Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FIST-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Adjustable

U.S.

Government

Securities

Fund

2

Franklin

Convertible

Securities

Fund

5

Franklin

Equity

Income

Fund

9

Franklin

Floating

Rate

Daily

Access

Fund

13

Franklin

Low

Duration

Total

Return

Fund

28

Franklin

Managed

Income

Fund

135

Franklin

Total

Return

Fund

146

Notes

to

Schedules

of

Investments

317

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Adjustable

U.S.

Government

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

23.0%

Diversified

Financial

Services

0.1%

a

GNMA

,

2010-12

,

FD

,

FRN

,

5.059

%

,

(

1-month

USD

LIBOR

+

0.6

%

),

1/16/40

.......

$

627,511

$

628,019

Thrifts

&

Mortgage

Finance

22.9%

a

FHLMC

,

4988,

AF,

FRN,

4.025%,

(1-month

USD

LIBOR

+

0.35%),

10/15/37

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

5,365,225

5,236,105

4891,

AF,

FRN,

3.573%,

(1-month

USD

LIBOR

+

0.4%),

7/15/42

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

8,351,144

8,272,219

343,

F4,

FRN,

4.145%,

Strip,

(1-month

USD

LIBOR

+

0.35%),

10/15/37

.........

4,967,163

4,913,285

4989,

FA,

FRN,

3.252%,

(1-month

USD

LIBOR

+

0.35%),

8/15/40

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

6,370,724

6,191,047

5198,

FB,

FRN,

2.814%,

(30-day

SOFR

Average

+

0.25%),

6/15/49

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

7,615,755

7,414,468

4915,

FE,

FRN,

3.671%,

(1-month

USD

LIBOR

+

0.4%),

2/15/38

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

9,434,901

9,519,479

4895,

GF,

FRN,

3.312%,

(1-month

USD

LIBOR

+

0.4%),

11/15/43

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

7,669,290

7,623,450

4197,

KF,

FRN,

3.526%,

(1-month

USD

LIBOR

+

0.3%),

9/15/37

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

2,551,965

2,517,654

4107,

KF,

FRN,

3.379%,

(1-month

USD

LIBOR

+

0.39%),

6/15/38

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

2,506,188

2,478,014

4215,

KF,

FRN,

3.825%,

(1-month

USD

LIBOR

+

0.3%),

2/15/40

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

2,258,885

2,229,257

4845,

QF,

FRN,

4.759%,

(1-month

USD

LIBOR

+

0.3%),

12/15/48

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

5,395,300

5,291,683

4730,

WF,

FRN,

3.805%,

(1-month

USD

LIBOR

+

0.35%),

8/15/38

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

4,568,849

4,587,197

4794,

WF,

FRN,

3.305%,

(1-month

USD

LIBOR

+

0.35%),

3/15/43

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

4,709,224

4,667,586

a

FNMA

,

2019-38,

AF,

FRN,

3.548%,

(1-month

USD

LIBOR

+

0.4%),

7/25/49

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

5,218,364

5,228,337

2019-59,

BF,

FRN,

3.564%,

(1-month

USD

LIBOR

+

0.4%),

10/25/49

...........

7,710,413

7,776,556

2019-38,

CF,

FRN,

4.956%,

(1-month

USD

LIBOR

+

0.45%),

7/25/49

...........

1,538,167

1,501,247

2021-44,

FA,

FRN,

3.206%,

(30-day

SOFR

Average

+

0.2%),

6/25/45

...........

6,776,617

6,648,225

2020-54,

WF,

FRN,

3.145%,

(1-month

USD

LIBOR

+

0.45%),

8/25/50

..........

4,734,930

4,461,138

2021-8,

YF,

FRN,

3.516%,

(30-day

SOFR

Average

+

0.2%),

3/25/61

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

13,461,288

13,505,516

2021-36,

YF,

FRN,

3.449%,

(30-day

SOFR

Average

+

0.2%),

6/25/61

...........

6,598,949

6,582,137

116,644,600

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$118,441,286)

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

117,272,619

Mortgage-Backed

Securities

74.3%

b

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

20.1%

FHLMC,

2.503%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

10/01/43

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

2,682,446

2,689,933

FHLMC,

2.861%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/46

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

10,898,144

10,963,121

FHLMC,

3.067%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/35

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

2,528,191

2,569,713

FHLMC,

3.092%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/46

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

7,264,349

7,324,035

FHLMC,

3.117%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

5/01/45

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

2,234,621

2,248,534

FHLMC,

3.132%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

6/01/37

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

2,503,389

2,552,272

FHLMC,

3.223%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/46

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

5,256,905

5,315,283

FHLMC,

3.341%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/37

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

5,667,794

5,753,027

FHLMC,

3.371%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

6/01/47

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

7,750,521

7,794,154

FHLMC,

3.429%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/43

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

2,565,816

2,598,731

FHLMC,

3.526%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

10/01/46

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

5,012,186

5,057,012

FHLMC,

3.551%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

8/01/47

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

6,671,851

6,807,096

FHLMC,

3.586%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/35

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

2,122,258

2,134,717

FHLMC,

3.744%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/43

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

2,836,278

2,882,891

FHLMC,

3.079%

-

3.975%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

4/01/36

-

1/01/37

306,350

303,288

FHLMC,

4.043%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

1/01/44

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

2,874,560

2,916,834

FHLMC,

2.252%

-

4.25%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

8/01/34

-

11/01/41

23,516,329

23,654,174

FHLMC,

2.557%

-

5.164%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

8,750,952

8,876,393

102,441,208

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.5%

FHLMC

Pool,

15

Year,

2.5%,

3/01/35

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

13,551,639

12,752,042

b

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

45.5%

FNMA,

2.999%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

3/01/35

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

2,742,729

2,778,321

FNMA,

3.22%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

1/01/39

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

2,066,997

2,093,540

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Adjustable

U.S.

Government

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

See

Abbreviations

on

page

331

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

b

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA,

3.364%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/38

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

$

9,464,147

$

9,719,877

FNMA,

3.573%,

(COFI

11th

District

+/-

MBS

Margin),

4/01/34

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

6,620,534

6,406,887

FNMA,

3.616%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/40

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

3,570,569

3,637,720

FNMA,

3.685%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/44

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

48,344,963

49,384,052

FNMA,

3.693%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/47

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

23,129,439

23,689,305

FNMA,

3.74%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/42

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

3,502,856

3,583,730

FNMA,

3.766%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

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

6,189,683

6,328,275

FNMA,

3.956%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/34

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

2,173,732

2,213,528

FNMA,

3.99%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/45

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

4,190,088

4,270,584

FNMA,

4%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

5/01/47

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

6,861,280

7,002,606

FNMA,

1.689%

-

4.782%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/32

-

5/01/48

66,681,628

66,992,030

FNMA,

3.564%

-

4.972%,

(5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

34,521

34,462

FNMA,

2.617%

-

5%,

(COFI

11th

District

+/-

MBS

Margin),

11/01/23

-

12/01/37

.....

3,297,171

3,205,698

FNMA,

2.783%

-

5.316%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

9/01/24

-

7/01/34

...

171,893

170,538

FNMA,

5.338%,

(1-month

USD

LIBOR

+/-

MBS

Margin),

8/01/27

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

118,375

118,279

FNMA,

3.225%

-

5.575%,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

12/01/26

-

11/01/44

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

3,651,183

3,577,749

FNMA,

2.18%

-

6.25%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

7/01/23

-

12/01/40

....

20,977,545

20,952,639

FNMA,

4.468%

-

6.31%,

(6-month

H15BDI

+/-

MBS

Margin),

7/01/24

-

11/01/34

.....

52,033

52,948

FNMA,

2.615%

-

7.045%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

9/01/23

-

12/01/37

15,613,274

15,641,949

231,854,717

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

6.2%

FNMA,

15

Year,

2%,

7/01/36

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

27,879,429

25,436,642

FNMA,

15

Year,

2.5%,

3/01/35

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

6,786,413

6,361,168

31,797,810

b

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

2.625%

-

2.875%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

.

322,257

316,089

316,089

Total

Mortgage-Backed

Securities

(Cost

$396,926,357)

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

379,161,866

Total

Long

Term

Investments

(Cost

$515,367,643)

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

496,434,485

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,

3.969%

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

10,590,699

10,590,699

Total

Money

Market

Funds

(Cost

$10,590,699)

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

10,590,699

Total

Short

Term

Investments

(Cost

$10,590,699

)

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

10,590,699

a

Total

Investments

(Cost

$525,958,342)

99.4%

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

$507,025,184

Other

Assets,

less

Liabilities

0.6%

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

3,147,770

Net

Assets

100.0%

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

$510,172,954

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Adjustable

U.S.

Government

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

†

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

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Convertible

Securities

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

14.3%

Auto

Components

2.2%

Aptiv

plc,

5.5%,

A

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

United

States

530,000

$

66,774,700

Capital

Markets

2.1%

KKR

Group

Co.,

Inc.,

6%,

C

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

United

States

960,000

64,857,600

Electric

Utilities

4.9%

American

Electric

Power

Co.,

Inc.,

6.125%

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

United

States

600,000

30,870,000

NextEra

Energy,

Inc.,

5.279%

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

United

States

1,100,000

54,989,000

PG&E

Corp.,

5.5%

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

United

States

430,000

60,741,800

146,600,800

Life

Sciences

Tools

&

Services

0.6%

Danaher

Corp.,

5%,

B

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

United

States

14,045

18,876,480

Machinery

1.0%

RBC

Bearings,

Inc.,

5%,

A

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

United

States

250,000

29,362,500

Multi-Utilities

1.6%

a

NiSource,

Inc.,

7.75%

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

United

States

450,000

47,497,500

Wireless

Telecommunication

Services

1.9%

b

2020

Cash

Mandatory

Exchangeable

Trust,

144A,

5.25%

.......

United

States

48,000

58,014,720

Total

Convertible

Preferred

Stocks

(Cost

$354,936,156)

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

431,984,300

Principal

Amount

*

Convertible

Bonds

82.0%

Aerospace

&

Defense

1.6%

b

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/27

.......

United

States

45,000,000

48,555,000

Biotechnology

6.9%

b

Ascendis

Pharma

A/S

,

Senior

Note

,

144A,

2.25

%

,

4/01/28

.......

Denmark

32,500,000

33,962,500

Insmed

,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/28

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

United

States

46,000,000

41,055,000

Intercept

Pharmaceuticals,

Inc.

,

Senior

Note

,

2

%

,

5/15/26

.......

United

States

21,000,000

16,113,300

Neurocrine

Biosciences,

Inc.

,

Senior

Note

,

2.25

%

,

5/15/24

......

United

States

44,750,000

65,983,875

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/26

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

United

States

48,000,000

53,040,000

210,154,675

Communications

Equipment

2.1%

Viavi

Solutions,

Inc.

,

Senior

Note,

1.75%,

6/01/23

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

United

States

40,969,000

41,317,236

Senior

Note,

1%,

3/01/24

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

United

States

20,000,000

20,825,000

62,142,236

Energy

Equipment

&

Services

1.1%

Oil

States

International,

Inc.

,

Senior

Note

,

4.75

%

,

4/01/26

.......

United

States

28,000,000

32,146,800

Entertainment

0.8%

iQIYI

,

Inc.

,

Senior

Note

,

2

%

,

4/01/25

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

China

26,000,000

25,597,000

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75

%

,

12/15/26

.........

United

States

26,000,000

23,894,000

Food

&

Staples

Retailing

0.5%

b

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

144A,

2.375

%

,

12/15/28

United

States

13,000,000

14,349,400

Food

Products

1.3%

b

Post

Holdings,

Inc.

,

Senior

Note

,

144A,

2.5

%

,

8/15/27

..........

United

States

36,000,000

39,358,800

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Health

Care

Equipment

&

Supplies

5.8%

Dexcom

,

Inc.

,

Senior

Note

,

0.25

%

,

11/15/25

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

United

States

63,000,000

$

66,654,000

Haemonetics

Corp.

,

Senior

Note

,

Zero

Cpn

.,

3/01/26

...........

United

States

37,500,000

32,178,750

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

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

United

States

55,000,000

76,202,500

175,035,250

Health

Care

Providers

&

Services

0.9%

Accolade,

Inc.

,

Senior

Note

,

0.5

%

,

4/01/26

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

United

States

19,000,000

14,749,700

Guardant

Health,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

11/15/27

........

United

States

20,000,000

13,438,000

28,187,700

Hotels,

Restaurants

&

Leisure

2.4%

c

Booking

Holdings,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/25

...........

United

States

19,000,000

27,147,200

Vail

Resorts,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

1/01/26

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

United

States

48,000,000

45,660,000

72,807,200

Interactive

Media

&

Services

2.0%

Snap,

Inc.

,

Senior

Note,

Zero

Cpn

.,

5/01/27

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

United

States

41,000,000

30,463,000

b

Senior

Note,

144A,

0.125%,

3/01/28

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

United

States

43,000,000

31,196,500

61,659,500

Internet

&

Direct

Marketing

Retail

7.0%

Etsy,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/27

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

United

States

72,500,000

74,899,750

Pinduoduo

,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

12/01/25

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

China

55,000,000

53,157,500

RealReal

,

Inc.

(The)

,

Senior

Note

,

1

%

,

3/01/28

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

United

States

30,000,000

11,757,000

b

Wayfair,

Inc.

,

Senior

Note

,

144A,

3.25

%

,

9/15/27

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

United

States

60,000,000

72,300,000

212,114,250

IT

Services

9.7%

Block,

Inc.

,

Senior

Note,

Zero

Cpn

.,

5/01/26

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

United

States

24,500,000

20,751,500

Senior

Note,

0.25%,

11/01/27

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

United

States

45,000,000

36,281,250

Cloudflare

,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

8/15/26

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

United

States

66,200,000

55,359,750

Okta

,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/25

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

United

States

53,000,000

47,090,500

b

Repay

Holdings

Corp.

,

Senior

Note

,

144A,

Zero

Cpn

.,

2/01/26

....

United

States

19,000,000

15,378,125

Shift4

Payments,

Inc.

,

Senior

Note,

Zero

Cpn

.,

12/15/25

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

United

States

36,000,000

38,610,000

Senior

Note,

0.5%,

8/01/27

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

United

States

35,000,000

31,412,500

Wix.com

Ltd.

,

Senior

Note,

Zero

Cpn

.,

7/01/23

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

Israel

34,800,000

34,170,120

Senior

Note,

Zero

Cpn

.,

8/15/25

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

Israel

15,400,000

13,282,500

292,336,245

Life

Sciences

Tools

&

Services

1.0%

Illumina,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

8/15/23

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

United

States

25,750,000

25,143,405

NeoGenomics

,

Inc.

,

Senior

Note

,

0.25

%

,

1/15/28

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

United

States

9,500,000

6,460,000

31,603,405

Media

5.7%

Cable

One,

Inc.

,

Senior

Note,

Zero

Cpn

.,

3/15/26

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

United

States

48,750,000

39,414,375

Senior

Note,

1.125%,

3/15/28

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

United

States

36,250,000

28,039,375

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Media

(continued)

b

Liberty

Broadband

Corp.

,

Senior

Bond,

144A,

1.25%,

9/30/50

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

United

States

45,000,000

$

43,593,750

Senior

Bond,

144A,

2.75%,

9/30/50

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

United

States

34,500,000

33,895,154

Liberty

Media

Corp.

,

Senior

Note

,

1.375

%

,

10/15/23

...........

United

States

21,200,000

27,825,000

172,767,654

Metals

&

Mining

2.8%

b

Ivanhoe

Mines

Ltd.

,

Senior

Note

,

144A,

2.5

%

,

4/15/26

..........

Canada

60,000,000

84,120,000

Pharmaceuticals

3.8%

Jazz

Investments

I

Ltd.

,

Senior

Note,

1.5%,

8/15/24

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

United

States

39,750,000

39,178,594

Senior

Note,

2%,

6/15/26

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

United

States

35,000,000

41,256,250

Revance

Therapeutics,

Inc.

,

Senior

Note

,

1.75

%

,

2/15/27

.......

United

States

27,000,000

35,067,600

115,502,444

Professional

Services

1.1%

Upwork

,

Inc.

,

0.25

%

,

8/15/26

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

United

States

44,000,000

34,762,200

Real

Estate

Management

&

Development

1.1%

Zillow

Group,

Inc.

,

Senior

Note

,

2.75

%

,

5/15/25

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

United

States

31,500,000

32,429,250

Road

&

Rail

2.7%

Lyft,

Inc.

,

Senior

Note

,

1.5

%

,

5/15/25

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

United

States

61,000,000

56,181,000

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

12/15/25

......

United

States

30,000,000

26,512,391

82,693,391

Semiconductors

&

Semiconductor

Equipment

5.9%

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

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

United

States

31,000,000

32,147,000

Silicon

Laboratories,

Inc.

,

Senior

Note

,

0.625

%

,

6/15/25

........

United

States

60,000,000

83,514,000

b

Wolfspeed

,

Inc.

,

Senior

Note,

144A,

0.25%,

2/15/28

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

United

States

29,900,000

27,358,500

Senior

Note,

144A,

1.875%,

12/01/29

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

United

States

35,000,000

34,164,271

177,183,771

Software

11.6%

Bill.com

Holdings,

Inc.

,

Zero

Cpn

.,

4/01/27

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

United

States

37,000,000

29,859,000

Senior

Note,

Zero

Cpn

.,

12/01/25

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

United

States

37,500,000

39,525,000

Blackline,

Inc.

,

Senior

Note

,

0.125

%

,

8/01/24

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

United

States

9,500,000

10,913,600

Coupa

Software,

Inc.

,

Senior

Note

,

0.375

%

,

6/15/26

...........

United

States

34,000,000

33,235,000

Envestnet

,

Inc.

,

Senior

Note,

1.75%,

6/01/23

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

United

States

12,500,000

13,257,812

Senior

Note,

0.75%,

8/15/25

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

United

States

4,900,000

4,581,500

b

Senior

Note,

144A,

2.625%,

12/01/27

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

United

States

47,500,000

53,318,750

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

3/15/25

.........

United

States

44,000,000

42,438,000

HubSpot

,

Inc.

,

Senior

Note

,

0.375

%

,

6/01/25

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

United

States

37,500,000

51,937,500

Palo

Alto

Networks,

Inc.

,

Senior

Note

,

0.75

%

,

7/01/23

..........

United

States

12,000,000

21,522,000

Splunk

,

Inc.

,

Senior

Note

,

1.125

%

,

9/15/25

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

United

States

22,500,000

21,971,250

Workiva

,

Inc.

,

Senior

Note

,

1.125

%

,

8/15/26

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

United

States

22,000,000

27,808,000

350,367,412

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

A

bbreviations

on

page

331

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Specialty

Retail

3.4%

Burlington

Stores,

Inc.

,

Senior

Note

,

2.25

%

,

4/15/25

...........

United

States

53,000,000

$

65,918,750

RH

,

Senior

Note

,

Zero

Cpn

.,

9/15/24

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

United

States

24,000,000

37,332,000

103,250,750

Total

Convertible

Bonds

(Cost

$2,457,638,020)

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

2,483,018,333

Total

Long

Term

Investments

(Cost

$2,812,574,176)

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

2,915,002,633

a

Short

Term

Investments

4.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.5%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

106,525,555

106,525,555

Total

Money

Market

Funds

(Cost

$106,525,555)

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

106,525,555

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

Money

Market

Funds

0.7%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

20,947,000

20,947,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$20,947,000)

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

20,947,000

Total

Short

Term

Investments

(Cost

$127,472,555

)

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

127,472,555

a

Total

Investments

(Cost

$2,940,046,731)

100.5%

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

$3,042,475,188

Other

Assets,

less

Liabilities

(0.5)%

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

(15,472,774)

Net

Assets

100.0%

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

$3,027,002,414

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

See

Note

5

regarding

holdings

of

5%

voting

securities.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2023,

the

aggregate

value

of

these

securities

was

$589,565,470,

representing

19.5%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2023.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Equity

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

81.6%

Aerospace

&

Defense

3.6%

L3Harris

Technologies,

Inc.

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

United

States

85,000

$

18,259,700

Lockheed

Martin

Corp.

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

United

States

16,700

7,736,442

Raytheon

Technologies

Corp.

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

United

States

1,085,000

108,337,250

134,333,392

Air

Freight

&

Logistics

2.5%

United

Parcel

Service,

Inc.,

B

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

United

States

501,500

92,892,845

Banks

7.3%

Bank

of

America

Corp.

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

United

States

2,450,000

86,926,000

JPMorgan

Chase

&

Co.

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

United

States

1,072,500

150,107,100

Truist

Financial

Corp.

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

United

States

770,000

38,030,300

275,063,400

Beverages

3.5%

Coca-Cola

Co.

(The)

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

United

States

915,000

56,107,800

PepsiCo,

Inc.

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

United

States

452,000

77,301,040

133,408,840

Capital

Markets

6.7%

Ares

Management

Corp.

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

United

States

726,500

60,292,235

BlackRock,

Inc.

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

United

States

76,500

58,079,565

Morgan

Stanley

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

United

States

1,357,500

132,125,475

250,497,275

Chemicals

1.5%

BASF

SE

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

Germany

455,000

26,088,829

Huntsman

Corp.

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

United

States

910,000

28,837,900

54,926,729

Commercial

Services

&

Supplies

0.4%

Republic

Services,

Inc.

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

United

States

121,000

15,103,220

Communications

Equipment

2.0%

Cisco

Systems,

Inc.

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

United

States

1,575,000

76,655,250

Consumer

Finance

0.4%

American

Express

Co.

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

United

States

98,000

17,143,140

Diversified

Financial

Services

2.0%

Apollo

Global

Management,

Inc.

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

United

States

1,055,500

74,708,290

Diversified

Telecommunication

Services

0.3%

TELUS

Corp.

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

Canada

459,000

9,890,665

Electric

Utilities

5.7%

Duke

Energy

Corp.

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

United

States

945,000

96,815,250

Entergy

Corp.

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

United

States

175,000

18,949,000

Evergy,

Inc.

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

United

States

475,000

29,758,750

NextEra

Energy,

Inc.

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

United

States

852,500

63,622,075

Xcel

Energy,

Inc.

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

United

States

55,000

3,782,350

212,927,425

Electrical

Equipment

2.0%

Eaton

Corp.

plc

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

United

States

360,000

58,395,600

Emerson

Electric

Co.

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

United

States

205,000

18,495,100

76,890,700

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Healthpeak

Properties,

Inc.

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

United

States

1,200,000

32,976,000

Mid-America

Apartment

Communities,

Inc.

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

United

States

251,500

41,930,080

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Prologis,

Inc.

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

United

States

65,000

$

8,403,200

Public

Storage

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

United

States

31,500

9,586,710

92,895,990

Food

&

Staples

Retailing

1.1%

Walmart,

Inc.

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

United

States

300,500

43,232,935

Food

Products

0.9%

Mondelez

International,

Inc.,

A

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

United

States

502,500

32,883,600

Health

Care

Equipment

&

Supplies

2.7%

Baxter

International,

Inc.

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

United

States

515,000

23,530,350

Medtronic

plc

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

United

States

950,000

79,505,500

103,035,850

Health

Care

Providers

&

Services

3.6%

HCA

Healthcare,

Inc.

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

United

States

269,000

68,613,830

UnitedHealth

Group,

Inc.

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

United

States

131,500

65,643,485

134,257,315

Hotels,

Restaurants

&

Leisure

1.1%

McDonald's

Corp.

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

United

States

155,000

41,447,000

Household

Products

2.7%

Procter

&

Gamble

Co.

(The)

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

United

States

710,000

101,089,800

Insurance

0.4%

Arthur

J

Gallagher

&

Co.

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

United

States

86,500

16,929,780

Life

Sciences

Tools

&

Services

1.2%

Thermo

Fisher

Scientific,

Inc.

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

United

States

78,500

44,770,905

Machinery

0.8%

Caterpillar,

Inc.

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

United

States

48,000

12,109,920

Illinois

Tool

Works,

Inc.

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

United

States

83,500

19,709,340

31,819,260

Media

0.6%

Comcast

Corp.,

A

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

United

States

535,000

21,052,250

Multiline

Retail

1.7%

Target

Corp.

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

United

States

370,000

63,691,800

Oil,

Gas

&

Consumable

Fuels

9.2%

Canadian

Natural

Resources

Ltd.

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

Canada

410,000

25,190,400

Chevron

Corp.

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

United

States

725,000

126,164,500

EOG

Resources,

Inc.

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

United

States

438,500

57,991,625

Shell

plc,

ADR

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

Netherlands

1,225,000

72,042,250

Suncor

Energy,

Inc.

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

Canada

1,907,000

66,211,040

347,599,815

Pharmaceuticals

5.6%

AstraZeneca

plc,

ADR

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

United

Kingdom

676,500

44,222,805

Johnson

&

Johnson

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

United

States

785,000

128,284,700

Pfizer,

Inc.

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

United

States

830,000

36,652,800

209,160,305

Road

&

Rail

1.4%

Norfolk

Southern

Corp.

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

United

States

215,000

52,849,150

Semiconductors

&

Semiconductor

Equipment

3.2%

Broadcom,

Inc.

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

United

States

145,000

84,826,450

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Texas

Instruments,

Inc.

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

United

States

209,500

$

37,125,495

121,951,945

Software

2.5%

Oracle

Corp.

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

United

States

1,050,000

92,883,000

Specialty

Retail

1.7%

Lowe's

Cos.,

Inc.

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

United

States

181,000

37,693,250

Tractor

Supply

Co.

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

United

States

115,000

26,218,850

63,912,100

Water

Utilities

0.8%

Essential

Utilities,

Inc.

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

United

States

641,294

29,967,669

Total

Common

Stocks

(Cost

$2,129,934,447)

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

3,069,871,640

Equity-Linked

Securities

9.2%

Banks

0.7%

a

UBS

AG

into

Bank

of

America

Corp.,

144A,

7%,

11/22/23

.......

United

States

677,000

24,721,958

Chemicals

1.3%

a

Citigroup

Global

Markets

Holdings,

Inc.

into

Huntsman

Corp.,

144A,

8.75%,

4/21/23

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

United

States

618,100

19,858,970

a

Royal

Bank

of

Canada

into

Linde

plc,

144A,

6.5%,

11/29/23

......

United

Kingdom

83,500

28,188,448

48,047,418

Consumer

Finance

0.7%

a

BofA

Finance

LLC

into

American

Express

Co,

144A,

7.25%,

2/12/24

United

States

160,000

26,499,065

Electrical

Equipment

0.7%

a

Royal

Bank

of

Canada

into

Eaton

Corp.

plc,

144A,

6.25%,

9/15/23

United

States

169,100

26,412,958

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

a

Barclays

Bank

plc

into

Prologis,

Inc.,

144A,

7.5%,

12/29/23

......

United

States

191,800

23,867,654

Health

Care

Providers

&

Services

0.7%

a

Royal

Bank

of

Canada

into

HCA

Healthcare,

Inc.,

144A,

7.25%,

8/09/23

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

United

States

112,700

26,104,369

Interactive

Media

&

Services

0.6%

a

Credit

Suisse

AG

into

Alphabet,

Inc.,

144A,

6.25%,

9/01/23

......

United

States

230,000

23,855,410

Internet

&

Direct

Marketing

Retail

0.7%

a

Citigroup

Global

Markets

Holdings,

Inc.

into

Amazon.com,

Inc.,

144A,

6.25%,

5/12/23

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

United

States

13,000

27,410,294

Life

Sciences

Tools

&

Services

0.6%

a

Credit

Suisse

AG

into

Thermo

Fisher

Scientific,

Inc.,

144A,

6%,

8/25/23

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

United

States

39,800

23,129,841

Machinery

0.7%

a

Citigroup

Global

Markets

Holdings,

Inc.

into

Caterpillar,

Inc.,

144A,

8.5%,

10/17/23

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

United

States

123,500

25,840,581

Multiline

Retail

0.6%

a

Credit

Suisse

AG

into

Dollar

Tree,

Inc.,

144A,

8.25%,

7/31/23

....

United

States

150,500

23,529,218

Oil,

Gas

&

Consumable

Fuels

0.7%

a

BNP

Paribas

Issuance

BV

into

Canadian

Natural

Resources

Ltd.,

144A,

9.5%,

1/12/24

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

Canada

452,000

27,417,688

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

See

Abbreviations

on

page

331

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Specialty

Retail

0.6%

a

Citigroup

Global

Markets

Holdings,

Inc.

into

Tractor

Supply

Co.,

144A,

7.25%,

6/09/23

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

United

States

102,500

$

21,667,888

Total

Equity-Linked

Securities

(Cost

$348,442,247)

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

348,504,342

Convertible

Preferred

Stocks

5.8%

Capital

Markets

1.1%

KKR

Group

Co.,

Inc.,

6%,

C

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

United

States

630,000

42,562,800

Electric

Utilities

0.6%

NextEra

Energy,

Inc.,

6.926%

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

United

States

425,000

20,378,750

Health

Care

Equipment

&

Supplies

2.5%

Becton

Dickinson

and

Co.,

6%,

B

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

United

States

600,000

30,216,000

Boston

Scientific

Corp.,

5.5%,

A

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

United

States

572,500

65,339,425

95,555,425

Life

Sciences

Tools

&

Services

1.6%

Danaher

Corp.,

5%,

B

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

United

States

43,500

58,464,000

Total

Convertible

Preferred

Stocks

(Cost

$228,581,481)

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

216,960,975

Total

Long

Term

Investments

(Cost

$2,706,958,175)

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

3,635,336,957

a

Short

Term

Investments

3.4%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.4%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

126,099,016

126,099,016

Total

Money

Market

Funds

(Cost

$126,099,016)

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

126,099,016

Total

Short

Term

Investments

(Cost

$126,099,016

)

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

126,099,016

a

Total

Investments

(Cost

$2,833,057,191)

100.0%

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

$3,761,435,973

Other

Assets,

less

Liabilities

0.0%

†

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

349,187

Net

Assets

100.0%

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

$3,761,785,160

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2023,

the

aggregate

value

of

these

securities

was

$348,504,342,

representing

9.3%

of

net

assets.

b

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Floating

Rate

Daily

Access

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

5.5%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

287,830

$

74,548

Machinery

1.3%

a,b

UTEX

Industries,

Inc.

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

United

States

261,340

17,248,440

Oil,

Gas

&

Consumable

Fuels

4.0%

b

Quarternorth

Energy

Holding,

Inc.

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

United

States

370,321

51,474,619

Road

&

Rail

0.2%

a,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

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

Australia

11,563,612

1,795,675

Total

Common

Stocks

(Cost

$70,494,254)

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

70,593,282

Management

Investment

Companies

3.3%

Capital

Markets

3.3%

d

Franklin

Floating

Rate

Income

Fund

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

United

States

4,630,114

36,022,286

Invesco

Senior

Loan

ETF

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

United

States

280,416

5,919,582

41,941,868

Total

Management

Investment

Companies

(Cost

$51,562,905)

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

41,941,868

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

1.1%

Machinery

0.0%

†

a,b,c

UTEX

Industries,

Inc.,

2/20/49

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

United

States

634

3,390

Oil,

Gas

&

Consumable

Fuels

1.1%

a,b

Quarternorth

Energy

Holding,

Inc.,

2/01/49

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

United

States

105,425

14,654,075

Total

Warrants

(Cost

$12,703,712)

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

14,657,465

Principal

Amount

*

Corporate

Bonds

6.8%

Airlines

1.0%

e

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

5,800,000

5,692,468

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

5,500,000

5,435,883

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

2,485,000

2,362,054

13,490,405

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

1,430,557

Chemicals

0.4%

e

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

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

United

States

1,935,400

1,660,533

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

3,900,000

3,437,051

5,097,584

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Commercial

Services

&

Supplies

0.2%

e

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

9/01/28

Canada

2,300,000

$

2,054,107

Pitney

Bowes,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/24

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

United

States

881,000

855,451

2,909,558

Communications

Equipment

0.1%

e

CommScope,

Inc.

,

Senior

Secured

Note

,

144A,

4.75

%

,

9/01/29

...

United

States

2,019,200

1,683,286

Construction

Materials

0.3%

e

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.........

Mexico

3,875,000

3,628,908

Containers

&

Packaging

0.6%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Secured

Note

,

144A,

4.125

%

,

8/15/26

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

United

States

3,800,000

3,472,668

e

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

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

United

States

694,400

701,344

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

1,001,157

e

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

2,500,000

2,247,250

7,422,419

Diversified

Consumer

Services

0.1%

e

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

United

States

3,500,000

1,868,992

Diversified

Telecommunication

Services

0.4%

e

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

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

France

2,000,000

1,572,420

Senior

Secured

Note,

144A,

5.5%,

10/15/29

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

France

3,730,000

2,953,995

4,526,415

Energy

Equipment

&

Services

0.1%

e

Weatherford

International

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/15/28

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

United

States

714,300

711,500

Entertainment

0.1%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

1,900,000

1,835,856

Health

Care

Providers

&

Services

0.1%

e

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

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

United

States

1,334,000

1,109,208

Hotels,

Restaurants

&

Leisure

0.2%

e

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

2,300,000

2,210,197

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

4,066,569

Insurance

0.1%

e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

1,470,600

1,223,186

Media

0.5%

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

4,300,000

3,901,304

e

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

9/15/26

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

United

States

1,600,000

1,228,000

e

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

5.125

%

,

2/15/25

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

United

States

1,555,556

1,517,359

6,646,663

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

0.2%

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

2,400,000

$

2,288,172

Road

&

Rail

1.8%

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

416,952

c,f

Onsite

Rental

Group

Operations

Pty.

Ltd.

,

PIK,

6.1

%

,

10/26/23

...

Australia

21,096,262

22,672,991

23,089,943

Specialty

Retail

0.1%

e

99

Escrow

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/15/26

United

States

2,419,355

1,172,423

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

1,195,995

Total

Corporate

Bonds

(Cost

$98,860,257)

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

87,607,836

Senior

Floating

Rate

Interests

77.1%

Aerospace

&

Defense

0.7%

f,g

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

11,320,756

9,250,473

Air

Freight

&

Logistics

0.6%

g

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/24/26

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

United

States

7,490,749

7,423,632

g

Airlines

2.8%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

9.558

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.......

United

States

4,054,364

4,169,650

Air

Canada

,

Term

Loan

,

8.13

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

4,293,222

4,304,706

American

Airlines,

Inc.

,

2018

Replacement

Term

Loan

,

6.267

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

6/27/25

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

United

States

8,254,681

8,109,110

Kestrel

Bidco,

Inc.

,

Term

Loan

,

7.508

%

,

(

1-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

11,776,908

11,343,400

United

AirLines,

Inc.

,

Term

Loan,

B

,

8.568

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

8,265,224

8,280,639

36,207,505

a

a

a

a

a

a

g

Auto

Components

2.5%

Adient

US

LLC

,

Term

Loan,

B1

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/10/28

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

United

States

8,529,741

8,519,079

Clarios

Global

LP

,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/30/26

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

United

States

4,715,638

4,710,168

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/04/28

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

United

States

3,628,159

3,364,682

First

Brands

Group

LLC

,

2022-II

Incremental

CME

Term

Loan,

10.246%,

(6-month

SOFR

+

5%),

3/30/27

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

United

States

1,500,000

1,447,500

First

Lien,

2021

CME

Term

Loan,

8.368%,

(3-month

SOFR

+

5%),

3/30/27

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

United

States

7,680,202

7,553,478

Second

Lien,

2021

Term

Loan,

13.602%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

4,220,469

3,836,681

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

9.07

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

625,148

602,227

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

7.98

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

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

United

States

2,159,449

2,157,646

32,191,461

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Automobiles

0.6%

g

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.411

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

8,139,039

$

7,180,464

g

Beverages

0.5%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

8.33

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

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

United

States

3,960,748

1,861,552

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.93

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

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

United

States

1,762,929

1,629,290

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.23

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

United

States

3,019,821

2,882,434

6,373,276

a

a

a

a

a

a

g

Building

Products

0.2%

Cornerstone

Building

Brands,

Inc.

,

Term

Loan,

B

,

7.709

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/12/28

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

United

States

2,917,799

2,739,463

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

Term

Loan,

B1

,

7.57

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/18/29

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

United

States

9,925

9,904

2,749,367

a

a

a

a

a

a

g

Capital

Markets

1.9%

Citadel

Securities

LP

,

2021

CME

Term

Loan,

7.176%,

(1-month

SOFR

+

2.5%),

2/02/28

United

States

4,536,052

4,530,790

CME

Term

Loan,

B

1,

7.676%,

(1-month

SOFR

+

3%),

2/02/28

..

United

States

1,356,600

1,361,694

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.311

%

,

(

1-month

SOFR

+

3.75

%

),

4/09/27

...........

United

States

2,748,603

2,665,650

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

....

United

States

4,185,665

4,109,026

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

7.32

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

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

United

States

3,495,496

3,489,221

Osmosis

Buyer

Ltd.

,

h

2022

Incremental

CME

Term

Loan,

B,

7.902%,

(1-month

SOFR

+

3.75%),

7/31/28

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

United

Kingdom

2,187,832

2,146,351

2022

Refinancing

CME

Term

Loan,

B,

8.147%,

(1-month

SOFR

+

3.75%),

7/31/28

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

United

Kingdom

4,036,857

3,950,226

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/30/25

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

United

States

2,507,985

2,463,581

24,716,539

a

a

a

a

a

a

g

Chemicals

4.2%

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

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

United

States

5,238,812

4,758,046

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

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

United

States

3,047,692

2,521,965

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

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

United

States

6,099,816

5,977,820

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

8.934%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

6,766,000

6,131,688

Second

Lien,

Initial

CME

Term

Loan,

12.049%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

2,093,023

1,747,674

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Chemicals

(continued)

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

7.32

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

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

United

Kingdom

8,058,586

$

8,056,571

h

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

8.411

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

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

Luxembourg

1,480,000

1,481,458

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

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

United

States

4,475,965

4,351,018

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

...........

United

States

3,132,882

3,071,008

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.076

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

13,273,445

11,683,751

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

8.415

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

5,182,647

5,088,296

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

7.369

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

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

United

States

7,804

7,794

54,877,089

a

a

a

a

a

a

g

Commercial

Services

&

Supplies

4.2%

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

CME

Term

Loan

,

8.411

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

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

United

States

4,063,327

3,922,086

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

8.124

%

,

(

3-month

SOFR

+

4

%

),

2/15/29

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

United

States

12,074,285

11,930,903

APX

Group,

Inc.

,

Initial

Term

Loan

,

7.705

%

,

(

1-month

USD

LIBOR

+

3.25%;

3-month

USD

LIBOR

+

2.25%

),

7/10/28

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

United

States

3,125,009

3,101,196

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.58

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

5,968,073

5,871,092

Madison

IAQ

LLC

,

Term

Loan

,

7.988

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

6,518,987

6,252,458

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

8.676

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

11,302,462

10,938,636

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

7.517

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

9/23/26

United

States

6,682,423

6,686,599

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

8.765

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

7,291,605

5,795,951

54,498,921

a

a

a

a

a

a

Communications

Equipment

0.2%

g

CommScope,

Inc.

,

Initial

Term

Loan

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,688,895

2,640,158

g

Construction

&

Engineering

0.7%

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.884

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

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

United

States

5,372,519

5,233,183

Zekelman

Industries,

Inc.

,

2020

Term

Loan

,

6.729

%

,

(

3-month

USD

LIBOR

+

2

%

),

1/24/27

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

United

States

3,380,375

3,360,819

8,594,002

a

a

a

a

a

a

Containers

&

Packaging

1.8%

g

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

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

United

States

5,391,474

5,368,830

g

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

8.259

%

,

(

6-month

SOFR

+

4.75

%

),

2/12/26

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

Luxembourg

4,375,178

3,915,784

Mauser

Packaging

Solutions

Holding

Co.

,

g

Initial

Term

Loan,

7.619%,

(1-month

USD

LIBOR

+

3.25%),

4/03/24

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

United

States

4,007,551

3,979,378

h,i

Term

Loan,

B,

TBD,

1/01/30

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

United

States

8,000,000

7,940,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Containers

&

Packaging

(continued)

g

Pactiv

Evergreen,

Inc.

,

U.S.

Term

Loan,

B3

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/24/28

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

United

States

1,545,865

$

1,541,807

22,745,799

a

a

a

a

a

a

g

Diversified

Consumer

Services

1.5%

KUEHG

Corp.

,

Term

Loan,

B3

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

6,996,840

6,821,500

Learning

Care

Group

(US)

No.

2,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.063

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/13/25

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

United

States

3,784,161

3,486,158

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/15/28

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

United

States

1,434,468

1,413,489

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.)

,

2019

Term

Loan,

8.32%,

(1-month

USD

LIBOR

+

3.75%),

9/03/26

United

States

4,598,075

4,600,948

Initial

Term

Loan,

7.82%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

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

United

States

2,306,649

2,299,602

WW

International,

Inc.

,

Initial

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

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

United

States

2,181,981

1,310,999

19,932,696

a

a

a

a

a

a

g

Diversified

Financial

Services

1.6%

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

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

United

States

5,924,406

5,754,079

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/02/28

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

United

States

3,432,604

2,283,917

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

8.57

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

12,359,908

12,363,183

20,401,179

a

a

a

a

a

a

g

Diversified

Telecommunication

Services

1.4%

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan,

9.076%,

(3-month

SOFR

+

4.25%),

11/29/25

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

United

States

11,880,693

10,453,109

Second

Lien,

CME

Term

Loan,

14.826%,

(3-month

SOFR

+

10%),

11/29/26

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

United

States

7,895,149

6,016,104

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

7.57

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/09/27

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

United

States

1,755,569

1,479,418

17,948,631

a

a

a

a

a

a

Electrical

Equipment

0.2%

g

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

8.8

%

,

(

1-month

SOFR

+

4.25

%

),

5/13/29

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

United

States

1,930,242

1,934,035

g

Entertainment

0.7%

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

7.43

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

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

United

States

1,964,286

1,168,397

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

8.119

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

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

France

1,943,122

1,943,433

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

7.32

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

4,118,561

4,089,072

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

7.262

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

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

United

States

2,099,514

2,091,273

9,292,175

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Food

&

Staples

Retailing

1.4%

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

10.354

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

17,352,089

$

16,115,752

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/23/27

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

United

States

1,647,067

1,620,920

17,736,672

a

a

a

a

a

a

g

Food

Products

0.2%

B&G

Foods,

Inc.

,

Tranche

Term

Loan,

B4

,

6.884

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

10/10/26

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

United

States

1,283,542

1,239,016

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

8.743

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

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

United

States

1,993,066

1,981,675

3,220,691

a

a

a

a

a

a

g

Health

Care

Equipment

&

Supplies

0.7%

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

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

United

States

7,551,448

7,346,388

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

9.875

%

,

(

1-month

USD

LIBOR

+

5.25

%

),

12/15/27

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

United

States

1,619,557

1,550,735

8,897,123

a

a

a

a

a

a

g

Health

Care

Providers

&

Services

6.4%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

7.945%,

(1-month

USD

LIBOR

+

3.375%),

12/23/27

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

United

States

5,086,266

4,700,982

Amendment

No.

5

Incremental

Term

Loan,

8.32%,

(1-month

USD

LIBOR

+

3.75%),

12/23/27

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

United

States

932,074

863,720

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

8.139

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/17/28

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

United

States

5,534,402

4,552,046

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

9.683

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

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

United

States

1,612,903

1,578,129

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.125

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

5,987,169

5,924,962

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.07

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

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

United

States

2,943,244

2,763,485

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

8.57%,

(1-month

USD

LIBOR

+

4%),

12/18/28

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

United

States

4,523,828

4,122,338

Second

Lien,

Initial

Term

Loan,

11.32%,

(1-month

USD

LIBOR

+

6.75%),

12/17/29

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

United

States

779,707

552,376

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/01/28

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

United

States

7,175,301

6,953,620

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

8.985

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

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

United

States

4,848,451

4,374,199

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

8.408%,

(1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

8,648,229

6,383,517

First

Lien,

Initial

Term

Loan,

C,

8.48%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

279,919

206,617

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Health

Care

Providers

&

Services

(continued)

Pacific

Dental

Services

LLC

,

Term

Loan

,

8.008

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

2,645,509

$

2,623,353

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

5,701,556

4,785,230

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

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

United

States

4,634,567

4,583,888

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.634

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

11/15/28

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

United

States

6,239,047

6,197,214

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

8.797

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

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

United

States

5,575,184

4,844,612

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.619

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

3,607,931

3,450,084

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.57

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

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

United

States

13,761,520

13,701,382

83,161,754

a

a

a

a

a

a

Health

Care

Technology

1.0%

g

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.012

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

13,212,542

12,557,398

Hotels,

Restaurants

&

Leisure

5.6%

f,g

24

Hour

Fitness

Worldwide,

Inc.

,

Tranche

1

Term

Loan

,

9.726

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

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

United

States

22,724,460

1,852,675

g

Bally's

Corp.

,

Term

Loan,

B

,

7.709

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

9,985,613

9,624,284

h,i

Caesars

Entertainment,

Inc.

,

Term

Loan,

B

,

TBD,

1/20/30

.......

United

States

2,739,699

2,740,685

g

Caesars

Resort

Collection

LLC

,

Term

Loan,

B,

7.32%,

(1-week

USD

LIBOR

+

2.75%),

12/23/24

.

United

States

6,709,573

6,712,290

Term

Loan,

B1,

8.07%,

(1-week

USD

LIBOR

+

3.5%),

7/21/25

..

United

States

963,874

965,030

g

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

8.561

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

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

United

States

6,247,919

6,185,877

g

Flutter

Entertainment

plc

,

Third

Amendment

CME

Term

Loan,

2028

B

,

8.092

%

,

(

3-month

SOFR

+

3.25

%

),

7/22/28

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

Ireland

1,084,852

1,088,248

g

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

Term

Loan

,

8.82

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/22/28

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

United

States

5,914,557

5,777,162

g

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

7.57

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

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

United

States

6,754,331

6,765,779

g

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

7.687

%

,

(

3-month

SOFR

+

3

%

),

12/15/27

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

United

States

3,650,956

3,620,963

g

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

7.411

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

3,568,552

3,570,532

g

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.753

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

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

United

States

7,390,959

7,356,333

g

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.103

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

7,239,233

7,132,708

g

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

7.578

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

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

United

States

4,375,686

4,377,239

g

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

4,191,241

4,155,301

71,925,106

a

a

a

a

a

a

g

Household

Durables

0.4%

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

10.23

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

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

United

States

6,039,000

4,046,130

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

7.859

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

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

Netherlands

1,890,500

1,743,400

5,789,530

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Household

Products

0.1%

g

Energizer

Holdings,

Inc.

,

2020

Term

Loan

,

6.813

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

12/22/27

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

United

States

1,711,125

$

1,710,055

g

Insurance

3.9%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

8.07%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

5,954,082

5,755,007

First

Lien,

2021-1

Additional

Term

Loan,

8.32%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

2,254,076

2,181,529

First

Lien,

2021-2

Additional

Term

Loan,

8.82%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

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

United

States

1,661,538

1,622,077

Alliant

Holdings

Intermediate

LLC

,

2018

Initial

Term

Loan,

7.82%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

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

United

States

6,162,484

6,165,042

New

Term

Loan,

B4,

8.008%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

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

United

States

4,681,108

4,681,108

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

8.061%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

2,983,703

2,955,268

2020

February

Refinancing

Term

Loan,

8.07%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

8,887,180

8,807,551

2022-2

CME

Term

Loan,

8.811%,

(1-month

SOFR

+

4.25%),

2/12/27

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

United

States

787,500

788,977

Asurion

LLC

,

h

New

CME

Term

Loan,

B

10,

8.68%,

(3-month

SOFR

+

4%),

8/19/28

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

United

States

2,300,000

2,184,103

New

Term

Loan,

B8,

7.82%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

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

United

States

2,672,564

2,562,748

New

Term

Loan,

B9,

7.82%,

(1-month

USD

LIBOR

+

3.25%),

7/31/27

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

United

States

8,315

7,877

Second

Lien,

New

Term

Loan,

B3,

9.82%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

6,496,342

5,452,055

Second

Lien,

New

Term

Loan,

B4,

9.82%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

6,752,294

5,680,401

HUB

International

Ltd.

