Cpn,

2/12/24

.

32

2

991811276.UG.FTS.B,

21.48%,

2/12/24

..

80

80

991798559.UG.FTS.B,

22.47%,

2/12/24

..

44

44

991806903.UG.FTS.B,

23.45%,

2/12/24

..

9

9

991857933.UG.FTS.B,

28.48%,

2/12/24

..

4

4

991848000.UG.FTS.B,

29.48%,

2/12/24

..

9

9

991850943.UG.FTS.B,

29.48%,

2/12/24

..

19

19

991803198.UG.FTS.B,

29.49%,

2/12/24

..

–

–

991813205.UG.FTS.B,

29.49%,

2/12/24

..

265

268

991819265.UG.FTS.B,

29.49%,

2/12/24

..

22

22

991824044.UG.FTS.B,

29.49%,

2/12/24

..

26

27

991833480.UG.FTS.B,

29.49%,

2/12/24

..

395

58

991835219.UG.FTS.B,

29.49%,

2/12/24

..

78

31

991855248.UG.FTS.B,

29.49%,

2/12/24

..

105

106

991843314.UG.FTS.B,

18.47%,

2/13/24

..

116

117

991762858.UG.FTS.B,

19.3%,

2/13/24

...

8

8

991802789.UG.FTS.B,

20.47%,

2/13/24

..

79

79

991815791.UG.FTS.B,

25.45%,

2/13/24

..

30

30

991813666.UG.FTS.B,

28.48%,

2/13/24

..

26

26

991834075.UG.FTS.B,

28.48%,

2/13/24

..

265

–

991847628.UG.FTS.B,

28.48%,

2/13/24

..

28

28

991852216.UG.FTS.B,

28.48%,

2/13/24

..

1

1

991856699.UG.FTS.B,

28.48%,

2/13/24

..

37

37

991760964.UG.FTS.B,

29.48%,

2/13/24

..

6

6

991807707.UG.FTS.B,

29.49%,

2/13/24

..

27

27

991814627.UG.FTS.B,

29.49%,

2/13/24

..

195

89

991818894.UG.FTS.B,

29.49%,

2/13/24

..

41

41

991825123.UG.FTS.B,

29.49%,

2/13/24

..

20

20

991825647.UG.FTS.B,

29.49%,

2/13/24

..

11

11

991828989.UG.FTS.B,

29.49%,

2/13/24

..

239

21

991830056.UG.FTS.B,

29.49%,

2/13/24

..

12

12

991832221.UG.FTS.B,

29.49%,

2/13/24

..

48

48

991837737.UG.FTS.B,

29.49%,

2/13/24

..

19

19

991838509.UG.FTS.B,

29.49%,

2/13/24

..

31

31

991838791.UG.FTS.B,

29.49%,

2/13/24

..

21

22

991843833.UG.FTS.B,

29.49%,

2/13/24

..

14

14

991805184.UG.FTS.B,

Zero

Cpn,

2/14/24

.

–

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

139

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991825384.UG.FTS.B,

19.96%,

2/14/24

..

$

37

$

38

991835702.UG.FTS.B,

19.99%,

2/14/24

..

79

79

991851736.UG.FTS.B,

22.47%,

2/14/24

..

26

26

991812386.UG.FTS.B,

28.48%,

2/14/24

..

17

18

991835889.UG.FTS.B,

28.48%,

2/14/24

..

31

31

991847502.UG.FTS.B,

28.48%,

2/14/24

..

15

15

991821791.UG.FTS.B,

29.48%,

2/14/24

..

24

24

991842427.UG.FTS.B,

29.48%,

2/14/24

..

19

19

991777332.UG.FTS.B,

29.49%,

2/14/24

..

23

23

991802654.UG.FTS.B,

29.49%,

2/14/24

..

41

41

991804214.UG.FTS.B,

29.49%,

2/14/24

..

–

–

991807223.UG.FTS.B,

29.49%,

2/14/24

..

25

25

991807331.UG.FTS.B,

29.49%,

2/14/24

..

23

23

991811416.UG.FTS.B,

29.49%,

2/14/24

..

42

43

991820078.UG.FTS.B,

29.49%,

2/14/24

..

19

20

991827030.UG.FTS.B,

29.49%,

2/14/24

..

23

23

991839021.UG.FTS.B,

29.49%,

2/14/24

..

39

39

991841194.UG.FTS.B,

29.49%,

2/14/24

..

–

–

991843509.UG.FTS.B,

29.49%,

2/14/24

..

16

16

991853079.UG.FTS.B,

18.47%,

2/15/24

..

76

76

991803737.UG.FTS.B,

18.71%,

2/15/24

..

18

18

991850875.UG.FTS.B,

23.45%,

2/15/24

..

129

129

991809041.UG.FTS.B,

28.48%,

2/15/24

..

24

25

991811127.UG.FTS.B,

28.48%,

2/15/24

..

524

529

991845273.UG.FTS.B,

28.48%,

2/15/24

..

105

106

991819327.UG.FTS.B,

29.48%,

2/15/24

..

26

4

991777925.UG.FTS.B,

29.49%,

2/15/24

..

14

7

991808840.UG.FTS.B,

29.49%,

2/15/24

..

33

33

991812295.UG.FTS.B,

29.49%,

2/15/24

..

41

42

991812557.UG.FTS.B,

29.49%,

2/15/24

..

18

18

991813506.UG.FTS.B,

29.49%,

2/15/24

..

27

27

991814696.UG.FTS.B,

29.49%,

2/15/24

..

95

7

991816140.UG.FTS.B,

29.49%,

2/15/24

..

113

114

991835844.UG.FTS.B,

29.49%,

2/15/24

..

26

27

991842522.UG.FTS.B,

29.49%,

2/15/24

..

5

5

991857458.UG.FTS.B,

29.49%,

2/15/24

..

9

9

991823874.UG.FTS.B,

17.47%,

2/16/24

..

94

95

991849830.UG.FTS.B,

17.49%,

2/16/24

..

130

131

991943688.UG.FTS.B,

29.49%,

2/16/24

..

198

15

991920721.UG.FTS.B,

28.48%,

2/17/24

..

35

36

991849598.UG.FTS.B,

29.49%,

2/17/24

..

24

24

991997607.UG.FTS.B,

29.49%,

2/17/24

..

65

66

991807781.UG.FTS.B,

19.8%,

4/13/24

...

26

11

991850187.UG.FTS.B,

29.49%,

5/12/24

..

35

36

991857984.UG.FTS.B,

Zero

Cpn,

5/14/24

.

63

4

991819588.UG.FTS.B,

29.49%,

12/12/24

.

528

442

991342732.UG.FTS.B,

29.49%,

12/23/24

.

188

200

991807617.UG.FTS.B,

29.49%,

1/12/25

..

304

241

991800343.UG.FTS.B,

29.49%,

1/14/25

..

62

17

991740852.UG.FTS.B,

15.97%,

2/08/25

..

98

98

991724808.UG.FTS.B,

17.99%,

2/08/25

..

404

403

991735248.UG.FTS.B,

17.99%,

2/08/25

..

157

157

991732442.UG.FTS.B,

14.98%,

2/10/25

..

441

449

991733275.UG.FTS.B,

14.98%,

2/10/25

..

195

200

991776139.UG.FTS.B,

15.97%,

2/10/25

..

619

632

991839233.UG.FTS.B,

15.97%,

2/10/25

..

72

72

991734362.UG.FTS.B,

16.99%,

2/10/25

..

663

678

991758232.UG.FTS.B,

16.99%,

2/10/25

..

200

205

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991771576.UG.FTS.B,

16.99%,

2/10/25

..

$

312

$

315

991940443.UG.FTS.B,

16.99%,

2/10/25

..

2,146

2,182

991767919.UG.FTS.B,

17.99%,

2/10/25

..

93

93

991802234.UG.FTS.B,

17.99%,

2/10/25

..

2,569

2,626

991910229.UG.FTS.B,

17.99%,

2/10/25

..

296

302

991761364.UG.FTS.B,

28.98%,

2/10/25

..

199

208

991822498.UG.FTS.B,

28.98%,

2/10/25

..

20

20

991827179.UG.FTS.B,

28.98%,

2/10/25

..

152

157

991854247.UG.FTS.B,

28.98%,

2/10/25

..

266

18

991809668.UG.FTS.B,

Zero

Cpn,

2/11/25

.

299

20

991740362.UG.FTS.B,

16.99%,

2/11/25

..

764

781

991747996.UG.FTS.B,

16.99%,

2/11/25

..

404

413

991755840.UG.FTS.B,

16.99%,

2/11/25

..

138

138

991851331.UG.FTS.B,

28.98%,

2/11/25

..

1,010

1,034

991745632.UG.FTS.B,

29.49%,

2/11/25

..

76

79

991804723.UG.FTS.B,

29.49%,

2/11/25

..

84

88

991815191.UG.FTS.B,

29.49%,

2/11/25

..

80

83

991815738.UG.FTS.B,

29.49%,

2/11/25

..

69

72

991829840.UG.FTS.B,

29.49%,

2/11/25

..

208

215

991809887.UG.FTS.B,

Zero

Cpn,

2/12/25

.

160

11

991758225.UG.FTS.B,

14.98%,

2/12/25

..

25

25

991772549.UG.FTS.B,

15%,

2/12/25

.....

503

514

991915264.UG.FTS.B,

15%,

2/12/25

.....

1,570

1,605

991777650.UG.FTS.B,

15.97%,

2/12/25

..

27

28

991898060.UG.FTS.B,

15.97%,

2/12/25

..

158

160

991758319.UG.FTS.B,

16.99%,

2/12/25

..

153

153

991769114.UG.FTS.B,

17.99%,

2/12/25

..

336

344

991807436.UG.FTS.B,

17.99%,

2/12/25

..

202

207

991941107.UG.FTS.B,

17.99%,

2/12/25

..

211

211

991827757.UG.FTS.B,

18.97%,

2/12/25

..

113

116

991872148.UG.FTS.B,

18.97%,

2/12/25

..

2,727

671

991816619.UG.FTS.B,

19.21%,

2/12/25

..

462

472

991864191.UG.FTS.B,

19.21%,

2/12/25

..

770

788

991840163.UG.FTS.B,

19.8%,

2/12/25

...

392

399

991760875.UG.FTS.B,

19.99%,

2/12/25

..

61

63

991786840.UG.FTS.B,

19.99%,

2/12/25

..

167

175

991805953.UG.FTS.B,

19.99%,

2/12/25

..

23

23

991826760.UG.FTS.B,

19.99%,

2/12/25

..

69

70

991752839.UG.FTS.B,

20.46%,

2/12/25

..

840

843

991852722.UG.FTS.B,

20.46%,

2/12/25

..

403

413

992003412.UG.FTS.B,

20.46%,

2/12/25

..

155

158

991871804.UG.FTS.B,

20.97%,

2/12/25

..

257

263

991957028.UG.FTS.B,

20.97%,

2/12/25

..

72

73

991802583.UG.FTS.B,

21.46%,

2/12/25

..

138

139

991806756.UG.FTS.B,

21.46%,

2/12/25

..

26

27

991863804.UG.FTS.B,

21.98%,

2/12/25

..

738

757

991833350.UG.FTS.B,

22.97%,

2/12/25

..

1,012

1,035

991820674.UG.FTS.B,

23.95%,

2/12/25

..

132

135

991849884.UG.FTS.B,

27.99%,

2/12/25

..

491

135

991753187.UG.FTS.B,

28.98%,

2/12/25

..

167

174

991786749.UG.FTS.B,

28.98%,

2/12/25

..

284

290

991801416.UG.FTS.B,

28.98%,

2/12/25

..

387

405

991803393.UG.FTS.B,

28.98%,

2/12/25

..

432

451

991804110.UG.FTS.B,

28.98%,

2/12/25

..

95

99

991806309.UG.FTS.B,

28.98%,

2/12/25

..

106

110

991812552.UG.FTS.B,

28.98%,

2/12/25

..

49

50

991817723.UG.FTS.B,

28.98%,

2/12/25

..

84

88

991817728.UG.FTS.B,

28.98%,

2/12/25

..

125

131

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991818557.UG.FTS.B,

28.98%,

2/12/25

..

$

70

$

72

991829022.UG.FTS.B,

28.98%,

2/12/25

..

53

53

991830871.UG.FTS.B,

28.98%,

2/12/25

..

212

219

991832753.UG.FTS.B,

28.98%,

2/12/25

..

282

293

991836990.UG.FTS.B,

28.98%,

2/12/25

..

69

70

991838664.UG.FTS.B,

28.98%,

2/12/25

..

967

976

991838703.UG.FTS.B,

28.98%,

2/12/25

..

73

76

991839992.UG.FTS.B,

28.98%,

2/12/25

..

6

6

991841608.UG.FTS.B,

28.98%,

2/12/25

..

186

195

991843868.UG.FTS.B,

28.98%,

2/12/25

..

163

170

991807146.UG.FTS.B,

29.46%,

2/12/25

..

218

228

991753952.UG.FTS.B,

29.49%,

2/12/25

..

358

367

991762228.UG.FTS.B,

29.49%,

2/12/25

..

86

90

991777163.UG.FTS.B,

29.49%,

2/12/25

..

18

19

991790482.UG.FTS.B,

29.49%,

2/12/25

..

136

140

991798251.UG.FTS.B,

29.49%,

2/12/25

..

74

76

991803191.UG.FTS.B,

29.49%,

2/12/25

..

173

181

991804775.UG.FTS.B,

29.49%,

2/12/25

..

407

57

991806948.UG.FTS.B,

29.49%,

2/12/25

..

101

106

991809346.UG.FTS.B,

29.49%,

2/12/25

..

117

120

991811105.UG.FTS.B,

29.49%,

2/12/25

..

37

38

991813309.UG.FTS.B,

29.49%,

2/12/25

..

107

112

991815155.UG.FTS.B,

29.49%,

2/12/25

..

73

–

991825037.UG.FTS.B,

29.49%,

2/12/25

..

38

39

991826473.UG.FTS.B,

29.49%,

2/12/25

..

40

40

991828550.UG.FTS.B,

29.49%,

2/12/25

..

327

342

991829556.UG.FTS.B,

29.49%,

2/12/25

..

22

22

991837472.UG.FTS.B,

29.49%,

2/12/25

..

101

106

991846043.UG.FTS.B,

29.49%,

2/12/25

..

79

83

991849938.UG.FTS.B,

29.49%,

2/12/25

..

84

88

991850275.UG.FTS.B,

29.49%,

2/12/25

..

214

224

991853347.UG.FTS.B,

29.49%,

2/12/25

..

1,762

1,843

991854668.UG.FTS.B,

29.49%,

2/12/25

..

1,381

1,447

991805134.UG.FTS.B,

Zero

Cpn,

2/13/25

.

595

41

991822593.UG.FTS.B,

Zero

Cpn,

2/13/25

.

148

10

991874122.UG.FTS.B,

Zero

Cpn,

2/13/25

.

249

17

991834929.UG.FTS.B,

14.98%,

2/13/25

..

251

257

991837288.UG.FTS.B,

15%,

2/13/25

.....

46

47

991838768.UG.FTS.B,

15%,

2/13/25

.....

226

228

991897034.UG.FTS.B,

15%,

2/13/25

.....

22

22

991900934.UG.FTS.B,

15.97%,

2/13/25

..

140

142

991995168.UG.FTS.B,

15.97%,

2/13/25

..

75

77

991772971.UG.FTS.B,

16.99%,

2/13/25

..

834

839

991789526.UG.FTS.B,

16.99%,

2/13/25

..

460

470

991851687.UG.FTS.B,

16.99%,

2/13/25

..

51

51

991863444.UG.FTS.B,

16.99%,

2/13/25

..

87

87

991898765.UG.FTS.B,

16.99%,

2/13/25

..

3,069

3,134

991917280.UG.FTS.B,

16.99%,

2/13/25

..

1,013

1,036

991964092.UG.FTS.B,

16.99%,

2/13/25

..

832

846

991991790.UG.FTS.B,

16.99%,

2/13/25

..

29

30

991764232.UG.FTS.B,

17.99%,

2/13/25

..

87

89

991764725.UG.FTS.B,

17.99%,

2/13/25

..

116

119

991765109.UG.FTS.B,

17.99%,

2/13/25

..

35

35

991770734.UG.FTS.B,

17.99%,

2/13/25

..

131

134

991790361.UG.FTS.B,

17.99%,

2/13/25

..

41

42

991762564.UG.FTS.B,

18.97%,

2/13/25

..

231

235

991860430.UG.FTS.B,

18.97%,

2/13/25

..

32

32

991888359.UG.FTS.B,

19.21%,

2/13/25

..

40

40

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991994001.UG.FTS.B,

19.21%,

2/13/25

..

$

359

$

366

991763007.UG.FTS.B,

19.8%,

2/13/25

...

48

48

991804993.UG.FTS.B,

19.99%,

2/13/25

..

296

309

991815843.UG.FTS.B,

19.99%,

2/13/25

..

404

411

991816388.UG.FTS.B,

19.99%,

2/13/25

..

28

29

991828017.UG.FTS.B,

19.99%,

2/13/25

..

32

32

991831745.UG.FTS.B,

19.99%,

2/13/25

..

186

193

991834564.UG.FTS.B,

19.99%,

2/13/25

..

1,258

1,300

991835719.UG.FTS.B,

20.46%,

2/13/25

..

1,700

1,741

991851215.UG.FTS.B,

20.46%,

2/13/25

..

47

47

991810702.UG.FTS.B,

20.97%,

2/13/25

..

954

–

991804184.UG.FTS.B,

21.46%,

2/13/25

..

131

67

991826312.UG.FTS.B,

21.46%,

2/13/25

..

489

494

991844908.UG.FTS.B,

21.46%,

2/13/25

..

1,474

1,511

991867322.UG.FTS.B,

21.46%,

2/13/25

..

175

178

991838484.UG.FTS.B,

21.98%,

2/13/25

..

243

245

991884233.UG.FTS.B,

21.98%,

2/13/25

..

75

77

991964103.UG.FTS.B,

21.98%,

2/13/25

..

191

–

991845521.UG.FTS.B,

22.95%,

2/13/25

..

2,392

2,455

991836654.UG.FTS.B,

23.95%,

2/13/25

..

1,065

1,092

991817461.UG.FTS.B,

27.99%,

2/13/25

..

292

302

991832074.UG.FTS.B,

27.99%,

2/13/25

..

78

81

991773511.UG.FTS.B,

28.98%,

2/13/25

..

106

109

991777156.UG.FTS.B,

28.98%,

2/13/25

..

819

851

991794293.UG.FTS.B,

28.98%,

2/13/25

..

675

695

991795226.UG.FTS.B,

28.98%,

2/13/25

..

121

122

991804663.UG.FTS.B,

28.98%,

2/13/25

..

96

100

991805844.UG.FTS.B,

28.98%,

2/13/25

..

332

340

991807185.UG.FTS.B,

28.98%,

2/13/25

..

43

44

991808321.UG.FTS.B,

28.98%,

2/13/25

..

324

338

991808486.UG.FTS.B,

28.98%,

2/13/25

..

139

142

991808933.UG.FTS.B,

28.98%,

2/13/25

..

121

126

991809700.UG.FTS.B,

28.98%,

2/13/25

..

404

419

991811977.UG.FTS.B,

28.98%,

2/13/25

..

103

14

991814474.UG.FTS.B,

28.98%,

2/13/25

..

8

8

991816221.UG.FTS.B,

28.98%,

2/13/25

..

122

127

991817001.UG.FTS.B,

28.98%,

2/13/25

..

367

299

991817771.UG.FTS.B,

28.98%,

2/13/25

..

76

79

991822597.UG.FTS.B,

28.98%,

2/13/25

..

149

156

991832349.UG.FTS.B,

28.98%,

2/13/25

..

100

103

991840865.UG.FTS.B,

28.98%,

2/13/25

..

135

140

991844003.UG.FTS.B,

28.98%,

2/13/25

..

251

262

991844836.UG.FTS.B,

28.98%,

2/13/25

..

80

81

991845546.UG.FTS.B,

28.98%,

2/13/25

..

277

290

991849019.UG.FTS.B,

28.98%,

2/13/25

..

197

200

991849383.UG.FTS.B,

28.98%,

2/13/25

..

615

642

991853522.UG.FTS.B,

28.98%,

2/13/25

..

1,384

1,438

991762706.UG.FTS.B,

29.49%,

2/13/25

..

71

75

991794448.UG.FTS.B,

29.49%,

2/13/25

..

77

81

991802525.UG.FTS.B,

29.49%,

2/13/25

..

736

770

991803467.UG.FTS.B,

29.49%,

2/13/25

..

355

368

991810935.UG.FTS.B,

29.49%,

2/13/25

..

151

159

991812601.UG.FTS.B,

29.49%,

2/13/25

..

289

302

991813160.UG.FTS.B,

29.49%,

2/13/25

..

81

84

991814587.UG.FTS.B,

29.49%,

2/13/25

..

156

159

991816392.UG.FTS.B,

29.49%,

2/13/25

..

69

73

991820548.UG.FTS.B,

29.49%,

2/13/25

..

908

924

991820840.UG.FTS.B,

29.49%,

2/13/25

..

147

155

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

141

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991821533.UG.FTS.B,

29.49%,

2/13/25

..

$

18

$

18

991825720.UG.FTS.B,

29.49%,

2/13/25

..

1,240

1,299

991856005.UG.FTS.B,

29.49%,

2/13/25

..

11

11

991857159.UG.FTS.B,

29.49%,

2/13/25

..

436

456

991857606.UG.FTS.B,

29.49%,

2/13/25

..

115

121

991764741.UG.FTS.B,

Zero

Cpn,

2/14/25

.

2,638

179

991802904.UG.FTS.B,

Zero

Cpn,

2/14/25

.

240

17

991807226.UG.FTS.B,

Zero

Cpn,

2/14/25

.

134

9

991845578.UG.FTS.B,

Zero

Cpn,

2/14/25

.

214

15

991773058.UG.FTS.B,

15.97%,

2/14/25

..

4

4

991770123.UG.FTS.B,

16.99%,

2/14/25

..

602

604

991784739.UG.FTS.B,

16.99%,

2/14/25

..

1,297

1,326

991939974.UG.FTS.B,

16.99%,

2/14/25

..

320

327

991962430.UG.FTS.B,

16.99%,

2/14/25

..

150

153

991767560.UG.FTS.B,

17.99%,

2/14/25

..

148

148

991772757.UG.FTS.B,

17.99%,

2/14/25

..

4,014

4,082

991775466.UG.FTS.B,

17.99%,

2/14/25

..

189

189

991813547.UG.FTS.B,

17.99%,

2/14/25

..

29

29

991813569.UG.FTS.B,

17.99%,

2/14/25

..

361

370

991830188.UG.FTS.B,

18.97%,

2/14/25

..

623

638

991836509.UG.FTS.B,

19.21%,

2/14/25

..

459

57

991871531.UG.FTS.B,

19.8%,

2/14/25

...

155

158

991873354.UG.FTS.B,

19.8%,

2/14/25

...

37

37

991804998.UG.FTS.B,

19.99%,

2/14/25

..

44

46

991805685.UG.FTS.B,

19.99%,

2/14/25

..

83

84

991820154.UG.FTS.B,

19.99%,

2/14/25

..

41

42

991842185.UG.FTS.B,

19.99%,

2/14/25

..

103

104

991825048.UG.FTS.B,

20.97%,

2/14/25

..

142

144

991900726.UG.FTS.B,

20.97%,

2/14/25

..

220

225

991889627.UG.FTS.B,

21.46%,

2/14/25

..

133

34

991897328.UG.FTS.B,

21.46%,

2/14/25

..

24

24

991910744.UG.FTS.B,

21.46%,

2/14/25

..

55

56

991806406.UG.FTS.B,

25.94%,

2/14/25

..

96

97

991842393.UG.FTS.B,

25.95%,

2/14/25

..

27

27

991807412.UG.FTS.B,

28.98%,

2/14/25

..

457

471

991814585.UG.FTS.B,

28.98%,

2/14/25

..

545

565

991815145.UG.FTS.B,

28.98%,

2/14/25

..

89

92

991818104.UG.FTS.B,

28.98%,

2/14/25

..

133

135

991820882.UG.FTS.B,

28.98%,

2/14/25

..

451

464

991823151.UG.FTS.B,

28.98%,

2/14/25

..

199

207

991824915.UG.FTS.B,

28.98%,

2/14/25

..

75

78

991835570.UG.FTS.B,

28.98%,

2/14/25

..

111

116

991835935.UG.FTS.B,

28.98%,

2/14/25

..

249

260

991838203.UG.FTS.B,

28.98%,

2/14/25

..

89

–

991841496.UG.FTS.B,

28.98%,

2/14/25

..

90

93

991847760.UG.FTS.B,

28.98%,

2/14/25

..

58

60

991764780.UG.FTS.B,

29.49%,

2/14/25

..

63

65

991787306.UG.FTS.B,

29.49%,

2/14/25

..

63

65

991792923.UG.FTS.B,

29.49%,

2/14/25

..

86

12

991803107.UG.FTS.B,

29.49%,

2/14/25

..

113

119

991805019.UG.FTS.B,

29.49%,

2/14/25

..

67

18

991806920.UG.FTS.B,

29.49%,

2/14/25

..

50

16

991807783.UG.FTS.B,

29.49%,

2/14/25

..

17

17

991808473.UG.FTS.B,

29.49%,

2/14/25

..

966

1,009

991811157.UG.FTS.B,

29.49%,

2/14/25

..

47

48

991811373.UG.FTS.B,

29.49%,

2/14/25

..

390

410

991812058.UG.FTS.B,

29.49%,

2/14/25

..

105

108

991812461.UG.FTS.B,

29.49%,

2/14/25

..

1,387

429

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991815619.UG.FTS.B,

29.49%,

2/14/25

..

$

24

$

25

991817021.UG.FTS.B,

29.49%,

2/14/25

..

67

70

991818882.UG.FTS.B,

29.49%,

2/14/25

..

138

139

991818945.UG.FTS.B,

29.49%,

2/14/25

..

127

128

991819000.UG.FTS.B,

29.49%,

2/14/25

..

77

79

991820047.UG.FTS.B,

29.49%,

2/14/25

..

558

585

991821673.UG.FTS.B,

29.49%,

2/14/25

..

6

6

991822073.UG.FTS.B,

29.49%,

2/14/25

..

238

251

991822173.UG.FTS.B,

29.49%,

2/14/25

..

128

135

991823710.UG.FTS.B,

29.49%,

2/14/25

..

224

235

991825101.UG.FTS.B,

29.49%,

2/14/25

..

530

555

991826429.UG.FTS.B,

29.49%,

2/14/25

..

7

7

991826813.UG.FTS.B,

29.49%,

2/14/25

..

3

3

991831048.UG.FTS.B,

29.49%,

2/14/25

..

791

820

991832048.UG.FTS.B,

29.49%,

2/14/25

..

77

81

991832343.UG.FTS.B,

29.49%,

2/14/25

..

136

141

991834001.UG.FTS.B,

29.49%,

2/14/25

..

167

175

991835429.UG.FTS.B,

29.49%,

2/14/25

..

559

586

991842038.UG.FTS.B,

29.49%,

2/14/25

..

97

102

991843173.UG.FTS.B,

29.49%,

2/14/25

..

72

73

991843756.UG.FTS.B,

29.49%,

2/14/25

..

1,424

1,434

991844460.UG.FTS.B,

29.49%,

2/14/25

..

10

10

991847323.UG.FTS.B,

29.49%,

2/14/25

..

81

84

991849155.UG.FTS.B,

29.49%,

2/14/25

..

204

28

991850312.UG.FTS.B,

29.49%,

2/14/25

..

11

11

991852753.UG.FTS.B,

29.49%,

2/14/25

..

103

109

991855825.UG.FTS.B,

29.49%,

2/14/25

..

1,021

74

991789128.UG.FTS.B,

15%,

2/15/25

.....

701

711

991851600.UG.FTS.B,

15.97%,

2/15/25

..

209

213

991781788.UG.FTS.B,

15.99%,

2/15/25

..

336

343

991818245.UG.FTS.B,

15.99%,

2/15/25

..

268

274

991774883.UG.FTS.B,

16.99%,

2/15/25

..

670

490

991885852.UG.FTS.B,

16.99%,

2/15/25

..

81

83

991967241.UG.FTS.B,

16.99%,

2/15/25

..

116

118

991784876.UG.FTS.B,

17.99%,

2/15/25

..

564

576

991897877.UG.FTS.B,

17.99%,

2/15/25

..

741

101

991838452.UG.FTS.B,

18.97%,

2/15/25

..

592

602

991853538.UG.FTS.B,

18.97%,

2/15/25

..

682

159

991842168.UG.FTS.B,

19.21%,

2/15/25

..

315

321

991860520.UG.FTS.B,

19.21%,

2/15/25

..

769

787

991885352.UG.FTS.B,

19.8%,

2/15/25

...

58

59

991776382.UG.FTS.B,

19.99%,

2/15/25

..

8

8

991777402.UG.FTS.B,

19.99%,

2/15/25

..

47

49

991784969.UG.FTS.B,

19.99%,

2/15/25

..

842

858

991802931.UG.FTS.B,

19.99%,

2/15/25

..

81

85

991811839.UG.FTS.B,

19.99%,

2/15/25

..

17

17

991829098.UG.FTS.B,

19.99%,

2/15/25

..

372

389

991841309.UG.FTS.B,

21.97%,

2/15/25

..

244

249

991835552.UG.FTS.B,

21.98%,

2/15/25

..

265

271

991840733.UG.FTS.B,

22.95%,

2/15/25

..

16

16

991946872.UG.FTS.B,

23.95%,

2/15/25

..

217

55

991807279.UG.FTS.B,

27.99%,

2/15/25

..

97

102

991779814.UG.FTS.B,

28.98%,

2/15/25

..

534

560

991806632.UG.FTS.B,

28.98%,

2/15/25

..

164

171

991808277.UG.FTS.B,

28.98%,

2/15/25

..

210

220

991808466.UG.FTS.B,

28.98%,

2/15/25

..

128

134

991808666.UG.FTS.B,

28.98%,

2/15/25

..

103

103

991811774.UG.FTS.B,

28.98%,

2/15/25

..

125

130

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991817978.UG.FTS.B,

28.98%,

2/15/25

..

$

557

$

579

991818026.UG.FTS.B,

28.98%,

2/15/25

..

106

109

991823702.UG.FTS.B,

28.98%,

2/15/25

..

286

299

991825566.UG.FTS.B,

28.98%,

2/15/25

..

73

77

991840458.UG.FTS.B,

28.98%,

2/15/25

..

14

14

991843119.UG.FTS.B,

28.98%,

2/15/25

..

150

157

991844759.UG.FTS.B,

28.98%,

2/15/25

..

194

203

991852017.UG.FTS.B,

28.98%,

2/15/25

..

144

150

991852088.UG.FTS.B,

28.98%,

2/15/25

..

16

16

991853669.UG.FTS.B,

28.98%,

2/15/25

..

48

48

991855575.UG.FTS.B,

28.98%,

2/15/25

..

120

121

991778437.UG.FTS.B,

29.49%,

2/15/25

..

179

189

991794398.UG.FTS.B,

29.49%,

2/15/25

..

146

149

991803612.UG.FTS.B,

29.49%,

2/15/25

..

50

52

991804151.UG.FTS.B,

29.49%,

2/15/25

..

64

67

991807392.UG.FTS.B,

29.49%,

2/15/25

..

20

20

991808149.UG.FTS.B,

29.49%,

2/15/25

..

78

83

991808493.UG.FTS.B,

29.49%,

2/15/25

..

98

103

991811260.UG.FTS.B,

29.49%,

2/15/25

..

287

301

991811888.UG.FTS.B,

29.49%,

2/15/25

..

25

25

991814443.UG.FTS.B,

29.49%,

2/15/25

..

190

200

991816017.UG.FTS.B,

29.49%,

2/15/25

..

73

74

991818267.UG.FTS.B,

29.49%,

2/15/25

..

56

59

991819412.UG.FTS.B,

29.49%,

2/15/25

..

133

37

991820526.UG.FTS.B,

29.49%,

2/15/25

..

233

244

991824951.UG.FTS.B,

29.49%,

2/15/25

..

110

114

991825651.UG.FTS.B,

29.49%,

2/15/25

..

466

480

991825953.UG.FTS.B,

29.49%,

2/15/25

..

1,653

1,721

991826550.UG.FTS.B,

29.49%,

2/15/25

..

54

55

991830568.UG.FTS.B,

29.49%,

2/15/25

..

172

180

991832219.UG.FTS.B,

29.49%,

2/15/25

..

58

61

991833396.UG.FTS.B,

29.49%,

2/15/25

..

323

341

991834132.UG.FTS.B,

29.49%,

2/15/25

..

111

116

991834349.UG.FTS.B,

29.49%,

2/15/25

..

83

87

991835600.UG.FTS.B,

29.49%,

2/15/25

..

37

38

991840852.UG.FTS.B,

29.49%,

2/15/25

..

3

3

991842134.UG.FTS.B,

29.49%,

2/15/25

..

187

192

991842634.UG.FTS.B,

29.49%,

2/15/25

..

30

31

991842993.UG.FTS.B,

29.49%,

2/15/25

..

107

112

991843227.UG.FTS.B,

29.49%,

2/15/25

..

165

43

991846709.UG.FTS.B,

29.49%,

2/15/25

..

113

118

991849202.UG.FTS.B,

29.49%,

2/15/25

..

271

286

991851480.UG.FTS.B,

29.49%,

2/15/25

..

407

410

991855015.UG.FTS.B,

29.49%,

2/15/25

..

99

103

991857058.UG.FTS.B,

29.49%,

2/15/25

..

1,046

80

991826430.UG.FTS.B,

Zero

Cpn,

2/16/25

.

64

5

991823722.UG.FTS.B,

14.97%,

2/16/25

..

435

445

991797926.UG.FTS.B,

14.98%,

2/16/25

..

141

143

991982440.UG.FTS.B,

14.98%,

2/16/25

..

28

29

991801116.UG.FTS.B,

15%,

2/16/25

.....

1,762

1,804

991824562.UG.FTS.B,

15.97%,

2/16/25

..

29

29

991787407.UG.FTS.B,

16.99%,

2/16/25

..

307

314

991854632.UG.FTS.B,

16.99%,

2/16/25

..

255

261

991902815.UG.FTS.B,

16.99%,

2/16/25

..

109

112

991929151.UG.FTS.B,

16.99%,

2/16/25

..

16

16

991937144.UG.FTS.B,

16.99%,

2/16/25

..

1,422

1,456

991941145.UG.FTS.B,

16.99%,

2/16/25

..

180

183

991959965.UG.FTS.B,

16.99%,

2/16/25

..

–

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991964791.UG.FTS.B,

16.99%,

2/16/25

..

$

1,014

$

1,038

991847924.UG.FTS.B,

17.97%,

2/16/25

..

110

112

991851044.UG.FTS.B,

17.97%,

2/16/25

..

139

139

991868894.UG.FTS.B,

17.99%,

2/16/25

..

530

543

991921494.UG.FTS.B,

17.99%,

2/16/25

..

2,949

3,010

991856214.UG.FTS.B,

29.49%,

2/16/25

..

119

125

991956251.UG.FTS.B,

29.49%,

2/16/25

..

25

2

991854974.UG.FTS.B,

19.99%,

2/17/25

..

130

136

991793801.UG.FTS.B,

28.98%,

2/17/25

..

54

56

991804304.UG.FTS.B,

28.98%,

2/17/25

..

157

165

991806681.UG.FTS.B,

28.98%,

2/17/25

..

512

536

991822283.UG.FTS.B,

28.98%,

2/17/25

..

1,609

111

991843418.UG.FTS.B,

28.98%,

2/17/25

..

144

151

991878584.UG.FTS.B,

28.98%,

2/17/25

..

214

223

991985560.UG.FTS.B,

28.98%,

2/17/25

..

275

288

991995440.UG.FTS.B,

28.98%,

2/17/25

..

235

–

991806949.UG.FTS.B,

29.49%,

2/17/25

..

75

79

991830438.UG.FTS.B,

29.49%,

2/17/25

..

145

152

991831432.UG.FTS.B,

29.49%,

2/17/25

..

86

91

991867715.UG.FTS.B,

29.49%,

2/17/25

..

165

168

992003670.UG.FTS.B,

29.49%,

2/17/25

..

261

266

992008864.UG.FTS.B,

29.49%,

2/17/25

..

119

123

991833915.UG.FTS.B,

Zero

Cpn,

4/12/25

.

76

5

991806983.UG.FTS.B,

19.8%,

4/13/25

...

104

105

991816211.UG.FTS.B,

Zero

Cpn,

5/12/25

.

114

8

991785806.UG.FTS.B,

20.46%,

5/12/25

..

162

13

991849835.UG.FTS.B,

16.99%,

5/15/25

..

384

392

991814314.UG.FTS.B,

29.49%,

6/13/25

..

848

866

991809713.UG.FTS.B,

29.49%,

6/14/25

..

88

70

991821694.UG.FTS.B,

29.49%,

6/14/25

..

203

209

991816717.UG.FTS.B,

29.49%,

6/15/25

..

223

235

991848073.UG.FTS.B,

29.49%,

6/15/25

..

295

302

991829765.UG.FTS.B,

29.49%,

6/17/25

..

179

188

991799677.UG.FTS.B,

19.99%,

7/12/25

..

656

49

991809320.UG.FTS.B,

19.99%,

7/14/25

..

111

8

991763663.UG.FTS.B,

16.99%,

9/13/25

..

282

288

991872326.UG.FTS.B,

17.99%,

10/16/25

.

3,739

274

991854422.UG.FTS.B,

29.49%,

10/17/25

.

579

456

991807486.UG.FTS.B,

28.98%,

11/14/25

.

174

22

991835626.UG.FTS.B,

28.98%,

12/15/25

.

241

251

991808185.UG.FTS.B,

17.99%,

2/15/26

..

806

90

991811876.UG.FTS.B,

28.98%,

5/12/26

..

272

279

991830633.UG.FTS.B,

Zero

Cpn,

10/12/27

–

–

991803773.UG.FTS.B,

28.98%,

12/11/27

.

–

–

991847529.UG.FTS.B,

29.49%,

10/12/28

.

–

–

991802829.UG.FTS.B,

Zero

Cpn,

10/14/28

17

1

991829905.UG.FTS.B,

29.49%,

10/14/28

.

1

1

991828499.UG.FTS.B,

28.98%,

11/13/28

.

41

42

991834770.UG.FTS.B,

29.49%,

11/15/28

.

18

1

991924634.UG.FTS.B,

29.49%,

11/17/28

.

4

4

120,065

Upstart

Network,

Inc.

L1714497.UP.FTS.B,

5.26%,

9/15/24

....

3,225

3,200

L1716943.UP.FTS.B,

9.3%,

9/15/24

.....

3,333

3,327

L1715024.UP.FTS.B,

9.8%,

9/15/24

.....

1,006

1,004

L1717347.UP.FTS.B,

10.59%,

9/15/24

....

1,680

1,677

L1716025.UP.FTS.B,

10.69%,

9/15/24

....

1,700

1,700

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

143

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1715704.UP.FTS.B,

11.53%,

9/15/24

....

$

5,163

$

5,155

L1717926.UP.FTS.B,

11.94%,

9/15/24

....

1,691

1,691

L1716380.UP.FTS.B,

13.61%,

9/15/24

....

699

699

L1717607.UP.FTS.B,

13.74%,

9/15/24

....

3,498

3,499

L1716238.UP.FTS.B,

14.13%,

9/15/24

....

1,533

1,540

L1714869.UP.FTS.B,

15.65%,

9/15/24

....

4,465

4,489

L1715589.UP.FTS.B,

16.64%,

9/15/24

....

5,390

5,434

L1716811.UP.FTS.B,

16.92%,

9/15/24

....

613

590

L1716828.UP.FTS.B,

17.26%,

9/15/24

....

1,084

1,093

L1716020.UP.FTS.B,

23.35%,

9/15/24

....

687

693

L1715151.UP.FTS.B,

23.45%,

9/15/24

....

758

763

L1712382.UP.FTS.B,

23.73%,

9/15/24

....

3,839

3,832

L1717684.UP.FTS.B,

25.05%,

9/15/24

....

899

904

FW1717862.UP.FTS.B,

25.93%,

9/15/24

..

895

257

FW1714926.UP.FTS.B,

28.33%,

9/15/24

..

2,780

196

FW1715798.UP.FTS.B,

29.92%,

9/15/24

..

564

568

L1885954.UP.FTS.B,

10.47%,

10/20/24

...

2,000

1,906

L1886505.UP.FTS.B,

13.79%,

10/20/24

...

380

383

L1888623.UP.FTS.B,

13.96%,

10/20/24

...

1,142

1,140

L1887864.UP.FTS.B,

14.09%,

10/20/24

...

762

761

L1887716.UP.FTS.B,

16.64%,

10/20/24

...

1,560

1,569

L1885599.UP.FTS.B,

18.65%,

10/20/24

...

541

39

L1884376.UP.FTS.B,

20.79%,

10/20/24

...

7,906

7,600

L1889126.UP.FTS.B,

20.94%,

10/20/24

...

4,624

1,415

FW1885604.UP.FTS.B,

21.27%,

10/20/24

.

15,824

325

L1885440.UP.FTS.B,

22.25%,

10/20/24

...

229

228

L1889255.UP.FTS.B,

22.61%,

10/20/24

...

1,824

1,831

FW1885395.UP.FTS.B,

26.24%,

10/20/24

.

1,268

1,277

FW1880410.UP.FTS.B,

27.93%,

10/20/24

.

1,714

1,720

FW1886414.UP.FTS.B,

28.39%,

10/20/24

.

870

873

L2037773.UP.FTS.B,

5.25%,

11/15/24

....

2,874

2,850

L2046679.UP.FTS.B,

6.86%,

11/15/24

....

3,862

3,831

L2039391.UP.FTS.B,

7.16%,

11/15/24

....

434

430

L2047798.UP.FTS.B,

7.62%,

11/15/24

....

1,787

1,781

L2049330.UP.FTS.B,

8.87%,

11/15/24

....

3,881

3,871

L2047834.UP.FTS.B,

9.02%,

11/15/24

....

1,250

1,246

L2048001.UP.FTS.B,

10.35%,

11/15/24

...

1,985

1,980

L2047620.UP.FTS.B,

10.51%,

11/15/24

...

1,197

1,193

L2048059.UP.FTS.B,

10.92%,

11/15/24

...

126

125

L2047919.UP.FTS.B,

10.97%,

11/15/24

...

8,719

508

L2047014.UP.FTS.B,

11.93%,

11/15/24

...

3,888

3,882

L2048381.UP.FTS.B,

12.98%,

11/15/24

...

1,770

490

L2048784.UP.FTS.B,

13.49%,

11/15/24

...

1,224

1,222

L2047467.UP.FTS.B,

14.6%,

11/15/24

....

4,040

583

L2047716.UP.FTS.B,

15.83%,

11/15/24

...

3,606

3,628

L2049293.UP.FTS.B,

16.54%,

11/15/24

...

2,094

2,108

FW2047086.UP.FTS.B,

16.6%,

11/15/24

..

1,675

1,686

L2047759.UP.FTS.B,

17.02%,

11/15/24

...

462

465

L2032354.UP.FTS.B,

18.46%,

11/15/24

...

720

725

L2049049.UP.FTS.B,

18.57%,

11/15/24

...

2,980

3,000

L2047756.UP.FTS.B,

18.93%,

11/15/24

...

2,912

818

FW2047783.UP.FTS.B,

19.18%,

11/15/24

.

216

215

L2048756.UP.FTS.B,

19.75%,

11/15/24

...

2,579

2,596

L2048019.UP.FTS.B,

19.76%,

11/15/24

...

731

736

FW2047227.UP.FTS.B,

19.97%,

11/15/24

.

603

607

FW2047688.UP.FTS.B,

20.13%,

11/15/24

.

2,796

2,676

L2047733.UP.FTS.B,

21.64%,

11/15/24

...

1,826

273

L2046773.UP.FTS.B,

21.75%,

11/15/24

...

639

640

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2048597.UP.FTS.B,

22.48%,

11/15/24

...

$

149

$

147

L2047942.UP.FTS.B,

23.17%,

11/15/24

...

1,607

1,607

L2096245.UP.FTS.B,

7.08%,

11/22/24

....

1,791

1,776

L2094775.UP.FTS.B,

7.57%,

11/22/24

....

1,936

1,933

L2095323.UP.FTS.B,

10.22%,

11/22/24

...

595

594

L2096413.UP.FTS.B,

11.37%,

11/22/24

...

8,012

7,999

L2094380.UP.FTS.B,

14.25%,

11/22/24

...

1,793

1,802

L2096824.UP.FTS.B,

14.34%,

11/22/24

...

3,288

3,316

L2095963.UP.FTS.B,

14.96%,

11/22/24

...

823

824

FW2095095.UP.FTS.B,

15.88%,

11/22/24

.

731

732

L2095754.UP.FTS.B,

16.91%,

11/22/24

...

2,077

2,095

FW2096312.UP.FTS.B,

17.78%,

11/22/24

.

1,902

1,829

L2094961.UP.FTS.B,

18.66%,

11/22/24

...

426

430

FW2091484.UP.FTS.B,

19.01%,

11/22/24

.

2,314

2,226

FW2094863.UP.FTS.B,

19.11%,

11/22/24

.

428

431

FW2094110.UP.FTS.B,

19.91%,

11/22/24

.

546

18

FW2095652.UP.FTS.B,

28.05%,

11/22/24

.

5,135

1,562

FW2096872.UP.FTS.B,

28.81%,

11/22/24

.

2,046

2,030

FW2094168.UP.FTS.B,

28.88%,

11/22/24

.

1,184

1,189

L2047831.UP.FTS.B,

20.33%,

11/23/24

...

2,820

2,840

FW2095845.UP.FTS.B,

15.91%,

11/28/24

.

2,297

2,317

L2292994.UP.FTS.B,

5.09%,

12/21/24

....

1,221

1,212

L2294913.UP.FTS.B,

5.24%,

12/21/24

....

897

890

FW2294665.UP.FTS.B,

5.75%,

12/21/24

..

819

813

L2295367.UP.FTS.B,

5.78%,

12/21/24

....

901

894

FW2293946.UP.FTS.B,

6.19%,

12/21/24

..

3,231

3,207

L2295100.UP.FTS.B,

7.19%,

12/21/24

....

452

448

FW2294439.UP.FTS.B,

7.72%,

12/21/24

..

4,422

4,406

L2294814.UP.FTS.B,

7.77%,

12/21/24

....

1,872

1,868

L2294775.UP.FTS.B,

8.85%,

12/21/24

....

1,262

1,259

L2293437.UP.FTS.B,

11.78%,

12/21/24

...

2,068

2,064

L2294851.UP.FTS.B,

13.12%,

12/21/24

...

875

873

L2294095.UP.FTS.B,

13.3%,

12/21/24

....

524

523

L2296216.UP.FTS.B,

13.69%,

12/21/24

...

1,542

1,541

L2294949.UP.FTS.B,

13.95%,

12/21/24

...

1,871

1,795

L2295222.UP.FTS.B,

15.07%,

12/21/24

...

1,550

1,562

FW2295530.UP.FTS.B,

15.84%,

12/21/24

.

2,637

2,650

L2294127.UP.FTS.B,

16.18%,

12/21/24

...

2,379

2,283

L2293609.UP.FTS.B,

16.79%,

12/21/24

...

2,411

2,428

L2294084.UP.FTS.B,

17.86%,

12/21/24

...

679

685

L2294351.UP.FTS.B,

19.21%,

12/21/24

...

1,323

1,271

L2285455.UP.FTS.B,

19.28%,

12/21/24

...

916

923

L2295474.UP.FTS.B,

19.79%,

12/21/24

...

1,839

1,853

FW2296126.UP.FTS.B,

21.1%,

12/21/24

..

505

486

L2295046.UP.FTS.B,

21.11%,

12/21/24

...

2,322

2,332

L2296169.UP.FTS.B,

21.4%,

12/21/24

....

2,047

2,055

L2295180.UP.FTS.B,

22.24%,

12/21/24

...

2,108

2,117

FW2294007.UP.FTS.B,

24.91%,

12/21/24

.

491

489

FW2295790.UP.FTS.B,

25.57%,

12/21/24

.

1,123

1,075

FW2295751.UP.FTS.B,

26.57%,

12/21/24

.

2,419

2,430

FW2294187.UP.FTS.B,

27.27%,

12/21/24

.

2,499

2,444

FW2294163.UP.FTS.B,

27.62%,

12/21/24

.

505

505

FW2295991.UP.FTS.B,

29.39%,

12/21/24

.

2,183

2,195

L2296625.UP.FTS.B,

5.45%,

12/22/24

....

2,042

2,026

L2297554.UP.FTS.B,

5.64%,

12/22/24

....

2,250

2,234

L2296988.UP.FTS.B,

5.71%,

12/22/24

....

2,864

2,844

FW2297899.UP.FTS.B,

6.12%,

12/22/24

..

22

22

L2297459.UP.FTS.B,

6.46%,

12/22/24

....

2,053

2,038

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

144

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2297489.UP.FTS.B,

6.61%,

12/22/24

..

$

222

$

220

L2297555.UP.FTS.B,

6.86%,

12/22/24

....

1,653

1,642

FW2298048.UP.FTS.B,

7.04%,

12/22/24

..

6,605

1,841

L2297930.UP.FTS.B,

7.09%,

12/22/24

....

1,325

1,315

L2299053.UP.FTS.B,

7.5%,

12/22/24

....

2,494

2,489

L2298344.UP.FTS.B,

7.65%,

12/22/24

....

3,278

3,271

L2298178.UP.FTS.B,

7.89%,

12/22/24

....

2,503

2,494

L2298428.UP.FTS.B,

8.15%,

12/22/24

....

2,671

2,666

FW2298230.UP.FTS.B,

8.66%,

12/22/24

..

420

418

L2298269.UP.FTS.B,

8.91%,

12/22/24

....

9,420

2,629

FW2300410.UP.FTS.B,

8.97%,

12/22/24

..

617

612

FW2299098.UP.FTS.B,

9.21%,

12/22/24

..

877

64

L2294325.UP.FTS.B,

9.41%,

12/22/24

....

2,526

2,521

L2296700.UP.FTS.B,

9.69%,

12/22/24

....

1,082

1,075

L2298627.UP.FTS.B,

10.13%,

12/22/24

...

2,126

2,119

L2298051.UP.FTS.B,

10.22%,

12/22/24

...

2,116

2,112

L2298036.UP.FTS.B,

10.46%,

12/22/24

...

2,984

2,975

L2296736.UP.FTS.B,

10.73%,

12/22/24

...

1,349

1,347

L2297100.UP.FTS.B,

11.43%,

12/22/24

...

1,008

151

L2298636.UP.FTS.B,

11.78%,

12/22/24

...

1,509

1,509

FW2295900.UP.FTS.B,

12.11%,

12/22/24

.

1,844

1,760

L2289317.UP.FTS.B,

12.5%,

12/22/24

....

3,032

3,032

L2297999.UP.FTS.B,

13.52%,

12/22/24

...

437

437

L2296920.UP.FTS.B,

13.62%,

12/22/24

...

3,068

3,063

L2298784.UP.FTS.B,

14.44%,

12/22/24

...

4,406

4,442

L2298193.UP.FTS.B,

14.62%,

12/22/24

...

2,217

112

FW2297351.UP.FTS.B,

16.06%,

12/22/24

.

1,181

1,137

L2299210.UP.FTS.B,

16.21%,

12/22/24

...

489

489

L2297197.UP.FTS.B,

17.21%,

12/22/24

...

901

906

L2300066.UP.FTS.B,

17.65%,

12/22/24

...

905

910

L2300339.UP.FTS.B,

18.46%,

12/22/24

...

484

465

L2298393.UP.FTS.B,

19.2%,

12/22/24

....

3,936

3,782

L2286362.UP.FTS.B,

19.22%,

12/22/24

...

3,723

3,751

FW2298373.UP.FTS.B,

19.34%,

12/22/24

.

1,375

1,386

FW2299910.UP.FTS.B,

19.59%,

12/22/24

.

2,269

2,287

L2296192.UP.FTS.B,

20.3%,

12/22/24

....

458

462

L2296465.UP.FTS.B,

21.24%,

12/22/24

...

2,485

2,382

FW2300328.UP.FTS.B,

21.6%,

12/22/24

..

9,255

9,331

L2297511.UP.FTS.B,

21.76%,

12/22/24

...

4,668

4,693

FW2299932.UP.FTS.B,

21.85%,

12/22/24

.

5,138

5,182

FW2300114.UP.FTS.B,

21.91%,

12/22/24

.

2,336

2,349

L2300171.UP.FTS.B,

22.14%,

12/22/24

...

891

897

L2296425.UP.FTS.B,

22.43%,

12/22/24

...

3,518

3,537

L2299865.UP.FTS.B,

22.56%,

12/22/24

...

664

665

L2296417.UP.FTS.B,

22.8%,

12/22/24

....

5,033

5,077

L2296476.UP.FTS.B,

22.83%,

12/22/24

...

3,120

3,127

L2299850.UP.FTS.B,

23.44%,

12/22/24

...

2,326

2,345

L2298515.UP.FTS.B,

23.69%,

12/22/24

...

3,655

3,649

L2299432.UP.FTS.B,

24.17%,

12/22/24

...

1,619

1,622

FW2296692.UP.FTS.B,

24.93%,

12/22/24

.

717

721

FW2296914.UP.FTS.B,

26.15%,

12/22/24

.

531

533

L2294199.UP.FTS.B,

20.47%,

1/01/25

....

1,494

1,494

L2426414.UP.FTS.B,

5.26%,

1/13/25

....

10,847

10,761

L2424056.UP.FTS.B,

5.61%,

1/13/25

....

1,748

1,735

L2423394.UP.FTS.B,

6.27%,

1/13/25

....

4,394

4,359

L2425497.UP.FTS.B,

7.24%,

1/13/25

....

8,877

8,802

L2425329.UP.FTS.B,

7.75%,

1/13/25

....

1,900

1,889

L2425262.UP.FTS.B,

8.32%,

1/13/25

....

2,904

2,894

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2425211.UP.FTS.B,

8.5%,

1/13/25

......

$

2,921

$

2,909

L2428185.UP.FTS.B,

9.7%,

1/13/25

.....

4,519

4,504

FW2428576.UP.FTS.B,

10.33%,

1/13/25

..

4,181

4,164

L2423475.UP.FTS.B,

10.43%,

1/13/25

....

1,591

1,586

L2427021.UP.FTS.B,

11.18%,

1/13/25

....

2,286

2,279

L2398504.UP.FTS.B,

11.71%,

1/13/25

....

459

458

L2428568.UP.FTS.B,

12.86%,

1/13/25

....

3,243

3,236

L2405416.UP.FTS.B,

12.97%,

1/13/25

....

1,272

843

L2428590.UP.FTS.B,

12.98%,

1/13/25

....

1,855

1,851

FW2419292.UP.FTS.B,

13.72%,

1/13/25

..

933

931

L2423989.UP.FTS.B,

13.92%,

1/13/25

....

1,448

1,455

L2426394.UP.FTS.B,

14.04%,

1/13/25

....

3,532

2,087

FW2423167.UP.FTS.B,

15.7%,

1/13/25

...

1,637

1,644

L2425994.UP.FTS.B,

15.97%,

1/13/25

....

478

479

L2426530.UP.FTS.B,

15.97%,

1/13/25

....

2,558

187

L2424008.UP.FTS.B,

18.11%,

1/13/25

....

2,411

2,423

L2416454.UP.FTS.B,

20%,

1/13/25

......

2,929

2,944

L2426497.UP.FTS.B,

20.53%,

1/13/25

....

3,242

3,258

L2425046.UP.FTS.B,

20.89%,

1/13/25

....

2,157

644

L2424244.UP.FTS.B,

21.43%,

1/13/25

....

3,425

3,426

FW2423092.UP.FTS.B,

22.82%,

1/13/25

..

4,692

4,716

L2425291.UP.FTS.B,

23.25%,

1/13/25

....

3,004

3,006

FW2422846.UP.FTS.B,

26.62%,

1/13/25

..

3,318

3,318

FW2423280.UP.FTS.B,

26.88%,

1/13/25

..

3,895

577

FW2426742.UP.FTS.B,

27.82%,

1/13/25

..

476

476

FW2423178.UP.FTS.B,

28.33%,

1/13/25

..

832

829

L2434116.UP.FTS.B,

4.81%,

1/14/25

.....

2,822

2,800

L2418575.UP.FTS.B,

5.02%,

1/14/25

....

17,369

17,232

FW2435057.UP.FTS.B,

5.13%,

1/14/25

...

1,435

1,424

L2430348.UP.FTS.B,

5.31%,

1/14/25

....

2,790

2,768

L2434822.UP.FTS.B,

5.8%,

1/14/25

.....

2,320

2,302

L2435457.UP.FTS.B,

5.9%,

1/14/25

.....

1,096

1,087

L2421481.UP.FTS.B,

5.96%,

1/14/25

....

1,096

1,087

L2428662.UP.FTS.B,

6.19%,

1/14/25

....

880

873

L2428904.UP.FTS.B,

6.39%,

1/14/25

....

2,199

2,182

L2434626.UP.FTS.B,

6.42%,

1/14/25

....

7,393

7,334

FW2432338.UP.FTS.B,

6.53%,

1/14/25

...

5,277

5,236

L2430005.UP.FTS.B,

6.62%,

1/14/25

....

881

874

FW2433653.UP.FTS.B,

7.07%,

1/14/25

...

3,771

3,739

L2432222.UP.FTS.B,

7.3%,

1/14/25

.....

2,216

2,208

L2432554.UP.FTS.B,

7.39%,

1/14/25

....

7,095

7,072

L2429588.UP.FTS.B,

8.57%,

1/14/25

....

9,852

9,820

FW2428881.UP.FTS.B,

8.87%,

1/14/25

...

4,489

4,475

L2435242.UP.FTS.B,

10.25%,

1/14/25

....

1,362

1,357

L2432996.UP.FTS.B,

11.65%,

1/14/25

....

3,672

3,664

L2432213.UP.FTS.B,

12.69%,

1/14/25

....

1,434

1,431

FW2428995.UP.FTS.B,

13.01%,

1/14/25

..

1,855

1,852

FW2434209.UP.FTS.B,

14.25%,

1/14/25

..

5,862

315

L2429660.UP.FTS.B,

15.34%,

1/14/25

....

475

476

L2431105.UP.FTS.B,

16.43%,

1/14/25

....

1,046

307

L2433771.UP.FTS.B,

16.58%,

1/14/25

....

4,719

4,742

L2432759.UP.FTS.B,

18.08%,

1/14/25

....

675

679

L2435184.UP.FTS.B,

18.26%,

1/14/25

....

4,828

4,853

FW2435471.UP.FTS.B,

19.27%,

1/14/25

..

973

978

L2431902.UP.FTS.B,

19.35%,

1/14/25

....

1,226

1,230

L2406011.UP.FTS.B,

20.17%,

1/14/25

....

2,693

2,708

L2429273.UP.FTS.B,

22.43%,

1/14/25

....

457

457

L2435303.UP.FTS.B,

22.6%,

1/14/25

....

4,217

2,595

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

145

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2435145.UP.FTS.B,

23.16%,

1/14/25

....

$

2,502

$

2,504

L2430162.UP.FTS.B,

23.44%,

1/14/25

....

2,499

2,512

FW2431859.UP.FTS.B,

24.16%,

1/14/25

..

3,345

242

FW2423306.UP.FTS.B,

29.18%,

1/15/25

..

3,481

3,484

L2439151.UP.FTS.B,

5.81%,

1/18/25

....

2,033

150

L2436421.UP.FTS.B,

5.98%,

1/18/25

....

3,048

3,024

FW2437692.UP.FTS.B,

6.91%,

1/18/25

...

2,651

2,630

L2437624.UP.FTS.B,

7.39%,

1/18/25

....

1,846

254

L2439324.UP.FTS.B,

8.14%,

1/18/25

....

2,231

2,224

FW2439168.UP.FTS.B,

8.76%,

1/18/25

...

2,238

2,231

L2436781.UP.FTS.B,

9.67%,

1/18/25

....

4,517

4,503

L2438341.UP.FTS.B,

10.14%,

1/18/25

....

680

678

L2437491.UP.FTS.B,

10.26%,

1/18/25

....

831

827

L2436150.UP.FTS.B,

10.72%,

1/18/25

....

2,050

2,046

FW2437841.UP.FTS.B,

10.83%,

1/18/25

..

783

57

L2437166.UP.FTS.B,

11.13%,

1/18/25

....

1,345

1,341

L2406128.UP.FTS.B,

11.74%,

1/18/25

....

923

919

L2436162.UP.FTS.B,

11.76%,

1/18/25

....

4,590

4,582

FW2436511.UP.FTS.B,

13.11%,

1/18/25

..

1,857

1,854

FW2438258.UP.FTS.B,

13.5%,

1/18/25

...

1,392

1,389

L2436007.UP.FTS.B,

16.06%,

1/18/25

....

698

702

FW2439200.UP.FTS.B,

18.01%,

1/18/25

..

964

969

L2438734.UP.FTS.B,

18.88%,

1/18/25

....

2,426

2,440

FW2436576.UP.FTS.B,

19.32%,

1/18/25

..

1,946

1,957

L2435933.UP.FTS.B,

21.5%,

1/18/25

....

1,278

1,223

L2437623.UP.FTS.B,

21.63%,

1/18/25

....

1,449

1,450

L2436538.UP.FTS.B,

21.66%,

1/18/25

....

3,399

3,255

FW2435735.UP.FTS.B,

22.33%,

1/18/25

..

4,896

4,901

L2435694.UP.FTS.B,

23.43%,

1/18/25

....

698

699

L2436892.UP.FTS.B,

24.08%,

1/18/25

....

2,468

367

L2439081.UP.FTS.B,

9.27%,

1/27/25

....

4,518

4,497

L2608076.UP.FTS.B,

6.4%,

2/10/25

.....

1,811

1,795

L2603419.UP.FTS.B,

6.97%,

2/10/25

....

3,308

3,278

L2605161.UP.FTS.B,

8.41%,

2/10/25

....

950

946

L2602588.UP.FTS.B,

8.74%,

2/10/25

....

4,748

4,727

L2604174.UP.FTS.B,

9.25%,

2/10/25

....

2,873

2,859

FW2602705.UP.FTS.B,

10.63%,

2/10/25

..

1,400

1,393

FW2604002.UP.FTS.B,

11.31%,

2/10/25

..

15,854

15,777

FW2607521.UP.FTS.B,

11.42%,

2/10/25

..

893

889

L2607713.UP.FTS.B,

11.85%,

2/10/25

....

2,424

2,415

FW2604412.UP.FTS.B,

12.03%,

2/10/25

..

977

973

L2603571.UP.FTS.B,

13.11%,

2/10/25

....

598

594

L2604194.UP.FTS.B,

14.5%,

2/10/25

....

1,741

1,734

L2605323.UP.FTS.B,

14.99%,

2/10/25

....

502

502

L2605799.UP.FTS.B,

15.28%,

2/10/25

....

2,501

2,507

L2603338.UP.FTS.B,

15.54%,

2/10/25

....

8,732

2,383

L2607606.UP.FTS.B,

16.31%,

2/10/25

....

4,078

297

L2602759.UP.FTS.B,

17.08%,

2/10/25

....

6,579

6,596

L2607677.UP.FTS.B,

18.39%,

2/10/25

....

10,319

10,318

FW2606706.UP.FTS.B,

19.04%,

2/10/25

..

771

773

FW2607831.UP.FTS.B,

19.55%,

2/10/25

..

515

517

L2606380.UP.FTS.B,

21.09%,

2/10/25

....

2,606

2,600

FW2602040.UP.FTS.B,

24.72%,

2/10/25

..

2,835

409

FW2604398.UP.FTS.B,

25.04%,

2/10/25

..

535

534

FW2602438.UP.FTS.B,

25.48%,

2/10/25

..

2,180

665

FW2607797.UP.FTS.B,

28.06%,

2/10/25

..

2,376

168

FW2608083.UP.FTS.B,

29.04%,

2/10/25

..

2,036

2,027

L2559948.UP.FTS.B,

6.36%,

2/11/25

.....

23,479

23,267

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2614008.UP.FTS.B,

6.72%,

2/11/25

.....

$

4,690

$

4,651

FW2610553.UP.FTS.B,

7.05%,

2/11/25

...

2,821

2,798

L2611637.UP.FTS.B,

7.21%,

2/11/25

.....

3,052

3,026

L2613730.UP.FTS.B,

7.75%,

2/11/25

.....

13,196

13,139

L2610192.UP.FTS.B,

7.76%,

2/11/25

.....

2,540

2,516

FW2615331.UP.FTS.B,

10.38%,

2/11/25

..

724

720

L2611481.UP.FTS.B,

10.47%,

2/11/25

....

4,941

4,908

FW2609609.UP.FTS.B,

11.5%,

2/11/25

...

1,460

1,454

L2613972.UP.FTS.B,

11.67%,

2/11/25

....

3,422

476

L2612036.UP.FTS.B,

13.32%,

2/11/25

....

2,663

2,653

FW2613797.UP.FTS.B,

13.33%,

2/11/25

..

1,652

449

L2607238.UP.FTS.B,

13.47%,

2/11/25

....

1,481

1,485

FW2611811.UP.FTS.B,

13.7%,

2/11/25

...

1,155

161

L2614740.UP.FTS.B,

14.28%,

2/11/25

....

5,412

5,427

L2610928.UP.FTS.B,

15.17%,

2/11/25

....

2,658

195

L2615117.UP.FTS.B,

17.61%,

2/11/25

....

243

241

FW2610423.UP.FTS.B,

17.65%,

2/11/25

..

2,035

2,041

L2615349.UP.FTS.B,

17.97%,

2/11/25

....

876

876

L2614223.UP.FTS.B,

18.74%,

2/11/25

....

2,307

2,314

L2612860.UP.FTS.B,

19.65%,

2/11/25

....

3,630

3,630

FW2614854.UP.FTS.B,

20.12%,

2/11/25

..

765

767

L2611111.UP.FTS.B,

20.83%,

2/11/25

....

1,248

1,241

L2610485.UP.FTS.B,

21.72%,

2/11/25

....

5,238

5,228

FW2613906.UP.FTS.B,

22.85%,

2/11/25

..

527

526

L2613386.UP.FTS.B,

22.9%,

2/11/25

.....

4,433

4,438

L2615495.UP.FTS.B,

24.65%,

2/11/25

....

4,476

4,465

FW2615176.UP.FTS.B,

25.3%,

2/11/25

...

1,257

185

FW2611527.UP.FTS.B,

26.67%,

2/11/25

..

10,812

10,792

FW2610708.UP.FTS.B,

31.36%,

2/11/25

..

1,875

1,145

L2608607.UP.FTS.B,

7.29%,

2/12/25

....

4,714

4,674

L2617531.UP.FTS.B,

9.41%,

2/14/25

....

5,955

5,927

L2616546.UP.FTS.B,

9.84%,

2/14/25

....

5,778

5,745

L2618393.UP.FTS.B,

12.87%,

2/14/25

....

2,440

2,432

FW2616160.UP.FTS.B,

13.5%,

2/14/25

...

903

899

L2616391.UP.FTS.B,

13.87%,

2/14/25

....

1,238

1,234

L2618286.UP.FTS.B,

16.38%,

2/14/25

....

1,513

1,518

L2617246.UP.FTS.B,

16.8%,

2/14/25

....

4,803

4,784

FW2616262.UP.FTS.B,

17.76%,

2/14/25

..

930

924

L2584870.UP.FTS.B,

18.22%,

2/14/25

....

1,018

1,021

L2616222.UP.FTS.B,

19.49%,

2/14/25

....

879

879

L2617430.UP.FTS.B,

20.47%,

2/14/25

....

8,301

8,290

L2615004.UP.FTS.B,

20.75%,

2/14/25

....

1,040

1,043

L2615804.UP.FTS.B,

23.22%,

2/14/25

....

7,928

7,954

FW2615790.UP.FTS.B,

25.6%,

2/14/25

...

1,342

1,341

FW2617005.UP.FTS.B,

25.65%,

2/14/25

..

1,074

1,073

FW2616085.UP.FTS.B,

27.69%,

2/14/25

..

1,753

1,748

FW2617024.UP.FTS.B,

28.53%,

2/14/25

..

2,736

2,732

L1716455.UP.FTS.B,

14.23%,

2/15/25

....

413

411

L1715893.UP.FTS.B,

19.55%,

2/15/25

....

1,518

1,523

FW1717064.UP.FTS.B,

29.03%,

2/15/25

..

1,650

241

FW2605911.UP.FTS.B,

17.81%,

2/25/25

..

2,732

2,736

L1888732.UP.FTS.B,

18.47%,

3/20/25

....

2,556

723

FW1884445.UP.FTS.B,

29.15%,

3/20/25

..

668

636

FW1889076.UP.FTS.B,

30.32%,

3/20/25

..

1,651

1,655

L2949337.UP.FTS.B,

6.16%,

4/14/25

....

1,685

1,668

L2950073.UP.FTS.B,

6.9%,

4/14/25

.....

5,408

5,360

L2949006.UP.FTS.B,

7.34%,

4/14/25

....

3,903

3,867

FW2950302.UP.FTS.B,

8.61%,

4/14/25

...

1,903

1,887

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

146

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2950690.UP.FTS.B,

9.45%,

4/14/25

....

$

2,900

$

2,881

L2949710.UP.FTS.B,

9.46%,

4/14/25

....

4,532

4,502

L2950058.UP.FTS.B,

9.46%,

4/14/25

....

1,170

1,164

FW2950661.UP.FTS.B,

9.55%,

4/14/25

...

1,871

1,861

L2950499.UP.FTS.B,

10.1%,

4/14/25

....

2,074

2,058

L2949804.UP.FTS.B,

11.24%,

4/14/25

....

1,193

1,185

L2950816.UP.FTS.B,

11.31%,

4/14/25

....

922

916

L2949385.UP.FTS.B,

11.88%,

4/14/25

....

5,825

5,786

L2951900.UP.FTS.B,

12.02%,

4/14/25

....

3,812

3,795

L2950678.UP.FTS.B,

12.4%,

4/14/25

....

1,192

1,187

FW2950475.UP.FTS.B,

12.78%,

4/14/25

..

357

353

L2951520.UP.FTS.B,

13.5%,

4/14/25

....

2,201

2,187

L2950266.UP.FTS.B,

13.94%,

4/14/25

....

1,215

1,207

L2949379.UP.FTS.B,

14.06%,

4/14/25

....

818

815

FW2951735.UP.FTS.B,

15.61%,

4/14/25

..

3,075

3,068

L2950382.UP.FTS.B,

15.7%,

4/14/25

....

556

557

L2950290.UP.FTS.B,

15.94%,

4/14/25

....

2,797

2,790

L2951331.UP.FTS.B,

16.4%,

4/14/25

....

554

553

L2951781.UP.FTS.B,

16.49%,

4/14/25

....

2,368

2,366

L2950169.UP.FTS.B,

16.64%,

4/14/25

....

11,239

11,214

L2950254.UP.FTS.B,

18.93%,

4/14/25

....

855

854

L2942398.UP.FTS.B,

18.94%,

4/14/25

....

2,211

2,212

FW2949345.UP.FTS.B,

19.25%,

4/14/25

..

2,178

2,172

FW2951691.UP.FTS.B,

20.36%,

4/14/25

..

3,165

3,159

L2950233.UP.FTS.B,

20.55%,

4/14/25

....

1,037

1,035

L2949677.UP.FTS.B,

21.51%,

4/14/25

....

7,422

7,369

L2950045.UP.FTS.B,

22.15%,

4/14/25

....

482

481

FW2951504.UP.FTS.B,

22.69%,

4/14/25

..

1,312

95

FW2951494.UP.FTS.B,

23.09%,

4/14/25

..

1,817

1,111

L2950329.UP.FTS.B,

23.25%,

4/14/25

....

1,465

1,462

L2951079.UP.FTS.B,

23.91%,

4/14/25

....

2,235

2,220

FW2949287.UP.FTS.B,

25.31%,

4/14/25

..

3,236

3,215

FW2950219.UP.FTS.B,

25.83%,

4/14/25

..

1,466

1,460

FW2951404.UP.FTS.B,

29.21%,

4/14/25

..

840

837

FW2949932.UP.FTS.B,

30.42%,

4/14/25

..

3,689

259

L2047190.UP.FTS.B,

13.12%,

4/15/25

....

1,830

1,825

L2047934.UP.FTS.B,

23.08%,

4/15/25

....

2,548

184

FW2096042.UP.FTS.B,

25.59%,

4/22/25

..

2,559

182

FW2298854.UP.FTS.B,

8.03%,

5/22/25

...

1,170

1,166

L2270088.UP.FTS.B,

15.26%,

5/22/25

....

2,956

2,953

L2298532.UP.FTS.B,

17.26%,

5/22/25

....

1,190

1,134

FW2298127.UP.FTS.B,

18.19%,

5/22/25

..

1,085

1,084

FW2296618.UP.FTS.B,

19.77%,

5/22/25

..

523

525

L2299568.UP.FTS.B,

21.13%,

5/22/25

....

6,615

6,600

L2294977.UP.FTS.B,

13.32%,

5/27/25

....

3,183

3,167

L2298513.UP.FTS.B,

20.02%,

5/28/25

....

13,148

192

L2299094.UP.FTS.B,

19.48%,

6/01/25

....

698

416

L2394315.UP.FTS.B,

7.03%,

6/13/25

....

2,564

2,538

L2427527.UP.FTS.B,

22.56%,

6/13/25

....

1,080

654

FW2428770.UP.FTS.B,

24.12%,

6/13/25

..

3,501

2,121

FW2423658.UP.FTS.B,

27.05%,

6/13/25

..

931

925

L2435059.UP.FTS.B,

7.82%,

6/14/25

....

1,406

1,400

FW2430961.UP.FTS.B,

10.21%,

6/14/25

..

1,883

1,866

L2435061.UP.FTS.B,

23.28%,

6/14/25

....

1,212

174

L2436629.UP.FTS.B,

13.84%,

6/18/25

....

646

641

L2438042.UP.FTS.B,

20.46%,

6/18/25

....

829

830

FW2603194.UP.FTS.B,

9.76%,

7/10/25

...

2,758

2,730

L2606577.UP.FTS.B,

9.95%,

7/10/25

....

3,388

896

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2607508.UP.FTS.B,

19.36%,

7/10/25

....

$

8,497

$

613

L2605050.UP.FTS.B,

21.65%,

7/10/25

....

1,238

90

FW2607955.UP.FTS.B,

23.75%,

7/10/25

..

2,468

2,439

FW2618494.UP.FTS.B,

29.21%,

7/14/25

..

9,421

2,739

L1716662.UP.FTS.B,

18.68%,

7/15/25

....

145

144

L1716921.UP.FTS.B,

23.03%,

7/15/25

....

2,177

2,184

FW1885149.UP.FTS.B,

25.87%,

8/20/25

..

1,344

1,283

L2950494.UP.FTS.B,

7.36%,

9/14/25

....

1,262

1,247

FW2951887.UP.FTS.B,

13.49%,

9/14/25

..

921

913

L2951348.UP.FTS.B,

13.94%,

9/14/25

....

1,371

1,357

L2950178.UP.FTS.B,

20.99%,

9/14/25

....

5,294

5,259

L2048994.UP.FTS.B,

24.16%,

9/15/25

....

1,343

1,336

FW2047561.UP.FTS.B,

27.77%,

9/15/25

..

4,821

712

L2297395.UP.FTS.B,

17.85%,

10/22/25

...

4,905

4,936

L2431355.UP.FTS.B,

6.97%,

11/14/25

....

1,271

93

FW2428997.UP.FTS.B,

8.05%,

11/14/25

..

1,879

1,865

FW2431318.UP.FTS.B,

21.26%,

11/14/25

.

8,560

620

L2437139.UP.FTS.B,

5.87%,

11/18/25

....

603

597

L2436181.UP.FTS.B,

20.04%,

11/18/25

...

3,103

3,082

FW2439251.UP.FTS.B,

24.63%,

11/18/25

.

2,910

2,887

L2949028.UP.FTS.B,

21.29%,

2/14/26

....

2,727

2,705

L1714660.UP.FTS.B,

8.12%,

9/15/26

....

21,767

21,631

L1717453.UP.FTS.B,

9.3%,

9/15/26

.....

31,926

31,734

FW1716114.UP.FTS.B,

10.5%,

9/15/26

...

641

637

L1712309.UP.FTS.B,

10.63%,

9/15/26

....

2,585

2,572

L1714525.UP.FTS.B,

12.1%,

9/15/26

....

32,880

32,692

L1715513.UP.FTS.B,

13.27%,

9/15/26

....

21,045

5,397

L1716286.UP.FTS.B,

13.58%,

9/15/26

....

9,944

9,897

L1715015.UP.FTS.B,

15.83%,

9/15/26

....

3,547

916

L1718329.UP.FTS.B,

15.98%,

9/15/26

....

2,705

2,697

L1714475.UP.FTS.B,

16.18%,

9/15/26

....

4,742

4,720

FW1701600.UP.FTS.B,

18.45%,

9/15/26

..

4,484

155

L1714417.UP.FTS.B,

19.34%,

9/15/26

....

2,438

176

L1715411.UP.FTS.B,

19.4%,

9/15/26

.....

764

762

L1716175.UP.FTS.B,

19.72%,

9/15/26

....

6,965

6,947

L1714787.UP.FTS.B,

19.9%,

9/15/26

....

1,291

1,296

L1716305.UP.FTS.B,

19.95%,

9/15/26

....

3,439

3,428

L1715815.UP.FTS.B,

21.76%,

9/15/26

....

27,942

28,132

L1692458.UP.FTS.B,

22.21%,

9/15/26

....

3,283

3,295

L1713636.UP.FTS.B,

22.84%,

9/15/26

....

3,087

3,101

L1716174.UP.FTS.B,

24.2%,

9/15/26

....

13,975

13,388

L1717152.UP.FTS.B,

24.37%,

9/15/26

....

4,818

1,386

L1716875.UP.FTS.B,

24.44%,

9/15/26

....

2,174

2,122

L1717659.UP.FTS.B,

24.51%,

9/15/26

....

2,168

2,159

L1716148.UP.FTS.B,

25%,

9/15/26

......

869

866

L1716674.UP.FTS.B,

25.03%,

9/15/26

....

803

58

L1714798.UP.FTS.B,

25.5%,

9/15/26

....

3,705

3,732

L1717974.UP.FTS.B,

25.5%,

9/15/26

....

2,034

2,049

L1715574.UP.FTS.B,

25.72%,

9/15/26

....

4,946

4,983

L1713640.UP.FTS.B,

26.25%,

9/15/26

....

3,073

3,089

FW1717121.UP.FTS.B,

26.43%,

9/15/26

..

1,847

1,857

L1715518.UP.FTS.B,

26.49%,

9/15/26

....

6,058

6,094

L1705442.UP.FTS.B,

26.69%,

9/15/26

....

5,129

5,168

FW1718296.UP.FTS.B,

26.73%,

9/15/26

..

5,437

5,469

FW1718853.UP.FTS.B,

27.42%,

9/15/26

..

5,283

1,522

FW1714570.UP.FTS.B,

27.72%,

9/15/26

..

5,901

5,947

FW1714502.UP.FTS.B,

28.45%,

9/15/26

..

6,149

6,195

FW1718304.UP.FTS.B,

30.56%,

9/15/26

..

2,102

2,118

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

147

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1717776.UP.FTS.B,

30.58%,

9/15/26

..

$

1,879

$

1,890

FW1713484.UP.FTS.B,

30.9%,

9/15/26

...

5,710

403

FW1680820.UP.FTS.B,

31.24%,

9/15/26

..

8,294

8,357

FW1708223.UP.FTS.B,

31.43%,

9/15/26

..

2,869

2,890

FW1712750.UP.FTS.B,

31.43%,

9/15/26

..

13,586

13,689

FW1715615.UP.FTS.B,

31.45%,

9/15/26

..

3,979

4,004

FW1718952.UP.FTS.B,

31.98%,

9/15/26

..

5,907

5,952

FW1718497.UP.FTS.B,

32.01%,

9/15/26

..

1,742

1,755

FW1717605.UP.FTS.B,

32.67%,

9/15/26

..

1,749

1,763

FW1886121.UP.FTS.B,

7.36%,

10/20/26

..

2,637

2,481

L1888552.UP.FTS.B,

7.94%,

10/20/26

....

19,402

19,276

L1888883.UP.FTS.B,

8.11%,

10/20/26

....

8,342

8,292

L1882812.UP.FTS.B,

8.28%,

10/20/26

....

19,461

19,336

L1886838.UP.FTS.B,

9.58%,

10/20/26

....

5,904

5,871

L1885593.UP.FTS.B,

10.23%,

10/20/26

...

29,427

29,259

L1888179.UP.FTS.B,

11.03%,

10/20/26

...

320

317

L1886082.UP.FTS.B,

11.37%,

10/20/26

...

28,644

28,513

FW1885766.UP.FTS.B,

12.47%,

10/20/26

.

21,461

21,362

L1885346.UP.FTS.B,

12.58%,

10/20/26

...

2,019

2,008

L1885846.UP.FTS.B,

13.96%,

10/20/26

...

17,014

16,939

L1888251.UP.FTS.B,

14.9%,

10/20/26

....

2,102

1,990

L1884125.UP.FTS.B,

14.92%,

10/20/26

...

8,004

584

L1883791.UP.FTS.B,

16%,

10/20/26

.....

7,807

7,394

L1887062.UP.FTS.B,

16.6%,

10/20/26

....

3,456

3,447

FW1887343.UP.FTS.B,

17.02%,

10/20/26

.

1,869

1,858

L1882034.UP.FTS.B,

17.06%,

10/20/26

...

3,487

3,472

FW1886267.UP.FTS.B,

17.53%,

10/20/26

.

7,280

7,249

L1884411.UP.FTS.B,

17.65%,

10/20/26

...

4,484

4,464

L1886663.UP.FTS.B,

17.66%,

10/20/26

...

163

161

L1884412.UP.FTS.B,

17.98%,

10/20/26

...

4,916

4,895

FW1885521.UP.FTS.B,

18.95%,

10/20/26

.

1,981

1,973

L1883366.UP.FTS.B,

19.16%,

10/20/26

...

3,407

240

FW1885177.UP.FTS.B,

19.83%,

10/20/26

.

4,272

4,306

L1888979.UP.FTS.B,

20.2%,

10/20/26

....

12,854

12,927

L1886466.UP.FTS.B,

20.85%,

10/20/26

...

9,993

10,071

L1885611.UP.FTS.B,

20.87%,

10/20/26

...

6,853

6,826

L1889370.UP.FTS.B,

21.62%,

10/20/26

...

7,213

7,183

L1886870.UP.FTS.B,

21.7%,

10/20/26

....

12,268

12,367

L1888822.UP.FTS.B,

21.71%,

10/20/26

...

2,526

2,546

L1887570.UP.FTS.B,

22.24%,

10/20/26

...

2,318

2,332

FW1885835.UP.FTS.B,

22.35%,

10/20/26

.

2,265

2,281

FW1884796.UP.FTS.B,

22.4%,

10/20/26

..

5,176

4,962

L1886214.UP.FTS.B,

22.83%,

10/20/26

...

1,534

232

FW1884970.UP.FTS.B,

22.98%,

10/20/26

.

3,912

282

L1887186.UP.FTS.B,

23.15%,

10/20/26

...

1,458

1,466

FW1888999.UP.FTS.B,

23.52%,

10/20/26

.

3,623

3,651

L1886386.UP.FTS.B,

23.7%,

10/20/26

....

3,952

3,975

L1887521.UP.FTS.B,

24.21%,

10/20/26

...

1,072

1,060

L1882558.UP.FTS.B,

25.08%,

10/20/26

...

1,183

1,190

FW1887450.UP.FTS.B,

25.16%,

10/20/26

.

11,086

11,151

FW1885417.UP.FTS.B,

25.25%,

10/20/26

.

3,697

3,719

L1888117.UP.FTS.B,

25.32%,

10/20/26

...

3,034

3,052

L1865153.UP.FTS.B,

25.42%,

10/20/26

...

5,403

5,448

L1885219.UP.FTS.B,

25.47%,

10/20/26

...

740

746

L1888296.UP.FTS.B,

25.48%,

10/20/26

...

6,369

6,407

L1888453.UP.FTS.B,

25.56%,

10/20/26

...

11,856

11,925

FW1882972.UP.FTS.B,

25.9%,

10/20/26

..

1,453

223

L1885428.UP.FTS.B,

25.94%,

10/20/26

...

10,621

10,708

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1862311.UP.FTS.B,

26.09%,

10/20/26

...

$

5,946

$

5,994

L1885011.UP.FTS.B,

26.84%,

10/20/26

...

6,432

454

FW1886962.UP.FTS.B,

27.78%,

10/20/26

.

7,516

7,578

FW1886539.UP.FTS.B,

27.96%,

10/20/26

.

5,626

30

FW1885667.UP.FTS.B,

29.34%,

10/20/26

.

20,928

20,465

FW1885184.UP.FTS.B,

29.51%,

10/20/26

.

10,181

10,265

FW1884150.UP.FTS.B,

30.85%,

10/20/26

.

987

986

FW1886189.UP.FTS.B,

30.94%,

10/20/26

.

2,686

2,703

FW1885617.UP.FTS.B,

31.09%,

10/20/26

.

40,380

2,843

FW1888148.UP.FTS.B,

31.17%,

10/20/26

.

2,288

2,291

FW1888248.UP.FTS.B,

31.19%,

10/20/26

.

10,106

10,154

FW1888517.UP.FTS.B,

31.21%,

10/20/26

.

1,535

1,548

FW1886674.UP.FTS.B,

31.35%,

10/20/26

.

3,578

3,600

FW1888130.UP.FTS.B,

31.35%,

10/20/26

.

999

1,005

FW1887695.UP.FTS.B,

31.4%,

10/20/26

..

5,918

5,954

FW1886614.UP.FTS.B,

31.93%,

10/20/26

.

4,472

4,499

L2049051.UP.FTS.B,

7.06%,

11/15/26

....

20,672

5,108

L2047884.UP.FTS.B,

7.92%,

11/15/26

....

10,114

10,041

L2049043.UP.FTS.B,

8.02%,

11/15/26

....

11,268

11,192

L2048411.UP.FTS.B,

8.56%,

11/15/26

....

2,650

2,632

L2047237.UP.FTS.B,

9.32%,

11/15/26

....

4,691

4,659

FW2046704.UP.FTS.B,

9.53%,

11/15/26

..

10,070

10,002

L2048415.UP.FTS.B,

9.54%,

11/15/26

....

10,734

10,662

L2048218.UP.FTS.B,

10.37%,

11/15/26

...

20,537

20,400

L2039266.UP.FTS.B,

10.56%,

11/15/26

...

2,811

2,787

L2047893.UP.FTS.B,

10.71%,

11/15/26

...

3,387

3,366

L2041972.UP.FTS.B,

10.92%,

11/15/26

...

33,947

33,736

L2049374.UP.FTS.B,

10.93%,

11/15/26

...

1,915

–

L2047021.UP.FTS.B,

10.99%,

11/15/26

...

25,273

25,116

L2047044.UP.FTS.B,

11.1%,

11/15/26

....

10,198

10,135

L2047288.UP.FTS.B,

11.81%,

11/15/26

...

889

883

L2048116.UP.FTS.B,

12.09%,

11/15/26

...

881

121

FW2047068.UP.FTS.B,

12.14%,

11/15/26

.

765

758

L2048156.UP.FTS.B,

13.55%,

11/15/26

...

4,660

4,392

L2046597.UP.FTS.B,

14.02%,

11/15/26

...

13,914

13,828

L2047243.UP.FTS.B,

14.23%,

11/15/26

...

12,544

12,467

FW2047393.UP.FTS.B,

14.85%,

11/15/26

.

7,001

6,963

L2048500.UP.FTS.B,

14.96%,

11/15/26

...

17,561

17,437

FW2049034.UP.FTS.B,

15.15%,

11/15/26

.

4,529

4,503

L2049134.UP.FTS.B,

15.26%,

11/15/26

...

17,427

17,317

L2048596.UP.FTS.B,

15.55%,

11/15/26

...

4,223

4,198

L2048855.UP.FTS.B,

15.99%,

11/15/26

...

6,736

6,691

FW2048646.UP.FTS.B,

16.12%,

11/15/26

.

4,948

4,921

FW2047282.UP.FTS.B,

16.13%,

11/15/26

.

2,998

2,972

L2048113.UP.FTS.B,

16.14%,

11/15/26

...

3,111

3,094

L2045526.UP.FTS.B,

16.56%,

11/15/26

...

14,182

14,104

FW2046700.UP.FTS.B,

16.57%,

11/15/26

.

5,713

5,674

L2048386.UP.FTS.B,

16.67%,

11/15/26

...

7,322

6,916

L2048811.UP.FTS.B,

16.74%,

11/15/26

...

705

701

L2046948.UP.FTS.B,

17.39%,

11/15/26

...

10,705

10,647

L2046932.UP.FTS.B,

17.96%,

11/15/26

...

14,299

14,212

L2046867.UP.FTS.B,

18.23%,

11/15/26

...

4,940

1,364

L2048349.UP.FTS.B,

19.37%,

11/15/26

...

5,755

1,598

L2049268.UP.FTS.B,

19.7%,

11/15/26

....

5,077

5,049

L2047722.UP.FTS.B,

19.71%,

11/15/26

...

7,211

7,171

L2049153.UP.FTS.B,

19.94%,

11/15/26

...

7,265

7,296

L2048873.UP.FTS.B,

20.43%,

11/15/26

...

3,499

3,480

FW2049180.UP.FTS.B,

20.6%,

11/15/26

..

22,560

6,399

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

148

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2047238.UP.FTS.B,

20.7%,

11/15/26

....

$

7,514

$

7,104

FW2047226.UP.FTS.B,

20.73%,

11/15/26

.

3,653

3,632

L2047279.UP.FTS.B,

20.87%,

11/15/26

...

6,581

6,609

L2049423.UP.FTS.B,

21.02%,

11/15/26

...

5,913

5,656

L2047474.UP.FTS.B,

21.16%,

11/15/26

...

8,769

8,805

L2046992.UP.FTS.B,

21.33%,

11/15/26

...

5,539

399

L2048370.UP.FTS.B,

21.39%,

11/15/26

...

15,759

377

L2048606.UP.FTS.B,

21.48%,

11/15/26

...

7,369

7,384

FW2047914.UP.FTS.B,

21.49%,

11/15/26

.

18,354

18,250

L2047175.UP.FTS.B,

21.59%,

11/15/26

...

889

891

L2047532.UP.FTS.B,

21.84%,

11/15/26

...

3,680

3,696

L2047358.UP.FTS.B,

21.89%,

11/15/26

...

3,681

3,696

L2047197.UP.FTS.B,

21.93%,

11/15/26

...

8,027

7,982

FW2047187.UP.FTS.B,

22.1%,

11/15/26

..

11,795

11,845

FW2047897.UP.FTS.B,

22.1%,

11/15/26

..

1,475

1,481

FW2049063.UP.FTS.B,

22.49%,

11/15/26

.

20,702

20,585

FW2047777.UP.FTS.B,

22.57%,

11/15/26

.

2,514

2,525

L2047210.UP.FTS.B,

23.31%,

11/15/26

...

6,688

6,716

L2048190.UP.FTS.B,

23.66%,

11/15/26

...

9,683

9,723

L2048627.UP.FTS.B,

23.71%,

11/15/26

...

2,215

2,192

FW2047866.UP.FTS.B,

23.86%,

11/15/26

.

4,046

4,022

L2046912.UP.FTS.B,

23.87%,

11/15/26

...

2,457

2,348

FW2049383.UP.FTS.B,

23.93%,

11/15/26

.

5,192

84

L2048336.UP.FTS.B,

24.12%,

11/15/26

...

3,019

3,027

L2049272.UP.FTS.B,

24.23%,

11/15/26

...

1,101

1,094

FW2034466.UP.FTS.B,

24.37%,

11/15/26

.

2,095

2,104

L2047240.UP.FTS.B,

24.44%,

11/15/26

...

5,770

5,767

L2047586.UP.FTS.B,

24.7%,

11/15/26

....

1,725

1,732

L2019591.UP.FTS.B,

24.92%,

11/15/26

...

6,797

6,745

L2047926.UP.FTS.B,

25.21%,

11/15/26

...

10,444

10,469

L2047674.UP.FTS.B,

25.3%,

11/15/26

....

3,039

3,047

L2048978.UP.FTS.B,

25.37%,

11/15/26

...

7,529

7,560

L2049419.UP.FTS.B,

25.38%,

11/15/26

...

871

870

L2048909.UP.FTS.B,

25.5%,

11/15/26

....

1,960

1,968

L2043947.UP.FTS.B,

25.57%,

11/15/26

...

1,809

1,817

FW2049037.UP.FTS.B,

25.72%,

11/15/26

.

4,085

73

FW2047316.UP.FTS.B,

25.83%,

11/15/26

.

1,778

126

FW2027220.UP.FTS.B,

25.94%,

11/15/26

.

1,285

1,290

FW2047100.UP.FTS.B,

26.77%,

11/15/26

.

2,279

2,288

FW2045584.UP.FTS.B,

27.07%,

11/15/26

.

4,935

4,955

FW2048599.UP.FTS.B,

28.16%,

11/15/26

.

719

719

FW2047988.UP.FTS.B,

29.5%,

11/15/26

..

6,444

6,467

FW2014368.UP.FTS.B,

29.7%,

11/15/26

..

4,048

595

FW2047661.UP.FTS.B,

29.89%,

11/15/26

.

4,171

291

FW2048362.UP.FTS.B,

30.1%,

11/15/26

..

734

52

FW2047468.UP.FTS.B,

30.8%,

11/15/26

..

1,639

1,599

FW2049349.UP.FTS.B,

30.81%,

11/15/26

.

1,245

1,250

FW2049409.UP.FTS.B,

31.09%,

11/15/26

.

7,957

7,965

FW2047660.UP.FTS.B,

31.1%,

11/15/26

..

2,115

310

FW2047739.UP.FTS.B,

31.1%,

11/15/26

..

6,948

–

FW1979816.UP.FTS.B,

31.12%,

11/15/26

.

2,187

2,191

FW2046950.UP.FTS.B,

31.12%,

11/15/26

.

5,844

5,867

FW2048800.UP.FTS.B,

31.12%,

11/15/26

.

2,365

2,370

FW2048749.UP.FTS.B,

31.13%,

11/15/26

.

2,010

2,017

FW2047818.UP.FTS.B,

31.21%,

11/15/26

.

2,498

2,503

FW2047594.UP.FTS.B,

31.24%,

11/15/26

.

1,326

1,331

FW2044634.UP.FTS.B,

31.42%,

11/15/26

.

2,982

–

FW2048610.UP.FTS.B,

31.92%,

11/15/26

.

5,087

5,107

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2096102.UP.FTS.B,

7.51%,

11/22/26

..

$

5,610

$

5,576

L2094728.UP.FTS.B,

10%,

11/22/26

.....

2,879

400

L2094764.UP.FTS.B,

11.93%,

11/22/26

...

2,050

2,040

FW2094906.UP.FTS.B,

12.24%,

11/22/26

.

1,853

1,844

FW2083090.UP.FTS.B,

12.64%,

11/22/26

.

662

658

L2094888.UP.FTS.B,

12.99%,

11/22/26

...

1,035

1,030

L2095193.UP.FTS.B,

13.04%,

11/22/26

...

4,824

4,800

L2094418.UP.FTS.B,

13.53%,

11/22/26

...

3,544

3,343

L2095349.UP.FTS.B,

13.57%,

11/22/26

...

2,913

2,898

FW2094706.UP.FTS.B,

14.02%,

11/22/26

.

12,328

1,726

FW2094373.UP.FTS.B,

14.38%,

11/22/26

.

8,084

652

L2094766.UP.FTS.B,

16.38%,

11/22/26

...

2,833

2,823

FW2096834.UP.FTS.B,

16.52%,

11/22/26

.

2,127

2,119

L2094403.UP.FTS.B,

16.85%,

11/22/26

...

4,944

4,926

FW2095326.UP.FTS.B,

16.9%,

11/22/26

..

3,555

3,543

L2095105.UP.FTS.B,

17.31%,

11/22/26

...

15,540

14,714

FW2094890.UP.FTS.B,

17.34%,

11/22/26

.

10,698

10,661

FW2096292.UP.FTS.B,

18.39%,

11/22/26

.

6,180

6,160

L2094851.UP.FTS.B,

18.61%,

11/22/26

...

33,016

32,898

FW2096280.UP.FTS.B,

19.26%,

11/22/26

.

7,178

7,225

L2096899.UP.FTS.B,

19.33%,

11/22/26

...

11,577

11,539

L2096144.UP.FTS.B,

19.54%,

11/22/26

...

10,812

10,774

L2095820.UP.FTS.B,

19.69%,

11/22/26

...

7,930

7,902

L2093917.UP.FTS.B,

19.94%,

11/22/26

...

8,718

8,690

FW2094159.UP.FTS.B,

20.44%,

11/22/26

.

6,853

6,830

FW2096571.UP.FTS.B,

21.28%,

11/22/26

.

2,201

2,217

L2095646.UP.FTS.B,

21.32%,

11/22/26

...

1,136

1,076

L2096760.UP.FTS.B,

21.84%,

11/22/26

...

8,095

8,152

L2094894.UP.FTS.B,

22.2%,

11/22/26

....

1,040

1,033

FW2095579.UP.FTS.B,

22.78%,

11/22/26

.

20,157

1,420

FW2095395.UP.FTS.B,

22.89%,

11/22/26

.

1,334

1,330

FW2096115.UP.FTS.B,

23.24%,

11/22/26

.

2,377

2,394

FW2095271.UP.FTS.B,

23.29%,

11/22/26

.

13,401

12,841

FW2024402.UP.FTS.B,

24.5%,

11/22/26

..

8,986

9,049

L2094789.UP.FTS.B,

24.85%,

11/22/26

...

14,943

15,044

L2094507.UP.FTS.B,

25.13%,

11/22/26

...

978

975

L2094312.UP.FTS.B,

25.16%,

11/22/26

...

22,708

22,867

L2096356.UP.FTS.B,

25.27%,

11/22/26

...

753

758

L2093956.UP.FTS.B,

25.33%,

11/22/26

...

2,565

2,577

L2096178.UP.FTS.B,

25.35%,

11/22/26

...

14,430

1,022

FW2095277.UP.FTS.B,

25.75%,

11/22/26

.

11,322

11,401

FW2094367.UP.FTS.B,

25.82%,

11/22/26

.

1,497

109

L2094270.UP.FTS.B,

25.87%,

11/22/26

...

2,417

2,434

FW2096631.UP.FTS.B,

26.76%,

11/22/26

.

3,038

3,059

FW2095637.UP.FTS.B,

26.8%,

11/22/26

..

2,947

2,963

FW2094585.UP.FTS.B,

27.16%,

11/22/26

.

3,919

3,756

FW2094718.UP.FTS.B,

27.18%,

11/22/26

.

7,614

7,667

FW2073665.UP.FTS.B,

27.21%,

11/22/26

.

3,107

2,976

L2096054.UP.FTS.B,

27.38%,

11/22/26

...

2,516

2,534

L2096384.UP.FTS.B,

27.83%,

11/22/26

...

7,033

7,082

FW2096342.UP.FTS.B,

28.48%,

11/22/26

.

3,837

3,863

FW2094419.UP.FTS.B,

28.57%,

11/22/26

.

829

58

FW2094402.UP.FTS.B,

28.65%,

11/22/26

.

2,669

2,552

FW2096376.UP.FTS.B,

29.09%,

11/22/26

.

4,292

4,321

FW2095953.UP.FTS.B,

29.33%,

11/22/26

.

3,815

3,834

FW2094834.UP.FTS.B,

29.86%,

11/22/26

.

3,868

3,895

FW2096279.UP.FTS.B,

30.8%,

11/22/26

..

933

940

FW2096310.UP.FTS.B,

31%,

11/22/26

...

2,147

2,143

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

149

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2093970.UP.FTS.B,

31.15%,

11/22/26

.

$

1,879

$

285

FW2094058.UP.FTS.B,

31.18%,

11/22/26

.

1,349

95

FW2094660.UP.FTS.B,

31.22%,

11/22/26

.

8,453

8,510

FW2096663.UP.FTS.B,

31.48%,

11/22/26

.

3,909

3,928

FW2089645.UP.FTS.B,

31.75%,

11/22/26

.

7,428

7,480

FW2048861.UP.FTS.B,

16.4%,

11/28/26

..

33,827

33,571

L2046907.UP.FTS.B,

21.17%,

11/28/26

...

2,713

2,694

L2096773.UP.FTS.B,

24.83%,

12/03/26

...

2,257

2,272

L2096134.UP.FTS.B,

22.43%,

12/06/26

...

4,935

4,912

FW2295931.UP.FTS.B,

5.9%,

12/21/26

...

10,017

9,947

FW2293082.UP.FTS.B,

6.16%,

12/21/26

..

3,066

3,045

FW2293764.UP.FTS.B,

6.23%,

12/21/26

..

15,092

14,186

L2296513.UP.FTS.B,

7.11%,

12/21/26

....

2,469

2,452

FW2293501.UP.FTS.B,

7.39%,

12/21/26

..

4,996

4,964

L2292686.UP.FTS.B,

7.74%,

12/21/26

....

2,032

2,018

L2295874.UP.FTS.B,

7.93%,

12/21/26

....

4,885

4,853

L2293167.UP.FTS.B,

8.19%,

12/21/26

....

5,437

5,402

L2295697.UP.FTS.B,

8.34%,

12/21/26

....

817

811

FW2294735.UP.FTS.B,

8.57%,

12/21/26

..

2,710

2,692

L2295880.UP.FTS.B,

8.72%,

12/21/26

....

2,048

2,035

L2295428.UP.FTS.B,

9.02%,

12/21/26

....

15,209

1,105

L2295310.UP.FTS.B,

9.3%,

12/21/26

....

5,304

5,268

L2296054.UP.FTS.B,

9.4%,

12/21/26

....

7,005

397

L2294640.UP.FTS.B,

9.73%,

12/21/26

....

2,248

2,234

FW2294642.UP.FTS.B,

11.72%,

12/21/26

.

4,193

4,165

L2294345.UP.FTS.B,

12.41%,

12/21/26

...

5,970

5,936

L2292250.UP.FTS.B,

12.42%,

12/21/26

...

8,297

7,821

L2288385.UP.FTS.B,

12.86%,

12/21/26

...

3,524

3,504

L2295080.UP.FTS.B,

13.33%,

12/21/26

...

5,161

5,129

L2294220.UP.FTS.B,

13.69%,

12/21/26

...

4,255

4,231

L2294373.UP.FTS.B,

13.7%,

12/21/26

....

3,759

3,737

L2294790.UP.FTS.B,

13.78%,

12/21/26

...

4,442

4,414

L2296399.UP.FTS.B,

14.35%,

12/21/26

...

7,133

7,086

FW2293923.UP.FTS.B,

16.04%,

12/21/26

.

3,035

3,009

L2294540.UP.FTS.B,

16.91%,

12/21/26

...

1,818

131

L2293185.UP.FTS.B,

17.25%,

12/21/26

...

12,072

875

FW2293821.UP.FTS.B,

17.3%,

12/21/26

..

1,185

1,177

L2296049.UP.FTS.B,

17.33%,

12/21/26

...

3,640

3,622

L2293602.UP.FTS.B,

17.68%,

12/21/26

...

7,651

7,614

L2293520.UP.FTS.B,

17.78%,

12/21/26

...

3,651

3,633

L2295430.UP.FTS.B,

18.6%,

12/21/26

....

10,709

10,655

L2295608.UP.FTS.B,

18.98%,

12/21/26

...

7,358

7,322

FW2293617.UP.FTS.B,

19.06%,

12/21/26

.

5,156

5,131

FW2294886.UP.FTS.B,

19.07%,

12/21/26

.

1,489

1,409

FW2293806.UP.FTS.B,

19.41%,

12/21/26

.

5,865

5,835

L2296294.UP.FTS.B,

19.65%,

12/21/26

...

1,256

1,223

FW2289691.UP.FTS.B,

20.05%,

12/21/26

.

3,708

3,727

L2293347.UP.FTS.B,

20.07%,

12/21/26

...

22,247

22,136

L2293707.UP.FTS.B,

21.03%,

12/21/26

...

5,598

5,569

L2295159.UP.FTS.B,

21.2%,

12/21/26

....

2,465

2,478

L2294842.UP.FTS.B,

21.22%,

12/21/26

...

3,736

3,755

L2296434.UP.FTS.B,

21.52%,

12/21/26

...

1,872

1,862

FW2296031.UP.FTS.B,

22.11%,

12/21/26

.

3,711

571

L2296037.UP.FTS.B,

22.38%,

12/21/26

...

3,705

3,721

L2286942.UP.FTS.B,

22.51%,

12/21/26

...

1,703

1,710

L2293386.UP.FTS.B,

22.55%,

12/21/26

...

6,029

6,060

L2294387.UP.FTS.B,

22.74%,

12/21/26

...

3,326

240

L2294767.UP.FTS.B,

23.15%,

12/21/26

...

1,976

1,983

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2296289.UP.FTS.B,

23.69%,

12/21/26

.

$

5,330

$

5,323

L2296095.UP.FTS.B,

23.73%,

12/21/26

...

7,510

7,544

FW2295460.UP.FTS.B,

23.88%,

12/21/26

.

20,911

19,788

L2295502.UP.FTS.B,

23.94%,

12/21/26

...

7,451

7,490

L2295515.UP.FTS.B,

24.19%,

12/21/26

...

11,420

11,479

L2295990.UP.FTS.B,

24.34%,

12/21/26

...

3,295

3,308

L2293012.UP.FTS.B,

24.54%,

12/21/26

...

2,289

2,277

L2293989.UP.FTS.B,

24.69%,

12/21/26

...

2,291

2,302

L2294601.UP.FTS.B,

24.7%,

12/21/26

....

38,182

38,377

FW2296310.UP.FTS.B,

24.81%,

12/21/26

.

2,447

374

L2246443.UP.FTS.B,

25.23%,

12/21/26

...

863

825

L2295322.UP.FTS.B,

25.28%,

12/21/26

...

3,334

3,349

L2295069.UP.FTS.B,

25.39%,

12/21/26

...

1,644

1,650

L2293969.UP.FTS.B,

25.41%,

12/21/26

...

10,308

9,861

L2296171.UP.FTS.B,

25.41%,

12/21/26

...

1,764

1,773

L2294392.UP.FTS.B,

25.44%,

12/21/26

...

14,820

14,864

L2287500.UP.FTS.B,

25.45%,

12/21/26

...

4,967

4,991

L2292073.UP.FTS.B,

25.46%,

12/21/26

...

2,302

2,314

L2296315.UP.FTS.B,

25.46%,

12/21/26

...

3,930

1,140

L2295101.UP.FTS.B,

25.65%,

12/21/26

...

2,038

2,044

FW2294336.UP.FTS.B,

25.77%,

12/21/26

.

465

459

FW2293250.UP.FTS.B,

26.48%,

12/21/26

.

1,612

470

FW2295132.UP.FTS.B,

26.71%,

12/21/26

.

27,364

27,503

L2289495.UP.FTS.B,

27.03%,

12/21/26

...

4,027

4,007

FW2296329.UP.FTS.B,

27.9%,

12/21/26

..

2,845

2,858

FW2294924.UP.FTS.B,

28.38%,

12/21/26

.

4,526

4,549

L2296578.UP.FTS.B,

28.56%,

12/21/26

...

3,828

3,847

FW2294602.UP.FTS.B,

28.58%,

12/21/26

.

2,711

190

FW2294247.UP.FTS.B,

28.6%,

12/21/26

..

5,214

126

FW2296510.UP.FTS.B,

28.63%,

12/21/26

.

5,361

5,129

FW2295693.UP.FTS.B,

29.44%,

12/21/26

.

1,074

1,063

FW2292307.UP.FTS.B,

29.55%,

12/21/26

.

11,627

11,686

FW2294300.UP.FTS.B,

29.67%,

12/21/26

.

3,931

3,950

FW2296196.UP.FTS.B,

29.85%,

12/21/26

.

913

4

FW2293867.UP.FTS.B,

30.1%,

12/21/26

..

8,142

7,780

FW2293261.UP.FTS.B,

30.26%,

12/21/26

.

867

872

FW2294598.UP.FTS.B,

30.58%,

12/21/26

.

2,528

2,540

FW2295156.UP.FTS.B,

30.61%,

12/21/26

.

1,717

505

FW2295730.UP.FTS.B,

30.86%,

12/21/26

.

330

326

FW2296110.UP.FTS.B,

30.89%,

12/21/26

.

873

876

FW2296255.UP.FTS.B,

30.89%,

12/21/26

.

1,103

165

FW2294105.UP.FTS.B,

30.94%,

12/21/26

.

10,239

10,283

FW2295248.UP.FTS.B,

30.94%,

12/21/26

.

3,025

3,034

FW2295082.UP.FTS.B,

31.01%,

12/21/26

.

862

61

FW2293727.UP.FTS.B,

31.05%,

12/21/26

.

1,188

1,194

FW2293310.UP.FTS.B,

31.11%,

12/21/26

.

1,426

1,433

FW2295496.UP.FTS.B,

31.18%,

12/21/26

.

2,140

2,151

FW2292945.UP.FTS.B,

31.23%,

12/21/26

.

2,068

2,074

FW2293684.UP.FTS.B,

31.29%,

12/21/26

.

2,379

2,391

FW2293376.UP.FTS.B,

31.54%,

12/21/26

.

30,018

30,168

FW2295899.UP.FTS.B,

32.71%,

12/21/26

.

3,713

3,557

L2298042.UP.FTS.B,

5.42%,

12/22/26

....

6,643

6,599

FW2296838.UP.FTS.B,

5.56%,

12/22/26

..

7,982

7,927

L2300162.UP.FTS.B,

5.78%,

12/22/26

....

1,000

993

L2298149.UP.FTS.B,

5.81%,

12/22/26

....

31,326

31,114

L2298867.UP.FTS.B,

6.47%,

12/22/26

....

9,718

9,653

L2298677.UP.FTS.B,

6.71%,

12/22/26

....

2,402

2,259

FW2298647.UP.FTS.B,

6.85%,

12/22/26

..

33,611

33,394

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

150

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2296512.UP.FTS.B,

6.86%,

12/22/26

....

$

20,170

$

20,036

FW2299026.UP.FTS.B,

7.03%,

12/22/26

..

3,366

3,344

L2299006.UP.FTS.B,

7.25%,

12/22/26

....

11,000

10,353

L2298624.UP.FTS.B,

7.52%,

12/22/26

....

23,635

23,490

L2300059.UP.FTS.B,

7.96%,

12/22/26

....

3,382

3,362

FW2297741.UP.FTS.B,

8.43%,

12/22/26

..

4,086

4,061

L2296751.UP.FTS.B,

9.09%,

12/22/26

....

4,108

4,083

FW2300319.UP.FTS.B,

9.33%,

12/22/26

..

2,881

2,862

L2275171.UP.FTS.B,

9.45%,

12/22/26

....

1,716

1,706

FW2275119.UP.FTS.B,

10.09%,

12/22/26

.

20,701

20,579

L2261699.UP.FTS.B,

10.41%,

12/22/26

...

2,767

2,751

FW2298451.UP.FTS.B,

10.42%,

12/22/26

.

8,668

2,212

L2299578.UP.FTS.B,

10.73%,

12/22/26

...

3,051

3,035

L2296896.UP.FTS.B,

10.8%,

12/22/26

....

2,082

2,069

L2296884.UP.FTS.B,

10.85%,

12/22/26

...

6,942

6,898

FW2300491.UP.FTS.B,

11.05%,

12/22/26

.

1,945

1,935

L2300049.UP.FTS.B,

11.22%,

12/22/26

...

17,402

17,311

L2299084.UP.FTS.B,

11.37%,

12/22/26

...

6,053

355

L2299162.UP.FTS.B,

11.99%,

12/22/26

...

8,340

8,295

L2296860.UP.FTS.B,

12.01%,

12/22/26

...

7,228

7,164

L2288091.UP.FTS.B,

12.04%,

12/22/26

...

7,005

6,969

L2296913.UP.FTS.B,

12.48%,

12/22/26

...

7,414

7,375

FW2296819.UP.FTS.B,

12.8%,

12/22/26

..

705

701

L2297301.UP.FTS.B,

13.19%,

12/22/26

...

3,508

3,489

L2297394.UP.FTS.B,

13.43%,

12/22/26

...

2,831

2,817

FW2295002.UP.FTS.B,

13.45%,

12/22/26

.

1,204

1,197

L2298273.UP.FTS.B,

13.81%,

12/22/26

...

19,196

19,080

FW2297621.UP.FTS.B,

13.91%,

12/22/26

.

1,632

1,623

FW2297887.UP.FTS.B,

14.01%,

12/22/26

.

6,070

6,034

L2297583.UP.FTS.B,

14.22%,

12/22/26

...

13,327

13,248

FW2296544.UP.FTS.B,

14.31%,

12/22/26

.

3,563

3,541

L2296665.UP.FTS.B,

14.98%,

12/22/26

...

2,845

2,747

L2272259.UP.FTS.B,

15.03%,

12/22/26

...

2,848

2,836

L2296608.UP.FTS.B,

15.19%,

12/22/26

...

12,117

12,056

L2298101.UP.FTS.B,

15.46%,

12/22/26

...

3,297

3,270

FW2298689.UP.FTS.B,

15.52%,

12/22/26

.

12,578

12,527

FW2298989.UP.FTS.B,

15.65%,

12/22/26

.

5,531

5,231

L2300266.UP.FTS.B,

15.81%,

12/22/26

...

15,627

15,551

L2297545.UP.FTS.B,

16.01%,

12/22/26

...

2,950

2,783

L2296898.UP.FTS.B,

16.28%,

12/22/26

...

8,790

638

FW2297895.UP.FTS.B,

16.41%,

12/22/26

.

2,394

155

L2297702.UP.FTS.B,

16.54%,

12/22/26

...

1,074

1,069

FW2296844.UP.FTS.B,

16.78%,

12/22/26

.

1,785

1,777

FW2242642.UP.FTS.B,

17.23%,

12/22/26

.

5,061

5,040

FW2297226.UP.FTS.B,

17.41%,

12/22/26

.

9,639

9,129

L2297622.UP.FTS.B,

17.73%,

12/22/26

...

4,374

4,353

FW2298313.UP.FTS.B,

17.76%,

12/22/26

.

11,098

11,054

L2297195.UP.FTS.B,

18.28%,

12/22/26

...

19,052

18,961

L2297949.UP.FTS.B,

18.76%,

12/22/26

...

2,941

2,929

FW2298046.UP.FTS.B,

19.21%,

12/22/26

.

7,375

7,331

FW2299900.UP.FTS.B,

19.29%,

12/22/26

.

37,198

35,262

FW2297186.UP.FTS.B,

19.59%,

12/22/26

.

7,393

7,364

FW2299680.UP.FTS.B,

19.7%,

12/22/26

..

5,465

811

L2296627.UP.FTS.B,

19.74%,

12/22/26

...

3,701

3,686

L2298737.UP.FTS.B,

20.98%,

12/22/26

...

3,730

3,716

L2297546.UP.FTS.B,

21.15%,

12/22/26

...

1,402

37

L2300374.UP.FTS.B,

21.31%,

12/22/26

...

2,225

2,238

L2296777.UP.FTS.B,

21.4%,

12/22/26

....

7,481

7,528

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2298033.UP.FTS.B,

21.61%,

12/22/26

.

$

12,360

$

12,311

L2299056.UP.FTS.B,

22%,

12/22/26

.....

4,356

4,383

L2298829.UP.FTS.B,

22.17%,

12/22/26

...

4,648

4,622

FW2297460.UP.FTS.B,

22.74%,

12/22/26

.

37,859

38,023

L2296427.UP.FTS.B,

22.94%,

12/22/26

...

2,041

2,029

L2300367.UP.FTS.B,

22.94%,

12/22/26

...

1,511

1,505

L2296515.UP.FTS.B,

22.98%,

12/22/26

...

2,267

2,281

FW2297374.UP.FTS.B,

23.21%,

12/22/26

.

1,715

1,644

L2298974.UP.FTS.B,

23.47%,

12/22/26

...

1,364

1,359

FW2300425.UP.FTS.B,

23.57%,

12/22/26

.

7,584

7,633

L2289378.UP.FTS.B,

23.7%,

12/22/26

....

4,315

662

L2296775.UP.FTS.B,

23.9%,

12/22/26

....

3,420

3,442

L2298860.UP.FTS.B,

23.92%,

12/22/26

...

11,400

11,473

L2296638.UP.FTS.B,

23.96%,

12/22/26

...

744

747

L2297921.UP.FTS.B,

24.04%,

12/22/26

...

4,873

99

L2300131.UP.FTS.B,

24.08%,

12/22/26

...

10,664

10,214

L2297604.UP.FTS.B,

24.33%,

12/22/26

...

1,143

1,150

L2277340.UP.FTS.B,

24.46%,

12/22/26

...

3,476

3,334

FW2296565.UP.FTS.B,

24.56%,

12/22/26

.

1,755

1,766

L2297696.UP.FTS.B,

24.62%,

12/22/26

...

540

534

L2299447.UP.FTS.B,

24.64%,

12/22/26

...

1,527

1,534

L2296874.UP.FTS.B,

24.85%,

12/22/26

...

924

66

FW2295512.UP.FTS.B,

25.12%,

12/22/26

.

7,354

7,310

L2296994.UP.FTS.B,

25.2%,

12/22/26

....

2,759

2,772

L2282956.UP.FTS.B,

25.27%,

12/22/26

...

653

649

FW2297623.UP.FTS.B,

25.32%,

12/22/26

.

2,759

2,749

L2299789.UP.FTS.B,

25.32%,

12/22/26

...

1,170

1,120

L2292373.UP.FTS.B,

25.33%,

12/22/26

...

1,303

1,298

L2297988.UP.FTS.B,

25.38%,

12/22/26

...

792

792

L2298851.UP.FTS.B,

25.44%,

12/22/26

...

1,189

347

L2296962.UP.FTS.B,

25.46%,

12/22/26

...

2,609

2,620

L2298544.UP.FTS.B,

25.47%,

12/22/26

...

3,833

3,857

L2298179.UP.FTS.B,

25.49%,

12/22/26

...

3,530

3,552

L2297223.UP.FTS.B,

25.61%,

12/22/26

...

2,233

2,178

L2297795.UP.FTS.B,

26.01%,

12/22/26

...

9,853

9,916

L2296379.UP.FTS.B,

26.17%,

12/22/26

...

7,705

7,754

FW2299410.UP.FTS.B,

26.2%,

12/22/26

..

4,624

4,653

FW2300548.UP.FTS.B,

26.24%,

12/22/26

.

3,084

3,072

FW2298545.UP.FTS.B,

26.68%,

12/22/26

.

10,510

10,578

FW2297229.UP.FTS.B,

26.75%,

12/22/26

.

9,948

9,996

FW2298735.UP.FTS.B,

26.94%,

12/22/26

.

11,303

11,246

FW2299436.UP.FTS.B,

27.39%,

12/22/26

.

3,224

3,242

FW2298369.UP.FTS.B,

27.48%,

12/22/26

.

13,468

13,532

FW2296934.UP.FTS.B,

28.08%,

12/22/26

.

4,440

4,469

FW2297196.UP.FTS.B,

28.3%,

12/22/26

..

7,801

7,852

FW2298568.UP.FTS.B,

28.54%,

12/22/26

.

5,937

5,976

FW2297945.UP.FTS.B,

28.62%,

12/22/26

.

7,221

7,257

FW2297886.UP.FTS.B,

29.13%,

12/22/26

.

2,427

2,443

FW2297392.UP.FTS.B,

29.67%,

12/22/26

.

1,617

1,623

FW2298522.UP.FTS.B,

29.71%,

12/22/26

.

2,753

2,765

FW2296795.UP.FTS.B,

30.46%,

12/22/26

.

1,184

1,192

FW2296458.UP.FTS.B,

30.75%,

12/22/26

.

6,800

6,844

FW2299169.UP.FTS.B,

30.82%,

12/22/26

.

3,244

3,266

FW2281021.UP.FTS.B,

30.86%,

12/22/26

.

4,502

4,312

FW2299939.UP.FTS.B,

30.93%,

12/22/26

.

871

876

FW2297499.UP.FTS.B,

30.95%,

12/22/26

.

871

876

FW2296542.UP.FTS.B,

31%,

12/22/26

...

4,930

342

FW2300108.UP.FTS.B,

31.04%,

12/22/26

.

1,030

1,036

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

151

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2298345.UP.FTS.B,

31.12%,

12/22/26

.

$

1,079

$

1,076

FW2298159.UP.FTS.B,

31.15%,

12/22/26

.

2,298

2,313

FW2296911.UP.FTS.B,

31.17%,

12/22/26

.

992

996

FW2299655.UP.FTS.B,

31.17%,

12/22/26

.

3,171

3,192

FW2294359.UP.FTS.B,

31.33%,

12/22/26

.

39,685

39,861

FW2300018.UP.FTS.B,

31.65%,

12/22/26

.

4,370

4,399

FW2296208.UP.FTS.B,

31.74%,

12/22/26

.

5,450

5,477

FW2296337.UP.FTS.B,

33.15%,

12/22/26

.

4,813

4,609

FW2296980.UP.FTS.B,

33.56%,

12/22/26

.

1,116

1,093

FW2289917.UP.FTS.B,

24.12%,

12/26/26

.

3,686

3,688

FW2293338.UP.FTS.B,

11.67%,

1/05/27

..

14,422

1,051

L2293224.UP.FTS.B,

25.74%,

1/05/27

....

1,422

1,424

FW2294223.UP.FTS.B,

31.19%,

1/05/27

..

19,711

19,783

L2275604.UP.FTS.B,

8%,

1/06/27

.......

6,956

6,911

L2297168.UP.FTS.B,

9.21%,

1/06/27

....

3,516

3,491

L2428799.UP.FTS.B,

4.81%,

1/13/27

....

8,799

8,738

L2424153.UP.FTS.B,

4.86%,

1/13/27

....

33,413

33,181

L2426247.UP.FTS.B,

4.87%,

1/13/27

....

10,569

10,494

L2424670.UP.FTS.B,

5.86%,

1/13/27

....

6,484

6,440

L2425940.UP.FTS.B,

5.96%,

1/13/27

....

13,631

13,538

L2427954.UP.FTS.B,

5.98%,

1/13/27

....

20,497

20,358

FW2427065.UP.FTS.B,

6.14%,

1/13/27

...

5,796

5,757

L2428807.UP.FTS.B,

6.19%,

1/13/27

....

5,133

5,098

L2425627.UP.FTS.B,

6.24%,

1/13/27

....

18,628

18,498

FW2418004.UP.FTS.B,

6.27%,

1/13/27

...

20,385

20,247

FW2426682.UP.FTS.B,

6.38%,

1/13/27

...

10,558

5,390

L2424813.UP.FTS.B,

6.62%,

1/13/27

....

12,360

12,277

L2426387.UP.FTS.B,

7.28%,

1/13/27

....

3,106

3,085

FW2427607.UP.FTS.B,

7.35%,

1/13/27

...

10,983

10,907

L2423321.UP.FTS.B,

7.44%,

1/13/27

....

6,032

421

L2425992.UP.FTS.B,

7.55%,

1/13/27

....

3,666

3,642

L2426489.UP.FTS.B,

7.81%,

1/13/27

....

8,317

8,260

L2428326.UP.FTS.B,

7.87%,

1/13/27

....

6,758

6,710

L2427644.UP.FTS.B,

7.93%,

1/13/27

....

1,734

1,722

FW2427445.UP.FTS.B,

7.98%,

1/13/27

...

5,552

5,514

L2424761.UP.FTS.B,

8.01%,

1/13/27

....

3,922

3,893

L2426445.UP.FTS.B,

8.42%,

1/13/27

....

2,010

1,996

FW2426523.UP.FTS.B,

8.45%,

1/13/27

...

2,986

2,962

L2427091.UP.FTS.B,

8.49%,

1/13/27

....

4,877

4,844

L2400286.UP.FTS.B,

8.75%,

1/13/27

....

5,146

5,110

L2424441.UP.FTS.B,

8.96%,

1/13/27

....

1,012

1,003

FW2426991.UP.FTS.B,

9.24%,

1/13/27

...

4,205

4,176

L2427076.UP.FTS.B,

9.69%,

1/13/27

....

5,914

5,871

L2427657.UP.FTS.B,

9.7%,

1/13/27

.....

2,776

2,753

L2425208.UP.FTS.B,

9.97%,

1/13/27

....

4,932

4,899

L2428214.UP.FTS.B,

10.52%,

1/13/27

....

1,911

1,898

L2423014.UP.FTS.B,

10.64%,

1/13/27

....

19,116

18,989

FW2425681.UP.FTS.B,

11.84%,

1/13/27

..

22,142

21,991

L2423675.UP.FTS.B,

12.15%,

1/13/27

....

4,653

4,622

L2426699.UP.FTS.B,

13.25%,

1/13/27

....

8,674

8,608

L2426346.UP.FTS.B,

13.31%,

1/13/27

....

3,717

3,676

FW2426553.UP.FTS.B,

14.04%,

1/13/27

..

4,901

1,252

FW2426488.UP.FTS.B,

14.89%,

1/13/27

..

5,076

5,041

L2428411.UP.FTS.B,

15.14%,

1/13/27

....

3,509

3,485

FW2398372.UP.FTS.B,

15.37%,

1/13/27

..

8,639

8,580

FW2425483.UP.FTS.B,

15.58%,

1/13/27

..

8,066

8,010

L2424270.UP.FTS.B,

15.87%,

1/13/27

....

3,992

289

FW2412323.UP.FTS.B,

15.91%,

1/13/27

..

7,349

7,301

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2423910.UP.FTS.B,

15.96%,

1/13/27

..

$

6,104

$

1,637

L2406518.UP.FTS.B,

16%,

1/13/27

......

3,677

3,652

L2426798.UP.FTS.B,

16.24%,

1/13/27

....

11,785

11,709

L2426649.UP.FTS.B,

16.44%,

1/13/27

....

925

67

L2428444.UP.FTS.B,

16.71%,

1/13/27

....

4,433

4,403

L2428347.UP.FTS.B,

16.79%,

1/13/27

....

5,787

417

FW2428748.UP.FTS.B,

17.09%,

1/13/27

..

7,407

7,356

L2425118.UP.FTS.B,

17.11%,

1/13/27

....

5,185

5,146

FW2423151.UP.FTS.B,

17.2%,

1/13/27

...

3,262

3,237

L2424529.UP.FTS.B,

17.26%,

1/13/27

....

7,968

276

L2428394.UP.FTS.B,

17.4%,

1/13/27

....

4,274

4,240

FW2425055.UP.FTS.B,

17.43%,

1/13/27

..

12,176

12,084

L2426279.UP.FTS.B,

17.73%,

1/13/27

....

3,050

3,029

L2424817.UP.FTS.B,

17.78%,

1/13/27

....

10,209

1,472

L2423964.UP.FTS.B,

18.15%,

1/13/27

....

5,221

5,181

L2428498.UP.FTS.B,

18.5%,

1/13/27

....

3,797

2,175

L2428454.UP.FTS.B,

18.63%,

1/13/27

....

5,664

5,613

L2422983.UP.FTS.B,

19.45%,

1/13/27

....

21,214

21,072

L2424684.UP.FTS.B,

20.1%,

1/13/27

....

4,494

4,502

L2423758.UP.FTS.B,

20.41%,

1/13/27

....

1,465

1,452

L2405396.UP.FTS.B,

20.43%,

1/13/27

....

5,447

5,399

L2426770.UP.FTS.B,

20.84%,

1/13/27

....

11,379

11,405

FW2425922.UP.FTS.B,

21.25%,

1/13/27

..

1,357

1,348

L2425214.UP.FTS.B,

21.28%,

1/13/27

....

4,691

336

L2427912.UP.FTS.B,

21.34%,

1/13/27

....

761

763

FW2427047.UP.FTS.B,

22.2%,

1/13/27

...

16,678

16,716

L2428658.UP.FTS.B,

22.41%,

1/13/27

....

8,364

8,370

L2395761.UP.FTS.B,

22.53%,

1/13/27

....

22,996

23,049

L2398543.UP.FTS.B,

22.71%,

1/13/27

....

2,269

3

L2425900.UP.FTS.B,

23.2%,

1/13/27

....

6,773

6,788

L2422984.UP.FTS.B,

23.24%,

1/13/27

....

10,572

3,040

L2424344.UP.FTS.B,

23.87%,

1/13/27

....

823

24

L2425886.UP.FTS.B,

24.76%,

1/13/27

....

3,883

3,892

L2404751.UP.FTS.B,

24.81%,

1/13/27

....

13,983

14,016

L2422250.UP.FTS.B,

25.13%,

1/13/27

....

2,413

2,418

L2423497.UP.FTS.B,

25.16%,

1/13/27

....

1,245

1,248

L2399706.UP.FTS.B,

25.18%,

1/13/27

....

11,220

11,246

FW2428740.UP.FTS.B,

25.25%,

1/13/27

..

3,115

3,122

L2427647.UP.FTS.B,

25.29%,

1/13/27

....

4,517

4,528

L2427874.UP.FTS.B,

25.33%,

1/13/27

....

739

425

L2426044.UP.FTS.B,

25.4%,

1/13/27

....

1,770

507

L2426848.UP.FTS.B,

25.4%,

1/13/27

....

6,966

6,962

L2425077.UP.FTS.B,

25.43%,

1/13/27

....

6,861

6,856

L2423795.UP.FTS.B,

25.46%,

1/13/27

....

6,051

434

L2425747.UP.FTS.B,

25.48%,

1/13/27

....

11,934

851

L2424771.UP.FTS.B,

25.96%,

1/13/27

....

1,720

1,724

FW2424834.UP.FTS.B,

26.08%,

1/13/27

..

4,225

4,235

FW2425245.UP.FTS.B,

26.25%,

1/13/27

..

1,253

1,256

FW2423361.UP.FTS.B,

26.6%,

1/13/27

...

2,696

1,591

FW2426259.UP.FTS.B,

26.65%,

1/13/27

..

3,926

3,935

FW2428725.UP.FTS.B,

26.68%,

1/13/27

..

2,118

1,251

FW2425948.UP.FTS.B,

27.28%,

1/13/27

..

5,513

5,526

FW2424326.UP.FTS.B,

27.8%,

1/13/27

...

7,769

7,781

FW2422977.UP.FTS.B,

28.17%,

1/13/27

..

15,632

15,657

FW2424974.UP.FTS.B,

28.61%,

1/13/27

..

13,437

13,447

FW2423517.UP.FTS.B,

29.09%,

1/13/27

..

5,397

384

FW2422891.UP.FTS.B,

29.39%,

1/13/27

..

1,555

1,556

FW2425791.UP.FTS.B,

29.41%,

1/13/27

..

2,489

1,476

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

152

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2426907.UP.FTS.B,

29.43%,

1/13/27

..

$

32,554

$

32,555

FW2427306.UP.FTS.B,

29.68%,

1/13/27

..

1,184

–

FW2423451.UP.FTS.B,

30.19%,

1/13/27

..

800

802

FW2426985.UP.FTS.B,

30.26%,

1/13/27

..

26,514

26,555

FW2427875.UP.FTS.B,

30.3%,

1/13/27

...

767

767

FW2423548.UP.FTS.B,

30.41%,

1/13/27

..

2,082

2,087

FW2425371.UP.FTS.B,

30.51%,

1/13/27

..

1,602

1,606

FW2423407.UP.FTS.B,

30.57%,

1/13/27

..

1,843

1,848

FW2425795.UP.FTS.B,

30.94%,

1/13/27

..

3,256

3,261

FW2425961.UP.FTS.B,

31.09%,

1/13/27

..

884

886

FW2427636.UP.FTS.B,

31.15%,

1/13/27

..

5,044

356

FW2426510.UP.FTS.B,

31.33%,

1/13/27

..

3,225

–

FW2423715.UP.FTS.B,

32.57%,

1/13/27

..

809

811

FW2432124.UP.FTS.B,

5.02%,

1/14/27

...

33,900

33,668

L2429437.UP.FTS.B,

5.17%,

1/14/27

....

8,146

8,091

L2435082.UP.FTS.B,

5.24%,

1/14/27

....

18,407

18,281

L2435136.UP.FTS.B,

5.4%,

1/14/27

.....

7,140

7,092

L2435334.UP.FTS.B,

5.79%,

1/14/27

....

2,115

2,101

L2431631.UP.FTS.B,

5.94%,

1/14/27

....

662

656

L2428794.UP.FTS.B,

5.98%,

1/14/27

....

10,248

10,179

L2432641.UP.FTS.B,

5.99%,

1/14/27

....

6,833

6,787

FW2431037.UP.FTS.B,

6.01%,

1/14/27

...

2,734

2,715

FW2434481.UP.FTS.B,

6.18%,

1/14/27

...

6,505

6,460

L2434868.UP.FTS.B,

6.25%,

1/14/27

....

7,532

7,481

L2433278.UP.FTS.B,

6.42%,

1/14/27

....

9,597

9,532

L2434814.UP.FTS.B,

6.49%,

1/14/27

....

1,784

1,772

L2432301.UP.FTS.B,

6.51%,

1/14/27

....

3,431

3,408

L2431798.UP.FTS.B,

6.68%,

1/14/27

....

9,680

9,614

FW2429354.UP.FTS.B,

6.79%,

1/14/27

...

34,050

33,821

FW2430872.UP.FTS.B,

6.87%,

1/14/27

...

2,402

2,386

L2432901.UP.FTS.B,

6.93%,

1/14/27

....

13,067

12,981

FW2430681.UP.FTS.B,

7.21%,

1/14/27

...

22,060

21,914

L2431865.UP.FTS.B,

7.24%,

1/14/27

....

11,731

11,654

L2429292.UP.FTS.B,

7.41%,

1/14/27

....

8,291

8,235

L2430454.UP.FTS.B,

7.62%,

1/14/27

....

9,546

9,479

L2433097.UP.FTS.B,

7.62%,

1/14/27

....

26,773

26,589

L2434635.UP.FTS.B,

7.74%,

1/14/27

....

14,685

14,585

L2433991.UP.FTS.B,

7.94%,

1/14/27

....

4,701

4,668

L2435013.UP.FTS.B,

8.08%,

1/14/27

....

6,945

6,898

L2429715.UP.FTS.B,

8.3%,

1/14/27

.....

2,783

2,764

L2434529.UP.FTS.B,

8.37%,

1/14/27

....

4,873

4,840

L2430462.UP.FTS.B,

8.4%,

1/14/27

.....

17,408

17,290

L2435208.UP.FTS.B,

8.4%,

1/14/27

.....

31,220

31,007

L2429477.UP.FTS.B,

8.93%,

1/14/27

....

9,717

9,651

L2429964.UP.FTS.B,

9.01%,

1/14/27

....

3,498

3,474

L2429979.UP.FTS.B,

9.08%,

1/14/27

....

2,100

2,086

L2432796.UP.FTS.B,

9.5%,

1/14/27

.....

1,798

937

L2432514.UP.FTS.B,

9.62%,

1/14/27

....

24,596

24,432

L2434796.UP.FTS.B,

9.68%,

1/14/27

....

17,574

17,458

L2434345.UP.FTS.B,

9.69%,

1/14/27

....

6,454

6,406

L2434787.UP.FTS.B,

9.78%,

1/14/27

....

2,034

2,020

FW2431901.UP.FTS.B,

9.92%,

1/14/27

...

7,719

7,656

L2434832.UP.FTS.B,

9.93%,

1/14/27

....

5,172

377

L2435560.UP.FTS.B,

10.15%,

1/14/27

....

19,581

10,203

FW2433055.UP.FTS.B,

10.82%,

1/14/27

..

2,484

2,465

L2403095.UP.FTS.B,

10.86%,

1/14/27

....

6,010

5,969

L2431423.UP.FTS.B,

11.01%,

1/14/27

....

2,139

2,123

L2430601.UP.FTS.B,

11.3%,

1/14/27

.....

12,453

12,369

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2433199.UP.FTS.B,

12.56%,

1/14/27

..

$

2,154

$

2,140

L2431067.UP.FTS.B,

12.57%,

1/14/27

....

4,301

4,272

L2429992.UP.FTS.B,

12.6%,

1/14/27

....

3,683

3,657

L2434462.UP.FTS.B,

12.63%,

1/14/27

....

1,443

1,432

FW2432090.UP.FTS.B,

12.83%,

1/14/27

..

4,676

4,645

L2435380.UP.FTS.B,

12.98%,

1/14/27

....

3,929

3,903

FW2434494.UP.FTS.B,

12.99%,

1/14/27

..

3,962

286

FW2430692.UP.FTS.B,

13.13%,

1/14/27

..

6,488

6,445

L2434966.UP.FTS.B,

13.37%,

1/14/27

....

7,675

1,054

L2434354.UP.FTS.B,

13.48%,

1/14/27

....

3,614

3,590

L2433923.UP.FTS.B,

13.81%,

1/14/27

....

7,196

7,148

L2430593.UP.FTS.B,

13.89%,

1/14/27

....

7,304

7,251

FW2429622.UP.FTS.B,

15.13%,

1/14/27

..

3,669

3,642

L2434928.UP.FTS.B,

15.16%,

1/14/27

....

3,656

3,632

L2432300.UP.FTS.B,

15.27%,

1/14/27

....

215

212

FW2435291.UP.FTS.B,

16.08%,

1/14/27

..

32,800

32,584

FW2428845.UP.FTS.B,

16.32%,

1/14/27

..

7,877

2,131

L2429267.UP.FTS.B,

16.52%,

1/14/27

....

7,411

7,352

FW2435527.UP.FTS.B,

16.65%,

1/14/27

..

13,449

13,360

L2429626.UP.FTS.B,

16.81%,

1/14/27

....

2,957

2,938

L2434502.UP.FTS.B,

17.17%,

1/14/27

....

12,215

12,105

L2435410.UP.FTS.B,

17.3%,

1/14/27

....

8,920

8,848

L2432699.UP.FTS.B,

17.44%,

1/14/27

....

4,084

4,057

L2434046.UP.FTS.B,

17.57%,

1/14/27

....

7,059

7,015

L2426379.UP.FTS.B,

19.1%,

1/14/27

....

4,128

4,101

L2429755.UP.FTS.B,

19.15%,

1/14/27

....

11,260

11,289

L2435425.UP.FTS.B,

19.56%,

1/14/27

....

5,059

367

FW2430438.UP.FTS.B,

20.15%,

1/14/27

..

2,942

2,921

L2430606.UP.FTS.B,

20.16%,

1/14/27

....

6,908

6,805

L2430735.UP.FTS.B,

20.49%,

1/14/27

....

5,322

5,326

L2428990.UP.FTS.B,

21.05%,

1/14/27

....

15,199

15,238

L2431627.UP.FTS.B,

21.05%,

1/14/27

....

7,596

7,548

L2434076.UP.FTS.B,

21.06%,

1/14/27

....

8,490

617

FW2431803.UP.FTS.B,

21.19%,

1/14/27

..

2,965

2,944

L2435241.UP.FTS.B,

21.3%,

1/14/27

....

4,869

4,826

L2434141.UP.FTS.B,

21.61%,

1/14/27

....

3,026

1,736

L2434159.UP.FTS.B,

21.72%,

1/14/27

....

1,142

1,145

L2432761.UP.FTS.B,

21.77%,

1/14/27

....

1,842

1,828

L2434330.UP.FTS.B,

21.77%,

1/14/27

....

6,867

6,823

L2432647.UP.FTS.B,

21.91%,

1/14/27

....

2,754

2,730

L2433930.UP.FTS.B,

22.17%,

1/14/27

....

8,260

8,281

L2428923.UP.FTS.B,

22.2%,

1/14/27

....

8,968

416

L2433523.UP.FTS.B,

22.41%,

1/14/27

....

10,747

10,753

L2433884.UP.FTS.B,

22.52%,

1/14/27

....

3,819

3,791

L2432854.UP.FTS.B,

22.72%,

1/14/27

....

9,301

9,222

L2432010.UP.FTS.B,

22.75%,

1/14/27

....

23,019

23,079

FW2434152.UP.FTS.B,

22.94%,

1/14/27

..

12,369

12,402

L2429502.UP.FTS.B,

23.45%,

1/14/27

....

1,707

1,708

L2430627.UP.FTS.B,

24.59%,

1/14/27

....

7,868

4,653

L2435514.UP.FTS.B,

24.62%,

1/14/27

....

7,761

7,782

FW2434137.UP.FTS.B,

24.72%,

1/14/27

..

24,122

1,734

L2429435.UP.FTS.B,

24.72%,

1/14/27

....

10,199

729

L2429892.UP.FTS.B,

24.74%,

1/14/27

....

1,475

1,479

L2430498.UP.FTS.B,

25.11%,

1/14/27

....

911

10

L2432911.UP.FTS.B,

25.19%,

1/14/27

....

4,130

4,137

L2434103.UP.FTS.B,

25.19%,

1/14/27

....

994

16

L2428592.UP.FTS.B,

25.23%,

1/14/27

....

2,071

20

L2431333.UP.FTS.B,

25.27%,

1/14/27

....

880

877

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

153

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2432337.UP.FTS.B,

25.36%,

1/14/27

....

$

10,028

$

9,958

L2428819.UP.FTS.B,

25.51%,

1/14/27

....

7,253

7,273

L2430801.UP.FTS.B,

25.58%,

1/14/27

....

503

36

L2429739.UP.FTS.B,

25.61%,

1/14/27

....

2,050

2,049

L2430189.UP.FTS.B,

25.96%,

1/14/27

....

4,909

4,915

L2434122.UP.FTS.B,

25.98%,

1/14/27

....

3,199

1,842

FW2427919.UP.FTS.B,

26.2%,

1/14/27

...

7,828

7,850

FW2433321.UP.FTS.B,

26.46%,

1/14/27

..

1,568

1,572

FW2430722.UP.FTS.B,

26.47%,

1/14/27

..

9,347

9,360

FW2434298.UP.FTS.B,

26.5%,

1/14/27

...

2,578

2,585

FW2433285.UP.FTS.B,

26.57%,

1/14/27

..

6,460

90

FW2428882.UP.FTS.B,

27.27%,

1/14/27

..

4,716

4,729

FW2435389.UP.FTS.B,

28.43%,

1/14/27

..

793

795

FW2435458.UP.FTS.B,

28.74%,

1/14/27

..

3,916

3,924

FW2429440.UP.FTS.B,

28.89%,

1/14/27

..

4,255

1,208

FW2429972.UP.FTS.B,

28.92%,

1/14/27

..

1,589

1,594

FW2432969.UP.FTS.B,

29.06%,

1/14/27

..

7,951

7,973

FW2431137.UP.FTS.B,

29.79%,

1/14/27

..

3,991

4,002

FW2435220.UP.FTS.B,

30.47%,

1/14/27

..