,

2022

Incremental

CME

Term

Loan

,

8.22

%

,

(

3-month

SOFR

+

4

%

),

11/10/29

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

United

States

956,897

957,643

49,801,386

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

0.5%

g

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2020

June

New

Term

Loan,

8.32%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

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

United

States

3,028,586

3,002,086

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

8.32%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

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

United

States

3,055,149

3,026,751

6,028,837

a

a

a

a

a

a

g

IT

Services

4.2%

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.985

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/23/26

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

United

States

3,354,530

3,217,045

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

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

United

States

2,706,735

2,623,287

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

9.23%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

11,148,900

7,892,919

Second

Lien,

Initial

Term

Loan,

13.075%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

375,000

210,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

IT

Services

(continued)

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.176

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

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

United

States

5,459,620

$

5,297,797

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.73

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

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

United

States

11,061,656

10,823,830

Go

Daddy

Operating

Co.

LLC

(GD

Finance

Co.,

Inc.)

,

Amendment

No.

6

CME

Term

Loan

,

7.811

%

,

(

1-month

SOFR

+

3.25

%

),

11/09/29

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

United

States

698,413

701,908

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

8.98

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

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

United

Kingdom

4,841,520

4,811,260

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

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

United

States

12,803,830

12,759,017

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

8/28/28

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

France

4,075,130

4,081,079

Thrasio

LLC

,

Initial

Term

Loan

,

11.17

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

2,462,312

2,154,523

54,572,665

a

a

a

a

a

a

g

Leisure

Products

0.6%

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

12/16/24

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

United

States

2,899,440

2,884,943

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

7.98%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

4,484,812

4,429,222

Term

Loan,

B2,

7.98%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

639,364

631,439

7,945,604

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

0.4%

g

ICON

plc

,

Term

Loan,

7%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

......

United

States

4,357,987

4,363,456

U.S.

Term

Loan,

7%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

..

United

States

1,085,795

1,087,158

5,450,614

a

a

a

a

a

a

g

Machinery

1.1%

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

8.73

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

6,642,839

5,441,083

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

6/01/28

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

United

States

5,312,630

5,173,598

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

6.871

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

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

Germany

4,017,490

3,952,768

14,567,449

a

a

a

a

a

a

g

Media

4.2%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

9.88

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

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

United

States

10,453,392

9,993,443

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

8.325

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

4,486,645

4,279,138

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

6.709

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

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

United

States

6,886,574

6,662,760

Gray

Television,

Inc.

,

Term

Loan,

B2,

6.871%,

(1-month

USD

LIBOR

+

2.5%),

2/07/24

United

States

1,714,171

1,716,528

Term

Loan,

D,

7.369%,

(1-month

USD

LIBOR

+

3%),

12/01/28

..

United

States

3,348,105

3,342,346

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Media

(continued)

iHeartCommunications,

Inc.

,

New

Term

Loan

,

7.57

%

,

(

1-month

USD

LIBOR

+

3

%

),

5/01/26

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

United

States

2,166,667

$

2,139,735

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

8.316

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/28/28

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

United

States

6,498,463

6,233,650

Nexstar

Media,

Inc.

,

Term

Loan,

B4

,

7.07

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

9/18/26

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

United

States

944,699

946,272

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

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

United

States

7,738,557

6,485,414

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

7.82%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

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

United

States

2,293,035

2,273,132

First

Lien,

Initial

Term

Loan,

B,

7.82%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

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

United

States

5,159,157

5,085,458

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

7.709

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

4,555,393

4,565,005

53,722,881

a

a

a

a

a

a

g

Personal

Products

1.6%

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

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

United

States

8,041,521

6,961,665

Coty,

Inc.

,

USD

Term

Loan,

B

,

6.645

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

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

United

States

2,684,147

2,682,470

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

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

Luxembourg

11,527,775

11,317,393

20,961,528

a

a

a

a

a

a

g

Pharmaceuticals

1.8%

Bausch

Health

Cos.,

Inc.

,

Second

Amendment

CME

Term

Loan

,

9.828

%

,

(

1-month

SOFR

+

5.25

%

),

2/01/27

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

United

States

1,655,503

1,281,235

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

6.57

%

,

(

1-month

USD

LIBOR

+

2

%

),

11/15/27

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

Spain

2,000,000

1,967,360

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

7,537,667

7,538,835

Organon

&

Co.

,

Dollar

Term

Loan

,

7.75

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

4,236,342

4,237,655

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

7.161

%

,

(

1-month

SOFR

+

2.5

%

),

4/20/29

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

United

States

3,205,649

3,217,670

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

2/14/25

....

United

States

5,744,314

5,467,151

23,709,906

a

a

a

a

a

a

g

Professional

Services

1.2%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

6,235,596

6,064,117

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.634

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/29/28

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

United

States

5,583,109

5,554,859

Dun

&

Bradstreet

Corp.

(The)

,

Initial

Term

Loan

,

7.767

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/06/26

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

United

States

3,847,054

3,845,342

15,464,318

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

g

Cushman

&

Wakefield

US

Borrower

LLC

,

Replacement

Term

Loan

,

7.134

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

9,798

9,775

g

Road

&

Rail

0.6%

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C,

8.161%,

(1-month

SOFR

+

3.5%),

3/16/29

..

United

States

1,687,250

1,688,659

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Road

&

Rail

(continued)

Avis

Budget

Car

Rental

LLC,

(continued)

New

Term

Loan,

B,

6.32%,

(1-month

USD

LIBOR

+

1.75%),

8/06/27

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

United

States

1,279,713

$

1,265,476

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

8.82

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

12/15/28

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

United

States

5,485,609

4,715,237

7,669,372

a

a

a

a

a

a

g

Software

9.1%

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.676

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

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

United

States

1,913,057

1,439,576

Central

Parent,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.08

%

,

(

3-month

SOFR

+

4.5

%

),

7/06/29

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

United

States

1,542,857

1,541,654

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

8.32%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

6,018,300

5,801,852

Second

Lien,

Initial

Term

Loan,

10.57%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

2,723,141

2,403,171

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

2,242,112

2,071,151

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.696%,

(6-month

SOFR

+

4%),

10/16/26

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

United

States

12,152,015

12,029,584

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

11.696%,

(6-month

USD

LIBOR

+

7%),

2/19/29

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

United

States

5,168,879

4,760,744

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

8.48

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

3,768,560

3,710,467

Epicor

Software

Corp.

,

Term

Loan,

C

,

7.82

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

8,187,931

8,056,065

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

8.443

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

........

United

States

13,558,632

13,339,727

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.297

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

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

United

States

5,847,932

3,282,152

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

8.07%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

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

United

States

8,445,664

8,437,514

Second

Lien,

2021

Refinancing

Term

Loan,

10.82%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

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

United

States

2,756,061

2,633,016

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

8.51

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

3,673,882

3,561,370

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

8.13

%

,

(

3-month

USD

LIBOR

+

3.4

%

),

3/31/28

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

Sweden

1,287,232

1,287,232

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

9.011%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

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

United

States

6,543,007

5,444,338

First

Lien,

First

Amendment

Term

Loan,

8.733%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

301,044

249,680

McAfee

Corp.

,

CME

Term

Loan,

B1

,

8.184

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

6,818,394

6,452,997

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

8.415%,

(3-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

5,584,936

5,346,711

Second

Lien,

Initial

Term

Loan,

11.235%,

(3-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

428,571

368,640

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Software

(continued)

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

8.73

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

4,827,435

$

4,594,366

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.076

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

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

United

States

4,394,249

3,786,898

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.82

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

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

United

States

9,134

9,039

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

9.07

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

8/11/28

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

United

States

2,140,402

2,070,453

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

Term

Loan,

8.032%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

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

United

States

4,695,954

4,627,299

First

Lien,

Initial

Term

Loan,

8.575%,

(3-month

USD

LIBOR

+

3.75%),

5/04/26

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

United

States

4,229,774

4,195,132

Second

Lien,

2021

Incremental

Term

Loan,

10.032%,

(3-month

USD

LIBOR

+

5.25%),

5/03/27

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

United

States

2,954,019

2,840,068

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

8.818

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

2,940,530

2,592,077

116,932,973

a

a

a

a

a

a

g

Specialty

Retail

3.9%

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

10.342

%

,

(

3-month

SOFR

+

5.5

%

),

4/26/28

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

United

States

4,735,662

4,695,717

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

3,659,921

3,608,682

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

8.98

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

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

United

States

3,858,872

3,561,025

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.004

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

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

United

States

5,492,230

5,009,381

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.092

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

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

United

States

5,351,591

5,305,059

PetSmart

LLC

,

Initial

CME

Term

Loan

,

8.411

%

,

(

1-month

SOFR

+

3.75

%

),

2/11/28

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

United

States

6,337,539

6,303,222

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

8.32

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

1/31/28

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

United

States

8,526,553

7,696,194

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

7.911

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

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

United

States

2,143,000

2,095,458

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

7.782

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

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

United

States

3,025,498

2,839,188

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

8.311

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

2,932,875

2,914,544

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.258

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/21/27

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

United

States

5,986,428

5,717,039

49,745,509

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.6%

g

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

9.58

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/27/28

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

United

States

9,520,665

8,381,565

g

Textiles,

Apparel

&

Luxury

Goods

0.5%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

10.23

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

12/19/25

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

United

States

4,853,409

4,856,467

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

8.07

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/16/28

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

United

States

1,503,565

1,451,880

6,308,347

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

See

Abbreviations

on

page

331.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Transportation

Infrastructure

0.8%

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

7.726%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

4,412,743

$

4,176,793

Initial

Term

Loan,

C,

7.726%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

1,645,318

1,557,343

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.23

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

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

United

States

6,933,964

5,205,917

10,940,053

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$1,054,367,116)

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

996,168,513

Asset-Backed

Securities

0.7%

Diversified

Financial

Services

0.7%

e,g

Alinea

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

6.708

%

,

(

3-month

USD

LIBOR

+

1.9

%

),

7/20/31

.

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

United

States

7,000,000

6,737,783

e,g

Dryden

40

Senior

Loan

Fund

,

2015-40A

,

CR

,

144A,

FRN

,

6.706

%

,

(

3-month

USD

LIBOR

+

2.1

%

),

8/15/31

.

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

United

States

2,000,000

1,932,841

e,g

Galaxy

XXV

CLO

Ltd.

,

2018-25A

,

C

,

144A,

FRN

,

6.818

%

,

(

3-month

USD

LIBOR

+

2

%

),

10/25/31

.

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

United

States

500,000

482,263

9,152,887

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$9,500,000)

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

9,152,887

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,c

Millennium

Corporate

Claim

Trust,

Escrow

Account

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

United

States

13,585,837

—

a,c

Millennium

Lender

Claim

Trust,

Escrow

Account

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

United

States

13,585,837

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$1,298,408,180)

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

1,220,132,076

a

Short

Term

Investments

4.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

4.2%

d,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

54,847,090

54,847,090

Total

Money

Market

Funds

(Cost

$54,847,090)

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

54,847,090

Total

Short

Term

Investments

(Cost

$54,847,090

)

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

54,847,090

a

Total

Investments

(Cost

$1,353,255,270)

98.7%

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

$1,274,979,166

Other

Assets,

less

Liabilities

1.3%

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

16,694,111

Net

Assets

100.0%

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

$1,291,673,277

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

5

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

d

See

Note

6

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

January

31,

2023,

the

aggregate

value

of

these

securities

was

$70,944,109,

representing

5.5%

of

net

assets.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

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

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

,

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

Multiline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

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

South

Africa

12,326,925

$

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

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

South

Africa

1,226,701

—

—

Total

Common

Stocks

(Cost

$92,988)

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

—

Management

Investment

Companies

5.0%

Capital

Markets

5.0%

d

Franklin

Floating

Rate

Income

Fund

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

United

States

16,696,900

129,901,882

Total

Management

Investment

Companies

(Cost

$139,440,761)

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

129,901,882

Principal

Amount

*

Corporate

Bonds

25.5%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

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

United

States

10,400,000

9,619,286

General

Dynamics

Corp.

,

Senior

Note

,

3.25

%

,

4/01/25

.........

United

States

4,000,000

3,902,397

e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

....

United

States

1,500,000

1,501,166

15,022,849

Air

Freight

&

Logistics

0.1%

e

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

1,700,000

1,605,897

Airlines

0.2%

e

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

1,300,000

1,275,898

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

4,218,000

4,168,828

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

300,000

285,157

5,729,883

Banks

9.4%

Bank

of

America

Corp.

,

Senior

Note,

3.55%

to

3/04/23,

FRN

thereafter,

3/05/24

.......

United

States

10,350,000

10,334,159

Senior

Note,

3.864%

to

7/22/23,

FRN

thereafter,

7/23/24

......

United

States

11,000,000

10,935,248

Senior

Note,

2.015%

to

2/12/25,

FRN

thereafter,

2/13/26

......

United

States

3,500,000

3,286,143

Senior

Note,

3.384%

to

4/01/25,

FRN

thereafter,

4/02/26

......

United

States

8,300,000

8,030,982

Bank

of

Montreal

,

H

,

Senior

Note

,

4.25

%

,

9/14/24

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

Canada

9,850,000

9,759,358

Bank

of

Nova

Scotia

(The)

,

Senior

Note

,

2.951

%

,

3/11/27

.......

Canada

7,000,000

6,560,359

e

BNP

Paribas

SA

,

Senior

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

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

France

5,700,000

5,461,906

Citigroup,

Inc.

,

Senior

Note,

4.044%

to

5/31/23,

FRN

thereafter,

6/01/24

......

United

States

11,000,000

10,961,263

Senior

Note,

3.29%

to

3/16/25,

FRN

thereafter,

3/17/26

.......

United

States

8,200,000

7,895,418

Senior

Note,

3.106%

to

4/07/25,

FRN

thereafter,

4/08/26

......

United

States

6,500,000

6,235,001

Sub.

Bond,

4.6%,

3/09/26

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

United

States

2,600,000

2,586,070

HSBC

Holdings

plc

,

Senior

Bond,

4.3%,

3/08/26

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

United

Kingdom

800,000

783,847

Senior

Note,

4.18%

to

12/08/24,

FRN

thereafter,

12/09/25

.....

United

Kingdom

6,000,000

5,884,078

Senior

Note,

2.013%

to

9/21/27,

FRN

thereafter,

9/22/28

......

United

Kingdom

7,600,000

6,578,177

Huntington

National

Bank

(The)

,

Senior

Note

,

5.699%

to

11/17/24,

FRN

thereafter

,

11/18/25

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

United

States

7,900,000

7,992,208

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

JPMorgan

Chase

&

Co.

,

Senior

Note,

3.559%

to

4/22/23,

FRN

thereafter,

4/23/24

......

United

States

8,200,000

$

8,170,109

Senior

Note,

3.845%

to

6/13/24,

FRN

thereafter,

6/14/25

......

United

States

5,400,000

5,306,839

Senior

Note,

2.083%

to

4/21/25,

FRN

thereafter,

4/22/26

......

United

States

18,200,000

17,098,036

Sub.

Bond,

3.875%,

9/10/24

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

United

States

8,400,000

8,276,495

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

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

United

States

5,400,000

5,340,430

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4

%

,

11/21/25

..

United

States

7,900,000

8,038,306

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.063%

to

9/11/24,

FRN

thereafter

,

9/12/25

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

Japan

10,700,000

10,690,055

National

Bank

of

Canada

,

Senior

Note

,

3.75%

to

6/08/24,

FRN

thereafter

,

6/09/25

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

Canada

6,600,000

6,483,825

e

Nordea

Bank

Abp

,

Senior

Note

,

144A,

4.75

%

,

9/22/25

..........

Finland

3,800,000

3,798,966

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

5,900,000

5,180,207

e

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375

%

,

10/21/26

....

South

Korea

6,500,000

5,718,212

e

Societe

Generale

SA

,

Senior

Note,

144A,

2.226%

to

1/20/25,

FRN

thereafter,

1/21/26

.

France

6,600,000

6,167,633

Senior

Note,

144A,

1.792%

to

6/08/26,

FRN

thereafter,

6/09/27

.

France

3,900,000

3,457,910

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.285

%

,

9/13/24

.....

Canada

13,900,000

13,790,360

Truist

Financial

Corp.

,

Senior

Note

,

5.9%

to

10/27/25,

FRN

thereafter

,

10/28/26

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

United

States

6,800,000

7,002,518

Wells

Fargo

&

Co.

,

Senior

Note,

1.654%

to

6/01/23,

FRN

thereafter,

6/02/24

......

United

States

9,800,000

9,685,471

Senior

Note,

2.188%

to

4/29/25,

FRN

thereafter,

4/30/26

......

United

States

13,400,000

12,610,189

Sub.

Bond,

4.1%,

6/03/26

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

United

States

3,000,000

2,950,162

243,049,940

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Note

,

3.65

%

,

2/01/26

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

Belgium

8,000,000

7,821,490

e

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5

%

,

1/15/27

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

United

Kingdom

4,400,000

3,891,443

11,712,933

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Bond,

3.6%,

5/14/25

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

United

States

810,000

789,905

Senior

Note,

3.8%,

3/15/25

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

United

States

600,000

588,718

Senior

Note,

2.95%,

11/21/26

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

United

States

500,000

473,400

1,852,023

Capital

Markets

3.5%

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

5.224%

to

11/20/24,

FRN

thereafter

,

11/21/25

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

United

States

7,900,000

7,960,258

Credit

Suisse

Group

AG

,

Senior

Note,

4.55%,

4/17/26

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

Switzerland

9,400,000

8,737,805

e

Senior

Note,

144A,

2.193%

to

6/04/25,

FRN

thereafter,

6/05/26

.

Switzerland

400,000

351,619

e

Senior

Note,

144A,

6.373%

to

7/14/25,

FRN

thereafter,

7/15/26

.

Switzerland

1,000,000

971,295

Deutsche

Bank

AG

,

Senior

Note,

2.222%

to

9/17/23,

FRN

thereafter,

9/18/24

......

Germany

7,000,000

6,853,191

Senior

Note,

5.371%,

9/09/27

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

Germany

6,600,000

6,768,924

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

3.75%,

2/25/26

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

United

States

6,500,000

6,353,781

Senior

Note,

0.673%

to

3/07/23,

FRN

thereafter,

3/08/24

......

United

States

8,300,000

8,245,924

Senior

Note,

5.7%,

11/01/24

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

United

States

5,400,000

5,481,087

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Goldman

Sachs

Group,

Inc.

(The),

(continued)

Senior

Note,

4.387%

to

6/14/26,

FRN

thereafter,

6/15/27

......

United

States

2,700,000

$

2,647,819

Senior

Note,

2.64%

to

2/23/27,

FRN

thereafter,

2/24/28

.......

United

States

5,500,000

5,045,544

Morgan

Stanley

,

Senior

Bond,

3.7%,

10/23/24

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

United

States

1,400,000

1,376,550

Senior

Note,

3.737%

to

4/23/23,

FRN

thereafter,

4/24/24

......

United

States

11,000,000

10,961,802

Senior

Note,

2.188%

to

4/27/25,

FRN

thereafter,

4/28/26

......

United

States

3,800,000

3,572,259

Sub.

Bond,

4.35%,

9/08/26

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

United

States

7,800,000

7,650,512

e

UBS

Group

AG

,

Senior

Note

,

144A,

4.49%

to

8/04/24,

FRN

thereafter

,

8/05/25

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

Switzerland

6,500,000

6,438,614

89,416,984

Communications

Equipment

0.0%

†

e

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

6

%

,

6/15/25

.

United

States

900,000

853,353

Consumer

Finance

0.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

3

%

,

10/29/28

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

Ireland

3,000,000

2,646,197

Caterpillar

Financial

Services

Corp.

,

Senior

Note

,

1.45

%

,

5/15/25

.

United

States

1,100,000

1,029,087

3,675,284

Containers

&

Packaging

0.0%

†

e

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

8/15/23

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

United

States

297,000

296,192

Diversified

Consumer

Services

0.1%

Grand

Canyon

University

,

4.125

%

,

10/01/24

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

United

States

1,900,000

1,810,814

Diversified

Financial

Services

0.3%

a,f

Cia

Securitizadora

de

Creditos

Financeiros

Vert-Fintech

,

12

,

Senior

Secured

Note

,

FRN

,

14.9

%

,

(

BZDIOVRA

+

5.75

%

),

2/14/24

....

Brazil

8,489,727

BRL

985,762

e

EDP

Finance

BV

,

Senior

Note

,

144A,

1.71

%

,

1/24/28

..........

Portugal

6,500,000

5,545,097

6,530,859

Diversified

Telecommunication

Services

0.6%

e

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Note

,

144A,

4

%

,

3/01/23

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

United

States

500,000

499,825

e

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

6.5

%

,

10/15/26

..

France

2,000,000

1,896,480

Verizon

Communications,

Inc.

,

Senior

Note

,

1.45

%

,

3/20/26

.....

United

States

15,700,000

14,304,407

16,700,712

Electric

Utilities

1.2%

Exelon

Corp.

,

Senior

Bond

,

3.4

%

,

4/15/26

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

United

States

7,000,000

6,728,731

e

Korea

East-West

Power

Co.

Ltd.

,

Senior

Note,

144A,

3.875%,

7/19/23

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

South

Korea

4,800,000

4,775,249

Senior

Note,

144A,

1.75%,

5/06/25

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

South

Korea

8,500,000

7,892,509

Senior

Note,

144A,

3.6%,

5/06/25

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

South

Korea

4,700,000

4,562,260

Southern

Co.

(The)

,

Senior

Bond

,

3.25

%

,

7/01/26

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

United

States

6,850,000

6,518,694

30,477,443

Entertainment

0.7%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

2,500,000

2,415,600

Netflix,

Inc.

,

Senior

Bond,

5.75%,

3/01/24

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

United

States

1,800,000

1,810,800

Senior

Bond,

4.375%,

11/15/26

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

United

States

3,100,000

3,080,920

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Entertainment

(continued)

Netflix,

Inc.,

(continued)

e

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

3,100,000

$

2,987,423

Walt

Disney

Co.

(The)

,

Senior

Note

,

1.75

%

,

1/13/26

...........

United

States

6,600,000

6,116,135

e

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

144A,

3.428

%

,

3/15/24

.

United

States

2,250,000

2,202,640

18,613,518

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

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

United

States

6,900,000

5,841,264

Food

&

Staples

Retailing

0.1%

e

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

...........

Chile

2,900,000

2,801,719

Food

Products

0.1%

e

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note

,

144A,

2.5

%

,

1/15/27

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

United

States

3,700,000

3,300,085

Health

Care

Equipment

&

Supplies

0.1%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

300,000

295,011

e

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

144A,

5.55

%

,

11/15/24

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

United

States

2,800,000

2,824,870

3,119,881

Health

Care

Providers

&

Services

0.5%

Centene

Corp.

,

Senior

Note

,

3.375

%

,

2/15/30

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

United

States

2,700,000

2,377,782

Cigna

Corp.

,

Senior

Note

,

1.25

%

,

3/15/26

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

United

States

8,300,000

7,482,155

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

15,000

14,250

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45

%

,

6/01/26

..........

United

States

4,150,000

3,995,872

13,870,059

Hotels,

Restaurants

&

Leisure

0.3%

e

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

1,650,000

1,429,296

Sands

China

Ltd.

,

Senior

Note

,

2.8

%

,

3/08/27

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

Macau

3,400,000

2,974,758

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

6

%

,

7/15/25

.......

Macau

2,700,000

2,548,125

6,952,179

Independent

Power

and

Renewable

Electricity

Producers

0.1%

e

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

1,400,000

1,400,829

e,g

Talen

Energy

Supply

LLC

,

Senior

Note

,

144A,

10.5

%

,

1/15/26

....

United

States

1,300,000

497,250

1,898,079

Insurance

1.4%

e

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

3.85

%

,

4/11/25

...

United

States

11,300,000

10,897,982

e

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

4.05%,

8/25/25

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

United

States

7,000,000

6,883,360

Secured

Note,

144A,

5.05%,

1/06/28

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

United

States

4,100,000

4,185,385

e

New

York

Life

Global

Funding

,

Secured

Note

,

144A,

3.6

%

,

8/05/25

United

States

10,700,000

10,430,790

e

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

3.218

%

,

3/28/25

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

United

States

4,000,000

3,838,247

36,235,764

Interactive

Media

&

Services

0.1%

e

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81

%

,

1/26/26

.......

China

3,000,000

2,756,484

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Internet

&

Direct

Marketing

Retail

0.1%

Amazon.com,

Inc.

,

Senior

Note

,

2.4

%

,

2/22/23

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

United

States

2,550,000

$

2,546,692

IT

Services

0.2%

Fiserv,

Inc.

,

Senior

Note

,

2.25

%

,

6/01/27

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

United

States

5,200,000

4,734,759

Life

Sciences

Tools

&

Services

0.2%

Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3

%

,

3/15/27

.........

United

States

900,000

851,384

Illumina,

Inc.

,

Senior

Note

,

5.8

%

,

12/12/25

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

United

States

4,000,000

4,080,579

4,931,963

Machinery

0.2%

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

1,200,000

1,182,168

Parker-Hannifin

Corp.

,

Senior

Note

,

3.65

%

,

6/15/24

...........

United

States

4,700,000

4,622,110

5,804,278

Media

0.7%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.908

%

,

7/23/25

.....

United

States

8,000,000

7,963,123

e

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.25

%

,

12/01/26

...

United

States

2,600,000

2,245,750

Fox

Corp.

,

Senior

Note

,

3.05

%

,

4/07/25

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

United

States

2,000,000

1,928,169

e

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

3.125

%

,

9/01/26

......

United

States

2,000,000

1,803,091

e

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

5.125

%

,

2/15/25

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

United

States

3,000,000

2,926,335

16,866,468

Metals

&

Mining

0.0%

†

e

Novelis

Corp.

,

Senior

Note

,

144A,

3.25

%

,

11/15/26

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

United

States

1,000,000

906,665

Multiline

Retail

0.0%

a,e,h

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

1,068,278

—

a,e,h

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

470,581

—

—

Multi-Utilities

0.0%

†

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85

%

,

8/15/26

.........

United

States

1,300,000

1,218,714

Oil,

Gas

&

Consumable

Fuels

1.7%

BP

Capital

Markets

America,

Inc.

,

Senior

Note

,

3.41

%

,

2/11/26

...

United

States

7,000,000

6,814,951

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

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

United

States

5,800,000

5,857,931

Chevron

Corp.

,

Senior

Note

,

1.554

%

,

5/11/25

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

United

States

4,500,000

4,237,599

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

2,000,000

1,962,000

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

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

United

States

5,200,000

5,155,947

EnLink

Midstream

Partners

LP

,

Senior

Bond

,

4.85

%

,

7/15/26

.....

United

States

3,900,000

3,785,997

e

Harvest

Operations

Corp.

,

Senior

Note

,

144A,

4.2

%

,

6/01/23

.....

South

Korea

2,900,000

2,891,873

MPLX

LP

,

Senior

Note

,

4.875

%

,

12/01/24

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

United

States

6,800,000

6,789,595

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note,

5.75%,

5/15/24

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

United

States

2,000,000

2,011,930

Senior

Secured

Note,

5.625%,

3/01/25

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

United

States

2,000,000

2,018,626

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

9/15/25

...........

United

States

2,300,000

2,250,243

43,776,692

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Products

0.1%

GSK

Consumer

Healthcare

Capital

US

LLC

,

Senior

Note

,

3.375

%

,

3/24/27

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

United

States

3,700,000

$

3,504,238

e

Oriflame

Investment

Holding

plc

,

Senior

Secured

Note

,

144A,

5.125

%

,

5/04/26

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

Switzerland

600,000

380,400

3,884,638

Pharmaceuticals

0.8%

AstraZeneca

plc

,

Senior

Note

,

0.7

%

,

4/08/26

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

United

Kingdom

6,300,000

5,624,103

e

Bayer

US

Finance

II

LLC

,

Senior

Note,

144A,

3.875%,

12/15/23

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

Germany

5,800,000

5,727,529

Senior

Note,

144A,

4.25%,

12/15/25

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

Germany

4,600,000

4,523,488

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

2.9

%

,

7/26/24

..........

United

States

2,551,000

2,491,266

Royalty

Pharma

plc

,

Senior

Note

,

1.75

%

,

9/02/27

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

United

States

700,000

608,788

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

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

Israel

2,200,000

2,046,000

21,021,174

Real

Estate

Management

&

Development

0.0%

†

e

Vivion

Investments

SARL

,

Senior

Note

,

Reg

S,

3

%

,

8/08/24

.....

Luxembourg

700,000

EUR

643,726

Semiconductors

&

Semiconductor

Equipment

0.4%

e

Analog

Devices,

Inc.

,

Senior

Note

,

144A,

3.45

%

,

6/15/27

.......

United

States

800,000

768,956

e

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

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

South

Korea

9,900,000

8,730,790

9,499,746

Specialty

Retail

0.0%

†

e,f

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

10.13

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

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

United

States

565,890

67,907

Thrifts

&

Mortgage

Finance

0.3%

e

BPCE

SA

,

Senior

Note

,

144A,

2.375

%

,

1/14/25

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

France

7,000,000

6,601,492

Tobacco

0.4%

Altria

Group,

Inc.

,

Senior

Note

,

2.35

%

,

5/06/25

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

United

States

4,200,000

3,990,646

e

Imperial

Brands

Finance

plc

,

Senior

Bond,

144A,

4.25%,

7/21/25

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

United

Kingdom

5,495,000

5,330,589

Senior

Note,

144A,

3.125%,

7/26/24

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

United

Kingdom

700,000

676,011

9,997,246

Wireless

Telecommunication

Services

0.1%

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

450,001

446,524

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.25

%

,

2/15/26

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

United

States

2,900,000

2,691,926

3,138,450

Total

Corporate

Bonds

(Cost

$696,921,694)

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

659,764,808

i

Marketplace

Loans

2.7%

a

Diversified

Financial

Services

2.7%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$77,356,143)

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

70,765,328

Foreign

Government

and

Agency

Securities

2.6%

e

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

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

Supranational

j

3,900,000

3,737,994

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Colombia

Government

Bond

,

Senior

Bond

,

8.125

%

,

5/21/24

.....

Colombia

5,300,000

$

5,492,527

e

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

4.75

%

,

2/23/27

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

Mexico

6,300,000

6,088,163

e

Dominican

Republic

Government

Bond

,

Senior

Note

,

144A,

8.9

%

,

2/15/23

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

Dominican

Republic

218,500,000

DOP

3,857,883

e,k

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

5.625%

to

1/21/24,

FRN

thereafter

,

Perpetual

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

France

2,200,000

2,142,800

Equinor

ASA

,

Senior

Note,

2.875%,

4/06/25

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

Norway

15,300,000

14,796,568

Senior

Note,

1.75%,

1/22/26

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

Norway

5,400,000

5,013,490

Export-Import

Bank

of

Korea

,

Senior

Bond

,

2.875

%

,

1/21/25

.....

South

Korea

2,000,000

1,932,857

Korea

Development

Bank

(The)

,

Senior

Note

,

3.375

%

,

3/12/23

...

South

Korea

7,100,000

7,089,331

e

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

.

South

Korea

2,800,000

2,830,555

Mexico

Government

Bond

,

Senior

Note

,

5.4

%

,

2/09/28

.........

Mexico

1,600,000

1,645,759

Peru

Government

Bond

,

Senior

Bond,

7.35%,

7/21/25

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

Peru

3,300,000

3,481,047

Senior

Bond,

2.783%,

1/23/31

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

Peru

800,000

679,145

Petroleos

Mexicanos

,

Senior

Note

,

6.875

%

,

10/16/25

..........

Mexico

990,000

992,748

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

1/21/24

......

Philippines

1,600,000

1,592,792

e

Romania

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

1/22/24

.

Romania

6,500,000

6,488,553

Total

Foreign

Government

and

Agency

Securities

(Cost

$71,525,774)

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

67,862,212

U.S.

Government

and

Agency

Securities

34.7%

U.S.

Treasury

Notes

,

2.5%,

8/15/23

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

United

States

80,000,000

79,027,076

0.125%,

10/15/23

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

United

States

110,000,000

106,484,501

2.875%,

10/31/23

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

United

States

52,000,000

51,274,669

2.75%,

11/15/23

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

United

States

80,000,000

78,765,510

2.875%,

11/30/23

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

United

States

130,000,000

128,014,526

0.375%,

8/15/24

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

United

States

85,000,000

79,881,738

1.875%,

8/31/24

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

United

States

120,000,000

115,333,594

0.375%,

9/15/24

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

United

States

60,000,000

56,279,297

1.125%,

1/15/25

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

United

States

106,000,000

99,905,000

0.25%,

7/31/25

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

United

States

27,000,000

24,633,281

2.875%,

7/31/25

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

United

States

52,000,000

50,643,125

l

Index

Linked,

0.625%,

1/15/26

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

United

States

22,000,000

26,671,337

Total

U.S.

Government

and

Agency

Securities

(Cost

$924,051,821)

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

896,913,654

Asset-Backed

Securities

15.9%

Airlines

0.0%

†

American

Airlines

Pass-Through

Trust

,

2016-2

,

AA

,

3.2

%

,

6/15/28

.

United

States

35,975

32,126

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

325,575

317,588

349,714

a

a

a

a

a

a

Banks

0.6%

Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49

%

,

5/15/27

.

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

United

States

9,780,000

9,572,256

Chase

Issuance

Trust

,

2022-A1

,

A

,

3.97

%

,

9/15/27

.

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

United

States

6,794,000

6,729,979

16,302,235

a

a

a

a

a

a

Commercial

Services

&

Supplies

0.5%

e,m

Armada

Euro

CLO

IV

DAC

,

4A

,

B

,

144A,

FRN

,

3.988

%

,

7/15/33

.

..

Ireland

12,400,000

EUR

12,888,134

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Consumer

Finance

1.4%

American

Express

Credit

Account

Master

Trust

,

2022-3

,

A

,

3.75

%

,

8/15/27

.

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

United

States

18,235,000

$

17,968,135

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56

%

,

7/15/27

.

United

States

18,930,000

18,558,807

36,526,942

a

a

a

a

a

a

Diversified

Financial

Services

13.4%

e,n

Adagio

CLO

VIII

DAC

,

VIII-A

,

B1

,

144A,

FRN

,

3.938

%

,

(

3-month

EURIBOR

+

1.65

%

),

4/15/32

.

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

Ireland

500,000

EUR

517,656

e

American

Homes

4

Rent

Trust

,

2014-SFR3,

A,

144A,

3.678%,

12/17/36

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

United

States

687,258

670,876

2015-SFR1,

A,

144A,

3.467%,

4/17/52

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

United

States

5,250,515

5,076,523

e,n

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

5.858

%

,

(

3-month

USD

LIBOR

+

1.05

%

),

4/20/34

.

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

United

States

19,306,000

18,958,377

e,n

Ares

European

CLO

VIII

DAC

,

8A

,

BR

,

144A,

FRN

,

3.888

%

,

(

3-month

EURIBOR

+

1.6

%

),

4/17/32

.

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

Ireland

700,000

EUR

728,260

BA

Credit

Card

Trust

,

2022-A1

,

A1

,

3.53

%

,

11/15/27

.

...........

United

States

3,870,000

3,788,621

e,n

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

5.775

%

,

(

3-month

USD

LIBOR

+

0.96

%

),

4/23/31

.

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

United

States

2,000,000

1,987,845

e,n

Blackrock

European

CLO

IX

DAC

,

9A

,

A

,

144A,

FRN

,

2.946

%

,

(

3-month

EURIBOR

+

0.9

%

),

12/15/32

.

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

Ireland

3,300,000

EUR

3,491,867

e,n

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1

,

144A,

FRN

,

5.948

%

,

(

3-month

USD

LIBOR

+

1.15

%

),

4/19/34

.

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

United

States

3,130,000

3,092,556

e,n

BlueMountain

Fuji

EUR

CLO

V

DAC

,

5A

,

B

,

144A,

FRN

,

3.83

%

,

(

3-month

EURIBOR

+

1.55

%

),

1/15/33

.

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

Ireland

4,550,000

EUR

4,696,848

e,n

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.948

%

,

(

3-month

USD

LIBOR

+

1.14

%

),

4/20/34

.

.......

United

States

2,000,000

1,974,244

e,n

Carlyle

GMS

Finance

MM

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

6.992

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/15/31

.

...........

United

States

7,300,000

6,958,502

e,n

Carlyle

US

CLO

Ltd.

,

2021-1A,

A1,

144A,

FRN,

5.932%,

(3-month

USD

LIBOR

+

1.14%),

4/15/34

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

United

States

17,876,000

17,684,033

2021-6A,

A1,

144A,

FRN,

5.952%,

(3-month

USD

LIBOR

+

1.16%),

7/15/34

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

United

States

7,750,000

7,677,038

e

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69

%

,

7/15/60

.

.....

United

States

3,303,174

2,988,378

e,m

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

22.093%,

12/15/43

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

United

States

36,467

35,094

2019-26,

PT,

144A,

FRN,

17.306%,

8/15/44

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

United

States

232,543

220,180

2019-31,

PT,

144A,

FRN,

15.471%,

9/15/44

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

United

States

190,758

178,528

2019-37,

PT,

144A,

FRN,

18.73%,

10/17/44

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

United

States

216,431

207,013

2019-42,

PT,

144A,

FRN,

17%,

11/15/44

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

United

States

189,766

178,858

2019-51,

PT,

144A,

FRN,

15.118%,

1/15/45

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

United

States

478,286

452,467

2019-52,

PT,

144A,

FRN,

15.431%,

1/15/45

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

United

States

642,652

610,958

2019-S1,

PT,

144A,

FRN,

12.935%,

4/15/44

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

United

States

71,397

69,672

2019-S2,

PT,

144A,

FRN,

11.28%,

5/16/44

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

United

States

59,238

54,926

2019-S3,

PT,

144A,

FRN,

11.192%,

6/15/44

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

United

States

58,288

54,468

2019-S4,

PT,

144A,

FRN,

10.589%,

8/15/44

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

United

States

143,831

139,704

2019-S5,

PT,

144A,

FRN,

12.534%,

9/15/44

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

United

States

134,167

126,690

2019-S6,

PT,

144A,

FRN,

11.318%,

10/17/44

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

United

States

142,996

133,212

2019-S7,

PT,

144A,

FRN,

10.742%,

12/15/44

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

United

States

236,376

221,058

2019-S8,

PT,

144A,

FRN,

9.523%,

1/15/45

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

United

States

292,233

272,711

2020-2,

PT,

144A,

FRN,

15.343%,

3/15/45

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

United

States

600,018

568,694

2020-7,

PT,

144A,

FRN,

15.074%,

4/17/45

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

United

States

338,570

317,375

e,n

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.912

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

4/17/30

.

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

United

States

1,000,000

977,242

n

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

5.256

%

,

(

1-month

USD

LIBOR

+

0.75

%

),

3/25/34

.

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

United

States

27,574

27,013

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

e,n

Dryden

44

Euro

CLO

DAC

,

2015-44A

,

A1RR

,

144A,

FRN

,

3.168

%

,

(

3-month

EURIBOR

+

0.88

%

),

4/15/34

.

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

Ireland

20,020,000

EUR

$

21,211,842

e,n

Dryden

85

CLO

Ltd.

,

2020-85A

,

AR

,

144A,

FRN

,

5.942

%

,

(

3-month

USD

LIBOR

+

1.15

%

),

10/15/35

.

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

United

States

2,110,000

2,075,712

e,n

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

6.458

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

7/20/30

.

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

United

States

3,613,250

3,582,445

e

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

4,180,047

3,801,579

e,n

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

5.664

%

,

(

3-month

USD

LIBOR

+

1.02

%

),

5/16/31

.

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

United

States

1,500,000

1,485,122

e,n

GoldenTree

Loan

Management

US

CLO

1

Ltd.

,

2021-9A

,

A

,

144A,

FRN

,

5.878

%

,

(

3-month

USD

LIBOR

+

1.07

%

),

1/20/33

.

.......

United

States

15,731,000

15,534,070

e,n

Holland

Park

CLO

DAC

,

1A

,

A1RR

,

144A,

FRN

,

2.722

%

,

(

3-month

EURIBOR

+

0.92

%

),

11/14/32

.

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

Ireland

15,000,000

EUR

15,913,509

e

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.

United

States

1,397,044

1,207,715

e,n

Madison

Park

Euro

Funding

VIII

DAC

,

8A

,

ARR

,

144A,

FRN

,

3.108

%

,

(

3-month

EURIBOR

+

0.82

%

),

4/15/32

.

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

Ireland

17,600,000

EUR

18,701,475

e,n

Madison

Park

Funding

L

Ltd.

,

2021-50A

,

A

,

144A,

FRN

,

5.938

%

,

(

3-month

USD

LIBOR

+

1.14

%

),

4/19/34

.

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

United

States

8,850,000

8,767,543

e,n

Magnetite

XXIX

Ltd.

,

2021-29A

,

A

,

144A,

FRN

,

5.782

%

,

(

3-month

USD

LIBOR

+

0.99

%

),

1/15/34

.

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

United

States

21,809,000

21,514,886

e,n

Magnetite

XXVI

Ltd.

,

2020-26A

,

A1R

,

144A,

FRN

,

5.938

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

7/25/34

.

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

United

States

20,000,000

19,760,000

e,n

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

6.215

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

10/21/30

.

...........

United

States

2,295,000

2,256,901

e,n

Neuberger

Berman

CLO

XVI-S

Ltd.

,

2017-16SA

,

AR

,

144A,

FRN

,

5.832

%

,

(

3-month

USD

LIBOR

+

1.04

%

),

4/15/34

.

...........

United

States

15,000,000

14,791,272

e

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

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

United

States

13,870,000

12,100,650

e,n

Octagon

56

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.952

%

,

(

3-month

USD

LIBOR

+

1.16

%

),

10/15/34

.

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

United

States

15,000,000

14,785,526

e,n

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

5.752

%

,

(

3-month

USD

LIBOR

+

0.96

%

),

4/16/31

.

...........

United

States

1,000,000

991,185

e,n

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

5.908

%

,

(

3-month

USD

LIBOR

+

1.1

%

),

1/20/31

.

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

United

States

2,000,000

1,938,226

e,n

Octagon

Investment

Partners

46

Ltd.

,

2020-2A

,

AR

,

144A,

FRN

,

5.952

%

,

(

3-month

USD

LIBOR

+

1.16

%

),

7/15/36

.

...........

United

States

17,400,000

17,147,225

e,n

OHA

Credit

Funding

3

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.948

%

,

(

3-month

USD

LIBOR

+

1.14

%

),

7/02/35

.

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

United

States

9,500,000

9,376,500

e,n

OHA

Credit

Partners

VII

Ltd.

,

2012-7A

,

AR3

,

144A,

FRN

,

5.745

%

,

(

3-month

USD

LIBOR

+

1.07

%

),

2/20/34

.

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

United

States

17,876,000

17,625,736

e,n

OHA

Credit

Partners

XIII

Ltd.

,

2016-13A

,

AR

,

144A,

FRN

,

5.985

%

,

(

3-month

USD

LIBOR

+

1.17

%

),

10/25/34

.

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

United

States

5,800,000

5,712,529

e,n

Palmer

Square

CLO

Ltd.

,

2021-2A

,

A

,

144A,

FRN

,

5.942

%

,

(

3-month

USD

LIBOR

+

1.15

%

),

7/15/34

.

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

United

States

3,863,000

3,809,518

e,m

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

15.363%,

3/15/26

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

United

States

325,545

320,362

2020-PT2,

A,

144A,

FRN,

18.341%,

4/15/26

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

United

States

402,326

388,943

2020-PT3,

A,

144A,

FRN,

19.746%,

5/15/26

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

United

States

132,915

126,358

n

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

5.206

%

,

(

1-month

USD

LIBOR

+

0.7

%

),

3/25/34

.

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

United

States

96,218

93,504

e,n

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.912

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

4/15/36

.

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

United

States

23,418,000

23,031,604

e,m

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

22.331%,

6/15/25

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

United

States

51,729

46,535

2019-PT2,

A,

144A,

FRN,

21.652%,

2/15/26

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

United

States

302,025

297,143

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

e,n

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.042

%

,

(

3-month

USD

LIBOR

+

1.25

%

),

7/15/31

.

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

United

States

2,500,000

$

2,418,016

345,951,118

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

0.0%

†

m

Conseco

Finance

Securitizations

Corp.

,

2002-2

,

M1

,

FRN

,

7.424

%

,

3/01/33

.

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

United

States

142,450

142,216

n

Countrywide

Asset-Backed

Certificates

Trust

,

2002-3

,

1A1

,

FRN

,

5.246

%

,

(

1-month

USD

LIBOR

+

0.74

%

),

5/25/32

.

...........

United

States

525

521

142,737

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$423,910,500)

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

412,160,880

Commercial

Mortgage-Backed

Securities

2.3%

Diversified

Financial

Services

2.1%

e

BAMLL

Commercial

Mortgage

Securities

Trust

,

2015-200P

,

A

,

144A,

3.218

%

,

4/14/33

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

United

States

600,000

564,809

e,n

BX

Commercial

Mortgage

Trust

,

2019-XL,

A,

144A,

FRN,

5.513%,

(1-month

SOFR

+

1.034%),

10/15/36

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

United

States

10,379,171

10,339,259

2021-VOLT,

A,

144A,

FRN,

5.159%,

(1-month

USD

LIBOR

+

0.7%),

9/15/36

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

United

States

5,430,000

5,298,734

e,n

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

5.149

%

,

(

1-month

USD

LIBOR

+

0.689

%

),

10/15/36

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

United

States

7,517,000

7,321,738

e,n

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.974

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

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

United

States

9,111,806

9,065,716

e

BXP

Trust

,

2017-GM

,

A

,

144A,

3.379

%

,

6/13/39

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

United

States

2,000,000

1,846,986

Commercial

Mortgage

Trust

,

m

2006-GG7,

AJ,

FRN,

6.214%,

7/10/38

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

United

States

836,002

549,399

e,m

2014-277P,

A,

144A,

FRN,

3.611%,

8/10/49

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

United

States

3,880,000

3,698,342

e

2015-3BP,

A,

144A,

3.178%,

2/10/35

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

United

States

600,000

562,991

e,n

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

5.018

%

,

(

1-month

USD

LIBOR

+

0.7

%

),

6/15/34

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

United

States

9,145,000

9,031,170

e,m

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

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

United

States

2,005,000

1,880,942

e,n

GS

Mortgage

Securities

Corp.

Trust

,

2022-SHIP

,

A

,

144A,

FRN

,

5.209

%

,

(

1-month

SOFR

+

0.731

%

),

8/15/36

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

United

States

1,850,000

1,841,918

e,m

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-

NINE

,

A

,

144A,

FRN

,

2.854

%

,

9/06/38

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

United

States

600,000

543,798

e

Morgan

Stanley

Capital

I

Trust

,

2014-150E

,

A

,

144A,

3.912

%

,

9/09/32

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

United

States

450,000

405,608

52,951,410

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

0.2%

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705

%

,

9/15/48

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

United

States

100,000

96,407

GS

Mortgage

Securities

Trust

,

2016-GS3,

A4,

2.85%,

10/10/49

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

United

States

600,000

558,111

2017-GS6,

A3,

3.433%,

5/10/50

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

United

States

2,000,000

1,896,026

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30,

A5,

3.822%,

7/15/48

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

United

States

1,500,000

1,446,985

2016-C1,

A5,

3.576%,

3/17/49

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

United

States

1,500,000

1,442,150

5,439,679

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$59,716,426)

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

58,391,089

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

1.2%

o

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

3.132%

-

3.526%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

10/01/36

-

6/01/37

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

United

States

627,554

$

632,351

632,351

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.0%

FHLMC

Gold

Pool,

15

Year,

5%,

10/01/23

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

United

States

1,879

1,913

FHLMC

Gold

Pool,

15

Year,

6%,

6/01/23

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

United

States

267

267

FHLMC

Gold

Pool,

30

Year,

5%,

1/01/39

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

United

States

48,456

49,896

FHLMC

Pool,

15

Year,

3%,

10/01/37

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

United

States

12,470,423

11,971,583

FHLMC

Pool,

15

Year,

3.5%,

10/01/37

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

United

States

13,451,361

13,129,534

25,153,193

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.2%

FNMA,

4.375%,

(6-month

H15BDI

+/-

MBS

Margin),

8/01/32

.....