2,564

–

FW2429314.UP.FTS.B,

30.55%,

1/14/27

..

1,208

1,207

FW2431660.UP.FTS.B,

30.55%,

1/14/27

..

9,367

9,375

FW2434437.UP.FTS.B,

30.78%,

1/14/27

..

1,605

1,610

FW2432136.UP.FTS.B,

30.97%,

1/14/27

..

942

943

FW2431224.UP.FTS.B,

31.01%,

1/14/27

..

1,532

1,532

FW2434725.UP.FTS.B,

31.06%,

1/14/27

..

2,575

2,578

FW2431217.UP.FTS.B,

31.18%,

1/14/27

..

4,758

4,762

FW2435248.UP.FTS.B,

31.26%,

1/14/27

..

4,311

4,318

FW2434302.UP.FTS.B,

31.74%,

1/14/27

..

2,822

2,830

FW2430067.UP.FTS.B,

32.35%,

1/14/27

..

3,962

3,973

FW2433366.UP.FTS.B,

32.7%,

1/14/27

...

1,282

1,274

FW2435168.UP.FTS.B,

33.41%,

1/14/27

..

1,549

109

FW2429192.UP.FTS.B,

34.62%,

1/14/27

..

5,395

5,410

L2426521.UP.FTS.B,

25.33%,

1/16/27

....

2,733

2,739

L2435572.UP.FTS.B,

5.11%,

1/18/27

.....

5,435

5,396

L2437289.UP.FTS.B,

5.21%,

1/18/27

....

13,579

13,485

L2438850.UP.FTS.B,

5.32%,

1/18/27

....

6,654

6,597

FW2437117.UP.FTS.B,

5.57%,

1/18/27

...

8,170

8,114

L2435960.UP.FTS.B,

5.66%,

1/18/27

....

2,726

2,707

L2437744.UP.FTS.B,

5.82%,

1/18/27

....

2,383

2,367

L2436076.UP.FTS.B,

6.4%,

1/18/27

.....

7,789

571

L2436314.UP.FTS.B,

6.73%,

1/18/27

....

5,806

5,766

L2437712.UP.FTS.B,

7.07%,

1/18/27

....

3,868

3,841

L2436166.UP.FTS.B,

7.3%,

1/18/27

.....

6,903

6,856

L2437375.UP.FTS.B,

7.41%,

1/18/27

....

10,364

10,294

FW2435037.UP.FTS.B,

7.47%,

1/18/27

...

9,551

9,484

L2437526.UP.FTS.B,

8.11%,

1/18/27

.....

3,752

3,726

L2435968.UP.FTS.B,

8.28%,

1/18/27

....

34,804

34,546

L2437670.UP.FTS.B,

8.31%,

1/18/27

....

3,471

3,447

L2435758.UP.FTS.B,

8.38%,

1/18/27

....

4,525

4,494

FW2437100.UP.FTS.B,

8.44%,

1/18/27

...

4,546

302

L2438360.UP.FTS.B,

8.62%,

1/18/27

....

11,848

11,766

FW2436679.UP.FTS.B,

8.8%,

1/18/27

....

3,492

3,468

L2436019.UP.FTS.B,

8.91%,

1/18/27

....

3,845

3,818

FW2436236.UP.FTS.B,

9.07%,

1/18/27

...

1,610

1,599

L2436597.UP.FTS.B,

9.15%,

1/18/27

....

3,501

3,477

L2439024.UP.FTS.B,

9.19%,

1/18/27

....

34,877

34,636

FW2437428.UP.FTS.B,

9.23%,

1/18/27

...

2,912

2,891

L2439293.UP.FTS.B,

9.38%,

1/18/27

....

3,507

3,483

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2436825.UP.FTS.B,

9.41%,

1/18/27

....

$

30,870

$

30,659

L2435641.UP.FTS.B,

9.42%,

1/18/27

....

10,532

10,455

FW2437343.UP.FTS.B,

9.49%,

1/18/27

...

4,212

4,184

L2436109.UP.FTS.B,

9.68%,

1/18/27

....

35,525

33,427

L2438805.UP.FTS.B,

9.71%,

1/18/27

....

8,092

8,032

L2438298.UP.FTS.B,

9.72%,

1/18/27

....

10,555

10,477

L2438087.UP.FTS.B,

9.91%,

1/18/27

....

33,098

32,872

L2405316.UP.FTS.B,

10.34%,

1/18/27

....

1,579

116

L2435766.UP.FTS.B,

10.44%,

1/18/27

....

8,130

8,075

L2435811.UP.FTS.B,

10.45%,

1/18/27

....

29,046

27,318

FW2435900.UP.FTS.B,

11.42%,

1/18/27

..

4,086

564

L2437164.UP.FTS.B,

11.6%,

1/18/27

.....

4,279

4,250

L2437916.UP.FTS.B,

11.63%,

1/18/27

....

3,566

3,542

L2435975.UP.FTS.B,

12.06%,

1/18/27

....

4,432

4,174

L2431628.UP.FTS.B,

12.97%,

1/18/27

....

11,022

10,386

L2437498.UP.FTS.B,

13%,

1/18/27

......

36,015

35,773

FW2436712.UP.FTS.B,

13.19%,

1/18/27

..

20,283

20,131

L2436053.UP.FTS.B,

13.19%,

1/18/27

....

32,453

32,236

L2435800.UP.FTS.B,

13.45%,

1/18/27

....

1,119

1,106

FW2438200.UP.FTS.B,

13.65%,

1/18/27

..

561

555

L2436944.UP.FTS.B,

13.68%,

1/18/27

....

21,717

21,571

L2438233.UP.FTS.B,

13.97%,

1/18/27

....

36,262

36,019

FW2435953.UP.FTS.B,

14.04%,

1/18/27

..

2,539

2,522

FW2386556.UP.FTS.B,

14.67%,

1/18/27

..

19,602

19,471

L2435828.UP.FTS.B,

15.11%,

1/18/27

....

7,309

7,261

FW2437715.UP.FTS.B,

16.25%,

1/18/27

..

20,336

1,478

L2436120.UP.FTS.B,

16.49%,

1/18/27

....

2,213

2,199

FW2437419.UP.FTS.B,

16.93%,

1/18/27

..

11,098

11,024

L2437345.UP.FTS.B,

17.3%,

1/18/27

....

8,197

8,132

L2436235.UP.FTS.B,

19.1%,

1/18/27

....

3,379

3,349

FW2433283.UP.FTS.B,

19.48%,

1/18/27

..

3,745

3,720

L2431623.UP.FTS.B,

19.58%,

1/18/27

....

29,063

28,871

L2437522.UP.FTS.B,

20.01%,

1/18/27

....

1,132

1,124

L2436835.UP.FTS.B,

20.74%,

1/18/27

....

11,373

11,405

L2438983.UP.FTS.B,

22.44%,

1/18/27

....

29,667

29,704

L2438751.UP.FTS.B,

22.96%,

1/18/27

....

4,588

4,599

L2436458.UP.FTS.B,

23.16%,

1/18/27

....

1,526

1,529

FW2436112.UP.FTS.B,

23.4%,

1/18/27

...

2,696

2,704

L2436533.UP.FTS.B,

23.74%,

1/18/27

....

9,263

9,288

L2435765.UP.FTS.B,

24.15%,

1/18/27

....

1,238

1,241

L2438451.UP.FTS.B,

24.73%,

1/18/27

....

5,493

5,493

L2436225.UP.FTS.B,

25.02%,

1/18/27

....

1,136

1,137

L2437383.UP.FTS.B,

25.04%,

1/18/27

....

9,333

9,358

L2435949.UP.FTS.B,

25.18%,

1/18/27

....

916

903

L2438923.UP.FTS.B,

25.2%,

1/18/27

....

1,557

1,561

L2435111.UP.FTS.B,

25.27%,

1/18/27

....

1,558

1,562

FW2437643.UP.FTS.B,

25.44%,

1/18/27

..

13,993

14,027

L2435585.UP.FTS.B,

25.45%,

1/18/27

....

1,036

300

L2435792.UP.FTS.B,

25.45%,

1/18/27

....

2,073

24

L2435644.UP.FTS.B,

25.47%,

1/18/27

....

9,823

9,849

L2435936.UP.FTS.B,

25.47%,

1/18/27

....

1,559

1,563

L2436279.UP.FTS.B,

25.97%,

1/18/27

....

3,121

3,123

FW2439188.UP.FTS.B,

26.09%,

1/18/27

..

6,451

6,417

FW2435944.UP.FTS.B,

26.26%,

1/18/27

..

3,166

917

L2436823.UP.FTS.B,

26.4%,

1/18/27

....

3,057

3,065

FW2438660.UP.FTS.B,

27.49%,

1/18/27

..

3,155

3,163

FW2437301.UP.FTS.B,

28.28%,

1/18/27

..

22,324

22,315

FW2436660.UP.FTS.B,

28.46%,

1/18/27

..

3,177

3,179

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

154

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2435922.UP.FTS.B,

28.48%,

1/18/27

..

$

3,172

$

3,180

FW2438088.UP.FTS.B,

28.61%,

1/18/27

..

3,966

3,784

FW2437152.UP.FTS.B,

29.32%,

1/18/27

..

6,567

465

FW2438349.UP.FTS.B,

30.51%,

1/18/27

..

1,242

1,240

FW2436417.UP.FTS.B,

30.84%,

1/18/27

..

4,838

4,841

FW2437637.UP.FTS.B,

31.11%,

1/18/27

..

1,366

1,370

FW2435617.UP.FTS.B,

31.17%,

1/18/27

..

4,902

721

FW2424349.UP.FTS.B,

31.49%,

1/18/27

..

2,507

2,514

FW2438118.UP.FTS.B,

31.57%,

1/18/27

..

6,605

6,621

FW2438330.UP.FTS.B,

31.74%,

1/18/27

..

2,902

2,909

L2432353.UP.FTS.B,

7.41%,

1/20/27

....

13,837

13,735

FW2426856.UP.FTS.B,

16.14%,

1/21/27

..

7,387

7,337

FW2423642.UP.FTS.B,

28.44%,

1/22/27

..

3,193

3,196

L2433080.UP.FTS.B,

22.02%,

1/24/27

....

12,147

12,183

L2434166.UP.FTS.B,

20.69%,

1/28/27

....

31,390

8,700

FW2437462.UP.FTS.B,

26.24%,

2/01/27

..

39,799

39,821

FW2437431.UP.FTS.B,

30.95%,

2/01/27

..

1,479

1,481

L2604537.UP.FTS.B,

4.81%,

2/10/27

....

15,103

14,996

L2607506.UP.FTS.B,

5.59%,

2/10/27

....

34,843

34,599

FW2607187.UP.FTS.B,

7.26%,

2/10/27

...

28,228

28,016

L2528315.UP.FTS.B,

7.51%,

2/10/27

....

8,130

8,069

L2604772.UP.FTS.B,

7.89%,

2/10/27

....

19,213

19,069

L2609006.UP.FTS.B,

8.83%,

2/10/27

....

6,953

427

FW2594995.UP.FTS.B,

9.66%,

2/10/27

...

20,824

20,670

L2607571.UP.FTS.B,

9.71%,

2/10/27

....

14,366

14,260

L2606288.UP.FTS.B,

9.78%,

2/10/27

....

5,078

5,035

L2604523.UP.FTS.B,

10.02%,

2/10/27

....

12,599

12,506

L2608678.UP.FTS.B,

11.38%,

2/10/27

....

3,276

3,247

L2608808.UP.FTS.B,

11.45%,

2/10/27

....

699

690

L2603278.UP.FTS.B,

11.56%,

2/10/27

....

4,297

4,261

L2606699.UP.FTS.B,

11.87%,

2/10/27

....

17,494

17,355

L2608120.UP.FTS.B,

12.12%,

2/10/27

....

19,649

19,493

L2606144.UP.FTS.B,

12.19%,

2/10/27

....

3,292

3,254

L2602160.UP.FTS.B,

13.05%,

2/10/27

....

6,247

6,198

L2606798.UP.FTS.B,

13.38%,

2/10/27

....

7,367

7,309

L2605310.UP.FTS.B,

13.4%,

2/10/27

....

5,052

2,697

L2604725.UP.FTS.B,

13.41%,

2/10/27

....

2,437

2,415

L2608712.UP.FTS.B,

13.54%,

2/10/27

....

2,950

2,927

L2607120.UP.FTS.B,

13.67%,

2/10/27

....

12,769

12,660

L2607960.UP.FTS.B,

13.74%,

2/10/27

....

5,538

5,495

FW2604743.UP.FTS.B,

13.75%,

2/10/27

..

9,664

9,581

L2581968.UP.FTS.B,

13.8%,

2/10/27

....

8,107

8,041

FW2606882.UP.FTS.B,

13.95%,

2/10/27

..

5,915

5,869

FW2605016.UP.FTS.B,

14.07%,

2/10/27

..

13,276

958

L2560503.UP.FTS.B,

14.15%,

2/10/27

....

18,511

18,365

L2607639.UP.FTS.B,

14.65%,

2/10/27

....

23,697

23,511

L2603034.UP.FTS.B,

14.68%,

2/10/27

....

7,727

7,659

FW2606203.UP.FTS.B,

14.78%,

2/10/27

..

2,379

2,360

FW2602616.UP.FTS.B,

14.79%,

2/10/27

..

37,281

36,959

L2603660.UP.FTS.B,

14.88%,

2/10/27

....

6,426

6,371

FW2608870.UP.FTS.B,

15.02%,

2/10/27

..

11,123

11,035

L2602863.UP.FTS.B,

15.13%,

2/10/27

....

2,981

2,954

FW2602511.UP.FTS.B,

15.19%,

2/10/27

..

21,022

20,858

L2605446.UP.FTS.B,

15.44%,

2/10/27

....

3,234

3,204

L2599419.UP.FTS.B,

15.54%,

2/10/27

....

13,449

13,330

L2606023.UP.FTS.B,

15.7%,

2/10/27

....

2,992

2,968

L2602901.UP.FTS.B,

15.85%,

2/10/27

....

5,600

5,541

L2609082.UP.FTS.B,

16.06%,

2/10/27

....

15,805

15,682

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2609598.UP.FTS.B,

16.23%,

2/10/27

....

$

11,880

$

1,665

L2603136.UP.FTS.B,

17.13%,

2/10/27

....

15,095

14,963

L2606954.UP.FTS.B,

17.42%,

2/10/27

....

2,881

208

L2604751.UP.FTS.B,

17.73%,

2/10/27

....

757

751

FW2609494.UP.FTS.B,

18.3%,

2/10/27

...

3,801

3,768

FW2607843.UP.FTS.B,

18.35%,

2/10/27

..

5,852

5,794

FW2606517.UP.FTS.B,

18.44%,

2/10/27

..

6,272

3,499

FW2603450.UP.FTS.B,

19.07%,

2/10/27

..

9,088

9,008

FW2606893.UP.FTS.B,

19.31%,

2/10/27

..

3,814

3,776

FW2604033.UP.FTS.B,

19.37%,

2/10/27

..

7,497

7,422

L2608142.UP.FTS.B,

19.78%,

2/10/27

....

6,672

6,669

L2609196.UP.FTS.B,

20.26%,

2/10/27

....

4,616

4,569

L2607782.UP.FTS.B,

20.62%,

2/10/27

....

2,405

2,398

L2607501.UP.FTS.B,

20.9%,

2/10/27

....

4,632

4,630

L2580476.UP.FTS.B,

20.98%,

2/10/27

....

1,547

1,521

FW2607597.UP.FTS.B,

21.25%,

2/10/27

..

1,702

1,685

L2604520.UP.FTS.B,

21.28%,

2/10/27

....

819

59

FW2601053.UP.FTS.B,

21.37%,

2/10/27

..

1,170

1,157

L2609346.UP.FTS.B,

21.52%,

2/10/27

....

16,281

16,118

L2603922.UP.FTS.B,

21.73%,

2/10/27

....

4,266

4,264

L2608576.UP.FTS.B,

21.77%,

2/10/27

....

3,259

3,257

L2608126.UP.FTS.B,

22.06%,

2/10/27

....

3,723

3,714

L2607211.UP.FTS.B,

22.39%,

2/10/27

....

2,567

186

FW2607078.UP.FTS.B,

22.55%,

2/10/27

..

2,416

2,414

FW2608208.UP.FTS.B,

22.58%,

2/10/27

..

8,576

8,572

L2604735.UP.FTS.B,

22.59%,

2/10/27

....

15,746

1,123

L2602456.UP.FTS.B,

22.85%,

2/10/27

....

6,245

6,242

L2608552.UP.FTS.B,

22.9%,

2/10/27

....

2,343

2,342

L2608111.UP.FTS.B,

23.17%,

2/10/27

....

12,590

12,584

FW2603295.UP.FTS.B,

23.18%,

2/10/27

..

7,820

7,816

L2605681.UP.FTS.B,

23.22%,

2/10/27

....

3,911

3,909

L2603641.UP.FTS.B,

23.37%,

2/10/27

....

2,975

2,973

L2606964.UP.FTS.B,

23.53%,

2/10/27

....

784

783

L2606747.UP.FTS.B,

23.7%,

2/10/27

....

7,757

7,748

L2604424.UP.FTS.B,

24.29%,

2/10/27

....

7,741

7,723

L2604262.UP.FTS.B,

24.39%,

2/10/27

....

3,936

3,934

FW2605000.UP.FTS.B,

24.47%,

2/10/27

..

4,332

4,329

L2601898.UP.FTS.B,

24.69%,

2/10/27

....

1,104

1,104

L2608693.UP.FTS.B,

24.99%,

2/10/27

....

1,264

1,263

L2608510.UP.FTS.B,

25%,

2/10/27

......

1,580

1,579

L2605594.UP.FTS.B,

25.02%,

2/10/27

....

2,212

2,211

L2604053.UP.FTS.B,

25.25%,

2/10/27

....

1,503

1,502

L2606928.UP.FTS.B,

25.27%,

2/10/27

....

1,661

1,644

L2607974.UP.FTS.B,

25.3%,

2/10/27

....

7,358

7,354

L2609551.UP.FTS.B,

25.3%,

2/10/27

....

2,058

2,056

FW2609019.UP.FTS.B,

25.41%,

2/10/27

..

4,342

4,339

L2572476.UP.FTS.B,

25.45%,

2/10/27

....

11,148

11,141

L2608348.UP.FTS.B,

25.54%,

2/10/27

....

4,755

4,752

L2603713.UP.FTS.B,

25.81%,

2/10/27

....

2,743

2,740

FW2604813.UP.FTS.B,

25.83%,

2/10/27

..

5,553

5,550

L2586417.UP.FTS.B,

25.9%,

2/10/27

....

7,699

7,695

FW2606426.UP.FTS.B,

26.19%,

2/10/27

..

2,741

2,737

FW2604860.UP.FTS.B,

26.47%,

2/10/27

..

4,378

4,375

FW2607306.UP.FTS.B,

26.66%,

2/10/27

..

2,390

2,389

FW2607888.UP.FTS.B,

27.06%,

2/10/27

..

10,310

10,300

L2604862.UP.FTS.B,

27.57%,

2/10/27

....

8,165

8,160

FW2603425.UP.FTS.B,

27.81%,

2/10/27

..

2,778

2,775

FW2607049.UP.FTS.B,

28.08%,

2/10/27

..

1,525

1,524

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

155

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2608113.UP.FTS.B,

28.22%,

2/10/27

..

$

2,583

$

2,566

FW2605555.UP.FTS.B,

29.52%,

2/10/27

..

1,859

1,858

FW2607282.UP.FTS.B,

30.52%,

2/10/27

..

4,994

4,979

FW2607815.UP.FTS.B,

31.17%,

2/10/27

..

2,218

155

FW2606754.UP.FTS.B,

31.29%,

2/10/27

..

3,098

3,096

FW2606293.UP.FTS.B,

31.31%,

2/10/27

..

4,402

311

FW2607854.UP.FTS.B,

31.49%,

2/10/27

..

4,898

4,895

FW2604730.UP.FTS.B,

31.73%,

2/10/27

..

6,318

6,302

L2610465.UP.FTS.B,

5.18%,

2/11/27

.....

17,368

17,246

L2612729.UP.FTS.B,

6.04%,

2/11/27

.....

10,361

10,289

L2570795.UP.FTS.B,

6.48%,

2/11/27

.....

7,016

6,968

L2610259.UP.FTS.B,

6.78%,

2/11/27

.....

4,359

4,330

FW2614143.UP.FTS.B,

6.93%,

2/11/27

...

2,816

2,796

L2588879.UP.FTS.B,

7.55%,

2/11/27

.....

1,061

1,054

L2611556.UP.FTS.B,

8.27%,

2/11/27

.....

5,902

5,847

L2610842.UP.FTS.B,

9.27%,

2/11/27

.....

8,020

7,961

L2613434.UP.FTS.B,

9.37%,

2/11/27

.....

10,648

10,569

FW2610585.UP.FTS.B,

9.75%,

2/11/27

...

17,921

17,790

L2614166.UP.FTS.B,

10.03%,

2/11/27

....

2,520

2,501

L2611172.UP.FTS.B,

10.14%,

2/11/27

....

2,161

2,144

FW2612347.UP.FTS.B,

10.88%,

2/11/27

..

29,093

28,842

L2611011.UP.FTS.B,

11.03%,

2/11/27

....

11,740

11,648

FW2613043.UP.FTS.B,

11.2%,

2/11/27

...

9,290

9,217

L2610880.UP.FTS.B,

11.35%,

2/11/27

....

7,266

7,209

L2615397.UP.FTS.B,

11.54%,

2/11/27

....

5,092

5,053

L2615183.UP.FTS.B,

12.14%,

2/11/27

....

8,944

4,770

L2615652.UP.FTS.B,

12.4%,

2/11/27

.....

3,074

3,050

FW2612477.UP.FTS.B,

12.41%,

2/11/27

..

10,978

10,893

L2612452.UP.FTS.B,

12.6%,

2/11/27

.....

8,697

442

L2614583.UP.FTS.B,

12.97%,

2/11/27

....

8,081

8,018

FW2604554.UP.FTS.B,

13.07%,

2/11/27

..

15,008

8,004

FW2615345.UP.FTS.B,

13.1%,

2/11/27

...

7,439

7,371

L2615756.UP.FTS.B,

13.21%,

2/11/27

....

3,396

3,368

L2614367.UP.FTS.B,

13.3%,

2/11/27

.....

4,714

4,677

L2612579.UP.FTS.B,

13.46%,

2/11/27

....

3,573

3,544

L2612166.UP.FTS.B,

13.67%,

2/11/27

....

4,940

4,898

L2615304.UP.FTS.B,

13.86%,

2/11/27

....

29,197

7,460

L2615143.UP.FTS.B,

13.89%,

2/11/27

....

3,179

3,154

L2614922.UP.FTS.B,

13.97%,

2/11/27

....

8,156

8,086

FW2612651.UP.FTS.B,

14.21%,

2/11/27

..

18,142

17,996

L2612964.UP.FTS.B,

14.24%,

2/11/27

....

8,890

8,822

L2614986.UP.FTS.B,

14.63%,

2/11/27

....

3,714

3,685

L2613480.UP.FTS.B,

14.65%,

2/11/27

....

8,530

8,458

L2615636.UP.FTS.B,

14.73%,

2/11/27

....

20,889

20,694

L2612790.UP.FTS.B,

14.98%,

2/11/27

....

11,763

11,672

L2612114.UP.FTS.B,

14.99%,

2/11/27

....

6,403

6,354

L2614045.UP.FTS.B,

15.28%,

2/11/27

....

4,475

4,441

L2615153.UP.FTS.B,

15.28%,

2/11/27

....

8,950

8,874

L2610220.UP.FTS.B,

15.29%,

2/11/27

....

5,967

5,916

L2610243.UP.FTS.B,

15.41%,

2/11/27

....

6,724

6,667

L2539854.UP.FTS.B,

15.78%,

2/11/27

....

3,367

3,339

L2614929.UP.FTS.B,

16.21%,

2/11/27

....

3,377

3,351

FW2612990.UP.FTS.B,

16.24%,

2/11/27

..

7,131

7,070

L2611366.UP.FTS.B,

16.4%,

2/11/27

.....

3,756

3,724

L2610647.UP.FTS.B,

16.52%,

2/11/27

....

6,277

1,610

L2611260.UP.FTS.B,

17.12%,

2/11/27

....

15,984

15,844

L2613654.UP.FTS.B,

17.15%,

2/11/27

....

6,111

6,057

L2612163.UP.FTS.B,

17.53%,

2/11/27

....

2,697

384

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2611103.UP.FTS.B,

17.75%,

2/11/27

..

$

3,687

$

3,653

L2615159.UP.FTS.B,

17.82%,

2/11/27

....

4,168

4,128

L2610018.UP.FTS.B,

17.84%,

2/11/27

....

1,569

1,553

L2611326.UP.FTS.B,

18.28%,

2/11/27

....

7,586

7,512

L2613884.UP.FTS.B,

18.39%,

2/11/27

....

3,060

3,026

L2605567.UP.FTS.B,

18.46%,

2/11/27

....

4,110

4,075

FW2614597.UP.FTS.B,

18.7%,

2/11/27

...

7,600

7,535

L2609725.UP.FTS.B,

18.91%,

2/11/27

....

38,148

37,778

FW2610980.UP.FTS.B,

18.94%,

2/11/27

..

7,631

7,566

L2614124.UP.FTS.B,

18.99%,

2/11/27

....

5,708

5,640

L2614413.UP.FTS.B,

19.06%,

2/11/27

....

20,506

20,338

L2601501.UP.FTS.B,

19.21%,

2/11/27

....

3,745

3,709

L2614334.UP.FTS.B,

19.21%,

2/11/27

....

13,376

13,374

L2609505.UP.FTS.B,

19.3%,

2/11/27

.....

1,453

1,442

L2611253.UP.FTS.B,

19.34%,

2/11/27

....

7,649

7,584

FW2611297.UP.FTS.B,

19.83%,

2/11/27

..

11,620

11,509

L2600626.UP.FTS.B,

19.96%,

2/11/27

....

42,583

3,086

L2612449.UP.FTS.B,

20.03%,

2/11/27

....

7,690

7,616

FW2614605.UP.FTS.B,

20.34%,

2/11/27

..

3,435

3,433

L2613825.UP.FTS.B,

20.6%,

2/11/27

.....

1,874

1,854

L2609761.UP.FTS.B,

20.76%,

2/11/27

....

3,857

3,856

L2615540.UP.FTS.B,

20.79%,

2/11/27

....

4,630

4,585

L2610020.UP.FTS.B,

20.86%,

2/11/27

....

4,631

4,630

L2612113.UP.FTS.B,

20.93%,

2/11/27

....

6,602

6,538

L2613671.UP.FTS.B,

21.11%,

2/11/27

....

7,245

523

FW2612614.UP.FTS.B,

21.12%,

2/11/27

..

7,706

4,534

FW2612937.UP.FTS.B,

21.48%,

2/11/27

..

19,375

19,373

L2612062.UP.FTS.B,

21.51%,

2/11/27

....

1,477

1,460

L2611316.UP.FTS.B,

21.54%,

2/11/27

....

15,502

15,500

L2611816.UP.FTS.B,

21.62%,

2/11/27

....

2,326

2,325

L2615221.UP.FTS.B,

21.7%,

2/11/27

.....

7,756

7,754

L2615421.UP.FTS.B,

22.2%,

2/11/27

.....

8,887

1,240

FW2611510.UP.FTS.B,

22.45%,

2/11/27

..

8,515

8,497

L2612478.UP.FTS.B,

22.55%,

2/11/27

....

1,247

1,247

L2610047.UP.FTS.B,

22.57%,

2/11/27

....

2,494

2,493

L2610189.UP.FTS.B,

23.14%,

2/11/27

....

8,393

8,389

L2612720.UP.FTS.B,

23.21%,

2/11/27

....

782

775

L2614552.UP.FTS.B,

23.24%,

2/11/27

....

4,348

2,565

FW2613747.UP.FTS.B,

23.43%,

2/11/27

..

7,827

7,826

L2611969.UP.FTS.B,

23.47%,

2/11/27

....

3,145

3,139

L2610518.UP.FTS.B,

23.54%,

2/11/27

....

23,901

23,896

L2611149.UP.FTS.B,

23.94%,

2/11/27

....

15,706

15,703

L2615317.UP.FTS.B,

24.12%,

2/11/27

....

5,897

5,847

L2614419.UP.FTS.B,

24.18%,

2/11/27

....

2,202

2,202

L2612809.UP.FTS.B,

24.27%,

2/11/27

....

1,102

1,101

L2613285.UP.FTS.B,

24.59%,

2/11/27

....

5,027

4,984

FW2610552.UP.FTS.B,

24.93%,

2/11/27

..

3,158

3,157

L2613569.UP.FTS.B,

25.13%,

2/11/27

....

790

790

L2610541.UP.FTS.B,

25.14%,

2/11/27

....

803

460

FW2613750.UP.FTS.B,

25.19%,

2/11/27

..

2,056

2,035

L2613208.UP.FTS.B,

25.22%,

2/11/27

....

1,186

1,186

L2612096.UP.FTS.B,

25.23%,

2/11/27

....

1,581

1,581

L2613943.UP.FTS.B,

25.28%,

2/11/27

....

2,898

2,889

L2608705.UP.FTS.B,

25.34%,

2/11/27

....

9,100

9,099

FW2609818.UP.FTS.B,

25.35%,

2/11/27

..

1,416

402

FW2614897.UP.FTS.B,

25.36%,

2/11/27

..

2,691

2,690

L2611708.UP.FTS.B,

25.41%,

2/11/27

....

5,744

3,393

L2611511.UP.FTS.B,

25.43%,

2/11/27

....

5,026

5,016

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

156

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2612279.UP.FTS.B,

25.43%,

2/11/27

....

$

9,969

$

9,966

L2613393.UP.FTS.B,

25.43%,

2/11/27

....

1,187

1,187

L2610473.UP.FTS.B,

25.47%,

2/11/27

....

3,236

230

L2611698.UP.FTS.B,

25.48%,

2/11/27

....

1,109

1,108

L2615261.UP.FTS.B,

25.48%,

2/11/27

....

1,975

284

L2611590.UP.FTS.B,

25.53%,

2/11/27

....

6,369

457

L2615219.UP.FTS.B,

25.79%,

2/11/27

....

8,566

8,564

L2613952.UP.FTS.B,

25.83%,

2/11/27

....

3,834

1,104

L2610715.UP.FTS.B,

26.1%,

2/11/27

.....

11,921

11,805

L2612621.UP.FTS.B,

26.12%,

2/11/27

....

5,031

1,450

FW2612923.UP.FTS.B,

26.13%,

2/11/27

..

3,973

3,972

L2611604.UP.FTS.B,

26.15%,

2/11/27

....

3,973

3,973

FW2608384.UP.FTS.B,

26.32%,

2/11/27

..

3,978

3,977

L2611375.UP.FTS.B,

26.37%,

2/11/27

....

797

796

FW2611559.UP.FTS.B,

26.48%,

2/11/27

..

2,736

2,732

FW2612288.UP.FTS.B,

26.6%,

2/11/27

...

8,641

612

L2614297.UP.FTS.B,

26.71%,

2/11/27

....

3,430

245

FW2610030.UP.FTS.B,

27.01%,

2/11/27

..

2,808

2,802

FW2611293.UP.FTS.B,

27.26%,

2/11/27

..

3,939

3,935

FW2615414.UP.FTS.B,

27.43%,

2/11/27

..

4,480

4,479

FW2609816.UP.FTS.B,

27.78%,

2/11/27

..

12,016

12,013

FW2615245.UP.FTS.B,

27.79%,

2/11/27

..

6,872

485

FW2612642.UP.FTS.B,

27.88%,

2/11/27

..

1,657

1,652

FW2613189.UP.FTS.B,

27.88%,

2/11/27

..

24,061

24,056

FW2614513.UP.FTS.B,

28.27%,

2/11/27

..

1,285

1,285

FW2608240.UP.FTS.B,

28.43%,

2/11/27

..

8,845

8,843

FW2608822.UP.FTS.B,

28.45%,

2/11/27

..

6,845

6,834

FW2614134.UP.FTS.B,

28.75%,

2/11/27

..

8,053

8,051

FW2615423.UP.FTS.B,

28.85%,

2/11/27

..

12,094

12,091

FW2614677.UP.FTS.B,

28.98%,

2/11/27

..

4,474

4,474

FW2612243.UP.FTS.B,

29.25%,

2/11/27

..

1,444

1,443

FW2612629.UP.FTS.B,

29.49%,

2/11/27

..

551

543

FW2615061.UP.FTS.B,

29.68%,

2/11/27

..

1,729

123

FW2611171.UP.FTS.B,

30.34%,

2/11/27

..

1,623

1,623

FW2611548.UP.FTS.B,

30.39%,

2/11/27

..

1,137

1,136

FW2609716.UP.FTS.B,

30.54%,

2/11/27

..

1,381

1,381

FW2613443.UP.FTS.B,

30.65%,

2/11/27

..

741

738

FW2607135.UP.FTS.B,

30.71%,

2/11/27

..

2,195

2,195

FW2606538.UP.FTS.B,

30.84%,

2/11/27

..

814

813

FW2611696.UP.FTS.B,

30.9%,

2/11/27

...

1,652

978

FW2612001.UP.FTS.B,

30.9%,

2/11/27

...

2,024

2,023

FW2609619.UP.FTS.B,

30.92%,

2/11/27

..

2,290

2,286

FW2615294.UP.FTS.B,

30.92%,

2/11/27

..

929

134

FW2610795.UP.FTS.B,

30.98%,

2/11/27

..

864

862

FW2612663.UP.FTS.B,

31.02%,

2/11/27

..

2,956

206

FW2610734.UP.FTS.B,

31.08%,

2/11/27

..

1,251

88

FW2609546.UP.FTS.B,

31.1%,

2/11/27

...

992

587

FW2611533.UP.FTS.B,

31.12%,

2/11/27

..

3,421

3,409

FW2610773.UP.FTS.B,

31.41%,

2/11/27

..

11,746

11,742

FW2611159.UP.FTS.B,

31.78%,

2/11/27

..

5,279

5,270

FW2610510.UP.FTS.B,

33.6%,

2/11/27

...

1,401

1,401

FW2614310.UP.FTS.B,

33.97%,

2/11/27

..

1,895

1,129

FW2610903.UP.FTS.B,

34.14%,

2/11/27

..

17,693

17,658

FW2615534.UP.FTS.B,

34.51%,

2/11/27

..

4,307

297

FW2613609.UP.FTS.B,

25.31%,

2/12/27

..

7,919

7,842

L2617298.UP.FTS.B,

5.1%,

2/14/27

.....

7,637

7,583

L2618466.UP.FTS.B,

5.11%,

2/14/27

.....

15,970

15,858

L2617141.UP.FTS.B,

5.84%,

2/14/27

....

5,265

5,228

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2616590.UP.FTS.B,

7.87%,

2/14/27

....

$

18,743

$

18,603

L2616809.UP.FTS.B,

11.55%,

2/14/27

....

4,350

4,316

L2616387.UP.FTS.B,

12.27%,

2/14/27

....

5,118

5,078

L2617640.UP.FTS.B,

13%,

2/14/27

......

10,638

10,540

FW2616181.UP.FTS.B,

13.1%,

2/14/27

...

4,933

2,639

L2616333.UP.FTS.B,

13.75%,

2/14/27

....

25,850

25,648

L2617800.UP.FTS.B,

13.82%,

2/14/27

....

3,930

3,896

L2617493.UP.FTS.B,

13.84%,

2/14/27

....

16,833

2,323

L2615653.UP.FTS.B,

14.07%,

2/14/27

....

2,211

2,194

L2618908.UP.FTS.B,

14.12%,

2/14/27

....

22,151

21,978

L2610061.UP.FTS.B,

14.43%,

2/14/27

....

18,547

18,403

FW2616422.UP.FTS.B,

14.55%,

2/14/27

..

4,009

3,978

L2616226.UP.FTS.B,

14.8%,

2/14/27

....

4,463

4,425

L2617062.UP.FTS.B,

15.98%,

2/14/27

....

5,932

813

L2616432.UP.FTS.B,

16.81%,

2/14/27

....

6,026

5,975

FW2616510.UP.FTS.B,

17.3%,

2/14/27

...

3,474

3,441

FW2616193.UP.FTS.B,

17.47%,

2/14/27

..

1,134

1,125

L2617103.UP.FTS.B,

18.14%,

2/14/27

....

5,696

5,642

L2616245.UP.FTS.B,

18.36%,

2/14/27

....

15,170

15,040

L2616269.UP.FTS.B,

19.1%,

2/14/27

....

18,991

18,806

L2612816.UP.FTS.B,

19.36%,

2/14/27

....

15,327

15,180

L2616072.UP.FTS.B,

19.58%,

2/14/27

....

3,137

3,106

L2616722.UP.FTS.B,

19.8%,

2/14/27

....

4,448

4,449

L2616852.UP.FTS.B,

19.82%,

2/14/27

....

5,370

5,318

L2616174.UP.FTS.B,

20.55%,

2/14/27

....

1,075

1,065

FW2618465.UP.FTS.B,

20.69%,

2/14/27

..

7,693

7,623

FW2615937.UP.FTS.B,

21.82%,

2/14/27

..

7,674

7,672

L2616825.UP.FTS.B,

22.66%,

2/14/27

....

4,524

4,524

FW2617069.UP.FTS.B,

23.16%,

2/14/27

..

23,657

23,620

L2617672.UP.FTS.B,

23.43%,

2/14/27

....

6,265

6,264

L2616450.UP.FTS.B,

23.7%,

2/14/27

....

7,843

7,775

L2615942.UP.FTS.B,

23.87%,

2/14/27

....

14,522

14,521

L2617402.UP.FTS.B,

24.27%,

2/14/27

....

2,909

26

L2612509.UP.FTS.B,

24.31%,

2/14/27

....

2,235

2,202

L2616368.UP.FTS.B,

24.5%,

2/14/27

....

8,507

8,506

L2617237.UP.FTS.B,

25.14%,

2/14/27

....

3,636

3,601

L2616717.UP.FTS.B,

25.42%,

2/14/27

....

1,979

1,979

L2617627.UP.FTS.B,

25.47%,

2/14/27

....

1,346

1,346

L2615878.UP.FTS.B,

25.5%,

2/14/27

....

6,735

6,725

L2617283.UP.FTS.B,

25.65%,

2/14/27

....

4,439

4,438

L2617648.UP.FTS.B,

25.74%,

2/14/27

....

7,902

7,895

FW2617973.UP.FTS.B,

26.17%,

2/14/27

..

6,040

6,039

FW2616127.UP.FTS.B,

27.61%,

2/14/27

..

3,203

3,202

FW2616788.UP.FTS.B,

28.08%,

2/14/27

..

9,805

9,803

FW2617614.UP.FTS.B,

28.35%,

2/14/27

..

17,288

5,044

FW2618814.UP.FTS.B,

28.99%,

2/14/27

..

5,610

393

FW2616093.UP.FTS.B,

29.88%,

2/14/27

..

5,772

5,753

FW2617595.UP.FTS.B,

30.34%,

2/14/27

..

1,625

1,624

FW2618539.UP.FTS.B,

30.94%,

2/14/27

..

4,909

4,899

FW2616218.UP.FTS.B,

31.14%,

2/14/27

..

1,130

79

FW2616908.UP.FTS.B,

31.23%,

2/14/27

..

4,238

4,236

FW2618241.UP.FTS.B,

31.49%,

2/14/27

..

7,344

7,341

L1694887.UP.FTS.B,

15.52%,

2/15/27

....

4,443

4,405

L1716066.UP.FTS.B,

21%,

2/15/27

......

2,059

574

L2612674.UP.FTS.B,

23.33%,

2/15/27

....

1,561

1,558

L1716537.UP.FTS.B,

25.41%,

2/15/27

....

1,676

120

L1712773.UP.FTS.B,

26.27%,

2/15/27

....

2,888

204

L2605322.UP.FTS.B,

26.41%,

2/15/27

....

14,460

14,455

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

157

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1718307.UP.FTS.B,

30.23%,

2/15/27

..

$

5,249

$

1,508

FW2613392.UP.FTS.B,

27.98%,

2/18/27

..

9,680

9,682

L2608264.UP.FTS.B,

15.55%,

2/20/27

....

19,358

18,234

L2616168.UP.FTS.B,

18.99%,

2/20/27

....

10,722

10,621

FW2615716.UP.FTS.B,

30.71%,

2/21/27

..

2,214

2,214

FW2612944.UP.FTS.B,

29.57%,

2/24/27

..

6,048

6,050

L2614372.UP.FTS.B,

12.82%,

2/26/27

....

12,816

638

L2618109.UP.FTS.B,

12.08%,

2/27/27

....

24,642

24,453

FW1887715.UP.FTS.B,

13.02%,

3/20/27

..

6,656

6,273

L1884335.UP.FTS.B,

22.8%,

3/20/27

....

11,867

1,737

FW1884837.UP.FTS.B,

25.6%,

3/20/27

...

30,498

29,776

FW1886975.UP.FTS.B,

25.84%,

3/20/27

..

1,687

1,691

FW1884398.UP.FTS.B,

30.02%,

3/20/27

..

4,321

4,337

FW1884662.UP.FTS.B,

31.19%,

3/20/27

..

2,414

170

FW2949972.UP.FTS.B,

5.25%,

4/14/27

...

4,363

4,333

L2949814.UP.FTS.B,

5.88%,

4/14/27

....

5,861

5,819

L2950297.UP.FTS.B,

6.09%,

4/14/27

....

3,145

3,124

L2949121.UP.FTS.B,

6.79%,

4/14/27

....

12,326

12,247

L2950010.UP.FTS.B,

6.8%,

4/14/27

.....

5,144

5,110

L2949215.UP.FTS.B,

6.84%,

4/14/27

....

14,185

14,093

L2951687.UP.FTS.B,

7.49%,

4/14/27

....

9,361

9,298

L2951012.UP.FTS.B,

7.81%,

4/14/27

....

8,646

8,591

L2951121.UP.FTS.B,

7.86%,

4/14/27

.....

11,955

11,868

L2950930.UP.FTS.B,

9.09%,

4/14/27

....

4,775

4,741

L2949685.UP.FTS.B,

9.14%,

4/14/27

....

2,985

2,963

L2949220.UP.FTS.B,

9.21%,

4/14/27

....

6,011

5,964

L2949833.UP.FTS.B,

9.25%,

4/14/27

....

16,206

16,090

L2949108.UP.FTS.B,

9.33%,

4/14/27

....

12,071

11,980

FW2951315.UP.FTS.B,

9.91%,

4/14/27

...

4,801

4,765

L2951245.UP.FTS.B,

9.94%,

4/14/27

....

7,502

7,446

L2949486.UP.FTS.B,

10.53%,

4/14/27

....

18,851

18,711

L2934626.UP.FTS.B,

10.81%,

4/14/27

....

5,264

5,221

FW2951659.UP.FTS.B,

10.85%,

4/14/27

..

7,110

518

L2948956.UP.FTS.B,

10.94%,

4/14/27

....

20,158

19,981

L2951595.UP.FTS.B,

10.95%,

4/14/27

....

4,833

4,791

L2950964.UP.FTS.B,

11.19%,

4/14/27

....

7,546

7,485

L2950306.UP.FTS.B,

11.59%,

4/14/27

....

18,360

18,206

L2928558.UP.FTS.B,

11.88%,

4/14/27

....

8,127

8,056

FW2950525.UP.FTS.B,

11.91%,

4/14/27

..

37,996

37,666

L2950021.UP.FTS.B,

11.97%,

4/14/27

....

7,598

7,532

L2944042.UP.FTS.B,

12.19%,

4/14/27

....

14,001

13,880

L2942764.UP.FTS.B,

12.22%,

4/14/27

....

10,274

10,184

L2950992.UP.FTS.B,

12.3%,

4/14/27

....

9,622

9,556

L2950027.UP.FTS.B,

12.33%,

4/14/27

....

32,747

32,463

L2950333.UP.FTS.B,

12.69%,

4/14/27

....

3,053

3,027

FW2951712.UP.FTS.B,

12.87%,

4/14/27

..

4,136

2,251

L2951152.UP.FTS.B,

13.05%,

4/14/27

....

21,714

1,579

FW2948780.UP.FTS.B,

13.13%,

4/14/27

..

11,480

11,381

L2949635.UP.FTS.B,

13.18%,

4/14/27

....

2,986

2,960

L2948733.UP.FTS.B,

13.2%,

4/14/27

....

5,359

5,313

FW2949810.UP.FTS.B,

13.53%,

4/14/27

..

9,743

9,659

L2950093.UP.FTS.B,

13.53%,

4/14/27

....

1,563

833

FW2949125.UP.FTS.B,

13.6%,

4/14/27

...

3,300

3,272

L2951842.UP.FTS.B,

13.62%,

4/14/27

....

34,309

34,015

L2950742.UP.FTS.B,

13.63%,

4/14/27

....

7,676

7,610

FW2951854.UP.FTS.B,

14.02%,

4/14/27

..

14,620

14,495

L2950227.UP.FTS.B,

14.3%,

4/14/27

....

6,551

6,496

L2949763.UP.FTS.B,

14.31%,

4/14/27

....

4,998

4,959

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2951175.UP.FTS.B,

14.6%,

4/14/27

...

$

1,699

$

1,684

FW2949070.UP.FTS.B,

14.69%,

4/14/27

..

20,621

20,459

L2949907.UP.FTS.B,

14.84%,

4/14/27

....

2,938

2,913

FW2949368.UP.FTS.B,

15%,

4/14/27

....

2,167

2,144

L2949507.UP.FTS.B,

15.04%,

4/14/27

....

8,535

8,464

L2948932.UP.FTS.B,

15.2%,

4/14/27

....

1,162

1,152

L2951339.UP.FTS.B,

15.29%,

4/14/27

....

13,421

13,311

FW2950466.UP.FTS.B,

15.31%,

4/14/27

..

1,252

1,241

L2951714.UP.FTS.B,

15.35%,

4/14/27

....

10,780

10,689

L2950927.UP.FTS.B,

15.36%,

4/14/27

....

2,947

2,922

L2949017.UP.FTS.B,

15.76%,

4/14/27

....

1,879

1,864

L2950524.UP.FTS.B,

15.81%,

4/14/27

....

3,114

190

FW2949910.UP.FTS.B,

15.84%,

4/14/27

..

7,655

7,583

L2950042.UP.FTS.B,

16.06%,

4/14/27

....

1,324

1,310

L2949733.UP.FTS.B,

16.07%,

4/14/27

....

2,450

2,431

FW2946278.UP.FTS.B,

16.33%,

4/14/27

..

10,824

10,721

L2949405.UP.FTS.B,

16.41%,

4/14/27

....

16,409

2,249

L2949916.UP.FTS.B,

16.64%,

4/14/27

....

19,533

19,370

L2951791.UP.FTS.B,

16.65%,

4/14/27

....

6,735

6,680

L2948755.UP.FTS.B,

16.72%,

4/14/27

....

6,801

6,730

FW2950896.UP.FTS.B,

16.97%,

4/14/27

..

8,114

4,337

FW2951535.UP.FTS.B,

17.04%,

4/14/27

..

15,820

15,655

L2951449.UP.FTS.B,

17.19%,

4/14/27

....

23,089

22,910

FW2948748.UP.FTS.B,

17.23%,

4/14/27

..

3,791

3,753

L2948803.UP.FTS.B,

17.33%,

4/14/27

....

3,420

3,387

L2949925.UP.FTS.B,

17.43%,

4/14/27

....

7,848

7,766

L2951584.UP.FTS.B,

17.47%,

4/14/27

....

4,920

4,851

L2950883.UP.FTS.B,

17.71%,

4/14/27

....

11,834

11,739

L2951624.UP.FTS.B,

17.77%,

4/14/27

....

17,588

4,754

FW2949561.UP.FTS.B,

17.84%,

4/14/27

..

16,519

16,316

L2951172.UP.FTS.B,

17.98%,

4/14/27

....

9,446

9,330

L2951603.UP.FTS.B,

18.15%,

4/14/27

....

29,757

29,450

L2950543.UP.FTS.B,

18.25%,

4/14/27

....

4,179

4,144

L2950280.UP.FTS.B,

18.73%,

4/14/27

....

3,449

3,417

FW2950372.UP.FTS.B,

18.88%,

4/14/27

..

7,200

7,125

L2950089.UP.FTS.B,

19.5%,

4/14/27

....

9,679

2,693

L2949923.UP.FTS.B,

19.64%,

4/14/27

....

795

786

L2948840.UP.FTS.B,

19.72%,

4/14/27

....

11,902

11,776

L2951216.UP.FTS.B,

19.73%,

4/14/27

....

1,828

1,806

L2950334.UP.FTS.B,

20.22%,

4/14/27

....

3,491

3,459

L2949824.UP.FTS.B,

20.3%,

4/14/27

....

1,754

1,736

L2947365.UP.FTS.B,

20.51%,

4/14/27

....

15,643

15,483

L2950858.UP.FTS.B,

20.56%,

4/14/27

....

3,977

3,948

L2951820.UP.FTS.B,

20.59%,

4/14/27

....

25,711

25,448

FW2950639.UP.FTS.B,

20.74%,

4/14/27

..

1,758

1,740

L2949198.UP.FTS.B,

20.86%,

4/14/27

....

4,489

4,422

FW2949268.UP.FTS.B,

20.97%,

4/14/27

..

3,520

3,478

L2951029.UP.FTS.B,

21.05%,

4/14/27

....

17,451

17,239

L2951142.UP.FTS.B,

21.23%,

4/14/27

....

6,071

6,007

FW2950781.UP.FTS.B,

21.26%,

4/14/27

..

8,728

8,642

L2950447.UP.FTS.B,

21.39%,

4/14/27

....

10,345

10,219

FW2948170.UP.FTS.B,

21.44%,

4/14/27

..

6,599

6,520

L2948968.UP.FTS.B,

21.84%,

4/14/27

....

17,897

1,269

L2950367.UP.FTS.B,

22.21%,

4/14/27

....

8,778

8,689

L2951265.UP.FTS.B,

22.27%,

4/14/27

....

15,602

15,463

FW2951375.UP.FTS.B,

22.32%,

4/14/27

..

2,659

2,651

FW2949464.UP.FTS.B,

22.55%,

4/14/27

..

2,662

2,654

L2950443.UP.FTS.B,

22.7%,

4/14/27

....

802

801

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

158

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2950348.UP.FTS.B,

22.92%,

4/14/27

..

$

13,726

$

13,692

FW2948734.UP.FTS.B,

22.93%,

4/14/27

..

6,883

6,795

L2948750.UP.FTS.B,

23.24%,

4/14/27

....

694

97

FW2946360.UP.FTS.B,

23.4%,

4/14/27

...

6,077

6,059

L2951812.UP.FTS.B,

23.47%,

4/14/27

....

2,269

2,263

FW2950779.UP.FTS.B,

23.54%,

4/14/27

..

2,676

2,668

L2951427.UP.FTS.B,

23.72%,

4/14/27

....

5,356

5,340

FW2950242.UP.FTS.B,

24.53%,

4/14/27

..

2,266

2,263

L2948992.UP.FTS.B,

24.59%,

4/14/27

....

24,858

24,765

FW2951123.UP.FTS.B,

24.74%,

4/14/27

..

16,323

16,277

L2950134.UP.FTS.B,

24.82%,

4/14/27

....

1,183

1,169

L2949079.UP.FTS.B,

24.97%,

4/14/27

....

10,207

10,085

FW2950489.UP.FTS.B,

25.02%,

4/14/27

..

17,968

17,916

L2950895.UP.FTS.B,

25.02%,

4/14/27

....

817

814

FW2950387.UP.FTS.B,

25.03%,

4/14/27

..

8,743

622

L2950602.UP.FTS.B,

25.04%,

4/14/27

....

1,389

1,385

L2949682.UP.FTS.B,

25.05%,

4/14/27

....

1,148

1,140

L2914578.UP.FTS.B,

25.07%,

4/14/27

....

1,271

1,268

L2943365.UP.FTS.B,

25.08%,

4/14/27

....

988

986

L2950811.UP.FTS.B,

25.09%,

4/14/27

....

901

898

L2951247.UP.FTS.B,

25.15%,

4/14/27

....

899

888

FW2951030.UP.FTS.B,

25.2%,

4/14/27

...

3,107

3,098

L2951862.UP.FTS.B,

25.21%,

4/14/27

....

1,339

1,336

L2942965.UP.FTS.B,

25.22%,

4/14/27

....

8,176

8,153

L2949738.UP.FTS.B,

25.23%,

4/14/27

....

1,635

1,631

L2951261.UP.FTS.B,

25.24%,

4/14/27

....

1,472

1,454

L2951439.UP.FTS.B,

25.31%,

4/14/27

....

1,047

1,030

L2951410.UP.FTS.B,

25.32%,

4/14/27

....

1,363

199

L2950105.UP.FTS.B,

25.33%,

4/14/27

....

1,404

1,401

L2951170.UP.FTS.B,

25.33%,

4/14/27

....

1,131

1,129

L2949673.UP.FTS.B,

25.36%,

4/14/27

....

10,636

10,606

L2950776.UP.FTS.B,

25.38%,

4/14/27

....

3,109

3,100

L2945700.UP.FTS.B,

25.39%,

4/14/27

....

5,585

401

L2951160.UP.FTS.B,

25.41%,

4/14/27

....

2,144

2,119

L2951384.UP.FTS.B,

25.41%,

4/14/27

....

2,145

2,141

L2950090.UP.FTS.B,

25.42%,

4/14/27

....

1,227

1,213

L2950063.UP.FTS.B,

25.46%,

4/14/27

....

5,630

135

L2949492.UP.FTS.B,

25.47%,

4/14/27

....

3,766

3,755

L2951548.UP.FTS.B,

25.47%,

4/14/27

....

2,046

2,022

L2950216.UP.FTS.B,

25.49%,

4/14/27

....

4,502

4,489

L2951869.UP.FTS.B,

25.5%,

4/14/27

....

5,661

5,642

FW2950277.UP.FTS.B,

25.52%,

4/14/27

..

2,703

2,695

L2950310.UP.FTS.B,

25.62%,

4/14/27

....

2,685

2,666

FW2950451.UP.FTS.B,

25.69%,

4/14/27

..

2,379

1,413

L2950664.UP.FTS.B,

25.75%,

4/14/27

....

3,499

496

L2951153.UP.FTS.B,

25.85%,

4/14/27

....

2,157

2,143

FW2950220.UP.FTS.B,

26.02%,

4/14/27

..

1,642

1,637

L2951255.UP.FTS.B,

26.02%,

4/14/27

....

6,812

6,793

FW2951228.UP.FTS.B,

26.2%,

4/14/27

...

2,978

2,971

FW2944032.UP.FTS.B,

26.21%,

4/14/27

..

2,876

2,868

FW2949934.UP.FTS.B,

26.46%,

4/14/27

..

1,283

759

L2949711.UP.FTS.B,

27.49%,

4/14/27

....

2,065

2,063

FW2948773.UP.FTS.B,

27.56%,

4/14/27

..

3,851

3,844

FW2948716.UP.FTS.B,

27.71%,

4/14/27

..

7,446

7,425

FW2951423.UP.FTS.B,

27.85%,

4/14/27

..

3,772

3,767

FW2949765.UP.FTS.B,

28.19%,

4/14/27

..

8,294

8,272

FW2948843.UP.FTS.B,

28.64%,

4/14/27

..

8,309

8,286

FW2950395.UP.FTS.B,

28.88%,

4/14/27

..

15,386

15,345

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2950464.UP.FTS.B,

29.27%,

4/14/27

..

$

3,324

$

3,321

FW2950133.UP.FTS.B,

29.38%,

4/14/27

..

6,574

–

FW2950412.UP.FTS.B,

30.37%,

4/14/27

..

892

885

FW2951435.UP.FTS.B,

30.37%,

4/14/27

..

1,654

1,652

FW2950357.UP.FTS.B,

30.48%,

4/14/27

..

9,282

9,264

FW2949817.UP.FTS.B,

30.78%,

4/14/27

..

839

837

FW2949044.UP.FTS.B,

30.94%,

4/14/27

..

3,789

3,782

FW2950648.UP.FTS.B,

30.95%,

4/14/27

..

1,011

1,009

FW2949727.UP.FTS.B,

30.99%,

4/14/27

..

1,679

1,675

FW2950633.UP.FTS.B,

31.02%,

4/14/27

..

12,466

1,891

FW2950635.UP.FTS.B,

31.02%,

4/14/27

..

3,605

255

FW2950575.UP.FTS.B,

31.06%,

4/14/27

..

2,268

2,262

FW2950882.UP.FTS.B,

31.06%,

4/14/27

..

1,133

166

FW2949627.UP.FTS.B,

31.09%,

4/14/27

..

1,260

1,257

FW2951097.UP.FTS.B,

31.1%,

4/14/27

...

1,344

1,341

FW2949803.UP.FTS.B,

31.16%,

4/14/27

..

1,932

1,927

FW2950561.UP.FTS.B,

31.2%,

4/14/27

...

1,261

1,257

FW2950061.UP.FTS.B,

31.21%,

4/14/27

..

1,331

1,329

FW2950268.UP.FTS.B,

31.44%,

4/14/27

..

1,855

1,851

FW2949585.UP.FTS.B,

31.61%,

4/14/27

..

5,783

408

FW2949894.UP.FTS.B,

31.82%,

4/14/27

..

3,118

3,110

FW2949051.UP.FTS.B,

32.15%,

4/14/27

..

4,055

4,043

FW2950185.UP.FTS.B,

32.24%,

4/14/27

..

4,627

4,611

FW2950232.UP.FTS.B,

32.3%,

4/14/27

...

23,543

23,430

FW2949959.UP.FTS.B,

33.64%,

4/14/27

..

2,490

–

L2047868.UP.FTS.B,

10.51%,

4/15/27

....

28,587

28,334

L2048072.UP.FTS.B,

11.58%,

4/15/27

....

8,753

8,665

L2048360.UP.FTS.B,

14.07%,

4/15/27

....

4,838

4,792

L2048877.UP.FTS.B,

16.73%,

4/15/27

....

8,596

620

FW2046887.UP.FTS.B,

17.65%,

4/15/27

..

9,063

8,532

L2046952.UP.FTS.B,

18.41%,

4/15/27

....

2,372

2,343

L2049386.UP.FTS.B,

19.96%,

4/15/27

....

4,486

4,433

FW2048990.UP.FTS.B,

20.89%,

4/15/27

..

2,535

2,510

L2023190.UP.FTS.B,

22.35%,

4/15/27

....

28,053

26,517

L2047421.UP.FTS.B,

22.37%,

4/15/27

....

6,311

909

L2048823.UP.FTS.B,

22.5%,

4/15/27

....

8,615

179

L2048482.UP.FTS.B,

25.39%,

4/15/27

....

27,579

7,829

L2949815.UP.FTS.B,

25.48%,

4/15/27

....

9,427

9,419

FW2049296.UP.FTS.B,

30.21%,

4/15/27

..

6,429

6,437

L2951305.UP.FTS.B,

20.52%,

4/16/27

....

2,957

2,926

L2949973.UP.FTS.B,

20.99%,

4/16/27

....

4,807

4,756

FW2932125.UP.FTS.B,

30.95%,

4/18/27

..

7,682

7,669

L2949050.UP.FTS.B,

24.74%,

4/20/27

....

12,282

12,274

L2047847.UP.FTS.B,

25.96%,

4/20/27

....

5,950

5,930

L2096414.UP.FTS.B,

14.36%,

4/22/27

....

4,009

3,978

L2095546.UP.FTS.B,

17.27%,

4/22/27

....

2,364

642

L2088829.UP.FTS.B,

21.32%,

4/22/27

....

8,697

8,224

L2096815.UP.FTS.B,

21.75%,

4/22/27

....

33,491

32,151

L2096857.UP.FTS.B,

21.9%,

4/22/27

....

27,691

27,439

L2094965.UP.FTS.B,

25.66%,

4/22/27

....

3,336

3,187

FW2094908.UP.FTS.B,

29.15%,

4/22/27

..

42,665

40,674

FW2096022.UP.FTS.B,

29.48%,

4/22/27

..

13,876

969

FW2094693.UP.FTS.B,

30.21%,

4/22/27

..

2,944

416

FW2094704.UP.FTS.B,

30.41%,

4/22/27

..

1,368

95

FW2083347.UP.FTS.B,

31.08%,

4/22/27

..

10,505

10,039

L2951654.UP.FTS.B,

21.51%,

4/28/27

....

13,571

3,774

L2096715.UP.FTS.B,

25.36%,

4/28/27

....

30,012

8,797

FW2951725.UP.FTS.B,

27.54%,

4/28/27

..

3,340

3,340

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

159

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2095121.UP.FTS.B,

24.32%,

5/05/27

..

$

6,133

$

6,144

L2288895.UP.FTS.B,

8.82%,

5/21/27

....

2,671

2,652

FW2292661.UP.FTS.B,

10.72%,

5/21/27

..

13,359

973

FW2295605.UP.FTS.B,

11.71%,

5/21/27

..

4,419

164

L2294636.UP.FTS.B,

21.75%,

5/21/27

....

27,732

7,753

FW2295879.UP.FTS.B,

25.12%,

5/21/27

..

17,272

17,296

L2295431.UP.FTS.B,

25.44%,

5/21/27

....

11,437

813

L2295630.UP.FTS.B,

25.47%,

5/21/27

....

6,022

5,854

L2293794.UP.FTS.B,

25.5%,

5/21/27

....

1,960

140

FW2295890.UP.FTS.B,

25.77%,

5/21/27

..

8,032

7,635

L2295478.UP.FTS.B,

26.3%,

5/21/27

....

3,847

66

L2294417.UP.FTS.B,

26.45%,

5/21/27

....

27,110

–

FW2294827.UP.FTS.B,

31.11%,

5/21/27

..

1,749

1,672

FW2293724.UP.FTS.B,

31.23%,

5/21/27

..

3,209

3,063

L2298796.UP.FTS.B,

7.68%,

5/22/27

....

1,460

1,449

L2298372.UP.FTS.B,

7.96%,

5/22/27

....

16,337

1,123

L2299805.UP.FTS.B,

8.23%,

5/22/27

....

1,954

143

L2299498.UP.FTS.B,

12.01%,

5/22/27

....

6,292

5,925

L2298756.UP.FTS.B,

12.5%,

5/22/27

....

42,484

42,227

L2299489.UP.FTS.B,

13.74%,

5/22/27

....

23,806

23,621

L2296958.UP.FTS.B,

14.87%,

5/22/27

....

6,682

487

L2296567.UP.FTS.B,

21.87%,

5/22/27

....

1,586

1,589

L2298303.UP.FTS.B,

22.22%,

5/22/27

....

5,029

4,974

L2299809.UP.FTS.B,

24.98%,

5/22/27

....

26,051

24,957

L2300368.UP.FTS.B,

25.11%,

5/22/27

....

1,885

1,893

L2295070.UP.FTS.B,

26.38%,

5/22/27

....

7,981

7,609

FW2297812.UP.FTS.B,

27.74%,

5/22/27

..

3,799

3,795

FW2299110.UP.FTS.B,

28.13%,

5/22/27

..

12,608

12,569

FW2297303.UP.FTS.B,

28.74%,

5/22/27

..

9,109

9,133

FW2297380.UP.FTS.B,

30.57%,

5/22/27

..

5,581

–

FW2296256.UP.FTS.B,

30.68%,

5/22/27

..

2,778

2,792

L2300474.UP.FTS.B,

25.38%,

5/27/27

....

2,037

2,039

FW2294358.UP.FTS.B,

24.02%,

6/01/27

..

2,057

147

FW2299990.UP.FTS.B,

31.19%,

6/05/27

..

15,678

–

FW2423719.UP.FTS.B,

8.04%,

6/13/27

...

11,609

11,512

L2427221.UP.FTS.B,

9.21%,

6/13/27

....

2,582

2,560

FW2427741.UP.FTS.B,

9.76%,

6/13/27

...

5,953

5,904

L2423738.UP.FTS.B,

10.57%,

6/13/27

....

2,293

2,270

L2426893.UP.FTS.B,

11.99%,

6/13/27

....

1,273

173

L2426437.UP.FTS.B,

13.53%,

6/13/27

....

8,098

4,284

L2422943.UP.FTS.B,

17.4%,

6/13/27

....

5,555

3,179

FW2424596.UP.FTS.B,

23.51%,

6/13/27

..

1,846

1,088

L2427070.UP.FTS.B,

25.42%,

6/13/27

....

2,977

214

L2424490.UP.FTS.B,

25.49%,

6/13/27

....

6,773

1,919

FW2427001.UP.FTS.B,

25.82%,

6/13/27

..

8,439

8,391

FW2425746.UP.FTS.B,

27.06%,

6/13/27

..

7,667

7,666

FW2425689.UP.FTS.B,

27.43%,

6/13/27

..

8,830

8,838

FW2425524.UP.FTS.B,

29.54%,

6/13/27

..

18,984

18,898

FW2427523.UP.FTS.B,

29.85%,

6/13/27

..

2,823

2,836

FW2422585.UP.FTS.B,

30.74%,

6/13/27

..

3,256

1,941

FW2424580.UP.FTS.B,

31.2%,

6/13/27

...

16,889

16,851

L2432199.UP.FTS.B,

7.42%,

6/14/27

....

3,233

3,204

FW2429579.UP.FTS.B,

8.83%,

6/14/27

...

4,688

4,649

L2432951.UP.FTS.B,

9.1%,

6/14/27

.....

12,667

12,551

L2430869.UP.FTS.B,

9.13%,

6/14/27

....

9,344

1,238

L2433061.UP.FTS.B,

9.38%,

6/14/27

....

6,441

3,320

FW2429553.UP.FTS.B,

9.84%,

6/14/27

...

8,374

4,272

L2430844.UP.FTS.B,

13.1%,

6/14/27

....

13,149

950

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2432260.UP.FTS.B,

13.46%,

6/14/27

..

$

4,067

$

4,031

L2432731.UP.FTS.B,

13.82%,

6/14/27

....

20,085

813

L2432687.UP.FTS.B,

18.15%,

6/14/27

....

825

815

L2435110.UP.FTS.B,

20.58%,

6/14/27

....

1,568

1,554

L2429021.UP.FTS.B,

22.9%,

6/14/27

....

5,341

793

FW2432066.UP.FTS.B,

25.64%,

6/14/27

..

12,112

12,048

FW2433372.UP.FTS.B,

26.59%,

6/14/27

..

5,403

382

FW2434573.UP.FTS.B,

26.92%,

6/14/27

..

8,677

8,708

FW2429109.UP.FTS.B,

31.06%,

6/14/27

..

2,112

604

FW2412469.UP.FTS.B,

31.07%,

6/14/27

..

2,120

150

FW2429288.UP.FTS.B,

33.13%,

6/14/27

..

1,178

1,174

L2438839.UP.FTS.B,

7.09%,

6/18/27

....

15,514

15,401

FW2435774.UP.FTS.B,

7.71%,

6/18/27

...

2,238

2,218

L2437298.UP.FTS.B,

12.04%,

6/18/27

....

5,263

268

FW2436806.UP.FTS.B,

12.34%,

6/18/27

..

8,351

450

L2436245.UP.FTS.B,

17.45%,

6/18/27

....

6,323

458

L2437520.UP.FTS.B,

19.6%,

6/18/27

....

4,720

679

L2413076.UP.FTS.B,

22.22%,

6/18/27

....

8,252

8,233

L2437879.UP.FTS.B,

24.72%,

6/18/27

....

1,226

1,228

FW2435607.UP.FTS.B,

26.08%,

6/18/27

..

2,129

317

FW2436713.UP.FTS.B,

26.86%,

6/18/27

..

8,873

8,850

FW2436155.UP.FTS.B,

27.89%,

6/18/27

..

7,939

–

FW2435640.UP.FTS.B,

28.51%,

6/18/27

..

4,440

4,436

L2437642.UP.FTS.B,

9.64%,

6/20/27

....

895

888

L2422890.UP.FTS.B,

23.18%,

6/23/27

....

2,952

2,957

FW2438645.UP.FTS.B,

31.19%,

6/26/27

..

2,737

2,736

L2431725.UP.FTS.B,

12.26%,

6/28/27

....

30,497

30,201

L2608785.UP.FTS.B,

8.52%,

7/10/27

....

10,327

10,250

L2607500.UP.FTS.B,

12.17%,

7/10/27

....

15,020

3,793

L2607609.UP.FTS.B,

15.09%,

7/10/27

....

2,631

2,603

L2607076.UP.FTS.B,

16.42%,

7/10/27

....

20,967

11,120

FW2602895.UP.FTS.B,

17.44%,

7/10/27

..

8,796

4,884

L2604242.UP.FTS.B,

21.11%,

7/10/27

....

4,738

651

L2608553.UP.FTS.B,

23.5%,

7/10/27

....

8,245

8,242

FW2609091.UP.FTS.B,

23.84%,

7/10/27

..

4,339

310

FW2608779.UP.FTS.B,

24.99%,

7/10/27

..

8,979

8,984

L2603328.UP.FTS.B,

25.17%,

7/10/27

....

849

849

FW2606616.UP.FTS.B,

26.25%,

7/10/27

..

1,759

502

FW2608671.UP.FTS.B,

26.81%,

7/10/27

..

8,553

8,517

FW2608836.UP.FTS.B,

27.23%,

7/10/27

..

4,793

660

FW2605866.UP.FTS.B,

29.72%,

7/10/27

..

1,131

1,130

FW2603700.UP.FTS.B,

31.08%,

7/10/27

..

1,873

1,847

FW2602032.UP.FTS.B,

31.57%,

7/10/27

..

4,612

4,596

FW2613876.UP.FTS.B,

15.29%,

7/11/27

..

2,684

713

L2611504.UP.FTS.B,

16.36%,

7/11/27

....

4,803

4,753

FW2609511.UP.FTS.B,

18.92%,

7/11/27

..

10,842

10,693

L2612042.UP.FTS.B,

19.42%,

7/11/27

....

17,979

2,561

L2612995.UP.FTS.B,

19.69%,

7/11/27

....

8,379

8,264

L2605257.UP.FTS.B,

21.7%,

7/11/27

.....

814

810

FW2610184.UP.FTS.B,

23.94%,

7/11/27

..

18,398

18,246

L2614217.UP.FTS.B,

24.23%,

7/11/27

....

2,187

1,291

FW2611588.UP.FTS.B,

24.58%,

7/11/27

..

7,969

7,932

L2583854.UP.FTS.B,

24.88%,

7/11/27

....

6,320

455

L2614101.UP.FTS.B,

26.5%,

7/11/27

.....

13,564

175

FW2613347.UP.FTS.B,

26.68%,

7/11/27

..

1,213

1,207

FW2613777.UP.FTS.B,

27.07%,

7/11/27

..

1,641

1,634

FW2610027.UP.FTS.B,

28.67%,

7/11/27

..

4,679

333

FW2610223.UP.FTS.B,

30.62%,

7/11/27

..

2,884

2,869

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

160

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2613911.UP.FTS.B,

30.67%,

7/11/27

..

$

9,133

$

1,313

FW2610193.UP.FTS.B,

30.94%,

7/11/27

..

9,413

9,424

FW2611798.UP.FTS.B,

31.65%,

7/11/27

..

7,936

7,825

L2618980.UP.FTS.B,

12.97%,

7/14/27

....

13,094

12,968

L2617675.UP.FTS.B,

16.73%,

7/14/27

....

9,022

656

L2615821.UP.FTS.B,

16.82%,

7/14/27

....

3,548

1,967

L2615913.UP.FTS.B,

19.56%,

7/14/27

....

5,058

4,977

L2616155.UP.FTS.B,

19.61%,

7/14/27

....

6,809

486

L2614826.UP.FTS.B,

22.6%,

7/14/27

....

4,528

4,495

L2616634.UP.FTS.B,

24.08%,

7/14/27

....

6,295

889

L2618649.UP.FTS.B,

24.27%,

7/14/27

....

9,190

9,129

L2605072.UP.FTS.B,

25.64%,

7/14/27

....

2,421

344

FW2616467.UP.FTS.B,

26.53%,

7/14/27

..

14,600

–

L2616680.UP.FTS.B,

26.86%,

7/14/27

....

1,245

736

FW2618197.UP.FTS.B,

27.81%,

7/14/27

..

16,246

16,239

FW2615990.UP.FTS.B,

30.24%,

7/14/27

..

2,862

203

FW1716481.UP.FTS.B,

26.69%,

7/15/27

..

19,903

19,675

FW2612768.UP.FTS.B,

25.53%,

7/17/27

..

6,494

6,148

FW2617490.UP.FTS.B,

27.91%,

7/21/27

..

26,574

26,440

L2603677.UP.FTS.B,

14.69%,

7/25/27

....

12,804

12,686

FW1882891.UP.FTS.B,

25.65%,

8/20/27

..

1,638

1,625

L2949275.UP.FTS.B,

14.68%,

9/14/27

....

3,041

3,012

L2949640.UP.FTS.B,

16.6%,

9/14/27

....

3,501

1,935

FW2949403.UP.FTS.B,

20.67%,

9/14/27

..

6,793

1,903

FW2951370.UP.FTS.B,

20.97%,

9/14/27

..

8,276

8,148

L2949402.UP.FTS.B,

22.02%,

9/14/27

....

10,249

6,052

L2951399.UP.FTS.B,

22.65%,

9/14/27

....

9,371

9,229

L2949419.UP.FTS.B,

23.06%,

9/14/27

....

2,591

2,593

FW2950826.UP.FTS.B,

23.81%,

9/14/27

..

19,890

19,871

L2949947.UP.FTS.B,

25.29%,

9/14/27

....

1,882

1,871

L2949603.UP.FTS.B,

25.51%,

9/14/27

....

4,524

4,509

FW2949299.UP.FTS.B,

28.46%,

9/14/27

..

3,713

3,696

FW2948974.UP.FTS.B,

29.39%,

9/14/27

..

8,245

8,203

FW2951059.UP.FTS.B,

31.12%,

9/14/27

..

16,766

16,682

FW2950983.UP.FTS.B,

31.18%,

9/14/27

..

2,200

323

L2047067.UP.FTS.B,

21.22%,

9/15/27

....

18,228

17,931

FW2049311.UP.FTS.B,

21.75%,

9/15/27

..

4,242

4,203

FW2094263.UP.FTS.B,

30.68%,

9/22/27

..

3,402

481

L2293030.UP.FTS.B,

8.8%,

10/21/27

....

2,124

2,109

L2298368.UP.FTS.B,

11.21%,

10/22/27

...

3,366

3,347

L2300702.UP.FTS.B,

15.45%,

10/22/27

...

27,904

27,646

L2298508.UP.FTS.B,

19.73%,

10/22/27

...

4,649

336

L2421701.UP.FTS.B,

5.91%,

11/13/27

....

17,240

17,117

FW2424710.UP.FTS.B,

21.52%,

11/13/27

.

13,547

13,296

FW2424742.UP.FTS.B,

30.86%,

11/13/27

.

1,232

725

FW2430164.UP.FTS.B,

9.11%,

11/14/27

..

4,511

4,469

FW2430915.UP.FTS.B,

16.81%,

11/14/27

.

8,763

637

L2435424.UP.FTS.B,

10.13%,

11/21/27

...

3,747

3,715

L2607851.UP.FTS.B,

13.68%,

12/10/27

...

32,018

31,661

FW2606361.UP.FTS.B,

25.37%,

12/10/27

.

10,218

2,886

FW2605935.UP.FTS.B,

31.23%,

12/10/27

.

5,466

5,395

L2614621.UP.FTS.B,

23.29%,

12/11/27

...

23,346

13,653

L2611597.UP.FTS.B,

25.33%,

12/11/27

...

11,163

11,004

FW2609734.UP.FTS.B,

31%,

12/11/27

...

1,095

1,079

FW2617504.UP.FTS.B,

30.27%,

12/14/27

.

17,007

16,769

FW2613645.UP.FTS.B,

31.4%,

12/23/27

..

1,559

1,554

L2950603.UP.FTS.B,

18.38%,

2/14/28

....

18,441

1,334

FW2951084.UP.FTS.B,

30.63%,

2/14/28

..

14,156

14,044

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2950926.UP.FTS.B,

33.78%,

2/26/28

..

$

7,747

$

–

L1718966.UP.FTS.B,

18.89%,

9/15/28

....

8,236

8,232

L1718702.UP.FTS.B,

26.02%,

9/15/28

....

4,297

4,345

L1886617.UP.FTS.B,

19.5%,

10/20/28

....

8,361

8,373

L1887293.UP.FTS.B,

25.85%,

10/20/28

...

9,355

9,379

L2608032.UP.FTS.B,

17.27%,

2/10/29

....

3,684

3,670

L2605139.UP.FTS.B,

28.33%,

2/10/29

....

2,267

2,270

L1718819.UP.FTS.B,

23.98%,

2/15/29

....

2,738

2,733

L2607986.UP.FTS.B,

25.66%,

7/10/29

....

18,997

18,768

L2601951.UP.FTS.B,

26.3%,

7/10/29

....

5,821

411

11,047,004

Total

Marketplace

Loans

(Cost

$61,502,757)

....

$55,313,777

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Low

Duration

Total

Return

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

161

At

October

31,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1

(

e

). 

At

October

31,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1

(

e

). 

At

October

31,

2023,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e). 

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

401

$

42,574,922

12/19/23

$

1,562,704

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

60

6,529,688

12/19/23

148,977

U.S.

Treasury

2

Year

Notes

.....................

Long

4,362

882,964,223

12/29/23

(3,279,062)

U.S.

Treasury

5

Year

Notes

.....................

Short

929

97,058,727

12/29/23

1,600,344

Total

Futures

Contracts

......................................................................

$32,963

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Brazilian

Real

......

JPHQ

Buy

6,700,000

1,340,000

11/06/23

$

—

$

(11,392)

Brazilian

Real

......

JPHQ

Sell

6,700,000

1,391,959

11/06/23

63,351

—

Euro

.............

JPHQ

Buy

30,879,000

32,676,775

2/26/24

176,902

—

Euro

.............

JPHQ

Sell

30,933,600

33,869,725

2/26/24

957,956

—

Brazilian

Real

......

JPHQ

Sell

6,700,000

1,321,655

3/04/24

11,742

—

Total

Forward

Exchange

Contracts

...................................................

$1,209,951

$(11,392)

Net

unrealized

appreciation

(depreciation)

............................................

$1,198,559

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Receive

d

(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.40

.

5.00%

Quarterly

6/20/28

1,950,000

$

16,425

$

29,976

$

(13,551)

Non-

Investment

Grade

CDX.NA.HY.41

.

5.00%

Quarterly

12/20/28

22,100,000

(8,017)

(77,266)

69,249

Total

Centrally

Cleared

Swap

Contracts

.....................................

$8,408

$(47,290)

$55,698

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

162

See

Note 

10

 regarding

other

derivative

information.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

5,500,000

$

(855,950)

$

(724,511)

$

(131,439)

B-

Traded

Index

(e)

BNP

Paribas

Bespoke

Haverhill

Index,

Mezzanine

Tranche

5-10%

4.10%

Quarterly

BNDP

12/20/23

2,300,000

EUR

15,190

—

15,190

Non-

Investment

Grade

CDX.NA.HY.31

.

5.00%

Quarterly

CITI

12/20/23

20,400,000

255,410

(78,050)

333,460

Non-

Investment

Grade

CDX.NA.HY.33

.

5.00%

Quarterly

CITI

12/20/24

12,600,000

368,148

(170,685)

538,833

Non-

Investment

Grade

CDX.NA.IG.31

..

1.00%

Quarterly

CITI

12/20/23

7,900,000

(26,976)

(29,928)

2,952

Investment

Grade

(e)

Citibank

Bespoke

Kenai

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/23

13,550,000

(2,867,398)

(279,043)

(2,588,355)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Rotorua

Index,

Mezzanine

Tranche

5-10%

3.60%

Quarterly

CITI

12/20/23

5,000,000

22,719

—

22,719

Non-

Investment

Grade

MCDX.

NA.MAIN.31

.

1.00%

Quarterly

CITI

12/20/23

12,200,000

22,343

3,377

18,966

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(3,066,514)

$(1,278,840)

$(1,787,674)

Total

Credit

Default

Swap

Contracts

....................................

$(3,058,106)

$

(1,326,130)

$(1,731,976)

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

(e)

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

See

Abbreviations

on

page

342

.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

U.S.

Government

Securities

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

163

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.48

$7.89

$7.95

$8.02

$8.10

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

....................

0.193

0.017

(0.006)

0.125

0.140

Net

realized

and

unrealized

gains

(losses)

...........

0.003

(0.340)

0.022

(0.025)

0.021

Total

from

investment

operations

....................

0.196

(0.323)

0.016

0.100

0.161

Less

distributions

from:

Net

investment

income

..........................

(0.246)

(0.087)

(0.076)

(0.170)

(0.241)

Net

asset

value,

end

of

year

.......................

$7.43

$7.48

$7.89

$7.95

$8.02

Total

return

c

...................................

2.66%

(4.11)%

0.20%

1.26%

2.01%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.00%

0.93%

0.97%

0.97%

0.95%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.84%

d

0.87%

0.91%

0.96%

d

0.94%

d

Net

investment

income

(loss)

......................

2.59%

0.22%

(0.07)%

1.57%

1.73%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$284,319

$353,584

$432,447

$460,621

$393,736

Portfolio

turnover

rate

............................

23.44%

15.99%

68.61%

35.03%

12.72%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

164

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.48

$7.88

$7.95

$8.02

$8.09

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.206

0.029

0.006

0.137

0.151

Net

realized

and

unrealized

gains

(losses)

...........

(0.009)

(0.330)

0.012

(0.024)

0.031

Total

from

investment

operations

....................

0.197

(0.301)

0.018

0.113

0.182

Less

distributions

from:

Net

investment

income

..........................

(0.257)

(0.099)

(0.088)

(0.182)

(0.252)

Net

asset

value,

end

of

year

.......................

$7.42

$7.48

$7.88

$7.95

$8.02

Total

return

c

...................................

2.81%

(3.85)%

0.23%

1.41%

2.29%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.85%

0.78%

0.82%

0.82%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.69%

d

0.72%

0.77%

0.81%

d

0.79%

d

Net

investment

income

...........................

2.75%

0.37%

0.08%

1.72%

1.88%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$47,732

$55,048

$66,942

$77,910

$86,471

Portfolio

turnover

rate

............................

23.44%

15.99%

68.61%

35.03%

12.72%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

165

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.48

$7.88

$7.95

$8.02

$8.09

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

....................

0.161

(0.017)

(0.035)

0.093

0.106

Net

realized

and

unrealized

gains

(losses)

...........

(0.005)

(0.326)

0.010

(0.024)

0.032

Total

from

investment

operations

....................

0.156

(0.343)

(0.025)

0.069

0.138

Less

distributions

from:

Net

investment

income

..........................

(0.216)

(0.057)

(0.045)

(0.138)

(0.208)

Net

asset

value,

end

of

year

.......................

$7.42

$7.48

$7.88

$7.95

$8.02

Total

return

c

...................................

2.11%

(4.37)%

(0.32)%

0.86%

1.73%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.40%

1.34%

1.38%

1.37%

1.35%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.24%

d

1.27%

1.33%

1.36%

d

1.34%

d

Net

investment

income

(loss)

......................

2.15%

(0.22)%

(0.45)%

1.16%

1.33%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$13,586

$21,568

$36,318

$71,212

$84,685

Portfolio

turnover

rate

............................

23.44%

15.99%

68.61%

35.03%

12.72%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

166

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.50

$7.90

$7.97

$8.03

$8.11

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.213

0.040

0.021

0.154

0.169

Net

realized

and

unrealized

gains

(losses)

...........

(0.003)

(0.331)

0.014

(0.014)

0.021

Total

from

investment

operations

....................

0.210

(0.291)

0.035

0.140

0.190

Less

distributions

from:

Net

investment

income

..........................

(0.270)

(0.109)

(0.105)

(0.199)

(0.270)

Net

asset

value,

end

of

year

.......................

$7.44

$7.50

$7.90

$7.97

$8.03

Total

return

....................................

2.85%

(3.71)%

0.44%

1.75%

2.39%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.59%

0.63%

0.64%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

c

0.56%

0.55%

0.60%

c

0.58%

c

Net

investment

income

...........................

2.84%

0.52%

0.27%

1.93%

2.09%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$20,265

$29,513

$41,913

$33,530

$31,953

Portfolio

turnover

rate

............................

23.44%

15.99%

68.61%

35.03%

12.72%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

167

a

Year

Ended

October

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.49

$7.89

$7.96

$8.03

$8.10

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.213

0.040

0.014

0.146

0.160

Net

realized

and

unrealized

gains

(losses)

...........

(0.008)

(0.334)

0.012

(0.025)

0.031

Total

from

investment

operations

....................

0.205

(0.294)

0.026

0.121

0.191

Less

distributions

from:

Net

investment

income

..........................

(0.265)

(0.106)

(0.096)

(0.190)

(0.261)

Net

asset

value,

end

of

year

.......................

$7.43

$7.49

$7.89

$7.96

$8.03

Total

return

....................................

2.7

8%

(3.76)%

0.33%

1.51%

2.39%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.75%

0.67%

0.72%

0.72%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.59%

c

0.62%

0.66%

0.71%

c

0.69%

c

Net

investment

income

...........................

2.84%

0.52%

0.18%

1.82%

1.98%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$77,434

$99,817

$86,615

$98,851

$103,639

Portfolio

turnover

rate

............................

23.44%

15.99%

68.61%

35.03%

12.72%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Low

Duration

U.S.

Government

Securities

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

168

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

12.9%

FHLB,

5.5%,

4/01/24

.................................................

$

5,000,000

$

4,993,621

U.S.

Treasury

Notes

,

2%,

2/15/25

......................................................

10,000,000

9,592,383

2%,

8/15/25

......................................................

5,000,000

4,734,668

2.625%,

1/31/26

...................................................

10,000,000

9,497,265

2.5%,

2/28/26

....................................................

10,162,000

9,612,617

2.25%,

3/31/26

...................................................

15,000,000

14,081,836

2.375%,

4/30/26

...................................................

5,059,000

4,755,460

Total

U.S.

Government

and

Agency

Securities

(Cost

$58,506,519)

.................

57,267,850

Commercial

Mortgage-Backed

Securities

19.9%

Financial

Services

19.9%

a

FHLMC

,

4988,

AF,

FRN,

5.776%,

(30-day

SOFR

Average

+

0.464%),

10/15/37

..........

4,481,827

4,361,110

4891,

AF,

FRN,

5.149%,

(30-day

SOFR

Average

+

0.514%),

7/15/42

...........

6,909,445

6,721,868

343,

F4,

FRN,

5.776%,

Strip,

(30-day

SOFR

Average

+

0.464%),

10/15/37

.......

4,228,930

4,133,775

4989,

FA,

FRN,

4.717%,

(30-day

SOFR

Average

+

0.464%),

8/15/40

...........

5,594,558

5,369,254

4915,

FE,

FRN,

5.272%,

(30-day

SOFR

Average

+

0.514%),

2/15/38

...........

8,355,515

8,237,202

4895,

GF,

FRN,

4.913%,

(30-day

SOFR

Average

+

0.514%),

11/15/43

..........

6,702,519

6,356,724

4197,

KF,

FRN,

4.645%,

(30-day

SOFR

Average

+

0.414%),

9/15/37

...........

2,209,148

2,116,266

4107,

KF,

FRN,

5.24%,

(30-day

SOFR

Average

+

0.504%),

6/15/38

............

2,189,351

2,115,134

4215,

KF,

FRN,

5.169%,

(30-day

SOFR

Average

+

0.414%),

2/15/40

...........

1,819,587

1,752,928

4730,

WF,

FRN,

5.229%,

(30-day

SOFR

Average

+

0.464%),

8/15/38

...........

3,901,342

3,809,438

4794,

WF,

FRN,

4.856%,

(30-day

SOFR

Average

+

0.464%),

3/15/43

...........

4,179,712

4,016,134

a

FNMA

,

2019-38,

AF,

FRN,

5.16%,

(30-day

SOFR

Average

+

0.514%),

7/25/49

..........

4,730,541

4,540,866

2019-59,

BF,

FRN,

5.229%,

(30-day

SOFR

Average

+

0.514%),

10/25/49

........

6,704,271

6,540,130

2019-38,

CF,

FRN,

5.885%,

(30-day

SOFR

Average

+

0.564%),

7/25/49

.........

1,417,017

1,347,017

2021-44,

FA,

FRN,

4.838%,

(30-day

SOFR

Average

+

0.2%),

6/25/45

...........

5,530,815

5,313,567

2020-54,

WF,

FRN,

3.169%,

(30-day

SOFR

Average

+

0.564%),

8/25/50

........

4,297,380

4,076,650

2021-8,

YF,

FRN,

5.186%,

(30-day

SOFR

Average

+

0.2%),

3/25/61

............

11,508,109

11,214,045

2021-36,

YF,

FRN,

5.043%,

(30-day

SOFR

Average

+

0.2%),

6/25/61

...........

5,680,650

5,463,557

a

GNMA

,

2010-12

,

FD

,

FRN

,

6.049

%

,

(

1-month

SOFR

+

0.714

%

),

1/16/40

..........

566,278

558,158

88,043,823

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$91,143,605)

................

88,043,823

Mortgage-Backed

Securities

64.3%

b

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

19.8%

FHLMC,

4.159%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/43

..................................................

2,253,501

2,235,142

FHLMC,

4.589%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

4,948,594

5,029,110

FHLMC,

4.637%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

9,295,989

9,291,110

FHLMC,

4.643%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

6,253,478

6,260,554

FHLMC,

4.737%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

4,552,095

4,603,003

FHLMC,

4.836%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

4,188,252

4,222,337

FHLMC,

4.942%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

5,585,108

5,683,636

FHLMC,

5.031%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

1/01/44

...................................................

2,439,891

2,482,150

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

169

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

b

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

(continued)

FHLMC,

5.048%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

$

6,497,753

$

6,534,243

FHLMC,

5.085%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/35

...................................................

2,146,335

2,183,088

FHLMC,

5.1%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/37

...................................................

2,232,825

2,277,688

FHLMC,

5.132%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/43

...................................................

2,140,700

2,140,055

FHLMC,

5.35%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/43

...................................................

2,369,109

2,410,143

FHLMC,

3.62%

-

6.252%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

24,391,061

24,453,680

FHLMC,

4.443%

-

6.786%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

7,552,548

7,637,710

FHLMC,

5.079%

-

6.989%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

272,051

269,403

87,713,052

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year,

6%,

5/01/53

......................................

2,269,520

2,215,021

b

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

37.5%

FNMA,

4.293%,

(COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

5,264,522

5,097,336

FNMA,

4.899%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

3/01/35

...................................................

2,504,567

2,539,155

FNMA,

4.98%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

3,085,015

3,159,342

FNMA,

5.002%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

7,622,972

7,774,782

FNMA,

5.11%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

.........................................................

20,140,958

20,495,745

FNMA,

5.19%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

3,072,735

3,135,139

FNMA,

5.315%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

11,370,502

11,670,992

FNMA,

3.079%

-

5.328%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

1/01/26

-

7/01/34

...

107,968

105,669

FNMA,

3.948%

-

5.332%,

(COFI

11th

District

+/-

MBS

Margin),

4/01/24

-

12/01/37

...

2,667,541

2,593,857

FNMA,

5.549%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

5,122,390

5,218,041

FNMA,

3.564%

-

5.613%,

(5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

28,069

27,813

FNMA,

5.646%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

.................

5,208,576

5,307,813

FNMA,

5.862%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

3,248,882

3,317,785

FNMA,

5.862%,

(6-month

H15BDI

+/-

MBS

Margin),

11/01/34

..................

45,539

45,640

FNMA,

6.479%,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

93,594

93,421

FNMA,

3.483%

-

6.683%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

61,708,441

61,804,540

FNMA,

3.244%

-

7.135%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

1/01/24

-

12/01/40

..

17,914,429

17,873,840

FNMA,

4.095%

-

7.536%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/24

-

12/01/37

......................................

12,890,154

12,932,038

FNMA,

4.375%

-

7.95%,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

12/01/26

-

11/01/44

.......................................................

3,141,049

3,086,076

166,279,024

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

6.5%

FNMA,

30

Year,

5.5%,

4/01/53

.........................................

13,634,588

12,943,203

FNMA,

30

Year,

6%,

7/01/53

...........................................

13,824,846

13,484,314

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

170

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year,

6.5%,

11/01/53

.........................................

$

2,250,000

$

2,238,873

28,666,390

b

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

2.75%

-

3.875%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

..

294,500

286,472

286,472

Total

Mortgage-Backed

Securities

(Cost

$296,722,378)

...........................

285,159,959

Total

Long

Term

Investments

(Cost

$446,372,502)

...............................

430,471,632

a

a

a

a

a

Short

Term

Investments

2.1%

Shares

a

Money

Market

Funds

2.1%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

..................

9,206,156

9,206,156

Total

Money

Market

Funds

(Cost

$9,206,156)

...................................

9,206,156

Total

Short

Term

Investments

(Cost

$9,206,156

)

.................................

9,206,156

a

Total

Investments

(Cost

$455,578,658)

99.2%

...................................

$439,677,788

Other

Assets,

less

Liabilities

0.8%

.............................................

3,658,934

Net

Assets

100.0%

...........................................................

$443,336,722

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

b

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

c

See

Note

3(f)

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,

October

31,

2023

Franklin

Low

Duration

U.S.

Government

Securities

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

171

At

October

31,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1

(

e

). 

See

Note 

10

 regarding

other

derivative

information.

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

83

$

9,032,734

12/19/23

$

504,367

U.S.

Treasury

2

Year

Notes

.....................

Long

322

65,179,844

12/29/23

(255,196)

U.S.

Treasury

5

Year

Notes

.....................

Short

62

6,477,547

12/29/23

106,804

Total

Futures

Contracts

......................................................................

$355,975

*

As

of

period

end.

See

Abbreviations

on

page

342

.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Total

Return

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

172

a

Year

Ended

October

31,

2023

2022

2021*

2020

a

2019

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.94

$9.98

$10.04

$9.92

$9.31

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.288

0.229

0.176

0.257

0.302

Net

realized

and

unrealized

gains

(losses)

...........

(0.186)

(2.006)

0.036

0.170

0.618

Total

from

investment

operations

....................

0.102

(1.777)

0.212

0.427

0.920

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.272)

(0.260)

(0.272)

(0.306)

(0.310)

Tax

return

of

capital

............................

—

(0.003)

—

—

—

Total

distributions

...............................

(0.272)

(0.263)

(0.272)

(0.306)

(0.310)

Net

asset

value,

end

of

year

.......................

$7.77

$7.94

$9.98

$10.04

$9.92

Total

return

d

...................................

1.14%

(18.06)%

2.12%

4.38%

10.01%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.92%

0.89%

0.90%

0.90%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.83%

e

0.82%

e

0.83%

0.85%

e

0.86%

e

Net

investment

income

...........................

3.50%

2.52%

1.75%

2.59%

3.12%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$2,494,183

$2,716,548

$3,876,156

$4,031,242

$3,422,747

Portfolio

turnover

rate

............................

127.45%

197.26%

184.44%

f

228.24%

169.95%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

....

81.72%

105.09%

59.70%

f

137.82%

98.83%

f

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

173

a

Year

Ended

October

31,

2023

2022

2021*

2020

a

2019

a

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.88

$9.90

$9.97

$9.85

$9.25

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.256

0.193

0.137

0.216

0.262

Net

realized

and

unrealized

gains

(losses)

...........

(0.186)

(1.985)

0.025

0.171

0.609

Total

from

investment

operations

....................

0.070

(1.792)

0.162

0.387

0.871

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.240)

(0.225)

(0.232)

(0.267)

(0.271)

Tax

return

of

capital

............................

—

(0.003)

—

—

—

Total

distributions

...............................

(0.240)

(0.228)

(0.232)

(0.267)

(0.271)

Net

asset

value,

end

of

year

.......................

$7.71

$7.88

$9.90

$9.97

$9.85

Total

return

d

...................................

0.75%

(18.33)%

1.63%

4.01%

9.52%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.35%

1.32%

1.30%

1.30%

1.30%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.23%

e

1.23%

e

1.24%

1.25%

e

1.26%

e

Net

investment

income

...........................

3.12%

2.14%

1.37%

2.20%

2.72%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$30,819

$91,669

$141,309

$208,947

$236,838

Portfolio

turnover

rate

............................

127.45%

197.26%

184.44%

f

228.24%

169.95%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

....

81.72%

105.09%

59.70%

f

137.82%

98.83%

f

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

174

a

Year

Ended

October

31,

2023

2022

2021*

2020

a

2019

a

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.90

$9.94

$10.00

$9.88

$9.27

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.268

0.206

0.152

0.232

0.277

Net

realized

and

unrealized

gains

(losses)

...........

(0.176)

(2.005)

0.035

0.171

0.619

Total

from

investment

operations

....................

0.092

(1.799)

0.187

0.403

0.896

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.252)

(0.238)

(0.247)

(0.282)

(0.286)

Tax

return

of

capital

............................

—

(0.003)

—

—

—

Total

distributions

...............................

(0.252)

(0.241)

(0.247)

(0.282)

(0.286)

Net

asset

value,

end

of

year

.......................

$7.74

$7.90

$9.94

$10.00

$9.88

Total

return

....................................

1.03%

(18.34)%

1.87%

4.14%

9.66%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.19%

1.17%

1.14%

1.15%

1.15%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.08%

d

1.08%

d

1.09%

1.10%

d

1.11%

d

Net

investment

income

...........................

3.27%

2.29%

1.52%

2.36%

2.87%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$7,336

$8,827

$12,623

$17,274

$21,223

Portfolio

turnover

rate

............................

127.45%

197.26%

184.44%

e

228.24%

169.95%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

81.72%

105.09%

59.70%

e

137.82%

98.83%

e

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

175

a

Year

Ended

October

31,

2023

2022

2021*

2020

a

2019

a

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.00

$10.05

$10.11

$9.99

$9.38

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.318

0.263

0.213

0.294

0.340

Net

realized

and

unrealized

gains

(losses)

...........

(0.186)

(2.017)

0.035

0.168

0.617

Total

from

investment

operations

....................

0.132

(1.754)

0.248

0.462

0.957

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.302)

(0.293)

(0.308)

(0.341)

(0.347)

Tax

return

of

capital

............................

—

(0.003)

—

—

—

Total

distributions

...............................

(0.302)

(0.296)

(0.308)

(0.341)

(0.347)

Net

asset

value,

end

of

year

.......................

$7.83

$8.00

$10.05

$10.11

$9.99

Total

return

....................................

1.50%

(17.74)%

2.47%

4.72%

10.35%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.56%

0.52%

0.54%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.47%

d

0.44%

d

0.46%

0.48%

d

0.49%

d

Net

investment

income

...........................

3.84%

2.89%

2.10%

2.95%

3.49%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$390,582

$434,834

$601,624

$547,075

$481,399

Portfolio

turnover

rate

............................

127.45%

197.26%

184.44%

e

228.24%

169.95%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

81.72%

105.09%

59.70%

e

137.82%

98.83%

e

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

176

a

Year

Ended

October

31,

2023

2022

2021*

2020

a

2019

a

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.99

$10.04

$10.10

$9.98

$9.37

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.309

0.251

0.202

0.281

0.328

Net

realized

and

unrealized

gains

(losses)

...........

(0.186)

(2.015)

0.035

0.169

0.618

Total

from

investment

operations

....................

0.123

(1.764)

0.237

0.450

0.946

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.293)

(0.283)

(0.297)

(0.329)

(0.336)

Tax

return

of

capital

............................

—

(0.003)

—

—

—

Total

distributions

...............................

(0.293)

(0.286)

(0.297)

(0.329)

(0.336)

Net

asset

value,

end

of

year

.......................

$7.82

$7.99

$10.04

$10.10

$9.98

Total

return

....................................

1.39%

(17.86)%

2.36%

4.60%

10.23%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.66%

0.64%

0.64%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.58%

d

0.57%

d

0.58%

0.60%

d

0.61%

d

Net

investment

income

...........................

3.73%

2.76%

2.00%

2.84%

3.37%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$156,009

$175,044

$232,016

$293,080

$863,516

Portfolio

turnover

rate

............................

127.45%

197.26%

184.44%

e

228.24%

169.95%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

81.72%

105.09%

59.70%

e

137.82%

98.83%

e

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Total

Return

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

177

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.5%

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

160,807

Oil,

Gas

&

Consumable

Fuels

0.5%

Quarternorth

Energy

Holding,

Inc.

.........................

United

States

106,976

14,450,693

Total

Common

Stocks

(Cost

$11,228,070)

......................................

14,611,500

Management

Investment

Companies

11.1%

Capital

Markets

11.1%

d

Franklin

Floating

Rate

Income

Fund

.......................

United

States

3,279,006

26,002,517

d

Franklin

Investment

Grade

Corporate

ETF

...................

United

States

13,840,000

274,724,000

d

Franklin

Senior

Loan

ETF

...............................

United

States

1,737,400

41,662,852

342,389,369

Total

Management

Investment

Companies

(Cost

$420,729,857)

...................

342,389,369

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII,

12.022%

...........................

United

States

93,000

2,666,310

Total

Preferred

Stocks

(Cost

$2,325,000)

.......................................

2,666,310

Principal

Amount

*

Corporate

Bonds

23.3%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

Senior

Note

,

5.15

%

,

5/01/30

...............

United

States

13,500,000

12,655,447

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.09

%

,

9/15/52

..........

United

States

5,000,000

3,691,522

Northrop

Grumman

Corp.

,

Senior

Bond,

4.03%,

10/15/47

..........................

United

States

3,000,000

2,183,137

Senior

Bond,

5.25%,

5/01/50

...........................

United

States

3,500,000

3,046,239

21,576,345

Air

Freight

&

Logistics

0.1%

e

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

3,300,000

3,173,897

Banks

4.9%

e,f

ABN

AMRO

Bank

NV

,

Senior

Note

,

144A,

FRN

,

6.339

%

,

(

1-year

CMT

T-Note

+

1.65

%

),

9/18/27

..........................

Netherlands

2,500,000

2,473,590

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

...........

Spain

3,600,000

2,628,064

Bank

of

America

Corp.

,

Senior

Bond,

2.592%

to

4/28/30,

FRN

thereafter,

4/29/31

.....

United

States

6,700,000

5,283,942

Senior

Bond,

1.922%

to

10/23/30,

FRN

thereafter,

10/24/31

...

United

States

5,300,000

3,910,110

e

BNP

Paribas

SA

,

Senior

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

..................................

France

3,200,000

3,079,427

e

BPCE

SA

,

Senior

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

..........................................

France

9,500,000

8,294,007

Citigroup,

Inc.

,

Senior

Bond,

2.572%

to

6/02/30,

FRN

thereafter,

6/03/31

.....

United

States

8,000,000

6,267,116

Senior

Bond,

3.057%

to

1/24/32,

FRN

thereafter,

1/25/33

.....

United

States

8,600,000

6,624,159

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

178

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

HSBC

Holdings

plc

,

Senior

Note,

0.976%

to

5/23/24,

FRN

thereafter,

5/24/25

......

United

Kingdom

10,500,000

$

10,151,437

Senior

Note,

1.589%

to

5/23/26,

FRN

thereafter,

5/24/27

......

United

Kingdom

11,200,000

9,867,742

JPMorgan

Chase

&

Co.

,

Senior

Bond,

4.493%

to

3/23/30,

FRN

thereafter,

3/24/31

.....

United

States

17,100,000

15,431,820

Sub.

Bond,

4.95%,

6/01/45

............................

United

States

1,600,000

1,310,981

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

..................

United

States

6,200,000

5,768,014

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.063%

to

9/11/24,

FRN

thereafter

,

9/12/25

.........................

Japan

11,100,000

10,980,282

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

...................................

Japan

6,000,000

5,861,960

e

Nordea

Bank

Abp

,

Senior

Note

,

144A,

4.75

%

,

9/22/25

..........

Finland

5,200,000

5,094,086

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

...............................

United

Kingdom

6,500,000

5,668,381

e

Societe

Generale

SA

,

Senior

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

...................................

France

10,800,000

9,494,843

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693

%

,

9/15/27

.....

Canada

12,000,000

11,432,996

Truist

Financial

Corp.

,

Senior

Note

,

7.161%

to

10/29/28,

FRN

thereafter

,

10/30/29

..................................

United

States

4,950,000

4,980,521

US

Bancorp

,

Senior

Note

,

5.727%

to

10/20/25,

FRN

thereafter

,

10/21/26

..........................................

United

States

4,300,000

4,239,827

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

......

United

States

9,000,000

7,089,205

Senior

Note,

4.54%

to

8/14/25,

FRN

thereafter,

8/15/26

.......

United

States

4,000,000

3,877,731

149,810,241

Beverages

0.1%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond,

4.7%,

2/01/36

............................

Belgium

1,800,000

1,585,029

Senior

Bond,

4.9%,

2/01/46

............................

Belgium

3,400,000

2,833,889

4,418,918

Biotechnology

0.7%

AbbVie,

Inc.

,

Senior

Bond,

4.05%,

11/21/39

..........................

United

States

5,000,000

3,909,256

Senior

Bond,

4.7%,

5/14/45

............................

United

States

3,200,000

2,603,612

Senior

Note,

3.2%,

11/21/29

...........................

United

States

3,000,000

2,615,364

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

...................

United

States

7,800,000

7,278,047

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

...................

United

States

6,900,000

5,421,246

21,827,525

Broadline

Retail

0.0%

a,e,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

2,492,650

—

a,e,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

1,098,025

—

—

Capital

Markets

1.5%

Deutsche

Bank

AG

,

Senior

Note

,

5.371

%

,

9/09/27

.............

Germany

9,500,000

9,192,884

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/20/31,

FRN

thereafter,

10/21/32

....

United

States

15,000,000

11,282,798

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

....

United

States

9,700,000

8,509,494

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

179

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/27/31,

FRN

thereafter

,

4/28/32

...........................................

United

States

15,200,000

$

11,014,806

UBS

Group

AG

,

Senior

Note,

4.55%,

4/17/26

...........................

Switzerland

3,400,000

3,251,282

e

Senior

Note,

144A,

2.193%

to

6/04/25,

FRN

thereafter,

6/05/26

.

Switzerland

1,000,000

931,167

e

Senior

Note,

144A,

6.373%

to

7/14/25,

FRN

thereafter,

7/15/26

.

Switzerland

2,300,000

2,286,662

46,469,093

Chemicals

0.2%

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

9,300,000

5,497,345

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.................................

Ireland

14,600,000

10,924,878

Consumer

Staples

Distribution

&

Retail

0.3%

Dollar

Tree,

Inc.

,

Senior

Bond

,

4.2

%

,

5/15/28

.................

United

States

8,000,000

7,370,036

Target

Corp.

,

Senior

Bond

,

2.95

%

,

1/15/52

..................

United

States

1,600,000

922,392

8,292,428

Containers

&

Packaging

0.2%

e

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

2,300,000

2,009,392

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

....................

United

States

4,700,000

3,593,882

5,603,274

Diversified

REITs

0.1%

Simon

Property

Group

LP

,

Senior

Bond

,

3.25

%

,

9/13/49

........

United

States

2,400,000

1,391,505

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.5

%

,

9/01/26

...........................................

United

States

2,000,000

1,868,860

3,260,365

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

Senior

Bond

,

2.55

%

,

12/01/33

...................

United

States

21,000,000

15,078,060

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

....

United

States

9,000,000

6,733,180

21,811,240

Electric

Utilities

1.5%

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45

%

,

1/15/38

.......

United

States

700,000

701,113

Duke

Energy

Corp.

,

Senior

Bond,

2.45%,

6/01/30

...........................

United

States

2,900,000

2,312,916

Senior

Bond,

3.75%,

9/01/46

...........................

United

States

2,000,000

1,305,080

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4

%

,

6/15/38

.........

United

States

1,300,000

1,292,075

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25

%

,

4/01/33

..........

United

States

1,300,000

1,222,562

e

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8

%

,

9/15/37

.

Italy

3,000,000

2,922,571

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

..................

United

States

8,400,000

7,424,413

Florida

Power

&

Light

Co.

,

Senior

Note

,

4.625

%

,

5/15/30

........

United

States

3,600,000

3,366,979

Georgia

Power

Co.

,

Senior

Bond

,

4.3

%

,

3/15/42

..............

United

States

9,000,000

6,894,455

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

6.051

%

,

3/01/25

United

States

3,700,000

3,698,980

Southern

Co.

(The)

,

Senior

Bond,

4.4%,

7/01/46

............................

United

States

2,000,000

1,477,193

A,

Senior

Bond,

3.7%,

4/30/30

.........................

United

States

10,500,000

9,111,002

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35

%

,

11/30/37

...

United

States

520,000

506,832

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

180

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.45

%

,

8/15/33

...............

United

States

5,500,000

$

5,128,130

47,364,301

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15

%

,

3/15/33

...................

United

States

2,400,000

2,112,382

Electronic

Equipment,

Instruments

&

Components

0.2%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

....................

United

States

7,500,000

6,812,807

Entertainment

0.2%

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.5

%

,

5/13/40

............

United

States

9,000,000

6,473,572

Financial

Services

0.5%

e

Corebridge

Financial,

Inc.

,

Senior

Bond

,

144A,

6.05

%

,

9/15/33

...

United

States

6,000,000

5,636,369

Fiserv,

Inc.

,

Senior

Bond,

3.5%,

7/01/29

............................

United

States

1,200,000

1,053,037

Senior

Bond,

2.65%,

6/01/30

...........................

United

States

9,100,000

7,337,477

Shell

International

Finance

BV

,

Senior

Bond

,

4.55

%

,

8/12/43

.....

Netherlands

1,700,000

1,379,138

15,406,021

Food

Products

0.6%

General

Mills,

Inc.

,

Senior

Note

,

5.241

%

,

11/18/25

.............

United

States

1,900,000

1,880,266

Hershey

Co.

(The)

,

Senior

Bond

,

4.5

%

,

5/04/33

...............

United

States

3,800,000

3,494,592

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note,

2.5%,

1/15/27

............................

United

States

6,200,000

5,449,583

Senior

Note,

3%,

2/02/29

.............................

United

States

2,000,000

1,648,041

Senior

Note,

3.625%,

1/15/32

..........................

United

States

2,500,000

1,923,958

Kraft

Heinz

Foods

Co.

,

Senior

Note

,

3.75

%

,

4/01/30

...........

United

States

4,000,000

3,504,367

17,900,807

Ground

Transportation

0.3%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

4.9

%

,

4/01/44

...

United

States

1,600,000

1,344,918

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

....................

United

States

6,000,000

4,582,742

Union

Pacific

Corp.

,

Senior

Bond

,

3.2

%

,

5/20/41

..............

United

States

5,000,000

3,404,036

9,331,696

Health

Care

Equipment

&

Supplies

0.4%

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65

%

,

6/01/30

..........

United

States

6,000,000

4,936,950

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.6

%

,

11/15/25

..

United

States

5,700,000

5,669,946

STERIS

Irish

FinCo.

UnLtd.

Co.

,

Senior

Note

,

2.7

%

,

3/15/31

.....

United

States

2,400,000

1,900,781

12,507,677

Health

Care

Providers

&

Services

1.1%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

..................

United

States

2,500,000

1,980,720

CVS

Health

Corp.

,

Senior

Bond,

5.3%,

6/01/33

............................

United

States

5,000,000

4,620,144

Senior

Bond,

4.78%,

3/25/38

...........................

United

States

3,200,000

2,649,039

Senior

Bond,

2.7%,

8/21/40

............................

United

States

2,000,000

1,212,003

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,900,000

1,490,588

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

...........

United

States

3,100,000

2,469,228

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266

%

,

11/01/49

United

States

11,270,000

7,045,805

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

8,875,000

8,111,160

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

181

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.05

%

,

5/15/41

.........

United

States

8,000,000

$

5,342,383

34,921,070

Health

Care

REITs

0.0%

†

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5

%

,

3/15/31

......................................

United

States

1,400,000

850,370

Hotels,

Restaurants

&

Leisure

0.4%

Starbucks

Corp.

,

Senior

Bond

,

2.55

%

,

11/15/30

...............

United

States

2,500,000

2,017,481

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

13,000,000

9,343,750

11,361,231

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

United

States

2,450,000

2,370,455

Insurance

1.0%

e

AIA

Group

Ltd.

,

Senior

Bond

,

144A,

4.95

%

,

4/04/33

...........

Hong

Kong

3,900,000

3,584,567

e

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

..

United

States

3,400,000

3,360,808

e

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85

%

,

5/15/30

.

United

States

3,000,000

2,463,167

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9

%

,

3/15/49

......

United

States

5,000,000

4,116,499

e

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

5.05%,

1/06/28

.....................

United

States

10,300,000

9,997,270

Secured

Note,

144A,

4.3%,

8/25/29

......................

United

States

3,700,000

3,400,318

Progressive

Corp.

(The)

,

Senior

Bond

,

3.7

%

,

3/15/52

..........

United

States

6,000,000

4,028,935

30,951,564

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Bond

,

4.95

%

,

5/15/33

............

United

States

10,100,000

9,472,042

e

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

2.39

%

,

6/03/30

.......

China

10,000,000

7,913,169

17,385,211

Life

Sciences

Tools

&

Services

0.0%

†

Revvity,

Inc.

,

Senior

Bond

,

2.25

%

,

9/15/31

..................

United

States

1,800,000

1,340,012

Media

0.9%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

.......

United

States

12,500,000

9,563,561

Comcast

Corp.

,

Senior

Bond,

1.5%,

2/15/31

............................

United

States

4,000,000

2,961,377

Senior

Bond,

4.8%,

5/15/33

............................

United

States

8,200,000

7,482,558

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

...................

United

States

4,800,000

3,974,286

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55

%

,

5/01/37

..

United

States

5,700,000

5,007,105

28,988,887

Multi-Utilities

0.4%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125

%

,

4/01/36

..

United

States

2,700,000

2,629,614

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375

%

,

4/01/30

........

United

States

4,351,000

3,661,470

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

...............

United

States

6,700,000

6,376,629

12,667,713

Oil,

Gas

&

Consumable

Fuels

2.1%

e

Aker

BP

ASA

,

Senior

Bond

,

144A,

4

%

,

1/15/31

...............

Norway

5,400,000

4,560,161

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4

%

,

2/15/31

...........

United

States

6,275,000

5,128,363

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.812

%

,

2/13/33

..

United

States

6,000,000

5,484,981

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

182

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

1,600,000

$

1,592,760

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

1,700,000

1,554,794

e

CITGO

Petroleum

Corp.

,

Senior

Secured

Note,

144A,

6.375%,

6/15/26

..............

United

States

3,000,000

2,950,295

Senior

Secured

Note,

144A,

8.375%,

1/15/29

..............

United

States

6,600,000

6,542,953

ConocoPhillips

Co.

,

Senior

Bond

,

5.05

%

,

9/15/33

.............

United

States

2,500,000

2,330,634

e

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

2/01/29

....................

United

States

2,000,000

1,937,210

Energy

Transfer

LP

,

Senior

Bond,

4.75%,

1/15/26

...........................

United

States

4,500,000

4,367,701

Senior

Note,

3.9%,

5/15/24

............................

United

States

3,600,000

3,556,652

Senior

Note,

6.4%,

12/01/30

...........................

United

States

4,000,000

3,960,707

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125

%

,

7/31/29

United

States

2,000,000

1,736,840

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

.............

United

States

2,000,000

1,315,775

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

6

%

,

4/15/30

...........................................

United

States

2,300,000

2,044,585

MPLX

LP

,

Senior

Note

,

4.875

%

,

6/01/25

....................

United

States

4,500,000

4,412,931

Phillips

66

,

Senior

Bond

,

2.15

%

,

12/15/30

...................

United

States

4,900,000

3,787,758

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25

%

,

5/15/28

......

Canada

3,400,000

3,144,158

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

1,000,000

805,032

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

500,000

416,529

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/15/30

.........

United

States

3,200,000

2,697,506

64,328,325

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

DM3N

,

Senior

Bond

,

3.125

%

,

1/15/32

....

Brazil

2,300,000

1,735,104

Passenger

Airlines

0.3%

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

............................

United

States

1,600,000

1,444,848

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

8,266,000

8,036,154

9,481,002

Personal

Care

Products

0.7%

h

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

5/15/33

.....

United

States

10,700,000

9,732,358

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.........

United

States

2,500,000

2,083,912

Kenvue,

Inc.

,

WI

,

Senior

Note

,

5.05

%

,

3/22/28

...............

United

States

10,500,000

10,308,387

22,124,657

Pharmaceuticals

0.7%

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

2.55

%

,

11/13/50

........

United

States

9,700,000

5,174,081

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

United

States

4,100,000

3,770,180

Pfizer,

Inc.

,

Senior

Bond

,

2.55

%

,

5/28/40

....................

United

States

5,500,000

3,494,167

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

.............

United

States

11,800,000

8,670,011

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

.....................................

Israel

2,000,000

1,747,580

22,856,019

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

Senior

Bond

,

2.65

%

,

5/11/50

....................

United

States

3,000,000

1,738,350

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

183

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Tobacco

0.8%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4

%

,

5/06/30

................

United

States

15,000,000

$

12,551,310

e

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

7/21/25

.

United

Kingdom

4,000,000

3,864,930

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375

%

,

2/15/33

....

United

States

8,800,000

8,133,966

24,550,206

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

Senior

Note

,

3.875

%

,

4/15/30

.............

United

States

12,000,000

10,452,199

Total

Corporate

Bonds

(Cost

$825,049,457)

.....................................

718,677,187

i

Marketplace

Loans

1.6%

a

Financial

Services

1.6%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$56,018,356)

....................................

48,961,503

Foreign

Government

and

Agency

Securities

2.2%

e

African

Export-Import

Bank

(The)

,

Senior

Bond,

144A,

3.994%,

9/21/29

.....................

Supranational

j

1,400,000

1,138,809

Senior

Bond,

144A,

3.798%,

5/17/31

.....................

Supranational

j

11,600,000

8,835,372

e

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

...........................................

Supranational

j

10,700,000

9,541,361

Colombia

Government

Bond

,

Senior

Bond

,

5

%

,

6/15/45

........

Colombia

8,800,000

5,667,988

e

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348

%

,

2/09/31

...........................................

Mexico

12,200,000

9,286,611

e

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75

%

,

1/15/31

...........................................

Chile

6,500,000

5,410,014

e

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

......

France

2,100,000

2,056,207

e

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

.

South

Korea

3,900,000

3,880,161

e

Panama

Government

Bond

,

Senior

Note

,

144A,

3.75

%

,

4/17/26

..

Panama

5,700,000

5,326,023

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.........

Peru

8,000,000

6,424,333

Petroleos

Mexicanos

,

Senior

Bond

,

6.625

%

,

6/15/35

...........

Mexico

6,000,000

3,961,235

e

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.125

%

,

1/22/44

.

Romania

9,500,000

8,215,581

Total

Foreign

Government

and

Agency

Securities

(Cost

$91,252,571)

..............

69,743,695

U.S.

Government

and

Agency

Securities

26.0%

FFCB

,

2.1

%,

2/25/36

...................................

United

States

9,300,000

6,206,307

U.S.

Treasury

Bonds

,

1.125%,

5/15/40

.....................................

United

States

4,000,000

2,181,250

1.125%,

8/15/40

.....................................

United

States

8,600,000

4,647,024

1.75%,

8/15/41

.....................................

United

States

116,900,000

69,439,057

3.875%,

2/15/43

.....................................

United

States

12,800,000

10,645,000

2.5%,

5/15/46

......................................

United

States

9,000,000

5,706,738

2.25%,

8/15/46

.....................................

United

States

28,800,000

17,262,000

2.75%,

11/15/47

.....................................

United

States

25,500,000

16,786,172

3.125%,

5/15/48

.....................................

United

States

16,500,000

11,665,371

2.25%,

8/15/49

.....................................

United

States

39,000,000

22,787,578

1.25%,

5/15/50

.....................................

United

States

13,300,000

5,853,039

1.875%,

11/15/51

....................................

United

States

76,200,000

39,754,969

3.625%,

5/15/53

.....................................

United

States

6,000,000

4,678,125

U.S.

Treasury

Notes

,

3.875%,

3/31/25

.....................................

United

States

77,000,000

75,569,785

0.25%,

9/30/25

.....................................

United

States

108,500,000

99,061,348

0.375%,

11/30/25

....................................

United

States

128,000,000

116,315,000

0.375%,

12/31/25

....................................

United

States

41,000,000

37,156,250

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

184

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

k

Index

Linked,

0.625%,

1/15/26

..........................

United

States

35,400,000

$

43,521,248

0.75%,

5/31/26

.....................................

United

States

2,000,000

1,798,672

2.75%,

4/30/27

.....................................

United

States

138,300,000

128,899,922

3.25%,

6/30/27

.....................................

United

States

18,100,000

17,123,590

3.125%,

8/31/27

.....................................

United

States

67,000,000

62,927,656

Total

U.S.

Government

and

Agency

Securities

(Cost

$932,195,686)

................

799,986,101

Asset-Backed

Securities

7.2%

Financial

Services

7.2%

e,l

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

7.327

%

,

(

3-month

SOFR

+

1.912

%

),

4/20/31

.

..................................

United

States

12,900,000

12,769,574

e,l

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A,

A1,

144A,

FRN,

6.634%,

(3-month

SOFR

+

1.222%),

4/23/31

...........................................

United

States

11,401,243

11,370,389

2018-1A,

A2,

144A,

FRN,

6.824%,

(3-month

SOFR

+

1.412%),

4/23/31

...........................................

United

States

5,100,000

5,018,377

e,l

BCC

Middle

Market

CLO

LLC

,

2018-1A

,

A2

,

144A,

FRN

,

7.827

%

,

(

3-month

SOFR

+

2.412

%

),

10/20/30

.

....................

United

States

5,100,000

5,022,497

e,l

Carlyle

Direct

Lending

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

7.855

%

,

(

3-month

SOFR

+

2.462

%

),

10/15/31

.

..............

United

States

10,000,000

9,776,092

e,l

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A,

A1R2,

144A,

FRN,

6.634%,

(3-month

SOFR

+

1.232%),

4/17/31

...........................................

United

States

690,028

685,006

2014-1A,

A2R2,

144A,

FRN,

6.794%,

(3-month

SOFR

+

1.392%),

4/17/31

...........................................

United

States

6,300,000

6,157,427

e,l

CIFC

Funding

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

6.717

%

,

(

3-month

SOFR

+

1.32

%

),

4/19/35

.

..............................

United

States

23,690,000

23,429,884

e,m

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

25.86%,

12/15/43

................

United

States

6,823

6,471

2019-26,

PT,

144A,

FRN,

16.108%,

8/15/44

................

United

States

297,280

279,072

2019-31,

PT,

144A,

FRN,

12.109%,

9/15/44

................

United

States

253,593

232,854

2019-37,

PT,

144A,

FRN,

15.935%,

10/17/44

...............

United

States

316,835

299,666

2019-42,

PT,

144A,

FRN,

14.513%,

11/15/44

...............

United

States

355,234

332,382

2019-51,

PT,

144A,

FRN,

14.731%,

1/15/45

................

United

States

431,587

406,199

2019-52,

PT,

144A,

FRN,

13.603%,

1/15/45

................

United

States

413,188

388,377

2019-S1,

PT,

144A,

FRN,

4.311%,

4/15/44

.................

United

States

35,199

33,992

2019-S2,

PT,

144A,

FRN,

8.762%,

5/16/44

.................

United

States

59,574

55,150

2019-S3,

PT,

144A,

FRN,

9.663%,

6/15/44

.................

United

States

103,395

95,199

2019-S4,

PT,

144A,

FRN,

9.816%,

8/15/44

.................

United

States

164,329

157,732

2019-S5,

PT,

144A,

FRN,

10.314%,

9/15/44

................

United

States

173,797

161,973

2019-S6,

PT,

144A,

FRN,

8.155%,

10/17/44

................

United

States

234,570

217,098

2019-S7,

PT,

144A,

FRN,

8.271%,

12/15/44

................

United

States

186,293

172,055

2019-S8,

PT,

144A,

FRN,

8.946%,

1/15/45

.................

United

States

231,715

214,577

2020-2,

PT,

144A,

FRN,

14.503%,

3/15/45

.................

United

States

440,789

413,322

2020-7,

PT,

144A,

FRN,

15.031%,

4/17/45

.................

United

States

290,508

268,537

e,l

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.784

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

.............................

United

States

6,000,000

5,884,160

l

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

6.189

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

...................................

United

States

137,743

134,612

e,l

Dryden

97

CLO

Ltd.

,

2022-97A

,

A

,

144A,

FRN

,

6.716

%

,

(

3-month

SOFR

+

1.3

%

),

4/20/35

.

...............................

United

States

17,750,000

17,517,331

e,l

Ellington

CLO

III

Ltd.

,

2018-3A,

A1,

144A,

FRN,

7.327%,

(3-month

SOFR

+

1.912%),

7/20/30

...........................................

United

States

3,687,625

3,693,939

2018-3A,

A2R,

144A,

FRN,

7.427%,

(3-month

SOFR

+

2.012%),

7/20/30

...........................................

United

States

6,828,936

6,826,165

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

185

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

e

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

11,397,412

$

10,336,792

e,l

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

6.653

%

,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

.............................

United

States

974,297

969,435

e

Home

Partners

of

America

Trust

,

2021-2,

B,

144A,

2.302%,

12/17/26

......................

United

States

15,275,332

13,444,247

2021-3,

B,

144A,

2.649%,

1/17/41

.......................

United

States

5,843,139

4,924,817

e,l

Logan

CLO

I

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

6.837

%

,

(

3-month

SOFR

+

1.422

%

),

7/20/34

.

..................................

United

States

4,750,000

4,722,963

e,l

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

7.074

%

,

(

3-month

SOFR

+

1.662

%

),

10/21/30

.

..............

United

States

1,700,000

1,686,466

e

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

19,400,000

16,618,905

e,l

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

6.777

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

...............

United

States

3,325,000

3,263,284

e,l

Octagon

Investment

Partners

36

Ltd.

,

2018-1A,

A1,

144A,

FRN,

6.625%,

(3-month

SOFR

+

1.232%),

4/15/31

...........................................

United

States

17,069,118

17,028,749

2018-1A,

A2,

144A,

FRN,

6.855%,

(3-month

SOFR

+

1.462%),

4/15/31

...........................................

United

States

8,500,000

8,334,745

e,l

Pikes

Peak

CLO

6

,

2020-6A

,

AR2

,

144A,

FRN

,

6.811

%

,

(

3-month

SOFR

+

1.432

%

),

5/18/34

.

.............................

United

States

4,500,000

4,485,143

e,m

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

14.089%,

3/15/26

................

United

States

232,315

225,270

2020-PT2,

A,

144A,

FRN,

12.177%,

4/15/26

................

United

States

293,623

278,976

2020-PT3,

A,

144A,

FRN,

5.076%,

5/15/26

.................

United

States

120,071

109,092

e,l

Strata

CLO

I

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

7.855

%

,

(

3-month

SOFR

+

2.462

%

),

1/15/31

.

..................................

United

States

11,000,000

11,050,035

e,l

TICP

CLO

VI

Ltd.

,

2016-6A

,

AR2

,

144A,

FRN

,

6.775

%

,

(

3-month

SOFR

+

1.382

%

),

1/15/34

.

.............................

United

States

9,200,000

9,139,030

e,m

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

30.725%,

6/15/25

................

United

States

49,369

43,992

2019-PT2,

A,

144A,

FRN,

21.642%,

2/15/26

................

United

States

203,344

198,233

e,l

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.905

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...................................

United

States

1,500,000

1,470,883

220,351,166

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

30,900

30,105

Passenger

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

912,000

874,605

Total

Asset-Backed

Securities

(Cost

$229,264,516)

..............................

221,255,876

Commercial

Mortgage-Backed

Securities

1.5%

Financial

Services

1.5%

m

Benchmark

Mortgage

Trust

,

2023-V3

,

A3

,

FRN

,

6.363

%

,

7/15/56

..

United

States

1,200,000

1,202,152

e,l

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

6.399

%

,

(

1-month

SOFR

+

1.064

%

),

9/15/36

......................

United

States

9,840,000

9,521,435

e,l

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

6.347

%

,

(

1-month

SOFR

+

1.013

%

),

10/15/36

............................

United

States

9,220,000

8,932,733

e,l

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

6.825

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

....................................

United

States

12,304,774

12,127,430

m

Commercial

Mortgage

Trust

,

2006-GG7

,

AJ

,

FRN

,

6.012

%

,

7/10/38

United

States

1,576,925

683,597

e,l

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

8.5

%

,

(

PRIME

+

0.7

%

),

6/15/34

......................................

United

States

9,840,000

9,853,770

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

186

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

e,m

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

.....................................

United

States

3,255,000

$

2,903,354

l

FNMA

,

2005-122

,

FN

,

FRN

,

5.785

%

,

(

30-day

SOFR

Average

+

0.464

%

),

1/25/36

....................................

United

States

380,188

367,957

a

Weyerhaeuser

Mortgage

Co.

of

Texas

,

1984-A

,

7.43

%

,

1/01/24

...

United

States

479

480

45,592,908

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$47,573,374)

................

45,592,908

Mortgage-Backed

Securities

30.6%

n

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

4.14%,

(COFI

11th

District

+/-

MBS

Margin),

11/01/27

...

United

States

367,369

358,297

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

13.4%

FHLMC

Gold

Pool,

30

Year,

4.5%,

3/01/39

..................

United

States

509,773

471,168

FHLMC

Gold

Pool,

30

Year,

5%,

8/01/33

-

2/01/39

.............

United

States

3,307,305

3,192,460

FHLMC

Gold

Pool,

30

Year,

5.5%,

1/01/35

-

12/01/37

..........

United

States

306,409

301,373

FHLMC

Gold

Pool,

30

Year,

6%,

5/01/33

-

4/01/38

.............

United

States

387,018

388,118

FHLMC

Gold

Pool,

30

Year,

6.5%,

8/01/25

-

3/01/39

...........

United

States

311,298

316,349

FHLMC

Gold

Pool,

30

Year,

7%,

1/01/28

-

7/01/32

.............

United

States

20,049

20,532

FHLMC

Gold

Pool,

30

Year,

7.5%,

3/01/32

..................

United

States

6,719

7,009

FHLMC

Gold

Pool,

30

Year,

8%,

2/01/30

....................

United

States

6,175

6,304

FHLMC

Gold

Pool,

30

Year,

8.5%,

10/01/24

-

8/01/30

..........

United

States

914

938

FHLMC

Pool,

15

Year,

2%,

4/01/37

........................

United

States

4,765,518

4,042,820

FHLMC

Pool,

15

Year,

2.5%,

4/01/37

-

5/01/37

...............

United

States

9,820,908

8,569,079

FHLMC

Pool,

15

Year,

3%,

4/01/37

-

9/01/37

.................

United

States

6,412,330

5,739,490

FHLMC

Pool,

30

Year,

2%,

1/01/52

........................

United

States

51,606,637

38,158,457

FHLMC

Pool,

30

Year,

2%,

3/01/52

........................

United

States

40,430,050

29,736,116

FHLMC

Pool,

30

Year,

2%,

4/01/52

........................

United

States

73,904,636

54,344,991

FHLMC

Pool,

30

Year,

2.5%,

10/01/51

......................

United

States

37,504,509

28,913,443

FHLMC

Pool,

30

Year,

2.5%,

5/01/52

.......................

United

States

28,495,461

21,918,641

FHLMC

Pool,

30

Year,

2.5%,

10/01/53

......................

United

States

5,306,000

4,078,797

FHLMC

Pool,

30

Year,

3%,

2/01/52

........................

United

States

66,061,149

53,064,763

FHLMC

Pool,

30

Year,

3%,

10/01/53

.......................

United

States

5,095,000

4,083,118

FHLMC

Pool,

30

Year,

3.5%,

5/01/52

-

6/01/52

...............

United

States

4,818,798

4,017,975

FHLMC

Pool,

30

Year,

3.5%,

12/01/52

......................

United

States

15,426,584

12,862,708

FHLMC

Pool,

30

Year,

4%,

8/01/52

........................

United

States

43,794,843

37,889,912

FHLMC

Pool,

30

Year,

4%,

11/01/53

.......................

United

States

3,600,000

3,112,871

FHLMC

Pool,

30

Year,

4.5%,

8/01/52

.......................

United

States

103,183,148

92,291,603

FHLMC

Pool,

30

Year,

4.5%,

11/01/53

......................

United

States

4,571,000

4,085,406

411,614,441

n

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA,

2.555%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

12/01/24

..

United

States

66

65

FNMA,

3.845%

-

4.46%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

..........

United

States

290,646

288,443

FNMA,

4.699%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

.....................

United

States

47,979

47,184

FNMA,

4.144%

-

4.797%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

...................................

United

States

917,101

883,354

FNMA,

5.391%

-

6.355%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/25

-

10/01/36

...................................

United

States

53,715

53,306

1,272,352

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

14.7%

FNMA,

15

Year,

2%,

4/01/37

.............................

United

States

5,048,782

4,282,249

FNMA,

15

Year,

3%,

9/01/37

-

10/01/37

.....................

United

States

4,978,812

4,455,962

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

187

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,

2.5%,

4/01/52

...........................

United

States

14,889,785

$

11,457,683

FNMA,

30

Year,

3%,

11/01/51

............................

United

States

35,835,823

28,818,490

FNMA,

30

Year,

3%,

12/01/51

-

3/01/52

.....................

United

States

6,536,712

5,239,032

FNMA,

30

Year,

3.5%,

12/01/52

...........................

United

States

34,707,609

28,952,292

FNMA,

30

Year,

3.5%,

8/01/51

-

4/01/53

....................

United

States

18,339,748

15,295,092

FNMA,

30

Year,

5%,

6/01/36

-

5/01/39

......................

United

States

614,461

591,475

FNMA,

30

Year,

5.5%,

6/01/33

-

8/01/37

....................

United

States

2,373,991

2,326,992

FNMA,

30

Year,

6%,

9/01/32

-

9/01/38

......................

United

States

2,534,413

2,541,551

FNMA,

30

Year,

6.5%,

8/01/28

-

5/01/37

....................

United

States

85,588

86,324

FNMA,

30

Year,

7%,

11/01/25

............................

United

States

892

902

FNMA,

30

Year,

7.5%,

1/01/30

...........................

United

States

4,004

4,093

FNMA,

30

Year,

8.5%,

4/01/30

-

5/01/32

....................

United

States

18,456

19,105

o

FNMA,

Single-family,

30

Year,

3.5%,

11/25/53

................

United

States

33,130,000

27,590,216

o

FNMA,

Single-family,

30

Year,

4%,

11/25/53

.................

United

States

47,690,000

41,199,689

o

FNMA,

Single-family,

30

Year,

5%,

11/25/53

.................

United

States

60,623,000

55,891,565

o

FNMA,

Single-family,

30

Year,

5.5%,

11/25/53

................

United

States

122,487,000

116,180,834

o

FNMA,

Single-family,

30

Year,

6%,

11/25/53

.................

United

States

65,960,000

64,186,522

o

FNMA,

Single-family,

30

Year,

6.5%,

11/25/53

................

United

States

41,480,000

41,230,283

450,350,351

n

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

2.75%

-

2.75%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

10/20/26

-

10/20/26

..................................

United

States

5,422

5,255

5,255

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.5%

GNMA

I,

30

Year,

7%,

10/15/27

-

6/15/31

....................

United

States

7,162

7,364

GNMA

I,

Single-family,

30

Year,

6%,

1/15/39

.................

United

States

49,150

49,409

GNMA

I,

Single-family,

30

Year,

6.5%,

10/15/31

-

7/15/38

........

United

States

8,939

9,093

GNMA

I,

Single-family,

30

Year,

7%,

4/15/28

.................

United

States

2,419

2,394

GNMA

I,

Single-family,

30

Year,

7.5%,

8/15/25

-

2/15/26

........

United

States

1,806

1,804

GNMA

I,

Single-family,

30

Year,

9%,

9/15/25

.................

United

States

5

5

GNMA

II,

Single-family,

30

Year,

2%,

4/20/52

-

7/20/52

.........

United

States

21,919,848

16,936,990

GNMA

II,

Single-family,

30

Year,

2.5%,

6/20/52

...............

United

States

1,677,011

1,338,356

GNMA

II,

Single-family,

30

Year,

2.5%,

7/20/52

...............

United

States

17,017,220

13,583,525

GNMA

II,

Single-family,

30

Year,

3%,

10/20/49

................

United

States

25,237

21,061

GNMA

II,

Single-family,

30

Year,

5.5%,

7/20/53

-

8/20/53

........

United

States

4,495,422

4,302,840

o

GNMA

II,

Single-family,

30

Year,

5.5%,

11/15/53

..............

United

States

43,020,000

41,141,236

GNMA

II,

Single-family,

30

Year,

6%,

5/20/31

.................

United

States

1,194

1,204

GNMA

II,

Single-family,

30

Year,

6.5%,

3/20/28

-

7/20/38

........

United

States

144,304

149,691

GNMA

II,

Single-family,

30

Year,

7.5%,

8/20/30

-

1/20/33

........

United

States

18,595

18,855

77,563,827

Total

Mortgage-Backed

Securities

(Cost

$1,006,909,184)

.........................

941,164,523

Municipal

Bonds

1.8%

California

1.4%

California

Municipal

Finance

Authority

,

United

States

General

Services

Administration

,

Revenue

,

2020

,

2.519

%

,

10/01/35

....

United

States

9,645,000

6,418,661

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

.............................

United

States

18,870,000

17,165,216

San

Bernardino

Community

College

District

,

GO,

2021,

Refunding,

2.686%,

8/01/41

...................

United

States

20,405,000

13,044,339

GO,

2021,

Refunding,

2.856%,

8/01/49

...................

United

States

11,880,000

6,805,324

43,433,540

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

188

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

0.0%

†

Commonwealth

of

Massachusetts

,

GO

,

2020

C

,

Refunding

,

2.514

%

,

7/01/41

...........................................

United

States

700,000

$

459,554

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

...........................................

United

States

16,585,000

11,150,472

Texas

0.0%

†

City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785

%

,

11/15/31

..........................................

United

States

370,000

302,248

Total

Municipal

Bonds

(Cost

$77,241,919)

......................................

55,345,814

Residential

Mortgage-Backed

Securities

3.6%

Capital

Markets

0.0%

†

l

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

6.179

%

,

(

1-month

SOFR

+

0.854

%

),

3/25/28

......................

United

States

141,658

132,659

Financial

Services

3.6%

e

BRAVO

Residential

Funding

Trust

,

2019-1,

A1C,

144A,

3.5%,

3/25/58

.......................

United

States

1,361,694

1,333,444

m

2019-2,

A3,

144A,

FRN,

3.5%,

10/25/44

...................

United

States

3,792,232

3,536,739

e,m

CIM

Trust

,

2018-INV1,

A4,

144A,

FRN,

4%,

8/25/48

..................

United

States

1,122,057

977,617

2019-INV1,

A1,

144A,

FRN,

4%,

2/25/49

..................

United

States

687,356

619,972

2019-INV2,

A3,

144A,

FRN,

4%,

5/25/49

..................

United

States

1,885,395

1,692,342

e,m

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3

%

,

5/25/42

United

States

164,610

157,173

e,m

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

...........................................

United

States

3,175,434

2,942,920

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

........................................

Switzerland

74,823

42,110

l

FHLMC

STACR

Debt

Notes

,

2016-DNA2,

M3,

FRN,

10.085%,

(30-day

SOFR

Average

+

4.764%),

10/25/28

...................................

United

States

9,039,087

9,495,313

2016-HQA2,

M3,

FRN,

10.585%,

(30-day

SOFR

Average

+

5.264%),

11/25/28

...................................

United

States

9,346,034

9,910,526

e,l

FHLMC

STACR

REMIC

Trust

,

2020-DNA1,

M2,

144A,

FRN,

7.135%,

(30-day

SOFR

Average

+

1.814%),

1/25/50

....................................

United

States

1,197,222

1,198,824

2022-DNA3,

M1A,

144A,

FRN,

7.321%,

(30-day

SOFR

Average

+

2%),

4/25/42

.......................................

United

States

5,308,147

5,358,248

l

FNMA

Connecticut

Avenue

Securities

,

2014-C02,

2M2,

FRN,

8.035%,

(30-day

SOFR

Average

+

2.714%),

5/25/24

...........................................

United

States

1,368,758

1,378,345

2014-C03,

2M2,

FRN,

8.335%,

(30-day

SOFR

Average

+

3.014%),

7/25/24

...........................................

United

States

372,775

376,109

2014-C04,

2M2,

FRN,

10.435%,

(30-day

SOFR

Average

+

5.114%),

11/25/24

...................................

United

States

311

311

e,m

J.P.

Morgan

Mortgage

Trust

,

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

15,370,336

12,729,108

2021-14,

A4,

144A,

FRN,

2.5%,

5/25/52

...................

United

States

12,492,442

10,300,060

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

7,226,727

5,932,129

e,m

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

...........................................

United

States

5,373,532

5,118,013

e,m

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

...........

United

States

3,189,358

2,631,828

e,m

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

10,325,916

8,487,613

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

189

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

e,m

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

..........................................

United

States

1,690,021

$

1,340,549

e,m

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

18,258,725

15,319,373

e,m

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

289,168

286,625

2017-1,

A2,

144A,

FRN,

3.5%,

10/25/56

...................

United

States

8,862,000

8,561,825

2017-2,

A1,

144A,

FRN,

2.75%,

4/25/57

...................

United

States

63,443

63,157

109,790,273

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$125,549,107)

................

109,922,932

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

..............

South

Africa

141,599

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

.....................

United

States

3,000,000

217,500

Total

Escrows

and

Litigation

Trusts

(Cost

$2,814,454)

...........................

217,500

Total

Long

Term

Investments

(Cost

$3,828,151,551)

.............................

3,370,535,218

a

Short

Term

Investments

2.5%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.5%

d,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

77,626,917

77,626,917

Total

Money

Market

Funds

(Cost

$77,626,917)

..................................

77,626,917

Total

Short

Term

Investments

(Cost

$77,626,917

)

................................

77,626,917

a

Total

Investments

(Cost

$3,905,778,468)

112.0%

.................................

$3,448,162,135

Other

Assets,

less

Liabilities

(12.0)%

..........................................

(369,232,943)

Net

Assets

100.0%

...........................................................

$3,078,929,192

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

13

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

8

regarding

restricted

securities.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$532,751,524,

representing

17.3%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2023.

See

Note

1(f).

i

See

Note

1(i)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

j

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

k

Principal

amount

of

security

is

adjusted

for

inflation.

See

Note1(k).

l

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

190

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

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

o

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(d).

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Total

Return

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

191

At

October

31,

2023,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

Description

Principal

Amount

Value

Marketplace

Loans

-

1.6%

Block,

Inc.