United

States

27,934

27,380

FNMA,

1.689%

-

4.5%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/32

-

2/01/44

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

United

States

3,826,276

3,849,271

FNMA,

2.378%

-

4.599%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

3/01/24

-

4/01/40

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

United

States

848,987

839,955

FNMA,

3.627%

-

4.923%,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

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

United

States

163,958

160,997

FNMA,

4.972%,

(5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

...

United

States

19,880

19,859

FNMA,

2.655%

-

5.249%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

2/01/23

-

8/01/37

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

United

States

448,305

441,665

FNMA,

2.462%

-

5.342%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

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

United

States

21,421

21,251

FNMA,

4.955%

-

5.35%,

(1-month

USD

LIBOR

+/-

MBS

Margin),

4/01/28

-

7/01/34

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

United

States

42,236

42,242

FNMA,

2.617%

-

5.575%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

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

United

States

43,017

41,975

5,444,595

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

15

Year,

3.5%,

10/01/25

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

United

States

156,450

153,306

FNMA,

15

Year,

4%,

12/01/25

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

United

States

199,774

198,566

FNMA,

15

Year,

4.5%,

5/01/23

-

6/01/25

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

United

States

69,366

70,215

FNMA,

30

Year,

5%,

3/01/38

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

United

States

6,501

6,687

428,774

o

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

2.625%

-

2.875%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

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

United

States

5,220

5,117

5,117

Total

Mortgage-Backed

Securities

(Cost

$31,253,399)

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

31,664,030

Municipal

Bonds

1.4%

California

0.2%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

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

United

States

6,420,000

5,827,914

San

Jose

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Senior

Lien

,

2017

A-T

,

Refunding

,

3.226

%

,

8/01/27

..........

United

States

190,000

180,145

6,008,059

Colorado

0.5%

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2015

E-2

,

5

%

,

3/01/25

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

United

States

100,000

105,378

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Bridge

Enterprise

,

Kiewit

Meridiam

Partners

LLC

,

Revenue

,

2021

B

,

0.923

%

,

12/31/23

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

United

States

13,400,000

$

12,917,982

13,023,360

Hawaii

0.1%

City

&

County

Honolulu

,

Wastewater

System

,

Revenue

,

2019

B

,

Refunding

,

2.233

%

,

7/01/24

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

United

States

2,470,000

2,395,790

Massachusetts

0.1%

Massachusetts

State

College

Building

Authority

,

Revenue

,

2019

C

,

Refunding

,

2.256

%

,

5/01/26

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

United

States

2,635,000

2,458,027

New

York

0.3%

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

8,201,833

Ohio

0.0%

†

City

of

Cincinnati

,

GO,

2015

A,

5%,

12/01/25

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

United

States

60,000

63,731

GO,

2015

A,

Pre-Refunded,

5%,

12/01/25

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

United

States

40,000

42,319

Teays

Valley

Local

School

District

,

GO

,

2015

,

Refunding

,

4

%

,

12/01/26

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

United

States

100,000

101,603

207,653

Texas

0.2%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

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

United

States

4,825,000

4,556,904

Total

Municipal

Bonds

(Cost

$38,706,231)

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

36,851,626

Residential

Mortgage-Backed

Securities

4.4%

Capital

Markets

0.0%

†

n

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A,

1A,

FRN,

5.246%,

(1-month

USD

LIBOR

+

0.74%),

3/25/28

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

United

States

80,119

75,925

2003-E,

A1,

FRN,

5.126%,

(1-month

USD

LIBOR

+

0.62%),

10/25/28

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

United

States

171,508

159,859

235,784

a

a

a

a

a

a

Diversified

Financial

Services

2.5%

n

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

7.149

%

,

(

6-month

USD

LIBOR

+

2

%

),

6/25/45

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

United

States

197,431

195,045

e,m

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

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

United

States

3,560,084

3,329,746

m

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

3.402

%

,

7/25/34

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

United

States

586,114

546,945

e,m

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

...........

United

States

104,717

99,973

e,m

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

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

United

States

3,047,292

2,981,778

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

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

Switzerland

104,172

63,465

e,m

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5

%

,

7/25/44

........

United

States

350,387

323,272

m

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

4.367

%

,

1/25/35

United

States

89,074

81,589

m

J.P.

Morgan

Mortgage

Trust

,

2004-A1,

5A1,

FRN,

4.24%,

2/25/34

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

United

States

18,320

17,975

e

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

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

United

States

11,319,425

10,058,850

e

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

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

United

States

2,216,739

1,969,874

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

e,m

Mill

City

Mortgage

Loan

Trust

,

2018-1,

A1,

144A,

FRN,

3.25%,

5/25/62

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

United

States

3,969,021

$

3,842,507

2018-4,

A1B,

144A,

FRN,

3.5%,

4/25/66

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

United

States

5,040,590

4,841,610

e

OBX

Trust

,

n

2018-1,

A2,

144A,

FRN,

5.156%,

(1-month

USD

LIBOR

+

0.65%),

6/25/57

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

United

States

862,579

828,037

m

2021-J3,

A4,

144A,

FRN,

2.5%,

10/25/51

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

United

States

1,945,857

1,720,624

e,m

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

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

United

States

7,410,489

6,585,228

e,m

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

11,237,825

9,986,337

n

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

5.246

%

,

(

1-month

USD

LIBOR

+

0.74

%

),

9/25/34

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

United

States

262,920

240,673

e,m

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

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

United

States

1,349,967

1,331,773

2018-4,

A1,

144A,

FRN,

3%,

6/25/58

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

United

States

8,889,007

8,329,040

2019-1,

A1,

144A,

FRN,

3.728%,

3/25/58

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

United

States

6,880,423

6,652,746

64,027,087

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

1.9%

n

FHLMC

STACR

Debt

Notes

,

2014-DN3,

M3,

FRN,

8.506%,

(1-month

USD

LIBOR

+

4%),

8/25/24

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

United

States

731,979

745,547

2014-DN4,

M3,

FRN,

9.056%,

(1-month

USD

LIBOR

+

4.55%),

10/25/24

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

United

States

1,341,831

1,373,528

2014-HQ2,

M3,

FRN,

8.256%,

(1-month

USD

LIBOR

+

3.75%),

9/25/24

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

United

States

5,586,619

5,735,933

2016-DNA1,

M3,

FRN,

9.939%,

(1-month

USD

LIBOR

+

5.55%),

7/25/28

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

United

States

5,056,993

5,287,528

2016-DNA2,

M3,

FRN,

9.156%,

(1-month

USD

LIBOR

+

4.65%),

10/25/28

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

United

States

6,438,514

6,636,006

2016-HQA2,

M3,

FRN,

9.656%,

(1-month

USD

LIBOR

+

5.15%),

11/25/28

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

United

States

4,796,867

4,968,362

n

FNMA

Connecticut

Avenue

Securities

,

2013-C01,

M2,

FRN,

9.756%,

(1-month

USD

LIBOR

+

5.25%),

10/25/23

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

United

States

3,736,624

3,839,242

2014-C01,

M2,

FRN,

8.906%,

(1-month

USD

LIBOR

+

4.4%),

1/25/24

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

United

States

1,014,678

1,043,537

2014-C02,

2M2,

FRN,

7.106%,

(1-month

USD

LIBOR

+

2.6%),

5/25/24

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

United

States

766,472

776,357

2014-C03,

2M2,

FRN,

7.406%,

(1-month

USD

LIBOR

+

2.9%),

7/25/24

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

United

States

3,494,352

3,531,442

2014-C04,

1M2,

FRN,

9.406%,

(1-month

USD

LIBOR

+

4.9%),

11/25/24

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

United

States

4,183,518

4,349,056

2014-C04,

2M2,

FRN,

9.506%,

(1-month

USD

LIBOR

+

5%),

11/25/24

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

United

States

231,360

234,037

2015-C01,

1M2,

FRN,

8.806%,

(1-month

USD

LIBOR

+

4.3%),

2/25/25

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

United

States

2,030,134

2,093,231

2015-C02,

1M2,

FRN,

8.506%,

(1-month

USD

LIBOR

+

4%),

5/25/25

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

United

States

2,760,813

2,818,141

2015-C03,

1M2,

FRN,

9.506%,

(1-month

USD

LIBOR

+

5%),

7/25/25

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

United

States

2,879,274

3,011,850

2016-C01,

1M2,

FRN,

11.256%,

(1-month

USD

LIBOR

+

6.75%),

8/25/28

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

United

States

657,458

701,706

2016-C01,

2M2,

FRN,

11.456%,

(1-month

USD

LIBOR

+

6.95%),

8/25/28

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

United

States

2,312,066

2,452,649

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Thrifts

&

Mortgage

Finance

(continued)

n

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

5.181

%

,

(

1-month

USD

LIBOR

+

0.675

%

),

2/25/36

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

United

States

58,470

$

55,923

49,654,075

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$124,641,699)

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

113,916,946

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

South

Africa

60,686

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

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

United

States

1,900,000

21,375

Total

Escrows

and

Litigation

Trusts

(Cost

$1,838,967)

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

21,375

Total

Long

Term

Investments

(Cost

$2,589,456,403)

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

2,478,213,830

a

Short

Term

Investments

3.7%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

1.1%

p

Japan

Treasury

Bills,

6/20/23

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

Japan

3,726,000,000

JPY

28,646,533

Total

Foreign

Government

and

Agency

Securities

(Cost

$27,291,466)

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

28,646,533

a

a

a

Commercial

Papers

0.8%

Toronto-Dominion

Bank,

4.48%

,

2/10/23

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

Canada

21,700,000

21,673,044

Total

Commercial

Papers

(Cost

$21,687,469)

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

21,673,044

Shares

a

a

a

Money

Market

Funds

1.8%

d,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

46,205,724

46,205,724

Total

Money

Market

Funds

(Cost

$46,205,724)

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

46,205,724

Total

Short

Term

Investments

(Cost

$95,184,659

)

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

96,525,301

a

Total

Investments

(Cost

$2,684,641,062)

99.4%

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

$2,574,739,131

Other

Assets,

less

Liabilities

0.6%

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

14,581,017

Net

Assets

100.0%

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

$2,589,320,148

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

See

Note

6

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

January

31,

2023,

the

aggregate

value

of

these

securities

was

$675,990,356,

representing

26.1%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

Income

may

be

received

in

additional

securities

and/or

cash.

i

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

Perpetual

security

with

no

stated

maturity

date.

l

Principal

amount

of

security

is

adjusted

for

inflation.

m

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

n

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

o

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

p

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

,

At

January

31,

2023,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

2.7%

Block,

Inc.

4508723.SQ.FTS.B,

Zero

Cpn,

3/02/23

...

$

6,372

$

1,487

4510936.SQ.FTS.B,

Zero

Cpn,

3/03/23

...

4,640

1,610

4513107.SQ.FTS.B,

Zero

Cpn,

3/03/23

...

3,559

980

4513287.SQ.FTS.B,

Zero

Cpn,

3/04/23

...

12,361

2,831

4513804.SQ.FTS.B,

Zero

Cpn,

3/05/23

...

230

97

4514072.SQ.FTS.B,

Zero

Cpn,

3/05/23

...

1,866

393

4516974.SQ.FTS.B,

Zero

Cpn,

3/07/23

...

88

56

4518461.SQ.FTS.B,

Zero

Cpn,

3/08/23

...

2,733

461

4519611.SQ.FTS.B,

Zero

Cpn,

3/08/23

...

12,933

2,195

4523658.SQ.FTS.B,

Zero

Cpn,

3/09/23

...

86

65

4532062.SQ.FTS.B,

Zero

Cpn,

3/14/23

...

4,655

1,146

4532190.SQ.FTS.B,

Zero

Cpn,

3/14/23

...

69

36

4532929.SQ.FTS.B,

Zero

Cpn,

3/14/23

...

2,477

751

4534513.SQ.FTS.B,

Zero

Cpn,

3/15/23

...

384

101

4535094.SQ.FTS.B,

Zero

Cpn,

3/15/23

...

3,360

1,353

4540937.SQ.FTS.B,

Zero

Cpn,

3/17/23

...

6,282

962

3210332.SQ.FTS.B,

Zero

Cpn,

3/18/23

...

4,369

9

3212181.SQ.FTS.B,

Zero

Cpn,

3/18/23

...

380

1

4545216.SQ.FTS.B,

Zero

Cpn,

3/20/23

...

732

233

4545669.SQ.FTS.B,

Zero

Cpn,

3/20/23

...

2,389

866

4546342.SQ.FTS.B,

Zero

Cpn,

3/20/23

...

3,208

496

4548407.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

18,384

5,736

4548999.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

4,823

1,108

4549725.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

3,736

2,233

4549873.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

201

161

4549880.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

3,819

630

4549903.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

1,907

812

4550163.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

1,450

423

4550265.SQ.FTS.B,

Zero

Cpn,

3/21/23

...

545

149

4555245.SQ.FTS.B,

Zero

Cpn,

3/23/23

...

10,047

3,280

4556429.SQ.FTS.B,

Zero

Cpn,

3/23/23

...

3,512

556

4556489.SQ.FTS.B,

Zero

Cpn,

3/23/23

...

4,426

1,241

4556569.SQ.FTS.B,

Zero

Cpn,

3/23/23

...

18,356

4,099

4557410.SQ.FTS.B,

Zero

Cpn,

3/23/23

...

5,012

1,027

4558347.SQ.FTS.B,

Zero

Cpn,

3/23/23

...

1,070

317

4561168.SQ.FTS.B,

Zero

Cpn,

3/24/23

...

715

115

3232249.SQ.FTS.B,

Zero

Cpn,

3/25/23

...

828

3

4561400.SQ.FTS.B,

Zero

Cpn,

3/25/23

...

19,376

7,922

4561751.SQ.FTS.B,

Zero

Cpn,

3/25/23

...

3,074

570

3233993.SQ.FTS.B,

Zero

Cpn,

3/26/23

...

428

–

4562273.SQ.FTS.B,

Zero

Cpn,

3/26/23

...

3,405

1,025

4562488.SQ.FTS.B,

Zero

Cpn,

3/26/23

...

564

402

4562746.SQ.FTS.B,

Zero

Cpn,

3/27/23

...

743

228

4563389.SQ.FTS.B,

Zero

Cpn,

3/27/23

...

3,392

773

4565005.SQ.FTS.B,

Zero

Cpn,

3/27/23

...

954

561

4565857.SQ.FTS.B,

Zero

Cpn,

3/27/23

...

14,859

4,859

3234758.SQ.FTS.B,

Zero

Cpn,

3/28/23

...

637

2

3237194.SQ.FTS.B,

Zero

Cpn,

3/28/23

...

495

2

4566912.SQ.FTS.B,

Zero

Cpn,

3/28/23

...

4,709

2,468

3238373.SQ.FTS.B,

Zero

Cpn,

3/29/23

...

870

1

3243747.SQ.FTS.B,

Zero

Cpn,

4/01/23

...

1,299

1

4579623.SQ.FTS.B,

Zero

Cpn,

4/01/23

...

30,289

6,836

4580785.SQ.FTS.B,

Zero

Cpn,

4/01/23

...

1,646

588

4581065.SQ.FTS.B,

Zero

Cpn,

4/02/23

...

340

303

4581333.SQ.FTS.B,

Zero

Cpn,

4/02/23

...

5,025

1,822

4581555.SQ.FTS.B,

Zero

Cpn,

4/02/23

...

12,644

4,079

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4582045.SQ.FTS.B,

Zero

Cpn,

4/03/23

...

$

187

$

56

4582331.SQ.FTS.B,

Zero

Cpn,

4/03/23

...

5,425

1,663

4584313.SQ.FTS.B,

Zero

Cpn,

4/04/23

...

493

276

4585539.SQ.FTS.B,

Zero

Cpn,

4/04/23

...

708

143

4586510.SQ.FTS.B,

Zero

Cpn,

4/04/23

...

6,337

1,350

4587619.SQ.FTS.B,

Zero

Cpn,

4/05/23

...

289

163

4589242.SQ.FTS.B,

Zero

Cpn,

4/05/23

...

488

138

3255010.SQ.FTS.B,

Zero

Cpn,

4/07/23

...

1,659

5

4599623.SQ.FTS.B,

Zero

Cpn,

4/07/23

...

1,578

391

4600950.SQ.FTS.B,

Zero

Cpn,

4/07/23

...

936

268

4601418.SQ.FTS.B,

Zero

Cpn,

4/08/23

...

4,582

1,732

4601908.SQ.FTS.B,

Zero

Cpn,

4/08/23

...

835

240

4603785.SQ.FTS.B,

Zero

Cpn,

4/08/23

...

2,545

536

3260194.SQ.FTS.B,

Zero

Cpn,

4/09/23

...

204

1

4604760.SQ.FTS.B,

Zero

Cpn,

4/09/23

...

282

149

4604781.SQ.FTS.B,

Zero

Cpn,

4/09/23

...

297

267

4605589.SQ.FTS.B,

Zero

Cpn,

4/10/23

...

1,108

581

4606149.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

2,148

965

4606526.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

462

103

4607766.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

954

305

4607817.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

768

423

4609191.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

3,981

1,514

4609411.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

2,545

1,296

4610483.SQ.FTS.B,

Zero

Cpn,

4/13/23

...

32,176

12,115

4612864.SQ.FTS.B,

Zero

Cpn,

4/13/23

...

930

202

4612909.SQ.FTS.B,

Zero

Cpn,

4/13/23

...

15,191

5,226

4617878.SQ.FTS.B,

Zero

Cpn,

4/14/23

...

480

330

4618545.SQ.FTS.B,

Zero

Cpn,

4/14/23

...

2,720

465

4618572.SQ.FTS.B,

Zero

Cpn,

4/14/23

...

1,140

529

4619556.SQ.FTS.B,

Zero

Cpn,

4/14/23

...

1,562

541

4620208.SQ.FTS.B,

Zero

Cpn,

4/14/23

...

2,740

927

4621187.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

310

176

4622336.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

1,063

273

4622912.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

12,026

3,326

4623208.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

1,537

549

4623403.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

980

423

4623698.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

4,549

902

4623781.SQ.FTS.B,

Zero

Cpn,

4/16/23

...

403

107

4625409.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

2,098

430

4626052.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

3,539

551

4626080.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

720

459

4626904.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

4,667

1,264

4627311.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

249

227

4627946.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

4,603

1,551

4628916.SQ.FTS.B,

Zero

Cpn,

4/19/23

...

1,236

555

4630150.SQ.FTS.B,

Zero

Cpn,

4/19/23

...

5,446

2,183

4630473.SQ.FTS.B,

Zero

Cpn,

4/19/23

...

336

240

4631665.SQ.FTS.B,

Zero

Cpn,

4/20/23

...

4,254

1,367

4635005.SQ.FTS.B,

Zero

Cpn,

4/21/23

...

2,775

2,375

4635804.SQ.FTS.B,

Zero

Cpn,

4/21/23

...

418

173

4637259.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

146

72

4639123.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

1,166

181

4639291.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

3,554

1,109

4639511.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

2,282

782

3297660.SQ.FTS.B,

Zero

Cpn,

4/24/23

...

556

2

4641955.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

13,703

4,104

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4645543.SQ.FTS.B,

Zero

Cpn,

4/26/23

...

$

882

$

540

4645672.SQ.FTS.B,

Zero

Cpn,

4/26/23

...

10,185

2,367

4645843.SQ.FTS.B,

Zero

Cpn,

4/26/23

...

894

369

4646107.SQ.FTS.B,

Zero

Cpn,

4/26/23

...

2,393

1,766

4646691.SQ.FTS.B,

Zero

Cpn,

4/26/23

...

582

357

4650952.SQ.FTS.B,

Zero

Cpn,

4/28/23

...

2,708

2,351

4652170.SQ.FTS.B,

Zero

Cpn,

4/28/23

...

3,326

571

4654347.SQ.FTS.B,

Zero

Cpn,

4/29/23

...

606

214

4654724.SQ.FTS.B,

Zero

Cpn,

4/29/23

...

439

110

4654768.SQ.FTS.B,

Zero

Cpn,

4/29/23

...

43

33

4655105.SQ.FTS.B,

Zero

Cpn,

4/29/23

...

1,842

1,024

4655302.SQ.FTS.B,

Zero

Cpn,

4/29/23

...

134

106

3311752.SQ.FTS.B,

Zero

Cpn,

4/30/23

...

252

2

4656767.SQ.FTS.B,

Zero

Cpn,

4/30/23

...

2,284

360

4658627.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

10,677

3,335

4659292.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

973

167

4660577.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

5,607

1,200

4660611.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

3,080

941

4660991.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

72

58

4662056.SQ.FTS.B,

Zero

Cpn,

5/02/23

...

40,082

9,236

4664050.SQ.FTS.B,

Zero

Cpn,

5/02/23

...

567

422

4665723.SQ.FTS.B,

Zero

Cpn,

5/03/23

...

813

396

4668525.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

412

87

4669203.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

371

79

4669930.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

1,076

376

3320535.SQ.FTS.B,

Zero

Cpn,

5/05/23

...

13,177

37

4679063.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

2,470

961

4681090.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

1,211

235

4681262.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

667

534

4682306.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

19,587

4,728

4682757.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

568

484

4684103.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

761

224

4684220.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

697

425

4689501.SQ.FTS.B,

Zero

Cpn,

5/09/23

...

152

96

4704761.SQ.FTS.B,

Zero

Cpn,

5/10/23

...

1,417

230

4706260.SQ.FTS.B,

Zero

Cpn,

5/10/23

...

3,411

2,095

4706761.SQ.FTS.B,

Zero

Cpn,

5/10/23

...

131

115

3332853.SQ.FTS.B,

Zero

Cpn,

5/11/23

...

3,983

13

4708711.SQ.FTS.B,

Zero

Cpn,

5/11/23

...

527

296

3336181.SQ.FTS.B,

Zero

Cpn,

5/12/23

...

7,935

49

3336690.SQ.FTS.B,

Zero

Cpn,

5/12/23

...

486

4

4710517.SQ.FTS.B,

Zero

Cpn,

5/12/23

...

3,555

1,019

4717011.SQ.FTS.B,

Zero

Cpn,

5/15/23

...

8,731

2,473

4717850.SQ.FTS.B,

Zero

Cpn,

5/15/23

...

2,433

910

4718203.SQ.FTS.B,

Zero

Cpn,

5/15/23

...

1,054

554

4719485.SQ.FTS.B,

Zero

Cpn,

5/15/23

...

1,274

304

4722278.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

597

469

4723323.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

842

187

4724436.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

8,894

2,833

4724687.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

6,022

3,646

3344944.SQ.FTS.B,

Zero

Cpn,

5/17/23

...

877

8

4728302.SQ.FTS.B,

Zero

Cpn,

5/17/23

...

38,574

15,434

3361155.SQ.FTS.B,

Zero

Cpn,

5/19/23

...

1,466

13

4746441.SQ.FTS.B,

Zero

Cpn,

5/19/23

...

1,301

835

3365511.SQ.FTS.B,

Zero

Cpn,

5/20/23

...

243

2

3366564.SQ.FTS.B,

Zero

Cpn,

5/20/23

...

120

1

4750892.SQ.FTS.B,

Zero

Cpn,

5/21/23

...

854

803

4754410.SQ.FTS.B,

Zero

Cpn,

5/22/23

...

841

672

Description

Principal

Amount

Value

Block,

Inc.

(continued)

3371556.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

$

698

$

7

4761481.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

4,254

809

4763575.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

1,784

599

4773719.SQ.FTS.B,

Zero

Cpn,

5/24/23

...

3,041

1,630

4779590.SQ.FTS.B,

Zero

Cpn,

5/25/23

...

3,442

1,715

4789346.SQ.FTS.B,

Zero

Cpn,

5/29/23

...

6,004

1,175

4790074.SQ.FTS.B,

Zero

Cpn,

5/29/23

...

1,864

456

4790139.SQ.FTS.B,

Zero

Cpn,

5/29/23

...

1,881

1,212

4790964.SQ.FTS.B,

Zero

Cpn,

5/29/23

...

6,863

4,970

4794467.SQ.FTS.B,

Zero

Cpn,

5/30/23

...

116

95

4795042.SQ.FTS.B,

Zero

Cpn,

5/30/23

...

284

104

4795965.SQ.FTS.B,

Zero

Cpn,

5/30/23

...

356

182

4796271.SQ.FTS.B,

Zero

Cpn,

5/30/23

...

2,362

1,433

4799463.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

444

298

4799750.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

3,222

1,160

4799793.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

7,001

2,410

3401486.SQ.FTS.B,

Zero

Cpn,

6/02/23

...

263

2

4809823.SQ.FTS.B,

Zero

Cpn,

6/02/23

...

562

223

3407926.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

1,511

15

4810478.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

17,092

5,315

4812032.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

370

69

4812628.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

7,404

2,666

4814186.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

3,604

1,904

3411766.SQ.FTS.B,

Zero

Cpn,

6/04/23

...

5,695

41

3414237.SQ.FTS.B,

Zero

Cpn,

6/05/23

...

2,276

24

4817063.SQ.FTS.B,

Zero

Cpn,

6/06/23

...

19,714

4,607

3415734.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

4,366

37

4819764.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

1,187

399

4819908.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

1,704

684

4821196.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

6,071

4,225

3419699.SQ.FTS.B,

Zero

Cpn,

6/08/23

...

10,480

56

4822191.SQ.FTS.B,

Zero

Cpn,

6/08/23

...

1,357

461

3425756.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

1,231

9

4829812.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

563

88

4829826.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

2,671

1,459

4830154.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

2,516

2,307

4831455.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

1,725

687

4832246.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

58

50

3428606.SQ.FTS.B,

Zero

Cpn,

6/11/23

...

2,130

18

4834515.SQ.FTS.B,

Zero

Cpn,

6/12/23

...

1,325

962

3432767.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

1,841

12

3433089.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

396

4

3434383.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

11,741

84

4839177.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

1,366

215

4839467.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

1,586

715

4839904.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

116

98

4840100.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

1,543

593

3435958.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

2,155

24

3436460.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

585

7

3436486.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

376

4

3437194.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

1,490

12

3437850.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

4,084

46

4848330.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

35,781

18,403

4860368.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

989

773

4862382.SQ.FTS.B,

Zero

Cpn,

6/18/23

...

5,131

1,147

4862453.SQ.FTS.B,

Zero

Cpn,

6/18/23

...

3,202

1,890

4862500.SQ.FTS.B,

Zero

Cpn,

6/18/23

...

2,340

1,050

4863124.SQ.FTS.B,

Zero

Cpn,

6/19/23

...

1,080

859

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4863679.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

$

16,205

$

3,894

4864955.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

7,356

4,108

4866679.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

1,660

456

4867138.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

14,105

10,073

3452149.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

969

8

4867369.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

1,029

575

4867627.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

2,052

1,467

4867691.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

100

89

4867700.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

2,786

730

4867847.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

99

88

4868123.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

536

119

4868571.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

2,661

1,486

4868930.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

1,648

663

4869065.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

95

82

4871945.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

5,985

980

4871985.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

2,436

2,203

4871988.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

4,777

4,220

4872036.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

445

360

4872327.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

921

875

4872471.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

1,391

228

4872677.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

3,803

1,255

4872979.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

2,009

1,578

4873083.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

9,479

1,900

4873181.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

461

285

4873268.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

6,701

2,581

4873395.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

1,336

955

4873945.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

3,094

758

4874117.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

7,831

2,114

3463095.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

11,405

140

4874185.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

1,050

678

4874246.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

831

485

4875505.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

1,065

356

4876039.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

1,011

728

4877302.SQ.FTS.B,

Zero

Cpn,

6/25/23

...

624

282

4877319.SQ.FTS.B,

Zero

Cpn,

6/25/23

...

1,558

514

3472489.SQ.FTS.B,

Zero

Cpn,

6/26/23

...

2,604

30

4877812.SQ.FTS.B,

Zero

Cpn,

6/26/23

...

2,397

516

4878083.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

1,773

1,297

4878164.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

2,972

1,269

4878243.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

2,187

1,662

4879141.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

2,519

1,974

4879426.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

16,133

13,761

4879470.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

8,506

5,697

4879704.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

5,548

3,591

4879860.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

185

174

4880047.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

132

106

4880109.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

14,696

5,593

4880571.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

14,651

5,884

4881599.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

3,749

765

4881617.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

1,646

293

4881988.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

41,933

16,895

4882243.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

417

196

4882388.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

3,418

1,486

4882604.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

4,323

866

4884730.SQ.FTS.B,

Zero

Cpn,

6/29/23

...

2,834

1,726

3487584.SQ.FTS.B,

Zero

Cpn,

6/30/23

...

2,184

29

4886936.SQ.FTS.B,

Zero

Cpn,

6/30/23

...

29,822

7,495

4887776.SQ.FTS.B,

Zero

Cpn,

6/30/23

...

7,763

4,311

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4888984.SQ.FTS.B,

Zero

Cpn,

6/30/23

...

$

4,632

$

4,171

4889578.SQ.FTS.B,

Zero

Cpn,

7/01/23

...

6,235

2,424

4889959.SQ.FTS.B,

Zero

Cpn,

7/02/23

...

4,715

1,280

4890877.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

10,331

7,657

4891549.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

3,445

696

4891653.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

621

460

4892791.SQ.FTS.B,

Zero

Cpn,

7/04/23

...

631

573

4893163.SQ.FTS.B,

Zero

Cpn,

7/04/23

...

12,426

2,513

4893412.SQ.FTS.B,

Zero

Cpn,

7/04/23

...

3,711

1,907

4893530.SQ.FTS.B,

Zero

Cpn,

7/04/23

...

170

142

4893551.SQ.FTS.B,

Zero

Cpn,

7/04/23

...

440

152

4894121.SQ.FTS.B,

Zero

Cpn,

7/04/23

...

687

607

4895067.SQ.FTS.B,

Zero

Cpn,

7/05/23

...

14,414

9,851

3510070.SQ.FTS.B,

Zero

Cpn,

7/06/23

...

25,800

262

4898702.SQ.FTS.B,

Zero

Cpn,

7/06/23

...

1,503

1,282

3513483.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

4,792

46

4900969.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

3,966

1,370

4901122.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

611

208

4902009.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

1,050

996

4902587.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

5,418

1,884

3516078.SQ.FTS.B,

Zero

Cpn,

7/08/23

...

8,033

83

3521469.SQ.FTS.B,

Zero

Cpn,

7/08/23

...

3,422

42

4904451.SQ.FTS.B,

Zero

Cpn,

7/10/23

...

3,850

1,747

4905226.SQ.FTS.B,

Zero

Cpn,

7/10/23

...

924

176

4905832.SQ.FTS.B,

Zero

Cpn,

7/10/23

...

8,432

2,177

4907134.SQ.FTS.B,

Zero

Cpn,

7/11/23

...

817

773

4907500.SQ.FTS.B,

Zero

Cpn,

7/11/23

...

4,190

1,322

4908035.SQ.FTS.B,

Zero

Cpn,

7/11/23

...

5,837

1,180

4908081.SQ.FTS.B,

Zero

Cpn,

7/11/23

...

10,158

7,829

4908604.SQ.FTS.B,

Zero

Cpn,

7/12/23

...

2,975

1,210

4908999.SQ.FTS.B,

Zero

Cpn,

7/12/23

...

292

97

4909783.SQ.FTS.B,

Zero

Cpn,

7/12/23

...

377

190

4910604.SQ.FTS.B,

Zero

Cpn,

7/12/23

...

125

120

4916623.SQ.FTS.B,

Zero

Cpn,

7/14/23

...

31

28

4922859.SQ.FTS.B,

Zero

Cpn,

7/14/23

...

1,917

1,365

4922957.SQ.FTS.B,

Zero

Cpn,

7/14/23

...

4,214

3,761

4923714.SQ.FTS.B,

Zero

Cpn,

7/16/23

...

6,105

3,775

4923842.SQ.FTS.B,

Zero

Cpn,

7/16/23

...

1,929

639

4924187.SQ.FTS.B,

Zero

Cpn,

7/17/23

...

357

171

4925184.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

2,723

2,059

4925548.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

21,456

9,472

4925972.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

7,444

5,857

4926169.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

261

211

3559884.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

616

10

4926818.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

302

256

4927104.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

7,625

3,963

3566831.SQ.FTS.B,

Zero

Cpn,

7/20/23

...

2,799

47

4932557.SQ.FTS.B,

Zero

Cpn,

7/20/23

...

858

628

3572652.SQ.FTS.B,

Zero

Cpn,

7/21/23

...

758

11

3573904.SQ.FTS.B,

Zero

Cpn,

7/21/23

...

2,469

28

4934870.SQ.FTS.B,

Zero

Cpn,

7/21/23

...

5,051

3,674

4935098.SQ.FTS.B,

Zero

Cpn,

7/22/23

...

150

139

4935141.SQ.FTS.B,

Zero

Cpn,

7/22/23

...

1,247

908

4937154.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

3,819

2,888

4937358.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

640

149

4938018.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

141

107

4938983.SQ.FTS.B,

Zero

Cpn,

7/25/23

...

1,318

208

4942412.SQ.FTS.B,

Zero

Cpn,

7/26/23

...

13,011

3,651

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4943156.SQ.FTS.B,

Zero

Cpn,

7/26/23

...

$

1,067

$

936

4954891.SQ.FTS.B,

Zero

Cpn,

7/28/23

...

248

172

4955142.SQ.FTS.B,

Zero

Cpn,

7/28/23

...

2,096

1,860

3612013.SQ.FTS.B,

Zero

Cpn,

7/29/23

...

3,513

62

4955556.SQ.FTS.B,

Zero

Cpn,

7/29/23

...

1,374

223

4955815.SQ.FTS.B,

Zero

Cpn,

7/29/23

...

701

364

4955840.SQ.FTS.B,

Zero

Cpn,

7/29/23

...

380

288

3612313.SQ.FTS.B,

Zero

Cpn,

7/30/23

...

3,994

30

4956027.SQ.FTS.B,

Zero

Cpn,

7/30/23

...

1,051

796

4956138.SQ.FTS.B,

Zero

Cpn,

7/30/23

...

608

567

4960204.SQ.FTS.B,

Zero

Cpn,

7/31/23

...

686

500

3616837.SQ.FTS.B,

Zero

Cpn,

8/01/23

...

1,256

22

4964441.SQ.FTS.B,

Zero

Cpn,

8/01/23

...

3,665

2,019

4965912.SQ.FTS.B,

Zero

Cpn,

8/01/23

...

16,950

9,364

4967772.SQ.FTS.B,

Zero

Cpn,

8/02/23

...

7,951

2,515

4968011.SQ.FTS.B,

Zero

Cpn,

8/02/23

...

732

654

4968065.SQ.FTS.B,

Zero

Cpn,

8/02/23

...

9,113

5,950

3622745.SQ.FTS.B,

Zero

Cpn,

8/03/23

...

5,722

67

4971262.SQ.FTS.B,

Zero

Cpn,

8/03/23

...

539

530

3629212.SQ.FTS.B,

Zero

Cpn,

8/05/23

...

316

3

4975394.SQ.FTS.B,

Zero

Cpn,

8/05/23

...

1,690

553

4975732.SQ.FTS.B,

Zero

Cpn,

8/06/23

...

539

447

4975986.SQ.FTS.B,

Zero

Cpn,

8/06/23

...

1,984

1,508

3631012.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

702

11

4977296.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

460

418

4977740.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

1,204

1,182

4978753.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

272

158

4979999.SQ.FTS.B,

Zero

Cpn,

8/08/23

...

44

43

4981564.SQ.FTS.B,

Zero

Cpn,

8/09/23

...

474

363

4981810.SQ.FTS.B,

Zero

Cpn,

8/09/23

...

2,406

615

4981972.SQ.FTS.B,

Zero

Cpn,

8/09/23

...

1,317

1,100

4987853.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

667

648

4989575.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

1,283

403

4989709.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

9,834

9,420

4990427.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

646

371

4990812.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

3,319

677

4991412.SQ.FTS.B,

Zero

Cpn,

8/13/23

...

1,244

737

4992493.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

1,319

645

4993188.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

839

776

4993580.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

600

491

5004401.SQ.FTS.B,

Zero

Cpn,

8/16/23

...

5,151

4,762

5006161.SQ.FTS.B,

Zero

Cpn,

8/16/23

...

516

401

5006216.SQ.FTS.B,

Zero

Cpn,

8/16/23

...

682

569

5006802.SQ.FTS.B,

Zero

Cpn,

8/16/23

...

7,127

3,018

5019192.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

10,195

6,452

5020011.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

2,481

2,197

5026306.SQ.FTS.B,

Zero

Cpn,

8/19/23

...

5,011

3,712

5026534.SQ.FTS.B,

Zero

Cpn,

8/20/23

...

955

488

5026883.SQ.FTS.B,

Zero

Cpn,

8/20/23

...

7,747

3,360

5026993.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

8,758

4,860

5027172.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

522

464

5027224.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

15

15

5031525.SQ.FTS.B,

Zero

Cpn,

8/22/23

...

1,874

1,151

5034894.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

456

355

5040230.SQ.FTS.B,

Zero

Cpn,

8/24/23

...

80

76

5040599.SQ.FTS.B,

Zero

Cpn,

8/25/23

...

711

692

5040843.SQ.FTS.B,

Zero

Cpn,

8/25/23

...

192

187

5042184.SQ.FTS.B,

Zero

Cpn,

8/25/23

...

1,456

1,116

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5043408.SQ.FTS.B,

Zero

Cpn,

8/26/23

...

$

1,130

$

453

5044115.SQ.FTS.B,

Zero

Cpn,

8/27/23

...

1,135

362

5044128.SQ.FTS.B,

Zero

Cpn,

8/27/23

...

282

275

5044278.SQ.FTS.B,

Zero

Cpn,

8/27/23

...

5,451

1,790

5045895.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

859

452

5047301.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

4,140

1,439

5047438.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

7,412

5,009

5053030.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

7

7

5053049.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

110

105

5057829.SQ.FTS.B,

Zero

Cpn,

9/03/23

...

1,063

282

5058089.SQ.FTS.B,

Zero

Cpn,

9/03/23

...

14,656

12,400

5059764.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

736

602

5060384.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

805

510

5061192.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

1,297

838

5062108.SQ.FTS.B,

Zero

Cpn,

9/05/23

...

2,002

332

5062766.SQ.FTS.B,

Zero

Cpn,

9/06/23

...

1,300

1,136

5064256.SQ.FTS.B,

Zero

Cpn,

9/07/23

...

170

159

5065553.SQ.FTS.B,

Zero

Cpn,

9/07/23

...

11,144

2,671

5065961.SQ.FTS.B,

Zero

Cpn,

9/07/23

...

1,522

1,314

5065983.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

1,144

752

5066380.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

535

525

5073687.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

4,419

2,137

5074794.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

2,705

2,554

5075271.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

2,155

870

5075710.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

3,199

2,897

5075922.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

559

276

5076234.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

1,009

976

5077862.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

8,864

8,254

5078646.SQ.FTS.B,

Zero

Cpn,

9/12/23

...

455

276

5079962.SQ.FTS.B,

Zero

Cpn,

9/14/23

...

1,389

1,357

5082270.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

2,839

2,648

5083204.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

8,694

4,090

5084881.SQ.FTS.B,

Zero

Cpn,

9/16/23

...

2,880

1,544

5085179.SQ.FTS.B,

Zero

Cpn,

9/16/23

...

1,272

950

5090985.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

704

426

5091773.SQ.FTS.B,

Zero

Cpn,

9/18/23

...

1,488

1,216

5094121.SQ.FTS.B,

Zero

Cpn,

9/19/23

...

2,484

1,876

5094327.SQ.FTS.B,

Zero

Cpn,

9/19/23

...

1,540

724

5094655.SQ.FTS.B,

Zero

Cpn,

9/20/23

...

3,408

1,259

5096024.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

10,346

7,592

5096286.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

2,610

2,222

5097330.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

16,703

4,617

5098722.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

942

926

5099070.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

659

576

5102362.SQ.FTS.B,

Zero

Cpn,

9/23/23

...

26,662

12,672

5104638.SQ.FTS.B,

Zero

Cpn,

9/24/23

...

769

734

5106075.SQ.FTS.B,

Zero

Cpn,

9/24/23

...

3,800

3,624

5108548.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

289

283

5108777.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

5,445

5,045

5109397.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

1,135

1,086

5109707.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

1,079

905

5109882.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

33

32

5110232.SQ.FTS.B,

Zero

Cpn,

9/26/23

...

4,917

2,242

5110354.SQ.FTS.B,

Zero

Cpn,

9/26/23

...

2,448

1,832

5110450.SQ.FTS.B,

Zero

Cpn,

9/26/23

...

4,298

1,789

5110550.SQ.FTS.B,

Zero

Cpn,

9/26/23

...

300

265

5114631.SQ.FTS.B,

Zero

Cpn,

9/29/23

...

2,038

526

5117843.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

927

662

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5118658.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

$

879

$

665

5122398.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

5,431

4,359

5123250.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

2,438

1,215

5123870.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

2,334

2,206

5127903.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

172

164

5128048.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

1,308

1,215

5128373.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

4,188

3,273

5128536.SQ.FTS.B,

Zero

Cpn,

10/03/23

..

2,080

1,975

5128988.SQ.FTS.B,

Zero

Cpn,

10/03/23

..

376

283

5129021.SQ.FTS.B,

Zero

Cpn,

10/03/23

..

1,385

1,312

5130538.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

2,193

579

5130975.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

881

781

5131522.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

1,833

1,184

5132890.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

30,012

11,021

5134488.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

1,144

273

5134511.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

268

263

5135739.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

1,970

1,899

5135982.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

11,822

10,732

5136108.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

815

783

5136603.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

4,306

2,602

5138301.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

2,438

2,068

5138391.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

6,863

3,843

5139670.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

769

633

5142732.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

272

227

5144732.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

2,684

887

5144935.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

455

443

5146188.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

6,782

3,353

5146412.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

2,875

2,628

5147504.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

4,114

3,498

5149047.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

862

812

5149113.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

106

104

5149203.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

1,217

592

5150433.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

2,178

1,585

5152039.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

3,184

1,166

5152277.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

5,004

4,870

5152669.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

4,539

4,464

5153658.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

2,566

2,297

5154060.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

658

632

5154965.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

5,608

5,043

5155680.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

612

408

5156338.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

3,932

2,130

5156676.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

1,284

253

5157032.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

1,511

1,107

5158587.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

514

494

5159362.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

912

896

5159687.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

1,106

732

5160593.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

15,855

5,732

5162594.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

617

190

5162690.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

1,415

1,376

5163078.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

3,138

2,990

5163520.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

789

771

5163645.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

2,063

1,689

5163731.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

9,667

8,270

5164639.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

1,788

777

5165261.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

1,153

1,130

5166653.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

3,020

2,797

5169690.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

2,456

1,996

5170226.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

313

289

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5171412.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

$

995

$

979

5171609.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

4,710

4,271

5171784.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

5,596

5,156

5172460.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

2,613

2,367

5172784.SQ.FTS.B,

Zero

Cpn,

10/17/23

..

6,176

2,363

5173613.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

277

260

5173851.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

1,490

1,405

5175229.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

100

99

5175595.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

1,646

1,450

5177249.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

38

38

5178912.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

2,751

1,959

5179416.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

2,654

1,248

5179923.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

2,172

1,879

5181201.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

6,478

3,373

5183474.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

2,462

2,070

5183961.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

3,190

3,115

5184429.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

4,296

3,723

5185761.SQ.FTS.B,

Zero

Cpn,

10/20/23

..

1,073

909

5190095.SQ.FTS.B,

Zero

Cpn,

10/20/23

..

14,920

9,879

5198069.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

2,590

2,104

5207329.SQ.FTS.B,

Zero

Cpn,

10/22/23

..

9,745

9,017

5210392.SQ.FTS.B,

Zero

Cpn,

10/23/23

..

2,424

1,078

5210805.SQ.FTS.B,

Zero

Cpn,

10/24/23

..

280

222

5216229.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

3,291

2,606

5216390.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

1,457

1,393

5219088.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

2,324

1,973

5220601.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

965

573

5220660.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

2,169

1,515

5233596.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

5,663

4,425

5233838.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

299

285

5233885.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

246

242

5234147.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

266

253

5235135.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

1,502

1,394

5238108.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

942

920

5238450.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

1,604

963

5239973.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

2,894

2,279

5241436.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

3,606

2,145

5242288.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

5,027

4,864

5243291.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

297

167

5243311.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

861

843

5243505.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

20,719

11,086

5244341.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

1,975

1,930

5244949.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

2,796

1,905

5245623.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

4,047

2,313

5245808.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

190

181

5246088.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

2,112

2,073

5247166.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

786

650

5250245.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

1,103

413

5250706.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

1,714

1,298

5250769.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

1,742

320

5251204.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

472

433

5251268.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

4,113

3,158

5254509.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

489

312

5254554.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

5,092

1,884

5254769.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

1,549

1,476

5255017.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

5,301

4,725

5255302.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

19,141

9,035

5262459.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

226

195

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5263778.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

$

1,341

$

1,119

5263936.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

596

516

5264865.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

1,080

1,063

5265964.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

781

622

5266300.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

2,053

1,952

5266447.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

588

400

5266476.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

4,839

1,184

5266837.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

3,783

2,093

5267353.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

4,074

3,964

5268782.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

117

114

5270697.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

474

409

5271451.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

822

802

5271811.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

10,812

10,518

5272717.SQ.FTS.B,

Zero

Cpn,

11/07/23

..

1,763

1,706

5273592.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

10,680

8,355

5273907.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

1,796

1,691

5278464.SQ.FTS.B,

Zero

Cpn,

11/09/23

..

344

321

5278584.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

1,367

1,131

5279561.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

2,957

2,898

5280113.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

1,572

1,444

5281083.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

589

458

5281103.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

8,490

4,193

5281340.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

13,871

13,551

5283233.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

780

635

5283364.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

557

549

5289282.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

1,382

1,265

5289566.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

6,797

6,636

5290407.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

11,142

10,820

5291747.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

5,541

4,775

5293323.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

314

308

5293793.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

334

319

5293954.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

1,190

401

5293978.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

1,473

1,395

5294211.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

99

91

5294259.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

1,451

1,126

5294291.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

1,328

989

5294371.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

1,007

623

5294394.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

644

622

5294520.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

143

137

5294555.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

559

545

5294935.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

13,051

9,729

5296287.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

436

225

5297485.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

5,954

5,833

5298323.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

781

616

5298348.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

87

85

5298797.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

7,177

6,866

5303747.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

517

505

5304001.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

3,125

2,981

5304212.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

2,250

2,191

5305068.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

77,744

31,210

5313405.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

546

523

5313783.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

654

616

5313809.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

1,783

1,712

5314000.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

308

286

5314024.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

7,217

7,049

5316290.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

1,073

663

5317165.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

655

635

5317547.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

247

229

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5317552.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

$

450

$

314

5317739.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

45

44

5317914.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

2,531

2,487

5318924.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

594

451

5318956.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

6,302

4,480

5319578.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

876

858

5320036.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

504

452

5320657.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

2,553

2,274

5321198.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

311

276

5321514.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

2,531

2,402

5321626.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

3,990

3,869

5321872.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

3,244

2,039

5322693.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

673

636

5323494.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

1,142

1,115

5323562.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

3,894

3,786

5324332.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

1,691

1,622

5324402.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

1,683

1,653

5324834.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

547

498

5324902.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

93

87

5325004.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

1,379

765

5325344.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

9,822

9,448

5325652.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

659

445

5328385.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

183

163

5328822.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

3,030

1,642

5328895.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

2,371

1,705

5329650.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

1,906

1,186

5329785.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

2,396

1,662

5330101.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

13,284

7,836

5330339.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

5,104

4,809

5331262.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

9,359

3,890

5333764.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

6,451

6,268

5334317.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

8,549

7,986

5334819.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

1,935

1,859

5335927.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

1,031

907

5337907.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

7,549

6,560

5338362.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

2,515

1,860

5359729.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

4,300

3,920

5362532.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

712

637

5363132.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

7,301

2,182

5364036.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

2,649

2,220

5368635.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

549

527

5372948.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

7,104

4,813

5374200.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

7,532

3,820

5378080.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

344

316

5378646.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

5,973

5,826

5380160.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

1,022

876

5380422.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

12,758

5,538

5381629.SQ.FTS.B,

Zero

Cpn,

11/28/23

..

1,014

799

5381740.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

1,069

450

5381781.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

13,189

12,701

5382702.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

189

180

5382769.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

269

264

5382818.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

523

309

5382840.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

958

895

5383183.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

1,688

1,651

5392945.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

247

242

5394107.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

593

390

5395454.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

862

831

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5395836.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

$

140

$

137

5397320.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

944

925

5397942.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

1,074

813

5400388.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

3,988

2,705

5400698.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

1,779

1,739

5402007.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,003

1,955

5403119.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

11,515

10,614

5409822.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,961

2,877

5410725.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

222

218

5410951.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

3,885

3,774

5411337.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

839

743

5411468.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,376

2,040

5411995.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

171

168

5412099.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

22,781

21,678

5414116.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

18,139

6,194

5414769.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,337

555

5415170.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

659

641

5447439.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

4,778

3,001

5449131.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

1,313

1,286

5449929.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

26

26

5450582.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

2,215

2,164

5454362.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

936

920

5455396.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

14,197

12,577

5456422.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

2,493

2,451

5462471.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

816

728

5462926.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

3,148

1,015

5469109.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,507

1,280

5470507.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

158

155

5470980.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,990

1,871

5472389.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

2,293

1,202

5472852.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

1,835

1,732

5473225.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

523

379

5473249.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

2,369

2,226

5473313.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

683

186

5473753.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

126

123

5473776.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

3,787

2,318

5473846.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

2,868

2,813

5474055.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

3,143

2,200

5474482.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

2,327

2,211

5481590.SQ.FTS.B,

Zero

Cpn,

12/06/23

..

1,490

392

5494965.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

8,102

5,757

5498961.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

2,161

1,823

5500907.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

5,678

5,447

5501757.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

2,794

2,577

5502908.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

6,820

4,599

5503569.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

742

705

5503576.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

769

753

5505276.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

2,149

2,108

5505977.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

388

380

5507161.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

8,677

4,245

5507615.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,332

1,292

5508109.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

3,987

3,881

5510904.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

3,607

3,345

5516038.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,143

1,113

5516456.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,648

1,604

5517871.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

554

544

5518301.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

22,861

21,000

5528060.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

2,860

2,468

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5528209.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

$

49,120

$

31,199

5531222.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

17,581

16,600

5532399.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,906

1,353

5533324.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

8,841

8,357

5534127.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

424

416

5534237.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

6,656

3,428

5537587.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

2,687

1,870

5539177.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

111

110

5539336.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

1,648

1,494

5539687.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

233

229

5540021.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

4,873

4,759

5540468.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

1,805

627

5540573.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

1,566

1,448

5540806.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

1,717

1,592

5540876.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

1,799

1,669

5540940.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

1,801

1,755

5542247.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

3,577

2,925

5545368.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

409

272

5550397.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

22,936

13,191

5552199.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

605

531

5552696.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

11,087

6,580

5553980.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

277

231

5554476.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

4,616

3,370

5554806.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,543

788

5554848.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

27,340

26,520

5557327.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

955

908

5557475.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,837

1,795

5557572.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,381

327

5557596.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

12,687

12,076

5557933.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,991

2,370

5558380.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

6,764

4,823

5558599.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

368

278

5558623.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,965

1,501

5561345.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,472

1,397

5561681.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

278

195

5561713.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

919

897

5561773.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

146

144

5561941.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

354

344

5562124.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

945

923

5562232.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,222

1,190

5562845.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

296

281

5562881.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

16,603

15,273

5563288.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

6,637

6,473

5563818.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,018

777

5563833.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

6,505

5,846

5564095.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,296

1,259

5564150.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

2,917

2,830

5564439.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

242

238

5564520.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

868

849

5564544.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,149

898

5564661.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

4,387

3,177

5565100.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,586

2,301

5565213.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

3,148

3,077

5565348.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

8,568

4,447

5565597.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

9,287

9,030

5565902.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

14,584

11,991

5566138.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,915

1,829

5566189.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

775

757

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

50

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5566291.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

$

2,609

$

2,544

5567009.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

416

314

5567027.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,203

2,142

5567156.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,445

2,393

5567445.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

776

761

5567837.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,005

840

5568047.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

25,893

22,349

5568680.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

1,940

1,799

5569073.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

822

722

5569176.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

498

488

5569241.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

1,471

1,077

5569970.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

940

873

5570151.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

2,243

1,732

5570675.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

3,998

3,901

5571102.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

8,026

7,468

5571589.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

2,207

1,735

5571676.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

3,503

1,871

5571841.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

2,790

2,736

5572809.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

677

658

5573260.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

5,814

5,697

5574209.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

58

57

5574663.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

8,168

7,862

5575001.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,300

1,262

5575033.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,924

1,413

5575109.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

691

635

5575246.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

805

780

5575348.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

5,618

4,631

5575988.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,093

1,006

5576017.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

2,376

2,209

5576429.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

2,441

2,128

5576519.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

8,041

5,372

5576667.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

1,743

1,637

5576717.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

79

77

5577487.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

2,367

2,310

5577616.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

1,525

1,253

5577701.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

200

196

5578025.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

511

499

5578059.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

7,646

6,999

5578593.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

581

562

5578946.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

2,042

1,983

5581208.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

423

414

5581276.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,540

789

5581546.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,015

984

5581687.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,096

843

5581736.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

4,902

4,696

5582611.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,784

1,743

5582765.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,611

3,505

5583096.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,217

1,112

5583166.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

4,899

4,673

5583544.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

95

93

5583646.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,488

1,451

5583843.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

388

380

5584492.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

9,416

8,542

5584721.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

2,612

2,398

5584916.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

4,238

2,803

5585058.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

492

457

5585140.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,910

1,859

5585270.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

530

370

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5585302.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

$

846

$

791

5585690.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,942

1,893

5585785.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,019

994

5585838.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

2,607

2,435

5586264.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

9,448

9,022

5586619.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

9,459

9,204

5586926.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

400

381

5587721.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,489

1,429

5587794.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,402

1,193

5587848.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

430

368

5588007.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

20,833

8,920

5588118.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

824

783

5588164.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,998

1,901

5588372.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

8,728

5,970

5588652.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,430

790

5588722.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

6

6

5588749.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

3,476

3,390

5588819.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,563

676

5588829.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

15,708

11,814

5589101.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

610

599

5589145.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,973

1,929

5589223.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,846

1,397

5589244.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

491

436

5589416.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

229

224

5593205.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

1,039

969

5593339.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

646

618

5593384.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

1,013

990

5593551.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

1,064

1,038

5593642.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

1,079

1,045

5593657.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

2,181

2,121

5593739.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

2,281

2,129

5594146.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

3,596

3,396

5595126.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

5,135

5,021

5595402.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

1,453

1,188

5595419.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

2,737

1,439

5595469.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

419

411

5595568.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

153

149

5596609.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

51

50

5596626.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,116

1,077

5596745.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

2,348

998

5597324.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,733

969

5597532.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,012

474

5597616.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

12,926

11,492

5598106.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,164

1,020

5598446.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

607

271

5598467.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

172

167

5598511.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,729

1,667

5600022.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

2,479

1,684

5600114.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

8,106

7,741

5600442.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

628

586

5600473.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

613

522

5600497.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

130

125

5600512.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

8,988

5,459

5608901.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

280

230

5608942.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

3,657

3,555

5609899.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

3,368

3,070

5610113.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

2,428

2,381

5610607.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

677

658

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5610840.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

$

7,754

$

2,038

5610991.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

12,688

12,402

5611660.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

506

452

5611670.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

321

315

5611991.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

475

467

5612415.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

498

475

5612626.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

7,385

7,084

5613077.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,086

2,049

5613388.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

545

530

5613740.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

4,921

4,769

5614120.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,110

2,009

5614574.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,885

1,801

5614974.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

6,362

6,003

5615388.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,325

1,928

5615484.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

9,295

5,425

5615718.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

5,692

5,369

5615965.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

408

368

5616014.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

45,216

38,158

5617214.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,784

1,734

5617474.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

8,285

8,004

5617879.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

8,552

6,933

5618540.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

1,339

1,306

5618686.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

3,167

3,071

5618906.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

2,590

875

5618964.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

11,864

11,560

5619674.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

721

707

5619877.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

616

590

5620157.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,371

1,333

5620474.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

330

317

5620546.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,836

1,786

5621982.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,704

1,655

5622466.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,406

611

5624747.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,492

1,185

5624912.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

753

654

5624998.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,014

927

5625032.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

704

673

5625128.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,850

1,802

5625406.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,150

2,097

5625769.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

416

368

5625933.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,020

1,962

5626304.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

4,046

3,703

5627076.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

15,542

7,401

5627452.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

6,411

5,824

5627720.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

593

575

5627773.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,582

1,515

5627835.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,722

1,673

5628045.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,104

2,042

5628145.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

5,190

4,898

5628531.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,727

2,203

5628595.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

203

187

5628623.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

736

716

5628657.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

3,132

3,030

5628952.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

6,134

4,870

5629304.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,799

1,755

5629401.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,017

1,954

5629496.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,827

2,703

5629602.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

453

410

5629638.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

782

708

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5629699.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

$

1,731

$

1,687

5630143.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

805

533

5630388.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,621

1,272

5640772.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

2,488

824

5640933.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

932

794

5641323.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

400

335

5641331.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

288

278

5641349.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

1,084

579

5641411.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,381

3,732

5642051.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,121

3,017

5642591.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

207

204

5643141.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

3,436

3,291

5644232.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

1,312

1,278

5644358.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

1,889

1,835

5645289.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

10,234

9,959

5646774.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

856

739

5646868.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

1,990

1,954

5647798.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

2,337

1,533

5647877.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

376

362

5648259.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

10,374

9,821

5648895.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,884

1,833

5649190.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

248

231

5650000.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,043

1,019

5650899.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

725

695

5651306.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

355

310

5651368.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

967

830

5652010.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

632

621

5652169.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

5,865

5,119

5652628.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

3,003

2,911

5653069.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

5,935

5,811

5654378.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,108

1,079

5654580.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

4,626

4,226

5654769.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

3,984

3,828

5655108.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

5,557

5,313

5655533.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

2,664

2,556

5655613.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

4,876

4,720

5656220.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

4,021

3,854

5656415.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

1,240

674

5656446.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

4,574

4,447

5656671.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

1,219

1,126

5658415.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

6,165

6,005

5661709.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

1,601

1,384

5661843.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

441

433

5662072.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

639

431

5662108.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

6,816

2,559

5662396.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

879

829

5662504.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

2,497

2,432

5663150.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

14,076

13,468

5664680.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

2,629

2,456

5664895.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

296

283

5664925.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

6,142

5,966

5665385.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

2,435

2,358

5665625.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

3,951

3,873

5667116.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

818

799

5667327.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

22,164

14,974

5668326.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

7,979

7,782

5669316.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

10,342

9,581

5670788.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

445

427

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

52

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5670816.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

$

2,290

$

1,926

5670931.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,171

1,141

5671118.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

644

606

5671815.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

275

263

5671837.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,558

1,283

5671902.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

5,452

5,342

5672955.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

2,263

2,215

5673215.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

8,653

8,438

5675281.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

456

415

5675355.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

7,454

6,919

5675870.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,055

1,035

5675962.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

2,334

2,256

5676060.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

5,181

4,413

5676161.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

694

664

5676191.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

976

659

5676317.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

3,116

3,023

5676682.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

5,218

5,090

5678110.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

13,402

12,394

5678542.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

4,711

4,580

5689638.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

3,302

3,197

5690006.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

1,771

1,724

5692439.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

1,048

892

5692483.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

2,942

2,872

5692954.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

4,340

3,878

5693934.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

614

591

5694413.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

1,139

1,107

5694516.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

50,891

34,110

5695482.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

371

364

5695606.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

1,096

1,019

5695841.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

12,856

10,895

5696331.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

13,056

12,728

5697891.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

984

923

5698929.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

396

387

5700359.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

1,662

1,614

5700419.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

1,243

1,208

5700598.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

2,521

2,456

5701010.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

10,494

10,218

5701495.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

5,765

5,151

5701642.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

1,662

1,619

5701725.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

1,227

1,192

5701898.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

10,230

9,914

5702361.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,286

1,254

5702429.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

3,070

3,000

5702548.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

3,485

3,358

5702684.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,385

1,350

5702722.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

59

56

5702814.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

3,429

3,286

5703097.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

1,901

1,854

5703159.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

560

511

5703362.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

8,570

8,347

5703756.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

1,283

1,245

5704113.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,847

1,787

5704978.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

69

67

5705050.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,282

1,214

5705420.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,885

1,837

5706614.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,983

1,867

5707091.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

919

854

5707166.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

4,016

3,173

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5707356.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

$

12,321

$

11,903

5709256.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

2,984

2,516

5709366.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

733

638

5709383.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

3,364

3,215

5709694.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,374

1,280

5709941.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

409

397

5710009.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

964

895

5710093.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,646

1,593

5710725.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,557

2,239

5710902.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

251

246

5710982.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,530

2,450

5712540.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

3,033

2,908

5712977.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,814

2,345

5713253.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,271

1,250

5713585.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

9,455

9,204

5714794.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

24,590

23,525

5715827.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

350

328

5715932.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

810

794

5716030.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,715

1,633

5716150.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

9,303

8,719

5716269.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

179

159

5716854.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

6,654

6,517

5718687.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,492

870

5718816.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,726

1,656

5718884.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

21,858

20,438

5719744.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,655

1,502

5719802.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,221

920

5719839.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

7,877

7,565

5720138.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

253

250

5720322.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

2,452

2,262

5720456.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

7,677

7,447

5720730.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

4,358

4,184

5720918.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

4,751

3,968

5720997.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,192

2,033

5721180.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

2,658

2,591

5721277.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

957

932

5721603.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,775

1,562

5727267.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,562

1,522

5727427.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

918

893

5727565.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

456

446

5727834.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,096

964

5727993.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

330

323

5728351.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

7,417

7,229

5728764.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

2,091

2,032

5728808.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

4,473

4,341

5729015.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

401

393

5729059.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,756

1,698

5729103.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

4,564

4,349

5729235.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

12,206

11,725

5729587.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

612

597

5729636.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

4,254

4,147

5729791.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,670

1,628

5729911.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

232

213

5730123.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,933

1,636

5730184.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,848

1,721

5730320.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

9,709

9,459

5730596.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,267

692

5730607.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

2,033

1,968

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

53

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5730698.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

$

1,473

$

1,434

5730733.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,705

1,661

5730771.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

616

605

5730868.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,775

1,597

5731120.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

4,945

4,834

5731798.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

591

559

5731830.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

12,733

11,906

5732152.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

6,404

6,226

5732468.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,290

528

5732559.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,223

796

5732580.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,351

867

5732625.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

7,382

7,170

5733174.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

5,063

4,937

5733280.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,275

1,184

5733330.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

44,263

42,925

5734394.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,743

1,613

5734450.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

3,009

2,820

5734498.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

2,509

2,348

5734591.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

4,589

4,474

5734810.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

1,073

1,033

5734848.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

5,977

5,827

5735137.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

612

601

5735246.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

1,308

1,266

5735293.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

3,373

3,068

5735453.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

2,241

2,176

5735541.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

18,538

17,892

5736514.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

3,814

3,611

5737414.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

3,929

3,834

5737829.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

2,797

2,472

5738195.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

854

833

5738445.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

544

500

5738545.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

2,273

2,213

5738624.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

441

433

5739159.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

14,312

13,551

5739776.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,196

1,170

5739949.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

9,173

8,817

5740514.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

3,974

3,191

5740833.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,008

966

5741082.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

807

789

5741201.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

549

486

5741211.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

3,208

3,113

5741356.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,619

765

5741376.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,220

1,101

5741716.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

12,718

12,379

5742221.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,293

1,253

5742243.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

875

851

5742284.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

7,643

5,884

5743272.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

3,942

3,842

5744108.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

11,840

11,480

5744682.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

3,412

3,198

5744789.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

15,889

15,461

5745363.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

31,081

30,027

5746301.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

579

558

5746328.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

19,623

18,460

5746774.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

967

810

5746775.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

193

178

5746817.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

7,757

5,044

5748928.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

5,666

5,551

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5749206.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

$

1,948

$

1,885

5749227.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,762

1,614

5749299.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

751

726

5749332.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

9,683

9,304

5749702.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,816

2,761

5750339.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,610

1,571

5750540.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,366

1,326

5750624.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,725

1,691

5750954.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,348

2,291

5751069.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,336

1,296

5751155.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,880

2,805

5751485.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,386

1,214

5751553.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,271

1,224

5751638.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

7,603

7,159

5752009.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,852

2,773

5752173.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

10,745

4,878

5752894.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

945

896

5752919.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

3,204

3,005

5753024.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

3,472

3,080

5753136.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

7,792

7,547

5753332.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

4,292

3,285

5753426.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

1,358

1,325

5753519.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

321

296

5753734.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

5,924

4,793

5754053.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

1,452

1,394

5754185.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,280

2,214

5754314.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

5,770

5,050

5754537.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

930

759

5754571.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

1,895

1,836

5754674.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,876

924

5754782.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

29,596

28,143

5756655.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

7,382

7,073

5757227.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

669

653

5757275.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

1,924

1,736

5757339.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

1,267

1,218

5757404.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

386

375

5757610.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

2,241

2,192

5757816.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

3,891

3,749

5758081.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

243

239

5758260.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

11,705

11,170

5760711.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

3,030

2,911

5762279.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

2,877

2,797

5762467.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

2,052

1,723

5762525.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

3,849

2,755

5762645.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

17,565

17,145

5763893.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

3,493

3,365

5764032.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

4,984

4,776

5764367.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

8,014

7,304

5764801.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

849

826

5764867.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

461

453

5764990.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,335

1,312

5765214.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

2,625

2,523

5765340.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

6,485

6,280

5765516.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

872

838

5765717.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

9,221

8,967

5766075.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,646

1,587

5766125.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,731

1,646

5766162.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

928

894

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5766230.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

$

4,243

$

4,107

5768439.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

14,489

11,788

5768898.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

3,287

2,942

5769026.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,742

2,661

5769088.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,096

2,051

5769689.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

4,386

4,249

5769759.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,077

2,018

5771796.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

5,345

4,710

5771987.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

47,150

43,892

5773706.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

520

512

5774005.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,482

534

5774049.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

5,077

4,918

5774288.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

3,485

3,374

5774450.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

669

657

5774590.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

3,566

3,402

5775185.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

9,163

8,507

5775433.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,655

1,082

5775446.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,591

1,554

5775512.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

7,600

7,307

5775794.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

627

613

5775835.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

693

611

5775860.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

11,248

10,251

5776307.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

1,149

1,115

5776412.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,707

3,588

5776734.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

8,482

8,105

5776969.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

4,837

4,704

5777177.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,042

2,321

5777227.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,328

3,236

5777310.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

56,894

39,773

5778747.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,628

3,285

5778969.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

6,261

5,879

5779106.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

2,170

2,094

5779183.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

4,011

3,896

5779421.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,366

1,817

5779467.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

3,598

3,496

5779587.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

969

604

5779612.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

3,474

2,865

5779710.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

1,746

1,689

5779786.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

1,736

1,676

5779837.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,892

2,794

5779947.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

3,553

3,417

5780078.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

2,153

2,075

5780178.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

3,813

3,720

5780350.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

1,959

1,892

5780407.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

4,779

4,678

5780678.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

3,901

3,784

5780829.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

613

598

5781032.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

550

526

5781083.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,194

1,126

5781236.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

2,183

1,877

5781374.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

5,189

4,378

5781865.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

108

106

5781987.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

5,800

5,416

5782256.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

11,691

10,896

5783333.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

16,420

14,068

5783939.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,371

1,138

5784284.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

5,640

3,888

5785272.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

471

461

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5785396.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

$

16,502

$

15,318

5786664.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,048

1,010

5787095.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

645

545

5787138.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,688

1,629

5787194.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

6,275

5,507

5787332.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

8,871

8,506

5787623.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

13,934

13,475

5788353.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

4,637

3,791

5788511.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

3,728

3,621

5788688.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

39,213

28,606

5789498.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

5,296

5,155

5790063.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

417

336

5790075.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

370

363

5790156.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,139

1,947

5790251.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,100

1,298

5790285.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,345

3,264

5790370.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

12,112

11,748

5791283.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

7,476

7,209

5792058.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

100

98

5795794.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,291

2,188

5795947.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

999

965

5796051.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,084

1,053

5796321.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

23,681

22,140

5796902.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,472

3,374

5796971.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,688

1,647

5797147.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

268

222

5801823.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,132

923

5801867.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

4,767

4,610

5802108.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,532

2,447

5802181.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,213

1,188

5802372.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

5,979

5,037

5802881.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

534

521

5803073.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,466

2,163

5803238.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,328

2,246

5803410.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

3,431

3,322

5803719.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

651

613

5803772.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,721

1,520

5804223.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,715

1,658

5804314.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

3,704

3,596

5804574.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,822

2,750

5804809.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,840

2,739

5804906.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

5,045

4,809

5805108.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

347

314

5805116.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

3,916

3,777

5805272.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

8,254

7,879

5805697.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

24,141

23,017

5806492.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,306

1,276

5806574.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

8,172

6,213

5806779.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,070

2,004

5806812.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,560

1,871

5806894.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,668

1,617

5807048.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

1,124

772

5807339.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

11,826

11,212

5808589.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

9,393

9,107

5810175.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

4,626

4,385

5810486.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,107

2,037

5811499.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

4,085

3,710

5811792.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

22,333

20,793

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

55

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5812422.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

$

4,509

$

4,076

5812463.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

9,375

8,271

5813279.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,311

2,137

5813304.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

280

276

5813349.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

2,595

2,510

5813408.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

5,016

4,819

5813539.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

3,691

3,400

5813662.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

3,008

2,917

5813757.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

1,889

1,410

5813805.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

831

629

5813818.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

1,034

1,006

5813883.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

5,176

4,981

5814029.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

2,764

2,587

5814132.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

6,620

6,330

5814343.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

4,807

4,641

5814588.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

1,246

1,202

5814693.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

27,140

23,938

5816727.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

451

428

5816746.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

2,705

2,611

5816833.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

11,443

11,108

5817491.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

8,015

7,765

5817819.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

899

868

5817899.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

428

410

5818190.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

5,663

5,436

5818547.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

5,481

5,286

5819213.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

929

903

5819295.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

966

856

5819441.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

3,101

3,004

5819637.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,217

1,889

5819722.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

3,400

3,252

5820067.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

12,551

11,604

5820502.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,771

1,157

5820535.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

948

900

5820559.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,046

4,766

5820697.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,220

640

5820735.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

6,688

6,436

5820982.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

3,434

3,355

5821128.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,138

4,940

5821321.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,947

2,884

5821573.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,346

452

5821609.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

7,484

6,676

5821779.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

864

846

5821843.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

651

579

5821868.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,895

1,551

5821903.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

11,935

11,597

5822374.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

685

433

5822383.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

42,802

40,372

5823675.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

2,323

2,248

5823793.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

3,687

3,577

5823925.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

2,197

2,096

5823975.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

3,249

3,058

5824030.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

4,781

4,449

5824131.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

9,246

8,851

5824293.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

17,461

16,866

5824871.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,720

1,678

5825210.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

2,594

2,409

5825276.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

173

170

5827253.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

16,475

13,923

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5827720.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

$

8,062

$

7,830

5828112.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

14,049

13,465

5828734.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

10,997

10,506

5828912.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

10,419

10,181

5829589.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

5,429

5,207

5829933.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

5,151

4,942

5830030.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

1,367

1,323

5830050.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

4,339

4,224

5830128.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

345

321

5830148.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

3,983

3,813

5830227.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

520

352

5830235.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

14,671

13,377

5830414.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

4,557

4,454

5830566.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

4,802

4,695

5831066.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,524

2,445

5831288.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,828

4,683

5831651.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,044

1,978

5831885.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,201

4,029

5832072.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

9,816

9,331

5832308.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

22,485

17,117

5832642.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,417

1,380

5832721.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,651

2,405

5832832.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,730

3,583

5833207.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,612

3,469

5833277.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,824

1,770

5833344.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

11,147

10,474

5833512.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,790

3,588

5833556.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,340

4,230

5833649.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

22,880

20,348

5833923.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,357

3,226

5833955.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

661

648

5833974.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

851

829

5833980.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,891

1,655

5834006.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,929

3,516

5834064.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,701

1,630

5834289.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

913

874

5834331.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

3,416

3,280

5834772.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

1,478

1,436

5834802.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

27,791

27,072

5835666.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

1,052

982

5835687.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

2,540

2,450

5836241.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

5,001

2,066

5836547.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,819

1,688

5836746.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,657

1,352

5836841.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

19,026

18,257

5837444.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,364

1,317

5837495.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

3,404

3,262

5837597.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,799

1,567

5837692.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

2,500

2,088

5837798.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

702

688

5837836.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

4,096

3,875

5837986.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,487

1,447

5838071.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

155

152

5838132.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

794

597

5839775.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

4,011

3,853

5839839.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

7,345

7,118

5839976.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

9,184

8,865

5840130.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

18,685

18,097

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5840690.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

$

1,592

$

1,500

5840736.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

3,561

3,457

5840863.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,155

2,097

5840927.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

1,011

963

5841300.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,021

1,803

5841337.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

19,837

17,729

5841603.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

9,837

8,605

5841837.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

859

842

5841928.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

4,655

4,520

5842039.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,328

2,255

5842074.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

1,739

1,683

5842117.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

817

791

5842164.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,603

2,493

5842217.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

831

430

5842255.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

1,559

1,199

5843365.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,570

2,455

5843467.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

37

36

5843483.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

555

541

5843502.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

7,600

7,283

5843755.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6,959

6,229

5844363.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,485

4,350

5844524.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,995

4,862

5844677.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

9,973

9,597

5844836.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

8,782

8,531

5845026.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

774

372

5845038.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

3,289

2,509

5845421.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

5,628

5,374

5845764.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6,375

5,978

5845853.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

3,731

3,626

5845935.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,967

1,759

5845994.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

3,198

3,100

5846114.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6,992

5,324

5848218.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

4,883

4,738

5848448.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,451

1,112

5848518.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,368

1,883

5848592.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

6,147

5,742

5848801.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

3,932

3,765

5848977.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,101

2,040

5849047.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

970

812

5849069.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

9,597

8,215

5849419.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,622

2,549

5849735.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

4,699

4,495

5849861.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,897

2,777

5849905.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

42,987

40,644

5850700.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,504

1,460

5850752.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,444

1,355

5850828.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,230

2,158

5850974.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,935

2,829

5851164.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

28,323

20,854

5851602.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,545

1,383

5851830.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,060

2,895

5851918.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,099

1,007

5851930.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

12,055

11,097

5852131.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,121

2,069

5852225.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,903

2,823

5852404.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,584

3,475

5852595.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,937

2,741

5852732.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

6,024

4,423

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5852875.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

$

3,856

$

3,726

5853025.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,702

3,580

5853092.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,788

3,455

5853179.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,163

2,044

5853203.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

34,143

33,030

5853867.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

10,034

6,784

5854022.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,776

1,721

5854074.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,719

3,353

5854112.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

3,738

3,600

5854151.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

6,452

6,242

5854302.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

4,420

3,658

5854351.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,892

2,794

5855036.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

226

220

5855175.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

4,749

4,590

5855273.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,344

1,316

5855316.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,150

1,122

5855340.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

709

447

5855348.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

4,719

4,522

5855391.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,318

1,278

5855427.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

2,418

2,346

5855467.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

8,163

7,249

5855566.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,130

1,057

5855580.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

529

492

5855594.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,096

1,064

5855635.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

260

252

5855657.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,729

1,669

5855717.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,319

1,174

5855735.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

2,645

2,564

5855781.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

932

903

5855805.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,652

2,573

5855845.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,436

2,358

5855896.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

123

120

5855904.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

587

550

5855938.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

529

516

5856031.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

776

754

5856056.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,499

1,444

5856081.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,192

2,070

5856105.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,178

501

5856160.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

4,400

4,252

5856241.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

15,769

15,024

5856405.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

9,488

9,180

5856526.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,223

2,141

5856552.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,470

2,272

5856582.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,721

1,622

5856750.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,766

2,696

5856953.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,006

952

5857003.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,109

2,047

5857103.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,537

1,449

5857157.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,692

2,631

5857372.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,362

3,129

5857521.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

859

838

5860492.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

7,022

6,779

5860712.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

9,279

8,914

5861010.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,755

2,594

5861074.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,207

1,839

5861164.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

8,335

6,278

5861325.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,644

1,588

5861387.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

910

444

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5861406.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

$

7,069

$

6,506

5861999.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

14,300

13,867

5862421.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,394

5,173

5862598.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,300

4,149

5862719.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,110

2,127

5862830.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

14,292

13,922

5863381.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,515

4,298

5863525.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

27,001

25,739

5864014.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

11,286

11,011

5864291.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,261

3,922

5864418.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

15,209

14,285

5865058.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

10,315

9,976

5865626.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

12,376

12,044

5866049.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,449

5,272

5866215.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,350

2,198

5866260.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

11,683

11,466

5867005.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

6,946

5,813

5867168.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

7,359

7,009

5867284.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,814

3,194

5870188.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

9,477

9,245

5870551.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

10,200

9,896

5870996.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

890

712

5871009.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,608

1,568

5871081.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

19,853

18,807

5871974.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

583

496

5872504.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,620

1,555

5872536.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

744

661

5872668.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

23,711

22,997

5873421.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

6,675

6,496

5873637.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

9,592

8,735

5873832.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

3,751

3,604

5873969.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

26,207

24,965

5874911.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

6,014

4,659

5875023.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

4,200

4,089

5875203.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

2,085

1,857

5875736.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

13,158

12,368

5875985.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

17,125

16,582

5876337.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

2,139

847

5876358.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

1,422

1,358

5876373.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

5,984

5,802

5876537.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

5,140

4,988

5876700.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

9,234

8,304

5876808.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

5,283

4,864

5877190.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

9,594

9,325

5877498.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

4,978

4,809

5877622.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

1,737

1,386

5877646.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

1,911

1,854

5877698.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

8,369

8,027

5877866.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

4,407

3,947

5877980.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

2,893

2,738

5878236.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

2,115

1,876

5878316.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

4,868

3,789

5878410.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

3,186

3,093

5878513.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

2,134

2,073

5878573.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

21,529

19,211

5878970.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

5,193

5,012

5879115.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

2,494

2,422

5879190.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

4,213

4,058

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5879343.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

$

7,078

$

6,323

5881097.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

5,092

4,544

5881305.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

967

925

5881441.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

8,782

8,540

5881823.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

2,166

2,113

5881974.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

4,806

4,629

5882264.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

14,930

13,937

5882796.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

543

529

5882903.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

1,710

1,634

5882979.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

10,974

9,199

5883307.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,493

3,372

5883448.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

24,290

23,228

5884195.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

20,182

18,584

5884585.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

22,651

18,493

5884855.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

5,957

5,851

5885576.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

18,291

15,464

5885885.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

12,116

11,759

5887862.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,362

7,185

5888238.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

415

405

5888259.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,634

2,536

5888319.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

5,621

5,448

5888676.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

5,281

5,013

5888961.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,508

7,055

5889200.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,141

767

5889226.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,095

1,059

5889269.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,055

1,658

5889310.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

250

244

5889378.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,144

6,299

5889578.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,423

2,360

5889661.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

11,607

8,956

5889820.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,688

2,591

5889853.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

3,198

3,117

5889950.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,001

1,223

5889977.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

33,221

30,304

5890509.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

4,798

4,568

5890652.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,066

3,268

5890739.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,304

1,209

5890762.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,401

2,300

5890829.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,742

2,628

5890859.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,674

1,597

5890956.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,499

1,457

5891039.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,353

1,298

5891152.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

3,587

3,047

5891224.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

18,671

18,000

5891588.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,667

2,585

5891730.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,448

5,650

5891958.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

776

634

5892016.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

11,550

11,218

5892364.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,687

1,571

5892541.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

10,601

10,199

5893134.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

17,852

15,846

5893433.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,768

1,677

5893512.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

7,845

7,475

5893711.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

426

413

5893733.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,272

1,138

5893764.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,612

2,540

5893812.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,594

2,473

5893913.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,138

2,015

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5894039.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

$

9,281

$

8,952

5894262.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

8,752

7,803

5894356.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,095

3,004

5894411.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

4,009

3,892

5894539.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

532

506

5894565.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

2,740

2,666

5894648.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

1,213

1,139

5894704.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

3,032

2,913

5894801.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

5,347

5,100

5894927.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

2,007

1,749

5894989.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

2,715

2,404

5895095.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

1,119

1,088

5895166.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

11,175

9,689

5895413.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

601

562

5895434.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

879

775

5895466.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

12,191

10,207

5895727.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

3,134

3,020

5895817.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

1,206

1,167

5896009.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

1,083

1,017

5896051.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

5,859

5,683

5896547.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

1,429

1,394

5896814.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

4,480

4,369

5897128.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

11,336

11,049

5897863.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

8,717

8,165

5898148.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

361

353

5898172.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

12,456

11,713

5898468.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

23,467

22,688

5899328.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

30,675

27,942

5900201.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

7,761

7,419

5900591.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

9,217

8,877

5900851.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,296

4,158

5900926.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,664

2,578

5901096.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

19,961

14,421

5901447.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,857

3,770

5901560.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

11,700

8,441

5901715.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

615

605

5901781.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,472

3,163

5901968.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,670

2,591

5902003.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,737

1,654

5902030.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

6,569

6,258

5902121.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

837

784

5902132.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,156

1,096

5902140.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,009

1,950

5902170.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

695

663

5902180.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,633

1,586

5902215.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,230

1,164

5902235.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

4,269

4,070

5902403.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,354

1,306

5902509.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

9,143

8,722

5902768.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

7,255

7,036

5903054.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

3,764

3,612

5903177.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,643

1,526

5903227.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

4,565

4,278

5903375.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,365

1,306

5903410.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

4,858

4,552

5903588.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

3,519

3,067

5903764.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,284

1,255

5903831.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

13,064

12,047

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5904216.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

$

7,082

$

6,876

5904398.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,771

1,695

5904610.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

4,057

3,782

5904672.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,437

1,344

5904681.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

12,444

11,331

5906756.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,893

2,116

5906795.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

11,075

10,567

5907158.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,527

2,325

5907270.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

13,552

13,222

5908063.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,924

2,280

5908142.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

30,264

25,638

5908682.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,144

1,877

5908719.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

573

559

5908735.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

28,744

25,057

5909121.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,022

1,824

5909211.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

31,616

24,562

5909995.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,885

2,792

5910071.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

4,167

4,021

5910313.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

4,608

4,379

5910420.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,209

2,131

5910477.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

917

886

5910492.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,888

2,849

5910566.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

7,437

6,772

5910810.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,219

1,987

5910870.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

9,687

9,332

5911193.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

10,012

9,367

5911526.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

712

696

5911537.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

11,107

10,747

5911770.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,455

2,376

5911907.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,269

2,131

5911930.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,949

3,778

5912008.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

945

916

5912027.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

7,298

7,080

5912351.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

872

832

5912373.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,735

1,945

5912406.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

26,353

25,442

5912773.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

13,179

11,089

5913027.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

5,057

2,833

5913061.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

11,450

10,796

5913186.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,244

1,155

5913210.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,126

3,026

5913320.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,596

3,127

5913399.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

10,203

9,976

5913695.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

13,872

13,517

5914110.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

3,271

3,135

5914159.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

7,717

7,449

5914297.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

11,452

9,382

5914472.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

2,802

2,711

5914553.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

788

747

5914593.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

4,765

4,613

5914709.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

3,532

2,991

5914920.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,064

2,946

5915164.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,750

3,211

5915271.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

708

694

5915398.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

653

636

5915449.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,602

2,867

5915684.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,224

1,177

5915732.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,171

1,007

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5915760.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

$

761

$

618

5915784.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,662

4,462

5915930.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,201

2,855

5916065.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

7,176

4,699

5916181.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

32,890

28,965

5917323.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

2,467

2,358

5917380.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

7,572

7,347

5917574.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

11,552

11,185

5917935.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

8,362

7,860

5918273.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

7,548

7,281

5918398.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,104

1,058

5918404.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

5,619

5,479

5918598.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

3,973

3,839

5918667.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

7,937

7,611

5918708.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

19,061

18,385

5919183.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

15,190

13,627

5919557.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

6,857

6,536

5919675.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,060

1,900

5919721.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,884

1,795

5919779.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

14,182

13,601

5920757.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

26,361

25,512

5921351.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,831

1,710

5921423.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

29,521

28,094

5922314.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

4,139

3,909

5922450.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,783

2,646

5922492.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

738

633

5922519.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

3,757

3,267

5922617.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

6,701

6,099

5922749.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

6,437

6,218

5922874.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

10,769

8,803

5923057.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,551

3,441

5923145.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

309

298

5923169.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,114

1,088

5923219.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

7,743

7,491

5923418.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

672

645

5923433.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

5,843

5,586

5923527.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

2,030

1,957

5924079.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,356

1,300

5924092.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

705

589

5924109.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,677

1,619

5924128.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,689

3,585

5924210.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

39,640

35,879

5924932.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

7,462

6,786

5925093.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

8,513

8,190

5925246.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

7,692

6,972

5925367.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,094

1,028

5925434.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

2,656

2,248

5925456.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

4,288

4,131

5927147.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,104

1,027

5927186.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

9,131

7,851

5927376.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

12,026

11,649

5927899.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,891

4,734

5928123.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

11,899

11,495

5928651.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

18,363

16,806

5929012.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

3,575

3,471

5929107.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,507

3,530

5929276.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

3,259

3,155

5929445.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,628

4,471

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5929549.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

$

4,834

$

4,644

5929649.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

869

770

5929675.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

853

795

5929692.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

6,413

6,147

5929878.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

6,771

6,460

5930081.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,383

768

5930245.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

2,651

2,551

5930286.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

5,748

5,628

5930491.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

6,306

6,003

5930561.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

5,963

5,580

5930637.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,897

4,754

5930749.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

6,019

5,753

5930797.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

12,741

11,440

5930999.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

10,294

9,787

5931697.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

2,660

2,464

5931748.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

8,530

8,180

5931950.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

14,250

13,548

5932661.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

858

784

5932683.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,018

2,869

5932792.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,501

1,067

5932816.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

5,094

2,715

5933003.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,957

1,860

5933037.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

503

482

5933064.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,327

3,192

5933293.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,326

2,343

5933369.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

5,106

4,989

5933634.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,481

3,336

5933737.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

11,276

10,678

5933879.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

1,580

1,540

5933928.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

3,814

2,627

5933962.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

2,485

2,401

5934001.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

6,190

5,938

5934135.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

19,825

18,277

5934389.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

2,471

2,361

5934459.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

1,186

1,088

5934475.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

1,794

1,641

5934510.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

1,321

741

5934520.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

4,324

3,976

5934619.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

2,775

2,123

5934643.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

987

840

5934667.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

12,755

9,812

5934784.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

4,357

4,182

5934877.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

1,460

1,248

5934905.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

11,575

11,006

5935109.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

7,679

7,457

5935554.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,753

1,706

5935625.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

12,528

12,262

5937097.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

6,066

5,787

5937321.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

5,694

5,343

5937552.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,245

1,203

5937710.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

9,403

8,969

5938050.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

5,520

4,111

5938186.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

4,748

4,444

5938393.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

7,500

7,191

5938544.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

8,920

8,466

5938796.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

4,958

4,736

5939025.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

5,600

5,387

5939094.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,828

2,413

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5939257.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

$

25,334

$

24,465

5939538.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

4,344

4,163

5939563.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,510

2,361

5939592.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

335

319

5939607.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

449

354

5939612.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,320

1,935

5939678.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

4,076

3,870

5939729.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

7,583

7,271

5939843.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

530

515

5939909.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

16,163

14,457

5940198.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

7,997

7,683

5940363.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

1,207

1,165

5940400.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

847

821

5940430.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,258

2,179

5940471.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

5,831

5,445

5940651.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

4,691

4,354

5940685.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

5,788

4,609

5940724.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

36,321

34,290

5941018.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

19,311

15,460

5941408.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

4,857

3,543

5942895.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

8,623

8,205

5943139.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

626

583

5943191.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,720

1,605

5943221.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,987

1,943

5943314.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,568

3,394

5943409.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,408

2,195

5943511.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,023

997

5943531.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,810

1,628

5943690.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,019

2,336

5943758.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,273

1,196

5943972.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

18,149

16,394

5944363.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

4,266

3,924

5944452.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

31,910

30,834

5945131.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

6,160

5,858

5945228.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

16,993

14,147

5945383.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,669

1,625

5945422.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

492

405

5945430.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

4,000

3,815

5945495.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

6,014

5,837

5945603.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,211

3,020

5945657.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

5,201

5,017

5945731.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

5,626

5,224

5945779.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

995

910

5945826.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,030

970

5948324.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

8,707

6,744

5948394.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

8,805

8,268

5948543.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

195

191

5948556.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,211

1,521

5948585.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

22,466

20,875

5949113.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

7,605

6,290

5949246.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,834

1,753

5949611.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

3,896

3,485

5949681.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

733

651

5949698.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

16,580

13,954

5949995.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

9,219

8,841

5950189.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,655

2,556

5950233.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

12,924

11,666

5950325.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

1,266

601

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5950336.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

$

9,804

$

9,483

5950381.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

11,219

10,755

5950783.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

40,646

36,410

5951102.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

3,465

3,232

5951141.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,188

2,107

5951157.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

3,585

2,906

5951263.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

1,269

1,096

5951713.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,510

1,325

5951743.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

16,131

8,566

5951880.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,534

2,312

5951912.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

3,091

2,895

5952038.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

5,199

4,739

5952257.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,615

1,570

5952341.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,804

3,591

5952438.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

9,160

8,813

5952643.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

6,313

4,174

5952776.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

8,643

7,551

5952928.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,414

1,178

5952946.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,805

1,748

5952978.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

491

472

5953015.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

5,041

4,096

5953085.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,894

4,611

5953162.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,941

2,827

5953249.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

18,593

17,610

5953433.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

6,157

5,932

5953507.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,431

1,394

5953560.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,199

2,013

5953614.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

39,088

37,766

5954049.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,089

909

5954057.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

29,595

20,351

5954317.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,999

3,846

5954378.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,500

1,403

5954398.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

19,991

19,232

5954749.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,538

4,311

5954826.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,650

4,322

5954912.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,234

2,178

5954949.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

5,750

5,552

5955026.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

7,430

7,219

5955147.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,653

3,524

5955192.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

7,357

6,988

5955329.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,925

4,670

5955436.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,818

1,724

5955467.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

5,529

3,021

5955529.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

3,570

3,270

5955582.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

9,426

8,977

5955673.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

2,498

2,393

5955715.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

5,819

5,536

5955780.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

910

813

5955795.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

2,720

2,633

5955838.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

13,170

12,688

5956036.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

8,998

8,530

5956156.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

5,831

3,430

5956226.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

9,905

9,270

5956344.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

13,624

12,905

5956562.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

4,857

4,707

5956647.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

2,766

2,655

5956692.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

2,132

2,064

5956723.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

7,949

7,352

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5956821.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

$

1,018

$

985

5956858.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

3,823

3,579

5956922.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

13,193

12,455

5957607.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

665

641

5957636.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,861

2,713

5957727.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

28,387

27,021

5958861.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,248

1,142

5958877.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,977

1,881

5958924.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

6,298

6,106

5959066.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

7,234

6,759

5959170.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

7,635

7,453

5959474.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,215

1,126

5959502.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

6,480

6,147

5959597.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,119

1,970

5959631.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,516

2,396

5959659.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

10,071

7,120

5959894.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

10,827

9,386

5960072.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,150

1,092

5960098.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

6,191

5,957

5960219.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

18,490

16,702

5960475.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

9,495

9,111

5960644.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,214

647

5960662.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

31,733

29,632

5961025.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

277

271

5961053.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

18,565

17,964

5961476.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

2,784

2,175

5961512.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

954

800

5961519.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

2,335

2,225

5961544.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

303

297

5961626.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

2,991

2,920

5961717.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,779

1,719

5961735.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,753

1,685

5961771.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

11,826

11,086

5961882.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,978

1,904

5961920.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

23,922

19,285

5962142.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

4,313

4,188

5962171.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

10,573

10,116

5962303.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

6,419

5,914

5962393.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

3,967

3,685

5962473.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

7,966

7,763

5962585.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

128

124

5962639.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

5,946

5,627

5962689.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,190

1,120

5962702.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

17,467

16,544

5963371.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

13,665

13,302

5963650.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

10,819

10,145

5963722.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

2,247

1,867

5963735.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

7,114

6,515

5963872.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

484

461

5964009.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

405

385

5964030.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,918

1,549

5964050.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,533

1,484

5964065.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

5,992

5,733

5964142.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

58,935

55,037

5964951.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,864

1,679

5964967.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

8,312

8,063

5965095.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

10,074

8,979

5965204.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

11,757

11,079

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5965394.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

$

4,341

$

4,193

5965480.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,192

5,836

5965565.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

6,056

5,784

5965612.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,648

888

5965640.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,891

7,391

5965714.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

14,639

13,992

5965858.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,456

1,397

5965875.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

871

827

5965888.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,185

6,861

5966004.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

34,219

25,473

5966438.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

4,774

4,377

5966517.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

19,091

18,250

5966893.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

228

214

5966913.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

3,093

2,979

5966951.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,820

1,764

5966970.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

13,657

13,170

5971088.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

4,910

3,912

5971156.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

36,547

34,824

5971548.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

6,108

5,873

5971656.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

12,279

9,130

5971834.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

2,448

2,351

5971902.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,143

989

5971922.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

692

658

5971953.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

2,966

2,783

5972193.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

4,862

3,053

5972257.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

5,846

5,348

5972318.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

3,729

3,599

5972346.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

7,475

6,715

5972465.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

489

471

5972484.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

27,832

25,829

5973010.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

374

361

5973011.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

28,586

27,349

5973413.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

4,886

2,731

5973438.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

17,879

17,041

5973590.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

9,895

9,392

5973733.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

8,420

8,057

5973810.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

5,092

4,776

5973834.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,246

1,142

5973888.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

742

724

5973933.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

5,531

5,353

5974000.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

11,023

10,611

5974110.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

828

697

5974130.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

2,518

2,413

5974178.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,101

1,075

5974198.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

21,989

21,345

5974867.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,586

1,337

5974884.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

14,879

13,526

5975072.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

2,764

2,621

5975118.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,045

1,020

5975193.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,320

4,188

5975277.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

5,793

5,626

5975492.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

6,331

6,048

5975637.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,636

4,397

5975742.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,141

3,862

5975852.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

5,914

5,726

5976041.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,440

1,380

5976074.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

8,273

7,914

5976305.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,471

4,179

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5976344.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