5383396.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

$

314

$

48

5383412.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

2,807

690

5398394.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

777

137

5398459.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

747

377

5399792.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

440

239

5412598.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

324

145

5412683.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

244

146

5413606.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,850

792

5440393.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

513

81

5442439.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

1,242

275

5469093.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,515

662

5471203.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

53

13

5471273.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,167

307

5471332.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

12,560

4,078

5472730.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

3,743

853

5472763.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

2,711

488

5472894.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

1,101

392

5473236.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

6,897

2,239

5473309.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

2,150

891

5474033.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

1,011

223

5493687.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,582

535

5493760.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

820

389

5495244.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,565

229

5501790.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

7,931

3,802

5502597.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

8,011

2,927

5503969.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

810

195

5504275.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,678

372

5504334.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

2,881

318

5515632.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

877

191

5515935.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,582

261

5517225.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

132

34

5519182.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

19,846

4,640

5528141.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

323

116

5528715.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,028

352

5530682.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

8,257

1,552

5531485.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

85

25

5531634.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

16,877

4,001

5531927.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

20,408

7,182

5534538.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

3,044

324

5535542.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

1,758

507

5536027.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

387

192

5536092.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

3,992

1,056

5537230.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

5,627

1,717

5537511.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

353

132

5539604.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

142

108

5539742.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

3,222

840

5540934.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

2,359

975

5542232.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

9,576

1,953

5543476.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

697

143

5546767.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

9,786

2,577

5548729.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

261

38

5551837.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

4,102

1,052

5553801.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

15,160

3,399

5553995.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

680

86

5558866.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

666

295

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5559238.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

$

4,881

$

1,582

5564400.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

4,180

1,480

5564465.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

3,809

376

5564739.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

4,014

683

5565342.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,550

201

5565718.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,113

284

5566977.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

4,680

425

5567514.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

664

363

5568613.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

7,092

649

5568652.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

1

1

5568817.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

1,541

872

5569601.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

186

54

5569924.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

1,086

297

5571039.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

585

373

5571610.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

10,025

2,358

5571805.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

864

579

5574449.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

8,365

2,611

5574619.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,451

183

5574770.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

8,813

2,441

5575277.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

880

276

5575354.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,856

495

5578293.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

4,171

1,065

5578333.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

3,043

980

5578383.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

10,449

3,413

5578934.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

3,080

747

5581220.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,130

1,023

5581405.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,251

341

5581428.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,658

1,433

5581964.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

6,510

2,287

5582607.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

347

150

5582638.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,582

166

5582775.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

565

92

5583691.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,683

717

5584970.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

2,094

406

5585193.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,038

270

5587763.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

13,450

2,509

5587867.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

522

218

5587897.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

21,318

3,432

5588182.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

322

244

5588544.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

944

348

5588599.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

817

265

5588620.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

4,534

2,076

5588868.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

2,471

636

5589011.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

996

123

5589268.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

447

56

5589338.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

3,196

1,430

5593696.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

16,651

4,182

5594128.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

3,289

625

5597612.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,995

1,258

5597684.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,550

804

5599130.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

616

257

5608438.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

687

489

5609439.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

2,708

862

5609525.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

260

65

5610861.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

10,049

4,293

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

192

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5611249.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

$

1,749

$

474

5613141.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

3,158

1,827

5613257.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

3,002

1,261

5613321.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,109

564

5613593.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,418

498

5614043.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,223

266

5615395.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,742

1,909

5619805.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

1,578

317

5621282.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,917

565

5622786.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

36

27

5627848.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

784

469

5628017.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

182

158

5629056.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,080

231

5641293.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

2,632

361

5644715.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,969

1,705

5644959.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

10,493

3,013

5646926.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,350

1,970

5649756.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

550

335

5651436.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

600

209

5652976.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

515

296

5655794.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

331

131

5655805.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

9,103

2,425

5656317.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

3,805

1,852

5656603.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

1,402

320

5656630.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

429

131

5656707.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

3,920

959

5656852.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

1,565

617

5661432.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

27,848

10,070

5662540.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

9,273

4,077

5666857.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

50,254

15,467

5670099.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,442

410

5670219.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

6,226

1,897

5672062.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

957

293

5672657.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,961

646

5672716.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,893

526

5676023.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,024

151

5677506.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

6,462

2,121

5678063.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

57

29

5689054.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

354

220

5689201.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

320

254

5694752.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

35,953

10,684

5695515.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

3,344

798

5696224.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

4,134

985

5698837.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

8,377

2,220

5701510.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

251

34

5701712.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

162

136

5702064.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

1,794

833

5702856.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,198

362

5703564.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

5,948

1,835

5705331.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,467

218

5707682.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

53

42

5707870.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

3,336

1,762

5709306.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

5,112

2,011

5710153.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

4

2

5710324.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

577

469

5714621.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

25,006

5,363

5715524.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,945

772

5716127.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,092

767

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5719100.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

$

605

$

486

5719339.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,667

411

5720196.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

869

251

5720995.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

383

90

5721008.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

4,207

567

5721222.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

63

48

5721363.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

47,507

14,597

5726619.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

11,825

4,115

5726983.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

396

295

5728678.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

3,576

1,696

5728974.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

17,850

5,414

5729353.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

6,674

1,706

5732481.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,023

153

5733912.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

14,207

3,785

5734069.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,631

1,146

5734224.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

470

326

5734330.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,023

260

5734473.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

4,239

1,404

5739318.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

9,310

3,776

5741480.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

259

103

5741860.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

373

58

5741942.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

5,833

2,645

5743692.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

2,566

1,142

5743913.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

14,974

4,309

5744738.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

449

156

5744940.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

983

806

5745047.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

330

213

5745337.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

384

184

5745525.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

3,350

2,165

5754429.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,426

651

5754535.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

862

564

5755105.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

1,546

802

5756156.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

1,726

1,188

5756490.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

28,616

2,922

5756660.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

17,332

1,913

5757260.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

481

318

5757294.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

5,660

2,039

5760462.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

234

105

5763612.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

50

41

5764142.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

400

86

5765767.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,161

673

5767523.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

17,755

6,696

5767917.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

433

363

5767979.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,624

256

5769375.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,824

635

5769480.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

8,075

2,860

5769756.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

349

180

5772525.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

655

527

5772616.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

10,404

2,382

5774638.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

424

284

5775630.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,081

671

5776421.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

1,147

686

5777849.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,303

965

5778637.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

745

125

5778756.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

2,847

476

5778865.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,633

1,280

5779535.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

410

282

5779967.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,379

482

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

193

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5780239.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

$

7,900

$

2,152

5780627.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

2,838

1,774

5782195.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,128

432

5782354.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

624

528

5784888.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,602

708

5788233.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

881

341

5788805.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

20,630

9,830

5789379.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

2,091

1,482

5793198.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

14,656

5,533

5795334.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,288

959

5796633.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,959

479

5796654.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

23,973

4,384

5801833.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,116

371

5802042.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

49,428

10,117

5803379.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,228

1,506

5804230.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

855

328

5804251.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

5,715

2,939

5805328.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

342

132

5805369.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,188

352

5805398.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,828

1,417

5805490.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

629

209

5808150.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

1,386

594

5809849.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,837

1,267

5811504.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

15,665

9,672

5813311.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

582

514

5816654.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

13,550

4,951

5818363.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

944

438

5818437.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

2,521

715

5818633.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

1,242

360

5821663.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,685

1,143

5821739.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

35,719

14,796

5822507.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,130

400

5823402.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

17,103

6,440

5823637.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

9,274

6,460

5824064.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

16,502

8,216

5824290.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,207

210

5827612.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

4,584

1,628

5827715.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

3,528

712

5829308.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

7,850

4,697

5831642.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,872

1,384

5832876.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,096

125

5832933.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

871

216

5832996.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

638

457

5833448.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

5,281

1,755

5833744.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,166

372

5833976.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,252

3,756

5834836.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

38

32

5835427.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

162

71

5836892.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

14,160

9,275

5840032.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

18,649

3,529

5840997.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

641

360

5842081.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,426

1,423

5843566.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

5,389

1,786

5843736.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,277

276

5844723.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

373

163

5844917.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,860

899

5845524.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

286

29

5845663.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

138

126

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5848650.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

$

2,710

$

793

5851014.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,364

1,279

5851134.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

7,948

2,771

5852555.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

748

488

5853107.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,186

425

5853687.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,153

709

5855247.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

2,503

1,770

5855330.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

2,390

1,523

5855815.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,097

491

5855822.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,072

429

5855969.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

441

384

5856506.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,847

972

5856524.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

757

137

5857271.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,828

1,609

5860934.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,868

1,458

5862832.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

46,213

25,399

5864281.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,794

1,726

5864883.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

190

163

5865016.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,206

695

5866953.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,860

3,325

5870230.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,544

594

5871100.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

19,844

7,228

5872195.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

11,306

4,493

5873503.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,500

1,084

5874194.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

146

39

5875346.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

13,939

7,105

5876448.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

1,008

216

5876942.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

11,879

3,350

5877753.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

462

364

5877777.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

339

279

5878083.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

2,558

1,831

5878670.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

1,105

726

5878736.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

1,966

1,249

5878878.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

429

67

5884476.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

2,676

1,784

5884556.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

998

721

5884756.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

787

194

5885927.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

790

486

5888038.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

112

101

5889537.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

443

330

5890379.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,326

739

5890737.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

31,239

11,188

5891388.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,614

1,354

5891940.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

740

266

5892236.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,024

560

5892257.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,841

1,072

5892501.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

760

234

5892907.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,548

431

5893120.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,245

1,266

5893532.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

9,029

3,349

5894049.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

5,935

1,309

5894227.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,594

1,653

5894272.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

598

518

5894383.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

5,227

2,467

5894587.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

438

381

5894856.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

720

555

5899146.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

1,011

578

5899767.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,302

476

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

194

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5900522.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

$

813

$

128

5900917.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

902

401

5900919.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

5,426

2,289

5900966.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,389

549

5900991.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

747

507

5901016.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

899

781

5901819.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

545

265

5901924.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

533

298

5902007.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,148

238

5902039.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,574

1,344

5902049.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,753

2,012

5902066.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

5,034

4,168

5902335.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

5,638

2,821

5902878.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

300

262

5903502.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

3,581

1,756

5904049.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

724

310

5905115.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,971

1,317

5907307.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,223

1,191

5907771.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

6,930

5,832

5908497.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

5,062

1,876

5908792.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

3,955

1,753

5908855.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

341

268

5908891.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

3,693

2,269

5909844.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

15,455

3,295

5910120.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

367

239

5911132.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

31,967

9,484

5911509.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

836

333

5912428.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,401

1,027

5912454.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,264

567

5912708.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,135

886

5912751.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

28,040

20,183

5913409.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

3,111

2,663

5913591.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

447

407

5914148.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

292

272

5914291.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

542

435

5914346.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

211

159

5914747.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

354

153

5915002.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,902

553

5916186.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,521

1,367

5917212.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,588

441

5917300.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

12,481

2,177

5917893.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

14,233

6,797

5918205.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

693

187

5918675.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

305

157

5918972.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

8,974

1,794

5919520.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

886

479

5919756.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

9,188

3,375

5919870.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

15,487

11,064

5921812.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,536

260

5921964.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

623

70

5922077.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,538

218

5923212.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

7,130

5,576

5923853.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

34,589

10,441

5927086.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

82

80

5927683.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,609

754

5928998.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,209

1,935

5929652.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

3,275

2,564

5929950.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,234

459

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5930784.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

$

690

$

417

5932127.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,310

494

5933940.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

146

145

5934829.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

843

249

5935017.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

50

48

5935665.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

36

33

5935705.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

80

79

5936987.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

631

155

5936991.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

511

496

5938180.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

416

264

5939191.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

311

233

5940897.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

11,467

4,009

5940934.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

130

122

5942921.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,849

3,614

5943394.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

615

488

5945156.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,714

952

5945212.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

836

455

5945223.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,582

1,358

5950020.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,365

722

5953400.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

882

512

5953421.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,220

2,439

5953778.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

470

255

5954220.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,411

2,818

5955157.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

946

95

5955340.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,819

854

5956046.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

780

448

5958081.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,465

533

5960150.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,473

523

5960313.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,351

797

5960372.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

353

203

5960485.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,826

710

5960736.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

9,716

3,162

5961632.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

10,451

1,404

5963053.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,139

900

5963161.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

19,973

7,515

5965520.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

292

267

5966390.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

3,201

1,178

5973170.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

733

305

5974509.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

410

154

5975879.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,238

3,881

5976564.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

817

795

5976781.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

3,275

1,354

5976823.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,378

1,286

5977275.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

12,616

5,159

5977823.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

855

218

5979050.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

436

175

5981357.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,436

1,161

5981753.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,059

595

5984496.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,089

351

5985197.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,689

1,540

5985802.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,306

1,071

5986301.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

5,011

3,749

5989464.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

530

530

5991208.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

665

169

5991306.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,478

529

5992494.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

438

204

5993137.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,582

2,175

5993993.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

738

150

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

195

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5996333.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

$

86

$

77

5996742.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

4,744

3,648

5997558.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,101

669

5998109.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

314

114

5998129.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

2,063

892

6000187.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,802

1,462

6000281.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

394

352

6000300.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

2,647

1,130

6001870.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

674

519

6001900.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

5,278

4,556

6002949.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

943

157

6003476.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,191

534

6004946.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

467

416

6006563.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

5,625

4,096

6009677.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,897

1,848

6010749.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,815

1,421

6011014.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,683

911

6012358.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,558

1,408

6012743.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

8,938

3,832

6013463.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

5,991

2,241

6014061.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

558

281

6015178.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,931

1,992

6015900.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

382

347

6016359.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

49

47

6016419.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,099

1,054

6016649.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

380

93

6016723.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,068

684

6024496.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

5,106

510

6024650.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,830

368

6025468.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

24,070

12,240

6026682.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,689

4,102

6026926.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

3,454

2,985

6027166.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,396

1,002

6027376.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

215

191

6027397.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,633

506

6032439.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,084

660

6032908.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,108

1,021

6033057.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,031

1,353

6033105.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,616

1,007

6035360.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,397

662

6036390.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

356

259

6036878.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,279

1,235

6037075.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

2,702

784

6037190.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

5

3

6037289.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

2,964

2,695

6041731.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

400

134

6042134.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

5,000

1,904

6042763.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,647

1,079

6043509.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

7,963

3,498

6044830.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,618

1,581

6045560.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,003

707

6046857.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,131

1,040

6046999.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

6,821

5,461

6047302.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

21,952

9,327

6047637.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

629

335

6047712.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

17,217

6,467

6048232.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,264

1,194

6048521.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

585

340

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6050967.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

$

482

$

218

6050979.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,052

817

6051734.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,797

2,950

6051960.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

728

724

6053401.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

239

215

6054000.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,298

1,537

6057474.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

9,840

8,391

6058991.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,404

475

6059217.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

674

629

6062202.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

4,483

3,297

6064347.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

8,019

1,905

6064664.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,948

2,439

6066747.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,039

2,571

6066853.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,077

1,767

6106744.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

3,575

3,327

6107095.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

2,345

2,166

6108715.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

610

193

6121234.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

1,021

776

6122783.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

1,905

1,848

6123389.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

1,156

1,075

6123772.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,168

1,690

6125059.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,327

1,247

6125355.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

3,473

3,390

6125833.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

2,525

1,369

6125912.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

4,119

3,972

6126214.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

2,804

2,765

6126498.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,036

150

6126544.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

607

91

6127346.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,586

1,829

6127399.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

1,350

1,154

6131404.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,974

1,378

6132148.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

854

769

6133695.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

18,797

11,162

6135095.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

749

465

6135242.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

165

148

6135342.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,618

822

6135498.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

128

128

6136354.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

6,097

3,563

6136825.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,392

1,599

6137060.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

597

536

6137449.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

737

573

6137514.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,863

1,752

6137596.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,627

2,305

6137646.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

706

625

6139569.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

567

560

6139658.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,014

4,797

6140292.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

4,346

2,953

6140493.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

567

163

6140505.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,963

1,343

6140691.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

7,525

3,405

6141081.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,605

380

6142613.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,656

2,463

6142889.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,332

1,310

6142953.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,427

959

6143114.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,961

708

6143863.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

557

425

6144950.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

236

233

6145417.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

12

11

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

196

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6145923.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

$

967

$

96

6146705.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

348

345

6147769.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

468

399

6149340.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,199

1,164

6149522.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

226

207

6149563.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,619

1,875

6149864.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

360

358

6149973.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

514

407

6149996.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

10,631

9,617

6152853.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

56,251

18,967

6155640.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

281

270

6155775.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

571

494

6155934.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,133

1,106

6157524.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,319

1,554

6158396.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

279

273

6158519.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

274

262

6159043.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,736

2,243

6159575.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

65

56

6159588.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

984

960

6160613.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

16,148

10,366

6160881.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

4,729

4,067

6161027.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

1,115

353

6161342.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

1,937

1,602

6161356.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

8,037

7,665

6163054.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

7,614

3,716

6163213.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

5,720

2,867

6163350.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,485

1,462

6164447.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

720

717

6165071.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

1,164

964

6165147.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

2,159

1,992

6165215.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

197

180

6165228.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

4,603

4,419

6165447.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

244

190

6165760.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,769

1,254

6165900.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,932

3,646

6165990.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,224

3,162

6168543.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

1,631

1,222

6168884.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

4,378

4,009

6171468.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

981

902

6171537.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

338

337

6171800.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

30

22

6173402.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

17

16

6175658.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

12,350

3,898

6175863.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,352

1,166

6176107.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,532

1,251

6176274.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,351

1,299

6178379.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,073

1,022

6178528.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,090

1,793

6178624.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

280

221

6178835.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,048

358

6179563.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

645

615

6179637.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,781

1,028

6181983.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,454

2,180

6182754.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

872

852

6183008.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,304

900

6183074.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,350

882

6183434.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,220

1,073

6184136.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

602

385

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6184974.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

$

6,236

$

6,198

6188963.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,574

1,550

6189975.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

9

9

6191068.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

949

878

6191955.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

2,019

1,782

6192461.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,353

514

6192486.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,185

900

6192662.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

7,217

6,032

6193258.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

15,524

13,620

6193931.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

717

488

6194591.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,841

1,797

6196338.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

226

180

6196843.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,892

2,185

6199992.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

500

497

6204285.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

623

566

6205648.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,955

1,638

6205930.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

239

228

6205978.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,009

857

6206222.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

3,549

3,344

6206440.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,770

1,720

6206594.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,277

1,154

6206656.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

2,092

1,352

6206801.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

48,939

34,273

6208776.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

2,892

2,499

6209707.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

874

622

6210528.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

10,451

2,225

6210857.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

2,653

2,426

6214190.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

752

203

6214666.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

4,908

3,740

6215094.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

558

548

6215189.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

466

411

6215457.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

446

363

6215547.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

720

706

6215661.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,985

2,665

6215908.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

565

298

6215985.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,307

731

6217087.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

107

102

6218913.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

3,467

3,321

6219740.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,129

1,117

6219955.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

711

612

6220236.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

669

175

6220519.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

51,769

30,425

6223659.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

5,655

4,717

6224796.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

504

494

6226015.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,446

2,543

6226143.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

7,765

7,647

6227140.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

5,383

4,714

6228013.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

672

147

6228393.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

5,592

5,431

6229112.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

28,272

24,277

6235450.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

550

244

6235468.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

2,236

730

6236092.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

710

558

6236243.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

16,371

14,911

6237959.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

4,329

4,182

6238487.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,143

1,082

6239950.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

10,857

10,118

6240807.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

3,714

3,121

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

197

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6240883.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

$

42

$

42

6240952.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,640

2,461

6242973.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,036

1,018

6243387.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

114

113

6243419.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

7,274

3,537

6244026.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

17,526

15,904

6244954.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

10,577

6,620

6245261.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

256

239

6245477.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

427

421

6245598.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

565

553

6245712.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

7,927

4,900

6245944.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,615

4,540

6250011.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,605

2,383

6250843.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

13,293

12,311

6251624.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

7,949

6,213

6251900.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,171

944

6253083.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

1,627

1,583

6255121.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

217

202

6255128.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

522

511

6255199.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

287

277

6255252.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

3,394

1,730

6255384.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,619

783

6255441.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,794

2,714

6255606.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

747

347

6255621.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

4,961

3,610

6256064.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

7,547

6,731

6256506.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

205

201

6256913.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

28,380

15,749

6258212.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

3,883

3,686

6258329.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,810

1,685

6258547.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

6,260

2,159

6258783.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

10,436

6,457

6259677.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

3,673

3,611

6259903.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

971

950

6261098.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

7,539

6,649

6261384.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

6,258

5,769

6261595.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

26,584

18,066

6262209.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

12,657

8,323

6262438.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

573

567

6262614.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

570

423

6265195.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

896

574

6267222.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

3,060

2,604

6268041.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

850

765

6268204.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

445

327

6268757.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

12,749

11,454

6270416.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

18,300

5,548

6270813.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,115

351

6270889.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,822

952

6271153.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,475

1,152

6271180.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

432

425

6271241.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

7,125

5,939

6271425.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

852

318

6271434.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

21,388

12,787

6271779.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

777

660

6271834.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

2,717

2,629

6272258.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

678

666

6272419.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,622

1,245

6272707.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

2,349

2,197

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6273246.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

$

3,812

$

3,699

6274028.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

7,168

4,723

6274200.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

11,708

11,326

6274889.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

28,543

22,200

6275552.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

7,680

2,589

6275681.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

1,251

1,224

6275762.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

3,756

3,690

6275869.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

12,078

7,863

6276300.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

4,483

4,284

6277264.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

3,519

3,458

6277479.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

2,649

2,103

6277812.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

1,530

1,453

6278505.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

911

439

6278515.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

2,302

2,069

6279875.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

512

494

6279910.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

4,147

3,882

6280076.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

2,023

1,943

6280192.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

768

754

6280223.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

3,494

3,409

6280355.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

628

237

6280363.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

314

246

6281173.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,213

1,145

6282753.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

9,952

8,231

6282814.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

5,888

5,670

6283040.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

3,025

3,005

6284406.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

3,506

3,409

6285099.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

826

815

6285204.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

855

515

6285446.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

39,326

21,705

6285849.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

1,391

1,269

6285882.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

3,875

2,815

6286070.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

1,717

1,617

6286231.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

680

674

6287452.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,280

1,249

6287671.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,673

1,943

6287743.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,623

1,089

6288827.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,142

1,134

6289503.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,830

2,757

6289898.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,993

3,467

6289942.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

499

298

6290183.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,581

3,399

6290894.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,671

1,522

6290999.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

736

442

6291185.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,088

1,055

6291213.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,196

2,137

6292116.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,999

1,946

6292293.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

409

383

6293487.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

1,112

806

6293586.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

2,022

1,996

6294116.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

1,553

1,429

6294570.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

4,325

4,187

6297788.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

1,016

847

6298187.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

30,525

27,201

6299973.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

2,192

2,115

6301350.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,359

3,088

6301633.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

4,490

4,235

6302302.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

6,174

5,858

6302922.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

606

549

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

198

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6302942.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

$

1,217

$

1,173

6303284.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

2,680

2,646

6303414.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

3,630

3,481

6304026.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

8,029

6,007

6304790.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

5,211

4,684

6304935.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,157

1,020

6305047.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

4,280

4,064

6305454.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

588

281

6305494.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

4,443

4,260

6305632.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,649

1,580

6306736.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,400

2,136

6307140.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

5,585

5,466

6307741.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

866

853

6308066.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,865

1,825

6308170.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

4,898

4,729

6308644.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,947

1,784

6308685.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

664

409

6308758.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,950

3,806

6309000.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,015

670

6310025.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

13,083

9,691

6310851.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

16,951

16,434

6314871.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

2,169

1,762

6314983.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

731

640

6316102.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

11,738

11,610

6316201.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

375

364

6316373.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

2,750

2,639

6317004.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

1,213

1,168

6317724.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

22,072

20,015

6318793.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

4,018

3,990

6318980.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

4,159

3,158

6319360.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

7,960

5,895

6319563.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

3,468

3,115

6319954.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,448

1,419

6320273.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

35,238

25,405

6321089.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,016

997

6321367.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

661

386

6321428.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

934

917

6321567.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

861

455

6321614.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,995

1,382

6321698.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,940

1,285

6351297.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

4,576

4,453

6351712.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,866

1,649

6352872.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,641

1,575

6353228.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,263

1,025

6353341.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

3,621

3,527

6354356.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

3,291

3,267

6354801.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

253

172

6356496.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

28,806

17,892

6357359.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

14,391

13,310

6359440.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

3,107

2,848

6359508.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

963

865

6360303.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

748

678

6360447.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

3,282

3,221

6360973.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

884

876

6361029.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

2,146

2,091

6361123.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

361

358

6361267.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

4,194

3,890

6362717.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

575

560

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6362880.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

$

2,285

$

2,225

6363039.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,089

923

6363174.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

2,091

1,695

6363271.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

412

397

6363347.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,490

1,317

6364228.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

8,868

7,583

6364604.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,097

645

6365121.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

2,129

2,024

6365762.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

10,292

6,690

6365959.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

8,264

8,045

6366283.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

1,467

1,423

6366407.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

154

150

6366415.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

543

527

6366494.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

930

469

6366837.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

1,248

1,181

6366907.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

5,407

5,128

6368774.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

1,574

1,027

6369144.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

11,787

8,370

6369541.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

12,981

12,746

6370642.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

1,853

1,302

6371832.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

1,237

999

6371887.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

1,012

980

6372613.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

976

349

6372628.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

226

222

6372686.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

370

263

6372782.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

7,591

7,014

6373927.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

3,456

3,354

6374231.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

10,458

10,053

6375029.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

7,728

7,144

6375958.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

2

2

6376244.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

4,784

4,596

6376571.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

7,791

7,597

6378771.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,938

1,235

6378865.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

228

214

6378899.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,414

1,401

6379121.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

535

111

6379229.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

3,431

3,306

6380294.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

7,528

7,339

6380706.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,261

1,109

6380733.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,192

1,102

6381574.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

3,961

3,860

6382018.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,457

1,036

6382089.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

292

260

6383753.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

3,072

2,705

6383905.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

1,559

1,472

6384067.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

3,062

2,664

6384351.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

348

342

6384431.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

3,792

3,705

6385241.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

195

191

6385781.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

734

566

6385874.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

1,603

1,391

6385910.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

240

223

6386019.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

221

217

6386057.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

1,337

882

6386551.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

2,184

2,129

6387732.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

2,281

2,222

6387899.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

11,895

8,762

6388384.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

154

143

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

199

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6388737.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

$

750

$

369

6389131.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

19,475

15,067

6389776.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

3,212

3,122

6390359.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,414

793

6390434.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

597

539

6390695.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,247

402

6390759.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

794

782

6391116.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

5,328

5,006

6391495.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

954

939

6392800.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,555

1,484

6393010.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

15,984

15,743

6393249.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

738

722

6393310.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

8,652

8,190

6394010.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

1,122

1,099

6394292.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

1,339

1,293

6395061.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

1,018

998

6395461.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

2,759

2,632

6395807.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

708

667

6395874.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

2,207

2,144

6395993.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

10,010

8,341

6399343.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

2,517

2,173

6399659.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

20,734

15,983

6400774.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

9,770

8,009

6400953.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

35,339

33,829

6401073.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

2,654

2,433

6401266.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

1,231

1,204

6401601.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

15,663

14,059

6402739.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

4,087

3,880

6403299.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

117

116

6403584.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

3,776

3,678

6403837.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

508

468

6403920.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

485

432

6404006.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

3,054

1,866

6404324.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

3,138

2,747

6404631.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

978

933

6406738.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,991

1,879

6406852.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,445

1,427

6406944.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

4,361

4,146

6407255.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

464

434

6407288.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,757

2,047

6408103.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

504

498

6408172.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,144

1,046

6408642.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

57

56

6408846.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

1,618

1,083

6410340.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,311

2,256

6410471.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

9,129

9,044

6411152.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

1,885

1,796

6411327.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

19

19

6411601.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

4,351

4,143

6411973.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

5,014

4,689

6412302.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,434

2,280

6412462.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

1,579

1,292

6412546.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,453

1,345

6412810.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

11,275

2,746

6412999.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

15,236

14,589

6413701.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

1,740

1,703

6413893.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

3,096

2,927

6414234.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

582

539

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6414350.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

$

12,144

$

11,970

6418115.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

3,169

3,111

6418289.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

1,386

1,097

6418331.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

3,879

3,829

6419039.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

13,386

11,902

6420327.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

5,848

5,587

6420865.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

659

609

6420892.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

8,853

7,286

6421417.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

992

971

6421500.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

4,678

3,289

6423098.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

1,400

1,123

6423115.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

550

516

6423162.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

766

736

6424077.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

3,020

1,751

6424136.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

821

775

6424177.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

5,271

4,761

6424329.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

2,160

2,053

6424383.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

2,189

2,157

6424474.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

3,894

3,684

6424607.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

7,104

6,889

6424928.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

2,969

2,281

6425168.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

4,759

729

6425221.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

717

699

6425245.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

75

72

6425263.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

1,603

1,597

6425894.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

81

74

6426485.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

8,127

6,168

6427023.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,319

1,251

6427507.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,356

1,289

6427657.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

2,160

2,053

6428130.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

474

448

6428197.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,413

1,370

6428290.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

2,696

2,667

6428572.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

8,245

8,150

6429767.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

9,807

8,167

6430086.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,659

1,290

6431302.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,898

1,871

6431633.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

6,005

5,686

6432468.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

11,551

10,587

6433074.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

382

379

6433229.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

20,288

19,655

6435237.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

7,920

7,488

6435665.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,859

1,777

6435796.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

16,844

16,035

6436879.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

2,668

2,369

6439264.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

29,428

28,696

6440894.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,588

1,568

6442143.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

841

765

6442294.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

2,581

2,530

6442489.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

2,888

1,676

6442629.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

236

206

6442746.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

572

566

6443137.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

2,050

1,888

6443973.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

1,981

1,954

6444342.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

913

726

6444382.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

2,520

2,242

6444477.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

11,235

6,822

6444706.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

2,063

2,038

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

200

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6444790.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

$

2,054

$

1,909

6445084.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

5,079

4,806

6445328.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

1,840

1,716

6445417.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

3,619

3,534

6445680.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

2,464

2,365

6447047.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

5,692

5,528

6447425.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,899

1,864

6447870.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,602

1,511

6448332.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

2,143

2,047

6449537.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,154

3,115

6449712.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

422

413

6449818.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

6,837

6,547

6450208.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

2,660

2,527

6450465.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,759

1,341

6450526.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

2,564

2,506

6451044.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

625

609

6451130.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,997

1,961

6452261.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

17,124

16,342

6452727.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

2,321

2,134

6452845.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

9,679

8,464

6453136.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

6,922

6,751

6453454.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

1,238

1,154

6453520.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

718

707

6453572.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

4,005

3,804

6453755.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

694

527

6453792.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

20,162

12,290

6454137.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

3,528

3,402

6454383.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

13,768

13,370

6454994.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

10,717

10,240

6455497.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

1,782

1,732

6457332.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

18,917

8,348

6457685.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

6,559

5,050

6457799.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

4,964

4,859

6458130.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

5,864

5,176

6458386.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

11,271

9,591

6458710.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,908

1,858

6458789.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

2,064

1,950

6459710.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

3,115

1,668

6459795.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

12,752

11,584

6460386.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,228

1,203

6460473.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

2,524

2,108

6460759.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

2,664

2,600

6461172.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

1,517

1,495

6461344.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

531

517

6462005.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

2,623

2,562

6462555.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

3,518

1,364

6462890.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

10,262

9,864

6463522.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

1,334

1,307

6463725.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,681

1,595

6463763.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

6,496

6,186

6463932.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

2,774

2,608

6464146.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,970

1,923

6464411.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,548

1,394

6464461.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

634

552

6464494.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

9,661

9,230

6464819.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

4,031

1,911

6464900.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

4,257

1,950

6464961.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

2,206

2,186

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6465644.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

$

650

$

198

6466906.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

5,847

5,678

6467167.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

670

595

6467215.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,980

1,897

6468011.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

2,262

934

6468042.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

9,620

9,480

6469434.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

127

125

6469449.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

28

28

6469480.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

20,372

18,499

6470550.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

22,442

21,832

6471953.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

16,276

15,371

6472610.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

762

747

6472736.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

6,200

5,058

6472989.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

185

177

6473054.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

10,406

8,813

6473372.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

5,735

5,509

6474092.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

10,233

7,437

6475132.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

1,675

1,649

6475295.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

2,532

2,494

6475579.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

7,007

2,903

6475801.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

2,061

1,955

6479816.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

3,048

2,911

6479901.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

2,366

2,288

6479972.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

19,794

18,527

6481465.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

29,523

28,174

6483099.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,607

1,827

6483200.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

3,068

2,996

6483353.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,201

2,040

6483409.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,701

2,405

6484176.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,683

2,475

6484373.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

932

904

6484437.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

749

717

6484465.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,697

1,375

6484685.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

26,817

25,699

6485170.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

3,682

2,714

6485354.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

2,551

2,511

6485835.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

1,777

1,734

6486052.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

1,214

1,167

6486385.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

1,969

1,904

6487088.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

2,696

2,554

6487631.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

11,222

8,754

6488192.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

2,437

2,055

6488353.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

26,075

24,920

6489806.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

406

348

6489974.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

1,909

1,866

6490386.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,997

3,836

6490629.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

745

710

6490655.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

669

664

6491530.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

409

392

6491561.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,711

1,522

6491652.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,444

2,410

6491966.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,697

4,576

6492312.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,941

1,718

6492360.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,898

2,816

6492523.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

7,255

6,974

6492833.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

888

803

6493006.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

8,365

7,958

6493256.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

22,670

22,299

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

201

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6494304.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

$

2,324

$

2,240

6494452.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,353

727

6494556.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,487

3,267

6494767.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

4,151

2,469

6496479.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,295

2,264

6496588.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

9,322

8,859

6499057.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,048

2,497

6499194.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

12,586

10,822

6499611.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

8,988

8,863

6500387.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,846

2,724

6500530.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,926

3,836

6500862.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

4,792

4,423

6501410.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,585

1,919

6501697.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,460

1,634

6501709.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

393

364

6502340.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

1,634

1,554

6502478.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,131

1,473

6502552.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

639

632

6502565.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

480

309

6502730.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

2,302

1,975

6502765.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

5,201

4,378

6502909.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

2,095

1,858

6502972.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,955

1,709

6503094.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

802

768

6503141.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

3,439

3,298

6503327.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

5,315

3,117

6503795.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,904

1,872

6503904.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

2,763

2,667

6504093.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

4,111

3,253

6504196.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

600

574

6504216.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,807

1,180

6504374.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

9,291

7,845

6504845.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,657

1,461

6504906.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,213

1,102

6505716.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

936

827

6505735.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

843

805

6506050.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

1,663

1,572

6506103.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

382

350

6506259.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

7,627

4,960

6506519.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

2,778

2,068

6506592.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

1,516

1,454

6506724.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

584

519

6506747.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

1,840

1,617

6506962.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

200

190

6506980.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

557

475

6507402.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,979

2,150

6507671.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

12,571

11,913

6508393.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

3,911

3,659

6508989.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

314

311

6509147.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,640

1,566

6509194.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

15,502

13,339

6509839.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

349

323

6509852.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,740

2,712

6510507.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,403

1,325

6510607.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

80

71

6510701.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

561

551

6510726.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

903

828

6510906.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,211

7,045

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6511308.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

$

1,666

$

1,486

6511420.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

4,836

4,639

6511953.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

316

279

6512005.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

521

512

6512060.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

14,171

13,808

6513783.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

220

197

6514132.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

4,336

4,214

6514332.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

10,585

8,738

6515115.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

4,879

4,172

6515856.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

17,259

13,223

6516364.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

625

586

6516418.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,009

1,271

6516876.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

4,217

3,183

6516932.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,083

1,669

6516970.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

5,567

4,526

6518976.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,334

2,240

6519089.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,350

1,284

6519191.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

8,630

7,995

6519845.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,921

1,771

6520087.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

7,519

7,374

6520610.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

19,520

17,261

6521602.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

91

89

6522425.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

5,874

4,997

6522557.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

2,568

2,388

6522801.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

15,106

14,527

6524109.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

62

61

6524125.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

1,030

1,016

6524239.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

277

270

6524287.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

2,193

2,100

6524458.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

1,541

425

6524668.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

4,821

4,218

6524796.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

2,653

2,603

6524878.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

422

407

6526166.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,878

1,066

6526193.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,329

1,015

6526348.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,733

1,701

6526405.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

403

385

6526423.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,980

1,846

6526535.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,491

1,235

6526917.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

856

849

6527027.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

2,024

1,374

6527382.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

9,217

7,336

6528340.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

339

334

6528564.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,116

1,091

6528603.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

734

611

6528624.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

511

480

6528700.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,252

1,200

6528817.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

4,248

4,175

6529263.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,945

1,647

6529310.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,121

1,023

6529695.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

685

637

6530840.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

5,590

5,521

6531187.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

6,626

6,335

6532221.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

309

303

6532361.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

1,609

1,499

6532408.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,788

1,902

6532453.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,369

1,882

6532510.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

1,106

927

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

202

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6532545.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

$

469

$

457

6532560.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

1,359

1,345

6533061.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

784

449

6533082.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

5,097

4,780

6533239.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

4,969

3,150

6533344.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

24,413

23,842

6534223.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,865

2,750

6534608.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

4,367

4,246

6535057.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,793

1,611

6535147.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

5,718

5,505

6535458.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

590

584

6535543.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

7,480

7,292

6536403.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,618

1,072

6536550.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

5,553

5,343

6536718.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,082

1,841

6536835.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

26,123

25,059

6537859.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,707

1,505

6537870.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,727

1,911

6537962.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,317

1,250

6538002.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,103

547

6539718.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,115

3,960

6539997.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,180

4,955

6540423.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

621

608

6540518.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,349

1,286

6540608.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,257

1,135

6540710.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,912

3,145

6540849.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

19,366

16,658

6541418.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

7,767

7,578

6541776.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,813

5,354

6541945.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

6,200

3,720

6542117.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,091

1,012

6542136.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,445

4,199

6542615.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

8,779

8,280

6542991.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,266

1,197

6543168.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,904

2,879

6543316.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,927

1,072

6543372.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,885

5,752

6544192.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

8,681

8,070

6545499.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

7,139

6,120

6545638.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

17,556

15,350

6546015.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,152

3,481

6546434.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

14,141

13,920

6547285.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

1,520

1,095

6547322.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

4,253

3,946

6547733.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

1,340

1,137

6547774.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

1,986

1,944

6547885.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

8,734

6,782

6548015.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

2,395

721

6548050.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

672

657

6548181.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

510

475

6548201.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

1,363

1,327

6548473.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

996

918

6548822.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

1,334

394

6550344.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

9,790

9,240

6550899.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,635

4,559

6551116.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

925

673

6551260.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,432

2,389

6552148.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

9,902

8,172

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6552506.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

$

707

$

679

6552552.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,401

1,201

6552657.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,586

2,526

6552826.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

3,788

3,714

6553314.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

12,426

12,108

6553983.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

709

681

6554014.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

910

867

6554472.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

288

285

6554511.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

7,544

7,341

6555345.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

63

62

6555576.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

925

772

6555642.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

271

267

6556114.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

7,588

7,363

6556853.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,660

1,603

6557292.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

188

185

6557480.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

5,452

5,204

6557700.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

6,908

6,807

6559553.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,016

564

6559983.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

926

906

6560158.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

610

408

6560175.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

4,870

2,950

6560340.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

9,713

8,468

6560703.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,411

1,308

6561895.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

12,266

8,109

6562417.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

777

725

6562473.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

16,697

15,954

6563058.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,643

2,588

6563329.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

1,286

1,262

6563453.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

10,023

9,850

6564357.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

831

806

6564411.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

3,300

3,110

6564559.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

3,415

3,360

6564739.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,400

4,277

6565095.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

40,247

35,343

6566316.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

2,295

2,236

6566507.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

832

805

6566537.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

2,667

2,580

6566597.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

5,470

5,384

6566825.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

4,772

4,632

6566926.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

2,257

2,221

6567003.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,911

1,364

6567090.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

4,697

3,964

6567177.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,899

1,866

6567324.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

528

520

6567346.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

2,141

2,080

6567395.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

312

258

6567424.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

2,765

2,656

6567760.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

999

872

6568147.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

8,202

6,371

6568392.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,696

1,535

6568579.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

5,667

4,932

6568799.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

981

959

6568858.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,621

1,599

6568970.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

3,245

3,151

6569048.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,566

2,511

6569224.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

84

82

6569449.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

773

718

6569483.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

547

519

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

203

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6569506.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

$

1,636

$

1,539

6569526.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

16,333

14,082

6570126.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,448

2,402

6570268.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

646

621

6570382.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

8,264

2,321

6570471.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

19,312

18,936

6571312.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,633

2,215

6572022.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,778

2,575

6572299.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

985

552

6572324.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

5,825

4,977

6572610.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,559

2,510

6573238.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,567

1,547

6573331.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

17,902

17,662

6574362.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

8,369

7,749

6574562.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

20,792

19,975

6577330.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,843

2,730

6577490.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,849

1,832

6577782.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,380

1,313

6579843.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,143

1,066

6580088.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

692

436

6580109.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

15,149

14,614

6580992.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,022

992

6581041.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

154

151

6581125.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

3,576

3,499

6581490.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,902

2,822

6581619.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

8,847

5,436

6581802.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

72

71

6582332.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

23,313

22,783

6583260.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

19,967

19,412

6584579.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

648

362

6584597.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

2,685

2,642

6584924.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

3,349

3,274

6585051.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

7,138

6,261

6585259.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

244

242

6585282.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,435

1,416

6585949.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

830

820

6586088.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

3,675

3,538

6586273.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

2,208

2,125

6586446.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,570

2,350

6587229.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

12,545

10,734

6587437.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,019

334

6587487.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,348

1,326

6587578.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

304

296

6587592.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,201

2,174

6587814.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,486

2,413

6587897.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,729

2,358

6588397.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,472

1,999

6588517.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

5,428

4,831

6589068.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

6,446

4,997

6589245.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

503

408

6589273.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

4,056

3,806

6589618.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,240

1,739

6589839.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

324

316

6589973.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,210

1,192

6590392.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,173

2,084

6590448.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

3,074

2,085

6590645.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

5,044

4,723

6590762.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,055

1,965

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6590809.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

$

12,779

$

10,989

6591011.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

3,290

3,199

6591093.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

210

209

6591144.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

190

188

6591176.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

4,513

3,608

6591260.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,973

975

6591356.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

532

469

6591394.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

122

120

6591397.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

21,650

21,318

6591713.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

2,307

1,943

6591824.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

387

372

6592231.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

1,417

1,196

6592723.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

2,734

2,646

6592814.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

1,165

1,118

6592995.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

6,070

5,828

6593217.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

5,560

2,050

6593421.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

1,237

1,080

6593461.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

548

528

6593525.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

2,653

2,622

6593667.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

513

496

6593687.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

5,151

4,918

6593772.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

7,748

2,857

6594012.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

2,097

2,017

6594145.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

39,201

35,473

6594542.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

1,024

1,010

6594679.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

20,646

15,225

6595988.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

14,783

13,156

6596418.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

1,707

1,510

6596486.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

11,522

11,083

6596636.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

1,775

1,054

6596666.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

144

139

6596737.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

654

640

6596777.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

520

500

6596810.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

4,470

3,655

6596914.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

4,364

3,886

6597008.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

8,757

7,971

6598689.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

11,243

11,106

6599802.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,764

1,699

6600075.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,826

2,748

6600413.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

537

521

6600435.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

842

828

6601311.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

792

693

6601362.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

3,158

2,994

6601765.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

2,098

1,905

6602001.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,652

3,540

6602146.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

887

875

6602223.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,795

1,757

6602365.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

883

866

6602407.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,652

1,593

6602599.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,409

1,362

6602690.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,079

2,994

6602878.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

9,996

9,799

6603691.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

326

310

6603755.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

2,410

2,370

6604014.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

7,767

7,671

6604386.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

2,401

2,351

6604465.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

3,143

2,648

6604669.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

2,022

1,981

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

204

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6604730.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

$

3,029

$

2,953

6604810.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

4,068

3,292

6604860.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

532

504

6604995.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

5,359

5,164

6605118.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

5,245

5,058

6605221.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

2,241

2,193

6605264.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

1,084

1,051

6605289.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

6,363

6,141

6605402.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

5,532

5,382

6606108.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

3,326

3,032

6606338.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,850

2,765

6606465.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,218

1,167

6606533.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

550

539

6606591.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,977

1,955

6606769.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

397

392

6606806.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,499

2,459

6607036.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,396

1,354

6607128.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

209

207

6607285.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

24,187

20,798

6607707.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

14,544

14,351

6608348.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,011

1,972

6608404.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

364

290

6608453.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

851

664

6608473.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

33,633

32,595

6608757.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

584

577

6608829.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

8,437

8,227

6609060.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,026

1,013

6609718.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,248

3,204

6609951.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,028

1,218

6610038.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,038

2,987

6610206.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,547

1,500

6610431.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

504

492

6610631.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,670

4,974

6610840.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

697

683

6610852.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

4,096

3,906

6610974.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,048

1,009

6611167.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,975

1,934

6611256.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,435

4,980

6611489.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

14,933

14,729

6612198.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

2,034

1,931

6612273.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,019

624

6613074.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

6,057

5,936

6613579.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

2,061

2,048

6614973.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,121

1,079

6617231.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

971

656

6618039.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

6,811

6,521

6618546.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,939

1,623

6618691.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

3,300

3,110

6618920.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,855

2,675

6619063.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,449

1,424

6619187.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

3,273

3,194

6619662.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

556

552

6619698.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

268

262

6619919.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

3,927

3,523

6620032.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,192

2,017

6620057.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

4,385

4,319

6620364.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,639

1,616

6620488.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,642

3,975

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6620662.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

$

2,878

$

2,791

6620818.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,561

1,541

6620894.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,008

993

6620991.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

5,191

5,068

6621287.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

6,140

5,069

6621431.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,181

2,146

6621776.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,635

2,610

6621897.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,985

1,357

6621931.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

3,483

3,208

6622085.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

349

238

6622333.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,861

2,697

6622368.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

3,485

2,799

6622441.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,999

4,870

6622719.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,874

2,835

6622871.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,729

1,708

6623203.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

22,497

22,092

6624087.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,947

2,909

6624125.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

6,155

5,970

6624304.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

4,983

4,716

6624528.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

4,977

4,461

6624673.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

3,284

3,185

6624780.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

984

973

6624836.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

352

323

6624846.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

1,729

1,642

6624887.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

617

603

6624917.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

2,761

2,296

6624976.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

4,926

3,792

6625311.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

700

680

6625335.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

9,258

8,867

6626543.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

4,637

4,499

6627123.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

626

612

6627159.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,421

1,149

6627196.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

337

294

6627207.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

6,832

6,112

6627396.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

8,593

5,513

6627640.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

4,568

4,100

6627766.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

949

921

6627891.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,437

1,421

6627973.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

14,866

13,343

6628375.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,628

1,604

6628517.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,357

1,338

6628679.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,972

1,955

6628804.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,330

1,029

6628958.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

6,092

6,006

6629556.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

672

585

6629752.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,383

4,126

6629835.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,323

4,201

6630070.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,093

3,668

6630719.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,457

3,258

6631373.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

7,077

6,904

6631659.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,893

3,027

6632018.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,161

3,034

6632099.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,510

1,478

6632319.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

371

358

6632334.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

887

841

6632401.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,361

5,183

6632557.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,810

2,766

6632702.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,672

1,563

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

205

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6632762.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

$

3,475

$

3,352

6633033.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

12,316

9,525

6633298.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

705

652

6633896.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

9,617

6,081

6634134.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

438

434

6634196.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

11,820

11,586

6634676.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

2,654

2,604

6634815.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

4,445

4,350

6634956.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

308

296

6635028.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

12,448

11,051

6635230.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

61,854

33,592

6635985.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

3,702

3,530

6636058.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

6,232

6,071

6637835.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,396

2,154

6637900.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

5,224

4,948

6638103.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

5,040

4,935

6638346.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,392

1,311

6638697.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

345

337

6638729.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,962

3,573

6638912.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,355

1,334

6638971.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,193

1,166

6639023.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,305

1,262

6639101.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,453

2,351

6639172.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

10,338

10,081

6639582.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

354

249

6639606.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

339

240

6639624.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

12,425

11,859

6640359.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,619

1,270

6640407.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,619

3,528

6640556.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

11,851

11,524

6640918.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

8,967

8,821

6641367.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,862

2,726

6641603.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,337

1,213

6641681.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

9,247

7,909

6642135.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,371

4,186

6642416.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

22,280

21,922

6643446.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,476

2,413

6643585.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

5,191

4,034

6643735.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

6,190

6,060

6643896.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,222

2,316

6643921.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

382

375

6644288.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,047

2,014

6644423.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,739

3,083

6644507.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

745

736

6644529.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

6,554

6,451

6644624.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

3,656

3,626

6644797.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

4,300

2,251

6644879.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

2,135

2,075

6645087.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

643

485

6645117.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

1,346

1,318

6645156.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

18,045

17,021

6645579.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

6,211

5,236

6645699.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

2,811

2,744

6645770.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

4,830

4,717

6646196.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

345

333

6646222.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

4,695

4,565

6646624.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,395

3,171

6647044.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,602

2,527

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6647164.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

$

17,129

$

16,279

6648056.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,235

1,969

6648123.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,790

2,732

6648200.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,624

2,980

6648246.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

686

637

6648768.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,359

3,111

6648850.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

7,614

7,428

6649116.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

4,708

4,641

6649499.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,237

1,189

6649787.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,975

1,753

6649914.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,016

993

6650053.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,564

1,194

6650152.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

7,805

7,509

6650823.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

9,639

9,367

6651239.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

9,950

7,778

6651430.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

28,501

25,525

6652169.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

531

525

6652219.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,392

1,314

6653226.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

12,901

12,305

6653839.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

768

677

6653934.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,371

2,203

6654083.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,989

2,896

6654220.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,384

2,310

6654358.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

7,136

6,739

6654537.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

4,074

3,646

6654689.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,015

2,863

6654954.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

6,082

5,861

6655118.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

8,402

8,094

6655481.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,398

2,075

6655664.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,981

3,649

6655841.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

5,898

5,737

6657913.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,535

2,487

6658300.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

10,317

9,320

6658771.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

418

307

6658793.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,535

2,493

6658933.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

4,764

4,543

6659781.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

7,118

6,832

6660041.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

12,995

12,718

6660473.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

34,812

29,423

6661464.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

5,663

5,440

6661589.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

4,620

4,521

6662583.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

889

855

6662803.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

3,220

3,065

6664757.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

9,121

8,409

6664909.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

4,025

3,849

6664996.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

4,601

4,132

6665148.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

7,580

7,367

6665366.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

1,170

1,136

6665406.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

1,847

1,402

6665440.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

8,557

6,686

6665603.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

818

803

6665633.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

2,656

2,420

6665683.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

752

733

6665714.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

4,635

4,403

6665907.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

4,322

3,928

6666031.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

3,399

1,241

6666069.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

6,694

6,569

6666475.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,070

1,311

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

206

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6666594.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

$

1,999

$

1,526

6666636.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,040

1,018

6666734.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,779

3,432

6667033.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,873

4,588

6667225.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

573

388

6667236.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

5,897

5,585

6667810.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,055

1,597

6668132.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,623

2,593

6668228.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,366

2,280

6668645.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,653

1,605

6668711.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

9,531

9,177

6669028.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,303

828

6669068.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

827

813

6669109.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

467

442

6669140.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,846

3,448

6669224.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

579

505

6669266.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

14,064

13,213

6670038.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,577

1,543

6670139.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

13,625

13,229

6671040.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

3,214

3,180

6671308.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

7,057

6,352

6671496.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

29,921

28,989

6672691.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,948

2,861

6672979.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,057

1,001

6673149.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

16,237

15,746

6674161.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

404

398

6674204.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,805

2,695

6674370.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

13,529

8,987

6674734.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

11,372

10,573

6675328.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

4,464

4,429

6675685.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

9,480

5,344

6675824.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,778

3,552

6675956.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

772

752

6676032.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

7,630

7,272

6676291.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,524

2,621

6676371.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

13,859

9,661

6676599.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

5,032

4,885

6678246.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

828

703

6678307.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,000

1,885

6678361.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

774

738

6678386.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

499

470

6678591.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

3,931

3,443

6678676.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

10,636

10,264

6679804.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

1,969

1,936

6679967.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

76,953

57,377

6681296.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

1,552

1,485

6681711.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

3,792

3,655

6681923.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

19,422

18,789

6682978.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

7,994

7,750

6683503.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

5,750

5,235

6683681.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,602

1,354

6683733.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

32,724

31,190

6684545.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,551

1,373

6684715.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

43,776

42,920

6685010.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

4,177

3,553

6685085.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

6,641

5,841

6685190.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

9,023

6,928

6685341.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

5,090

3,610

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6685433.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

$

8,135

$

4,939

6685518.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

2,337

2,287

6685585.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

1,445

1,404

6685699.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

1,299

869

6685784.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

3,467

3,317

6685864.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

243

234

6686438.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

3,049

2,622

6686672.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,318

2,299

6687428.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,040

3,925

6687666.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

20,647

19,885

6688278.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

3,172

2,987

6688386.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,953

4,854

6688601.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,719

4,404

6689010.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

563

556

6689080.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,432

3,748

6689193.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,991

1,931

6689327.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

15,121

12,898

6689685.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

6,268

6,161

6689967.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

34,857

34,386

6692235.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,783

1,720

6692358.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

3,197

2,183

6692474.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

7,474

5,767

6692830.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

856

832

6692888.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

3,892

3,634

6693018.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

10,900

6,631

6693224.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,229

1,210

6693251.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

2,317

2,276

6693317.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

9,930

9,558

6693424.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

54,361

39,035

6695719.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

787

757

6695787.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

12,583

11,885

6696092.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

1,280

1,170

6696108.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

1,197

1,149

6699676.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,369

1,626

6699767.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

4,882

4,552

6699893.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

37,983

37,016

6701805.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

11,803

11,112

6702439.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,186

1,696

6702511.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

16,013

15,085

6702862.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,747

2,636

6703221.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

10,806

10,478

6703831.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

5,393

5,293

6704162.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

7,780

6,987

6704399.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

17,040

16,410

6705222.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

4,973

4,884

6705567.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

8,664

8,330

6705796.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

9,630

6,652

6706007.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

1,547

1,475

6706059.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

3,157

3,113

6706476.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

72,420

66,034

6707248.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

9,818

8,500

6707440.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

3,482

3,411

6707586.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

4,977

4,790

6707733.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

5,198

4,007

6707813.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

857

845

6707860.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

3,667

3,495

6708280.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,359

1,326

6708324.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

7,848

7,540

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

207

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6708561.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

$

2,036

$

1,899

6708598.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

3,787

3,678

6708688.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

13,887

11,506

6708969.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

3,741

3,607

6709168.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

33,347

22,909

6709443.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

18,524

17,373

6712926.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

1,028

1,013

6713013.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

678

659

6713155.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

903

808

6713480.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

17,095

16,822

6714496.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

6,289

6,062

6714723.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

2,750

2,641

6715182.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

7,613

7,355

6715492.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

46,475

44,084

6717870.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

37,942

36,481

6719237.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,055

3,247

6719567.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

76,294

61,848

6721629.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

13,129

12,629

6722260.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

21,618

20,752

6723175.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

3,426

3,344

6723368.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

480

455

6723394.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

50,125

47,700

6724991.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

8,704

8,451

6725305.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

21,184

20,551

6725594.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

894

857

6725642.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

2,952

2,858

6725726.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

6,428

6,163

6725821.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

2,053

2,016

6725887.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

537

530

6725905.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

2,808

2,683

6725980.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

1,407

1,360

6726121.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

620

544

6726142.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,644

1,478

6726167.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,887

1,715

6726212.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

2,108

1,957

6726269.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

896

841

6726291.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

2,680

2,569

6726378.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,318

1,295

6726420.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

95

94

6726466.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,163

1,014

6727057.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

5,568

5,401

6727915.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,510

1,424

6727972.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

37,454

35,555

6728835.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

52,481

50,391

6729900.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,073

1,048

6729927.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

487

449

6730003.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

10,695

10,206

6730202.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

23,715

22,209

6730714.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

16,237

15,821

6731337.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

755

693

6731469.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

1,647

1,598

6731540.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

1,001

920

6731878.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

1,112

1,060

6731951.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

28,872

28,357

6732965.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

6,351

6,245

6733223.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

6,436

6,042

6733364.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

4,825

4,433

6733499.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

6,977

6,124

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6733706.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

$

1,403

$

1,363

6733739.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

1,706

1,374

6733783.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

2,236

2,150

6733826.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

41,974

40,105

6735811.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

5,018

4,740

6736060.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

1,692

1,586

6736146.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,643

2,433

6736304.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,109

3,047

6736430.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

6,231

5,958

6736881.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

11,202

9,786

6737087.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,273

2,214

6737233.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

6,205

5,921

6739379.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,017

937

6739825.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,478

2,283

6739997.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,744

1,609

6740087.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,884

2,810

6740277.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

4,951

4,845

6740570.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,432

1,385

6740654.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,345

3,287

6740937.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

8,523

8,184

6741242.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,742

1,686

6741301.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

23,264

22,475

6742371.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

10,238

9,735

6742767.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,134

1,045

6742816.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,893

2,836

6742967.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

6,669

6,468

6743301.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,382

1,353

6743638.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

465

448

6743668.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,147

2,125

6743916.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,137

1,108

6744044.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

609

590

6744107.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

11,288

10,921

6744525.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

48,006

42,124

6745680.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,088

1,039

6745918.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

4,233

4,008

6745997.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

3,933

3,813

6746110.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

4,622

4,259

6746216.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,008

977

6746241.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,299

1,730

6746273.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,908

2,469

6746302.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

6,863

5,376

6746397.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

3,516

3,451

6746485.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,870

2,814

6746554.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

5,457

5,285

6746628.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,608

2,289

6746684.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

44

43

6746721.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

1,043

955

6746943.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

729

495

6746955.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

1,852

1,809

6747009.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

5,388

5,242

6747167.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

3,178

2,919

6747235.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

3,203

2,237

6747276.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

940

928

6747304.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

9,515

8,880

6747494.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

2,177

2,088

6747804.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

7,412

7,023

6747952.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

9,231

7,671

6748242.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

8,076

7,747

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

208

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6748637.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

$

1,414

$

1,283

6748791.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,294

1,254

6748869.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

3,991

3,945

6749144.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

5,802

5,080

6749349.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

835

623

6749513.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

3,844

3,724

6749746.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

21,207

20,588

6750398.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

503

311

6750403.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

12,879

12,686

6750769.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

17,329

16,463

6751088.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,675

1,549

6751129.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

11,765

8,526

6751404.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

8,180

7,942

6751634.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

424

372

6751685.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

4,395

4,300

6751957.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

4,445

4,357

6752342.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,243

1,209

6752437.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

27,421

25,769

6753381.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

480

475

6753527.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,341

5,049

6753751.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,326

2,182

6753818.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,769

2,699

6753977.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,771

3,953

6754047.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

731

715

6754071.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

6,248

5,969

6754409.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

6,815

6,611

6754538.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,564

2,405

6754598.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,158

4,233

6754762.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

6,282

6,185

6755045.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

9,521

9,254

6755320.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,517

1,476

6755796.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,481

1,430

6755928.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

4,435

4,294

6756227.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,535

5,445

6756576.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,648

1,204

6756607.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

7,393

6,938

6756802.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

4,705

4,460

6756917.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

8,233

6,664

6757113.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,634

1,570

6757158.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,276

1,259

6757233.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

7,378

5,912

6757452.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

8,973

8,712

6757700.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

3,852

3,660

6757818.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,129

2,080

6757956.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

17,276

16,777

6762025.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

447

443

6762119.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

1,672

1,588

6763223.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

4,027

3,832

6763456.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

9,244

6,717

6763757.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,882

2,286

6763900.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,172

2,127

6764013.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

20,923

19,865

6765118.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

15,780

13,876

6765702.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

10,317

10,012

6766583.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,277

2,264

6767534.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

983

946

6767631.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

436

414

6767653.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

18,107

17,714

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6768219.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

$

12,689

$

12,322

6768653.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

4,369

4,263

6768886.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

9,590

9,161

6769038.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

8,191

7,857

6769266.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

2,110

2,005

6769363.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

6,414

5,870

6769470.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

6,397

6,243

6769655.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

4,934

4,644

6769824.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

7,075

6,784

6769981.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

2,708

2,648

6770082.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,950

1,886

6770130.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

736

693

6770166.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,342

1,261

6770205.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,408

1,216

6770233.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

5,456

5,315

6770447.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,241

3,114

6770524.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

2,329

2,152

6770614.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,217

1,156

6770639.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,798

4,612

6771008.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,248

1,157

6771044.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,450

3,881

6771090.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

15,929

15,130

6771290.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

337

333

6771319.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,866

4,462

6771439.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

14,604

14,180

6771935.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

6,622

6,418

6772556.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

284

281

6772580.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,276

2,180

6772647.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,094

1,855

6772703.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,153

3,048

6772789.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

29,977

29,336

6773679.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

10,226

9,966

6773937.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,236

3,130

6774026.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,403

3,261

6774068.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

650

627

6774158.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

28,678

14,117

6774418.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,883

1,805

6774456.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,407

3,217

6774520.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,409

2,267

6774564.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

43,009

40,636

6774960.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

13,013

12,689

6775508.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

739

702

6775621.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,804

1,714

6775675.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

3,404

3,192

6775743.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

10,029

9,461

6776041.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

424

391

6776044.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

868

843

6776086.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

38,162

35,764

6776773.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

57,840

34,229

6777525.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

7,769

7,548

6777742.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,407

2,222

6777826.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

7,778

7,521

6779449.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

19,524

17,231

6780192.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

4,072

3,866

6780389.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

17,194

16,625

6780993.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

4,681

4,443

6781121.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

36,241

35,283

6782184.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

11,901

8,177

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

209

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6782415.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

$

6,386

$

6,216

6782781.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,189

1,148

6782819.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

11,848

11,583

6782881.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,138

959

6783006.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

8,351

7,701

6783377.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,256

1,763

6783525.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,559

1,452

6783818.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

5,968

4,922

6784192.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

231

228

6784212.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,541

2,235

6784251.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

4,887

4,112

6784370.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

544

535

6784413.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,882

2,526

6784494.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,737

2,443

6784546.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,722

1,653

6784568.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

110

109

6784582.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,406

1,307

6784616.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

13,566

7,558

6784806.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,817

1,746

6784963.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,500

2,419

6785241.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,113

1,950

6785321.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

535

517

6785344.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,752

1,734

6785456.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,474

2,391

6785517.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

10,296

9,851

6785919.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

5,712

5,620

6786064.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

13,283

12,343

6786325.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

1,677

1,609

6786344.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

449

430

6786360.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

483

478

6786373.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

910

761

6786396.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

6,516

6,383

6786619.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

1,422

1,408

6786739.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

1,678

1,643

6786785.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

8,385

7,752

6786973.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

802

746

6786989.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

12,889

12,210

6787493.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

501

486

6788024.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,965

2,867

6788197.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

3,287

3,189

6788339.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

987

976

6788374.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

9,304

8,343

6788602.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

7,109

6,503

6788880.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

460

449

6788927.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

22,537

20,746

6789446.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,845

2,773

6789675.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,803

2,660

6789758.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

6,120

5,906

6789965.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

4,790

4,721

6790433.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

457

431

6790471.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,212

1,141

6790513.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,527

2,041

6790574.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

412

408

6790602.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

3,906

3,836

6790761.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

16,512

16,246

6791327.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,734

1,555

6791649.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

6,910

6,136

6791916.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

5,300

5,137

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6792145.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

$

515

$

466

6792158.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,172

1,109

6792194.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,071

999

6792243.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,150

1,107

6792282.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,309

1,138

6792381.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

4,838

4,675

6792515.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

519

513

6792564.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

36,870

28,856

6793944.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

5,388

5,120

6794056.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

718

688

6794078.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,797

2,635

6794225.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,601

1,466

6794243.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

8,824

8,457

6794442.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

36

36

6794659.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,468

3,351

6794727.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

12,881

12,535

6795128.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

3,846

3,720

6795359.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,678

1,591

6795487.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

23,480

22,809

6796258.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

8,434

8,262

6796611.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

7,784

5,654

6796705.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,535

876

6796729.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,513

2,378

6797024.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

4,876

4,728

6797088.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

5,995

5,037

6797179.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,142

1,119

6797209.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

711

701

6797255.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

7,292

6,975

6797396.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

19,361

16,446

6797860.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,994

1,942

6797913.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

915

900

6797945.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

5,807

5,286

6798024.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

364

357

6798029.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

844

812

6798052.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,582

1,948

6798091.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

3,959

3,709

6798168.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

7,598

7,186

6800047.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

5,796

5,707

6800307.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,760

1,422

6800352.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

3,097

2,325

6801281.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

913

485

6801584.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

3,166

3,089

6801653.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

4,730

4,624

6801884.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

585

560

6801908.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

5,489

5,258

6801990.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

11,188

10,971

6802509.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,321

1,283

6802539.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

5,947

5,705

6802644.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,979

1,727

6802672.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

4,828

4,560

6802838.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,911

1,815

6802903.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

13,549

12,690

6803108.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

7,039

6,736

6803225.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

9,748

9,576

6804687.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

32,181

30,499

6805878.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

14,838

13,765

6806349.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,745

2,602

6806401.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

525

506

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

210

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6806417.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

$

19,130

$

18,750

6807287.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

1,471

1,409

6807324.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,539

2,225

6807410.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

3,749

2,993

6807533.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

4,201

4,119

6807715.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

4,066

1,968

6807789.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,456

1,014

6807834.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

1,933

1,872

6807877.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

39,560

36,249

6808138.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

31,380

30,083

6808612.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,398

2,294

6808725.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

5,539

4,932

6808839.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

4,085

3,907

6808913.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

8,248

7,804

6809065.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

11,525

11,078

6809289.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

16,400

15,917

6809663.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

2,022

1,993

6809707.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

2,674

2,631

6809955.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

9,372

9,052

6810520.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

605

596

6810581.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

20,028

19,371

6811214.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,117

2,024

6811299.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,122

882

6811347.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,189

1,128

6811385.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,470

1,398

6811435.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

7,913

7,726

6811597.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,397

645

6811743.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,180

1,445

6811790.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

3,017

2,570

6811879.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

3,335

3,245

6812155.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,823

1,501

6812665.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

330

322

6812676.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,574

2,500

6812757.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

649

615

6812766.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,185

1,147

6812774.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

22,289

19,354

6813278.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

1,388

1,272

6813309.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

2,667

2,585

6813416.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

5,266

5,086

6813591.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

19,675

19,169

6813956.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

2,047

1,958

6813994.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

654

630

6814032.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

904

878

6814107.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

9,959

9,662

6814702.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

18,416

17,496

6815335.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

1,814

1,800

6815678.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

46,212

44,988

6816767.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

38,601

36,278

6818923.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

2,654

2,318

6818998.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

18,381

17,787

6819674.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

30,386

28,636

6820662.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

8,065

6,696

6820784.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

7,362

7,112

6820991.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

27,991

27,256

6821755.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

1,442

1,407

6821796.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

24,651

23,044

6822419.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

7,270

6,900

6822498.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,095

733

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6822538.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

$

9,426

$

8,954

6822755.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

3,332

3,281

6823468.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

2,567

2,492

6823543.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

6,417

6,249

6823837.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

8,627

8,350

6824326.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

491

476

6824339.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

2,597

2,352

6824398.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,523

1,360

6824434.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

9,039

8,215

6824604.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,300

1,196

6824646.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

6,425

6,216

6824809.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

49

48

6824858.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

2,273

2,173

6825442.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

17,895

17,160

6825758.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

7,665

7,529

6826047.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

8,478

8,034

6826244.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

1,145

1,114

6826286.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

12,291

12,033

6826594.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

731

672

6826612.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

6,316

6,047

6826743.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

4,918

4,840

6826874.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

5,671

5,444

6826997.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

2,464

2,359

6827049.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

2,565

2,031

6827085.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

1,155

1,138

6827102.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

10,394

9,725

6827377.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

13,803

11,014

6828390.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,562

5,364

6828557.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

14,441

13,941

6828948.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

2,162

2,045

6829019.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,846

3,889

6829104.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

679

644

6829142.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

2,853

2,802

6829166.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

1,302

1,229

6829171.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

37,846

36,617

6829684.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

742

718

6829704.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,770

5,265

6829761.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

6,560

6,387

6830215.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

6,417

6,086

6830275.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

1,199

1,147

6830306.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

6,176

5,653

6830462.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

832

426

6830625.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

10,502

10,040

6831034.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

4,120

4,039

6831215.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,456

1,414

6831326.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

8,522

8,240

6831530.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

10,615

9,994

6831833.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

738

725

6831935.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

9,312

8,342

6832199.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

4,995

4,081

6832295.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,795

1,556

6832320.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

9,342

9,088

6832516.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

7,564

7,296

6832744.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

16,115

15,431

6833213.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

2,264

2,114

6833270.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

5,990

5,733

6833373.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

3,207

3,075

6833417.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,091

977

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

211

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6833436.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

$

5,055

$

4,197

6833495.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

518

510

6833534.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

2,137

2,072

6833607.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

19,660

18,961

6833876.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

6,040

5,921

6834157.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

9,216

8,912

6834530.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

17,751

17,047

6835094.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

8,246

7,961

6835300.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

24,725

23,979

6835888.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

10,966

10,480

6836010.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

6,449

6,287

6836244.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

1,568

1,527

6836285.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

6,074

5,587

6836420.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

74,889

62,128

6838455.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

11,078

10,308

6838837.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

1,327

1,223

6838979.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

4,155

3,970

6839211.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

6,403

5,034

6839462.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

1,642

1,456

6839507.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

824

716

6839536.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

8,991

8,482

6839893.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

4,803

4,526

6840051.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

5,843

5,612

6840245.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

10,045

9,342

6840558.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

12,120

11,411

6840904.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

2,496

2,429

6841366.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

7,751

7,170

6841524.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

636

456

6841549.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

7,281

7,045

6841844.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

10,522

10,096

6842195.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

1,112

967

6842278.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

811

806

6842447.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

12,092

11,279

6843066.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

4,681

4,606

6843447.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

1,483

1,295

6843514.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

3,469

3,386

6843676.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

14,829

14,417

6843976.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

4,972

4,922

6844269.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

5,260

4,686

6844405.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

5,871

5,632

6844523.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

9,907

9,165

6844717.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

20,380

18,905

6845307.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

2,862

2,749

6845361.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

2,075

1,994

6845418.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

3,132

2,721

6845464.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

3,723

3,457

6845530.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

2,130

2,107

6845639.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

14,561

14,082

6845952.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

10,003

9,252

6846112.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

3,513

3,418

6846263.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

4,932

4,736

6846369.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

791

735

6846393.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

1,208

1,170

6846419.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

11,691

11,276

6846633.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

3,668

3,206

6846703.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

1,097

1,020

6846724.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

567

558

6846816.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

17,623

16,726

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6848002.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

$

7,722

$

7,329

6848139.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

18,167

16,304

6848392.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

4,105

3,860

6848514.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

4,233

3,868

6848591.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

8,608

8,399

6848819.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

2,608

2,497

6848857.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

888

871

6848902.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

853

838

6848973.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

12,154

11,648

6849274.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

11,405

11,114

6849620.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

2,781

2,574

6849672.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

21,848

20,889

6850168.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

9,851

7,944

6850371.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

9,705

9,429

6850739.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

23,077

22,359

6851470.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

368

349

6851480.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

2,947

2,101

6851525.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,472

1,433

6851579.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,069

1,052

6851609.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

2,434

2,344

6851686.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

15,659

15,049

6852102.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

7,006

6,819

6852271.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

19,547

18,907

6852585.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

11,509

11,122

6852868.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

3,118

2,832

6852970.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

17,932

17,323

6853312.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,515

1,497

6853388.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

3,464

3,347

6853524.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

6,785

6,593

6853608.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

10,857

10,283

6853937.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

18,946

17,446

6854592.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,522

2,488

6854721.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

8,894

8,556

6854979.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

7,497

7,311

6855173.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

1,905

1,856

6855270.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

44,801

43,041

6856330.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

1,777

1,727

6856365.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

4,124

4,013

6856478.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

9,252

9,094

6858168.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

5,497

5,261

6858335.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,139

1,998

6858443.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

333

325

6858466.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

5,795

4,252

6858760.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

4,305

4,084

6858955.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

5,650

5,238

6859079.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

1,426

1,378

6859133.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

39,304

38,110

6860424.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,186

2,982

6860515.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

5,755

5,494

6860701.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,487

3,337

6860790.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

6,933

6,142

6860905.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

5,162

4,858

6861047.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

4,127

3,924

6861105.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

14,290

12,874

6861352.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

877

821

6861397.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,889

3,666

6861516.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,354

3,126

6861616.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

3,036

2,976

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

212

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6861796.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

$

4,587

$

4,433

6862007.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

2,511

2,446

6862190.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,305

1,199

6862302.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

591

575

6862333.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,482

1,385

6862405.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

5,458

5,223

6862530.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

12,265

11,954

6863061.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

388

371

6863090.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

33,291

30,650

6863964.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,605

1,495

6864013.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

8,783

8,409

6864270.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

5,464

5,218

6864423.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

12,956

12,258

6864651.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

2,524

2,371

6864699.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

654

390

6864707.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

4,505

4,044

6864775.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

2,089

1,991

6864814.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

2,843

2,661

6864850.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

5,368

5,166

6864955.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

11,429

10,934

6865115.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

964

882

6865136.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

20,390

19,469

6865532.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

593

575

6865550.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

1,293

1,272

6865584.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

16,723

12,433

6865790.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

4,019

3,718

6865856.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

914

866

6865878.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

13,786

13,059

6866581.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

7,142

6,891

6866845.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

9,289

8,887

6867082.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

28,872

27,635

6867693.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

7,462

6,812

6867808.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

33,015

31,808

6868283.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,946

1,901

6868345.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

5,451

5,407

6868623.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,743

1,680

6868656.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

1,617

1,532

6868687.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

5,279

4,604

6868793.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

22,784

16,371

6869170.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

3,362

2,075

6869210.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

8,934

8,453

6869352.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

45,620

36,592

6869515.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

7,609

6,667

6869871.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

7,050

6,782

6870099.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,386

3,068

6870299.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

7,438

7,334

6870620.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,642

3,450

6870740.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

2,033

2,015

6870869.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

7,451

7,177

6870949.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,527

3,382

6870993.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

8,330

7,967

6871091.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

24,151

22,303

6871457.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

34,124

32,119

6871898.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

22,463

21,477

6872319.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

8,409

8,124

6872485.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

2,695

2,502

6872536.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

14,298

13,713

6872655.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,387

2,318

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6872723.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

$

4,597

$

4,394

6872847.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,260

2,200

6872904.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

12,543

12,279

6873475.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,705

2,487

6873558.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,990

1,889

6873613.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

5,738

3,524

6873690.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

22,683

22,077

6874128.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

15,366

14,867

6874444.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

42,974

41,521

6875301.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

5,954

5,451

6875382.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

4,979

4,819

6875513.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

35,671

32,811

6877284.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

9,711

8,893

6877578.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

4,918

4,761

6877760.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

12,768

12,106

6878142.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,934

1,503

6878181.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

602

586

6878207.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,854

1,793

6878251.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

24,779

23,415

6878883.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

20,967

19,916

6879433.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

62,050

58,296

6880857.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

16,621

15,958

6881544.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

18,092

17,312

6882416.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

3,087

3,053

6882600.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

80,911

78,302

6884076.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

5,156

4,519

6884186.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

7,852

7,466

6884323.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

7,936

7,354

6884438.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

2,720

2,663

6884505.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

3,474

3,426

6884628.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

3,816

3,529

6884701.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

1,225

1,182

6884731.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

1,737

1,676

6884770.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

2,841

2,775

6884835.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

4,532

4,295

6884928.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

2,496

2,338

6884983.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

4,006

3,718

6885060.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

17,263

15,185

6885320.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

4,498

4,166

6885406.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

1,511

1,470

6885427.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

11,734

11,259

6885929.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

501

486

6885971.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

306

297

6885989.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

641

602

6886037.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

10,441

9,980

6886509.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

5,832

5,557

6886695.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

596

560

6886727.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

3,450

3,278

6886852.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,120

4,015

6886992.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

11,141

9,708

6887420.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

2,995

2,893

6887480.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

28,949

27,857

6888456.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

6,016

5,220

6888677.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,980

1,941

6888845.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

3,178

1,982

6888884.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

3,822

3,624

6888950.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,821

1,660

6888984.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

9,218

8,725

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

213

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6889126.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

$

7,450

$

7,161

6889281.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,858

1,828

6889380.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,042

1,008

6889434.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

5,105

4,939

6889767.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

2,343

2,216

6889814.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,018

972

6889862.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

5,973

5,741

6890197.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,159

1,122

6890262.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

12,437

11,638

6890558.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

8,506

8,181

6890826.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,081

1,040

6890861.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

7,064

6,782

6891043.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

5,645

5,414

6891153.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

9,837

9,279

6891447.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

514

493

6891460.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

5,472

5,262

6891611.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

4,235

3,905

6891737.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

3,007

2,497

6891822.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

28,365

27,374

6892550.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

909

878

6892585.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

974

933

6892634.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

3,343

3,156

6892735.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,623

3,488

6892854.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

404

391

6892879.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

5,457

5,230

6893042.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

4,879

4,409

6893194.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,707

3,570

6893335.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,702

3,577

6893523.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

14,233

13,691

6893872.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

4,300

4,120

6893962.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

13,436

12,953

6894275.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

4,682

4,369

6894415.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

8,257

5,730

6894524.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,636

1,535

6894583.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

12,826

12,008

6894787.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,937

1,820

6894824.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

676

532

6894833.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,817

1,736

6894905.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,148

797

6894928.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,870

1,799

6894995.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

365

354

6895004.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

40,084

38,303

6897597.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

794

630

6897627.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

35,130

33,772

6898798.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

1,343

1,300

6898880.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

1,311

1,260

6898897.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

2,212

2,093

6898994.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

2,614

2,221

6899064.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

3,065

2,899

6899115.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

52,805

50,790

6901008.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

1,739

1,641

6901088.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

3,885

3,762

6901345.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

1,933

1,851

6901878.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

7,350

7,027

6902213.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

3,096

2,982

6902363.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

3,681

3,536

6902444.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

16,291

15,712

6902931.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

2,669

2,496

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6902951.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

$

6,452

$

6,248

6903129.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

24,886

23,756

6903614.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

669

650

6903970.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

3,509

3,323

6904150.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

57,481

54,732

6904250.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

5,857

5,609

6904370.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

4,394

3,078

6904459.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

3,528

3,359

6904569.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

14,702

13,647

6904888.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

1,064

931

6904916.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

1,305

1,260

6904950.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

8,764

8,453

6905178.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

26,736

23,894

6905648.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

1,115

1,078

6905741.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

7,134

6,871

6906299.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

3,649

3,480

6906570.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,238

1,195

6906644.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,542

1,480

6906728.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,728

1,078

6906812.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

10,625

8,899

6907082.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

6,953

6,593

6907345.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

35,720

34,448

6908369.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

10,555

10,106

6908535.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

8,135

7,843

6908782.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

15,708

15,026

6909059.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,599

3,459

6909161.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

15,741

15,112

6909620.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

16,320

15,004

6910152.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

5,347

5,135

6910288.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,302

3,178

6910404.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

26,048

24,824

6910971.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

26,078

24,589

6911488.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,534

3,429

6911623.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,571

3,430

6911673.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

6,526

6,247

6911813.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

669

651

6911844.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

2,437

2,307

6911942.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

1,255

1,207

6911989.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

9,561

8,790

6912172.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

7,818

7,522

6912323.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

58,159

55,046

6913886.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

12,942

12,376

6914177.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

6,570

6,309

6914333.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

4,803

4,592

6914438.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

7,443

7,145

6914559.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

11,493

10,283

6914684.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

1,637

1,576

6914703.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

321

312

6914732.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

5,134

4,929

6916077.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

1,887

1,736

6916128.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

188

183

6916150.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

1,372

865

6916183.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

12,596

12,083

6916760.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

19,824

18,811

6917410.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

35,281

33,900

6918206.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

9,038

8,759

6918604.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

4,682

4,172

6918720.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

4,549

4,287

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

214

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6918968.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

$

19,131

$

18,026

6919290.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

240

234

6919310.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

13,080

12,326

6919642.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

984

894

6919669.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

2,741

2,588

6919716.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

903

867

6919736.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

5,064

4,797

6919861.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

1,532

1,451

6919908.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

1,403

1,329

6919945.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

969

736

6919965.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

32,634

28,020

6920407.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

4,431

4,238

6920473.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

14,195

13,622

6920533.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

1,160

1,113

6920562.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

5,561

4,031

6920651.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

1,318

1,272

6920675.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

13,634

12,481

6920887.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

234

227

6920895.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

857

822

6920907.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

6,385

5,940

6921119.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

838

811

6921146.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

1,493

1,444

6921174.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

12,111

11,635

6921396.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

1,798

1,736

6921810.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

783

756

6921838.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

5,689

5,247

6922004.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

4,336

4,162

6922096.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

30,215

29,000

6922474.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

7,326

7,008

6922517.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

9,631

8,301

6922663.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

378

364

6922664.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

7,394

7,114

6922785.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

8,047

7,743

6922891.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

3,711

3,584

6922960.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

11,864

10,481

6923087.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

14,872

13,852

6923265.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

2,873

2,761

6923421.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

4,725

4,516

6923560.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

614

592

6923570.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

12,120

11,663

6923831.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

1,531

1,354

6923855.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

3,411

3,274

6923899.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

35,210

32,482

6928566.SQ.FTS.B,

Zero

Cpn,

2/16/25

...

13,812

11,714

6932633.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,765

1,718

6933212.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

11,129

10,646

6933459.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,318

1,929

6933487.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,755

1,685

6933527.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,343

2,254

6933558.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,320

3,166

6933620.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

21,088

20,175

6933935.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

960

914

6933957.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,501

2,416

6934008.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

4,495

4,270

6934072.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

882

846

6934088.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,768

2,634

6934139.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

858

822

6934151.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

8,308

7,466

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6934257.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

$

1,563

$

1,515

6934283.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,044

1,973

6934332.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,394

1,339

6934354.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

5,284

5,044

6934453.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

5,972

5,685

6934562.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,418

2,287

6934623.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,000

1,887

6934660.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

17,285

16,364

6935152.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

868

834

6935169.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

23,244

21,528

6935640.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

10,383

9,925

6935864.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

18,064

15,622

6936169.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

9,934

9,498

6936331.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

17,325

14,984

6936509.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,777

2,677

6936543.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,006

1,816

6936557.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

45,634

43,732

6936956.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

4,008

3,834

6937013.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

19,423

17,465

6937176.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,114

1,082

6937199.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

7,563

6,301

6937312.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,405

5,199

6937431.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,318

4,911

6937491.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,898

2,783

6937568.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,965

3,772

6937604.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,704

3,576

6937656.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,551

2,449

6937698.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,452

2,365

6937751.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,787

1,730

6937790.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

680

656

6937804.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,255

5,037

6937855.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,418

1,335

6937868.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,401

4,181

6937915.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,332

5,157

6938171.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

21,117

20,293

6938956.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,625

4,339

6939128.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

28,623

25,737

6939501.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,994

2,877

6939605.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,592

2,500

6939744.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,224

2,116

6939835.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

19,136

18,384

6940205.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,967

1,851

6940298.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

16,111

15,201

6940642.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

484

474

6940677.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,081

4,856

6940816.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,566

1,508

6940867.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

5,346

4,950

6941020.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,921

4,726

6941121.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

4,624

4,351

6941187.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

1,302

1,246

6941208.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

28,429

27,285

6941601.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

4,294

4,053

6941685.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

1,007

947

6941699.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

8,061

7,734

6941839.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

195

191

6941857.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

709

673

6941871.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

7,817

7,303

6942007.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

6,973

6,707

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

215

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6942140.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

$

859

$

827

6942159.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

2,742

2,566

6942189.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

5,365

5,151

6942273.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

16,790

15,966

6942536.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

8,023

7,730

6942921.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

19,118

17,948

6943648.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,152

1,111

6943698.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,483

2,340

6943747.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

15,422

14,684

6944112.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

11,426

10,585

6944346.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,134

755

6944352.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

7,194

6,793

6944546.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

5,306

5,039

6944670.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,879

1,773

6944702.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

8,182

7,852

6944822.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

11,880

10,940

6945058.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

15,460

14,493

6945334.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

4,049

3,834

6945408.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

738

714

6945431.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,624

1,562

6945502.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,850

1,775

6945544.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

5,699

5,336

6945654.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,270

1,224

6945708.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,935

2,808

6945775.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

4,949

4,745

6945890.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

5,268

4,972

6946194.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

18,488

17,509

6946425.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

4,414

4,252

6946538.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

36,900

35,204

6946599.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

11,941

11,469

6946824.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,491

1,436

6946875.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

5,643

5,192

6946997.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

5,572

5,371

6947294.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,049

965

6947442.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,064

2,931

6947569.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

14,110

12,983

6947893.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

4,475

3,893

6947974.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

7,419

7,116

6948228.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

2,017

1,927

6948274.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

4,741

4,490

6948357.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

10,972

10,335

6948529.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

8,533

8,052

6948731.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

2,824

2,720

6948754.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

13,324

12,880

6949104.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,213

1,106

6949115.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

4,305

4,130

6949208.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

13,829

13,145

6949409.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

854

717

6949432.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

2,763

2,665

6949570.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,280

3,133

6949608.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

11,023

10,508

6949741.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,870

1,794

6949773.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,755

3,626

6949847.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

12,455

11,934

6950014.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

11,259

10,411

6950206.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

164

160

6950215.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

42,158

40,452

6951159.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

5,681

4,703

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6951254.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

$

4,697

$

4,410

6951340.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

4,962

4,724

6951421.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,690

1,633

6951488.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,892

1,773

6951521.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,793

1,723

6951570.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

2,168

2,060

6951602.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,846

1,784

6951641.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

10,899

10,459

6951770.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

3,760

3,562

6951821.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

7,356

7,064

6951912.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

19,219

18,388

6952177.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

7,588

7,327

6952319.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,914

1,837

6952346.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

5,824

5,584

6952488.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

19,777

18,326

6952910.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

664

602

6952926.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

5,410

4,816

6952992.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

12,836

11,427

6954770.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

1,957

1,885

6955029.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

948

875

6955062.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

5,518

5,294

6955315.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

21,836

19,450

6955830.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

4,175

4,034

6955971.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

26,592

25,420

6956614.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

77,222

69,667

6957887.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

2,147

2,067

6957952.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

22,230

21,092

6958342.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

2,085

1,957

6958455.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

13,581

12,753

6958911.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

2,985

2,852

6959107.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

7,361

6,992

6959467.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

2,900

2,723

6959545.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

2,263

2,168

6959616.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

2,939

2,742

6959667.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,585

1,518

6959698.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,878

1,815

6959785.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

28,390

26,596

6960173.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

6,172

5,895

6960283.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,976

4,728

6960337.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

5,860

5,421

6960441.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

17,305

16,582

6960756.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,326

4,133

6961097.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

5,195

4,195

6961749.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,376

1,284

6961785.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,719

1,646

6961801.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

7,182

6,702

6961943.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

13,337

12,446

6962121.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

11,922

11,194

6962356.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,301

4,013

6962383.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

2,269

2,057

6962417.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

10,904

10,453

6962505.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,952

1,830

6962523.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,593

1,517

6962536.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

3,709

3,551

6962643.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

4,396

4,213

6962693.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,214

1,105

6962710.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

2,237

2,112

6962747.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

4,908

4,337

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

216

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6962783.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

$

27,727

$

24,725

6963031.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

2,514

2,391

6963066.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,247

1,190

6963086.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,863

2,383

6963133.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

3,124

2,996

6963176.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,278

2,151

6963208.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

393

381

6963222.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,815

1,376

6963243.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,277

2,198

6963284.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

12,259

11,530

6963438.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

2,441

2,317

6963462.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

23,846

22,845

6963959.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,208

2,142

6964122.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,871

4,440

6964271.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

926

888

6964345.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,962

6,681

6964608.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

31,755

30,235

6965256.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,279

3,059

6965318.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,025

1,950

6965351.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

945

902

6965364.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,209

1,173

6965406.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,749

10,393

6965609.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,070

3,895

6965667.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,254

4,982

6965758.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,569

6,245

6965889.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,096

1,054

6965913.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

12,235

11,772

6966119.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,120

8,728

6966199.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,151

10,589

6966312.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

49,332

47,252

6967045.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,977

3,596

6967101.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,568

10,047

6967238.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,576

2,462

6967263.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,533

1,454

6967280.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,077

7,680

6967472.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

17,809

15,914

6967559.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,408

8,079

6967826.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,419

1,361

6967858.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,160

4,903

6968019.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

24,170

23,110

6968588.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,694

6,056

6968719.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,591

10,173

6969008.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,990

8,457

6969157.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,394

3,265

6969293.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

26,566

25,538

6969820.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,720

9,296

6969959.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,462

2,365

6970003.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,207

8,948

6970173.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

12,427

11,912

6970418.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,276

4,026

6970490.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

464

446

6970498.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,624

2,431

6970521.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,622

4,423

6970620.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

35,609

33,860

6971091.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,151

1,097

6971147.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,675

10,200

6971293.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,704

9,305

6971491.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,804

3,644

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6971555.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

$

2,287

$

2,189

6971634.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,602

2,426

6971717.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,541

2,457

6971869.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,730

2,571

6971969.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,740

3,548

6972032.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

12,321

11,577

6972449.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,003

7,674

6972568.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,613

4,927

6972677.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,833

1,639

6972693.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

34,467

33,135

6973295.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

18,022

17,122

6973798.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

20,189

19,336

6974153.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,800

10,937

6977394.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

25,220

24,205

6978300.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

21,968

21,205

6978986.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,963

6,675

6979136.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,730

4,386

6979196.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

10,530

9,925

6979401.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

12,537

12,081

6979673.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

27,577

26,549

6980267.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,261

6,893

6980420.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

17,558

16,894

6980832.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

43,892

41,227

6981268.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,549

2,452

6981369.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,043

1,001

6981414.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

538

522

6981439.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,572

2,472

6981547.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,273

1,088

6981583.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

9,969

9,520

6981843.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

692

666

6981855.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

3,856

3,672

6982063.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,847

1,480

6982122.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

6,174

5,925

6982235.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

8,805

8,389

6982470.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,676

1,603

6982550.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

16,306

15,204

6982931.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,102

1,039

6982939.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

5,073

4,880

6983008.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

3,202

3,061

6983073.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

8,343

7,471

6983226.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

4,682

4,395

6983349.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,340

1,263

6983423.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

9,636

9,158

6983553.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

10,108

9,710

6983763.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

44,627

42,804

6984709.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

1,273

1,157

6984749.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

2,841

2,683

6984781.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

3,782

3,621

6984826.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

816

782

6984837.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

4,450

4,181

6984888.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

8,786

8,404

6985030.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

9,416

8,990

6985171.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

12,354

11,866

6985361.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

15,884

14,387

6985572.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

7,020

6,613

6985678.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

12,272

11,008

6985856.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

10,645

9,549

6985976.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

861

803

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

217

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6985990.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

$

5,114

$

4,802

6986082.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

28,347

26,294

6986458.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,070

998

6986474.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

256

249

6986554.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

3,837

3,607

6986599.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

3,456

3,048

6986642.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,779

1,702

6986664.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

4,740

4,464

6986724.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,978

2,764

6986764.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

5,769

5,526

6986842.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

945

812

6986852.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,196

1,128

6986860.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

8,937

8,395

6986941.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

17,434

15,381

6987103.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

4,429

3,908

6987160.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,128

1,828

6987199.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,185

955

6987216.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,480

1,426

6987239.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

695

676

6987258.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,437

1,251

6987275.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

1,319

1,265

6987456.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

27,165

25,472

6988180.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,933

2,763

6988244.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

1,424

1,341

6988315.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

883

843

6988354.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

5,063

4,822

6988549.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,509

2,411

6988604.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

6,915

6,416

6988728.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

1,088

991

6988757.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

7,532

7,142

6988899.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

11,445

10,684

6989175.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,646

3,518

6989264.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

8,114

7,891

6989514.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

7,751

7,418

6989677.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

45,859

43,993

6990092.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

5,637

5,395

6990143.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

5,661

5,285

6990194.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

12,847

12,181

6990336.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,036

1,901

6990363.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

1,632

1,549

6990423.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,385

2,314

6990464.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

35,747

33,556

6991017.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

8,864

8,561

6991195.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

16,910

16,233

6991531.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

56,936

53,456

6992863.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

9,819

9,475

6993040.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

11,071

10,535

6993199.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,231

1,184

6993229.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,698

2,596

6993306.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

403

388

6993319.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,402

2,230

6993354.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,851

1,648

6993384.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

34,111

31,851

6995636.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

975

762

6995688.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,749

1,483

6995736.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

2,535

2,429

6995776.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

4,648

4,449

6995888.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,674

1,612

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6995930.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

$

52,683

$

50,140

6997213.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

7,576

7,120

6997372.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

986

956

6997399.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

11,956

11,446

6997622.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

4,193

4,067

6997706.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

5,249

5,009

6997746.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,961

1,844

6997762.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,467

1,406

6997773.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

7,917

7,558

6997890.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

668

648

6997907.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,412

1,351

6997925.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

10,344

9,801

6998035.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

3,466

3,120

6998100.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

48,920

46,893

6999270.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

9,683

9,263

6999846.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

5,408

5,089

6999929.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

6,160

5,804

7000026.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

5,070

3,669

7000071.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

879

835

7000096.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

4,571

4,371

7000186.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

11,323

10,549

7000376.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

1,251

1,188

7000402.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

1,595

1,528

7000421.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

6,039

4,727

7000485.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

4,829

4,478

7000558.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

3,224

3,071

7000622.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

855

835

7000646.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

8,788

8,263

7000796.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

15,024

14,145

7001036.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

17,447

16,669

7001359.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

15,213

13,839

7001661.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

71,926

68,519

7002319.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

3,496

3,337

7002372.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

4,635

4,330

7002435.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

26,367

25,215

7002817.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

34,889

33,060

7003292.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

13,477

11,711

7003442.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

901

871

7003460.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

13,563

12,978

7003650.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

3,095

2,818

7003681.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

30,617

29,341

7004504.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

17,666

16,748

7005017.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

4,006

3,850

7005108.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,133

1,091

7005177.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,335

1,266

7005198.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

7,816

7,494

7005441.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,885

2,629

7005480.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

6,061

5,753

7005545.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

18,576

17,799

7005879.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

35,313

33,687

7006362.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,203

1,700

7006394.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

4,824

4,589

7006470.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

7,407

7,097

7006650.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,937

2,794

7006719.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

11,404

10,904

7006908.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,736

1,580

7006924.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

3,807

3,463

7006969.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

10,007

9,422

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

218

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7007124.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

$

4,157

$

4,002

7007201.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,283

1,233

7007221.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

26,155

25,040

7007470.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

14,849

14,190

7007745.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

832

659

7007758.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

931

884

7007777.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

21,022

20,054

7008407.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

26,976

23,966

7008894.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

65,294

58,955

7009623.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

1,383

1,316

7009641.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

12,120

10,375

7009787.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

18,124

17,176

7010050.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

12,111

11,372

7010276.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

27,396

24,337

7010697.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

3,648

3,122

7010751.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

5,738

5,525

7010834.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,812

3,351

7010912.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,237

964

7010939.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

4,816

4,606

7011044.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

560

536

7011068.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

6,765

6,350

7011207.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,618

1,547

7011243.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

8,381

7,997

7011593.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

4,562

4,290

7011817.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,655

3,505

7011988.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

34,178

32,193

7012852.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

2,972

2,722

7012913.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

8,307

7,772

7013038.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

606

557

7013065.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,598

1,179

7013097.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

10,399

10,001

7013263.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,690

3,510

7013332.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

4,286

4,072

7013405.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

6,255

5,986

7013579.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

72,357

67,241

7016321.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

69,702

66,262

7018343.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

78,404

75,404

7020108.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

5,085

4,911

7020150.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

8,075

7,713

7020251.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

12,921

11,761

7020336.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,274

1,218

7020386.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

3,993

3,837

7020509.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

4,093

3,905

7020618.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,533

2,400

7020694.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,756

5,493

7020839.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

4,123

3,763

7020964.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,420

1,245

7020990.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

9,252

8,764

7021213.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

9,170

8,763

7021464.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,743

1,651

7021519.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

7,187

6,826

7021682.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

68,067

65,006

7023026.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

1,329

1,200

7023051.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

64,744

61,673

7024412.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,903

5,649

7024547.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,983

5,706

7024614.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

35,458

33,180

7024635.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

9,725

9,138

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7024792.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

$

2,496

$

2,125

7024816.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,670

1,604

7024841.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

611

588

7024857.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,870

2,653

7024897.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,458

1,391

7024910.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

11,293

10,777

7025076.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,218

2,118

7025095.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

9,991

9,523

7025221.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

18,403

17,622

7025507.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

1,264

1,209

7025525.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

3,745

3,487

7025579.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

6,445

6,068

7025659.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

3,700

3,501

7025720.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

12,395

11,236

7025889.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

1,073

1,006

7025906.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

642

622

7025935.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

14,642

12,647

7026107.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

20,139

19,309

7026736.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,363

2,250

7026841.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,590

2,487

7026991.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

814

787

7027040.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,500

1,437

7027121.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,132

2,614

7027203.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

6,892

6,597

7027365.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,103

4,849

7027501.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,390

2,286

7027532.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,037

1,006

7027563.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,110

1,068

7027579.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,504

5,259

7027684.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,423

5,165

7027836.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,301

4,988

7027966.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,716

4,403

7028051.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,613

5,093

7028161.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,028

1,693

7028217.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

19,103

18,344

7028484.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,549

2,414

7028525.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,450

2,343

7028559.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,146

3,012

7028588.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

17,869

17,166

7028878.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

664

591

7028884.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

5,471

5,175

7029055.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,697

1,280

7029077.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,081

1,032

7029092.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,620

3,198

7029166.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

49,679

47,332

7030045.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,987

3,811

7030123.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

65,403

61,466

7030470.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

3,799

3,589

7030572.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

49,653

47,429

7031893.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

6,608

6,297

7032027.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

1,099

1,059

7032072.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

44,470

41,800

7032731.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

3,019

2,907

7032771.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

662

642

7032794.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

12,152

11,487

7032956.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,624

2,523

7032988.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

1,387

1,324

7033050.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

11,889

11,432

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

219

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7033299.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

$

4,155

$

3,940

7033343.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,543

2,390

7033375.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

14,293

13,707

7033570.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

6,812

6,495

7033691.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

20,723

19,745

7034178.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

45,055

42,887

7035330.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,037

2,904

7035425.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,846

3,675

7035743.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,487

1,358

7035906.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

6,161

5,643

7036032.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,154

2,061

7036056.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,685

2,504

7036081.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

29,683

28,162

7036509.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

15,519

14,921

7036685.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,628

1,580

7036717.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

15,531

14,116

7036941.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

4,930

4,675

7036981.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

56,726

53,952

7037792.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

6,421

5,984

7037855.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,390

1,315

7037873.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,557

3,371

7037923.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

5,067

4,639

7037990.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

9,082

8,611

7039773.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,765

4,476

7039852.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,039

1,940

7039876.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,073

2,002

7039954.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

1,520

1,355

7039991.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

755

684

7040006.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,584

2,446

7040103.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

12,636

12,099

7040398.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

23,376

22,130

7041104.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

5,188

4,956

7041281.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

18,763

17,814

7041655.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

7,981

7,546

7041800.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

6,397

5,666

7041938.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,627

2,537

7041995.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

5,238

4,924

7042111.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

9,370

8,933

7042286.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

1,901

1,842

7042355.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,699

2,390

7042399.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

16,305

15,434

7042606.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

26,777

23,979

7043072.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

11,555

10,997

7043366.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

10,768

10,231

7043570.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

63,871

60,787

7043830.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

6,565

6,282

7044059.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

3,811

3,204

7044164.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

11,522

10,804

7044501.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

1,362

1,319

7044596.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

11,625

11,105

7045027.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

10,557

9,836

7045336.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

42,258

40,002

7046352.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

5,262

5,054

7046504.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

9,433

8,919

7046623.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

4,911

4,700

7046710.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

2,615

2,398

7046749.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

16,528

15,798

7046975.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

7,767

7,118

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7047075.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

$

3,770

$

3,636

7047133.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

8,100

7,623

7047230.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

6,385

5,952

7047280.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

9,636

9,163

7047387.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

2,317

2,212

7047416.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

9,713

9,122

7047537.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

955

782

7047546.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

15,726

14,992

7047741.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

21,330

20,366

7048219.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,297

2,165

7048244.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,732

2,646

7048312.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,843

2,691

7048345.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

7,388

6,956

7048439.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

3,840

3,662

7048479.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

16,962

16,186

7048737.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

16,184

15,391

7049350.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

14,249

13,556

7049723.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

10,373

9,900

7049892.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,823

1,622

7049913.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,788

3,588

7049971.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

7,811

7,338

7050118.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,789

6,419

7050225.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

12,491

10,922

7050403.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

13,750

12,875

7050562.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

29,026

27,656

7050843.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

9,783

9,302

7050945.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

8,979

8,618

7051031.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

33,535

32,083

7051540.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,284

3,139

7051594.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,121

3,933

7051629.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,063

5,757

7051723.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,443

5,125

7051798.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,501

6,208

7051888.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

62,905

59,954

7052627.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

7,640

7,288

7052708.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

8,403

7,825

7052825.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

13,371

12,753

7053059.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

8,604

8,028

7053270.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

8,371

7,806

7053546.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

10,096

9,648

7053795.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

4,439

4,103

7053870.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

2,990

2,595

7053912.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

10,241

9,714

7054087.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

6,220

5,976

7054187.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

1,340

1,282

7054218.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

20,047

19,059

7054471.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

4,083

3,673

7054556.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

18,753

17,898

7055833.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

23,647

22,415

7056073.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

14,901

14,243

7056315.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

656

622

7056324.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,107

3,682

7056403.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

4,669

4,460

7056552.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

24,705

23,685

7057115.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

22,530

21,307

7057713.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

659

632

7057737.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

859

816

7057770.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

24,584

23,418

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

220

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7058204.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

$

3,135

$

2,975

7058251.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

19,991

18,988

7058548.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,724

1,665

7058601.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,046

1,980

7058654.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,484

1,408

7058666.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,609

1,550

7058690.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,501

1,433

7058716.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,819

2,588

7058749.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,506

1,380

7058769.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

18,946

17,516

7060929.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

9,531

8,834

7061260.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

851

773

7061299.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

3,425

3,169

7061341.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

1,902

1,737

7061389.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

4,345

4,024

7061463.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

19,714

18,358

7061944.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

2,941

2,673

7062067.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

1,431

1,314

7062125.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

536

485

7062152.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

753

674

7062192.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

8,625

8,003

7062434.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

53,447

49,003

7063364.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

3,521

3,253

7063395.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

7,350

6,819

7063450.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

99,928

93,693

7064816.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

5,364

4,969

7065028.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

41,420

38,222

7066289.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

4,781

4,383

7066390.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

3,006

2,798

7066437.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

10,099

9,307

7066539.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

32,228

29,749

7066835.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

20,163

18,811

7067396.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

1,698

1,552

7067466.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

2,293

2,100

7067563.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

6,119

5,638

7067833.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

6,259

5,779

7068145.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

8,605

8,010

7068232.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,327

2,134

7068252.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,869

2,645

7068279.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

6,774

6,202

7068348.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

8,874

8,230

7068440.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,142

1,978

7068467.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

4,241

3,871

7068539.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

7,000

6,465

7068606.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,545

1,440

7068632.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

4,314

4,014

7068709.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

12,196

11,140

7068861.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,471

1,354

7068880.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,122

1,026

7068893.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

3,390

3,083

7068928.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,490

1,350

7068948.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

4,225

3,885

7068990.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

10,108

9,433

7069134.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

3,441

3,226

7069182.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

25,800

24,077

7069489.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

2,685

2,483

7069516.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

6,465

5,995

7069579.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

9,884

9,195

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7069655.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

$

7,031

$

6,557

7069743.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

8,714

8,137

7070120.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

33,908

31,541

7071377.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

10,545

9,885

7071556.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

21,614

20,179

7071936.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

19,872

18,306

7072111.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

1,833

1,661

7072152.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

7,854

7,233

7072244.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

8,436

7,849

7072424.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

5,900

5,384

7072516.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

17,438

16,162

7072751.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

28,370

26,284

7073341.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

5,611

5,102

7073426.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

29,215

26,770

7074006.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,127

1,007

7074054.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,032

948

7074066.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

20,932

19,470

7074413.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

44,826

41,424

7075406.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

4,689

4,300

7075490.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

36,212

33,877

7076084.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

36,498

34,198

7076683.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

7,008

6,302

7076862.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

15,088

14,023

7077062.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

400

373

7077064.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

8,569

7,903

7077204.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,326

2,133

7077217.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

10,598

9,861

7077329.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

741

679

7077341.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,969

1,820

7077358.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

3,132

2,904

7077401.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,128

1,966

7077415.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

3,088

2,847

7077467.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

3,405

3,190

7077519.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,390

1,265

7077535.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,245

1,151

7077545.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,496

2,313

7077567.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

11,209

10,407

7077718.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

801

737

7077722.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

8,569

7,845

7077835.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

3,911

3,607

7077920.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

30,943

29,001

7078667.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

3,139

2,910

7078734.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

36,205

33,221

7079472.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

4,026

3,773

7079531.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

28,060

26,187

7079846.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

26,402

24,004

7080150.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,347

2,167

7080187.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,775

2,601

7080219.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,197

2,026

7080261.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

45,580

42,288

7080883.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

11,960

10,873

7081127.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

6,087

5,607

7084958.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,828

1,695

7085117.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,686

1,558

7085130.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

7,532

6,978

7085170.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,125

1,035

7085179.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,952

2,725

7085207.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,305

4,849

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

221

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7085369.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

$

3,841

$

3,548

7085488.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

7,821

7,302

7085791.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,030

1,874

7085880.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

17,501

15,990

7086293.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

8,320

7,663

7086453.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

3,819

3,561

7086533.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

25,835

24,010

7086912.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,524

2,341

7086947.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,367

1,253

7087008.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

3,665

3,380

7087054.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,024

1,884

7087092.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

40,135

37,317

7087684.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

6,887

6,451

7087779.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

18,733

17,209

7087923.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

26,959

24,761

7088298.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

992

909

7088351.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

6,690

6,211

7088429.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,955

5,580

7088513.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

6,805

6,315

7088617.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

919

838

7088630.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,146

4,723

7088740.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

30,345

28,119

7088949.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

12,867

11,965

7089217.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

4,562

4,189

7089296.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

5,949

5,527

7089469.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

3,267

3,061

7089567.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,902

2,654

7089636.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,509

2,345

7089714.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

4,647

4,306

7089913.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

14,784

13,587

7090298.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

57,722

53,305

7091114.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

7,816

7,252

7091199.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

55,366

51,884

7091848.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

4,494

4,140

7091928.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

3,908

3,594

7091971.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

64,039

59,030

7092354.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

10,039

9,397

7092629.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

10,219

9,503

7092886.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

928

846

7092922.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

2,145

2,001

7092966.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

3,065

2,842

7093030.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

6,133

5,676

7093179.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

3,589

3,325

7093289.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

3,240

3,000

7093388.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

4,850

4,541

7093547.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

1,142

1,041

7093574.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

10,513

9,654

7093891.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

845

782

7093914.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

3,253

3,018

7094035.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

5,433

5,069

7094206.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

3,534

3,165

7094299.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

1,789

1,661

7094349.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

980

894

7094377.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

10,803

10,118

7094601.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

10,506

9,580

7094803.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

8,616

7,953

7094917.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

2,929

2,713

7094964.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

5,502

5,025

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7095079.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

$

4,376

$

4,079

7095196.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

9,827

8,958

7095400.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

15,362

14,282

7095928.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

4,940

4,610

7096246.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

740

681

7096289.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

5,363

5,022

7096498.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

10,267

9,401

7096855.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,120

2,854

7096934.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,794

3,517

7097064.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,817

2,612

7097160.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,660

3,373

7097272.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

4,439

4,051

7097395.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

30,767

28,589

7098152.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,168

2,932

7098222.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

4,736

4,335

7098332.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,238

2,985

7098415.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

18,152

16,869

7098877.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

7,560

7,009

7099046.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

4,176

3,899

7099099.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,529

1,418

7099170.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

70,881

66,098

7100290.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,931

1,798

7100329.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

25,956

24,202

7101484.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

56,421

52,838

7102272.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

38,867

36,253

7102678.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,659

1,542

7102687.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

2,919

2,668

7102700.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

7,544

6,953

7102740.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

21,521

19,946

7102985.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,037

957

7102986.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

3,061

2,775

7102998.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,261

1,152

7105122.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

26,380

24,603

7105597.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

6,831

6,375

7105778.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,718

2,472

7105877.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,947

1,786

7105919.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,393

3,113

7106010.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

772

705

7106043.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,481

2,303

7106100.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

22,076

20,586

7106563.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,685

3,439

7106659.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,206

2,058

7106709.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

13,881

12,836

7106887.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

20,886

19,409

7107101.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

8,502

7,851

7107293.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,339

1,240

7107309.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

6,173

5,711

7107370.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

866

789

7107378.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,398

1,283

7107386.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

5,783

5,308

7107425.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

4,357

4,079

7107483.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

52,661

49,120

7108113.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

12,111

11,221

7108231.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,738

3,405

7108288.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,843

3,552

7108337.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

16,926

15,616

7108591.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

5,863

5,490

7108682.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

11,356

10,421

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

222

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7108788.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

$

51,888

$

48,071

7109890.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

10,662

9,858

7110174.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

2,464

2,276

7110206.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

82,119

75,886

7111109.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

23,184

21,420

7111414.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,164

3,857

7111548.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

6,836

6,398

7111746.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

2,954

2,720

7111775.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,780

4,406

7111810.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

7,142

6,687

7112027.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

1,660

1,548

7112071.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

28,421

26,507

7112521.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

14,511

13,482

7112762.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

1,637

1,520

7112782.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

14,723

13,677

7113005.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

6,866

6,280

7113116.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

2,301

2,144

7113153.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

9,751

9,126

7113330.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

11,194

10,283

7113491.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

5,418

4,984

7113585.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

852

775

7113601.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

3,430

3,197

7113653.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

2,917

2,699

7113700.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

1,728

1,610

7113733.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

937

852

7113747.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

11,135

10,321

7114211.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

37,712

35,160

7115395.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

1,783

1,657

7115423.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

3,511

3,250

7115476.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

6,623

6,066

7115588.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

15,264

13,971

7115927.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

12,848

12,029

7116136.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

3,249

2,992

7116188.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

28,553

26,620

7116634.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

2,009

1,848

7116663.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

871

812

7116700.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

9,997

9,330

7116821.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

37,485

34,837

7117411.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

17,097

15,592

7117676.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

6,844

6,318

7117810.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

5,349

4,905

7117915.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

8,787

8,225

7118135.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

13,752

12,820

7118591.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

5,805

5,364

7118685.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

4,864

4,465

7118776.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,174

1,074

7118792.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

21,311

19,782

7119117.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

712

659

7119141.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,537

1,409

7119216.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

30,895

28,708

7119518.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,737

2,515

7119571.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

6,805

6,251

7119609.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,412

3,116

7119623.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

20,538

19,223

7119834.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

55,158

51,424

7120468.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

14,078

13,046

7120718.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,294

2,061

7120797.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

22,653

20,724

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7121142.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

$

2,522

$

2,306

7121176.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

10,539

9,737

7121365.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

5,064

4,639

7121465.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,339

2,167

7121496.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

4,452

4,084

7121532.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,535

1,419

7121597.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

7,752

7,201

7121704.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

38,586

36,114

7122682.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

12,475

11,483

7122864.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

949

868

7122870.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

15,929

14,778

7123076.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

8,147

7,501

7123164.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,524

2,327

7123188.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

829

774

7123197.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,648

3,401

7123225.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,900

1,778

7123254.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,537

3,299

7123312.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,234

2,051

7123348.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

23,347

21,377

7123629.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,327

2,154

7123669.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

12,459

11,445

7123937.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

6,828

6,368

7124090.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,511

1,387

7124145.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,316

3,049

7124189.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

8,366

7,772

7124348.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

30,345

27,734

7124908.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,647

1,521

7124948.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

5,832

5,329

7125103.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

4,728

4,370

7125155.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

13,693

12,652

7125417.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

4,799

4,456

7125536.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

24,476

22,808

7126089.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,503

1,385

7128415.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

20,538

19,217

7129145.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

11,116

10,238

7130577.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

10,200

9,504

7131670.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,053

1,883

7131773.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

6,883

6,442

7131984.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,731

1,590

7132201.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,387

2,180

7132423.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

4,639

4,299

7132587.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

32,646

30,531

7133248.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

833

766

7133267.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,182

2,001

7133291.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

8,252

7,719

7133554.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

40,439

37,012

7134624.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,955

1,789

7134648.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

4,462

4,175

7134683.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,008

1,839

7134696.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

20,236

18,737

7134907.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,686

2,447

7134941.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

11,268

10,410

7135060.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,957

2,746

7135084.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

40,039

37,308

7135567.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

16,677

15,441

7135748.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

3,766

3,432

7135857.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

8,233

7,589

7136132.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

9,261

8,532

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

223

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7136331.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

$

4,424

$

4,138

7136418.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

15,311

14,177

7136707.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

6,564

6,024

7136925.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

1,419

1,309

7136960.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

7,066

6,561

7137101.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,278

3,055

7137183.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

12,245

11,314

7137418.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

67,081

62,110

7138702.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

977

912

7138714.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,148

2,932

7138762.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

109,828

101,932

7141455.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

1,192

1,103

7141485.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

4,082

3,818

7141540.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

6,461

5,922

7141685.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

41,733

38,528

7142609.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

5,407

5,020

7142737.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

4,138

3,856

7142854.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

3,956

3,701

7142924.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

5,625

5,140

7143037.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

2,839

2,623

7143084.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

17,615

16,216

7143733.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

2,885

2,678

7143788.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

12,970

11,827

7144316.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

11,907

11,027

7144725.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,287

1,186

7144762.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

5,701

5,213

7144914.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

9,254

8,642

7145207.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

10,411

9,696

7145719.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,525

1,401

7145762.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

20,549

19,145

7146074.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

22,470

20,936

7146434.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

11,711

10,876

7146587.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

10,743

9,815

7146848.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

6,195

5,641

7146979.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,783

1,641

7147009.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

3,374

3,157

7147083.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

11,550

10,641

7147377.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

10,871

10,092

7147620.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

2,664

2,461

7147695.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,821

1,678

7147738.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

10,484

9,732

7147920.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

3,487

3,211

7147954.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

8,144

7,616

7148038.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,428

2,249

7148061.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

10,188

9,341

7148244.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

10,184

9,450

7148458.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

4,115

3,778

7148552.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

3,641

3,328

7148608.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

47,704

43,922

7149361.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

5,624

5,238

7149436.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

11,585

10,631

7149634.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

3,009

2,803

7149676.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

35,186

32,778

7150084.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,505

2,308

7150120.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

90,156

83,704

7151392.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

1,278

1,178

7151435.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

940

870

7151447.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

1,899

1,742

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7151519.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

$

7,736

$

7,117

7151674.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,149

1,966

7151725.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

16,702

15,214

7151965.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

9,086

8,464

7152123.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

4,983

4,614

7152260.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

24,791

23,092

7152642.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

16,570

15,261

7152777.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,407

3,181

7152827.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,120

2,852

7152852.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

32,307

29,758

7153144.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

5,266

4,859

7153215.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

15,184

13,981

7153412.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

67,826

62,618

7154334.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

8,029

7,413

7154428.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,986

3,722

7154467.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

8,147

7,453

7154556.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

1,555

1,432

7154574.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

4,350

4,023

7154603.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

4,032

3,700

7154634.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,367

3,080

7154700.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

7,891

7,306

7154766.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

4,120

3,814

7156753.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

6,838

6,393

7156853.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

12,722

11,620

7157005.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

2,936

2,725

7157034.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

1,232

1,124

7157045.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

16,011

14,947

7157319.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

9,083

8,428

7157474.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

24,166

22,363

7157857.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

1,399

1,293

7157889.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

6,124

5,619

7157946.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

70,762

66,153

7159187.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

4,030

3,711

7159250.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

3,074

2,862

7159272.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

8,924

8,217

7159481.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

5,954

5,545

7159526.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

37,703

34,986

7160005.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

46,060

42,408

4581962.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

1,796

18

4581979.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

2,035

49

4582384.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

863

24

4586446.SQ.FTS.B,

Zero

Cpn,

4/04/33

...

5,636

96

4590729.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

1,383

29

4591813.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

2,891

52

4591961.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

1,338

31

4592572.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

449

8

4593610.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

1,504

29

4604000.SQ.FTS.B,

Zero

Cpn,

4/09/33

...

8,181

222

4604804.SQ.FTS.B,

Zero

Cpn,

4/09/33

...

785

9

4605063.SQ.FTS.B,

Zero

Cpn,

4/10/33

...

1,320

16

4605658.SQ.FTS.B,

Zero

Cpn,

4/10/33

...

6,711

176

4606063.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

2,752

76

4606489.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

12,498

174

4606620.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

668

17

4606932.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

2,572

71

4609460.SQ.FTS.B,

Zero

Cpn,

4/12/33

...

2,479

69

4609493.SQ.FTS.B,

Zero

Cpn,

4/12/33

...

1,353

34

4610482.SQ.FTS.B,

Zero

Cpn,

4/13/33

...

3,367

78

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

224

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4622664.SQ.FTS.B,

Zero

Cpn,

4/15/33

...

$

3,107

$

47

4622864.SQ.FTS.B,

Zero

Cpn,

4/15/33

...

782

18

4624391.SQ.FTS.B,

Zero

Cpn,

4/17/33

...

3,087

64

4624796.SQ.FTS.B,

Zero

Cpn,

4/17/33

...

457

13

4625048.SQ.FTS.B,

Zero

Cpn,

4/17/33

...

871

26

4626040.SQ.FTS.B,

Zero

Cpn,

4/18/33

...

5,792

119

4628862.SQ.FTS.B,

Zero

Cpn,

4/19/33

...

8,296

318

4632078.SQ.FTS.B,

Zero

Cpn,

4/20/33

...

21,052

255

4638327.SQ.FTS.B,

Zero

Cpn,

4/22/33

...

8,661

169

4639746.SQ.FTS.B,

Zero

Cpn,

4/23/33

...

862

26

4640261.SQ.FTS.B,

Zero

Cpn,

4/24/33

...

612

14

4640985.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

1,692

75

4641063.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

710

17

4643805.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

751

14

4649015.SQ.FTS.B,

Zero

Cpn,

4/27/33

...

5,124

108

4649299.SQ.FTS.B,

Zero

Cpn,

4/27/33

...

109

2

4655501.SQ.FTS.B,

Zero

Cpn,

4/29/33

...

4,154

144

4657541.SQ.FTS.B,

Zero

Cpn,

4/30/33

...

836

24

4660081.SQ.FTS.B,

Zero

Cpn,

5/01/33

...

454

11

4664137.SQ.FTS.B,

Zero

Cpn,

5/02/33

...

2,149

68

4666640.SQ.FTS.B,

Zero

Cpn,

5/03/33

...

10,212

504

4674918.SQ.FTS.B,

Zero

Cpn,

5/05/33

...

9,934

295

4675113.SQ.FTS.B,

Zero

Cpn,

5/05/33

...

163

7

4684412.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

2,706

53

4707828.SQ.FTS.B,

Zero

Cpn,

5/11/33

...

69

2

4713712.SQ.FTS.B,

Zero

Cpn,

5/13/33

...

187

8

4720634.SQ.FTS.B,

Zero

Cpn,

5/16/33

...

7,932

363

4725524.SQ.FTS.B,

Zero

Cpn,

5/17/33

...

19,384

890

4741690.SQ.FTS.B,

Zero

Cpn,

5/18/33

...

524

16

4744012.SQ.FTS.B,

Zero

Cpn,

5/18/33

...

2,547

120

4755474.SQ.FTS.B,

Zero

Cpn,

5/22/33

...

1,198

52

4756626.SQ.FTS.B,

Zero

Cpn,

5/22/33

...

1,867

76

4757364.SQ.FTS.B,

Zero

Cpn,

5/22/33

...

2,804

88

4776338.SQ.FTS.B,

Zero

Cpn,

5/24/33

...

227

12

4783176.SQ.FTS.B,

Zero

Cpn,

5/26/33

...

12,516

255

4790013.SQ.FTS.B,

Zero

Cpn,

5/29/33

...

382

19

4807316.SQ.FTS.B,

Zero

Cpn,

6/02/33

...

297

17

4810447.SQ.FTS.B,

Zero

Cpn,

6/03/33

...

2,379

113

4814556.SQ.FTS.B,

Zero

Cpn,

6/04/33

...

616

27

4814833.SQ.FTS.B,

Zero

Cpn,

6/04/33

...

24,496

1,619

4815651.SQ.FTS.B,

Zero

Cpn,

6/05/33

...

629

19

4818987.SQ.FTS.B,

Zero

Cpn,

6/06/33

...

2,640

163

4819180.SQ.FTS.B,

Zero

Cpn,

6/07/33

...

266

14

4819217.SQ.FTS.B,

Zero

Cpn,

6/07/33

...

13,967

825

4821611.SQ.FTS.B,

Zero

Cpn,

6/08/33

...

702

15

4823342.SQ.FTS.B,

Zero

Cpn,

6/08/33

...

740

18

4824622.SQ.FTS.B,

Zero

Cpn,

6/08/33

...

478

25

4827165.SQ.FTS.B,

Zero

Cpn,

6/09/33

...

1,298

28

4831089.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

3,668

178

4832985.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

12,795

408

4836929.SQ.FTS.B,

Zero

Cpn,

6/13/33

...

6,637

345

4837116.SQ.FTS.B,

Zero

Cpn,

6/13/33

...

2,784

143

4838193.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

2,411

153

4839366.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

11,177

659

4839716.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

727

39

4840254.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

488

26

4840334.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

1,577

77

4840427.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

7,657

367

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4840766.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

$

2,241

$

121

4842339.SQ.FTS.B,

Zero

Cpn,

6/15/33

...

565

43

4842858.SQ.FTS.B,

Zero

Cpn,

6/15/33

...

1,264

59

4843142.SQ.FTS.B,

Zero

Cpn,

6/15/33

...

7,636

395

4848471.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

2,931

125

4848662.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

5,372

311

4848703.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

1,526

75

4850020.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

156

5

4850454.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

1,505

64

4858016.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

1,782

42

4860376.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

1,539

73

4860428.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

179

5

4860575.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

431

28

4861177.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

526

27

4861282.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

3,163

72

4861902.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

1,428

59

4861917.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

3,378

189

4863326.SQ.FTS.B,

Zero

Cpn,

6/19/33

...

3,243

183

4863471.SQ.FTS.B,

Zero

Cpn,

6/19/33

...

7,932

601

4866438.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

954

39

4866709.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

1,837

81

4867919.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

6,047

366

4868143.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

4,894

340

4868584.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

5,694

345

4876386.SQ.FTS.B,

Zero

Cpn,

6/23/33

...

1,448

124

4881733.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

726

65

4881919.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

793

32

4882161.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

203

8

4884630.SQ.FTS.B,

Zero

Cpn,

6/29/33

...

527

33

4885937.SQ.FTS.B,

Zero

Cpn,

6/29/33

...

2,665

168

4889629.SQ.FTS.B,

Zero

Cpn,

7/01/33

...

2,050

121

4889899.SQ.FTS.B,

Zero

Cpn,

7/02/33

...

5,336

367

4890016.SQ.FTS.B,

Zero

Cpn,

7/02/33

...

1,471

40

4890584.SQ.FTS.B,

Zero

Cpn,

7/03/33

...

628

42

4891423.SQ.FTS.B,

Zero

Cpn,

7/03/33

...

3,072

241

4901412.SQ.FTS.B,

Zero

Cpn,

7/07/33

...

183

13

4901767.SQ.FTS.B,

Zero

Cpn,

7/07/33

...

6,806

603

4903860.SQ.FTS.B,

Zero

Cpn,

7/09/33

...

2,275

90

4905084.SQ.FTS.B,

Zero

Cpn,

7/10/33

...

1,978

167

4906129.SQ.FTS.B,

Zero

Cpn,

7/10/33

...

1,173

126

4910039.SQ.FTS.B,

Zero

Cpn,

7/12/33

...

4,249

414

4914843.SQ.FTS.B,

Zero

Cpn,

7/13/33

...

32

2

4924220.SQ.FTS.B,

Zero

Cpn,

7/17/33

...

228

8

4924498.SQ.FTS.B,

Zero

Cpn,

7/17/33

...

2,633

160

4925900.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

7,585

699

4926237.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

7,821

529

4926957.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

1,660

178

4928138.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

6,946

612

4928279.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

991

57

4928795.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

21,198

1,175

4931407.SQ.FTS.B,

Zero

Cpn,

7/20/33

...

758

44

4931889.SQ.FTS.B,

Zero

Cpn,

7/20/33

...

1,469

134

4933844.SQ.FTS.B,

Zero

Cpn,

7/21/33

...

19,305

1,070

4935340.SQ.FTS.B,

Zero

Cpn,

7/22/33

...

172

10

4935527.SQ.FTS.B,

Zero

Cpn,

7/22/33

...

1,418

92

4935556.SQ.FTS.B,

Zero

Cpn,

7/22/33

...

993

62

4935758.SQ.FTS.B,

Zero

Cpn,

7/23/33

...

717

90

4935784.SQ.FTS.B,

Zero

Cpn,

7/23/33

...

749

40

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

225

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4936861.SQ.FTS.B,

Zero

Cpn,

7/24/33

...

$

1,307

$

79

4937255.SQ.FTS.B,

Zero

Cpn,

7/24/33

...

1,941

223

4954900.SQ.FTS.B,

Zero

Cpn,

7/28/33

...

4,177

160

4962054.SQ.FTS.B,

Zero

Cpn,

7/31/33

...

8,398

460

4962523.SQ.FTS.B,

Zero

Cpn,

7/31/33

...

4,563

536

4964207.SQ.FTS.B,

Zero

Cpn,

8/01/33

...

872

34

4967874.SQ.FTS.B,

Zero

Cpn,

8/02/33

...

6,630

668

4967975.SQ.FTS.B,

Zero

Cpn,

8/02/33

...

857

79

4976894.SQ.FTS.B,

Zero

Cpn,

8/07/33

...

2,452

146

4977295.SQ.FTS.B,

Zero

Cpn,

8/07/33

...

5,717

332

4980302.SQ.FTS.B,

Zero

Cpn,

8/08/33

...

5,164

309

4980891.SQ.FTS.B,

Zero

Cpn,

8/08/33

...

7,938

727

4985573.SQ.FTS.B,

Zero

Cpn,

8/10/33

...

3,505

408

4985801.SQ.FTS.B,

Zero

Cpn,

8/10/33

...

3,070

286

4986950.SQ.FTS.B,

Zero

Cpn,

8/10/33

...

1,026

92

4989680.SQ.FTS.B,

Zero

Cpn,

8/11/33

...

6,187

522

4990405.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

4,253

407

4990803.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

1,259

147

4990927.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

1,216

53

4991162.SQ.FTS.B,

Zero

Cpn,

8/13/33

...

5,956

722

4993286.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

1,167

51

4993377.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

1,027

42

4993884.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

2,371

210

4994536.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

406

18

4994636.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

1,945

208

4999801.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

7,631

372

5002638.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

1,671

169

5002851.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

2,134

202

5003760.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

2,712

256

5017280.SQ.FTS.B,

Zero

Cpn,

8/17/33

...

6,962

519

5019634.SQ.FTS.B,

Zero

Cpn,

8/17/33

...

1,814

221

5024347.SQ.FTS.B,

Zero

Cpn,

8/18/33

...

2,526

105

5025260.SQ.FTS.B,

Zero

Cpn,

8/18/33

...

427

43

5025377.SQ.FTS.B,

Zero

Cpn,

8/18/33

...

4,937

514

5025999.SQ.FTS.B,

Zero

Cpn,

8/19/33

...

4,449

421

5026387.SQ.FTS.B,

Zero

Cpn,

8/19/33

...

1,641

71

5027200.SQ.FTS.B,

Zero

Cpn,

8/21/33

...

811

81

5034542.SQ.FTS.B,

Zero

Cpn,

8/23/33

...

3,605

398

5035879.SQ.FTS.B,

Zero

Cpn,

8/23/33

...

757

85

5037885.SQ.FTS.B,

Zero

Cpn,

8/24/33

...

10,799

1,484

5039576.SQ.FTS.B,

Zero

Cpn,

8/24/33

...

1,089

184

5039742.SQ.FTS.B,

Zero

Cpn,

8/24/33

...

3,710

424

5041320.SQ.FTS.B,

Zero

Cpn,

8/25/33

...

6,419

530

5043359.SQ.FTS.B,

Zero

Cpn,

8/26/33

...

429

50

5044612.SQ.FTS.B,

Zero

Cpn,

8/27/33

...

309

29

5045398.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

9,125

433

5045876.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

6,387

694

5046164.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

475

44

5047833.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

3,738

406

5048228.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

273

21

5048261.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

242

29

5049827.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

3,982

237

5050370.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

17,390

2,040

5051202.SQ.FTS.B,

Zero

Cpn,

9/02/33

...

402

21

5051339.SQ.FTS.B,

Zero

Cpn,

9/02/33

...

1,372

118

5052506.SQ.FTS.B,

Zero

Cpn,

9/02/33

...

496

90

5057271.SQ.FTS.B,

Zero

Cpn,

9/03/33

...

57

7

5059273.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

381

47

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5059388.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

$

578

$

46

5059779.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

15,221

1,549

5061477.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

5,939

939

5062144.SQ.FTS.B,

Zero

Cpn,

9/05/33

...

400

46

5062782.SQ.FTS.B,

Zero

Cpn,

9/06/33

...

182

22

5062902.SQ.FTS.B,

Zero

Cpn,

9/06/33

...

643

80

5063833.SQ.FTS.B,

Zero

Cpn,

9/07/33

...

1,363

118

5065231.SQ.FTS.B,

Zero

Cpn,

9/07/33

...

7,752

1,069

5066009.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

7,797

974

5067639.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

8,253

1,101

5068422.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

714

125

5068585.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

2,895

243

5069032.SQ.FTS.B,

Zero

Cpn,

9/09/33

...

5,551

585

5069067.SQ.FTS.B,

Zero

Cpn,

9/09/33

...

12,169

1,634

5073148.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

7,251

1,079

5074113.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

38,423

3,268

5074740.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

3,123

351

5074780.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

1,174

139

5076678.SQ.FTS.B,

Zero

Cpn,

9/11/33

...

4

1

5078382.SQ.FTS.B,

Zero

Cpn,

9/12/33

...

979

186

5080951.SQ.FTS.B,

Zero

Cpn,

9/14/33

...

654

49

5081394.SQ.FTS.B,

Zero

Cpn,

9/14/33

...

9,547

473

5082041.SQ.FTS.B,

Zero

Cpn,

9/14/33

...

2,897

292

5082286.SQ.FTS.B,

Zero

Cpn,

9/15/33

...

2,381

196

5083501.SQ.FTS.B,

Zero

Cpn,

9/15/33

...

938

99

5086472.SQ.FTS.B,

Zero

Cpn,

9/16/33

...

1,620

88

5086626.SQ.FTS.B,

Zero

Cpn,

9/16/33

...

1,016

133

5089593.SQ.FTS.B,

Zero

Cpn,

9/17/33

...

3,289

337

5090813.SQ.FTS.B,

Zero

Cpn,

9/17/33

...

4,919

583

5091416.SQ.FTS.B,

Zero

Cpn,

9/18/33

...

13,891

2,098

5092572.SQ.FTS.B,

Zero

Cpn,

9/18/33

...

4,043

363

5093886.SQ.FTS.B,

Zero

Cpn,

9/19/33

...

2,277

127

5094586.SQ.FTS.B,

Zero

Cpn,

9/20/33

...

2,003

247

5095170.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

2,536

146

5095634.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

860

147

5096000.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

474

28

5096503.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

9,495

1,630

5097173.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

729

61

5097905.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

2,461

263

5098444.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

4,780

664

5099132.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

37,847

4,420

5099508.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

167

10

5102220.SQ.FTS.B,

Zero

Cpn,

9/23/33

...

2,484

335

5104481.SQ.FTS.B,

Zero

Cpn,

9/24/33

...

1,513

205

5107188.SQ.FTS.B,

Zero

Cpn,

9/24/33

...

2,250

212

5109124.SQ.FTS.B,

Zero

Cpn,

9/25/33

...

519

31

5109714.SQ.FTS.B,

Zero

Cpn,

9/25/33

...

8,108

1,047

5109955.SQ.FTS.B,

Zero

Cpn,

9/25/33

...

223

14

5110799.SQ.FTS.B,

Zero

Cpn,

9/27/33

...

11,395

2,049

5111943.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

851

47

5113482.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

1,913

186

5114309.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

906

132

5114403.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

1,028

57

5115191.SQ.FTS.B,

Zero

Cpn,

9/29/33

...

1,135

63

5115942.SQ.FTS.B,

Zero

Cpn,

9/29/33

...

25,309

2,547

5117310.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

4,690

712

5118308.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

6,298

877

5118981.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

3,773

475

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

226

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5119496.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

$

5,089

$

502

5119596.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

2,048

211

5122010.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

658

41

5122298.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

1,008

64

5124626.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

132

13

5125832.SQ.FTS.B,

Zero

Cpn,

10/01/33

..

649

39

5126318.SQ.FTS.B,

Zero

Cpn,

10/01/33

..

305

47

5127752.SQ.FTS.B,

Zero

Cpn,

10/02/33

..

497

31

5128139.SQ.FTS.B,

Zero

Cpn,

10/02/33

..

1,521

210

5128160.SQ.FTS.B,

Zero

Cpn,

10/02/33

..

2,113

142

5128257.SQ.FTS.B,

Zero

Cpn,

10/02/33

..

1,726

184

5129089.SQ.FTS.B,

Zero

Cpn,

10/03/33

..

5,922

367

5131068.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

995

120

5131555.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

38

7

5132810.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

399

43

5134453.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

589

39

5134858.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

206

16

5135989.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

6,343

839

5138063.SQ.FTS.B,

Zero

Cpn,

10/06/33

..

13,815

2,251

5143578.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

597

40

5143602.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

1,106

178

5143636.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

22,568

5,378

5144702.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

2,530

232

5144786.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

248

62

5145611.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

415

44

5145759.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

11,012

2,104

5146860.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

206

23

5147227.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

2,903

277

5148283.SQ.FTS.B,

Zero

Cpn,

10/09/33

..

349

43

5148494.SQ.FTS.B,

Zero

Cpn,

10/09/33

..

769

72

5149258.SQ.FTS.B,

Zero

Cpn,

10/10/33

..

2,200

131

5152819.SQ.FTS.B,

Zero

Cpn,

10/11/33

..

379

73

5153196.SQ.FTS.B,

Zero

Cpn,

10/11/33

..

13,914

3,103

5154671.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

674

44

5154721.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

802

125

5155863.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

10,908

1,662

5158276.SQ.FTS.B,

Zero

Cpn,

10/13/33

..

4,505

446

5158493.SQ.FTS.B,

Zero

Cpn,

10/13/33

..

479

75

5164900.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

2,484

418

5165031.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

523

65

5165513.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

1,070

74

5167068.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

1,882

457

5167306.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

913

65

5167520.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

792

56

5168235.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

341

53

5172355.SQ.FTS.B,

Zero

Cpn,

10/16/33

..

30

4

5172433.SQ.FTS.B,

Zero

Cpn,

10/16/33

..

635

134

5178623.SQ.FTS.B,

Zero

Cpn,

10/18/33

..

2,451

405

5184669.SQ.FTS.B,

Zero

Cpn,

10/19/33

..

3,872

262

5185667.SQ.FTS.B,

Zero

Cpn,

10/20/33

..

14,869

2,435

5188384.SQ.FTS.B,

Zero

Cpn,

10/20/33

..

1,312

292

5190030.SQ.FTS.B,

Zero

Cpn,

10/20/33

..

188

43

5204516.SQ.FTS.B,

Zero

Cpn,

10/22/33

..

12,116

1,408

5207596.SQ.FTS.B,

Zero

Cpn,

10/22/33

..

954

182

5208682.SQ.FTS.B,

Zero

Cpn,

10/22/33

..

227

67

5210624.SQ.FTS.B,

Zero

Cpn,

10/24/33

..

700

160

5216201.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

91

21

5216243.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

2,570

603

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5218016.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

$

1,248

$

230

5218743.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

14,574

3,151

5220666.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

343

65

5220688.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

25,349

6,047

5224488.SQ.FTS.B,

Zero

Cpn,

10/27/33

..

329

63

5232718.SQ.FTS.B,

Zero

Cpn,

10/28/33

..

1,055

176

5234308.SQ.FTS.B,

Zero

Cpn,

10/28/33

..

2,041

460

5235201.SQ.FTS.B,

Zero

Cpn,

10/29/33

..

1,059

168

5238549.SQ.FTS.B,

Zero

Cpn,

10/29/33

..

1,469

147

5239980.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

4,342

658

5240007.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

363

100

5240149.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

487

94

5240240.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

3,565

626

5240977.SQ.FTS.B,

Zero

Cpn,

11/01/33

..

1,605

278

5243643.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

3,274

632

5243677.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

218

39

5244265.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

14,538

3,790

5246929.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

3,004

296

5248838.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

3,589

336

5249081.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

1,535

143

5250046.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

104

10

5251234.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

12,595

4,321

5251513.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

1,257

450

5253447.SQ.FTS.B,

Zero

Cpn,

11/04/33

..

314

80

5256936.SQ.FTS.B,

Zero

Cpn,

11/04/33

..

1,000

315

5262859.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

6,228

1,822

5264938.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

30

11

5265074.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

453

46

5265868.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

2,576

674

5270493.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

1,448

129

5271294.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

743

292

5271481.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

872

202

5271882.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

6,771

652

5273369.SQ.FTS.B,

Zero

Cpn,

11/08/33

..

140

26

5273663.SQ.FTS.B,

Zero

Cpn,

11/08/33

..

139

18

5273816.SQ.FTS.B,

Zero

Cpn,

11/08/33

..

1,760

525

5273861.SQ.FTS.B,

Zero

Cpn,

11/08/33

..

2,965

605

5281948.SQ.FTS.B,

Zero

Cpn,

11/10/33

..

29,541

7,518

5282925.SQ.FTS.B,

Zero

Cpn,

11/11/33

..

2,496

899

5288617.SQ.FTS.B,

Zero

Cpn,

11/12/33

..

456

98

5291714.SQ.FTS.B,

Zero

Cpn,

11/13/33

..

7,230

1,906

5292413.SQ.FTS.B,

Zero

Cpn,

11/13/33

..

7,292

2,632

5293647.SQ.FTS.B,

Zero

Cpn,

11/14/33

..

3,503

1,348

5294178.SQ.FTS.B,

Zero

Cpn,

11/14/33

..

4,625

420

5294931.SQ.FTS.B,

Zero

Cpn,

11/15/33

..

875

275

5295829.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

2,124

727

5296152.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

3,005

738

5297124.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

4,915

1,019

5297547.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

1,054

453

5297679.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

4,327

1,182

5297749.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

5,008

642

5297998.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

636

58

5298365.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

3,359

1,391

5298839.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

196

33

5300101.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

229

58

5300900.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

2,772

441

5303192.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

881

260

5303325.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

3,104

749

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

227

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5308004.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

$

221

$

32

5308374.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,834

201

5308440.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,850

318

5309472.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

3,124

712

5310662.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

3,156

936

5310909.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

14,880

3,288

5312989.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

886

92

5313199.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

2,846

730

5313296.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,043

292

5313375.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,922

721

5313526.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,853

478

5313775.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

35,967

9,420

5316141.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

9,547

2,335

5318154.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

1,339

417

5318776.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

15,782

6,206

5319254.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

875

200

5321246.SQ.FTS.B,

Zero

Cpn,

11/20/33

..

9,240

991

5324445.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

2,924

1,134

5324467.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

1,782

536

5324505.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

732

158

5324511.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

804

187

5325032.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

1,289

452

5325434.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

3,899

1,254

5325685.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

671

99

5325788.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

2,297

914

5326604.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

1,332

361

5330352.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

4,757

754

5330620.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

391

118

5331180.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

2,904

318

5331289.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

133

71

5331392.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

1,370

500

5335831.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

3,348

1,380

5336855.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

1,967

540

5337877.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

256

81

5338166.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

1,107

340

5339153.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

368

120

5364847.SQ.FTS.B,

Zero

Cpn,

11/26/33

..

335

41

5364883.SQ.FTS.B,

Zero

Cpn,

11/26/33

..

5,330

1,494

5367492.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

119

34

5368153.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

1,070

97

5369187.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

664

210

5376024.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

3,132

887

5376723.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

1,081

360

5376799.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

4,624

1,093

5378398.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

32,691

8,326

5380960.SQ.FTS.B,

Zero

Cpn,

11/28/33

..

297

75

5381030.SQ.FTS.B,

Zero

Cpn,

11/28/33

..

10,498

3,433

5381932.SQ.FTS.B,

Zero

Cpn,

11/29/33

..

746

140

5382401.SQ.FTS.B,

Zero

Cpn,

11/29/33

..

756

349

22,704,255

Freedom

Financial

Asset

Management

LLC

APP-11799486.FP.FTS.B,

5.99%,

12/29/23

827

830

APP-11333513.FP.FTS.B,

5.99%,

1/07/24

.

710

711

APP-11333236.FP.FTS.B,

13.49%,

1/08/24

3,482

3,488

APP-11376511.FP.FTS.B,

17.99%,

1/08/24

1,746

1,472

APP-11341001.FP.FTS.B,

5.99%,

1/09/24

.

1,060

1,064

APP-11923967.FP.FTS.B,

13.74%,

1/15/24

1,868

1,873

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12263510.FP.FTS.B,

5.99%,

1/20/24

.

$

3,451

$

497

APP-12187185.FP.FTS.B,

5.99%,

1/25/24

.

1,281

1,286

APP-11336668.FP.FTS.B,

16.49%,

1/26/24

1,322

1,330

APP-09046319.FP.FTS.B,

18.99%,

2/01/24

1,110

1,112

APP-11810724.FP.FTS.B,

18.99%,

2/01/24

1,568

1,317

APP-11799474.FP.FTS.B,

5.99%,

2/07/24

.

1,332

1,335

APP-11781355.FP.FTS.B,

5.99%,

2/11/24

.

1,338

1,342

APP-11194490.FP.FTS.B,

5.99%,

2/29/24

.

1,070

1,075

APP-12119669.FP.FTS.B,

5.99%,

3/01/24

.

1,507

1,511

APP-11237608.FP.FTS.B,

5.99%,

3/10/24

.

1,900

1,907

APP-12135614.FP.FTS.B,

18.99%,

3/11/24

2,580

1,995

APP-12050162.FP.FTS.B,

5.99%,

3/13/24

.