$

13,880

$

13,349

5976566.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

594

551

5976576.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

22,097

21,122

5976797.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

31,644

30,578

5977060.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

5,832

5,708

5977232.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

2,491

2,428

5977278.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

7,109

6,855

5977432.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

13,904

13,376

5977610.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

6,290

5,995

5977673.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

834

793

5977719.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

177

172

5977722.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,787

3,252

5977756.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

13,649

11,462

5977978.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

812

763

5978067.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

696

626

5978086.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

13,320

12,681

5978241.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

4,740

4,413

5978361.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

838

816

5978395.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

5,654

4,957

5978518.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

14,654

14,013

5979047.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

2,063

1,961

5979120.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

1,954

1,786

5979174.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

1,436

1,400

5979225.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

5,335

5,054

5979353.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

4,103

3,903

5979445.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

530

512

5979476.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

2,794

2,600

5979530.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

4,179

3,932

5979621.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

5,786

5,392

5979752.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

2,510

2,418

5979813.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

2,859

2,794

5979926.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

1,435

1,345

5979961.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

666

508

5979981.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

353

346

5980004.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

15,588

10,862

5980736.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

4,379

4,227

5980809.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

569

552

5980834.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

2,059

1,209

5980855.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

7,634

6,447

5980967.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

1,233

746

5980980.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

1,814

1,771

5981019.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

120

118

5981046.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

5,703

4,165

5981103.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

1,388

1,352

5981118.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

4,129

3,540

5981203.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

20,432

17,437

5982095.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

16,491

15,662

5983416.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

3,475

2,976

5983511.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,201

1,099

5983544.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

3,604

3,436

5983711.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

298

291

5983727.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

3,719

3,403

5983787.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

355

345

5983808.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

2,558

1,718

5983865.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

15,494

12,954

5984312.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,801

1,738

5984596.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

675

645

5984682.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

705

397

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5984705.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

$

26,186

$

25,172

5984873.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

5,166

4,886

5984944.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,875

2,724

5985004.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

468

429

5985033.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

4,286

4,122

5985085.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

6,202

3,827

5985149.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,606

2,392

5985182.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

859

814

5985195.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

34,763

33,319

5985756.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

14,269

10,767

5985876.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

8,746

7,475

5985929.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,436

1,400

5985942.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

14,912

14,302

5986057.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

47,736

44,273

5986409.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

455

431

5986413.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,347

1,298

5986436.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

6,127

5,818

5986479.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,164

3,073

5986514.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,118

3,021

5986609.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

6,939

6,668

5986689.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

6,009

5,615

5986730.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

811

652

5986737.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

655

620

5986742.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,023

1,643

5986777.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

5,633

5,479

5986839.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

23,837

22,674

5986992.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,900

1,848

5987020.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

210

206

5987058.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,752

1,701

5987095.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

823

722

5987281.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

379

358

5989440.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

4,400

4,229

5989477.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,025

2,955

5989546.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,846

1,709

5989556.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,826

1,730

5989581.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

2,262

2,166

5989592.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

22,378

20,340

5989761.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

203

199

5989771.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,248

1,153

5989789.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,064

824

5989814.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

7,494

7,233

5990049.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

4,231

4,130

5990187.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,847

3,650

5990243.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

5,180

4,942

5990349.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,448

3,298

5990408.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

12,219

11,629

5990620.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

8,315

7,986

5990718.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

74,596

60,420

5991348.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

2,020

1,943

5991352.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,147

1,086

5991364.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

2,934

2,843

5991501.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,416

1,176

5991535.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

4,018

3,679

5991556.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

988

937

5991559.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

8,088

5,758

5991665.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

5,109

4,331

5991719.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,244

3,160

5991781.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

5,176

4,823

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

63

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5991893.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

$

2,741

$

2,645

5991962.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

12,155

11,639

5992073.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,091

1,069

5992140.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,208

962

5992164.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

770

754

5992175.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,183

696

5992210.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

23,435

21,057

5992475.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,074

983

5992946.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

324

301

5993125.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

4,860

4,661

5993201.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,919

2,817

5993240.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

23,360

22,138

5993773.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,878

1,795

5993814.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

6,644

6,374

5993992.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

24,369

23,493

5994594.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

7,171

6,814

5994698.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,068

1,987

5994719.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

6,076

5,666

5994814.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

53,863

51,525

5995556.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,065

1,043

5995614.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

5,843

5,544

5995625.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

6,919

6,587

5995642.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

3,990

3,786

5995661.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

10,383

10,020

5995745.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,568

1,530

5995767.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

7,032

6,558

5995826.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,678

1,332

5995839.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

3,361

3,110

5995861.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

4,973

4,734

5995929.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,248

2,153

5995967.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

4,294

4,109

5996030.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,077

2,003

5996052.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,291

1,166

5996104.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,714

2,581

5996138.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

3,977

3,126

5996159.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,083

1,977

5996198.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

911

822

5996201.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

7,858

7,466

5996279.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

16,580

16,102

5996327.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

6,939

6,684

5996415.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

2,707

2,627

5996444.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

1,120

1,032

5996458.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

25,179

19,128

5996573.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

3,063

2,985

5996618.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

3,096

2,964

5996647.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

3,569

3,136

5996671.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

16,532

15,365

5996769.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

8,521

8,239

5996828.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

3,973

3,780

5996858.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

5,630

5,370

5996892.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

2,390

2,327

5996918.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

4,782

4,600

5996937.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

16,865

16,139

5997093.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

15,399

13,451

5997189.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

6,876

6,671

5997272.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,627

2,447

5997292.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

932

854

5997297.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

10,079

9,679

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5997392.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

$

1,149

$

1,112

5997398.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

4,000

3,822

5997442.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

3,145

2,839

5997484.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,694

2,309

5997500.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,421

2,308

5997527.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

5,348

5,102

5997569.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,092

1,052

5997595.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,829

1,737

5997613.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,164

1,093

5997621.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,364

1,276

5997641.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

15,841

15,018

5998014.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

3,023

2,859

5998066.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

2,740

2,638

5998187.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,047

886

5998208.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

21,294

20,264

5998598.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

6,634

6,420

5998676.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

3,180

2,737

6000099.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

5,725

5,532

6000204.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

324

316

6000206.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

5,393

5,123

6000271.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

802

760

6000275.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

6,823

6,578

6001427.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

4,971

4,767

6001531.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

4,565

4,403

6001579.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

5,827

5,464

6001625.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

279

260

6001627.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

389

357

6001639.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

6,122

5,803

6001752.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

18,483

17,732

6002115.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,572

1,522

6002191.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,675

1,635

6002205.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,290

1,832

6002262.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,583

1,549

6002305.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,852

3,636

6002691.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,215

3,050

6002753.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,206

3,097

6002821.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

14,495

13,857

6003010.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,924

1,472

6003035.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

40,734

38,605

6003496.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,679

1,627

6003539.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

49,472

47,724

6004372.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

971

947

6004389.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,709

1,638

6004423.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,157

1,120

6004445.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

54,804

45,229

6004717.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

24,043

23,105

6004957.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

6,443

6,099

6005126.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

11,850

11,219

6005453.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

7,408

7,168

6005659.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,819

1,745

6005712.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,581

2,404

6005761.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,214

952

6005771.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,296

1,194

6005795.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

3,328

2,575

6005828.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

4,924

4,737

6005933.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

747

706

6005945.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,712

1,564

6006074.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

3,846

2,524

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6006167.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

$

28,398

$

26,488

6006556.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

24,786

23,819

6006837.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

11,360

6,087

6006972.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,024

844

6006974.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,307

2,261

6007073.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

654

592

6007120.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

7,276

6,916

6007217.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

4,672

4,542

6007285.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,919

2,467

6007318.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

921

869

6007321.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,603

2,355

6007348.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

16,707

16,258

6007508.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,552

1,486

6007604.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

7,162

6,726

6007679.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,475

2,215

6007695.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

8,907

8,406

6009377.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

46,609

42,773

6009905.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

311

304

6009911.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

14,333

13,456

6010152.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

14,205

13,483

6010456.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

5,700

5,520

6010564.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

450

441

6010579.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,571

2,270

6010663.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,954

4,280

6010686.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,929

4,799

6010814.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

12,627

12,142

6010968.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

11,214

10,824

6011125.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,148

2,087

6011160.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,737

3,399

6011214.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,213

4,048

6011275.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,883

3,740

6011305.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,819

1,773

6011328.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

11,036

10,522

6011444.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,318

4,146

6011497.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,452

1,989

6011521.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

722

450

6011551.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

60,234

57,319

6011924.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,967

3,976

6011965.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,933

2,788

6011985.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

7,824

7,409

6012042.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,713

2,429

6012051.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

7,876

7,570

6012102.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

20,679

19,271

6012348.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,980

3,811

6012409.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

6,468

6,029

6012487.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

8,886

8,649

6012618.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

9,488

5,875

6012726.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,283

2,168

6012799.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

11,912

11,340

6012890.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,427

2,317

6012912.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

17,972

16,774

6013043.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,550

1,341

6013057.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

7,510

7,277

6013254.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,088

5,845

6013361.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

19,984

19,166

6013756.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,724

2,634

6013787.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

853

828

6013827.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

8,736

8,343

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6013996.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

$

2,441

$

2,343

6014043.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

3,099

2,731

6014086.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,493

5,970

6014176.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,153

933

6014188.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

11,234

10,711

6014249.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,048

1,009

6014276.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

46,188

42,533

6014648.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

7,533

7,033

6014769.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,488

1,432

6014790.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,318

6,018

6014841.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,015

5,603

6014884.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

3,636

3,486

6014932.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,487

1,430

6014944.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

4,412

4,239

6015012.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

11,981

11,539

6015166.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

46,683

44,743

6015613.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

14,917

14,435

6015895.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

608

593

6015911.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,037

997

6015922.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,918

2,323

6015940.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

6,127

5,863

6015967.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

7,549

7,220

6016010.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

8,489

8,219

6016088.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

10,037

9,599

6016164.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

3,885

3,639

6016187.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,145

2,009

6016248.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

447

439

6016264.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

7,044

6,688

6016316.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

5,927

5,642

6016357.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

7,167

5,854

6016412.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,145

1,079

6016437.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,109

1,067

6016448.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,496

2,402

6016488.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,693

1,626

6016508.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

9,762

9,408

6016577.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,036

1,955

6016597.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,849

2,743

6016618.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

1,705

1,473

6016634.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

10,307

9,814

6016747.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

675

620

6016754.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

19,764

16,943

6016880.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

3,192

2,830

6016912.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

20,221

15,777

6017007.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,522

2,426

6017021.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

5,638

5,388

6017059.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

15,551

14,470

6017408.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

2,987

2,886

6017422.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

3,487

3,305

6017519.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

939

882

6017526.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

844

824

6017546.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

4,143

3,738

6017671.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,218

1,048

6017704.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

5,547

5,324

6017854.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

15,065

13,867

6020160.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

29,746

28,671

6020766.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,753

1,327

6020776.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

3,297

3,135

6020853.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

3,405

2,941

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6020889.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

$

1,964

$

1,764

6020901.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

7,838

7,409

6020961.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

11,557

10,397

6021031.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

6,005

5,823

6021180.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,808

2,631

6021205.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

5,568

5,355

6021277.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

4,902

4,523

6021572.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,802

1,747

6021601.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

9,036

8,854

6022191.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

8,617

8,220

6022273.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,244

1,203

6022293.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,356

1,312

6022307.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

5,521

5,344

6022412.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,238

1,190

6022441.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

4,345

4,057

6022461.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

806

724

6022466.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

16,622

15,828

6022726.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

3,419

3,223

6022779.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,517

2,342

6022790.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

767

705

6022808.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

537

520

6022824.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

583

517

6022838.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

6,995

6,721

6022937.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

52,509

50,712

6023717.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

40,678

37,841

6024147.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,878

2,756

6024182.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

3,339

3,199

6024225.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

5,100

4,829

6024384.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

6,231

5,975

6024442.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

5,801

5,643

6024536.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,338

4,209

6024595.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

3,471

3,358

6024656.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,149

2,042

6024680.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,584

4,454

6024779.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

3,541

2,256

6024860.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,340

1,268

6024871.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,580

4,267

6024969.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,998

1,284

6025042.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

10,782

10,329

6025535.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,021

828

6025558.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

833

696

6025563.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

6,715

6,487

6025648.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

862

582

6025665.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

540

500

6025673.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

21,772

20,910

6025908.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

51,147

49,031

6026347.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

694

662

6026353.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,729

4,535

6026398.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,515

2,034

6026482.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,449

2,391

6026537.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

29,176

27,721

6026839.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

6,057

5,882

6026915.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,734

1,656

6026925.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

7,584

7,200

6026979.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

17,249

16,209

6027119.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

35,309

28,644

6027446.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,428

1,266

6029248.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

11,502

10,294

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6029424.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

$

13,023

$

12,463

6029580.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

15,116

14,587

6029772.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

3,217

3,065

6029827.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

461

438

6029869.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

26,033

25,136

6030375.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

8,476

7,796

6030495.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,557

1,413

6030515.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

8,643

8,324

6030645.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,361

1,299

6030686.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

5,427

5,215

6031767.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

994

956

6031827.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

447

426

6031890.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,488

2,389

6031936.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

7,320

7,039

6032055.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,574

4,352

6032090.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

8,454

8,071

6032149.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

14,188

13,091

6032302.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,342

1,282

6032312.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,279

4,079

6032362.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

412

402

6032372.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

30,230

28,158

6032568.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,540

1,504

6032594.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,377

4,246

6032640.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,278

4,064

6032665.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

25,724

22,311

6032901.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

25,489

24,742

6033124.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,445

1,405

6033262.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

664

630

6033308.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

5,891

5,648

6033376.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

24,860

24,223

6033766.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,735

1,684

6033788.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

12,470

11,907

6033984.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

5,992

5,738

6034065.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

24,936

23,751

6034780.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

7,958

7,586

6034937.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,172

2,073

6034996.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

7,923

6,926

6035132.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,045

1,471

6035165.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,170

1,058

6035186.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

945

917

6035208.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

512

476

6035211.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

501

483

6035358.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

15,091

14,102

6035602.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

5,617

5,469

6035687.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

15,540

14,674

6035822.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

20,741

17,476

6035955.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

584

563

6036706.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

3,094

2,956

6036730.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,767

1,707

6036744.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

7,715

7,031

6036798.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

9,736

8,136

6036889.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

3,663

3,472

6036935.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

267

261

6036964.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

15,222

14,032

6037072.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

13,725

13,224

6037171.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

1,505

1,463

6037187.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

17,785

17,062

6037303.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

22,992

21,856

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

66

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6037471.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

$

719

$

644

6037474.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

793

761

6037477.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

8,142

7,664

6037518.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

3,252

3,036

6037541.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

35,661

32,305

6037778.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

603

591

6037797.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

5,593

5,420

6037850.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,723

1,646

6037872.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

5,607

5,438

6037916.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

10,932

10,378

6038018.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

6,325

6,082

6038073.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

29,605

27,590

6038304.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,083

997

6038307.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

11,023

8,280

6038616.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

5,336

4,387

6038663.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

4,851

4,615

6038817.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

4,064

3,893

6038918.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

2,340

2,234

6038964.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

4,568

4,376

6039096.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

7,379

6,954

6039261.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

2,578

2,474

6039316.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

615

595

6039335.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

2,635

2,528

6039378.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,344

1,273

6039406.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,209

788

6041030.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

23,776

20,637

6041628.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

3,285

3,157

6041701.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

6,983

4,309

6041791.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

2,312

2,091

6041836.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

7,264

6,972

6041970.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,122

1,886

6041983.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

40,970

38,243

6042828.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

3,041

2,795

6042869.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

4,583

4,346

6042950.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

18,170

17,402

6043406.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,213

1,164

6043439.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,994

1,922

6043481.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,104

976

6043503.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

6,264

5,831

6043577.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

6,229

5,933

6043659.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,326

1,242

6043686.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

3,702

3,500

6043719.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

8,487

8,082

6043823.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

824

798

6043853.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,032

740

6043865.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

6,465

6,204

6043964.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

9,005

8,501

6044092.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

53,354

51,007

6044632.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

56,183

52,941

6045158.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,324

1,004

6045174.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

4,707

4,573

6045306.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,308

2,216

6045346.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

7,074

6,717

6045531.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,298

2,115

6045594.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

30,641

29,176

6045997.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

14,714

14,003

6046270.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,166

1,549

6046321.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,007

2,678

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6046375.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

$

3,176

$

2,427

6046403.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

5,137

4,909

6046453.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

865

830

6046463.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,213

1,133

6046484.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

6,889

6,564

6046561.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,997

4,804

6046663.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,728

4,536

6046715.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

497

476

6046727.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

5,388

5,170

6046776.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

12,272

11,820

6046961.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,554

4,331

6047020.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

9,930

9,373

6047198.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

16,111

15,456

6047353.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,402

3,234

6047382.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,764

3,611

6047410.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

837

813

6047441.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,009

893

6047443.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

9,915

9,441

6047527.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

442

404

6047533.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,957

2,752

6047559.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

8,511

8,036

6047612.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,094

1,024

6047635.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

5,328

5,073

6047690.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,493

1,406

6047714.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

9,770

9,303

6047820.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,157

2,067

6047837.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,258

3,103

6047891.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

77,420

66,515

6048369.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,637

1,793

6048400.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,062

1,474

6048429.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

10,854

9,823

6048520.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,908

1,832

6048564.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,350

1,722

6050878.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

10,133

9,444

6050998.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

13,529

12,860

6051092.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,797

2,555

6051129.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,466

6,876

6051212.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,555

3,385

6051266.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,760

7,448

6051389.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

19,498

18,579

6051791.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

9,227

8,782

6051951.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,171

2,074

6051987.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

6,798

6,210

6052126.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

44,081

41,907

6052702.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,649

4,205

6052796.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,674

1,579

6052829.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

935

895

6052849.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

8,796

8,335

6053001.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

10,437

9,453

6053074.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,023

1,908

6053084.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,169

3,924

6053129.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,735

3,617

6053242.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

11,265

10,735

6053522.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,757

5,527

6053668.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,959

5,623

6053744.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,229

4,977

6053795.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,069

3,873

6053874.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

10,089

9,601

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

67

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6053997.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

$

12,210

$

11,139

6054136.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,520

7,227

6054276.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,709

7,393

6054350.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

34,167

31,830

6054668.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,630

1,518

6054694.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

76,936

73,461

6056014.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

32,655

30,818

6056380.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

5,062

4,823

6056458.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

10,232

9,432

6056540.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,378

1,306

6056545.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

19,521

16,453

6056808.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

20,322

18,405

6057020.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

10,531

9,379

6057138.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

7,580

7,238

6057211.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

11,779

11,212

6057313.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,422

1,369

6057328.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

3,262

3,122

6057362.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,167

1,119

6057370.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,474

1,039

6057386.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

8,996

8,378

6057476.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

475

461

6057487.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

737

713

6057490.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,595

1,532

6057508.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

422

400

6057513.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

574

537

6057528.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,133

2,052

6057566.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

3,413

3,260

6057597.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

597

523

6057613.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,537

1,362

6057635.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

3,060

2,915

6057689.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

731

686

6057699.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

10,312

8,416

6057791.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

12,272

11,665

6057856.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

6,746

5,703

6057877.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

7,006

6,345

6057913.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

7,862

7,543

6058044.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,326

2,061

6058355.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,435

1,249

6058382.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,065

999

6058394.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

3,429

3,108

6058411.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

3,021

2,738

6058430.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

4,770

4,525

6058471.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

9,214

8,420

6058619.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

758

721

6058630.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,660

1,604

6058669.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

14,109

13,434

6058820.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

6,252

5,983

6058916.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

10,216

9,646

6059039.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,028

958

6059055.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

8,975

8,357

6059151.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

4,798

4,463

6059209.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

1,798

1,718

6059249.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

4,846

4,611

6059314.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

12,706

11,597

6059420.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

10,298

9,908

6059813.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

6,987

6,116

6059875.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

484

471

6060095.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,551

1,454

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6060119.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

$

1,094

$

995

6060147.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

16,071

15,478

6060861.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,392

1,298

6060894.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,331

1,241

6060944.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

12,121

11,515

6061453.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

10,712

10,193

6061656.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

2,374

2,269

6061708.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

3,615

3,490

6061863.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

9,014

8,662

6062168.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

2,946

2,805

6062226.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

19,243

17,155

6062383.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

12,530

11,986

6062536.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

7,506

5,788

6062586.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,831

1,742

6062602.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

14,785

14,121

6062856.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

8,441

8,023

6062959.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,324

921

6062963.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

7,270

6,990

6063053.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

3,528

2,450

6063093.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

3,406

3,264

6063137.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,103

1,027

6063290.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

402

386

6064114.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

5,315

5,098

6064174.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

71,945

68,789

6064603.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,856

1,683

6064621.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

19,496

18,618

6064726.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,539

1,487

6064734.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

14,426

12,283

6064850.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,088

1,957

6064881.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

14,152

13,309

6065028.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

10,181

9,784

6065601.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

20,128

19,167

6065870.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,312

4,096

6065919.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,628

1,539

6065936.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,059

1,001

6065954.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,625

2,476

6065996.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,033

1,966

6066079.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,302

2,160

6066142.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

19,245

18,284

6066313.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,154

1,099

6066329.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

6,206

5,928

6066392.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,451

3,842

6066430.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

28,144

26,926

6066715.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,359

1,303

6066738.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,202

4,013

6066772.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

6,463

6,150

6066841.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,161

1,114

6066897.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,630

1,556

6066918.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,041

1,915

6066955.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,304

4,060

6067036.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

501

480

6067079.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

672

617

6105817.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

6,434

6,085

6105868.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

5,101

4,850

6105927.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,977

1,883

6105938.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

22,301

21,361

6106159.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

76,138

65,772

6107220.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

4,254

4,045

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6107259.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

$

229

$

185

6107267.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

34,526

29,824

6108713.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

587

548

6108728.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

3,236

3,064

6109460.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

20,726

17,919

6112012.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

3,427

3,156

6112312.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

31,572

30,363

6120428.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

7,165

6,872

6120514.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

11,269

10,718

6120592.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,922

1,791

6120608.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,915

1,686

6120638.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

10,297

9,901

6120727.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

2,204

2,081

6120750.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,002

705

6120756.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,658

1,476

6120807.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

10,584

9,744

6120908.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

3,993

3,676

6120938.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

19,846

16,157

6120972.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,232

2,091

6121015.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

12,550

11,983

6121153.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

14,237

12,895

6121244.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

907

864

6121267.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

54,832

50,869

6121689.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

19,322

18,327

6122160.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,571

4,347

6122211.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

6,947

6,606

6122300.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

5,505

5,234

6122423.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

898

843

6122433.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

3,205

3,042

6122490.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

3,465

3,259

6122591.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

1,022

986

6122611.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

7,457

6,763

6122715.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

54,193

50,855

6123286.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

7,662

6,956

6123399.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

11,909

11,331

6123496.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

5,300

5,051

6123545.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,506

4,285

6123580.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

9,421

8,012

6123680.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

61,885

59,071

6124284.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,421

2,302

6124414.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,467

2,365

6124653.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,348

1,294

6124687.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

21,270

20,222

6124955.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

7,000

6,642

6125075.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

6,352

6,039

6125171.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

2,838

2,667

6125197.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

5,735

5,473

6125282.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,947

1,686

6125306.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

3,483

3,331

6125412.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

7,350

6,983

6125490.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

9,113

8,525

6125604.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

4,000

3,774

6125634.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

6,372

6,057

6125695.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

17,212

16,228

6125852.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

17,908

17,030

6126042.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

4,463

4,222

6126071.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

3,953

3,755

6126100.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

8,100

7,599

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6126162.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

$

6,838

$

6,501

6126221.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

732

668

6126232.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

3,976

3,640

6126259.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

3,232

3,085

6126281.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

9,426

8,176

6126348.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

2,790

2,628

6126363.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

5,323

4,402

6126401.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,771

1,684

6126416.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

5,207

3,722

6126455.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

17,952

17,157

6126608.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

7,928

7,082

6126676.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

35,298

33,685

6126999.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

1,906

1,579

6127003.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,626

2,507

6127025.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

1,136

1,090

6127037.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,094

2,935

6127060.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

7,846

7,447

6127124.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

7,630

7,239

6127192.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,429

2,922

6127227.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

5,330

5,070

6127261.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

572

537

6127268.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

748

686

6127273.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

5,740

4,313

6127330.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,078

1,972

6127350.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,159

2,055

6127374.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,574

1,730

6127385.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

6,241

5,981

6127431.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

1,123

960

6127456.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

510

493

6131276.SQ.FTS.B,

Zero

Cpn,

5/14/24

...

2,758

2,591

6131346.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

13,482

12,890

6131484.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,826

1,737

6131544.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

912

869

6131552.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

10,030

9,540

6131860.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

8,698

8,308

6131933.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,037

978

6131952.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

4,094

3,920

6132104.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

10,420

9,826

6132304.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

10,183

9,754

6132459.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

18,082

17,317

6132801.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

30,143

28,763

6133232.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

31,573

30,059

6133686.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

587

569

6133707.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

11,499

9,139

6133797.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

626

603

6133817.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,361

900

6133845.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

9,803

9,434

6134305.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

47,363

44,957

6134623.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

49,991

47,700

6134839.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

7,856

7,468

6134865.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

18,288

17,387

6135022.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

6,574

6,312

6135101.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

12,668

12,024

6135248.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

8,703

7,582

6135346.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

7,345

7,057

6135471.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

10,942

10,410

6135577.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

5,273

5,016

6135699.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

408

392

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

69

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6135702.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

$

1,758

$

1,678

6135709.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

32,546

30,935

6136070.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,873

2,741

6136113.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

10,192

9,737

6136255.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,888

1,812

6136300.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,261

1,202

6136322.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,624

1,557

6136339.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,137

1,085

6136349.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

661

623

6136357.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,863

1,305

6136375.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

7,767

7,382

6136481.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,731

3,375

6136552.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

14,995

14,262

6136712.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,459

3,089

6136771.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

22,114

21,034

6136924.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,844

4,625

6136959.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,528

4,153

6137004.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

8,882

8,445

6137076.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,770

4,496

6137107.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

25,293

24,166

6137296.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,385

4,113

6137336.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

18,315

17,037

6137489.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,361

4,147

6137520.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

985

907

6137535.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

23,592

22,109

6137611.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

885

850

6137633.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,785

2,649

6137663.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

881

840

6137703.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,236

1,066

6137742.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

932

884

6139559.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

16,725

15,586

6139642.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

15,035

14,286

6139718.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,856

1,783

6139733.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

18,133

17,107

6139899.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,396

5,121

6139927.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

18,200

17,216

6140062.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,742

5,412

6140136.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

645

592

6140154.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,717

1,617

6140179.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

16,273

15,369

6140483.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,025

2,874

6140551.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

12,709

12,075

6140836.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,332

1,254

6140865.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,040

2,910

6140944.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

873

832

6140955.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,627

3,461

6141010.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

11,045

10,589

6141314.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,028

2,906

6141331.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,877

3,684

6141382.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,127

4,872

6141442.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,158

2,994

6141502.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,055

4,796

6141598.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

9,211

8,851

6141802.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,653

1,183

6141840.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,698

3,374

6141876.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,686

1,514

6141891.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

20,484

17,502

6142103.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

10,342

9,863

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6142310.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

$

1,547

$

1,453

6142329.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,839

2,698

6142347.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

25,584

24,670

6142877.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

774

728

6142896.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,884

5,535

6143025.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

6,302

5,924

6143101.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,328

2,214

6143125.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

6,346

5,850

6143263.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

654

629

6143288.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,515

1,425

6143372.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

49,426

47,019

6143896.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

6,534

6,102

6144045.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,532

1,128

6144088.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

4,391

4,150

6144215.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

6,079

5,671

6144424.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

30,672

28,800

6144839.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

11,382

10,562

6145011.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

6,670

6,326

6145086.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

5,220

4,921

6145148.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

7,033

6,638

6145203.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

15,770

13,923

6145356.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,709

1,614

6145380.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

10,825

10,396

6145483.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

9,224

8,813

6145586.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

11,939

10,534

6145716.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

14,539

13,830

6145876.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,747

2,023

6145927.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,960

2,531

6145953.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

12,219

11,689

6146126.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,802

1,644

6146154.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

7,095

6,730

6146248.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

9,885

9,375

6146325.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

19,658

17,623

6146548.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

555

461

6146549.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

10,512

10,034

6146695.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

3,336

3,215

6146779.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

9,414

9,024

6146896.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

4,658

4,284

6146945.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

1,639

1,534

6146964.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

1,013

967

6146983.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

6,293

5,838

6147026.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

17,247

16,361

6147217.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

609

572

6147230.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

8,161

7,635

6147337.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

6,833

6,480

6147426.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

5,685

5,100

6147492.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

876

792

6147521.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

1,490

1,433

6147555.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

8,623

8,221

6147656.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

2,214

1,994

6147679.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

9,642

8,270

6147770.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

4,083

3,743

6147831.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

1,303

1,250

6147853.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

4,046

3,769

6147904.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

601

572

6147917.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

4,076

3,761

6147968.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

4,666

4,449

6148012.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

3,384

3,197

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

70

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6148056.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

$

31,712

$

30,345

6149301.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

16,696

14,323

6149689.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

6,284

5,999

6149785.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,629

1,560

6149841.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

7,317

6,821

6149956.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

6,829

6,518

6150045.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

3,820

3,603

6150098.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

580

547

6150109.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

3,671

3,507

6150165.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,742

1,639

6150201.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,110

1,057

6150212.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

4,508

4,329

6150337.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,616

2,438

6150365.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

5,246

4,537

6150428.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

18,398

17,673

6150725.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

785

747

6150742.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

6,657

4,961

6150877.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

14,899

14,154

6151073.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,246

1,123

6151112.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,263

2,180

6151184.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,500

2,146

6151232.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

979

864

6151236.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,632

1,550

6151254.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

50,013

46,625

6151796.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

941

895

6151807.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

3,818

3,620

6151834.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,812

1,717

6152831.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

37,011

35,279

6153090.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

11,895

11,303

6153219.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

5,268

4,726

6153275.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

4,663

4,448

6153346.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

4,077

3,863

6153391.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,196

3,013

6153445.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,382

3,090

6153478.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

8,377

7,940

6153575.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,792

3,402

6153645.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

24,413

23,356

6153972.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,436

2,327

6154028.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,570

2,318

6154042.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

35,919

29,811

6154403.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,074

1,031

6154428.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,741

2,634

6154495.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,086

1,049

6154525.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,773

2,634

6154559.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

82,494

70,814

6155562.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,325

2,202

6155591.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

715

669

6155603.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

21,086

20,099

6155706.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,762

3,574

6155725.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

18,726

17,979

6155859.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,453

3,256

6155893.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,786

2,082

6155918.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,132

2,053

6155930.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

9,003

6,863

6157428.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,549

3,304

6157464.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

4,632

4,392

6157474.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,285

2,171

6157489.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,066

942

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6157493.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

$

19,219

$

17,006

6157535.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

5,968

5,647

6157569.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

4,459

4,248

6157589.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

9,464

9,035

6157641.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,665

2,392

6157661.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,748

1,569

6157670.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,368

2,257

6157681.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,439

2,321

6157710.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

14,587

13,849

6157860.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,969

2,730

6157893.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

586

494

6157905.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,398

3,255

6157970.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

6,781

6,463

6158051.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

11,055

10,534

6158178.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,945

1,815

6158234.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

5,666

5,379

6158330.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,994

1,893

6158349.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

4,838

4,540

6158426.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

4,994

4,482

6158539.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,470

2,351

6158854.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

7,035

6,560

6158976.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,299

1,237

6159006.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

5,279

4,431

6159420.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

18,432

17,596

6159621.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

54,052

51,411

6160013.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

8,039

7,660

6160115.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

7,063

6,628

6160213.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

53,403

51,256

6160815.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

48,796

46,326

6161004.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

10,312

9,816

6161076.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

8,186

7,869

6161136.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

1,393

1,260

6161145.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

887

845

6161149.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

493

477

6161154.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

1,183

1,149

6161169.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

2,746

1,946

6161181.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

6,823

6,478

6161228.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

8,056

7,741

6161297.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

5,133

4,876

6161316.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

45,967

43,610

6161545.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

8,976

8,523

6161916.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,059

2,372

6161952.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,389

3,214

6162019.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

9,300

8,860

6162241.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

9,464

8,882

6162499.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,437

1,345

6162520.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

6,142

5,853

6162621.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

5,578

5,217

6162742.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

11,462

10,732

6162901.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,605

3,425

6162963.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

12,243

11,495

6163115.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

12,244

11,688

6163351.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

12,513

11,797

6163558.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,396

1,033

6163573.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,500

3,253

6163637.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,972

1,833

6163673.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

5,070

4,807

6163704.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,933

1,836

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

71

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6163736.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

$

659

$

586

6163740.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

7,094

6,760

6163820.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

5,888

5,583

6163875.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

5,906

5,566

6164012.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,991

1,897

6164110.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

4,449

4,196

6164186.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

2,902

2,766

6164285.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,078

1,031

6164310.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,746

3,577

6164424.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

4,113

3,314

6164486.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

12,979

12,333

6164800.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,829

1,716

6164813.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

2,295

2,187

6164849.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

4,655

4,418

6164887.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

21,825

20,718

6164991.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

2,053

1,975

6165015.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

16,772

16,133

6165145.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

2,437

2,304

6165157.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

9,916

9,446

6165229.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

732

705

6165237.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

8,709

8,281

6165295.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

14,573

13,496

6165396.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

4,501

4,324

6165420.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

11,248

10,648

6165497.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

22,086

20,972

6165646.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,566

3,231

6165672.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

1,650

1,554

6165678.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

4,581

3,475

6165705.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

4,357

4,136

6165727.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

4,457

4,224

6165762.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

5,540

5,260

6165798.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,530

3,378

6165818.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

17,214

16,220

6165912.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

4,867

4,619

6165938.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,485

2,320

6165956.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,008

1,936

6165971.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

1,899

1,709

6165977.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,975

2,785

6165997.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

6,074

5,764

6166228.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

3,071

2,918

6166264.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

3,294

3,128

6166335.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

32,101

30,466

6168644.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

5,221

5,010

6168722.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

8,952

8,465

6168927.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

41,757

39,582

6169494.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

3,238

3,131

6169562.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

2,352

2,230

6169587.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

6,879

5,234

6169658.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,291

2,187

6169746.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,039

905

6169766.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,797

2,695

6169835.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,595

3,449

6169978.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,236

2,953

6170049.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

7,888

7,546

6170250.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,575

1,477

6170286.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

24,348

22,295

6170777.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,596

5,271

6170891.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

6,773

6,449

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6170990.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

$

5,143

$

4,825

6171045.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

866

778

6171064.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,761

3,459

6171117.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

9,080

8,289

6171229.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,201

2,090

6171260.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,139

2,005

6171294.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,527

1,239

6171310.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,364

3,023

6171346.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,944

1,458

6171381.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

28,741

27,436

6171732.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

576

512

6171749.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,125

2,885

6171786.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,334

2,217

6171823.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

4,792

4,547

6171875.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,495

1,444

6171902.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

9,138

8,697

6171974.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

4,782

4,523

6172045.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,424

3,252

6172089.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,139

2,051

6172103.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

9,886

9,451

6172287.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

20,345

19,575

6172533.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,326

3,160

6172552.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

17,934

17,010

6172736.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

53,146

50,465

6173113.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

4,404

4,179

6173144.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,344

1,166

6173147.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

9,510

8,010

6173185.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,146

2,028

6173207.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,770

5,476

6173301.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

854

800

6173346.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,484

1,416

6173390.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,077

1,020

6173398.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,077

1,040

6173413.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,211

3,065

6173433.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

8,106

7,695

6173483.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,280

3,135

6173536.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

8,846

8,474

6173644.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

27,229

24,419

6173987.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

4,585

4,039

6174052.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,618

1,509

6174077.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,130

2,981

6174099.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,527

1,457

6174136.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,557

1,444

6174153.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

6,532

6,221

6174330.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,833

1,751

6174395.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,815

1,339

6174416.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,496

1,416

6174428.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,252

2,149

6174463.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

11,193

10,500

6174634.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

675

586

6174644.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,920

2,772

6174665.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,470

2,355

6174704.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,328

2,229

6174746.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

6,719

6,397

6174823.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

25,149

23,132

6175042.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

26,064

24,711

6175277.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,823

1,722

6175296.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,883

3,504

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6175348.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

$

70,696

$

67,106

6175891.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

51,996

49,159

6178370.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

57,677

54,645

6178990.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,836

4,592

6179171.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

6,547

6,233

6179370.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,660

3,471

6179503.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,885

1,793

6179556.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,228

3,035

6179623.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,491

4,168

6179723.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

17,236

16,347

6179908.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,889

2,215

6179958.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,388

4,171

6179999.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,897

3,712

6180061.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

784

745

6180067.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

9,614

9,120

6180164.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,151

2,886

6180181.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,928

2,779

6180212.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

5,091

4,830

6180254.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

11,949

11,383

6180482.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

13,957

13,183

6180657.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,438

1,365

6180663.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

19,486

18,585

6180890.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,945

1,869

6180897.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,821

3,518

6180929.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,698

2,590

6180967.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

28,816

27,224

6181281.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,498

2,348

6181329.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,417

2,206

6181344.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

5,970

5,626

6181401.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,124

1,074

6181414.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,696

3,336

6181421.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

6,099

5,850

6181479.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,570

2,447

6181485.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

28,511

27,343

6181969.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

27,450

23,215

6182221.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

4,528

4,134

6182309.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

4,803

4,555

6182359.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

5,108

4,790

6182473.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

12,184

11,640

6182768.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

28,279

26,924

6183417.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

767

743

6183450.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

15,320

13,268

6183669.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

14,425

13,677

6183824.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,206

1,145

6183857.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,531

1,409

6183874.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,136

1,085

6183889.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

27,118

25,743

6184622.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,804

2,697

6184697.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

14,576

13,878

6184876.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

8,898

7,850

6184984.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

13,611

12,957

6185158.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

139

132

6185162.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

3,020

2,865

6185182.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

51,569

48,944

6185658.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,086

975

6185675.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

4,327

4,106

6185694.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

17,415

16,202

6185723.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

4,273

4,065

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6185788.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

$

10,457

$

9,917

6185855.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

5,462

4,320

6185898.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

4,168

3,681

6185944.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

15,497

14,697

6186103.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

1,707

1,654

6186156.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

2,868

2,720

6186197.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

3,079

2,968

6186244.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

2,304

2,178

6186280.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

24,512

23,476

6186637.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,526

2,253

6186659.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,613

2,503

6186700.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

1,208

1,158

6186721.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

1,283

1,212

6186726.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

4,225

4,009

6186773.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

6,135

5,764

6186836.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

7,252

5,946

6186941.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

4,179

3,965

6186999.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

5,509

4,254

6187069.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,052

1,956

6187090.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

7,790

7,318

6187189.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

3,934

3,769

6187243.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

9,263

8,783

6187336.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

23,386

21,509

6188618.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

6,755

6,408

6188752.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

3,074

2,915

6188810.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

28,340

24,069

6189311.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,350

1,173

6189329.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

53,359

49,375

6190102.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,861

1,586

6190157.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

530

511

6190163.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

487

453

6190165.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

2,945

2,822

6190213.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

2,498

2,052

6190254.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

21,164

20,295

6190783.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,132

821

6190797.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

2,549

2,368

6190859.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

2,235

2,067

6190889.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

6,025

5,713

6190985.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

20,203

19,158

6191151.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

11,118

10,544

6191317.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,029

3,820

6191394.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

2,190

1,883

6191418.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

35,164

33,462

6192019.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,795

1,686

6192067.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

902

671

6192084.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

837

645

6192099.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,492

1,380

6192133.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

6,999

6,498

6192283.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

5,084

4,826

6192415.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

6,505

6,235

6192538.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

10,826

10,282

6192696.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,926

1,835

6192723.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,671

1,285

6192730.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

68,265

64,455

6193866.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

44,968

42,637

6194703.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,146

1,096

6194715.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,547

3,261

6194735.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

2,732

2,595

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

73

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6194754.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

$

3,183

$

2,990

6194770.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

14,585

13,483

6194832.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

20,990

19,901

6195042.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,993

3,786

6195067.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

35,385

33,480

6195469.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,579

3,784

6195533.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

829

612

6195557.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

13,112

12,388

6195687.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

8,425

7,156

6195754.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

29,660

28,035

6196276.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,152

1,102

6196302.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

3,286

3,145

6196374.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

7,429

7,046

6196500.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

7,063

6,672

6196554.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

9,613

8,833

6196628.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

8,379

7,548

6196734.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,371

1,250

6196764.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,722

1,655

6196818.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

6,979

6,619

6196936.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,232

1,081

6196940.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

3,886

3,684

6197006.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

11,618

10,895

6199424.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

3,854

3,664

6199760.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

46,196

43,601

6200086.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

33,781

31,703

6200440.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

9,033

8,610

6200596.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,665

1,563

6200609.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,804

1,394

6200631.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

1,197

933

6200641.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,319

2,017

6200672.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

9,664

8,833

6200834.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

19,663

18,655

6202752.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,069

999

6202799.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

5,267

5,052

6202866.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,372

1,287

6202896.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,412

1,263

6202908.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

4,472

4,038

6202946.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,507

1,377

6202991.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

10,525

8,650

6203100.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

24,931

23,555

6203181.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

41,396

39,095

6203333.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,541

2,421

6203355.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

900

830

6203362.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

49,968

47,139

6204171.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,951

1,849

6204228.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

6,416

6,121

6204357.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

37,442

33,226

6204748.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

3,157

2,885

6204820.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,410

1,995

6204876.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

36,819

32,673

6205355.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

21,249

20,253

6205761.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,658

1,594

6205792.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

328

318

6205796.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,488

1,114

6205858.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

10,364

8,638

6206030.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

5,309

5,049

6206112.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

4,082

3,870

6206170.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

757

697

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6206177.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

$

5,776

$

5,581

6206242.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

5,633

5,221

6206325.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

36,357

34,441

6206428.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

12,787

12,118

6206617.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,203

1,145

6206628.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

8,411

8,000

6206729.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

7,920

7,504

6206838.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

5,098

4,843

6206931.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,841

1,694

6206955.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

19,585

18,717

6207369.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

2,375

2,179

6207402.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

18,802

17,817

6207836.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

689

662

6207861.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

37,929

28,067

6208274.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

55,941

53,473

6208894.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

6,952

6,567

6208972.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

7,726

7,323

6209045.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

473

452

6209054.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

12,563

11,775

6209217.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

50,250

47,648

6209701.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

6,984

6,608

6209779.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

9,289

7,004

6209863.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

2,131

2,008

6209884.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

6,138

5,544

6209925.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

1,559

1,455

6209940.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

1,873

1,765

6209971.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

5,025

4,705

6210022.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

14,983

14,362

6210226.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

1,093

1,046

6210233.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

1,321

1,185

6210260.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

411

398

6210266.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

4,324

4,075

6210327.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

2,910

2,775

6210365.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

17,825

17,077

6210632.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

3,668

2,772

6210677.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

4,031

3,833

6210738.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

25,967

24,573

6211058.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

1,430

1,352

6211080.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

14,365

13,609

6211470.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

7,153

6,767

6211657.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

17,075

15,930

6212151.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,184

2,081

6212231.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

5,767

5,464

6212386.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

4,323

4,093

6212509.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,271

2,164

6212563.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,763

2,637

6212601.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

24,157

22,793

6213059.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

5,317

5,015

6213146.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,408

2,229

6213199.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,407

1,324

6213242.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,106

1,961

6213281.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,553

1,177

6213304.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

3,991

3,787

6213350.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

3,174

2,961

6213383.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

3,241

3,082

6213422.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

6,473

6,132

6213515.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

9,941

9,409

6213638.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,688

1,595

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

74

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6213656.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

$

5,143

$

4,067

6213725.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

6,299

5,979

6213794.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

5,271

4,585

6213875.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

7,960

7,650

6214034.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

26,105

24,751

6214394.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

3,943

3,735

6214438.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

988

935

6214456.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

11,735

11,122

6214633.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,442

1,377

6214651.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

59,747

56,619

6214923.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

4,778

4,472

6214958.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

10,301

9,846

6215032.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

8,815

8,244

6215164.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

7,853

7,099

6215213.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

665

637

6215215.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

80,945

76,589

6216350.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

4,687

4,448

6216442.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

6,160

5,780

6216579.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,037

940

6216601.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,231

3,077

6216641.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

24,040

22,934

6216993.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

6,387

5,986

6217064.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

11,589

10,920

6217183.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,430

1,340

6217197.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

80,496

76,270

6217865.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

51,630

48,766

6218166.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

48,261

46,046

6218970.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

5,735

5,504

6219118.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

9,168

8,778

6219277.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

4,555

4,124

6219730.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

18,306

17,528

6220076.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

3,895

3,398

6220117.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

796

702

6220131.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

50,875

48,013

6220614.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

11,007

10,503

6220695.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

47,520

45,261

6221174.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

7,937

7,518

6221216.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

6,293

5,975

6221298.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

5,741

5,428

6221336.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

24,094

22,600

6221570.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

16,239

15,323

6223645.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

5,955

5,663

6223791.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

5,967

5,653

6223854.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

6,566

5,659

6224598.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,354

3,155

6224651.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

1,825

1,612

6224683.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

7,054

5,398

6224797.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

18,013

17,054

6225138.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

1,127

1,045

6225147.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

9,026

8,547

6225285.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

6,006

5,577

6225427.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

12,336

11,314

6225623.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

1,668

1,556

6225651.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

6,052

5,731

6225760.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

51,812

49,172

6226446.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

10,596

10,041

6226503.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

17,307

16,331

6226721.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,776

3,608

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6226809.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

$

15,173

$

14,382

6226978.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

2,422

2,306

6227061.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

7,641

7,209

6227138.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,174

1,120

6227156.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,131

999

6227165.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

741

694

6227170.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

2,016

1,738

6227211.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

8,226

7,789

6227347.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

2,572

2,430

6227432.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

7,988

7,329

6227620.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

9,544

7,618

6227702.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

5,981

5,428

6227804.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,019

2,853

6227841.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,051

2,819

6227879.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

7,352

7,028

6228008.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,689

3,393

6228049.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

12,375

11,633

6228263.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

8,596

8,110

6228415.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

5,427

5,104

6228503.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

17,745

16,745

6228842.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

770

672

6228852.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

549

509

6228859.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

7,328

6,938

6229047.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,110

2,932

6229080.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

9,245

8,753

6229129.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

58,816

52,458

6234360.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,059

2,881

6234384.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

5,941

4,743

6234441.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

10,809

9,788

6234555.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,955

1,850

6234577.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

24,052

22,770

6234915.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

6,328

6,083

6234964.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

496

477

6234992.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

12,417

11,755

6235102.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

1,860

1,780

6235119.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

1,117

1,073

6235130.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

3,644

3,485

6235160.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

6,860

6,426

6235217.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

3,597

3,102

6235237.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

12,230

10,753

6235328.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

6,128

5,763

6235374.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

16,287

15,477

6235489.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

21,649

20,428

6235701.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

8,330

7,876

6235761.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

4,710

4,483

6235797.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

5,020

4,136

6235824.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

2,248

2,033

6235843.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

19,997

19,085

6236009.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

7,469

7,071

6236068.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

21,068

17,766

6236218.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

12,960

12,269

6236308.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

2,267

1,983

6236331.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

10,733

10,160

6236408.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

1,905

1,724

6236427.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

10,682

10,147

6236513.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

1,386

1,311

6236539.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

19,860

18,799

6236717.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

2,137

1,815

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

75

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6236739.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