2,100

2,111

APP-08959542.FP.FTS.B,

17.99%,

4/10/24

2,336

2,357

APP-07979930.FP.FTS.B,

12.49%,

4/15/24

5,022

5,049

APP-08978477.FP.FTS.B,

18.99%,

4/16/24

10,052

1,000

APP-08990977.FP.FTS.B,

17.49%,

4/20/24

2,825

2,846

APP-08924428.FP.FTS.B,

14.49%,

4/25/24

2,557

2,571

APP-09087474.FP.FTS.B,

22.99%,

4/30/24

1,868

1,923

APP-09367838.FP.FTS.B,

17.99%,

5/20/24

1,842

1,855

APP-08969780.FP.FTS.B,

14.49%,

5/21/24

5,362

5,388

APP-09021781.FP.FTS.B,

12.99%,

5/22/24

6,183

6,219

APP-08961356.FP.FTS.B,

22.49%,

5/29/24

2,800

2,862

APP-09051644.FP.FTS.B,

23.49%,

6/10/24

1,138

1,132

APP-09086628.FP.FTS.B,

16.99%,

6/15/24

2,589

2,616

APP-08969775.FP.FTS.B,

12.99%,

6/21/24

6,584

6,623

APP-09353776.FP.FTS.B,

21.99%,

6/27/24

8,199

2,141

APP-09302720.FP.FTS.B,

22.49%,

6/30/24

1,967

2,012

APP-09069437.FP.FTS.B,

25.49%,

6/30/24

4,316

1,106

APP-09583612.FP.FTS.B,

15.24%,

7/01/24

4,645

4,658

APP-09354267.FP.FTS.B,

17.49%,

7/01/24

4,167

4,187

APP-09726629.FP.FTS.B,

12.24%,

7/09/24

5,418

5,450

APP-09343576.FP.FTS.B,

23.49%,

7/10/24

5,296

5,368

APP-12243834.FP.FTS.B,

18.49%,

7/27/24

1,932

1,944

APP-09726602.FP.FTS.B,

17.49%,

8/12/24

5,251

5,310

APP-09799095.FP.FTS.B,

19.99%,

8/12/24

2,321

2,342

APP-10159829.FP.FTS.B,

15.49%,

8/15/24

4,500

4,533

APP-09726592.FP.FTS.B,

12.24%,

8/20/24

7,207

7,261

APP-09726689.FP.FTS.B,

15.99%,

8/20/24

4,997

5,040

APP-10203850.FP.FTS.B,

10.49%,

8/21/24

7,258

7,313

APP-09708878.FP.FTS.B,

15.49%,

8/24/24

2,268

2,288

APP-09808886.FP.FTS.B,

19.99%,

8/24/24

2,960

3,006

APP-09726492.FP.FTS.B,

12.24%,

8/25/24

4,816

4,857

APP-10379461.FP.FTS.B,

10.49%,

9/02/24

7,283

7,316

APP-09939798.FP.FTS.B,

17.99%,

9/23/24

3,989

4,034

APP-09776493.FP.FTS.B,

10.49%,

9/25/24

5,966

6,014

APP-10432773.FP.FTS.B,

16.99%,

9/30/24

3,436

3,471

APP-10170244.FP.FTS.B,

13.24%,

10/02/24

..........................

13,200

13,287

APP-10687787.FP.FTS.B,

23.99%,

10/02/24

..........................

3,097

3,112

APP-09776210.FP.FTS.B,

13.49%,

10/04/24

..........................

10,284

10,341

APP-10060644.FP.FTS.B,

13.99%,

10/04/24

..........................

16,621

16,727

APP-10195787.FP.FTS.B,

25.49%,

10/04/24

..........................

4,234

4,254

APP-10402043.FP.FTS.B,

17.99%,

10/05/24

..........................

8,590

8,662

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

228

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10396556.FP.FTS.B,

25.49%,

10/05/24

..........................

$

3,958

$

3,976

APP-10682620.FP.FTS.B,

16.49%,

10/07/24

..........................

1,143

1,146

APP-10481124.FP.FTS.B,

12.74%,

10/12/24

7,961

8,019

APP-10135442.FP.FTS.B,

10.99%,

10/16/24

..........................

11,360

11,447

APP-10385640.FP.FTS.B,

23.99%,

10/17/24

..........................

4,368

424

APP-10451908.FP.FTS.B,

11.99%,

10/20/24

17,357

17,496

APP-10444462.FP.FTS.B,

8.49%,

10/23/24

10,326

10,412

APP-10314676.FP.FTS.B,

12.74%,

10/26/24

..........................

7,628

7,703

APP-10459273.FP.FTS.B,

15.99%,

11/03/24

8,408

8,438

APP-10566736.FP.FTS.B,

16.49%,

11/04/24

5,944

5,987

APP-10769779.FP.FTS.B,

5.99%,

11/09/24

1,620

1,625

APP-10693186.FP.FTS.B,

10.49%,

11/10/24

6,484

6,529

APP-11194733.FP.FTS.B,

8.99%,

11/11/24

14,150

14,252

APP-10096028.FP.FTS.B,

9.99%,

11/14/24

16,979

17,110

APP-10683469.FP.FTS.B,

23.99%,

11/16/24

11,432

1,079

APP-11307681.FP.FTS.B,

25.49%,

11/16/24

4,611

1,024

APP-10670881.FP.FTS.B,

10.24%,

11/17/24

5,005

5,045

APP-11237920.FP.FTS.B,

17.99%,

11/17/24

4,435

4,500

APP-11283774.FP.FTS.B,

8.49%,

11/25/24

1,318

1,320

APP-11333230.FP.FTS.B,

12.49%,

11/25/24

11,410

11,528

APP-11382302.FP.FTS.B,

16.99%,

11/25/24

4,474

4,519

APP-11799510.FP.FTS.B,

16.99%,

12/15/24

4,410

4,439

APP-10372817.FP.FTS.B,

15.49%,

12/17/24

..........................

8,347

8,421

APP-11194500.FP.FTS.B,

10.49%,

12/20/24

9,692

9,772

APP-11316386.FP.FTS.B,

13.49%,

12/20/24

6,833

6,892

APP-11319377.FP.FTS.B,

25.49%,

12/20/24

5,643

1,348

APP-11793984.FP.FTS.B,

25.49%,

12/20/24

5,564

1,256

APP-11799271.FP.FTS.B,

14.99%,

12/21/24

9,342

9,456

APP-11383917.FP.FTS.B,

12.74%,

12/26/24

6,485

6,550

APP-11045167.FP.FTS.B,

10.49%,

12/28/24

6,371

6,430

APP-11802632.FP.FTS.B,

9.74%,

12/29/24

5,085

5,136

APP-11297354.FP.FTS.B,

8.49%,

1/01/25

.

5,872

5,912

APP-11237990.FP.FTS.B,

10.74%,

1/02/25

3,448

3,449

APP-11333266.FP.FTS.B,

15.49%,

1/02/25

5,055

5,071

APP-11307931.FP.FTS.B,

21.99%,

1/02/25

2,832

2,789

APP-10624639.FP.FTS.B,

10.49%,

1/03/25

10,738

10,817

APP-11265704.FP.FTS.B,

13.99%,

1/03/25

16,879

16,946

APP-11382734.FP.FTS.B,

23.49%,

1/04/25

5,528

5,520

APP-11320650.FP.FTS.B,

23.99%,

1/06/25

7,270

7,271

APP-09356867.FP.FTS.B,

9.99%,

1/08/25

.

21,025

21,189

APP-11389002.FP.FTS.B,

17.99%,

1/09/25

3,465

3,488

APP-11319269.FP.FTS.B,

21.99%,

1/09/25

9,489

9,516

APP-11694688.FP.FTS.B,

18.99%,

1/12/25

5,884

5,909

APP-12194196.FP.FTS.B,

13.24%,

1/16/25

23,067

23,245

APP-12106244.FP.FTS.B,

18.99%,

1/22/25

6,245

6,320

APP-12139687.FP.FTS.B,

11.74%,

1/23/25

18,031

18,200

APP-12207671.FP.FTS.B,

16.99%,

1/25/25

4,745

4,787

APP-12266979.FP.FTS.B,

11.74%,

1/28/25

10,535

10,639

APP-11803536.FP.FTS.B,

13.99%,

2/01/25

13,588

13,661

APP-11792552.FP.FTS.B,

17.49%,

2/01/25

13,417

13,415

APP-11767460.FP.FTS.B,

13.74%,

2/12/25

14,689

14,812

APP-10657504.FP.FTS.B,

14.99%,

2/22/25

16,348

16,525

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12227846.FP.FTS.B,

9.49%,

3/01/25

.

$

11,310

$

11,388

APP-11194436.FP.FTS.B,

15.99%,

3/01/25

14,477

14,636

APP-12257518.FP.FTS.B,

18.99%,

3/01/25

7,228

7,195

APP-11946510.FP.FTS.B,

12.74%,

3/04/25

5,172

5,220

APP-12119651.FP.FTS.B,

8.99%,

3/12/25

.

14,648

14,776

APP-12139540.FP.FTS.B,

9.99%,

3/12/25

.

7,267

7,328

APP-08503046.FP.FTS.B,

12.99%,

3/12/25

17,039

1,851

APP-12239890.FP.FTS.B,

23.99%,

3/12/25

7,462

1,619

APP-12246852.FP.FTS.B,

23.99%,

3/12/25

9,073

9,067

APP-10005462.FP.FTS.B,

9.74%,

3/13/25

.

7,097

7,162

APP-12139811.FP.FTS.B,

11.74%,

3/13/25

13,387

13,491

APP-12216739.FP.FTS.B,

16.99%,

3/13/25

10,622

10,668

APP-12223360.FP.FTS.B,

15.74%,

4/01/25

21,797

2,487

APP-10177953.FP.FTS.B,

17.99%,

4/01/25

4,150

1,896

APP-11394558.FP.FTS.B,

14.99%,

4/15/25

9,764

9,829

APP-08980006.FP.FTS.B,

16.49%,

4/17/25

5,953

6,041

APP-09058670.FP.FTS.B,

16.49%,

4/27/25

4,521

4,612

APP-09302675.FP.FTS.B,

15.99%,

5/14/25

5,877

5,966

APP-08976296.FP.FTS.B,

18.49%,

5/17/25

5,786

5,881

APP-09335187.FP.FTS.B,

16.99%,

5/20/25

6,295

6,485

APP-08870796.FP.FTS.B,

19.49%,

5/23/25

4,264

4,392

APP-08914897.FP.FTS.B,

12.99%,

5/29/25

8,658

8,801

APP-08967293.FP.FTS.B,

17.49%,

5/29/25

9,355

9,670

APP-09014884.FP.FTS.B,

14.99%,

5/31/25

19,541

19,809

APP-09231496.FP.FTS.B,

14.99%,

6/01/25

24,324

24,607

APP-08988851.FP.FTS.B,

16.99%,

6/01/25

24,584

25,018

APP-09029616.FP.FTS.B,

21.49%,

6/03/25

1,853

1,864

APP-09036276.FP.FTS.B,

18.99%,

6/05/25

19,943

20,318

APP-09134525.FP.FTS.B,

19.99%,

6/05/25

13,953

14,451

APP-09045917.FP.FTS.B,

18.99%,

6/11/25

17,227

17,787

APP-09106073.FP.FTS.B,

19.99%,

6/14/25

4,820

4,981

APP-09130603.FP.FTS.B,

12.99%,

6/15/25

9,273

9,407

APP-09046414.FP.FTS.B,

14.99%,

6/23/25

16,524

16,772

APP-09302995.FP.FTS.B,

14.99%,

7/10/25

5,508

5,600

APP-09352779.FP.FTS.B,

18.49%,

7/10/25

4,724

4,818

APP-09375788.FP.FTS.B,

18.49%,

7/10/25

5,138

5,289

APP-09012739.FP.FTS.B,

14.49%,

7/15/25

6,394

6,499

APP-09100537.FP.FTS.B,

17.99%,

7/15/25

6,827

6,964

APP-09355200.FP.FTS.B,

14.99%,

7/17/25

24,300

3,104

APP-09717803.FP.FTS.B,

18.49%,

8/10/25

5,220

5,308

APP-10142907.FP.FTS.B,

14.99%,

8/12/25

23,994

24,364

APP-09813384.FP.FTS.B,

12.74%,

8/13/25

12,291

12,459

APP-08970788.FP.FTS.B,

17.49%,

8/16/25

5,662

5,815

APP-10203250.FP.FTS.B,

13.24%,

8/17/25

9,421

9,572

APP-09775671.FP.FTS.B,

18.49%,

8/23/25

10,816

11,241

APP-09776164.FP.FTS.B,

15.99%,

8/25/25

6,527

6,665

APP-09786759.FP.FTS.B,

21.99%,

8/27/25

3,346

2,566

APP-10450365.FP.FTS.B,

10.99%,

9/03/25

9,537

9,652

APP-10476920.FP.FTS.B,

8.99%,

9/06/25

.

10,694

10,834

APP-10400942.FP.FTS.B,

10.99%,

9/10/25

8,077

8,187

APP-09354577.FP.FTS.B,

18.49%,

9/11/25

4,895

4,931

APP-10561719.FP.FTS.B,

12.74%,

9/20/25

6,645

6,753

APP-10432695.FP.FTS.B,

16.99%,

9/20/25

28,353

28,830

APP-10156735.FP.FTS.B,

16.49%,

9/23/25

14,574

14,967

APP-10561277.FP.FTS.B,

19.49%,

9/25/25

4,500

4,526

APP-10156534.FP.FTS.B,

10.99%,

9/30/25

14,042

14,269

APP-10204096.FP.FTS.B,

10.99%,

10/01/25

..........................

11,315

11,477

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

229

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09708653.FP.FTS.B,

13.24%,

10/01/25

..........................

$

12,842

$

13,026

APP-10060747.FP.FTS.B,

13.74%,

10/01/25

..........................

15,352

15,591

APP-10157176.FP.FTS.B,

16.49%,

10/01/25

..........................

12,772

13,075

APP-10459241.FP.FTS.B,

17.99%,

10/01/25

..........................

8,914

881

APP-10203214.FP.FTS.B,

18.99%,

10/01/25

..........................

12,241

12,627

APP-10684832.FP.FTS.B,

20.99%,

10/02/25

..........................

6,557

3,813

APP-10092907.FP.FTS.B,

17.99%,

10/04/25

..........................

17,391

17,825

APP-09979972.FP.FTS.B,

14.49%,

10/05/25

..........................

23,491

23,855

APP-10485308.FP.FTS.B,

16.99%,

10/12/25

..........................

8,327

8,519

APP-10293468.FP.FTS.B,

12.49%,

10/15/25

..........................

24,933

25,282

APP-10384915.FP.FTS.B,

16.49%,

10/17/25

..........................

10,128

10,309

APP-10497677.FP.FTS.B,

12.74%,

10/20/25

..........................

7,092

7,209

APP-10567121.FP.FTS.B,

13.24%,

10/20/25

..........................

12,949

13,159

APP-10578108.FP.FTS.B,

14.49%,

10/22/25

..........................

16,536

16,974

APP-10519197.FP.FTS.B,

15.99%,

10/29/25

..........................

19,825

20,260

APP-09341214.FP.FTS.B,

21.49%,

10/31/25

..........................

4,633

4,650

APP-10689729.FP.FTS.B,

13.99%,

11/05/25

5,906

5,982

APP-10480296.FP.FTS.B,

19.49%,

11/12/25

9,036

9,358

APP-10606420.FP.FTS.B,

10.99%,

11/15/25

17,548

17,815

APP-10839237.FP.FTS.B,

10.99%,

11/15/25

13,075

13,261

APP-11210666.FP.FTS.B,

10.99%,

11/15/25

12,717

12,887

APP-11376181.FP.FTS.B,

10.99%,

11/15/25

8,277

8,391

APP-11237796.FP.FTS.B,

16.49%,

11/15/25

10,776

11,071

APP-10776817.FP.FTS.B,

16.99%,

11/15/25

22,908

23,565

APP-10681833.FP.FTS.B,

15.99%,

11/16/25

17,846

18,180

APP-10768953.FP.FTS.B,

18.99%,

11/17/25

2,453

2,457

APP-10773457.FP.FTS.B,

11.49%,

11/22/25

6,205

6,227

APP-10692429.FP.FTS.B,

20.99%,

11/22/25

6,456

6,673

APP-11802431.FP.FTS.B,

10.24%,

12/18/25

8,040

8,150

APP-10770088.FP.FTS.B,

10.99%,

12/18/25

..........................

16,675

16,937

APP-11253357.FP.FTS.B,

13.24%,

12/20/25

11,011

11,160

APP-11237745.FP.FTS.B,

17.49%,

12/20/25

5,602

5,702

APP-11793362.FP.FTS.B,

17.99%,

12/20/25

26,673

8,905

APP-10746117.FP.FTS.B,

8.99%,

12/26/25

10,660

10,819

APP-11379674.FP.FTS.B,

11.49%,

12/26/25

22,753

23,107

APP-11772465.FP.FTS.B,

10.99%,

12/27/25

19,055

19,236

APP-11384860.FP.FTS.B,

12.49%,

12/28/25

23,181

23,542

APP-10474872.FP.FTS.B,

18.99%,

12/28/25

..........................

8,370

8,645

APP-11249658.FP.FTS.B,

10.49%,

1/02/26

28,694

8,418

APP-11374960.FP.FTS.B,

14.99%,

1/02/26

1,881

1,871

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11104135.FP.FTS.B,

11.49%,

1/03/26

$

23,197

$

23,543

APP-11321062.FP.FTS.B,

14.49%,

1/03/26

7,580

7,666

APP-11411443.FP.FTS.B,

17.49%,

1/03/26

8,397

8,592

APP-11287073.FP.FTS.B,

21.99%,

1/03/26

21,030

21,628

APP-11378327.FP.FTS.B,

17.99%,

1/07/26

8,928

5,392

APP-11380825.FP.FTS.B,

18.49%,

1/08/26

11,562

11,897

APP-11279539.FP.FTS.B,

15.99%,

1/09/26

6,579

6,691

APP-11403530.FP.FTS.B,

19.49%,

1/09/26

6,750

6,900

APP-11104456.FP.FTS.B,

10.99%,

1/17/26

6,992

7,089

APP-12244806.FP.FTS.B,

16.74%,

1/22/26

19,808

20,331

APP-12125189.FP.FTS.B,

19.49%,

1/25/26

10,447

10,770

APP-12229052.FP.FTS.B,

17.99%,

1/26/26

12,940

13,349

APP-12243882.FP.FTS.B,

19.49%,

1/27/26

6,872

7,068

APP-11816651.FP.FTS.B,

26.49%,

2/01/26

5,292

5,410

APP-11770041.FP.FTS.B,

15.99%,

2/02/26

7,824

7,967

APP-11792403.FP.FTS.B,

13.99%,

2/03/26

14,847

15,110

APP-11335385.FP.FTS.B,

10.99%,

2/04/26

11,286

11,444

APP-11751019.FP.FTS.B,

15.99%,

2/05/26

2,440

2,439

APP-11785448.FP.FTS.B,

13.49%,

2/11/26

12,299

12,570

APP-11817724.FP.FTS.B,

20.74%,

2/12/26

15,420

15,876

APP-11802110.FP.FTS.B,

16.99%,

2/13/26

16,247

16,621

APP-10476373.FP.FTS.B,

10.99%,

2/25/26

9,699

9,858

APP-12285827.FP.FTS.B,

13.24%,

3/01/26

6,911

7,001

APP-11946533.FP.FTS.B,

16.24%,

3/01/26

19,908

20,260

APP-12236342.FP.FTS.B,

16.49%,

3/08/26

16,673

17,040

APP-12223796.FP.FTS.B,

21.24%,

3/11/26

17,899

18,328

APP-12243350.FP.FTS.B,

9.99%,

3/12/26

.

6,471

6,511

APP-12201290.FP.FTS.B,

14.74%,

3/12/26

13,860

13,877

APP-12106220.FP.FTS.B,

18.99%,

3/12/26

8,803

9,008

APP-12140905.FP.FTS.B,

24.99%,

3/12/26

7,268

1,521

APP-08739403.FP.FTS.B,

16.99%,

3/21/26

16,609

16,969

APP-11799543.FP.FTS.B,

13.24%,

4/12/26

6,792

6,907

APP-08907777.FP.FTS.B,

17.99%,

4/12/26

4,732

4,889

APP-08330688.FP.FTS.B,

14.99%,

4/15/26

14,487

14,760

APP-08971565.FP.FTS.B,

17.99%,

4/16/26

17,492

3,599

APP-08979775.FP.FTS.B,

23.99%,

4/16/26

17,826

18,684

APP-09077004.FP.FTS.B,

16.99%,

4/17/26

6,257

6,378

APP-08698355.FP.FTS.B,

18.99%,

4/17/26

10,399

10,692

APP-08999178.FP.FTS.B,

17.99%,

4/20/26

16,393

16,964

APP-09019999.FP.FTS.B,

13.49%,

4/22/26

28,460

28,982

APP-09100185.FP.FTS.B,

18.99%,

4/30/26

7,538

7,849

APP-09087999.FP.FTS.B,

21.49%,

4/30/26

20,279

21,112

APP-08979983.FP.FTS.B,

19.99%,

5/01/26

7,444

7,635

APP-08726744.FP.FTS.B,

21.49%,

5/01/26

23,145

23,821

APP-09232273.FP.FTS.B,

19.49%,

5/03/26

31,701

2,037

APP-08741967.FP.FTS.B,

17.49%,

5/05/26

17,963

18,306

APP-09321377.FP.FTS.B,

17.49%,

5/15/26

16,110

16,372

APP-08975984.FP.FTS.B,

16.99%,

5/17/26

12,779

13,019

APP-08950723.FP.FTS.B,

14.99%,

5/21/26

9,368

9,547

APP-08882597.FP.FTS.B,

17.49%,

5/22/26

23,845

24,339

APP-09015317.FP.FTS.B,

18.99%,

5/22/26

12,964

13,380

APP-08994245.FP.FTS.B,

22.99%,

5/22/26

12,982

13,140

APP-09024930.FP.FTS.B,

13.49%,

5/23/26

5,519

5,613

APP-09025472.FP.FTS.B,

19.99%,

5/23/26

13,478

2,830

APP-08902866.FP.FTS.B,

20.49%,

5/23/26

16,327

17,077

APP-09012359.FP.FTS.B,

23.49%,

5/23/26

10,289

10,783

APP-09356444.FP.FTS.B,

17.49%,

5/27/26

12,398

12,832

APP-09437723.FP.FTS.B,

20.99%,

5/27/26

14,616

15,111

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

230

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09352425.FP.FTS.B,

14.99%,

5/28/26

$

19,163

$

19,496

APP-08989489.FP.FTS.B,

22.99%,

5/28/26

6,477

6,762

APP-09057834.FP.FTS.B,

18.99%,

5/29/26

15,952

16,582

APP-08923777.FP.FTS.B,

12.99%,

5/30/26

16,861

17,207

APP-08970713.FP.FTS.B,

12.99%,

5/30/26

16,613

16,958

APP-08924285.FP.FTS.B,

14.99%,

5/30/26

12,386

12,639

APP-08967703.FP.FTS.B,

19.49%,

5/30/26

797

800

APP-08976475.FP.FTS.B,

20.99%,

5/30/26

8,229

8,666

APP-09021433.FP.FTS.B,

21.99%,

5/30/26

2,505

2,534

APP-09095354.FP.FTS.B,

12.99%,

5/31/26

14,677

7,720

APP-09088134.FP.FTS.B,

18.99%,

5/31/26

1,412

1,417

APP-08974488.FP.FTS.B,

21.49%,

5/31/26

9,903

10,275

APP-09060458.FP.FTS.B,

22.49%,

5/31/26

8,335

8,818

APP-09095478.FP.FTS.B,

13.49%,

6/01/26

6,840

6,854

APP-09020308.FP.FTS.B,

16.99%,

6/01/26

13,032

6,976

APP-09029242.FP.FTS.B,

17.49%,

6/01/26

31,250

31,832

APP-08816539.FP.FTS.B,

20.49%,

6/01/26

15,666

16,159

APP-09109896.FP.FTS.B,

21.99%,

6/01/26

4,060

4,060

APP-08991906.FP.FTS.B,

21.49%,

6/02/26

17,090

17,758

APP-09018394.FP.FTS.B,

13.49%,

6/04/26

24,218

24,648

APP-08847606.FP.FTS.B,

15.49%,

6/04/26

24,993

25,407

APP-08980085.FP.FTS.B,

18.99%,

6/04/26

2,070

2,067

APP-08979954.FP.FTS.B,

12.99%,

6/05/26

16,022

16,331

APP-09017269.FP.FTS.B,

14.99%,

6/05/26

15,429

15,732

APP-09105301.FP.FTS.B,

14.99%,

6/05/26

10,250

10,429

APP-09017547.FP.FTS.B,

15.49%,

6/05/26

1,210

1,208

APP-09025257.FP.FTS.B,

17.49%,

6/05/26

12,671

13,043

APP-09142993.FP.FTS.B,

17.99%,

6/05/26

16,661

17,189

APP-09027027.FP.FTS.B,

21.49%,

6/05/26

14,187

14,721

APP-08960524.FP.FTS.B,

12.99%,

6/06/26

14,762

15,029

APP-08923668.FP.FTS.B,

21.49%,

6/06/26

8,801

9,086

APP-09232139.FP.FTS.B,

22.49%,

6/07/26

21,655

22,422

APP-09070140.FP.FTS.B,

12.99%,

6/12/26

9,572

9,750

APP-09074502.FP.FTS.B,

17.49%,

6/12/26

22,150

22,661

APP-09074432.FP.FTS.B,

19.99%,

6/12/26

7,793

8,112

APP-09070087.FP.FTS.B,

24.49%,

6/12/26

20,437

21,253

APP-08447667.FP.FTS.B,

12.99%,

6/13/26

15,088

15,372

APP-08649324.FP.FTS.B,

20.49%,

6/13/26

16,339

16,960

APP-09045278.FP.FTS.B,

12.99%,

6/14/26

7,606

7,743

APP-12262753.FP.FTS.B,

14.99%,

6/14/26

15,183

15,443

APP-09096903.FP.FTS.B,

12.99%,

6/15/26

10,226

10,407

APP-08847769.FP.FTS.B,

14.99%,

6/15/26

9,451

9,635

APP-09213296.FP.FTS.B,

14.99%,

6/15/26

18,171

18,466

APP-09111302.FP.FTS.B,

18.49%,

6/15/26

34,149

6,774

APP-09241097.FP.FTS.B,

20.49%,

6/15/26

14,593

15,199

APP-09029834.FP.FTS.B,

18.49%,

6/18/26

7,880

8,062

APP-09132903.FP.FTS.B,

18.99%,

6/18/26

13,531

14,006

APP-09125842.FP.FTS.B,

20.49%,

6/18/26

17,306

18,010

APP-09281875.FP.FTS.B,

14.99%,

6/20/26

17,045

17,322

APP-09122466.FP.FTS.B,

16.99%,

6/20/26

18,088

3,436

APP-09290922.FP.FTS.B,

25.49%,

6/22/26

13,434

14,048

APP-09341526.FP.FTS.B,

23.49%,

6/27/26

6,634

6,945

APP-09198220.FP.FTS.B,

15.49%,

6/28/26

8,763

9,084

APP-09238269.FP.FTS.B,

15.49%,

6/28/26

30,768

31,406

APP-09096348.FP.FTS.B,

18.99%,

6/28/26

15,477

15,861

APP-09201816.FP.FTS.B,

19.49%,

6/28/26

6,830

7,153

APP-08924259.FP.FTS.B,

15.49%,

6/29/26

22,584

23,097

APP-09045155.FP.FTS.B,

20.99%,

6/29/26

9,211

9,567

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09355512.FP.FTS.B,

20.99%,

6/29/26

$

9,223

$

9,456

APP-08924296.FP.FTS.B,

22.49%,

6/30/26

18,734

19,355

APP-08984739.FP.FTS.B,

17.49%,

7/01/26

31,489

32,080

APP-09785029.FP.FTS.B,

17.99%,

7/01/26

5,882

5,949

APP-09789894.FP.FTS.B,

21.49%,

7/01/26

14,689

15,158

APP-09771718.FP.FTS.B,

18.49%,

7/02/26

24,504

25,125

APP-09274045.FP.FTS.B,

22.49%,

7/02/26

17,010

17,526

APP-09717698.FP.FTS.B,

13.24%,

7/03/26

14,004

14,198

APP-09290915.FP.FTS.B,

17.49%,

7/04/26

12,946

13,295

APP-09379010.FP.FTS.B,

22.49%,

7/04/26

15,415

15,911

APP-09029840.FP.FTS.B,

13.49%,

7/05/26

17,845

18,142

APP-09490392.FP.FTS.B,

13.99%,

7/05/26

31,148

31,592

APP-09778974.FP.FTS.B,

21.49%,

7/05/26

30,664

31,550

APP-09569037.FP.FTS.B,

13.24%,

7/06/26

17,910

18,174

APP-09445164.FP.FTS.B,

13.49%,

7/06/26

21,891

22,233

APP-09441854.FP.FTS.B,

17.49%,

7/06/26

12,764

13,119

APP-09427047.FP.FTS.B,

19.99%,

7/06/26

8,023

8,316

APP-09448166.FP.FTS.B,

14.99%,

7/07/26

18,011

18,381

APP-09354737.FP.FTS.B,

15.49%,

7/07/26

4,754

4,841

APP-09207999.FP.FTS.B,

20.49%,

7/07/26

26,632

27,418

APP-08684302.FP.FTS.B,

13.74%,

7/08/26

22,992

23,337

APP-09331398.FP.FTS.B,

14.99%,

7/09/26

15,269

15,589

APP-09768010.FP.FTS.B,

17.99%,

7/09/26

22,305

22,977

APP-09336762.FP.FTS.B,

12.99%,

7/10/26

7,934

8,084

APP-08447355.FP.FTS.B,

17.49%,

7/10/26

2,310

2,324

APP-09291214.FP.FTS.B,

17.99%,

7/10/26

19,194

19,796

APP-09424879.FP.FTS.B,

17.99%,

7/10/26

5,788

5,957

APP-09351977.FP.FTS.B,

19.49%,

7/10/26

13,237

13,647

APP-09208095.FP.FTS.B,

17.49%,

7/11/26

10,802

11,115

APP-08684475.FP.FTS.B,

18.99%,

7/11/26

6,702

6,940

APP-09363228.FP.FTS.B,

21.49%,

7/11/26

25,286

2,839

APP-09328185.FP.FTS.B,

15.49%,

7/12/26

23,226

23,673

APP-09358023.FP.FTS.B,

16.99%,

7/12/26

18,052

18,439

APP-09045901.FP.FTS.B,

14.99%,

7/13/26

14,013

14,271

APP-09133899.FP.FTS.B,

22.99%,

7/16/26

27,062

27,894

APP-08914924.FP.FTS.B,

24.99%,

7/19/26

9,568

9,983

APP-09356919.FP.FTS.B,

15.49%,

7/20/26

17,794

18,168

APP-09360053.FP.FTS.B,

20.99%,

7/20/26

7,538

7,843

APP-09129616.FP.FTS.B,

20.99%,

7/28/26

14,350

14,906

APP-10156862.FP.FTS.B,

17.99%,

8/06/26

31,506

31,904

APP-09377950.FP.FTS.B,

16.49%,

8/10/26

7,126

7,247

APP-09708763.FP.FTS.B,

17.49%,

8/10/26

13,069

13,435

APP-09780659.FP.FTS.B,

17.49%,

8/10/26

20,782

21,183

APP-09780914.FP.FTS.B,

18.99%,

8/10/26

11,249

11,587

APP-09787054.FP.FTS.B,

19.99%,

8/10/26

10,008

10,336

APP-09788080.FP.FTS.B,

20.99%,

8/10/26

19,893

6,624

APP-09789653.FP.FTS.B,

23.49%,

8/10/26

13,721

14,256

APP-09759315.FP.FTS.B,

13.24%,

8/11/26

14,788

15,029

APP-09794481.FP.FTS.B,

13.24%,

8/11/26

15,245

15,491

APP-09593157.FP.FTS.B,

14.74%,

8/12/26

22,328

22,732

APP-09781342.FP.FTS.B,

17.99%,

8/12/26

19,669

20,245

APP-09717599.FP.FTS.B,

19.99%,

8/12/26

7,280

7,485

APP-09291173.FP.FTS.B,

13.24%,

8/15/26

17,764

18,060

APP-09778508.FP.FTS.B,

13.24%,

8/15/26

16,812

17,092

APP-09795345.FP.FTS.B,

13.24%,

8/15/26

17,673

17,971

APP-10045496.FP.FTS.B,

14.49%,

8/15/26

6,820

6,924

APP-09788637.FP.FTS.B,

17.99%,

8/15/26

23,093

23,739

APP-09745779.FP.FTS.B,

18.49%,

8/15/26

5,264

5,267

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

231

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09708666.FP.FTS.B,

19.49%,

8/15/26

$

15,234

$

15,794

APP-09766832.FP.FTS.B,

19.99%,

8/15/26

5,371

5,532

APP-09242266.FP.FTS.B,

22.99%,

8/15/26

22,569

15,021

APP-09746385.FP.FTS.B,

24.49%,

8/15/26

5,545

5,742

APP-10272491.FP.FTS.B,

14.24%,

8/17/26

12,437

12,653

APP-09780110.FP.FTS.B,

15.99%,

8/17/26

30,953

31,541

APP-10176592.FP.FTS.B,

15.99%,

8/17/26

33,336

9,833

APP-10169709.FP.FTS.B,

16.99%,

8/17/26

17,990

18,365

APP-09794920.FP.FTS.B,

21.49%,

8/17/26

14,287

14,854

APP-10214566.FP.FTS.B,

17.99%,

8/18/26

17,547

18,050

APP-10213964.FP.FTS.B,

18.99%,

8/18/26

12,207

12,577

APP-10246936.FP.FTS.B,

9.99%,

8/20/26

.

11,500

11,696

APP-10244412.FP.FTS.B,

14.24%,

8/20/26

12,282

12,505

APP-09717880.FP.FTS.B,

15.74%,

8/20/26

17,342

17,684

APP-10163490.FP.FTS.B,

17.99%,

8/20/26

17,029

17,538

APP-09791612.FP.FTS.B,

18.99%,

8/20/26

33,477

34,500

APP-09767793.FP.FTS.B,

20.49%,

8/20/26

13,616

14,104

APP-10195666.FP.FTS.B,

20.99%,

8/20/26

21,549

22,300

APP-10244692.FP.FTS.B,

20.99%,

8/20/26

8,580

8,596

APP-09811789.FP.FTS.B,

22.49%,

8/20/26

5,173

5,380

APP-09794262.FP.FTS.B,

25.49%,

8/20/26

6,834

1,553

APP-10127112.FP.FTS.B,

16.49%,

8/21/26

9,945

10,149

APP-10233694.FP.FTS.B,

18.99%,

8/21/26

12,704

13,127

APP-10243564.FP.FTS.B,

20.49%,

8/21/26

14,328

14,781

APP-10293482.FP.FTS.B,

11.99%,

8/22/26

10,663

10,823

APP-09717638.FP.FTS.B,

13.24%,

8/22/26

13,070

13,315

APP-09766134.FP.FTS.B,

15.24%,

8/23/26

16,208

16,544

APP-09788355.FP.FTS.B,

17.99%,

8/23/26

2,506

2,505

APP-09569048.FP.FTS.B,

19.99%,

8/23/26

14,198

14,729

APP-09778481.FP.FTS.B,

19.99%,

8/23/26

8,823

9,187

APP-09726787.FP.FTS.B,

15.24%,

8/24/26

10,435

10,655

APP-09787833.FP.FTS.B,

15.74%,

8/24/26

26,085

26,638

APP-09794319.FP.FTS.B,

15.74%,

8/24/26

17,605

17,978

APP-09708684.FP.FTS.B,

21.49%,

8/24/26

34,428

35,743

APP-09759659.FP.FTS.B,

13.24%,

8/25/26

20,352

20,755

APP-09812236.FP.FTS.B,

13.24%,

8/26/26

14,359

14,647

APP-09811518.FP.FTS.B,

15.74%,

8/27/26

17,888

18,292

APP-10308476.FP.FTS.B,

20.49%,

8/28/26

16,941

17,656

APP-10352432.FP.FTS.B,

11.99%,

9/01/26

12,535

12,706

APP-09094872.FP.FTS.B,

14.99%,

9/01/26

19,327

19,634

APP-09019228.FP.FTS.B,

16.99%,

9/05/26

13,774

14,100

APP-10389562.FP.FTS.B,

17.49%,

9/05/26

13,497

13,806

APP-09433444.FP.FTS.B,

14.99%,

9/06/26

13,349

6,799

APP-08114000.FP.FTS.B,

13.24%,

9/10/26

15,287

15,525

APP-10525907.FP.FTS.B,

11.99%,

9/15/26

12,512

12,718

APP-10400798.FP.FTS.B,

14.24%,

9/15/26

15,333

15,615

APP-09778451.FP.FTS.B,

18.99%,

9/20/26

16,156

16,610

APP-10158390.FP.FTS.B,

12.49%,

9/21/26

25,620

26,056

APP-10201640.FP.FTS.B,

21.49%,

9/22/26

14,020

14,605

APP-10209954.FP.FTS.B,

16.49%,

9/23/26

8,704

8,897

APP-10203826.FP.FTS.B,

13.24%,

9/25/26

32,448

33,063

APP-10244251.FP.FTS.B,

20.49%,

9/28/26

18,477

6,138

APP-10663520.FP.FTS.B,

12.49%,

9/30/26

25,260

25,700

APP-10211394.FP.FTS.B,

14.24%,

9/30/26

13,153

13,445

APP-10156728.FP.FTS.B,

11.74%,

10/01/26

8,766

8,909

APP-10203378.FP.FTS.B,

18.99%,

10/01/26

..........................

11,353

11,598

APP-10115186.FP.FTS.B,

23.49%,

10/01/26

15,027

15,533

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10206598.FP.FTS.B,

23.49%,

10/01/26

..........................

$

7,816

$

8,048

APP-10195837.FP.FTS.B,

11.99%,

10/02/26

11,510

11,695

APP-10135726.FP.FTS.B,

16.99%,

10/02/26

..........................

16,519

16,818

APP-10622691.FP.FTS.B,

18.99%,

10/02/26

..........................

9,179

9,434

APP-10210290.FP.FTS.B,

19.99%,

10/02/26

..........................

5,982

6,130

APP-10156986.FP.FTS.B,

19.99%,

10/03/26

..........................

15,309

15,716

APP-10220069.FP.FTS.B,

11.99%,

10/04/26

19,768

20,121

APP-10156629.FP.FTS.B,

14.49%,

10/04/26

..........................

6,634

6,746

APP-10226583.FP.FTS.B,

16.99%,

10/04/26

..........................

19,111

2,317

APP-10005303.FP.FTS.B,

17.49%,

10/04/26

..........................

9,163

9,419

APP-10156876.FP.FTS.B,

17.49%,

10/04/26

..........................

28,853

29,331

APP-10229284.FP.FTS.B,

18.99%,

10/04/26

..........................

10,306

10,536

APP-10242846.FP.FTS.B,

20.49%,

10/04/26

..........................

12,791

13,143

APP-10374305.FP.FTS.B,

11.99%,

10/05/26

13,062

13,261

APP-10237302.FP.FTS.B,

13.24%,

10/05/26

..........................

34,465

17,829

APP-10157026.FP.FTS.B,

14.24%,

10/05/26

..........................

10,312

10,497

APP-10253670.FP.FTS.B,

19.99%,

10/06/26

..........................

5,340

5,482

APP-10156578.FP.FTS.B,

17.99%,

10/07/26

..........................

20,071

20,639

APP-10692650.FP.FTS.B,

11.99%,

10/08/26

11,890

12,072

APP-10670486.FP.FTS.B,

12.74%,

10/08/26

..........................

12,652

12,751

APP-10091993.FP.FTS.B,

19.99%,

10/08/26

..........................

14,202

14,610

APP-10744150.FP.FTS.B,

20.49%,

10/08/26

..........................

18,834

11,058

APP-10776411.FP.FTS.B,

11.99%,

10/09/26

20,045

20,359

APP-10776963.FP.FTS.B,

14.24%,

10/09/26

..........................

14,973

15,221

APP-10710819.FP.FTS.B,

16.99%,

10/09/26

..........................

12,584

12,808

APP-10291582.FP.FTS.B,

17.49%,

10/09/26

..........................

13,717

14,035

APP-10682190.FP.FTS.B,

19.49%,

10/09/26

..........................

14,512

14,977

APP-10476345.FP.FTS.B,

13.24%,

10/12/26

..........................

33,026

33,556

APP-10477663.FP.FTS.B,

20.99%,

10/12/26

..........................

28,106

28,954

APP-10477679.FP.FTS.B,

17.49%,

10/14/26

..........................

19,521

20,041

APP-10433068.FP.FTS.B,

15.49%,

10/15/26

..........................

33,734

34,315

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

232

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10508459.FP.FTS.B,

15.99%,

10/15/26

..........................

$

30,512

$

31,045

APP-10199991.FP.FTS.B,

16.99%,

10/15/26

..........................

13,740

14,016

APP-10480948.FP.FTS.B,

17.49%,

10/15/26

..........................

12,612

12,930

APP-10274873.FP.FTS.B,

20.49%,

10/15/26

..........................

13,786

14,220

APP-10365188.FP.FTS.B,

14.24%,

10/17/26

..........................

10,077

10,269

APP-10514404.FP.FTS.B,

18.99%,

10/17/26

..........................

17,005

17,493

APP-10408188.FP.FTS.B,

18.99%,

10/18/26

..........................

11,284

1,221

APP-10352466.FP.FTS.B,

19.99%,

10/18/26

..........................

9,528

9,859

APP-10170330.FP.FTS.B,

11.99%,

10/20/26

8,644

8,788

APP-10463389.FP.FTS.B,

12.49%,

10/20/26

..........................

26,394

26,860

APP-10091267.FP.FTS.B,

13.74%,

10/20/26

..........................

8,529

8,689

APP-10096145.FP.FTS.B,

14.24%,

10/20/26

..........................

16,892

17,223

APP-10519975.FP.FTS.B,

20.99%,

10/20/26

..........................

6,315

6,312

APP-10518491.FP.FTS.B,

20.49%,

10/22/26

..........................

16,954

17,585

APP-10520303.FP.FTS.B,

12.49%,

10/23/26

..........................

22,553

22,985

APP-10432275.FP.FTS.B,

12.49%,

10/24/26

..........................

16,204

16,412

APP-10463469.FP.FTS.B,

18.99%,

10/24/26

..........................

35,971

36,995

APP-10364110.FP.FTS.B,

11.24%,

10/25/26

32,715

33,332

APP-10475943.FP.FTS.B,

14.74%,

10/25/26

..........................

27,305

27,870

APP-10476876.FP.FTS.B,

16.99%,

10/25/26

..........................

17,074

17,463

APP-10512737.FP.FTS.B,

17.49%,

10/25/26

..........................

13,833

14,262

APP-10352703.FP.FTS.B,

11.99%,

10/26/26

16,780

17,103

APP-10511819.FP.FTS.B,

14.74%,

10/28/26

24,318

24,852

APP-10352498.FP.FTS.B,

18.49%,

10/28/26

..........................

9,688

10,025

APP-10352813.FP.FTS.B,

14.24%,

10/29/26

..........................

12,736

13,015

APP-10432641.FP.FTS.B,

15.49%,

10/29/26

..........................

20,925

21,436

APP-10521838.FP.FTS.B,

17.99%,

10/29/26

..........................

18,533

19,147

APP-10459435.FP.FTS.B,

19.99%,

10/29/26

..........................

8,794

9,161

APP-10482607.FP.FTS.B,

22.49%,

10/29/26

..........................

7,941

820

APP-10527263.FP.FTS.B,

12.24%,

10/30/26

..........................

9,928

10,146

APP-10482600.FP.FTS.B,

16.49%,

10/30/26

..........................

8,147

8,331

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10481822.FP.FTS.B,

18.49%,

10/30/26

..........................

$

18,087

$

18,577

APP-10537549.FP.FTS.B,

11.99%,

11/02/26

18,878

19,188

APP-10583684.FP.FTS.B,

16.99%,

11/02/26

14,082

14,394

APP-10606158.FP.FTS.B,

14.74%,

11/05/26

19,289

19,585

APP-11307937.FP.FTS.B,

11.99%,

11/08/26

15,222

15,437

APP-09709453.FP.FTS.B,

14.24%,

11/09/26

13,416

13,622

APP-11099818.FP.FTS.B,

16.49%,

11/09/26

8,432

8,566

APP-11236671.FP.FTS.B,

14.49%,

11/10/26

6,589

6,682

APP-10765319.FP.FTS.B,

14.49%,

11/11/26

5,122

5,205

APP-11395641.FP.FTS.B,

11.99%,

11/14/26

19,038

19,315

APP-10679263.FP.FTS.B,

17.49%,

11/14/26

3,127

3,119

APP-10714394.FP.FTS.B,

11.99%,

11/15/26

20,127

20,461

APP-10763123.FP.FTS.B,

13.24%,

11/15/26

33,900

34,464

APP-11304024.FP.FTS.B,

17.49%,

11/15/26

9,968

10,219

APP-10672023.FP.FTS.B,

18.49%,

11/15/26

14,258

14,689

APP-11314507.FP.FTS.B,

19.99%,

11/15/26

10,947

11,294

APP-10688392.FP.FTS.B,

21.99%,

11/15/26

18,393

18,978

APP-10606168.FP.FTS.B,

11.99%,

11/16/26

16,955

17,279

APP-10624425.FP.FTS.B,

11.99%,

11/16/26

14,265

14,519

APP-10683987.FP.FTS.B,

12.49%,

11/16/26

27,116

27,602

APP-10689192.FP.FTS.B,

12.49%,

11/16/26

27,106

27,592

APP-10561131.FP.FTS.B,

17.49%,

11/16/26

24,557

25,067

APP-10769646.FP.FTS.B,

11.99%,

11/18/26

16,763

17,036

APP-10768778.FP.FTS.B,

14.74%,

11/18/26

27,518

28,031

APP-11305757.FP.FTS.B,

11.99%,

11/19/26

17,120

17,415

APP-11237613.FP.FTS.B,

14.49%,

11/19/26

7,962

8,098

APP-11296028.FP.FTS.B,

23.49%,

11/19/26

38,433

39,197

APP-10756762.FP.FTS.B,

12.49%,

11/21/26

22,361

22,771

APP-10750422.FP.FTS.B,

17.49%,

11/21/26

14,672

15,025

APP-10769483.FP.FTS.B,

17.99%,

11/22/26

20,441

21,023

APP-10764525.FP.FTS.B,

20.49%,

11/22/26

13,389

13,851

APP-10624096.FP.FTS.B,

14.24%,

11/23/26

12,920

13,182

APP-10780891.FP.FTS.B,

17.99%,

11/23/26

32,415

33,095

APP-11103030.FP.FTS.B,

20.49%,

11/23/26

17,473

18,095

APP-10692601.FP.FTS.B,

22.49%,

11/23/26

7,144

7,398

APP-10762415.FP.FTS.B,

17.99%,

11/24/26

9,966

10,316

APP-11304530.FP.FTS.B,

21.49%,

11/24/26

36,624

37,808

APP-11387591.FP.FTS.B,

14.49%,

11/25/26

6,587

6,694

APP-11333408.FP.FTS.B,

17.99%,

11/25/26

9,707

10,069

APP-11386113.FP.FTS.B,

18.99%,

11/25/26

5,407

5,562

APP-10234140.FP.FTS.B,

15.49%,

12/01/26

..........................

33,064

17,117

APP-11741440.FP.FTS.B,

19.99%,

12/16/26

7,677

7,854

APP-11277516.FP.FTS.B,

18.49%,

12/18/26

18,272

18,683

APP-11301348.FP.FTS.B,

15.99%,

12/19/26

18,497

18,950

APP-11304077.FP.FTS.B,

18.99%,

12/20/26

15,532

15,936

APP-11312173.FP.FTS.B,

20.49%,

12/20/26

18,304

18,816

APP-11283905.FP.FTS.B,

15.99%,

12/21/26

35,825

36,470

APP-11277746.FP.FTS.B,

25.49%,

12/21/26

7,551

7,768

APP-11187285.FP.FTS.B,

12.49%,

12/22/26

27,553

28,029

APP-11320504.FP.FTS.B,

17.99%,

12/22/26

14,803

15,195

APP-11237793.FP.FTS.B,

18.99%,

12/23/26

8,704

868

APP-11798644.FP.FTS.B,

18.99%,

12/24/26

5,966

6,121

APP-11800198.FP.FTS.B,

16.99%,

12/25/26

14,286

14,565

APP-11318066.FP.FTS.B,

17.49%,

12/25/26

11,413

11,743

APP-11194578.FP.FTS.B,

18.99%,

12/25/26

13,687

14,084

APP-11283955.FP.FTS.B,

14.24%,

12/26/26

11,839

12,067

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

233

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11399469.FP.FTS.B,

16.49%,

12/26/26

$

5,076

$

5,110

APP-11395038.FP.FTS.B,

16.99%,

12/26/26

10,052

10,218

APP-11361916.FP.FTS.B,

23.49%,

12/26/26

37,200

38,677

APP-11305667.FP.FTS.B,

20.49%,

12/27/26

20,446

21,162

APP-11776378.FP.FTS.B,

20.49%,

12/27/26

28,907

29,893

APP-11124061.FP.FTS.B,

11.99%,

12/28/26

18,548

18,900

APP-11306747.FP.FTS.B,

14.24%,

12/28/26

11,284

11,494

APP-11740044.FP.FTS.B,

15.24%,

12/28/26

27,965

28,765

APP-11800507.FP.FTS.B,

18.49%,

12/28/26

14,662

15,104

APP-11306703.FP.FTS.B,

18.99%,

12/28/26

16,690

17,179

APP-08869934.FP.FTS.B,

21.99%,

12/28/26

..........................

9,588

1,198

APP-11410923.FP.FTS.B,

23.49%,

12/28/26

7,430

7,708

APP-11789125.FP.FTS.B,

11.24%,

12/29/26

20,368

20,643

APP-11798578.FP.FTS.B,

11.74%,

12/29/26

31,315

31,880

APP-09940038.FP.FTS.B,

17.49%,

12/29/26

..........................

13,407

13,783

APP-11807330.FP.FTS.B,

17.99%,

12/29/26

7,312

7,467

APP-11789087.FP.FTS.B,

18.99%,

12/29/26

11,033

11,369

APP-11266733.FP.FTS.B,

11.99%,

12/30/26

18,233

18,567

APP-11217813.FP.FTS.B,

14.24%,

12/30/26

16,345

16,693

APP-11285613.FP.FTS.B,

16.49%,

12/31/26

9,507

9,683

APP-11138919.FP.FTS.B,

11.99%,

1/01/27

10,231

10,398

APP-11036230.FP.FTS.B,

18.99%,

1/01/27

12,578

12,799

APP-11277041.FP.FTS.B,

20.49%,

1/01/27

17,841

10,740

APP-11377526.FP.FTS.B,

20.49%,

1/01/27

17,944

18,267

APP-11271721.FP.FTS.B,

11.99%,

1/02/27

11,993

12,191

APP-11279541.FP.FTS.B,

12.49%,

1/02/27

25,284

25,708

APP-11315623.FP.FTS.B,

15.49%,

1/02/27

14,126

4,494

APP-10840208.FP.FTS.B,

18.49%,

1/02/27

12,312

12,534

APP-11319315.FP.FTS.B,

19.99%,

1/02/27

3,283

3,262

APP-11341268.FP.FTS.B,

12.49%,

1/03/27

28,284

28,727

APP-11333109.FP.FTS.B,

15.99%,

1/03/27

16,060

16,332

APP-11333811.FP.FTS.B,

16.99%,

1/03/27

10,996

11,193

APP-11265912.FP.FTS.B,

17.49%,

1/03/27

9,297

9,477

APP-11329490.FP.FTS.B,

17.99%,

1/03/27

7,568

4,322

APP-11313333.FP.FTS.B,

20.99%,

1/03/27

24,075

7,696

APP-11323384.FP.FTS.B,

12.74%,

1/04/27

21,623

21,945

APP-11332983.FP.FTS.B,

18.99%,

1/04/27

11,175

11,383

APP-11399720.FP.FTS.B,

21.49%,

1/04/27

15,813

16,143

APP-11355890.FP.FTS.B,

14.74%,

1/07/27

28,754

29,222

APP-11389311.FP.FTS.B,

17.49%,

1/07/27

29,435

29,981

APP-11333372.FP.FTS.B,

18.49%,

1/07/27

14,371

14,688

APP-11370718.FP.FTS.B,

23.49%,

1/07/27

15,374

15,730

APP-11306719.FP.FTS.B,

11.99%,

1/08/27

11,164

11,360

APP-11128695.FP.FTS.B,

14.49%,

1/08/27

5,396

5,491

APP-11385154.FP.FTS.B,

18.99%,

1/08/27

11,141

11,360

APP-11396422.FP.FTS.B,

18.99%,

1/08/27

13,781

14,077

APP-10916969.FP.FTS.B,

19.99%,

1/08/27

8,076

8,251

APP-10266247.FP.FTS.B,

21.99%,

1/08/27

7,811

7,981

APP-11393205.FP.FTS.B,

21.99%,

1/08/27

8,009

1,630

APP-11294990.FP.FTS.B,

22.49%,

1/08/27

9,255

9,437

APP-11373885.FP.FTS.B,

14.49%,

1/09/27

7,560

7,698

APP-11395025.FP.FTS.B,

15.49%,

1/09/27

12,483

12,744

APP-11394790.FP.FTS.B,

15.99%,

1/09/27

20,680

6,358

APP-11380536.FP.FTS.B,

17.49%,

1/09/27

14,746

15,059

APP-11381570.FP.FTS.B,

17.99%,

1/09/27

6,332

1,177

APP-11335531.FP.FTS.B,

16.99%,

1/10/27

13,277

13,571

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12243964.FP.FTS.B,

19.99%,

1/15/27

$

11,183

$

11,460

APP-12266273.FP.FTS.B,

23.74%,

1/18/27

20,265

20,809

APP-12233402.FP.FTS.B,

21.49%,

1/20/27

13,906

14,303

APP-10580822.FP.FTS.B,

18.49%,

1/22/27

15,560

15,845

APP-12250959.FP.FTS.B,

11.74%,

1/25/27

35,650

36,261

APP-09818529.FP.FTS.B,

17.49%,

1/25/27

14,640

14,995

APP-12185049.FP.FTS.B,

19.99%,

1/25/27

9,204

9,459

APP-12245776.FP.FTS.B,

22.49%,

1/25/27

10,685

1,260

APP-12231521.FP.FTS.B,

17.24%,

1/26/27

27,066

27,766

APP-12146298.FP.FTS.B,

8.99%,

1/27/27

.

26,472

26,907

APP-12251026.FP.FTS.B,

11.24%,

1/27/27

11,228

11,427

APP-12244510.FP.FTS.B,

17.49%,

1/27/27

11,140

11,433

APP-12151284.FP.FTS.B,

17.99%,

1/27/27

14,902

15,388

APP-12241564.FP.FTS.B,

19.99%,

1/27/27

18,159

18,671

APP-12247637.FP.FTS.B,

19.99%,

1/27/27

23,847

24,648

APP-12243989.FP.FTS.B,

21.99%,

1/27/27

7,487

7,707

APP-10606291.FP.FTS.B,

18.49%,

1/28/27

16,825

17,140

APP-09045963.FP.FTS.B,

15.49%,

1/31/27

27,287

14,179

APP-11391376.FP.FTS.B,

19.99%,

1/31/27

17,100

17,252

APP-11237906.FP.FTS.B,

14.99%,

2/02/27

16,216

9,291

APP-11693698.FP.FTS.B,

16.74%,

2/02/27

37,070

37,632

APP-11194668.FP.FTS.B,

14.24%,

2/03/27

14,562

14,778

APP-11317083.FP.FTS.B,

20.49%,

2/03/27

8,209

8,312

APP-11795116.FP.FTS.B,

11.74%,

2/04/27

18,621

18,906

APP-11791702.FP.FTS.B,

13.24%,

2/05/27

21,980

22,406

APP-11785699.FP.FTS.B,

18.99%,

2/05/27

12,374

12,595

APP-11393178.FP.FTS.B,

18.99%,

2/07/27

11,585

11,778

APP-11753813.FP.FTS.B,

9.24%,

2/09/27

.

10,597

10,781

APP-11798862.FP.FTS.B,

16.49%,

2/09/27

9,667

9,839

APP-11810406.FP.FTS.B,

11.74%,

2/10/27

35,983

36,611

APP-11810344.FP.FTS.B,

17.49%,

2/10/27

19,667

20,001

APP-11787878.FP.FTS.B,

19.99%,

2/10/27

5,726

5,841

APP-11805029.FP.FTS.B,

25.49%,

2/10/27

7,925

8,098

APP-11740981.FP.FTS.B,

9.24%,

2/11/27

.

11,210

11,402

APP-11779303.FP.FTS.B,

10.99%,

2/11/27

14,292

14,534

APP-11496336.FP.FTS.B,

11.24%,

2/11/27

12,195

12,401

APP-11791248.FP.FTS.B,

11.24%,

2/11/27

28,641

29,134

APP-11799511.FP.FTS.B,

13.49%,

2/11/27

10,840

11,032

APP-11496149.FP.FTS.B,

13.74%,

2/11/27

4,213

2,361

APP-11823747.FP.FTS.B,

13.74%,

2/11/27

8,361

8,506

APP-11788952.FP.FTS.B,

16.49%,

2/11/27

11,182

11,392

APP-11795686.FP.FTS.B,

16.49%,

2/11/27

11,472

11,688

APP-11779953.FP.FTS.B,

16.74%,

2/11/27

37,343

38,047

APP-11238359.FP.FTS.B,

18.99%,

2/11/27

20,497

20,919

APP-11789582.FP.FTS.B,

19.49%,

2/11/27

10,040

10,250

APP-11805082.FP.FTS.B,

19.49%,

2/11/27

16,200

16,555

APP-11804667.FP.FTS.B,

19.99%,

2/11/27

16,543

16,936

APP-09354449.FP.FTS.B,

23.49%,

2/11/27

12,385

1,189

APP-11807542.FP.FTS.B,

10.99%,

2/12/27

28,598

29,090

APP-11793986.FP.FTS.B,

11.24%,

2/12/27

10,388

10,567

APP-11794207.FP.FTS.B,

11.49%,

2/12/27

10,767

10,956

APP-11694425.FP.FTS.B,

11.74%,

2/12/27

30,500

31,026

APP-11798052.FP.FTS.B,

18.49%,

2/12/27

22,266

22,757

APP-11753796.FP.FTS.B,

19.99%,

2/12/27

11,461

11,712

APP-11805436.FP.FTS.B,

22.49%,

2/12/27

7,788

7,963

APP-10315402.FP.FTS.B,

22.99%,

2/15/27

12,490

12,834

APP-10688549.FP.FTS.B,

18.99%,

2/16/27

24,297

24,759

APP-11339522.FP.FTS.B,

23.49%,

2/21/27

15,577

15,955

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

234

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10459721.FP.FTS.B,

20.99%,

2/23/27

$

31,174

$

31,666

APP-11307115.FP.FTS.B,

21.99%,

2/28/27

22,355

5,087

APP-12237250.FP.FTS.B,

10.99%,

3/01/27

29,228

29,696

APP-12280379.FP.FTS.B,

16.49%,

3/01/27

15,061

15,237

APP-12236364.FP.FTS.B,

17.24%,

3/01/27

30,540

6,084

APP-12228409.FP.FTS.B,

19.99%,

3/01/27

10,253

10,378

APP-12245849.FP.FTS.B,

19.99%,

3/01/27

13,219

13,472

APP-12263763.FP.FTS.B,

22.49%,

3/01/27

27,398

27,830

APP-12106034.FP.FTS.B,

11.24%,

3/04/27

17,083

17,341

APP-12189756.FP.FTS.B,

18.24%,

3/04/27

24,167

24,525

APP-12180444.FP.FTS.B,

25.49%,

3/04/27

8,274

2,823

APP-12262293.FP.FTS.B,

10.99%,

3/05/27

24,575

24,949

APP-11375423.FP.FTS.B,

18.49%,

3/07/27

16,915

5,562

APP-12172287.FP.FTS.B,

19.99%,

3/07/27

12,466

12,727

APP-11396135.FP.FTS.B,

18.99%,

3/08/27

19,467

19,684

APP-12017319.FP.FTS.B,

10.99%,

3/09/27

23,372

23,756

APP-12130498.FP.FTS.B,

13.24%,

3/10/27

15,780

16,053

APP-12212103.FP.FTS.B,

16.49%,

3/10/27

17,353

3,228

APP-12213871.FP.FTS.B,

19.99%,

3/11/27

15,789

16,160

APP-11800362.FP.FTS.B,

25.49%,

3/11/27

8,729

8,882

APP-11799128.FP.FTS.B,

10.99%,

3/12/27

16,298

16,585

APP-12244387.FP.FTS.B,

11.24%,

3/12/27

23,110

23,510

APP-12250156.FP.FTS.B,

11.74%,

3/12/27

36,736

37,378

APP-12245031.FP.FTS.B,

19.99%,

3/12/27

19,497

19,870

APP-11821897.FP.FTS.B,

25.49%,

3/12/27

7,010

1,493

APP-12246518.FP.FTS.B,

13.24%,

3/13/27

16,656

16,960

APP-12236483.FP.FTS.B,

15.24%,

3/13/27

29,922

30,465

APP-11238158.FP.FTS.B,

16.49%,

3/13/27

8,769

8,763

APP-12050299.FP.FTS.B,

17.99%,

3/13/27

8,276

8,422

APP-10550902.FP.FTS.B,

9.99%,

3/24/27

.

21,858

22,256

APP-10156518.FP.FTS.B,

19.99%,

3/31/27

10,392

10,593

APP-10221821.FP.FTS.B,

15.49%,

4/02/27

23,035

23,467

APP-11304753.FP.FTS.B,

16.99%,

4/08/27

11,262

11,545

APP-11794186.FP.FTS.B,

14.74%,

4/12/27

36,938

37,680

APP-12241288.FP.FTS.B,

22.99%,

4/13/27

38,854

39,755

APP-12260011.FP.FTS.B,

18.24%,

4/14/27

27,865

16,001

APP-11376149.FP.FTS.B,

20.99%,

4/25/27

15,209

3,375

APP-12269168.FP.FTS.B,

22.49%,

4/28/27

9,082

954

APP-12247272.FP.FTS.B,

22.24%,

5/06/27

23,960

24,032

APP-09447903.FP.FTS.B,

23.49%,

5/06/27

16,731

5,780

APP-11579250.FP.FTS.B,

11.24%,

5/15/27

25,463

25,852

APP-11689215.FP.FTS.B,

14.74%,

5/18/27

24,659

2,202

APP-10479319.FP.FTS.B,

19.49%,

5/28/27

24,645

8,001

APP-11301237.FP.FTS.B,

18.49%,

6/02/27

14,736

14,900

APP-12077324.FP.FTS.B,

17.99%,

6/10/27

21,299

21,404

APP-10608955.FP.FTS.B,

19.49%,

6/23/27

40,586

41,169

APP-11798675.FP.FTS.B,

15.49%,

7/10/27

11,992

1,324

APP-12222310.FP.FTS.B,

18.24%,

9/21/27

34,961

35,293

APP-11800371.FP.FTS.B,

19.74%,

10/10/27

35,390

35,319

APP-11254936.FP.FTS.B,

20.99%,

3/17/28

14,407

14,425

APP-11197492.FP.FTS.B,

18.99%,

11/12/33

444

445

APP-11139483.FP.FTS.B,

5.99%,

11/14/33

324

324

APP-11265301.FP.FTS.B,

14.99%,

11/17/33

983

984

APP-11139070.FP.FTS.B,

5.99%,

11/18/33

360

361

9,429,318

LendingClub

Corp.

-

LCX

157826557.LC.FTS.B,

12.4%,

11/03/24

...

7,195

6,832

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

(continued)

160977025.LC.FTS.B,

12.4%,

11/12/24

...

$

10,000

$

9,819

162072108.LC.FTS.B,

17.74%,

11/19/24

..

28,282

–

161569311.LC.FTS.B,

8.19%,

11/20/24

...

10,201

10,062

162876938.LC.FTS.B,

8.81%,

12/06/24

...

6,302

6,213

161914714.LC.FTS.B,

18.62%,

12/06/24

..

9,647

9,618

163477091.LC.FTS.B,

11.02%,

12/20/24

..

8,565

8,380

164033983.LC.FTS.B,

8.19%,

12/30/24

...

8,308

2,937

163849354.LC.FTS.B,

11.71%,

12/30/24

..

2,636

980

163859690.LC.FTS.B,

16.95%,

1/03/25

...

6,669

6,361

164222970.LC.FTS.B,

8.19%,

1/07/25

...

11,578

11,398

163973756.LC.FTS.B,

12.4%,

1/12/25

...

12,698

12,371

164807302.LC.FTS.B,

8.81%,

1/15/25

...

11,714

11,527

165157005.LC.FTS.B,

14.3%,

1/21/25

...

8,273

8,101

165333612.LC.FTS.B,

11.71%,

1/23/25

...

3,683

3,507

165427525.LC.FTS.B,

14.3%,

1/23/25

...

4,467

4,385

165461334.LC.FTS.B,

14.3%,

1/24/25

...

1,920

1,884

164424854.LC.FTS.B,

16.12%,

1/24/25

...

5,926

5,816

165508383.LC.FTS.B,

15.24%,

1/27/25

...

11,367

11,161

165618377.LC.FTS.B,

8.81%,

1/28/25

...

3,802

3,588

165490643.LC.FTS.B,

18.62%,

2/08/25

...

11,715

11,562

166868646.LC.FTS.B,

16.12%,

2/18/25

...

1,745

1,664

166982249.LC.FTS.B,

20.55%,

2/21/25

...

4,467

4,456

166977058.LC.FTS.B,

23.05%,

2/22/25

...

6,364

5,066

167008405.LC.FTS.B,

16.95%,

2/24/25

...

11,664

11,411

168170703.LC.FTS.B,

8.19%,

3/13/25

...

4,949

4,676

163371603.LC.FTS.B,

10.33%,

3/13/25

...

3,603

3,369

168563219.LC.FTS.B,

8.81%,

3/19/25

...

6,138

5,872

165509821.LC.FTS.B,

11.71%,

3/31/25

...

4,955

4,571

165799463.LC.FTS.B,

12.4%,

3/31/25

...

4,766

4,450

165450743.LC.FTS.B,

16.95%,

3/31/25

...

12,193

1,152

168657342.LC.FTS.B,

Zero

Cpn,

4/14/25

.

14,099

–

163257946.LC.FTS.B,

13.08%,

10/24/25

..

14,029

13,479

206,668

LendingClub

Corp.

-

LCX

PM

172292139.LC.FTS.B,

10.19%,

12/02/23

..

1,597

1,595

172486420.LC.FTS.B,

19.95%,

12/02/23

..

189

189

172591096.LC.FTS.B,

10.81%,

12/15/23

..

485

482

173021253.LC.FTS.B,

10.19%,

12/18/23

..

833

830

173107270.LC.FTS.B,

17.3%,

12/18/23

...

140

141

173000593.LC.FTS.B,

14.71%,

12/21/23

..

1,830

1,832

173100997.LC.FTS.B,

14.02%,

12/27/23

..

5,857

732

173365718.LC.FTS.B,

17.3%,

12/30/23

...

699

706

172326263.LC.FTS.B,

14.02%,

12/31/23

..

1,013

1,009

173378319.LC.FTS.B,

14.71%,

12/31/23

..

604

604

173431392.LC.FTS.B,

19.12%,

12/31/23

..

531

538

172830533.LC.FTS.B,

Zero

Cpn,

1/04/24

.

2,362

–

172968764.LC.FTS.B,

16.08%,

1/04/24

...

617

616

174028958.LC.FTS.B,

14.99%,

1/26/24

...

3,495

3,457

174181203.LC.FTS.B,

16.99%,

1/26/24

...

187

187

173990194.LC.FTS.B,

13.99%,

1/28/24

...

801

796

173995037.LC.FTS.B,

16.19%,

1/28/24

...

123

123

173720769.LC.FTS.B,

16.99%,

1/28/24

...

2,495

2,492

173993696.LC.FTS.B,

19.49%,

1/28/24

...

3,758

3,783

173506829.LC.FTS.B,

20.74%,

1/28/24

...

903

67

174090524.LC.FTS.B,

12.74%,

1/29/24

...

2,943

2,916

174235765.LC.FTS.B,

12.74%,

1/29/24

...

686

685

174224849.LC.FTS.B,

13.99%,

1/29/24

...

398

396

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

235

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

174239520.LC.FTS.B,

16.99%,

1/29/24

...

$

619

$

618

174240247.LC.FTS.B,

18.49%,

1/29/24

...

1,261

1,258

174169568.LC.FTS.B,

7.74%,

2/04/24

...

4,314

4,258

174146725.LC.FTS.B,

Zero

Cpn,

2/05/24

.

25,479

–

174293219.LC.FTS.B,

19.44%,

2/05/24

...

638

640

174343617.LC.FTS.B,

11.29%,

2/15/24

...

2,083

2,068

173725842.LC.FTS.B,

16.08%,

2/22/24

...

5,739

4,711

174347591.LC.FTS.B,

13.99%,

2/23/24

...

422

420

174279916.LC.FTS.B,

13.04%,

6/08/24

...

10,366

–

182191083.LC.FTS.B,

18.99%,

10/13/24

..

1,987

1,971

182251543.LC.FTS.B,

15.99%,

10/14/24

..

3,682

3,652

182168238.LC.FTS.B,

18.99%,

10/14/24

..

7,161

7,035

182333831.LC.FTS.B,

19.44%,

10/15/24

..

1,996

2,004

182308670.LC.FTS.B,

19.49%,

10/15/24

..

3,595

3,616

182183875.LC.FTS.B,

20.99%,

10/15/24

..

4,046

4,069

182215764.LC.FTS.B,

20.99%,

10/15/24

..

8,092

8,138

182310621.LC.FTS.B,

21.49%,

10/15/24

..

8,451

8,499

182294171.LC.FTS.B,

22.99%,

10/15/24

..

3,996

4,048

182334375.LC.FTS.B,

23.99%,

10/15/24

..

6,227

6,306

181823934.LC.FTS.B,

18.99%,

10/16/24

..

5,983

5,935

182309932.LC.FTS.B,

19.49%,

10/17/24

..

5,902

555

182322335.LC.FTS.B,

5%,

10/18/24

.....

13,807

11,357

182332114.LC.FTS.B,

22.99%,

10/18/24

..

823

838

182334791.LC.FTS.B,

22.99%,

10/18/24

..

1,251

151

182127030.LC.FTS.B,

23.99%,

10/18/24

..

4,544

3,688

182386230.LC.FTS.B,

15.99%,

10/19/24

..

4,284

3,416

182352192.LC.FTS.B,

17.44%,

10/19/24

..

3,922

3,908

182455989.LC.FTS.B,

17.44%,

10/19/24

..

3,924

3,918

182112904.LC.FTS.B,

19.49%,

10/19/24

..

7,789

7,721

181717704.LC.FTS.B,

22.49%,

10/19/24

..

10,255

10,413

182410510.LC.FTS.B,

5%,

10/21/24

.....

9,034

7,605

182327350.LC.FTS.B,

18.99%,

10/23/24

..

3,369

3,365

182222867.LC.FTS.B,

18.49%,

10/25/24

..

4,677

4,667

182348144.LC.FTS.B,

18.99%,

10/25/24

..

4,030

4,026

182434150.LC.FTS.B,

20.44%,

10/25/24

..

2,854

2,870

182411428.LC.FTS.B,

18.44%,

10/26/24

..

7,230

7,195

182545979.LC.FTS.B,

11.99%,

11/01/24

..

7,253

7,223

182385569.LC.FTS.B,

21.49%,

11/01/24

..

10,910

10,932

182713608.LC.FTS.B,

22.99%,

11/01/24

..

2,651

2,678

182830334.LC.FTS.B,

12.99%,

11/02/24

..

4,065

4,032

182852118.LC.FTS.B,

16.49%,

11/02/24

..

4,607

4,586

182842810.LC.FTS.B,

17.49%,

11/02/24

..

3,801

3,784

182863345.LC.FTS.B,

18.99%,

11/02/24

..

2,138

2,128

182863664.LC.FTS.B,

19.99%,

11/02/24

..

1,742

1,741

182884975.LC.FTS.B,

15.99%,

11/03/24

..

14,178

5,216

182914089.LC.FTS.B,

17.19%,

11/03/24

..

1,897

1,887

182877276.LC.FTS.B,

17.49%,

11/03/24

..

2,753

2,740

182882751.LC.FTS.B,

18.99%,

11/03/24

..

1,496

1,490

182406475.LC.FTS.B,

19.99%,

11/03/24

..

5,058

5,056

182901080.LC.FTS.B,

22.49%,

11/03/24

..

1,760

1,783

182343246.LC.FTS.B,

22.99%,

11/03/24

..

2,650

2,685

182919920.LC.FTS.B,

10.34%,

11/04/24

..

5,958

5,935

182907566.LC.FTS.B,

15.99%,

11/04/24

..

1,168

1,166

182914824.LC.FTS.B,

16.49%,

11/04/24

..

4,191

4,172

182927640.LC.FTS.B,

16.49%,

11/04/24

..

1,316

1,308

182953244.LC.FTS.B,

17.49%,

11/04/24

..

4,223

4,206

182281352.LC.FTS.B,

18.99%,

11/04/24

..

5,832

1,009

182726206.LC.FTS.B,

19.99%,

11/04/24

..

1,940

1,945

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

182766834.LC.FTS.B,

Zero

Cpn,

11/05/24

$

15,194

$

–

183008113.LC.FTS.B,

11.99%,

11/05/24

..

2,418

2,400

182864591.LC.FTS.B,

18.44%,

11/05/24

..

15,026

14,968

182892987.LC.FTS.B,

18.99%,

11/05/24

..

5,131

5,111

182923000.LC.FTS.B,

18.99%,

11/05/24

..

10,690

10,649

182929096.LC.FTS.B,

18.99%,

11/05/24

..

2,742

551

182854752.LC.FTS.B,

18.99%,

11/07/24

..

8,611

8,575

182428388.LC.FTS.B,

Zero

Cpn,

11/08/24

7,690

–

183012848.LC.FTS.B,

6%,

11/08/24

.....

4,508

4,477

182935882.LC.FTS.B,

14.49%,

11/08/24

..

4,980

–

183005145.LC.FTS.B,

14.49%,

11/08/24

..

9,469

396

182874683.LC.FTS.B,

16.19%,

11/08/24

..

7,497

7,459

182990403.LC.FTS.B,

16.49%,

11/08/24

..

3,830

3,816

182991246.LC.FTS.B,

16.49%,

11/08/24

..

3,350

3,339

182769411.LC.FTS.B,

18.44%,

11/08/24

..

2,056

2,053

182999357.LC.FTS.B,

18.44%,

11/08/24

..

4,669

1,804

182908610.LC.FTS.B,

18.49%,

11/08/24

..

12,667

12,612

182946096.LC.FTS.B,

22.99%,

11/08/24

..

2,208

2,241

182967907.LC.FTS.B,

Zero

Cpn,

11/09/24

21,964

–

182737632.LC.FTS.B,

20.99%,

11/10/24

..

4,398

4,395

182923608.LC.FTS.B,

Zero

Cpn,

11/12/24

4,522

–

183149370.LC.FTS.B,

15.19%,

11/12/24

..

2,071

2,066

183022196.LC.FTS.B,

15.99%,

11/12/24

..

4,003

3,993

183108244.LC.FTS.B,

15.99%,

11/12/24

..

834

832

183143740.LC.FTS.B,

16.49%,

11/12/24

..

3,560

3,544

182977352.LC.FTS.B,

17.44%,

11/12/24

..

4,221

4,210

182716700.LC.FTS.B,

14.99%,

11/14/24

..

4,184

4,173

182341717.LC.FTS.B,

18.99%,

11/14/24

..

4,365

4,350

182861781.LC.FTS.B,

Zero

Cpn,

11/15/24

13,053

–

182828421.LC.FTS.B,

11.49%,

11/15/24

..

12,109

12,076

182991991.LC.FTS.B,

11.49%,

11/15/24

..

3,384

3,363

183154424.LC.FTS.B,

15.99%,

11/15/24

..

5,839

5,826

183171929.LC.FTS.B,

16.49%,

11/15/24

..

2,887

512

182850075.LC.FTS.B,

17.99%,

11/15/24

..

9,863

9,840

182547090.LC.FTS.B,

18.99%,

11/15/24

..

6,570

6,539

183150801.LC.FTS.B,

18.99%,

11/15/24

..

4,276

4,266

183164730.LC.FTS.B,

18.99%,

11/15/24

..

513

512

182903788.LC.FTS.B,

19.49%,

11/15/24

..

9,197

9,224

183127694.LC.FTS.B,

19.49%,

11/15/24

..

9,496

–

182850730.LC.FTS.B,

22.99%,

11/15/24

..

8,281

8,390

183261327.LC.FTS.B,

11.04%,

11/16/24

..

7,791

1,347

183334882.LC.FTS.B,

11.99%,

11/16/24

..

2,418

2,404

182487044.LC.FTS.B,

14.99%,

11/16/24

..

6,328

6,211

182762119.LC.FTS.B,

15.49%,

11/16/24

..

3,391

3,382

183199016.LC.FTS.B,

18.99%,

11/16/24

..

2,139

2,121

183248270.LC.FTS.B,

18.99%,

11/16/24

..

5,602

259

183249845.LC.FTS.B,

18.99%,

11/16/24

..

4,612

123

183204737.LC.FTS.B,

19.49%,

11/16/24

..

2,740

2,745

183265092.LC.FTS.B,

20.44%,

11/16/24

..

3,277

3,297

182940512.LC.FTS.B,

9.34%,

11/17/24

...

810

799

183199235.LC.FTS.B,

10.99%,

11/17/24

..

5,992

5,958

183036723.LC.FTS.B,

16.49%,

11/17/24

..

6,031

6,019

183258872.LC.FTS.B,

17.99%,

11/17/24

..

4,580

4,571

183131010.LC.FTS.B,

18.99%,

11/17/24

..

1,539

1,536

183281498.LC.FTS.B,

18.99%,

11/17/24

..

4,276

4,268

182874149.LC.FTS.B,

22.99%,

11/17/24

..

9,073

9,211

183376238.LC.FTS.B,

15.19%,

11/18/24

..

5,776

5,767

183297337.LC.FTS.B,

15.49%,

11/18/24

..

4,568

4,561

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

236

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183031081.LC.FTS.B,

15.99%,

11/18/24

..

$

8,011

$

6,315

183301563.LC.FTS.B,

15.99%,

11/18/24

..

225

224

183195827.LC.FTS.B,

16.49%,

11/18/24

..

14,658

14,510

183237884.LC.FTS.B,

18.19%,

11/18/24

..

10,195

10,179

182840575.LC.FTS.B,

18.99%,

11/18/24

..

2,138

2,134

182861390.LC.FTS.B,

18.99%,

11/18/24

..

10,987

467

183290549.LC.FTS.B,

18.99%,

11/18/24

..

7,983

7,956

183307678.LC.FTS.B,

18.99%,

11/18/24

..

3,207

3,202

183319106.LC.FTS.B,

18.99%,

11/18/24

..

4,604

4,592

183239686.LC.FTS.B,

20.44%,

11/18/24

..

10,416

10,448

183308830.LC.FTS.B,

22.99%,

11/18/24

..

1,590

1,619

183351808.LC.FTS.B,

11.49%,

11/19/24

..

6,018

5,987

183388949.LC.FTS.B,

14.19%,

11/19/24

..

13,233

13,234

183325965.LC.FTS.B,

15.99%,

11/19/24

..

7,888

7,877

183273399.LC.FTS.B,

18.99%,

11/19/24

..

3,079

3,074

183355970.LC.FTS.B,

22.99%,

11/19/24

..

4,449

4,517

183366235.LC.FTS.B,

22.99%,

11/19/24

..

2,208

2,248

182746441.LC.FTS.B,

Zero

Cpn,

11/20/24

9,569

–

182390204.LC.FTS.B,

18.99%,

11/20/24

..

8,351

779

182810364.LC.FTS.B,

19.49%,

11/20/24

..

8,378

8,414

183009664.LC.FTS.B,

14.19%,

11/21/24

..

6,199

6,189

182983769.LC.FTS.B,

12.99%,

11/22/24

..

1,951

1,945

183270133.LC.FTS.B,

14.44%,

11/22/24

..

4,452

422

183422493.LC.FTS.B,

14.99%,

11/22/24

..

992

991

183428100.LC.FTS.B,

16.99%,

11/22/24

..

8,454

8,453

183268922.LC.FTS.B,

17.99%,

11/22/24

..

11,049

8,806

183326198.LC.FTS.B,

18.99%,

11/22/24

..

4,116

499

183394488.LC.FTS.B,

18.99%,

11/22/24

..

2,138

2,136

183369334.LC.FTS.B,

22.99%,

11/22/24

..

7,061

7,150

183400615.LC.FTS.B,

12.49%,

11/23/24

..

10,128

10,116

183464008.LC.FTS.B,

15.24%,

11/23/24

..

11,258

11,175

182618845.LC.FTS.B,

18.99%,

11/23/24

..

4,276

4,264

183430526.LC.FTS.B,

18.99%,

11/23/24

..

4,276

4,273

183431297.LC.FTS.B,

18.99%,

11/23/24

..

2,281

212

183464408.LC.FTS.B,

Zero

Cpn,

11/24/24

3,335

–

183532866.LC.FTS.B,

15.99%,

11/24/24

..

2,662

2,120

183565213.LC.FTS.B,

16.19%,

11/24/24

..

925

921

183476973.LC.FTS.B,

16.49%,

11/24/24

..

6,251

6,197

183540917.LC.FTS.B,

16.49%,

11/24/24

..

1,047

1,047

183540900.LC.FTS.B,

18.44%,

11/24/24

..

1,064

1,064

183371602.LC.FTS.B,

18.99%,

11/24/24

..

9,163

7,302

183407963.LC.FTS.B,

18.99%,

11/24/24

..

3,921

3,127

182884112.LC.FTS.B,

15.74%,

11/25/24

..

15,756

12,456

183343101.LC.FTS.B,

Zero

Cpn,

11/26/24

5,416

–

183524052.LC.FTS.B,

16.49%,

11/26/24

..

14,886

1,399

183520286.LC.FTS.B,

16.99%,

11/26/24

..

3,785

3,785

183504509.LC.FTS.B,

18.49%,

11/26/24

..

8,133

8,097

183342456.LC.FTS.B,

22.49%,

11/26/24

..

10,998

11,221

183441212.LC.FTS.B,

22.99%,

11/26/24

..

949

969

183494147.LC.FTS.B,

Zero

Cpn,

11/28/24

2,526

–

183259213.LC.FTS.B,

18.99%,

11/28/24

..

2,313

2,312

183402694.LC.FTS.B,

11.99%,

11/29/24

..

4,885

4,864

183250462.LC.FTS.B,

14.99%,

11/29/24

..

3,746

3,746

183425417.LC.FTS.B,

16.49%,

11/29/24

..

6,244

6,219

183522405.LC.FTS.B,

17.99%,

11/29/24

..

14,841

14,844

183102073.LC.FTS.B,

18.99%,

11/29/24

..

1,958

1,954

183619170.LC.FTS.B,

14.19%,

11/30/24

..

4,106

4,108

183500540.LC.FTS.B,

15.99%,

11/30/24

..

3,336

3,337

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183356155.LC.FTS.B,

16.99%,

11/30/24

..

$

11,391

$

11,366

183602959.LC.FTS.B,

18.49%,

11/30/24

..

2,909

2,896

183339461.LC.FTS.B,

18.99%,

11/30/24

..

8,337

8,321

183616976.LC.FTS.B,

18.99%,

11/30/24

..

4,446

4,448

183291733.LC.FTS.B,

19.99%,

11/30/24

..

4,370

408

183362712.LC.FTS.B,

15.99%,

12/01/24

..

7,232

7,195

183663596.LC.FTS.B,

16.19%,

12/01/24

..

7,151

7,120

183359486.LC.FTS.B,

16.99%,

12/01/24

..

4,352

4,330

183645675.LC.FTS.B,

19.99%,

12/01/24

..

1,843

1,844

183673337.LC.FTS.B,

23.99%,

12/01/24

..

11,873

12,021

183762903.LC.FTS.B,

15.44%,

12/02/24

..

3,398

3,370

183705826.LC.FTS.B,

15.99%,

12/02/24

..

9,594

9,550

183434525.LC.FTS.B,

19.99%,

12/02/24

..

11,538

1,088

183697716.LC.FTS.B,

22.99%,

12/02/24

..

471

477

183354385.LC.FTS.B,

12.49%,

12/03/24

..

2,702

2,222

183695987.LC.FTS.B,

15.99%,

12/03/24

..

9,157

9,020

183777683.LC.FTS.B,

18.99%,

12/03/24

..

3,839

3,822

183609082.LC.FTS.B,

19.49%,

12/03/24

..

1,835

1,837

183773059.LC.FTS.B,

21.99%,

12/03/24

..

7,017

7,106

183788267.LC.FTS.B,

22.99%,

12/03/24

..

1,697

1,718

183519416.LC.FTS.B,

15%,

12/04/24

....

669

615

183502968.LC.FTS.B,

Zero

Cpn,

12/05/24

4,426

–

183693231.LC.FTS.B,

12.49%,

12/05/24

..

290

288

183535525.LC.FTS.B,

17.99%,

12/05/24

..

3,993

–

183189944.LC.FTS.B,

13.04%,

12/06/24

..

6,530

6,492

183827173.LC.FTS.B,

14.99%,

12/06/24

..

126

126

183203390.LC.FTS.B,

15.49%,

12/06/24

..

11,170

11,119

183769602.LC.FTS.B,

16.19%,

12/06/24

..

4,039

4,020

183766217.LC.FTS.B,

16.49%,

12/06/24

..

5,081

–

183802837.LC.FTS.B,

17.99%,

12/06/24

..

12,843

12,791

183558965.LC.FTS.B,

18.99%,

12/06/24

..

3,499

1,316

183799482.LC.FTS.B,

18.99%,

12/06/24

..

4,627

4,617

183818205.LC.FTS.B,

18.99%,

12/06/24

..

10,968

10,923

183541347.LC.FTS.B,

22.99%,

12/06/24

..

4,713

4,776

183853227.LC.FTS.B,

Zero

Cpn,

12/07/24

5,370

–

183169104.LC.FTS.B,

12.34%,

12/07/24

..

11,261

11,175

183193558.LC.FTS.B,

12.49%,

12/07/24

..

10,833

10,664

183568984.LC.FTS.B,

15.99%,

12/07/24

..

13,511

13,394

183882045.LC.FTS.B,

15.99%,

12/07/24

..

6,694

6,628

183901831.LC.FTS.B,

16.49%,

12/07/24

..

13,441

13,389

183585296.LC.FTS.B,

17.49%,

12/07/24

..

4,516

4,481

183893289.LC.FTS.B,

18.44%,

12/07/24

..

1,137

1,131

183739101.LC.FTS.B,

18.99%,

12/07/24

..

3,672

3,636

183882847.LC.FTS.B,

21.99%,

12/07/24

..

5,476

642

183710611.LC.FTS.B,

22.49%,

12/07/24

..

1,893

1,914

183872755.LC.FTS.B,

22.99%,

12/07/24

..

5,769

1,042

183842381.LC.FTS.B,

24.99%,

12/07/24

..

5,742

5,863

183294973.LC.FTS.B,

27.99%,

12/07/24

..

8,805

9,024

183947592.LC.FTS.B,

Zero

Cpn,

12/08/24

5,079

–

183582634.LC.FTS.B,

11.04%,

12/08/24

..

2,121

2,075

184003016.LC.FTS.B,

13.19%,

12/08/24

..

654

649

183915427.LC.FTS.B,

13.24%,

12/08/24

..

10,717

4,237

183732977.LC.FTS.B,

14.49%,

12/08/24

..

6,613

6,589

183913486.LC.FTS.B,

14.49%,

12/08/24

..

2,204

2,196

183954033.LC.FTS.B,

14.49%,

12/08/24

..

6,178

6,162

183955270.LC.FTS.B,

16.49%,

12/08/24

..

1,120

1,116

183942448.LC.FTS.B,

17.99%,

12/08/24

..

2,048

61

183551116.LC.FTS.B,

18.99%,

12/08/24

..

3,199

3,187

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

237

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183942961.LC.FTS.B,

18.99%,

12/08/24

..

$

2,572

$

449

183801794.LC.FTS.B,

19.44%,

12/08/24

..

4,526

4,534

183961259.LC.FTS.B,

12.74%,

12/09/24

..

4,346

4,331

184035228.LC.FTS.B,

13.04%,

12/09/24

..

6,535

6,487

184037141.LC.FTS.B,

13.19%,

12/09/24

..

3,182

3,159

183835923.LC.FTS.B,

15.19%,

12/09/24

..

5,077

5,057

183294173.LC.FTS.B,

15.99%,

12/09/24

..

2,695

2,688

183610510.LC.FTS.B,

15.99%,

12/09/24

..

9,817

9,765

183951356.LC.FTS.B,

17.49%,

12/09/24

..

7,904

7,877

183972047.LC.FTS.B,

17.49%,

12/09/24

..

452

450

183968599.LC.FTS.B,

18.99%,

12/09/24

..

2,058

361

183576580.LC.FTS.B,

20.44%,

12/09/24

..

14,964

708

183880382.LC.FTS.B,

22.99%,

12/09/24

..

2,362

2,383

183967026.LC.FTS.B,

22.99%,

12/09/24

..

9,206

7,455

183983228.LC.FTS.B,

26.49%,

12/09/24

..

11,343

11,587

183493762.LC.FTS.B,

12.24%,

12/10/24

..

15,374

15,253

184037034.LC.FTS.B,

12.49%,

12/10/24

..

434

432

183775188.LC.FTS.B,

14.44%,

12/10/24

..

4,734

4,668

184000110.LC.FTS.B,

15.49%,

12/10/24

..

7,111

7,089

183974082.LC.FTS.B,

15.99%,

12/10/24

..

8,419

8,389

184004060.LC.FTS.B,

16.49%,

12/10/24

..

12,545

12,505

183929309.LC.FTS.B,

16.99%,

12/10/24

..

8,987

8,958

184001961.LC.FTS.B,

16.99%,

12/10/24

..

3,570

3,542

184006108.LC.FTS.B,

16.99%,

12/10/24

..

5,623

5,605

184044208.LC.FTS.B,

16.99%,

12/10/24

..

11,876

11,838

184008894.LC.FTS.B,

17.99%,

12/10/24

..

4,534

4,520

183687452.LC.FTS.B,

18.99%,

12/10/24

..

457

455

183979122.LC.FTS.B,

18.99%,

12/10/24

..

1,098

1,093

184026094.LC.FTS.B,

22.99%,

12/10/24

..

3,292

1,312

182860020.LC.FTS.B,

15.44%,

12/12/24

..

16,166

16,108

184035087.LC.FTS.B,

10.34%,

12/13/24

..

4,259

4,231

184030481.LC.FTS.B,

11.04%,

12/13/24

..

3,000

2,959

184049185.LC.FTS.B,

13.24%,

12/13/24

..

7,854

7,833

184083997.LC.FTS.B,

16.44%,

12/13/24

..

3,729

172

183170547.LC.FTS.B,

16.49%,

12/13/24

..

12,740

12,534

184074389.LC.FTS.B,

16.49%,

12/13/24

..

4,704

4,691

184003705.LC.FTS.B,

17.99%,

12/13/24

..

6,801

6,782

184046281.LC.FTS.B,

18.99%,

12/13/24

..

548

547

183770308.LC.FTS.B,

21.49%,

12/13/24

..

1,444

1,449

184053243.LC.FTS.B,

Zero

Cpn,

12/14/24

12,836

–

184091538.LC.FTS.B,

Zero

Cpn,

12/14/24

3,785

–

184125481.LC.FTS.B,

Zero

Cpn,

12/14/24

4,866

–

184127825.LC.FTS.B,

Zero

Cpn,

12/14/24

3,595

–

184106683.LC.FTS.B,

9.99%,

12/14/24

...

6,370

6,183

184070958.LC.FTS.B,

10.49%,

12/14/24

..

2,403

2,386

184028586.LC.FTS.B,

10.99%,

12/14/24

..

14,554

2,494

184058069.LC.FTS.B,

11.04%,

12/14/24

..

2,999

2,949

184056676.LC.FTS.B,

15.99%,

12/14/24

..

2,231

2,193

183304150.LC.FTS.B,

16.49%,

12/14/24

..

5,814

1,030

184078696.LC.FTS.B,

17.99%,

12/14/24

..

4,458

4,436

184111504.LC.FTS.B,

18.99%,

12/14/24

..

5,545

5,540

183959795.LC.FTS.B,

Zero

Cpn,

12/15/24

7,030

–

184202834.LC.FTS.B,

10.49%,

12/15/24

..

6,824

6,780

183776421.LC.FTS.B,

11.04%,

12/15/24

..

3,312

3,261

183184685.LC.FTS.B,

13.24%,

12/15/24

..

3,534

3,524

183708997.LC.FTS.B,

13.44%,

12/15/24

..

2,211

2,205

184073189.LC.FTS.B,

15.19%,

12/15/24

..

1,257

1,060

183926594.LC.FTS.B,

15.99%,

12/15/24

..

3,781

3,769

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184009446.LC.FTS.B,

16.49%,

12/15/24

..

$

3,592

$

3,581

183974444.LC.FTS.B,

16.99%,

12/15/24

..

2,268

2,261

183796732.LC.FTS.B,

18.99%,

12/15/24

..

3,709

3,697

184104394.LC.FTS.B,

18.99%,

12/15/24

..

11,426

11,396

183776889.LC.FTS.B,

19.49%,

12/15/24

..

4,604

4,610

184099284.LC.FTS.B,

19.49%,

12/15/24

..

2,659

2,644

183693847.LC.FTS.B,

19.99%,

12/15/24

..

3,920

3,924

184125379.LC.FTS.B,

10.34%,

12/16/24

..

8,093

7,891

184230024.LC.FTS.B,

15.44%,

12/16/24

..

7,108

7,093

183602283.LC.FTS.B,

15.99%,

12/16/24

..

12,287

9,650

184167764.LC.FTS.B,

15.99%,

12/16/24

..

7,315

7,297

184016559.LC.FTS.B,

16.44%,

12/16/24

..

2,816

2,792

184149278.LC.FTS.B,

16.49%,

12/16/24

..

5,820

5,808

184118078.LC.FTS.B,

17.44%,

12/16/24

..

2,257

2,252

184233839.LC.FTS.B,

18.44%,

12/16/24

..

4,550

4,540

183604911.LC.FTS.B,

10.24%,

12/17/24

..

1,458

1,444

184245291.LC.FTS.B,

13.19%,

12/17/24

..

15,266

15,238

184142932.LC.FTS.B,

13.99%,

12/17/24

..

10,098

9,887

184191218.LC.FTS.B,

13.99%,

12/17/24

..

8,124

8,013

184235593.LC.FTS.B,

15.19%,

12/17/24

..

1,108

1,106

184248232.LC.FTS.B,

16.19%,

12/17/24

..

2,235

2,230

184243930.LC.FTS.B,

16.49%,

12/17/24

..

2,688

2,683

184125400.LC.FTS.B,

16.99%,

12/17/24

..

8,105

8,062

183862855.LC.FTS.B,

17.44%,

12/17/24

..

3,662

3,644

184015727.LC.FTS.B,

18.99%,

12/17/24

..

4,570

4,561

184246546.LC.FTS.B,

18.99%,

12/17/24

..

9,141

9,122

184252044.LC.FTS.B,

18.99%,

12/17/24

..

2,902

2,896

184252099.LC.FTS.B,

18.99%,

12/17/24

..

2,285

2,280

184253714.LC.FTS.B,

19.49%,

12/17/24

..

12,458

12,428

183943415.LC.FTS.B,

19.99%,

12/17/24

..

6,909

6,939

183402493.LC.FTS.B,

22.99%,

12/18/24

..

3,191

3,237

183874684.LC.FTS.B,

19.49%,

12/19/24

..

5,147

5,160

184186523.LC.FTS.B,

9.29%,

12/20/24

...

5,910

5,777

184238507.LC.FTS.B,

12.49%,

12/20/24

..

1,886

1,868

184245796.LC.FTS.B,

14.44%,

12/20/24

..

6,128

6,053

183409645.LC.FTS.B,

14.49%,

12/20/24

..

11,400

9,056

184065895.LC.FTS.B,

15.49%,

12/20/24

..

5,713

5,697

184281222.LC.FTS.B,

15.99%,

12/20/24

..

4,462

4,455

183474005.LC.FTS.B,

16.49%,

12/20/24

..

4,545

4,536

184264223.LC.FTS.B,

16.49%,

12/20/24

..

13,688

13,666

184274458.LC.FTS.B,

18.49%,

12/20/24

..

8,194

8,181

183828952.LC.FTS.B,

18.99%,

12/20/24

..

3,332

3,325

184210526.LC.FTS.B,

18.99%,

12/20/24

..

6,581

6,570

184281792.LC.FTS.B,

18.99%,

12/20/24

..

2,285

2,281

184284744.LC.FTS.B,

18.99%,

12/20/24

..

1,600

1,597

184374598.LC.FTS.B,

12.19%,

12/21/24

..

2,254

2,247

184409177.LC.FTS.B,

12.24%,

12/21/24

..

8,991

8,941

184342167.LC.FTS.B,

13.99%,

12/21/24

..

439

437

184344324.LC.FTS.B,

14.19%,

12/21/24

..

3,518

3,513

183895252.LC.FTS.B,

14.44%,

12/21/24

..

6,610

6,458

184336095.LC.FTS.B,

17.44%,

12/21/24

..

5,417

5,398

184350898.LC.FTS.B,

17.44%,

12/21/24

..

6,772

6,747

184370090.LC.FTS.B,

17.99%,

12/21/24

..

1,360

1,358

184063399.LC.FTS.B,

18.99%,

12/21/24

..

3,234

3,227

184376915.LC.FTS.B,

18.99%,

12/21/24

..

8,775

8,762

184340869.LC.FTS.B,

22.99%,

12/21/24

..

2,451

2,489

184369171.LC.FTS.B,

12.19%,

12/22/24

..

4,326

4,294

184149207.LC.FTS.B,

15%,

12/22/24

....

5,410

4,376

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

238

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

184353845.LC.FTS.B,

15.99%,

12/22/24

..

$

4,407

$

4,365

184102807.LC.FTS.B,

18.99%,

12/22/24

..

11,427

11,408

184394307.LC.FTS.B,

18.99%,

12/22/24

..

2,057

2,054

184441891.LC.FTS.B,

8.99%,

12/23/24

...

5,563

5,535

184389245.LC.FTS.B,

11.99%,

12/23/24

..

12,956

12,834

184048740.LC.FTS.B,

12.49%,

12/23/24

..

7,698

7,658

184408809.LC.FTS.B,

13.44%,

12/23/24

..

6,697

6,677

184272023.LC.FTS.B,

15%,

12/23/24

....

7,635

6,405

184090890.LC.FTS.B,

16.49%,

12/23/24

..

2,681

2,679

183756956.LC.FTS.B,

17.49%,

12/23/24

..

4,968

4,963

184192472.LC.FTS.B,

17.99%,

12/23/24

..

3,877

3,873

184435348.LC.FTS.B,

17.99%,

12/23/24

..

3,003

137

184197580.LC.FTS.B,

18.99%,

12/23/24

..

3,327

3,322

184065866.LC.FTS.B,

19.49%,

12/23/24

..

5,561

5,504

184367167.LC.FTS.B,

21.49%,

12/23/24

..

3,262

3,281

184189674.LC.FTS.B,

18.44%,

12/24/24

..

4,877

4,870

183794044.LC.FTS.B,

18.99%,

12/24/24

..

5,046

5,040

184168561.LC.FTS.B,

21.99%,

12/24/24

..

1,705

1,732

184068690.LC.FTS.B,

18.49%,

12/25/24

..

4,822

4,760

184443285.LC.FTS.B,

Zero

Cpn,

12/27/24

25,323

–

184379124.LC.FTS.B,

9.29%,

12/27/24

...

10,554

10,272

184405061.LC.FTS.B,

11.84%,

12/27/24

..

4,331

4,309

184428613.LC.FTS.B,

13.24%,

12/27/24

..

13,091

12,943

184447670.LC.FTS.B,

14.44%,

12/27/24

..

4,694

4,690

184448743.LC.FTS.B,

15.99%,

12/27/24

..

4,998

4,996

184418501.LC.FTS.B,

16.19%,

12/27/24

..

2,682

2,669

184454192.LC.FTS.B,

16.19%,

12/27/24

..

3,799

3,798

184121693.LC.FTS.B,

16.49%,

12/27/24

..

4,518

4,514

184445591.LC.FTS.B,

17.44%,

12/27/24

..

9,029

9,025

184228216.LC.FTS.B,

18.44%,

12/27/24

..

12,741

12,736

184457887.LC.FTS.B,

18.49%,

12/27/24

..

5,830

5,795

184034650.LC.FTS.B,

18.99%,

12/27/24

..

5,148

5,145

184460632.LC.FTS.B,

22.99%,

12/27/24

..

801

817

184157711.LC.FTS.B,

16.19%,

12/28/24

..

1,675

1,670

183555873.LC.FTS.B,

16.99%,

12/28/24

..

8,384

8,328

183711809.LC.FTS.B,

17.49%,

12/29/24

..

8,388

8,383

183457596.LC.FTS.B,

18.99%,

12/29/24

..

4,998

4,994

184038361.LC.FTS.B,

18.44%,

12/30/24

..

3,455

3,452

184090151.LC.FTS.B,

19.99%,

12/31/24

..

14,826

14,855

184378148.LC.FTS.B,

Zero

Cpn,

1/03/25

.

4,296

–

184282726.LC.FTS.B,

15.19%,

1/04/25

...

1,702

1,691

183797655.LC.FTS.B,

15.99%,

1/04/25

...

8,671

8,586

184111598.LC.FTS.B,

22.99%,

1/05/25

...

1,561

1,576

184412079.LC.FTS.B,

18.99%,

1/06/25

...

4,954

4,928

184415798.LC.FTS.B,

22.99%,

1/20/25

...

5,138

5,209

183582737.LC.FTS.B,

Zero

Cpn,

1/25/25

.

6,122

–

183559023.LC.FTS.B,

15.99%,

1/30/25

...

4,152

4,152

182940029.LC.FTS.B,

15%,

2/23/25

.....

3,057

2,495

182227875.LC.FTS.B,

19.49%,

2/27/25

...

9,811

9,764

183473491.LC.FTS.B,

18.99%,

3/15/25

...

17,798

17,733

183804788.LC.FTS.B,

18.99%,

3/23/25

...

2,783

259

183027816.LC.FTS.B,

15%,

3/26/25

.....

4,735

3,899

183287166.LC.FTS.B,

18.49%,

3/28/25

...

7,836

993

184226087.LC.FTS.B,

15%,

3/30/25

.....

6,790

5,513

182783983.LC.FTS.B,

15%,

3/31/25

.....

11,334

9,232

182348001.LC.FTS.B,

19.44%,

3/31/25

...

5,865

2,192

182593987.LC.FTS.B,

Zero

Cpn,

4/01/25

.

9,052

9,006

184277567.LC.FTS.B,

15.49%,

4/20/25

...

4,946

4,924

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184253510.LC.FTS.B,

18.49%,

4/21/25

...

$

9,979

$

9,936

183992321.LC.FTS.B,

17.44%,

4/28/25

...

19,407

19,046

184200182.LC.FTS.B,

13.19%,

4/30/25

...

12,379

12,243

184279960.LC.FTS.B,

13.99%,

4/30/25

...

17,006

1,626

183281940.LC.FTS.B,

22.99%,

5/31/25

...

2,860

132

183532916.LC.FTS.B,

Zero

Cpn,

7/20/25

.

6,075

4,848

183975067.LC.FTS.B,

15.49%,

7/20/25

...

2,981

2,122

182950120.LC.FTS.B,

22.99%,

7/23/25

...

14,617

12,266

171045369.LC.FTS.B,

16.08%,

10/07/25

..

4,971

4,876

171130012.LC.FTS.B,

17.3%,

10/09/25

...

5,977

5,845

170762714.LC.FTS.B,

16.08%,

10/13/25

..

9,936

9,731

171671693.LC.FTS.B,

13.33%,

11/10/25

..

204

202

171885695.LC.FTS.B,

18.24%,

11/17/25

..

5,598

4,356

172000836.LC.FTS.B,

15.4%,

11/28/25

...

10,351

10,167

172876605.LC.FTS.B,

17.3%,

12/14/25

...

6,470

6,317

172382360.LC.FTS.B,

14.02%,

12/15/25

..

6,638

1,159

172979926.LC.FTS.B,

16.08%,

12/15/25

..

6,076

5,958

172960729.LC.FTS.B,

14.02%,

12/19/25

..

11,440

11,038

184051226.LC.FTS.B,

5%,

12/20/25

.....

21,124

20,629

172424365.LC.FTS.B,

15.4%,

12/20/25

...

5,847

5,727

173018414.LC.FTS.B,

13.33%,

12/22/25

..

8,241

7,966

172834572.LC.FTS.B,

15.4%,

12/24/25

...

7,956

7,800

173403754.LC.FTS.B,

18.24%,

12/30/25

..

7,585

7,491

172563412.LC.FTS.B,

16.08%,

12/31/25

..

19,047

18,714

173277936.LC.FTS.B,

16.08%,

12/31/25

..

21,933

21,550

173400785.LC.FTS.B,

16.08%,

12/31/25

..

5,584

5,459

173395883.LC.FTS.B,

17.3%,

12/31/25

...

13,890

13,455

173394313.LC.FTS.B,

16.08%,

1/04/26

...

9,914

3,511

173423229.LC.FTS.B,

16.08%,

1/04/26

...

10,977

10,772

173430575.LC.FTS.B,

16.08%,

1/04/26

...

14,963

1,718

173604231.LC.FTS.B,

14.02%,

1/12/26

...

9,655

9,099

173383392.LC.FTS.B,

15.4%,

1/12/26

...

6,537

6,302

173663810.LC.FTS.B,

17.3%,

1/13/26

...

4,728

4,612

173666949.LC.FTS.B,

20.74%,

1/25/26

...

5,896

5,787

174084354.LC.FTS.B,

12.49%,

1/26/26

...

21,082

19,890

174042657.LC.FTS.B,

13.74%,

1/26/26

...

10,529

10,015

174224259.LC.FTS.B,

14.74%,

1/28/26

...

13,743

13,516

173441334.LC.FTS.B,

17.3%,

1/28/26

...

20,022

19,728

174232024.LC.FTS.B,

21.49%,

1/29/26

...

10,440

10,416

174333350.LC.FTS.B,

Zero

Cpn,

2/04/26

.

3,938

–

174293135.LC.FTS.B,

14.74%,

2/04/26

...

18,357

17,521

174332832.LC.FTS.B,

15.99%,

2/04/26

...

17,690

16,949

174267823.LC.FTS.B,

16.99%,

2/04/26

...

8,533

8,318

174354729.LC.FTS.B,

17.24%,

2/04/26

...

6,638

6,474

174297080.LC.FTS.B,

15.74%,

2/05/26

...

5,635

5,482

174102738.LC.FTS.B,

15.44%,

2/08/26

...

4,545

4,423

174453354.LC.FTS.B,

16.74%,

2/16/26

...

20,178

19,737

174284597.LC.FTS.B,

17.44%,

2/20/26

...

7,285

7,134

171905795.LC.FTS.B,

15%,

3/15/26

.....

7,288

5,601

174320226.LC.FTS.B,

16.19%,

7/20/26

...

5,416

515

181324642.LC.FTS.B,

15.19%,

10/13/26

..

20,619

18,990

182237890.LC.FTS.B,

18.49%,

10/14/26

..

10,575

9,978

181671017.LC.FTS.B,

19.49%,

10/14/26

..

17,677

6,496

181681556.LC.FTS.B,

19.49%,

10/14/26

..

10,653

10,433

182220241.LC.FTS.B,

23.99%,

10/14/26

..

6,232

6,177

182239660.LC.FTS.B,

19.99%,

10/15/26

..

10,693

10,543

182100249.LC.FTS.B,

28.99%,

10/15/26

..

7,574

7,670

182337953.LC.FTS.B,

15.19%,

10/17/26

..

11,359

11,050

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

239

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182312904.LC.FTS.B,

15%,

10/18/26

....

$

7,259

$

6,000

182196271.LC.FTS.B,

20.49%,

10/18/26

..

7,154

7,057

182283124.LC.FTS.B,

21.99%,

10/18/26

..

14,824

14,711

182351714.LC.FTS.B,

23.99%,

10/18/26

..

8,122

763

182365065.LC.FTS.B,

23.99%,

10/18/26

..

5,540

5,491

181832576.LC.FTS.B,

27.49%,

10/18/26

..

18,757

19,012

182404645.LC.FTS.B,

Zero

Cpn,

10/19/26

25,004

–

182419678.LC.FTS.B,

19.99%,

10/19/26

..

15,674

15,467

182424479.LC.FTS.B,

28.99%,

10/19/26

..

14,841

14,960

182447710.LC.FTS.B,

18.44%,

10/20/26

..

13,531

13,135

182489147.LC.FTS.B,

18.99%,

10/20/26

..

24,767

24,041

182400546.LC.FTS.B,

20.44%,

10/20/26

..

4,940

4,825

182279442.LC.FTS.B,

21.99%,

10/20/26

..

17,355

17,177

182381955.LC.FTS.B,

26.99%,

10/20/26

..

2,992

3,035

182373053.LC.FTS.B,

20.44%,

10/22/26

..

14,327

14,138

182135115.LC.FTS.B,

24.99%,

10/28/26

..

18,079

17,813

182761301.LC.FTS.B,

14.74%,

11/01/26

..

18,600

17,919

182708985.LC.FTS.B,

21.99%,

11/01/26

..

10,432

10,174

182412380.LC.FTS.B,

23.99%,

11/01/26

..

7,276

7,143

182763696.LC.FTS.B,

23.99%,

11/01/26

..

11,080

10,927

182249975.LC.FTS.B,

25.99%,

11/01/26

..

9,259

9,002

182785608.LC.FTS.B,

15.19%,

11/02/26

..

20,367

19,096

182425449.LC.FTS.B,

15.44%,

11/02/26

..

10,554

9,895

182814285.LC.FTS.B,

15.44%,

11/02/26

..

19,702

18,662

182836852.LC.FTS.B,

17.44%,

11/02/26

..

16,061

15,567

182871113.LC.FTS.B,

21.99%,

11/02/26

..

14,745

14,537

182810881.LC.FTS.B,

28.99%,

11/02/26

..

4,623

4,593

182655109.LC.FTS.B,

13.19%,

11/03/26

..

10,381

10,082

182925976.LC.FTS.B,

15%,

11/03/26

....

5,881

4,558

182715994.LC.FTS.B,

18.99%,

11/03/26

..

8,286

8,032

182860477.LC.FTS.B,

21.99%,

11/03/26

..

18,450

18,161

182871003.LC.FTS.B,

24.99%,

11/03/26

..

13,533

13,241

182883867.LC.FTS.B,

24.99%,

11/03/26

..

5,263

5,149

182932552.LC.FTS.B,

13.19%,

11/04/26

..

10,368

10,062

182934282.LC.FTS.B,

15.44%,

11/04/26

..

9,851

9,557

182296093.LC.FTS.B,

18.19%,

11/04/26

..

4,309

4,175

182957590.LC.FTS.B,

18.99%,

11/04/26

..

15,286

1,746

182725535.LC.FTS.B,

19.49%,

11/04/26

..

19,053

1,804

182386753.LC.FTS.B,

23.19%,

11/04/26

..

14,861

14,667

181746904.LC.FTS.B,

12.99%,

11/05/26

..

21,605

7,742

182956744.LC.FTS.B,

16.49%,

11/05/26

..

21,275

20,440

182845986.LC.FTS.B,

19.99%,

11/05/26

..

6,358

6,253

182469398.LC.FTS.B,

21.99%,

11/05/26

..

14,745

14,560

182433195.LC.FTS.B,

25.99%,

11/05/26

..

6,658

6,522

182567782.LC.FTS.B,

13.74%,

11/08/26

..

17,365

16,736

182834096.LC.FTS.B,

15.49%,

11/08/26

..

18,930

18,354

183010490.LC.FTS.B,

16.49%,

11/08/26

..

15,648

14,823

182873325.LC.FTS.B,

23.19%,

11/08/26

..

7,431

7,341

182905174.LC.FTS.B,

22.99%,

11/10/26

..

17,447

17,229

183128706.LC.FTS.B,

16.99%,

11/12/26

..

6,833

6,553

182988585.LC.FTS.B,

19.49%,

11/12/26

..

10,870

10,712

183032996.LC.FTS.B,

19.99%,

11/12/26

..

7,085

6,887

182925771.LC.FTS.B,

23.99%,

11/12/26

..

26,146

25,698

182931548.LC.FTS.B,

24.99%,

11/12/26

..

8,354

8,185

182761588.LC.FTS.B,

Zero

Cpn,

11/14/26

16,317

–

183224681.LC.FTS.B,

13.49%,

11/15/26

..

11,091

10,717

183159318.LC.FTS.B,

15.44%,

11/15/26

..

12,691

12,336

182911086.LC.FTS.B,

16.49%,

11/15/26

..

21,275

20,202

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183101425.LC.FTS.B,

17.44%,

11/15/26

..

$

19,996

$

19,444

182999628.LC.FTS.B,

17.74%,

11/15/26

..

8,645

8,400

182975891.LC.FTS.B,

18.49%,

11/15/26

..

10,381

10,091

182675743.LC.FTS.B,

19.49%,

11/15/26

..

25,664

25,304

182737896.LC.FTS.B,

19.49%,

11/15/26

..

13,974

13,774

183180134.LC.FTS.B,

19.49%,

11/15/26

..

25,467

25,144

183015727.LC.FTS.B,

20.44%,

11/15/26

..

10,908

10,753

183084148.LC.FTS.B,

21.49%,

11/15/26

..

4,136

4,068

182379386.LC.FTS.B,

23.99%,

11/15/26

..

16,435

16,275

182921002.LC.FTS.B,

23.99%,

11/15/26

..

9,845

9,742

182924017.LC.FTS.B,

23.99%,

11/15/26

..

14,693

1,778

182765403.LC.FTS.B,

24.99%,

11/15/26

..

7,340

34

182946956.LC.FTS.B,

24.99%,

11/15/26

..

14,600

14,301

182962134.LC.FTS.B,

24.99%,

11/15/26

..

15,190

14,893

183159092.LC.FTS.B,

28.99%,

11/15/26

..

5,511

–

183263467.LC.FTS.B,

Zero

Cpn,

11/16/26

6,954

–

183274263.LC.FTS.B,

15.44%,

11/16/26

..

14,537

14,076

182977646.LC.FTS.B,

16.99%,

11/16/26

..

21,508

20,903

183238822.LC.FTS.B,

16.99%,

11/16/26

..

16,884

16,155

183295428.LC.FTS.B,

17.49%,

11/16/26

..

9,001

8,696

183287259.LC.FTS.B,

18.19%,

11/16/26

..

7,814

7,576

183154136.LC.FTS.B,

18.49%,

11/16/26

..

7,197

6,993

183200190.LC.FTS.B,

19.49%,

11/16/26

..

4,348

4,274

182845074.LC.FTS.B,

20.99%,

11/16/26

..

19,978

19,688

183239755.LC.FTS.B,

21.99%,

11/16/26

..

18,431

18,264

183239325.LC.FTS.B,

24.99%,

11/16/26

..

10,912

4,270

183197788.LC.FTS.B,

25.99%,

11/16/26

..

15,147

14,637

183321499.LC.FTS.B,

16.49%,

11/17/26

..

2,269

2,208

183270309.LC.FTS.B,

18.99%,

11/17/26

..

18,745

14,472

183336838.LC.FTS.B,

20.99%,

11/17/26

..

17,574

17,334

183253428.LC.FTS.B,

25.99%,

11/17/26

..

15,132

14,888

183354100.LC.FTS.B,

Zero

Cpn,

11/18/26

13,240

–

182954228.LC.FTS.B,

13.49%,

11/18/26

..

18,898

18,263

182922353.LC.FTS.B,

15.49%,

11/18/26

..

24,636

23,987

182931569.LC.FTS.B,

17.49%,

11/18/26

..

18,591

1,761

183371257.LC.FTS.B,

17.74%,

11/18/26

..

21,483

20,894

183368090.LC.FTS.B,

19.49%,

11/18/26

..

7,980

7,873

183287872.LC.FTS.B,

23.99%,

11/18/26

..

8,430

8,339

183371105.LC.FTS.B,

Zero

Cpn,

11/19/26

20,156

–

183409505.LC.FTS.B,

15.19%,

11/19/26

..

21,143

20,574

183394419.LC.FTS.B,

16.49%,

11/19/26

..

3,558

3,462

183197708.LC.FTS.B,

21.99%,

11/19/26

..

17,694

17,561

183146083.LC.FTS.B,

23.99%,

11/19/26

..

15,738

1,943

183385993.LC.FTS.B,

23.99%,

11/19/26

..

3,692

3,661

183391565.LC.FTS.B,

23.99%,

11/19/26

..

5,113

5,067

183401161.LC.FTS.B,

23.99%,

11/19/26

..

11,608

2,218

183350780.LC.FTS.B,

24.99%,

11/19/26

..

4,591

3,862

183306891.LC.FTS.B,

25.99%,

11/19/26

..

11,548

9,117

182329589.LC.FTS.B,

24.99%,

11/20/26

..

6,487

6,328

183321695.LC.FTS.B,

21.49%,

11/21/26

..

12,446

12,292

183108062.LC.FTS.B,

Zero

Cpn,

11/22/26

15,759

–

183333541.LC.FTS.B,

14.19%,

11/22/26

..

15,333

14,840

183227368.LC.FTS.B,

16.44%,

11/22/26

..

17,434

16,680

182980965.LC.FTS.B,

17.24%,

11/22/26

..

14,262

13,893

183417393.LC.FTS.B,

17.24%,

11/22/26

..

17,114

16,502

183424118.LC.FTS.B,

18.49%,

11/22/26

..

14,507

1,365

183425358.LC.FTS.B,

18.49%,

11/22/26

..

5,756

5,607

183430858.LC.FTS.B,

18.49%,

11/22/26

..

9,480

443

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

240

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183418746.LC.FTS.B,

19.49%,

11/22/26

..

$

21,725

$

21,460

183426724.LC.FTS.B,

21.49%,

11/22/26

..

8,817

8,708

183434742.LC.FTS.B,

23.19%,

11/22/26

..

6,131

6,088

182942183.LC.FTS.B,

24.99%,

11/22/26

..

3,821

3,759

183328750.LC.FTS.B,

28.99%,

11/22/26

..

5,995

6,089

183446729.LC.FTS.B,

Zero

Cpn,

11/23/26

12,308

–

183436461.LC.FTS.B,

12.74%,

11/23/26

..

24,821

24,008

183477091.LC.FTS.B,

13.19%,

11/23/26

..

6,916

6,719

183306593.LC.FTS.B,

13.44%,

11/23/26

..

15,245

14,861

183485184.LC.FTS.B,

13.99%,

11/23/26

..

4,175

4,056

183298862.LC.FTS.B,

14.19%,

11/23/26

..

27,981

27,256

183490789.LC.FTS.B,

14.49%,

11/23/26

..

5,588

5,411

183000324.LC.FTS.B,

15.44%,

11/23/26

..

4,703

4,580

183459184.LC.FTS.B,

15.44%,

11/23/26

..

10,094

9,545

183505251.LC.FTS.B,

16.49%,

11/23/26

..

7,092

6,912

183373318.LC.FTS.B,

16.99%,

11/23/26

..

13,670

13,310

183447586.LC.FTS.B,

17.49%,

11/23/26

..

15,002

14,319

183425539.LC.FTS.B,

18.49%,

11/23/26

..

12,952

12,621

183430694.LC.FTS.B,

18.49%,

11/23/26

..

15,111

14,421

183455680.LC.FTS.B,

20.44%,

11/23/26

..

30,646

23,652

183430676.LC.FTS.B,

21.99%,

11/23/26

..

16,956

16,850

183407041.LC.FTS.B,

24.99%,

11/23/26

..

1,816

1,755

183431866.LC.FTS.B,

26.49%,

11/23/26

..

18,738

18,411

183095344.LC.FTS.B,

13.44%,

11/24/26

..

27,717

27,036

183370137.LC.FTS.B,

16.44%,

11/24/26

..

17,014

16,592

183249731.LC.FTS.B,

17.49%,

11/24/26

..

9,917

9,648

183149701.LC.FTS.B,

18.49%,

11/24/26

..

21,765

21,201

183545708.LC.FTS.B,

18.49%,

11/24/26

..

6,015

5,901

183470077.LC.FTS.B,

18.99%,

11/24/26

..

17,848

17,351

182933015.LC.FTS.B,

19.49%,

11/24/26

..

20,291

20,066

182954964.LC.FTS.B,

19.49%,

11/24/26

..

15,581

15,408

183384203.LC.FTS.B,

20.49%,

11/24/26

..

10,477

1,954

183167278.LC.FTS.B,

20.99%,

11/24/26

..

20,595

–

183287022.LC.FTS.B,

21.99%,

11/24/26

..

14,756

14,648

182882013.LC.FTS.B,

24.99%,

11/24/26

..

15,028

14,844

183092655.LC.FTS.B,

16.99%,

11/25/26

..

25,079

24,008

183514721.LC.FTS.B,

Zero

Cpn,

11/26/26

5,528

–

183548843.LC.FTS.B,

Zero

Cpn,

11/26/26

7,769

–

183549091.LC.FTS.B,

Zero

Cpn,

11/26/26

7,925

–

183567257.LC.FTS.B,

Zero

Cpn,

11/26/26

16,496

–

183524584.LC.FTS.B,

13.19%,

11/26/26

..

6,918

6,745

183562559.LC.FTS.B,

15.24%,

11/26/26

..

19,719

19,089

183499719.LC.FTS.B,

15.44%,

11/26/26

..

10,554

10,013

183557623.LC.FTS.B,

16.19%,

11/26/26

..

10,614

10,283

183499818.LC.FTS.B,

16.44%,

11/26/26

..

28,356

27,187

183145768.LC.FTS.B,

19.49%,

11/26/26

..

14,865

14,601

183505272.LC.FTS.B,

21.49%,

11/26/26

..

4,555

4,506

183525639.LC.FTS.B,

21.99%,

11/26/26

..

4,423

4,402

183478931.LC.FTS.B,

22.49%,

11/26/26

..

5,224

5,148

183556398.LC.FTS.B,

23.99%,

11/26/26

..

7,439

7,399

183390362.LC.FTS.B,

24.99%,

11/26/26

..

9,022

8,917

183193272.LC.FTS.B,

15.44%,

11/27/26

..

3,753

3,661

183340558.LC.FTS.B,

17.74%,

11/28/26

..

23,791

23,192

183476845.LC.FTS.B,

16.49%,

11/29/26

..

10,323

10,068

183560621.LC.FTS.B,

16.99%,

11/29/26

..

11,300

334

183447683.LC.FTS.B,

20.44%,

11/29/26

..

14,224

14,077

183369356.LC.FTS.B,

20.99%,

11/29/26

..

3,748

3,680

183179352.LC.FTS.B,

14.49%,

11/30/26

..

14,117

13,484

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183304070.LC.FTS.B,

15.99%,

11/30/26

..

$

25,704

$

24,899

183359968.LC.FTS.B,

16.49%,

11/30/26

..

15,686

15,305

183524280.LC.FTS.B,

16.99%,

11/30/26

..

22,150

8,149

183649644.LC.FTS.B,

16.99%,

11/30/26

..

7,829

7,642

183434269.LC.FTS.B,

17.24%,

11/30/26

..

5,705

5,550

183629352.LC.FTS.B,

17.74%,

11/30/26

..

23,676

660

183031560.LC.FTS.B,

18.19%,

11/30/26

..

11,164

10,821

183636681.LC.FTS.B,

18.49%,

11/30/26

..

24,175

23,596

183630947.LC.FTS.B,

18.99%,

11/30/26

..

17,329

16,914

183585512.LC.FTS.B,

19.99%,

11/30/26

..

17,453

17,036

183649794.LC.FTS.B,

21.49%,

11/30/26

..

19,179

18,973

182816829.LC.FTS.B,

21.99%,

11/30/26

..

7,913

7,833

183170401.LC.FTS.B,

21.99%,

11/30/26

..

9,336

1,218

183544070.LC.FTS.B,

21.99%,

11/30/26

..

14,743

14,684

183623738.LC.FTS.B,

21.99%,

11/30/26

..

4,645

198

183618524.LC.FTS.B,

22.99%,

11/30/26

..

18,552

18,475

182592773.LC.FTS.B,

23.99%,

11/30/26

..

7,678

7,554

183540100.LC.FTS.B,

23.99%,

11/30/26

..

4,481

4,462

182663344.LC.FTS.B,

24.99%,

11/30/26

..

14,434

2,802

183611465.LC.FTS.B,

24.99%,

11/30/26

..

9,025

8,899

183633965.LC.FTS.B,

24.99%,

11/30/26

..

4,510

4,462

183562403.LC.FTS.B,

Zero

Cpn,

12/01/26

9,835

–

183686236.LC.FTS.B,

10%,

12/01/26

....

15,955

12,473

183607115.LC.FTS.B,

17.24%,

12/01/26

..

16,735

16,104

183638388.LC.FTS.B,

17.24%,

12/01/26

..

15,029

–

183676944.LC.FTS.B,

17.24%,

12/01/26

..

4,365

4,229

183333618.LC.FTS.B,

21.49%,

12/01/26

..

8,223

–

183683504.LC.FTS.B,

Zero

Cpn,

12/02/26

8,746

–

183067587.LC.FTS.B,

6%,

12/02/26

.....

18,585

18,262

183768813.LC.FTS.B,

13.24%,

12/02/26

..

10,604

10,210

183695657.LC.FTS.B,

15.44%,

12/02/26

..

10,776

10,442

183699303.LC.FTS.B,

17.24%,

12/02/26

..

11,642

11,165

183702434.LC.FTS.B,

20.49%,

12/02/26

..

21,924

21,539

183789584.LC.FTS.B,

Zero

Cpn,

12/03/26

15,194

–

183623497.LC.FTS.B,

13.24%,

12/03/26

..

20,501

19,744

183499399.LC.FTS.B,

15.44%,

12/03/26

..

8,681

8,410

183483610.LC.FTS.B,

17.24%,

12/03/26

..

14,078

13,645

183721314.LC.FTS.B,

17.44%,

12/03/26

..

11,739

11,403

183651950.LC.FTS.B,

18.49%,

12/03/26

..

16,146

15,644

183746554.LC.FTS.B,

18.49%,

12/03/26

..

3,847

3,726

183771895.LC.FTS.B,

21.99%,

12/03/26

..

13,520

13,323

183877324.LC.FTS.B,

16.49%,

12/06/26

..

28,952

27,882

183552770.LC.FTS.B,

17.24%,

12/06/26

..

19,249

2,239

183799901.LC.FTS.B,

17.74%,

12/06/26

..

7,301

7,078

183790054.LC.FTS.B,

18.49%,

12/06/26

..

4,623

4,482

183710879.LC.FTS.B,

19.95%,

12/06/26

..

17,803

17,495

183788883.LC.FTS.B,

21.99%,

12/06/26

..

18,026

17,775

183402569.LC.FTS.B,

23.99%,

12/06/26

..

7,197

679

183695174.LC.FTS.B,

23.99%,

12/06/26

..

15,347

78

183788160.LC.FTS.B,

23.99%,

12/06/26

..

8,215

–

183862022.LC.FTS.B,

Zero

Cpn,

12/07/26

3,516

120

183809680.LC.FTS.B,

17.24%,

12/07/26

..

24,448

22,982

183882896.LC.FTS.B,

17.24%,

12/07/26

..

13,099

12,607

183902344.LC.FTS.B,

17.49%,

12/07/26

..

13,887

13,462

183312099.LC.FTS.B,

18.99%,

12/07/26

..

8,321

8,065

183415342.LC.FTS.B,

19.49%,

12/07/26

..

22,167

21,204

183762991.LC.FTS.B,

19.49%,

12/07/26

..

16,422

15,931

183495228.LC.FTS.B,

20.44%,

12/07/26

..

4,459

4,370

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

241

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183520272.LC.FTS.B,

21.49%,

12/07/26

..

$

16,225

$

15,958

183719486.LC.FTS.B,

21.99%,

12/07/26

..

15,022

14,405

183885314.LC.FTS.B,

21.99%,

12/07/26

..

4,507

4,445

183867910.LC.FTS.B,

23.99%,

12/07/26

..

11,409

11,250

183866613.LC.FTS.B,

25.99%,

12/07/26

..

7,699

7,470

183874898.LC.FTS.B,

27.49%,

12/07/26

..

19,390

19,572

183909323.LC.FTS.B,

28.99%,

12/07/26

..

10,168

10,190

183046392.LC.FTS.B,

13.19%,

12/08/26

..

17,667

17,143

183492757.LC.FTS.B,

16.99%,

12/08/26

..

10,919

10,602

183949342.LC.FTS.B,

18.74%,

12/08/26

..

6,616

6,417

183536773.LC.FTS.B,

19.74%,

12/08/26

..

25,904

25,485

183933487.LC.FTS.B,

23.99%,

12/08/26

..

11,409

11,254

183999420.LC.FTS.B,

12.99%,

12/09/26

..

28,225

27,221

183274086.LC.FTS.B,

14.44%,

12/09/26

..

12,125

11,771

184040533.LC.FTS.B,

14.49%,

12/09/26

..

14,269

13,760

183461812.LC.FTS.B,

16.74%,

12/09/26

..

14,139

13,630

183576479.LC.FTS.B,

17.44%,

12/09/26

..

17,563

17,068

183996173.LC.FTS.B,

17.44%,

12/09/26

..

26,231

25,284

184003319.LC.FTS.B,

18.19%,

12/09/26

..

7,324

7,108

183840027.LC.FTS.B,

21.49%,

12/09/26

..

11,979

11,790

183987324.LC.FTS.B,

23.99%,

12/09/26

..

12,184

12,007

183966000.LC.FTS.B,

24.99%,

12/09/26

..

3,836

3,748

183970462.LC.FTS.B,

24.99%,

12/09/26

..

2,296

2,247

183532974.LC.FTS.B,

Zero

Cpn,

12/10/26

12,801

–

184009395.LC.FTS.B,

9.49%,

12/10/26

...

22,665

21,431

184012121.LC.FTS.B,

13.44%,

12/10/26

..

13,452

13,010

183680345.LC.FTS.B,

16.44%,

12/10/26

..

9,406

9,132

183129988.LC.FTS.B,

16.99%,

12/10/26

..

13,074

12,649

183793588.LC.FTS.B,

17.24%,

12/10/26

..

5,111

4,957

183912771.LC.FTS.B,

19.49%,

12/10/26

..

9,613

9,461

184036706.LC.FTS.B,

19.49%,

12/10/26

..

4,033

381

183974150.LC.FTS.B,

19.99%,

12/10/26

..

18,536

18,241

184022156.LC.FTS.B,

20.49%,

12/10/26

..

7,373

7,242

184017594.LC.FTS.B,

20.99%,

12/10/26

..

12,146

2,149

184011802.LC.FTS.B,

21.49%,

12/10/26

..

7,623

2,814

183611528.LC.FTS.B,

23.99%,

12/10/26

..

19,099

18,749

184017730.LC.FTS.B,

23.99%,

12/10/26

..

23,058

22,869

183942336.LC.FTS.B,

24.99%,

12/10/26

..

15,305

14,986

183970602.LC.FTS.B,

24.99%,

12/10/26

..

9,184

8,964

184013288.LC.FTS.B,

24.99%,

12/10/26

..

15,305

14,986

183547689.LC.FTS.B,

16.99%,

12/11/26

..

11,018

10,692

184055849.LC.FTS.B,

5%,

12/13/26

.....

33,114

26,942

183943387.LC.FTS.B,

15.44%,

12/13/26

..

16,883

16,288

184056742.LC.FTS.B,

15.44%,

12/13/26

..

11,424

689

183935167.LC.FTS.B,

16.19%,

12/13/26

..

14,214

13,493

183965552.LC.FTS.B,

16.49%,

12/13/26

..

10,858

10,538

184033080.LC.FTS.B,

17.44%,

12/13/26

..

15,930

15,283

183788093.LC.FTS.B,

17.49%,

12/13/26

..

6,094

1,084

183731402.LC.FTS.B,

19.44%,

12/13/26

..

11,818

11,643

183706984.LC.FTS.B,

21.49%,

12/13/26

..

7,106

6,999

184062734.LC.FTS.B,

21.49%,

12/13/26

..

3,564

3,503

184039087.LC.FTS.B,

24.99%,

12/13/26

..

7,271

7,102

184051343.LC.FTS.B,

28.99%,

12/13/26

..

14,100

14,266

184176824.LC.FTS.B,

14.99%,

12/14/26

..

10,025

9,675

183228318.LC.FTS.B,

15.19%,

12/14/26

..

25,099

23,466

183578940.LC.FTS.B,

15.19%,

12/14/26

..

9,408

9,041

184127951.LC.FTS.B,

15.44%,

12/14/26

..

15,086

14,658

184144008.LC.FTS.B,

16.99%,

12/14/26

..

13,332

12,921

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184142978.LC.FTS.B,

17.44%,

12/14/26

..

$

10,929

$

10,617

184109137.LC.FTS.B,

17.74%,

12/14/26

..

10,952

10,493

183892275.LC.FTS.B,

18.44%,

12/14/26

..

19,809

19,241

184114198.LC.FTS.B,

18.99%,

12/14/26

..

18,042

17,524

184149526.LC.FTS.B,

19.74%,

12/14/26

..

27,333

648

183841644.LC.FTS.B,

19.99%,

12/14/26

..

9,640

9,295

184107799.LC.FTS.B,

19.99%,

12/14/26

..

10,379

10,227

184130928.LC.FTS.B,

21.99%,

12/14/26

..

11,295

11,167

184142290.LC.FTS.B,

21.99%,

12/14/26

..

8,112

8,022

183623138.LC.FTS.B,

23.99%,

12/14/26

..

9,127

9,023

184107590.LC.FTS.B,

23.99%,

12/14/26

..

5,329

5,203

183641094.LC.FTS.B,

24.99%,

12/14/26

..

7,657

7,483

183971412.LC.FTS.B,

28.49%,

12/14/26

..

7,565

7,656

183669687.LC.FTS.B,

Zero

Cpn,

12/15/26

19,006

–

183916918.LC.FTS.B,

13.19%,

12/15/26

..

16,327

15,859

184198353.LC.FTS.B,

14.01%,

12/15/26

..

28,206

27,229

183712326.LC.FTS.B,

15.44%,

12/15/26

..

4,644

4,497

184146721.LC.FTS.B,

16.44%,

12/15/26

..

10,854

10,395

184090113.LC.FTS.B,

16.49%,

12/15/26

..

16,388

3,341

184204044.LC.FTS.B,

16.49%,

12/15/26

..

10,857

10,478

183603668.LC.FTS.B,

17.19%,

12/15/26

..

13,239

12,722

184108646.LC.FTS.B,

18.49%,

12/15/26

..

6,195

5,957

184036052.LC.FTS.B,

19.49%,

12/15/26

..

18,540

18,273

183917868.LC.FTS.B,

21.49%,

12/15/26

..

13,981

13,779

184056585.LC.FTS.B,

21.99%,

12/15/26

..

20,101

328

183758691.LC.FTS.B,

23.99%,

12/15/26

..

4,563

4,513

184003793.LC.FTS.B,

23.99%,

12/15/26

..

15,296

15,112

183593989.LC.FTS.B,

27.49%,

12/15/26

..

19,689

19,934

184184924.LC.FTS.B,

13.19%,

12/16/26

..

9,894

9,419

183905553.LC.FTS.B,

13.44%,

12/16/26

..

4,602

4,338

184144886.LC.FTS.B,

15.19%,

12/16/26

..

20,079

19,526

184230527.LC.FTS.B,

16.49%,

12/16/26

..

21,714

21,113

183805030.LC.FTS.B,

17.49%,

12/16/26

..

20,445

19,445

183798352.LC.FTS.B,

17.74%,

12/16/26

..

23,804

856

184233755.LC.FTS.B,

18.49%,

12/16/26

..

9,796

–

183678049.LC.FTS.B,

21.49%,

12/16/26

..

9,755

172

183840993.LC.FTS.B,

21.49%,

12/16/26

..

17,980

17,721

183590285.LC.FTS.B,

21.99%,

12/16/26

..

15,560

12,289

184185617.LC.FTS.B,

26.99%,

12/16/26

..

7,174

7,258

183936400.LC.FTS.B,

Zero

Cpn,

12/17/26

14,844

–

183612692.LC.FTS.B,

13.49%,

12/17/26

..

9,915

9,580

184223937.LC.FTS.B,

16.44%,

12/17/26

..

13,757

13,370

184149066.LC.FTS.B,

17.24%,

12/17/26

..

19,134

1,815

184141163.LC.FTS.B,

17.49%,

12/17/26

..

2,157

2,083

184248806.LC.FTS.B,

18.49%,

12/17/26

..

20,609

20,051

184237123.LC.FTS.B,

21.99%,

12/17/26

..

11,266

11,160

184251864.LC.FTS.B,

21.99%,

12/17/26

..

6,837

6,759

183868559.LC.FTS.B,

23.99%,

12/17/26

..

6,191

4,896

184214073.LC.FTS.B,

27.99%,

12/17/26

..

9,347

9,479

183656375.LC.FTS.B,

14.44%,

12/18/26

..

4,987

4,671

183673632.LC.FTS.B,

15.44%,

12/18/26

..

10,902

10,378

183874472.LC.FTS.B,

15.44%,

12/18/26

..

11,566

10,853

183852446.LC.FTS.B,

17.99%,

12/18/26

..

11,823

11,287

184073751.LC.FTS.B,

20.49%,

12/18/26

..

14,862

14,351

183930981.LC.FTS.B,

15.44%,

12/20/26

..

10,695

1,015

184082880.LC.FTS.B,

15.44%,

12/20/26

..

6,466

6,161

183977917.LC.FTS.B,

16.49%,

12/20/26

..

18,178

17,055

184270452.LC.FTS.B,

16.99%,

12/20/26

..

8,716

8,480

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

242

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

184104646.LC.FTS.B,

17.44%,

12/20/26

..

$

13,844

$

13,469

184283202.LC.FTS.B,

19.49%,

12/20/26

..

5,911

5,835

184059193.LC.FTS.B,

21.99%,

12/20/26

..

16,365

16,196

184102080.LC.FTS.B,

23.99%,

12/20/26

..

6,845

6,783

184276958.LC.FTS.B,

23.99%,

12/20/26

..

11,413

11,287

184343324.LC.FTS.B,

Zero

Cpn,

12/21/26

17,714

–

184382909.LC.FTS.B,

12.99%,

12/21/26

..

14,112

13,645

184358802.LC.FTS.B,

15.49%,

12/21/26

..

6,827

6,599

184130767.LC.FTS.B,

16.44%,

12/21/26

..

15,194

14,428

183566597.LC.FTS.B,

17.24%,

12/21/26

..

18,736

1,775

184309308.LC.FTS.B,

17.24%,

12/21/26

..

10,138

9,752

184365323.LC.FTS.B,

18.74%,

12/21/26

..

14,703

14,307

183919301.LC.FTS.B,

19.99%,

12/21/26

..

10,518

990

183877158.LC.FTS.B,

20.44%,

12/21/26

..

11,651

9,136

184032290.LC.FTS.B,

20.99%,

12/21/26

..

15,405

14,706

184358622.LC.FTS.B,

21.99%,

12/21/26

..

9,389

9,308

184040777.LC.FTS.B,

23.99%,

12/21/26

..

7,606

7,539

184352640.LC.FTS.B,

26.99%,

12/21/26

..

21,181

1,978

184066327.LC.FTS.B,

14.19%,

12/22/26

..

9,967

9,709

184190300.LC.FTS.B,

16.49%,

12/22/26

..

9,043

–

183529593.LC.FTS.B,

17.49%,

12/22/26

..

12,974

12,547

183940387.LC.FTS.B,

19.99%,

12/22/26

..

13,482

13,309

184397264.LC.FTS.B,

23.99%,

12/22/26

..

11,452

11,345

183726564.LC.FTS.B,

Zero

Cpn,

12/23/26

17,301

–

184035152.LC.FTS.B,

Zero

Cpn,

12/23/26

6,385

–

184471382.LC.FTS.B,

13.49%,

12/23/26

..

2,836

2,742

183877346.LC.FTS.B,

15%,

12/23/26

....

26,255

20,147

184367892.LC.FTS.B,

15.44%,

12/23/26

..

13,655

1,296

184224030.LC.FTS.B,

15.49%,

12/23/26

..

14,407

13,922

184421299.LC.FTS.B,

16.74%,

12/23/26

..

5,438

5,297

183436430.LC.FTS.B,

16.99%,

12/23/26

..

25,546

24,864

184427346.LC.FTS.B,

19.74%,

12/23/26

..

20,723

20,479

184321733.LC.FTS.B,

23.99%,

12/23/26

..

19,015

18,871

184451850.LC.FTS.B,

23.99%,

12/23/26

..

15,212

15,096

184033253.LC.FTS.B,

28.99%,

12/23/26

..

7,204

7,314

184239360.LC.FTS.B,

17.44%,

12/25/26

..

15,393

14,989

184005719.LC.FTS.B,

20.44%,

12/25/26

..

9,839

9,721

184009581.LC.FTS.B,

22.99%,

12/25/26

..

26,802

26,574

184404343.LC.FTS.B,

13.24%,

12/27/26

..

28,277

27,378

184378888.LC.FTS.B,

19.49%,

12/27/26

..

16,657

16,365

184283871.LC.FTS.B,

21.99%,

12/27/26

..

15,022

14,926

184445530.LC.FTS.B,

22.99%,

12/27/26

..

15,245

15,062

184275242.LC.FTS.B,

23.99%,

12/27/26

..

15,212

15,111

184454459.LC.FTS.B,

24.99%,

12/27/26

..

5,739

5,656

184249796.LC.FTS.B,

15.44%,

12/28/26

..

11,593

11,300

184172800.LC.FTS.B,

16.44%,

12/28/26

..

9,501

9,062

184029644.LC.FTS.B,

17.49%,

12/28/26

..

22,098

21,537

184068437.LC.FTS.B,

23.99%,

12/28/26

..

15,077

1,412

183866022.LC.FTS.B,

24.99%,

12/28/26

..

7,574

7,432

184075164.LC.FTS.B,

17.74%,

12/29/26

..