$

7,883

$

7,363

6237052.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,350

2,216

6237092.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

481

465

6237118.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

5,465

5,189

6237318.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,183

2,074

6237359.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,576

3,367

6237464.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

4,120

3,880

6237557.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,085

1,991

6237605.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

990

948

6237640.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

5,586

5,237

6237774.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,647

1,581

6237803.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

5,247

5,035

6237922.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,197

2,965

6237968.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,812

1,703

6238000.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,544

1,459

6238048.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,554

1,468

6238068.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

10,723

10,126

6238258.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

10,934

10,390

6238472.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

5,154

4,924

6238554.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

10,438

9,720

6238700.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,402

1,295

6238744.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,274

1,077

6238757.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,562

3,348

6238815.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

34,537

32,390

6239434.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

406

386

6239452.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

8,644

8,182

6239533.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

6,587

5,986

6239610.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,329

2,189

6239632.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

960

895

6239643.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

21,818

20,847

6239939.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

11,399

10,749

6240085.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,450

2,255

6240119.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,400

1,337

6240141.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

778

742

6240143.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

8,729

8,231

6240208.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

6,882

6,337

6240317.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

14,847

14,020

6240461.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,471

1,363

6240483.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

19,659

18,110

6240727.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

29,686

28,299

6240973.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

25,501

24,051

6241290.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

6,707

6,417

6241424.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,328

2,191

6241486.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,835

1,525

6241523.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

4,464

4,225

6241607.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,378

2,027

6241640.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

6,159

5,883

6241717.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

3,585

3,385

6241758.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,158

2,031

6241782.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

4,868

4,625

6241838.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

16,748

13,539

6241994.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

5,009

4,769

6242026.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,898

1,577

6242045.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

36,479

34,547

6242397.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,968

1,787

6242415.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

31,419

29,853

6242677.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

33,288

31,701

6243054.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,766

2,648

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6243087.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

$

8,456

$

8,173

6243216.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

13,214

12,464

6243323.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

644

611

6243330.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,460

1,341

6243340.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

11,013

10,423

6243470.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

823

744

6243483.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

4,061

3,671

6243528.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

18,306

17,481

6243689.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

3,468

3,329

6243771.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,753

2,561

6243803.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,074

1,924

6243822.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

23,752

22,404

6244032.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,446

1,366

6244041.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,184

2,008

6244049.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

9,443

8,936

6244081.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,512

1,447

6244129.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

44,446

42,275

6244810.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,025

3,809

6244848.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

3,047

2,895

6244887.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,624

4,335

6244924.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,177

1,814

6244948.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,134

1,080

6244975.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,235

3,752

6245007.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

5,067

4,604

6245050.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

7,657

7,273

6245148.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

11,365

10,883

6245296.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

80,101

76,479

6245977.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

509

484

6245981.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

8,844

8,300

6246041.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

31,858

30,047

6246195.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

11,381

10,814

6246292.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

58,326

55,030

6248717.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

19,812

18,244

6248864.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

12,047

11,459

6248904.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,014

4,761

6249326.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

17,091

16,012

6249598.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,418

1,346

6249623.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,345

2,210

6249640.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,003

1,911

6249668.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

16,671

15,772

6249869.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,100

1,987

6249901.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,929

3,630

6249933.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

9,778

9,381

6250117.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

4,517

3,680

6250165.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,653

1,580

6250187.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,230

4,949

6250257.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,431

3,118

6250307.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

6,257

5,922

6250370.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

11,303

10,579

6250491.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

4,457

4,236

6250592.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,255

4,973

6250678.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

6,059

5,764

6250786.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,363

5,050

6250833.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,223

4,685

6250884.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

12,888

12,340

6250983.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

21,715

19,231

6251253.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,957

5,487

6251321.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

16,453

15,538

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

76

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6251584.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

$

2,187

$

1,993

6251637.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

15,259

14,401

6251808.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

25,452

24,073

6252047.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

21,469

19,728

6252168.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

10,411

9,858

6252438.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

4,879

4,566

6252495.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

32,935

30,276

6252835.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

7,353

6,954

6252928.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

11,111

10,210

6253095.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

13,078

12,384

6253254.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

3,905

3,727

6253322.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

19,635

18,524

6253534.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

8,335

7,819

6253588.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

11,513

10,893

6253727.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

7,898

7,380

6253833.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

39,277

37,147

6254273.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

16,013

15,305

6254431.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

7,760

7,339

6254570.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

10,175

9,603

6254727.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

1,142

1,084

6254742.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

51,704

48,362

6255001.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

26,702

25,064

6255232.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

868

826

6255247.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

3,836

3,663

6255283.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

3,138

2,969

6255303.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

6,028

5,700

6255357.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,589

1,394

6255368.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,067

1,932

6255377.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

4,016

3,632

6255416.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

19,577

17,588

6255542.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

670

625

6255552.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

3,962

3,760

6255577.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

3,809

3,639

6255617.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

5,232

4,563

6255649.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

1,596

1,476

6255656.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

16,467

15,571

6255805.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

1,299

1,232

6255832.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

2,841

2,680

6255853.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

6,572

5,742

6255909.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

1,011

916

6255918.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

8,113

7,655

6255981.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

2,432

2,078

6255997.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

1,457

1,277

6256008.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

16,903

15,984

6256121.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,508

2,383

6256139.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

1,580

1,466

6256148.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

11,232

10,545

6256236.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

9,387

8,878

6256316.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

3,008

2,864

6256335.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

869

829

6256347.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

904

864

6256361.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,049

1,887

6256373.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,747

2,597

6256384.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

23,342

20,986

6256511.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

21,999

20,822

6256670.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

1,629

1,525

6256691.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

3,261

2,954

6256721.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

1,015

956

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6256728.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

$

1,221

$

1,133

6256740.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,121

1,925

6256753.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

4,812

4,578

6256791.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

6,922

6,568

6256848.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

18,416

17,419

6257098.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,378

1,326

6257106.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

10,103

9,593

6257326.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

46,755

44,222

6258122.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

11,380

10,766

6258213.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,348

1,294

6258244.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

46,212

43,945

6258680.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

980

903

6258697.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,549

1,278

6258721.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,961

1,774

6258746.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,924

1,845

6258767.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

52,399

50,056

6259224.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

49,117

46,605

6259726.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,112

1,062

6259771.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

20,568

18,964

6259904.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

816

765

6259919.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

3,994

3,755

6260133.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

2,095

1,962

6260192.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

13,069

12,206

6260233.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

33,153

31,056

6260361.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

10,154

9,539

6260506.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

27,144

25,336

6260925.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

14,044

13,088

6261029.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

2,586

2,429

6261070.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

36,159

33,852

6261373.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

20,691

19,436

6261563.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,589

1,468

6261576.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

519

463

6261583.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

10,806

10,052

6261636.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

8,943

8,374

6261666.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,982

1,791

6261670.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

13,163

12,367

6261747.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

10,548

9,789

6261807.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

10,843

9,908

6261880.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

105,870

99,468

6262497.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

8,875

8,313

6262558.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

7,739

7,149

6262613.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,102

1,015

6262632.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

7,107

6,601

6265075.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

2,560

2,358

6265126.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

2,598

2,385

6265139.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

2,897

2,697

6265146.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

3,751

3,482

6265155.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

10,497

9,680

6265265.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

2,350

2,130

6265294.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

11,596

10,770

6265321.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

50,440

46,603

6265932.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

4,555

4,229

6266043.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

677

630

6266047.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

7,752

7,194

6266129.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

15,982

14,827

6266305.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

12,645

11,759

6266429.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

2,066

1,940

6266462.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

750

695

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

77

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6266463.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

$

15,526

$

14,577

6266683.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

85,944

79,371

6267698.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

14,533

13,300

6267922.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

5,780

5,404

6267958.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

5,549

5,101

6268002.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

6,202

5,735

6268033.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

9,434

8,733

6268091.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

42,590

39,431

6268128.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,183

2,955

6268181.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

13,463

12,525

6268444.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

5,371

4,960

6268562.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

639

600

6268566.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

5,921

5,528

6268655.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,503

1,388

6268677.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

9,187

8,601

6268899.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,287

1,193

6268913.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

4,113

3,822

6268996.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,831

6,321

6269131.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

51,431

48,285

6269919.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

871

806

6269933.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,564

3,311

6269972.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

26,984

25,344

6270448.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,229

3,015

6270456.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

835

769

6270473.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,330

3,065

6270529.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,855

1,725

6270582.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

9,202

8,507

6270706.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

15,046

14,130

6270822.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,589

6,076

6270876.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,140

5,711

6270933.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

19,809

18,345

6271056.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,990

1,836

6271065.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

16,151

15,076

6271190.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

822

741

6271196.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

8,340

7,827

6271267.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

660

603

6271274.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

1,378

1,276

6271283.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

4,216

3,945

6271327.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

788

720

6271338.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

1,743

1,610

6271350.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

12,960

12,099

6271437.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

1,372

1,259

6271445.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

35,288

32,549

6271712.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

18,260

16,845

6271872.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

26,116

24,361

6272071.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,663

1,527

6272091.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

4,775

4,470

6272108.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

10,466

9,824

6272162.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

3,048

2,844

6272180.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

6,080

5,641

6272223.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,966

1,804

6272241.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

4,455

4,183

6272267.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

106,639

99,339

6273334.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

882

817

6273365.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

41,989

39,173

6274001.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

9,584

8,946

6274063.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

2,734

2,566

6274084.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

3,586

3,213

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6274141.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

$

9,819

$

9,101

6274238.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

42,370

39,368

6274675.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

6,511

5,976

6274757.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

34,399

31,787

6275081.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

50,312

46,788

6275569.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

23,455

21,610

6275849.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

43,392

40,637

6276359.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

11,861

11,035

6276535.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

2,945

2,694

6276631.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

4,007

3,740

6276701.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

2,626

2,443

6276763.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

8,064

7,501

6276872.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

522

484

6276874.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

4,214

3,893

6276932.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

26,852

25,134

6277188.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

5,587

5,166

6277246.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

2,463

2,268

6277279.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

14,515

13,489

6277404.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

4,921

4,619

6277480.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

2,205

2,051

6277501.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

1,872

1,723

6277528.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

59,764

55,701

6278058.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

12,140

11,399

6278166.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

20,021

18,593

6278372.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

43,480

40,565

6279862.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

19,957

18,470

6280040.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

7,699

7,203

6280119.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

6,949

6,410

6280187.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

3,077

2,825

6280212.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

42,268

39,533

6280574.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

2,122

1,973

6280608.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

2,248

2,069

6280657.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

7,380

6,775

6280779.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

7,353

6,750

6280869.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

7,343

6,801

6280951.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

23,945

22,248

6281158.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

109,107

101,326

6282078.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,818

1,681

6282086.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,567

1,463

6282110.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

21,728

20,399

6282247.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,581

1,467

6282272.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

707

650

6282285.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

3,245

3,004

6282340.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,321

1,214

6282365.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

46,109

43,270

6282806.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

8,432

7,861

6282931.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

419

385

6282932.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

3,365

3,112

6282944.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,936

1,777

6282948.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

2,486

2,282

6282969.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

34,005

31,610

6283126.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

35,184

32,629

6283474.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

2,542

2,356

6283511.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,091

1,004

6283515.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

4,071

3,774

6283561.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

6,012

5,567

6283638.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

5,572

5,174

6283793.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

13,466

12,630

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6284075.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

$

796

$

747

6284087.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

23,520

21,993

6284249.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

45,921

42,512

6284704.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

15,744

14,515

6284839.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

2,768

2,575

6284860.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

833

771

6284870.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

15,052

14,080

6285031.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,448

1,334

6285052.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

103,420

96,722

6285816.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

102,726

95,833

6286530.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

1,083

1,016

6286541.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

4,710

4,355

6286581.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

12,477

11,609

6286798.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

5,852

5,444

6286967.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,536

2,366

6287005.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,129

1,040

6287026.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,172

2,032

6287076.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

16,630

15,339

6287495.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

8,556

8,027

6287618.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

34,498

32,268

6288005.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

8,111

7,525

6288106.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

7,012

6,539

6288212.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

9,873

9,206

6288309.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

10,666

9,912

6288398.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

7,593

7,124

6288461.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

46,306

43,163

6288724.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

22,708

20,844

6288968.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,671

1,537

6288972.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

18,057

16,709

6289101.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,524

2,331

6289126.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,408

1,304

6289142.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

6,476

5,962

6289202.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

9,280

8,709

6289285.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

6,525

6,124

6289373.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,334

2,146

6289390.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

36,495

33,881

6289495.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

15,882

14,854

6289638.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

31,362

28,943

6289912.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

14,829

13,913

6290043.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,152

1,988

6290073.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

10,172

9,551

6290212.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

11,484

10,688

6290401.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

10,148

9,520

6290530.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,450

4,150

6290598.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

32,341

30,341

6290930.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

6,463

5,993

6290969.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,563

4,266

6291009.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

8,968

8,413

6291067.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,859

1,733

6291078.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

34,859

32,241

6291341.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,211

3,012

6291374.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

12,835

12,040

6291486.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

13,029

12,059

6291569.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,022

937

6291577.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

789

728

6291578.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

11,383

10,678

6291702.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

9,725

9,124

6291843.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

21,457

20,066

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6292028.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

$

19,850

$

18,382

6292274.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

89,541

83,432

6293418.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

23,785

22,089

6293554.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

13,223

12,272

6293641.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

6,699

6,207

6293751.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

21,140

19,699

6293949.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

1,571

1,468

6293963.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

10,094

9,439

6294021.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

102,481

94,991

6297772.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

9,397

8,636

6297951.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

63,741

59,574

6299081.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

905

833

6299118.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

5,849

5,408

6299231.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

4,205

3,889

6299302.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

54,169

50,628

6300054.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

7,725

7,222

6300193.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

27,307

25,121

6300581.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

4,251

3,987

6300719.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

30,358

28,462

6301140.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,051

971

6301156.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

4,643

4,262

6301188.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,326

3,060

6301243.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,422

1,333

6301266.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

56,398

52,467

6302033.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

13,414

12,454

6302250.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,316

1,209

6302279.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

14,338

13,444

6302602.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

5,643

5,218

6302656.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

4,944

4,573

6302702.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

2,688

2,490

6302745.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

2,315

2,148

6302766.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

11,052

10,122

6302866.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

5,038

4,655

6302938.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

554

514

6302943.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,415

1,300

6302961.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,736

1,595

6302977.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

8,292

7,661

6303108.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

19,012

17,663

6303276.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

8,962

8,376

6303349.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

9,984

9,359

6303407.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

7,397

6,912

6303448.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

21,293

19,838

6303578.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

16,694

15,559

6303667.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

3,566

3,334

6303681.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

629

584

6303685.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

38,888

36,251

6303864.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

16,783

15,486

6303939.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

11,117

10,422

6303999.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

3,461

3,218

6304010.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

20,606

19,074

6304069.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

1,941

1,820

6304080.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

2,320

2,122

6304097.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

11,661

10,772

6304147.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

4,375

4,076

6304171.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

1,177

1,088

6304176.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

32,577

30,440

6304347.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

22,489

20,709

6304488.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

1,169

1,079

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6304502.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

$

19,481

$

18,014

6304658.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

4,090

3,747

6304677.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

27,412

25,383

6304870.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

32,909

30,847

6305129.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

7,227

6,667

6305181.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

7,227

6,754

6305217.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

12,268

11,503

6305291.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

2,169

2,020

6305304.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

16,331

15,151

6305409.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

8,243

7,728

6305441.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

8,518

7,986

6305505.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

12,862

12,022

6305570.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,616

1,416

6305624.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

18,862

17,556

6305766.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

6,239

5,849

6305807.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

2,395

2,221

6305828.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,776

1,640

6305901.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

7,017

6,482

6305985.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,655

1,547

6305994.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

18,764

17,593

6306228.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

10,455

9,716

6306477.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,568

1,454

6306494.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

23,285

21,699

6306747.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

5,338

4,949

6306828.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

11,042

10,211

6306977.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,572

2,376

6306997.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

3,205

2,958

6307006.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

37,181

34,413

6307596.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

38,405

36,006

6307908.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

5,492

5,132

6307949.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

3,893

3,650

6308011.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

12,340

11,503

6308135.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,574

1,448

6308161.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

13,365

12,376

6308277.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,797

2,596

6308299.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

15,109

14,168

6308429.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

6,904

6,371

6308505.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

9,851

9,234

6308611.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

20,373

18,892

6308725.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

9,717

8,985

6308849.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

6,072

5,644

6308913.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

5,836

5,385

6308976.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,442

3,169

6309024.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

953

875

6309043.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

6,540

6,081

6309207.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

12,848

11,927

6309422.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,871

1,720

6309447.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

28,899

26,919

6309799.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,732

2,545

6309845.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

5,408

4,982

6309897.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,147

2,900

6309929.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,102

1,016

6309956.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,230

2,053

6309981.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,504

2,329

6309987.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,699

2,486

6310012.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

7,475

6,949

6310074.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

15,564

14,443

6310212.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

12,724

11,692

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6310378.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

$

39,044

$

36,499

6310692.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

5,561

5,145

6310752.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

800

739

6310754.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

9,264

8,518

6310796.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

7,106

6,587

6310821.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

16,078

14,768

6310895.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

26,195

24,171

6310988.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

44,725

41,656

6313192.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

112,850

105,140

6314510.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

1,660

1,556

6314524.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

13,969

12,988

6314730.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

6,687

6,153

6314771.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

15,103

14,154

6314884.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

8,933

8,287

6314964.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

787

733

6314969.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

6,124

5,652

6315031.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

11,257

10,550

6315256.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

4,231

3,915

6315381.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

5,391

5,052

6315476.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

14,099

13,124

6315790.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

15,954

14,953

6316163.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

90,978

84,550

6317824.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

3,229

2,987

6317841.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

6,979

6,541

6317947.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

10,120

9,420

6318048.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

17,237

15,968

6318267.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

2,810

2,617

6318325.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

1,122

1,034

6318340.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

2,628

2,420

6318353.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

3,109

2,889

6318378.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

107,998

100,574

6318972.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

11,253

10,353

6319058.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

655

611

6319060.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

14,647

13,725

6319126.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

5,845

5,396

6319160.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

6,473

6,028

6319194.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,566

2,396

6319207.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

35,354

32,694

6319419.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

8,441

7,741

6319487.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

28,989

27,077

6319630.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

4,975

4,585

6319653.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

7,136

6,620

6319699.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

707

652

6319711.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,174

1,079

6319714.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

7,358

6,896

6319744.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,826

2,648

6319764.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

13,173

12,122

6319833.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

4,518

4,162

6319872.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

4,850

4,498

6319900.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,769

2,545

6319919.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

3,407

3,181

6319933.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

19,462

18,008

6320071.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

2,159

1,986

6320082.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

4,447

4,106

6320125.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

8,982

8,307

6320178.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

3,709

3,419

6320198.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

1,835

1,707

6320235.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

10,143

9,352

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

80

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6320298.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

$

733

$

680

6320305.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

11,187

10,336

6320408.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

3,813

3,524

6320433.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

10,419

9,592

6320497.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

5,345

5,009

6320548.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

4,860

4,528

6320582.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

8,142

7,529

6320632.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

4,863

4,480

6320664.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

4,837

4,474

6320700.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

14,471

13,473

6321088.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

2,253

2,105

6321129.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

17,676

16,423

6321539.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

8,335

7,760

6321655.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,724

1,595

6321669.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

6,149

5,762

6321758.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

10,939

10,187

6321916.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

5,578

5,130

6322025.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

6,703

6,281

6322084.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

14,557

13,450

6326567.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

6,137

5,750

6328384.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

2,948

2,716

6328930.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

49,954

46,205

6339757.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

16,753

15,600

6344025.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

33,284

30,650

6351239.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

33,628

31,242

6351454.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

8,870

8,310

6351582.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

6,715

6,216

6351613.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

4,974

4,616

6351657.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,935

1,775

6351662.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

23,544

21,993

6351811.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

28,981

26,841

6351969.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

22,515

20,965

6352137.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

9,953

9,256

6352257.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,243

2,070

6352284.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

3,348

3,127

6352358.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

5,448

5,064

6352430.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,116

1,032

6352460.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

25,544

23,858

6352812.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,081

1,915

6352827.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

6,770

6,323

6352903.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

4,163

3,839

6352934.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

12,966

12,148

6353035.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

42,020

38,968

6353428.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

16,776

15,668

6353560.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

16,796

15,737

6353710.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

12,620

11,653

6353899.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

55,452

51,402

6354414.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

55,914

51,863

6354857.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

3,131

2,885

6354906.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

8,343

7,733

6354944.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

25,853

23,865

6355005.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

35,229

32,801

6355353.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

13,645

12,569

6355701.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

1,323

1,219

6355727.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

6,710

6,248

6355822.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

11,311

10,491

6355955.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

2,913

2,683

6355976.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

1,387

1,283

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6355988.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

$

17,797

$

16,671

6356205.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

2,776

2,592

6356218.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

14,462

13,236

6356379.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

1,000

932

6356384.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

21,337

19,666

6356653.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

4,508

4,201

6356687.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

13,835

12,882

6356831.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

14,061

13,094

6356954.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

4,891

4,529

6357021.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

18,751

17,251

6357249.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

21,512

19,988

6357416.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

2,818

2,640

6357432.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

29,236

27,156

6359293.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

7,475

6,891

6359467.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

85,049

79,406

6360918.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

15,508

14,524

6361045.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

9,881

9,117

6361114.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

5,660

5,301

6361182.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

14,433

13,358

6361391.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

4,019

3,700

6361496.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

34,065

31,805

6361924.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

11,276

10,496

6361981.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

6,834

6,361

6362029.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

45,960

42,407

6362545.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

6,265

5,831

6362613.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

1,658

1,548

6362639.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

3,930

3,657

3693768.SQ.FTS.B,

Zero

Cpn,

8/20/32

...

1,735

36

3700150.SQ.FTS.B,

Zero

Cpn,

8/22/32

...

3,008

67

3760407.SQ.FTS.B,

Zero

Cpn,

9/01/32

...

3,543

88

3820662.SQ.FTS.B,

Zero

Cpn,

9/07/32

...

734

15

3842781.SQ.FTS.B,

Zero

Cpn,

9/11/32

...

10,067

306

3849054.SQ.FTS.B,

Zero

Cpn,

9/12/32

...

679

21

3849313.SQ.FTS.B,

Zero

Cpn,

9/12/32

...

204

5

3849333.SQ.FTS.B,

Zero

Cpn,

9/12/32

...

8,085

184

3869455.SQ.FTS.B,

Zero

Cpn,

9/17/32

...

7,514

208

3877914.SQ.FTS.B,

Zero

Cpn,

9/18/32

...

1,608

51

3908447.SQ.FTS.B,

Zero

Cpn,

9/24/32

...

608

22

3944713.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

16,717

519

3948363.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

386

13

3953673.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

673

22

3953788.SQ.FTS.B,

Zero

Cpn,

9/30/32

...

6,116

226

3988483.SQ.FTS.B,

Zero

Cpn,

10/06/32

..

6,804

213

3995187.SQ.FTS.B,

Zero

Cpn,

10/07/32

..

966

42

4006108.SQ.FTS.B,

Zero

Cpn,

10/08/32

..

3,609

147

4012864.SQ.FTS.B,

Zero

Cpn,

10/08/32

..

422

14

4027848.SQ.FTS.B,

Zero

Cpn,

10/13/32

..

13,882

630

4030312.SQ.FTS.B,

Zero

Cpn,

10/13/32

..

596

19

4039216.SQ.FTS.B,

Zero

Cpn,

10/15/32

..

645

22

4042564.SQ.FTS.B,

Zero

Cpn,

10/15/32

..

379

14

4044447.SQ.FTS.B,

Zero

Cpn,

10/16/32

..

14,344

647

4049053.SQ.FTS.B,

Zero

Cpn,

10/18/32

..

3,993

186

4077814.SQ.FTS.B,

Zero

Cpn,

10/23/32

..

2,357

130

4079086.SQ.FTS.B,

Zero

Cpn,

10/23/32

..

3,779

188

4079838.SQ.FTS.B,

Zero

Cpn,

10/23/32

..

6,825

338

4080547.SQ.FTS.B,

Zero

Cpn,

10/24/32

..

1,952

75

4095538.SQ.FTS.B,

Zero

Cpn,

10/28/32

..

3,487

162

4122205.SQ.FTS.B,

Zero

Cpn,

11/04/32

..

556

35

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

81

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4125734.SQ.FTS.B,

Zero

Cpn,

11/05/32

..

$

4,285

$

239

4138127.SQ.FTS.B,

Zero

Cpn,

11/09/32

..

2,987

191

4142060.SQ.FTS.B,

Zero

Cpn,

11/10/32

..

1,222

60

4147030.SQ.FTS.B,

Zero

Cpn,

11/11/32

..

346

18

4163065.SQ.FTS.B,

Zero

Cpn,

11/14/32

..

1,168

84

4171680.SQ.FTS.B,

Zero

Cpn,

11/17/32

..

3,222

241

4171907.SQ.FTS.B,

Zero

Cpn,

11/17/32

..

4,783

264

4179269.SQ.FTS.B,

Zero

Cpn,

11/19/32

..

594

38

4186988.SQ.FTS.B,

Zero

Cpn,

11/20/32

..

375

24

4189414.SQ.FTS.B,

Zero

Cpn,

11/20/32

..

259

16

4197129.SQ.FTS.B,

Zero

Cpn,

11/21/32

..

38

2

4199800.SQ.FTS.B,

Zero

Cpn,

11/22/32

..

152

10

4200379.SQ.FTS.B,

Zero

Cpn,

11/23/32

..

1,103

69

4207561.SQ.FTS.B,

Zero

Cpn,

11/25/32

..

1,742

115

4229796.SQ.FTS.B,

Zero

Cpn,

11/27/32

..

2,213

167

4236597.SQ.FTS.B,

Zero

Cpn,

11/30/32

..

8,732

630

4246370.SQ.FTS.B,

Zero

Cpn,

12/02/32

..

23,427

1,746

4267608.SQ.FTS.B,

Zero

Cpn,

12/04/32

..

4,641

427

4271659.SQ.FTS.B,

Zero

Cpn,

12/04/32

..

970

56

4280865.SQ.FTS.B,

Zero

Cpn,

12/07/32

..

7,991

604

4309215.SQ.FTS.B,

Zero

Cpn,

12/10/32

..

2,829

212

4309887.SQ.FTS.B,

Zero

Cpn,

12/10/32

..

13,331

1,293

4314394.SQ.FTS.B,

Zero

Cpn,

12/11/32

..

4,763

415

4315019.SQ.FTS.B,

Zero

Cpn,

12/11/32

..

1,296

100

4315085.SQ.FTS.B,

Zero

Cpn,

12/11/32

..

753

52

4333949.SQ.FTS.B,

Zero

Cpn,

12/17/32

..

1,348

129

4342268.SQ.FTS.B,

Zero

Cpn,

12/20/32

..

3,799

382

4345972.SQ.FTS.B,

Zero

Cpn,

12/21/32

..

3,655

406

4352084.SQ.FTS.B,

Zero

Cpn,

12/22/32

..

1,688

160

4352239.SQ.FTS.B,

Zero

Cpn,

12/22/32

..

620

72

4383604.SQ.FTS.B,

Zero

Cpn,

12/30/32

..

2,916

357

4390373.SQ.FTS.B,

Zero

Cpn,

1/02/33

...

527

43

4390406.SQ.FTS.B,

Zero

Cpn,

1/02/33

...

950

107

4394687.SQ.FTS.B,

Zero

Cpn,

1/06/33

...

991

103

4395434.SQ.FTS.B,

Zero

Cpn,

1/07/33

...

463

49

4401878.SQ.FTS.B,

Zero

Cpn,

1/09/33

...

784

96

4406025.SQ.FTS.B,

Zero

Cpn,

1/13/33

...

1,952

273

4409278.SQ.FTS.B,

Zero

Cpn,

1/14/33

...

386

50

4413064.SQ.FTS.B,

Zero

Cpn,

1/15/33

...

1,190

175

4413957.SQ.FTS.B,

Zero

Cpn,

1/16/33

...

356

32

4430691.SQ.FTS.B,

Zero

Cpn,

1/22/33

...

968

102

4431496.SQ.FTS.B,

Zero

Cpn,

1/22/33

...

432

48

4434260.SQ.FTS.B,

Zero

Cpn,

1/24/33

...

758

104

4438299.SQ.FTS.B,

Zero

Cpn,

1/27/33

...

2,530

462

4438563.SQ.FTS.B,

Zero

Cpn,

1/27/33

...

14,155

2,475

4439170.SQ.FTS.B,

Zero

Cpn,

1/27/33

...

2,009

362

4450419.SQ.FTS.B,

Zero

Cpn,

2/02/33

...

8,269

1,736

4452962.SQ.FTS.B,

Zero

Cpn,

2/03/33

...

8,915

1,874

4453243.SQ.FTS.B,

Zero

Cpn,

2/04/33

...

4,407

1,087

4455128.SQ.FTS.B,

Zero

Cpn,

2/04/33

...

2,253

381

4457642.SQ.FTS.B,

Zero

Cpn,

2/05/33

...

3,469

800

4459169.SQ.FTS.B,

Zero

Cpn,

2/06/33

...

642

161

4459340.SQ.FTS.B,

Zero

Cpn,

2/06/33

...

284

61

4463189.SQ.FTS.B,

Zero

Cpn,

2/09/33

...

2,140

337

4463847.SQ.FTS.B,

Zero

Cpn,

2/09/33

...

1,390

340

4465207.SQ.FTS.B,

Zero

Cpn,

2/10/33

...

3,432

700

4468040.SQ.FTS.B,

Zero

Cpn,

2/11/33

...

795

205

4469186.SQ.FTS.B,

Zero

Cpn,

2/12/33

...

2,406

649

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4473681.SQ.FTS.B,

Zero

Cpn,

2/14/33

...

$

107

$

36

4475919.SQ.FTS.B,

Zero

Cpn,

2/16/33

...

1,752

482

4481855.SQ.FTS.B,

Zero

Cpn,

2/19/33

...

1,079

191

4481874.SQ.FTS.B,

Zero

Cpn,

2/19/33

...

1,551

347

4483852.SQ.FTS.B,

Zero

Cpn,

2/19/33

...

14,729

3,985

4484475.SQ.FTS.B,

Zero

Cpn,

2/20/33

...

3,439

636

4484542.SQ.FTS.B,

Zero

Cpn,

2/20/33

...

6,016

1,341

4488928.SQ.FTS.B,

Zero

Cpn,

2/23/33

...

703

108

4488941.SQ.FTS.B,

Zero

Cpn,

2/23/33

...

1,573

483

4489974.SQ.FTS.B,

Zero

Cpn,

2/24/33

...

4,041

951

4498947.SQ.FTS.B,

Zero

Cpn,

2/28/33

...

427

103

4499783.SQ.FTS.B,

Zero

Cpn,

2/28/33

...

2,186

534

27,880,211

Freedom

Financial

Asset

Management

LLC

APP-11694723.FP.FTS.B,

5.99%,

12/17/23

4,969

5,016

APP-11740309.FP.FTS.B,

5.99%,

12/20/23

5,201

5,253

APP-11877787.FP.FTS.B,

5.99%,

1/08/24

.

3,859

3,893

APP-11878440.FP.FTS.B,

5.99%,

1/08/24

.

3,865

2,606

APP-12286984.FP.FTS.B,

5.99%,

1/24/24

.

4,164

4,207

APP-12246415.FP.FTS.B,

5.99%,

1/28/24

.

4,372

4,408

APP-12386826.FP.FTS.B,

23.99%,

2/01/24

5,945

5,958

APP-11693652.FP.FTS.B,

5.99%,

2/05/24

.

7,299

7,376

APP-11929185.FP.FTS.B,

18.49%,

2/20/24

9,218

9,333

APP-11877563.FP.FTS.B,

5.99%,

2/21/24

.

4,473

4,516

APP-11798519.FP.FTS.B,

5.99%,

2/22/24

.

6,084

6,149

APP-12388609.FP.FTS.B,

17.99%,

3/07/24

6,265

6,318

APP-12343461.FP.FTS.B,

5.99%,

3/15/24

.

4,183

4,225

APP-12287371.FP.FTS.B,

5.99%,

3/17/24

.

4,855

4,905

APP-11595183.FP.FTS.B,

5.99%,

3/22/24

.

6,117

6,185

APP-13914145.FP.FTS.B,

5.99%,

4/18/24

.

4,690

4,736

APP-13768656.FP.FTS.B,

17.49%,

5/01/24

6,591

6,631

APP-14217946.FP.FTS.B,

5.99%,

5/06/24

.

7,476

7,557

APP-13741737.FP.FTS.B,

5.99%,

5/16/24

.

6,386

6,460

APP-13628198.FP.FTS.B,

5.99%,

5/20/24

.

6,273

6,347

APP-14866497.FP.FTS.B,

5.99%,

5/24/24

.

7,558

7,650

APP-13746596.FP.FTS.B,

5.99%,

5/29/24

.

7,013

7,106

APP-13715084.FP.FTS.B,

17.49%,

5/29/24

5,345

5,421

APP-14939093.FP.FTS.B,

5.99%,

6/01/24

.

5,398

5,456

APP-14865118.FP.FTS.B,

5.99%,

6/06/24

.

5,764

5,831

APP-14129567.FP.FTS.B,

5.99%,

6/10/24

.

7,148

7,231

APP-14038696.FP.FTS.B,

16.49%,

6/10/24

10,575

10,693

APP-14317523.FP.FTS.B,

17.49%,

6/12/24

5,567

5,615

APP-14192022.FP.FTS.B,

5.99%,

6/15/24

.

7,498

7,587

APP-14689106.FP.FTS.B,

5.99%,

6/15/24

.

7,539

7,621

APP-14190363.FP.FTS.B,

5.99%,

6/16/24

.

6,819

6,904

APP-14178961.FP.FTS.B,

5.99%,

6/17/24

.

5,646

5,720

APP-14184679.FP.FTS.B,

23.99%,

6/17/24

8,001

8,068

APP-14057537.FP.FTS.B,

5.99%,

6/20/24

.

7,847

7,949

APP-14304559.FP.FTS.B,

5.99%,

6/20/24

.

5,741

5,814

APP-14343981.FP.FTS.B,

5.99%,

6/20/24

.

7,497

7,590

APP-15398343.FP.FTS.B,

5.99%,

6/20/24

.

8,421

8,526

APP-15532550.FP.FTS.B,

5.99%,

6/30/24

.

7,584

7,689

APP-15485069.FP.FTS.B,

19.24%,

6/30/24

11,810

3,923

APP-15654646.FP.FTS.B,

19.74%,

7/05/24

9,371

9,425

APP-14886920.FP.FTS.B,

5.99%,

7/07/24

.

7,207

7,291

APP-14867047.FP.FTS.B,

5.99%,

7/08/24

.

8,066

8,156

APP-14918054.FP.FTS.B,

14.99%,

7/08/24

14,001

7,934

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15601576.FP.FTS.B,

16.49%,

7/08/24

$

6,158

$

6,218

APP-14872234.FP.FTS.B,

5.99%,

7/15/24

.

5,416

5,485

APP-14886138.FP.FTS.B,

5.99%,

7/16/24

.

7,222

7,316

APP-15145416.FP.FTS.B,

5.99%,

7/16/24

.

5,407

5,473

APP-15110089.FP.FTS.B,

5.99%,

7/30/24

.

6,781

6,880

APP-15573525.FP.FTS.B,

23.99%,

8/01/24

13,365

13,373

APP-15556796.FP.FTS.B,

5.99%,

8/05/24

.

6,858

6,940

APP-17023826.FP.FTS.B,

5.99%,

8/06/24

.

8,174

8,274

APP-15420537.FP.FTS.B,

23.99%,

8/12/24

29,530

29,799

APP-15754991.FP.FTS.B,

5.99%,

8/13/24

.

6,470

6,551

APP-15869410.FP.FTS.B,

5.99%,

8/14/24

.

9,135

9,255

APP-16050735.FP.FTS.B,

5.99%,

8/14/24

.

7,613

7,713

APP-16062858.FP.FTS.B,

23.99%,

8/14/24

8,095

8,140

APP-15705062.FP.FTS.B,

5.99%,

8/15/24

.

8,588

8,706

APP-16033053.FP.FTS.B,

5.99%,

8/15/24

.

4,621

4,682

APP-15525886.FP.FTS.B,

13.49%,

8/15/24

10,517

10,686

APP-15705719.FP.FTS.B,

17.74%,

8/20/24

7,895

8,023

APP-15602269.FP.FTS.B,

17.74%,

8/21/24

8,545

8,675

APP-15870402.FP.FTS.B,

5.99%,

8/28/24

.

9,164

9,304

APP-17083152.FP.FTS.B,

5.99%,

9/06/24

.

6,306

6,386

APP-17218556.FP.FTS.B,

5.99%,

9/09/24

.

9,618

9,740

APP-17182782.FP.FTS.B,

14.99%,

9/09/24

9,353

9,428

APP-17481705.FP.FTS.B,

15.99%,

9/13/24

11,186

11,286

APP-17098600.FP.FTS.B,

5.99%,

9/14/24

.

10,588

3,351

APP-17230704.FP.FTS.B,

5.99%,

9/23/24

.

8,039

8,159

APP-10830803.FP.FTS.B,

23.49%,

11/30/24

8,376

8,344

APP-11695043.FP.FTS.B,

14.74%,

12/13/24

7,581

7,631

APP-11741918.FP.FTS.B,

16.49%,

12/15/24

11,484

11,501

APP-11673054.FP.FTS.B,

18.99%,

12/16/24

8,384

8,344

APP-11740833.FP.FTS.B,

23.99%,

12/22/24

12,730

12,650

APP-11745688.FP.FTS.B,

23.99%,

12/23/24

8,898

8,853

APP-11877979.FP.FTS.B,

7.49%,

1/06/25

.

19,530

19,697

APP-11798664.FP.FTS.B,

17.99%,

1/07/25

5,549

5,534

APP-11942701.FP.FTS.B,

9.49%,

1/08/25

.

27,879

28,121

APP-11729669.FP.FTS.B,

10.74%,

1/08/25

10,442

10,520

APP-11724729.FP.FTS.B,

25.49%,

1/29/25

8,565

1,067

APP-11750761.FP.FTS.B,

20.49%,

1/30/25

4,243

1,407

APP-11749892.FP.FTS.B,

25.49%,

2/01/25

7,610

7,432

APP-11694772.FP.FTS.B,

11.99%,

2/03/25

11,681

11,777

APP-12331634.FP.FTS.B,

7.74%,

2/04/25

.

11,852

11,954

APP-11751656.FP.FTS.B,

9.74%,

2/05/25

.

12,808

12,923

APP-11878238.FP.FTS.B,

9.74%,

2/11/25

.

9,801

9,891

APP-11942316.FP.FTS.B,

9.49%,

2/15/25

.

19,098

19,289

APP-11912407.FP.FTS.B,

15.99%,

2/15/25

15,692

15,669

APP-11872506.FP.FTS.B,

19.49%,

2/15/25

13,091

12,977

APP-11694780.FP.FTS.B,

18.99%,

2/16/25

7,900

7,893

APP-11914148.FP.FTS.B,

13.74%,

2/18/25

22,555

22,743

APP-11798575.FP.FTS.B,

14.49%,

2/18/25

15,577

15,607

APP-11934547.FP.FTS.B,

18.49%,

2/21/25

9,077

9,071

APP-11210558.FP.FTS.B,

11.49%,

2/22/25

9,077

9,175

APP-12271842.FP.FTS.B,

11.99%,

3/07/25

10,767

10,849

APP-11767452.FP.FTS.B,

13.49%,

3/08/25

11,666

11,734

APP-12399141.FP.FTS.B,

25.49%,

3/08/25

7,912

7,833

APP-12418924.FP.FTS.B,

7.74%,

3/15/25

.

8,643

8,734

APP-12050640.FP.FTS.B,

12.24%,

3/15/25

21,266

21,471

APP-12033288.FP.FTS.B,

14.49%,

3/15/25

14,876

14,893

APP-11949006.FP.FTS.B,

9.74%,

3/17/25

.

10,916

11,038

APP-12270565.FP.FTS.B,

16.49%,

3/17/25

22,482

22,230

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12351684.FP.FTS.B,

7.49%,

3/18/25

.

$

14,008

$

14,160

APP-12270708.FP.FTS.B,

9.49%,

3/20/25

.

17,738

17,948

APP-12420138.FP.FTS.B,

17.99%,

3/20/25

7,560

7,587

APP-12418031.FP.FTS.B,

13.99%,

3/22/25

17,998

18,187

APP-12287521.FP.FTS.B,

16.49%,

3/22/25

10,621

10,666

APP-13752242.FP.FTS.B,

10.09%,

4/01/25

9,325

9,388

APP-13628972.FP.FTS.B,

17.49%,

4/06/25

9,325

9,401

APP-13961297.FP.FTS.B,

17.49%,

4/16/25

6,333

6,371

APP-13951296.FP.FTS.B,

17.24%,

4/26/25

19,739

19,677

APP-14058368.FP.FTS.B,

12.49%,

5/01/25

18,910

19,024

APP-14113024.FP.FTS.B,

11.59%,

5/03/25

8,952

9,041

APP-14094552.FP.FTS.B,

17.74%,

5/03/25

31,698

31,514

APP-14082686.FP.FTS.B,

15.99%,

5/04/25

21,608

7,187

APP-14138459.FP.FTS.B,

25.49%,

5/04/25

7,370

1,726

APP-14057139.FP.FTS.B,

20.49%,

5/05/25

9,143

823

APP-14304933.FP.FTS.B,

14.99%,

5/12/25

9,779

9,800

APP-13745262.FP.FTS.B,

12.84%,

5/16/25

39,104

39,505

APP-13550190.FP.FTS.B,

24.99%,

5/16/25

12,681

12,538

APP-13415402.FP.FTS.B,

19.49%,

5/17/25

12,876

12,768

APP-13512883.FP.FTS.B,

9.84%,

5/20/25

.

31,247

31,667

APP-13608232.FP.FTS.B,

9.84%,

5/20/25

.

16,699

16,905

APP-13608873.FP.FTS.B,

9.84%,

5/20/25

.

16,952

17,166

APP-13060190.FP.FTS.B,

10.24%,

5/20/25

22,479

22,755

APP-13501448.FP.FTS.B,

22.74%,

5/20/25

19,831

12,770

APP-13805924.FP.FTS.B,

24.99%,

5/20/25

12,999

12,876

APP-14987484.FP.FTS.B,

15.99%,

5/22/25

8,700

8,756

APP-14613251.FP.FTS.B,

10.49%,

5/25/25

8,077

8,130

APP-13824334.FP.FTS.B,

22.99%,

5/25/25

11,646

11,573

APP-13938404.FP.FTS.B,

12.24%,

5/26/25

31,341

31,663

APP-13957398.FP.FTS.B,

14.49%,

6/01/25

17,185

17,310

APP-15038181.FP.FTS.B,

25.49%,

6/01/25

9,277

9,058

APP-13768213.FP.FTS.B,

14.49%,

6/03/25

10,408

10,458

APP-13914811.FP.FTS.B,

15.09%,

6/03/25

8,269

8,353

APP-13485650.FP.FTS.B,

18.49%,

6/03/25

9,498

901

APP-14959860.FP.FTS.B,

19.74%,

6/03/25

42,161

41,823

APP-13798065.FP.FTS.B,

22.99%,

6/03/25

13,164

2,840

APP-13821733.FP.FTS.B,

22.99%,

6/03/25

11,890

7,633

APP-13609952.FP.FTS.B,

10.09%,

6/04/25

33,728

34,082

APP-13818738.FP.FTS.B,

10.84%,

6/04/25

36,023

36,468

APP-13848567.FP.FTS.B,

25.49%,

6/04/25

7,759

7,613

APP-14919947.FP.FTS.B,

16.24%,

6/05/25

26,555

26,420

APP-14179362.FP.FTS.B,

17.49%,

6/05/25

8,261

8,323

APP-15039073.FP.FTS.B,

23.49%,

6/05/25

8,523

8,386

APP-14196847.FP.FTS.B,

20.49%,

6/06/25

8,731

8,691

APP-14194688.FP.FTS.B,

25.49%,

6/06/25

8,517

2,986

APP-13901500.FP.FTS.B,

19.49%,

6/07/25

12,320

12,195

APP-13913960.FP.FTS.B,

25.49%,

6/07/25

7,719

7,580

APP-13968504.FP.FTS.B,

19.49%,

6/08/25

12,496

12,376

APP-14166988.FP.FTS.B,

17.49%,

6/09/25

8,228

8,301

APP-13946841.FP.FTS.B,

10.59%,

6/10/25

21,197

21,437

APP-14104273.FP.FTS.B,

18.49%,

6/11/25

14,431

14,411

APP-14165903.FP.FTS.B,

19.24%,

6/12/25

41,359

41,074

APP-14337562.FP.FTS.B,

11.24%,

6/13/25

40,316

40,779

APP-14058139.FP.FTS.B,

11.84%,

6/15/25

10,717

10,834

APP-14058182.FP.FTS.B,

18.49%,

6/15/25

6,322

6,352

APP-14134773.FP.FTS.B,

21.99%,

6/15/25

8,396

8,357

APP-14319615.FP.FTS.B,

18.49%,

6/16/25

18,164

18,160

APP-13822936.FP.FTS.B,

9.34%,

6/17/25

.

24,316

24,637

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14057042.FP.FTS.B,

7.84%,

6/18/25

.

$

16,788

$

16,980

APP-14176007.FP.FTS.B,

7.84%,

6/18/25

.

20,021

20,284

APP-14182518.FP.FTS.B,

7.84%,

6/18/25

.

17,534

17,763

APP-14189826.FP.FTS.B,

9.34%,

6/18/25

.

24,147

24,472

APP-14107541.FP.FTS.B,

10.09%,

6/18/25

12,105

12,270

APP-14058031.FP.FTS.B,

16.49%,

6/18/25

8,305

8,347

APP-14147815.FP.FTS.B,

19.99%,

6/18/25

12,015

11,862

APP-14145063.FP.FTS.B,

20.49%,

6/18/25

6,300

6,313

APP-14118175.FP.FTS.B,

10.09%,

6/19/25

14,541

14,743

APP-14058272.FP.FTS.B,

12.59%,

6/19/25

22,595

22,895

APP-14176728.FP.FTS.B,

16.99%,

6/19/25

15,828

15,930

APP-14058481.FP.FTS.B,

17.49%,

6/19/25

9,514

9,638

APP-14181617.FP.FTS.B,

18.49%,

6/19/25

13,193

13,250

APP-14153697.FP.FTS.B,

20.49%,

6/19/25

8,346

8,350

APP-14199438.FP.FTS.B,

24.99%,

6/19/25

16,714

1,644

APP-14188793.FP.FTS.B,

25.49%,

6/19/25

7,395

7,332

APP-14194578.FP.FTS.B,

25.49%,

6/19/25

6,547

6,480

APP-14057653.FP.FTS.B,

10.09%,

6/20/25

14,529

14,735

APP-14215775.FP.FTS.B,

16.49%,

6/20/25

16,012

16,197

APP-14192654.FP.FTS.B,

19.49%,

6/20/25

12,514

12,548

APP-14309929.FP.FTS.B,

25.49%,

6/20/25

3,219

3,187

APP-14216535.FP.FTS.B,

24.74%,

6/21/25

22,324

22,307

APP-15761876.FP.FTS.B,

18.24%,

6/25/25

14,280

14,394

APP-14318446.FP.FTS.B,

23.49%,

6/25/25

21,112

21,007

APP-14349793.FP.FTS.B,

16.24%,

6/26/25

26,720

26,694

APP-15705647.FP.FTS.B,

18.74%,

6/30/25

12,884

12,971

APP-15602534.FP.FTS.B,

17.24%,

7/02/25

17,777

17,693

APP-15754423.FP.FTS.B,

25.49%,

7/04/25

9,788

9,638

APP-14867025.FP.FTS.B,

8.24%,

7/06/25

.