23,052

22,466

184016257.LC.FTS.B,

18.99%,

12/29/26

..

7,870

–

184298012.LC.FTS.B,

18.74%,

12/30/26

..

4,227

4,123

184273228.LC.FTS.B,

21.99%,

12/30/26

..

11,402

11,319

184017343.LC.FTS.B,

23.99%,

12/30/26

..

9,308

9,249

184149742.LC.FTS.B,

26.49%,

12/30/26

..

16,760

16,482

184473440.LC.FTS.B,

28.99%,

12/30/26

..

15,656

15,924

184248952.LC.FTS.B,

Zero

Cpn,

12/31/26

6,483

–

183794746.LC.FTS.B,

21.99%,

12/31/26

..

21,810

21,050

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184286578.LC.FTS.B,

17.49%,

1/01/27

...

$

16,507

$

15,863

184283229.LC.FTS.B,

19.44%,

1/01/27

...

11,401

10,923

184379539.LC.FTS.B,

12.19%,

1/02/27

...

21,555

20,368

183267202.LC.FTS.B,

12.99%,

1/05/27

...

10,462

8,014

183888494.LC.FTS.B,

17.99%,

1/06/27

...

6,941

6,720

184927724.LC.FTS.B,

22.49%,

1/11/27

...

17,642

17,316

184934200.LC.FTS.B,

23.49%,

1/11/27

...

23,148

22,675

184924956.LC.FTS.B,

24.99%,

1/16/27

...

15,588

15,166

182753052.LC.FTS.B,

15%,

3/16/27

.....

19,075

15,882

183844253.LC.FTS.B,

15%,

3/20/27

.....

22,233

16,941

184033235.LC.FTS.B,

15%,

3/24/27

.....

19,198

15,830

183426450.LC.FTS.B,

Zero

Cpn,

3/31/27

.

28,531

–

183687642.LC.FTS.B,

15.99%,

4/15/27

...

19,313

1,841

183682790.LC.FTS.B,

16.44%,

5/03/27

...

25,785

2,460

183766454.LC.FTS.B,

16.99%,

5/10/27

...

16,660

2,924

182718150.LC.FTS.B,

24.99%,

5/12/27

...

6,338

775

182926067.LC.FTS.B,

20.99%,

5/15/27

...

20,489

–

184163017.LC.FTS.B,

13.19%,

6/17/27

...

13,471

1,284

183252907.LC.FTS.B,

15%,

6/17/27

.....

11,892

8,966

183437929.LC.FTS.B,

10%,

6/30/27

.....

20,211

15,752

184020224.LC.FTS.B,

23.19%,

7/19/27

...

16,849

2,086

182097380.LC.FTS.B,

5%,

7/28/27

......

13,021

10,864

184211532.LC.FTS.B,

21.99%,

7/28/27

...

28,771

22,712

184064152.LC.FTS.B,

19.49%,

8/13/27

...

17,729

2,131

183653450.LC.FTS.B,

23.99%,

9/25/27

...

14,307

14,126

183362865.LC.FTS.B,

20.99%,

9/26/27

...

24,571

18,352

182185437.LC.FTS.B,

5%,

10/29/27

.....

14,163

10,895

184041474.LC.FTS.B,

5%,

12/15/27

.....

21,578

2,796

183767102.LC.FTS.B,

5%,

12/31/27

.....

19,911

5,707

171339542.LC.FTS.B,

10.81%,

11/03/33

..

104

103

171698001.LC.FTS.B,

10.81%,

11/04/33

..

970

969

171902167.LC.FTS.B,

8.46%,

11/10/33

...

376

375

171872747.LC.FTS.B,

9.02%,

11/10/33

...

631

630

171898688.LC.FTS.B,

10.81%,

11/10/33

..

809

808

171972764.LC.FTS.B,

8.46%,

11/13/33

...

470

469

172021697.LC.FTS.B,

10.81%,

11/13/33

..

776

776

171404953.LC.FTS.B,

10.19%,

11/15/33

..

131

131

171895455.LC.FTS.B,

9.56%,

11/21/33

...

474

473

7,072,251

Prosper

Funding

LLC

1613502.PS.FTS.B,

15.1%,

8/11/24

.....

1,604

1,585

1613526.PS.FTS.B,

19.1%,

8/11/24

.....

3,371

3,353

1604114.PS.FTS.B,

12.5%,

8/12/24

.....

6,324

6,232

1607545.PS.FTS.B,

12.7%,

8/12/24

.....

4,754

4,684

1607185.PS.FTS.B,

17.1%,

8/12/24

.....

1,984

1,981

1603763.PS.FTS.B,

19.8%,

8/12/24

.....

3,474

–

1613868.PS.FTS.B,

19.8%,

8/12/24

.....

3,818

2,485

1607575.PS.FTS.B,

20%,

8/12/24

.......

1,699

1,696

1603826.PS.FTS.B,

20.9%,

8/12/24

.....

685

684

1603754.PS.FTS.B,

21.49%,

8/12/24

....

3,446

3,440

1613529.PS.FTS.B,

14.89%,

8/13/24

....

2,756

2,715

1614891.PS.FTS.B,

16.7%,

8/13/24

.....

1,647

1,628

1604669.PS.FTS.B,

19.8%,

8/13/24

.....

679

676

1615005.PS.FTS.B,

20.1%,

8/13/24

.....

3,213

905

1615146.PS.FTS.B,

20.8%,

8/13/24

.....

684

683

1608406.PS.FTS.B,

18.11%,

8/15/24

....

6,704

6,610

1606436.PS.FTS.B,

28.64%,

8/17/24

....

1,839

1,886

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

243

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1611391.PS.FTS.B,

14.2%,

8/19/24

.....

$

4,661

$

4,591

1608574.PS.FTS.B,

20.1%,

8/21/24

.....

751

749

1610068.PS.FTS.B,

20%,

8/22/24

.......

1,713

1,709

1618998.PS.FTS.B,

12.79%,

8/23/24

....

11,099

10,958

1620645.PS.FTS.B,

16.6%,

8/25/24

.....

1,975

1,961

1614574.PS.FTS.B,

27.56%,

8/26/24

....

3,640

3,673

1615534.PS.FTS.B,

15.9%,

8/27/24

.....

620

462

1611857.PS.FTS.B,

16.4%,

8/27/24

.....

2,154

2,140

1610723.PS.FTS.B,

16.9%,

9/03/24

.....

2,186

2,159

1606394.PS.FTS.B,

20.9%,

9/15/24

.....

3,028

3,017

1633506.PS.FTS.B,

12.2%,

9/20/24

.....

4,138

4,076

1612025.PS.FTS.B,

15.6%,

9/20/24

.....

1,156

1,145

1623956.PS.FTS.B,

12.3%,

9/21/24

.....

2,175

2,143

1634463.PS.FTS.B,

13.05%,

9/21/24

....

695

685

1623944.PS.FTS.B,

13.36%,

9/21/24

....

5,926

5,840

1634445.PS.FTS.B,

13.9%,

9/21/24

.....

17,341

–

1627612.PS.FTS.B,

15.1%,

9/21/24

.....

1,771

1,753

1627369.PS.FTS.B,

15.4%,

9/21/24

.....

8,882

8,789

1634439.PS.FTS.B,

16.57%,

9/21/24

....

1,795

1,776

1634433.PS.FTS.B,

17.05%,

9/21/24

....

6,121

–

1627600.PS.FTS.B,

18.41%,

9/21/24

....

2,857

2,826

1635159.PS.FTS.B,

11.89%,

9/22/24

....

6,615

6,580

1635285.PS.FTS.B,

13.36%,

9/22/24

....

6,969

6,873

1635147.PS.FTS.B,

16%,

9/22/24

.......

3,590

3,544

1624508.PS.FTS.B,

18.41%,

9/22/24

....

1,826

1,807

1635003.PS.FTS.B,

20.01%,

9/22/24

....

2,222

2,227

1628974.PS.FTS.B,

11.6%,

9/23/24

.....

4,114

4,056

1625759.PS.FTS.B,

13.8%,

9/24/24

.....

8,620

8,500

1625753.PS.FTS.B,

14.7%,

9/24/24

.....

1,891

1,868

1618596.PS.FTS.B,

14.7%,

9/27/24

.....

2,538

2,503

1630810.PS.FTS.B,

14.79%,

9/27/24

....

9,580

9,500

1637601.PS.FTS.B,

15.4%,

9/27/24

.....

9,605

9,525

1628129.PS.FTS.B,

13.05%,

9/28/24

....

2,264

2,234

1630930.PS.FTS.B,

13.2%,

9/28/24

.....

1,503

1,483

1631206.PS.FTS.B,

13.66%,

9/28/24

....

2,276

2,246

1631650.PS.FTS.B,

14.39%,

9/28/24

....

3,818

3,788

1638273.PS.FTS.B,

16.43%,

9/28/24

....

2,527

2,507

1627844.PS.FTS.B,

16.61%,

9/28/24

....

1,947

1,931

1632436.PS.FTS.B,

15%,

9/29/24

.......

2,687

2,667

1627211.PS.FTS.B,

18.41%,

9/29/24

....

4,436

4,387

1628788.PS.FTS.B,

18.5%,

10/01/24

....

784

784

1624058.PS.FTS.B,

12.9%,

10/04/24

....

3,824

3,751

1640814.PS.FTS.B,

13.87%,

10/04/24

...

5,133

5,037

1645020.PS.FTS.B,

11.86%,

10/08/24

....

5,600

5,490

1634696.PS.FTS.B,

13.66%,

10/08/24

...

2,656

2,604

1638691.PS.FTS.B,

11.6%,

10/12/24

....

9,311

9,137

1645047.PS.FTS.B,

13.05%,

10/14/24

...

2,496

2,451

1655031.PS.FTS.B,

26.51%,

10/26/24

...

2,118

2,140

1645625.PS.FTS.B,

13.7%,

10/27/24

....

4,090

4,028

1656195.PS.FTS.B,

12.3%,

10/28/24

....

5,860

5,771

1646078.PS.FTS.B,

12.43%,

10/28/24

...

5,044

4,957

1656237.PS.FTS.B,

13.68%,

10/28/24

...

1,431

1,417

1649647.PS.FTS.B,

15.29%,

10/28/24

...

4,561

4,515

1646081.PS.FTS.B,

16.43%,

10/28/24

...

5,442

5,387

1649827.PS.FTS.B,

17%,

10/28/24

......

2,120

2,120

1646261.PS.FTS.B,

18.26%,

10/28/24

...

11,733

11,614

1657158.PS.FTS.B,

10.8%,

10/29/24

....

3,191

3,143

1657215.PS.FTS.B,

14.6%,

10/29/24

....

846

838

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1649938.PS.FTS.B,

15.4%,

10/29/24

....

$

2,490

$

2,466

1650670.PS.FTS.B,

16.3%,

10/29/24

....

836

840

1647092.PS.FTS.B,

16.9%,

10/29/24

....

14,710

14,566

1656627.PS.FTS.B,

17%,

10/29/24

......

7,151

7,192

1647332.PS.FTS.B,

22.6%,

10/29/24

....

881

892

1652014.PS.FTS.B,

13.36%,

11/02/24

....

2,771

2,707

1648529.PS.FTS.B,

19.5%,

11/02/24

....

849

838

1648733.PS.FTS.B,

21.2%,

11/02/24

....

15,243

14,909

1651427.PS.FTS.B,

10.5%,

11/05/24

....

1,193

1,166

1654330.PS.FTS.B,

11.4%,

11/05/24

.....

2,003

1,959

1654084.PS.FTS.B,

13.4%,

11/05/24

....

1,631

1,597

1651250.PS.FTS.B,

16.83%,

11/05/24

....

5,035

4,985

1652180.PS.FTS.B,

12.1%,

11/08/24

....

12,650

1,700

1664829.PS.FTS.B,

12.95%,

11/08/24

....

4,411

4,324

1658140.PS.FTS.B,

13.9%,

11/08/24

....

2,063

2,018

1652381.PS.FTS.B,

18.9%,

11/08/24

....

10,826

10,700

1652924.PS.FTS.B,

12.5%,

11/09/24

....

6,068

5,937

1665921.PS.FTS.B,

13.4%,

11/09/24

....

2,242

2,199

1665951.PS.FTS.B,

14.52%,

11/09/24

....

1,323

853

1665984.PS.FTS.B,

14.63%,

11/09/24

....

7,285

7,128

1665879.PS.FTS.B,

15.1%,

11/09/24

....

5,020

219

1652945.PS.FTS.B,

17.54%,

11/09/24

....

1,055

1,047

1659139.PS.FTS.B,

18.41%,

11/09/24

....

3,359

3,294

1654091.PS.FTS.B,

15.9%,

11/10/24

....

3,177

3,109

1648630.PS.FTS.B,

22.6%,

11/10/24

....

2,020

2,032

1655651.PS.FTS.B,

12.87%,

11/15/24

....

1,217

1,193

1662703.PS.FTS.B,

16%,

11/15/24

......

4,186

4,115

1663073.PS.FTS.B,

18.41%,

11/29/24

....

2,273

2,246

1651826.PS.FTS.B,

11.7%,

12/02/24

....

6,598

6,427

1685280.PS.FTS.B,

12.3%,

12/14/24

....

7,792

7,618

1685958.PS.FTS.B,

11.4%,

12/15/24

....

1,576

1,545

1672952.PS.FTS.B,

12%,

12/15/24

......

1,141

1,113

1672970.PS.FTS.B,

13.5%,

12/15/24

....

3,935

3,848

1685973.PS.FTS.B,

16%,

12/15/24

......

3,123

3,063

1686549.PS.FTS.B,

13%,

12/16/24

......

3,919

3,833

1687008.PS.FTS.B,

19%,

12/16/24

......

1,425

1,411

1674656.PS.FTS.B,

10.89%,

12/17/24

...

6,418

6,279

1680451.PS.FTS.B,

12.3%,

12/17/24

....

823

806

1674668.PS.FTS.B,

12.65%,

12/17/24

...

4,341

4,248

1674647.PS.FTS.B,

13.1%,

12/17/24

....

4,103

4,027

1680760.PS.FTS.B,

19.91%,

12/17/24

...

920

915

1685979.PS.FTS.B,

13.7%,

12/18/24

....

4,391

4,295

1651004.PS.FTS.B,

16.6%,

12/18/24

....

5,529

5,388

1681975.PS.FTS.B,

24.51%,

12/21/24

...

2,383

2,393

1684660.PS.FTS.B,

20.79%,

12/24/24

...

4,151

4,134

1687806.PS.FTS.B,

14.7%,

12/31/24

....

7,148

6,979

1692690.PS.FTS.B,

19.1%,

1/02/25

.....

1,132

1,120

1630058.PS.FTS.B,

19.3%,

1/16/25

.....

2,330

2,290

1603442.PS.FTS.B,

18.2%,

7/20/25

.....

4,755

4,611

1605017.PS.FTS.B,

19%,

7/22/25

.......

9,516

9,218

1672340.PS.FTS.B,

15.1%,

11/14/25

....

12,536

11,956

1613484.PS.FTS.B,

16.93%,

8/11/26

....

17,399

16,892

1613481.PS.FTS.B,

19.78%,

8/11/26

....

10,236

10,168

1604105.PS.FTS.B,

13.74%,

8/12/26

....

19,457

18,870

1614300.PS.FTS.B,

13.8%,

8/12/26

.....

17,101

16,645

1613874.PS.FTS.B,

15.2%,

8/12/26

.....

6,569

6,381

1614279.PS.FTS.B,

15.9%,

8/12/26

.....

6,278

6,098

1614306.PS.FTS.B,

18.5%,

8/12/26

.....

13,507

13,428

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

244

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1613892.PS.FTS.B,

19.18%,

8/12/26

....

$

4,379

$

4,366

1603802.PS.FTS.B,

20.3%,

8/12/26

.....

6,852

6,810

1607554.PS.FTS.B,

20.9%,

8/12/26

.....

5,852

5,816

1603823.PS.FTS.B,

28.4%,

8/12/26

.....

1,455

1,485

1607647.PS.FTS.B,

15%,

8/13/26

.......

5,246

5,098

1615164.PS.FTS.B,

17%,

8/13/26

.......

6,824

6,769

1614735.PS.FTS.B,

18.73%,

8/13/26

....

8,119

7,887

1607977.PS.FTS.B,

25.48%,

8/13/26

....

3,207

3,278

1604924.PS.FTS.B,

28.4%,

8/13/26

.....

4,729

4,830

1605023.PS.FTS.B,

14.2%,

8/16/26

.....

13,024

12,642

1605623.PS.FTS.B,

16.64%,

8/16/26

....

7,980

7,761

1608526.PS.FTS.B,

19.78%,

8/16/26

....

5,459

5,437

1604936.PS.FTS.B,

25%,

8/16/26

.......

1,424

1,455

1616271.PS.FTS.B,

12.5%,

8/17/26

.....

7,697

7,483

1609138.PS.FTS.B,

16.18%,

8/17/26

....

9,936

9,646

1609525.PS.FTS.B,

17%,

8/17/26

.......

4,639

3,962

1611388.PS.FTS.B,

15.8%,

8/19/26

.....

17,044

16,630

1608082.PS.FTS.B,

12.8%,

8/20/26

.....

9,678

9,388

1608397.PS.FTS.B,

20.3%,

8/21/26

.....

5,867

5,844

1612375.PS.FTS.B,

14.29%,

8/23/26

....

6,517

6,370

1609286.PS.FTS.B,

15.2%,

8/23/26

.....

1,724

1,689

1610333.PS.FTS.B,

14.39%,

8/24/26

....

2,609

2,545

1613140.PS.FTS.B,

14.7%,

8/24/26

.....

6,847

1,582

1620525.PS.FTS.B,

16.4%,

8/24/26

.....

3,982

3,892

1606978.PS.FTS.B,

13.3%,

8/25/26

.....

8,710

8,460

1606780.PS.FTS.B,

29.08%,

8/25/26

....

5,234

5,325

1622217.PS.FTS.B,

16.7%,

8/27/26

.....

4,204

4,052

1604606.PS.FTS.B,

29.74%,

9/07/26

....

7,662

7,776

1625707.PS.FTS.B,

11.7%,

9/16/26

.....

17,008

16,528

1626049.PS.FTS.B,

15.18%,

9/17/26

....

16,460

15,980

1633221.PS.FTS.B,

18.13%,

9/17/26

....

24,124

23,424

1632897.PS.FTS.B,

18.48%,

9/17/26

....

13,796

13,765

1627039.PS.FTS.B,

12.7%,

9/20/26

.....

2,632

2,557

1627618.PS.FTS.B,

11.79%,

9/21/26

....

7,181

6,980

1634841.PS.FTS.B,

11.79%,

9/21/26

....

7,834

7,614

1627615.PS.FTS.B,

14.7%,

9/21/26

.....

3,346

3,262

1628728.PS.FTS.B,

12.5%,

9/22/26

.....

4,598

4,470

1628947.PS.FTS.B,

12.5%,

9/23/26

.....

7,225

7,025

1635732.PS.FTS.B,

12.7%,

9/23/26

.....

8,553

8,317

1635660.PS.FTS.B,

12.87%,

9/23/26

....

6,589

6,407

1625255.PS.FTS.B,

13.2%,

9/23/26

.....

5,286

5,140

1636926.PS.FTS.B,

11.6%,

9/24/26

.....

7,495

7,290

1625639.PS.FTS.B,

12.7%,

9/24/26

.....

7,814

7,601

1629340.PS.FTS.B,

12.9%,

9/24/26

.....

4,484

4,361

1636506.PS.FTS.B,

15.18%,

9/24/26

....

10,994

9,006

1634442.PS.FTS.B,

13.93%,

9/26/26

....

6,330

6,143

1630456.PS.FTS.B,

12.76%,

9/27/26

....

10,108

9,837

1630462.PS.FTS.B,

13.5%,

9/27/26

.....

405

401

1630438.PS.FTS.B,

15.29%,

9/27/26

....

6,877

6,719

1630432.PS.FTS.B,

15.9%,

9/27/26

.....

8,292

8,100

1628431.PS.FTS.B,

16.64%,

9/30/26

....

8,030

7,795

1627061.PS.FTS.B,

19.5%,

10/01/26

....

17,543

17,528

1624733.PS.FTS.B,

16.33%,

10/05/26

...

4,564

4,430

1634613.PS.FTS.B,

14.39%,

10/14/26

...

6,934

1,516

1636347.PS.FTS.B,

12.9%,

10/17/26

....

17,225

16,706

1655010.PS.FTS.B,

19%,

10/26/26

......

5,128

219

1648657.PS.FTS.B,

10.4%,

10/27/26

....

10,159

9,864

1648981.PS.FTS.B,

10.7%,

10/27/26

....

16,640

3,605

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1645613.PS.FTS.B,

12.62%,

10/27/26

...

$

9,296

$

9,037

1655382.PS.FTS.B,

12.8%,

10/27/26

....

24,135

23,461

1655400.PS.FTS.B,

13.7%,

10/27/26

....

4,167

4,064

1648636.PS.FTS.B,

15.2%,

10/27/26

....

1,405

1,370

1645256.PS.FTS.B,

16.33%,

10/27/26

...

5,668

5,526

1645280.PS.FTS.B,

18.78%,

10/27/26

...

14,785

14,785

1645934.PS.FTS.B,

10.5%,

10/28/26

....

5,416

5,266

1649521.PS.FTS.B,

13.4%,

10/28/26

....

8,509

1,958

1649530.PS.FTS.B,

13.5%,

10/28/26

....

4,868

4,738

1649821.PS.FTS.B,

13.66%,

10/28/26

...

6,903

6,721

1649653.PS.FTS.B,

14.7%,

10/28/26

....

4,689

4,574

1646096.PS.FTS.B,

15.1%,

10/28/26

....

4,212

4,109

1646336.PS.FTS.B,

16.33%,

10/28/26

...

14,186

13,805

1656207.PS.FTS.B,

23.64%,

10/28/26

...

18,213

18,202

1646984.PS.FTS.B,

10.08%,

10/29/26

...

8,095

7,874

1657014.PS.FTS.B,

10.5%,

10/29/26

....

23,693

23,044

1650649.PS.FTS.B,

13.8%,

10/29/26

....

5,538

5,405

1657059.PS.FTS.B,

17%,

10/29/26

......

11,391

11,407

1646327.PS.FTS.B,

13.8%,

10/31/26

....

13,916

13,515

1657476.PS.FTS.B,

13.8%,

11/01/26

....

10,419

10,050

1658550.PS.FTS.B,

9.45%,

11/02/26

....

10,063

9,718

1649888.PS.FTS.B,

11.2%,

11/03/26

.....

16,332

15,773

1651424.PS.FTS.B,

10.8%,

11/05/26

....

8,140

7,865

1651418.PS.FTS.B,

11.6%,

11/05/26

.....

1,365

1,319

1650998.PS.FTS.B,

12.7%,

11/05/26

....

10,330

9,980

1661079.PS.FTS.B,

15.1%,

11/05/26

....

18,940

18,293

1654321.PS.FTS.B,

16%,

11/05/26

......

7,769

7,665

1660986.PS.FTS.B,

16.8%,

11/05/26

....

17,760

17,149

1661409.PS.FTS.B,

21.18%,

11/05/26

....

6,365

3,658

1654327.PS.FTS.B,

22.55%,

11/05/26

....

5,955

6,004

1651841.PS.FTS.B,

15.4%,

11/08/26

....

3,867

3,739

1665054.PS.FTS.B,

16.93%,

11/08/26

....

17,137

16,565

1653053.PS.FTS.B,

11.55%,

11/09/26

....

4,777

4,620

1665906.PS.FTS.B,

11.7%,

11/09/26

.....

5,466

5,286

1652894.PS.FTS.B,

12.7%,

11/09/26

....

6,481

6,270

1658878.PS.FTS.B,

12.98%,

11/09/26

....

17,254

16,685

1658887.PS.FTS.B,

13.8%,

11/09/26

....

10,313

9,975

1659130.PS.FTS.B,

15.18%,

11/09/26

....

9,827

9,504

1652711.PS.FTS.B,

16.2%,

11/09/26

.....

8,841

8,741

1665696.PS.FTS.B,

19%,

11/09/26

......

12,650

–

1659106.PS.FTS.B,

22.55%,

11/09/26

....

6,321

6,388

1659562.PS.FTS.B,

26.43%,

11/09/26

....

11,370

11,536

1654496.PS.FTS.B,

11.79%,

11/10/26

....

6,837

6,614

1667139.PS.FTS.B,

14.38%,

11/10/26

....

11,860

11,470

1660783.PS.FTS.B,

11.7%,

11/12/26

.....

12,298

11,901

1668165.PS.FTS.B,

22.6%,

11/12/26

....

3,699

3,764

1659238.PS.FTS.B,

10.8%,

11/15/26

....

5,097

4,923

1656380.PS.FTS.B,

10.9%,

11/15/26

....

5,440

5,262

1658161.PS.FTS.B,

13.3%,

11/15/26

....

5,908

5,701

1653980.PS.FTS.B,

13.7%,

11/15/26

....

10,472

10,111

1653277.PS.FTS.B,

13.8%,

11/16/26

....

16,793

16,181

1654759.PS.FTS.B,

11.89%,

11/19/26

....

3,450

3,329

1660438.PS.FTS.B,

16%,

11/19/26

......

3,557

3,506

1672608.PS.FTS.B,

16%,

11/19/26

......

4,237

4,211

1665885.PS.FTS.B,

13.7%,

11/20/26

....

17,451

16,844

1645619.PS.FTS.B,

18.78%,

11/20/26

....

9,577

9,479

1651010.PS.FTS.B,

10.8%,

11/21/26

....

10,156

9,814

1659142.PS.FTS.B,

14.6%,

11/21/26

....

5,642

5,445

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

245

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1659127.PS.FTS.B,

16.8%,

11/27/26

....

$

14,629

$

14,116

1656341.PS.FTS.B,

15.29%,

12/09/26

...

12,133

11,683

1667304.PS.FTS.B,

13.48%,

12/10/26

...

25,094

24,210

1668453.PS.FTS.B,

9.62%,

12/14/26

....

9,625

1,185

1678408.PS.FTS.B,

10.5%,

12/14/26

....

2,950

2,894

1672670.PS.FTS.B,

12%,

12/14/26

......

4,902

4,741

1685286.PS.FTS.B,

12.5%,

12/14/26

....

4,920

4,758

1678405.PS.FTS.B,

13.8%,

12/14/26

....

10,647

10,297

1672667.PS.FTS.B,

18.78%,

12/14/26

...

8,676

8,569

1685589.PS.FTS.B,

22.8%,

12/14/26

....

8,048

8,027

1679083.PS.FTS.B,

10.5%,

12/15/26

....

13,845

13,904

1679473.PS.FTS.B,

14.68%,

12/15/26

...

14,287

13,819

1679077.PS.FTS.B,

15.12%,

12/15/26

...

14,333

13,865

1685964.PS.FTS.B,

15.29%,

12/15/26

...

14,351

13,882

1672964.PS.FTS.B,

28.23%,

12/15/26

...

7,797

7,907

1680172.PS.FTS.B,

13.4%,

12/16/26

....

8,492

8,220

1687065.PS.FTS.B,

16.4%,

12/16/26

....

13,788

13,312

1680709.PS.FTS.B,

10.5%,

12/17/26

....

13,845

13,400

1687677.PS.FTS.B,

18.4%,

12/17/26

....

14,667

14,509

1674683.PS.FTS.B,

19%,

12/17/26

......

5,891

5,827

1680733.PS.FTS.B,

26.5%,

12/17/26

....

6,176

6,273

1681081.PS.FTS.B,

11.33%,

12/20/26

....

6,636

6,419

1681270.PS.FTS.B,

13.08%,

12/20/26

...

4,942

4,786

1679071.PS.FTS.B,

14.7%,

12/20/26

....

17,921

17,299

1681027.PS.FTS.B,

25.9%,

12/20/26

....

4,323

3,877

1677662.PS.FTS.B,

18.25%,

12/23/26

...

16,117

15,993

1672658.PS.FTS.B,

18.4%,

12/31/26

....

9,064

8,887

1608338.PS.FTS.B,

15.5%,

2/20/27

.....

7,608

982

1630162.PS.FTS.B,

16.33%,

7/23/27

....

19,103

9,346

1624370.PS.FTS.B,

16.18%,

8/21/27

....

10,131

3,938

1,759,327

Upgrade,

Inc.

23553668.UG.FTS.B,

29.69%,

10/15/24

..

3,965

4,188

23546722.UG.FTS.B,

29.69%,

10/22/24

..

5,952

6,294

23816823.UG.FTS.B,

25.82%,

10/24/24

..

4,689

4,904

23793303.UG.FTS.B,

27.74%,

11/05/24

..

10,151

10,647

24174311.UG.FTS.B,

29.69%,

11/05/24

..

23,181

4,915

24254995.UG.FTS.B,

29.69%,

11/14/24

..

13,139

3,066

24485661.UG.FTS.B,

29.69%,

11/18/24

..

13,166

14,000

24631334.UG.FTS.B,

29.69%,

11/21/24

..

8,907

9,434

24909623.UG.FTS.B,

27.74%,

12/02/24

..

21,013

18,050

24677388.UG.FTS.B,

29.69%,

12/06/24

..

6,417

6,793

24350035.UG.FTS.B,

28.99%,

12/10/24

..

5,773

829

24672526.UG.FTS.B,

29.69%,

12/11/24

..

11,309

11,937

24959142.UG.FTS.B,

29.69%,

12/15/24

..

11,362

12,056

25312483.UG.FTS.B,

29.69%,

12/18/24

..

8,164

8,676

25843226.UG.FTS.B,

28.99%,

1/07/25

...

8,501

8,969

24789598.UG.FTS.B,

25.26%,

11/27/27

..

103

103

25392723.UG.FTS.B,

25.26%,

9/30/28

...

227

6

124,867

Upgrade,

Inc.

-

Card

991123035.UG.FTS.B,

28.98%,

10/17/23

.

11

11

991047307.UG.FTS.B,

29.49%,

11/09/23

.

–

–

991034169.UG.FTS.B,

23.45%,

11/10/23

.

–

–

991030997.UG.FTS.B,

19.47%,

11/11/23

.

–

–

991036718.UG.FTS.B,

29.49%,

11/11/23

.

–

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991057788.UG.FTS.B,

29.49%,

11/11/23

.

$

–

$

–

991066988.UG.FTS.B,

29.49%,

11/11/23

.

–

–

991032115.UG.FTS.B,

20.47%,

11/12/23

.

–

–

991058895.UG.FTS.B,

Zero

Cpn,

11/15/23

–

–

991070986.UG.FTS.B,

26.44%,

11/15/23

.

–

–

991262392.UG.FTS.B,

28.48%,

11/16/23

.

–

–

991064383.UG.FTS.B,

28.48%,

11/17/23

.

–

–

991267853.UG.FTS.B,

29.48%,

11/17/23

.

–

–

991118360.UG.FTS.B,

29.49%,

11/19/23

..

–

–

991291675.UG.FTS.B,

28.48%,

11/20/23

.

–

–

991110444.UG.FTS.B,

25.44%,

11/21/23

..

–

–

991250805.UG.FTS.B,

28.48%,

11/21/23

.

–

–

991107100.UG.FTS.B,

28.48%,

11/22/23

.

–

–

991188329.UG.FTS.B,

29.49%,

11/22/23

.

–

–

991113363.UG.FTS.B,

28.48%,

11/24/23

..

–

–

991195763.UG.FTS.B,

29.49%,

11/24/23

.

–

–

991263261.UG.FTS.B,

Zero

Cpn,

11/25/23

–

–

991200425.UG.FTS.B,

29.49%,

11/25/23

.

–

–

991286912.UG.FTS.B,

29.49%,

12/01/23

.

–

–

991379124.UG.FTS.B,

29.49%,

12/01/23

.

–

–

991349149.UG.FTS.B,

19.96%,

12/02/23

.

18

18

991345661.UG.FTS.B,

28.48%,

12/02/23

.

96

–

991331755.UG.FTS.B,

29.48%,

12/02/23

.

12

12

991332114.UG.FTS.B,

29.48%,

12/02/23

.

20

20

991346704.UG.FTS.B,

29.48%,

12/02/23

.

13

13

991382180.UG.FTS.B,

29.48%,

12/02/23

.

67

68

991340317.UG.FTS.B,

29.49%,

12/02/23

.

5

5

991346464.UG.FTS.B,

29.49%,

12/02/23

.

141

141

991361331.UG.FTS.B,

29.49%,

12/02/23

.

220

35

991365395.UG.FTS.B,

29.49%,

12/02/23

.

9

9

991190340.UG.FTS.B,

28.48%,

12/05/23

.

36

35

991192015.UG.FTS.B,

16.49%,

12/06/23

.

96

96

991227727.UG.FTS.B,

19.96%,

12/06/23

.

120

119

991203822.UG.FTS.B,

21.48%,

12/06/23

.

57

10

991252347.UG.FTS.B,

29.48%,

12/06/23

.

–

–

991191306.UG.FTS.B,

29.49%,

12/06/23

.

93

93

991357112.UG.FTS.B,

29.49%,

12/06/23

.

38

2

991226251.UG.FTS.B,

Zero

Cpn,

12/07/23

275

20

991198134.UG.FTS.B,

19.96%,

12/07/23

.

38

38

991432095.UG.FTS.B,

21.48%,

12/07/23

.

21

21

991304075.UG.FTS.B,

28.48%,

12/07/23

.

78

77

991197990.UG.FTS.B,

29.49%,

12/07/23

.

31

30

991198002.UG.FTS.B,

29.49%,

12/07/23

.

5

5

991203586.UG.FTS.B,

29.49%,

12/07/23

.

19

19

991204768.UG.FTS.B,

29.49%,

12/07/23

.

15

15

991206861.UG.FTS.B,

29.49%,

12/07/23

.

7

7

991218164.UG.FTS.B,

Zero

Cpn,

12/08/23

716

50

991249740.UG.FTS.B,

Zero

Cpn,

12/08/23

51

4

991289146.UG.FTS.B,

Zero

Cpn,

12/08/23

69

5

991250612.UG.FTS.B,

17.49%,

12/08/23

.

22

22

991291945.UG.FTS.B,

17.49%,

12/08/23

.

256

–

991207942.UG.FTS.B,

18.47%,

12/08/23

.

52

51

991337098.UG.FTS.B,

19.3%,

12/08/23

..

52

52

991359463.UG.FTS.B,

19.96%,

12/08/23

.

127

18

991448491.UG.FTS.B,

23.45%,

12/08/23

.

41

40

991214878.UG.FTS.B,

28.48%,

12/08/23

.

105

14

991276602.UG.FTS.B,

28.48%,

12/08/23

.

82

82

991282274.UG.FTS.B,

28.48%,

12/08/23

.

64

9

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

246

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991321964.UG.FTS.B,

28.48%,

12/08/23

.

$

35

$

35

991348273.UG.FTS.B,

28.48%,

12/08/23

.

143

144

991211631.UG.FTS.B,

29.46%,

12/08/23

.

31

31

991215376.UG.FTS.B,

29.47%,

12/08/23

.

69

69

991217829.UG.FTS.B,

29.47%,

12/08/23

.

17

17

991207166.UG.FTS.B,

29.48%,

12/08/23

.

31

31

991211029.UG.FTS.B,

29.48%,

12/08/23

.

358

142

991278845.UG.FTS.B,

29.48%,

12/08/23

.

17

17

991320725.UG.FTS.B,

29.48%,

12/08/23

.

15

15

991209755.UG.FTS.B,

29.49%,

12/08/23

.

46

45

991214817.UG.FTS.B,

29.49%,

12/08/23

.

39

39

991214975.UG.FTS.B,

29.49%,

12/08/23

.

54

54

991216594.UG.FTS.B,

29.49%,

12/08/23

.

84

84

991272424.UG.FTS.B,

29.49%,

12/08/23

.

45

45

991300678.UG.FTS.B,

29.49%,

12/08/23

.

12

12

991359124.UG.FTS.B,

20.47%,

12/09/23

.

45

44

991354238.UG.FTS.B,

20.96%,

12/09/23

.

78

78

991393014.UG.FTS.B,

28.48%,

12/09/23

.

16

16

991434948.UG.FTS.B,

28.48%,

12/09/23

.

–

–

991364368.UG.FTS.B,

29.49%,

12/09/23

.

113

17

991367687.UG.FTS.B,

29.49%,

12/09/23

.

60

31

991408941.UG.FTS.B,

29.49%,

12/09/23

.

15

15

991448905.UG.FTS.B,

29.49%,

12/09/23

.

111

111

991234278.UG.FTS.B,

26.44%,

12/10/23

.

171

170

991318209.UG.FTS.B,

27.99%,

12/10/23

.

39

5

991324549.UG.FTS.B,

29.48%,

12/10/23

.

4

4

991324857.UG.FTS.B,

29.49%,

12/10/23

.

1

1

991326232.UG.FTS.B,

29.49%,

12/10/23

.

28

28

991342513.UG.FTS.B,

29.49%,

12/10/23

.

115

115

991368001.UG.FTS.B,

29.49%,

12/10/23

.

34

33

991402670.UG.FTS.B,

29.49%,

12/10/23

.

30

29

991431724.UG.FTS.B,

29.49%,

12/10/23

.

10

10

991448540.UG.FTS.B,

15.47%,

12/11/23

.

86

85

991357205.UG.FTS.B,

28.48%,

12/11/23

.

–

–

991316785.UG.FTS.B,

29.49%,

12/11/23

.

15

15

991338974.UG.FTS.B,

29.49%,

12/11/23

.

19

8

991361596.UG.FTS.B,

29.49%,

12/11/23

.

215

13

991373643.UG.FTS.B,

29.49%,

12/11/23

.

8

8

991399394.UG.FTS.B,

29.49%,

12/11/23

.

13

13

991400100.UG.FTS.B,

29.49%,

12/11/23

.

16

8

991353250.UG.FTS.B,

18.71%,

12/12/23

.

44

43

991364577.UG.FTS.B,

19.3%,

12/12/23

..

16

16

991327492.UG.FTS.B,

25.44%,

12/12/23

.

71

71

991331674.UG.FTS.B,

29.48%,

12/12/23

.

33

33

991304451.UG.FTS.B,

29.49%,

12/12/23

.

–

–

991317469.UG.FTS.B,

29.49%,

12/12/23

.

37

20

991356769.UG.FTS.B,

29.49%,

12/12/23

.

51

26

991424465.UG.FTS.B,

29.49%,

12/12/23

.

138

137

991332222.UG.FTS.B,

Zero

Cpn,

12/13/23

76

5

991438897.UG.FTS.B,

17.47%,

12/13/23

.

10

10

991287740.UG.FTS.B,

17.49%,

12/13/23

.

34

34

991284086.UG.FTS.B,

18.71%,

12/13/23

.

34

34

991398313.UG.FTS.B,

19.3%,

12/13/23

..

19

19

991309000.UG.FTS.B,

20.96%,

12/13/23

.

11

11

991336028.UG.FTS.B,

29.48%,

12/13/23

.

9

9

991335642.UG.FTS.B,

29.49%,

12/13/23

.

20

20

991336926.UG.FTS.B,

29.49%,

12/13/23

.

18

18

991361169.UG.FTS.B,

29.49%,

12/13/23

.

84

84

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991428519.UG.FTS.B,

29.49%,

12/13/23

.

$

43

$

3

991331167.UG.FTS.B,

16.49%,

12/15/23

.

148

148

991265681.UG.FTS.B,

18.71%,

12/15/23

.

14

14

991387743.UG.FTS.B,

18.71%,

12/15/23

.

199

199

991268786.UG.FTS.B,

19.3%,

12/15/23

..

18

18

991399812.UG.FTS.B,

19.3%,

12/15/23

..

196

196

991265527.UG.FTS.B,

20.47%,

12/15/23

.

23

23

991270303.UG.FTS.B,

20.47%,

12/15/23

.

–

–

991288025.UG.FTS.B,

20.96%,

12/15/23

.

10

10

991364787.UG.FTS.B,

22.45%,

12/15/23

.

33

33

991448152.UG.FTS.B,

22.45%,

12/15/23

.

18

18

991260304.UG.FTS.B,

22.47%,

12/15/23

.

4

4

991390117.UG.FTS.B,

15.47%,

12/16/23

.

47

47

991264118.UG.FTS.B,

16.49%,

12/16/23

.

56

55

991265066.UG.FTS.B,

17.49%,

12/16/23

.

20

20

991459556.UG.FTS.B,

17.49%,

12/16/23

.

23

4

991376799.UG.FTS.B,

19.3%,

12/16/23

..

125

125

991343699.UG.FTS.B,

20.96%,

12/16/23

.

53

53

991407871.UG.FTS.B,

16.49%,

12/17/23

.

29

29

991334320.UG.FTS.B,

18.71%,

12/17/23

.

17

17

991334732.UG.FTS.B,

18.71%,

12/17/23

.

49

49

991331047.UG.FTS.B,

19.96%,

12/17/23

.

12

12

991320917.UG.FTS.B,

21.48%,

12/17/23

.

203

202

991100252.UG.FTS.B,

29.49%,

12/17/23

.

37

36

991470545.UG.FTS.B,

Zero

Cpn,

12/18/23

–

–

991407328.UG.FTS.B,

15%,

12/18/23

....

36

3

991354731.UG.FTS.B,

18.71%,

12/18/23

.

8

8

991173118.UG.FTS.B,

19.99%,

12/18/23

.

3

3

991309417.UG.FTS.B,

20.47%,

12/18/23

.

245

21

991298110.UG.FTS.B,

21.48%,

12/18/23

.

–

–

991429423.UG.FTS.B,

17.47%,

12/19/23

.

15

15

991317582.UG.FTS.B,

17.49%,

12/19/23

.

31

31

991467590.UG.FTS.B,

17.49%,

12/19/23

.

3

3

991308110.UG.FTS.B,

18.47%,

12/19/23

.

12

12

991287925.UG.FTS.B,

19.3%,

12/19/23

..

37

36

991511200.UG.FTS.B,

19.3%,

12/19/23

..

17

17

991433616.UG.FTS.B,

20.96%,

12/19/23

.

5

5

991414126.UG.FTS.B,

21.48%,

12/19/23

.

46

46

991367322.UG.FTS.B,

22.47%,

12/19/23

.

46

3

991325118.UG.FTS.B,

16.49%,

12/20/23

.

34

34

991295957.UG.FTS.B,

17.49%,

12/20/23

.

18

18

991358233.UG.FTS.B,

17.49%,

12/20/23

.

97

97

991432644.UG.FTS.B,

17.49%,

12/20/23

.

16

16

991366147.UG.FTS.B,

18.47%,

12/20/23

.

5

5

991496764.UG.FTS.B,

18.47%,

12/20/23

.

96

96

991363259.UG.FTS.B,

19.3%,

12/20/23

..

15

15

991373067.UG.FTS.B,

19.3%,

12/20/23

..

46

46

991523610.UG.FTS.B,

19.96%,

12/20/23

.

50

49

991427426.UG.FTS.B,

20.47%,

12/20/23

.

277

276

991494550.UG.FTS.B,

21.48%,

12/20/23

.

16

16

991315452.UG.FTS.B,

22.47%,

12/20/23

.

–

–

991448015.UG.FTS.B,

19.96%,

12/21/23

.

93

93

991505059.UG.FTS.B,

21.48%,

12/21/23

.

15

15

991158478.UG.FTS.B,

29.49%,

12/27/23

.

118

119

991158195.UG.FTS.B,

19.99%,

12/28/23

.

14

13

990984188.UG.FTS.B,

28.48%,

1/19/24

..

37

34

991162513.UG.FTS.B,

28.48%,

1/23/24

..

39

39

991128711.UG.FTS.B,

28.98%,

1/23/24

..

5

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

247

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991124803.UG.FTS.B,

29.49%,

2/06/24

..

$

59

$

54

991418451.UG.FTS.B,

29.49%,

2/07/24

..

13

13

991024808.UG.FTS.B,

29.49%,

2/08/24

..

35

14

991074883.UG.FTS.B,

29.48%,

2/09/24

..

391

–

991070551.UG.FTS.B,

29.49%,

2/09/24

..

345

348

991072454.UG.FTS.B,

29.49%,

2/09/24

..

59

10

991408874.UG.FTS.B,

20.47%,

2/10/24

..

22

1

991046688.UG.FTS.B,

18.71%,

2/11/24

..

77

35

991066592.UG.FTS.B,

23.45%,

2/12/24

..

29

29

991057953.UG.FTS.B,

25.45%,

2/13/24

..

135

134

991075400.UG.FTS.B,

28.48%,

2/15/24

..

35

–

991154165.UG.FTS.B,

29.49%,

2/16/24

..

18

18

991108107.UG.FTS.B,

29.49%,

2/17/24

..

19

19

991190202.UG.FTS.B,

29.49%,

2/19/24

..

20

20

991114808.UG.FTS.B,

Zero

Cpn,

2/20/24

.

41

3

991163098.UG.FTS.B,

29.49%,

2/20/24

..

65

6

991149182.UG.FTS.B,

28.48%,

2/21/24

..

82

72

991127249.UG.FTS.B,

29.48%,

2/23/24

..

190

192

991117874.UG.FTS.B,

29.49%,

2/23/24

..

31

31

991221375.UG.FTS.B,

18.47%,

2/24/24

..

23

23

991155085.UG.FTS.B,

21.48%,

2/27/24

..

36

–

991233145.UG.FTS.B,

28.48%,

2/28/24

..

18

17

991178587.UG.FTS.B,

19.96%,

2/29/24

..

171

155

991218571.UG.FTS.B,

27.95%,

3/05/24

..

365

–

991123520.UG.FTS.B,

Zero

Cpn,

3/17/24

.

32

2

991200208.UG.FTS.B,

28.48%,

3/18/24

..

23

20

991107592.UG.FTS.B,

29.49%,

3/20/24

..

121

–

991217199.UG.FTS.B,

29.49%,

3/21/24

..

35

36

991131638.UG.FTS.B,

21.48%,

3/25/24

..

108

107

991193180.UG.FTS.B,

28.98%,

3/28/24

..

25

21

991026911.UG.FTS.B,

28.98%,

4/09/24

..

16

15

991301519.UG.FTS.B,

17.49%,

4/10/24

..

174

1

991130453.UG.FTS.B,

29.49%,

4/17/24

..

57

51

991285666.UG.FTS.B,

29.49%,

4/17/24

..

14

13

991135715.UG.FTS.B,

29.49%,

4/23/24

..

27

24

991132191.UG.FTS.B,

20.47%,

4/25/24

..

24

21

991052158.UG.FTS.B,

29.49%,

5/09/24

..

44

36

991232706.UG.FTS.B,

21.98%,

5/13/24

..

39

14

991078707.UG.FTS.B,

23.45%,

5/13/24

..

56

–

991102218.UG.FTS.B,

21.48%,

5/20/24

..

40

40

991149901.UG.FTS.B,

29.48%,

5/27/24

..

44

–

991167434.UG.FTS.B,

29.48%,

5/29/24

..

145

147

991040377.UG.FTS.B,

29.49%,

6/09/24

..

35

30

991214313.UG.FTS.B,

22.45%,

6/11/24

..

124

122

991115770.UG.FTS.B,

19.8%,

6/17/24

...

46

7

991135493.UG.FTS.B,

28.98%,

6/19/24

..

32

27

991234615.UG.FTS.B,

28.98%,

6/19/24

..

43

3

991106568.UG.FTS.B,

29.49%,

6/20/24

..

226

33

991162412.UG.FTS.B,

29.49%,

6/28/24

..

39

–

991126748.UG.FTS.B,

29.49%,

7/09/24

..

41

42

991255753.UG.FTS.B,

14.47%,

7/12/24

..

44

37

991067743.UG.FTS.B,

28.48%,

7/15/24

..

90

13

991291326.UG.FTS.B,

21.46%,

7/22/24

..

44

45

991132595.UG.FTS.B,

21.48%,

7/25/24

..

71

70

991159214.UG.FTS.B,

29.49%,

7/26/24

..

43

44

991164288.UG.FTS.B,

29.49%,

7/27/24

..

176

142

991249319.UG.FTS.B,

28.98%,

8/16/24

..

52

40

991258598.UG.FTS.B,

19.99%,

9/03/24

..

71

10

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991145452.UG.FTS.B,

29.49%,

9/25/24

..

$

55

$

–

991216248.UG.FTS.B,

19.3%,

9/26/24

...

103

102

991455137.UG.FTS.B,

29.49%,

10/10/24

.

–

–

990928675.UG.FTS.B,

29.49%,

10/19/24

.

56

56

991042512.UG.FTS.B,

28.98%,

10/21/24

.

121

122

991255614.UG.FTS.B,

29.49%,

10/21/24

.

50

51

991155738.UG.FTS.B,

29.49%,

10/24/24

.

48

50

991043973.UG.FTS.B,

Zero

Cpn,

11/08/24

–

–

991029860.UG.FTS.B,

16.99%,

11/08/24

.

606

606

991020888.UG.FTS.B,

19.8%,

11/08/24

..

883

877

991132194.UG.FTS.B,

19.8%,

11/08/24

..

192

190

991010233.UG.FTS.B,

19.99%,

11/08/24

.

105

105

991025022.UG.FTS.B,

20.46%,

11/08/24

.

133

134

991043299.UG.FTS.B,

20.46%,

11/08/24

.

360

362

991015397.UG.FTS.B,

21.46%,

11/08/24

.

98

98

991008862.UG.FTS.B,

22.97%,

11/08/24

.

436

438

991015679.UG.FTS.B,

27.99%,

11/08/24

.

681

697

991015963.UG.FTS.B,

28.98%,

11/08/24

.

897

912

991049421.UG.FTS.B,

28.98%,

11/08/24

.

45

46

991062658.UG.FTS.B,

28.98%,

11/08/24

.

277

282

991089676.UG.FTS.B,

28.98%,

11/08/24

.

1,016

1,025

991122476.UG.FTS.B,

28.98%,

11/08/24

.

107

19

991188631.UG.FTS.B,

28.98%,

11/08/24

.

138

139

991009200.UG.FTS.B,

29.49%,

11/08/24

.

162

166

991009218.UG.FTS.B,

29.49%,

11/08/24

.

92

93

991009403.UG.FTS.B,

29.49%,

11/08/24

.

337

337

991009730.UG.FTS.B,

29.49%,

11/08/24

.

65

65

991011019.UG.FTS.B,

29.49%,

11/08/24

.

60

61

991011039.UG.FTS.B,

29.49%,

11/08/24

.

598

614

991016135.UG.FTS.B,

29.49%,

11/08/24

.

336

338

991016360.UG.FTS.B,

29.49%,

11/08/24

.

214

220

991018167.UG.FTS.B,

29.49%,

11/08/24

.

193

198

991032542.UG.FTS.B,

29.49%,

11/08/24

.

931

956

991051891.UG.FTS.B,

29.49%,

11/08/24

.

330

336

991065536.UG.FTS.B,

29.49%,

11/08/24

.

78

80

991067396.UG.FTS.B,

29.49%,

11/08/24

.

110

14

991089599.UG.FTS.B,

29.49%,

11/08/24

.

990

1,002

991156301.UG.FTS.B,

29.49%,

11/08/24

.

144

145

991174773.UG.FTS.B,

29.49%,

11/08/24

.

74

76

991200927.UG.FTS.B,

29.49%,

11/08/24

.

153

155

991208389.UG.FTS.B,

29.49%,

11/08/24

.

–

–

991048693.UG.FTS.B,

Zero

Cpn,

11/09/24

497

34

991064904.UG.FTS.B,

Zero

Cpn,

11/09/24

970

68

991217068.UG.FTS.B,

Zero

Cpn,

11/09/24

341

24

991039862.UG.FTS.B,

14.98%,

11/09/24

.

566

569

991032070.UG.FTS.B,

16.99%,

11/09/24

.

153

155

991037178.UG.FTS.B,

16.99%,

11/09/24

.

314

320

991107359.UG.FTS.B,

17.99%,

11/09/24

.

258

18

991104757.UG.FTS.B,

19.21%,

11/09/24

.

175

176

991017861.UG.FTS.B,

19.8%,

11/09/24

..

64

65

991213119.UG.FTS.B,

19.99%,

11/09/24

.

67

69

991036234.UG.FTS.B,

21.98%,

11/09/24

.

233

234

991214327.UG.FTS.B,

21.98%,

11/09/24

.

126

128

991015386.UG.FTS.B,

22.97%,

11/09/24

.

381

380

991207204.UG.FTS.B,

27.99%,

11/09/24

.

52

52

991014627.UG.FTS.B,

28.98%,

11/09/24

.

251

259

991021150.UG.FTS.B,

28.98%,

11/09/24

.

181

51

991024150.UG.FTS.B,

28.98%,

11/09/24

.

303

309

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

248

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991024317.UG.FTS.B,

28.98%,

11/09/24

.

$

177

$

180

991024437.UG.FTS.B,

28.98%,

11/09/24

.

344

357

991036639.UG.FTS.B,

28.98%,

11/09/24

.

249

254

991050918.UG.FTS.B,

28.98%,

11/09/24

.

370

385

991066590.UG.FTS.B,

28.98%,

11/09/24

.

298

305

991109146.UG.FTS.B,

28.98%,

11/09/24

.

377

383

991175878.UG.FTS.B,

28.98%,

11/09/24

.

39

39

991190864.UG.FTS.B,

28.98%,

11/09/24

.

176

22

991213946.UG.FTS.B,

28.98%,

11/09/24

.

69

71

991215028.UG.FTS.B,

28.98%,

11/09/24

.

459

472

991215951.UG.FTS.B,

28.98%,

11/09/24

.

574

–

991016307.UG.FTS.B,

29.49%,

11/09/24

.

172

180

991017635.UG.FTS.B,

29.49%,

11/09/24

.

73

72

991032314.UG.FTS.B,

29.49%,

11/09/24

.

397

406

991032461.UG.FTS.B,

29.49%,

11/09/24

.

142

147

991051385.UG.FTS.B,

29.49%,

11/09/24

.

72

19

991055838.UG.FTS.B,

29.49%,

11/09/24

.

30

30

991057649.UG.FTS.B,

29.49%,

11/09/24

.

150

150

991075118.UG.FTS.B,

29.49%,

11/09/24

.

1,239

176

991076041.UG.FTS.B,

29.49%,

11/09/24

.

128

132

991088136.UG.FTS.B,

29.49%,

11/09/24

.

71

71

991119988.UG.FTS.B,

29.49%,

11/09/24

..

3

1

991130666.UG.FTS.B,

29.49%,

11/09/24

.

33

32

991139880.UG.FTS.B,

29.49%,

11/09/24

.

136

140

991143330.UG.FTS.B,

29.49%,

11/09/24

.

–

–

991148011.UG.FTS.B,

29.49%,

11/09/24

..

20

20

991171418.UG.FTS.B,

29.49%,

11/09/24

.

96

100

991213890.UG.FTS.B,

29.49%,

11/09/24

.

98

25

991215398.UG.FTS.B,

29.49%,

11/09/24

.

176

182

991108419.UG.FTS.B,

Zero

Cpn,

11/10/24

120

8

991065102.UG.FTS.B,

15.97%,

11/10/24

.

274

275

991129317.UG.FTS.B,

15.97%,

11/10/24

.

1,686

1,698

991171941.UG.FTS.B,

15.97%,

11/10/24

.

1,505

1,508

991022677.UG.FTS.B,

18.97%,

11/10/24

.

646

658

991170027.UG.FTS.B,

18.97%,

11/10/24

.

192

13

991224324.UG.FTS.B,

18.97%,

11/10/24

.

257

257

991045857.UG.FTS.B,

19.21%,

11/10/24

.

–

–

991034507.UG.FTS.B,

19.8%,

11/10/24

..

2,834

2,879

991020976.UG.FTS.B,

19.99%,

11/10/24

.

258

260

991023319.UG.FTS.B,

19.99%,

11/10/24

.

327

–

991029759.UG.FTS.B,

19.99%,

11/10/24

.

96

98

991072413.UG.FTS.B,

19.99%,

11/10/24

.

116

30

991211771.UG.FTS.B,

21.46%,

11/10/24

.

20

20

991216720.UG.FTS.B,

21.46%,

11/10/24

.

5,222

5,308

991023237.UG.FTS.B,

21.97%,

11/10/24

.

158

159

991026806.UG.FTS.B,

21.98%,

11/10/24

.

118

39

991036128.UG.FTS.B,

21.98%,

11/10/24

.

27

27

991085164.UG.FTS.B,

23.95%,

11/10/24

.

15

13

991062365.UG.FTS.B,

24.95%,

11/10/24

.

231

29

991055480.UG.FTS.B,

27.99%,

11/10/24

.

92

96

991020520.UG.FTS.B,

28.98%,

11/10/24

.

97

97

991021327.UG.FTS.B,

28.98%,

11/10/24

.

112

114

991022344.UG.FTS.B,

28.98%,

11/10/24

.

225

224

991022916.UG.FTS.B,

28.98%,

11/10/24

.

138

139

991022961.UG.FTS.B,

28.98%,

11/10/24

.

130

131

991026665.UG.FTS.B,

28.98%,

11/10/24

.

120

119

991026874.UG.FTS.B,

28.98%,

11/10/24

.

11

11

991033626.UG.FTS.B,

28.98%,

11/10/24

.

77

80

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991044464.UG.FTS.B,

28.98%,

11/10/24

.

$

39

$

40

991103426.UG.FTS.B,

28.98%,

11/10/24

.

76

78

991130087.UG.FTS.B,

28.98%,

11/10/24

.

119

123

991203709.UG.FTS.B,

28.98%,

11/10/24

.

65

66

991203855.UG.FTS.B,

28.98%,

11/10/24

.

146

150

991216706.UG.FTS.B,

28.98%,

11/10/24

.

–

–

991023261.UG.FTS.B,

29.49%,

11/10/24

.

338

339

991030343.UG.FTS.B,

29.49%,

11/10/24

.

361

371

991050872.UG.FTS.B,

29.49%,

11/10/24

.

9

9

991054015.UG.FTS.B,

29.49%,

11/10/24

.

355

369

991056370.UG.FTS.B,

29.49%,

11/10/24

.

47

48

991066375.UG.FTS.B,

29.49%,

11/10/24

.

259

–

991066723.UG.FTS.B,

29.49%,

11/10/24

.

182

185

991079386.UG.FTS.B,

29.49%,

11/10/24

.

6

6

991100707.UG.FTS.B,

29.49%,

11/10/24

.

244

252

991160546.UG.FTS.B,

29.49%,

11/10/24

.

383

388

991189830.UG.FTS.B,

29.49%,

11/10/24

.

37

37

991207636.UG.FTS.B,

29.49%,

11/10/24

.

286

287

991067458.UG.FTS.B,

Zero

Cpn,

11/11/24

304

21

991072390.UG.FTS.B,

Zero

Cpn,

11/11/24

694

48

991128202.UG.FTS.B,

Zero

Cpn,

11/11/24

224

15

991180529.UG.FTS.B,

Zero

Cpn,

11/11/24

75

5

991042328.UG.FTS.B,

14.98%,

11/11/24

.

578

590

991132695.UG.FTS.B,

15%,

11/11/24

....

1,019

1,039

991070425.UG.FTS.B,

15.97%,

11/11/24

.

70

9

991080741.UG.FTS.B,

15.97%,

11/11/24

.

629

641

991065340.UG.FTS.B,

16.99%,

11/11/24

.

285

287

991225418.UG.FTS.B,

16.99%,

11/11/24

.

414

414

991033893.UG.FTS.B,

17.97%,

11/11/24

.

263

263

991033250.UG.FTS.B,

17.99%,

11/11/24

.

340

342

991043832.UG.FTS.B,

17.99%,

11/11/24

.

44

43

991079063.UG.FTS.B,

17.99%,

11/11/24

.

101

101

991099988.UG.FTS.B,

17.99%,

11/11/24

.

71

71

991104909.UG.FTS.B,

18.97%,

11/11/24

..

400

398

991148541.UG.FTS.B,

18.97%,

11/11/24

..

171

174

991031272.UG.FTS.B,

19.21%,

11/11/24

.

591

602

991069631.UG.FTS.B,

19.21%,

11/11/24

.

56

57

991119597.UG.FTS.B,

19.21%,

11/11/24

..

325

332

991095162.UG.FTS.B,

19.46%,

11/11/24

.

941

945

991030105.UG.FTS.B,

19.8%,

11/11/24

..

46

46

991037339.UG.FTS.B,

19.8%,

11/11/24

..

903

–

991080931.UG.FTS.B,

19.8%,

11/11/24

..

205

–

991090906.UG.FTS.B,

19.8%,

11/11/24

..

–

–

991135236.UG.FTS.B,

19.8%,

11/11/24

...

851

869

991182015.UG.FTS.B,

19.8%,

11/11/24

...

32

32

991024759.UG.FTS.B,

19.99%,

11/11/24

.

195

198

991030107.UG.FTS.B,

19.99%,

11/11/24

.

1,008

1,041

991030291.UG.FTS.B,

19.99%,

11/11/24

.

537

559

991035914.UG.FTS.B,

19.99%,

11/11/24

.

169

175

991049873.UG.FTS.B,

19.99%,

11/11/24

.

650

674

991105048.UG.FTS.B,

19.99%,

11/11/24

..

78

81

991108215.UG.FTS.B,

19.99%,

11/11/24

..

399

29

991115949.UG.FTS.B,

19.99%,

11/11/24

..

128

133

991117587.UG.FTS.B,

19.99%,

11/11/24

..

170

13

991134848.UG.FTS.B,

19.99%,

11/11/24

..

256

71

991148839.UG.FTS.B,

19.99%,

11/11/24

..

427

444

991174012.UG.FTS.B,

19.99%,

11/11/24

..

180

187

991181923.UG.FTS.B,

19.99%,

11/11/24

..

499

514

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

249

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991034527.UG.FTS.B,

20.46%,

11/11/24

.

$

871

$

891

991063618.UG.FTS.B,

20.46%,

11/11/24

.

294

296

991149259.UG.FTS.B,

20.46%,

11/11/24

..

866

885

991167644.UG.FTS.B,

20.46%,

11/11/24

..

431

441

991029731.UG.FTS.B,

20.97%,

11/11/24

.

1,140

1,166

991090708.UG.FTS.B,

20.97%,

11/11/24

.

157

158

991126570.UG.FTS.B,

20.97%,

11/11/24

..

834

853

991166977.UG.FTS.B,

20.97%,

11/11/24

..

335

92

991025029.UG.FTS.B,

21.46%,

11/11/24

.

201

205

991053506.UG.FTS.B,

21.46%,

11/11/24

.

1

1

991066846.UG.FTS.B,

21.46%,

11/11/24

.

292

20

991139420.UG.FTS.B,

21.46%,

11/11/24

..

173

173

991141383.UG.FTS.B,

21.46%,

11/11/24

..

131

134

991026361.UG.FTS.B,

21.98%,

11/11/24

.

442

445

991048924.UG.FTS.B,

21.98%,

11/11/24

.

518

526

991050845.UG.FTS.B,

21.98%,

11/11/24

.

126

128

991187665.UG.FTS.B,

21.98%,

11/11/24

..

225

64

991217106.UG.FTS.B,

21.98%,

11/11/24

.

211

215

991221586.UG.FTS.B,

21.98%,

11/11/24

.

3

3

991125236.UG.FTS.B,

22.48%,

11/11/24

..

257

253

991058286.UG.FTS.B,

22.95%,

11/11/24

.

577

582

991145971.UG.FTS.B,

22.97%,

11/11/24

..

9

9

991037747.UG.FTS.B,

24.95%,

11/11/24

.

512

141

991097256.UG.FTS.B,

25.94%,

11/11/24

.

358

–

991098171.UG.FTS.B,

25.94%,

11/11/24

.

176

–

991080911.UG.FTS.B,

25.95%,

11/11/24

..

258

265

991177584.UG.FTS.B,

25.95%,

11/11/24

..

412

–

991029732.UG.FTS.B,

27.99%,

11/11/24

.

1,845

1,920

991048527.UG.FTS.B,

27.99%,

11/11/24

.

326

339

991024644.UG.FTS.B,

28.98%,

11/11/24

.

203

–

991024878.UG.FTS.B,

28.98%,

11/11/24

.

302

314

991025217.UG.FTS.B,

28.98%,

11/11/24

.

7

7

991026090.UG.FTS.B,

28.98%,

11/11/24

.

73

74

991032710.UG.FTS.B,

28.98%,

11/11/24

.

77

78

991033906.UG.FTS.B,

28.98%,

11/11/24

.

69

70

991034495.UG.FTS.B,

28.98%,

11/11/24

.

82

86

991036245.UG.FTS.B,

28.98%,

11/11/24

.

55

56

991036674.UG.FTS.B,

28.98%,

11/11/24

.

126

131

991037303.UG.FTS.B,

28.98%,

11/11/24

.

31

2

991040917.UG.FTS.B,

28.98%,

11/11/24

.

88

90

991044613.UG.FTS.B,

28.98%,

11/11/24

.

264

269

991045675.UG.FTS.B,

28.98%,

11/11/24

.

127

132

991047937.UG.FTS.B,

28.98%,

11/11/24

.

129

131

991049607.UG.FTS.B,

28.98%,

11/11/24

.

286

21

991049893.UG.FTS.B,

28.98%,

11/11/24

.

83

85

991051286.UG.FTS.B,

28.98%,

11/11/24

.

190

13

991052684.UG.FTS.B,

28.98%,

11/11/24

.

103

107

991053400.UG.FTS.B,

28.98%,

11/11/24

.

795

818

991057928.UG.FTS.B,

28.98%,

11/11/24

.

313

325

991059607.UG.FTS.B,

28.98%,

11/11/24

.

189

196

991061718.UG.FTS.B,

28.98%,

11/11/24

.

102

106

991062449.UG.FTS.B,

28.98%,

11/11/24

.

85

88

991062713.UG.FTS.B,

28.98%,

11/11/24

.

130

132

991071245.UG.FTS.B,

28.98%,

11/11/24

.

615

633

991071859.UG.FTS.B,

28.98%,

11/11/24

.

117

122

991076272.UG.FTS.B,

28.98%,

11/11/24

.

184

190

991076865.UG.FTS.B,

28.98%,

11/11/24

.

54

56

991078682.UG.FTS.B,

28.98%,

11/11/24

.

686

714

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991079069.UG.FTS.B,

28.98%,

11/11/24

.

$

111

$

114

991080796.UG.FTS.B,

28.98%,

11/11/24

.

254

264

991085565.UG.FTS.B,

28.98%,

11/11/24

.

76

79

991087454.UG.FTS.B,

28.98%,

11/11/24

.

112

115

991091995.UG.FTS.B,

28.98%,

11/11/24

.

43

44

991106885.UG.FTS.B,

28.98%,

11/11/24

..

21

21

991120675.UG.FTS.B,

28.98%,

11/11/24

..

227

236

991132545.UG.FTS.B,

28.98%,

11/11/24

..

204

27

991132831.UG.FTS.B,

28.98%,

11/11/24

..

213

215

991144617.UG.FTS.B,

28.98%,

11/11/24

..

78

79

991149570.UG.FTS.B,

28.98%,

11/11/24

..

278

288

991151147.UG.FTS.B,

28.98%,

11/11/24

..

742

768

991164690.UG.FTS.B,

28.98%,

11/11/24

..

120

32

991167348.UG.FTS.B,

28.98%,

11/11/24

..

124

9

991167851.UG.FTS.B,

28.98%,

11/11/24

..

92

96

991171156.UG.FTS.B,

28.98%,

11/11/24

..

54

54

991182117.UG.FTS.B,

28.98%,

11/11/24

..

118

120

991195039.UG.FTS.B,

28.98%,

11/11/24

..

321

–

991197445.UG.FTS.B,

28.98%,

11/11/24

..

1,530

1,579

991214495.UG.FTS.B,

28.98%,

11/11/24

.

173

175

991024882.UG.FTS.B,

29.49%,

11/11/24

.

121

125

991026021.UG.FTS.B,

29.49%,

11/11/24

.

345

359

991026664.UG.FTS.B,

29.49%,

11/11/24

.

156

162

991029636.UG.FTS.B,

29.49%,

11/11/24

.

700

728

991030862.UG.FTS.B,

29.49%,

11/11/24

.

448

471

991031493.UG.FTS.B,

29.49%,

11/11/24

.

106

111

991031741.UG.FTS.B,

29.49%,

11/11/24

.

44

45

991032433.UG.FTS.B,

29.49%,

11/11/24

.

216

225

991033194.UG.FTS.B,

29.49%,

11/11/24

.

25

25

991037518.UG.FTS.B,

29.49%,

11/11/24

.

106

111

991039519.UG.FTS.B,

29.49%,

11/11/24

.

94

95

991039534.UG.FTS.B,

29.49%,

11/11/24

.

305

311

991041612.UG.FTS.B,

29.49%,

11/11/24

.

1,506

419

991044948.UG.FTS.B,

29.49%,

11/11/24

.

88

92

991046828.UG.FTS.B,

29.49%,

11/11/24

.

80

82

991048668.UG.FTS.B,

29.49%,

11/11/24

.

1,237

1,289

991051905.UG.FTS.B,

29.49%,

11/11/24

.

149

150

991053274.UG.FTS.B,

29.49%,

11/11/24

.

372

55

991057411.UG.FTS.B,

29.49%,

11/11/24

..

58

59

991062394.UG.FTS.B,

29.49%,

11/11/24

.

491

501

991062627.UG.FTS.B,

29.49%,

11/11/24

.

151

152

991062748.UG.FTS.B,

29.49%,

11/11/24

.

309

322

991062995.UG.FTS.B,

29.49%,

11/11/24

.

89

93

991063512.UG.FTS.B,

29.49%,

11/11/24

.

1,073

1,108

991069527.UG.FTS.B,

29.49%,

11/11/24

.

188

193

991070132.UG.FTS.B,

29.49%,

11/11/24

.

15

15

991070297.UG.FTS.B,

29.49%,

11/11/24

.

114

116

991071715.UG.FTS.B,

29.49%,

11/11/24

.

36

36

991074770.UG.FTS.B,

29.49%,

11/11/24

.

114

115

991079129.UG.FTS.B,

29.49%,

11/11/24

.

143

144

991081009.UG.FTS.B,

29.49%,

11/11/24

.

–

–

991081273.UG.FTS.B,

29.49%,

11/11/24

.

92

96

991084245.UG.FTS.B,

29.49%,

11/11/24

.

43

43

991085994.UG.FTS.B,

29.49%,

11/11/24

.

231

240

991086224.UG.FTS.B,

29.49%,

11/11/24

.

64

66

991087089.UG.FTS.B,

29.49%,

11/11/24

.

281

293

991089870.UG.FTS.B,

29.49%,

11/11/24

.

364

372

991091062.UG.FTS.B,

29.49%,

11/11/24

.

134

139

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

250

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991092922.UG.FTS.B,

29.49%,

11/11/24

.

$

98

$

100

991097673.UG.FTS.B,

29.49%,

11/11/24

.

60

63

991102456.UG.FTS.B,

29.49%,

11/11/24

..

420

438

991105795.UG.FTS.B,

29.49%,

11/11/24

..

260

63

991106129.UG.FTS.B,

29.49%,

11/11/24

..

13

13

991113486.UG.FTS.B,

29.49%,

11/11/24

..

118

120

991113621.UG.FTS.B,

29.49%,

11/11/24

..

633

652

991115785.UG.FTS.B,

29.49%,

11/11/24

..

883

918

991120196.UG.FTS.B,

29.49%,

11/11/24

..

87

92

991120336.UG.FTS.B,

29.49%,

11/11/24

..

233

243

991121030.UG.FTS.B,

29.49%,

11/11/24

..

152

157

991128140.UG.FTS.B,

29.49%,

11/11/24

..

91

96

991129046.UG.FTS.B,

29.49%,

11/11/24

..

249

17

991138007.UG.FTS.B,

29.49%,

11/11/24

..

67

67

991147262.UG.FTS.B,

29.49%,

11/11/24

..

199

207

991152299.UG.FTS.B,

29.49%,

11/11/24

..

86

87

991160825.UG.FTS.B,

29.49%,

11/11/24

..

43

44

991161751.UG.FTS.B,

29.49%,

11/11/24

..

116

121

991162321.UG.FTS.B,

29.49%,

11/11/24

..

93

96

991166506.UG.FTS.B,

29.49%,

11/11/24

..

70

70

991169853.UG.FTS.B,

29.49%,

11/11/24

..

93

97

991175105.UG.FTS.B,

29.49%,

11/11/24

..

18

18

991191286.UG.FTS.B,

29.49%,

11/11/24

..

81

84

991192289.UG.FTS.B,

29.49%,

11/11/24

..

34

34

991197313.UG.FTS.B,

29.49%,

11/11/24

..

119

123

991217280.UG.FTS.B,

29.49%,

11/11/24

.

468

484

991037894.UG.FTS.B,

Zero

Cpn,

11/12/24

280

19

991224739.UG.FTS.B,

Zero

Cpn,

11/12/24

109

8

991042459.UG.FTS.B,

14%,

11/12/24

....

4,118

4,141

991036968.UG.FTS.B,

14.97%,

11/12/24

.

2,165

2,176

991036334.UG.FTS.B,

14.98%,

11/12/24

.

76

75

991043719.UG.FTS.B,

14.98%,

11/12/24

.

433

435

991036209.UG.FTS.B,

15%,

11/12/24

....

2,868

2,883

991049725.UG.FTS.B,

15.97%,

11/12/24

.

292

291

991042437.UG.FTS.B,

15.99%,

11/12/24

.

2,090

2,102

991130973.UG.FTS.B,

15.99%,

11/12/24

.

2,304

2,316

991035103.UG.FTS.B,

16.99%,

11/12/24

.

516

516

991050028.UG.FTS.B,

16.99%,

11/12/24

.

167

168

991214646.UG.FTS.B,

16.99%,

11/12/24

.

551

553

991039148.UG.FTS.B,

17.97%,

11/12/24

.

4,578

4,604

991041313.UG.FTS.B,

17.97%,

11/12/24

.

501

499

991034794.UG.FTS.B,

17.99%,

11/12/24

.

557

560

991217835.UG.FTS.B,

17.99%,

11/12/24

.

423

423

991038677.UG.FTS.B,

18.21%,

11/12/24

.

3,069

3,088

991034560.UG.FTS.B,

18.97%,

11/12/24

.

130

130

991036429.UG.FTS.B,

18.97%,

11/12/24

.

285

287

991038296.UG.FTS.B,

18.97%,

11/12/24

.

139

140

991043248.UG.FTS.B,

18.97%,

11/12/24

.

95

96

991043614.UG.FTS.B,

18.97%,

11/12/24

.

410

412

991046047.UG.FTS.B,

18.97%,

11/12/24

.

201

203

991135510.UG.FTS.B,

18.97%,

11/12/24

.

257

259

991149515.UG.FTS.B,

18.97%,

11/12/24

.

341

342

991166787.UG.FTS.B,

18.97%,

11/12/24

.

1,918

1,922

991229420.UG.FTS.B,

18.97%,

11/12/24

.

291

78

991039912.UG.FTS.B,

19.21%,

11/12/24

.

138

139

991043544.UG.FTS.B,

19.21%,

11/12/24

.

34

34

991055412.UG.FTS.B,

19.21%,

11/12/24

.

1,332

1,341

991077162.UG.FTS.B,

19.21%,

11/12/24

.

223

222

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991039753.UG.FTS.B,

19.8%,

11/12/24

..

$

358

$

359

991092557.UG.FTS.B,

19.8%,

11/12/24

..

37

13

991196590.UG.FTS.B,

19.8%,

11/12/24

..

129

129

991032173.UG.FTS.B,

20.46%,

11/12/24

.

153

153

991040953.UG.FTS.B,

20.46%,

11/12/24

.

562

566

991042127.UG.FTS.B,

20.46%,

11/12/24

.

855

861

991067392.UG.FTS.B,

20.46%,

11/12/24

.

2

2

991085590.UG.FTS.B,

20.46%,

11/12/24

.

436

439

991094480.UG.FTS.B,

20.46%,

11/12/24

.

174

175

991129109.UG.FTS.B,

20.46%,

11/12/24

.

211

212

991163006.UG.FTS.B,

20.46%,

11/12/24

.

211

211

991176027.UG.FTS.B,

20.46%,

11/12/24

.

27

26

991194498.UG.FTS.B,

20.46%,

11/12/24

.

9

9

991196098.UG.FTS.B,

20.46%,

11/12/24

.

60

59

991234666.UG.FTS.B,

20.46%,

11/12/24

.

47

47

991032939.UG.FTS.B,

20.97%,

11/12/24

.

272

271

991039115.UG.FTS.B,

20.97%,

11/12/24

.

854

856

991106317.UG.FTS.B,

20.97%,

11/12/24

.

281

283

991215378.UG.FTS.B,

20.97%,

11/12/24

.

433

434

991047526.UG.FTS.B,

21.46%,

11/12/24

.

396

399

991057765.UG.FTS.B,

21.46%,

11/12/24

.

77

77

991072869.UG.FTS.B,

21.46%,

11/12/24

.

42

42

991086819.UG.FTS.B,

21.46%,

11/12/24

.

593

597

991130390.UG.FTS.B,

21.46%,

11/12/24

.

88

87

991149555.UG.FTS.B,

21.46%,

11/12/24

.

437

441

991154332.UG.FTS.B,

21.46%,

11/12/24

.

1,066

1,064

991166904.UG.FTS.B,

21.46%,

11/12/24

.

35

35

991167965.UG.FTS.B,

21.46%,

11/12/24

.

869

876

991046804.UG.FTS.B,

21.98%,

11/12/24

.

621

623

991121938.UG.FTS.B,

21.98%,

11/12/24

.

203

204

991131569.UG.FTS.B,

21.98%,

11/12/24

.

204

206

991224208.UG.FTS.B,

21.98%,

11/12/24

.

148

149

991039683.UG.FTS.B,

22.95%,

11/12/24

.

84

84

991067098.UG.FTS.B,

22.95%,

11/12/24

.

376

97

991039746.UG.FTS.B,

22.97%,

11/12/24

.

237

237

991222051.UG.FTS.B,

22.97%,

11/12/24

.

135

135

991083227.UG.FTS.B,

23.95%,

11/12/24

.

101

13

991103112.UG.FTS.B,

25.95%,

11/12/24

..

330

332

991149520.UG.FTS.B,

25.95%,

11/12/24

.

453

458

991183694.UG.FTS.B,

25.95%,

11/12/24

.

87

87

991037516.UG.FTS.B,

26.94%,

11/12/24

.

183

28

991039659.UG.FTS.B,

26.94%,

11/12/24

.

61

61

991059570.UG.FTS.B,

26.94%,

11/12/24

.

134

135

991139982.UG.FTS.B,

Zero

Cpn,

11/13/24

42

3

991054425.UG.FTS.B,

18.97%,

11/13/24

.

103

103

991092009.UG.FTS.B,

18.97%,

11/13/24

.

768

762

991119492.UG.FTS.B,

18.97%,

11/13/24

..

1,073

1,080

991141427.UG.FTS.B,

18.97%,

11/13/24

.

51

51

991053667.UG.FTS.B,

19.21%,

11/13/24

.

793

796

991148899.UG.FTS.B,

19.21%,

11/13/24

.

17

17

991044384.UG.FTS.B,

19.8%,

11/13/24

..

330

332

991045601.UG.FTS.B,

19.8%,

11/13/24

..

–

–

991051776.UG.FTS.B,

19.8%,

11/13/24

..

264

266

991070292.UG.FTS.B,

19.8%,

11/13/24

..

444

448

991135137.UG.FTS.B,

19.8%,

11/13/24

..

460

33

991207669.UG.FTS.B,

19.8%,

11/13/24

..

78

5

991239015.UG.FTS.B,

19.8%,

11/13/24

..

72

72

991118761.UG.FTS.B,

20.97%,

11/13/24

..

209

14

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

251

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991059119.UG.FTS.B,

21.46%,

11/13/24

.

$

31

$

31

991089124.UG.FTS.B,

21.46%,

11/13/24

.

713

93

991094103.UG.FTS.B,

21.46%,

11/13/24

.

440

443

991043243.UG.FTS.B,

21.98%,

11/13/24

.

71

72

991078122.UG.FTS.B,

21.98%,

11/13/24

.

1,368

1,374

991045128.UG.FTS.B,

22.97%,

11/13/24

.

5

5

991073136.UG.FTS.B,

22.97%,

11/13/24

.

249

249

991081670.UG.FTS.B,

22.97%,

11/13/24

.

271

35

991084697.UG.FTS.B,

22.97%,

11/13/24

.

534

526

991120433.UG.FTS.B,

25.95%,

11/13/24

.

455

460

991176572.UG.FTS.B,

25.95%,

11/13/24

.

448

453

991161778.UG.FTS.B,

Zero

Cpn,

11/14/24

428

29

991165927.UG.FTS.B,

18.8%,

11/14/24

..

54

54

991047941.UG.FTS.B,

18.97%,

11/14/24

.

211

212

991060835.UG.FTS.B,

18.97%,

11/14/24

.

190

191

991064005.UG.FTS.B,

18.97%,

11/14/24

.

202

202

991135967.UG.FTS.B,

18.97%,

11/14/24

.

551

555

991147340.UG.FTS.B,

18.97%,

11/14/24

.

594

595

991052420.UG.FTS.B,

19.21%,

11/14/24

.

254

32

991058880.UG.FTS.B,

19.21%,

11/14/24

.

147

36

991065337.UG.FTS.B,

19.21%,

11/14/24

.

50

50

991076720.UG.FTS.B,

19.21%,

11/14/24

.

45

45

991115058.UG.FTS.B,

19.21%,

11/14/24

..

78

78

991230067.UG.FTS.B,

19.21%,

11/14/24

.

129

130

991186061.UG.FTS.B,

19.8%,

11/14/24

..

217

219

991247002.UG.FTS.B,

19.8%,

11/14/24

..

231

64

991177227.UG.FTS.B,

20.46%,

11/14/24

.

87

87

991068021.UG.FTS.B,

20.97%,

11/14/24

.

62

62

991075171.UG.FTS.B,

20.97%,

11/14/24

.

792

794

991133151.UG.FTS.B,

20.97%,

11/14/24

.

401

399

991232539.UG.FTS.B,

20.97%,

11/14/24

.

144

143

991053215.UG.FTS.B,

21.46%,

11/14/24

.

82

81

991119349.UG.FTS.B,

21.46%,

11/14/24

..

453

455

991184898.UG.FTS.B,

21.46%,

11/14/24

.

759

764

991084216.UG.FTS.B,

21.98%,

11/14/24

.

504

507

991143542.UG.FTS.B,

21.98%,

11/14/24

.

189

189

991247140.UG.FTS.B,

21.98%,

11/14/24

.

78

78

991060601.UG.FTS.B,

22.97%,

11/14/24

.

183

53

991163751.UG.FTS.B,

22.97%,

11/14/24

.

145

39

991184091.UG.FTS.B,

22.97%,

11/14/24

.

223

224

991224639.UG.FTS.B,

22.97%,

11/14/24

.

182

182

991051831.UG.FTS.B,

25.95%,

11/14/24

.

517

69

991068096.UG.FTS.B,

26.94%,

11/14/24

.

339

341

991179072.UG.FTS.B,

Zero

Cpn,

11/15/24

73

5

991062678.UG.FTS.B,

18.97%,

11/15/24

.

121

121

991146941.UG.FTS.B,

18.97%,

11/15/24

.

76

76

991226714.UG.FTS.B,

18.97%,

11/15/24

.

554

555

991062012.UG.FTS.B,

19.21%,

11/15/24

.

100

100

991083160.UG.FTS.B,

19.21%,

11/15/24

.

7

7

991116196.UG.FTS.B,

19.21%,

11/15/24

..

526

530

991159422.UG.FTS.B,

19.21%,

11/15/24

.

75

75

991232676.UG.FTS.B,

19.21%,

11/15/24

.

913

241

991058435.UG.FTS.B,

19.8%,

11/15/24

..

355

358

991060645.UG.FTS.B,

19.8%,

11/15/24

..

191

192

991130059.UG.FTS.B,

19.8%,

11/15/24

..

76

21

991052998.UG.FTS.B,

20.46%,

11/15/24

.

16

16

991062692.UG.FTS.B,

20.46%,

11/15/24

.

–

–

991067501.UG.FTS.B,

20.46%,

11/15/24

.

114

114

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991075795.UG.FTS.B,

20.46%,

11/15/24

.

$

42

$

42

991121275.UG.FTS.B,

20.46%,

11/15/24

.

2,604

2,624

991060260.UG.FTS.B,

20.97%,

11/15/24

.

678

683

991071778.UG.FTS.B,

20.97%,

11/15/24

.

290

20

991058892.UG.FTS.B,

21.46%,

11/15/24

.

611

617

991061209.UG.FTS.B,

21.46%,

11/15/24

.

323

–

991082388.UG.FTS.B,

21.46%,

11/15/24

.

81

81

991092471.UG.FTS.B,

21.46%,

11/15/24

.

135

136

991099369.UG.FTS.B,

21.46%,

11/15/24

.

137

138

991153690.UG.FTS.B,

21.46%,

11/15/24

.

106

106

991160626.UG.FTS.B,

21.46%,

11/15/24

.

222

122

991170133.UG.FTS.B,

21.46%,

11/15/24

.

214

216

991177667.UG.FTS.B,

21.46%,

11/15/24

.

90

89

991197057.UG.FTS.B,

21.46%,

11/15/24

.

477

130

991218740.UG.FTS.B,

21.46%,

11/15/24

.

107

108

991074487.UG.FTS.B,

21.98%,

11/15/24

.

473

–

991082558.UG.FTS.B,

21.98%,

11/15/24

.

168

169

991088521.UG.FTS.B,

21.98%,

11/15/24

.

157

158

991112513.UG.FTS.B,

22.97%,

11/15/24

..

270

273

991218382.UG.FTS.B,

22.97%,

11/15/24

.

130

131

991118927.UG.FTS.B,

23.95%,

11/15/24

..

153

151

991104861.UG.FTS.B,

25.95%,

11/15/24

.

39

40

991051794.UG.FTS.B,

26.94%,

11/15/24

.

215

217

991199097.UG.FTS.B,

26.94%,

11/15/24

.

136

23

991136525.UG.FTS.B,

29.49%,

11/15/24

.

5

5

991165568.UG.FTS.B,

19.8%,

11/16/24

..

107

106

991060668.UG.FTS.B,

19.99%,

11/16/24

.

101

104

991069716.UG.FTS.B,

19.99%,

11/16/24

.

288

4

991077083.UG.FTS.B,

19.99%,

11/16/24

.

86

88

991088947.UG.FTS.B,

19.99%,

11/16/24

.

245

250

991146739.UG.FTS.B,

20.97%,

11/16/24

.

224

223

991106630.UG.FTS.B,

21.98%,

11/16/24

.

438

443

991075585.UG.FTS.B,

22.97%,

11/16/24

.

243

243

991083700.UG.FTS.B,

25.94%,

11/16/24

.

590

593

991086833.UG.FTS.B,

26.94%,

11/16/24

.

801

111

991060227.UG.FTS.B,

28.98%,

11/16/24

.

892

902

991061800.UG.FTS.B,

28.98%,

11/16/24

.

76

77

991078886.UG.FTS.B,

28.98%,

11/16/24

.

66

66

991093834.UG.FTS.B,

28.98%,

11/16/24

.

185

188

991112308.UG.FTS.B,

28.98%,

11/16/24

..

99

100

991112584.UG.FTS.B,

28.98%,

11/16/24

..

90

–

991130100.UG.FTS.B,

28.98%,

11/16/24

.

404

404

991132906.UG.FTS.B,

28.98%,

11/16/24

.

109

112

991183042.UG.FTS.B,

28.98%,

11/16/24

.

172

176

991261509.UG.FTS.B,

28.98%,

11/16/24

.

75

77

991060822.UG.FTS.B,

29.49%,

11/16/24

.

647

91

991061934.UG.FTS.B,

29.49%,

11/16/24

.

394

402

991109786.UG.FTS.B,

29.49%,

11/16/24

.

142

145

991133361.UG.FTS.B,

29.49%,

11/16/24

.

31

31

991137323.UG.FTS.B,

29.49%,

11/16/24

.

546

557

991182164.UG.FTS.B,

29.49%,

11/16/24

.

164

169

991213983.UG.FTS.B,

29.49%,

11/16/24

.

130

133

991245774.UG.FTS.B,

29.49%,

11/16/24

.

251

256

991263681.UG.FTS.B,

29.49%,

11/16/24

.

76

78

991136802.UG.FTS.B,

Zero

Cpn,

11/17/24

100

7

991242720.UG.FTS.B,

Zero

Cpn,

11/17/24

151

10

991076389.UG.FTS.B,

19.21%,

11/17/24

.

304

306

991100419.UG.FTS.B,

19.8%,

11/17/24

..

68

68

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

252

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991183019.UG.FTS.B,

19.8%,

11/17/24

..

$

1,975

$

1,981

991065873.UG.FTS.B,

19.99%,

11/17/24

.

60

61

991234093.UG.FTS.B,

19.99%,

11/17/24

.

18

18

991275120.UG.FTS.B,

19.99%,

11/17/24

.

86

88

991232167.UG.FTS.B,

20.46%,

11/17/24

.

78

78

991064064.UG.FTS.B,

21.46%,

11/17/24

.

153

154

991087993.UG.FTS.B,

21.46%,

11/17/24

.

88

89

991092687.UG.FTS.B,

21.46%,

11/17/24

.

71

71

991102607.UG.FTS.B,

21.98%,

11/17/24

.

760

768

991122048.UG.FTS.B,

21.98%,

11/17/24

.

126

127

991090075.UG.FTS.B,

22.95%,

11/17/24

.

86

87

991076633.UG.FTS.B,

22.97%,

11/17/24

.

1,694

121

991079431.UG.FTS.B,

25.95%,

11/17/24

.

172

173

991089872.UG.FTS.B,

25.95%,

11/17/24

.

175

24

991065007.UG.FTS.B,

27.99%,

11/17/24

.

189

193

991065027.UG.FTS.B,

27.99%,

11/17/24

.

264

265

991139363.UG.FTS.B,

27.99%,

11/17/24

.

152

47

991266169.UG.FTS.B,

27.99%,

11/17/24

.

93

32

991067567.UG.FTS.B,

28.98%,

11/17/24

.

989

1,001

991068760.UG.FTS.B,

28.98%,

11/17/24

.

111

111

991070550.UG.FTS.B,

28.98%,

11/17/24

.

360

370

991082307.UG.FTS.B,

28.98%,

11/17/24

.

68

69

991082881.UG.FTS.B,

28.98%,

11/17/24

.

–

–

991086365.UG.FTS.B,

28.98%,

11/17/24

.

23

23

991102484.UG.FTS.B,

28.98%,

11/17/24

.

466

478

991104333.UG.FTS.B,

28.98%,

11/17/24

.

500

508

991117177.UG.FTS.B,

28.98%,

11/17/24

..

329

103

991120282.UG.FTS.B,

28.98%,

11/17/24

.

231

237

991129484.UG.FTS.B,

28.98%,

11/17/24

.

8

8

991138661.UG.FTS.B,

28.98%,

11/17/24

.

129

130

991147163.UG.FTS.B,

28.98%,

11/17/24

.

26

26

991161863.UG.FTS.B,

28.98%,

11/17/24

.

25

25

991222252.UG.FTS.B,

28.98%,

11/17/24

.

11

11

991253944.UG.FTS.B,

28.98%,

11/17/24

.

46

46

991257818.UG.FTS.B,

28.98%,

11/17/24

.

135

137

991064180.UG.FTS.B,

29.49%,

11/17/24

.

274

279

991064475.UG.FTS.B,

29.49%,

11/17/24

.

250

259

991064822.UG.FTS.B,

29.49%,

11/17/24

.

98

100

991064865.UG.FTS.B,

29.49%,

11/17/24

.

112

116

991067941.UG.FTS.B,

29.49%,

11/17/24

.

87

89

991070165.UG.FTS.B,

29.49%,

11/17/24

.

176

177

991071435.UG.FTS.B,

29.49%,

11/17/24

.

229

63

991076785.UG.FTS.B,

29.49%,

11/17/24

.

186

186

991077041.UG.FTS.B,

29.49%,

11/17/24

.

744

230

991081268.UG.FTS.B,

29.49%,

11/17/24

.

81

84

991081304.UG.FTS.B,

29.49%,

11/17/24

.

130

131

991083068.UG.FTS.B,

29.49%,

11/17/24

.

209

215

991090724.UG.FTS.B,

29.49%,

11/17/24

.

890

893

991091518.UG.FTS.B,

29.49%,

11/17/24

.

143

11

991097714.UG.FTS.B,

29.49%,

11/17/24

.

116

119

991100307.UG.FTS.B,

29.49%,

11/17/24

.

14

15

991125316.UG.FTS.B,

29.49%,

11/17/24

.

695

715

991128494.UG.FTS.B,

29.49%,

11/17/24

.

–

–

991152635.UG.FTS.B,

29.49%,

11/17/24

.

383

392

991155141.UG.FTS.B,

29.49%,

11/17/24

.

169

170

991155329.UG.FTS.B,

29.49%,

11/17/24

.

40

40

991221999.UG.FTS.B,

29.49%,

11/17/24

.

19

19

991237364.UG.FTS.B,

29.49%,

11/17/24

.

157

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991260308.UG.FTS.B,

29.49%,

11/17/24

.

$

80

$

81

991275005.UG.FTS.B,

29.49%,

11/17/24

.

478

489

991095845.UG.FTS.B,

Zero

Cpn,

11/18/24

51

3

991271638.UG.FTS.B,

Zero

Cpn,

11/18/24

91

6

991076070.UG.FTS.B,

19.21%,

11/18/24

.

308

309

991236091.UG.FTS.B,

19.21%,

11/18/24

.

48

48

991076327.UG.FTS.B,

19.8%,

11/18/24

..

525

67

991231361.UG.FTS.B,

19.8%,

11/18/24

..

78

78

991068853.UG.FTS.B,

19.99%,

11/18/24

.

52

52

991235625.UG.FTS.B,

19.99%,

11/18/24

.

11

11

991253040.UG.FTS.B,

20.46%,

11/18/24

.

129

130

991099861.UG.FTS.B,

20.97%,

11/18/24

.

161

163

991105387.UG.FTS.B,

20.97%,

11/18/24

.

372

375

991187853.UG.FTS.B,

20.97%,

11/18/24

.

100

100

991076711.UG.FTS.B,

21.46%,

11/18/24

.

352

355

991080037.UG.FTS.B,

21.46%,

11/18/24

.

328

327

991148797.UG.FTS.B,

21.46%,

11/18/24

.

327

330

991241045.UG.FTS.B,

21.46%,

11/18/24

.

20

20

991131564.UG.FTS.B,

21.98%,

11/18/24

.

470

475

991134666.UG.FTS.B,

21.98%,

11/18/24

.

440

444

991173310.UG.FTS.B,

22.97%,

11/18/24

.

22

22

991070388.UG.FTS.B,

23.95%,

11/18/24

.

116

116

991164077.UG.FTS.B,

23.95%,

11/18/24

.

41

41

991142510.UG.FTS.B,

25.94%,

11/18/24

.

281

–

991069413.UG.FTS.B,

25.95%,

11/18/24

.

126

128

991253923.UG.FTS.B,

25.95%,

11/18/24

.

210

211

991257896.UG.FTS.B,

26.94%,

11/18/24

.

407

408

991070331.UG.FTS.B,

28.98%,

11/18/24

.

115

117

991070598.UG.FTS.B,

28.98%,

11/18/24

.

637

87

991071737.UG.FTS.B,

28.98%,

11/18/24

.

273

280

991085878.UG.FTS.B,

28.98%,

11/18/24

.

134

137

991097338.UG.FTS.B,

28.98%,

11/18/24

.

56

58

991104647.UG.FTS.B,

28.98%,

11/18/24

.

310

316

991113097.UG.FTS.B,

28.98%,

11/18/24

..

126

129

991115818.UG.FTS.B,

28.98%,

11/18/24

..

43

43

991117034.UG.FTS.B,

28.98%,

11/18/24

..

334

343

991138076.UG.FTS.B,

28.98%,

11/18/24

.

306

310

991148076.UG.FTS.B,

28.98%,

11/18/24

.

126

129

991233679.UG.FTS.B,

28.98%,

11/18/24

.

195

198

991248335.UG.FTS.B,

28.98%,

11/18/24

.

82

6

991248592.UG.FTS.B,

28.98%,

11/18/24

.

29

29

991255587.UG.FTS.B,

28.98%,

11/18/24

.

282

287

991256863.UG.FTS.B,

28.98%,

11/18/24

.

87

89

991259091.UG.FTS.B,

28.98%,

11/18/24

.

210

214

991265478.UG.FTS.B,

28.98%,

11/18/24

.

167

170

991266829.UG.FTS.B,

28.98%,

11/18/24

.

1,226

1,252

991266958.UG.FTS.B,

28.98%,

11/18/24

.

135

138

991274554.UG.FTS.B,

28.98%,

11/18/24

.

349

355

991275662.UG.FTS.B,

28.98%,

11/18/24

.

410

416

991070037.UG.FTS.B,

29.49%,

11/18/24

.

37

37

991079864.UG.FTS.B,

29.49%,

11/18/24

.

303

45

991081828.UG.FTS.B,

29.49%,

11/18/24

.

277

279

991083550.UG.FTS.B,

29.49%,

11/18/24

.

342

355

991086378.UG.FTS.B,

29.49%,

11/18/24

.

112

115

991092822.UG.FTS.B,

29.49%,

11/18/24

.

51

51

991092908.UG.FTS.B,

29.49%,

11/18/24

.

951

982

991094588.UG.FTS.B,

29.49%,

11/18/24

.

374

385

991099356.UG.FTS.B,

29.49%,

11/18/24

.

9

9

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

253

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991103237.UG.FTS.B,

29.49%,

11/18/24

.

$

–

$

–

991112167.UG.FTS.B,

29.49%,

11/18/24

..

49

50

991113925.UG.FTS.B,

29.49%,

11/18/24

..

125

125

991123315.UG.FTS.B,

29.49%,

11/18/24

.

157

162

991123768.UG.FTS.B,

29.49%,

11/18/24

.

82

84

991136853.UG.FTS.B,

29.49%,

11/18/24

.

252

257

991138306.UG.FTS.B,

29.49%,

11/18/24

.

161

165

991149128.UG.FTS.B,

29.49%,

11/18/24

.

200

200

991160678.UG.FTS.B,

29.49%,

11/18/24

.

126

128

991162312.UG.FTS.B,

29.49%,

11/18/24

.

153

–

991175491.UG.FTS.B,

29.49%,

11/18/24

.

41

41

991190143.UG.FTS.B,

29.49%,

11/18/24

.

4

4

991204138.UG.FTS.B,

29.49%,

11/18/24

.

–

–

991222559.UG.FTS.B,

29.49%,

11/18/24

.

145

148

991233241.UG.FTS.B,

29.49%,

11/18/24

.

134

137

991236920.UG.FTS.B,

29.49%,

11/18/24

.

111

113

991242160.UG.FTS.B,

29.49%,

11/18/24

.

264

272

991250623.UG.FTS.B,

29.49%,

11/18/24

.

92

94

991253050.UG.FTS.B,

29.49%,

11/18/24

.

154

158

991261895.UG.FTS.B,

29.49%,

11/18/24

.

80

82

991270949.UG.FTS.B,

29.49%,

11/18/24

.

42

43

991273989.UG.FTS.B,

29.49%,

11/18/24

.

698

713

991274008.UG.FTS.B,

29.49%,

11/18/24

.

–

–

991285349.UG.FTS.B,

29.49%,

11/18/24

.

87

6

991286648.UG.FTS.B,

29.49%,

11/18/24

.

111

112

991080486.UG.FTS.B,

Zero

Cpn,

11/19/24

64

4

991085401.UG.FTS.B,

Zero

Cpn,

11/19/24

75

5

991086163.UG.FTS.B,

Zero

Cpn,

11/19/24

983

68

991105555.UG.FTS.B,

Zero

Cpn,

11/19/24

182

13

991109638.UG.FTS.B,

Zero

Cpn,

11/19/24

144

10

991169345.UG.FTS.B,

Zero

Cpn,

11/19/24

183

13

991280490.UG.FTS.B,

Zero

Cpn,

11/19/24

103

7

991110204.UG.FTS.B,

18.97%,

11/19/24

..

400

401

991126405.UG.FTS.B,

18.97%,

11/19/24

.

285

287

991224732.UG.FTS.B,

18.97%,

11/19/24

.

850

856

991266466.UG.FTS.B,

18.97%,

11/19/24

.

427

429

991086533.UG.FTS.B,

19.21%,

11/19/24

.

175

175

991088805.UG.FTS.B,

19.21%,

11/19/24

.

191

191

991150918.UG.FTS.B,

19.21%,

11/19/24

.

255

257

991183100.UG.FTS.B,

19.21%,

11/19/24

.

79

80

991266696.UG.FTS.B,

19.21%,

11/19/24

.

235

235

991081336.UG.FTS.B,

19.8%,

11/19/24

..

188

190

991098979.UG.FTS.B,

19.8%,

11/19/24

..

332

335

991130913.UG.FTS.B,

19.8%,

11/19/24

..

327

327

991224491.UG.FTS.B,

19.8%,

11/19/24

..

404

53

991266414.UG.FTS.B,

19.8%,

11/19/24

..

234

235

991077647.UG.FTS.B,

19.99%,

11/19/24

.

103

105

991081249.UG.FTS.B,

19.99%,

11/19/24

.

76

78

991087313.UG.FTS.B,

19.99%,

11/19/24

.

1,089

1,118

991126671.UG.FTS.B,

19.99%,

11/19/24

.

58

60

991132221.UG.FTS.B,

19.99%,

11/19/24

.

689

707

991141300.UG.FTS.B,

19.99%,

11/19/24

.

204

205

991188678.UG.FTS.B,

19.99%,

11/19/24

.

215

221

991085469.UG.FTS.B,

20.46%,

11/19/24

.

1,429

1,437

991090200.UG.FTS.B,

20.46%,

11/19/24

.

4

4

991102726.UG.FTS.B,

20.46%,

11/19/24

.

204

206

991109524.UG.FTS.B,

20.46%,

11/19/24

.

10

10

991247033.UG.FTS.B,

20.46%,

11/19/24

.

426

428

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991087156.UG.FTS.B,

20.97%,

11/19/24

.

$

747

$

754

991183459.UG.FTS.B,

20.97%,

11/19/24

.

436

440

991100598.UG.FTS.B,

21.46%,

11/19/24

.

14

14

991268376.UG.FTS.B,

21.46%,

11/19/24

.

225

30

991115744.UG.FTS.B,

21.97%,

11/19/24

..

106

107

991078051.UG.FTS.B,

21.98%,

11/19/24

.

190

192

991129402.UG.FTS.B,

21.98%,

11/19/24

.

309

311

991204148.UG.FTS.B,

21.98%,

11/19/24

.

89

11

991079026.UG.FTS.B,

22.97%,

11/19/24

.

564

568

991236066.UG.FTS.B,

22.97%,

11/19/24

.

99

100

991078332.UG.FTS.B,

25.95%,

11/19/24

.

172

171

991135675.UG.FTS.B,

27.99%,

11/19/24

.

511

391

991283925.UG.FTS.B,

27.99%,

11/19/24

.

387

294

991078717.UG.FTS.B,

28.98%,

11/19/24

.

1,183

1,206

991079074.UG.FTS.B,

28.98%,

11/19/24

.

359

368

991079330.UG.FTS.B,

28.98%,

11/19/24

.

238

243

991079346.UG.FTS.B,

28.98%,

11/19/24

.

28

28

991079861.UG.FTS.B,

28.98%,

11/19/24

.

86

85

991080093.UG.FTS.B,

28.98%,

11/19/24

.

66

68

991080857.UG.FTS.B,

28.98%,

11/19/24

.

2,586

2,655

991082502.UG.FTS.B,

28.98%,

11/19/24

.

186

191

991084445.UG.FTS.B,

28.98%,

11/19/24

.

158

159

991087646.UG.FTS.B,

28.98%,

11/19/24

.

77

77

991089448.UG.FTS.B,

28.98%,

11/19/24

.

262

268

991092094.UG.FTS.B,

28.98%,

11/19/24

.

774

795

991093210.UG.FTS.B,

28.98%,

11/19/24

.

94

96

991096255.UG.FTS.B,

28.98%,

11/19/24

.

306

313

991096689.UG.FTS.B,

28.98%,

11/19/24

.

–

–

991097697.UG.FTS.B,

28.98%,

11/19/24

.

96

97

991097893.UG.FTS.B,

28.98%,

11/19/24

.

187

187

991101044.UG.FTS.B,

28.98%,

11/19/24

.

149

153

991101178.UG.FTS.B,

28.98%,

11/19/24

..

91

93

991102831.UG.FTS.B,

28.98%,

11/19/24

.

256

262

991103262.UG.FTS.B,

28.98%,

11/19/24

.

210

213

991103976.UG.FTS.B,

28.98%,

11/19/24

.

441

453

991104468.UG.FTS.B,

28.98%,

11/19/24

.

2,120

2,174

991105346.UG.FTS.B,

28.98%,

11/19/24

.

104

105

991107342.UG.FTS.B,

28.98%,

11/19/24

.

120

122

991107864.UG.FTS.B,

28.98%,

11/19/24

.

107

108

991108611.UG.FTS.B,

28.98%,

11/19/24

..

120

–

991108896.UG.FTS.B,

28.98%,

11/19/24

.

174

177

991110326.UG.FTS.B,

28.98%,

11/19/24

..

999

1,020

991110570.UG.FTS.B,

28.98%,

11/19/24

..

80

82

991111890.UG.FTS.B,

28.98%,

11/19/24

..

61

63

991113138.UG.FTS.B,

28.98%,

11/19/24

..

29

29

991113372.UG.FTS.B,

28.98%,

11/19/24

..

235

242

991114496.UG.FTS.B,

28.98%,

11/19/24

..

78

80

991114522.UG.FTS.B,

28.98%,

11/19/24

..

275

282

991114717.UG.FTS.B,

28.98%,

11/19/24

..

73

75

991114743.UG.FTS.B,

28.98%,

11/19/24

..

58

–

991115278.UG.FTS.B,

28.98%,

11/19/24

..

389

394

991117632.UG.FTS.B,

28.98%,

11/19/24

..

548

550

991118407.UG.FTS.B,

28.98%,

11/19/24

..

144

144

991119502.UG.FTS.B,

28.98%,

11/19/24

..

487

500

991119530.UG.FTS.B,

28.98%,

11/19/24

..

263

267

991121740.UG.FTS.B,

28.98%,

11/19/24

.

86

87

991122095.UG.FTS.B,

28.98%,

11/19/24

.

206

209

991124198.UG.FTS.B,

28.98%,

11/19/24

.

245

251

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

254

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991125441.UG.FTS.B,

28.98%,

11/19/24

.

$

495

$

507

991127107.UG.FTS.B,

28.98%,

11/19/24

.

139

143

991132767.UG.FTS.B,

28.98%,

11/19/24

.

64

64

991132858.UG.FTS.B,

28.98%,

11/19/24

.

42

43

991132991.UG.FTS.B,

28.98%,

11/19/24

.

117

120

991134220.UG.FTS.B,

28.98%,

11/19/24

.

93

96

991135049.UG.FTS.B,

28.98%,

11/19/24

.

73

75

991138625.UG.FTS.B,

28.98%,

11/19/24

.

474

486

991140740.UG.FTS.B,

28.98%,

11/19/24

.

135

135

991140959.UG.FTS.B,

28.98%,

11/19/24

.

431

436

991141321.UG.FTS.B,

28.98%,

11/19/24

.

142

146

991144190.UG.FTS.B,

28.98%,

11/19/24

.

267

274

991144684.UG.FTS.B,

28.98%,

11/19/24

.

207

212

991148491.UG.FTS.B,

28.98%,

11/19/24

.

373

382

991149756.UG.FTS.B,

28.98%,

11/19/24

.

–

–

991150543.UG.FTS.B,

28.98%,

11/19/24

.

248

254

991160191.UG.FTS.B,

28.98%,

11/19/24

.

67

68

991161065.UG.FTS.B,

28.98%,

11/19/24

.

465

–

991164721.UG.FTS.B,

28.98%,

11/19/24

.

47

47

991166387.UG.FTS.B,

28.98%,

11/19/24

.

51

52

991173637.UG.FTS.B,

28.98%,

11/19/24

.

32

32

991180832.UG.FTS.B,

28.98%,

11/19/24

.

65

67

991181040.UG.FTS.B,

28.98%,

11/19/24

.

661

677

991183616.UG.FTS.B,

28.98%,

11/19/24

.

367

374

991185484.UG.FTS.B,

28.98%,

11/19/24

.

65

67

991195204.UG.FTS.B,

28.98%,

11/19/24

.

13

13

991200084.UG.FTS.B,

28.98%,

11/19/24

.

73

73

991211917.UG.FTS.B,

28.98%,

11/19/24

.

5

5

991212005.UG.FTS.B,

28.98%,

11/19/24

.

45

46

991213383.UG.FTS.B,

28.98%,

11/19/24

.

76

6

991213749.UG.FTS.B,

28.98%,

11/19/24

.

41

42

991215309.UG.FTS.B,

28.98%,

11/19/24

.

100

103

991218732.UG.FTS.B,

28.98%,

11/19/24

.

89

91

991222930.UG.FTS.B,

28.98%,

11/19/24

.

158

162

991224492.UG.FTS.B,

28.98%,

11/19/24

.

693

706

991225580.UG.FTS.B,

28.98%,

11/19/24

.

37

38

991245677.UG.FTS.B,

28.98%,

11/19/24

.

68

9

991260584.UG.FTS.B,

28.98%,

11/19/24

.

553

563

991264197.UG.FTS.B,

28.98%,

11/19/24

.

66

66

991265366.UG.FTS.B,

28.98%,

11/19/24

.

21

21

991267944.UG.FTS.B,

28.98%,

11/19/24

.

30

–

991267970.UG.FTS.B,

28.98%,

11/19/24

.

138

141

991269614.UG.FTS.B,

28.98%,

11/19/24

.

275

280

991272220.UG.FTS.B,

28.98%,

11/19/24

.

125

128

991274553.UG.FTS.B,

28.98%,

11/19/24

.

98

99

991276025.UG.FTS.B,

28.98%,

11/19/24

.

21

22

991276906.UG.FTS.B,

28.98%,

11/19/24

.

172

176

991285040.UG.FTS.B,

28.98%,

11/19/24

.

71

72

991285978.UG.FTS.B,

28.98%,

11/19/24

.

191

194

991291090.UG.FTS.B,

28.98%,

11/19/24

.

89

90

991079459.UG.FTS.B,

29.49%,

11/19/24

.

520

537

991079567.UG.FTS.B,

29.49%,

11/19/24

.

86

89

991080329.UG.FTS.B,

29.49%,

11/19/24

.

81

83

991080785.UG.FTS.B,

29.49%,

11/19/24

.

251

257

991081477.UG.FTS.B,

29.49%,

11/19/24

.

110

16

991083975.UG.FTS.B,

29.49%,

11/19/24

.

100

100

991084120.UG.FTS.B,

29.49%,

11/19/24

.

306

311

991086865.UG.FTS.B,

29.49%,

11/19/24

.

85

88

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991088485.UG.FTS.B,

29.49%,

11/19/24

.

$

72

$

74

991088510.UG.FTS.B,

29.49%,

11/19/24

.

166

171

991091761.UG.FTS.B,

29.49%,

11/19/24

.

148

152

991091799.UG.FTS.B,

29.49%,

11/19/24

.

54

55

991096428.UG.FTS.B,

29.49%,

11/19/24

.

197

203

991096952.UG.FTS.B,

29.49%,

11/19/24

.

66

68

991098909.UG.FTS.B,

29.49%,

11/19/24

.

454

469

991099687.UG.FTS.B,

29.49%,

11/19/24

.

335

338

991100113.UG.FTS.B,

29.49%,

11/19/24

..

93

96

991102829.UG.FTS.B,

29.49%,

11/19/24

.

97

97

991103770.UG.FTS.B,

29.49%,

11/19/24

.

88

90

991103901.UG.FTS.B,

29.49%,

11/19/24

.

254

262

991104175.UG.FTS.B,

29.49%,

11/19/24

.

2

2

991104178.UG.FTS.B,

29.49%,

11/19/24

.

1,094

1,124

991104280.UG.FTS.B,

29.49%,

11/19/24

.

109

112

991104410.UG.FTS.B,

29.49%,

11/19/24

.

365

368

991106337.UG.FTS.B,

29.49%,

11/19/24

.

128

133

991106684.UG.FTS.B,

29.49%,

11/19/24

.

127

131

991109379.UG.FTS.B,

29.49%,

11/19/24

.

34

34

991109457.UG.FTS.B,

29.49%,

11/19/24

.

210

217

991109475.UG.FTS.B,

29.49%,

11/19/24

.

106

109

991110529.UG.FTS.B,

29.49%,

11/19/24

..

158

163

991111418.UG.FTS.B,

29.49%,

11/19/24

..

357

361

991114314.UG.FTS.B,

29.49%,

11/19/24

..

266

273

991114749.UG.FTS.B,

29.49%,

11/19/24

..

254

259

991122169.UG.FTS.B,

29.49%,

11/19/24

.

15

3

991122950.UG.FTS.B,

29.49%,

11/19/24

.

1,158

32

991125628.UG.FTS.B,

29.49%,

11/19/24

.

623

646

991128207.UG.FTS.B,

29.49%,

11/19/24

.

1,170

1,216

991128682.UG.FTS.B,

29.49%,

11/19/24

.

346

350

991130441.UG.FTS.B,

29.49%,

11/19/24

.

89

93

991130674.UG.FTS.B,

29.49%,

11/19/24

.

35

35

991133364.UG.FTS.B,

29.49%,

11/19/24

.

17

17

991138434.UG.FTS.B,

29.49%,

11/19/24

.

162

164

991139198.UG.FTS.B,

29.49%,

11/19/24

.

258

266

991139453.UG.FTS.B,

29.49%,

11/19/24

.

341

351

991146154.UG.FTS.B,

29.49%,

11/19/24

.

249

253

991148151.UG.FTS.B,

29.49%,

11/19/24

.

58

60

991149232.UG.FTS.B,

29.49%,

11/19/24

.

328

336

991153991.UG.FTS.B,

29.49%,

11/19/24

.

81

83

991154641.UG.FTS.B,

29.49%,

11/19/24

.

188

194

991156120.UG.FTS.B,

29.49%,

11/19/24

.

119

122

991157117.UG.FTS.B,

29.49%,

11/19/24

..

135

139

991167820.UG.FTS.B,

29.49%,

11/19/24

.

200

205

991170256.UG.FTS.B,

29.49%,

11/19/24

.

93

95

991176843.UG.FTS.B,

29.49%,

11/19/24

.

1,052

1,064

991182291.UG.FTS.B,

29.49%,

11/19/24

.

292

301

991186425.UG.FTS.B,

29.49%,

11/19/24

.

144

147

991188709.UG.FTS.B,

29.49%,

11/19/24

.

144

150

991191696.UG.FTS.B,

29.49%,

11/19/24

.

213

219

991191984.UG.FTS.B,

29.49%,

11/19/24

.

61

61

991193402.UG.FTS.B,

29.49%,

11/19/24

.

26

27

991206154.UG.FTS.B,

29.49%,

11/19/24

.

28

28

991211016.UG.FTS.B,

29.49%,

11/19/24

.

132

136

991229419.UG.FTS.B,

29.49%,

11/19/24

.

345

352

991239313.UG.FTS.B,

29.49%,

11/19/24

.

150

154

991242660.UG.FTS.B,

29.49%,

11/19/24

.

310

315

991242783.UG.FTS.B,

29.49%,

11/19/24

.

235

240

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

255

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991247672.UG.FTS.B,

29.49%,

11/19/24

.

$

57

$

58

991256783.UG.FTS.B,

29.49%,

11/19/24

.

62

–

991258723.UG.FTS.B,

29.49%,

11/19/24

.

90

92

991259761.UG.FTS.B,

29.49%,

11/19/24

.

113

116

991259944.UG.FTS.B,

29.49%,

11/19/24

.

60

62

991261749.UG.FTS.B,

29.49%,

11/19/24

.

95

97

991267836.UG.FTS.B,

29.49%,

11/19/24

.

93

95

991268203.UG.FTS.B,

29.49%,

11/19/24

.

208

213

991268346.UG.FTS.B,

29.49%,

11/19/24

.

52

53

991269656.UG.FTS.B,

29.49%,

11/19/24

.

22

22

991277369.UG.FTS.B,

29.49%,

11/19/24

.

549

553

991278085.UG.FTS.B,

29.49%,

11/19/24

.

396

407

991285961.UG.FTS.B,

29.49%,

11/19/24

.

212

30

991218218.UG.FTS.B,

Zero

Cpn,

11/20/24

570

40

991243987.UG.FTS.B,

Zero

Cpn,

11/20/24

4,548

313

991086006.UG.FTS.B,

18.97%,

11/20/24

.

414

418

991109789.UG.FTS.B,

18.97%,

11/20/24

.

113

113

991131248.UG.FTS.B,

18.97%,

11/20/24

.

190

191

991212667.UG.FTS.B,

18.97%,

11/20/24

.

747

750

991277364.UG.FTS.B,

18.97%,

11/20/24

.

1,066

1,070

991168973.UG.FTS.B,

19.21%,

11/20/24

.

120

120

991204096.UG.FTS.B,

19.8%,

11/20/24

..

106

106

991204791.UG.FTS.B,

19.8%,

11/20/24

..

77

78

991267411.UG.FTS.B,

19.8%,

11/20/24

..

138

138

991102000.UG.FTS.B,

19.99%,

11/20/24

.

256

263

991105915.UG.FTS.B,

19.99%,

11/20/24

.

109

112

991108309.UG.FTS.B,

19.99%,

11/20/24

.

160

161

991108487.UG.FTS.B,

19.99%,

11/20/24

.

193

195

991112938.UG.FTS.B,

19.99%,

11/20/24

..

83

84

991171504.UG.FTS.B,

19.99%,

11/20/24

.

216

216

991175975.UG.FTS.B,

19.99%,

11/20/24

.

91

93

991181647.UG.FTS.B,

19.99%,

11/20/24

.

55

56

991188505.UG.FTS.B,

19.99%,

11/20/24

.

105

107

991210688.UG.FTS.B,

19.99%,

11/20/24

.

42

43

991237192.UG.FTS.B,

19.99%,

11/20/24

.

747

761

991263955.UG.FTS.B,

19.99%,

11/20/24

.

60

61

991084611.UG.FTS.B,

20.46%,

11/20/24

.

363

366

991085501.UG.FTS.B,

20.46%,

11/20/24

.

568

573

991100911.UG.FTS.B,

20.46%,

11/20/24

..

254

256

991102814.UG.FTS.B,

20.46%,

11/20/24

.

128

130

991112817.UG.FTS.B,

20.46%,

11/20/24

..

1,883

1,896

991125492.UG.FTS.B,

20.46%,

11/20/24

.

104

104

991160910.UG.FTS.B,

20.46%,

11/20/24

.

64

64

991204119.UG.FTS.B,

20.46%,

11/20/24

.

9

9

991204576.UG.FTS.B,

20.46%,

11/20/24

.

103

103

991086619.UG.FTS.B,

20.97%,

11/20/24

.

2,362

2,371

991171843.UG.FTS.B,

20.97%,

11/20/24

.

67

68

991085535.UG.FTS.B,

21.46%,

11/20/24

.

93

93

991133819.UG.FTS.B,

21.46%,

11/20/24

.

80

80

991215411.UG.FTS.B,

21.46%,

11/20/24

.

240

243

991261262.UG.FTS.B,

21.46%,

11/20/24

.

9

9

991152530.UG.FTS.B,

22.97%,

11/20/24

.

18

18

991151893.UG.FTS.B,

23.95%,

11/20/24

.

383

382

991089655.UG.FTS.B,

25.94%,

11/20/24

.

103

101

991128669.UG.FTS.B,

26.94%,

11/20/24

.

71

70

991137301.UG.FTS.B,

27.99%,

11/20/24

.

101

102

991099607.UG.FTS.B,

28.98%,

11/20/24

.

285

292

991100214.UG.FTS.B,

28.98%,

11/20/24

.

105

107

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991100430.UG.FTS.B,

28.98%,

11/20/24

.

$

–

$

–

991103833.UG.FTS.B,

28.98%,

11/20/24

.

48

48

991105295.UG.FTS.B,

28.98%,

11/20/24

.

653

85

991107307.UG.FTS.B,

28.98%,

11/20/24

.

61

63

991110958.UG.FTS.B,

28.98%,

11/20/24

..

37

38

991115050.UG.FTS.B,

28.98%,

11/20/24

..

119

120

991115150.UG.FTS.B,

28.98%,

11/20/24

..

128

131

991118707.UG.FTS.B,

28.98%,

11/20/24

..

83

84

991122709.UG.FTS.B,

28.98%,

11/20/24

.

93

96

991122834.UG.FTS.B,

28.98%,

11/20/24

.

86

88

991123392.UG.FTS.B,

28.98%,

11/20/24

.

132

133

991125422.UG.FTS.B,

28.98%,

11/20/24

.

679

695

991126124.UG.FTS.B,

28.98%,

11/20/24

.

170

173

991126597.UG.FTS.B,

28.98%,

11/20/24

.

27

27

991126868.UG.FTS.B,

28.98%,

11/20/24

.

337

342

991130160.UG.FTS.B,

28.98%,

11/20/24

.

66

67

991133560.UG.FTS.B,

28.98%,

11/20/24

.

72

74

991133721.UG.FTS.B,

28.98%,

11/20/24

.

348

357

991136884.UG.FTS.B,

28.98%,

11/20/24

.

170

172

991137933.UG.FTS.B,

28.98%,

11/20/24

.

29

29

991139188.UG.FTS.B,

28.98%,

11/20/24

.

892

915

991140250.UG.FTS.B,

28.98%,

11/20/24

.

127

130

991144058.UG.FTS.B,

28.98%,

11/20/24

.

778

49

991145878.UG.FTS.B,

28.98%,

11/20/24

.

533

542

991147511.UG.FTS.B,

28.98%,

11/20/24

..

19

19

991150671.UG.FTS.B,

28.98%,

11/20/24

.

23

23

991151618.UG.FTS.B,

28.98%,

11/20/24

.

367

25

991159138.UG.FTS.B,

28.98%,

11/20/24

.

97

99

991160183.UG.FTS.B,

28.98%,

11/20/24

.

125

129

991163497.UG.FTS.B,

28.98%,

11/20/24

.

354

363

991170492.UG.FTS.B,

28.98%,

11/20/24

.

135

138

991179992.UG.FTS.B,

28.98%,

11/20/24

.

98

101

991187570.UG.FTS.B,

28.98%,

11/20/24

.

119

122

991190395.UG.FTS.B,

28.98%,

11/20/24

.

53

54

991194988.UG.FTS.B,

28.98%,

11/20/24

.

304

303

991198786.UG.FTS.B,

28.98%,

11/20/24

.

209

213

991199806.UG.FTS.B,

28.98%,

11/20/24

.

92

94

991203518.UG.FTS.B,

28.98%,

11/20/24

.

24

24

991204942.UG.FTS.B,

28.98%,

11/20/24

.

98

101

991212347.UG.FTS.B,

28.98%,

11/20/24

.

85

85

991217421.UG.FTS.B,

28.98%,

11/20/24

.

558

39

991226698.UG.FTS.B,

28.98%,

11/20/24

.

102

105

991232543.UG.FTS.B,

28.98%,

11/20/24

.

127

129

991247369.UG.FTS.B,

28.98%,

11/20/24

.

923

941

991263045.UG.FTS.B,

28.98%,

11/20/24

.

358

365

991267705.UG.FTS.B,

28.98%,

11/20/24

.

138

140

991268970.UG.FTS.B,

28.98%,

11/20/24

.

369

376

991272832.UG.FTS.B,

28.98%,

11/20/24

.

219

223

991276708.UG.FTS.B,

28.98%,

11/20/24

.

138

141

991280031.UG.FTS.B,

28.98%,

11/20/24

.

60

61

991297402.UG.FTS.B,

28.98%,

11/20/24

.

149

152

991298120.UG.FTS.B,

28.98%,

11/20/24

.

601

607

991098504.UG.FTS.B,

29.49%,

11/20/24

.

76

13

991098513.UG.FTS.B,

29.49%,

11/20/24

.

58

59

991100908.UG.FTS.B,

29.49%,

11/20/24

.

857

878

991106397.UG.FTS.B,

29.49%,

11/20/24

.

93

93

991107977.UG.FTS.B,

29.49%,

11/20/24

.

99

100

991108509.UG.FTS.B,

29.49%,

11/20/24

.

325

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

256

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991110253.UG.FTS.B,

29.49%,

11/20/24

..

$

115

$

118

991110617.UG.FTS.B,

29.49%,

11/20/24

..

205

211

991112071.UG.FTS.B,

29.49%,

11/20/24

..

209

214

991113693.UG.FTS.B,

29.49%,

11/20/24

..

106

109

991113695.UG.FTS.B,

29.49%,

11/20/24

..

35

35

991117048.UG.FTS.B,

29.49%,

11/20/24

..

90

92

991117581.UG.FTS.B,

29.49%,

11/20/24

..

303

308

991119330.UG.FTS.B,

29.49%,

11/20/24

..

350

359

991122096.UG.FTS.B,

29.49%,

11/20/24

.

75

77

991124909.UG.FTS.B,

29.49%,

11/20/24

.

23

23

991125322.UG.FTS.B,

29.49%,

11/20/24

.

126

130

991129659.UG.FTS.B,

29.49%,

11/20/24

.

128

128

991131752.UG.FTS.B,

29.49%,

11/20/24

.

118

92

991133485.UG.FTS.B,

29.49%,

11/20/24

.

65

66

991142389.UG.FTS.B,

29.49%,

11/20/24

.

557

574

991145294.UG.FTS.B,

29.49%,

11/20/24

.

68

70

991151418.UG.FTS.B,

29.49%,

11/20/24

.

117

–

991152603.UG.FTS.B,

29.49%,

11/20/24

.

83

84

991165138.UG.FTS.B,

29.49%,

11/20/24

.

112

115

991167362.UG.FTS.B,

29.49%,

11/20/24

.

280

288

991169205.UG.FTS.B,

29.49%,

11/20/24

.

1,403

1,437

991185927.UG.FTS.B,

29.49%,

11/20/24

.

75

77

991187953.UG.FTS.B,

29.49%,

11/20/24

.

16

16

991188097.UG.FTS.B,

29.49%,

11/20/24

.

27

28

991189207.UG.FTS.B,

29.49%,

11/20/24

.

5

5

991192873.UG.FTS.B,

29.49%,

11/20/24

.

23

23

991195573.UG.FTS.B,

29.49%,

11/20/24

.

186

194

991198394.UG.FTS.B,

29.49%,

11/20/24

.

396

28

991202228.UG.FTS.B,

29.49%,

11/20/24

.

127

18

991210088.UG.FTS.B,

29.49%,

11/20/24

.

329

334

991211764.UG.FTS.B,

29.49%,

11/20/24

.

45

46

991213437.UG.FTS.B,

29.49%,

11/20/24

.

54

56

991213653.UG.FTS.B,

29.49%,

11/20/24

.

255

261

991215595.UG.FTS.B,

29.49%,

11/20/24

.

279

290

991216973.UG.FTS.B,

29.49%,

11/20/24

.

349

356

991219254.UG.FTS.B,

29.49%,

11/20/24

.

40

41

991233581.UG.FTS.B,

29.49%,

11/20/24

.

46

–

991233863.UG.FTS.B,

29.49%,

11/20/24

.

1,246

1,278

991238431.UG.FTS.B,

29.49%,

11/20/24

.

798

112

991239349.UG.FTS.B,

29.49%,

11/20/24

.

181

26

991239830.UG.FTS.B,

29.49%,

11/20/24

.

416

425

991244043.UG.FTS.B,

29.49%,

11/20/24

.

13

13

991247212.UG.FTS.B,

29.49%,

11/20/24

.

182

186

991252193.UG.FTS.B,

29.49%,

11/20/24

.

20

20

991255946.UG.FTS.B,

29.49%,

11/20/24

.

55

56

991267259.UG.FTS.B,

29.49%,

11/20/24

.

83

85

991267347.UG.FTS.B,

29.49%,

11/20/24

.

132

135

991267709.UG.FTS.B,

29.49%,

11/20/24

.

131

133

991268841.UG.FTS.B,

29.49%,

11/20/24

.

62

63

991269003.UG.FTS.B,

29.49%,

11/20/24

.

607

622

991297615.UG.FTS.B,

29.49%,

11/20/24

.

37

6

991299902.UG.FTS.B,

29.49%,

11/20/24

.

230

235

991140808.UG.FTS.B,

Zero

Cpn,

11/21/24

9

1

991144598.UG.FTS.B,

Zero

Cpn,

11/21/24

134

9

991149639.UG.FTS.B,

18.21%,

11/21/24

.

369

18

991093963.UG.FTS.B,

18.97%,

11/21/24

.

369

369

991224989.UG.FTS.B,

18.97%,

11/21/24

.

762

768

991143958.UG.FTS.B,

19.21%,

11/21/24

.

–

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991254447.UG.FTS.B,

19.21%,

11/21/24

.

$

159

$

159

991141090.UG.FTS.B,

19.8%,

11/21/24

..

472

468

991144492.UG.FTS.B,

19.8%,

11/21/24

..

165

164

991198112.UG.FTS.B,

19.8%,

11/21/24

...

157

159

991101910.UG.FTS.B,

19.99%,

11/21/24

.

954

965

991110283.UG.FTS.B,

19.99%,

11/21/24

..

164

169

991129682.UG.FTS.B,

19.99%,

11/21/24

.

248

255

991170878.UG.FTS.B,

19.99%,

11/21/24

.

5

5

991174755.UG.FTS.B,

19.99%,

11/21/24

.

200

205

991233192.UG.FTS.B,

19.99%,

11/21/24

.

12

12

991091686.UG.FTS.B,

20.97%,

11/21/24

.

84

85

991109801.UG.FTS.B,

21.46%,

11/21/24

.

349

347

991135834.UG.FTS.B,

21.97%,

11/21/24

.

240

32

991206543.UG.FTS.B,

21.97%,

11/21/24

.

3,134

3,169

991109825.UG.FTS.B,

21.98%,

11/21/24

.

181

182

991114413.UG.FTS.B,

21.98%,

11/21/24

..

237

239

991207630.UG.FTS.B,

21.98%,

11/21/24

.

260

262

991156272.UG.FTS.B,

22.95%,

11/21/24

.

197

198

991104066.UG.FTS.B,

23.95%,

11/21/24

.

227

230

991091300.UG.FTS.B,

26.94%,

11/21/24

.

93

93

991128509.UG.FTS.B,

27.99%,

11/21/24

.

151

155

991098805.UG.FTS.B,

28.98%,

11/21/24

.

35

35

991099584.UG.FTS.B,

28.98%,

11/21/24

.

67

68

991100106.UG.FTS.B,

28.98%,

11/21/24

.

19

19

991101503.UG.FTS.B,

28.98%,

11/21/24

.

685

702

991103359.UG.FTS.B,

28.98%,

11/21/24

.

620

635

991103415.UG.FTS.B,

28.98%,

11/21/24

.

34

34

991103484.UG.FTS.B,

28.98%,

11/21/24

.

20

21

991103505.UG.FTS.B,

28.98%,

11/21/24

.

297

305

991105102.UG.FTS.B,

28.98%,

11/21/24

.

66

66

991106305.UG.FTS.B,

28.98%,

11/21/24

.

505

518

991106632.UG.FTS.B,

28.98%,

11/21/24

.

225

227

991107547.UG.FTS.B,

28.98%,

11/21/24

.

296

299

991107910.UG.FTS.B,

28.98%,

11/21/24

.

43

43

991112083.UG.FTS.B,

28.98%,

11/21/24

..

1,115

1,143

991112673.UG.FTS.B,

28.98%,

11/21/24

..

68

69

991113938.UG.FTS.B,

28.98%,

11/21/24

..

165

169

991115757.UG.FTS.B,

28.98%,

11/21/24

..

88

89

991122560.UG.FTS.B,

28.98%,

11/21/24

.

165

168

991123406.UG.FTS.B,

28.98%,

11/21/24

.

13

13

991129275.UG.FTS.B,

28.98%,

11/21/24

.

410

413

991131576.UG.FTS.B,

28.98%,

11/21/24

.

1,261

1,288

991138300.UG.FTS.B,

28.98%,

11/21/24

.

33

34

991140811.UG.FTS.B,

28.98%,

11/21/24

..

66

68

991144473.UG.FTS.B,

28.98%,

11/21/24

.

154

158

991162098.UG.FTS.B,

28.98%,

11/21/24

.

184

189

991169889.UG.FTS.B,

28.98%,

11/21/24

.

305

312

991170155.UG.FTS.B,

28.98%,

11/21/24

.

745

752

991174647.UG.FTS.B,

28.98%,

11/21/24

.

248

255

991178506.UG.FTS.B,

28.98%,

11/21/24

.

179

184

991181062.UG.FTS.B,

28.98%,

11/21/24

.

711

720

991185383.UG.FTS.B,

28.98%,

11/21/24

.

385

393

991194541.UG.FTS.B,

28.98%,

11/21/24

.

89

91

991196539.UG.FTS.B,

28.98%,

11/21/24

.

36

36

991204271.UG.FTS.B,

28.98%,

11/21/24

.

97

99

991205228.UG.FTS.B,

28.98%,

11/21/24

.

40

40

991205445.UG.FTS.B,

28.98%,

11/21/24

.

262

268

991212789.UG.FTS.B,

28.98%,

11/21/24

.

72

74

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

257

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991218149.UG.FTS.B,

28.98%,

11/21/24

.

$

927

$

952

991223136.UG.FTS.B,

28.98%,

11/21/24

.

254

257

991225496.UG.FTS.B,

28.98%,

11/21/24

.

34

34

991226400.UG.FTS.B,

28.98%,

11/21/24

.

9

9

991227250.UG.FTS.B,

28.98%,

11/21/24

.

147

150

991233789.UG.FTS.B,

28.98%,

11/21/24

.

224

227

991236869.UG.FTS.B,

28.98%,

11/21/24

.

185

14

991237119.UG.FTS.B,

28.98%,

11/21/24

.

919

943

991243049.UG.FTS.B,

28.98%,

11/21/24

.

75

77

991250096.UG.FTS.B,

28.98%,

11/21/24

.

5

5

991257871.UG.FTS.B,

28.98%,

11/21/24

.

99

101

991262752.UG.FTS.B,

28.98%,

11/21/24

.

78

79

991263992.UG.FTS.B,

28.98%,

11/21/24

.

165

169

991264140.UG.FTS.B,

28.98%,

11/21/24

.

493

502

991269555.UG.FTS.B,

28.98%,

11/21/24

.

151

154

991277474.UG.FTS.B,

28.98%,

11/21/24

.

27

27

991284800.UG.FTS.B,

28.98%,

11/21/24

.

141

12

991297297.UG.FTS.B,

28.98%,

11/21/24

.

148

21

991297865.UG.FTS.B,

28.98%,

11/21/24

.

140

142

991098822.UG.FTS.B,

29.49%,

11/21/24

.

160

164

991099793.UG.FTS.B,

29.49%,

11/21/24

.

76

3

991099891.UG.FTS.B,

29.49%,

11/21/24

.

165

167

991100418.UG.FTS.B,

29.49%,

11/21/24

.

263

272

991101168.UG.FTS.B,

29.49%,

11/21/24

..

29

29

991102962.UG.FTS.B,

29.49%,

11/21/24

.

49

50

991103642.UG.FTS.B,

29.49%,

11/21/24

.

158

157

991104423.UG.FTS.B,

29.49%,

11/21/24

.

261

264

991105230.UG.FTS.B,

29.49%,

11/21/24

.

–

–

991107662.UG.FTS.B,

29.49%,

11/21/24

.

32

32

991107906.UG.FTS.B,

29.49%,

11/21/24

.

934

956

991112882.UG.FTS.B,

29.49%,

11/21/24

..

474

488

991113103.UG.FTS.B,

29.49%,

11/21/24

..

14

14

991122036.UG.FTS.B,

29.49%,

11/21/24

.

57

4

991123398.UG.FTS.B,

29.49%,

11/21/24

.

224

35

991123851.UG.FTS.B,

29.49%,

11/21/24

.

263

270

991124929.UG.FTS.B,

29.49%,

11/21/24

.

52

52

991125417.UG.FTS.B,

29.49%,

11/21/24

.

70

72

991125736.UG.FTS.B,

29.49%,

11/21/24

.

38

6

991130355.UG.FTS.B,

29.49%,

11/21/24

.

371

377

991131801.UG.FTS.B,

29.49%,

11/21/24

.

64

65

991132346.UG.FTS.B,

29.49%,

11/21/24

.

378

385

991132792.UG.FTS.B,

29.49%,

11/21/24

.

100

103

991133817.UG.FTS.B,

29.49%,

11/21/24

.

169

173

991136618.UG.FTS.B,

29.49%,

11/21/24

.

112

17

991137083.UG.FTS.B,

29.49%,

11/21/24

.

254

252

991137836.UG.FTS.B,

29.49%,

11/21/24

.

112

114

991139313.UG.FTS.B,

29.49%,

11/21/24

.

93

–

991139966.UG.FTS.B,

29.49%,

11/21/24

.

48

48

991155328.UG.FTS.B,

29.49%,

11/21/24

.

135

139

991157022.UG.FTS.B,

29.49%,

11/21/24

.

469

479

991157333.UG.FTS.B,

29.49%,

11/21/24

.

37

38

991159418.UG.FTS.B,

29.49%,

11/21/24

.

102

106

991173134.UG.FTS.B,

29.49%,

11/21/24

.

23

23

991179856.UG.FTS.B,

29.49%,

11/21/24

.

547

544

991179953.UG.FTS.B,

29.49%,

11/21/24

.

10

10

991183376.UG.FTS.B,

29.49%,

11/21/24

.

307

312

991187695.UG.FTS.B,

29.49%,

11/21/24

.

95

98

991191726.UG.FTS.B,

29.49%,

11/21/24

.

123

124

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991195967.UG.FTS.B,

29.49%,

11/21/24

.

$

147

$

153

991197725.UG.FTS.B,

29.49%,

11/21/24

.

1,221

1,269

991206897.UG.FTS.B,

29.49%,

11/21/24

.

49

50

991219638.UG.FTS.B,

29.49%,

11/21/24

.

54

55

991221868.UG.FTS.B,

29.49%,

11/21/24

.

31

31

991222533.UG.FTS.B,

29.49%,

11/21/24

.

25

25

991243146.UG.FTS.B,

29.49%,

11/21/24

.

907

928

991248040.UG.FTS.B,

29.49%,

11/21/24

.

184

188

991255779.UG.FTS.B,

29.49%,

11/21/24

.

62

64

991257574.UG.FTS.B,

29.49%,

11/21/24

.

13

13

991259033.UG.FTS.B,

29.49%,

11/21/24

.

195

199

991263744.UG.FTS.B,

29.49%,

11/21/24

.

209

214

991264912.UG.FTS.B,

29.49%,

11/21/24

.

82

84

991269668.UG.FTS.B,

29.49%,

11/21/24

.

136

139

991273052.UG.FTS.B,

29.49%,

11/21/24

.

63

63

991274815.UG.FTS.B,

29.49%,

11/21/24

.

1

1

991275188.UG.FTS.B,

29.49%,

11/21/24

.

231

236

991284824.UG.FTS.B,

29.49%,

11/21/24

.

3

3

991123695.UG.FTS.B,

Zero

Cpn,

11/22/24

335

23

991132905.UG.FTS.B,

Zero

Cpn,

11/22/24

198

13

991174146.UG.FTS.B,

Zero

Cpn,

11/22/24

56

4

991195371.UG.FTS.B,

Zero

Cpn,

11/22/24

318

22

991269175.UG.FTS.B,

Zero

Cpn,

11/22/24

44

3

991114211.UG.FTS.B,

18.97%,

11/22/24

..

317

319

991122742.UG.FTS.B,

18.97%,

11/22/24

.

102

103

991125689.UG.FTS.B,

18.97%,

11/22/24

.

138

139

991154003.UG.FTS.B,

18.97%,

11/22/24

.

530

534

991118023.UG.FTS.B,

19.21%,

11/22/24

..

110

111

991119286.UG.FTS.B,

19.21%,

11/22/24

..

297

298

991199042.UG.FTS.B,

19.21%,

11/22/24

.

389

392

991103401.UG.FTS.B,

19.99%,

11/22/24

.

293

301

991121665.UG.FTS.B,

19.99%,

11/22/24

.

66

68

991132324.UG.FTS.B,

19.99%,

11/22/24

.

50

50

991157348.UG.FTS.B,

19.99%,

11/22/24

.

244

250

991181160.UG.FTS.B,

19.99%,

11/22/24

..

386

386

991227531.UG.FTS.B,

19.99%,

11/22/24

.

549

42

991270414.UG.FTS.B,

19.99%,

11/22/24

.

38

38

991271550.UG.FTS.B,

19.99%,

11/22/24

.

574

45

991213596.UG.FTS.B,

20.46%,

11/22/24

.

1,767

1,783

991264755.UG.FTS.B,

20.46%,

11/22/24

.

90

90

991118422.UG.FTS.B,

21.46%,

11/22/24

..

1,092

1,104

991131049.UG.FTS.B,

21.46%,

11/22/24

.

123

124

991215119.UG.FTS.B,

21.46%,

11/22/24

.

325

324

991099821.UG.FTS.B,

21.98%,

11/22/24

.

119

120

991196292.UG.FTS.B,

22.97%,

11/22/24

.

122

123

991124752.UG.FTS.B,

23.95%,

11/22/24

.

87

88

991272573.UG.FTS.B,

23.95%,

11/22/24

.

371

–

991166382.UG.FTS.B,

26.94%,

11/22/24

.

72

73

991180574.UG.FTS.B,

26.94%,

11/22/24

.

204

207

991104265.UG.FTS.B,

27.99%,

11/22/24

.

1,970

2,023

991115779.UG.FTS.B,

27.99%,

11/22/24

..

771

777

991099542.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991102689.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991102922.UG.FTS.B,

28.98%,

11/22/24

.

286

294

991102964.UG.FTS.B,

28.98%,

11/22/24

.

103

106

991103009.UG.FTS.B,

28.98%,

11/22/24

.

168

172

991103706.UG.FTS.B,

28.98%,

11/22/24

.

1,291

–

991104196.UG.FTS.B,

28.98%,

11/22/24

.

190

194

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

258

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991104504.UG.FTS.B,

28.98%,

11/22/24

.

$

165

$

169

991105023.UG.FTS.B,

28.98%,

11/22/24

.

2,114

2,172

991105794.UG.FTS.B,

28.98%,

11/22/24

.

904

929

991106035.UG.FTS.B,

28.98%,

11/22/24

.

98

100

991107556.UG.FTS.B,

28.98%,

11/22/24

.

483

483

991107575.UG.FTS.B,

28.98%,

11/22/24

.

169

172

991107921.UG.FTS.B,

28.98%,

11/22/24

.

1,000

1,019

991110155.UG.FTS.B,

28.98%,

11/22/24

..

47

47

991110358.UG.FTS.B,

28.98%,

11/22/24

..

100

101

991110618.UG.FTS.B,

28.98%,

11/22/24

..

49

50

991116602.UG.FTS.B,

28.98%,

11/22/24

..

281

283

991116973.UG.FTS.B,

28.98%,

11/22/24

..

210

215

991122119.UG.FTS.B,

28.98%,

11/22/24

..

56

57

991123827.UG.FTS.B,

28.98%,

11/22/24

.

493

503

991127224.UG.FTS.B,

28.98%,

11/22/24

.

468

481

991127481.UG.FTS.B,

28.98%,

11/22/24

.

469

479

991127588.UG.FTS.B,

28.98%,

11/22/24

.

64

65

991128908.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991131367.UG.FTS.B,

28.98%,

11/22/24

.

271

277

991131812.UG.FTS.B,

28.98%,

11/22/24

.

114

117

991136765.UG.FTS.B,

28.98%,

11/22/24

.

501

515

991137246.UG.FTS.B,

28.98%,

11/22/24

.

373

379

991139408.UG.FTS.B,

28.98%,

11/22/24

.

46

46

991143933.UG.FTS.B,

28.98%,

11/22/24

.

240

247

991149223.UG.FTS.B,

28.98%,

11/22/24

.

46

46

991149451.UG.FTS.B,

28.98%,

11/22/24

.

467

480

991153364.UG.FTS.B,

28.98%,

11/22/24

.

273

278

991156074.UG.FTS.B,

28.98%,

11/22/24

.

101

103

991156523.UG.FTS.B,

28.98%,

11/22/24

.

63

63

991159179.UG.FTS.B,

28.98%,

11/22/24

.

254

260

991161581.UG.FTS.B,

28.98%,

11/22/24

.

227

230

991162076.UG.FTS.B,

28.98%,

11/22/24

.

29

29

991163227.UG.FTS.B,

28.98%,

11/22/24

.

263

270

991163510.UG.FTS.B,

28.98%,

11/22/24

.

254

35

991163764.UG.FTS.B,

28.98%,

11/22/24

.

84

86

991169488.UG.FTS.B,

28.98%,

11/22/24

.

163

167

991173036.UG.FTS.B,

28.98%,

11/22/24

.

58

59

991173716.UG.FTS.B,

28.98%,

11/22/24

.

465

473

991177122.UG.FTS.B,

28.98%,

11/22/24

.

446

446

991180530.UG.FTS.B,

28.98%,

11/22/24

.

147

151

991184097.UG.FTS.B,

28.98%,

11/22/24

.

174

179

991184113.UG.FTS.B,

28.98%,

11/22/24

..

827

833

991195764.UG.FTS.B,

28.98%,

11/22/24

.

66

67

991197771.UG.FTS.B,

28.98%,

11/22/24

.

106

109

991204158.UG.FTS.B,

28.98%,

11/22/24

.

20

20

991219493.UG.FTS.B,

28.98%,

11/22/24

.

103

105

991223543.UG.FTS.B,

28.98%,

11/22/24

.

15

15

991223597.UG.FTS.B,

28.98%,

11/22/24

.

135

137

991223823.UG.FTS.B,

28.98%,

11/22/24

.

9

9

991224363.UG.FTS.B,

28.98%,

11/22/24

.

248

18

991224526.UG.FTS.B,

28.98%,

11/22/24

.

152

156

991228922.UG.FTS.B,

28.98%,

11/22/24

.

89

91

991234896.UG.FTS.B,

28.98%,

11/22/24

.

313

319

991251324.UG.FTS.B,

28.98%,

11/22/24

.

89

1

991255263.UG.FTS.B,

28.98%,

11/22/24

.

95

97

991261500.UG.FTS.B,

28.98%,

11/22/24

.

18

18

991262138.UG.FTS.B,

28.98%,

11/22/24

.

92

94

991279336.UG.FTS.B,

28.98%,

11/22/24

.

14

14

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991285685.UG.FTS.B,

28.98%,

11/22/24

.

$

520

$

72

991299270.UG.FTS.B,

28.98%,

11/22/24

.

460

469

991304220.UG.FTS.B,

28.98%,

11/22/24

.

74

75

991304298.UG.FTS.B,

28.98%,

11/22/24

.

369

376

991307686.UG.FTS.B,

28.98%,

11/22/24

.

126

128

991311847.UG.FTS.B,

28.98%,

11/22/24

.

188

191

991099101.UG.FTS.B,

29.49%,

11/22/24

.

48

48

991100054.UG.FTS.B,

29.49%,

11/22/24

.

364

376

991100376.UG.FTS.B,

29.49%,

11/22/24

.

86

86

991100555.UG.FTS.B,

29.49%,

11/22/24

.

784

807

991101821.UG.FTS.B,

29.49%,

11/22/24

.

134

134

991102587.UG.FTS.B,

29.49%,

11/22/24

.

212

219

991102823.UG.FTS.B,

29.49%,

11/22/24

.

88

13

991103865.UG.FTS.B,

29.49%,

11/22/24

.

58

58

991104396.UG.FTS.B,

29.49%,

11/22/24

.

94

98

991105680.UG.FTS.B,

29.49%,

11/22/24

.

59

60

991107019.UG.FTS.B,

29.49%,

11/22/24

.

160

–

991107152.UG.FTS.B,

29.49%,

11/22/24

.

114

118

991107154.UG.FTS.B,

29.49%,

11/22/24

.

318

319

991107318.UG.FTS.B,

29.49%,

11/22/24

.

148

148

991107393.UG.FTS.B,

29.49%,

11/22/24

.

1,140

–

991107494.UG.FTS.B,

29.49%,

11/22/24

.

177

182

991108083.UG.FTS.B,

29.49%,

11/22/24

.

122

126

991108800.UG.FTS.B,

29.49%,

11/22/24

.

134

136

991109990.UG.FTS.B,

29.49%,

11/22/24

.

211

216

991112073.UG.FTS.B,

29.49%,

11/22/24

..

154

159

991112758.UG.FTS.B,

29.49%,

11/22/24

..

172

174

991113516.UG.FTS.B,

29.49%,

11/22/24

..

109

112

991116896.UG.FTS.B,

29.49%,

11/22/24

..

112

116

991119993.UG.FTS.B,

29.49%,

11/22/24

..

140

145

991120831.UG.FTS.B,

29.49%,

11/22/24

.

88

92

991124015.UG.FTS.B,

29.49%,

11/22/24

.

209

215

991124721.UG.FTS.B,

29.49%,

11/22/24

.

154

155

991125303.UG.FTS.B,

29.49%,

11/22/24

.

109

8

991126049.UG.FTS.B,

29.49%,

11/22/24

.

27

27

991132446.UG.FTS.B,

29.49%,

11/22/24

.

66

68

991138174.UG.FTS.B,

29.49%,

11/22/24

.

134

137

991139223.UG.FTS.B,

29.49%,

11/22/24

.

576

–

991141918.UG.FTS.B,

29.49%,

11/22/24

.

595

603

991144588.UG.FTS.B,

29.49%,

11/22/24

.

176

182

991146799.UG.FTS.B,

29.49%,

11/22/24

.

31

32

991149855.UG.FTS.B,

29.49%,

11/22/24

.

362

373

991150981.UG.FTS.B,

29.49%,

11/22/24

.

65

65

991153231.UG.FTS.B,

29.49%,

11/22/24

.

75

77

991155428.UG.FTS.B,

29.49%,

11/22/24

.

–

–

991155708.UG.FTS.B,

29.49%,

11/22/24

.

287

296

991162354.UG.FTS.B,

29.49%,

11/22/24

.

98

101

991168948.UG.FTS.B,

29.49%,

11/22/24

.

499

514

991173886.UG.FTS.B,

29.49%,

11/22/24

.

364

374

991175535.UG.FTS.B,

29.49%,

11/22/24

.

89

90

991176814.UG.FTS.B,

29.49%,

11/22/24

.

788

810

991177757.UG.FTS.B,

29.49%,

11/22/24

.

267

–

991179561.UG.FTS.B,

29.49%,

11/22/24

.

54

55

991182736.UG.FTS.B,

29.49%,

11/22/24

.

84

86

991191963.UG.FTS.B,

29.49%,

11/22/24

.

45

45

991217394.UG.FTS.B,

29.49%,

11/22/24

.

93

96

991219101.UG.FTS.B,

29.49%,

11/22/24

.

60

61

991223979.UG.FTS.B,

29.49%,

11/22/24

.

47

48

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

259

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991245259.UG.FTS.B,

29.49%,

11/22/24

.

$

92

$

7

991255887.UG.FTS.B,

29.49%,

11/22/24

.

93

96

991267717.UG.FTS.B,

29.49%,

11/22/24

.

463

473

991274490.UG.FTS.B,

29.49%,

11/22/24

.

32

32

991278795.UG.FTS.B,

29.49%,

11/22/24

.

87

89

991279836.UG.FTS.B,

29.49%,

11/22/24

.

101

104

991281331.UG.FTS.B,

29.49%,

11/22/24

.

168

171

991281845.UG.FTS.B,

29.49%,

11/22/24

.

49

50

991288087.UG.FTS.B,

29.49%,

11/22/24

.

70

72

991290240.UG.FTS.B,

29.49%,

11/22/24

.

102

104

991291999.UG.FTS.B,

29.49%,

11/22/24

.

39

40

991293465.UG.FTS.B,

29.49%,

11/22/24

.

146

149

991293990.UG.FTS.B,

29.49%,

11/22/24

.

13

13

991300187.UG.FTS.B,

29.49%,

11/22/24

.

410

30

991302610.UG.FTS.B,

29.49%,

11/22/24

.

328

335

991305981.UG.FTS.B,

29.49%,

11/22/24

.

28

29

991134773.UG.FTS.B,

Zero

Cpn,

11/23/24

40

3

991156245.UG.FTS.B,

Zero

Cpn,

11/23/24

566

39

991182655.UG.FTS.B,

Zero

Cpn,

11/23/24

54

4

991204587.UG.FTS.B,

Zero

Cpn,

11/23/24

326

22

991287640.UG.FTS.B,

Zero

Cpn,

11/23/24

28

2

991196638.UG.FTS.B,

14.98%,

11/23/24

.

415

419

991229244.UG.FTS.B,

18.97%,

11/23/24

.

406

407

991196293.UG.FTS.B,

19.21%,

11/23/24

.

336

339

991313399.UG.FTS.B,

19.21%,

11/23/24

.

148

151

991168372.UG.FTS.B,

19.8%,

11/23/24

..

1,299

1,311

991237671.UG.FTS.B,

19.8%,

11/23/24

..

114

9

991108230.UG.FTS.B,

19.99%,

11/23/24

.

45

46

991108654.UG.FTS.B,

19.99%,

11/23/24

.

77

79

991111693.UG.FTS.B,

19.99%,

11/23/24

..

–

–

991114190.UG.FTS.B,

19.99%,

11/23/24

..

35

–

991114531.UG.FTS.B,

19.99%,

11/23/24

..

128

132

991123941.UG.FTS.B,

19.99%,

11/23/24

.

965

1,000

991126181.UG.FTS.B,

19.99%,

11/23/24

.

306

41

991126600.UG.FTS.B,

19.99%,

11/23/24

.

1,053

1,082

991126654.UG.FTS.B,

19.99%,

11/23/24

.

157

161

991132671.UG.FTS.B,

19.99%,

11/23/24

.

95

97

991133827.UG.FTS.B,

19.99%,

11/23/24

.

221

225

991147270.UG.FTS.B,

19.99%,

11/23/24

.

47

47

991150692.UG.FTS.B,

19.99%,

11/23/24

.

84

86

991162960.UG.FTS.B,

19.99%,

11/23/24

.

28

28

991167674.UG.FTS.B,

19.99%,

11/23/24

.

208

209

991229310.UG.FTS.B,

19.99%,

11/23/24

.

154

158

991232620.UG.FTS.B,

19.99%,

11/23/24

.

89

92

991244136.UG.FTS.B,

19.99%,

11/23/24

.

273

274

991262811.UG.FTS.B,

19.99%,

11/23/24

.

71

73

991296137.UG.FTS.B,

19.99%,

11/23/24

.

121

123

991300760.UG.FTS.B,

19.99%,

11/23/24

.

128

131

991181180.UG.FTS.B,

20.97%,

11/23/24

..

74

74

991184027.UG.FTS.B,

20.97%,

11/23/24

.

131

132

991282683.UG.FTS.B,

20.97%,

11/23/24

.

23

23

991113758.UG.FTS.B,

21.46%,

11/23/24

..

75

76

991119625.UG.FTS.B,

21.46%,

11/23/24

..

331

334

991125579.UG.FTS.B,

21.46%,

11/23/24

.

380

383

991148866.UG.FTS.B,

21.46%,

11/23/24

.

2,349

2,373

991155217.UG.FTS.B,

21.46%,

11/23/24

.

192

193

991106966.UG.FTS.B,

21.98%,

11/23/24

.

469

472

991184768.UG.FTS.B,

21.98%,

11/23/24

.

74

74

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991276829.UG.FTS.B,

21.98%,

11/23/24

.

$

44

$

44

991191830.UG.FTS.B,

22.95%,

11/23/24

.

222

225

991121850.UG.FTS.B,

26.94%,

11/23/24

.

139

139

991146136.UG.FTS.B,

26.94%,

11/23/24

.

935

948

991147765.UG.FTS.B,

27.95%,

11/23/24

.

135

137

991109616.UG.FTS.B,

27.99%,

11/23/24

.

386

397

991232344.UG.FTS.B,

27.99%,

11/23/24

.

57

59

991105091.UG.FTS.B,

28.98%,

11/23/24

.

–

–

991105483.UG.FTS.B,

28.98%,

11/23/24

.

393

400

991105842.UG.FTS.B,

28.98%,

11/23/24

.

177

179

991106197.UG.FTS.B,

28.98%,

11/23/24

.

814

836

991106233.UG.FTS.B,

28.98%,

11/23/24

.

60

62

991106264.UG.FTS.B,

28.98%,

11/23/24

.

273

277

991108227.UG.FTS.B,

28.98%,

11/23/24

.

178

179

991108887.UG.FTS.B,

28.98%,

11/23/24

.

76

78

991109723.UG.FTS.B,

28.98%,

11/23/24

.

403

–

991110526.UG.FTS.B,

28.98%,

11/23/24

..

125

126

991110800.UG.FTS.B,

28.98%,

11/23/24

..

322

334

991110924.UG.FTS.B,

28.98%,

11/23/24

..

89

93

991115378.UG.FTS.B,

28.98%,

11/23/24

..

84

86

991115753.UG.FTS.B,

28.98%,

11/23/24

..

20

20

991117626.UG.FTS.B,

28.98%,

11/23/24

..

1,381

1,409

991121613.UG.FTS.B,

28.98%,

11/23/24

.

139

143

991123355.UG.FTS.B,

28.98%,

11/23/24

.

37

37

991124798.UG.FTS.B,

28.98%,

11/23/24

.

298

305

991125415.UG.FTS.B,

28.98%,

11/23/24

.

226

232

991131479.UG.FTS.B,

28.98%,

11/23/24

.

362

371

991132396.UG.FTS.B,

28.98%,

11/23/24

.

259

260

991132894.UG.FTS.B,

28.98%,

11/23/24

.

102

104

991133989.UG.FTS.B,

28.98%,

11/23/24

.

29

29

991139844.UG.FTS.B,

28.98%,

11/23/24

.

110

113

991147458.UG.FTS.B,

28.98%,

11/23/24

.

198

203

991148591.UG.FTS.B,

28.98%,

11/23/24

.

616

618

991152386.UG.FTS.B,

28.98%,

11/23/24

.

159

22

991157081.UG.FTS.B,

28.98%,

11/23/24

.

38

38

991158618.UG.FTS.B,

28.98%,

11/23/24

.

127

131

991169414.UG.FTS.B,

28.98%,

11/23/24

.

92

92

991170456.UG.FTS.B,

28.98%,

11/23/24

.

247

253

991171491.UG.FTS.B,

28.98%,

11/23/24

.

37

37

991178866.UG.FTS.B,

28.98%,

11/23/24

.

320

328

991181974.UG.FTS.B,

28.98%,

11/23/24

.

569

580

991187003.UG.FTS.B,

28.98%,

11/23/24

.

495

505

991187197.UG.FTS.B,

28.98%,

11/23/24

.

81

83

991188766.UG.FTS.B,

28.98%,

11/23/24

.

1,052

–

991193318.UG.FTS.B,

28.98%,

11/23/24

.

10

10

991194147.UG.FTS.B,

28.98%,

11/23/24

.

319

319

991216950.UG.FTS.B,

28.98%,

11/23/24

.

222

224

991221838.UG.FTS.B,

28.98%,

11/23/24

.

64

65

991225329.UG.FTS.B,

28.98%,

11/23/24

.

93

95

991234421.UG.FTS.B,

28.98%,

11/23/24

.

76

76

991238195.UG.FTS.B,

28.98%,

11/23/24

.

4

4

991238561.UG.FTS.B,

28.98%,

11/23/24

.

31

31

991239647.UG.FTS.B,

28.98%,

11/23/24

.

70

71

991239983.UG.FTS.B,

28.98%,

11/23/24

.

165

25

991240082.UG.FTS.B,

28.98%,

11/23/24

.

695

714

991245554.UG.FTS.B,

28.98%,

11/23/24

.

399

407

991263923.UG.FTS.B,

28.98%,

11/23/24

.

59

60

991264563.UG.FTS.B,

28.98%,

11/23/24

.

323

334

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

260

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991268038.UG.FTS.B,

28.98%,

11/23/24

.

$

298

$

305

991271407.UG.FTS.B,

28.98%,

11/23/24

.

83

85

991282136.UG.FTS.B,

28.98%,

11/23/24

.

403

410

991296682.UG.FTS.B,

28.98%,

11/23/24

.

238

15

991299505.UG.FTS.B,

28.98%,

11/23/24

.

322

328

991308841.UG.FTS.B,

28.98%,

11/23/24

.

37

37

991105648.UG.FTS.B,

29.49%,

11/23/24

.

62

64

991105654.UG.FTS.B,

29.49%,

11/23/24

.

438

445

991105752.UG.FTS.B,

29.49%,

11/23/24

.

14

14

991106576.UG.FTS.B,

29.49%,

11/23/24

.

181

182

991106876.UG.FTS.B,

29.49%,

11/23/24

.

64

66

991108326.UG.FTS.B,

29.49%,

11/23/24

.

27

27

991109761.UG.FTS.B,

29.49%,

11/23/24

.

103

106

991110089.UG.FTS.B,

29.49%,

11/23/24

..

126

130

991111371.UG.FTS.B,

29.49%,

11/23/24

..

284

291

991111569.UG.FTS.B,

29.49%,

11/23/24

..

56

58

991112160.UG.FTS.B,

29.49%,

11/23/24

..

360

367

991112242.UG.FTS.B,

29.49%,

11/23/24

..

504

524

991113220.UG.FTS.B,

29.49%,

11/23/24

..

105

106

991113469.UG.FTS.B,

29.49%,

11/23/24

..

94

97

991116572.UG.FTS.B,

29.49%,

11/23/24

..

71

73

991117167.UG.FTS.B,

29.49%,

11/23/24

..

19

19

991117538.UG.FTS.B,

29.49%,

11/23/24

..

256

263

991121326.UG.FTS.B,

29.49%,

11/23/24

.

587

–

991123109.UG.FTS.B,

29.49%,

11/23/24

.

651

–

991124838.UG.FTS.B,

29.49%,

11/23/24

.

417

424

991125428.UG.FTS.B,

29.49%,

11/23/24

.

42

43

991133996.UG.FTS.B,

29.49%,

11/23/24

.

87

88

991134333.UG.FTS.B,

29.49%,

11/23/24

.

280

20

991136186.UG.FTS.B,

29.49%,

11/23/24

.

892

899

991138608.UG.FTS.B,

29.49%,

11/23/24

.

25

25

991141906.UG.FTS.B,

29.49%,

11/23/24

.

247

254

991144041.UG.FTS.B,

29.49%,

11/23/24

.

161

166

991145858.UG.FTS.B,

29.49%,

11/23/24

.

266

268

991146628.UG.FTS.B,

29.49%,

11/23/24

.

75

77

991151065.UG.FTS.B,

29.49%,

11/23/24

.

276

282

991154151.UG.FTS.B,

29.49%,

11/23/24

.

95

99

991154824.UG.FTS.B,

29.49%,

11/23/24

.

94

97

991155401.UG.FTS.B,

29.49%,

11/23/24

.

112

117

991159977.UG.FTS.B,

29.49%,

11/23/24

.

22

22

991165122.UG.FTS.B,

29.49%,

11/23/24

.

1,076

1,088

991171535.UG.FTS.B,

29.49%,

11/23/24

.

134

138

991175162.UG.FTS.B,

29.49%,

11/23/24

.

206

212

991180111.UG.FTS.B,

29.49%,

11/23/24

..

127

131

991183124.UG.FTS.B,

29.49%,

11/23/24

.

83

84

991208929.UG.FTS.B,

29.49%,

11/23/24

.

92

96

991211494.UG.FTS.B,

29.49%,

11/23/24

.

412

424

991230430.UG.FTS.B,

29.49%,

11/23/24

.

99

99

991237095.UG.FTS.B,

29.49%,

11/23/24

.

3

–

991244025.UG.FTS.B,

29.49%,

11/23/24

.

65

68

991256878.UG.FTS.B,

29.49%,

11/23/24

.

129

131

991267903.UG.FTS.B,

29.49%,

11/23/24

.

134

137

991270894.UG.FTS.B,

29.49%,

11/23/24

.

59

61

991280169.UG.FTS.B,

29.49%,

11/23/24

.

196

200

991280901.UG.FTS.B,

29.49%,

11/23/24

.

356

359

991283471.UG.FTS.B,

29.49%,

11/23/24

.

44

45

991288512.UG.FTS.B,

29.49%,

11/23/24

.

361

368

991292477.UG.FTS.B,

29.49%,

11/23/24

.

88

90

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991293772.UG.FTS.B,

29.49%,

11/23/24

.

$

327

$

335

991308017.UG.FTS.B,

29.49%,

11/23/24

.

34

34

991163034.UG.FTS.B,

Zero

Cpn,

11/24/24

204

14

991166214.UG.FTS.B,

Zero

Cpn,

11/24/24

569

39

991258119.UG.FTS.B,

Zero

Cpn,

11/24/24

127

9

991115361.UG.FTS.B,

19.21%,

11/24/24

..

354

357

991111330.UG.FTS.B,

19.8%,

11/24/24

...

462

467

991130672.UG.FTS.B,

19.99%,

11/24/24

.

59

60

991132353.UG.FTS.B,

19.99%,

11/24/24

.

974

133

991134660.UG.FTS.B,

19.99%,

11/24/24

.

97

98

991137740.UG.FTS.B,

19.99%,

11/24/24

.

75

76

991169645.UG.FTS.B,

19.99%,

11/24/24

.

259

266

991241069.UG.FTS.B,

19.99%,

11/24/24

.

380

391

991266535.UG.FTS.B,

19.99%,

11/24/24

.

261

268

991314125.UG.FTS.B,

19.99%,

11/24/24

.

99

103

991323110.UG.FTS.B,

19.99%,

11/24/24

.

365

378

991225373.UG.FTS.B,

20.46%,

11/24/24

.

22

22

991112640.UG.FTS.B,

21.46%,

11/24/24

..

248

251

991112744.UG.FTS.B,

21.46%,

11/24/24

..

1,192

1,199

991130832.UG.FTS.B,

21.46%,

11/24/24

.

9

9

991179536.UG.FTS.B,

21.46%,

11/24/24

.

75

76

991331734.UG.FTS.B,

21.46%,

11/24/24

.

815

820

991185001.UG.FTS.B,

21.98%,

11/24/24

.

250

250

991110984.UG.FTS.B,

28.98%,

11/24/24

..

202

204

991111495.UG.FTS.B,

28.98%,

11/24/24

..

134

135

991112268.UG.FTS.B,

28.98%,

11/24/24

..

30

30

991114157.UG.FTS.B,

28.98%,

11/24/24

..

96

7

991114456.UG.FTS.B,

28.98%,

11/24/24

..

60

61

991115106.UG.FTS.B,

28.98%,

11/24/24

..

64

64

991115731.UG.FTS.B,

28.98%,

11/24/24

..

342

351

991115771.UG.FTS.B,

28.98%,

11/24/24

..

60

61

991116765.UG.FTS.B,

28.98%,

11/24/24

..

93

95

991117166.UG.FTS.B,

28.98%,

11/24/24

..

11

11

991122909.UG.FTS.B,

28.98%,

11/24/24

.

49

50

991129331.UG.FTS.B,

28.98%,

11/24/24

.

303

312

991129823.UG.FTS.B,

28.98%,

11/24/24

.

36

36

991132332.UG.FTS.B,

28.98%,

11/24/24

.

1,212

1,237

991133108.UG.FTS.B,

28.98%,

11/24/24

.

96

98

991136873.UG.FTS.B,

28.98%,

11/24/24

.

55

56

991141492.UG.FTS.B,

28.98%,

11/24/24

.

379

390

991143702.UG.FTS.B,

28.98%,

11/24/24

.

141

143

991146475.UG.FTS.B,

28.98%,

11/24/24

.

201

29

991146950.UG.FTS.B,

28.98%,

11/24/24

.

174

179

991159323.UG.FTS.B,

28.98%,

11/24/24

.

188

193

991162240.UG.FTS.B,

28.98%,

11/24/24

.

61

62

991165417.UG.FTS.B,

28.98%,

11/24/24

.

308

316

991174153.UG.FTS.B,

28.98%,

11/24/24

.

34

34

991180982.UG.FTS.B,

28.98%,

11/24/24

.

1,818

255

991187157.UG.FTS.B,

28.98%,

11/24/24

.

41

42

991193965.UG.FTS.B,

28.98%,

11/24/24

.

87

89

991195043.UG.FTS.B,

28.98%,

11/24/24

.

117

120

991203318.UG.FTS.B,

28.98%,

11/24/24

.

20

20

991205194.UG.FTS.B,

28.98%,

11/24/24

.

325

334

991211967.UG.FTS.B,

28.98%,

11/24/24

.

659

666

991217054.UG.FTS.B,

28.98%,

11/24/24

.

–

–

991236189.UG.FTS.B,

28.98%,

11/24/24

.

–

–

991266274.UG.FTS.B,

28.98%,

11/24/24

.

92

94

991266369.UG.FTS.B,

28.98%,

11/24/24

.

1,157

1,180

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

261

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991270229.UG.FTS.B,

28.98%,

11/24/24

.

$

91

$

93

991272606.UG.FTS.B,

28.98%,

11/24/24

.

109

111

991275524.UG.FTS.B,

28.98%,

11/24/24

.

21

21

991280149.UG.FTS.B,

28.98%,

11/24/24

.

288

294

991281993.UG.FTS.B,

28.98%,

11/24/24

.

147

147

991306063.UG.FTS.B,

28.98%,

11/24/24

.

186

190

991320497.UG.FTS.B,

28.98%,

11/24/24

.

92

95

991321225.UG.FTS.B,

28.98%,

11/24/24

.

230

238

991118786.UG.FTS.B,

29.46%,

11/24/24

..

920

957

991110746.UG.FTS.B,

29.49%,

11/24/24

..

173

177

991113047.UG.FTS.B,

29.49%,

11/24/24

..

116

16

991113830.UG.FTS.B,

29.49%,

11/24/24

..

618

637

991115007.UG.FTS.B,

29.49%,

11/24/24

..

191

198

991115666.UG.FTS.B,

29.49%,

11/24/24

..

315

318

991117158.UG.FTS.B,

29.49%,

11/24/24

..

167

165

991117180.UG.FTS.B,

29.49%,

11/24/24

..

73

74

991122231.UG.FTS.B,

29.49%,

11/24/24

.

40

40

991122863.UG.FTS.B,

29.49%,

11/24/24

.

511

515

991123946.UG.FTS.B,

29.49%,

11/24/24

.

563

41

991124415.UG.FTS.B,

29.49%,

11/24/24

.

207

208

991124601.UG.FTS.B,

29.49%,

11/24/24

.

106

109

991124779.UG.FTS.B,

29.49%,

11/24/24

.

201

204

991124823.UG.FTS.B,

29.49%,

11/24/24

.

60

60

991129314.UG.FTS.B,

29.49%,

11/24/24

.

109

16

991132841.UG.FTS.B,

29.49%,

11/24/24

.

153

157

991133954.UG.FTS.B,

29.49%,

11/24/24

.

133

138

991136216.UG.FTS.B,

29.49%,

11/24/24

.

526

539

991136294.UG.FTS.B,

29.49%,

11/24/24

.

180

184

991136470.UG.FTS.B,

29.49%,

11/24/24

.

106

109

991139572.UG.FTS.B,

29.49%,

11/24/24

.

241

251

991140287.UG.FTS.B,

29.49%,

11/24/24

.

148

152

991141971.UG.FTS.B,

29.49%,

11/24/24

.

977

1,007

991142998.UG.FTS.B,

29.49%,

11/24/24

.

104

109

991143703.UG.FTS.B,

29.49%,

11/24/24

.

331

334

991143899.UG.FTS.B,

29.49%,

11/24/24

.

582

599

991155898.UG.FTS.B,

29.49%,

11/24/24

.

66

10

991156213.UG.FTS.B,

29.49%,

11/24/24

.

122

127

991163344.UG.FTS.B,

29.49%,

11/24/24

.

177

183

991164259.UG.FTS.B,

29.49%,

11/24/24

.

110

111

991168963.UG.FTS.B,

29.49%,

11/24/24

.

891

928

991170242.UG.FTS.B,

29.49%,

11/24/24

.

39

39

991176160.UG.FTS.B,

29.49%,

11/24/24

.

234

242

991181375.UG.FTS.B,

29.49%,

11/24/24

.

50

51

991184455.UG.FTS.B,

29.49%,

11/24/24

.

30

30

991186396.UG.FTS.B,

29.49%,

11/24/24

.

64

66

991187559.UG.FTS.B,

29.49%,

11/24/24

.

99

101

991204547.UG.FTS.B,

29.49%,

11/24/24

.

206

211

991210110.UG.FTS.B,

29.49%,

11/24/24

.

300

311

991214129.UG.FTS.B,

29.49%,

11/24/24

.

13

13

991214440.UG.FTS.B,

29.49%,

11/24/24

.

1,052

1,062

991222437.UG.FTS.B,

29.49%,

11/24/24

.

209

215

991235136.UG.FTS.B,

29.49%,

11/24/24

.

115

120

991236708.UG.FTS.B,

29.49%,

11/24/24

.

98

7

991268450.UG.FTS.B,

29.49%,

11/24/24

.

124

127

991270507.UG.FTS.B,

29.49%,

11/24/24

.

1,089

1,112

991277509.UG.FTS.B,

29.49%,

11/24/24

.

1,113

1,141

991279385.UG.FTS.B,

29.49%,

11/24/24

.

55

56

991281718.UG.FTS.B,

29.49%,

11/24/24

.

107

110

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991282646.UG.FTS.B,

29.49%,

11/24/24

.

$

–

$

–

991282728.UG.FTS.B,

29.49%,

11/24/24

.

177

181

991288667.UG.FTS.B,

29.49%,

11/24/24

.

178

26

991290619.UG.FTS.B,

29.49%,

11/24/24

.

14

14

991323531.UG.FTS.B,

29.49%,

11/24/24

.

551

570

991124788.UG.FTS.B,

Zero

Cpn,

11/25/24

477

33

991134595.UG.FTS.B,

Zero

Cpn,

11/25/24

161

11

991144465.UG.FTS.B,

Zero

Cpn,

11/25/24

66

5

991171546.UG.FTS.B,

Zero

Cpn,

11/25/24

520

36

991225463.UG.FTS.B,

Zero

Cpn,

11/25/24

97

7

991114903.UG.FTS.B,

16.99%,

11/25/24

..

3,588

3,614

991125659.UG.FTS.B,

16.99%,

11/25/24

.

785

123

991143730.UG.FTS.B,

16.99%,

11/25/24

.

19

19

991117535.UG.FTS.B,

18.97%,

11/25/24

..

109

108

991119264.UG.FTS.B,

18.97%,

11/25/24

..

1,064

3

991174170.UG.FTS.B,

18.97%,

11/25/24

.

–

–

991263852.UG.FTS.B,

18.97%,

11/25/24

.

6

6

991306855.UG.FTS.B,

18.97%,

11/25/24

.

63

64

991313299.UG.FTS.B,

18.97%,

11/25/24

.

249

254

991116937.UG.FTS.B,

19.21%,

11/25/24

..

149

150

991172772.UG.FTS.B,

19.21%,

11/25/24

.

85

86

991135355.UG.FTS.B,

19.8%,

11/25/24

..

275

278

991158798.UG.FTS.B,

19.8%,

11/25/24

..

972

973

991270419.UG.FTS.B,

19.8%,

11/25/24

..

127

130

991122293.UG.FTS.B,

19.99%,

11/25/24

.

227

235

991131747.UG.FTS.B,

19.99%,

11/25/24

.

177

183

991140060.UG.FTS.B,

19.99%,

11/25/24

.

149

151

991163175.UG.FTS.B,

19.99%,

11/25/24

.

236

246

991215203.UG.FTS.B,

19.99%,

11/25/24

.

87

88

991224252.UG.FTS.B,

19.99%,

11/25/24

.

75

75

991236723.UG.FTS.B,

19.99%,

11/25/24

.

67

68

991267063.UG.FTS.B,

19.99%,

11/25/24

.

78

81

991119847.UG.FTS.B,

20.46%,

11/25/24

..

60

62

991182494.UG.FTS.B,

20.46%,

11/25/24

.

564

569

991264715.UG.FTS.B,

20.46%,

11/25/24

.

58

58

991121647.UG.FTS.B,

21.46%,

11/25/24

.

802

819

991142513.UG.FTS.B,

21.46%,

11/25/24

.

307

311

991164983.UG.FTS.B,

21.46%,

11/25/24

.

171

171

991286579.UG.FTS.B,

21.46%,

11/25/24

.

148

151

991306513.UG.FTS.B,

21.46%,

11/25/24

.

56

56

991255671.UG.FTS.B,

21.98%,

11/25/24

.

45

46

991191606.UG.FTS.B,

22.97%,

11/25/24

.

237

244

991255163.UG.FTS.B,

22.97%,

11/25/24

.

141

20

991256379.UG.FTS.B,

22.97%,

11/25/24

.

478

66

991261427.UG.FTS.B,

22.97%,

11/25/24

.

56

56

991175860.UG.FTS.B,

23.95%,

11/25/24

.

1,073

1,105

991277527.UG.FTS.B,

23.95%,

11/25/24

.

109

112

991123245.UG.FTS.B,

26.94%,

11/25/24

.

454

457

991189173.UG.FTS.B,

26.94%,

11/25/24

.

260

268

991127467.UG.FTS.B,

27.95%,

11/25/24

.

1,522

1,595

991114837.UG.FTS.B,

28.98%,

11/25/24

..

557

582

991115331.UG.FTS.B,

28.98%,

11/25/24

..

30

31

991117612.UG.FTS.B,

28.98%,

11/25/24

..

28

28

991118441.UG.FTS.B,

28.98%,

11/25/24

..

94

98

991122683.UG.FTS.B,

28.98%,

11/25/24

.

293

306

991124327.UG.FTS.B,

28.98%,

11/25/24

.

208

217

991124698.UG.FTS.B,

28.98%,

11/25/24

.

570

596

991124999.UG.FTS.B,

28.98%,

11/25/24

.

303

316

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

262

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991125540.UG.FTS.B,

28.98%,

11/25/24

.

$

108

$

113

991125717.UG.FTS.B,

28.98%,

11/25/24

.

162

170

991125944.UG.FTS.B,

28.98%,

11/25/24

.

67

70

991126266.UG.FTS.B,

28.98%,

11/25/24

.

1,118

1,168

991129030.UG.FTS.B,

28.98%,

11/25/24

.

291

298

991129208.UG.FTS.B,

28.98%,

11/25/24

.

685

707

991133589.UG.FTS.B,

28.98%,

11/25/24

.

85

89

991133888.UG.FTS.B,

28.98%,

11/25/24

.

24

25

991134858.UG.FTS.B,

28.98%,

11/25/24

.

1,168

1,222

991145121.UG.FTS.B,

28.98%,

11/25/24

.

85

88

991145424.UG.FTS.B,

28.98%,

11/25/24

.

301

310

991147130.UG.FTS.B,

28.98%,

11/25/24

.

99

103

991147206.UG.FTS.B,

28.98%,

11/25/24

.

158

165

991149439.UG.FTS.B,

28.98%,

11/25/24

.

416

423

991150565.UG.FTS.B,

28.98%,

11/25/24

.

11

11

991156387.UG.FTS.B,

28.98%,

11/25/24

.

766

788

991161711.UG.FTS.B,

28.98%,

11/25/24

..

294

307

991162242.UG.FTS.B,

28.98%,

11/25/24

.

293

303

991165048.UG.FTS.B,

28.98%,

11/25/24

.

138

144

991171282.UG.FTS.B,

28.98%,

11/25/24

.

147

21

991190392.UG.FTS.B,

28.98%,

11/25/24

.

180

185

991192050.UG.FTS.B,

28.98%,

11/25/24

.

178

186

991194778.UG.FTS.B,

28.98%,

11/25/24

.

88

92

991217697.UG.FTS.B,

28.98%,

11/25/24

.

460

481

991271427.UG.FTS.B,

28.98%,

11/25/24

.

119

124

991287710.UG.FTS.B,

28.98%,

11/25/24

.

136

141

991298998.UG.FTS.B,

28.98%,

11/25/24

.

231

238

991300522.UG.FTS.B,

28.98%,

11/25/24

.

270

280

991315551.UG.FTS.B,

28.98%,

11/25/24

.

134

136

991317211.UG.FTS.B,

28.98%,

11/25/24

.

17

17

991321544.UG.FTS.B,

28.98%,

11/25/24

.

505

523

991116837.UG.FTS.B,

29.49%,

11/25/24

..

332

341

991117085.UG.FTS.B,

29.49%,

11/25/24

..

497

508

991117532.UG.FTS.B,

29.49%,

11/25/24

..

154

164

991117679.UG.FTS.B,

29.49%,

11/25/24

..

193

204

991118346.UG.FTS.B,

29.49%,

11/25/24

..

1,475

1,511

991121686.UG.FTS.B,

29.49%,

11/25/24

.

355

365

991122800.UG.FTS.B,

29.49%,

11/25/24

.

896

929

991123332.UG.FTS.B,

29.49%,

11/25/24

.

145

154

991124925.UG.FTS.B,

29.49%,

11/25/24

.

142

149

991125210.UG.FTS.B,

29.49%,

11/25/24

.

37

38

991125662.UG.FTS.B,

29.49%,

11/25/24

.

287

303

991129403.UG.FTS.B,

29.49%,

11/25/24

.

206

14

991131758.UG.FTS.B,

29.49%,

11/25/24

.

106

111

991134480.UG.FTS.B,

29.49%,

11/25/24

.

141

149

991136662.UG.FTS.B,

29.49%,

11/25/24

.

135

9

991143939.UG.FTS.B,

29.49%,

11/25/24

.

157

162

991144362.UG.FTS.B,

29.49%,

11/25/24

.

143

146

991158315.UG.FTS.B,

29.49%,

11/25/24

.

142

151

991160063.UG.FTS.B,

29.49%,

11/25/24

.

258

260

991163261.UG.FTS.B,

29.49%,

11/25/24

.

241

253

991164308.UG.FTS.B,

29.49%,

11/25/24

.

84

88

991166873.UG.FTS.B,

29.49%,

11/25/24

.

69

73

991168233.UG.FTS.B,

29.49%,

11/25/24

.

1,150

1,197

991170025.UG.FTS.B,

29.49%,

11/25/24

.

79

84

991170031.UG.FTS.B,

29.49%,

11/25/24

.

182

186

991173770.UG.FTS.B,

29.49%,

11/25/24

.

173

181

991191585.UG.FTS.B,

29.49%,

11/25/24

.

124

128

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991193559.UG.FTS.B,

29.49%,

11/25/24

.

$

292

$

294

991194512.UG.FTS.B,

29.49%,

11/25/24

.

131

136

991196806.UG.FTS.B,

29.49%,

11/25/24

.

3,739

522

991196856.UG.FTS.B,

29.49%,

11/25/24

.

304

322

991197724.UG.FTS.B,

29.49%,

11/25/24

.

107

112

991200416.UG.FTS.B,

29.49%,

11/25/24

.

144

152

991200661.UG.FTS.B,

29.49%,

11/25/24

.

446

470

991206631.UG.FTS.B,

29.49%,

11/25/24

.

81

85

991206760.UG.FTS.B,

29.49%,

11/25/24

.

63

66

991226122.UG.FTS.B,

29.49%,

11/25/24

.

94

99

991230132.UG.FTS.B,

29.49%,

11/25/24

.

634

661

991233017.UG.FTS.B,

29.49%,

11/25/24

.

140

147

991244179.UG.FTS.B,

29.49%,

11/25/24

.

6

6

991245747.UG.FTS.B,

29.49%,

11/25/24

.

383

401

991246604.UG.FTS.B,

29.49%,

11/25/24

.

82

6

991251748.UG.FTS.B,

29.49%,

11/25/24

.

–

–

991252608.UG.FTS.B,

29.49%,

11/25/24

.

89

90

991261151.UG.FTS.B,

29.49%,

11/25/24

.

417

435

991263083.UG.FTS.B,

29.49%,

11/25/24

.

65

68

991283279.UG.FTS.B,

29.49%,

11/25/24

.

195

203

991284133.UG.FTS.B,

29.49%,

11/25/24

.

14

14

991288985.UG.FTS.B,

29.49%,

11/25/24

.

48

50

991301708.UG.FTS.B,

29.49%,

11/25/24

.

668

99

991321816.UG.FTS.B,

29.49%,

11/25/24

.

346

360

991321882.UG.FTS.B,

29.49%,

11/25/24

.

386

403

991322358.UG.FTS.B,

29.49%,

11/25/24

.

22

22

991132975.UG.FTS.B,

Zero

Cpn,

11/26/24

2,016

136

991238481.UG.FTS.B,

15%,

11/26/24

....

76

76

991151613.UG.FTS.B,

15.97%,

11/26/24

.

132

132

991124907.UG.FTS.B,

16.99%,

11/26/24

.

1,048

1,051

991207377.UG.FTS.B,

16.99%,

11/26/24

.

396

397

991221696.UG.FTS.B,

16.99%,

11/26/24

.

296

294

991123365.UG.FTS.B,

18.97%,

11/26/24

.

13

13

991132812.UG.FTS.B,

18.97%,

11/26/24

.

1,037

1,046

991252958.UG.FTS.B,

18.97%,

11/26/24

.

317

315

991123371.UG.FTS.B,

19.21%,

11/26/24

.

76

76

991170972.UG.FTS.B,

19.21%,

11/26/24

.

35

35

991190181.UG.FTS.B,

19.8%,

11/26/24

..

128

129

991208065.UG.FTS.B,

19.8%,

11/26/24

..

354

24

991232410.UG.FTS.B,

19.8%,

11/26/24

..

754

762

991270877.UG.FTS.B,

19.8%,

11/26/24

..

231

233

991296143.UG.FTS.B,

19.8%,

11/26/24

..

251

–

991130530.UG.FTS.B,

19.99%,

11/26/24

.

20

20

991135690.UG.FTS.B,

20.46%,

11/26/24

.

126

126

991165225.UG.FTS.B,

20.46%,

11/26/24

.

106

106

991195046.UG.FTS.B,

20.46%,

11/26/24

.

40

40

991142576.UG.FTS.B,

20.97%,

11/26/24

.

228

31

991197495.UG.FTS.B,

20.97%,

11/26/24

.

7

7

991212679.UG.FTS.B,

20.97%,

11/26/24

.

153

155

991254536.UG.FTS.B,

20.97%,

11/26/24

.

315

318

991147177.UG.FTS.B,

21.46%,

11/26/24

.

49

49

991147747.UG.FTS.B,

21.46%,

11/26/24

.

365

367

991165687.UG.FTS.B,

21.46%,

11/26/24

.

593

597

991202672.UG.FTS.B,

21.46%,

11/26/24

.

57

57

991205086.UG.FTS.B,

21.46%,

11/26/24

.

12

12

991205269.UG.FTS.B,

21.46%,

11/26/24

.

108

108

991217520.UG.FTS.B,

21.46%,

11/26/24

.

521

527

991134541.UG.FTS.B,

21.98%,

11/26/24

.

1,120

1,132

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

263

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991183089.UG.FTS.B,

21.98%,

11/26/24

.

$

75

$

76

991199081.UG.FTS.B,

22.97%,

11/26/24

.

12

12

991314717.UG.FTS.B,

22.97%,

11/26/24

.

112

113

991133863.UG.FTS.B,

23.95%,

11/26/24

.

1,727

239

991172299.UG.FTS.B,

26.94%,

11/26/24

.

238

241

991147362.UG.FTS.B,

28.98%,

11/26/24

.

98

101

991132980.UG.FTS.B,

29.49%,

11/26/24

.

514

–

991157120.UG.FTS.B,

29.49%,

11/26/24

.

79

82

991136674.UG.FTS.B,

Zero

Cpn,

11/27/24

1,107

76

991194474.UG.FTS.B,

14.98%,

11/27/24

.

442

446

991197902.UG.FTS.B,

15.97%,

11/27/24

.

3,573

3,600

991269633.UG.FTS.B,

15.97%,

11/27/24

.

3,756

3,784

991213989.UG.FTS.B,

16.99%,

11/27/24

.

450

452

991346650.UG.FTS.B,

16.99%,

11/27/24

.

2,095

2,103

991135757.UG.FTS.B,

17.99%,

11/27/24

.

1,168

1,174

991137629.UG.FTS.B,

17.99%,

11/27/24

.

337

26

991164583.UG.FTS.B,

17.99%,

11/27/24

.

143

143

991165876.UG.FTS.B,

17.99%,

11/27/24

.

921

919

991167230.UG.FTS.B,

17.99%,

11/27/24

.

754

758

991193917.UG.FTS.B,

17.99%,

11/27/24

.

–

–

991229636.UG.FTS.B,

17.99%,

11/27/24

.

98

98

991302342.UG.FTS.B,

17.99%,

11/27/24

.

96

96

991156348.UG.FTS.B,

18.97%,

11/27/24

.

44

44

991187964.UG.FTS.B,

18.97%,

11/27/24

.

1

1

991330539.UG.FTS.B,

18.97%,

11/27/24

.

109

110

991133969.UG.FTS.B,

19.21%,

11/27/24

.

838

843

991140136.UG.FTS.B,

19.21%,

11/27/24

.

338

340

991154356.UG.FTS.B,

19.21%,

11/27/24

.

171

173

991227450.UG.FTS.B,

19.21%,

11/27/24

.

142

143

991349075.UG.FTS.B,

19.21%,

11/27/24

.

125

10

991133407.UG.FTS.B,

19.8%,

11/27/24

..

170

172

991146767.UG.FTS.B,

19.8%,

11/27/24

..

8

8

991221997.UG.FTS.B,

19.8%,

11/27/24

..

303

306

991223353.UG.FTS.B,

19.8%,

11/27/24

..

182

184

991133458.UG.FTS.B,

19.99%,

11/27/24

.

329

26

991133653.UG.FTS.B,

19.99%,

11/27/24

.

529

540

991137535.UG.FTS.B,

19.99%,

11/27/24

.

592

609

991279516.UG.FTS.B,

20.46%,

11/27/24

.

357

359

991147391.UG.FTS.B,

20.97%,

11/27/24

.

50

1

991185213.UG.FTS.B,

20.97%,

11/27/24

.

24

24

991137442.UG.FTS.B,

21.46%,

11/27/24

.

255

258

991142775.UG.FTS.B,

21.46%,

11/27/24

.

340

344

991217112.UG.FTS.B,

21.46%,

11/27/24

.

280

283

991139768.UG.FTS.B,

22.97%,

11/27/24

.

1,348

1,360

991151923.UG.FTS.B,

22.97%,

11/27/24

.

272

275

991156801.UG.FTS.B,

22.97%,

11/27/24

.

247

248

991157209.UG.FTS.B,

22.97%,

11/27/24

.

315

318

991342840.UG.FTS.B,

23.95%,

11/27/24

.

249

251

991145320.UG.FTS.B,

25.94%,

11/27/24

.

129

131

991136925.UG.FTS.B,

27.95%,

11/27/24

.

28

29

991133623.UG.FTS.B,

28.98%,

11/27/24

.

309

315

991136113.UG.FTS.B,

28.98%,

11/27/24

..

437

449

991137681.UG.FTS.B,

28.98%,

11/27/24

.

157

159

991141680.UG.FTS.B,

28.98%,

11/27/24

.

652

657

991145237.UG.FTS.B,

28.98%,

11/27/24

.

120

121

991146278.UG.FTS.B,

28.98%,

11/27/24

.

–

–

991146536.UG.FTS.B,

28.98%,

11/27/24

.

898

914

991148645.UG.FTS.B,

28.98%,

11/27/24

.

54

56

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991154494.UG.FTS.B,

28.98%,

11/27/24

.

$

133

$

137

991155413.UG.FTS.B,

28.98%,

11/27/24

.

300

301

991157851.UG.FTS.B,

28.98%,

11/27/24

.

141

145

991136166.UG.FTS.B,

29.49%,

11/27/24

.

454

459

991138272.UG.FTS.B,

29.49%,

11/27/24

.

562

41

991138662.UG.FTS.B,

29.49%,

11/27/24

.

27

28

991139221.UG.FTS.B,

29.49%,

11/27/24

.

1,082

1,113

991140086.UG.FTS.B,

29.49%,

11/27/24

.

256

265

991141537.UG.FTS.B,

29.49%,

11/27/24

.

380

390

991141591.UG.FTS.B,

29.49%,

11/27/24

.

2,356

2,439

991142241.UG.FTS.B,

29.49%,

11/27/24

.

192

195

991147761.UG.FTS.B,

29.49%,

11/27/24

.

70

73

991149782.UG.FTS.B,

29.49%,

11/27/24

.

242

246

991154506.UG.FTS.B,

29.49%,

11/27/24

.

47

48

991154606.UG.FTS.B,

29.49%,

11/27/24

.

71

–

991146261.UG.FTS.B,

Zero

Cpn,

11/28/24

153

10

991157101.UG.FTS.B,

Zero

Cpn,

11/28/24

610

41

991164558.UG.FTS.B,

Zero

Cpn,

11/28/24

485

34

991186304.UG.FTS.B,

Zero

Cpn,

11/28/24

225

15

991213837.UG.FTS.B,

Zero

Cpn,

11/28/24

35

2

991148717.UG.FTS.B,

14.98%,

11/28/24

.

54

54

991195096.UG.FTS.B,

15.97%,

11/28/24

.

115

116

991144663.UG.FTS.B,

16.99%,

11/28/24

.

187

189

991149169.UG.FTS.B,

16.99%,

11/28/24

.

420

424

991213840.UG.FTS.B,

16.99%,

11/28/24

.

86

86

991345796.UG.FTS.B,

16.99%,

11/28/24

.

623

625

991146518.UG.FTS.B,

17.99%,

11/28/24

.

67

67

991193408.UG.FTS.B,

17.99%,

11/28/24

.

134

135

991217642.UG.FTS.B,

17.99%,

11/28/24

.

175

175

991195592.UG.FTS.B,

18.97%,

11/28/24

.

122

123

991196672.UG.FTS.B,

18.97%,

11/28/24

.

660

666

991217180.UG.FTS.B,

18.97%,

11/28/24

.

441

442

991254497.UG.FTS.B,

18.97%,

11/28/24

.

225

227

991331498.UG.FTS.B,

18.97%,

11/28/24

.

419

421

991188168.UG.FTS.B,

19.21%,

11/28/24

.

152

154

991198356.UG.FTS.B,

19.21%,

11/28/24

.

256

259

991201541.UG.FTS.B,

19.21%,

11/28/24

.

1,127

1,138

991274860.UG.FTS.B,

19.21%,

11/28/24

.

215

215

991293437.UG.FTS.B,

19.21%,

11/28/24

.

149

150

991151832.UG.FTS.B,

19.8%,

11/28/24

..

198

200

991222744.UG.FTS.B,

19.8%,

11/28/24

..

105

106

991252549.UG.FTS.B,

19.8%,

11/28/24

..

589

596

991258450.UG.FTS.B,

19.8%,

11/28/24

..

165

163

991355941.UG.FTS.B,

19.8%,

11/28/24

..

679

683

991145907.UG.FTS.B,

19.99%,

11/28/24

.

413

413

991146497.UG.FTS.B,

19.99%,

11/28/24

.

23

23

991159150.UG.FTS.B,

19.99%,

11/28/24

.

55

56

991150540.UG.FTS.B,

20.46%,

11/28/24

.

58

58

991146514.UG.FTS.B,

20.97%,

11/28/24

.

63

63

991169829.UG.FTS.B,

20.97%,

11/28/24

.

15

15

991190759.UG.FTS.B,

20.97%,

11/28/24

.

195

197

991153356.UG.FTS.B,

21.97%,

11/28/24

.

179

181

991143292.UG.FTS.B,

21.98%,

11/28/24

.

263

264

991182716.UG.FTS.B,

21.98%,

11/28/24

.

278

279

991251155.UG.FTS.B,

21.98%,

11/28/24

.

610

615

991270842.UG.FTS.B,

22.97%,

11/28/24

.

218

220

991322514.UG.FTS.B,

22.97%,

11/28/24

.

931

938

991216089.UG.FTS.B,

26.94%,

11/28/24

.

144

144

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

264

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991146472.UG.FTS.B,

27.99%,

11/28/24

.

$

470

$

484

991142817.UG.FTS.B,

28.98%,

11/28/24

.

5

5

991142924.UG.FTS.B,

28.98%,

11/28/24

.

82

83

991151631.UG.FTS.B,

28.98%,

11/28/24

.

64

66

991153791.UG.FTS.B,

28.98%,

11/28/24

.

331

4

991158343.UG.FTS.B,

28.98%,

11/28/24

.

906

926

991158370.UG.FTS.B,

28.98%,

11/28/24

.

159

160

991163899.UG.FTS.B,

28.98%,

11/28/24

.

46

47

991204352.UG.FTS.B,

28.98%,

11/28/24

.

9

9

991220671.UG.FTS.B,

28.98%,

11/28/24

.

306

312

991143196.UG.FTS.B,

29.49%,

11/28/24

.

175

181

991143321.UG.FTS.B,

29.49%,

11/28/24

.

156

161

991144250.UG.FTS.B,

29.49%,

11/28/24

.

130

135

991146041.UG.FTS.B,

29.49%,

11/28/24

.

228

237

991146864.UG.FTS.B,

29.49%,

11/28/24

.

79

82

991146991.UG.FTS.B,

29.49%,

11/28/24

.

44

45

991148558.UG.FTS.B,

29.49%,

11/28/24

.

101

104

991151597.UG.FTS.B,

29.49%,

11/28/24

.

136

137

991152923.UG.FTS.B,

29.49%,

11/28/24

.

332

340

991153896.UG.FTS.B,

29.49%,

11/28/24

.

106

20

991154246.UG.FTS.B,

29.49%,

11/28/24

.

19

19

991154357.UG.FTS.B,

29.49%,

11/28/24

.

7

7

991158156.UG.FTS.B,

29.49%,

11/28/24

.

370

–

991159070.UG.FTS.B,

29.49%,

11/28/24

.

134

138

991179397.UG.FTS.B,

29.49%,

11/28/24

.

15

15

991179981.UG.FTS.B,

29.49%,

11/28/24

.

32

32

991230823.UG.FTS.B,

29.49%,

11/28/24

.

26

26

991250338.UG.FTS.B,

29.49%,

11/28/24

.

762

113

991182908.UG.FTS.B,

15.97%,

11/29/24

.

194

195

991201692.UG.FTS.B,

16.99%,

11/29/24

.

59

60

991217625.UG.FTS.B,

16.99%,

11/29/24

.

634

639

991154797.UG.FTS.B,

17.99%,

11/29/24

.

388

391

991246744.UG.FTS.B,

17.99%,

11/29/24

.

425

429

991217075.UG.FTS.B,

18.8%,

11/29/24

..

447

447

991196288.UG.FTS.B,

18.97%,

11/29/24

.

6

6

991258245.UG.FTS.B,

18.97%,

11/29/24

.

91

91

991152066.UG.FTS.B,

19.21%,

11/29/24

.

164

11

991159773.UG.FTS.B,

19.21%,

11/29/24

.

468

473

991177776.UG.FTS.B,

19.21%,

11/29/24

.

740

746

991190438.UG.FTS.B,

19.21%,

11/29/24

.

1,050

1,060

991207694.UG.FTS.B,

19.21%,

11/29/24

.

969

971

991289288.UG.FTS.B,

19.21%,

11/29/24

.

156

157

991217431.UG.FTS.B,

19.8%,

11/29/24

..

86

87

991266355.UG.FTS.B,

19.8%,

11/29/24

..

186

187

991155273.UG.FTS.B,

19.99%,

11/29/24

.

160

162

991161380.UG.FTS.B,

19.99%,

11/29/24

.

2,945

2,977

991179894.UG.FTS.B,

19.99%,

11/29/24

.

276

284

991185891.UG.FTS.B,

19.99%,

11/29/24

.

1,011

1,041

991235853.UG.FTS.B,

19.99%,

11/29/24

.

48

49

991178388.UG.FTS.B,

20.46%,

11/29/24

.

116

117

991215030.UG.FTS.B,

20.46%,

11/29/24

.

544

47

991150621.UG.FTS.B,

20.97%,

11/29/24

.

109

110

991163927.UG.FTS.B,

20.97%,

11/29/24

.

622

627

991187935.UG.FTS.B,

20.97%,

11/29/24

.

57

57

991199463.UG.FTS.B,

20.97%,

11/29/24

.

30

31

991231794.UG.FTS.B,

20.97%,

11/29/24

.

1,298

1,309

991276814.UG.FTS.B,

21.46%,

11/29/24

.

26

26

991210617.UG.FTS.B,

21.98%,

11/29/24

.

30

30

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991211732.UG.FTS.B,

21.98%,

11/29/24

.

$

13

$

13

991230066.UG.FTS.B,

21.98%,

11/29/24

.

77

78

991151698.UG.FTS.B,

22.97%,

11/29/24

.

591

599

991178511.UG.FTS.B,

22.97%,

11/29/24

..

147

149

991260944.UG.FTS.B,

22.97%,

11/29/24

.

17

17

991152627.UG.FTS.B,

23.95%,

11/29/24

.

266

24

991270857.UG.FTS.B,

25.95%,

11/29/24

.

264

262

991152322.UG.FTS.B,

26.94%,

11/29/24

.

825

125

991216328.UG.FTS.B,

26.94%,

11/29/24

.

166

25

991149684.UG.FTS.B,

28.98%,

11/29/24

.

74

76

991149945.UG.FTS.B,

28.98%,

11/29/24

.

674

693

991151094.UG.FTS.B,

28.98%,

11/29/24

.

188

192

991151364.UG.FTS.B,

28.98%,

11/29/24

.

240

246

991151477.UG.FTS.B,

28.98%,

11/29/24

.

175

181

991152201.UG.FTS.B,

28.98%,

11/29/24

.

365

368

991152664.UG.FTS.B,

28.98%,

11/29/24

.

104

106

991152924.UG.FTS.B,

28.98%,

11/29/24

.

8

8

991155365.UG.FTS.B,

28.98%,

11/29/24

.

100

15

991157592.UG.FTS.B,

28.98%,

11/29/24

.

112

115

991157704.UG.FTS.B,

28.98%,

11/29/24

.

402

412

991157882.UG.FTS.B,

28.98%,

11/29/24

.

48

49

991158118.UG.FTS.B,

28.98%,

11/29/24

..

106

109

991158495.UG.FTS.B,

28.98%,

11/29/24

.

172

29

991158651.UG.FTS.B,

28.98%,

11/29/24

.

21

21

991162272.UG.FTS.B,

28.98%,

11/29/24

.

440

451

991165881.UG.FTS.B,

28.98%,

11/29/24

.

153

156

991202283.UG.FTS.B,

28.98%,

11/29/24

.

186

191

991203049.UG.FTS.B,

28.98%,

11/29/24

.

521

533

991209578.UG.FTS.B,

28.98%,

11/29/24

.

170

–

991241558.UG.FTS.B,

28.98%,

11/29/24

.

203

209

991249093.UG.FTS.B,

28.98%,

11/29/24

.

820

826

991250633.UG.FTS.B,

28.98%,

11/29/24

.

13

13

991352702.UG.FTS.B,

28.98%,

11/29/24

.

36

36

991367704.UG.FTS.B,

28.98%,

11/29/24

.

218

221

991155116.UG.FTS.B,

29.46%,

11/29/24

..

1,479

1,523

991149634.UG.FTS.B,

29.49%,

11/29/24

.

126

19

991150696.UG.FTS.B,

29.49%,

11/29/24

.

71

71

991151085.UG.FTS.B,

29.49%,

11/29/24

.

343

354

991151981.UG.FTS.B,

29.49%,

11/29/24

.

103

102

991153994.UG.FTS.B,

29.49%,

11/29/24

.

533

550

991154879.UG.FTS.B,

29.49%,

11/29/24

.

768

–

991157887.UG.FTS.B,

29.49%,

11/29/24

.

71

73

991158334.UG.FTS.B,

29.49%,

11/29/24

.

299

308

991159782.UG.FTS.B,

29.49%,

11/29/24

.

128

131

991164378.UG.FTS.B,

29.49%,

11/29/24

.

198

204

991171550.UG.FTS.B,

29.49%,

11/29/24

.

418

424

991171572.UG.FTS.B,

29.49%,

11/29/24

.

47

48

991178434.UG.FTS.B,

29.49%,

11/29/24

.

47

48

991178591.UG.FTS.B,

29.49%,

11/29/24

.

117

117

991221367.UG.FTS.B,

29.49%,

11/29/24

.

217

220

991241808.UG.FTS.B,

29.49%,

11/29/24

.

287

292

991350865.UG.FTS.B,

29.49%,

11/29/24

.

38

39

991352691.UG.FTS.B,

29.49%,

11/29/24

.

72

74

991157436.UG.FTS.B,

Zero

Cpn,

11/30/24

253

17

991158265.UG.FTS.B,

Zero

Cpn,

11/30/24

113

8

991158874.UG.FTS.B,

Zero

Cpn,

11/30/24

191

13

991184856.UG.FTS.B,

Zero

Cpn,

11/30/24

144

10

991237106.UG.FTS.B,

Zero

Cpn,

11/30/24

364

25

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

265

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991245580.UG.FTS.B,

Zero

Cpn,

11/30/24

$

46

$

3

991167597.UG.FTS.B,

19.21%,

11/30/24

.

103

104

991377384.UG.FTS.B,

19.21%,

11/30/24

.

119

122

991160154.UG.FTS.B,

19.8%,

11/30/24

..

59

59

991157062.UG.FTS.B,

19.99%,

11/30/24

.

501

512

991158131.UG.FTS.B,

19.99%,

11/30/24

.

335

341

991162077.UG.FTS.B,

19.99%,

11/30/24

.

265

273

991198832.UG.FTS.B,

19.99%,

11/30/24

.

90

91

991210693.UG.FTS.B,

19.99%,

11/30/24

.

221

228

991220098.UG.FTS.B,

19.99%,

11/30/24

.

65

65

991222899.UG.FTS.B,

19.99%,

11/30/24

.

51

52

991238133.UG.FTS.B,

19.99%,

11/30/24

.

134

134

991239767.UG.FTS.B,

19.99%,

11/30/24

.

199

202

991277017.UG.FTS.B,

19.99%,

11/30/24

.

245

34

991157471.UG.FTS.B,

20.97%,

11/30/24

.

468

474

991266991.UG.FTS.B,

20.97%,

11/30/24

.

733

734

991273272.UG.FTS.B,

20.97%,

11/30/24

.

555

552

991178246.UG.FTS.B,

21.46%,

11/30/24

.

2,642

2,647

991222901.UG.FTS.B,

21.46%,

11/30/24

.

337

341

991227321.UG.FTS.B,

21.98%,

11/30/24

.

28

28

991179425.UG.FTS.B,

26.94%,

11/30/24

.

542

546

991310873.UG.FTS.B,

27.99%,

11/30/24

.

161

166

991156770.UG.FTS.B,

28.98%,

11/30/24

.

147

151

991159902.UG.FTS.B,

28.98%,

11/30/24

.

174

179

991161179.UG.FTS.B,

28.98%,

11/30/24

..

628

628

991161240.UG.FTS.B,

28.98%,

11/30/24

.

669

676

991162342.UG.FTS.B,

28.98%,

11/30/24

.

428

441

991164704.UG.FTS.B,

28.98%,

11/30/24

.

5

5

991164810.UG.FTS.B,

28.98%,

11/30/24

.

46

46

991165694.UG.FTS.B,

28.98%,

11/30/24

.

428

440

991170960.UG.FTS.B,

28.98%,

11/30/24

.

97

97

991174311.UG.FTS.B,

28.98%,

11/30/24

..

155

160

991174605.UG.FTS.B,

28.98%,

11/30/24

.

682

703

991180572.UG.FTS.B,

28.98%,

11/30/24

.

188

194

991181728.UG.FTS.B,

28.98%,

11/30/24

.

168

170

991184808.UG.FTS.B,

28.98%,

11/30/24

.

176

181

991186519.UG.FTS.B,

28.98%,

11/30/24

.

129

133

991190495.UG.FTS.B,

28.98%,

11/30/24

.

280

283

991194174.UG.FTS.B,

28.98%,

11/30/24

.

167

172

991226444.UG.FTS.B,

28.98%,

11/30/24

.

78

79

991247306.UG.FTS.B,

28.98%,

11/30/24

.

1,877

1,872

991253679.UG.FTS.B,

28.98%,

11/30/24

.

150

12

991253813.UG.FTS.B,

28.98%,

11/30/24

.

45

46

991255130.UG.FTS.B,

28.98%,

11/30/24

.

218

220

991260489.UG.FTS.B,

28.98%,

11/30/24

.

30

30

991263077.UG.FTS.B,

28.98%,

11/30/24

.

248

255

991301389.UG.FTS.B,

28.98%,

11/30/24

.

220

224

991311760.UG.FTS.B,

28.98%,

11/30/24

.

549

82

991312114.UG.FTS.B,

28.98%,

11/30/24

.

280

286

991325045.UG.FTS.B,

28.98%,

11/30/24

.

70

72

991353871.UG.FTS.B,

28.98%,

11/30/24

.

65

67

991354445.UG.FTS.B,

28.98%,

11/30/24

.

161

164

991372018.UG.FTS.B,

28.98%,

11/30/24

.

152

158

991378438.UG.FTS.B,

28.98%,

11/30/24

.

134

138

991283230.UG.FTS.B,

29.48%,

11/30/24

.

129

133

991155966.UG.FTS.B,

29.49%,

11/30/24

.

451

35

991156148.UG.FTS.B,

29.49%,

11/30/24

.

364

376

991156343.UG.FTS.B,

29.49%,

11/30/24

.

317

322

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991156625.UG.FTS.B,

29.49%,

11/30/24

.

$

288

$

299

991156672.UG.FTS.B,

29.49%,

11/30/24

.

239

36

991158386.UG.FTS.B,

29.49%,

11/30/24

.

563

572

991158421.UG.FTS.B,

29.49%,

11/30/24

.

404

414

991158842.UG.FTS.B,

29.49%,

11/30/24

.

183

189

991158862.UG.FTS.B,

29.49%,

11/30/24

.

192

198

991159301.UG.FTS.B,

29.49%,

11/30/24

.

65

67

991159823.UG.FTS.B,

29.49%,

11/30/24

.

211

217

991160218.UG.FTS.B,

29.49%,

11/30/24

.

30

30

991161270.UG.FTS.B,

29.49%,

11/30/24

.

227

226

991164670.UG.FTS.B,

29.49%,

11/30/24

.

71

71

991165371.UG.FTS.B,

29.49%,

11/30/24

.

7

7

991168245.UG.FTS.B,

29.49%,

11/30/24

.

178

183

991169195.UG.FTS.B,

29.49%,

11/30/24

.

560

580

991170244.UG.FTS.B,

29.49%,

11/30/24

.

43

44

991170572.UG.FTS.B,

29.49%,

11/30/24

.

157

–

991172465.UG.FTS.B,

29.49%,

11/30/24

.

183

184

991173687.UG.FTS.B,

29.49%,

11/30/24

.

18

18

991182361.UG.FTS.B,

29.49%,

11/30/24

.

87

90

991183630.UG.FTS.B,

29.49%,

11/30/24

.

517

531

991184149.UG.FTS.B,

29.49%,

11/30/24

.

382

391

991185246.UG.FTS.B,

29.49%,

11/30/24

.

252

260

991186053.UG.FTS.B,

29.49%,

11/30/24

.

62

64

991192752.UG.FTS.B,

29.49%,

11/30/24

.

117

121

991192788.UG.FTS.B,

29.49%,

11/30/24

.

6

6

991193473.UG.FTS.B,

29.49%,

11/30/24

.

110

114

991194009.UG.FTS.B,

29.49%,

11/30/24

.

58

59

991195243.UG.FTS.B,

29.49%,

11/30/24

.

2,361

2,445

991198791.UG.FTS.B,

29.49%,

11/30/24

.

159

15

991201454.UG.FTS.B,

29.49%,

11/30/24

.

127

131

991205442.UG.FTS.B,

29.49%,

11/30/24

.

785

791

991206111.UG.FTS.B,

29.49%,

11/30/24

..

87

87

991209146.UG.FTS.B,

29.49%,

11/30/24

.

16

16

991215049.UG.FTS.B,

29.49%,

11/30/24

.

95

96

991218514.UG.FTS.B,

29.49%,

11/30/24

.

24

25

991218861.UG.FTS.B,

29.49%,

11/30/24

.

94

–

991219200.UG.FTS.B,

29.49%,

11/30/24

.

73

75

991220330.UG.FTS.B,

29.49%,

11/30/24

.

122

123

991221281.UG.FTS.B,

29.49%,

11/30/24

.

80

81

991234356.UG.FTS.B,

29.49%,

11/30/24

.

133

2

991237242.UG.FTS.B,

29.49%,

11/30/24

.

71

73

991252166.UG.FTS.B,

29.49%,

11/30/24

.

41

41

991262641.UG.FTS.B,

29.49%,

11/30/24

.

300

307

991273969.UG.FTS.B,

29.49%,

11/30/24

.

294

302

991277711.UG.FTS.B,

29.49%,

11/30/24

.

56

56

991278091.UG.FTS.B,

29.49%,

11/30/24

.

169

26

991282168.UG.FTS.B,

29.49%,

11/30/24

.

83

85

991295815.UG.FTS.B,

29.49%,

11/30/24

.

128

132

991295869.UG.FTS.B,

29.49%,

11/30/24

.

1,152

1,179

991302156.UG.FTS.B,

29.49%,

11/30/24

.

174

181

991311530.UG.FTS.B,

29.49%,

11/30/24

.

20

20

991319229.UG.FTS.B,

29.49%,

11/30/24

.

795

817

991321305.UG.FTS.B,

29.49%,

11/30/24

.

118

120

991323937.UG.FTS.B,

29.49%,

11/30/24

.

77

80

991354554.UG.FTS.B,

29.49%,

11/30/24

.

79

81

991360797.UG.FTS.B,

29.49%,

11/30/24

.

114

117

991368424.UG.FTS.B,

29.49%,

11/30/24

.

137

141

991164332.UG.FTS.B,

Zero

Cpn,

12/01/24

75

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

266

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991185047.UG.FTS.B,

Zero

Cpn,

12/01/24

$

26

$

2

991190247.UG.FTS.B,

Zero

Cpn,

12/01/24

684

46

991207998.UG.FTS.B,

Zero

Cpn,

12/01/24

467

33

991220031.UG.FTS.B,

Zero

Cpn,

12/01/24

912

62

991228302.UG.FTS.B,

Zero

Cpn,

12/01/24

186

13

991230298.UG.FTS.B,

Zero

Cpn,

12/01/24

–

–

991169328.UG.FTS.B,

19.21%,

12/01/24

.

828

836

991194398.UG.FTS.B,

19.99%,

12/01/24

.

60

60

991233773.UG.FTS.B,

19.99%,

12/01/24

.

227

19

991239748.UG.FTS.B,

19.99%,

12/01/24

.

1,130

1,158

991248019.UG.FTS.B,

19.99%,

12/01/24

.

724

59

991262568.UG.FTS.B,

19.99%,

12/01/24

.

59

60

991324541.UG.FTS.B,

19.99%,

12/01/24

.

136

139

991334704.UG.FTS.B,

19.99%,

12/01/24

.

42

35

991359215.UG.FTS.B,

19.99%,

12/01/24

.

75

77

991231427.UG.FTS.B,

20.46%,

12/01/24

.

249

252

991225649.UG.FTS.B,

20.97%,

12/01/24

.

4,092

4,140

991167443.UG.FTS.B,

21.46%,

12/01/24

.

1,335

1,341

991167927.UG.FTS.B,

21.46%,

12/01/24

.

252

35

991165518.UG.FTS.B,

23.95%,

12/01/24

.

172

170

991164092.UG.FTS.B,

25.95%,

12/01/24

.

176

177

991164749.UG.FTS.B,

27.99%,

12/01/24

.

239

246

991162271.UG.FTS.B,

28.98%,

12/01/24

.

130

134

991162320.UG.FTS.B,

28.98%,

12/01/24

.

113

116

991162330.UG.FTS.B,

28.98%,

12/01/24

.

155

156

991163027.UG.FTS.B,

28.98%,

12/01/24

.

287

22

991164249.UG.FTS.B,

28.98%,

12/01/24

.

6

6

991165573.UG.FTS.B,

28.98%,

12/01/24

.

19

19

991165874.UG.FTS.B,

28.98%,

12/01/24

.

134

–

991165954.UG.FTS.B,

28.98%,

12/01/24

.

92

93

991170068.UG.FTS.B,

28.98%,

12/01/24

.

1,361

1,389

991174550.UG.FTS.B,

28.98%,

12/01/24

.

109

112

991176007.UG.FTS.B,

28.98%,

12/01/24

.

109

110

991181086.UG.FTS.B,

28.98%,

12/01/24

.

72

74

991182500.UG.FTS.B,

28.98%,

12/01/24

.

732

751

991189706.UG.FTS.B,

28.98%,

12/01/24

.

177

182

991190745.UG.FTS.B,

28.98%,

12/01/24

.

63

65

991196333.UG.FTS.B,

28.98%,

12/01/24

.

128

132

991200338.UG.FTS.B,

28.98%,

12/01/24

.

173

178

991203281.UG.FTS.B,

28.98%,

12/01/24

.

281

283

991210769.UG.FTS.B,

28.98%,

12/01/24

.

137

141

991213420.UG.FTS.B,

28.98%,

12/01/24

.

400

409

991217237.UG.FTS.B,

28.98%,

12/01/24

.

69

72

991219825.UG.FTS.B,

28.98%,

12/01/24

.

30

31

991226847.UG.FTS.B,

28.98%,

12/01/24

.

469

478

991228529.UG.FTS.B,

28.98%,

12/01/24

.

191

195

991230587.UG.FTS.B,

28.98%,

12/01/24

.

152

157

991231739.UG.FTS.B,

28.98%,

12/01/24

.

129

132

991251429.UG.FTS.B,

28.98%,

12/01/24

.

178

184

991267046.UG.FTS.B,

28.98%,

12/01/24

.

87

87

991267527.UG.FTS.B,

28.98%,

12/01/24

.

461

472

991305273.UG.FTS.B,

28.98%,

12/01/24

.

167

172

991322131.UG.FTS.B,

28.98%,

12/01/24

.

66

68

991323706.UG.FTS.B,

28.98%,

12/01/24

.

336

344

991325531.UG.FTS.B,

28.98%,

12/01/24

.

594

607

991328743.UG.FTS.B,

28.98%,

12/01/24

.

688

703

991352854.UG.FTS.B,

28.98%,

12/01/24

.

38

39

991358666.UG.FTS.B,

28.98%,

12/01/24

.

461

469

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991372098.UG.FTS.B,

28.98%,

12/01/24

.

$

38

$

38

991378052.UG.FTS.B,

28.98%,

12/01/24

.

73

76

991161940.UG.FTS.B,

29.46%,

12/01/24

.

382

394

991163350.UG.FTS.B,

29.49%,

12/01/24

.

214

224

991165411.UG.FTS.B,

29.49%,

12/01/24

.

193

199

991165471.UG.FTS.B,

29.49%,

12/01/24

.

8

8

991166278.UG.FTS.B,

29.49%,

12/01/24

.

58

60

991166742.UG.FTS.B,

29.49%,

12/01/24

.

101

102

991168466.UG.FTS.B,

29.49%,

12/01/24

.

352

360

991170942.UG.FTS.B,

29.49%,

12/01/24

.

206

208

991171218.UG.FTS.B,

29.49%,

12/01/24

.

844

870

991171281.UG.FTS.B,

29.49%,

12/01/24

.

24

24

991172237.UG.FTS.B,

29.49%,

12/01/24

.

36

37

991174137.UG.FTS.B,

29.49%,

12/01/24

.

213

220

991174516.UG.FTS.B,

29.49%,

12/01/24

.

309

320

991177654.UG.FTS.B,

29.49%,

12/01/24

.

132

12

991177853.UG.FTS.B,

29.49%,

12/01/24

.

548

566

991178641.UG.FTS.B,

29.49%,

12/01/24

.

47

49

991178859.UG.FTS.B,

29.49%,

12/01/24

.

76

–

991180960.UG.FTS.B,

29.49%,

12/01/24

.

193

199

991186231.UG.FTS.B,

29.49%,

12/01/24

.

112

117

991187762.UG.FTS.B,

29.49%,

12/01/24

.

60

61

991190236.UG.FTS.B,

29.49%,

12/01/24

.

82

4

991195713.UG.FTS.B,

29.49%,

12/01/24

.

64

66

991195836.UG.FTS.B,

29.49%,

12/01/24

.

83

85

991196169.UG.FTS.B,

29.49%,

12/01/24

.

106

108

991232611.UG.FTS.B,

29.49%,

12/01/24

.

18

18

991233016.UG.FTS.B,

29.49%,

12/01/24

.

158

163

991241447.UG.FTS.B,

29.49%,

12/01/24

.

138

143

991246447.UG.FTS.B,

29.49%,

12/01/24

.

285

293

991247481.UG.FTS.B,

29.49%,

12/01/24

.

384

392

991252877.UG.FTS.B,

29.49%,

12/01/24

.

23

24

991253430.UG.FTS.B,

29.49%,

12/01/24

.

53

54

991256494.UG.FTS.B,

29.49%,

12/01/24

.

601

616

991267008.UG.FTS.B,

29.49%,

12/01/24

.

214

17

991279786.UG.FTS.B,

29.49%,

12/01/24

.

40

41

991283740.UG.FTS.B,

29.49%,

12/01/24

.

60

62

991290418.UG.FTS.B,

29.49%,

12/01/24

.

157

162

991290834.UG.FTS.B,

29.49%,

12/01/24

.

106

107

991320615.UG.FTS.B,

29.49%,

12/01/24

.

22

23

991323578.UG.FTS.B,

29.49%,

12/01/24

.

232

238

991345338.UG.FTS.B,

29.49%,

12/01/24

.

35

35

991383117.UG.FTS.B,

29.49%,

12/01/24

.

197

206

991383396.UG.FTS.B,

29.49%,

12/01/24

.

92

96

991377393.UG.FTS.B,

Zero

Cpn,

12/02/24

41

3

991337481.UG.FTS.B,

18.97%,

12/02/24

.

373

378

991364689.UG.FTS.B,

19.99%,

12/02/24

.

77

80

991330023.UG.FTS.B,

28.98%,

12/02/24

.

92

97

991338460.UG.FTS.B,

28.98%,

12/02/24

.

21

22

991347910.UG.FTS.B,

28.98%,

12/02/24

.

128

133

991356309.UG.FTS.B,

28.98%,

12/02/24

.

97

100

991364192.UG.FTS.B,

28.98%,

12/02/24

.

92

95

991339850.UG.FTS.B,

29.49%,

12/02/24

.

107

–

991340524.UG.FTS.B,

29.49%,

12/02/24

.

127

132

991348609.UG.FTS.B,

29.49%,

12/02/24

.

56

59

991348696.UG.FTS.B,

29.49%,

12/02/24

.

64

67

991353863.UG.FTS.B,

29.49%,

12/02/24

.

61

63

991354003.UG.FTS.B,

29.49%,

12/02/24

.

60

62

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

267

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991359351.UG.FTS.B,

29.49%,

12/02/24

.

$

21

$

22

991359987.UG.FTS.B,

29.49%,

12/02/24

.

–

–

991361643.UG.FTS.B,

29.49%,

12/02/24

.

34

35

991370712.UG.FTS.B,

29.49%,

12/02/24

.

84

88

991373345.UG.FTS.B,

29.49%,

12/02/24

.

68

71

991187412.UG.FTS.B,

19.99%,

12/05/24

.

256

261

991195736.UG.FTS.B,

27.99%,

12/05/24

.

127

130

991190483.UG.FTS.B,

29.49%,

12/05/24

.

76

78

991200707.UG.FTS.B,

29.49%,

12/05/24

.

84

84

991249125.UG.FTS.B,

29.49%,

12/05/24

.

19

19

991191497.UG.FTS.B,

14.98%,

12/06/24

.

230

234

991342949.UG.FTS.B,

15%,

12/06/24

....

200

2

991214247.UG.FTS.B,

15.97%,

12/06/24

.

85

87

991191303.UG.FTS.B,

16.99%,

12/06/24

.

1,375

1,401

991191183.UG.FTS.B,

17.97%,

12/06/24

.

2,781

2,805

991200958.UG.FTS.B,

20.46%,

12/06/24

.

203

203

991419325.UG.FTS.B,

27.99%,

12/06/24

.

200

206

991201139.UG.FTS.B,

28.98%,

12/06/24

.

159

161

991202979.UG.FTS.B,

28.98%,

12/06/24

.

127

129

991317869.UG.FTS.B,

28.98%,

12/06/24

.

4

4

991347246.UG.FTS.B,

28.98%,

12/06/24

.

156

156

991378952.UG.FTS.B,

28.98%,

12/06/24

.

115

118

991201759.UG.FTS.B,

29.46%,

12/06/24

.

399

404

991198608.UG.FTS.B,

29.47%,

12/06/24

.

18

17

991190969.UG.FTS.B,

29.49%,

12/06/24

.

86

86

991223558.UG.FTS.B,

29.49%,

12/06/24

.

66

69

991279279.UG.FTS.B,

29.49%,

12/06/24

.

14

3

991350590.UG.FTS.B,

29.49%,

12/06/24

.

35

35

991409885.UG.FTS.B,

29.49%,

12/06/24

.

89

12

991200331.UG.FTS.B,

Zero

Cpn,

12/07/24

151

10

991204789.UG.FTS.B,

15.97%,

12/07/24

.

541

544

991410854.UG.FTS.B,

15.97%,

12/07/24

.

493

493

991199058.UG.FTS.B,

16.99%,

12/07/24

.

86

88

991205035.UG.FTS.B,

16.99%,

12/07/24

.

1,268

1,292

991202225.UG.FTS.B,

19.8%,

12/07/24

..

366

366

991202795.UG.FTS.B,

19.8%,

12/07/24

..

678

677

991199481.UG.FTS.B,

19.99%,

12/07/24

.

25

25

991313472.UG.FTS.B,

19.99%,

12/07/24

.

264

270

991284608.UG.FTS.B,

21.98%,

12/07/24

.

387

156

991198602.UG.FTS.B,

28.98%,

12/07/24

.

715

743

991203276.UG.FTS.B,

28.98%,

12/07/24

.

79

80

991218043.UG.FTS.B,

28.98%,

12/07/24

.

1,219

1,267

991221020.UG.FTS.B,

28.98%,

12/07/24

.

77

78

991433855.UG.FTS.B,

28.98%,

12/07/24

.

149

151

991204182.UG.FTS.B,

29.49%,

12/07/24

.

891

926

991206725.UG.FTS.B,

29.49%,

12/07/24

.

389

398

991403269.UG.FTS.B,

29.49%,

12/07/24

.

347

44

991405592.UG.FTS.B,

29.49%,

12/07/24

.

139

140

991216549.UG.FTS.B,

Zero

Cpn,

12/08/24

1,225

86

991223847.UG.FTS.B,

14%,

12/08/24

....

53

53

991217779.UG.FTS.B,

14.97%,

12/08/24

.

3,568

3,637

991233663.UG.FTS.B,

14.98%,

12/08/24

.

147

150

991345394.UG.FTS.B,

14.98%,

12/08/24

.

343

350

991238380.UG.FTS.B,

15.97%,

12/08/24

.

208

212

991340673.UG.FTS.B,

15.97%,

12/08/24

.

447

455

991405894.UG.FTS.B,

15.97%,

12/08/24

.

1,213

1,232

991205558.UG.FTS.B,

16.99%,

12/08/24

.

262

267

991206337.UG.FTS.B,

16.99%,

12/08/24

.

331

87

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991206750.UG.FTS.B,

16.99%,

12/08/24

.

$

371

$

371

991206979.UG.FTS.B,

16.99%,

12/08/24

.

2,801

2,841

991218331.UG.FTS.B,

16.99%,

12/08/24

.

1,358

1,384

991287220.UG.FTS.B,

16.99%,

12/08/24

.

202

206

991212387.UG.FTS.B,

17.97%,

12/08/24

.

4,171

4,255

991233872.UG.FTS.B,

17.99%,

12/08/24

.

127

129

991273817.UG.FTS.B,

17.99%,

12/08/24

.

5

5

991360888.UG.FTS.B,

17.99%,

12/08/24

.

197

200

991362465.UG.FTS.B,

17.99%,

12/08/24

.

989

993

991386259.UG.FTS.B,

17.99%,

12/08/24

.

224

225

991213249.UG.FTS.B,

19.8%,

12/08/24

..

214

217

991262025.UG.FTS.B,

19.8%,

12/08/24

..

414

51

991273011.UG.FTS.B,

19.8%,

12/08/24

..

340

347

991207067.UG.FTS.B,

19.99%,

12/08/24

.

231

238

991210935.UG.FTS.B,

19.99%,

12/08/24

.

446

463

991214641.UG.FTS.B,

19.99%,

12/08/24

.

2,323

2,415

991275636.UG.FTS.B,

19.99%,

12/08/24

.

66

69

991341216.UG.FTS.B,

19.99%,

12/08/24

.

260

268

991297237.UG.FTS.B,

20.46%,

12/08/24

.

140

140

991358922.UG.FTS.B,

20.46%,

12/08/24

.

149

152

991343243.UG.FTS.B,

21.46%,

12/08/24

.

6

6

991345837.UG.FTS.B,

21.46%,

12/08/24

.

261

266

991223797.UG.FTS.B,

22.97%,

12/08/24

.

240

244

991260254.UG.FTS.B,

22.97%,

12/08/24

.

113

115

991203892.UG.FTS.B,

28.98%,

12/08/24

.

593

616

991214712.UG.FTS.B,

28.98%,

12/08/24

.

1,175

1,222

991217143.UG.FTS.B,

28.98%,

12/08/24

.

667

673

991217853.UG.FTS.B,

28.98%,

12/08/24

.

1,504

1,561

991220601.UG.FTS.B,

28.98%,

12/08/24

.

151

156

991248557.UG.FTS.B,

28.98%,

12/08/24

.

63

66

991260535.UG.FTS.B,

28.98%,

12/08/24

.

118

32

991265277.UG.FTS.B,

28.98%,

12/08/24

.

94

94

991278212.UG.FTS.B,

28.98%,

12/08/24

.

548

569

991307338.UG.FTS.B,

28.98%,

12/08/24

.

44

44

991317659.UG.FTS.B,

28.98%,

12/08/24

.

72

75

991334924.UG.FTS.B,

28.98%,

12/08/24

.

757

787

991336471.UG.FTS.B,

28.98%,

12/08/24

.

79

79

991340573.UG.FTS.B,

28.98%,

12/08/24

.

980

1,018

991346915.UG.FTS.B,

28.98%,

12/08/24

.

138

144

991350123.UG.FTS.B,

28.98%,

12/08/24

.

153

159

991358361.UG.FTS.B,

28.98%,

12/08/24

.

106

109

991396086.UG.FTS.B,

28.98%,

12/08/24

.

85

88

991416236.UG.FTS.B,

28.98%,

12/08/24

.

86

–

991211572.UG.FTS.B,

29.47%,

12/08/24

.

1,299

178

991210459.UG.FTS.B,

29.48%,

12/08/24

.

801

802

991214958.UG.FTS.B,

29.48%,

12/08/24

.

716

747

991216602.UG.FTS.B,

29.48%,

12/08/24

.

595

620

991203718.UG.FTS.B,

29.49%,

12/08/24

.

321

335

991203729.UG.FTS.B,

29.49%,

12/08/24

.

195

202

991207112.UG.FTS.B,

29.49%,

12/08/24

.

90

92

991210195.UG.FTS.B,

29.49%,

12/08/24

.

1,190

1,239

991213079.UG.FTS.B,

29.49%,

12/08/24

.

831

873

991213273.UG.FTS.B,

29.49%,

12/08/24

.

16

16

991244332.UG.FTS.B,

29.49%,

12/08/24

.

120

122

991245178.UG.FTS.B,

29.49%,

12/08/24

.

430

449

991248866.UG.FTS.B,

29.49%,

12/08/24

.

338

356

991252807.UG.FTS.B,

29.49%,

12/08/24

.

271

280

991259595.UG.FTS.B,

29.49%,

12/08/24

.

170

171

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

268

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991264409.UG.FTS.B,

29.49%,

12/08/24

.

$

458

$

471

991269323.UG.FTS.B,

29.49%,

12/08/24

.

22

22

991287259.UG.FTS.B,

29.49%,

12/08/24

.

49

50

991301956.UG.FTS.B,

29.49%,

12/08/24

.

39

40

991302601.UG.FTS.B,

29.49%,

12/08/24

.

107

–

991317879.UG.FTS.B,

29.49%,

12/08/24

.

243

254

991318654.UG.FTS.B,

29.49%,

12/08/24

.

63

65

991319283.UG.FTS.B,

29.49%,

12/08/24

.

20

20

991330842.UG.FTS.B,

29.49%,

12/08/24

.

4,003

–

991332591.UG.FTS.B,

29.49%,

12/08/24

.

247

257

991339390.UG.FTS.B,

29.49%,

12/08/24

.

513

535

991342288.UG.FTS.B,

29.49%,

12/08/24

.

128

130

991349015.UG.FTS.B,

29.49%,

12/08/24

.

538

559

991357406.UG.FTS.B,

29.49%,

12/08/24

.

14

14

991358257.UG.FTS.B,

29.49%,

12/08/24

.

110

15

991377012.UG.FTS.B,

29.49%,

12/08/24

.

973

1,010

991391597.UG.FTS.B,

29.49%,

12/08/24

.

247

255

991426546.UG.FTS.B,

29.49%,

12/08/24

.

55

–

991433950.UG.FTS.B,

29.49%,

12/08/24

.

62

64

991408506.UG.FTS.B,

Zero

Cpn,

12/09/24

2,205

152

991311660.UG.FTS.B,

14.98%,

12/09/24

.

1,433

1,439

991329494.UG.FTS.B,

15.97%,

12/09/24

.

181

47

991455537.UG.FTS.B,

15.97%,

12/09/24

.

53

53

991355729.UG.FTS.B,

16.99%,

12/09/24

.

129

130

991384624.UG.FTS.B,

16.99%,

12/09/24

.

24

24

991391034.UG.FTS.B,

17.99%,

12/09/24

.

9

9

991338916.UG.FTS.B,

18.97%,

12/09/24

.

341

341

991405926.UG.FTS.B,

18.97%,

12/09/24

.

66

66

991333702.UG.FTS.B,

19.8%,

12/09/24

..

1,912

1,906

991326142.UG.FTS.B,

19.99%,

12/09/24

.

22

9

991341287.UG.FTS.B,

20.46%,

12/09/24

.

695

699

991355570.UG.FTS.B,

20.46%,

12/09/24

.

171

172

991370075.UG.FTS.B,

20.97%,

12/09/24

.

140

140

991329266.UG.FTS.B,

23.95%,

12/09/24

.

978

963

991173041.UG.FTS.B,

28.98%,

12/09/24

.

64

17

991311758.UG.FTS.B,

28.98%,

12/09/24

.

90

91

991319463.UG.FTS.B,

28.98%,

12/09/24

.

162

165

991327625.UG.FTS.B,

28.98%,

12/09/24

.

78

79

991336814.UG.FTS.B,

28.98%,

12/09/24

.

742

744

991344560.UG.FTS.B,

28.98%,

12/09/24

.

143

146

991425673.UG.FTS.B,

28.98%,

12/09/24

.

208

211

991300935.UG.FTS.B,

29.49%,

12/09/24

.

6

6

991308780.UG.FTS.B,

29.49%,

12/09/24

.

70

72

991317613.UG.FTS.B,

29.49%,

12/09/24

.

125

16

991322433.UG.FTS.B,

29.49%,

12/09/24

.

211

217

991326331.UG.FTS.B,

29.49%,

12/09/24

.

110

7

991352448.UG.FTS.B,

29.49%,

12/09/24

.

66

66

991367240.UG.FTS.B,

29.49%,

12/09/24

.

333

342

991393693.UG.FTS.B,

29.49%,

12/09/24

.

214

218

991407585.UG.FTS.B,

29.49%,

12/09/24

.

190

193

991310309.UG.FTS.B,

Zero

Cpn,

12/10/24

306

21

991366767.UG.FTS.B,

14.98%,

12/10/24

.

210

210

991416701.UG.FTS.B,

14.98%,

12/10/24

.

2,654

2,655

991422733.UG.FTS.B,

14.98%,

12/10/24

.

–

–

991464314.UG.FTS.B,

15%,

12/10/24

....

177

21

991354349.UG.FTS.B,

15.99%,

12/10/24

.

50

50

991441221.UG.FTS.B,

16.99%,

12/10/24

.

292

292

991372053.UG.FTS.B,

17.99%,

12/10/24

.

1,359

162

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991402286.UG.FTS.B,

17.99%,

12/10/24

.

$

955

$

955

991338806.UG.FTS.B,

19.21%,

12/10/24

.

1,522

1,521

991361774.UG.FTS.B,

19.8%,

12/10/24

..

1

1

991418713.UG.FTS.B,

19.8%,

12/10/24

..

4

4

991323566.UG.FTS.B,

19.99%,

12/10/24

.

1,814

1,855

991391063.UG.FTS.B,

19.99%,

12/10/24

.

191

192

991334473.UG.FTS.B,

21.46%,

12/10/24

.

134

134

991302262.UG.FTS.B,

28.98%,

12/10/24

.

327

332

991302676.UG.FTS.B,

28.98%,

12/10/24

.

751

224

991308764.UG.FTS.B,

28.98%,

12/10/24

.

541

553

991318295.UG.FTS.B,

28.98%,

12/10/24

.

144

147

991326852.UG.FTS.B,

28.98%,

12/10/24

.

190

194

991333962.UG.FTS.B,

28.98%,

12/10/24

.

72

73

991360120.UG.FTS.B,

28.98%,

12/10/24

.

471

478

991421339.UG.FTS.B,

28.98%,

12/10/24

.

98

99

991312810.UG.FTS.B,

29.49%,

12/10/24

.

120

18

991314974.UG.FTS.B,

29.49%,

12/10/24

.

70

19

991331833.UG.FTS.B,

29.49%,

12/10/24

.

600

614

991334897.UG.FTS.B,

29.49%,

12/10/24

.

32

32

991397722.UG.FTS.B,

29.49%,

12/10/24

.

88

89

991398718.UG.FTS.B,

29.49%,

12/10/24

.

990

1,013

991407945.UG.FTS.B,

29.49%,

12/10/24

.

494

503

991423603.UG.FTS.B,

29.49%,

12/10/24

.

91

93

991275626.UG.FTS.B,

14.98%,

12/11/24

.

33

32

991383476.UG.FTS.B,

16.99%,

12/11/24

.

3,898

3,901

991421136.UG.FTS.B,

17.99%,

12/11/24

.

62

61

991322847.UG.FTS.B,

18.97%,

12/11/24

.

339

336

991309704.UG.FTS.B,

19.21%,

12/11/24

.

375

376

991313630.UG.FTS.B,

19.21%,

12/11/24

.

179

178

991359085.UG.FTS.B,

19.21%,

12/11/24

.

455

457

991299880.UG.FTS.B,

19.8%,

12/11/24

..

185

186

991302424.UG.FTS.B,

22.97%,

12/11/24

.

138

139

991331015.UG.FTS.B,

22.97%,

12/11/24

.

118

118

991314763.UG.FTS.B,

26.94%,

12/11/24

.

307

309

991308149.UG.FTS.B,

28.98%,

12/11/24

.

101

101

991400497.UG.FTS.B,

28.98%,

12/11/24

.

246

250

991425034.UG.FTS.B,

28.98%,

12/11/24

.

610

617

991299810.UG.FTS.B,

29.49%,

12/11/24

.

100

102

991315059.UG.FTS.B,

29.49%,

12/11/24

.

86

23

991338982.UG.FTS.B,

29.49%,

12/11/24

.

210

215

991424582.UG.FTS.B,

29.49%,

12/11/24

.

72

18

991426474.UG.FTS.B,

29.49%,

12/11/24

.

224

229

991404235.UG.FTS.B,

Zero

Cpn,

12/12/24

148

10

991406536.UG.FTS.B,

Zero

Cpn,

12/12/24

215

15

991339855.UG.FTS.B,

15.97%,

12/12/24

.

270

271

991447662.UG.FTS.B,

15.97%,

12/12/24

.

534

534

991334534.UG.FTS.B,

16.99%,

12/12/24

.

130

130

991423157.UG.FTS.B,

16.99%,

12/12/24

.

420

51

991326016.UG.FTS.B,

17.97%,

12/12/24

.

953

957

991302143.UG.FTS.B,

17.99%,

12/12/24

.

346

346

991341778.UG.FTS.B,

17.99%,

12/12/24

.

410

411

991444022.UG.FTS.B,

19.21%,

12/12/24

.

352

352

991318223.UG.FTS.B,

19.99%,

12/12/24

.

110

8

991318950.UG.FTS.B,

19.99%,

12/12/24

.

181

185

991314252.UG.FTS.B,

20.46%,

12/12/24

.

466

469

991447468.UG.FTS.B,

23.95%,

12/12/24

.

710

710

991299959.UG.FTS.B,

28.98%,

12/12/24

.

71

73

991315274.UG.FTS.B,

28.98%,

12/12/24

.

420

425

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

269

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991397130.UG.FTS.B,

28.98%,

12/12/24

.

$

859

$

871

991428424.UG.FTS.B,

28.98%,

12/12/24

.

256

260

991434684.UG.FTS.B,

28.98%,

12/12/24

.

522

529

991300821.UG.FTS.B,

29.49%,

12/12/24

.

259

265

991304189.UG.FTS.B,

29.49%,

12/12/24

.

37

37

991312106.UG.FTS.B,

29.49%,

12/12/24

.

141

142

991324558.UG.FTS.B,

29.49%,

12/12/24

.

101

104

991345307.UG.FTS.B,

29.49%,

12/12/24

.

85

84

991387894.UG.FTS.B,

29.49%,

12/12/24

.

421

431

991398771.UG.FTS.B,

29.49%,

12/12/24

.

163

164

991405158.UG.FTS.B,

29.49%,

12/12/24

.

89

89

991405712.UG.FTS.B,

29.49%,

12/12/24

.

42

42

991424612.UG.FTS.B,

29.49%,

12/12/24

.

98

100

991431493.UG.FTS.B,

29.49%,

12/12/24

.

1,225

1,241

991444573.UG.FTS.B,

29.49%,

12/12/24

.

161

–

991248124.UG.FTS.B,

14.98%,

12/13/24

.

90

91

991302421.UG.FTS.B,

14.98%,

12/13/24

.

1,671

1,706

991384387.UG.FTS.B,

15.97%,

12/13/24

.

483

484

991417112.UG.FTS.B,

15.97%,

12/13/24

.

4,015

4,032

991309513.UG.FTS.B,

16.99%,

12/13/24

.

622

622

991307518.UG.FTS.B,

17.99%,

12/13/24

.

598

600

991341019.UG.FTS.B,

17.99%,

12/13/24

.

362

361

991298164.UG.FTS.B,

18.97%,

12/13/24

.

1,422

1,423

991440734.UG.FTS.B,

18.97%,

12/13/24

.

126

126

991329812.UG.FTS.B,

19.21%,

12/13/24

.

516

519

991346666.UG.FTS.B,

19.21%,

12/13/24

.

137

138

991331713.UG.FTS.B,

19.99%,

12/13/24

.

90

91

991343301.UG.FTS.B,

19.99%,

12/13/24

.

437

444

991373941.UG.FTS.B,

20.46%,

12/13/24

.

258

260

991375502.UG.FTS.B,

20.46%,

12/13/24

.

96

96

991296644.UG.FTS.B,

20.97%,

12/13/24

.

583

596

991345917.UG.FTS.B,

21.46%,

12/13/24

.

583

587

991303511.UG.FTS.B,

28.98%,

12/13/24

.

57

4

991303612.UG.FTS.B,

28.98%,

12/13/24

.

196

200

991313210.UG.FTS.B,

28.98%,

12/13/24

.

189

193

991346962.UG.FTS.B,

28.98%,

12/13/24

.

99

101

991347766.UG.FTS.B,

28.98%,

12/13/24

.

66

67

991364308.UG.FTS.B,

28.98%,

12/13/24

.

179

182

991367977.UG.FTS.B,

28.98%,

12/13/24

.

167

170

991388005.UG.FTS.B,

28.98%,

12/13/24

.

43

43

991391691.UG.FTS.B,

28.98%,

12/13/24

.

972

994

991411685.UG.FTS.B,

28.98%,

12/13/24

.

355

360

991310090.UG.FTS.B,

29.49%,

12/13/24

.

230

236

991312918.UG.FTS.B,

29.49%,

12/13/24

.

137

141

991319761.UG.FTS.B,

29.49%,

12/13/24

.

228

234

991334231.UG.FTS.B,

29.49%,

12/13/24

.

525

535

991334276.UG.FTS.B,

29.49%,

12/13/24

.

106

107

991455918.UG.FTS.B,

29.49%,

12/13/24

.

394

401

991249792.UG.FTS.B,

15.97%,

12/14/24

.

3,450

3,450

991254435.UG.FTS.B,

15.97%,

12/14/24

.

186

185

991258056.UG.FTS.B,

16.99%,

12/14/24

.

189

190

991248746.UG.FTS.B,

17.99%,

12/14/24

.

146

145

991324331.UG.FTS.B,

17.99%,

12/14/24

.

231

233

991447451.UG.FTS.B,

18.97%,

12/14/24

.

13

13

991249707.UG.FTS.B,

19.8%,

12/14/24

..

4,111

297

991267867.UG.FTS.B,

14.98%,

12/15/24

.

4,461

4,557

991305580.UG.FTS.B,

14.98%,

12/15/24

.

167

169

991375848.UG.FTS.B,

14.98%,

12/15/24

.

150

153

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991274754.UG.FTS.B,

15.97%,

12/15/24

.

$

2,878

$

2,938

991289456.UG.FTS.B,

15.97%,

12/15/24

.

350

351

991481298.UG.FTS.B,

15.97%,

12/15/24

.

117

118

991484132.UG.FTS.B,

15.97%,

12/15/24

.

1,578

1,580

991255967.UG.FTS.B,

16.99%,

12/15/24

.

88

88

991265175.UG.FTS.B,

16.99%,

12/15/24

.

314

314

991371940.UG.FTS.B,

16.99%,

12/15/24

.

363

367

991256520.UG.FTS.B,

17.99%,

12/15/24

.

202

207

991290002.UG.FTS.B,

17.99%,

12/15/24

.

107

109

991341386.UG.FTS.B,

17.99%,

12/15/24

.

1,131

1,155

991425011.UG.FTS.B,

17.99%,

12/15/24

.

126

128

991447659.UG.FTS.B,

17.99%,

12/15/24

.

1,127

1,133

991286797.UG.FTS.B,

18.8%,

12/15/24

..

35

36

991405120.UG.FTS.B,

18.97%,

12/15/24

.

347

355

991313442.UG.FTS.B,

19.21%,

12/15/24

.

82

84

991484626.UG.FTS.B,

19.21%,

12/15/24

.

1,038

1,051

991409003.UG.FTS.B,

19.8%,

12/15/24

..

147

150

991296368.UG.FTS.B,

20.97%,

12/15/24

.

13

13

991341925.UG.FTS.B,

20.97%,

12/15/24

.

173

177

991359143.UG.FTS.B,

20.97%,

12/15/24

.

237

–

991415618.UG.FTS.B,

20.97%,

12/15/24

.

262

268

991256653.UG.FTS.B,

21.46%,

12/15/24

.

149

152

991259405.UG.FTS.B,

22.97%,

12/15/24

.

868

252

991296657.UG.FTS.B,

23.95%,

12/15/24

.

313

315

991279499.UG.FTS.B,

Zero

Cpn,

12/16/24

270

19

991272449.UG.FTS.B,

14.98%,

12/16/24

.

192

193

991478310.UG.FTS.B,

14.98%,

12/16/24

.

132

132

991298521.UG.FTS.B,

15%,

12/16/24

....

32

32

991375810.UG.FTS.B,

15%,

12/16/24

....

53

53

991391018.UG.FTS.B,

15%,

12/16/24

....

444

446

991263041.UG.FTS.B,

15.97%,

12/16/24

.

149

149

991260873.UG.FTS.B,

16.99%,

12/16/24

.

588

591

991260935.UG.FTS.B,

16.99%,

12/16/24

.

312

314

991263408.UG.FTS.B,

16.99%,

12/16/24

.

324

324

991298844.UG.FTS.B,

16.99%,

12/16/24

.

472

471

991331384.UG.FTS.B,

16.99%,

12/16/24

.

452

455

991263277.UG.FTS.B,

17.99%,

12/16/24

.

438

441

991282278.UG.FTS.B,

17.99%,

12/16/24

.

94

94

991291197.UG.FTS.B,

17.99%,

12/16/24

.

1,153

1,157

991423168.UG.FTS.B,

17.99%,

12/16/24

.

551

38

991288835.UG.FTS.B,

18.97%,

12/16/24

.

407

408

991339363.UG.FTS.B,

21.46%,

12/16/24

.

75

75

991324832.UG.FTS.B,

21.98%,

12/16/24

.

131

131

991515407.UG.FTS.B,

21.98%,

12/16/24

.

139

139

991513641.UG.FTS.B,

23.95%,

12/16/24

.

168

164

991369836.UG.FTS.B,

Zero

Cpn,

12/17/24

205

14

991270332.UG.FTS.B,

14.98%,

12/17/24

.

214

215

991398838.UG.FTS.B,

14.98%,

12/17/24

.

1,331

1,338

991309883.UG.FTS.B,

15%,

12/17/24

....

151

151

991366785.UG.FTS.B,

15%,

12/17/24

....

32

32

991473570.UG.FTS.B,

15%,

12/17/24

....

155

156

991333878.UG.FTS.B,

15.97%,

12/17/24

.

1,384

1,375

991515245.UG.FTS.B,

15.97%,

12/17/24

.

7

7

991517884.UG.FTS.B,

15.97%,

12/17/24

.

2

2

991289176.UG.FTS.B,

16.99%,

12/17/24

.

1,955

1,958

991303485.UG.FTS.B,

16.99%,

12/17/24

.

110

111

991304516.UG.FTS.B,

16.99%,

12/17/24

.

823

827

991313589.UG.FTS.B,

16.99%,

12/17/24

.

807

806

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

270

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991415822.UG.FTS.B,

16.99%,

12/17/24

.

$

576

$

579

991427457.UG.FTS.B,

16.99%,

12/17/24

.

50

50

991438848.UG.FTS.B,

16.99%,

12/17/24

.

2,725

2,704

991289039.UG.FTS.B,

17.99%,

12/17/24

.

324

326

991301102.UG.FTS.B,

17.99%,

12/17/24

.

91

92

991399977.UG.FTS.B,

17.99%,

12/17/24

.

686

688

991401151.UG.FTS.B,

17.99%,

12/17/24

.

–

–

991472819.UG.FTS.B,

17.99%,

12/17/24

.

398

394

991451584.UG.FTS.B,

18.97%,

12/17/24

.

477

478

991319714.UG.FTS.B,

19.21%,

12/17/24

.

64

64

991368537.UG.FTS.B,

19.21%,

12/17/24

.

72

71

991390886.UG.FTS.B,

19.21%,

12/17/24

.

218

220

991416998.UG.FTS.B,

19.21%,

12/17/24

.

309

39

991425383.UG.FTS.B,

19.21%,

12/17/24

.

124

125

991370788.UG.FTS.B,

19.8%,

12/17/24

..

1,227

1,232

991382959.UG.FTS.B,

19.8%,

12/17/24

..

41

41

991407951.UG.FTS.B,

19.8%,

12/17/24

..

464

466

991523409.UG.FTS.B,

19.8%,

12/17/24

..

6,631

6,622

991278450.UG.FTS.B,

20.46%,

12/17/24

.

119

119

991488102.UG.FTS.B,

20.46%,

12/17/24

.

343

342

991274898.UG.FTS.B,

20.97%,

12/17/24

.

334

43

991276358.UG.FTS.B,

20.97%,

12/17/24

.

2,210

2,195

991279256.UG.FTS.B,

20.97%,

12/17/24

.

90

91

991382185.UG.FTS.B,

21.46%,

12/17/24

.

15

15

991437221.UG.FTS.B,

21.46%,

12/17/24

.

560

147

991499186.UG.FTS.B,

21.98%,

12/17/24

.

178

179

991270128.UG.FTS.B,

28.98%,

12/17/24

.

53

42

991525181.UG.FTS.B,

14.98%,

12/18/24

.

30

30

991284992.UG.FTS.B,

15.99%,

12/18/24

.

450

452

991298134.UG.FTS.B,

15.99%,

12/18/24

.

230

231

991374578.UG.FTS.B,

16.99%,

12/18/24

.

94

95

991322304.UG.FTS.B,

17.99%,

12/18/24

.

237

62

991329588.UG.FTS.B,

17.99%,

12/18/24

.

810

814

991343423.UG.FTS.B,

17.99%,

12/18/24

.

788

792

991478169.UG.FTS.B,

17.99%,

12/18/24

.

2,941

2,947

991517094.UG.FTS.B,

17.99%,

12/18/24

.

76

76

991362772.UG.FTS.B,

18.97%,

12/18/24

.

1,035

409

991290938.UG.FTS.B,

19.21%,

12/18/24

.

1,204

1,207

991340064.UG.FTS.B,

19.21%,

12/18/24

.

126

29

991362195.UG.FTS.B,

19.21%,

12/18/24

.

124

124

991355888.UG.FTS.B,

20.46%,

12/18/24

.

2,004

2,007

991279501.UG.FTS.B,

20.97%,

12/18/24

.

270

270

991283292.UG.FTS.B,

21.46%,

12/18/24

.

372

368

991286343.UG.FTS.B,

21.46%,

12/18/24

.

1,070

1,077

991300398.UG.FTS.B,

23.95%,

12/18/24

.

313

82

991316123.UG.FTS.B,

23.95%,

12/18/24

.

315

318

991431975.UG.FTS.B,

Zero

Cpn,

12/19/24

317

22

991287107.UG.FTS.B,

14.98%,

12/19/24

.

197

197

991339453.UG.FTS.B,

15.97%,

12/19/24

.

112

113

991446289.UG.FTS.B,

15.97%,

12/19/24

.

133

133

991511356.UG.FTS.B,

15.97%,

12/19/24

.

411

412

991351714.UG.FTS.B,

16.99%,

12/19/24

.

704

706

991489325.UG.FTS.B,

16.99%,

12/19/24

.

102

102

991469894.UG.FTS.B,

17.99%,

12/19/24

.

195

195

991348742.UG.FTS.B,

18.97%,

12/19/24

.

78

78

991329516.UG.FTS.B,

19.8%,

12/19/24

..

–

–

991502273.UG.FTS.B,

19.8%,

12/19/24

..

21

21

991454147.UG.FTS.B,

20.46%,

12/19/24

.

73

73

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991395795.UG.FTS.B,

20.97%,

12/19/24

.

$

608

$

601

991294927.UG.FTS.B,

21.98%,

12/19/24

.

252

251

991390941.UG.FTS.B,

Zero

Cpn,

12/20/24

2,276

157

991328367.UG.FTS.B,

14.98%,

12/20/24

.

174

174

991296195.UG.FTS.B,

15%,

12/20/24

....

364

366

991333020.UG.FTS.B,

15%,

12/20/24

....

802

807

991380303.UG.FTS.B,

15%,

12/20/24

....

616

618

991348628.UG.FTS.B,

15.97%,

12/20/24

.

526

529

991365579.UG.FTS.B,

15.97%,

12/20/24

.

1,367

1,375

991375709.UG.FTS.B,

15.97%,

12/20/24

.

155

155

991457206.UG.FTS.B,

15.97%,

12/20/24

.

667

671

991463713.UG.FTS.B,

15.97%,

12/20/24

.

72

72

991504029.UG.FTS.B,

15.97%,

12/20/24

.

445

446

991303599.UG.FTS.B,

16.99%,

12/20/24

.

961

967

991310742.UG.FTS.B,

16.99%,

12/20/24

.

110

110

991350184.UG.FTS.B,

16.99%,

12/20/24

.

288

288

991371806.UG.FTS.B,

16.99%,

12/20/24

.

1,120

9

991423752.UG.FTS.B,

16.99%,

12/20/24

.

110

109

991440844.UG.FTS.B,

16.99%,

12/20/24

.

2,769

391

991458324.UG.FTS.B,

16.99%,

12/20/24

.

351

353

991521970.UG.FTS.B,

16.99%,

12/20/24

.

90

90

991304140.UG.FTS.B,

17.99%,

12/20/24

.

197

198

991346525.UG.FTS.B,

17.99%,

12/20/24

.

685

689

991349664.UG.FTS.B,

17.99%,

12/20/24

.

122

123

991512531.UG.FTS.B,

17.99%,

12/20/24

.

61

61

991515123.UG.FTS.B,

17.99%,

12/20/24

.

904

906

991311525.UG.FTS.B,

18.97%,

12/20/24

.

492

493

991381262.UG.FTS.B,

18.97%,

12/20/24

.

84

84

991422168.UG.FTS.B,

19.21%,

12/20/24

.

2,945

2,951

991425928.UG.FTS.B,

19.46%,

12/20/24

.

80

80

991305111.UG.FTS.B,

19.8%,

12/20/24

..

762

764

991309911.UG.FTS.B,

19.8%,

12/20/24

..

939

941

991415873.UG.FTS.B,

19.8%,

12/20/24

..

1,114

1,117

991340100.UG.FTS.B,

20.46%,

12/20/24

.

4,662

4,698

991399925.UG.FTS.B,

20.46%,

12/20/24

.

26

26

991352757.UG.FTS.B,

21.46%,

12/20/24

.

139

140

991459030.UG.FTS.B,

Zero

Cpn,

12/21/24

1,108

77

991438242.UG.FTS.B,

15.97%,

12/21/24

.

179

180

991484651.UG.FTS.B,

16.99%,

12/21/24

.

69

69

991495192.UG.FTS.B,

16.99%,

12/21/24

.

1,123

1,125

991505343.UG.FTS.B,

17.99%,

12/21/24

.

181

181

991520568.UG.FTS.B,

21.98%,

12/21/24

.

93

93

991115039.UG.FTS.B,

29.49%,

12/21/24

.

116

8

991182116.UG.FTS.B,

28.98%,

12/28/24

.

295

303

991206829.UG.FTS.B,

29.49%,

1/03/25

..

155

–

991039478.UG.FTS.B,

16.99%,

1/09/25

..

521

529

991031280.UG.FTS.B,

28.98%,

1/09/25

..

94

98

991389712.UG.FTS.B,

22.95%,

1/10/25

..

79

20

991258541.UG.FTS.B,

Zero

Cpn,

1/12/25

.

2,700

189

991063837.UG.FTS.B,

19.8%,

1/13/25

...

154

154

991071642.UG.FTS.B,

29.49%,

1/16/25

..

61

49

991266050.UG.FTS.B,

Zero

Cpn,

1/17/25

.

94

7

991084551.UG.FTS.B,

29.49%,

1/17/25

..

61

63

991145095.UG.FTS.B,

29.49%,

1/17/25

..

60

62

991254871.UG.FTS.B,

29.49%,

1/17/25

..

69

63

991125455.UG.FTS.B,

28.98%,

1/19/25

..

166

169

991112802.UG.FTS.B,

28.98%,

1/22/25

..

621

652

991210095.UG.FTS.B,

29.49%,

1/22/25

..

–

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

271

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991268849.UG.FTS.B,

Zero

Cpn,

1/26/25

.

$

183

$

13

991149959.UG.FTS.B,

29.49%,

1/27/25

..

399

13

991235449.UG.FTS.B,

Zero

Cpn,

1/28/25

.

343

23

991179044.UG.FTS.B,

21.46%,

1/29/25

..

517

521

991236126.UG.FTS.B,

28.98%,

1/29/25

..

53

42

991278856.UG.FTS.B,

28.98%,

1/29/25

..

322

248

991089275.UG.FTS.B,

21.98%,

2/06/25

..

73

54

991206923.UG.FTS.B,

Zero

Cpn,

2/07/25

.

84

6

991014881.UG.FTS.B,

20.46%,

2/07/25

..

980

240

991108267.UG.FTS.B,

29.49%,

2/08/25

..

173

22

991338381.UG.FTS.B,

16.99%,

2/09/25

..

173

173

991097430.UG.FTS.B,

18.97%,

2/09/25

..

348

347

991184036.UG.FTS.B,

19.21%,

2/09/25

..

108

102

991201385.UG.FTS.B,

28.98%,

2/09/25

..

182

135

991037811.UG.FTS.B,

19.8%,

2/10/25

...

535

130

991072361.UG.FTS.B,

21.46%,

2/10/25

..

376

286

991226484.UG.FTS.B,

21.46%,

2/10/25

..

454

344

991147839.UG.FTS.B,

22.97%,

2/11/25

..

502

379

991231578.UG.FTS.B,

18.97%,

2/12/25

..

2,566

2,564

991147993.UG.FTS.B,

20.46%,

2/12/25

..

279

22

991080455.UG.FTS.B,

19.8%,

2/13/25

...

116

27

991067852.UG.FTS.B,

21.46%,

2/13/25

..

211

157

991232327.UG.FTS.B,

21.46%,

2/13/25

..

194

15

991239064.UG.FTS.B,

23.95%,

2/13/25

..

328

247

991128160.UG.FTS.B,

19.8%,

2/15/25

...

115

–

991085325.UG.FTS.B,

29.49%,

2/15/25

..

300

306

991096721.UG.FTS.B,

19.21%,

2/16/25

..

193

139

991086704.UG.FTS.B,

19.8%,

2/17/25

...

172

13

991113882.UG.FTS.B,

29.49%,

2/17/25

..

235

175

991149969.UG.FTS.B,

29.49%,

2/17/25

..

154

9

991138152.UG.FTS.B,

Zero

Cpn,

2/18/25

.

322

22

991114451.UG.FTS.B,

21.46%,

2/18/25

..

773

58

991200919.UG.FTS.B,

21.46%,

2/18/25

..

81

59

991150600.UG.FTS.B,

29.49%,

2/18/25

..

782

795

991267091.UG.FTS.B,

21.98%,

2/19/25

..

1,573

1,202

991177091.UG.FTS.B,

28.98%,

2/19/25

..

622

638

991114374.UG.FTS.B,

29.49%,

2/19/25

..

226

192

991119833.UG.FTS.B,

19.21%,

2/20/25

..

615

447

991285026.UG.FTS.B,

21.98%,

2/20/25

..

86

63

991103252.UG.FTS.B,

29.46%,

2/20/25

..

241

217

991116156.UG.FTS.B,

29.49%,

2/20/25

..

90

92

991158905.UG.FTS.B,

29.49%,

2/20/25

..

202

164

991135432.UG.FTS.B,

Zero

Cpn,

2/21/25

.

1,981

137

991126095.UG.FTS.B,

19.46%,

2/21/25

..

95

96

991132382.UG.FTS.B,

19.99%,

2/21/25

..

88

91

991184569.UG.FTS.B,

21.98%,

2/21/25

..

105

106

991112737.UG.FTS.B,

28.98%,

2/21/25

..

186

191

991114478.UG.FTS.B,

28.98%,

2/21/25

..

281

289

991189874.UG.FTS.B,

28.98%,

2/21/25

..

1,059

824

991107180.UG.FTS.B,

29.49%,

2/21/25

..

187

–

991120312.UG.FTS.B,

29.49%,

2/21/25

..

1,652

1,230

991127127.UG.FTS.B,

29.49%,

2/21/25

..

160

165

991139033.UG.FTS.B,

29.49%,

2/21/25

..

636

473

991115956.UG.FTS.B,

28.98%,

2/22/25

..

1,171

914

991126948.UG.FTS.B,

28.98%,

2/22/25

..

1,076

1,097

991323210.UG.FTS.B,

28.98%,

2/22/25

..

517

405

991112012.UG.FTS.B,

29.49%,

2/22/25

..

71

74

991151961.UG.FTS.B,

29.49%,

2/22/25

..

227

181

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991165060.UG.FTS.B,

29.49%,

2/22/25

..

$

185

$

145

991176181.UG.FTS.B,

19.99%,

2/23/25

..

1,194

1,251

991180816.UG.FTS.B,

29.49%,

2/23/25

..

146

114

991228566.UG.FTS.B,

29.49%,

2/23/25

..

154

163

991242467.UG.FTS.B,

29.49%,

2/23/25

..

272

285

991146899.UG.FTS.B,

Zero

Cpn,

2/24/25

.

648

43

991277503.UG.FTS.B,

19.8%,

2/24/25

...

263

194

991171681.UG.FTS.B,

17.99%,

2/25/25

..

109

81

991311828.UG.FTS.B,

17.99%,

2/25/25

..

271

199

991137424.UG.FTS.B,

19.8%,

2/25/25

...

809

804

991212968.UG.FTS.B,

19.8%,

2/26/25

...

722

726

991197152.UG.FTS.B,

Zero

Cpn,

2/27/25

.

5,825

400

991153501.UG.FTS.B,

20.97%,

2/27/25

..

122

90

991198258.UG.FTS.B,

21.46%,

2/27/25

..

434

330

991151079.UG.FTS.B,

29.49%,

2/27/25

..

97

80

991242367.UG.FTS.B,

29.49%,

2/28/25

..

76

60

991186409.UG.FTS.B,

29.49%,

3/02/25

..

3,275

2,495

991201575.UG.FTS.B,

15%,

3/03/25

.....

601

447

991216498.UG.FTS.B,

19.99%,

3/05/25

..

3,862

2,969

991226863.UG.FTS.B,

28.98%,

3/05/25

..

194

202

991323235.UG.FTS.B,

18.97%,

3/07/25

..

302

227

991201969.UG.FTS.B,

28.98%,

3/07/25

..

176

43

991205598.UG.FTS.B,

29.49%,

3/08/25

..

159

119

991054721.UG.FTS.B,

28.98%,

3/09/25

..

1,648

106

991097574.UG.FTS.B,

28.98%,

3/09/25

..

264

34

991297454.UG.FTS.B,

28.98%,

3/09/25

..

66

68

991038962.UG.FTS.B,

29.49%,

3/09/25

..

50

51

991451736.UG.FTS.B,

19.8%,

3/10/25

...

858

651

991065324.UG.FTS.B,

21.98%,

3/11/25

..

686

153

991284084.UG.FTS.B,

15.97%,

3/12/25

..

784

13

991286205.UG.FTS.B,

15.97%,

3/13/25

..

4,163

945

991507545.UG.FTS.B,

16.99%,

3/15/25

..

168

121

991289340.UG.FTS.B,

21.46%,

3/15/25

..

222

16

991533128.UG.FTS.B,

20.46%,

3/16/25

..

560

562

991264341.UG.FTS.B,

29.49%,

3/16/25

..

337

345

991526785.UG.FTS.B,

Zero

Cpn,

3/17/25

.

313

22

991260615.UG.FTS.B,

19.99%,

3/17/25

..

199

146

991184596.UG.FTS.B,

27.99%,

3/17/25

..

649

88

991097752.UG.FTS.B,

29.49%,

3/17/25

..

92

95

991171656.UG.FTS.B,

28.98%,

3/18/25

..

136

140

991256789.UG.FTS.B,

28.98%,

3/18/25

..

439

447

991119766.UG.FTS.B,

29.49%,

3/18/25

..

75

77

991164566.UG.FTS.B,

29.49%,

3/18/25

..

143

146

991100133.UG.FTS.B,

28.98%,

3/19/25

..

118

87

991132948.UG.FTS.B,

29.49%,

3/19/25

..

96

7

991169914.UG.FTS.B,

28.98%,

3/20/25

..

301

41

991148239.UG.FTS.B,

29.49%,

3/20/25

..

558

575

991135109.UG.FTS.B,

29.49%,

3/21/25

..

318

45

991146849.UG.FTS.B,

29.49%,

3/21/25

..

605

–

991191859.UG.FTS.B,

29.49%,

3/21/25

..

105

14

991298763.UG.FTS.B,

29.49%,

3/21/25

..

151

154

991145592.UG.FTS.B,

29.49%,

3/22/25

..

135

139

991253796.UG.FTS.B,

29.49%,

3/22/25

..

126

130

991285509.UG.FTS.B,

29.49%,

3/22/25

..

1,172

1,200

991167168.UG.FTS.B,

29.49%,

3/23/25

..

1,082

822

991169188.UG.FTS.B,

29.49%,

3/23/25

..

517

532

991297898.UG.FTS.B,

29.49%,

3/23/25

..

84

88

991154983.UG.FTS.B,

21.48%,

3/26/25

..

93

66

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

272

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991198311.UG.FTS.B,

29.49%,

3/28/25

..

$

157

$

163

991282718.UG.FTS.B,

29.49%,

3/28/25

..

68

71

991229899.UG.FTS.B,

28.98%,

3/29/25

..

100

–

991273718.UG.FTS.B,

28.98%,

3/29/25

..

88

91

991192314.UG.FTS.B,

29.49%,

3/29/25

..

803

618

991383439.UG.FTS.B,

29.49%,

3/30/25

..

140

107

991397187.UG.FTS.B,

28.98%,

4/04/25

..

251

–

991342598.UG.FTS.B,

28.98%,

4/05/25

..

96

100

991217222.UG.FTS.B,

29.46%,

4/05/25

..

650

173

991356417.UG.FTS.B,

29.49%,

4/05/25

..

167

173

991421184.UG.FTS.B,

29.49%,

4/06/25

..

185

135

991305854.UG.FTS.B,

29.49%,

4/09/25

..

207

14

991033516.UG.FTS.B,

23.95%,

4/10/25

..

1,561

1,129

991089356.UG.FTS.B,

28.98%,

4/17/25

..

101

73

991103497.UG.FTS.B,

29.47%,

4/18/25

..

805

–

991152518.UG.FTS.B,

18.97%,

4/23/25

..

154

112

991074295.UG.FTS.B,

29.49%,

5/09/25

..

172

132

991058990.UG.FTS.B,

19.21%,

5/11/25

..

336

23

991058306.UG.FTS.B,

20.46%,

5/11/25

..

505

503

991098880.UG.FTS.B,

29.47%,

5/18/25

..

1,066

–

991104826.UG.FTS.B,

29.49%,

5/20/25

..

91

64

991137652.UG.FTS.B,

29.49%,

5/20/25

..

79

81

991168137.UG.FTS.B,

19.8%,

5/21/25

...

286

287

991155193.UG.FTS.B,

28.98%,

5/26/25

..

218

31

991223413.UG.FTS.B,

28.98%,

5/28/25

..

128

17

991182789.UG.FTS.B,

28.98%,

5/29/25

..

589

417

991369350.UG.FTS.B,

21.46%,

6/07/25

..

87

64

991098718.UG.FTS.B,

23.95%,

6/09/25

..

505

358

991031395.UG.FTS.B,

29.49%,

6/09/25

..

87

69

991031396.UG.FTS.B,

29.49%,

6/09/25

..

62

50

991358540.UG.FTS.B,

14.98%,

6/15/25

..

450

324

991329135.UG.FTS.B,

19.8%,

6/17/25

...

5,978

5,978

991098564.UG.FTS.B,

26.94%,

6/19/25

..

136

10

991295104.UG.FTS.B,

26.94%,

6/20/25

..

98

1

991260952.UG.FTS.B,

28.98%,

6/20/25

..

84

85

991138789.UG.FTS.B,

21.46%,

6/22/25

..

164

164

991159326.UG.FTS.B,

21.98%,

6/22/25

..

838

839

991299072.UG.FTS.B,

29.49%,

6/23/25

..

197

148

991131037.UG.FTS.B,

21.46%,

7/08/25

..

380

379

991341537.UG.FTS.B,

19.8%,

7/09/25

...

959

66

991102904.UG.FTS.B,

29.49%,

7/09/25

..

104

81

991042430.UG.FTS.B,

17.99%,

7/10/25

..

2,464

2,468

991089727.UG.FTS.B,

17.99%,

7/10/25

..

5,812

5,716

991074550.UG.FTS.B,

19.8%,

7/11/25

...

874

859

991052299.UG.FTS.B,

20.97%,

7/12/25

..

637

437

991293334.UG.FTS.B,

16.99%,

7/13/25

..

2,433

2,432

991215163.UG.FTS.B,

19.8%,

7/15/25

...

661

658

991146431.UG.FTS.B,

28.98%,

7/17/25

..

72

52

991169822.UG.FTS.B,

29.49%,

7/17/25

..

649

673

991142024.UG.FTS.B,

28.98%,

7/19/25

..

1,520

1,548

991225320.UG.FTS.B,

29.49%,

7/19/25

..

206

143

991144096.UG.FTS.B,

26.94%,

7/21/25

..

448

317

991119119.UG.FTS.B,

29.49%,

7/23/25

...

189

199

991149915.UG.FTS.B,

29.49%,

7/25/25

..

102

103

991258407.UG.FTS.B,

29.49%,

7/28/25

..

197

28

991252149.UG.FTS.B,

29.49%,

8/04/25

..

83

87

991269532.UG.FTS.B,

29.46%,

8/05/25

..

134

140

991026129.UG.FTS.B,

29.49%,

8/06/25

..

461

329

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991300215.UG.FTS.B,

21.46%,

8/08/25

..

$

121

$

119

991237888.UG.FTS.B,

28.98%,

8/15/25

..

592

600

991168160.UG.FTS.B,

21.46%,

8/16/25

..

246

246

991089471.UG.FTS.B,

29.49%,

8/17/25

..

297

207

991130981.UG.FTS.B,

29.49%,

8/17/25

..

105

–

991225567.UG.FTS.B,

19.8%,

8/18/25

...

239

13

991280082.UG.FTS.B,

29.49%,

8/19/25

..

82

58

991115841.UG.FTS.B,

29.49%,

8/21/25

..

977

1,002

991239388.UG.FTS.B,

29.49%,

8/21/25

..

178

184

991178342.UG.FTS.B,

28.98%,

8/28/25

..

343

352

991192840.UG.FTS.B,

29.49%,

8/29/25

..

166

23

991330975.UG.FTS.B,

29.49%,

9/05/25

..

360

45

991319523.UG.FTS.B,

15.97%,

9/10/25

..

104

103

991054142.UG.FTS.B,

19.8%,

9/11/25

...

74

74

991238529.UG.FTS.B,

19.8%,

9/16/25

...

1,699

1,677

991299503.UG.FTS.B,

17.99%,

9/27/25

..

282

280

991162953.UG.FTS.B,

26.94%,

9/27/25

..

158

111

991290022.UG.FTS.B,

19.8%,

10/05/25

..

423

–

991054408.UG.FTS.B,

28.98%,

10/08/25

.

623

649

991418802.UG.FTS.B,

29.49%,

10/10/25

.

99

98

991091528.UG.FTS.B,

29.49%,

10/17/25

.

375

282

991263708.UG.FTS.B,

28.98%,

10/18/25

.

83

–

991178650.UG.FTS.B,

28.98%,

10/19/25

.

404

269

991104383.UG.FTS.B,

29.49%,

10/19/25

.

239

32

991115476.UG.FTS.B,

Zero

Cpn,

10/22/25

167

11

991218283.UG.FTS.B,

14.98%,

10/27/25

.

3,796

2,517

991158407.UG.FTS.B,

29.49%,

10/28/25

.

124

90

991037607.UG.FTS.B,

28.98%,

11/08/25

.

107

74

991080210.UG.FTS.B,

28.98%,

11/08/25

.

290

212

991197071.UG.FTS.B,

21.98%,

11/09/25

.

218

46

991069043.UG.FTS.B,

26.49%,

11/09/25

.

259

17

991046765.UG.FTS.B,

15.97%,

11/10/25

.

143

142

991120791.UG.FTS.B,

15.97%,

11/10/25

.

1,583

1,566

991258611.UG.FTS.B,

21.98%,

11/14/25

.

2,186

1,474

991099491.UG.FTS.B,

29.49%,

11/17/25

.

280

289

991223479.UG.FTS.B,

29.49%,

11/18/25

.

192

122

991231725.UG.FTS.B,

29.49%,

11/18/25

.

294

296

991092476.UG.FTS.B,

21.46%,

11/19/25

.

244

163

991169068.UG.FTS.B,

28.98%,

11/19/25

.

763

504

991099825.UG.FTS.B,

29.49%,

11/19/25

.

252

252

991240407.UG.FTS.B,

28.98%,

11/20/25

.

671

653

991110330.UG.FTS.B,

29.49%,

11/20/25

..

443

425

991239091.UG.FTS.B,

29.49%,

11/20/25

.

789

799

991134257.UG.FTS.B,

29.49%,

11/21/25

.

3,711

2,616

991117478.UG.FTS.B,

29.49%,

11/22/25

..

648

450

991127641.UG.FTS.B,

29.49%,

11/22/25

.

427

430

991120297.UG.FTS.B,

22.97%,

11/23/25

.

1,840

1,873

991142242.UG.FTS.B,

20.97%,

11/25/25

.

237

14

991322375.UG.FTS.B,

28.98%,

11/28/25

.

742

421

991208980.UG.FTS.B,

29.49%,

11/28/25

.

642

627

991326057.UG.FTS.B,

29.49%,

11/28/25

.

117

116

991186676.UG.FTS.B,

29.49%,

11/29/25

.

629

435

991262312.UG.FTS.B,

29.49%,

11/29/25

.

144

144

991259503.UG.FTS.B,

Zero

Cpn,

12/05/25

205

14

991400367.UG.FTS.B,

29.49%,

12/06/25

.

180

–

991418120.UG.FTS.B,

14.98%,

12/13/25

.

168

104

991493847.UG.FTS.B,

17.99%,

12/15/25

.

843

93

991153454.UG.FTS.B,

19.99%,

12/27/25

.

236

239

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

273

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991257232.UG.FTS.B,

28.98%,

12/28/25

.

$

284

$

290

991055984.UG.FTS.B,

28.98%,

1/09/26

..

109

6

991110203.UG.FTS.B,

29.49%,

1/19/26

..

195

196

991116103.UG.FTS.B,

29.49%,

2/23/26

..

155

162

991302771.UG.FTS.B,

19.99%,

2/28/26

..

362

242

991033157.UG.FTS.B,

22.97%,

3/09/26

..

1,339

72

991383601.UG.FTS.B,

20.97%,

3/29/26

..

238

158

991120820.UG.FTS.B,

29.49%,

4/21/26

..

812

533

991161030.UG.FTS.B,

29.49%,

6/18/26

..

146

98

991143728.UG.FTS.B,

18.21%,

6/26/26

..

529

326

991068855.UG.FTS.B,

25.94%,

8/16/26

..

243

146

991015912.UG.FTS.B,

20.97%,

9/07/26

..

588

111

991115930.UG.FTS.B,

29.49%,

10/19/26

.

630

395

991020944.UG.FTS.B,

15.99%,

11/08/26

.

2,823

2,869

991074802.UG.FTS.B,

22.36%,

11/11/26

.

6,478

6,766

991215907.UG.FTS.B,

16.99%,

11/12/26

.

1,419

1,442

991164893.UG.FTS.B,

19.99%,

11/15/26

.

80

80

991087378.UG.FTS.B,

21.36%,

11/15/26

.

589

606

991415270.UG.FTS.B,

16.99%,

12/06/26

.

429

46

991356469.UG.FTS.B,

16.99%,

12/07/26

.

94

94

991226691.UG.FTS.B,

15.99%,

12/09/26

.

240

251

991249712.UG.FTS.B,

15.99%,

12/09/26

.

3,002

3,118

991265247.UG.FTS.B,

16.99%,

12/12/26

.

390

403

991359359.UG.FTS.B,

15.99%,

12/14/26

.

649

671

991467528.UG.FTS.B,

15.99%,

12/14/26

.

388

402

991258909.UG.FTS.B,

16.99%,

12/14/26

.

810

834

991280209.UG.FTS.B,

16.99%,

12/14/26

.

2,061

228

991469109.UG.FTS.B,

18.98%,

12/15/26

.

655

665

991263485.UG.FTS.B,

16.99%,

12/16/26

.

–

–

991326633.UG.FTS.B,

21.99%,

12/19/26

.

640

653

991389147.UG.FTS.B,

22.36%,

12/19/26

.

148

149

991266262.UG.FTS.B,

19.8%,

7/16/27

...

1,305

784

991049842.UG.FTS.B,

Zero

Cpn,

9/09/27

.

–

–

991060314.UG.FTS.B,

28.98%,

10/09/27

.

–

–

991491868.UG.FTS.B,

14.48%,

10/12/27

.

–

–

991153925.UG.FTS.B,

Zero

Cpn,

10/21/27

–

–

991352807.UG.FTS.B,

Zero

Cpn,

10/30/27

–

–

991480124.UG.FTS.B,

15.97%,

11/18/27

.

–

–

991139016.UG.FTS.B,

28.48%,

11/19/27

.

–

–

991122786.UG.FTS.B,

29.49%,

11/20/27

.

–

–

991162286.UG.FTS.B,

29.49%,

11/21/27

.

–

–

991316297.UG.FTS.B,

29.49%,

11/22/27

.

–

–

991163966.UG.FTS.B,

28.98%,

11/23/27

.

–

–

991148029.UG.FTS.B,

29.49%,

11/25/27

.

–

–

991220521.UG.FTS.B,

21.46%,

11/26/27

.

–

–

991212602.UG.FTS.B,

Zero

Cpn,

11/29/27

–

–

991046494.UG.FTS.B,

29.49%,

12/09/27

.

–

–

991515439.UG.FTS.B,

16.99%,

12/15/27

.

–

–

991070597.UG.FTS.B,

29.49%,

12/16/27

.

–

–

991139342.UG.FTS.B,

29.49%,

12/17/27

.

–

–

991115984.UG.FTS.B,

29.48%,

12/18/27

.

–

–

991100486.UG.FTS.B,

28.48%,

12/19/27

.

–

–

991193364.UG.FTS.B,

17.99%,

12/25/27

.

–

–

991009159.UG.FTS.B,

20.46%,

1/06/28

..

–

–

991137879.UG.FTS.B,

29.49%,

1/09/28

..

–

–

991255805.UG.FTS.B,

29.49%,

1/17/28

..

–

–

991143037.UG.FTS.B,

19.99%,

1/19/28

..

–

–

991298103.UG.FTS.B,

19.96%,

1/22/28

..

–

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991098433.UG.FTS.B,

20.47%,

2/12/28

..

$

–

$

–

991261757.UG.FTS.B,

28.98%,

2/15/28

..

–

–

991140034.UG.FTS.B,

20.46%,

2/24/28

..

–

–

991363340.UG.FTS.B,

29.49%,

2/28/28

..

8

8

991060869.UG.FTS.B,

20.97%,

3/12/28

..

15

–

991196097.UG.FTS.B,

Zero

Cpn,

3/23/28

.

8

1

991269882.UG.FTS.B,

Zero

Cpn,

4/17/28

.

14

1

991186431.UG.FTS.B,

29.49%,

4/17/28

..

1

1

991188769.UG.FTS.B,

21.46%,

4/25/28

..

35

30

991149683.UG.FTS.B,

28.98%,

4/26/28

..

25

4

991382074.UG.FTS.B,

29.49%,

5/05/28

..

–

–

991409861.UG.FTS.B,

29.49%,

5/07/28

..

2

–

991086114.UG.FTS.B,

22.97%,

5/08/28

..

1

1

991263078.UG.FTS.B,

28.98%,

5/17/28

..

1

1

991116379.UG.FTS.B,

Zero

Cpn,

5/22/28

.

15

1

991209031.UG.FTS.B,

28.98%,

5/28/28

..

32

28

991024658.UG.FTS.B,

Zero

Cpn,

6/09/28

.

2

–

991032286.UG.FTS.B,

29.49%,

6/09/28

..

8

–

991169498.UG.FTS.B,

29.49%,

6/09/28

..

24

22

991202249.UG.FTS.B,

29.49%,

6/17/28

..

–

–

991298377.UG.FTS.B,

28.48%,

6/20/28

..

–

–

991150634.UG.FTS.B,

19.99%,

6/21/28

..

1

1

991191694.UG.FTS.B,

29.49%,

6/29/28

..

–

–

991198026.UG.FTS.B,

28.98%,

7/04/28

..

17

15

991070225.UG.FTS.B,

Zero

Cpn,

7/16/28

.

10

1

991139545.UG.FTS.B,

20.97%,

7/16/28

..

3

–

991219767.UG.FTS.B,

20.47%,

7/20/28

..

–

–

991130146.UG.FTS.B,

29.49%,

7/21/28

..

3

–

991204447.UG.FTS.B,

Zero

Cpn,

8/04/28

.

11

1

991080461.UG.FTS.B,

29.49%,

8/17/28

..

38

33

991117400.UG.FTS.B,

29.49%,

8/19/28

..

6

–

991158173.UG.FTS.B,

Zero

Cpn,

8/23/28

.

10

1

991026609.UG.FTS.B,

Zero

Cpn,

9/09/28

.

14

1

991204642.UG.FTS.B,

Zero

Cpn,

9/12/28

.

15

1

991118039.UG.FTS.B,

28.98%,

9/18/28

..

9

–

991205229.UG.FTS.B,

21.98%,

9/19/28

..

1

1

991294280.UG.FTS.B,

29.49%,

9/19/28

..

8

–

991202260.UG.FTS.B,

28.48%,

9/22/28

..

6

–

991151890.UG.FTS.B,

28.98%,

9/26/28

..

–

–

991146846.UG.FTS.B,

29.49%,

9/26/28

..

5

1

991231997.UG.FTS.B,

29.49%,

9/29/28

..