19,290

19,500

APP-14874396.FP.FTS.B,

11.24%,

7/06/25

41,545

41,992

APP-14887461.FP.FTS.B,

15.99%,

7/06/25

20,477

20,483

APP-15716641.FP.FTS.B,

25.49%,

7/06/25

8,814

8,691

APP-14907939.FP.FTS.B,

17.49%,

7/07/25

18,806

18,576

APP-14925295.FP.FTS.B,

10.24%,

7/08/25

31,514

31,876

APP-15017105.FP.FTS.B,

22.49%,

7/11/25

8,506

8,429

APP-14864961.FP.FTS.B,

22.74%,

7/11/25

6,516

6,421

APP-15032228.FP.FTS.B,

23.49%,

7/12/25

8,560

8,442

APP-15025145.FP.FTS.B,

25.49%,

7/12/25

8,847

1,232

APP-15033224.FP.FTS.B,

25.49%,

7/12/25

7,741

7,628

APP-15041755.FP.FTS.B,

25.49%,

7/12/25

10,913

3,870

APP-16004136.FP.FTS.B,

25.49%,

7/12/25

6,165

6,094

APP-16047052.FP.FTS.B,

20.74%,

7/13/25

34,933

34,821

APP-15125079.FP.FTS.B,

10.24%,

7/15/25

16,580

16,787

APP-15043725.FP.FTS.B,

12.74%,

7/15/25

11,759

11,888

APP-14877854.FP.FTS.B,

14.99%,

7/15/25

8,751

8,791

APP-14866721.FP.FTS.B,

17.49%,

7/15/25

7,928

7,930

APP-14887227.FP.FTS.B,

17.49%,

7/15/25

10,185

10,234

APP-14890683.FP.FTS.B,

17.49%,

7/15/25

10,470

10,539

APP-15129611.FP.FTS.B,

10.49%,

7/16/25

9,958

10,085

APP-14867122.FP.FTS.B,

14.99%,

7/16/25

16,948

16,978

APP-14748673.FP.FTS.B,

10.74%,

7/17/25

12,500

12,658

APP-14866669.FP.FTS.B,

17.49%,

7/17/25

11,784

11,798

APP-14522319.FP.FTS.B,

10.24%,

7/20/25

23,643

23,994

APP-14854614.FP.FTS.B,

14.99%,

7/21/25

14,366

14,559

APP-14927595.FP.FTS.B,

14.99%,

7/21/25

8,658

8,708

APP-14909153.FP.FTS.B,

16.74%,

7/21/25

27,199

27,340

APP-14957730.FP.FTS.B,

16.99%,

7/21/25

20,924

21,038

APP-14920948.FP.FTS.B,

10.49%,

7/22/25

17,518

17,744

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14987575.FP.FTS.B,

19.99%,

7/22/25

$

13,272

$

13,300

APP-15015830.FP.FTS.B,

25.49%,

7/22/25

8,677

8,614

APP-15036503.FP.FTS.B,

25.49%,

7/22/25

12,322

12,233

APP-15010755.FP.FTS.B,

25.49%,

7/23/25

19,366

19,240

APP-15038725.FP.FTS.B,

23.49%,

7/24/25

8,920

8,891

APP-17010427.FP.FTS.B,

8.74%,

7/25/25

.

13,385

13,542

APP-14867189.FP.FTS.B,

17.49%,

7/26/25

13,240

13,351

APP-15050243.FP.FTS.B,

18.99%,

7/26/25

8,555

8,630

APP-14543407.FP.FTS.B,

10.49%,

7/29/25

16,676

16,927

APP-15143633.FP.FTS.B,

10.49%,

7/30/25

12,990

13,196

APP-17096241.FP.FTS.B,

13.99%,

8/01/25

29,028

29,228

APP-17491589.FP.FTS.B,

11.49%,

8/03/25

24,249

24,477

APP-15593139.FP.FTS.B,

25.49%,

8/04/25

13,269

13,074

APP-16899367.FP.FTS.B,

25.49%,

8/04/25

7,809

7,834

APP-15235015.FP.FTS.B,

8.74%,

8/05/25

.

19,098

19,302

APP-15602610.FP.FTS.B,

16.49%,

8/05/25

8,843

8,847

APP-15739609.FP.FTS.B,

8.74%,

8/07/25

.

25,113

25,418

APP-17496469.FP.FTS.B,

14.99%,

8/10/25

13,712

13,859

APP-15464138.FP.FTS.B,

10.99%,

8/12/25

14,769

14,984

APP-15537240.FP.FTS.B,

25.49%,

8/12/25

11,214

11,116

APP-15567566.FP.FTS.B,

16.74%,

8/13/25

6,558

6,657

APP-15576269.FP.FTS.B,

25.49%,

8/13/25

11,145

11,055

APP-15715162.FP.FTS.B,

16.74%,

8/14/25

13,978

14,052

APP-15222033.FP.FTS.B,

22.24%,

8/14/25

28,565

28,439

APP-16065337.FP.FTS.B,

23.49%,

8/14/25

10,282

10,196

APP-15259729.FP.FTS.B,

25.49%,

8/14/25

9,727

9,656

APP-16046235.FP.FTS.B,

25.49%,

8/14/25

9,313

9,286

APP-13337231.FP.FTS.B,

8.99%,

8/15/25

.

14,677

14,882

APP-15399078.FP.FTS.B,

20.99%,

8/15/25

44,166

44,355

APP-15754329.FP.FTS.B,

22.24%,

8/15/25

9,693

9,724

APP-15584390.FP.FTS.B,

25.49%,

8/15/25

7,579

7,507

APP-15752749.FP.FTS.B,

25.49%,

8/15/25

9,686

1,036

APP-16002031.FP.FTS.B,

11.49%,

8/19/25

19,233

19,509

APP-10173660.FP.FTS.B,

14.49%,

8/19/25

35,562

36,063

APP-15727324.FP.FTS.B,

25.49%,

8/20/25

9,411

9,324

APP-15744848.FP.FTS.B,

25.49%,

8/20/25

11,494

11,450

APP-15705051.FP.FTS.B,

11.74%,

8/21/25

38,000

38,570

APP-15743213.FP.FTS.B,

25.49%,

8/21/25

12,731

1,461

APP-14371156.FP.FTS.B,

20.49%,

8/22/25

7,115

7,113

APP-15524582.FP.FTS.B,

10.49%,

8/25/25

12,871

13,075

APP-16072062.FP.FTS.B,

25.49%,

8/26/25

5,780

5,750

APP-16069326.FP.FTS.B,

25.49%,

8/27/25

4,221

4,215

APP-16077556.FP.FTS.B,

14.99%,

8/28/25

35,441

36,009

APP-16638019.FP.FTS.B,

15.24%,

9/13/25

12,360

12,478

APP-16609197.FP.FTS.B,

12.99%,

9/15/25

15,500

15,714

APP-17493794.FP.FTS.B,

19.99%,

9/15/25

9,402

9,386

APP-17495780.FP.FTS.B,

20.49%,

9/15/25

13,284

13,311

APP-16701971.FP.FTS.B,

24.99%,

9/15/25

23,760

8,436

APP-16928712.FP.FTS.B,

17.99%,

9/17/25

15,652

15,783

APP-16931630.FP.FTS.B,

17.99%,

9/17/25

17,516

17,686

APP-17510658.FP.FTS.B,

16.24%,

9/18/25

14,086

14,231

APP-17058236.FP.FTS.B,

9.74%,

9/19/25

.

14,099

14,315

APP-16725749.FP.FTS.B,

13.99%,

9/20/25

17,977

18,229

APP-13608599.FP.FTS.B,

11.49%,

9/23/25

29,225

29,723

APP-16554677.FP.FTS.B,

13.24%,

9/25/25

35,508

36,022

APP-16637526.FP.FTS.B,

18.99%,

9/26/25

11,514

11,697

APP-16806126.FP.FTS.B,

20.24%,

9/26/25

16,169

16,302

APP-17492407.FP.FTS.B,

20.99%,

9/27/25

6,143

6,152

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10482527.FP.FTS.B,

10.99%,

10/26/25

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

$

15,126

$

15,297

APP-10846360.FP.FTS.B,

11.49%,

11/30/25

24,531

24,941

APP-11672772.FP.FTS.B,

13.99%,

12/01/25

23,159

23,325

APP-11657253.FP.FTS.B,

16.99%,

12/20/25

39,125

39,649

APP-11733135.FP.FTS.B,

20.99%,

12/22/25

8,049

8,159

APP-08649280.FP.FTS.B,

9.99%,

12/23/25

16,496

16,731

APP-11750254.FP.FTS.B,

22.49%,

12/23/25

6,156

6,225

APP-11461331.FP.FTS.B,

8.99%,

12/25/25

23,704

24,006

APP-10224409.FP.FTS.B,

10.24%,

1/04/26

10,746

10,871

APP-11461158.FP.FTS.B,

7.99%,

1/26/26

.

31,469

31,938

APP-12399676.FP.FTS.B,

20.99%,

1/28/26

8,594

1,792

APP-11727451.FP.FTS.B,

19.49%,

2/01/26

6,582

6,622

APP-11740312.FP.FTS.B,

20.49%,

2/03/26

15,930

15,933

APP-12270370.FP.FTS.B,

8.99%,

2/04/26

.

40,019

40,509

APP-11693759.FP.FTS.B,

13.99%,

2/05/26

19,408

19,574

APP-11750555.FP.FTS.B,

19.49%,

2/06/26

9,696

9,772

APP-11750277.FP.FTS.B,

20.99%,

2/06/26

6,293

6,335

APP-11872702.FP.FTS.B,

7.99%,

2/20/26

.

18,948

19,228

APP-11878157.FP.FTS.B,

13.99%,

2/21/26

18,657

18,878

APP-11880862.FP.FTS.B,

17.99%,

2/21/26

9,827

9,939

APP-11877630.FP.FTS.B,

18.24%,

2/21/26

25,274

25,482

APP-11934555.FP.FTS.B,

19.49%,

2/22/26

12,783

12,895

APP-12409087.FP.FTS.B,

7.99%,

3/08/26

.

19,954

20,208

APP-12287223.FP.FTS.B,

19.99%,

3/08/26

14,113

14,108

APP-12415046.FP.FTS.B,

16.49%,

3/10/26

16,685

16,703

APP-12410099.FP.FTS.B,

10.24%,

3/15/26

13,326

13,518

APP-12357846.FP.FTS.B,

16.99%,

3/19/26

10,823

10,945

APP-12417109.FP.FTS.B,

15.49%,

3/21/26

8,375

8,502

APP-12270589.FP.FTS.B,

10.24%,

3/22/26

15,047

15,290

APP-13789676.FP.FTS.B,

20.99%,

4/16/26

8,912

8,933

APP-14057607.FP.FTS.B,

13.99%,

4/30/26

17,108

17,321

APP-14153218.FP.FTS.B,

17.99%,

5/01/26

24,289

24,352

APP-14176796.FP.FTS.B,

10.34%,

5/06/26

21,641

21,930

APP-14308214.FP.FTS.B,

17.49%,

5/06/26

12,078

12,103

APP-13754165.FP.FTS.B,

8.34%,

5/16/26

.

30,704

31,136

APP-11443413.FP.FTS.B,

10.59%,

5/17/26

30,487

30,920

APP-13539948.FP.FTS.B,

21.74%,

5/18/26

17,615

17,666

APP-12270410.FP.FTS.B,

8.34%,

5/20/26

.

22,190

22,563

APP-13700095.FP.FTS.B,

21.74%,

5/20/26

21,812

21,865

APP-12032996.FP.FTS.B,

12.34%,

5/22/26

10,250

10,413

APP-13485505.FP.FTS.B,

15.74%,

5/22/26

26,739

27,052

APP-13608775.FP.FTS.B,

13.49%,

5/26/26

23,539

23,917

APP-13956248.FP.FTS.B,

18.99%,

5/27/26

10,929

3,712

APP-14908970.FP.FTS.B,

15.99%,

5/28/26

22,968

4,344

APP-13847680.FP.FTS.B,

12.59%,

6/01/26

28,037

28,433

APP-14866693.FP.FTS.B,

14.99%,

6/01/26

11,804

11,912

APP-13764063.FP.FTS.B,

10.34%,

6/03/26

18,164

18,436

APP-13826786.FP.FTS.B,

16.49%,

6/03/26

10,591

10,739

APP-13823472.FP.FTS.B,

17.24%,

6/03/26

33,618

33,797

APP-14175261.FP.FTS.B,

20.49%,

6/05/26

27,634

27,674

APP-14058279.FP.FTS.B,

21.74%,

6/10/26

18,105

18,056

APP-14988815.FP.FTS.B,

26.49%,

6/10/26

6,793

6,725

APP-14297747.FP.FTS.B,

22.99%,

6/12/26

8,908

8,914

APP-14338698.FP.FTS.B,

14.74%,

6/13/26

39,760

40,250

APP-14057255.FP.FTS.B,

12.34%,

6/15/26

12,054

12,238

APP-14222736.FP.FTS.B,

12.84%,

6/15/26

16,522

16,755

APP-14174847.FP.FTS.B,

16.49%,

6/15/26

24,218

24,470

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14058114.FP.FTS.B,

16.99%,

6/15/26

$

16,693

$

16,911

APP-14057971.FP.FTS.B,

17.99%,

6/15/26

13,059

13,204

APP-14331555.FP.FTS.B,

20.49%,

6/15/26

17,744

17,767

APP-14191932.FP.FTS.B,

20.99%,

6/15/26

9,961

10,002

APP-14185776.FP.FTS.B,

18.49%,

6/16/26

11,434

11,539

APP-14085492.FP.FTS.B,

9.84%,

6/17/26

.

27,191

27,628

APP-14181485.FP.FTS.B,

11.34%,

6/17/26

43,362

44,070

APP-14058166.FP.FTS.B,

18.99%,

6/17/26

13,265

13,402

APP-14329008.FP.FTS.B,

19.49%,

6/17/26

22,581

22,700

APP-14176550.FP.FTS.B,

10.34%,

6/18/26

30,298

30,805

APP-14057334.FP.FTS.B,

17.49%,

6/18/26

20,284

20,485

APP-14192027.FP.FTS.B,

9.84%,

6/19/26

.

26,719

27,157

APP-07740556.FP.FTS.B,

12.59%,

6/19/26

21,654

22,019

APP-13767318.FP.FTS.B,

13.34%,

6/19/26

37,007

37,630

APP-13768624.FP.FTS.B,

16.99%,

6/19/26

16,564

16,854

APP-13963648.FP.FTS.B,

17.24%,

6/19/26

28,623

28,919

APP-13768424.FP.FTS.B,

17.49%,

6/19/26

22,468

22,706

APP-14057973.FP.FTS.B,

17.99%,

6/19/26

15,966

16,177

APP-14214629.FP.FTS.B,

10.34%,

6/20/26

25,272

25,675

APP-14208072.FP.FTS.B,

18.49%,

6/20/26

17,587

17,633

APP-14193365.FP.FTS.B,

21.49%,

6/20/26

16,143

16,230

APP-14178499.FP.FTS.B,

26.49%,

6/21/26

6,794

6,818

APP-14325259.FP.FTS.B,

15.99%,

6/24/26

22,535

22,799

APP-15602395.FP.FTS.B,

17.24%,

6/24/26

19,915

20,078

APP-14329001.FP.FTS.B,

23.49%,

6/24/26

6,756

6,815

APP-14280430.FP.FTS.B,

20.49%,

6/25/26

15,601

15,731

APP-15479960.FP.FTS.B,

24.74%,

6/29/26

9,497

9,560

APP-15673409.FP.FTS.B,

17.24%,

7/01/26

7,330

7,408

APP-14548332.FP.FTS.B,

16.49%,

7/05/26

23,170

23,260

APP-16068283.FP.FTS.B,

20.74%,

7/05/26

23,350

23,401

APP-15676938.FP.FTS.B,

14.49%,

7/06/26

9,043

9,166

APP-14933900.FP.FTS.B,

13.74%,

7/08/26

35,468

35,879

APP-14801281.FP.FTS.B,

14.99%,

7/08/26

14,007

14,172

APP-14689091.FP.FTS.B,

17.49%,

7/09/26

9,754

9,840

APP-14943051.FP.FTS.B,

17.99%,

7/09/26

17,915

18,014

APP-14522661.FP.FTS.B,

15.99%,

7/10/26

23,881

24,170

APP-16070360.FP.FTS.B,

20.74%,

7/10/26

38,572

38,771

APP-15869429.FP.FTS.B,

21.99%,

7/10/26

8,240

8,243

APP-15045798.FP.FTS.B,

17.74%,

7/12/26

37,019

20,699

APP-15054747.FP.FTS.B,

21.49%,

7/12/26

23,723

23,688

APP-15043711.FP.FTS.B,

26.49%,

7/12/26

9,108

9,073

APP-16085008.FP.FTS.B,

18.49%,

7/14/26

17,330

17,479

APP-14920803.FP.FTS.B,

16.99%,

7/15/26

13,997

14,202

APP-14921360.FP.FTS.B,

16.99%,

7/15/26

12,903

13,092

APP-14865932.FP.FTS.B,

17.49%,

7/15/26

24,232

24,366

APP-14689124.FP.FTS.B,

10.99%,

7/17/26

16,785

17,057

APP-14882473.FP.FTS.B,

12.99%,

7/17/26

36,582

37,102

APP-14688569.FP.FTS.B,

17.74%,

7/17/26

32,165

32,441

APP-14816252.FP.FTS.B,

10.74%,

7/18/26

18,645

18,953

APP-14688717.FP.FTS.B,

10.99%,

7/18/26

11,240

11,425

APP-14870900.FP.FTS.B,

17.49%,

7/19/26

17,769

18,063

APP-14905708.FP.FTS.B,

16.99%,

7/20/26

11,247

11,437

APP-14820629.FP.FTS.B,

17.24%,

7/20/26

36,015

36,190

APP-15020361.FP.FTS.B,

26.49%,

7/20/26

6,881

6,883

APP-14907389.FP.FTS.B,

8.74%,

7/21/26

.

18,551

18,859

APP-14902088.FP.FTS.B,

11.24%,

7/22/26

13,947

14,173

APP-15025202.FP.FTS.B,

23.74%,

7/22/26

16,772

5,806

APP-14865904.FP.FTS.B,

15.74%,

7/23/26

34,834

35,463

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14980679.FP.FTS.B,

17.99%,

7/23/26

$

12,616

$

12,758

APP-14964964.FP.FTS.B,

18.99%,

7/23/26

23,295

23,438

APP-13767438.FP.FTS.B,

10.74%,

7/25/26

30,959

31,485

APP-15048537.FP.FTS.B,

20.99%,

7/25/26

22,762

22,893

APP-15532455.FP.FTS.B,

18.99%,

7/30/26

38,848

3,957

APP-17114653.FP.FTS.B,

18.74%,

8/01/26

7,381

7,388

APP-17112981.FP.FTS.B,

10.74%,

8/03/26

15,396

15,569

APP-16811535.FP.FTS.B,

21.74%,

8/03/26

37,249

37,188

APP-14371743.FP.FTS.B,

12.24%,

8/05/26

17,856

18,089

APP-15432708.FP.FTS.B,

24.74%,

8/05/26

6,943

6,941

APP-17117415.FP.FTS.B,

11.24%,

8/06/26

26,843

27,206

APP-15727191.FP.FTS.B,

15.74%,

8/07/26

19,935

20,072

APP-17510305.FP.FTS.B,

18.49%,

8/07/26

22,709

22,898

APP-15603934.FP.FTS.B,

24.74%,

8/07/26

9,796

9,795

APP-15747301.FP.FTS.B,

26.49%,

8/07/26

6,968

6,953

APP-15589148.FP.FTS.B,

14.49%,

8/08/26

9,554

9,706

APP-10219598.FP.FTS.B,

15.49%,

8/11/26

12,801

7,223

APP-15594842.FP.FTS.B,

17.24%,

8/12/26

18,308

18,470

APP-16036383.FP.FTS.B,

20.24%,

8/13/26

10,975

11,047

APP-15327014.FP.FTS.B,

9.24%,

8/14/26

.

30,601

31,135

APP-15585646.FP.FTS.B,

9.49%,

8/14/26

.

12,377

12,583

APP-15594751.FP.FTS.B,

10.74%,

8/14/26

28,489

28,974

APP-15585110.FP.FTS.B,

11.49%,

8/14/26

17,163

17,459

APP-16050065.FP.FTS.B,

23.99%,

8/14/26

7,372

7,370

APP-15872822.FP.FTS.B,

19.24%,

8/15/26

11,570

11,660

APP-15449600.FP.FTS.B,

20.74%,

8/15/26

22,748

22,913

APP-15458893.FP.FTS.B,

20.74%,

8/15/26

20,066

20,150

APP-15763520.FP.FTS.B,

20.74%,

8/15/26

23,854

24,027

APP-15526039.FP.FTS.B,

21.74%,

8/15/26

12,921

12,978

APP-15529270.FP.FTS.B,

24.74%,

8/15/26

6,943

6,976

APP-16072518.FP.FTS.B,

12.49%,

8/16/26

45,084

45,770

APP-10235724.FP.FTS.B,

15.49%,

8/20/26

40,933

11,672

APP-15493477.FP.FTS.B,

16.74%,

8/20/26

17,341

17,644

APP-15602180.FP.FTS.B,

18.74%,

8/20/26

14,832

15,094

APP-15747887.FP.FTS.B,

18.74%,

8/20/26

10,778

10,923

APP-15743821.FP.FTS.B,

26.49%,

8/20/26

10,297

10,358

APP-15757972.FP.FTS.B,

18.24%,

8/21/26

14,266

14,529

APP-15750146.FP.FTS.B,

19.24%,

8/21/26

11,057

11,213

APP-15467456.FP.FTS.B,

26.49%,

8/21/26

9,899

9,981

APP-16052276.FP.FTS.B,

25.24%,

8/23/26

37,706

8,260

APP-13200176.FP.FTS.B,

16.49%,

8/24/26

12,450

12,677

APP-16067938.FP.FTS.B,

18.74%,

8/24/26

20,200

20,452

APP-12414817.FP.FTS.B,

15.24%,

8/26/26

17,802

18,132

APP-12674952.FP.FTS.B,

15.24%,

8/26/26

14,978

15,138

APP-16078255.FP.FTS.B,

19.24%,

8/26/26

24,392

24,758

APP-16046150.FP.FTS.B,

21.74%,

8/26/26

14,277

3,079

APP-16051271.FP.FTS.B,

21.74%,

8/27/26

13,893

14,042

APP-15951898.FP.FTS.B,

16.49%,

8/28/26

28,178

28,551

APP-15872992.FP.FTS.B,

19.24%,

8/28/26

17,595

17,854

APP-16947974.FP.FTS.B,

13.24%,

9/06/26

16,521

16,631

APP-17143594.FP.FTS.B,

9.99%,

9/07/26

.

14,416

14,607

APP-17156366.FP.FTS.B,

11.24%,

9/07/26

22,374

22,672

APP-16848942.FP.FTS.B,

13.49%,

9/09/26

11,952

12,045

APP-16728029.FP.FTS.B,

26.49%,

9/09/26

7,539

7,534

APP-17115080.FP.FTS.B,

15.24%,

9/13/26

10,395

10,533

APP-16681815.FP.FTS.B,

8.24%,

9/16/26

.

24,012

24,395

APP-16637553.FP.FTS.B,

24.49%,

9/17/26

10,722

10,775

APP-16640720.FP.FTS.B,

9.99%,

9/18/26

.

45,824

46,589

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16637870.FP.FTS.B,

12.49%,

9/18/26

$

14,726

$

14,977

APP-17100593.FP.FTS.B,

9.49%,

9/20/26

.

18,270

18,581

APP-17124398.FP.FTS.B,

9.74%,

9/20/26

.

45,813

46,577

APP-16119643.FP.FTS.B,

12.24%,

9/20/26

27,342

27,831

APP-17439783.FP.FTS.B,

10.74%,

9/25/26

5,503

5,599

APP-17331723.FP.FTS.B,

16.99%,

9/25/26

26,552

26,869

APP-17501525.FP.FTS.B,

10.49%,

9/26/26

17,319

17,593

APP-10229823.FP.FTS.B,

25.49%,

10/26/26

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

8,530

8,605

APP-10806516.FP.FTS.B,

16.49%,

11/19/26

12,303

2,322

APP-10745954.FP.FTS.B,

12.74%,

11/30/26

30,575

31,060

APP-11742538.FP.FTS.B,

16.49%,

12/15/26

21,914

22,123

APP-11603796.FP.FTS.B,

20.99%,

12/15/26

12,902

12,950

APP-11741994.FP.FTS.B,

18.99%,

12/16/26

14,470

14,540

APP-11695022.FP.FTS.B,

16.49%,

12/17/26

20,864

21,117

APP-11737893.FP.FTS.B,

25.49%,

12/18/26

9,425

9,433

APP-11743333.FP.FTS.B,

16.49%,

12/19/26

12,717

12,849

APP-11703512.FP.FTS.B,

22.49%,

12/19/26

9,085

991

APP-11021819.FP.FTS.B,

20.49%,

12/20/26

21,635

21,648

APP-11694428.FP.FTS.B,

14.49%,

12/22/26

7,840

7,950

APP-11742165.FP.FTS.B,

18.49%,

12/22/26

10,241

10,325

APP-11739845.FP.FTS.B,

19.99%,

12/22/26

11,529

11,592

APP-11743712.FP.FTS.B,

21.49%,

12/22/26

13,305

13,274

APP-11751120.FP.FTS.B,

8.99%,

12/23/26

32,613

33,081

APP-11694004.FP.FTS.B,

11.74%,

12/23/26

41,383

41,976

APP-11749080.FP.FTS.B,

13.74%,

12/23/26

8,374

8,489

APP-11755141.FP.FTS.B,

17.99%,

12/23/26

7,173

7,238

APP-11749943.FP.FTS.B,

18.49%,

12/23/26

11,442

11,514

APP-11708423.FP.FTS.B,

20.99%,

12/23/26

31,038

31,181

APP-11743539.FP.FTS.B,

21.74%,

12/23/26

21,614

21,648

APP-11752109.FP.FTS.B,

22.49%,

12/23/26

9,104

9,127

APP-11938966.FP.FTS.B,

16.49%,

1/01/27

1,554

503

APP-11940969.FP.FTS.B,

13.99%,

1/05/27

40,111

40,479

APP-11890774.FP.FTS.B,

8.99%,

1/06/27

.

33,321

33,705

APP-11920032.FP.FTS.B,

19.99%,

1/07/27

21,737

21,602

APP-11909846.FP.FTS.B,

23.74%,

1/07/27

24,417

24,239

APP-11939491.FP.FTS.B,

15.49%,

1/08/27

13,258

13,285

APP-11795112.FP.FTS.B,

19.99%,

1/08/27

12,834

12,731

APP-11929275.FP.FTS.B,

19.99%,

1/08/27

8,691

8,686

APP-11934748.FP.FTS.B,

22.49%,

1/08/27

8,755

8,675

APP-12270584.FP.FTS.B,

10.49%,

1/25/27

9,309

9,324

APP-11749683.FP.FTS.B,

16.74%,

1/25/27

24,434

24,642

APP-11704729.FP.FTS.B,

16.99%,

1/25/27

16,920

17,135

APP-11752310.FP.FTS.B,

25.49%,

1/28/27

2,324

2,293

APP-12268807.FP.FTS.B,

10.99%,

2/01/27

22,790

23,020

APP-11022562.FP.FTS.B,

11.74%,

2/01/27

8,551

8,636

APP-11753946.FP.FTS.B,

8.99%,

2/03/27

.

23,357

23,654

APP-12396734.FP.FTS.B,

11.74%,

2/03/27

42,792

43,241

APP-11732843.FP.FTS.B,

14.74%,

2/03/27

42,233

42,684

APP-11751839.FP.FTS.B,

14.74%,

2/03/27

10,157

10,011

APP-11712261.FP.FTS.B,

18.49%,

2/03/27

13,865

13,727

APP-11750170.FP.FTS.B,

8.99%,

2/04/27

.

18,026

2,105

APP-11745377.FP.FTS.B,

21.49%,

2/04/27

13,949

13,822

APP-11612708.FP.FTS.B,

22.99%,

2/04/27

14,135

14,050

APP-11752870.FP.FTS.B,

16.49%,

2/05/27

10,396

10,516

APP-12293217.FP.FTS.B,

17.49%,

2/05/27

21,841

21,830

APP-11742593.FP.FTS.B,

17.99%,

2/05/27

8,762

8,765

APP-11750409.FP.FTS.B,

17.99%,

2/05/27

16,236

16,231

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11703116.FP.FTS.B,

19.49%,

2/05/27

$

10,527

$

10,499

APP-11749955.FP.FTS.B,

19.99%,

2/05/27

13,185

13,151

APP-11750448.FP.FTS.B,

18.99%,

2/06/27

13,693

7,905

APP-11754451.FP.FTS.B,

19.49%,

2/06/27

14,677

5,120

APP-11693729.FP.FTS.B,

22.99%,

2/06/27

14,861

14,680

APP-11923623.FP.FTS.B,

18.99%,

2/11/27

8,280

4,650

APP-11799159.FP.FTS.B,

11.49%,

2/15/27

13,753

13,919

APP-11926207.FP.FTS.B,

16.49%,

2/15/27

12,932

13,068

APP-11922307.FP.FTS.B,

20.49%,

2/15/27

10,504

10,431

APP-11919163.FP.FTS.B,

10.99%,

2/17/27

23,373

23,693

APP-11904406.FP.FTS.B,

11.24%,

2/19/27

16,147

16,378

APP-11942494.FP.FTS.B,

18.99%,

2/19/27

16,539

16,596

APP-11940530.FP.FTS.B,

13.49%,

2/20/27

15,849

16,067

APP-11942190.FP.FTS.B,

18.49%,

2/20/27

11,090

11,134

APP-11509327.FP.FTS.B,

18.99%,

2/20/27

27,780

27,828

APP-11923837.FP.FTS.B,

19.74%,

2/20/27

35,123

35,085

APP-11944817.FP.FTS.B,

20.49%,

2/20/27

16,809

3,643

APP-11810142.FP.FTS.B,

10.99%,

2/21/27

21,180

21,512

APP-11878337.FP.FTS.B,

11.24%,

2/21/27

10,839

10,998

APP-11937475.FP.FTS.B,

16.49%,

2/21/27

21,783

21,875

APP-11928189.FP.FTS.B,

18.49%,

2/21/27

6,951

4,431

APP-11942720.FP.FTS.B,

18.49%,

2/21/27

13,200

13,138

APP-11939575.FP.FTS.B,

22.49%,

2/21/27

8,242

8,238

APP-11927887.FP.FTS.B,

9.24%,

2/22/27

.

10,881

11,045

APP-11861145.FP.FTS.B,

13.24%,

2/22/27

17,777

17,990

APP-11941579.FP.FTS.B,

16.49%,

2/22/27

17,212

17,370

APP-11872292.FP.FTS.B,

19.99%,

2/22/27

12,297

12,296

APP-12361627.FP.FTS.B,

8.99%,

3/07/27

.

21,205

21,458

APP-12232977.FP.FTS.B,

14.74%,

3/07/27

43,329

43,695

APP-12389833.FP.FTS.B,

16.49%,

3/07/27

10,462

10,448

APP-12183710.FP.FTS.B,

22.99%,

3/07/27

6,701

6,516

APP-12410874.FP.FTS.B,

10.99%,

3/08/27

21,380

21,628

APP-12418857.FP.FTS.B,

11.24%,

3/08/27

11,984

12,123

APP-12405015.FP.FTS.B,

13.24%,

3/08/27

17,506

17,683

APP-12415944.FP.FTS.B,

13.24%,

3/08/27

22,075

22,404

APP-12412062.FP.FTS.B,

16.49%,

3/08/27

23,553

23,740

APP-12308786.FP.FTS.B,

19.99%,

3/08/27

13,238

13,112

APP-12416735.FP.FTS.B,

11.24%,

3/15/27

11,310

11,466

APP-12032886.FP.FTS.B,

16.99%,

3/16/27

9,364

9,395

APP-12270423.FP.FTS.B,

22.49%,

3/16/27

6,715

6,684

APP-12384050.FP.FTS.B,

13.74%,

3/17/27

23,672

23,986

APP-12397582.FP.FTS.B,

19.99%,

3/18/27

22,392

22,368

APP-12408565.FP.FTS.B,

17.99%,

3/19/27

20,437

20,443

APP-12408445.FP.FTS.B,

20.99%,

3/19/27

11,701

11,645

APP-12270281.FP.FTS.B,

10.99%,

3/20/27

17,449

17,710

APP-11947650.FP.FTS.B,

15.49%,

3/20/27

14,002

14,072

APP-12270508.FP.FTS.B,

8.99%,

3/21/27

.

19,815

20,054

APP-11694093.FP.FTS.B,

13.49%,

3/21/27

16,524

16,765

APP-12287013.FP.FTS.B,

18.24%,

3/21/27

28,658

28,694

APP-12402081.FP.FTS.B,

18.49%,

3/21/27

25,363

25,312

APP-11940575.FP.FTS.B,

25.49%,

3/21/27

7,925

7,903

APP-12409854.FP.FTS.B,

10.99%,

3/22/27

28,136

28,574

APP-12412441.FP.FTS.B,

11.24%,

3/22/27

34,429

34,925

APP-12421438.FP.FTS.B,

11.24%,

3/22/27

10,296

10,456

APP-12412264.FP.FTS.B,

19.99%,

3/22/27

12,482

12,467

APP-13642414.FP.FTS.B,

17.99%,

4/11/27

22,954

22,986

APP-11877626.FP.FTS.B,

13.59%,

4/14/27

35,582

35,981

APP-13608215.FP.FTS.B,

11.84%,

4/15/27

13,365

13,521

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13682302.FP.FTS.B,

18.49%,

4/15/27

$

9,266

$

9,270

APP-13824171.FP.FTS.B,

20.24%,

4/15/27

34,879

34,796

APP-13744711.FP.FTS.B,

26.49%,

4/15/27

7,408

7,335

APP-12119826.FP.FTS.B,

12.09%,

4/16/27

44,117

44,598

APP-13846094.FP.FTS.B,

19.49%,

4/16/27

6,768

6,785

APP-13767273.FP.FTS.B,

11.59%,

4/18/27

14,587

14,777

APP-13929153.FP.FTS.B,

9.59%,

4/20/27

.

11,984

12,135

APP-14057284.FP.FTS.B,

13.59%,

4/23/27

34,875

35,225

APP-13920277.FP.FTS.B,

17.99%,

4/24/27

19,802

19,905

APP-13899643.FP.FTS.B,

12.09%,

4/28/27

43,739

44,299

APP-14059320.FP.FTS.B,

16.99%,

4/30/27

22,889

23,033

APP-14099769.FP.FTS.B,

20.49%,

4/30/27

18,068

18,094

APP-14169390.FP.FTS.B,

22.24%,

4/30/27

21,577

21,588

APP-14199304.FP.FTS.B,

13.59%,

5/01/27

31,533

31,816

APP-14146465.FP.FTS.B,

17.99%,

5/01/27

5,180

5,184

APP-14187476.FP.FTS.B,

17.99%,

5/01/27

24,309

24,242

APP-14176600.FP.FTS.B,

22.99%,

5/01/27

10,499

10,365

APP-14087177.FP.FTS.B,

18.99%,

5/02/27

15,075

14,904

APP-14289803.FP.FTS.B,

22.49%,

5/02/27

8,700

8,617

APP-14041540.FP.FTS.B,

11.59%,

5/03/27

18,892

19,082

APP-14129708.FP.FTS.B,

11.34%,

5/05/27

30,250

30,641

APP-14179808.FP.FTS.B,

17.99%,

5/05/27

25,554

25,523

APP-14119402.FP.FTS.B,

18.49%,

5/05/27

10,003

3,144

APP-14146069.FP.FTS.B,

18.49%,

5/05/27

16,100

3,266

APP-14172338.FP.FTS.B,

18.49%,

5/05/27

11,669

11,555

APP-14163190.FP.FTS.B,

18.74%,

5/05/27

30,162

30,104

APP-14163543.FP.FTS.B,

18.74%,

5/05/27

27,428

27,329

APP-14172523.FP.FTS.B,

26.49%,

5/05/27

10,238

10,091

APP-13965445.FP.FTS.B,

20.24%,

5/08/27

18,314

18,124

APP-14263477.FP.FTS.B,

21.99%,

5/10/27

16,598

16,412

APP-13484916.FP.FTS.B,

14.99%,

5/12/27

18,823

19,023

APP-14330285.FP.FTS.B,

11.74%,

5/13/27

23,809

24,113

APP-13484260.FP.FTS.B,

20.99%,

5/14/27

15,939

15,861

APP-13720484.FP.FTS.B,

11.34%,

5/15/27

35,355

35,808

APP-13483981.FP.FTS.B,

16.99%,

5/15/27

11,396

11,411

APP-13485148.FP.FTS.B,

18.49%,

5/15/27

27,149

27,116

APP-13526490.FP.FTS.B,

20.24%,

5/15/27

39,158

12,899

APP-13694672.FP.FTS.B,

24.99%,

5/15/27

27,572

27,339

APP-13754354.FP.FTS.B,

11.34%,

5/17/27

28,306

28,686

APP-13725984.FP.FTS.B,

13.59%,

5/17/27

27,191

27,526

APP-13302047.FP.FTS.B,

13.74%,

5/17/27

9,533

9,662

APP-13417402.FP.FTS.B,

17.99%,

5/18/27

13,378

13,332

APP-13849753.FP.FTS.B,

9.34%,

5/20/27

.

28,105

28,482

APP-13484281.FP.FTS.B,

11.34%,

5/20/27

23,236

23,607

APP-13547748.FP.FTS.B,

12.09%,

5/20/27

44,548

45,270

APP-13485093.FP.FTS.B,

13.84%,

5/20/27

13,293

13,498

APP-13800465.FP.FTS.B,

18.49%,

5/20/27

10,829

10,797

APP-13529032.FP.FTS.B,

18.74%,

5/20/27

31,892

32,029

APP-13628826.FP.FTS.B,

19.49%,

5/20/27

24,819

24,900

APP-13705972.FP.FTS.B,

26.49%,

5/20/27

9,267

9,236

APP-13542298.FP.FTS.B,

11.34%,

5/21/27

22,774

23,156

APP-13811007.FP.FTS.B,

11.34%,

5/21/27

23,266

23,584

APP-13827996.FP.FTS.B,

13.84%,

5/21/27

17,464

17,685

APP-13848454.FP.FTS.B,

16.09%,

5/21/27

10,256

10,385

APP-13845932.FP.FTS.B,

18.49%,

5/21/27

9,617

903

APP-13851876.FP.FTS.B,

18.99%,

5/21/27

22,606

22,665

APP-13767415.FP.FTS.B,

19.49%,

5/21/27

17,348

17,392

APP-13675017.FP.FTS.B,

20.49%,

5/21/27

13,686

13,662

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13826410.FP.FTS.B,

20.49%,

5/21/27

$

18,714

$

18,691

APP-13838022.FP.FTS.B,

22.49%,

5/21/27

7,300

7,302

APP-13660286.FP.FTS.B,

22.99%,

5/21/27

8,843

8,835

APP-13840262.FP.FTS.B,

23.49%,

5/21/27

11,435

11,376

APP-13921670.FP.FTS.B,

18.49%,

5/24/27

4,205

4,204

APP-13828766.FP.FTS.B,

21.99%,

5/25/27

13,500

13,422

APP-13942898.FP.FTS.B,

16.74%,

5/26/27

33,745

33,888

APP-13628676.FP.FTS.B,

16.99%,

5/27/27

11,293

11,470

APP-13485109.FP.FTS.B,

20.49%,

5/27/27

10,995

11,016

APP-13724215.FP.FTS.B,

10.09%,

5/28/27

42,223

42,911

APP-13751462.FP.FTS.B,

11.59%,

5/28/27

34,203

34,743

APP-13574037.FP.FTS.B,

15.24%,

5/28/27

41,401

42,060

APP-13628755.FP.FTS.B,

19.49%,

5/28/27

9,620

9,713

APP-13521024.FP.FTS.B,

20.99%,

5/28/27

14,695

14,734

APP-13696300.FP.FTS.B,

13.84%,

5/29/27

13,447

13,669

APP-13932583.FP.FTS.B,

15.49%,

5/30/27

18,972

3,862

APP-13836108.FP.FTS.B,

13.59%,

5/31/27

36,280

36,721

APP-13852222.FP.FTS.B,

26.49%,

5/31/27

10,187

10,212

APP-11021518.FP.FTS.B,

11.34%,

6/01/27

24,726

25,028

APP-14965459.FP.FTS.B,

17.24%,

6/01/27

27,564

27,718

APP-15037607.FP.FTS.B,

20.99%,

6/01/27

10,449

10,356

APP-13819936.FP.FTS.B,

13.59%,

6/02/27

19,972

20,224

APP-13623936.FP.FTS.B,

9.34%,

6/03/27

.

35,780

36,261

APP-13827661.FP.FTS.B,

16.99%,

6/03/27

20,941

4,134

APP-13816811.FP.FTS.B,

18.99%,

6/03/27

18,459

18,420

APP-14795053.FP.FTS.B,

26.99%,

6/03/27

8,406

8,253

APP-13628843.FP.FTS.B,

16.99%,

6/04/27

11,617

11,707

APP-14115625.FP.FTS.B,

16.99%,

6/04/27

20,759

6,584

APP-14688354.FP.FTS.B,

17.49%,

6/04/27

23,687

23,859

APP-14057755.FP.FTS.B,

19.49%,

6/05/27

10,246

5,739

APP-15009891.FP.FTS.B,

20.74%,

6/05/27

28,926

28,563

APP-13965578.FP.FTS.B,

22.49%,

6/05/27

9,494

3,087

APP-14523726.FP.FTS.B,

23.24%,

6/05/27

15,170

14,938

APP-14190918.FP.FTS.B,

9.59%,

6/06/27

.

8,079

8,120

APP-14191584.FP.FTS.B,

11.34%,

6/06/27

33,505

33,968

APP-14200239.FP.FTS.B,

11.34%,

6/06/27

35,604

36,039

APP-14177752.FP.FTS.B,

11.59%,

6/06/27

23,260

23,507

APP-14165096.FP.FTS.B,

14.74%,

6/06/27

27,313

27,591

APP-14192451.FP.FTS.B,

17.99%,

6/06/27

26,939

26,920

APP-14083608.FP.FTS.B,

20.49%,

6/06/27

11,380

11,168

APP-14192777.FP.FTS.B,

20.49%,

6/06/27

13,780

13,642

APP-13961157.FP.FTS.B,

12.09%,

6/07/27

44,221

44,719

APP-14143499.FP.FTS.B,

17.24%,

6/07/27

30,335

30,331

APP-14225512.FP.FTS.B,

20.49%,

6/07/27

9,178

9,133

APP-14212766.FP.FTS.B,

26.49%,

6/07/27

9,291

9,147

APP-13625696.FP.FTS.B,

11.59%,

6/09/27

13,537

13,736

APP-13969567.FP.FTS.B,

20.49%,

6/09/27

18,746

11,516

APP-14925385.FP.FTS.B,

15.49%,

6/10/27

13,888

13,996

APP-13914635.FP.FTS.B,

20.99%,

6/10/27

18,390

18,258

APP-15045243.FP.FTS.B,

21.49%,

6/10/27

18,069

17,894

APP-14179267.FP.FTS.B,

17.24%,

6/11/27

44,265

44,661

APP-14197185.FP.FTS.B,

20.49%,

6/12/27

18,557

18,448

APP-14313248.FP.FTS.B,

22.99%,

6/12/27

8,438

8,370

APP-14221142.FP.FTS.B,

24.24%,

6/12/27

21,541

21,321

APP-14324970.FP.FTS.B,

24.74%,

6/12/27

13,071

13,009

APP-14346312.FP.FTS.B,

11.74%,

6/13/27

19,467

19,717

APP-14189919.FP.FTS.B,

20.49%,

6/13/27

14,587

14,504

APP-14217163.FP.FTS.B,

11.34%,

6/14/27

17,983

18,221

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14226274.FP.FTS.B,

10.84%,

6/15/27

$

26,943

$

27,308

APP-14176860.FP.FTS.B,

20.24%,

6/15/27

27,711

27,690

APP-14227617.FP.FTS.B,

20.99%,

6/15/27

9,216

9,169

APP-14265655.FP.FTS.B,

21.99%,

6/15/27

11,271

11,194

APP-14197537.FP.FTS.B,

22.99%,

6/15/27

9,582

9,543

APP-14128298.FP.FTS.B,

23.99%,

6/15/27

13,823

13,722

APP-14219059.FP.FTS.B,

11.34%,

6/16/27

17,996

18,245

APP-15597460.FP.FTS.B,

16.49%,

6/16/27

28,930

29,119

APP-14301553.FP.FTS.B,

22.49%,

6/16/27

17,106

16,978

APP-14046117.FP.FTS.B,

9.59%,

6/17/27

.

14,619

14,836

APP-14151947.FP.FTS.B,

10.84%,

6/17/27

26,991

27,400

APP-14138938.FP.FTS.B,

11.59%,

6/17/27

15,199

15,433

APP-14194032.FP.FTS.B,

13.59%,

6/17/27

22,685

23,014

APP-14104736.FP.FTS.B,

15.49%,

6/17/27

6,037

6,039

APP-14188906.FP.FTS.B,

16.99%,

6/17/27

18,331

18,576

APP-13945124.FP.FTS.B,

20.49%,

6/17/27

20,852

2,623

APP-14171682.FP.FTS.B,

20.49%,

6/17/27

19,136

6,550

APP-14160914.FP.FTS.B,

20.99%,

6/17/27

16,973

16,921

APP-14132105.FP.FTS.B,

22.99%,

6/17/27

28,271

28,158

APP-14200894.FP.FTS.B,

23.49%,

6/17/27

12,595

12,522

APP-14243912.FP.FTS.B,

26.49%,

6/17/27

7,949

7,907

APP-14301044.FP.FTS.B,

26.49%,

6/17/27

8,428

8,374

APP-14057430.FP.FTS.B,

14.09%,

6/18/27

24,388

24,803

APP-13921051.FP.FTS.B,

14.74%,

6/18/27

36,652

37,134

APP-14154320.FP.FTS.B,

15.49%,

6/18/27

17,290

4,980

APP-14057201.FP.FTS.B,

15.99%,

6/18/27

10,983

11,038

APP-13986857.FP.FTS.B,

20.49%,

6/18/27

13,903

13,920

APP-14108165.FP.FTS.B,

20.49%,

6/18/27

16,897

16,877

APP-14152014.FP.FTS.B,

20.49%,

6/18/27

9,708

9,716

APP-14194987.FP.FTS.B,

20.49%,

6/18/27

23,156

23,180

APP-14180533.FP.FTS.B,

20.99%,

6/18/27

16,934

16,913

APP-13962367.FP.FTS.B,

21.49%,

6/18/27

35,831

7,926

APP-13710175.FP.FTS.B,

22.24%,

6/18/27

22,092

7,731

APP-14181527.FP.FTS.B,

22.49%,

6/18/27

13,969

13,912

APP-14066107.FP.FTS.B,

9.34%,

6/19/27

.