5

–

991083025.UG.FTS.B,

21.48%,

10/12/28

.

–

–

991273851.UG.FTS.B,

Zero

Cpn,

10/17/28

13

1

991135949.UG.FTS.B,

29.49%,

10/18/28

.

–

–

991179665.UG.FTS.B,

28.48%,

10/19/28

.

36

36

991233225.UG.FTS.B,

29.48%,

10/19/28

.

5

4

991312091.UG.FTS.B,

Zero

Cpn,

10/21/28

20

1

991204785.UG.FTS.B,

29.48%,

10/22/28

.

–

–

991180408.UG.FTS.B,

Zero

Cpn,

10/23/28

16

1

991173523.UG.FTS.B,

18.71%,

10/24/28

.

5

5

991162373.UG.FTS.B,

29.49%,

10/26/28

.

–

–

991290395.UG.FTS.B,

28.98%,

10/28/28

.

–

–

991355498.UG.FTS.B,

Zero

Cpn,

10/30/28

20

1

991420233.UG.FTS.B,

22.47%,

11/05/28

.

1

1

991342766.UG.FTS.B,

28.48%,

11/05/28

.

2

2

991253023.UG.FTS.B,

28.98%,

11/05/28

.

1

1

991083189.UG.FTS.B,

25.45%,

11/06/28

.

7

7

991008836.UG.FTS.B,

29.49%,

11/06/28

.

39

39

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

274

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991019637.UG.FTS.B,

29.49%,

11/06/28

.

$

12

$

11

991021226.UG.FTS.B,

Zero

Cpn,

11/07/28

139

10

991216040.UG.FTS.B,

15.47%,

11/07/28

.

71

71

991418338.UG.FTS.B,

19.99%,

11/07/28

.

4

1

991015928.UG.FTS.B,

28.48%,

11/07/28

.

6

6

991025120.UG.FTS.B,

29.48%,

11/07/28

.

18

18

991018932.UG.FTS.B,

29.49%,

11/07/28

.

33

33

991021901.UG.FTS.B,

29.49%,

11/07/28

.

10

10

991035968.UG.FTS.B,

29.49%,

11/07/28

.

8

8

991050282.UG.FTS.B,

29.49%,

11/07/28

.

5

5

991086005.UG.FTS.B,

29.49%,

11/07/28

.

5

5

991062680.UG.FTS.B,

18.96%,

11/08/28

.

9

9

991022143.UG.FTS.B,

19.96%,

11/08/28

.

28

28

991216376.UG.FTS.B,

21.48%,

11/08/28

.

10

10

991225070.UG.FTS.B,

22.47%,

11/08/28

.

8

7

991045741.UG.FTS.B,

23.45%,

11/08/28

.

12

12

991051732.UG.FTS.B,

23.45%,

11/08/28

.

7

7

991107974.UG.FTS.B,

23.45%,

11/08/28

.

5

5

991217504.UG.FTS.B,

25.45%,

11/08/28

.

14

14

991045793.UG.FTS.B,

26.44%,

11/08/28

.

167

10

991106609.UG.FTS.B,

28.48%,

11/08/28

.

104

–

991211370.UG.FTS.B,

28.48%,

11/08/28

.

6

6

991045101.UG.FTS.B,

29.48%,

11/08/28

.

48

26

991056252.UG.FTS.B,

29.49%,

11/08/28

.

24

24

991187212.UG.FTS.B,

29.49%,

11/08/28

.

26

26

991087213.UG.FTS.B,

Zero

Cpn,

11/09/28

61

4

991202378.UG.FTS.B,

16.49%,

11/09/28

.

9

9

991038833.UG.FTS.B,

18.47%,

11/09/28

.

8

8

991106109.UG.FTS.B,

18.47%,

11/09/28

.

12

12

991212211.UG.FTS.B,

19.3%,

11/09/28

..

2

2

991062058.UG.FTS.B,

19.96%,

11/09/28

.

32

2

991033770.UG.FTS.B,

19.99%,

11/09/28

.

10

10

991033897.UG.FTS.B,

20.47%,

11/09/28

.

101

101

991062734.UG.FTS.B,

20.96%,

11/09/28

.

13

13

991080192.UG.FTS.B,

20.96%,

11/09/28

.

16

15

991034529.UG.FTS.B,

21.48%,

11/09/28

.

12

12

991035672.UG.FTS.B,

21.48%,

11/09/28

.

59

59

991081352.UG.FTS.B,

21.48%,

11/09/28

.

9

9

991175335.UG.FTS.B,

22.47%,

11/09/28

.

–

–

991215040.UG.FTS.B,

22.47%,

11/09/28

.

6

6

991131589.UG.FTS.B,

25.45%,

11/09/28

.

10

10

991054094.UG.FTS.B,

28.48%,

11/09/28

.

6

6

991056001.UG.FTS.B,

28.48%,

11/09/28

.

7

7

991056988.UG.FTS.B,

28.48%,

11/09/28

.

7

7

991089405.UG.FTS.B,

28.48%,

11/09/28

.

9

9

991100814.UG.FTS.B,

28.48%,

11/09/28

.

25

25

991112913.UG.FTS.B,

28.48%,

11/09/28

..

1

–

991184147.UG.FTS.B,

28.48%,

11/09/28

.

14

14

991032192.UG.FTS.B,

29.48%,

11/09/28

.

10

10

991042477.UG.FTS.B,

29.48%,

11/09/28

.

19

19

991073502.UG.FTS.B,

29.48%,

11/09/28

.

37

37

991077130.UG.FTS.B,

29.48%,

11/09/28

.

40

40

991096801.UG.FTS.B,

29.48%,

11/09/28

.

35

34

991132279.UG.FTS.B,

29.48%,

11/09/28

.

2

2

991132339.UG.FTS.B,

29.48%,

11/09/28

.

10

10

991141134.UG.FTS.B,

29.48%,

11/09/28

..

123

124

991169941.UG.FTS.B,

29.48%,

11/09/28

.

40

40

991188940.UG.FTS.B,

29.48%,

11/09/28

.

8

8

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991196471.UG.FTS.B,

29.48%,

11/09/28

.

$

5

$

5

991024641.UG.FTS.B,

29.49%,

11/09/28

.

1

1

991024915.UG.FTS.B,

29.49%,

11/09/28

.

10

10

991026432.UG.FTS.B,

29.49%,

11/09/28

.

16

16

991029761.UG.FTS.B,

29.49%,

11/09/28

.

11

7

991031265.UG.FTS.B,

29.49%,

11/09/28

.

6

6

991033023.UG.FTS.B,

29.49%,

11/09/28

.

7

7

991034815.UG.FTS.B,

29.49%,

11/09/28

.

37

37

991043005.UG.FTS.B,

29.49%,

11/09/28

.

18

18

991043493.UG.FTS.B,

29.49%,

11/09/28

.

48

48

991044198.UG.FTS.B,

29.49%,

11/09/28

.

2

2

991049605.UG.FTS.B,

29.49%,

11/09/28

.

10

6

991057605.UG.FTS.B,

29.49%,

11/09/28

.

–

–

991061678.UG.FTS.B,

29.49%,

11/09/28

.

23

11

991074139.UG.FTS.B,

29.49%,

11/09/28

.

11

11

991078791.UG.FTS.B,

29.49%,

11/09/28

.

53

32

991080602.UG.FTS.B,

29.49%,

11/09/28

.

6

6

991086306.UG.FTS.B,

29.49%,

11/09/28

.

15

7

991098895.UG.FTS.B,

29.49%,

11/09/28

.

8

8

991111641.UG.FTS.B,

29.49%,

11/09/28

..

5

5

991119020.UG.FTS.B,

29.49%,

11/09/28

..

30

30

991146122.UG.FTS.B,

29.49%,

11/09/28

.

10

10

991159442.UG.FTS.B,

29.49%,

11/09/28

.

19

10

991176715.UG.FTS.B,

29.49%,

11/09/28

.

32

32

991179512.UG.FTS.B,

29.49%,

11/09/28

.

2

1

991034570.UG.FTS.B,

Zero

Cpn,

11/10/28

257

18

991192985.UG.FTS.B,

15.47%,

11/10/28

.

21

21

991044320.UG.FTS.B,

17.47%,

11/10/28

.

6

6

991064030.UG.FTS.B,

17.49%,

11/10/28

.

7

7

991083038.UG.FTS.B,

18.47%,

11/10/28

.

1

1

991033709.UG.FTS.B,

18.71%,

11/10/28

.

21

21

991067044.UG.FTS.B,

18.71%,

11/10/28

.

6

6

991167442.UG.FTS.B,

19.3%,

11/10/28

..

15

15

991194722.UG.FTS.B,

19.3%,

11/10/28

..

6

6

991032260.UG.FTS.B,

19.96%,

11/10/28

.

5

5

991054625.UG.FTS.B,

20.47%,

11/10/28

.

37

36

991225200.UG.FTS.B,

20.47%,

11/10/28

.

5

5

991032833.UG.FTS.B,

20.96%,

11/10/28

.

9

9

991044922.UG.FTS.B,

20.96%,

11/10/28

.

16

16

991057439.UG.FTS.B,

20.96%,

11/10/28

.

6

6

991216384.UG.FTS.B,

20.96%,

11/10/28

.

5

5

991036635.UG.FTS.B,

21.48%,

11/10/28

.

150

149

991180605.UG.FTS.B,

23.45%,

11/10/28

.

42

41

991038867.UG.FTS.B,

24.45%,

11/10/28

.

28

28

991038818.UG.FTS.B,

26.44%,

11/10/28

.

48

48

991040642.UG.FTS.B,

26.44%,

11/10/28

.

20

20

991073274.UG.FTS.B,

18.71%,

11/11/28

.

26

26

991205571.UG.FTS.B,

18.96%,

11/11/28

.

14

14

991039066.UG.FTS.B,

19.3%,

11/11/28

..

11

11

991056261.UG.FTS.B,

19.3%,

11/11/28

..

16

16

991090653.UG.FTS.B,

19.3%,

11/11/28

..

8

8

991043180.UG.FTS.B,

19.96%,

11/11/28

.

42

42

991046521.UG.FTS.B,

19.96%,

11/11/28

.

18

17

991156351.UG.FTS.B,

19.96%,

11/11/28

..

15

8

991113763.UG.FTS.B,

20.47%,

11/11/28

..

10

10

991061724.UG.FTS.B,

20.96%,

11/11/28

.

51

51

991085322.UG.FTS.B,

20.96%,

11/11/28

.

37

37

991133714.UG.FTS.B,

21.48%,

11/11/28

..

35

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

275

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991062587.UG.FTS.B,

22.47%,

11/11/28

.

$

5

$

5

991050659.UG.FTS.B,

23.45%,

11/11/28

.

6

6

991071055.UG.FTS.B,

23.45%,

11/11/28

.

17

16

991139412.UG.FTS.B,

23.45%,

11/11/28

..

10

10

991176060.UG.FTS.B,

25.45%,

11/11/28

..

8

8

991096994.UG.FTS.B,

Zero

Cpn,

11/12/28

39

3

991107055.UG.FTS.B,

18.71%,

11/12/28

.

321

320

991047599.UG.FTS.B,

19.3%,

11/12/28

..

31

31

991058243.UG.FTS.B,

19.3%,

11/12/28

..

8

8

991050735.UG.FTS.B,

19.96%,

11/12/28

.

6

6

991063812.UG.FTS.B,

19.96%,

11/12/28

.

10

10

991085726.UG.FTS.B,

19.96%,

11/12/28

.

17

17

991088392.UG.FTS.B,

19.96%,

11/12/28

.

12

12

991197816.UG.FTS.B,

20.47%,

11/12/28

.

22

22

991057830.UG.FTS.B,

20.96%,

11/12/28

.

30

30

991070682.UG.FTS.B,

20.96%,

11/12/28

.

47

47

991046306.UG.FTS.B,

21.48%,

11/12/28

.

5

5

991169194.UG.FTS.B,

21.48%,

11/12/28

.

10

10

991135531.UG.FTS.B,

22.45%,

11/12/28

.

10

10

991048200.UG.FTS.B,

22.47%,

11/12/28

.

39

16

991102269.UG.FTS.B,

22.47%,

11/12/28

.

25

25

991079287.UG.FTS.B,

23.45%,

11/12/28

.

7

7

991095911.UG.FTS.B,

26.44%,

11/12/28

.

11

11

991274621.UG.FTS.B,

17.99%,

11/13/28

.

–

–

991058196.UG.FTS.B,

18.47%,

11/13/28

.

15

15

991187403.UG.FTS.B,

18.71%,

11/13/28

.

5

5

991236065.UG.FTS.B,

18.71%,

11/13/28

.

6

6

991081725.UG.FTS.B,

19.3%,

11/13/28

..

13

12

991141838.UG.FTS.B,

19.3%,

11/13/28

..

50

50

991065357.UG.FTS.B,

19.96%,

11/13/28

.

10

10

991056483.UG.FTS.B,

20.47%,

11/13/28

.

3

3

991076551.UG.FTS.B,

20.47%,

11/13/28

.

6

6

991124607.UG.FTS.B,

20.47%,

11/13/28

.

106

106

991074564.UG.FTS.B,

20.96%,

11/13/28

.

20

20

991058367.UG.FTS.B,

21.47%,

11/13/28

.

1

1

991144815.UG.FTS.B,

21.48%,

11/13/28

.

6

6

991197316.UG.FTS.B,

21.48%,

11/13/28

.

10

10

991234176.UG.FTS.B,

22.47%,

11/13/28

.

103

102

991132951.UG.FTS.B,

23.45%,

11/13/28

.

15

15

991103133.UG.FTS.B,

25.45%,

11/13/28

.

4

4

991130854.UG.FTS.B,

25.45%,

11/13/28

.

9

9

991111612.UG.FTS.B,

27.99%,

11/14/28

..

5

5

991240822.UG.FTS.B,

28.48%,

11/14/28

.

7

7

991085849.UG.FTS.B,

29.48%,

11/14/28

.

–

–

991060063.UG.FTS.B,

29.49%,

11/14/28

.

6

6

991100362.UG.FTS.B,

29.49%,

11/14/28

.

51

–

991205767.UG.FTS.B,

29.49%,

11/14/28

.

–

–

991260561.UG.FTS.B,

29.49%,

11/14/28

.

3

3

991289268.UG.FTS.B,

Zero

Cpn,

11/15/28

22

2

991065584.UG.FTS.B,

19.47%,

11/15/28

.

24

24

991168609.UG.FTS.B,

20.47%,

11/15/28

.

27

27

991209560.UG.FTS.B,

21.48%,

11/15/28

.

6

6

991081293.UG.FTS.B,

22.45%,

11/15/28

.

12

12

991113027.UG.FTS.B,

22.47%,

11/15/28

..

1

1

991204617.UG.FTS.B,

23.45%,

11/15/28

.

147

9

991224707.UG.FTS.B,

23.45%,

11/15/28

.

27

27

991099774.UG.FTS.B,

25.45%,

11/15/28

.

5

5

991071964.UG.FTS.B,

28.48%,

11/15/28

.

5

5

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991129990.UG.FTS.B,

28.48%,

11/15/28

.

$

9

$

9

991065018.UG.FTS.B,

29.48%,

11/15/28

.

8

8

991076428.UG.FTS.B,

29.48%,

11/15/28

.

32

5

991068636.UG.FTS.B,

29.49%,

11/15/28

.

23

23

991089483.UG.FTS.B,

29.49%,

11/15/28

.

176

173

991150434.UG.FTS.B,

29.49%,

11/15/28

.

4

4

991269502.UG.FTS.B,

29.49%,

11/15/28

.

27

27

991118229.UG.FTS.B,

18.71%,

11/16/28

..

6

6

991076172.UG.FTS.B,

19.3%,

11/16/28

..

6

6

991090911.UG.FTS.B,

19.96%,

11/16/28

.

8

8

991096448.UG.FTS.B,

19.96%,

11/16/28

.

97

97

991271010.UG.FTS.B,

19.99%,

11/16/28

.

18

18

991093143.UG.FTS.B,

20.47%,

11/16/28

.

13

13

991132272.UG.FTS.B,

20.47%,

11/16/28

.

36

7

991129310.UG.FTS.B,

20.96%,

11/16/28

.

5

5

991096770.UG.FTS.B,

21.48%,

11/16/28

.

11

11

991269600.UG.FTS.B,

21.48%,

11/16/28

.

–

–

991106955.UG.FTS.B,

22.47%,

11/16/28

.

31

31

991087138.UG.FTS.B,

25.45%,

11/16/28

.

12

12

991105579.UG.FTS.B,

27.99%,

11/16/28

.

–

–

991101152.UG.FTS.B,

28.48%,

11/16/28

..

12

12

991112752.UG.FTS.B,

28.48%,

11/16/28

..

11

11

991154554.UG.FTS.B,

28.48%,

11/16/28

.

7

7

991192524.UG.FTS.B,

29.48%,

11/16/28

.

13

13

991205108.UG.FTS.B,

29.48%,

11/16/28

.

14

14

991089044.UG.FTS.B,

29.49%,

11/16/28

.

1

1

991096973.UG.FTS.B,

29.49%,

11/16/28

.

7

7

991102474.UG.FTS.B,

29.49%,

11/16/28

.

2,500

2,483

991103603.UG.FTS.B,

29.49%,

11/16/28

.

–

–

991109166.UG.FTS.B,

29.49%,

11/16/28

.

112

112

991208660.UG.FTS.B,

29.49%,

11/16/28

.

18

18

991244087.UG.FTS.B,

29.49%,

11/16/28

.

10

10

991267143.UG.FTS.B,

29.49%,

11/16/28

.

154

153

991268887.UG.FTS.B,

29.49%,

11/16/28

.

12

12

991273696.UG.FTS.B,

29.49%,

11/16/28

.

4

4

991214900.UG.FTS.B,

Zero

Cpn,

11/17/28

46

3

991136963.UG.FTS.B,

18.47%,

11/17/28

.

17

17

991081404.UG.FTS.B,

18.71%,

11/17/28

.

72

72

991104977.UG.FTS.B,

18.71%,

11/17/28

.

5

5

991112759.UG.FTS.B,

19.3%,

11/17/28

...

19

19

991218561.UG.FTS.B,

20.47%,

11/17/28

.

5

5

991086525.UG.FTS.B,

20.96%,

11/17/28

.

6

5

991105587.UG.FTS.B,

20.96%,

11/17/28

.

6

6

991100356.UG.FTS.B,

21.47%,

11/17/28

.

28

28

991099366.UG.FTS.B,

21.48%,

11/17/28

.

6

6

991219801.UG.FTS.B,

21.48%,

11/17/28

.

6

6

991099400.UG.FTS.B,

22.47%,

11/17/28

.

85

5

991110963.UG.FTS.B,

22.47%,

11/17/28

..

23

23

991113770.UG.FTS.B,

22.47%,

11/17/28

..

90

7

991252484.UG.FTS.B,

22.47%,

11/17/28

.

9

8

991081496.UG.FTS.B,

28.48%,

11/17/28

.

29

29

991086939.UG.FTS.B,

28.48%,

11/17/28

.

16

16

991098785.UG.FTS.B,

28.48%,

11/17/28

.

15

15

991103315.UG.FTS.B,

28.48%,

11/17/28

.

6

6

991103375.UG.FTS.B,

28.48%,

11/17/28

.

7

7

991107749.UG.FTS.B,

28.48%,

11/17/28

.

8

8

991161650.UG.FTS.B,

28.48%,

11/17/28

.

25

25

991200969.UG.FTS.B,

28.48%,

11/17/28

.

5

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

276

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991223308.UG.FTS.B,

28.48%,

11/17/28

.

$

11

$

11

991266849.UG.FTS.B,

28.48%,

11/17/28

.

27

27

991089034.UG.FTS.B,

29.48%,

11/17/28

.

4

4

991098237.UG.FTS.B,

29.48%,

11/17/28

.

28

28

991126072.UG.FTS.B,

29.48%,

11/17/28

.

30

30

991129061.UG.FTS.B,

29.48%,

11/17/28

.

67

67

991170083.UG.FTS.B,

29.48%,

11/17/28

.

213

213

991199919.UG.FTS.B,

29.48%,

11/17/28

.

34

34

991080354.UG.FTS.B,

29.49%,

11/17/28

.

2

2

991081845.UG.FTS.B,

29.49%,

11/17/28

.

17

17

991081885.UG.FTS.B,

29.49%,

11/17/28

.

11

11

991092913.UG.FTS.B,

29.49%,

11/17/28

.

8

8

991106030.UG.FTS.B,

29.49%,

11/17/28

.

7

7

991115413.UG.FTS.B,

29.49%,

11/17/28

..

6

6

991116514.UG.FTS.B,

29.49%,

11/17/28

..

6

6

991122460.UG.FTS.B,

29.49%,

11/17/28

.

52

52

991125621.UG.FTS.B,

29.49%,

11/17/28

.

6

6

991130997.UG.FTS.B,

29.49%,

11/17/28

.

4

4

991133629.UG.FTS.B,

29.49%,

11/17/28

.

6

6

991142836.UG.FTS.B,

29.49%,

11/17/28

.

5

5

991145578.UG.FTS.B,

29.49%,

11/17/28

.

2

2

991149117.UG.FTS.B,

29.49%,

11/17/28

..

38

38

991154172.UG.FTS.B,

29.49%,

11/17/28

.

4

4

991187139.UG.FTS.B,

29.49%,

11/17/28

.

10

10

991191231.UG.FTS.B,

29.49%,

11/17/28

.

6

6

991195453.UG.FTS.B,

29.49%,

11/17/28

.

4

4

991227057.UG.FTS.B,

29.49%,

11/17/28

.

4

4

991232161.UG.FTS.B,

29.49%,

11/17/28

.

5

5

991239048.UG.FTS.B,

29.49%,

11/17/28

.

37

37

991255003.UG.FTS.B,

29.49%,

11/17/28

.

10

10

991260193.UG.FTS.B,

29.49%,

11/17/28

.

4

4

991266447.UG.FTS.B,

29.49%,

11/17/28

.

37

37

991276787.UG.FTS.B,

29.49%,

11/17/28

.

14

14

991284044.UG.FTS.B,

29.49%,

11/17/28

.

7

7

991155248.UG.FTS.B,

Zero

Cpn,

11/18/28

51

4

991223074.UG.FTS.B,

Zero

Cpn,

11/18/28

28

2

991223759.UG.FTS.B,

19.3%,

11/18/28

..

6

6

991212992.UG.FTS.B,

19.8%,

11/18/28

..

1

1

991140327.UG.FTS.B,

20.47%,

11/18/28

.

26

2

991245732.UG.FTS.B,

20.47%,

11/18/28

.

7

7

991128464.UG.FTS.B,

21.48%,

11/18/28

.

16

16

991088077.UG.FTS.B,

22.47%,

11/18/28

.

53

11

991101785.UG.FTS.B,

28.48%,

11/18/28

.

3

3

991120295.UG.FTS.B,

28.48%,

11/18/28

.

5

5

991133949.UG.FTS.B,

28.48%,

11/18/28

.

8

8

991136789.UG.FTS.B,

28.48%,

11/18/28

.

6

6

991139388.UG.FTS.B,

28.48%,

11/18/28

.

13

13

991147217.UG.FTS.B,

28.48%,

11/18/28

.

5

5

991151706.UG.FTS.B,

28.48%,

11/18/28

.

7

7

991183278.UG.FTS.B,

28.48%,

11/18/28

.

8

8

991188196.UG.FTS.B,

28.48%,

11/18/28

.

24

24

991208366.UG.FTS.B,

28.48%,

11/18/28

.

8

8

991209934.UG.FTS.B,

28.48%,

11/18/28

.

60

60

991110336.UG.FTS.B,

29.48%,

11/18/28

..

11

11

991114131.UG.FTS.B,

29.48%,

11/18/28

..

2

2

991144898.UG.FTS.B,

29.48%,

11/18/28

.

7

7

991167792.UG.FTS.B,

29.48%,

11/18/28

.

17

1

991189309.UG.FTS.B,

29.48%,

11/18/28

.

14

14

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991104098.UG.FTS.B,

29.49%,

11/18/28

.

$

7

$

7

991104737.UG.FTS.B,

29.49%,

11/18/28

.

33

33

991109649.UG.FTS.B,

29.49%,

11/18/28

.

7

7

991114689.UG.FTS.B,

29.49%,

11/18/28

..

36

36

991115508.UG.FTS.B,

29.49%,

11/18/28

..

4

1

991117155.UG.FTS.B,

29.49%,

11/18/28

..

7

7

991117438.UG.FTS.B,

29.49%,

11/18/28

..

3

3

991121552.UG.FTS.B,

29.49%,

11/18/28

.

8

8

991122701.UG.FTS.B,

29.49%,

11/18/28

.

6

6

991130319.UG.FTS.B,

29.49%,

11/18/28

.

33

33

991139325.UG.FTS.B,

29.49%,

11/18/28

.

7

7

991145726.UG.FTS.B,

29.49%,

11/18/28

.

6

6

991151536.UG.FTS.B,

29.49%,

11/18/28

.

9

9

991163351.UG.FTS.B,

29.49%,

11/18/28

.

51

51

991164951.UG.FTS.B,

29.49%,

11/18/28

.

32

33

991165843.UG.FTS.B,

29.49%,

11/18/28

.

27

27

991174051.UG.FTS.B,

29.49%,

11/18/28

.

762

62

991185357.UG.FTS.B,

29.49%,

11/18/28

.

14

14

991230774.UG.FTS.B,

29.49%,

11/18/28

.

35

36

991239892.UG.FTS.B,

29.49%,

11/18/28

.

11

11

991262795.UG.FTS.B,

29.49%,

11/18/28

.

6

6

991264888.UG.FTS.B,

29.49%,

11/18/28

.

16

15

991115516.UG.FTS.B,

Zero

Cpn,

11/19/28

57

4

991136907.UG.FTS.B,

Zero

Cpn,

11/19/28

62

4

991119059.UG.FTS.B,

18.47%,

11/19/28

..

12

12

991128878.UG.FTS.B,

18.97%,

11/19/28

.

1

1

991182650.UG.FTS.B,

19.3%,

11/19/28

..

5

5

991177917.UG.FTS.B,

20.97%,

11/19/28

.

1

1

991119021.UG.FTS.B,

23.45%,

11/19/28

..

370

–

991136286.UG.FTS.B,

28.48%,

11/19/28

.

38

38

991143210.UG.FTS.B,

28.48%,

11/19/28

.

15

15

991192321.UG.FTS.B,

28.48%,

11/19/28

.

6

6

991244839.UG.FTS.B,

28.48%,

11/19/28

.

10

10

991101326.UG.FTS.B,

29.48%,

11/19/28

.

149

10

991137525.UG.FTS.B,

29.48%,

11/19/28

.

4

4

991144416.UG.FTS.B,

29.48%,

11/19/28

.

9

9

991221688.UG.FTS.B,

29.48%,

11/19/28

.

20

20

991108274.UG.FTS.B,

29.49%,

11/19/28

.

33

33

991120556.UG.FTS.B,

29.49%,

11/19/28

.

39

39

991123249.UG.FTS.B,

29.49%,

11/19/28

.

12

12

991128135.UG.FTS.B,

29.49%,

11/19/28

.

54

54

991137564.UG.FTS.B,

29.49%,

11/19/28

.

2

2

991141067.UG.FTS.B,

29.49%,

11/19/28

.

38

38

991147427.UG.FTS.B,

29.49%,

11/19/28

.

7

7

991148944.UG.FTS.B,

29.49%,

11/19/28

.

14

14

991159041.UG.FTS.B,

29.49%,

11/19/28

.

17

17

991164538.UG.FTS.B,

29.49%,

11/19/28

.

8

8

991164665.UG.FTS.B,

29.49%,

11/19/28

.

5

5

991172015.UG.FTS.B,

29.49%,

11/19/28

.

7

7

991177356.UG.FTS.B,

29.49%,

11/19/28

.

17

17

991179715.UG.FTS.B,

29.49%,

11/19/28

.

12

12

991181774.UG.FTS.B,

29.49%,

11/19/28

.

13

13

991190043.UG.FTS.B,

29.49%,

11/19/28

.

61

9

991208015.UG.FTS.B,

29.49%,

11/19/28

.

9

9

991210218.UG.FTS.B,

29.49%,

11/19/28

.

5

5

991210916.UG.FTS.B,

29.49%,

11/19/28

.

7

7

991218135.UG.FTS.B,

29.49%,

11/19/28

.

39

–

991268256.UG.FTS.B,

29.49%,

11/19/28

.

5

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

277

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991280311.UG.FTS.B,

29.49%,

11/19/28

.

$

14

$

14

991179177.UG.FTS.B,

Zero

Cpn,

11/20/28

27

2

991254689.UG.FTS.B,

Zero

Cpn,

11/20/28

424

29

991210107.UG.FTS.B,

19.96%,

11/20/28

.

117

117

991130918.UG.FTS.B,

21.48%,

11/20/28

.

9

9

991216544.UG.FTS.B,

21.48%,

11/20/28

.

26

1

991226181.UG.FTS.B,

21.48%,

11/20/28

.

9

–

991099635.UG.FTS.B,

27.99%,

11/20/28

.

1

1

991100713.UG.FTS.B,

28.48%,

11/20/28

.

25

2

991153431.UG.FTS.B,

28.48%,

11/20/28

.

24

24

991101762.UG.FTS.B,

29.48%,

11/20/28

.

10

10

991105231.UG.FTS.B,

29.48%,

11/20/28

.

18

18

991105725.UG.FTS.B,

29.48%,

11/20/28

.

2

2

991114774.UG.FTS.B,

29.48%,

11/20/28

..

99

100

991159235.UG.FTS.B,

29.48%,

11/20/28

.

113

113

991098845.UG.FTS.B,

29.49%,

11/20/28

.

23

23

991104436.UG.FTS.B,

29.49%,

11/20/28

.

8

8

991104734.UG.FTS.B,

29.49%,

11/20/28

.

41

41

991105964.UG.FTS.B,

29.49%,

11/20/28

.

17

17

991110535.UG.FTS.B,

29.49%,

11/20/28

..

30

30

991115233.UG.FTS.B,

29.49%,

11/20/28

..

30

30

991123719.UG.FTS.B,

29.49%,

11/20/28

.

5

5

991127190.UG.FTS.B,

29.49%,

11/20/28

.

7

7

991133333.UG.FTS.B,

29.49%,

11/20/28

.

3

3

991136773.UG.FTS.B,

29.49%,

11/20/28

.

10

10

991140775.UG.FTS.B,

29.49%,

11/20/28

.

6

6

991145029.UG.FTS.B,

29.49%,

11/20/28

.

32

2

991146596.UG.FTS.B,

29.49%,

11/20/28

.

5

5

991150162.UG.FTS.B,

29.49%,

11/20/28

.

18

3

991172183.UG.FTS.B,

29.49%,

11/20/28

.

12

12

991174255.UG.FTS.B,

29.49%,

11/20/28

.

6

6

991193399.UG.FTS.B,

29.49%,

11/20/28

.

14

14

991218188.UG.FTS.B,

29.49%,

11/20/28

.

1

1

991222931.UG.FTS.B,

29.49%,

11/20/28

.

11

2

991225043.UG.FTS.B,

29.49%,

11/20/28

.

39

38

991234579.UG.FTS.B,

29.49%,

11/20/28

.

19

19

991305655.UG.FTS.B,

29.49%,

11/20/28

.

10

10

991102589.UG.FTS.B,

29.98%,

11/20/28

.

5

5

991158412.UG.FTS.B,

Zero

Cpn,

11/21/28

22

2

991161686.UG.FTS.B,

Zero

Cpn,

11/21/28

36

2

991291121.UG.FTS.B,

19.96%,

11/21/28

.

5

5

991298830.UG.FTS.B,

19.96%,

11/21/28

.

46

45

991194396.UG.FTS.B,

19.99%,

11/21/28

.

11

11

991115402.UG.FTS.B,

20.96%,

11/21/28

..

7

7

991287696.UG.FTS.B,

20.96%,

11/21/28

.

34

5

991224752.UG.FTS.B,

21.48%,

11/21/28

.

9

9

991113930.UG.FTS.B,

28.48%,

11/21/28

..

7

7

991139072.UG.FTS.B,

28.48%,

11/21/28

.

22

22

991148130.UG.FTS.B,

28.48%,

11/21/28

.

5

5

991280037.UG.FTS.B,

28.48%,

11/21/28

.

6

6

991317220.UG.FTS.B,

28.48%,

11/21/28

.

49

49

991132085.UG.FTS.B,

28.98%,

11/21/28

.

4

4

991116041.UG.FTS.B,

29.48%,

11/21/28

..

31

2

991122886.UG.FTS.B,

29.48%,

11/21/28

.

12

12

991140139.UG.FTS.B,

29.48%,

11/21/28

.

3

3

991169530.UG.FTS.B,

29.48%,

11/21/28

.

31

31

991172585.UG.FTS.B,

29.48%,

11/21/28

.

6

6

991217359.UG.FTS.B,

29.48%,

11/21/28

.

13

13

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991105687.UG.FTS.B,

29.49%,

11/21/28

.

$

13

$

13

991106382.UG.FTS.B,

29.49%,

11/21/28

.

10

10

991107142.UG.FTS.B,

29.49%,

11/21/28

.

24

24

991108375.UG.FTS.B,

29.49%,

11/21/28

.

30

30

991110866.UG.FTS.B,

29.49%,

11/21/28

..

23

23

991111224.UG.FTS.B,

29.49%,

11/21/28

..

6

6

991114290.UG.FTS.B,

29.49%,

11/21/28

..

87

88

991116067.UG.FTS.B,

29.49%,

11/21/28

..

11

11

991116199.UG.FTS.B,

29.49%,

11/21/28

..

24

24

991122211.UG.FTS.B,

29.49%,

11/21/28

..

5

5

991122535.UG.FTS.B,

29.49%,

11/21/28

.

8

8

991123210.UG.FTS.B,

29.49%,

11/21/28

.

63

63

991125159.UG.FTS.B,

29.49%,

11/21/28

.

8

8

991125565.UG.FTS.B,

29.49%,

11/21/28

.

35

6

991130949.UG.FTS.B,

29.49%,

11/21/28

.

7

7

991138422.UG.FTS.B,

29.49%,

11/21/28

.

10

10

991158154.UG.FTS.B,

29.49%,

11/21/28

.

8

8

991167616.UG.FTS.B,

29.49%,

11/21/28

.

5

5

991168725.UG.FTS.B,

29.49%,

11/21/28

.

5

5

991174718.UG.FTS.B,

29.49%,

11/21/28

.

1

1

991185856.UG.FTS.B,

29.49%,

11/21/28

.

4

4

991196579.UG.FTS.B,

29.49%,

11/21/28

.

140

139

991218537.UG.FTS.B,

29.49%,

11/21/28

.

32

32

991258669.UG.FTS.B,

29.49%,

11/21/28

.

13

13

991260078.UG.FTS.B,

29.49%,

11/21/28

.

5

5

991262693.UG.FTS.B,

29.49%,

11/21/28

.

22

22

991281491.UG.FTS.B,

29.49%,

11/21/28

.

11

11

991281569.UG.FTS.B,

29.49%,

11/21/28

.

22

22

991284842.UG.FTS.B,

29.49%,

11/21/28

.

22

3

991135114.UG.FTS.B,

Zero

Cpn,

11/22/28

33

2

991177125.UG.FTS.B,

Zero

Cpn,

11/22/28

144

10

991285654.UG.FTS.B,

18.47%,

11/22/28

.

24

24

991181842.UG.FTS.B,

18.71%,

11/22/28

.

15

15

991162322.UG.FTS.B,

19.3%,

11/22/28

..

6

6

991286624.UG.FTS.B,

19.3%,

11/22/28

..

15

15

991140485.UG.FTS.B,

20.47%,

11/22/28

.

14

14

991143058.UG.FTS.B,

22.47%,

11/22/28

.

63

63

991180826.UG.FTS.B,

22.47%,

11/22/28

.

32

32

991191793.UG.FTS.B,

25.45%,

11/22/28

.

13

13

991320036.UG.FTS.B,

26.44%,

11/22/28

.

98

99

991296637.UG.FTS.B,

28.48%,

11/22/28

.

10

10

991114757.UG.FTS.B,

28.98%,

11/22/28

..

6

–

991138467.UG.FTS.B,

29.48%,

11/22/28

.

8

8

991172445.UG.FTS.B,

29.48%,

11/22/28

.

6

6

991186088.UG.FTS.B,

29.48%,

11/22/28

.

5

5

991195206.UG.FTS.B,

29.48%,

11/22/28

.

48

48

991196155.UG.FTS.B,

29.48%,

11/22/28

.

10

10

991116817.UG.FTS.B,

29.49%,

11/22/28

..

75

76

991117468.UG.FTS.B,

29.49%,

11/22/28

..

5

5

991117471.UG.FTS.B,

29.49%,

11/22/28

..

16

16

991133413.UG.FTS.B,

29.49%,

11/22/28

.

14

14

991133732.UG.FTS.B,

29.49%,

11/22/28

.

46

46

991137389.UG.FTS.B,

29.49%,

11/22/28

.

1

1

991141579.UG.FTS.B,

29.49%,

11/22/28

.

71

71

991146714.UG.FTS.B,

29.49%,

11/22/28

.

10

10

991148469.UG.FTS.B,

29.49%,

11/22/28

.

57

57

991163976.UG.FTS.B,

29.49%,

11/22/28

.

1

1

991183431.UG.FTS.B,

29.49%,

11/22/28

.

27

27

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

278

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991184949.UG.FTS.B,

29.49%,

11/22/28

.

$

5

$

5

991188756.UG.FTS.B,

29.49%,

11/22/28

.

7

7

991201528.UG.FTS.B,

29.49%,

11/22/28

.

25

25

991218882.UG.FTS.B,

29.49%,

11/22/28

.

4

4

991235150.UG.FTS.B,

29.49%,

11/22/28

.

14

14

991286399.UG.FTS.B,

29.49%,

11/22/28

.

13

13

991295722.UG.FTS.B,

29.49%,

11/22/28

.

6

6

991301090.UG.FTS.B,

29.49%,

11/22/28

.

5

5

991304636.UG.FTS.B,

29.49%,

11/22/28

.

16

16

991320273.UG.FTS.B,

29.49%,

11/22/28

.

69

70

991254102.UG.FTS.B,

Zero

Cpn,

11/23/28

41

3

991236365.UG.FTS.B,

19.3%,

11/23/28

..

6

6

991117766.UG.FTS.B,

20.47%,

11/23/28

..

9

9

991136422.UG.FTS.B,

20.96%,

11/23/28

.

13

13

991143031.UG.FTS.B,

21.48%,

11/23/28

.

12

12

991162068.UG.FTS.B,

21.48%,

11/23/28

.

9

9

991215225.UG.FTS.B,

21.48%,

11/23/28

.

8

8

991302098.UG.FTS.B,

28.48%,

11/23/28

.

3

3

991117520.UG.FTS.B,

29.48%,

11/23/28

..

14

14

991125732.UG.FTS.B,

29.49%,

11/23/28

.

10

10

991126560.UG.FTS.B,

29.49%,

11/23/28

.

11

11

991138091.UG.FTS.B,

29.49%,

11/23/28

.

13

14

991145776.UG.FTS.B,

29.49%,

11/23/28

.

4

4

991158553.UG.FTS.B,

29.49%,

11/23/28

.

1

1

991175550.UG.FTS.B,

29.49%,

11/23/28

.

4

4

991181990.UG.FTS.B,

29.49%,

11/23/28

.

2

2

991214609.UG.FTS.B,

29.49%,

11/23/28

.

44

6

991215471.UG.FTS.B,

29.49%,

11/23/28

.

1

1

991297846.UG.FTS.B,

29.49%,

11/23/28

.

19

19

991309325.UG.FTS.B,

29.49%,

11/23/28

.

11

11

991322618.UG.FTS.B,

29.49%,

11/23/28

.

5

5

991137070.UG.FTS.B,

18.71%,

11/24/28

.

25

25

991164225.UG.FTS.B,

18.71%,

11/24/28

.

18

18

991265843.UG.FTS.B,

18.71%,

11/24/28

.

14

14

991215843.UG.FTS.B,

20.47%,

11/24/28

.

23

23

991138527.UG.FTS.B,

20.96%,

11/24/28

.

4

4

991214906.UG.FTS.B,

20.96%,

11/24/28

.

20

20

991199452.UG.FTS.B,

21.48%,

11/24/28

.

29

29

991142815.UG.FTS.B,

25.44%,

11/24/28

.

18

18

991323681.UG.FTS.B,

25.44%,

11/24/28

.

10

10

991129050.UG.FTS.B,

29.48%,

11/24/28

.

174

174

991142726.UG.FTS.B,

29.48%,

11/24/28

.

11

11

991130256.UG.FTS.B,

29.49%,

11/24/28

.

7

7

991136553.UG.FTS.B,

16.49%,

11/25/28

.

33

33

991253352.UG.FTS.B,

18.71%,

11/25/28

.

10

10

991265318.UG.FTS.B,

18.71%,

11/25/28

.

40

3

991135954.UG.FTS.B,

19.3%,

11/25/28

..

13

13

991138758.UG.FTS.B,

19.3%,

11/25/28

..

169

168

991215161.UG.FTS.B,

19.96%,

11/25/28

.

107

107

991133609.UG.FTS.B,

20.96%,

11/25/28

.

128

–

991268297.UG.FTS.B,

20.96%,

11/25/28

.

6

6

991242233.UG.FTS.B,

21.48%,

11/25/28

.

5

5

991140958.UG.FTS.B,

22.47%,

11/25/28

.

46

9

991141640.UG.FTS.B,

23.45%,

11/25/28

.

75

75

991144463.UG.FTS.B,

28.48%,

11/25/28

.

9

9

991147020.UG.FTS.B,

28.48%,

11/25/28

.

6

6

991150233.UG.FTS.B,

28.48%,

11/25/28

.

3

3

991152423.UG.FTS.B,

28.48%,

11/25/28

.

22

22

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991156326.UG.FTS.B,

28.48%,

11/25/28

.

$

15

$

15

991157290.UG.FTS.B,

28.48%,

11/25/28

.

12

12

991139435.UG.FTS.B,

29.49%,

11/25/28

.

41

41

991144902.UG.FTS.B,

29.49%,

11/25/28

.

30

30

991146276.UG.FTS.B,

29.49%,

11/25/28

.

7

7

991151871.UG.FTS.B,

29.49%,

11/25/28

.

9

9

991197118.UG.FTS.B,

16.49%,

11/26/28

..

34

34

991246436.UG.FTS.B,

16.49%,

11/26/28

.

9

9

991145279.UG.FTS.B,

17.49%,

11/26/28

.

12

12

991251734.UG.FTS.B,

17.71%,

11/26/28

.

2

2

991143133.UG.FTS.B,

18.47%,

11/26/28

.

17

17

991234089.UG.FTS.B,

26.44%,

11/26/28

.

14

14

991150733.UG.FTS.B,

28.48%,

11/26/28

.

6

6

991180513.UG.FTS.B,

28.48%,

11/26/28

.

16

16

991143564.UG.FTS.B,

29.49%,

11/26/28

.

77

78

991151596.UG.FTS.B,

29.49%,

11/26/28

.

8

8

991153263.UG.FTS.B,

29.49%,

11/26/28

.

–

–

991155818.UG.FTS.B,

29.49%,

11/26/28

.

8

8

991189469.UG.FTS.B,

18.47%,

11/27/28

.

5

5

991154443.UG.FTS.B,

19.3%,

11/27/28

..

11

11

991225584.UG.FTS.B,

19.3%,

11/27/28

..

7

7

991181147.UG.FTS.B,

19.96%,

11/27/28

..

21

20

991150475.UG.FTS.B,

20.96%,

11/27/28

.

59

59

991270604.UG.FTS.B,

21.47%,

11/27/28

.

4

4

991164880.UG.FTS.B,

21.48%,

11/27/28

.

15

15

991178891.UG.FTS.B,

22.47%,

11/27/28

.

16

16

991182787.UG.FTS.B,

22.47%,

11/27/28

.

4

4

991217581.UG.FTS.B,

22.47%,

11/27/28

.

24

24

991151398.UG.FTS.B,

28.48%,

11/27/28

.

8

8

991198051.UG.FTS.B,

29.48%,

11/27/28

.

9

9

991150593.UG.FTS.B,

29.49%,

11/27/28

.

30

30

991153221.UG.FTS.B,

29.49%,

11/27/28

.

13

13

991153761.UG.FTS.B,

29.49%,

11/27/28

.

7

7

991154304.UG.FTS.B,

29.49%,

11/27/28

.

13

13

991155239.UG.FTS.B,

29.49%,

11/27/28

.

8

8

991157467.UG.FTS.B,

29.49%,

11/27/28

.

32

5

991199483.UG.FTS.B,

29.49%,

11/27/28

.

9

9

991219555.UG.FTS.B,

29.49%,

11/27/28

.

14

14

991279680.UG.FTS.B,

29.49%,

11/27/28

.

6

6

991227513.UG.FTS.B,

19.96%,

11/28/28

.

5

5

991173726.UG.FTS.B,

21.48%,

11/28/28

.

20

20

991160092.UG.FTS.B,

27.99%,

11/28/28

.

11

11

991241624.UG.FTS.B,

28.48%,

11/28/28

.

8

8

991240768.UG.FTS.B,

29.48%,

11/28/28

.

17

17

991248660.UG.FTS.B,

29.48%,

11/28/28

.

9

9

991156903.UG.FTS.B,

29.49%,

11/28/28

.

2

2

991161838.UG.FTS.B,

29.49%,

11/28/28

.

121

21

991172679.UG.FTS.B,

29.49%,

11/28/28

.

3

3

991204123.UG.FTS.B,

29.49%,

11/28/28

.

15

15

991205139.UG.FTS.B,

29.49%,

11/28/28

.

11

11

991211212.UG.FTS.B,

29.49%,

11/28/28

.

21

21

991249622.UG.FTS.B,

29.49%,

11/28/28

.

48

48

991267430.UG.FTS.B,

29.49%,

11/28/28

.

27

27

991276197.UG.FTS.B,

29.49%,

11/28/28

.

54

54

991276598.UG.FTS.B,

29.49%,

11/28/28

.

19

19

991160707.UG.FTS.B,

19.96%,

11/29/28

.

8

8

991167629.UG.FTS.B,

21.47%,

11/29/28

.

59

59

991374505.UG.FTS.B,

21.48%,

11/29/28

.

23

23

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

279

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991161574.UG.FTS.B,

26.44%,

11/29/28

.

$

13

$

13

991170121.UG.FTS.B,

28.48%,

11/29/28

.

53

54

991204954.UG.FTS.B,

28.48%,

11/29/28

.

10

10

991213506.UG.FTS.B,

28.48%,

11/29/28

.

5

5

991250166.UG.FTS.B,

28.48%,

11/29/28

.

26

–

991255142.UG.FTS.B,

28.48%,

11/29/28

.

23

23

991286291.UG.FTS.B,

28.48%,

11/29/28

.

259

25

991341146.UG.FTS.B,

28.48%,

11/29/28

.

18

18

991165433.UG.FTS.B,

29.48%,

11/29/28

.

9

9

991182975.UG.FTS.B,

29.48%,

11/29/28

.

6

6

991229267.UG.FTS.B,

29.48%,

11/29/28

.

6

6

991307878.UG.FTS.B,

29.48%,

11/29/28

.

75

75

991381282.UG.FTS.B,

29.48%,

11/29/28

.

9

9

991163277.UG.FTS.B,

29.49%,

11/29/28

.

5

5

991165167.UG.FTS.B,

29.49%,

11/29/28

.

70

10

991165739.UG.FTS.B,

29.49%,

11/29/28

.

25

–

991168018.UG.FTS.B,

29.49%,

11/29/28

.

82

83

991173753.UG.FTS.B,

29.49%,

11/29/28

.

95

95

991182685.UG.FTS.B,

29.49%,

11/29/28

.

8

8

991188542.UG.FTS.B,

29.49%,

11/29/28

.

12

12

991204590.UG.FTS.B,

29.49%,

11/29/28

.

22

22

991208387.UG.FTS.B,

29.49%,

11/29/28

.

5

5

991208461.UG.FTS.B,

29.49%,

11/29/28

.

17

3

991208712.UG.FTS.B,

29.49%,

11/29/28

.

16

17

991209332.UG.FTS.B,

29.49%,

11/29/28

.

152

25

991215380.UG.FTS.B,

29.49%,

11/29/28

.

20

20

991228271.UG.FTS.B,

29.49%,

11/29/28

.

22

22

991230761.UG.FTS.B,

29.49%,

11/29/28

.

29

29

991243647.UG.FTS.B,

29.49%,

11/29/28

.

7

7

991321382.UG.FTS.B,

29.49%,

11/29/28

.

16

16

991362043.UG.FTS.B,

29.49%,

11/29/28

.

17

17

991378439.UG.FTS.B,

29.49%,

11/29/28

.

21

21

991113309.UG.FTS.B,

Zero

Cpn,

7/20/32

.

–

–

900,764

Upstart

Network,

Inc.

L1410764.UP.FTS.B,

15.3%,

7/09/24

....

884

888

FW1612116.UP.FTS.B,

7.74%,

8/23/24

...

1,544

1,533

L1612016.UP.FTS.B,

8.95%,

8/23/24

....

926

925

FW1611989.UP.FTS.B,

12.35%,

8/23/24

..

947

947

L1611926.UP.FTS.B,

17.14%,

8/23/24

....

331

333

L1612011.UP.FTS.B,

17.65%,

8/23/24

....

727

703

L1612903.UP.FTS.B,

17.72%,

8/23/24

....

1,663

1,676

L1612795.UP.FTS.B,

19.34%,

8/23/24

....

2,653

2,679

FW1611869.UP.FTS.B,

19.81%,

8/23/24

..

666

672

L1612495.UP.FTS.B,

22.7%,

8/23/24

....

1,043

328

L1612257.UP.FTS.B,

22.94%,

8/23/24

....

6,984

7,028

FW1606291.UP.FTS.B,

27.01%,

8/23/24

..

1,449

1,459

FW1604455.UP.FTS.B,

27.65%,

8/23/24

..

1,830

1,842

FW1611972.UP.FTS.B,

28.72%,

8/23/24

..

625

44

FW1613240.UP.FTS.B,

28.79%,

8/23/24

..

693

105

FW1613150.UP.FTS.B,

30.32%,

8/23/24

..

628

626

FW1611405.UP.FTS.B,

30.92%,

8/23/24

..

2,660

2,678

FW1612529.UP.FTS.B,

31.07%,

8/23/24

..

1,258

1,215

FW1612870.UP.FTS.B,

32.37%,

8/23/24

..

1,899

1,911

FW1618227.UP.FTS.B,

7.62%,

8/24/24

...

4,807

4,776

L1615041.UP.FTS.B,

7.72%,

8/24/24

....

1,808

1,795

L1614367.UP.FTS.B,

9.22%,

8/24/24

....

450

450

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1617167.UP.FTS.B,

9.97%,

8/24/24

....

$

399

$

397

L1613537.UP.FTS.B,

10.76%,

8/24/24

....

2,797

2,792

L1616794.UP.FTS.B,

12.02%,

8/24/24

....

5,033

4,824

FW1616172.UP.FTS.B,

14.22%,

8/24/24

..

1,249

1,229

L1614073.UP.FTS.B,

15.77%,

8/24/24

....

4,452

325

L1618000.UP.FTS.B,

16.11%,

8/24/24

....

2,010

1,928

L1616524.UP.FTS.B,

16.36%,

8/24/24

....

1,642

1,642

L1617307.UP.FTS.B,

16.47%,

8/24/24

....

459

464

FW1618205.UP.FTS.B,

17.17%,

8/24/24

..

4,302

4,336

FW1612144.UP.FTS.B,

17.97%,

8/24/24

..

995

1,006

L1616998.UP.FTS.B,

18.36%,

8/24/24

....

1,289

1,246

FW1616441.UP.FTS.B,

18.68%,

8/24/24

..

829

837

L1613531.UP.FTS.B,

19.04%,

8/24/24

....

1,011

1,019

L1614540.UP.FTS.B,

20.1%,

8/24/24

....

2,212

2,226

L1616206.UP.FTS.B,

20.31%,

8/24/24

....

852

859

L1616789.UP.FTS.B,

21.29%,

8/24/24

....

581

585

L1618119.UP.FTS.B,

21.46%,

8/24/24

....

2,376

2,400

L1613701.UP.FTS.B,

22.48%,

8/24/24

....

3,130

3,151

L1612815.UP.FTS.B,

22.77%,

8/24/24

....

1,733

124

L1614621.UP.FTS.B,

22.87%,

8/24/24

....

3,106

3,137

L1614292.UP.FTS.B,

22.91%,

8/24/24

....

349

352

FW1616265.UP.FTS.B,

25.8%,

8/24/24

...

2,340

2,362

FW1615059.UP.FTS.B,

26.12%,

8/24/24

..

2,283

2,210

FW1613406.UP.FTS.B,

26.85%,

8/24/24

..

2,978

2,872

FW1617127.UP.FTS.B,

28.63%,

8/24/24

..

1,102

1,110

FW1617697.UP.FTS.B,

29%,

8/24/24

....

896

866

FW1617880.UP.FTS.B,

29.1%,

8/24/24

...

738

743

L1619786.UP.FTS.B,

7.29%,

8/25/24

....

645

640

L1620409.UP.FTS.B,

9.92%,

8/25/24

....

616

615

L1609249.UP.FTS.B,

10.93%,

8/25/24

....

1,556

1,560

L1618433.UP.FTS.B,

12.74%,

8/25/24

....

4,755

4,757

L1618817.UP.FTS.B,

13.07%,

8/25/24

....

1,144

1,146

L1618890.UP.FTS.B,

13.2%,

8/25/24

....

1,106

1,106

L1619755.UP.FTS.B,

13.74%,

8/25/24

....

1,793

1,794

L1595806.UP.FTS.B,

16.33%,

8/25/24

....

1,116

1,126

FW1617392.UP.FTS.B,

16.64%,

8/25/24

..

2,339

692

FW1618611.UP.FTS.B,

19.46%,

8/25/24

..

1,405

1,421

L1620021.UP.FTS.B,

20.47%,

8/25/24

....

683

689

L1617738.UP.FTS.B,

20.93%,

8/25/24

....

2,846

2,866

L1620934.UP.FTS.B,

22.56%,

8/25/24

....

1,322

1,332

L1618207.UP.FTS.B,

22.64%,

8/25/24

....

1,393

1,403

FW1620098.UP.FTS.B,

26.52%,

8/25/24

..

1,162

1,171

FW1618720.UP.FTS.B,

30.08%,

8/25/24

..

2,679

2,699

L1612835.UP.FTS.B,

11.9%,

8/26/24

.....

1,258

1,257

L1705462.UP.FTS.B,

6%,

9/13/24

.......

8,858

8,925

L1706751.UP.FTS.B,

6.12%,

9/13/24

....

3,152

3,129

L1707041.UP.FTS.B,

6.68%,

9/13/24

....

8,827

8,763

L1693379.UP.FTS.B,

10.32%,

9/13/24

....

1,840

1,127

L1706753.UP.FTS.B,

13.61%,

9/13/24

....

2,621

2,620

L1706804.UP.FTS.B,

14.15%,

9/13/24

....

5,208

5,229

FW1703114.UP.FTS.B,

14.49%,

9/13/24

..

1,233

1,242

L1706939.UP.FTS.B,

15.26%,

9/13/24

....

631

634

L1706922.UP.FTS.B,

15.62%,

9/13/24

....

14,240

14,345

L1704236.UP.FTS.B,

15.99%,

9/13/24

....

3,189

3,212

L1702670.UP.FTS.B,

17.62%,

9/13/24

....

922

926

FW1704884.UP.FTS.B,

18%,

9/13/24

....

474

475

FW1706133.UP.FTS.B,

18.48%,

9/13/24

..

1,874

1,880

L1704877.UP.FTS.B,

19.78%,

9/13/24

....

1,837

262

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

280

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1706370.UP.FTS.B,

22.24%,

9/13/24

....

$

1,133

$

1,139

L1706636.UP.FTS.B,

22.54%,

9/13/24

....

1,729

1,717

FW1690887.UP.FTS.B,

23.14%,

9/13/24

..

1,525

1,528

L1705591.UP.FTS.B,

23.35%,

9/13/24

....

2,018

2,021

FW1704787.UP.FTS.B,

26.17%,

9/13/24

..

1,412

1,407

FW1706468.UP.FTS.B,

26.54%,

9/13/24

..

617

411

FW1706959.UP.FTS.B,

28.41%,

9/13/24

..

796

800

FW1704857.UP.FTS.B,

28.91%,

9/13/24

..

1,513

1,513

L1705350.UP.FTS.B,

7.7%,

9/26/24

.....

1,441

1,435

L1880417.UP.FTS.B,

5.63%,

10/19/24

....

953

945

L1877544.UP.FTS.B,

9.08%,

10/19/24

....

382

381

L1828554.UP.FTS.B,

9.21%,

10/19/24

....

546

545

L1880929.UP.FTS.B,

9.86%,

10/19/24

....

1,832

1,829

L1877810.UP.FTS.B,

10.5%,

10/19/24

....

812

809

FW1880015.UP.FTS.B,

10.71%,

10/19/24

.

6,281

6,270

FW1880412.UP.FTS.B,

11.4%,

10/19/24

..

3,718

3,711

FW1881446.UP.FTS.B,

11.54%,

10/19/24

.

372

371

L1879230.UP.FTS.B,

12.91%,

10/19/24

...

2,413

2,409

L1879927.UP.FTS.B,

13.42%,

10/19/24

...

2,083

2,094

L1881269.UP.FTS.B,

13.94%,

10/19/24

...

1,001

966

L1878015.UP.FTS.B,

14.68%,

10/19/24

...

383

386

FW1878235.UP.FTS.B,

16.59%,

10/19/24

.

389

393

L1876177.UP.FTS.B,

16.95%,

10/19/24

...

391

394

FW1880539.UP.FTS.B,

18.7%,

10/19/24

..

1,390

1,397

L1879219.UP.FTS.B,

18.95%,

10/19/24

...

1,780

1,790

L1877157.UP.FTS.B,

19.36%,

10/19/24

...

2,360

2,270

FW1877508.UP.FTS.B,

20.09%,

10/19/24

.

2,207

2,120

FW1880944.UP.FTS.B,

20.45%,

10/19/24

.

1,251

1,245

FW1876805.UP.FTS.B,

20.67%,

10/19/24

.

393

396

L1880362.UP.FTS.B,

23.34%,

10/19/24

...

405

407

FW1877656.UP.FTS.B,

23.66%,

10/19/24

.

764

765

FW1877532.UP.FTS.B,

24.41%,

10/19/24

.

1,264

1,271

FW1881583.UP.FTS.B,

25.39%,

10/19/24

.

2,098

2,111

FW1879233.UP.FTS.B,

26.7%,

10/19/24

..

424

427

FW1880823.UP.FTS.B,

27.61%,

10/19/24

.

1,496

1,500

FW1873483.UP.FTS.B,

27.95%,

10/19/24

.

600

604

FW1881404.UP.FTS.B,

28.73%,

10/19/24

.

1,509

1,518

FW1875773.UP.FTS.B,

28.85%,

10/19/24

.

2,892

2,907

FW1877809.UP.FTS.B,

28.9%,

10/19/24

..

2,115

2,129

FW1877220.UP.FTS.B,

29.16%,

10/19/24

.

693

695

L1877399.UP.FTS.B,

18.99%,

10/28/24

...

400

402

L1843265.UP.FTS.B,

9.92%,

11/01/24

....

4,764

4,754

L1876918.UP.FTS.B,

23.43%,

11/01/24

...

626

626

FW1991266.UP.FTS.B,

5.75%,

11/08/24

..

2,290

2,271

L1996492.UP.FTS.B,

5.82%,

11/08/24

....

953

946

L1994177.UP.FTS.B,

6.01%,

11/08/24

....

3,055

3,031

FW1997734.UP.FTS.B,

6.36%,

11/08/24

..

3,172

3,147

L1995781.UP.FTS.B,

7.12%,

11/08/24

....

6,661

6,595

L1991938.UP.FTS.B,

7.13%,

11/08/24

....

3,715

3,686

L1997129.UP.FTS.B,

7.49%,

11/08/24

....

2,710

2,701

FW1989730.UP.FTS.B,

9.3%,

11/08/24

...

5,900

5,881

L1989289.UP.FTS.B,

9.6%,

11/08/24

.....

1,425

1,419

FW1988815.UP.FTS.B,

10.61%,

11/08/24

.

597

595

L1990488.UP.FTS.B,

10.69%,

11/08/24

...

5,554

5,541

L1990483.UP.FTS.B,

10.71%,

11/08/24

...

396

395

L1989128.UP.FTS.B,

11.31%,

11/08/24

...

1,001

998

L1997576.UP.FTS.B,

11.59%,

11/08/24

...

401

400

L1991664.UP.FTS.B,

13.31%,

11/08/24

...

3,530

260

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1998240.UP.FTS.B,

14.07%,

11/08/24

...

$

7,379

$

7,415

L1991934.UP.FTS.B,

14.49%,

11/08/24

...

1,852

1,848

FW1989018.UP.FTS.B,

14.66%,

11/08/24

.

3,708

3,726

FW1999553.UP.FTS.B,

14.97%,

11/08/24

.

417

415

L1990825.UP.FTS.B,

15.23%,

11/08/24

...

1,657

1,665

FW1991866.UP.FTS.B,

15.28%,

11/08/24

.

3,108

3,123

L1989094.UP.FTS.B,

15.37%,

11/08/24

...

497

500

L1992799.UP.FTS.B,

15.97%,

11/08/24

...

2,083

2,093

FW1997339.UP.FTS.B,

15.98%,

11/08/24

.

219

216

L1994442.UP.FTS.B,

16.18%,

11/08/24

...

835

839

L1969331.UP.FTS.B,

16.28%,

11/08/24

...

418

420

L1991018.UP.FTS.B,

17.05%,

11/08/24

...

1,051

1,056

L1987185.UP.FTS.B,

17.72%,

11/08/24

...

734

731

FW1991976.UP.FTS.B,

18.69%,

11/08/24

.

1,790

1,798

L1998424.UP.FTS.B,

19%,

11/08/24

.....

2,178

2,189

FW1998538.UP.FTS.B,

20.31%,

11/08/24

.

2,120

2,121

L1991260.UP.FTS.B,

20.4%,

11/08/24

....

6,623

6,606

L1999186.UP.FTS.B,

20.9%,

11/08/24

....

1,510

1,511

L1993163.UP.FTS.B,

22.06%,

11/08/24

...

1,720

1,721

L1990534.UP.FTS.B,

22.07%,

11/08/24

...

4,407

4,397

FW1989573.UP.FTS.B,

22.36%,

11/08/24

.

659

659

L1994045.UP.FTS.B,

22.76%,

11/08/24

...

1,190

1,191

FW1991109.UP.FTS.B,

23.32%,

11/08/24

.

3,060

222

L1992601.UP.FTS.B,

23.37%,

11/08/24

...

498

496

L1995328.UP.FTS.B,

23.72%,

11/08/24

...

2,224

2,219

FW1998906.UP.FTS.B,

25.05%,

11/08/24

.

1,545

1,539

FW1990565.UP.FTS.B,

26.42%,

11/08/24

.

1,223

1,225

FW1999321.UP.FTS.B,

26.61%,

11/08/24

.

2,178

1,348

FW1993106.UP.FTS.B,

27.22%,

11/08/24

.

1,775

258

FW1990425.UP.FTS.B,

27.28%,

11/08/24

.

2,268

2,270

FW1998626.UP.FTS.B,

27.42%,

11/08/24

.

1,887

135

FW1997204.UP.FTS.B,

28.06%,

11/08/24

.

2,261

2,262

FW1999593.UP.FTS.B,

28.28%,

11/08/24

.

929

928

FW1999260.UP.FTS.B,

28.83%,

11/08/24

.

4,710

4,703

FW1984213.UP.FTS.B,

18.47%,

11/15/24

.

1,280

1,286

L1990206.UP.FTS.B,

19.65%,

11/15/24

...

1,527

1,496

L1993658.UP.FTS.B,

16.43%,

11/16/24

...

3,495

3,496

L2074995.UP.FTS.B,

6.25%,

11/18/24

....

1,814

1,800

L2075196.UP.FTS.B,

6.5%,

11/18/24

.....

576

571

L2071075.UP.FTS.B,

6.65%,

11/18/24

....

3,505

3,478

L2067255.UP.FTS.B,

7.27%,

11/18/24

....

5,024

5,007

L2074894.UP.FTS.B,

7.38%,

11/18/24

....

5,027

4,991

FW2060208.UP.FTS.B,

8.38%,

11/18/24

..

1,573

1,565

L2074717.UP.FTS.B,

9.11%,

11/18/24

....

3,142

3,135

L2071958.UP.FTS.B,

10.19%,

11/18/24

...

1,784

1,780

L2042230.UP.FTS.B,

10.36%,

11/18/24

...

477

476

L2069761.UP.FTS.B,

11.37%,

11/18/24

...

539

538

L2073296.UP.FTS.B,

11.88%,

11/18/24

...

3,701

3,700

L2074825.UP.FTS.B,

11.88%,

11/18/24

...

724

724

L2069517.UP.FTS.B,

12.06%,

11/18/24

...

4,032

4,024

L2071334.UP.FTS.B,

13.96%,

11/18/24

...

1,737

126

L2074624.UP.FTS.B,

14.71%,

11/18/24

...

1,237

1,246

L2071744.UP.FTS.B,

15.58%,

11/18/24

...

4,764

691

L2071211.UP.FTS.B,

15.75%,

11/18/24

...

2,609

745

L2070735.UP.FTS.B,

15.91%,

11/18/24

...

4,579

4,615

L2070764.UP.FTS.B,

16.31%,

11/18/24

...

1,046

1,051

L2070361.UP.FTS.B,

16.86%,

11/18/24

...

3,358

3,385

L2043746.UP.FTS.B,

18%,

11/18/24

.....

2,542

2,562

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

281

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2075163.UP.FTS.B,

19.13%,

11/18/24

...

$

2,348

$

2,367

L2070689.UP.FTS.B,

19.39%,

11/18/24

...

4,287

4,321

L2072986.UP.FTS.B,

19.5%,

11/18/24

....

3,985

4,006

L2074866.UP.FTS.B,

20.36%,

11/18/24

...

470

470

FW2070210.UP.FTS.B,

21.14%,

11/18/24

.

6,520

6,553

L2069989.UP.FTS.B,

21.94%,

11/18/24

...

3,718

3,736

FW2074575.UP.FTS.B,

21.98%,

11/18/24

.

2,188

2,199

L2075360.UP.FTS.B,

22.53%,

11/18/24

...

439

443

L2075201.UP.FTS.B,

22.55%,

11/18/24

...

1,505

1,516

L2071339.UP.FTS.B,

23.22%,

11/18/24

...

4,330

4,352

L2074321.UP.FTS.B,

23.4%,

11/18/24

....

286

284

FW2074738.UP.FTS.B,

25.07%,

11/18/24

.

1,797

1,800

FW2072771.UP.FTS.B,

26.31%,

11/18/24

.

451

453

FW2073544.UP.FTS.B,

26.86%,

11/18/24

.

909

914

FW2074174.UP.FTS.B,

27.6%,

11/18/24

..

550

551

FW2074893.UP.FTS.B,

28.12%,

11/18/24

.

596

600

FW2074718.UP.FTS.B,

28.91%,

11/18/24

.

738

709

FW2074605.UP.FTS.B,

29%,

11/18/24

...

1,932

1,938

L1989270.UP.FTS.B,

6.75%,

11/23/24

....

2,506

2,486

L2215514.UP.FTS.B,

6.51%,

12/09/24

....

2,844

2,819

L2218454.UP.FTS.B,

6.62%,

12/09/24

....

1,320

1,310

L2218367.UP.FTS.B,

9.23%,

12/09/24

....

422

420

FW2216772.UP.FTS.B,

10.45%,

12/09/24

.

1,070

1,065

L2215668.UP.FTS.B,

11.82%,

12/09/24

...

6,279

459

L2218473.UP.FTS.B,

11.83%,

12/09/24

...

4,517

330

L2218057.UP.FTS.B,

12.68%,

12/09/24

...

1,911

1,906

L2214428.UP.FTS.B,

14.33%,

12/09/24

...

1,613

1,617

L2216051.UP.FTS.B,

16.31%,

12/09/24

...

3,518

256

L2216899.UP.FTS.B,

16.51%,

12/09/24

...

1,861

136

FW2215617.UP.FTS.B,

17.98%,

12/09/24

.

1,347

1,353

L2217273.UP.FTS.B,

18.07%,

12/09/24

...

918

920

FW2217838.UP.FTS.B,

18.43%,

12/09/24

.

8,447

8,469

L2216494.UP.FTS.B,

18.54%,

12/09/24

...

6,604

6,615

L2215156.UP.FTS.B,

18.88%,

12/09/24

...

3,516

2,131

L2215879.UP.FTS.B,

21.14%,

12/09/24

...

1,901

1,896

L2214773.UP.FTS.B,

21.94%,

12/09/24

...

1,543

1,544

L2214203.UP.FTS.B,

22.16%,

12/09/24

...

3,746

3,747

L2215694.UP.FTS.B,

22.23%,

12/09/24

...

2,810

2,812

L2217794.UP.FTS.B,

22.85%,

12/09/24

...

941

946

L2217826.UP.FTS.B,

23.12%,

12/09/24

...

1,887

1,888

L2217187.UP.FTS.B,

23.26%,

12/09/24

...

2,129

153

FW2194665.UP.FTS.B,

23.32%,

12/09/24

.

564

564

L1410939.UP.FTS.B,

23.67%,

12/09/24

...

1,730

1,731

FW2214522.UP.FTS.B,

26.52%,

12/09/24

.

2,997

2,992

L2219730.UP.FTS.B,

6.81%,

12/10/24

....

4,132

4,097

L2221277.UP.FTS.B,

9.11%,

12/10/24

....

4,215

4,201

L2220268.UP.FTS.B,

10.33%,

12/10/24

...

2,129

2,122

L2220173.UP.FTS.B,

10.59%,

12/10/24

...

843

840

L2220491.UP.FTS.B,

10.62%,

12/10/24

...

427

425

L2221024.UP.FTS.B,

11.5%,

12/10/24

....

1,849

1,845

FW2221592.UP.FTS.B,

12.68%,

12/10/24

.

1,977

1,970

FW2219110.UP.FTS.B,

14.72%,

12/10/24

.

3,312

3,305

FW2219902.UP.FTS.B,

15.07%,

12/10/24

.

6,642

6,674

L2219054.UP.FTS.B,

16.23%,

12/10/24

...

2,460

2,464

FW2220767.UP.FTS.B,

16.93%,

12/10/24

.

1,573

1,581

L2219716.UP.FTS.B,

17.42%,

12/10/24

...

2,669

2,681

L2222176.UP.FTS.B,

17.82%,

12/10/24

...

1,358

1,365

FW2219362.UP.FTS.B,

18.87%,

12/10/24

.

2,054

2,064

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2221644.UP.FTS.B,

19.1%,

12/10/24

....

$

2,286

$

2,298

L2220530.UP.FTS.B,

19.78%,

12/10/24

...

1,383

1,380

L2222285.UP.FTS.B,

19.82%,

12/10/24

...

417

418

L2222110.UP.FTS.B,

20.56%,

12/10/24

...

1,772

127

L2219790.UP.FTS.B,

20.59%,

12/10/24

...

2,314

2,319

L2221774.UP.FTS.B,

21.93%,

12/10/24

...

4,784

2,932

FW2219561.UP.FTS.B,

22.18%,

12/10/24

.

1,171

1,177

L2221302.UP.FTS.B,

22.2%,

12/10/24

....

3,871

1,120

L2219861.UP.FTS.B,

23.85%,

12/10/24

...

2,655

2,658

L2219041.UP.FTS.B,

24.61%,

12/10/24

...

4,449

4,443

FW2221624.UP.FTS.B,

24.89%,

12/10/24

.

198

195

FW2215089.UP.FTS.B,

25.18%,

12/10/24

.

7,185

7,192

FW2221043.UP.FTS.B,

26.33%,

12/10/24

.

2,923

2,916

L2211402.UP.FTS.B,

18.17%,

12/22/24

...

1,701

56

L2220175.UP.FTS.B,

12.44%,

12/25/24

...

1,742

1,739

L1612705.UP.FTS.B,

21.91%,

1/23/25

....

2,405

2,403

FW1611995.UP.FTS.B,

26.04%,

1/23/25

..

3,067

3,075

FW1611967.UP.FTS.B,

27.5%,

1/23/25

...

3,388

527

FW1618121.UP.FTS.B,

27.49%,

1/24/25

..

4,296

4,316

FW1615843.UP.FTS.B,

29.08%,

1/24/25

..

649

621

L1621220.UP.FTS.B,

21.82%,

1/25/25

....

1,434

1,437

FW1619402.UP.FTS.B,

29.13%,

1/25/25

..

1,245

1,253

L1706082.UP.FTS.B,

23.36%,

2/13/25

....

2,589

2,574

L1876344.UP.FTS.B,

21.57%,

3/19/25

....

1,691

1,681

L1878043.UP.FTS.B,

23%,

4/02/25

......

22,800

22,698

L1996950.UP.FTS.B,

14.91%,

4/08/25

....

2,626

2,607

FW1988077.UP.FTS.B,

17.51%,

4/08/25

..

1,566

1,556

L1995937.UP.FTS.B,

19.73%,

4/08/25

....

8,543

5,033

FW1996652.UP.FTS.B,

20.84%,

4/08/25

..

798

795

L1989183.UP.FTS.B,

20.95%,

4/08/25

....

7,516

7,482

L1992850.UP.FTS.B,

21.32%,

4/08/25

....

6,014

1,681

FW1999367.UP.FTS.B,

26.01%,

4/08/25

..

1,427

102

L1992210.UP.FTS.B,

21.73%,

4/16/25

....

1,525

1,527

L2074442.UP.FTS.B,

9.61%,

4/18/25

....

2,000

1,987

L2072070.UP.FTS.B,

14.5%,

4/18/25

....

1,896

1,896

L2071251.UP.FTS.B,

17.57%,

4/18/25

....

525

525

L1959123.UP.FTS.B,

23.14%,

4/18/25

....

2,514

2,516

FW2071617.UP.FTS.B,

24.28%,

4/18/25

..

5,723

5,700

L2218347.UP.FTS.B,

8.96%,

5/09/25

....

3,653

267

L2215847.UP.FTS.B,

15.81%,

5/09/25

....

8,506

1,198

L2215619.UP.FTS.B,

17.97%,

5/09/25

....

1,323

372

FW2216954.UP.FTS.B,

19.2%,

5/09/25

...

3,529

3,507

FW2214394.UP.FTS.B,

19.36%,

5/09/25

..

666

48

L2215113.UP.FTS.B,

19.57%,

5/09/25

....

2,656

2,647

L2214186.UP.FTS.B,

22.58%,

5/09/25

....

1,904

1,879

L2218938.UP.FTS.B,

7.83%,

5/10/25

....

3,891

3,859

L2220009.UP.FTS.B,

18.38%,

5/10/25

....

1,651

234

FW2220220.UP.FTS.B,

21.76%,

5/10/25

..

2,123

2,105

FW2221895.UP.FTS.B,

22.51%,

5/10/25

..

4,006

589

FW2219263.UP.FTS.B,

25.61%,

5/10/25

..

4,649

685

FW2220132.UP.FTS.B,

25.62%,

5/10/25

..

2,459

175

FW2214152.UP.FTS.B,

19.21%,

5/24/25

..

2,284

64

FW2220602.UP.FTS.B,

22.35%,

5/25/25

..

3,166

3,136

FW1613175.UP.FTS.B,

24.35%,

6/23/25

..

3,220

232

FW1601279.UP.FTS.B,

28.41%,

6/25/25

..

1,195

351

L1701616.UP.FTS.B,

19.62%,

7/13/25

....

1,032

1,029

L1707019.UP.FTS.B,

22.94%,

7/28/25

....

5,538

5,515

L2000015.UP.FTS.B,

20.73%,

9/08/25

....

616

168

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

282

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1994247.UP.FTS.B,

23.34%,

9/08/25

....

$

1,071

$

668

L1410769.UP.FTS.B,

17.3%,

7/09/26

....

2,992

2,982

L1410682.UP.FTS.B,

18.43%,

7/09/26

....

5,981

5,960

L1410871.UP.FTS.B,

19.36%,

7/09/26

....

2,662

2,652

L1406959.UP.FTS.B,

19.7%,

7/09/26

....

1,752

1,746

L1410905.UP.FTS.B,

21.33%,

7/09/26

....

4,232

305

L1410134.UP.FTS.B,

22.14%,

7/09/26

....

4,071

1,151

FW1410806.UP.FTS.B,

26.55%,

7/09/26

..

1,665

59

FW1410862.UP.FTS.B,

30.65%,

7/09/26

..

1,524

1,533

L1612245.UP.FTS.B,

7.13%,

8/23/26

....

2,920

2,900

L1612759.UP.FTS.B,

7.7%,

8/23/26

.....

3,373

3,352

L1613031.UP.FTS.B,

10.95%,

8/23/26

....

11,672

11,615

L1613160.UP.FTS.B,

11.35%,

8/23/26

....

19,615

18,533

L1612342.UP.FTS.B,

11.46%,

8/23/26

....

31,770

31,622

L1612983.UP.FTS.B,

11.8%,

8/23/26

.....

34,057

4,795

L1612198.UP.FTS.B,

11.94%,

8/23/26

....

8,243

8,212

L1606587.UP.FTS.B,

14.39%,

8/23/26

....

32,556

32,442

L1612751.UP.FTS.B,

14.6%,

8/23/26

....

9,802

9,778

L1612460.UP.FTS.B,

14.95%,

8/23/26

....

10,290

2,776

L1611811.UP.FTS.B,

15.17%,

8/23/26

....

13,458

12,771

FW1611006.UP.FTS.B,

15.64%,

8/23/26

..

13,765

13,712

L1611958.UP.FTS.B,

16.45%,

8/23/26

....

8,184

319

L1613087.UP.FTS.B,

17.25%,

8/23/26

....

5,342

5,344

L1613097.UP.FTS.B,

17.66%,

8/23/26

....

212

209

L1613141.UP.FTS.B,

18.36%,

8/23/26

....

4,049

4,042

L1612462.UP.FTS.B,

18.65%,

8/23/26

....

6,619

6,615

L1611722.UP.FTS.B,

19.13%,

8/23/26

....

5,431

5,422

FW1613143.UP.FTS.B,

19.39%,

8/23/26

..

13,604

13,581

L1612696.UP.FTS.B,

19.76%,

8/23/26

....

7,506

7,568

L1611808.UP.FTS.B,

20.24%,

8/23/26

....

6,848

6,905

FW1613287.UP.FTS.B,

21.05%,

8/23/26

..

2,056

2,077

L1611961.UP.FTS.B,

21.45%,

8/23/26

....

3,803

3,835

L1611980.UP.FTS.B,

21.62%,

8/23/26

....

2,943

450

L1612389.UP.FTS.B,

21.85%,

8/23/26

....

4,411

4,412

FW1612398.UP.FTS.B,

22.84%,

8/23/26

..

7,580

201

FW1613265.UP.FTS.B,

23.28%,

8/23/26

..

4,208

4,243

L1612902.UP.FTS.B,

24.91%,

8/23/26

....

10,483

10,586

L1605896.UP.FTS.B,

25.03%,

8/23/26

....

22,020

21,180

L1612867.UP.FTS.B,

25.04%,

8/23/26

....

1,279

1,290

L1611991.UP.FTS.B,

25.15%,

8/23/26

....

1,038

297

L1613022.UP.FTS.B,

25.17%,

8/23/26

....

4,681

184

L1612115.UP.FTS.B,

25.2%,

8/23/26

.....

854

861

L1612430.UP.FTS.B,

25.3%,

8/23/26

....

783

789

L1610778.UP.FTS.B,

25.4%,

8/23/26

....

2,998

3,026

L1612475.UP.FTS.B,

25.7%,

8/23/26

....

974

983

L1613041.UP.FTS.B,

26.53%,

8/23/26

....

4,259

4,290

FW1612416.UP.FTS.B,

27.52%,

8/23/26

..

7,140

7,210

FW1613053.UP.FTS.B,

30.42%,

8/23/26

..

462

459

FW1612948.UP.FTS.B,

30.7%,

8/23/26

...

7,390

7,452

FW1598463.UP.FTS.B,

30.71%,

8/23/26

..

11,082

11,175

FW1612884.UP.FTS.B,

30.9%,

8/23/26

...

2,254

2,211

FW1610809.UP.FTS.B,

31.14%,

8/23/26

..

2,179

–

FW1614135.UP.FTS.B,

6%,

8/24/26

.....

10,983

11,157

L1613929.UP.FTS.B,

6.38%,

8/24/26

....

9,081

9,019

L1613779.UP.FTS.B,

8.38%,

8/24/26

....

8,647

8,595

L1614080.UP.FTS.B,

9.53%,

8/24/26

....

1,865

1,855

L1613335.UP.FTS.B,

10.66%,

8/24/26

....

946

941

L1615613.UP.FTS.B,

11.71%,

8/24/26

....

4,076

4,062

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1614345.UP.FTS.B,

12.28%,

8/24/26

....

$

2,547

$

2,538

L1617085.UP.FTS.B,

12.5%,

8/24/26

....

8,151

8,120

L1613877.UP.FTS.B,

13.09%,

8/24/26

....

9,672

9,639

L1613838.UP.FTS.B,

13.27%,

8/24/26

....

643

640

L1615725.UP.FTS.B,

13.27%,

8/24/26

....

3,590

3,393

L1617795.UP.FTS.B,

13.57%,

8/24/26

....

16,191

16,119

L1614941.UP.FTS.B,

13.72%,

8/24/26

....

6,245

6,220

L1616432.UP.FTS.B,

13.96%,

8/24/26

....

12,727

600

FW1614076.UP.FTS.B,

14.66%,

8/24/26

..

6,503

6,480

L1617268.UP.FTS.B,

15.74%,

8/24/26

....

1,650

1,643

L1617016.UP.FTS.B,

15.82%,

8/24/26

....

11,490

11,465

L1616977.UP.FTS.B,

16.49%,

8/24/26

....

1,876

1,872

L1617004.UP.FTS.B,

16.62%,

8/24/26

....

3,989

3,981

L1613683.UP.FTS.B,

16.65%,

8/24/26

....

4,271

4,267

FW1613769.UP.FTS.B,

16.69%,

8/24/26

..

3,316

3,318

L1614266.UP.FTS.B,

16.7%,

8/24/26

....

2,156

586

L1616581.UP.FTS.B,

16.94%,

8/24/26

....

1,986

1,985

L1614751.UP.FTS.B,

17.63%,

8/24/26

....

10,017

10,023

L1618185.UP.FTS.B,

18.18%,

8/24/26

....

8,082

8,078

L1614375.UP.FTS.B,

18.88%,

8/24/26

....

5,419

5,412

L1616929.UP.FTS.B,

19.05%,

8/24/26

....

6,784

6,774

L1613574.UP.FTS.B,

19.14%,

8/24/26

....

2,036

2,038

L1617202.UP.FTS.B,

19.24%,

8/24/26

....

2,038

2,034

L1618259.UP.FTS.B,

19.27%,

8/24/26

....

5,437

5,484

L1613957.UP.FTS.B,

19.33%,

8/24/26

....

7,803

2,184

L1617047.UP.FTS.B,

19.37%,

8/24/26

....

1,293

1,286

L1616477.UP.FTS.B,

19.45%,

8/24/26

....

4,083

4,077

L1614886.UP.FTS.B,

19.82%,

8/24/26

....

7,644

7,641

L1617537.UP.FTS.B,

20.26%,

8/24/26

....

2,534

2,531

L1600527.UP.FTS.B,

20.35%,

8/24/26

....

6,747

6,420

L1613477.UP.FTS.B,

20.77%,

8/24/26

....

2,918

822

L1613128.UP.FTS.B,

21.09%,

8/24/26

....

34,481

34,434

L1614925.UP.FTS.B,

21.15%,

8/24/26

....

641

646

FW1617037.UP.FTS.B,

21.16%,

8/24/26

..

7,122

6,854

L1617008.UP.FTS.B,

21.28%,

8/24/26

....

2,211

2,230

FW1617548.UP.FTS.B,

21.5%,

8/24/26

...

3,320

3,349

L1615113.UP.FTS.B,

21.5%,

8/24/26

.....

2,312

2,265

FW1616680.UP.FTS.B,

21.59%,

8/24/26

..

8,306

8,294

FW1615331.UP.FTS.B,

21.76%,

8/24/26

..

17,496

16,854

L1615740.UP.FTS.B,

22.58%,

8/24/26

....

2,790

2,814

L1617797.UP.FTS.B,

22.65%,

8/24/26

....

24,429

3,726

L1614645.UP.FTS.B,

22.79%,

8/24/26

....

2,236

2,255

L1613261.UP.FTS.B,

22.8%,

8/24/26

....

2,376

2,397

L1617314.UP.FTS.B,

23.08%,

8/24/26

....

1,732

1,751

FW1614723.UP.FTS.B,

23.32%,

8/24/26

..

10,520

10,611

FW1614111.UP.FTS.B,

23.36%,

8/24/26

..

8,418

8,511

L1617338.UP.FTS.B,

23.46%,

8/24/26

....

1,756

1,771

L1617363.UP.FTS.B,

23.46%,

8/24/26

....

5,543

5,538

FW1616273.UP.FTS.B,

23.5%,

8/24/26

...

678

684

L1615756.UP.FTS.B,

23.61%,

8/24/26

....

7,030

7,091

L1615616.UP.FTS.B,

23.96%,

8/24/26

....

2,340

2,321

L1616072.UP.FTS.B,

24%,

8/24/26

......

4,292

4,326

L1614191.UP.FTS.B,

24.4%,

8/24/26

....

3,211

228

L1599086.UP.FTS.B,

24.44%,

8/24/26

....

5,595

5,653

FW1613731.UP.FTS.B,

24.96%,

8/24/26

..

13,487

13,605

FW1615802.UP.FTS.B,

24.99%,

8/24/26

..

2,402

703

L1617884.UP.FTS.B,

24.99%,

8/24/26

....

852

861

FW1616803.UP.FTS.B,

25.11%,

8/24/26

..

3,626

3,486

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

283

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1617253.UP.FTS.B,

25.15%,

8/24/26

....

$

9,953

$

10,039

FW1591289.UP.FTS.B,

25.18%,

8/24/26

..

2,418

2,439

L1613599.UP.FTS.B,

25.21%,

8/24/26

....

1,779

1,794

L1613633.UP.FTS.B,

25.23%,

8/24/26

....

5,570

1,586

L1616132.UP.FTS.B,

25.25%,

8/24/26

....

854

861

L1614745.UP.FTS.B,

25.32%,

8/24/26

....

5,595

396

L1614834.UP.FTS.B,

25.32%,

8/24/26

....

4,170

4,215

L1614231.UP.FTS.B,

25.4%,

8/24/26

....

1,353

1,365

L1613168.UP.FTS.B,

25.62%,

8/24/26

....

5,262

5,060

FW1618114.UP.FTS.B,

25.78%,

8/24/26

..

2,286

2,306

L1615232.UP.FTS.B,

25.93%,

8/24/26

....

3,074

3,101

FW1614557.UP.FTS.B,

26.33%,

8/24/26

..

8,980

8,631

FW1615022.UP.FTS.B,

26.47%,

8/24/26

..

4,307

4,344

L1617509.UP.FTS.B,

26.53%,

8/24/26

....

4,530

1,325

FW1616218.UP.FTS.B,

26.77%,

8/24/26

..

897

888

FW1616600.UP.FTS.B,

27.4%,

8/24/26

...

5,330

5,384

FW1617924.UP.FTS.B,

27.4%,

8/24/26

...

5,780

5,830

FW1617995.UP.FTS.B,

27.41%,

8/24/26

..

4,154

4,198

FW1614841.UP.FTS.B,

27.56%,

8/24/26

..

2,097

2,116

FW1613690.UP.FTS.B,

28.43%,

8/24/26

..

3,618

3,656

FW1617241.UP.FTS.B,

28.98%,

8/24/26

..

3,852

589

FW1613956.UP.FTS.B,

28.99%,

8/24/26

..

1,693

116

FW1618115.UP.FTS.B,

29.51%,

8/24/26

..

8,968

8,614

FW1614066.UP.FTS.B,

29.58%,

8/24/26

..

4,032

4,071

FW1617403.UP.FTS.B,

29.66%,

8/24/26

..

5,595

5,640

FW1617836.UP.FTS.B,

29.73%,

8/24/26

..

2,938

2,963

FW1614632.UP.FTS.B,

29.76%,

8/24/26

..

1,060

1,066

FW1614078.UP.FTS.B,

30.3%,

8/24/26

...

1,427

1,372

FW1613869.UP.FTS.B,

30.42%,

8/24/26

..

959

967

FW1615250.UP.FTS.B,

30.57%,

8/24/26

..

1,382

1,392

FW1615073.UP.FTS.B,

30.97%,

8/24/26

..

2,222

2,241

FW1612909.UP.FTS.B,

31.01%,

8/24/26

..

896

903

FW1617590.UP.FTS.B,

31.04%,

8/24/26

..

1,853

1,869

FW1617796.UP.FTS.B,

31.5%,

8/24/26

...

2,600

2,622

FW1614110.UP.FTS.B,

32.03%,

8/24/26

..

3,047

3,072

FW1616102.UP.FTS.B,

32.95%,

8/24/26

..

3,451

3,481

L1621070.UP.FTS.B,

8.8%,

8/25/26

.....

18,593

18,500

L1619126.UP.FTS.B,

9.43%,

8/25/26

....

6,236

6,201

L1618202.UP.FTS.B,

10.07%,

8/25/26

....

3,136

3,126

L1619565.UP.FTS.B,

11.35%,

8/25/26

....

5,142

5,121

L1619757.UP.FTS.B,

12.57%,

8/25/26

....

5,131

5,116

L1617914.UP.FTS.B,

12.61%,

8/25/26

....

3,216

3,203

L1572047.UP.FTS.B,

12.99%,

8/25/26

....

4,036

4,021

L1620282.UP.FTS.B,

13.89%,

8/25/26

....

7,689

7,664

L1620912.UP.FTS.B,

14.91%,

8/25/26

....

3,276

3,264

L1620125.UP.FTS.B,

15.38%,

8/25/26

....

658

657

FW1619311.UP.FTS.B,

16.02%,

8/25/26

..

4,250

626

L1619826.UP.FTS.B,

16.95%,

8/25/26

....

10,369

10,374

FW1619065.UP.FTS.B,

16.98%,

8/25/26

..

16,674

16,652

L1619610.UP.FTS.B,

17.18%,

8/25/26

....

3,317

3,321

L1620043.UP.FTS.B,

17.72%,

8/25/26

....

2,098

2,092

FW1618685.UP.FTS.B,

19.7%,

8/25/26

...

6,505

6,485

L1619055.UP.FTS.B,

19.81%,

8/25/26

....

2,048

2,068

FW1618558.UP.FTS.B,

20.33%,

8/25/26

..

3,912

3,906

L1618902.UP.FTS.B,

21.03%,

8/25/26

....

3,809

3,849

L1618616.UP.FTS.B,

21.44%,

8/25/26

....

6,914

6,982

FW1620348.UP.FTS.B,

22.68%,

8/25/26

..

2,614

2,612

FW1619947.UP.FTS.B,

22.69%,

8/25/26

..

1,283

1,277

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1620763.UP.FTS.B,

23.08%,

8/25/26

....

$

3,781

$

3,818

L1620526.UP.FTS.B,

23.25%,

8/25/26

....

1,402

1,416

L1619423.UP.FTS.B,

24.53%,

8/25/26

....

2,620

766

L1619251.UP.FTS.B,

24.92%,

8/25/26

....

1,561

1,580

L1619746.UP.FTS.B,

25.05%,

8/25/26

....

4,457

4,508

L1621031.UP.FTS.B,

25.07%,

8/25/26

....

4,263

4,305

L1619585.UP.FTS.B,

25.33%,

8/25/26

....

5,196

5,248

L1603724.UP.FTS.B,

25.36%,

8/25/26

....

120

118

L1618792.UP.FTS.B,

25.43%,

8/25/26

....

2,422

2,446

FW1620759.UP.FTS.B,

25.44%,

8/25/26

..

2,850

2,878

L1621068.UP.FTS.B,

25.46%,

8/25/26

....

2,993

3,022

FW1617532.UP.FTS.B,

25.68%,

8/25/26

..

2,141

2,162

L1620151.UP.FTS.B,

26.66%,

8/25/26

....

11,220

11,328

FW1619681.UP.FTS.B,

27.38%,

8/25/26

..

6,847

6,926

FW1618172.UP.FTS.B,

31.12%,

8/25/26

..

6,700

1,060

FW1618300.UP.FTS.B,

31.51%,

8/25/26

..

5,058

350

L1612935.UP.FTS.B,

25.45%,

9/01/26

....

1,242

1,254

L1705668.UP.FTS.B,

7.09%,

9/13/26

....

36,049

2,650

L1706439.UP.FTS.B,

8.12%,

9/13/26

....

6,137

3,241

L1706771.UP.FTS.B,

9.86%,

9/13/26

....

11,552

11,488

FW1703655.UP.FTS.B,

10.14%,

9/13/26

..

2,895

2,879

FW1705224.UP.FTS.B,

10.49%,

9/13/26

..

16,135

16,046

L1694396.UP.FTS.B,

11.41%,

9/13/26

....

6,522

6,480

L1706158.UP.FTS.B,

11.42%,

9/13/26

....

2,603

2,588

L1706444.UP.FTS.B,

12.27%,

9/13/26

....

3,933

3,912

L1704834.UP.FTS.B,

12.73%,

9/13/26

....

5,929

5,890

FW1704921.UP.FTS.B,

13.23%,

9/13/26

..

1,201

1,193

L1706652.UP.FTS.B,

13.34%,

9/13/26

....

14,465

14,385

L1705580.UP.FTS.B,

14.66%,

9/13/26

....

12,376

12,327

L1706707.UP.FTS.B,

14.84%,

9/13/26

....

13,398

13,325

L1705884.UP.FTS.B,

14.95%,

9/13/26

....

6,572

296

L1706806.UP.FTS.B,

15.22%,

9/13/26

....

5,242

5,214

L1705731.UP.FTS.B,

15.3%,

9/13/26

....

10,688

10,642

L1704776.UP.FTS.B,

15.5%,

9/13/26

....

4,716

4,697

FW1705595.UP.FTS.B,

15.51%,

9/13/26

..

10,072

10,031

FW1701565.UP.FTS.B,

15.8%,

9/13/26

...

15,072

14,948

L1706683.UP.FTS.B,

16.01%,

9/13/26

....

1,623

1,614

L1705287.UP.FTS.B,

16.2%,

9/13/26

....

7,791

7,760

L1705607.UP.FTS.B,

16.78%,

9/13/26

....

20,417

20,336

FW1707042.UP.FTS.B,

16.94%,

9/13/26

..

8,942

8,891

L1705598.UP.FTS.B,

17.01%,

9/13/26

....

1,977

1,969

FW1706882.UP.FTS.B,

17.33%,

9/13/26

..

3,161

3,144

L1699552.UP.FTS.B,

17.37%,

9/13/26

....

2,872

2,862

L1706066.UP.FTS.B,

18.08%,

9/13/26

....

4,291

4,253

L1705021.UP.FTS.B,

18.29%,

9/13/26

....

5,551

5,521

FW1701942.UP.FTS.B,

19.32%,

9/13/26

..

10,422

10,362

L1705864.UP.FTS.B,

19.54%,

9/13/26

....

21,675

21,761

L1705415.UP.FTS.B,

19.86%,

9/13/26

....

6,514

6,487

L1699219.UP.FTS.B,

19.88%,

9/13/26

....

9,772

9,809

L1706913.UP.FTS.B,

20.18%,

9/13/26

....

5,141

5,170

L1705062.UP.FTS.B,

20.27%,

9/13/26

....

1,399

1,408

L1705666.UP.FTS.B,

20.28%,

9/13/26

....

1,544

892

L1706223.UP.FTS.B,

20.97%,

9/13/26

....

11,072

6,544

L1706832.UP.FTS.B,

21.04%,

9/13/26

....

4,157

4,179

L1706003.UP.FTS.B,

21.07%,

9/13/26

....

4,925

4,907

L1706013.UP.FTS.B,

21.25%,

9/13/26

....

6,340

6,316

FW1705757.UP.FTS.B,

21.7%,

9/13/26

...

2,545

2,560

L1706836.UP.FTS.B,

21.71%,

9/13/26

....

4,530

4,501

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

284

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1706388.UP.FTS.B,

21.83%,

9/13/26

..

$

4,246

$

4,271

L1706178.UP.FTS.B,

22.1%,

9/13/26

....

2,481

2,496

L1706147.UP.FTS.B,

23.21%,

9/13/26

....

3,578

3,591

L1706970.UP.FTS.B,

23.23%,

9/13/26

....

1,430

1,438

L1706347.UP.FTS.B,

23.37%,

9/13/26

....

6,439

6,477

L1706443.UP.FTS.B,

23.44%,

9/13/26

....

2,165

2,174

L1706495.UP.FTS.B,

23.71%,

9/13/26

....

6,496

6,522

L1706931.UP.FTS.B,

24.04%,

9/13/26

....

863

868

L1706350.UP.FTS.B,

24.39%,

9/13/26

....

14,829

8,744

L1706467.UP.FTS.B,

24.5%,

9/13/26

....

921

917

L1705774.UP.FTS.B,

24.52%,

9/13/26

....

5,779

5,800

L1699725.UP.FTS.B,

24.98%,

9/13/26

....

1,453

1,459

L1705130.UP.FTS.B,

24.98%,

9/13/26

....

2,171

2,184

L1705055.UP.FTS.B,

24.99%,

9/13/26

....

1,370

1,375

FW1694399.UP.FTS.B,

25.04%,

9/13/26

..

2,172

2,185

L1706179.UP.FTS.B,

25.28%,

9/13/26

....

943

939

L1705964.UP.FTS.B,

25.31%,

9/13/26

....

3,715

3,730

L1671620.UP.FTS.B,

25.49%,

9/13/26

....

2,248

2,255

L1707003.UP.FTS.B,

25.5%,

9/13/26

....

1,235

1,242

FW1705410.UP.FTS.B,

26.37%,

9/13/26

..

13,977

14,032

FW1705619.UP.FTS.B,

26.39%,

9/13/26

..

1,927

281

L1706658.UP.FTS.B,

26.61%,

9/13/26

....

5,363

1,529

L1704906.UP.FTS.B,

26.62%,

9/13/26

....

6,075

434

L1706122.UP.FTS.B,

26.74%,

9/13/26

....

6,152

6,189

FW1706840.UP.FTS.B,

26.82%,

9/13/26

..

26,468

26,567

FW1705300.UP.FTS.B,

26.94%,

9/13/26

..

1,613

1,623

FW1704992.UP.FTS.B,

27.2%,

9/13/26

...

1,600

113

FW1706600.UP.FTS.B,

28.17%,

9/13/26

..

5,915

5,949

FW1704833.UP.FTS.B,

28.32%,

9/13/26

..

1,445

212

FW1705464.UP.FTS.B,

28.92%,

9/13/26

..

5,573

5,606

FW1705970.UP.FTS.B,

29.06%,

9/13/26

..

2,883

2,889

FW1704923.UP.FTS.B,

29.37%,

9/13/26

..

1,796

1,795

FW1706656.UP.FTS.B,

29.5%,

9/13/26

...

1,582

456

FW1706055.UP.FTS.B,

29.52%,

9/13/26

..

1,318

1,324

FW1706229.UP.FTS.B,

30.24%,

9/13/26

..

3,356

3,375

FW1705888.UP.FTS.B,

30.31%,

9/13/26

..

2,241

2,253

FW1706453.UP.FTS.B,

30.32%,

9/13/26

..

618

617

FW1705881.UP.FTS.B,

30.81%,

9/13/26

..

3,895

1,129

FW1705876.UP.FTS.B,

30.83%,

9/13/26

..

1,279

1,286

FW1706907.UP.FTS.B,

30.87%,

9/13/26

..

1,354

1,362

FW1706713.UP.FTS.B,

30.93%,

9/13/26

..

4,369

4,384

FW1706040.UP.FTS.B,

30.94%,

9/13/26

..

4,802

–

FW1706308.UP.FTS.B,

31.09%,

9/13/26

..

5,568

5,596

FW1704990.UP.FTS.B,

31.11%,

9/13/26

..

976

978

FW1706597.UP.FTS.B,

31.11%,

9/13/26

..

1,432

1,440

FW1706293.UP.FTS.B,

31.37%,

9/13/26

..

1,702

1,704

FW1703542.UP.FTS.B,

31.45%,

9/13/26

..

18,828

11,126

FW1706244.UP.FTS.B,

31.81%,

9/13/26

..

968

–

FW1706582.UP.FTS.B,

31.84%,

9/13/26

..

2,065

2,074

FW1705307.UP.FTS.B,

31.85%,

9/13/26

..

4,666

324

FW1704764.UP.FTS.B,

32.03%,

9/13/26

..

2,436

698

FW1706420.UP.FTS.B,

32.09%,

9/13/26

..

3,714

3,735

FW1705022.UP.FTS.B,

32.46%,

9/13/26

..

6,164

896

FW1705847.UP.FTS.B,

32.5%,

9/13/26

...

1,625

1,617

L1702725.UP.FTS.B,

22.11%,

9/28/26

....

2,006

145

FW1705213.UP.FTS.B,

29.91%,

9/28/26

..

4,773

1,388

FW1705791.UP.FTS.B,

30.47%,

9/28/26

..

3,777

3,800

L1880089.UP.FTS.B,

6%,

10/19/26

......

5,278

5,331

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1877184.UP.FTS.B,

9.06%,

10/19/26

....

$

5,919

$

5,882

L1851771.UP.FTS.B,

9.22%,

10/19/26

....

2,289

2,275

L1878256.UP.FTS.B,

9.69%,

10/19/26

....

6,168

6,130

L1880702.UP.FTS.B,

9.87%,

10/19/26

....

11,445

11,368

L1875318.UP.FTS.B,

10.07%,

10/19/26

...

3,945

3,925

FW1879016.UP.FTS.B,

10.84%,

10/19/26

.

16,581

16,478

L1881256.UP.FTS.B,

11.03%,

10/19/26

...

7,896

7,853

L1878336.UP.FTS.B,

11.06%,

10/19/26

...

1,090

1,080

L1879834.UP.FTS.B,

11.35%,

10/19/26

...

16,324

16,236

L1879823.UP.FTS.B,

11.68%,

10/19/26

...

13,695

13,611

L1880360.UP.FTS.B,

12.99%,

10/19/26

...

20,256

20,154

FW1879031.UP.FTS.B,

13.13%,

10/19/26

.

4,734

4,705

FW1878185.UP.FTS.B,

13.38%,

10/19/26

.

27,097

26,932

L1879789.UP.FTS.B,

13.49%,

10/19/26

...

14,698

14,594

L1881217.UP.FTS.B,

14.02%,

10/19/26

...

3,411

3,377

L1878258.UP.FTS.B,

14.16%,

10/19/26

...

5,600

5,283

L1877450.UP.FTS.B,

14.9%,

10/19/26

....

2,615

2,600

L1879966.UP.FTS.B,

14.94%,

10/19/26

...

7,012

6,633

L1880586.UP.FTS.B,

15.78%,

10/19/26

...

5,183

5,157

L1864741.UP.FTS.B,

16.15%,

10/19/26

...

4,171

4,150

L1881295.UP.FTS.B,

16.28%,

10/19/26

...

5,058

1,368

L1878278.UP.FTS.B,

16.38%,

10/19/26

...

6,937

6,902

L1877933.UP.FTS.B,

16.4%,

10/19/26

....

2,039

2,028

L1832966.UP.FTS.B,

16.66%,

10/19/26

...

13,728

13,675

L1860514.UP.FTS.B,

16.68%,

10/19/26

...

7,520

7,482

L1878027.UP.FTS.B,

16.7%,

10/19/26

....

6,867

6,840

L1881555.UP.FTS.B,

17.31%,

10/19/26

...

4,657

4,412

FW1876338.UP.FTS.B,

17.58%,

10/19/26

.

2,520

2,512

FW1881188.UP.FTS.B,

17.77%,

10/19/26

.

1,894

1,882

L1879412.UP.FTS.B,

17.84%,

10/19/26

...

3,735

3,711

L1880095.UP.FTS.B,

17.84%,

10/19/26

...

10,523

10,472

L1880587.UP.FTS.B,

18.12%,

10/19/26

...

2,812

2,802

L1876765.UP.FTS.B,

18.15%,

10/19/26

...

1,752

1,706

L1871080.UP.FTS.B,

18.23%,

10/19/26

...

4,231

4,209

FW1881398.UP.FTS.B,

18.35%,

10/19/26

.

2,460

2,451

L1880031.UP.FTS.B,

18.37%,

10/19/26

...

4,639

337

L1876524.UP.FTS.B,

18.4%,

10/19/26

....

4,188

153

FW1877226.UP.FTS.B,

19.27%,

10/19/26

.

9,071

9,127

L1879198.UP.FTS.B,

19.39%,

10/19/26

...

9,225

9,184

L1876835.UP.FTS.B,

19.58%,

10/19/26

...

711

707

L1879248.UP.FTS.B,

19.71%,

10/19/26

...

4,595

683

L1879737.UP.FTS.B,

19.73%,

10/19/26

...

3,843

3,823

L1877523.UP.FTS.B,

19.9%,

10/19/26

....

4,189

4,175

L1871750.UP.FTS.B,

19.96%,

10/19/26

...

4,268

4,298

FW1880709.UP.FTS.B,

20.07%,

10/19/26

.

4,993

4,968

L1876035.UP.FTS.B,

20.11%,

10/19/26

...

2,854

2,874

L1877722.UP.FTS.B,

20.57%,

10/19/26

...

11,838

11,220

FW1880186.UP.FTS.B,

20.64%,

10/19/26

.

4,012

4,030

L1879731.UP.FTS.B,

20.78%,

10/19/26

...

3,658

3,465

FW1877068.UP.FTS.B,

20.9%,

10/19/26

..

9,219

9,277

L1881502.UP.FTS.B,

21.09%,

10/19/26

...

6,178

1,778

L1876777.UP.FTS.B,

21.6%,

10/19/26

....

6,134

6,169

L1881182.UP.FTS.B,

21.66%,

10/19/26

...

3,951

3,936

L1881025.UP.FTS.B,

21.78%,

10/19/26

...

28,404

28,291

L1877982.UP.FTS.B,

21.8%,

10/19/26

....

1,736

1,680

L1876819.UP.FTS.B,

22.33%,

10/19/26

...

12,281

12,332

FW1878006.UP.FTS.B,

22.44%,

10/19/26

.

8,705

8,745

L1876562.UP.FTS.B,

22.64%,

10/19/26

...

2,081

2,056

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

285

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1862143.UP.FTS.B,

22.66%,

10/19/26

...

$

2,436

$

2,450

FW1875013.UP.FTS.B,

22.78%,

10/19/26

.

6,544

6,589

L1877299.UP.FTS.B,

22.84%,

10/19/26

...

8,730

8,770

FW1866351.UP.FTS.B,

22.85%,

10/19/26

.

1,818

1,831

FW1879854.UP.FTS.B,

22.85%,

10/19/26

.

7,711

7,399

FW1880160.UP.FTS.B,

22.89%,

10/19/26

.

3,760

3,777

L1880353.UP.FTS.B,

22.93%,

10/19/26

...

2,896

209

L1876513.UP.FTS.B,

22.94%,

10/19/26

...

3,188

3,209

FW1880551.UP.FTS.B,

23.22%,

10/19/26

.

4,693

4,723

L1879610.UP.FTS.B,

23.28%,

10/19/26

...

5,256

5,035

FW1880088.UP.FTS.B,

23.43%,

10/19/26

.

6,719

6,766

FW1876728.UP.FTS.B,

23.57%,

10/19/26

.

10,695

10,753

L1880716.UP.FTS.B,

23.94%,

10/19/26

...

4,031

4,058

L1880563.UP.FTS.B,

24.05%,

10/19/26

...

2,036

2,049

FW1877179.UP.FTS.B,

24.14%,

10/19/26

.

14,712

14,784

L1876901.UP.FTS.B,

24.3%,

10/19/26

....

4,302

650

L1879183.UP.FTS.B,

24.36%,

10/19/26

...

9,556

9,600

L1877178.UP.FTS.B,

24.58%,

10/19/26

...

4,490

4,521

L1878749.UP.FTS.B,

24.6%,

10/19/26

....

2,943

2,964

L1881431.UP.FTS.B,

24.79%,

10/19/26

...

1,179

1,187

L1877594.UP.FTS.B,

24.95%,

10/19/26

...

2,583

2,595

L1880129.UP.FTS.B,

24.99%,

10/19/26

...

2,576

2,515

L1877074.UP.FTS.B,

25.09%,

10/19/26

...

23,340

22,353

FW1881461.UP.FTS.B,

25.38%,

10/19/26

.

4,440

4,471

L1876477.UP.FTS.B,

25.39%,

10/19/26

...

2,590

2,602

L1876404.UP.FTS.B,

25.47%,

10/19/26

...

1,481

1,488

L1873948.UP.FTS.B,

25.57%,

10/19/26

...

7,410

7,444

L1880045.UP.FTS.B,

25.59%,

10/19/26

...

1,727

1,735

L1880707.UP.FTS.B,

25.7%,

10/19/26

....

1,665

1,668

FW1879167.UP.FTS.B,

25.8%,

10/19/26

..

747

751

L1879783.UP.FTS.B,

25.86%,

10/19/26

...

2,451

2,462

L1878517.UP.FTS.B,

25.91%,

10/19/26

...

7,540

2,180

L1878925.UP.FTS.B,

26.03%,

10/19/26

...

6,121

6,158

L1876834.UP.FTS.B,

26.05%,

10/19/26

...

11,891

11,951

FW1877802.UP.FTS.B,

26.08%,

10/19/26

.

5,599

5,626

L1877874.UP.FTS.B,

26.52%,

10/19/26

...

3,356

3,371

FW1877751.UP.FTS.B,

26.95%,

10/19/26

.

3,001

3,015

FW1878828.UP.FTS.B,

27.6%,

10/19/26

..

7,878

7,545

FW1862190.UP.FTS.B,

27.8%,

10/19/26

..

14,660

14,727

FW1877173.UP.FTS.B,

27.96%,

10/19/26

.

7,782

7,460

FW1878010.UP.FTS.B,

28.01%,

10/19/26

.

8,156

573

FW1877218.UP.FTS.B,

28.56%,

10/19/26

.

7,548

7,599

FW1876795.UP.FTS.B,

29.56%,

10/19/26

.

2,432

2,449

FW1880308.UP.FTS.B,

29.56%,

10/19/26

.

980

986

FW1878356.UP.FTS.B,

29.67%,

10/19/26

.

3,081

–

FW1881190.UP.FTS.B,

29.8%,

10/19/26

..

1,231

9

FW1876731.UP.FTS.B,

30.12%,

10/19/26

.

2,288

–

FW1879914.UP.FTS.B,

30.16%,

10/19/26

.

1,389

1,396

FW1871822.UP.FTS.B,

30.64%,

10/19/26

.

7,655

7,690

FW1878098.UP.FTS.B,

30.84%,

10/19/26

.

919

925

FW1878626.UP.FTS.B,

30.84%,

10/19/26

.

4,351

307

FW1878489.UP.FTS.B,

30.93%,

10/19/26

.

1,193

1,141

FW1878108.UP.FTS.B,

31%,

10/19/26

...

2,396

2,294

FW1878804.UP.FTS.B,

31.02%,

10/19/26

.

2,160

2,168

FW1880218.UP.FTS.B,

31.05%,

10/19/26

.

1,561

1,557

FW1880229.UP.FTS.B,

31.05%,

10/19/26

.

1,074

1,079

FW1881168.UP.FTS.B,

31.09%,

10/19/26

.

1,563

1,496

FW1881200.UP.FTS.B,

31.14%,

10/19/26

.

2,999

3,013

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1880325.UP.FTS.B,

31.15%,

10/19/26

.

$

1,220

$

183

FW1877253.UP.FTS.B,

31.23%,

10/19/26

.

401

28

FW1878691.UP.FTS.B,

31.38%,

10/19/26

.

11,159

11,226

FW1876497.UP.FTS.B,

31.41%,

10/19/26

.

2,698

789

FW1880576.UP.FTS.B,

31.56%,

10/19/26

.

2,240

2,251

FW1877716.UP.FTS.B,

31.6%,

10/19/26

..

3,078

3,092

FW1876495.UP.FTS.B,

31.7%,

10/19/26

..

4,927

4,961

FW1876692.UP.FTS.B,

32.21%,

10/19/26

.

7,181

7,230

FW1879021.UP.FTS.B,

32.25%,

10/19/26

.

4,787

4,580

FW1876979.UP.FTS.B,

30.26%,

10/23/26

.

2,297

2,313

L1878742.UP.FTS.B,

25.52%,

10/25/26

...

3,789

3,800

L1879612.UP.FTS.B,

25.74%,

10/28/26

...

7,031

7,055

L1879363.UP.FTS.B,

23.97%,

11/03/26

...

5,277

5,306

FW1876658.UP.FTS.B,

27.58%,

11/03/26

.

2,675

2,688

L1990756.UP.FTS.B,

7.18%,

11/08/26

....

7,897

7,840

L1990115.UP.FTS.B,

8.12%,

11/08/26

....

3,317

3,293

L1991806.UP.FTS.B,

8.35%,

11/08/26

....

1,207

1,195

FW1995576.UP.FTS.B,

8.64%,

11/08/26

..

10,598

10,518

L1994718.UP.FTS.B,

8.83%,

11/08/26

....

12,682

12,591

L1991230.UP.FTS.B,

9.13%,

11/08/26

....

17,063

16,940

L1996991.UP.FTS.B,

9.23%,

11/08/26

....

18,592

18,459

L1988974.UP.FTS.B,

9.55%,

11/08/26

....

6,788

3,536

L1994652.UP.FTS.B,

9.68%,

11/08/26

....

12,098

12,012

L1993451.UP.FTS.B,

9.84%,

11/08/26

....

8,401

8,341

L1997701.UP.FTS.B,

10.05%,

11/08/26

...

2,705

2,685

L1993369.UP.FTS.B,

10.08%,

11/08/26

...

674

669

L1992632.UP.FTS.B,

10.14%,

11/08/26

...

3,643

3,618

L1996044.UP.FTS.B,

10.24%,

11/08/26

...

11,666

11,560

L1996355.UP.FTS.B,

10.29%,

11/08/26

...

8,781

8,719

L1992891.UP.FTS.B,

10.76%,

11/08/26

...

5,439

5,395

FW1995006.UP.FTS.B,

10.93%,

11/08/26

.

8,827

8,765

L1988958.UP.FTS.B,

10.98%,

11/08/26

...

1,019

1,012

L1991593.UP.FTS.B,

11.07%,

11/08/26

...

34,120

33,849

L1994793.UP.FTS.B,

11.1%,

11/08/26

....

10,199

10,128

L1998866.UP.FTS.B,

11.49%,

11/08/26

...

11,589

11,507

L1993850.UP.FTS.B,

11.61%,

11/08/26

...

7,510

7,457

L1996448.UP.FTS.B,

11.66%,

11/08/26

...

27,319

27,128

FW1993483.UP.FTS.B,

11.78%,

11/08/26

.

13,295

13,196

L1994627.UP.FTS.B,

11.81%,

11/08/26

...

4,103

4,074

L1999369.UP.FTS.B,

11.96%,

11/08/26

...

1,376

1,365

L2000077.UP.FTS.B,

12.06%,

11/08/26

...

10,277

10,206

L1995371.UP.FTS.B,

12.23%,

11/08/26

...

2,744

2,725

L1995435.UP.FTS.B,

12.23%,

11/08/26

...

1,167

1,158

L1999575.UP.FTS.B,

12.84%,

11/08/26

...

758

753

L1989008.UP.FTS.B,

12.93%,

11/08/26

...

1,173

1,165

L1989940.UP.FTS.B,

12.93%,

11/08/26

...

1,932

1,918

L1988972.UP.FTS.B,

13.14%,

11/08/26

...

559

553

L1988372.UP.FTS.B,

13.34%,

11/08/26

...

4,115

2,214

L1996493.UP.FTS.B,

13.68%,

11/08/26

...

14,030

13,923

L1988558.UP.FTS.B,

14.04%,

11/08/26

...

1,170

94

L1995820.UP.FTS.B,

14.08%,

11/08/26

...

6,190

6,141

L1993366.UP.FTS.B,

14.1%,

11/08/26

....

1,392

1,383

L1994789.UP.FTS.B,

14.19%,

11/08/26

...

4,877

4,843

L1996580.UP.FTS.B,

14.28%,

11/08/26

...

5,925

5,884

FW1997293.UP.FTS.B,

14.33%,

11/08/26

.

3,487

3,463

L1995404.UP.FTS.B,

14.33%,

11/08/26

...

5,579

5,541

FW1992670.UP.FTS.B,

14.58%,

11/08/26

.

22,361

22,207

L1993869.UP.FTS.B,

14.59%,

11/08/26

...

4,721

4,674

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

286

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1993214.UP.FTS.B,

14.6%,

11/08/26

....

$

6,989

$

6,941

FW1997612.UP.FTS.B,

14.81%,

11/08/26

.

3,209

1,725

L1991804.UP.FTS.B,

14.89%,

11/08/26

...

5,605

5,567

L1995379.UP.FTS.B,

15.15%,

11/08/26

...

4,912

4,879

FW1998913.UP.FTS.B,

15.22%,

11/08/26

.

3,240

1,809

L1994098.UP.FTS.B,

15.34%,

11/08/26

...

10,540

10,468

L1992261.UP.FTS.B,

15.59%,

11/08/26

...

1,971

1,958

L1997630.UP.FTS.B,

15.64%,

11/08/26

...

3,875

3,849

L1992471.UP.FTS.B,

15.65%,

11/08/26

...

17,694

17,558

FW1998360.UP.FTS.B,

15.76%,

11/08/26

.

5,450

5,409

FW1991255.UP.FTS.B,

15.82%,

11/08/26

.

8,112

8,056

FW1994230.UP.FTS.B,

15.86%,

11/08/26

.

2,822

2,803

L1992540.UP.FTS.B,

16%,

11/08/26

.....

11,937

11,854

L1992970.UP.FTS.B,

16.04%,

11/08/26

...

10,535

10,462

L1989989.UP.FTS.B,

16.18%,

11/08/26

...

7,579

7,516

L1992622.UP.FTS.B,

16.26%,

11/08/26

...

4,186

2,284

FW1992743.UP.FTS.B,

16.8%,

11/08/26

..

2,843

2,819

L1989606.UP.FTS.B,

16.9%,

11/08/26

....

2,844

2,825

L1993463.UP.FTS.B,

16.94%,

11/08/26

...

6,755

6,710

L1989805.UP.FTS.B,

17.05%,

11/08/26

...

10,698

10,608

L1997469.UP.FTS.B,

17.09%,

11/08/26

...

6,549

6,502

L1998067.UP.FTS.B,

17.15%,

11/08/26

...

32,990

4,576

FW1999118.UP.FTS.B,

17.22%,

11/08/26

.

4,276

4,247

L1993764.UP.FTS.B,

17.26%,

11/08/26

...

1,069

1,062

FW1998398.UP.FTS.B,

17.48%,

11/08/26

.

3,564

3,540

L1991180.UP.FTS.B,

17.58%,

11/08/26

...

2,507

2,486

FW1995939.UP.FTS.B,

17.87%,

11/08/26

.

11,460

11,382

L1995433.UP.FTS.B,

17.92%,

11/08/26

...

2,964

1,700

L1995974.UP.FTS.B,

18.08%,

11/08/26

...

6,766

6,718

L1988482.UP.FTS.B,

18.26%,

11/08/26

...

5,600

5,559

FW1989355.UP.FTS.B,

18.43%,

11/08/26

.

13,710

13,597

L1996438.UP.FTS.B,

18.51%,

11/08/26

...

3,590

3,551

FW1997639.UP.FTS.B,

18.71%,

11/08/26

.

7,204

7,156

L1992806.UP.FTS.B,

18.72%,

11/08/26

...

10,804

10,731

L1990465.UP.FTS.B,

18.74%,

11/08/26

...

4,323

4,293

L1995842.UP.FTS.B,

18.87%,

11/08/26

...

2,523

2,506

L1997527.UP.FTS.B,

19%,

11/08/26

.....

8,400

607

L1998235.UP.FTS.B,

19.5%,

11/08/26

....

2,201

2,182

L1996217.UP.FTS.B,

19.54%,

11/08/26

...

3,308

3,283

FW1993731.UP.FTS.B,

19.61%,

11/08/26

.

1,918

271

FW1990125.UP.FTS.B,

20.11%,

11/08/26

.

6,408

6,359

FW1992267.UP.FTS.B,

20.22%,

11/08/26

.

36,392

36,473

FW1994680.UP.FTS.B,

20.27%,

11/08/26

.

2,144

2,126

L1991181.UP.FTS.B,

20.28%,

11/08/26

...

7,860

7,863

L1992552.UP.FTS.B,

20.32%,

11/08/26

...

12,672

12,576

L1998611.UP.FTS.B,

20.35%,

11/08/26

...

17,952

17,814

L1996185.UP.FTS.B,

20.69%,

11/08/26

...

3,651

3,627

L1996508.UP.FTS.B,

20.76%,

11/08/26

...

7,282

7,232

L1988462.UP.FTS.B,

20.81%,

11/08/26

...

4,689

4,657

L1991281.UP.FTS.B,

20.82%,

11/08/26

...

1,608

1,596

L1997930.UP.FTS.B,

20.97%,

11/08/26

...

3,220

3,196

L1992016.UP.FTS.B,

21%,

11/08/26

.....

23,491

23,494

L1994689.UP.FTS.B,

21.04%,

11/08/26

...

2,943

2,916

L1993906.UP.FTS.B,

21.28%,

11/08/26

...

4,032

4,041

L1989334.UP.FTS.B,

21.32%,

11/08/26

...

14,666

14,699

L1991956.UP.FTS.B,

21.37%,

11/08/26

...

1,468

1,458

L1999276.UP.FTS.B,

21.67%,

11/08/26

...

776

109

FW1991047.UP.FTS.B,

21.84%,

11/08/26

.

2,577

2,583

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1989095.UP.FTS.B,

21.91%,

11/08/26

...

$

6,658

$

6,599

L1991663.UP.FTS.B,

21.95%,

11/08/26

...

7,742

4,538

L1995141.UP.FTS.B,

22.04%,

11/08/26

...

23,020

13,562

L1996051.UP.FTS.B,

22.14%,

11/08/26

...

6,201

19

FW1989899.UP.FTS.B,

22.28%,

11/08/26

.

2,052

2,056

L1991475.UP.FTS.B,

22.35%,

11/08/26

...

1,477

1,480

FW1998543.UP.FTS.B,

22.52%,

11/08/26

.

11,032

6,478

FW1998089.UP.FTS.B,

22.65%,

11/08/26

.

6,660

6,611

L1994202.UP.FTS.B,

22.77%,

11/08/26

...

40,331

5,770

L1989194.UP.FTS.B,

22.95%,

11/08/26

...

3,128

3,113

FW1995331.UP.FTS.B,

23.11%,

11/08/26

.

5,566

5,578

FW1994811.UP.FTS.B,

23.15%,

11/08/26

.

7,744

7,685

L1996768.UP.FTS.B,

23.2%,

11/08/26

....

7,366

7,378

L1998723.UP.FTS.B,

23.2%,

11/08/26

....

2,228

2,233

L1999817.UP.FTS.B,

23.27%,

11/08/26

...

4,457

4,467

FW1997494.UP.FTS.B,

23.73%,

11/08/26

.

11,851

11,872

FW1998286.UP.FTS.B,

23.78%,

11/08/26

.

9,802

9,691

L1997541.UP.FTS.B,

23.86%,

11/08/26

...

5,593

5,556

L1970963.UP.FTS.B,

23.87%,

11/08/26

...

4,065

4,068

L1989785.UP.FTS.B,

23.91%,

11/08/26

...

9,942

9,942

FW1995090.UP.FTS.B,

23.92%,

11/08/26

.

3,928

564

L1988349.UP.FTS.B,

24.02%,

11/08/26

...

2,540

2,545

L1996843.UP.FTS.B,

24.19%,

11/08/26

...

7,474

7,490

FW1994028.UP.FTS.B,

24.21%,

11/08/26

.

5,233

5,244

L1995969.UP.FTS.B,

24.32%,

11/08/26

...

2,787

794

L1997965.UP.FTS.B,

24.59%,

11/08/26

...

5,202

5,195

FW1991474.UP.FTS.B,

24.66%,

11/08/26

.

4,497

4,507

L1989848.UP.FTS.B,

24.75%,

11/08/26

...

5,838

5,837

FW1991387.UP.FTS.B,

24.97%,

11/08/26

.

3,180

3,180

L1991759.UP.FTS.B,

24.98%,

11/08/26

...

3,639

3,642

L1991265.UP.FTS.B,

25.27%,

11/08/26

...

2,058

2,059

L1919784.UP.FTS.B,

25.31%,

11/08/26

...

8,431

8,449

L1995398.UP.FTS.B,

25.36%,

11/08/26

...

1,958

1,962

L1988232.UP.FTS.B,

25.43%,

11/08/26

...

1,830

1,805

L1973901.UP.FTS.B,

25.44%,

11/08/26

...

5,805

5,817

L1992549.UP.FTS.B,

25.44%,

11/08/26

...

7,869

4,638

L1994841.UP.FTS.B,

25.44%,

11/08/26

...

26,356

15,461

L1989064.UP.FTS.B,

25.45%,

11/08/26

...

1,847

1,845

L1967532.UP.FTS.B,

25.5%,

11/08/26

....

3,284

3,287

FW1994341.UP.FTS.B,

25.59%,

11/08/26

.

9,049

9,068

L1998016.UP.FTS.B,

25.76%,

11/08/26

...

4,192

4,195

L1991151.UP.FTS.B,

25.79%,

11/08/26

...

1,633

116

L1991330.UP.FTS.B,

25.89%,

11/08/26

...

6,050

27

L1995984.UP.FTS.B,

26.08%,

11/08/26

...

1,740

1,744

L1992732.UP.FTS.B,

26.2%,

11/08/26

....

3,406

3,413

L1989312.UP.FTS.B,

26.43%,

11/08/26

...

2,880

2,887

FW1998563.UP.FTS.B,

26.46%,

11/08/26

.

1,881

1,884

FW1995329.UP.FTS.B,

26.52%,

11/08/26

.

5,309

5,320

FW1994300.UP.FTS.B,

26.6%,

11/08/26

..

9,938

705

FW1998048.UP.FTS.B,

26.92%,

11/08/26

.

1,901

1,905

L1990551.UP.FTS.B,

26.95%,

11/08/26

...

9,163

9,179

FW1997243.UP.FTS.B,

26.96%,

11/08/26

.

3,619

3,619

FW1990199.UP.FTS.B,

27.43%,

11/08/26

.

11,398

11,420

FW1996041.UP.FTS.B,

27.48%,

11/08/26

.

10,040

718

FW1994909.UP.FTS.B,

27.53%,

11/08/26

.

12,552

12,553

FW1990667.UP.FTS.B,

27.83%,

11/08/26

.

3,414

3,420

FW1994443.UP.FTS.B,

27.95%,

11/08/26

.

7,656

7,672

FW1994756.UP.FTS.B,

28%,

11/08/26

...

2,686

2,686

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

287

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1999057.UP.FTS.B,

28%,

11/08/26

...

$

19,141

$

19,182

FW1996342.UP.FTS.B,

28.14%,

11/08/26

.

5,361

5,373

FW1993779.UP.FTS.B,

28.2%,

11/08/26

..

11,491

11,515

FW1996228.UP.FTS.B,

28.64%,

11/08/26

.

9,860

9,875

FW1998379.UP.FTS.B,

28.74%,

11/08/26

.

3,981

24

FW1992877.UP.FTS.B,

28.84%,

11/08/26

.

889

883

FW1995167.UP.FTS.B,

29.32%,

11/08/26

.

3,045

214

FW1992839.UP.FTS.B,

29.33%,

11/08/26

.

3,856

3,864

FW1991541.UP.FTS.B,

29.36%,

11/08/26

.

4,628

4,637

FW1999851.UP.FTS.B,

29.4%,

11/08/26

..

3,863

3,863

FW1995866.UP.FTS.B,

29.41%,

11/08/26

.

2,531

2,535

FW1995850.UP.FTS.B,

29.69%,

11/08/26

.

846

848

FW1992347.UP.FTS.B,

29.82%,

11/08/26

.

23,203

23,251

FW1998032.UP.FTS.B,

29.86%,

11/08/26

.

3,601

3,596

FW1994293.UP.FTS.B,

30.31%,

11/08/26

.

1,093

1,093

FW1997312.UP.FTS.B,

30.32%,

11/08/26

.

776

778

FW1989533.UP.FTS.B,

30.48%,

11/08/26

.

1,296

1,289

FW1996257.UP.FTS.B,

30.52%,

11/08/26

.

1,479

1,467

FW1991024.UP.FTS.B,

30.67%,

11/08/26

.

855

857

FW1996943.UP.FTS.B,

30.67%,

11/08/26

.

2,803

2,769

FW1994569.UP.FTS.B,

30.87%,

11/08/26

.

4,723

669

FW1998245.UP.FTS.B,

30.99%,

11/08/26

.

6,929

6,943

FW1991582.UP.FTS.B,

31.04%,

11/08/26

.

7,165

7,180

FW1996197.UP.FTS.B,

31.07%,

11/08/26

.

3,272

3,278

FW1995019.UP.FTS.B,

31.1%,

11/08/26

..

1,413

99

FW1994376.UP.FTS.B,

31.11%,

11/08/26

.

1,247

1,249

FW1991890.UP.FTS.B,

31.12%,

11/08/26

.

2,338

2,343

FW1994027.UP.FTS.B,

31.13%,

11/08/26

.

2,106

2,110

FW1991332.UP.FTS.B,

31.15%,

11/08/26

.

3,203

3,203

FW1997810.UP.FTS.B,

31.15%,

11/08/26

.

1,745

–

FW1988381.UP.FTS.B,

31.18%,

11/08/26

.

3,618

3,599

FW1999282.UP.FTS.B,

31.18%,

11/08/26

.

6,945

6,955

FW1996902.UP.FTS.B,

31.33%,

11/08/26

.

7,446

7,452

FW1999590.UP.FTS.B,

31.42%,

11/08/26

.

3,903

3,911

L1995369.UP.FTS.B,

8.19%,

11/10/26

....

5,327

5,286

L1989003.UP.FTS.B,

15.35%,

11/12/26

...

17,579

17,459

FW1988425.UP.FTS.B,

30.92%,

11/16/26

.

1,019

1,021

L2073684.UP.FTS.B,

7.58%,

11/18/26

....

6,569

6,528

L2071601.UP.FTS.B,

7.69%,

11/18/26

....

1,983

1,971

L2070708.UP.FTS.B,

7.71%,

11/18/26

....

13,203

13,119

L2074361.UP.FTS.B,

7.81%,

11/18/26

....

8,605

8,546

L2070082.UP.FTS.B,

8.09%,

11/18/26

....

13,264

13,181

L2041907.UP.FTS.B,

9.16%,

11/18/26

....

2,677

2,661

L2073150.UP.FTS.B,

9.42%,

11/18/26

....

10,981

10,912

L2071865.UP.FTS.B,

10.09%,

11/18/26

...

5,058

5,030

L2075029.UP.FTS.B,

10.15%,

11/18/26

...

7,422

7,382

L2074643.UP.FTS.B,

10.22%,

11/18/26

...

13,368

13,295

L2072338.UP.FTS.B,

10.5%,

11/18/26

....

5,075

5,045

L2073169.UP.FTS.B,

10.97%,

11/18/26

...

14,945

14,864

L2075077.UP.FTS.B,

11.07%,

11/18/26

...

2,039

2,028

L2074489.UP.FTS.B,

11.11%,

11/18/26

...

15,504

15,420

FW2074336.UP.FTS.B,

11.25%,

11/18/26

.

4,598

4,570

L2075040.UP.FTS.B,

11.45%,

11/18/26

...

9,531

9,479

FW2073066.UP.FTS.B,

11.7%,

11/18/26

..

3,279

3,260

L2074193.UP.FTS.B,

12.02%,

11/18/26

...

6,637

6,263

L2075044.UP.FTS.B,

12.3%,

11/18/26

....

2,746

2,731

L2074536.UP.FTS.B,

12.35%,

11/18/26

...

4,121

4,099

L2071456.UP.FTS.B,

12.81%,

11/18/26

...

25,606

25,447

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2073228.UP.FTS.B,

13.71%,

11/18/26

...

$

7,080

$

7,043

L2069740.UP.FTS.B,

13.83%,

11/18/26

...

11,243

11,174

L2073949.UP.FTS.B,

13.85%,

11/18/26

...

3,474

3,456

L2070988.UP.FTS.B,

13.92%,

11/18/26

...

5,561

5,532

L2074491.UP.FTS.B,

14.11%,

11/18/26

...

6,720

483

L2070587.UP.FTS.B,

14.32%,

11/18/26

...

5,579

5,555

L2073985.UP.FTS.B,

14.6%,

11/18/26

....

3,494

3,476

L2074701.UP.FTS.B,

14.63%,

11/18/26

...

4,473

4,454

L2074516.UP.FTS.B,

14.71%,

11/18/26

...

6,644

6,609

FW2061676.UP.FTS.B,

14.9%,

11/18/26

..

14,010

13,937

FW2075148.UP.FTS.B,

14.93%,

11/18/26

.

2,802

2,791

FW2072385.UP.FTS.B,

15%,

11/18/26

...

5,203

745

FW2072823.UP.FTS.B,

15.21%,

11/18/26

.

1,732

1,722

L2074544.UP.FTS.B,

15.5%,

11/18/26

....

3,547

3,526

L1995487.UP.FTS.B,

15.52%,

11/18/26

...

3,534

3,511

L2074846.UP.FTS.B,

15.74%,

11/18/26

...

10,573

10,529

L2073860.UP.FTS.B,

16.19%,

11/18/26

...

2,122

2,113

L2071348.UP.FTS.B,

16.45%,

11/18/26

...

9,921

9,870

L2071149.UP.FTS.B,

16.73%,

11/18/26

...

18,088

18,008

L2071590.UP.FTS.B,

16.75%,

11/18/26

...

4,935

4,913

FW2074457.UP.FTS.B,

16.98%,

11/18/26

.

17,785

17,713

FW2075122.UP.FTS.B,

17.19%,

11/18/26

.

2,850

2,838

L2074833.UP.FTS.B,

17.19%,

11/18/26

...

10,000

9,943

FW2075446.UP.FTS.B,

17.4%,

11/18/26

..

2,812

2,799

FW2075299.UP.FTS.B,

17.67%,

11/18/26

.

2,860

2,848

FW2071651.UP.FTS.B,

17.93%,

11/18/26

.

4,976

158

L2069944.UP.FTS.B,

18.01%,

11/18/26

...

6,932

6,898

L2063418.UP.FTS.B,

18.03%,

11/18/26

...

2,867

2,855

L2074570.UP.FTS.B,

18.15%,

11/18/26

...

11,514

11,450

L2074700.UP.FTS.B,

18.17%,

11/18/26

...

4,665

4,646

L2073937.UP.FTS.B,

18.46%,

11/18/26

...

8,535

8,498

FW2070090.UP.FTS.B,

18.57%,

11/18/26

.

1,374

1,366

FW2072266.UP.FTS.B,

18.67%,

11/18/26

.

1,857

1,849

L2069767.UP.FTS.B,

18.84%,

11/18/26

...

3,499

94

FW2074803.UP.FTS.B,

18.88%,

11/18/26

.

9,015

8,979

L2071288.UP.FTS.B,

18.9%,

11/18/26

....

3,085

3,068

FW2070966.UP.FTS.B,

18.96%,

11/18/26

.

4,329

4,311

L2071754.UP.FTS.B,

19.22%,

11/18/26

...

3,098

3,072

FW2072147.UP.FTS.B,

19.3%,

11/18/26

..

9,731

9,217

FW2074495.UP.FTS.B,

19.61%,

11/18/26

.

6,292

6,259

L2074954.UP.FTS.B,

19.66%,

11/18/26

...

3,931

3,907

L2067851.UP.FTS.B,

19.79%,

11/18/26

...

10,468

10,411

L2060606.UP.FTS.B,

19.84%,

11/18/26

...

27,515

27,404

L2073597.UP.FTS.B,

19.97%,

11/18/26

...

941

929

L2073933.UP.FTS.B,

20.06%,

11/18/26

...

4,314

4,296

FW2070506.UP.FTS.B,

20.1%,

11/18/26

..

3,350

933

L2072694.UP.FTS.B,

20.25%,

11/18/26

...

2,403

2,393

L2071378.UP.FTS.B,

20.26%,

11/18/26

...

5,477

5,444

FW2070300.UP.FTS.B,

20.46%,

11/18/26

.

7,498

7,179

L2074554.UP.FTS.B,

20.64%,

11/18/26

...

16,542

15,666

L2073048.UP.FTS.B,

20.74%,

11/18/26

...

3,653

3,638

L2074379.UP.FTS.B,

20.93%,

11/18/26

...

13,374

13,441

L2073994.UP.FTS.B,

21.04%,

11/18/26

...

3,660

3,645

FW2073919.UP.FTS.B,

21.16%,

11/18/26

.

2,438

177

L2074931.UP.FTS.B,

21.33%,

11/18/26

...

4,803

346

L2074856.UP.FTS.B,

21.95%,

11/18/26

...

8,205

8,243

L2073879.UP.FTS.B,

22.29%,

11/18/26

...

1,586

38

L2074792.UP.FTS.B,

22.51%,

11/18/26

...

3,799

3,637

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

288

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2072786.UP.FTS.B,

22.57%,

11/18/26

...

$

10,399

$

10,441

L2074611.UP.FTS.B,

22.62%,

11/18/26

...

19,675

2,948

L2074520.UP.FTS.B,

22.63%,

11/18/26

...

282

279

L2074658.UP.FTS.B,

22.83%,

11/18/26

...

7,408

7,453

L2074869.UP.FTS.B,

22.9%,

11/18/26

....

2,935

2,915

L2073707.UP.FTS.B,

22.91%,

11/18/26

...

2,091

2,100

L2074779.UP.FTS.B,

22.95%,

11/18/26

...

7,419

7,464

L2073694.UP.FTS.B,

22.99%,

11/18/26

...

4,399

4,423

FW2074890.UP.FTS.B,

23.06%,

11/18/26

.

2,811

203

L2075061.UP.FTS.B,

23.07%,

11/18/26

...

6,911

6,945

L2073355.UP.FTS.B,

23.21%,

11/18/26

...

3,713

3,735

L2074657.UP.FTS.B,

23.23%,

11/18/26

...

2,823

2,840

L2075024.UP.FTS.B,

23.38%,

11/18/26

...

3,488

3,498

L2069953.UP.FTS.B,

23.63%,

11/18/26

...

2,024

2,014

L2074932.UP.FTS.B,

23.75%,

11/18/26

...

6,922

6,953

L2074997.UP.FTS.B,

24.24%,

11/18/26

...

3,120

3,138

FW2074736.UP.FTS.B,

24.49%,

11/18/26

.

5,259

5,280

L2074747.UP.FTS.B,

24.82%,

11/18/26

...

2,278

2,288

L2073148.UP.FTS.B,

24.83%,

11/18/26

...

1,126

1,121

L2069647.UP.FTS.B,

24.91%,

11/18/26

...

3,589

3,591

L2069706.UP.FTS.B,

24.96%,

11/18/26

...

1,277

1,284

L2072240.UP.FTS.B,

24.96%,

11/18/26

...

4,043

290

FW2073759.UP.FTS.B,

25.15%,

11/18/26

.

901

906

L2075027.UP.FTS.B,

25.16%,

11/18/26

...

4,514

4,542

L2070719.UP.FTS.B,

25.21%,

11/18/26

...

5,176

4,958

L2075204.UP.FTS.B,

25.29%,

11/18/26

...

3,688

3,710

L2073552.UP.FTS.B,

25.3%,

11/18/26

....

1,532

1,469

L2070829.UP.FTS.B,

25.31%,

11/18/26

...

752

749

FW2074782.UP.FTS.B,

25.34%,

11/18/26

.

2,229

341

L2070733.UP.FTS.B,

25.4%,

11/18/26

....

2,266

2,276

L2071257.UP.FTS.B,

25.4%,

11/18/26

....

712

714

L2072907.UP.FTS.B,

25.45%,

11/18/26

...

3,179

3,037

L2075025.UP.FTS.B,

25.46%,

11/18/26

...

351

347

L2071644.UP.FTS.B,

25.54%,

11/18/26

...

4,975

5,005

L2045168.UP.FTS.B,

25.61%,

11/18/26

...

6,772

6,797

L2070118.UP.FTS.B,

26.13%,

11/18/26

...

2,131

151

FW2075060.UP.FTS.B,

26.35%,

11/18/26

.

3,912

3,748

FW2074102.UP.FTS.B,

27.44%,

11/18/26

.

1,977

1,988

FW2073976.UP.FTS.B,

27.83%,

11/18/26

.

1,426

1,430

FW2074553.UP.FTS.B,

28.4%,

11/18/26

..

769

772

FW2075115.UP.FTS.B,

29.25%,

11/18/26

.

4,625

4,654

FW2074160.UP.FTS.B,

29.41%,

11/18/26

.

954

943

FW2074435.UP.FTS.B,

29.62%,

11/18/26

.

5,770

5,798

FW2074265.UP.FTS.B,

29.67%,

11/18/26

.

6,568

6,608

FW2067233.UP.FTS.B,

29.68%,

11/18/26

.

1,391

1,400

FW2074064.UP.FTS.B,

29.92%,

11/18/26

.

1,393

1,402

FW2071058.UP.FTS.B,

30.15%,

11/18/26

.

1,861

1,872

FW2073506.UP.FTS.B,

30.43%,

11/18/26

.

753

756

FW2072059.UP.FTS.B,

30.46%,

11/18/26

.

3,496

3,518

FW2072695.UP.FTS.B,

30.47%,

11/18/26

.

777

781

FW2074740.UP.FTS.B,

30.66%,

11/18/26

.

25,212

25,332

FW2071291.UP.FTS.B,

30.75%,

11/18/26

.

2,597

387

FW2072339.UP.FTS.B,

30.87%,

11/18/26

.

1,790

1,801

FW2069888.UP.FTS.B,

30.95%,

11/18/26

.

4,753

335

FW2073859.UP.FTS.B,

30.99%,

11/18/26

.

1,635

1,645

FW2070830.UP.FTS.B,

31%,

11/18/26

...

3,037

3,055

FW2074592.UP.FTS.B,

31.05%,

11/18/26

.

779

784

FW2070865.UP.FTS.B,

31.17%,

11/18/26

.

1,261

1,267

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2070287.UP.FTS.B,

31.24%,

11/18/26

.

$

2,916

$

2,930

FW2074713.UP.FTS.B,

31.25%,

11/18/26

.

5,482

5,504

FW2070592.UP.FTS.B,

31.39%,

11/18/26

.

2,971

2,962

FW2073462.UP.FTS.B,

31.41%,

11/18/26

.

2,093

612

L1989271.UP.FTS.B,

15.62%,

11/22/26

...

8,451

8,393

FW1991256.UP.FTS.B,

25.07%,

11/22/26

.

16,774

16,786

L1990580.UP.FTS.B,

19.47%,

11/23/26

...

18,234

18,114

L1996800.UP.FTS.B,

25.32%,

11/23/26

...

18,676

18,537

L1989244.UP.FTS.B,

25.47%,

11/23/26

...

2,654

191

FW1995066.UP.FTS.B,

29.83%,

11/23/26

.

4,220

4,226

L2074195.UP.FTS.B,

15.15%,

11/24/26

...

7,036

7,000

L2070126.UP.FTS.B,

12.98%,

12/03/26

...

4,833

4,807

L2213943.UP.FTS.B,

8.37%,

12/09/26

....

6,611

6,562

L2216952.UP.FTS.B,

8.42%,

12/09/26

....

12,228

12,140

L2217859.UP.FTS.B,

8.75%,

12/09/26

....

13,656

13,551

FW2218197.UP.FTS.B,

9.08%,

12/09/26

..

34,423

34,164

L2215533.UP.FTS.B,

9.49%,

12/09/26

....

3,323

3,299

L2214523.UP.FTS.B,

9.75%,

12/09/26

....

17,275

17,146

L2214639.UP.FTS.B,

9.77%,

12/09/26

....

5,850

5,809

L2217330.UP.FTS.B,

10.1%,

12/09/26

....

3,437

3,413

L2217133.UP.FTS.B,

11.03%,

12/09/26

...

17,308

17,184

L2163677.UP.FTS.B,

11.56%,

12/09/26

...

22,240

22,080

FW2216190.UP.FTS.B,

12.02%,

12/09/26

.

3,502

3,477

L2214721.UP.FTS.B,

12.86%,

12/09/26

...

7,542

7,482

L2216322.UP.FTS.B,

12.95%,

12/09/26

...

7,617

7,564

L2215565.UP.FTS.B,

13.14%,

12/09/26

...

4,238

4,208

FW2214435.UP.FTS.B,

13.25%,

12/09/26

.

17,673

17,533

L2218652.UP.FTS.B,

13.28%,

12/09/26

...

7,495

7,443

L2214819.UP.FTS.B,

13.75%,

12/09/26

...

4,240

4,210

L2215433.UP.FTS.B,

14.02%,

12/09/26

...

1,422

1,412

L2218351.UP.FTS.B,

14.35%,

12/09/26

...

699

694

L2215625.UP.FTS.B,

15.65%,

12/09/26

...

8,487

2,262

FW2214828.UP.FTS.B,

15.83%,

12/09/26

.

7,924

7,867

L2216039.UP.FTS.B,

16.11%,

12/09/26

...

3,609

3,583

FW2215838.UP.FTS.B,

16.38%,

12/09/26

.

5,816

5,767

L2215859.UP.FTS.B,

16.43%,

12/09/26

...

3,110

3,088

L2217862.UP.FTS.B,

16.51%,

12/09/26

...

7,962

7,893

L2215442.UP.FTS.B,

16.68%,

12/09/26

...

2,029

2,012

L2217548.UP.FTS.B,

17.23%,

12/09/26

...

10,911

10,834

L2216987.UP.FTS.B,

17.24%,

12/09/26

...

7,224

7,165

L2218677.UP.FTS.B,

17.27%,

12/09/26

...

4,647

650

L2216029.UP.FTS.B,

17.52%,

12/09/26

...

5,085

5,048

L2215266.UP.FTS.B,

17.71%,

12/09/26

...

6,497

471

L2217603.UP.FTS.B,

17.91%,

12/09/26

...

4,776

4,736

FW2216465.UP.FTS.B,

18.28%,

12/09/26

.

1,475

1,463

L2215903.UP.FTS.B,

18.3%,

12/09/26

....

2,919

2,898

L2214500.UP.FTS.B,

18.31%,

12/09/26

...

23,726

23,535

L2217227.UP.FTS.B,

18.97%,

12/09/26

...

8,098

8,035

L2215706.UP.FTS.B,

19.38%,

12/09/26

...

2,047

148

L2213701.UP.FTS.B,

19.91%,

12/09/26

...

2,148

2,132

L2215303.UP.FTS.B,

20.05%,

12/09/26

...

5,190

5,199

L2216965.UP.FTS.B,

20.16%,

12/09/26

...

26,932

7,218

L2215373.UP.FTS.B,

20.25%,

12/09/26

...

743

736

FW2214210.UP.FTS.B,

20.55%,

12/09/26

.

3,720

3,691

FW2213572.UP.FTS.B,

21.18%,

12/09/26

.

1,868

1,871

FW2215010.UP.FTS.B,

21.32%,

12/09/26

.

1,523

857

L2214734.UP.FTS.B,

21.37%,

12/09/26

...

8,079

8,013

FW2215319.UP.FTS.B,

21.51%,

12/09/26

.

2,994

3,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

289

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2216377.UP.FTS.B,

21.52%,

12/09/26

...

$

12,413

$

3,499

L2215585.UP.FTS.B,

21.73%,

12/09/26

...

40,915

2,907

L2216265.UP.FTS.B,

21.78%,

12/09/26

...

3,749

3,756

L2217016.UP.FTS.B,

21.8%,

12/09/26

....

3,407

3,404

L2214771.UP.FTS.B,

21.93%,

12/09/26

...

1,801

1,804

L2217244.UP.FTS.B,

21.96%,

12/09/26

...

3,754

3,725

FW2217920.UP.FTS.B,

22.05%,

12/09/26

.

3,004

3,010

FW2217042.UP.FTS.B,

22.14%,

12/09/26

.

3,858

1,088

L2213576.UP.FTS.B,

22.2%,

12/09/26

....

2,680

2,659

L2216013.UP.FTS.B,

22.2%,

12/09/26

....

3,023

218

L2217530.UP.FTS.B,

22.65%,

12/09/26

...

3,395

3,394

L2199212.UP.FTS.B,

23.01%,

12/09/26

...

12,078

12,099

FW2215013.UP.FTS.B,

23.03%,

12/09/26

.

8,262

8,187

L1410812.UP.FTS.B,

23.09%,

12/09/26

...

7,470

7,519

FW2209695.UP.FTS.B,

23.37%,

12/09/26

.

3,754

3,759

L2214174.UP.FTS.B,

23.38%,

12/09/26

...

783

775

L2218623.UP.FTS.B,

23.41%,

12/09/26

...

3,334

3,340

FW2215830.UP.FTS.B,

23.46%,

12/09/26

.

834

835

L2217598.UP.FTS.B,

23.52%,

12/09/26

...

7,279

7,292

L2218003.UP.FTS.B,

23.87%,

12/09/26

...

1,900

1,903

L2214776.UP.FTS.B,

24.04%,

12/09/26

...

8,395

4,933

FW2215962.UP.FTS.B,

24.1%,

12/09/26

..

3,805

3,812

FW2218127.UP.FTS.B,

24.14%,

12/09/26

.

7,611

7,625

L2216002.UP.FTS.B,

24.2%,

12/09/26

....

3,611

3,612

FW2214164.UP.FTS.B,

24.23%,

12/09/26

.

26,808

26,601

L2215396.UP.FTS.B,

24.34%,

12/09/26

...

3,268

3,274

FW2214689.UP.FTS.B,

24.38%,

12/09/26

.

6,873

6,872

L2218752.UP.FTS.B,

24.44%,

12/09/26

...

1,293

1,296

L2217516.UP.FTS.B,

24.76%,

12/09/26

...

1,135

1,137

L2218428.UP.FTS.B,

25.03%,

12/09/26

...

1,148

1,150

L2216782.UP.FTS.B,

25.06%,

12/09/26

...

2,672

2,652

L2215729.UP.FTS.B,

25.13%,

12/09/26

...

11,597

11,600

L2214317.UP.FTS.B,

25.17%,

12/09/26

...

2,731

2,695

L2215559.UP.FTS.B,

25.19%,

12/09/26

...

1,139

1,130

L2215557.UP.FTS.B,

25.29%,

12/09/26

...

1,763

1,766

FW2217958.UP.FTS.B,

25.35%,

12/09/26

.

3,451

3,458

L2215431.UP.FTS.B,

25.39%,

12/09/26

...

1,838

499

L2213659.UP.FTS.B,

25.4%,

12/09/26

....

2,916

2,915

L2217765.UP.FTS.B,

25.4%,

12/09/26

....

844

845

L2215136.UP.FTS.B,

25.42%,

12/09/26

...

3,785

3,750

L2214897.UP.FTS.B,

25.44%,

12/09/26

...

12,581

12,604

L2214140.UP.FTS.B,

25.45%,

12/09/26

...

2,193

2,178

L2217964.UP.FTS.B,

25.45%,

12/09/26

...

4,910

4,919

L2213733.UP.FTS.B,

25.47%,

12/09/26

...

326

127

L2214064.UP.FTS.B,

25.48%,

12/09/26

...

3,760

3,767

L2216607.UP.FTS.B,

25.48%,

12/09/26

...

2,302

2,306

L2216927.UP.FTS.B,

25.5%,

12/09/26

....

1,126

320

FW2216203.UP.FTS.B,

25.54%,

12/09/26

.

5,248

5,251

L2214345.UP.FTS.B,

25.65%,

12/09/26

...

2,445

174

L2214388.UP.FTS.B,

25.7%,

12/09/26

....

2,854

2,854

L2218260.UP.FTS.B,

25.7%,

12/09/26

....

5,071

5,080

FW2217031.UP.FTS.B,

25.82%,

12/09/26

.

5,103

363

L2218303.UP.FTS.B,

25.88%,

12/09/26

...

5,291

1,515

L2216795.UP.FTS.B,

26.15%,

12/09/26

...

10,400

10,420

L2217875.UP.FTS.B,

26.21%,

12/09/26

...

6,189

6,189

L2218511.UP.FTS.B,

26.56%,

12/09/26

...

6,177

336

FW2214874.UP.FTS.B,

27.9%,

12/09/26

..

3,956

2,328

FW2214657.UP.FTS.B,

27.98%,

12/09/26

.

792

226

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2215725.UP.FTS.B,

28.05%,

12/09/26

.

$

6,233

$

6,245

FW2216921.UP.FTS.B,

28.44%,

12/09/26

.

13,431

13,457

FW2215661.UP.FTS.B,

28.62%,

12/09/26

.

9,322

9,336

FW2217297.UP.FTS.B,

28.83%,

12/09/26

.

2,410

1,421

FW2216442.UP.FTS.B,

29.14%,

12/09/26

.

7,125

7,128

FW2218562.UP.FTS.B,

29.96%,

12/09/26

.

788

788

FW2217960.UP.FTS.B,

30.51%,

12/09/26

.

3,949

3,957

FW2217757.UP.FTS.B,

30.55%,

12/09/26

.

2,410

2,407

FW2214286.UP.FTS.B,

30.83%,

12/09/26

.

16,929

9,999

FW2216633.UP.FTS.B,

30.84%,

12/09/26

.

791

793

FW2213785.UP.FTS.B,

30.97%,

12/09/26

.

2,501

2,499

FW2205180.UP.FTS.B,

31.15%,

12/09/26

.

22,584

22,628

FW2214022.UP.FTS.B,

31.21%,

12/09/26

.

3,823

3,823

FW2217843.UP.FTS.B,

31.21%,

12/09/26

.

996

997

FW2216011.UP.FTS.B,

31.3%,

12/09/26

..

1,745

1,745

FW2215916.UP.FTS.B,

31.42%,

12/09/26

.

1,349

1,351

FW2215821.UP.FTS.B,

31.64%,

12/09/26

.

6,355

6,367

FW2216725.UP.FTS.B,

31.78%,

12/09/26

.

4,992

353

FW2216867.UP.FTS.B,

31.83%,

12/09/26

.

4,156

4,161

FW2217138.UP.FTS.B,

32.58%,

12/09/26

.

5,675

5,676

FW2219336.UP.FTS.B,

7.29%,

12/10/26

..

6,746

6,698

L2221765.UP.FTS.B,

7.56%,

12/10/26

....

6,763

6,711

FW2218855.UP.FTS.B,

7.72%,

12/10/26

..

3,414

3,385

L2220935.UP.FTS.B,

8.04%,

12/10/26

....

7,468

7,411

L2220551.UP.FTS.B,

8.19%,

12/10/26

....

1,495

1,485

L2222014.UP.FTS.B,

9.11%,

12/10/26

....

17,117

16,998

L2220654.UP.FTS.B,

9.13%,

12/10/26

....

15,975

15,853

L2220216.UP.FTS.B,

9.67%,

12/10/26

....

12,520

12,411

L2221664.UP.FTS.B,

9.98%,

12/10/26

....

3,747

3,701

FW2219804.UP.FTS.B,

10.44%,

12/10/26

.

6,919

6,870

FW2222412.UP.FTS.B,

10.49%,

12/10/26

.

692

687

L2220336.UP.FTS.B,

11.03%,

12/10/26

...

3,869

3,837

L2220236.UP.FTS.B,

11.73%,

12/10/26

...

15,001

14,897

L2222184.UP.FTS.B,

12.02%,

12/10/26

...

5,884

5,837

L2220260.UP.FTS.B,

12.23%,

12/10/26

...

35,076

34,835

L2221618.UP.FTS.B,

12.8%,

12/10/26

....

3,875

3,843

FW2220027.UP.FTS.B,

13.09%,

12/10/26

.

7,060

7,012

L2221352.UP.FTS.B,

13.11%,

12/10/26

...

673

668

L2221255.UP.FTS.B,

13.17%,

12/10/26

...

5,302

5,261

L2220245.UP.FTS.B,

13.24%,

12/10/26

...

18,803

18,675

L2220618.UP.FTS.B,

13.32%,

12/10/26

...

31,538

8,016

L2221709.UP.FTS.B,

13.43%,

12/10/26

...

12,633

919

L2218875.UP.FTS.B,

13.44%,

12/10/26

...

8,494

8,436

L2221936.UP.FTS.B,

13.59%,

12/10/26

...

4,536

4,501

L2220922.UP.FTS.B,

13.6%,

12/10/26

....

4,961

4,927

L2222570.UP.FTS.B,

13.7%,

12/10/26

....

3,557

3,530

L2211103.UP.FTS.B,

13.86%,

12/10/26

...

9,275

9,204

L2221071.UP.FTS.B,

14.15%,

12/10/26

...

5,429

5,383

FW2219337.UP.FTS.B,

14.64%,

12/10/26

.

4,006

3,975

L2221548.UP.FTS.B,

14.74%,

12/10/26

...

715

709

FW2222326.UP.FTS.B,

14.82%,

12/10/26

.

12,513

12,429

L2219252.UP.FTS.B,

15.58%,

12/10/26

...

3,645

2,063

L2218671.UP.FTS.B,

15.6%,

12/10/26

....

3,596

3,565

L2194261.UP.FTS.B,

15.71%,

12/10/26

...

8,328

8,263

FW2219230.UP.FTS.B,

15.75%,

12/10/26

.

8,009

7,944

L2222083.UP.FTS.B,

16.07%,

12/10/26

...

1,126

288

L2219654.UP.FTS.B,

16.29%,

12/10/26

...

2,506

182

FW2221359.UP.FTS.B,

17.28%,

12/10/26

.

2,474

2,454

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

290

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2221538.UP.FTS.B,

17.36%,

12/10/26

.

$

11,649

$

11,570

L2219356.UP.FTS.B,

17.56%,

12/10/26

...

7,803

7,738

L2183750.UP.FTS.B,

17.62%,

12/10/26

...

5,836

5,787

L2220037.UP.FTS.B,

17.77%,

12/10/26

...

2,337

2,321

L2220747.UP.FTS.B,

18.08%,

12/10/26

...

6,417

6,352

L2219692.UP.FTS.B,

18.1%,

12/10/26

....

2,342

2,326

L2222111.UP.FTS.B,

18.1%,

12/10/26

....

4,025

3,998

FW2217304.UP.FTS.B,

18.29%,

12/10/26

.

704

698

FW2219267.UP.FTS.B,

18.39%,

12/10/26

.

6,416

464

L2218279.UP.FTS.B,

18.41%,

12/10/26

...

3,938

134

L2220278.UP.FTS.B,

18.47%,

12/10/26

...

4,402

4,372

L2211401.UP.FTS.B,

18.86%,

12/10/26

...

22,993

13,203

L2210120.UP.FTS.B,

18.97%,

12/10/26

...

2,503

2,480

FW2219505.UP.FTS.B,

19.04%,

12/10/26

.

16,967

16,808

FW2219062.UP.FTS.B,

19.4%,

12/10/26

..

4,414

4,380

L2221797.UP.FTS.B,

19.44%,

12/10/26

...

12,609

12,493

L2221701.UP.FTS.B,

19.55%,

12/10/26

...

5,338

2,992

L2221919.UP.FTS.B,

19.66%,

12/10/26

...

4,142

4,111

L2220257.UP.FTS.B,

19.73%,

12/10/26

...

3,776

2,108

L2221739.UP.FTS.B,

19.78%,

12/10/26

...

6,661

6,676

L2221097.UP.FTS.B,

19.86%,

12/10/26

...

1,757

1,741

L2222299.UP.FTS.B,

20.17%,

12/10/26

...

4,453

4,423

L2220113.UP.FTS.B,

20.52%,

12/10/26

...

3,716

3,724

L2219823.UP.FTS.B,

20.59%,

12/10/26

...

4,247

4,212

L2221612.UP.FTS.B,

20.59%,

12/10/26

...

8,946

8,946

L2222005.UP.FTS.B,

20.98%,

12/10/26

...

10,673

10,589

L2221600.UP.FTS.B,

21.39%,

12/10/26

...

6,323

6,260

L2222012.UP.FTS.B,

21.64%,

12/10/26

...

2,636

2,637

FW2219145.UP.FTS.B,

21.86%,

12/10/26

.

12,606

12,633

FW2220653.UP.FTS.B,

22.15%,

12/10/26

.

4,552

4,554

FW2220221.UP.FTS.B,

22.46%,

12/10/26

.

5,272

5,284

L2219015.UP.FTS.B,

22.73%,

12/10/26

...

5,291

5,292

FW2220294.UP.FTS.B,

22.87%,

12/10/26

.

15,124

15,124

L2219342.UP.FTS.B,

22.94%,

12/10/26

...

2,645

191

L2222328.UP.FTS.B,

22.95%,

12/10/26

...

15,382

9,043

L2219249.UP.FTS.B,

23.16%,

12/10/26

...

4,141

1,174

FW2220079.UP.FTS.B,

23.76%,

12/10/26

.

1,752

–

L2222062.UP.FTS.B,

23.82%,

12/10/26

...

9,008

8,925

L2220670.UP.FTS.B,

23.96%,

12/10/26

...

2,300

2,288

FW2214196.UP.FTS.B,

23.98%,

12/10/26

.

4,592

4,593

L2222118.UP.FTS.B,

24.15%,

12/10/26

...

2,324

1,367

L2219719.UP.FTS.B,

24.34%,

12/10/26

...

1,143

1,143

FW2220794.UP.FTS.B,

24.46%,

12/10/26

.

4,024

4,028

L2221940.UP.FTS.B,

24.71%,

12/10/26

...

4,200

4,210

FW2222025.UP.FTS.B,

24.95%,

12/10/26

.

7,668

7,669

L2221318.UP.FTS.B,

24.95%,

12/10/26

...

1,836

1,840

FW2221001.UP.FTS.B,

24.99%,

12/10/26

.

3,954

1,124

L2221560.UP.FTS.B,

25.03%,

12/10/26

...

1,817

1,820

L2220844.UP.FTS.B,

25.09%,

12/10/26

...

1,990

1,995

L2222466.UP.FTS.B,

25.12%,

12/10/26

...

8,040

8,058

FW2219626.UP.FTS.B,

25.21%,

12/10/26

.

4,474

319

L2222460.UP.FTS.B,

25.39%,

12/10/26

...

2,446

2,444

L2219737.UP.FTS.B,

25.45%,

12/10/26

...

1,824

521

L2222516.UP.FTS.B,

25.46%,

12/10/26

...

789

786

L2218665.UP.FTS.B,

25.47%,

12/10/26

...

1,937

280

L2222196.UP.FTS.B,

25.5%,

12/10/26

....

1,842

1,846

L2222524.UP.FTS.B,

25.5%,

12/10/26

....

2,072

2,076

L2219005.UP.FTS.B,

25.75%,

12/10/26

...

2,789

2,791

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2219909.UP.FTS.B,

25.83%,

12/10/26

...

$

2,348

$

1,382

FW2221345.UP.FTS.B,

26.17%,

12/10/26

.

2,259

1,327

L2220148.UP.FTS.B,

26.68%,

12/10/26

...

4,390

1,221

FW2221698.UP.FTS.B,

26.97%,

12/10/26

.

6,238

6,241

FW2220970.UP.FTS.B,

26.98%,

12/10/26

.

681

679

FW2219378.UP.FTS.B,

27.07%,

12/10/26

.

9,294

9,315

FW2219807.UP.FTS.B,

27.31%,

12/10/26

.

5,015

358

FW2221994.UP.FTS.B,

27.39%,

12/10/26

.

2,145

153

FW2220411.UP.FTS.B,

27.41%,

12/10/26

.

4,779

2,815

FW2218817.UP.FTS.B,

27.5%,

12/10/26

..

3,691

3,676

FW2221398.UP.FTS.B,

27.53%,

12/10/26

.

4,099

4,104

FW2221651.UP.FTS.B,

27.6%,

12/10/26

..

7,720

7,734

FW2220064.UP.FTS.B,

27.61%,

12/10/26

.

1,847

1,850

FW2219635.UP.FTS.B,

27.99%,

12/10/26

.

1,089

1,071

FW2219847.UP.FTS.B,

28.03%,

12/10/26

.

4,634

4,641

FW2220128.UP.FTS.B,

28.06%,

12/10/26

.

3,895

3,904

FW2221547.UP.FTS.B,

28.78%,

12/10/26

.

2,738

2,744

FW2222054.UP.FTS.B,

29.08%,

12/10/26

.

6,268

6,282

FW2218160.UP.FTS.B,

29.47%,

12/10/26

.

3,769

3,778

FW2219414.UP.FTS.B,

29.72%,

12/10/26

.

4,487

4,487

FW2220353.UP.FTS.B,

29.92%,

12/10/26

.

2,372

2,373

FW2221075.UP.FTS.B,

30.26%,

12/10/26

.

2,760

2,767

FW2221564.UP.FTS.B,

30.28%,

12/10/26

.

2,997

3,004

FW2217065.UP.FTS.B,

30.33%,

12/10/26

.

3,550

3,558

FW2221531.UP.FTS.B,

30.36%,

12/10/26

.

2,762

2,768

FW2221439.UP.FTS.B,

30.5%,

12/10/26

..

1,737

1,741

FW2218883.UP.FTS.B,

30.53%,

12/10/26

.

6,584

460

FW2219219.UP.FTS.B,

30.68%,

12/10/26

.

2,408

2,380

FW2222124.UP.FTS.B,

30.9%,

12/10/26

..

360

354

FW2215534.UP.FTS.B,

30.92%,

12/10/26

.

830

119

FW2219745.UP.FTS.B,

31.03%,

12/10/26

.

1,821

1,825

FW2218821.UP.FTS.B,

31.13%,

12/10/26

.

1,923

1,925

FW2221543.UP.FTS.B,

31.13%,

12/10/26

.

4,022

579

FW2216231.UP.FTS.B,

31.22%,

12/10/26

.

2,775

2,781

FW2218939.UP.FTS.B,

31.36%,

12/10/26

.

3,173

3,180

FW2219989.UP.FTS.B,

31.38%,

12/10/26

.

3,138

3,143

FW2219361.UP.FTS.B,

31.69%,

12/10/26

.

11,683

11,710

FW2222019.UP.FTS.B,

31.71%,

12/10/26

.

5,604

5,607

FW2219266.UP.FTS.B,

31.97%,

12/10/26

.

27,779

27,843

L2220687.UP.FTS.B,

23.72%,

12/11/26

...

2,141

2,137

L2219088.UP.FTS.B,

10.44%,

12/13/26

...

14,856

14,752

FW2219637.UP.FTS.B,

30.65%,

12/13/26

.

2,354

2,358

L2217252.UP.FTS.B,

25.25%,

12/14/26

...

1,533

1,518

FW2221416.UP.FTS.B,

26.49%,

12/14/26

.

3,097

3,104

FW2218331.UP.FTS.B,

30.75%,

12/14/26

.

4,771

4,781

L2217202.UP.FTS.B,

15.56%,

12/22/26

...

3,036

3,016

FW2217553.UP.FTS.B,

16.03%,

12/23/26

.

4,348

4,315

FW2213955.UP.FTS.B,

18.45%,

12/24/26

.

6,781

6,394

FW2219222.UP.FTS.B,

31.25%,

12/25/26

.

3,207

464

FW2220958.UP.FTS.B,

32.58%,

12/25/26

.

6,231

6,230

L1612765.UP.FTS.B,

17.19%,

1/23/27

....

12,565

11,889

L1611110.UP.FTS.B,

20.52%,

1/23/27

....

12,576

12,691

L1612410.UP.FTS.B,

21.86%,

1/23/27

....

3,996

600

L1611337.UP.FTS.B,

22.25%,

1/23/27

....

16,060

1,151

L1612489.UP.FTS.B,

23.23%,

1/23/27

....

3,256

3,269

L1613013.UP.FTS.B,

25.41%,

1/23/27

....

1,565

1,581

FW1612781.UP.FTS.B,

27.12%,

1/23/27

..

8,021

8,056

FW1611792.UP.FTS.B,

28.67%,

1/23/27

..

5,803

1,712

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

291

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1616604.UP.FTS.B,

10.09%,

1/24/27

....

$

9,486

$

9,412

L1614273.UP.FTS.B,

14.09%,

1/24/27

....

8,122

2,098

L1599969.UP.FTS.B,

14.68%,

1/24/27

....

5,286

5,249

L1616362.UP.FTS.B,

23.47%,

1/24/27

....

4,673

4,692

L1613119.UP.FTS.B,

24.86%,

1/24/27

....

11,282

10,696

FW1603076.UP.FTS.B,

25.34%,

1/24/27

..

28,937

2,072

FW1613124.UP.FTS.B,

26.6%,

1/24/27

...

13,053

12,494

FW1605600.UP.FTS.B,

29.46%,

1/24/27

..

6,106

6,166

FW1616426.UP.FTS.B,

30.21%,

1/24/27

..

1,629

254

FW1615354.UP.FTS.B,

31.17%,

1/24/27

..

10,318

10,358

L1619050.UP.FTS.B,

15.55%,

1/25/27

....

2,884

2,868

L1618708.UP.FTS.B,

19.03%,

1/25/27

....

14,360

14,259

L1618519.UP.FTS.B,

22.51%,

1/25/27

....

48

9

FW1615921.UP.FTS.B,

28.4%,

1/25/27

...

14,661

14,729

FW1620982.UP.FTS.B,

29.78%,

1/25/27

..

26,257

26,142

L1705631.UP.FTS.B,

14.99%,

2/13/27

....

13,582

991

FW1705472.UP.FTS.B,

19.5%,

2/13/27

...

5,972

5,922

L1705495.UP.FTS.B,

19.78%,

2/13/27

....

2,238

2,243

L1705855.UP.FTS.B,

20.56%,

2/13/27

....

5,271

1,453

L1706676.UP.FTS.B,

24.2%,

2/13/27

....

13,006

13,034

L1704980.UP.FTS.B,

24.51%,

2/13/27

....

4,134

1,166

L1705353.UP.FTS.B,

25.94%,

2/13/27

....

3,089

3,106

L1706613.UP.FTS.B,

27.15%,

2/13/27

....

6,353

6,390

FW1704840.UP.FTS.B,

30.21%,

2/13/27

..

2,408

1,419

FW1705686.UP.FTS.B,

30.68%,

2/13/27

..

3,397

237

L1879662.UP.FTS.B,

19.3%,

3/19/27

....

18,068

–

FW1877987.UP.FTS.B,

20.97%,

3/19/27

..

3,185

230

L1876648.UP.FTS.B,

22.83%,

3/19/27

....

8,819

2,547

L1880795.UP.FTS.B,

23.65%,

3/19/27

....

2,454

2,345

FW1880786.UP.FTS.B,

24.67%,

3/19/27

..

4,577

4,366

L1880423.UP.FTS.B,

25.24%,

3/19/27

....

5,504

5,514

FW1879017.UP.FTS.B,

25.45%,

3/19/27

..

18,439

2,735

L1879422.UP.FTS.B,

25.49%,

3/19/27

....

1,616

–

FW1877902.UP.FTS.B,

26.21%,

3/19/27

..

17,436

1,246

FW1878560.UP.FTS.B,

28.77%,

3/19/27

..

4,488

650

FW1880356.UP.FTS.B,

28.86%,

3/19/27

..

2,030

2,031

FW1876796.UP.FTS.B,

29.31%,

3/19/27

..

19,004

1,331

FW1878756.UP.FTS.B,

30.15%,

3/19/27

..

2,427

169

FW1876491.UP.FTS.B,

30.62%,

3/19/27

..

5,444

5,207

FW1880852.UP.FTS.B,

31.2%,

3/19/27

...

2,556

2,572

FW1876421.UP.FTS.B,

26.08%,

3/27/27

..

4,599

4,605

FW1876680.UP.FTS.B,

30.74%,

4/03/27

..

2,921

203

FW1989633.UP.FTS.B,

11.19%,

4/08/27

..

4,272

4,231

L1998298.UP.FTS.B,

13.53%,

4/08/27

....

3,510

3,476

L1993049.UP.FTS.B,

14.87%,

4/08/27

....

15,121

14,977

L1993514.UP.FTS.B,

16.68%,

4/08/27

....

2,735

1,522

L1990886.UP.FTS.B,

17.65%,

4/08/27

....

5,435

5,376

L1991140.UP.FTS.B,

17.85%,

4/08/27

....

3,962

3,914

L1999227.UP.FTS.B,

17.88%,

4/08/27

....

15,044

8,614

L1989102.UP.FTS.B,

19.31%,

4/08/27

....

8,901

8,843

L1990660.UP.FTS.B,

20.07%,

4/08/27

....

9,336

677

FW1995724.UP.FTS.B,

22.43%,

4/08/27

..

11,535

11,400

L1990332.UP.FTS.B,

24.87%,

4/08/27

....

10,160

5,976

L1996816.UP.FTS.B,

26.05%,

4/08/27

....

12,407

12,372

FW1996955.UP.FTS.B,

27.91%,

4/08/27

..

1,186

1,179

FW1993453.UP.FTS.B,

28.76%,

4/08/27

..

10,080

10,056

FW1996092.UP.FTS.B,

29.72%,

4/08/27

..

2,618

2,588

FW1998458.UP.FTS.B,

30.59%,

4/08/27

..

3,610

253

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1988366.UP.FTS.B,

30.88%,

4/08/27

..

$

4,640

$

4,654

FW1990513.UP.FTS.B,

31.11%,

4/08/27

..

4,058

4,043

FW1995947.UP.FTS.B,

31.02%,

4/17/27

..

3,417

3,414

FW2073202.UP.FTS.B,

16.18%,

4/18/27

..

12,083

11,385

L2075589.UP.FTS.B,

16.26%,

4/18/27

....

5,234

5,190

L2074108.UP.FTS.B,

16.87%,

4/18/27

....

2,280

2,258

L2070593.UP.FTS.B,

17.59%,

4/18/27

....

16,131

16,007

L2074593.UP.FTS.B,

18.9%,

4/18/27

....

1,406

1,395

FW2071863.UP.FTS.B,

19.94%,

4/18/27

..

38,171

37,574

L2074730.UP.FTS.B,

20.02%,

4/18/27

....

3,927

3,892

L2072150.UP.FTS.B,

21.62%,

4/18/27

....

23,031

21,718

L2074432.UP.FTS.B,

21.97%,

4/18/27

....

2,198

2,199

FW2071024.UP.FTS.B,

22.22%,

4/18/27

..

18,621

1,338

FW2075442.UP.FTS.B,

22.23%,

4/18/27

..

6,101

6,039

L2073235.UP.FTS.B,

22.81%,

4/18/27

....

5,566

5,511

FW2073821.UP.FTS.B,

23.18%,

4/18/27

..

5,996

5,720

FW2068660.UP.FTS.B,

25.77%,

4/18/27

..

4,209

1,207

L2072180.UP.FTS.B,

25.94%,

4/18/27

....

17,621

17,162

FW2072098.UP.FTS.B,

27.42%,

4/18/27

..

14,101

1,004

FW2075168.UP.FTS.B,

30.19%,

4/18/27

..

2,941

2,942

FW2069880.UP.FTS.B,

30.4%,

4/18/27

...

5,006

5,016

FW2074496.UP.FTS.B,

30.71%,

4/18/27

..

2,902

–

FW2072505.UP.FTS.B,

31.14%,

4/18/27

..

2,233

2,138

FW2069864.UP.FTS.B,

31.2%,

4/18/27

...

3,060

3,063

L2214144.UP.FTS.B,

11.27%,

5/09/27

....

6,650

6,580

L1410942.UP.FTS.B,

18.88%,

5/09/27

....

7,353

4,201

L2218508.UP.FTS.B,

20.09%,

5/09/27

....

4,873

1,383

L2217490.UP.FTS.B,

20.86%,

5/09/27

....

20,619

12,113

L2217932.UP.FTS.B,

21.91%,

5/09/27

....

11,384

6,490

FW2216167.UP.FTS.B,

23.76%,

5/09/27

..

5,263

5,241

L2198465.UP.FTS.B,

24.17%,

5/09/27

....

3,988

3,978

FW2217399.UP.FTS.B,

24.73%,

5/09/27

..

6,084

6,076

L2218678.UP.FTS.B,

25.2%,

5/09/27

....

1,973

142

L2216524.UP.FTS.B,

25.42%,

5/09/27

....

8,459

8,413

FW2214150.UP.FTS.B,

26.84%,

5/09/27

..

1,908

1,903

FW1410803.UP.FTS.B,

28.82%,

5/09/27

..

5,068

1,445

FW2214667.UP.FTS.B,

30.92%,

5/09/27

..

4,865

340

FW2218340.UP.FTS.B,

31.07%,

5/09/27

..

7,582

2,120

L2218865.UP.FTS.B,

12.56%,

5/10/27

....

2,343

2,319

L2211511.UP.FTS.B,

12.64%,

5/10/27

....

41,742

22,193

FW2219474.UP.FTS.B,

13.95%,

5/10/27

..

8,429

8,355

L2220695.UP.FTS.B,

14.81%,

5/10/27

....

3,955

1,004

L2221125.UP.FTS.B,

15.5%,

5/10/27

.....

1,565

1,549

L2219741.UP.FTS.B,

18.33%,

5/10/27

....

4,440

2,542

L2221646.UP.FTS.B,

18.79%,

5/10/27

....

7,709

7,617

FW2218896.UP.FTS.B,

19.03%,

5/10/27

..

7,131

4,060

L2220292.UP.FTS.B,

21.61%,

5/10/27

....

8,750

5,166

L2221731.UP.FTS.B,

23.05%,

5/10/27

....

5,327

5,335

L2222302.UP.FTS.B,

24.68%,

5/10/27

....

4,135

4,122

L2219046.UP.FTS.B,

24.89%,

5/10/27

....

5,248

5,224

FW2220337.UP.FTS.B,

25.2%,

5/10/27

...

3,486

248

L2219250.UP.FTS.B,

27.55%,

5/10/27

....

21,046

2,989

FW2219943.UP.FTS.B,

28.3%,

5/10/27

...

9,868

2,762

FW2221942.UP.FTS.B,

29.08%,

5/10/27

..

16,999

–

FW2218780.UP.FTS.B,

29.8%,

5/10/27

...

4,760

2,822

FW2222345.UP.FTS.B,

30.23%,

5/10/27

..

2,493

2,458

FW2220084.UP.FTS.B,

30.41%,

5/10/27

..

1,673

1,671

FW2216510.UP.FTS.B,

30.91%,

5/10/27

..

6,236

436

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

292

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2219211.UP.FTS.B,

31.11%,

5/10/27

..

$

3,983

$

3,980

FW2219137.UP.FTS.B,

32.32%,

5/10/27

..

6,339

6,357

L2222173.UP.FTS.B,

23.88%,

5/14/27

....

12,254

1,782

FW2219236.UP.FTS.B,

30.82%,

5/25/27

..

1,727

1,727

FW1613781.UP.FTS.B,

20.91%,

6/24/27

..

149

147

L1617729.UP.FTS.B,

24.84%,

6/24/27

....

2,175

95

L1619343.UP.FTS.B,

16.69%,

6/25/27

....

7,806

7,778

FW1620587.UP.FTS.B,

20.68%,

6/25/27

..

45,069

–

FW1705037.UP.FTS.B,

26.99%,

7/13/27

..

1,524

1,503

L1879796.UP.FTS.B,

25.24%,

8/19/27

....

2,354

167

L1988413.UP.FTS.B,

19.1%,

9/08/27

....

1,265

1,253

L1996074.UP.FTS.B,

24%,

9/08/27

......

10,608

3,013

FW1992674.UP.FTS.B,

30.71%,

9/08/27

..

1,564

1,542

L2074857.UP.FTS.B,

16.11%,

9/18/27

....

15,449

15,268

FW2072528.UP.FTS.B,

30.61%,

9/18/27

..

1,550

449

L2217220.UP.FTS.B,

24.27%,

10/09/27

...

4,602

4,533

FW2217284.UP.FTS.B,

26.82%,

10/09/27

.

3,810

3,764

FW2216935.UP.FTS.B,

30.07%,

10/09/27

.

1,044

147

L2221415.UP.FTS.B,

11.88%,

10/10/27

...

5,008

1,250

FW2221749.UP.FTS.B,

30.5%,

10/10/27

..

969

969

L1700175.UP.FTS.B,

15.87%,

9/13/28

....

12,101

12,061

L1703901.UP.FTS.B,

26.94%,

9/13/28

....

8,228

8,299

L2074618.UP.FTS.B,

27.13%,

4/18/29

....

3,305

3,301

6,764,053

Total

Marketplace

Loans

(Cost

$56,018,356)

....

$48,961,503

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2023

Franklin

Total

Return

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

293

At

October

31,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1

(

e

). 

At

October

31,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1

(

e

). 

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

22

$

2,335,781

12/19/23

$

85,734

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

231

25,139,297

12/19/23

221,813

U.S.

Treasury

2

Year

Notes

.....................

Long

1,265

256,063,673

12/29/23

(976,314)

U.S.

Treasury

5

Year

Notes

.....................

Long

2,677

279,683,759

12/29/23

(4,320,954)

U.S.

Treasury

Long

Bonds

.....................

Short

382

41,805,125

12/19/23

(310,944)

Total

Futures

Contracts

......................................................................

$(5,300,665)

*

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

Japanese

Yen

......

JPHQ

Buy

1,145,000,000

7,832,174

1/09/24

$

—

$

(188,567)

Euro

.............

JPHQ

Buy

29,232,000

30,933,887

2/26/24

167,466

—

Euro

.............

JPHQ

Sell

29,252,000

32,028,512

2/26/24

905,880

—

Total

Forward

Exchange

Contracts

...................................................

$1,073,346

$(188,567)

Net

unrealized

appreciation

(depreciation)

............................................

$884,779

*

In

U.S.

dollars

unless

otherwise

indicated.

*

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

294

At

October

31,

2023,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e). 

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

Buy

Protection

(c)

Traded

Index

CDX.NA.HY.40

.

(5.00)%

Quarterly

6/20/28

127,970,000

$

(1,077,883)

$

(1,033,442)

$

(44,441)

Total

Centrally

Cleared

Swap

Contracts

.....................................

$(1,077,883)

$(1,033,442)

$(44,441)

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

12,580,000

(1,957,792)

(1,657,155)

(300,637)

B-

Traded

Index

(e)

BNP

Paribas

Bespoke

Haverhill

Index,

Mezzanine

Tranche

5-10%

4.10%

Quarterly

BNDP

12/20/23

4,250,000

EUR

28,068

—

28,068

Non-

Investment

Grade

CDX.NA.HY.31

.

5.00%

Quarterly

CITI

12/20/23

40,000,000

500,805

(150,464)

651,269

Non-

Investment

Grade

CDX.NA.HY.33

.

5.00%

Quarterly

CITI

12/20/24

37,700,000

1,101,523

(102,285)

1,203,808

Non-

Investment

Grade

CDX.NA.IG.31

..

1.00%

Quarterly

CITI

12/20/23

13,900,000

(47,464)

(52,654)

5,190

Investment

Grade

(e)

Citibank

Bespoke

Kenai

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/23

28,800,000

(6,089,041)

(593,449)

(5,495,592)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Rotorua

Index,

Mezzanine

Tranche

5-10%

3.60%

Quarterly

CITI

12/20/23

8,300,000

37,714

—

37,714

Non-

Investment

Grade

MCDX.

NA.MAIN.31

.

1.00%

Quarterly

CITI

12/20/23

2,325,000

4,258

632

3,626

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(6,421,929)

$(2,555,375)

$(3,866,554)

Total

Credit

Default

Swap

Contracts

....................................

$(7,499,812)

$

(3,588,817)

$(3,910,995)

(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

Franklin

Total

Return

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

295

At

October

31,

2023,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(e).

See

Note 

10

 regarding

other

derivative

information.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

............

Annual

Pay

Fixed

1.924%

...

Annual

8/12/27

34,300,000

$

3,395,727

$

2,134

$

3,393,593

Total

Interest

Rate

Swap

Contracts

...............................

$3,395,727

$

2,134

$3,393,593

*

In

U.S.

dollars

unless

otherwise

indicated.

See

Abbreviations

on

page

342

.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

October

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

296

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$1,261,892,247

$68,787,010

$2,101,201,861

Cost

-

Controlled

affiliates

(Note

3

f

)

..........................

—

—

50,162,114

Cost

-

Non-controlled

affiliates

(Note

3

f

and

11

)

.................

144,556,570

19,752,974

43,685,347

Cost

-

Unaffiliated

repurchase

agreements

....................

74,400,821

—

36,289,613

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$9,010,560,

$—

and

$—,

respectively)

.................................

$1,211,912,267

$65,050,237

$2,025,999,810

Value

-

Controlled

affiliates

(Note

3

f

)

.........................

—

—

49,548,481

Value

-

Non-controlled

affiliates

(Note

3

f

and

11

)

................

154,314,133

19,752,974

43,685,347

Value

-

Unaffiliated

repurchase

agreements

....................

74,400,821

—

36,289,613

Cash

..................................................

5,996,419

—

2,044,862

Foreign

currency,

at

value

(cost

$–,

$–

and

$519,832

,

respectively)

...

—

—

512,139

Receivables:

Investment

securities

sold

.................................

12,968,922

640,406

366,587

Capital

shares

sold

......................................

3,022,630

—

3,310,163

Dividends

and

interest

...................................

7,859,286

677,601

12,007,304

Deposits

with

brokers

for:

OTC

derivative

contracts

................................

—

—

3,480,000

Futures

contracts

......................................

—

—

4,839,879

Variation

margin

on

centrally

cleared

swap

contracts

.............

—

—

61,491

OTC

swap

contracts

(upfront

payments

$–,

$–

and

$124,409,

respectively)

............................................

—

—

3,377

Unrealized

appreciation

on

OTC

forward

exchange

contracts

........

—

—

1,209,951

Unrealized

appreciation

on

OTC

swap

contracts

..................

—

—

932,120

Unrealized

appreciation

on

unfunded

loan

commitments

(Not

e

9)

.....

5,028

—

—

Offering

costs

...........................................

—

48,444

—

Total

assets

........................................

1,470,479,506

86,169,662

2,184,291,124

Liabilities:

Payables:

Investment

securities

purchased

............................

71,218,633

19,833,437

—

Capital

shares

redeemed

.................................

6,504,918

—

4,430,152

Management

fees

.......................................

647,243

—

325,698

Distribution

fees

........................................

229,570

—

338,627

Transfer

agent

fees

......................................

267,779

154

363,545

Trustees'

fees

and

expenses

...............................

366

105

25

Distributions

to

shareholders

...............................

1,112,041

—

37,934

Variation

margin

on

futures

contracts

.........................

—

—

488,877

OTC

swap

contracts

(upfront

receipts

$–,

$–

and

$6,612,618

,

respectively

)

............................................

—

—

1,282,217

Unrealized

depreciation

on

OTC

swap

contracts

..................

—

—

2,719,794

Unrealized

depreciation

on

OTC

forward

exchange

contracts

........

—

—

11,392

Accrued

expenses

and

other

liabilities

.........................

144,816

128,209

455,362

Total

liabilities

.......................................

80,125,366

19,961,905

10,453,623

Net

assets,

at

value

...............................

$1,390,354,140

$66,207,757

$2,173,837,501

Net

assets

consist

of:

Paid-in

capital

...........................................

$1,993,551,934

$69,988,544

$2,599,521,346

Total

distributable

earnings

(losses)

...........................

(603,197,794)

(3,780,787)

(425,683,845)

Net

assets,

at

value

...............................

$1,390,354,140

$66,207,757

$2,173,837,501

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

297

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Class

A:

Net

assets,

at

value

.....................................

$873,366,908

$—

$1,471,021,371

Shares

outstanding

......................................

114,477,058

—

167,990,790

Net

asset

value

per

share

a

................................

$7.63

$—

$8.76

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%,

—%

and

97.75%

,

respectively

)

.............................

$7.81

$—

$8.96

Class

C:

Net

assets,

at

value

.....................................

$80,605,642

$—

$44,178,369

Shares

outstanding

......................................

10,562,456

—

5,069,760

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$7.63

$—

$8.71

Class

R:

Net

assets,

at

value

.....................................

$—

$—

$303,002

Shares

outstanding

......................................

—

—

34,630

Net

asset

value

and

maximum

offering

price

per

share

...........

$—

$—

$8.75

Class

R6:

Net

assets,

at

value

.....................................

$117,288,521

$66,207,757

$483,828,438

Shares

outstanding

......................................

15,349,307

7,145,923

54,889,031

Net

asset

value

and

maximum

offering

price

per

share

...........

$7.64

$9.27

$8.81

Advisor

Class:

Net

assets,

at

value

.....................................

$319,093,069

$—

$174,506,321

Shares

outstanding

......................................

41,806,197

—

19,817,333

Net

asset

value

and

maximum

offering

price

per

share

...........

$7.63

$—

$8.81

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

298

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$446,372,502

$3,407,421,694

Cost

-

Controlled

affiliates

(Note

3

f

)

...........................................

—

350,441,099

Cost

-

Non-controlled

affiliates

(Note

3

f

and

11

)

..................................

9,206,156

147,915,675

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$—

and

$975,055,

respectively)

..

$430,471,632

$3,028,145,849

Value

-

Controlled

affiliates

(Note

3

f

)

..........................................

—

274,724,000

Value

-

Non-controlled

affiliates

(Note

3

f

and

11

)

.................................

9,206,156

145,292,286

Cash

...................................................................

—

1,493,464

Receivables:

Investment

securities

sold

..................................................

2,010,170

43,443,061

Capital

shares

sold

.......................................................

321,855

1,401,826

Dividends

and

interest

....................................................

2,299,453

17,413,123

Deposits

with

brokers

for:

OTC

derivative

contracts

.................................................

—

7,550,000

TBA

transactions

.......................................................

—

3,174,180

Futures

contracts

.......................................................

347,009

3,584,385

OTC

swap

contracts

(upfront

payments

$–

and

$102,462,

respectively)

.................

—

632

Unrealized

appreciation

on

OTC

forward

exchange

contracts

.........................

—

1,073,346

Unrealized

appreciation

on

OTC

swap

contracts

...................................

—

1,929,675

Deferred

tax

benefit

........................................................

—

95,813

Total

assets

.........................................................

444,656,275

3,529,321,640

Liabilities:

Payables:

Investment

securities

purchased

.............................................

—

432,573,007

Capital

shares

redeemed

..................................................

812,606

5,702,800

Management

fees

........................................................

63,804

942,976

Distribution

fees

.........................................................

72,481

556,619

Transfer

agent

fees

.......................................................

110,686

673,566

Trustees'

fees

and

expenses

................................................

12

22

Pricing

fees

............................................................

76,703

131,797

Distributions

to

shareholders

................................................

57,651

94,179

Variation

margin

on

futures

contracts

..........................................

39,218

439,426

Variation

margin

on

centrally

cleared

swap

contracts

..............................

—

288,648

OTC

swap

contracts

(upfront

receipts

$–

and

$13,609,118

,

respectively

)

................

—

2,556,007

Unrealized

depreciation

on

OTC

swap

contracts

...................................

—

5,796,229

Unrealized

depreciation

on

OTC

forward

exchange

contracts

.........................

—

188,567

Accrued

expenses

and

other

liabilities

..........................................

86,392

448,605

Total

liabilities

........................................................

1,319,553

450,392,448

Net

assets,

at

value

................................................

$443,336,722

$3,078,929,192

Net

assets

consist

of:

Paid-in

capital

............................................................

$619,011,948

$4,139,269,277

Total

distributable

earnings

(losses)

............................................

(175,675,226)

(1,060,340,085)

Net

assets,

at

value

................................................

$443,336,722

$3,078,929,192

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

299

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Class

A:

Net

assets,

at

value

......................................................

$284,318,807

$2,494,183,225

Shares

outstanding

.......................................................

38,283,901

320,841,670

Net

asset

value

per

share

a

.................................................

$7.43

$7.77

Maximum

offering

price

per

share

(net

asset

val

ue

per

share

÷

97.

75

%

and

96.

25

%

,

respectively)

............................................................

$7.60

$8.07

Class

A1:

Net

assets,

at

value

......................................................

$47,732,342

$—

Shares

outstanding

.......................................................

6,429,011

—

Net

asset

value

per

share

a

.................................................

$7.42

$—

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%

and

—%

,

respectively

)

............................................................

$7.59

$—

Class

C:

Net

assets,

at

value

......................................................

$13,586,037

$30,818,968

Shares

outstanding

.......................................................

1,830,782

3,998,545

Net

asset

value

and

maximum

offering

price

per

share

a

............................

$7.42

$7.71

Class

R:

Net

assets,

at

value

......................................................

$—

$7,335,948

Shares

outstanding

.......................................................

—

947,909

Net

asset

value

and

maximum

offering

price

per

share

............................

$—

$7.74

Class

R6:

Net

assets,

at

value

......................................................

$20,265,204

$390,582,358

Shares

outstanding

.......................................................

2,723,947

49,871,173

Net

asset

value

and

maximum

offering

price

per

share

............................

$7.44

$7.83

Advisor

Class:

Net

assets,

at

value

......................................................

$77,434,332

$156,008,693

Shares

outstanding

.......................................................

10,417,222

19,946,726

Net

asset

value

and

maximum

offering

price

per

share

............................

$7.43

$7.82

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

for

the

year

ended

October

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

300

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

a

Franklin

Low

Duration

Total

Return

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

......................................

$620,760

$—

$—

Controlled

affiliates

(Note

3

f

)

...............................

—

—

8,832,044

Non-controlled

affiliates

(Note

3

f

and

11

)

......................

7,854,010

7,258

1,781,345

Interest:

(net

of

foreign

taxes

of

$—,

$—

and

$47,857,

respectively)

Unaffiliated

issuers

......................................

111,471,761

546,394

92,650,047

Non-controlled

affiliates

(Note

3

f

and

11

)

......................

334,086

—

—

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

...................

(11,335)

—

(605)

Non-controlled

affiliates

(Note

3

f

)

...........................

99,852

—

1,261

Total

investment

income

.................................

120,369,134

553,652

103,264,092

Expenses:

Management

fees

(Note

3

a

)

.................................

7,489,048

28,365

12,175,066

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

2,082,742

—

4,040,005

    Class

C

..............................................

533,042

—

344,827

    Class

R

..............................................

—

—

1,367

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

1,012,500

—

1,795,637

    Class

C

..............................................

100,324

—

59,036

    Class

R

..............................................

—

—

302

    Class

R6

.............................................

1,310

1,039

119,237

    Advisor

Class

..........................................

292,699

—

221,424

Custodian

fees

(Note

4

)

....................................

—

216

27,827

Reports

to

shareholders

fees

................................

(49,397)

4,782

232,102

Registration

and

filing

fees

..................................

156,807

—

182,890

Professional

fees

.........................................

129,591

41,694

179,155

Trustees'

fees

and

expenses

................................

15,512

118

30,497

Organization

costs

........................................

—

20,000

—

Amortization

of

offering

costs

(Note

1l)

.........................

—

11,456

—

Marketplace

lending

fees

(Note

1i)

............................

—

—

1,291,034

Other

..................................................

44,616

2,068

408,248

Total

expenses

.......................................

11,808,794

109,738

21,108,654

Expense

reductions

(Note

4

)

.............................

—

—

(23,374)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

............

(386,090)

(28,365)

(7,346,514)

Net

expenses

.......................................

11,422,704

81,373

13,738,766

Net

investment

income

..............................

108,946,430

472,279

89,525,326

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

301

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

a

Franklin

Low

Duration

Total

Return

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(24,346,436)

(61,249)

(59,061,001)

Controlled

affiliates

(Note

3f

)

.............................

—

—

(8,343,951)

Non-controlled

affiliates

(Note

3

f

and

11

)

....................

4,660,224

—

—

Foreign

currency

transactions

..............................

(341,919)

—

253,954

Forward

exchange

contracts

...............................

—

—

2,682,861

Futures

contracts

.......................................

—

—

(17,456,243)

Swap

contracts

.........................................

—

—

(4,433,277)

Net

realized

gain

(loss)

................................

(20,028,131)

(61,249)

(86,357,657)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

64,098,961

(3,736,773)

92,731,281

Controlled

affiliates

(Note

3

f

)

.............................

—

—

(613,633)

Non-controlled

affiliates

(Note

3

f

and

11

)

....................

12,636,691

—

13,546,135

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

—

—

94,343

Unfunded

loan

commitments

...............................

651,264

—

—

Forward

exchange

contracts

...............................

—

—

(7,004,599)

Futures

contracts

.......................................

—

—

5,006,251

Swap

contracts

.........................................

—

—

3,526,165

Net

change

in

unrealized

appreciation

(depreciation)

..........

77,386,916

(3,736,773)

107,285,943

Net

realized

and

unrealized

gain

(loss)

..........................

57,358,785

(3,798,022)

20,928,286

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$166,305,215

$(3,325,743)

$110,453,612

a

For

the

period

August

22,

2023

(commencement

of

operations)

to

October

31,

2023.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

302

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

.......................................................

$—

$268,090

Controlled

affiliates

(Note

3

f

)

................................................

—

12,270,065

Non-controlled

affiliates

(Note

3

f

and

11

)

.......................................

457,167

15,122,922

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

....................................................

(3,160,939)

846,899

Paid

in

cash

b

..........................................................

19,487,227

119,116,052

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

....................................

—

1,459

Non-controlled

affiliates

(Note

3

f

)

............................................

—

6,923

Total

investment

income

..................................................

16,783,455

147,632,410

Expenses:

Management

fees

(Note

3

a

)

..................................................

2,451,555

16,453,483

Distribution

fees:

(Note

3c

)

    Class

A

...............................................................

784,295

6,757,135

    Class

A1

..............................................................

51,582

—

    Class

C

...............................................................

111,784

525,669

    Class

R

...............................................................

—

43,082

Transfer

agent

fees:

(Note

3e

)

    Class

A

...............................................................

525,754

3,459,126

    Class

A1

..............................................................

86,111

—

    Class

C

...............................................................

29,078

104,574

    Class

R

...............................................................

—

11,053

    Class

R6

..............................................................

11,239

103,915

    Advisor

Class

...........................................................

139,895

219,327

Custodian

fees

(Note

4

)

.....................................................

5,288

32,867

Reports

to

shareholders

fees

.................................................

53,488

475,837

Registration

and

filing

fees

...................................................

59,536

130,536

Professional

fees

..........................................................

149,526

189,777

Trustees'

fees

and

expenses

.................................................

6,626

42,627

Marketplace

lending

fees

(Note

1

i

)

.............................................

—

1,457,844

Interest

expense

..........................................................

727

—

Other

...................................................................

127,547

451,148

Total

expenses

........................................................

4,594,031

30,458,000

Expense

reductions

(Note

4

)

..............................................

(4,080)

(553)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

.............................

(770,255)

(3,843,387)

Net

expenses

........................................................

3,819,696

26,614,060

Net

investment

income

...............................................

12,963,759

121,018,350

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

303

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

(9,891,978)

(124,966,757)

Controlled

affiliates

(Note

3f

)

..............................................

—

(9,274,403)

Non-controlled

affiliates

(Note

3

f

and

11

)

.....................................

—

(2,228,325)

Foreign

currency

transactions

...............................................

—

249,092

Forward

exchange

contracts

................................................

—

(3,975,019)

Futures

contracts

........................................................

(391,262)

(18,366,017)

Swap

contracts

..........................................................

—

(18,019,245)

Net

realized

gain

(loss)

.................................................

(10,283,240)

(176,580,674)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

9,920,586

77,198,390

Controlled

affiliates

(Note

3f

)

..............................................

—

5,347,850

Non-controlled

affiliates

(Note

3

f

and

11

)

.....................................

—

8,855,109

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

.............

—

(309)

Forward

exchange

contracts

................................................

—

(7,391,267)

Futures

contracts

........................................................

355,975

16,311,205

Swap

contracts

..........................................................

—

11,748,671

Net

change

in

unrealized

appreciation

(depreciation)

...........................

10,276,561

112,069,649

Net

realized

and

unrealized

gain

(loss)

...........................................

(6,679)

(64,511,025)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$12,957,080

$56,507,325

b

Includes

amortization

of

premium

and

accretion

of

discount.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

304

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Year

Ended

October

31,

2023

a

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

..............................

$108,946,430

$74,125,244

$472,279

Net

realized

gain

(loss)

..............................

(20,028,131)

(40,751,365)

(61,249)

Net

change

in

unrealized

appreciation

(depreciation)

........

77,386,916

(91,816,518)

(3,736,773)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................

166,305,215

(58,442,639)

(3,325,743)

Distributions

to

shareholders:

Class

A

..........................................

(67,380,157)

(40,293,158)

—

Class

C

..........................................

(6,288,208)

(4,262,593)

—

Class

R6

.........................................

(11,740,781)

(5,386,766)

(466,500)

Advisor

Class

.....................................

(20,229,545)

(25,031,018)

—

Total

distributions

to

shareholders

.......................

(105,638,691)

(74,973,535)

(466,500)

Capital

share

transactions:

(Note

2

)

Class

A

..........................................

6,334,471

95,312,388

—

Class

C

..........................................

(12,682,250)

(2,836,292)

—

Class

R6

.........................................

(91,423,965)

185,664,438

70,000,000

Advisor

Class

.....................................

7,074,979

(87,885,915)

—

Total

capital

share

transactions

.........................

(90,696,765)

190,254,619

70,000,000

Net

increase

(decrease)

in

net

assets

................

(30,030,241)

56,838,445

66,207,757

Net

assets:

Beginning

of

year

....................................

1,420,384,381

1,363,545,936

—

End

of

year

........................................

$1,390,354,140

$1,420,384,381

$66,207,757

a

For

the

period

August

22,

2023

(commencement

of

operations)

to

October

31,

2023.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

305

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$89,525,326

$50,822,733

$12,963,759

$1,710,509

Net

realized

gain

(loss)

............

(86,357,657)

(49,546,476)

(10,283,240)

118,180

Net

change

in

unrealized

appreciation

(depreciation)

.................

107,285,943

(169,963,230)

10,276,561

(26,494,195)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

110,453,612

(168,686,973)

12,957,080

(24,665,506)

Distributions

to

shareholders:

Class

A

........................

(60,114,911)

(55,505,991)

(10,206,136)

(4,349,126)

Class

A1

.......................

—

—

(1,764,658)

(770,177)

Class

C

........................

(1,779,542)

(2,072,444)

(481,704)

(196,281)

Class

R

........................

(9,432)

(4,813)

—

—

Class

R6

.......................

(22,632,127)

(20,205,434)

(858,315)

(510,734)

Advisor

Class

...................

(7,876,607)

(7,318,348)

(2,939,772)

(1,319,641)

Total

distributions

to

shareholders

.....

(92,412,619)

(85,107,030)

(16,250,585)

(7,145,959)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(267,236,877)

(18,996,907)

(67,204,335)

(58,500,009)

Class

A1

.......................

—

—

(6,950,555)

(8,723,410)

Class

C

........................

(18,742,695)

(30,179,718)

(7,882,453)

(13,270,248)

Class

R

........................

127,578

(6,923)

—

—

Class

R6

.......................

(121,871,187)

113,486,515

(9,081,349)

(10,496,307)

Advisor

Class

...................

(25,478,070)

(32,023,097)

(21,781,251)

18,097,433

Total

capital

share

transactions

.......

(433,201,251)

32,279,870

(112,899,943)

(72,892,541)

Net

increase

(decrease)

in

net

assets

.....................

(415,160,258)

(221,514,133)

(116,193,448)

(104,704,006)

Net

assets:

Beginning

of

year

..................

2,588,997,759

2,810,511,892

559,530,170

664,234,176

End

of

year

......................

$2,173,837,501

$2,588,997,759

$443,336,722

$559,530,170

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

306

Franklin

Total

Return

Fund

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$121,018,350

$107,919,563

Net

realized

gain

(loss)

.................................................

(176,580,674)

(316,010,300)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

112,069,649

(614,320,143)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

56,507,325

(822,410,880)

Distributions

to

shareholders:

Class

A

.............................................................

(89,525,537)

(95,689,275)

Class

C

.............................................................

(2,443,232)

(2,897,196)

Class

R

.............................................................

(265,784)

(281,144)

Class

R6

............................................................

(16,264,861)

(16,884,985)

Advisor

Class

........................................................

(6,064,374)

(6,503,263)

Distributions

to

shareholders

from

tax

return

of

capital:

Class

A

.............................................................

—

(1,093,187)

Class

C

.............................................................

—

(33,099)

Class

R

.............................................................

—

(3,212)

Class

R6

............................................................

—

(192,900)

Advisor

Class

........................................................

—

(74,295)

Total

distributions

to

shareholders

..........................................

(114,563,788)

(123,652,556)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

(175,192,116)

(408,157,005)

Class

C

.............................................................

(61,491,375)

(23,533,054)

Class

R

.............................................................

(1,380,651)

(1,404,906)

Class

R6

............................................................

(35,606,769)

(48,137,918)

Advisor

Class

........................................................

(16,265,094)

(9,509,531)

Total

capital

share

transactions

............................................

(289,936,005)

(490,742,414)

Net

increase

(decrease)

in

net

assets

...................................

(347,992,468)

(1,436,805,850)

Net

assets:

Beginning

of

year

.......................................................

3,426,921,660

4,863,727,510

End

of

year

...........................................................

$3,078,929,192

$3,426,921,660

Franklin

Investors

Securities

Trust

307

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1.

Organization

and

Significant

Accounting

Policies

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,

five

of

which

are

included

in

this

report

(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.

The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

August

22,

2023,

the

Trust

began

offering

shares

of

Franklin

Long

Duration

Credit

Fund.

Class

A,

Class

C,

Class

R6

&

Advisor

Class

Franklin

Floating

Rate

Daily

Access

Fund

Class

A,

Class

R,

Class

R6

&

Advisor

Class

Franklin

Long

Duration

Credit

Fund

Class

A,

Class

C,

Class

R,

Class

R6

&

Advisor

Class

Franklin

Low

Duration

Total

Return

Fund

Franklin

Total

Return

Fund

Class

A,

Class

A1,

Class

C,

Class

R6

&

Advisor

Class

Franklin

Low

Duration

U.S.

Government

Securities

Fund

a

a

Effective

March

1,

2023,

Franklin

Adjustable

U.S.

Government

Securities

Fund

was

renamed

Franklin

Low

Duration

U.S.

Government

Securities

Fund.

The

following

summarizes

the Funds'

significant

accounting

policies

. 

a.

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.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

308

franklintempleton.com

Annual

Report

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds' pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds' net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

October

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

309

franklintempleton.com

Annual

Report

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Joint

Repurchase

Agreement

Certain

or

all

Funds

enter

into

a

joint

repurchase

agreement

whereby

their

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Funds'

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Funds,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Funds

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Funds

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the

Funds

at

year

end,

as

indicated

in

the

Schedules

of

Investments,

had

been

entered

into

on

October

31,

2023.

d.

Securities

Purchased

on

Delayed

Delivery

and

TBA

Basis

Certain

or

all

Funds

purchase

securities

on

a

delayed

delivery

and

to-be-announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

they

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

e.

Derivative

Financial

Instruments

Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds

include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

Early

termination

1.

Organization

and

Significant

Accounting

Policies

(continued)

b.

Foreign

Currency

Translation 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

310

franklintempleton.com

Annual

Report

by

the

counterparty

may

result

in

an

immediate

payment

by

the Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds'

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

At

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund

and

Franklin

Long

Duration

Credit

Fund

had

no

futures

contracts.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. At

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund

and

Franklin

Low

Duration

U.S.

Government

Securities

Fund

had

no

forward

exchange

contracts.

Certain

or

all

Funds

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statements

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the

Statements

of

Operations.

At

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund

and

Franklin

Low

Duration

U.S.

Government

Securities

Fund

had

no

credit

default

swap

contracts.

1.

Organization

and

Significant

Accounting

Policies

(continued)

e.

Derivative

Financial

Instruments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

311

franklintempleton.com

Annual

Report

Certain

or

all

Funds entered

into

interest

rate

swap

contra

cts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the Statements

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

At

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund,

Franklin

Low

Duration

Total

Return

Fund

and

Franklin

Low

Duration

U.S.

Government

Securities

Fund

had

no

interest

rate

swap

contracts.

Certain

or

all

Funds

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss.

At

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund,

Franklin

Low

Duration

Total

Return

Fund,

Franklin

Low

Duration

U.S.

Government

Securities

Fund

and

Franklin

Total

Return

Fund

had

no

total

return

swap

contracts.

Certain

or

all

Funds

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

At

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund,

Franklin

Low

Duration

Total

Return

Fund,

Franklin

Low

Duration

U.S.

Government

Securities

Fund

and

Franklin

Total

Return

Fund

had

no

option

contracts.

See

Note

10 regarding

other

derivative

information.

f.

Securities

Lending

Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds,

and/

or

a

joint

repurchase

agreement.

Additionally,

at

October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund

and

Franklin

Total

Return

Fund

held

$9,194,750

and

$1,026,093,

respectively,

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Funds'

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statements

of

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statements

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

1.

Organization

and

Significant

Accounting

Policies

(continued)

e.

Derivative

Financial

Instruments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

312

franklintempleton.com

Annual

Report

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

October

31,

2023,

Franklin

Long

Duration

Credit

Fund,

Franklin

Low

Duration

Total

Return

Fund

and

Franklin

Low

Duration

U.S.

Government

Securities

Fund

had

no

securities

on

loan.

g.

Mortgage

Dollar

Rolls

Certain

or

all

Funds

enter

into

mortgage

dollar

rolls,

typically

on

a

TBA

basis.

Mortgage

dollar

rolls

are

agreements

between

the

Fund

and

a

financial

institution

where

the

Fund

sells

(or

buys)

mortgage-backed

securities

for

delivery

on

a

specified

date

and

simultaneously

contracts

to

repurchase

(or

sell)

substantially

similar

(same

type,

coupon,

and

maturity)

securities

at

a

future

date

and

at

a

predetermined

price.

Gains

or

losses

are

realized

on

the

initial

sale,

and

the

difference

between

the

repurchase

price

and

the

sale

price

is

recorded

as

an

unrealized

gain

or

loss

to

the

Fund

upon

entering

into

the

mortgage

dollar

roll.

In

addition,

the

Fund

may

invest

the

cash

proceeds

that

are

received

from

the

initial

sale.

During

the

period

between

the

sale

and

repurchase,

the

Fund

is

not

entitled

to

principal

and

interest

paid

on

the

mortgage

backed

securities.

Transactions

in

mortgage

dollar

rolls

are

accounted

for

as

purchases

and

sales

and

may

result

in

an

increase

to

the

Fund's

portfolio

turnover

rate.

The

risks

of

mortgage

dollar

roll

transactions

include

the

potential

inability

of

the

counterparty

to

fulfill

its

obligations.

h.

Senior

Floating

Rate

Interests

Certain

or

all

Funds

invest

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

or

the

London

Interbank

Offered

Rate

(LIBOR),

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the

Funds

invest

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

i.

Marketplace

Lending

Certain

or

all

Funds

invest in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

to

as

peer-to-peer

lending,

is

a

method

of

financing

in

which

a

platform

facilitates

the

borrowing

and

lending

of

money.

It

is

considered

an

alternative

to

more

traditional

forms

of

debt

financing.

Prospective

borrowers

are

required

to

provide

certain

financial

information

to

the

platform,

including,

but

not

limited

to,

the

intended

purpose

of

the

loan,

income,

employment

information,

credit

score,

debt-

to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

on

this

and

other

information,

the

platform

assigns

its

own

credit

rating

to

the

borrower

and

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

to

purchase

the

loans

based

on

factors

such

as

the

interest

rates

and

expected

yields

of

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

by

the

platform.

When

the

Funds

invest

in

these

loans,

they

usually

purchase

all

rights,

title

and

interest

in

the

loans

pursuant

to

a

loan

purchase

agreement

directly

from

the

platform.

The

platform

or

a

third-party

servicer

typically

continues

to

service

the

loans,

collecting

payments

and

distributing

them

to

the

Funds,

less

any

servicing

fees

assessed.

The

servicer

is

typically

responsible

for

taking

actions

against

a

borrower

in

the

event

of

a

default

on

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

in

marketplace

lending

fees

in

the

Statements

of

Operations.

The

Funds,

as

investors

in

a

loan,

would

be

entitled

to

receive

payment

only

from

the

borrower

and

would

not

be

able

to

recover

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

in

which

the

Funds

may

invest

are

unsecured.

j.

Income

and

Deferred

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Securities

Lending

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

313

franklintempleton.com

Annual

Report

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2023, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

k.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

separately

on

the

Statements

of

Operations.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

and

realized

gain

distributions

are

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Net

investment

income,

excluding

class

specific

expenses,

is

allocated

daily

to

each

class

of

shares

based

upon

the

relative

value

of

the

settled

shares

of

each

class.

Realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income

in

the

Statements

of

Operations.

l.

Organization

and

Offering

Costs

Organization

costs

were

expensed

as

incurred.

Offering

costs

are

amortized

on

a

straight

line

basis

over

twelve

months.

m.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1.

Organization

and

Significant

Accounting

Policies

(continued)

j.

Income

and

Deferred

Taxes

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

314

franklintempleton.com

Annual

Report

n.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

October

31,

2023,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Funds'

shares

were

as

follows:

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

a

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Year

ended

October

31,

2023

Shares

sold

b

...................................

27,387,103

$206,459,760

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

8,420,096

63,329,198

—

—

Shares

redeemed

...............................

(35,114,593)

(263,454,487)

—

—

Net

increase

(decrease)

..........................

692,606

$6,334,471

—

$—

Year

ended

October

31,

2022

Shares

sold

b

...................................

41,457,925

$321,182,786

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

4,996,107

37,843,340

—

—

Shares

redeemed

...............................

(34,558,349)

(263,713,738)

—

—

Net

increase

(decrease)

..........................

11,895,683

$95,312,388

—

$—

Class

C

Class

C

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

2,794,924

$21,052,363

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

808,394

6,077,848

—

—

Shares

redeemed

b

..............................

(5,315,439)

(39,812,461)

—

—

Net

increase

(decrease)

..........................

(1,712,121)

$(12,682,250)

—

$—

Year

ended

October

31,

2022

Shares

sold

...................................

5,224,361

$40,518,153

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

543,665

4,121,391

—

—

Shares

redeemed

b

..............................

(6,209,779)

(47,475,836)

—

—

Net

increase

(decrease)

..........................

(441,753)

$(2,836,292)

—

$—

Class

R6

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

315

franklintempleton.com

Annual

Report

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

a

Shares

Amount

Shares

Amount

Class

R6

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

2,969,497

$22,188,448

7,145,923

$70,000,000

Shares

issued

in

reinvestment

of

distributions

..........

356,601

2,682,088

—

—

Shares

redeemed

...............................

(15,642,171)

(116,294,501)

—

—

Net

increase

(decrease)

..........................

(12,316,073)

$(91,423,965)

7,145,923

$70,000,000

Year

ended

October

31,

2022

Shares

sold

...................................

39,484,928

$298,642,147

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

299,290

2,265,013

—

—

Shares

redeemed

...............................

(15,282,696)

(115,242,722)

—

—

Net

increase

(decrease)

..........................

24,501,522

$185,664,438

—

$—

Advisor

Class

Advisor

Class

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

24,304,350

$184,648,111

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,486,193

18,713,657

—

—

Shares

redeemed

...............................

(26,308,618)

(196,286,789)

—

—

Net

increase

(decrease)

..........................

481,925

$7,074,979

—

$—

Year

ended

October

31,

2022

Shares

sold

...................................

68,767,943

$535,515,860

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,193,839

16,652,183

—

—

Shares

redeemed

...............................

(84,738,096)

(640,053,958)

—

—

Net

increase

(decrease)

..........................

(13,776,314)

$(87,885,915)

—

$—

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Year

ended

October

31,

2023

Shares

sold

b

...................................

29,608,294

$260,349,394

5,709,156

$42,688,818

Shares

issued

in

reinvestment

of

distributions

..........

6,659,167

58,583,503

1,312,142

9,785,379

Shares

redeemed

...............................

(66,631,177)

(586,169,774)

(15,994,684)

(119,678,532)

Net

increase

(decrease)

..........................

(30,363,716)

$(267,236,877)

(8,973,386)

$(67,204,335)

Year

ended

October

31,

2022

Shares

sold

b

...................................

59,261,545

$542,509,430

12,593,181

$96,657,185

Shares

issued

in

reinvestment

of

distributions

..........

5,959,047

54,111,658

543,023

4,153,957

Shares

redeemed

...............................

(67,424,006)

(615,617,995)

(20,721,784)

(159,311,151)

Net

increase

(decrease)

..........................

(2,203,414)

$(18,996,907)

(7,585,580)

$(58,500,009)

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

316

franklintempleton.com

Annual

Report

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Shares

Amount

Shares

Amount

Class

A1

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

—

$—

346,454

$2,585,684

Shares

issued

in

reinvestment

of

distributions

..........

—

—

225,992

1,684,795

Shares

redeemed

...............................

—

—

(1,502,871)

(11,221,034)

Net

increase

(decrease)

..........................

—

$—

(930,425)

$(6,950,555)

Year

ended

October

31,

2022

Shares

sold

...................................

—

$—

334,752

$2,567,429

Shares

issued

in

reinvestment

of

distributions

..........

—

—

97,013

742,163

Shares

redeemed

...............................

—

—

(1,564,042)

(12,033,002)

Net

increase

(decrease)

..........................

—

$—

(1,132,277)

$(8,723,410)

Class

C

Class

C

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

1,156,370

$10,121,461

420,213

$3,134,036

Shares

issued

in

reinvestment

of

distributions

..........

197,911

1,733,115

63,715

474,926

Shares

redeemed

b

..............................

(3,494,626)

(30,597,271)

(1,538,348)

(11,491,415)

Net

increase

(decrease)

..........................

(2,140,345)

$(18,742,695)

(1,054,420)

$(7,882,453)

Year

ended

October

31,

2022

Shares

sold

...................................

1,906,400

$17,343,181

876,983

$6,742,447

Shares

issued

in

reinvestment

of

distributions

..........

223,012

2,021,056

25,542

194,935

Shares

redeemed

b

..............................

(5,438,273)

(49,543,955)

(2,627,227)

(20,207,630)

Net

increase

(decrease)

..........................

(3,308,861)

$(30,179,718)

(1,724,702)

$(13,270,248)

Class

R

Class

R

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

31,102

$273,159

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,070

9,403

—

—

Shares

redeemed

...............................

(17,626)

(154,984)

—

—

Net

increase

(decrease)

..........................

14,546

$127,578

—

$—

Year

ended

October

31,

2022

Shares

sold

...................................

8,313

$75,542

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

531

4,819

—

—

Shares

redeemed

...............................

(9,468)

(87,284)

—

—

Net

increase

(decrease)

..........................

(624)

$(6,923)

—

$—

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

317

franklintempleton.com

Annual

Report

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

13,842,489

$122,573,246

440,518

$3,297,266

Shares

issued

in

reinvestment

of

distributions

..........

2,551,165

22,597,484

114,657

856,879

Shares

redeemed

...............................

(30,144,651)

(267,041,917)

(1,767,331)

(13,235,494)

Net

increase

(decrease)

..........................

(13,750,997)

$(121,871,187)

(1,212,156)

$(9,081,349)

Year

ended

October

31,

2022

Shares

sold

...................................

31,242,483

$288,639,096

2,324,065

$18,077,438

Shares

issued

in

reinvestment

of

distributions

..........

2,215,936

20,224,174

66,588

511,496

Shares

redeemed

...............................

(21,356,139)

(195,376,755)

(3,760,141)

(29,085,241)

Net

increase

(decrease)

..........................

12,102,280

$113,486,515

(1,369,488)

$(10,496,307)

Advisor

Class

Advisor

Class

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

10,777,954

$95,220,405

4,873,393

$36,619,209

Shares

issued

in

reinvestment

of

distributions

..........

834,345

7,381,408

379,697

2,834,156

Shares

redeemed

...............................

(14,477,202)

(128,079,883)

(8,165,132)

(61,234,616)

Net

increase

(decrease)

..........................

(2,864,903)

$(25,478,070)

(2,912,042)

$(21,781,251)

Year

ended

October

31,

2022

Shares

sold

...................................

9,707,483

$89,335,172

10,474,549

$80,340,359

Shares

issued

in

reinvestment

of

distributions

..........

750,784

6,864,841

164,799

1,260,080

Shares

redeemed

...............................

(13,958,161)

(128,223,110)

(8,283,899)

(63,503,006)

Net

increase

(decrease)

..........................

(3,499,894)

$(32,023,097)

2,355,449

$18,097,433

Franklin

Total

Return

Fund

Shares

Amount

Class

A

Class

A

Shares:

Year

ended

October

31,

2023

Shares

sold

b

...................................

40,135,566

$329,527,884

Shares

issued

in

reinvestment

of

distributions

..........

10,747,121

88,422,093

Shares

redeemed

...............................

(72,247,715)

(593,142,093)

Net

increase

(decrease)

..........................

(21,365,028)

$(175,192,116)

Year

ended

October

31,

2022

Shares

sold

b

...................................

29,459,497

$270,390,201

Shares

issued

in

reinvestment

of

distributions

..........

10,715,331

95,667,713

Shares

redeemed

...............................

(86,309,730)

(774,214,919)

Net

increase

(decrease)

..........................

(46,134,902)

$(408,157,005)

Class

C

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

318

franklintempleton.com

Annual

Report

Franklin

Total

Return

Fund

Shares

Amount

Class

C

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

4,933,521

$40,521,635

Shares

issued

in

reinvestment

of

distributions

..........

296,394

2,427,229

Shares

redeemed

b

..............................

(12,869,901)

(104,440,239)

Net

increase

(decrease)

..........................

(7,639,986)

$(61,491,375)

Year

ended

October

31,

2022

Shares

sold

...................................

3,035,373

$27,413,284

Shares

issued

in

reinvestment

of

distributions

..........

327,807

2,905,377

Shares

redeemed

b

..............................

(5,992,548)

(53,851,715)

Net

increase

(decrease)

..........................

(2,629,368)

$(23,533,054)

Class

R

Class

R

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

246,663

$2,023,662

Shares

issued

in

reinvestment

of

distributions

..........

32,071

262,818

Shares

redeemed

...............................

(447,741)

(3,667,131)

Net

increase

(decrease)

..........................

(169,007)

$(1,380,651)

Year

ended

October

31,

2022

Shares

sold

...................................

184,462

$1,678,954

Shares

issued

in

reinvestment

of

distributions

..........

31,761

281,936

Shares

redeemed

...............................

(369,510)

(3,365,796)

Net

increase

(decrease)

..........................

(153,287)

$(1,404,906)

Class

R6

Class

R6

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

10,273,885

$85,228,450

Shares

issued

in

reinvestment

of

distributions

..........

1,790,240

14,832,666

Shares

redeemed

...............................

(16,566,915)

(135,667,885)

Net

increase

(decrease)

..........................

(4,502,790)

$(35,606,769)

Year

ended

October

31,

2022

Shares

sold

...................................

7,978,317

$73,892,704

Shares

issued

in

reinvestment

of

distributions

..........

1,743,175

15,690,890

Shares

redeemed

...............................

(15,191,335)

(137,721,512)

Net

increase

(decrease)

..........................

(5,469,843)

$(48,137,918)

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

319

franklintempleton.com

Annual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

Franklin

Floating

Rate

Daily

Access

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Long

Duration

Credit

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

FT

Institutional

of

0.30%

of

the

average

daily

net

assets

of

the

Fund.

Franklin

Total

Return

Fund

Shares

Amount

Advisor

Class

Shares:

Year

ended

October

31,

2023

Shares

sold

...................................

4,562,433

$37,680,401

Shares

issued

in

reinvestment

of

distributions

..........

689,130

5,703,323

Shares

redeemed

...............................

(7,222,881)

(59,648,818)

Net

increase

(decrease)

..........................

(1,971,318)

$(16,265,094)

Year

ended

October

31,

2022

Shares

sold

...................................

5,658,283

$52,655,284

Shares

issued

in

reinvestment

of

distributions

..........

681,456

6,116,919

Shares

redeemed

...............................

(7,528,274)

(68,281,734)

Net

increase

(decrease)

..........................

(1,188,535)

$(9,509,531)

a

For

the

period

August

22,

2023

(commencement

of

operations)

to

October

31,

2023.

b

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Institutional,

LLC

(FT

Institutional)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.650%

Up

to

and

including

$500

million

0.550%

Over

$500

million,

up

to

and

including

$1

billion

0.500%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.450%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.425%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.400%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.390%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.380%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.370%

In

excess

of

$21.5

billion

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

320

franklintempleton.com

Annual

Report

Franklin

Low

Duration

Total

Return

Fund

and

Franklin

Total

Return

Fund

pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

each

of

the

Funds

as

follows:

Franklin

Low

Duration

U.S.

Government

Securities

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

October

31,

2023,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of

the

Funds’

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$500

million

0.525%

Over

$500

million,

up

to

and

including

$1

billion

0.480%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.435%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.415%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.400%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.390%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.380%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.370%

In

excess

of

$21.5

billion

Annualized

Fee

Rate

Net

Assets

0.500%

Up

to

and

including

$5

billion

0.440%

Over

$5

billion,

up

to

and

including

$10

billion

0.410%

Over

$10

billion,

up

to

and

including

$15

billion

0.380%

In

excess

of

$15

billion

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Gross

effective

investment

management

fee

rate

........

0.578%

0.300%

0.503%

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Gross

effective

investment

management

fee

rate

........

0.500%

0.483%

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

321

franklintempleton.com

Annual

Report

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds’

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds’

Class

C

and

R

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Class

A

...............................

0.25%

0.25%

0.25%

Class

C

...............................

0.65%

—%

0.65%

Class

R

...............................

—%

0.50%

0.50%

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Class

A

...............................

0.25%

0.25%

Class

A1

..............................

0.10%

—%

Class

C

...............................

0.65%

0.65%

Class

R

...............................

—%

0.50%

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$16,477

$—

$24,876

CDSC

retained

...........................

$63,044

$—

$53,441

3.

Transactions

with

Affiliates

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

322

franklintempleton.com

Annual

Report

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly,

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2023,

the

fees

are

based

on

a

fixed

margin

earned

by

Investor

Services

and

are

allocated

to

the

Funds

based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions. 

For

the

year

ended

October

31,

2023,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f.

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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

October

31,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$1,745

$56,135

CDSC

retained

...........................

$12,061

$34,982

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Transfer

agent

fees

........................

$563,086

$—

$712,466

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Transfer

agent

fees

........................

$285,996

$1,145,909

3.

Transactions

with

Affiliates

(continued)

d.

Sales

Charges/Underwriting

Agreements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

323

franklintempleton.com

Annual

Report

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$34,911,058

$—

$(36,276,318)

$(9,037,544)

$10,402,804

$—

—

$2,219,877

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

50,484,450

149,016,172

(129,895,107)

—

—

69,605,515

69,605,515

2,578,718

Total

Non-Controlled

Affiliates

$85,395,508

$149,016,172

$(166,171,425)

$

(9,037,544)

$

10,402,804

$69,605,515

$

4,798,595

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$18,000

$50,907,000

$(50,925,000)

$—

$—

$—

—

$99,852

Total

Affiliated

Securities

...

$85,413,508

$199,923,172

$(217,096,425)

$(9,037,544)

$10,402,804

$69,605,515

$4,898,447

Franklin

Long

Duration

Credit

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$—

$21,852,814

$(2,099,840)

$—

$—

$19,752,974

19,752,974

$7,258

Total

Affiliated

Securities

...

$—

$21,852,814

$(2,099,840)

$—

$—

$19,752,974

$7,258

Franklin

Low

Duration

Total

Return

Fund

Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$125,894,626

$—

$(80,934,696)

$(8,343,951)

$12,932,502

$49,548,481

6,248,232

$8,832,044

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$15,610,140

$314,106,266

$(286,031,059)

$—

$—

$43,685,347

43,685,347

$1,781,345

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$—

$4,992,000

$(4,992,000)

$—

$—

$—

—

$1,261

Total

Affiliated

Securities

...

$141,504,766

$319,098,266

$(371,957,755)

$(8,343,951)

$12,932,502

$93,233,828

$10,614,650

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

324

franklintempleton.com

Annual

Report

g.

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

respective

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Low

Duration

Total

Return

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees

and

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.44%

and

for

Class

R6

do

not

exceed

0.30%

based

on

the

average

net

assets

of

each

class

until

February

29,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Effective

March

1,

2023,

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Low

Duration

U.S.

Government

Securities

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees

and

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$22,050,458

$180,002,975

$(192,847,277)

$—

$—

$9,206,156

9,206,156

$457,167

Total

Affiliated

Securities

...

$22,050,458

$180,002,975

$(192,847,277)

$—

$—

$9,206,156

$457,167

Franklin

Total

Return

Fund

Controlled

Affiliates

Dividends

Franklin

Investment

Grade

Corporate

ETF

...........

$322,806,000

$—

$(44,155,447)

$(9,274,403)

$5,347,850

$274,724,000

13,840,000

$12,270,065

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$133,533,045

$—

$(112,663,148)

$(2,228,325)

$7,360,945

$26,002,517

3,279,006

$9,004,485

Franklin

Senior

Loan

ETF

....

40,168,688

—

—

—

1,494,164

41,662,852

1,737,400

3,472,993

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

44,800,650

951,412,026

(918,585,759)

—

—

77,626,917

77,626,917

2,645,444

Total

Non-Controlled

Affiliates

$218,502,383

$951,412,026

$(1,031,248,907)

$

(2,228,325)

$

8,855,109

$145,292,286

$

15,122,922

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$2,006,000

$4,589,000

$(6,595,000)

$—

$—

$—

—

$6,923

Total

Affiliated

Securities

...

$543,314,383

$956,001,026

$(1,081,999,354)

$(11,502,728)

$14,202,959

$420,016,286

$27,399,910

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

325

franklintempleton.com

Annual

Report

Fund

do

not

exceed

0.58%

based

on

the

average

net

assets

of

each

class

until

February

29,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Prior

to

March

1,

2023,

expenses

(excluding

certain

fees

and

expenses

as

previously

disclosed)

for

each

class

of

Franklin

Low

Duration

U.S.

Government

Securities

Fund

were

limited

to

0.60%

based

on

the

average

net

assets

of

each

class.

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Total

Return

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees

and

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.58%

and

for

Class

R6

do

not

exceed

0.47%

based

on

the

average

net

assets

of

each

class

until

February

29,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

FT

Institutional

has

contractually

agreed

in

advance

to

limit

the

investment

management

fees

for

Franklin

Long

Duration

Credit

Fund

to

0.00%

of

the

average

daily

net

assets

of

the

Fund

until

August

31,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Floating

Rate

Daily

Access

Fund

and

Franklin

Low

Duration

U.S.

Government

Securities

Fund

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

February

29,

2024.

Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Long

Duration

Credit

Fund

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

August

31,

2024.

h.

Other

Affiliated

Transactions

At

October

31,

2023,

Templeton

International

Inc.

owned

70.0%

of

Franklin

Long

Duration

Credit

Fund's

outstanding

shares.

Investment

activities

of

this

shareholder

could

have

a

material

impact

on

the

Fund.

4.

Expense

Offset

Arrangement

The

Funds,

with

the

exception

of

Franklin

Long

Duration

Credit

Fund,

have

previously

entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the

year

ended

October

31,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

Effective

July

10,

2023,

earned

credits,

if

any,

will

be

recognized

as

income.

3.

Transactions

with

Affiliates

(continued)

g.

Waiver

and

Expense

Reimbursements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

326

franklintempleton.com

Annual

Report

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

 At

October

31,

2023,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2023

and

2022,

was

as

follows:

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

36,110,021

$

36,291

$

102,675,183

Long

term

.............................

522,954,163

—

232,442,117

Total

capital

loss

carryforwards

............

$559,064,184

$36,291

$335,117,300

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

26,198,792

$

179,061,521

Long

term

.............................

133,563,833

397,455,350

Total

capital

loss

carryforwards

............

$159,762,625

$576,516,871

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

2023

2022

2023

Distributions

paid

from:

Ordinary

income

........................

$105,638,691

$74,973,535

$466,500

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

2023

2022

2023

2022

Distributions

paid

from:

Ordinary

income

........................

$92,412,619

$85,107,030

$16,250,585

$7,145,959

Franklin

Total

Return

Fund

2023

2022

Distributions

paid

from:

Ordinary

income

........................

$114,563,788

$122,255,863

Return

of

capital

.........................

—

1,396,693

$114,563,788

$123,652,556

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

327

franklintempleton.com

Annual

Report

At

October

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

foreign

currency

transactions,

wash

sales,

paydown

losses,

bond

discounts

and

premiums,

derivative

financial

instruments,

complex

securities

and

in-kind

transactions.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

October

31,

2023,

were

as

follows:

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

a

a

a

a

Cost

of

investments

.......................

$1,485,710,062

$88,579,391

$2,244,383,630

Unrealized

appreciation

.....................

$25,533,133

$821

$10,399,243

Unrealized

depreciation

.....................

(70,615,974)

(3,777,001)

(101,086,206)

Net

unrealized

appreciation

(depreciation)

.......

$(45,082,841)

$(3,776,180)

$(90,686,963)

Distributable

earnings:

Undistributed

ordinary

income

................

$2,235,243

$31,684

$66,906

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

a

a

a

Cost

of

investments

.......................

$455,920,570

$3,919,702,793

Unrealized

appreciation

.....................

$692,354

$17,362,354

Unrealized

depreciation

.....................

(16,579,161)

(497,422,983)

Net

unrealized

appreciation

(depreciation)

.......

$(15,886,807)

$(480,060,629)

Distributable

earnings:

Undistributed

ordinary

income

................

$31,857

$1,385,898

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Purchases

..............................

$379,789,446

$72,053,608

$1,278,445,312

Sales

..................................

$482,741,432

$3,269,473

$1,763,056,711

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Purchases

..............................

$111,348,320

$4,608,843,886

Sales

..................................

$212,276,982

$4,866,127,856

5.

Income

Taxes

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

328

franklintempleton.com

Annual

Report

7.

Credit Risk

and

Defaulted

Securities

At October

31,

2023,

Franklin

Floating

Rate

Daily

Access

Fund

and

Franklin

Low

Duration

U.S.

Government

Securities

Fund

had

78.2%

and

20.0%,

respectively,

of

their

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Franklin

Low

Duration

Total

Return

Fund

held

a

defaulted

security

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

October

31,

2023,

the

value

of

this

security

represents

less

than

0.1%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

security

has

been

identified

in

the

accompanying

Schedule

of

Investments.

8.

Restricted

Securities

Certain

or

all

Funds

invest

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

October

31,

2023,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$0

as

of

October

31,

2023.

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Low

Duration

Total

Return

Fund

12,326,925

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

92,077

$

—

1,226,701

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

911

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$92,988

$—

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Total

Return

Fund

28,762,824

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

–

2/01/17

$

221,469

$

—

2,862,311

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

2,125

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$223,594

$—

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

329

franklintempleton.com

Annual

Report

9.

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

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

At

October

31,

2023,

unfunded

commitments

were

as

follows:

10.

Other

Derivative

Information

At

October

31,

2023,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

Belfor

Holdings,

Inc.

$

502,847

$

502,847

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Franklin

Low

Duration

Total

Return

Fund

Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

3,312,025

a

Variation

margin

on

futures

contracts

$

3,279,062

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

1,209,951

Unrealized

depreciation

on

OTC

forward

exchange

contracts

11,392

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

69,249

b

Variation

margin

on

centrally

cleared

swap

contracts

13,551

b

OTC

swap

contracts

(upfront

payments)

3,377

OTC

swap

contracts

(upfront

receipts)

1,282,217

Unrealized

appreciation

on

OTC

swap

contracts

932,120

Unrealized

depreciation

on

OTC

swap

contracts

2,719,794

Total

....................

$5,526,722

$7,306,016

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

611,171

a

Variation

margin

on

futures

contracts

255,196

a

Total

....................

$611,171

$255,196

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

330

franklintempleton.com

Annual

Report

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Franklin

Total

Return

Fund

Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

307,547

a

Variation

margin

on

futures

contracts

$

5,608,212

a

Variation

margin

on

centrally

cleared

swap

contracts

3,393,593

b

Variation

margin

on

centrally

cleared

swap

contracts

—

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

1,073,346

Unrealized

depreciation

on

OTC

forward

exchange

contracts

188,567

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

—

Variation

margin

on

centrally

cleared

swap

contracts

44,441

b

OTC

swap

contracts

(upfront

payments)

632

OTC

swap

contracts

(upfront

receipts)

2,556,007

Unrealized

appreciation

on

OTC

swap

contracts

1,929,675

Unrealized

depreciation

on

OTC

swap

contracts

5,796,229

Total

....................

$6,704,793

$14,193,456

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedules

of

Investments.

Only

the

variation

margin

receivable/

payable

at

year

end

is

separately

reported

within

the

Statements

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedules

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statements

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

10.

Other

Derivative

Information

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

331

franklintempleton.com

Annual

Report

For

the

year

ended

October

31,

2023,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Year

Franklin

Low

Duration

Total

Return

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

(17,456,243)

Futures

contracts

5,006,251

Foreign

exchange

contracts

.....

Forward

exchange

contracts

2,682,861

Forward

exchange

contracts

(7,004,599)

Credit

contracts

...............

Swap

contracts

(4,433,277)

Swap

contracts

3,526,165

Total

.......................

$(19,206,659)

$1,527,817

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

(391,262)

Futures

contracts

355,975

Total

.......................

$(391,262)

$355,975

Franklin

Total

Return

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Investments

2,781,368

a

Investments

—

Futures

contracts

(18,366,017)

Futures

contracts

16,311,205

Swap

contracts

821,846

Swap

contracts

215,309

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(3,975,019)

Forward

exchange

contracts

(7,391,267)

Credit

contracts

...............

Swap

contracts

(18,841,091)

Swap

contracts

11,533,362

Total

.......................

$(37,578,913)

$20,668,609

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Statements

of

Operations.

10.

Other

Derivative

Information

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

332

franklintempleton.com

Annual

Report

For

the year

ended

October

31,

2023,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average

month

end

contract

value

for

forward

exchange

contracts,

were

as

follows:

At

October

31,

2023,

the

Funds'

OTC

derivative

assets

and

liabilities

are

as

follows:

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Futures

contracts

....................

$

1,046,541,762

$49,222,653

$748,971,795

Swap

Contracts

.....................

163,272,994

–

456,931,231

Forwards

exchange

contracts

...........

105,192,198

–

120,253,287

Options

............................

–

–

12,330,769

Gross

Amounts

of

Assets

and

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Assets

a

Liabilities

a

Franklin

Low

Duration

Total

Return

Fund

Forward

exchange

contracts

.............................

$

1,209,951

$

11,392

Swap

contracts

.......................................

935,497

4,002,011

Total

.............................................

$2,145,448

$4,013,403

Franklin

Total

Return

Fund

Forward

exchange

contracts

.............................

1,073,346

188,567

Swap

contracts

.......................................

1,930,307

8,352,236

Total

.............................................

$3,003,653

$8,540,803

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

10.

Other

Derivative

Information

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

333

franklintempleton.com

Annual

Report

At

October

31,

2023,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

At

October

31,

2023,

OTC

derivative

liabilities,

which

may

be

offset

against

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

Available

for

Offset

Financial

Instruments

Collateral

Received

a,b

Cash

Collateral

Received

Net

Amount

(Not

less

than

zero)

Franklin

Low

Duration

Total

Return

Fund

Counterparty

BNDP

...................

$15,190

$—

$—

$—

$15,190

CITI

.....................

920,307

(920,307)

—

—

—

JPHQ

...................

1,209,951

(11,392)

(1,198,559)

—

—

Total

...................

$2,145,448

$(931,699)

$

(1,

1

98,559)

$—

$15,190

Franklin

Total

Return

Fund

Counterparty

BNDP

...................

$28,068

$—

$—

$—

$28,068

CITI

.....................

1,902,239

(1,902,239)

—

—

—

JPHQ

...................

1,073,346

(188,567)

(860,529)

—

24,250

Total

...................

$3,003,653

$(2,090,806)

$(860,529)

$—

$52,318

2

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

Available

for

Offset

Financial

Instruments

Collateral

Pledged

Cash

Collateral

Pledged

b

Net

Amount

(Not

less

than

zero)

Franklin

Low

Duration

Total

Return

Fund

Counterparty

BNDP

...................

$—

$—

$—

$—

$—

CITI

.....................

4,002,011

(920,307)

—

(3,081,704)

—

JPHQ

...................

11,392

(11,392)

—

—

—

Total

...................

$4,013,403

$(931,699)

$—

$(3,081,704)

$—

Franklin

Total

Return

Fund

Counterparty

BNDP

...................

—

—

—

—

—

CITI

.....................

8,352,236

(1,902,239)

—

(6,449,997)

—

JPHQ

...................

188,567

(188,567)

—

—

—

Total

...................

$8,540,803

$(2,090,806)

$—

$(6,449,997)

$—

10.

Other

Derivative

Information

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

334

franklintempleton.com

Annual

Report

See

Note

1(e)

regarding

derivative

financial

instruments.

See

Abbreviations

on

page

342

.

11.

Holdings

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

year

ended

October

31,

2023,

investments

in

“affiliated

companies”

were

as

follows:

a

At

October

31,

2023,

the

Fund

received

U.S.

Treasury

Bills,

Bonds,

Notes

and

Inflation

Indexed

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

collateral

amounts

to

avoid

the

effect

of

over

collateralization. Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares/Warrants

Held

at

End

of

Year

Investment

Income

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

....

$

—

$

1,187,441

a

$

(1,178,667)

a

$

(8,774)

$

—

$

—

11,563,612

$

—

Quarternorth

Energy

Holding,

Inc.

......

45,425,981

15,446,802

a

(10,212,712)

a

—

17,452,272

68,112,343

504,224

3,055,415

Quarternorth

Energy

Holding,

Inc.,

2/01/49

12,932,116

—

(12,703,712)

a

—

(228,404)

—

—

—

UTEX

Industries,

Inc.

..

17,901,790

—

—

—

(1,306,700)

16,595,090

261,340

—

UTEX

Industries,

Inc.,

2/20/49

..........

6,469

—

—

—

(5,284)

1,185

634

—

Interest

Quarternorth

Energy

Holding,

Inc.,

Second

Lien,

Initial

New

Term

Loan,

9%,

(3-month

USD

LIBOR

+

8%),

8/27/26

..........

13,677,997

—

(13,706,542)

13,706,542

(13,677,997)

—

b

—

334,086

Total

Affiliated

Securities

(Value

is

6.1%

of

Net

Assets)

..........

$89,944,353

$16,634,243

$(37,801,633)

$13,697,768

$2,233,887

$84,708,618

$3,389,501

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

October

31,

2023,

no

longer

held

by

the

funds.

10.

Other

Derivative

Information

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

335

franklintempleton.com

Annual

Report

12.

Credit

Facility

The

Funds,

except

for

Franklin

Long

Duration

Credit

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

October

31,

2023,

the

Funds

did

not

use

the

Global

Credit

Facility.

13.

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

October

31,

2023,

in

valuing

the

Funds’

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

.........................

$

—

$

84,759,962

$

—

$

84,759,962

Management

Investment

Companies

.........

12,806,456

—

—

12,806,456

Preferred

Stocks

.........................

—

10,225

—

10,225

Warrants

...............................

—

—

1,185

1,185

Corporate

Bonds

........................

—

75,989,265

—

75,989,265

Senior

Floating

Rate

Interests

...............

—

1,113,761,950

—

1,113,761,950

Asset-Backed

Securities

...................

—

9,291,842

—

9,291,842

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

69,605,515

74,400,821

—

144,006,336

Total

Investments

in

Securities

...........

$82,411,971

$1,358,214,065

$1,185

$1,440,627,221

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$5,028

$—

$5,028

Total

Other

Financial

Instruments

.........

$—

$5,028

$—

$5,028

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

336

franklintempleton.com

Annual

Report

Level

1

Level

2

Level

3

Total

Franklin

Long

Duration

Credit

Fund

Assets:

Investments

in

Securities:

b

Corporate

Bonds

........................

$

—

$

61,620,707

$

—

$

61,620,707

Foreign

Government

and

Agency

Securities

....

—

1,760,577

—

1,760,577

U.S.

Government

and

Agency

Securities

.......

—

857,122

—

857,122

Municipal

Bonds

.........................

—

811,831

—

811,831

Short

Term

Investments

...................

19,752,974

—

—

19,752,974

Total

Investments

in

Securities

...........

$19,752,974

$65,050,237

$—

$84,803,211

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

.............

—

13,420,141

—

13,420,141

Management

Investment

Companies

.........

—

49,548,481

—

49,548,481

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

14,900,762

—

14,900,762

Air

Freight

&

Logistics

...................

—

1,635,038

—

1,635,038

Automobile

Components

.................

—

1,095,598

—

1,095,598

Automobiles

..........................

—

7,036,776

—

7,036,776

Banks

...............................

—

213,631,529

—

213,631,529

Beverages

...........................

—

11,518,934

—

11,518,934

Biotechnology

.........................

—

11,790,391

—

11,790,391

Broadline

Retail

.......................

—

—

—

a

—

Capital

Markets

........................

—

57,343,125

—

57,343,125

Commercial

Services

&

Supplies

...........

—

3,838,187

—

3,838,187

Communications

Equipment

..............

—

541,354

—

541,354

Consumer

Finance

.....................

—

11,902,582

—

11,902,582

Consumer

Staples

Distribution

&

Retail

......

—

3,235,359

—

3,235,359

Diversified

Consumer

Services

............

—

1,812,030

—

1,812,030

Diversified

Telecommunication

Services

.....

—

21,929,084

—

21,929,084

Electric

Utilities

........................

—

42,362,187

—

42,362,187

Entertainment

.........................

—

15,235,456

—

15,235,456

Financial

Services

......................

—

10,052,733

818,811

10,871,544

Food

Products

........................

—

5,891,406

—

5,891,406

Health

Care

Equipment

&

Supplies

.........

—

8,018,837

—

8,018,837

Health

Care

Providers

&

Services

..........

—

21,870,033

—

21,870,033

Health

Care

REITs

.....................

—

5,337,195

—

5,337,195

Hotels,

Restaurants

&

Leisure

.............

—

5,454,068

—

5,454,068

Industrial

REITs

.......................

—

7,507,709

—

7,507,709

Insurance

............................

—

52,356,419

—

52,356,419

Interactive

Media

&

Services

..............

—

12,257,732

—

12,257,732

Life

Sciences

Tools

&

Services

............

—

4,782,878

—

4,782,878

Machinery

............................

—

4,631,765

—

4,631,765

Media

...............................

—

17,439,296

—

17,439,296

Metals

&

Mining

.......................

—

891,282

—

891,282

Multi-Utilities

..........................

—

5,955,720

—

5,955,720

Oil,

Gas

&

Consumable

Fuels

.............

—

46,778,327

—

46,778,327

Passenger

Airlines

.....................

—

4,317,771

—

4,317,771

Personal

Care

Products

.................

—

17,504,106

—

17,504,106

Pharmaceuticals

.......................

—

29,355,994

—

29,355,994

Semiconductors

&

Semiconductor

Equipment

.

—

9,649,482

—

9,649,482

Specialized

REITs

......................

—

1,267,634

—

1,267,634

Specialty

Retail

........................

—

73,017

—

73,017

Technology

Hardware,

Storage

&

Peripherals

.

—

5,680,696

—

5,680,696

Tobacco

.............................

—

17,376,996

—

17,376,996

13.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

337

franklintempleton.com

Annual

Report

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Wireless

Telecommunication

Services

.......

$

—

$

7,009,360

$

—

$

7,009,360

Marketplace

Loans

.......................

—

—

55,313,777

55,313,777

Foreign

Government

and

Agency

Securities

....

—

43,971,124

—

43,971,124

U.S.

Government

and

Agency

Securities

.......

—

762,894,564

—

762,894,564

Asset-Backed

Securities

...................

—

256,994,729

—

256,994,729

Commercial

Mortgage-Backed

Securities

......

—

36,871,969

—

36,871,969

Mortgage-Backed

Securities

................

—

26,921,962

—

26,921,962

Municipal

Bonds

.........................

—

22,778,706

—

22,778,706

Residential

Mortgage-Backed

Securities

.......

—

84,607,429

—

84,607,429

Escrows

and

Litigation

Trusts

...............

—

137,750

—

a

137,750

Short

Term

Investments

...................

43,685,347

36,289,613

—

79,974,960

Total

Investments

in

Securities

...........

$43,685,347

$2,055,705,316

$56,132,588

$2,155,523,251

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$—

$1,209,951

$—

$1,209,951

Futures

contracts

........................

3,312,025

—

—

3,312,025

Swap

contracts

.........................

—

1,001,369

—

1,001,369

Total

Other

Financial

Instruments

.........

$3,312,025

$2,211,320

$—

$5,523,345

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$—

$11,392

$—

$11,392

Swap

contracts

..........................

—

2,733,345

—

2,733,345

Futures

contracts

........................

3,279,062

—

—

3,279,062

Total

Other

Financial

Instruments

.........

$3,279,062

$2,744,737

$—

$6,023,799

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

b

U.S.

Government

and

Agency

Securities

.......

—

57,267,850

—

57,267,850

Commercial

Mortgage-Backed

Securities

......

—

88,043,823

—

88,043,823

Mortgage-Backed

Securities

................

—

285,159,959

—

285,159,959

Short

Term

Investments

...................

9,206,156

—

—

9,206,156

Total

Investments

in

Securities

...........

$9,206,156

$430,471,632

$—

$439,677,788

Other

Financial

Instruments:

Futures

contracts

........................

$611,171

$—

$—

$611,171

Total

Other

Financial

Instruments

.........

$611,171

$—

$—

$611,171

Liabilities:

Other

Financial

Instruments:

Futures

contracts

........................

$255,196

$—

$—

$255,196

Total

Other

Financial

Instruments

.........

$255,196

$—

$—

$255,196

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

a

—

Energy

Equipment

&

Services

.............

160,807

—

—

160,807

Oil,

Gas

&

Consumable

Fuels

.............

—

14,450,693

—

14,450,693

Management

Investment

Companies

:

Capital

Markets

........................

316,386,852

26,002,517

—

342,389,369

Preferred

Stocks

.........................

2,666,310

—

—

2,666,310

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

21,576,345

—

21,576,345

13.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

338

franklintempleton.com

Annual

Report

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Air

Freight

&

Logistics

...................

$

—

$

3,173,897

$

—

$

3,173,897

Banks

...............................

—

149,810,241

—

149,810,241

Beverages

...........................

—

4,418,918

—

4,418,918

Biotechnology

.........................

—

21,827,525

—

21,827,525

Broadline

Retail

.......................

—

—

—

a

—

Capital

Markets

........................

—

46,469,093

—

46,469,093

Chemicals

...........................

—

5,497,345

—

5,497,345

Consumer

Finance

.....................

—

10,924,878

—

10,924,878

Consumer

Staples

Distribution

&

Retail

......

—

8,292,428

—

8,292,428

Containers

&

Packaging

.................

—

5,603,274

—

5,603,274

Diversified

REITs

......................

—

3,260,365

—

3,260,365

Diversified

Telecommunication

Services

.....

—

21,811,240

—

21,811,240

Electric

Utilities

........................

—

47,364,301

—

47,364,301

Electrical

Equipment

....................

—

2,112,382

—

2,112,382

Electronic

Equipment,

Instruments

&

Components

........................

—

6,812,807

—

6,812,807

Entertainment

.........................

—

6,473,572

—

6,473,572

Financial

Services

......................

—

15,406,021

—

15,406,021

Food

Products

........................

—

17,900,807

—

17,900,807

Ground

Transportation

..................

—

9,331,696

—

9,331,696

Health

Care

Equipment

&

Supplies

.........

—

12,507,677

—

12,507,677

Health

Care

Providers

&

Services

..........

—

34,921,070

—

34,921,070

Health

Care

REITs

.....................

—

850,370

—

850,370

Hotels,

Restaurants

&

Leisure

.............

—

11,361,231

—

11,361,231

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

2,370,455

—

2,370,455

Insurance

............................

—

30,951,564

—

30,951,564

Interactive

Media

&

Services

..............

—

17,385,211

—

17,385,211

Life

Sciences

Tools

&

Services

............

—

1,340,012

—

1,340,012

Media

...............................

—

28,988,887

—

28,988,887

Multi-Utilities

..........................

—

12,667,713

—

12,667,713

Oil,

Gas

&

Consumable

Fuels

.............

—

64,328,325

—

64,328,325

Paper

&

Forest

Products

.................

—

1,735,104

—

1,735,104

Passenger

Airlines

.....................

—

9,481,002

—

9,481,002

Personal

Care

Products

.................

—

22,124,657

—

22,124,657

Pharmaceuticals

.......................

—

22,856,019

—

22,856,019

Technology

Hardware,

Storage

&

Peripherals

.

—

1,738,350

—

1,738,350

Tobacco

.............................

—

24,550,206

—

24,550,206

Wireless

Telecommunication

Services

.......

—

10,452,199

—

10,452,199

Marketplace

Loans

.......................

—

—

48,961,503

48,961,503

Foreign

Government

and

Agency

Securities

....

—

69,743,695

—

69,743,695

U.S.

Government

and

Agency

Securities

.......

—

799,986,101

—

799,986,101

Asset-Backed

Securities

...................

—

221,255,876

—

221,255,876

Commercial

Mortgage-Backed

Securities

:

Financial

Services

......................

—

45,592,428

480

45,592,908

Mortgage-Backed

Securities

................

—

941,164,523

—

941,164,523

Municipal

Bonds

.........................

—

55,345,814

—

55,345,814

Residential

Mortgage-Backed

Securities

.......

—

109,922,932

—

109,922,932

Escrows

and

Litigation

Trusts

...............

—

217,500

—

a

217,500

Short

Term

Investments

...................

77,626,917

—

—

77,626,917

Total

Investments

in

Securities

...........

$396,840,886

$3,002,359,266

$48,961,983

$3,448,162,135

13.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

339

franklintempleton.com

Annual

Report

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 year.

At

October

31,

2023,

the

reconciliations are

as follows:

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$—

$1,073,346

$—

$1,073,346

Futures

contracts

........................

307,547

—

—

307,547

Swap

contracts

.........................

—

5,323,268

—

5,323,268

Total

Other

Financial

Instruments

.........

$307,547

$6,396,614

$—

$6,704,161

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$—

$188,567

$—

$188,567

Futures

contracts

........................

5,608,212

—

—

5,608,212

Swap

contracts

..........................

—

5,840,670

—

5,840,670

Total

Other

Financial

Instruments

.........

$5,608,212

$6,029,237

$—

$11,637,449

a

Includes

financial

instruments

determined

to

have

no

value.

b

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Balance

at

Beginning

of

Year

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Year

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Year

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Ground

Transportation

.

$—

c

$—

$—

c

$—

$—

$—

$—

$—

$—

$—

Warrants

:

Machinery

.........

$

6,469

$

—

$

—

$

—

$

—

$

—

$

—

$

(5,284)

$

1,185

$

(5,284)

Corporate

Bonds

:

Ground

Transportation

.

20,853,651

—

(23,918,702)

—

—

849,929

(3,483,606)

5,698,728

—

—

Escrows

and

Litigation

Trusts

:

—

c

1,187,441

(1,178,667)

—

—

—

(8,774)

—

—

c

—

Total

Investments

in

Securities

............

$20,860,120

$1,187,441

$(25,097,369)

$—

$—

$849,929

$(3,492,380)

$5,693,444

$1,185

$(5,284)

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Financial

Services

...

1,069,108

—

(863,152)

—

—

(5,679)

(152,139)

770,673

818,811

(147,825)

Marketplace

Loans

:

Financial

Services

...

72,551,959

74,680,958

(89,970,540)

—

—

—

(1,380,908)

(567,692)

55,313,777

(2,039,334)

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$73,621,067

$74,680,958

$(90,833,692)

$—

$—

$(5,679)

$(1,533,047)

$202,981

$56,132,588

$(2,187,159)

13.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

340

franklintempleton.com

Annual

Report

Balance

at

Beginning

of

Year

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Year

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Year

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

c

$

—

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Financial

Services

...

92,473,987

46,635,344

(87,836,211)

—

—

—

(3,152,618)

841,001

48,961,503

(3,026,055)

Commercial

Mortgage-

Backed

Securities

:

Financial

Services

...

2,790

—

(2,310)

—

—

—

105

(105)

480

—

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$92,476,777

$46,635,344

$(87,838,521)

$—

$—

$—

$(3,152,513)

$840,896

$48,961,983

$(3,026,055)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

13.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

341

franklintempleton.com

Annual

Report

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

October

31,

2023,

are

as

follows:

14.

New

Accounting

Pronouncements

In

March

2020,

the FASB

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021

and

December

2022,

the

FASB

issued

ASU

No.

2021-01

and

ASU

No.

2022-06,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

LIBOR

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

for

certain

LIBOR

settings

and

2023

for

the

remainder. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2024.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

Description

Fair

Value

at

End

of

Year

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services.

$55,313,777

Discounted

cash

flow

Loss-adjusted

discount

rate

1.3%

–

19.1%

(9.3%)

Decrease

Projected

loss

rate

2.1%

–

53.2%

(15.7%)

Decrease

All

other

Investments.

.

........

818,811

c,d

Total.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.........

$56,132,588

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services.

$48,961,503

Discounted

cash

flow

Loss-adjusted

discount

rate

2.7%

–

19.1%

(9.6%)

Decrease

Projected

loss

rate

1.5%

–

38.8%

(17.1%)

Decrease

All

other

Investments

.

.

.

.

.

.

.

480

c,d

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.........

$48,961,983

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

c

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

d

Includes

financial

instruments

determined

to

have

no

value.

13.

Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

342

franklintempleton.com

Annual

Report

15.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

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

MCDX.NA.

Series

number

MCDX

North

America

Index

Selected

Portfolio

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

FFCB

Federal

Farm

Credit

Banks

Funding

Corp.

FHLB

Federal

Home

Loan

Banks

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

Rates

LIBOR

London

Interbank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBA

To-Be-Announced

TBD

To

Be

Determined

T-Note

Treasury

Note

Franklin

Investors

Securities

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

343

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Investors

Securities

Trust

and

Shareholders

of

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund,

Franklin

Low

Duration

Total

Return

Fund,

Franklin

Low

Duration

U.S.

Government

Securities

Fund,

and

Franklin

Total

Return

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long

Duration

Credit

Fund,

Franklin

Low

Duration

Total

Return

Fund,

Franklin

Low

Duration

U.S.

Government

Securities

Fund,

and

Franklin

Total

Return

Fund

(five

of

the

funds

constituting

Franklin

Investors

Securities

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2023,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

including

the

related

notes,

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2023,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Low

Duration

Total

Return

Fund,

Franklin

Low

Duration

U.S.

Government

Securities

Fund,

and

Franklin

Total

Return

Fund

(a)

Franklin

Long

Duration

Credit

Fund

(b)

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

PricewaterhouseCoopers

LLP

San

Francisco,

California

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

(a)

The

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(b)

The

related

statement

of

operations,

the

statement

of

changes

in

net

assets,

and

the

financial

highlights

for

the

period

August

22,

2023

(commencement

of

operations)

through

October

31,

2023

Franklin

Investors

Securities

Trust

Tax

Information

(unaudited)

344

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

their

fiscal

year.

The

Funds

below

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

October

31,

2023:

Note

(1)

-

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

Pursuant

to:

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Long

Duration

Credit

Fund

Franklin

Low

Duration

Total

Return

Fund

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$3,055,415

—

—

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$3,055,415

—

—

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

—

$392,725

—

Section

163(j)

Interest

Earned

§163(j)

$99,450,937

$488,534

$89,057,981

Interest

Earned

from

Federal

Obligations

Note

(1)

—

$5,583

$29,186,401

Pursuant

to:

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Franklin

Total

Return

Fund

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$16,178,858

—

Section

163(j)

Interest

Earned

§163(j)

$15,822,471

$101,395,858

Interest

Earned

from

Federal

Obligations

Note

(1)

$1,338,864

$25,177,744

Franklin

Investors

Securities

Trust

345

franklintempleton.com

Annual

Report

FRANKLIN

LOW

DURATION

U.S.

GOVERNMENT

SECURITIES

FUND

(FORMERLY,

FRANKLIN

ADJUSTABLE

U.S.

GOVERNMENT

SECURITIES

FUND)

(a

series

of

Franklin

Investors

Securities

Trust)

Special

Shareholder

Meeting

January

26,

2023,

and

reconvened

on

February

17,

2023

(unaudited)

A

Special

Meeting

of

Shareholders

of

Franklin

Adjustable

U.S.

Government

Securities

Fund,

a

series

of

Franklin

Investors

Securities

Trust,

was

held

on

January

26,

2023,

and

reconvened

on

February

17,

2023.

The

purpose

of

the

meeting

was

to

approve

(1)

modifications

to

the

Fund’s

current

fundamental

investment

goal

(if

approved,

the

Franklin

Adjustable

U.S.

Government

Securities

Fund’s

name

will

also

change

to

Franklin

Low

Duration

U.S.

Government

Securities

Fund);

(2)

the

reclassification

of

the

Fund’s

investment

goal

from

a

fundamental

policy

to

a

non-fundamental

policy;

(3)

the

use

of

a

“manager

of

managers”

structure

whereby

the

Fund’s

investment

manager

would

be

able

to

hire

and

replace

affiliated

and

unaffiliated

subadvisers

without

shareholder

approval;

and

(4)

an

amended

fundamental

restriction

regarding

investments

in

commodities.

At

the

meeting

all

proposals

were

passed.

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

meeting

are

as

follows:

1.

To

approve

modifications

to

the

Fund’s

current

fundamental

investment

goal:

For

%

Voted

FOR

%

FOR

of

Outstanding

Shares

28,970,057

78.82%

39.95%

Against

%

Voted

Against

%

Against

of

Outstanding

Shares

1,094,879

2.98%

1.51%

Abstain

%

Voted

Abstain

%

Abstain

of

Outstanding

Shares

6,691,052

18.20%

9.23%

2.

To

approve

the

reclassification

of

the

Fund’s

investment

goal

from

a

fundamental

policy

to

a

non-fundamental

policy:

For

%

Voted

FOR

%

FOR

of

Outstanding

Shares

26,055,197

70.89%

35.93%

Against

%

Voted

Against

%

Against

of

Outstanding

Shares

3,742,178

10.18%

5.16%

Abstain

%

Voted

Abstain

%

Abstain

of

Outstanding

Shares

6,958,584

18.93%

9.59%

3.

To

approve

the

use

of

a

“manager

of

managers”

structure

whereby

the

Fund’s

investment

manager

would

be

able

to

hire

and

replace

affiliated

and

unaffiliated

subadvisers

without

shareholder

approval:

For

%

Voted

FOR

%

FOR

of

Outstanding

Shares

27,287,823

74.24%

37.63%

Against

%

Voted

Against

%

Against

of

Outstanding

Shares

2,486,908

6.77%

3.43%

Abstain

%

Voted

Abstain

%

Abstain

of

Outstanding

Shares

6,981,238

18.99%

9.63%

4.

To

approve

an

amended

fundamental

restriction

regarding

investments

in

commodities:

For

%

Voted

FOR

%

FOR

of

Outstanding

Shares

28,055,683

76.33%

38.69%

Against

%

Voted

Against

%

Against

of

Outstanding

Shares

1,609,616

4.38%

2.22%

Abstain

%

Voted

Abstain

%

Abstain

of

Outstanding

Shares

7,090,683

19.29%

9.78%

Franklin

Investors

Securities

Trust

Board

Members

and

Officers

346

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton/Legg

Mason

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1986

118

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2017

118

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

board

of

trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

board

of

trustees

of

the

Foreign

Policy

Association

(2005-present);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

118

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Franklin

Investors

Securities

Trust

347

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

1998

and

Lead

Independent

Trustee

since

2019

118

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

118

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

The

Coca-Cola

Company

(beverage

company)

(2021-present);

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(2019-2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

118

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-

2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Franklin

Investors

Securities

Trust

348

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Valerie

M.

Williams

(1956)

Trustee

Since

2021

109

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016)

and

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Gregory

E.

Johnson

2

(1961)

Chairman

of

the

Board,

Trustee

and

Vice

President

Chairman

of

the

Board,

Vice

President

since

January

2023

and

Trustee

since

2013

128

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

Rupert

H.

Johnson,

Jr.

3

(1940)

Trustee

Since

1987

118

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Reema

Agarwal

(1974)

Vice

President

2019

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Advisers,

Inc.;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Ted

P.

Becker

(1951)

Chief

Compliance

Officer

Since

June

2023

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Global

Compliance

of

Franklin

Templeton

(since

2020);

Chief

Compliance

Officer

of

Franklin

Templeton

Fund

Adviser,

LLC

(since

2006);

Chief

Compliance

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Director

of

Global

Compliance

at

Legg

Mason

(2006

to

2020);

Managing

Director

of

Compliance

of

Legg

Mason

&

Co.

(2005

to

2020).

Independent

Board

Members

(continued)

Franklin

Investors

Securities

Trust

349

franklintempleton.com

Annual

Report

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

1.

We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

2.

Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

3.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

2022

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Edward

D.

Perks

(1970)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

President

and

Director,

Franklin

Advisers,

Inc.;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

June

2023

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Franklin

Investors

Securities

Trust

350

franklintempleton.com

Annual

Report

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

served

as

a

director

of

Avis

Budget

Group,

Inc.

(2007

to

2020)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Franklin

Investors

Securities

Trust

Shareholder

Information

351

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

INVESTORS

SECURITIES

TRUST

Franklin

Floating

Rate

Daily

Access

Fund

Franklin

Low

Duration

Total

Return

Fund

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(formerly

Franklin

Adjustable

U.S.

Government

Securities

Fund)

Franklin

Total

Return

Fund

(each

a

Fund)

March

27,

2023

15(c)

Meeting

At

a

meeting

held

on

March

27,

2023

(March

Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Investors

Securities

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

the

period

May

1,

2023

through

June

30,

2023

(Stub

Period).

The

Independent

Trustees

noted

that

the

Fund’s

annual

contract

review

was

historically

held

at

the

February

Board

meeting

and

that

management

proposed

to

move

the

contract

review

to

the

May

Board

meeting.

The

Independent

Trustees

further

noted

management’s

explanation

that,

to

effect

this

change,

the

Board

needed

to

consider

the

renewal

of

the

Fund’s

Management

Agreement

prior

to

its

current

April

30,

2023

expiration

date.

The

Independent

Trustees

also

noted

that

management

would

ask

them

to

consider

the

continuation

of

the

Management

Agreement

again

at

the

May

Board

meeting

for

the

12-month

period

beginning

July

1,

2023.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement

for

the

Stub

Period.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

March

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

March

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

March

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

each

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors

(Factors).

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

Franklin

Investors

Securities

Trust

Shareholder

Information

352

franklintempleton.com

Annual

Report

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Funds

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund’s

performance

results

is

below.

Franklin

Floating

Rate

Daily

Access

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

loan

participation

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Low

Duration

Total

Return

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

investment-grade

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

first

quintile

(best)

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

five-year

period

was

below

the

median

of

its

Performance

Universe,

but

for

the

one-,

three-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Low

Duration

U.S.

Government

Securities

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

ultra-short

obligation

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

and

in

the

fifth

quintile

(worst)

of

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that,

prior

to

March

1,

2023,

the

Fund

invested

in

plain

vanilla

adjustable-rate

mortgage

securities

issued

or

guaranteed

by

the

US

government

or

its

related

agencies

(such

as

Fannie

Mae

or

Freddie

Mac),

so

the

Fund

tended

to

underperform

its

Broadridge

peers,

many

of

which

invested

in

a

broader

range

of

asset

types,

during

periods

of

decreasing

risk

premiums.

Management

further

explained

that,

effective

March

1,

2023,

the

Fund

changed

(i)

its

name;

(ii)

investment

goal

to

high

level

of

current

income,

consistent

with

preservation

of

capital;

(iii)

investment

policy

to

invest

at

least

80%

of

its

net

assets

in

U.S.

Government

Securities,

which

include

adjustable

and

fixed-rate

mortgage-backed

securities

and

collateralized

mortgage

obligations;

and

(iv)

primary

benchmark

to

the

Bloomberg

US

Government

(1-3)

Year

Index.

The

Board

noted

Franklin

Investors

Securities

Trust

Shareholder

Information

353

franklintempleton.com

Annual

Report

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

the

Stub

Period,

and

management’s

efforts

should

continue

to

be

monitored.

Franklin

Total

Return

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

core

plus

bond

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that

on

the

basis

of

the

Fund’s

income

investment

goal

the

strategy

ranks

in

the

second

quartile

of

the

Lipper

peer

group

for

the

one-,

three-

and

five-year

periods.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

(i)

for

Class

A

shares

for

the

Franklin

Low

Duration

U.S.

Government

Securities

Fund

and

for

Class

A

shares

and

Investor

Class

shares

for

the

other

funds

in

the

Fund’s

respective

Expense

Group;

(ii)

for

Class

A

shares

for

the

Franklin

Low

Duration

Total

Return

Fund

and

for

Class

A

shares

for

the

other

funds

in

the

Fund’s

Expense

Group;

(iii)

for

Class

A

shares

for

the

Franklin

Total

Return

Fund

and

for

Class

A

shares

for

the

other

funds

in

the

Fund’s

Expense

Group;

and

(iv)

for

Class

A

shares

for

the

Franklin

Floating

Rate

Daily

Access

Fund

and

for

the

other

funds

in

the

Fund’s

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

Floating

Rate

Daily

Access

Fund

–

The

Expense

Group

for

the

Fund

included

the

Fund

and

15

other

loan

participation

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

and

in

the

first

quintile

(best)

of

the

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

Low

Duration

Total

Return

Fund

–

The

Expense

Group

for

the

Fund

included

the

Fund

and

15

other

short

investment-grade

debt

funds.

The

Board

noted

that

the

Management

Rate

was

above

the

median

and

in

the

fifth

quintile

(most

expensive)

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

of

its

Expense

Group

and

reflected

a

fee

waiver

from

management.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

Low

Duration

U.S.

Government

Securities

Fund

–

The

Expense

Group

for

the

Fund

included

the

Fund

and

11

other

ultra-short

obligation

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

and

in

the

fifth

quintile

(most

expensive)

of

the

Expense

Group.

The

Board

discussed

with

management

the

Fund’s

expenses

and

management

explained

that

in

light

of

the

Fund’s

changes

effective

March

1,

2023,

management

was

considering

a

change

to

the

Fund’s

Lipper

classification

from

Ultrashort

Obligation

to

Short

US

Government,

noting

that

the

median

total

expense

ratio

for

the

Short

US

Government

funds

was

24

basis

points

higher

than

the

median

of

the

current

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

Investors

Securities

Trust

Shareholder

Information

354

franklintempleton.com

Annual

Report

Franklin

Total

Return

Fund

–

The

Expense

Group

for

the

Fund

included

the

Fund

and

16

other

core

plus

bond

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

medians

of

its

Expense

Group.

The

Board

discussed

with

management

the

Fund’s

expenses,

noting

that

the

Management

Rate

for

the

Fund

was

less

than

five

basis

points

above

the

median

of

its

Expense

Group

and

that

management

was

extending

the

Fund’s

0.58%

expense

cap

on

the

Fund’s

total

annual

operating

expenses

through

February

29,

2024.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds’

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

management’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

the

Stub

Period.

May

24,

2023

15(c)

Meeting

At

a

meeting

held

on

May

24,

2023

(May

Meeting),

the

Board

reviewed

and

approved

each

Management

Agreement

for

an

additional

twelve-month

period

beginning

July

1,

2023.

The

Board

noted

its

review

and

consideration

of

the

information

it

received

in

connection

with

both

the

March

Meeting

and

the

May

Meeting.

In

particular,

the

Board

reviewed

and

considered

information

provided

in

response

to

a

follow-up

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees,

which

included

information

on

Fund

performance

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

other

Factors.

The

Board

determined

that

the

Franklin

Investors

Securities

Trust

Shareholder

Information

355

franklintempleton.com

Annual

Report

conclusions

it

made

at

the

March

Meeting

had

not

changed.

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

Factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

twelve-month

period

beginning

July

1,

2023.

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

INVESTORS

SECURITIES

TRUST

Franklin

Total

Return

Fund

(Fund)

At

an

in-person

meeting

held

on

February

27,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Investors

Securities

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940)

(Independent

Trustees),

reviewed

and

approved

a

new

investment

sub-advisory

agreement

between

Franklin

Advisers,

Inc.

(Manager),

the

Fund’s

investment

manager,

and

Franklin

Templeton

Institutional,

LLC

(Sub-Adviser),

an

affiliate

of

the

Manager,

on

behalf

of

the

Fund

(Sub-Advisory

Agreement),

for

an

initial

two-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

Sub-Advisory

Agreement.

The

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

with

respect

to

the

Sub-

Advisory

Agreement.

The

Board

also

reviewed

and

considered

the

factors

it

deemed

relevant

in

approving

the

Sub-Advisory

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

the

Sub-Adviser;

and

(ii)

the

costs

of

the

services

to

be

provided

by

the

Sub-Adviser.

The

Board

further

reviewed

and

considered

information

provided

by

management

showing

the

expected

impact

of

hiring

the

Sub-Adviser

on

the

Manager’s

profitability

consistent

with

the

Order

(as

defined

below).

The

Board

also

considered

that

management

proposed

that

the

Board

approve

the

Sub-Advisory

Agreement

in

order

to

facilitate

portfolio

management

team

changes,

effective

March

2023.

The

Board

reviewed

and

further

considered

the

form

of

Sub-

Advisory

Agreement

and

the

terms

of

the

Sub-Advisory

Agreement,

which

were

discussed

at

the

Meeting,

noting

that

the

terms

and

conditions

of

the

Sub-Advisory

Agreement

were

substantially

similar

to

the

terms

and

conditions

of

sub-advisory

agreements

for

other

Franklin

Templeton

(FT)

mutual

funds.

In

approving

the

Sub-Advisory

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

hiring

of

the

Sub-Adviser

is

in

the

best

interests

of

the

Fund

and

its

shareholders

and

does

not

involve

a

conflict

of

interest

from

which

the

Manager

or

Sub-Adviser

derives

an

inappropriate

advantage.

The

Board

also

determined

that

the

terms

of

the

Sub-Advisory

Agreement

are

fair

and

reasonable.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

to

be

provided

by

the

Sub-Adviser

and

currently

being

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

In

doing

so,

the

Board

noted

that

the

Fund

employs

a

“manager

of

managers”

structure

pursuant

to

an

exemptive

order

(Order)

granted

to

the

Manager

by

the

U.S.

Securities

and

Exchange

Commission,

whereby

the

Manager

and

the

Fund

may,

without

shareholder

approval,

enter

into

sub-advisory

agreements

with

sub-advisers

that

are

indirect

or

direct

wholly

owned

subsidiaries

of

Franklin

Resources,

Inc.

(FRI).

In

particular,

with

respect

to

the

Sub-Adviser,

the

Board

took

into

account

that

the

new

portfolio

manager

proposed

to

serve

as

a

portfolio

manager

for

the

Fund

is

an

employee

of

the

Sub-Adviser.

The

Board

reviewed

and

considered

information

regarding

the

nature,

quality

and

extent

of

investment

sub-advisory

services

to

be

provided

by

the

Sub-Adviser

to

the

Fund

and

its

shareholders

under

the

Sub-Advisory

Agreement;

the

Sub-Adviser’s

experience

as

a

manager

of

other

funds

and

accounts,

including

those

within

the

FT

organization;

the

personnel,

operations,

financial

condition,

and

investment

management

capabilities,

methodologies

and

resources

of

the

Sub-Adviser

and

the

Sub-Adviser’s

capabilities,

as

demonstrated

by,

among

other

things,

its

policies

and

procedures

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

FRI,

the

parent

of

the

Manager

and

the

Sub-

Adviser,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

being

a

global

leader

in

stewardship

and

sustainability.

Franklin

Investors

Securities

Trust

Shareholder

Information

356

franklintempleton.com

Annual

Report

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

by

the

Sub-Adviser

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

noted

its

review

and

consideration

of

and

conclusions

made

regarding

the

performance

results

of

the

Fund

in

connection

with

the

February

2022

annual

contract

renewal

(Annual

Contract

Renewal)

of

the

Fund’s

investment

management

agreement

and

at

regular

Board

meetings

throughout

the

year.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

investment

sub-advisory

fee

to

be

charged

by

the

Sub-

Adviser.

The

Board

noted

that

the

addition

of

the

Sub-

Adviser

will

have

no

impact

on

the

amount

of

management

fees

that

are

currently

paid

by

the

Fund

as

the

Sub-Adviser

will

be

paid

by

the

Manager

out

of

the

management

fee

that

the

Manager

receives

from

the

Fund.

The

Board

further

noted

that

the

allocation

of

the

fee

between

the

Manager

and

the

Sub-Adviser

reflected

the

services

to

be

provided

by

the

Sub-Adviser.

The

Board

concluded

that

the

proposed

investment

sub-advisory

fee

to

be

paid

to

the

Sub-Adviser

is

reasonable.

Management

Profitability

and

Economies

of

Scale

The

Board

noted

management’s

belief

that

the

Manager’s

profitability

is

not

expected

to

materially

change

as

a

result

of

the

addition

of

the

Sub-Adviser.

The

Board

determined

that

its

conclusions

regarding

profitability

and

economies

of

scale

reached

in

connection

with

the

Annual

Contract

Renewal

of

the

investment

management

agreement

with

the

Manager

had

not

changed

as

a

result

of

the

proposal

to

approve

the

Sub-Advisory

Agreement.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

Sub-Advisory

Agreement

for

an

initial

two-year

period.

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

INVESTORS

SECURITIES

TRUST

Franklin

Long

Duration

Credit

Fund

(Fund)

At

a

meeting

held

on

May

24,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Investors

Securities

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

a

new

investment

management

agreement

between

Franklin

Templeton

Institutional,

LLC

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

initial

two-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

Management

Agreement.

In

considering

the

approval

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

in

connection

with

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

the

Manager;

(ii)

the

costs

of

the

services

to

be

provided

by

the

Manager;

and

(iii)

the

extent

to

which

economies

of

scale

may

be

realized

as

the

Fund

grows.

The

Board

also

reviewed

and

considered

the

form

of

Management

Agreement

and

the

terms

of

the

Management

Agreement

which

were

discussed

at

the

Meeting,

noting

that

the

form

of

Management

Agreement

was

substantially

the

same

as

the

standard

forms

of

investment

management

agreement

(that

include

administration

services)

for

the

other

funds

in

the

Franklin

Templeton

(FT)

family

of

funds.

In

approving

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

proposed

Management

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Management

Agreement

is

in

the

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

to

be

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

management’s

explanation

that,

Franklin

Investors

Securities

Trust

Shareholder

Information

357

franklintempleton.com

Annual

Report

in

light

of

increased

investor

inquiries,

management

is

proposing

to

create

the

Fund

to

offer

the

existing

long

duration

credit

strategy;

the

Fund’s

proposed

investment

goal

and

strategies,

and

service

providers;

the

qualifications,

background

and

experience

of

the

investment

personnel

that

will

be

responsible

for

the

day-to-day

portfolio

management

of

the

Fund;

the

Manager’s

experience

as

the

manager

of

other

funds

and

accounts,

including

other

series

of

the

Trust

and

other

funds

in

the

FT

family

of

funds;

the

Manager’s

strength

and

reputation

within

the

industry;

the

personnel,

operations,

financial

condition,

and

investment

management

capabilities,

methodologies

and

resources

of

the

Manager;

and

the

Manager’s

compliance

capabilities,

as

demonstrated

by,

among

other

things,

its

policies

and

procedures

reasonably

designed

to

prevent

violations

of

the

Federal

Securities

Laws

(as

defined

in

Rule

38a-1

of

the

Investment

Company

Act

of

1940).

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

noted

that,

as

the

Fund

had

not

yet

commenced

investment

operations,

there

was

no

investment

performance

for

the

Fund.

The

Board

considered

the

proposed

performance

benchmark

for

the

Fund

and

how

such

benchmark

would

be

utilized

to

measure

performance

of

the

Manager.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

estimated

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

considered

the

estimated

total

expense

ratio

and,

separately,

the

proposed

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

proposed

for

the

Fund

(Expense

Group)

as

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

organization.

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

report

(excluding

the

Fund),

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

estimated

total

expense

ratio

was

shown

for

Class

R6

shares

of

the

Fund

and

the

actual

total

expense

ratio

was

shown

for

Class

A,

Class

M,

Class

I,

Class

R6,

Institutional

and

Institutional

Plus

shares

of

each

of

the

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

the

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

13

other

corporate

debt

BBB

rated

funds

that

invest

at

least

65%

of

their

assets

in

corporate

and

government

debt

issues

rated

in

the

top

four

investment

grade

credit

ratings.

The

Board

noted

that

the

proposed

Management

Rate

and

estimated

total

expense

ratio

were

below

the

medians

of

the

Fund’s

Expense

Group.

The

Board

also

considered

the

Fund’s

proposed

Management

Rate

and

estimated

total

expense

ratio

compared

to

a

customized

peer

group

selected

by

the

Manager,

which

included

the

estimated

total

expense

ratio

for

Class

R6

shares

of

the

Fund

and

the

actual

total

expense

ratio

for

Class

A,

Institutional

Class

and

Class

W

shares

of

the

other

funds.

The

Board

noted

that

the

proposed

Management

Rate

and

estimated

total

expense

ratio

were

below

the

medians

of

the

Fund’s

customized

peer

group.

The

Board

further

noted

that

the

Manager

contractually

committed

to

waive

the

Fund’s

proposed

Management

Rate

for

at

least

one

year

from

the

effective

date

of

the

Fund’s

initial

prospectus.

After

consideration

of

the

above,

the

Board

concluded

that

the

proposed

Management

Rate

to

be

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

noted

that

the

Manager

(and

its

affiliates)

could

not

report

any

financial

results

from

their

relationships

with

the

Fund

because

the

Fund

has

not

yet

commenced

investment

operations,

and

thus,

the

Board

could

not

evaluate

the

Manager’s

(or

its

affiliates’)

profitability

with

respect

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale

in

the

future,

the

Board

noted

that

it

is

not

anticipated

that

the

Fund

will

generate

significant,

if

any,

profit

for

the

Manager

and/or

its

affiliates

for

some

time.

Franklin

Investors

Securities

Trust

Shareholder

Information

358

franklintempleton.com

Annual

Report

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board,

including

a

majority

of

the

Independent

Trustees,

approved

the

Management

Agreement

for

the

Fund

for

an

initial

two-year

period.

Liquidity

Risk

Management

Program-

Funds

no

HLIM

Each

of

the

Franklin

Templeton

and

Legg

Mason

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Liquidity

Risk

Management

Program-

Funds

with

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

for

the

Franklin

Templeton

and

Legg

Mason

Funds

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

Franklin

Investors

Securities

Trust

Shareholder

Information

359

franklintempleton.com

Annual

Report

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

The

Fund

primarily

holds

investments

where

the

time

required

to

settle

a

sale

of

the

investment

may

exceed

7

calendar

days

and

are

classified

as

“Less

Liquid

Investments”.

Less

liquid

Investments

are

defined

as

any

investment

reasonably

expected

to

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment,

but

where

the

sale

or

disposition

is

reasonably

expected

to

settle

in

more

than

seven

calendar

days.

The

Fund

established

and

maintained

a

HLIM.

During

the

reporting

period,

the

Fund

maintained

the

necessary

level

of

Highly

Liquid

Investments

and

did

not

experience

any

HLIM

shortfalls.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

Each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Franklin

Investors

Securities

Trust

Shareholder

Information

360

franklintempleton.com

Annual

Report

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

availability

of,

each

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

FIST2

A

12/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

and

Shareholder

Letter

Franklin

Investors

Securities

Trust

Investment

Managers

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Templeton

Institutional,

LLC

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services.

(a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $550,264 for the fiscal year ended October 31, 2023 and $494,961 for the fiscal year ended October 31, 2022.

(b)      Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  

(c)      Tax Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning were $0 for the fiscal year ended October 31, 2023 and $7,000 for the fiscal year ended October 31, 2022. The services for which these fees were paid included preparation of tax returns in relation to the liquidation of previously consolidated entities.   

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended October 31, 2023 and $70,000 for the fiscal year ended October 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.

(d)      All Other Fees

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended October 31, 2023 and $6,410 for the fiscal year ended October 31, 2022. The services for which these fees were paid included professional fees in connection with SOC 1 Reports.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $142,148 for the fiscal year ended October 31, 2023 and $305,140 for the fiscal year ended October 31, 2022. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge, professional fees relating to security counts and professional fees in connection with SOC 1 Reports.

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

      (i)   pre-approval of all audit and audit related services;

      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;

      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $212,148 for the fiscal year ended October 31, 2023 and $388,550 for the fiscal year ended October 31, 2022.

(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) N/A

(j) N/A

Item 5.  Audit Committee

 

of Listed Registrants. N/A

Item 6.  Schedule of Investments. N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A

Item 8.  Portfolio Managers of Closed-End Management Investment Companies. N/A

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers. N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.           N/A

Item 13. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN

INVESTORS SECURITIES TRUST

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  December 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  December 21, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  December 21, 2023