35,836

36,384

APP-14193881.FP.FTS.B,

10.09%,

6/19/27

44,216

44,892

APP-14157257.FP.FTS.B,

11.34%,

6/19/27

18,035

18,322

APP-14170154.FP.FTS.B,

11.59%,

6/19/27

10,830

11,003

APP-14194451.FP.FTS.B,

16.99%,

6/19/27

7,486

7,494

APP-13928225.FP.FTS.B,

17.99%,

6/19/27

11,043

11,109

APP-14165192.FP.FTS.B,

17.99%,

6/19/27

17,982

18,088

APP-14159215.FP.FTS.B,

18.49%,

6/19/27

10,238

10,392

APP-14191093.FP.FTS.B,

18.99%,

6/19/27

18,459

18,533

APP-14190473.FP.FTS.B,

19.49%,

6/19/27

9,243

9,302

APP-14195378.FP.FTS.B,

19.49%,

6/19/27

26,567

26,675

APP-14163708.FP.FTS.B,

20.24%,

6/19/27

29,434

6,406

APP-14025039.FP.FTS.B,

20.49%,

6/19/27

12,050

12,024

APP-14034800.FP.FTS.B,

22.24%,

6/19/27

18,581

18,474

APP-14326267.FP.FTS.B,

23.74%,

6/19/27

28,518

28,466

APP-14194801.FP.FTS.B,

11.34%,

6/20/27

18,042

18,334

APP-14202174.FP.FTS.B,

11.59%,

6/20/27

11,737

11,928

APP-14202404.FP.FTS.B,

12.09%,

6/20/27

45,214

45,957

APP-14077334.FP.FTS.B,

13.59%,

6/20/27

26,598

26,962

APP-14188625.FP.FTS.B,

13.59%,

6/20/27

18,148

18,405

APP-14162980.FP.FTS.B,

16.74%,

6/20/27

34,223

34,295

APP-14057492.FP.FTS.B,

16.99%,

6/20/27

13,570

13,655

APP-14066475.FP.FTS.B,

17.99%,

6/20/27

24,230

24,386

APP-14194952.FP.FTS.B,

17.99%,

6/20/27

18,626

18,756

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14178343.FP.FTS.B,

18.74%,

6/20/27

$

34,271

$

34,428

APP-14198467.FP.FTS.B,

18.99%,

6/20/27

24,197

24,151

APP-14225057.FP.FTS.B,

18.99%,

6/20/27

19,910

19,959

APP-14221223.FP.FTS.B,

19.24%,

6/20/27

44,278

44,390

APP-14172834.FP.FTS.B,

20.99%,

6/20/27

10,658

10,644

APP-14159440.FP.FTS.B,

21.99%,

6/20/27

14,436

14,376

APP-14195756.FP.FTS.B,

22.49%,

6/20/27

14,804

14,751

APP-14199815.FP.FTS.B,

22.49%,

6/20/27

10,415

10,445

APP-08640096.FP.FTS.B,

11.34%,

6/21/27

25,211

25,598

APP-14206394.FP.FTS.B,

11.34%,

6/21/27

22,536

22,882

APP-14216686.FP.FTS.B,

20.49%,

6/21/27

13,207

13,172

APP-14317227.FP.FTS.B,

20.74%,

6/21/27

35,148

35,096

APP-14278564.FP.FTS.B,

20.49%,

6/24/27

11,578

11,581

APP-14292674.FP.FTS.B,

21.99%,

6/25/27

16,008

15,985

APP-14215379.FP.FTS.B,

17.49%,

6/26/27

16,443

16,700

APP-14353491.FP.FTS.B,

22.74%,

6/26/27

11,149

11,150

APP-14178588.FP.FTS.B,

22.99%,

6/26/27

2,697

2,676

APP-13787332.FP.FTS.B,

11.34%,

6/27/27

23,004

23,395

APP-14044460.FP.FTS.B,

13.34%,

6/27/27

11,467

11,656

APP-14178884.FP.FTS.B,

17.49%,

6/27/27

21,878

22,161

APP-14346063.FP.FTS.B,

18.49%,

6/27/27

23,055

23,262

APP-14335387.FP.FTS.B,

19.49%,

6/27/27

19,424

19,567

APP-14335800.FP.FTS.B,

19.99%,

6/27/27

13,647

13,750

APP-14341730.FP.FTS.B,

20.99%,

6/27/27

13,468

13,497

APP-13701227.FP.FTS.B,

22.99%,

6/28/27

8,152

933

APP-13695730.FP.FTS.B,

26.49%,

6/28/27

7,002

7,010

APP-15557986.FP.FTS.B,

10.99%,

6/30/27

38,762

39,237

APP-15494302.FP.FTS.B,

12.24%,

6/30/27

37,146

37,651

APP-15748724.FP.FTS.B,

12.49%,

7/01/27

22,174

22,383

APP-15753390.FP.FTS.B,

26.99%,

7/01/27

9,452

9,297

APP-15425472.FP.FTS.B,

18.99%,

7/02/27

28,981

28,925

APP-15635946.FP.FTS.B,

24.74%,

7/03/27

15,291

15,260

APP-15718781.FP.FTS.B,

26.74%,

7/03/27

5,764

5,633

APP-15706980.FP.FTS.B,

26.99%,

7/03/27

7,358

1,638

APP-15653357.FP.FTS.B,

21.24%,

7/04/27

7,516

7,507

APP-15686162.FP.FTS.B,

25.24%,

7/05/27

18,419

18,204

APP-14883847.FP.FTS.B,

17.24%,

7/06/27

6,918

6,989

APP-15716454.FP.FTS.B,

20.24%,

7/06/27

17,187

17,113

APP-14197811.FP.FTS.B,

20.49%,

7/06/27

18,201

18,018

APP-15556990.FP.FTS.B,

21.24%,

7/06/27

9,408

9,412

APP-14902078.FP.FTS.B,

11.74%,

7/07/27

22,742

23,021

APP-14904704.FP.FTS.B,

13.99%,

7/07/27

34,818

35,194

APP-14911217.FP.FTS.B,

13.99%,

7/07/27

22,103

22,377

APP-15744265.FP.FTS.B,

14.49%,

7/07/27

12,463

12,514

APP-14935613.FP.FTS.B,

11.99%,

7/08/27

11,884

12,034

APP-14923950.FP.FTS.B,

13.74%,

7/08/27

11,897

12,030

APP-14844069.FP.FTS.B,

16.49%,

7/08/27

25,842

26,085

APP-14917832.FP.FTS.B,

16.49%,

7/08/27

13,829

13,831

APP-14923618.FP.FTS.B,

16.49%,

7/08/27

13,829

13,831

APP-14840263.FP.FTS.B,

17.49%,

7/08/27

24,798

25,023

APP-16068831.FP.FTS.B,

16.74%,

7/10/27

20,291

20,490

APP-14921328.FP.FTS.B,

17.24%,

7/10/27

36,937

37,296

APP-14530395.FP.FTS.B,

17.49%,

7/10/27

22,323

22,545

APP-14994439.FP.FTS.B,

19.99%,

7/10/27

16,829

16,912

APP-15007157.FP.FTS.B,

20.99%,

7/11/27

11,146

11,046

APP-15024354.FP.FTS.B,

24.24%,

7/11/27

12,271

7,786

APP-14991877.FP.FTS.B,

26.99%,

7/11/27

9,570

3,368

APP-14868239.FP.FTS.B,

11.99%,

7/12/27

11,028

11,180

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15042164.FP.FTS.B,

13.99%,

7/12/27

$

19,233

$

19,439

APP-14709072.FP.FTS.B,

17.49%,

7/12/27

19,010

19,218

APP-15039779.FP.FTS.B,

17.49%,

7/12/27

20,304

20,474

APP-15008780.FP.FTS.B,

19.99%,

7/12/27

15,937

16,007

APP-15043011.FP.FTS.B,

23.74%,

7/12/27

29,190

6,417

APP-15023218.FP.FTS.B,

23.99%,

7/12/27

25,239

24,971

APP-15042638.FP.FTS.B,

26.99%,

7/12/27

9,398

9,281

APP-16045778.FP.FTS.B,

22.49%,

7/13/27

9,898

9,925

APP-15056624.FP.FTS.B,

22.99%,

7/13/27

10,274

10,228

APP-14930206.FP.FTS.B,

14.49%,

7/14/27

10,455

10,610

APP-14689546.FP.FTS.B,

11.74%,

7/15/27

26,783

27,171

APP-14818480.FP.FTS.B,

11.74%,

7/15/27

36,567

37,106

APP-14821859.FP.FTS.B,

11.74%,

7/15/27

19,195

19,469

APP-14914496.FP.FTS.B,

11.74%,

7/15/27

36,567

37,106

APP-15114820.FP.FTS.B,

11.74%,

7/15/27

18,230

18,474

APP-13767685.FP.FTS.B,

11.99%,

7/15/27

18,577

18,826

APP-14996949.FP.FTS.B,

11.99%,

7/15/27

14,396

14,599

APP-15137192.FP.FTS.B,

11.99%,

7/15/27

16,051

16,267

APP-15037710.FP.FTS.B,

18.99%,

7/15/27

13,448

13,364

APP-15040717.FP.FTS.B,

20.99%,

7/15/27

8,644

8,667

APP-15041101.FP.FTS.B,

20.99%,

7/15/27

15,834

15,785

APP-15039028.FP.FTS.B,

22.99%,

7/16/27

7,487

7,468

APP-14843307.FP.FTS.B,

11.99%,

7/17/27

13,732

13,944

APP-14866235.FP.FTS.B,

12.74%,

7/17/27

45,269

45,835

APP-14123428.FP.FTS.B,

24.24%,

7/17/27

24,336

2,648

APP-14906097.FP.FTS.B,

16.74%,

7/18/27

44,897

45,050

APP-14108410.FP.FTS.B,

17.49%,

7/18/27

25,146

25,308

APP-14882502.FP.FTS.B,

11.74%,

7/19/27

21,973

22,324

APP-14811744.FP.FTS.B,

13.99%,

7/19/27

32,242

32,734

APP-14688586.FP.FTS.B,

17.49%,

7/19/27

25,009

25,365

APP-14058557.FP.FTS.B,

22.99%,

7/19/27

9,806

9,794

APP-14174912.FP.FTS.B,

22.99%,

7/19/27

29,428

29,495

APP-14160424.FP.FTS.B,

23.99%,

7/19/27

16,124

16,149

APP-14175358.FP.FTS.B,

26.49%,

7/19/27

7,069

7,046

APP-14057681.FP.FTS.B,

11.99%,

7/20/27

11,063

11,244

APP-14766983.FP.FTS.B,

13.99%,

7/20/27

36,865

37,440

APP-14859116.FP.FTS.B,

13.99%,

7/20/27

19,403

2,094

APP-14911982.FP.FTS.B,

15.99%,

7/20/27

17,608

17,858

APP-14902830.FP.FTS.B,

16.24%,

7/20/27

37,088

37,300

APP-14876648.FP.FTS.B,

17.49%,

7/20/27

21,787

22,104

APP-14191366.FP.FTS.B,

22.49%,

7/20/27

14,513

5,114

APP-15056862.FP.FTS.B,

22.99%,

7/20/27

18,774

18,681

APP-14122876.FP.FTS.B,

23.49%,

7/20/27

32,919

32,841

APP-14688432.FP.FTS.B,

9.99%,

7/21/27

.

11,403

11,585

APP-14865961.FP.FTS.B,

11.74%,

7/21/27

32,801

33,345

APP-14931619.FP.FTS.B,

11.99%,

7/21/27

32,091

32,582

APP-14937680.FP.FTS.B,

11.99%,

7/21/27

16,040

16,296

APP-14938376.FP.FTS.B,

11.99%,

7/21/27

13,754

13,984

APP-14881643.FP.FTS.B,

17.49%,

7/21/27

20,197

20,503

APP-14753736.FP.FTS.B,

19.99%,

7/21/27

7,274

1,482

APP-14877061.FP.FTS.B,

9.99%,

7/22/27

.

15,054

15,298

APP-14728435.FP.FTS.B,

11.99%,

7/22/27

11,924

12,127

APP-14688218.FP.FTS.B,

13.99%,

7/22/27

23,082

23,481

APP-15046782.FP.FTS.B,

17.74%,

7/22/27

46,434

47,042

APP-15030718.FP.FTS.B,

18.24%,

7/22/27

37,564

37,767

APP-14917772.FP.FTS.B,

19.99%,

7/22/27

7,489

7,550

APP-15028560.FP.FTS.B,

23.24%,

7/22/27

15,050

14,996

APP-16899204.FP.FTS.B,

16.24%,

7/23/27

27,817

28,117

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14529813.FP.FTS.B,

18.24%,

7/23/27

$

35,437

$

35,724

APP-14859157.FP.FTS.B,

19.24%,

7/24/27

37,421

37,680

APP-15030457.FP.FTS.B,

22.99%,

7/24/27

7,499

2,518

APP-14078519.FP.FTS.B,

24.24%,

7/24/27

19,685

19,471

APP-15016451.FP.FTS.B,

17.49%,

7/25/27

26,283

26,654

APP-15034481.FP.FTS.B,

20.99%,

7/25/27

19,568

2,277

APP-15044155.FP.FTS.B,

20.99%,

7/25/27

18,758

18,753

APP-15024147.FP.FTS.B,

22.99%,

7/25/27

7,129

7,159

APP-14314279.FP.FTS.B,

23.49%,

7/25/27

7,196

7,209

APP-15048932.FP.FTS.B,

11.99%,

7/26/27

15,581

15,840

APP-16899254.FP.FTS.B,

21.74%,

7/26/27

8,530

8,540

APP-14323987.FP.FTS.B,

23.49%,

7/26/27

8,695

1,944

APP-15053109.FP.FTS.B,

11.74%,

7/29/27

18,325

18,648

APP-16318783.FP.FTS.B,

18.99%,

7/30/27

17,201

17,319

APP-15578753.FP.FTS.B,

11.74%,

8/01/27

27,740

28,082

APP-15576948.FP.FTS.B,

12.24%,

8/01/27

32,573

32,979

APP-15589829.FP.FTS.B,

16.99%,

8/01/27

9,810

9,915

APP-16690743.FP.FTS.B,

18.49%,

8/01/27

7,568

7,643

APP-15589795.FP.FTS.B,

18.74%,

8/01/27

19,665

19,875

APP-15361603.FP.FTS.B,

19.74%,

8/01/27

16,680

16,654

APP-16637613.FP.FTS.B,

19.99%,

8/01/27

13,391

13,475

APP-15590969.FP.FTS.B,

20.49%,

8/01/27

30,147

30,425

APP-15453063.FP.FTS.B,

24.74%,

8/01/27

11,362

11,225

APP-15584134.FP.FTS.B,

12.99%,

8/03/27

24,413

24,695

APP-16724945.FP.FTS.B,

13.99%,

8/03/27

47,276

47,740

APP-16827842.FP.FTS.B,

16.24%,

8/03/27

22,618

22,897

APP-16804930.FP.FTS.B,

23.24%,

8/03/27

28,603

28,387

APP-16934495.FP.FTS.B,

13.99%,

8/05/27

14,891

14,905

APP-17031491.FP.FTS.B,

13.99%,

8/05/27

47,167

47,717

APP-17503110.FP.FTS.B,

15.99%,

8/05/27

46,968

47,326

APP-17272402.FP.FTS.B,

21.24%,

8/05/27

30,247

30,014

APP-15682350.FP.FTS.B,

22.24%,

8/05/27

19,728

19,542

APP-15713621.FP.FTS.B,

12.49%,

8/06/27

15,946

16,146

APP-15751991.FP.FTS.B,

12.49%,

8/07/27

14,294

14,478

APP-15422820.FP.FTS.B,

19.24%,

8/07/27

25,014

25,203

APP-15738510.FP.FTS.B,

21.99%,

8/07/27

38,799

38,652

APP-15580065.FP.FTS.B,

25.24%,

8/07/27

14,214

14,081

APP-15763190.FP.FTS.B,

22.24%,

8/08/27

23,969

23,807

APP-15743089.FP.FTS.B,

16.74%,

8/10/27

23,383

23,637

APP-15600789.FP.FTS.B,

22.24%,

8/10/27

7,118

7,136

APP-15634817.FP.FTS.B,

25.24%,

8/10/27

16,174

16,083

APP-17112059.FP.FTS.B,

15.24%,

8/11/27

22,011

22,239

APP-15576572.FP.FTS.B,

20.74%,

8/11/27

18,723

11,574

APP-15575823.FP.FTS.B,

26.99%,

8/11/27

9,872

9,833

APP-17457181.FP.FTS.B,

16.24%,

8/12/27

9,429

9,540

APP-15231441.FP.FTS.B,

16.99%,

8/12/27

44,068

44,669

APP-17422584.FP.FTS.B,

18.49%,

8/12/27

18,921

18,947

APP-15558741.FP.FTS.B,

19.49%,

8/12/27

35,877

36,074

APP-15307313.FP.FTS.B,

22.24%,

8/12/27

15,141

15,132

APP-15594246.FP.FTS.B,

25.49%,

8/12/27

25,252

25,163

APP-16035258.FP.FTS.B,

13.24%,

8/13/27

11,273

5,611

APP-15576373.FP.FTS.B,

19.24%,

8/13/27

14,594

14,818

APP-15302717.FP.FTS.B,

20.24%,

8/13/27

20,090

20,038

APP-15437840.FP.FTS.B,

20.24%,

8/13/27

14,951

14,912

APP-16046092.FP.FTS.B,

20.49%,

8/13/27

20,479

20,538

APP-16055829.FP.FTS.B,

12.99%,

8/14/27

11,124

11,245

APP-15595170.FP.FTS.B,

15.24%,

8/14/27

46,966

47,726

APP-15805332.FP.FTS.B,

18.74%,

8/14/27

23,207

23,455

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15398570.FP.FTS.B,

18.99%,

8/14/27

$

44,751

$

45,505

APP-16079598.FP.FTS.B,

20.49%,

8/14/27

18,807

18,872

APP-15459856.FP.FTS.B,

20.74%,

8/14/27

18,879

18,843

APP-16063371.FP.FTS.B,

20.99%,

8/14/27

23,525

23,605

APP-15638158.FP.FTS.B,

21.24%,

8/14/27

9,046

9,078

APP-15526033.FP.FTS.B,

21.74%,

8/14/27

19,468

19,599

APP-14058523.FP.FTS.B,

21.99%,

8/14/27

31,139

31,321

APP-15802156.FP.FTS.B,

22.24%,

8/14/27

14,145

14,134

APP-15356967.FP.FTS.B,

22.49%,

8/14/27

47,752

47,936

APP-15460819.FP.FTS.B,

23.24%,

8/14/27

17,474

3,840

APP-15525700.FP.FTS.B,

10.24%,

8/15/27

24,279

24,671

APP-15578534.FP.FTS.B,

11.74%,

8/15/27

28,618

29,013

APP-15398960.FP.FTS.B,

12.99%,

8/15/27

39,943

40,627

APP-15709743.FP.FTS.B,

14.49%,

8/15/27

37,327

37,873

APP-15299307.FP.FTS.B,

14.99%,

8/15/27

27,730

28,185

APP-15544956.FP.FTS.B,

18.74%,

8/15/27

14,648

14,877

APP-15710954.FP.FTS.B,

18.99%,

8/15/27

29,208

29,368

APP-15598006.FP.FTS.B,

19.74%,

8/15/27

28,414

28,619

APP-15570179.FP.FTS.B,

19.99%,

8/15/27

42,802

43,243

APP-15574568.FP.FTS.B,

20.24%,

8/15/27

28,162

28,227

APP-15702332.FP.FTS.B,

20.24%,

8/15/27

9,446

9,576

APP-15681530.FP.FTS.B,

20.49%,

8/15/27

33,800

10,856

APP-15744959.FP.FTS.B,

20.49%,

8/15/27

33,687

33,924

APP-15519399.FP.FTS.B,

21.99%,

8/15/27

16,484

16,227

APP-15585228.FP.FTS.B,

22.24%,

8/15/27

21,904

21,917

APP-15747924.FP.FTS.B,

22.24%,

8/15/27

12,344

2,671

APP-15869507.FP.FTS.B,

22.99%,

8/15/27

47,243

47,344

APP-16074588.FP.FTS.B,

23.49%,

8/15/27

14,161

14,113

APP-16075494.FP.FTS.B,

23.49%,

8/15/27

7,565

7,581

APP-15763149.FP.FTS.B,

26.99%,

8/15/27

9,950

9,907

APP-15868809.FP.FTS.B,

12.99%,

8/16/27

31,885

32,341

APP-13337190.FP.FTS.B,

18.99%,

8/16/27

13,720

13,880

APP-15684113.FP.FTS.B,

20.74%,

8/18/27

20,843

20,957

APP-15602475.FP.FTS.B,

12.49%,

8/19/27

16,495

16,773

APP-15591313.FP.FTS.B,

20.74%,

8/19/27

12,972

13,050

APP-15601188.FP.FTS.B,

21.24%,

8/19/27

45,862

46,157

APP-15653079.FP.FTS.B,

21.24%,

8/19/27

9,978

1,085

APP-15721763.FP.FTS.B,

14.24%,

8/20/27

11,925

1,200

APP-15697643.FP.FTS.B,

19.24%,

8/20/27

18,973

19,129

APP-15811836.FP.FTS.B,

19.74%,

8/20/27

23,565

23,726

APP-15742698.FP.FTS.B,

20.74%,

8/20/27

18,772

18,784

APP-15745396.FP.FTS.B,

21.24%,

8/20/27

25,568

25,741

APP-15764379.FP.FTS.B,

22.24%,

8/20/27

23,140

23,130

APP-15741986.FP.FTS.B,

12.49%,

8/21/27

29,238

29,713

APP-15737768.FP.FTS.B,

17.74%,

8/21/27

16,711

16,849

APP-15499870.FP.FTS.B,

18.99%,

8/21/27

28,261

28,501

APP-15671359.FP.FTS.B,

20.24%,

8/21/27

4,814

4,759

APP-15741019.FP.FTS.B,

20.74%,

8/21/27

18,985

19,123

APP-15602128.FP.FTS.B,

21.74%,

8/21/27

12,748

12,812

APP-15495873.FP.FTS.B,

22.24%,

8/21/27

14,717

3,239

APP-15663958.FP.FTS.B,

22.24%,

8/21/27

13,333

13,418

APP-15745269.FP.FTS.B,

22.24%,

8/21/27

14,760

14,807

APP-16024812.FP.FTS.B,

12.99%,

8/22/27

11,161

11,331

APP-15879111.FP.FTS.B,

24.99%,

8/22/27

34,471

7,463

APP-15037668.FP.FTS.B,

26.99%,

8/23/27

9,989

9,963

APP-15006613.FP.FTS.B,

23.49%,

8/25/27

7,966

7,975

APP-15038278.FP.FTS.B,

25.99%,

8/25/27

27,606

27,572

APP-14983588.FP.FTS.B,

26.99%,

8/25/27

7,447

703

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14178173.FP.FTS.B,

15.24%,

8/26/27

$

20,133

$

20,483

APP-15871509.FP.FTS.B,

20.49%,

8/26/27

17,150

17,298

APP-16071674.FP.FTS.B,

22.49%,

8/26/27

9,991

10,101

APP-15043328.FP.FTS.B,

22.74%,

8/26/27

12,723

12,711

APP-14920951.FP.FTS.B,

23.49%,

8/26/27

7,470

7,470

APP-14977194.FP.FTS.B,

26.99%,

8/26/27

11,418

11,415

APP-16053754.FP.FTS.B,

10.99%,

8/27/27

30,451

30,984

APP-15234987.FP.FTS.B,

16.74%,

8/27/27

27,490

27,949

APP-14372060.FP.FTS.B,

21.99%,

8/27/27

21,162

21,353

APP-16061296.FP.FTS.B,

23.49%,

8/27/27

13,358

13,444

APP-16074435.FP.FTS.B,

23.49%,

8/27/27

22,900

23,111

APP-12674078.FP.FTS.B,

20.24%,

8/28/27

28,946

29,279

APP-16019364.FP.FTS.B,

20.99%,

8/28/27

27,405

27,727

APP-16813915.FP.FTS.B,

19.99%,

9/04/27

18,983

19,159

APP-16893024.FP.FTS.B,

19.99%,

9/04/27

15,306

7,872

APP-17103722.FP.FTS.B,

9.74%,

9/06/27

.

4,668

4,726

APP-17244225.FP.FTS.B,

9.49%,

9/09/27

.

19,656

19,922

APP-17250115.FP.FTS.B,

9.74%,

9/09/27

.

7,006

7,101

APP-17398424.FP.FTS.B,

18.24%,

9/12/27

9,387

9,378

APP-17433516.FP.FTS.B,

20.49%,

9/12/27

23,714

23,736

APP-17455190.FP.FTS.B,

12.74%,

9/13/27

46,914

47,457

APP-17430483.FP.FTS.B,

12.99%,

9/13/27

24,818

25,132

APP-17450366.FP.FTS.B,

21.24%,

9/13/27

11,413

11,419

APP-16817244.FP.FTS.B,

18.24%,

9/14/27

47,629

48,330

APP-15589159.FP.FTS.B,

26.74%,

9/14/27

16,853

16,748

APP-15579680.FP.FTS.B,

26.99%,

9/14/27

24,021

23,984

APP-17144021.FP.FTS.B,

12.99%,

9/15/27

21,606

21,900

APP-16652517.FP.FTS.B,

14.24%,

9/15/27

18,887

19,155

APP-16847088.FP.FTS.B,

18.24%,

9/15/27

9,531

9,581

APP-16905384.FP.FTS.B,

20.24%,

9/15/27

43,210

43,926

APP-17462032.FP.FTS.B,

20.49%,

9/15/27

15,004

15,158

APP-15593379.FP.FTS.B,

24.74%,

9/15/27

7,754

7,766

APP-15584156.FP.FTS.B,

26.99%,

9/15/27

11,161

11,273

APP-17507239.FP.FTS.B,

16.24%,

9/16/27

20,786

21,049

APP-16120987.FP.FTS.B,

17.99%,

9/16/27

14,763

14,877

APP-16896117.FP.FTS.B,

23.99%,

9/16/27

8,672

8,685

APP-16905790.FP.FTS.B,

17.74%,

9/17/27

11,231

11,433

APP-16906029.FP.FTS.B,

17.74%,

9/17/27

10,025

10,204

APP-16901085.FP.FTS.B,

22.49%,

9/17/27

17,310

17,443

APP-16806378.FP.FTS.B,

23.49%,

9/17/27

26,493

26,684

APP-16119812.FP.FTS.B,

21.74%,

9/18/27

21,827

21,996

APP-15651111.FP.FTS.B,

24.99%,

9/18/27

22,890

22,902

APP-16599721.FP.FTS.B,

13.49%,

9/19/27

17,885

18,169

APP-17029315.FP.FTS.B,

14.49%,

9/19/27

29,880

30,386

APP-16335329.FP.FTS.B,

11.24%,

9/20/27

17,545

17,840

APP-17182654.FP.FTS.B,

11.24%,

9/20/27

30,093

30,618

APP-17023882.FP.FTS.B,

13.24%,

9/20/27

13,468

13,702

APP-15706743.FP.FTS.B,

24.24%,

9/20/27

9,556

9,618

APP-15738048.FP.FTS.B,

24.99%,

9/20/27

20,490

20,641

APP-15718443.FP.FTS.B,

26.99%,

9/20/27

24,021

24,054

APP-17185981.FP.FTS.B,

11.99%,

9/21/27

30,721

8,489

APP-17104731.FP.FTS.B,

13.49%,

9/21/27

17,952

18,250

APP-15601763.FP.FTS.B,

24.24%,

9/21/27

11,039

11,118

APP-15754577.FP.FTS.B,

24.24%,

9/21/27

11,017

3,715

APP-15757316.FP.FTS.B,

24.99%,

9/21/27

20,163

20,214

APP-15593978.FP.FTS.B,

26.74%,

9/21/27

15,399

15,532

APP-15723564.FP.FTS.B,

26.99%,

9/21/27

7,716

7,735

APP-15725666.FP.FTS.B,

26.99%,

9/21/27

7,212

7,236

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15726434.FP.FTS.B,

26.99%,

9/21/27

$

11,100

$

1,298

APP-15758289.FP.FTS.B,

26.99%,

9/21/27

10,097

10,119

APP-17193229.FP.FTS.B,

11.99%,

9/22/27

14,134

14,367

APP-17221012.FP.FTS.B,

15.24%,

9/22/27

24,314

24,703

APP-15432924.FP.FTS.B,

18.99%,

9/23/27

22,371

22,587

APP-13628761.FP.FTS.B,

20.99%,

9/23/27

17,522

17,698

APP-17458369.FP.FTS.B,

14.49%,

9/25/27

8,814

8,967

APP-17362213.FP.FTS.B,

18.49%,

9/25/27

19,060

19,232

APP-17450170.FP.FTS.B,

20.24%,

9/25/27

41,776

42,096

APP-17482899.FP.FTS.B,

20.49%,

9/25/27

16,796

16,994

APP-17493809.FP.FTS.B,

20.49%,

9/25/27

16,998

17,262

APP-17329208.FP.FTS.B,

20.99%,

9/25/27

16,943

17,106

APP-17418426.FP.FTS.B,

18.99%,

9/26/27

23,626

23,855

APP-17489430.FP.FTS.B,

8.49%,

9/27/27

.

24,601

25,014

APP-15069494.FP.FTS.B,

11.99%,

9/27/27

14,829

15,099

APP-17458150.FP.FTS.B,

18.99%,

9/27/27

38,198

38,833

APP-16932202.FP.FTS.B,

25.49%,

10/17/27

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

9,812

3,461

17,828,316

LendingClub

Corp.

167708608.LC.FTS.B,

15.24%,

3/11/23

...

805

806

167810019.LC.FTS.B,

16.12%,

3/12/23

...

1,021

1,022

168302195.LC.FTS.B,

16.95%,

3/13/23

...

139

140

167835280.LC.FTS.B,

14.3%,

3/15/23

...

57

57

168460211.LC.FTS.B,

14.3%,

3/20/23

....

542

541

159138425.LC.FTS.B,

17.74%,

5/23/23

...

1,300

72

140347396.LC.FTS.B,

19.92%,

9/19/23

...

1,725

1,720

140563373.LC.FTS.B,

19.92%,

9/19/23

...

4,428

4,430

139794780.LC.FTS.B,

20.89%,

10/01/23

..

2,677

2,680

141248487.LC.FTS.B,

22.35%,

10/02/23

..

2,041

2,029

141355465.LC.FTS.B,

12.73%,

10/04/23

..

3,862

3,803

140103085.LC.FTS.B,

17.97%,

10/05/23

..

2,977

(65)

141403690.LC.FTS.B,

18.94%,

10/05/23

..

6,529

6,533

141374572.LC.FTS.B,

27.27%,

10/05/23

..

2,967

2,973

141079587.LC.FTS.B,

26.31%,

10/12/23

..

6,926

809

141363707.LC.FTS.B,

12.73%,

10/15/23

..

4,635

4,566

142148879.LC.FTS.B,

20.89%,

10/18/23

..

5,019

5,054

142086634.LC.FTS.B,

12.73%,

10/19/23

..

6,721

6,623

142075506.LC.FTS.B,

26.31%,

10/19/23

..

5,847

5,870

141783977.LC.FTS.B,

12.73%,

10/20/23

..

5,987

5,901

142298949.LC.FTS.B,

14.47%,

10/24/23

..

6,978

6,919

141649491.LC.FTS.B,

19.92%,

10/24/23

..

7,680

7,723

141082564.LC.FTS.B,

11.06%,

10/25/23

..

3,745

3,683

142149600.LC.FTS.B,

11.06%,

10/25/23

..

2,808

2,765

142127711.LC.FTS.B,

12.73%,

10/25/23

..

5,794

5,712

142527519.LC.FTS.B,

16.91%,

10/25/23

..

7,293

7,213

141269019.LC.FTS.B,

19.92%,

10/25/23

..

3,291

3,311

141422940.LC.FTS.B,

20.89%,

10/25/23

..

4,907

4,954

142579027.LC.FTS.B,

16.14%,

10/26/23

..

2,465

2,445

142829106.LC.FTS.B,

10.08%,

10/30/23

..

3,675

3,624

142789084.LC.FTS.B,

10.47%,

10/30/23

..

2,961

2,917

142225547.LC.FTS.B,

20.89%,

10/30/23

..

4,673

4,713

142579350.LC.FTS.B,

20.89%,

10/30/23

..

2,229

2,252

142456892.LC.FTS.B,

11.55%,

11/02/23

..

7,382

7,232

143063671.LC.FTS.B,

10.72%,

11/13/23

..

3,619

3,560

143378025.LC.FTS.B,

8.81%,

11/14/23

...

7,942

7,861

143428192.LC.FTS.B,

11.8%,

11/14/23

...

2,518

2,474

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

142640425.LC.FTS.B,

10.47%,

11/16/23

..

$

3,482

$

3,422

143835362.LC.FTS.B,

18.94%,

11/19/23

..

6,662

6,656

142526281.LC.FTS.B,

14.47%,

11/21/23

..

8,410

8,295

143411489.LC.FTS.B,

Zero

Cpn,

11/23/23

7,872

–

143453403.LC.FTS.B,

10.33%,

11/26/23

..

3,269

3,221

144219844.LC.FTS.B,

Zero

Cpn,

11/28/23

4,974

479

144173279.LC.FTS.B,

10.72%,

11/28/23

..

6,079

5,979

144230589.LC.FTS.B,

12.98%,

11/28/23

..

6,434

6,338

144195034.LC.FTS.B,

19.92%,

11/28/23

..

2,902

2,918

144228163.LC.FTS.B,

14.47%,

11/29/23

..

4,404

4,361

143073416.LC.FTS.B,

19.92%,

11/29/23

..

5,317

5,332

144128930.LC.FTS.B,

10.72%,

11/30/23

..

2,675

2,633

144026346.LC.FTS.B,

17.97%,

11/30/23

..

7,255

7,295

144280900.LC.FTS.B,

17.97%,

12/04/23

..

7,369

7,317

144473095.LC.FTS.B,

18.94%,

12/04/23

..

2,857

2,835

144492132.LC.FTS.B,

18.94%,

12/06/23

..

4,224

4,183

144556102.LC.FTS.B,

18.94%,

12/06/23

..

1,939

1,920

145024597.LC.FTS.B,

11.8%,

12/14/23

...

5,423

5,320

143737299.LC.FTS.B,

15.02%,

12/18/23

..

6,431

6,315

145295088.LC.FTS.B,

10.72%,

12/21/23

..

2,524

2,479

145216495.LC.FTS.B,

11.8%,

12/21/23

...

2,298

2,254

145263254.LC.FTS.B,

11.8%,

12/21/23

...

3,102

3,043

145296187.LC.FTS.B,

12.98%,

12/21/23

..

5,069

4,982

145611420.LC.FTS.B,

10.72%,

12/31/23

..

4,892

4,789

145280246.LC.FTS.B,

20.89%,

12/31/23

..

2,896

2,886

145642678.LC.FTS.B,

Zero

Cpn,

1/02/24

.

4,663

–

145183021.LC.FTS.B,

10.33%,

1/03/24

...

6,077

5,957

145710063.LC.FTS.B,

10.72%,

1/03/24

...

5,558

5,453

146037087.LC.FTS.B,

12.98%,

1/10/24

...

3,820

3,745

144986124.LC.FTS.B,

17.97%,

1/14/24

...

5,536

5,521

142542297.LC.FTS.B,

11.55%,

1/21/24

...

5,356

4,191

146449830.LC.FTS.B,

11.8%,

1/23/24

....

2,993

2,931

146360497.LC.FTS.B,

12.98%,

1/23/24

...

7,945

7,796

146570696.LC.FTS.B,

14.47%,

1/23/24

...

5,516

4,337

145950191.LC.FTS.B,

18.94%,

1/23/24

...

6,046

6,022

146382976.LC.FTS.B,

16.91%,

1/24/24

...

5,442

5,349

146822604.LC.FTS.B,

17.97%,

1/25/24

...

2,776

2,770

146347023.LC.FTS.B,

Zero

Cpn,

1/29/24

.

6,844

–

146986250.LC.FTS.B,

10.72%,

1/29/24

...

6,119

6,001

146951890.LC.FTS.B,

12.98%,

1/30/24

...

3,055

2,999

146832728.LC.FTS.B,

15.02%,

1/30/24

...

2,636

2,593

146154250.LC.FTS.B,

17.97%,

1/30/24

...

3,948

3,943

147059235.LC.FTS.B,

15.02%,

1/31/24

...

5,673

5,541

147087179.LC.FTS.B,

Zero

Cpn,

2/04/24

.

3,693

–

146171882.LC.FTS.B,

17.97%,

2/05/24

...

5,070

5,015

144718606.LC.FTS.B,

17.97%,

2/10/24

...

10,066

9,952

147312249.LC.FTS.B,

11.8%,

2/18/24

....

10,759

10,512

147424780.LC.FTS.B,

19.92%,

2/20/24

...

2,642

2,630

145533215.LC.FTS.B,

11.8%,

2/29/24

....

6,196

6,012

148255751.LC.FTS.B,

12.4%,

3/05/24

...

4,368

4,266

148398539.LC.FTS.B,

15.57%,

3/05/24

...

1,679

1,649

148465404.LC.FTS.B,

17.97%,

3/06/24

...

6,369

6,284

148318987.LC.FTS.B,

13.9%,

3/07/24

...

4,395

767

148594665.LC.FTS.B,

17.19%,

3/11/24

...

3,462

3,378

148704813.LC.FTS.B,

13.9%,

3/12/24

...

10,446

10,225

148710415.LC.FTS.B,

20%,

3/12/24

.....

11,495

11,370

148695672.LC.FTS.B,

22.5%,

3/12/24

...

4,031

3,987

148849654.LC.FTS.B,

Zero

Cpn,

3/15/24

.

7,246

652

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

148165215.LC.FTS.B,

15.57%,

3/15/24

...

$

10,206

$

7,957

148285066.LC.FTS.B,

17.97%,

3/15/24

...

11,016

10,941

143646902.LC.FTS.B,

13.56%,

3/16/24

...

4,707

4,639

148729378.LC.FTS.B,

15.57%,

3/16/24

...

9,267

9,050

148686543.LC.FTS.B,

16.4%,

3/16/24

...

7,796

7,613

146454152.LC.FTS.B,

16.14%,

3/18/24

...

4,460

4,339

148912242.LC.FTS.B,

20%,

3/18/24

.....

9,195

9,146

148124381.LC.FTS.B,

16.4%,

3/23/24

...

11,516

11,260

149314316.LC.FTS.B,

10.33%,

3/26/24

...

3,629

3,534

149281358.LC.FTS.B,

12.4%,

3/26/24

...

7,129

6,971

149315507.LC.FTS.B,

13.08%,

3/26/24

...

5,889

5,762

149128960.LC.FTS.B,

10.33%,

4/01/24

...

7,501

7,314

148529602.LC.FTS.B,

15.57%,

4/01/24

...

3,282

3,190

149673312.LC.FTS.B,

14.74%,

4/03/24

...

3,222

3,140

150025532.LC.FTS.B,

15.57%,

4/10/24

...

9,793

9,553

150130575.LC.FTS.B,

13.9%,

4/12/24

...

12,719

12,424

150116474.LC.FTS.B,

20%,

4/12/24

.....

4,450

4,409

150114171.LC.FTS.B,

16.4%,

4/15/24

....

8,002

7,816

150196309.LC.FTS.B,

17.97%,

4/15/24

...

4,741

4,699

150114686.LC.FTS.B,

13.9%,

4/16/24

....

3,180

3,108

150135171.LC.FTS.B,

15.57%,

4/16/24

...

6,529

6,376

150302648.LC.FTS.B,

15.57%,

4/17/24

...

6,529

6,377

150457673.LC.FTS.B,

20%,

4/22/24

.....

6,981

6,938

150622391.LC.FTS.B,

13.9%,

4/23/24

...

7,949

7,780

150627709.LC.FTS.B,

20%,

4/23/24

.....

5,236

5,205

150850415.LC.FTS.B,

12.4%,

4/30/24

...

5,287

5,147

150851475.LC.FTS.B,

20%,

5/08/24

.....

8,146

8,023

151444001.LC.FTS.B,

14.74%,

5/09/24

...

4,100

3,991

151467501.LC.FTS.B,

20%,

5/09/24

.....

7,859

7,757

150332126.LC.FTS.B,

16.4%,

5/10/24

...

7,061

6,854

151545441.LC.FTS.B,

17.97%,

5/10/24

...

3,604

3,545

152146150.LC.FTS.B,

13.9%,

5/22/24

...

11,979

11,677

151690420.LC.FTS.B,

17.97%,

5/23/24

...

6,180

6,104

152159254.LC.FTS.B,

Zero

Cpn,

5/24/24

.

11,929

–

152303972.LC.FTS.B,

Zero

Cpn,

5/24/24

.

14,469

–

151495173.LC.FTS.B,

12.4%,

5/24/24

...

7,545

7,358

151810309.LC.FTS.B,

13.08%,

5/24/24

...

6,660

6,492

151897315.LC.FTS.B,

20%,

5/25/24

.....

6,727

6,655

151979821.LC.FTS.B,

13.9%,

5/28/24

...

6,772

6,602

147890443.LC.FTS.B,

11.02%,

6/05/24

...

14,598

14,123

152166562.LC.FTS.B,

16.4%,

6/10/24

...

5,502

5,341

152765318.LC.FTS.B,

17.19%,

6/11/24

...

5,612

5,449

152970058.LC.FTS.B,

13.08%,

6/12/24

...

13,375

13,001

153141113.LC.FTS.B,

13.08%,

6/12/24

...

7,039

6,842

153172761.LC.FTS.B,

16.12%,

6/12/24

...

7,367

7,177

143514004.LC.FTS.B,

11.8%,

6/14/24

....

3,937

3,815

149882426.LC.FTS.B,

12.4%,

6/15/24

...

7,453

7,219

153568662.LC.FTS.B,

16.12%,

6/17/24

...

1,253

1,235

150392604.LC.FTS.B,

17.97%,

6/18/24

...

12,593

12,309

153720322.LC.FTS.B,

12.4%,

6/20/24

...

7,315

7,116

153211777.LC.FTS.B,

15.24%,

6/20/24

...

3,810

3,710

152666177.LC.FTS.B,

15.57%,

6/20/24

...

6,188

6,005

153987117.LC.FTS.B,

12.4%,

6/24/24

....

7,332

7,134

152550358.LC.FTS.B,

14.74%,

6/24/24

...

5,413

5,272

153754650.LC.FTS.B,

16.95%,

6/27/24

...

8,341

8,133

154462977.LC.FTS.B,

16.12%,

7/01/24

...

3,875

3,759

154940690.LC.FTS.B,

16.12%,

7/09/24

...

10,299

10,003

150616815.LC.FTS.B,

17.97%,

7/09/24

...

5,284

5,131

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

151679657.LC.FTS.B,

13.9%,

7/14/24

...

$

7,132

$

6,917

154396924.LC.FTS.B,

Zero

Cpn,

7/15/24

.

14,770

1,396

154267934.LC.FTS.B,

14.3%,

7/15/24

...

14,387

13,959

155232104.LC.FTS.B,

17.74%,

7/15/24

...

3,965

3,856

154935107.LC.FTS.B,

20%,

7/15/24

.....

4,254

4,184

150328755.LC.FTS.B,

13.08%,

7/17/24

...

3,973

3,841

155164991.LC.FTS.B,

15.24%,

7/18/24

...

14,350

13,970

148905494.LC.FTS.B,

16.4%,

7/18/24

...

6,975

5,523

155579797.LC.FTS.B,

17.74%,

7/19/24

...

8,817

8,557

154020911.LC.FTS.B,

16.95%,

7/22/24

...

7,843

7,638

155717890.LC.FTS.B,

15.24%,

7/23/24

...

3,826

3,727

152054930.LC.FTS.B,

13.9%,

7/24/24

...

5,052

4,886

154994847.LC.FTS.B,

14.3%,

7/25/24

...

4,101

3,987

151707588.LC.FTS.B,

14.74%,

7/29/24

...

8,225

7,952

155334080.LC.FTS.B,

16.12%,

7/29/24

...

15,683

15,259

155246628.LC.FTS.B,

17.74%,

7/30/24

...

4,336

4,219

156078988.LC.FTS.B,

17.74%,

7/30/24

...

9,911

9,665

156134234.LC.FTS.B,

17.74%,

7/30/24

...

3,964

3,866

155823373.LC.FTS.B,

15.24%,

7/31/24

...

12,358

11,955

155931737.LC.FTS.B,

17.74%,

8/01/24

...

10,609

10,270

156198752.LC.FTS.B,

16.95%,

8/10/24

...

6,215

6,009

156287957.LC.FTS.B,

14.3%,

8/11/24

....

14,984

14,497

156793211.LC.FTS.B,

16.95%,

8/12/24

...

9,045

8,771

157194796.LC.FTS.B,

15.24%,

8/19/24

...

16,059

15,596

157221111.LC.FTS.B,

16.12%,

8/19/24

...

13,401

13,021

157178824.LC.FTS.B,

16.12%,

8/20/24

...

4,877

4,738

146385161.LC.FTS.B,

18.94%,

8/22/24

...

9,945

9,699

153537119.LC.FTS.B,

16.12%,

8/25/24

...

3,962

3,852

157513361.LC.FTS.B,

12.4%,

8/26/24

...

11,563

11,210

156816513.LC.FTS.B,

15.24%,

8/26/24

...

10,037

9,762

157472465.LC.FTS.B,

16.12%,

8/26/24

...

4,877

4,744

156805347.LC.FTS.B,

17.74%,

8/26/24

...

7,111

6,902

156982194.LC.FTS.B,

14.3%,

8/27/24

...

6,322

6,152

157328472.LC.FTS.B,

14.3%,

8/27/24

...

8,938

8,616

157742410.LC.FTS.B,

13.08%,

8/28/24

...

4,968

4,811

157585737.LC.FTS.B,

15.24%,

8/28/24

...

6,560

6,383

157148290.LC.FTS.B,

14.3%,

8/29/24

...

9,889

9,602

157600114.LC.FTS.B,

16.95%,

8/29/24

...

4,116

3,996

156938647.LC.FTS.B,

16.12%,

8/31/24

...

14,318

13,838

158081866.LC.FTS.B,

16.12%,

9/05/24

...

11,904

11,503

158175447.LC.FTS.B,

17.74%,

9/10/24

...

15,206

14,707

157148207.LC.FTS.B,

17.74%,

9/11/24

...

7,247

7,022

154931535.LC.FTS.B,

17.74%,

9/15/24

...

11,648

11,246

155293915.LC.FTS.B,

13.08%,

9/16/24

...

8,686

8,362

157912310.LC.FTS.B,

17.74%,

9/16/24

...

7,868

7,604

158272069.LC.FTS.B,

17.74%,

9/18/24

...

8,222

7,947

159010378.LC.FTS.B,

17.74%,

9/19/24

...

10,396

10,054

154841821.LC.FTS.B,

16.12%,

9/22/24

...

8,974

8,629

157396742.LC.FTS.B,

15.24%,

9/23/24

...

14,848

14,368

155360790.LC.FTS.B,

15.24%,

9/25/24

...

6,883

6,624

150551318.LC.FTS.B,

20%,

9/29/24

.....

12,487

12,396

159435722.LC.FTS.B,

12.4%,

9/30/24

...

8,073

7,815

159372853.LC.FTS.B,

13.08%,

10/01/24

..

8,941

8,621

157020689.LC.FTS.B,

14.3%,

10/05/24

...

19,742

18,816

150161543.LC.FTS.B,

14.74%,

10/11/24

..

10,501

10,064

156927320.LC.FTS.B,

16.12%,

10/16/24

..

9,210

8,896

160079994.LC.FTS.B,

13.08%,

10/17/24

..

12,820

12,359

150241560.LC.FTS.B,

20%,

10/21/24

....

4,618

4,506

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

160529999.LC.FTS.B,

16.95%,

10/22/24

..

$

5,358

$

5,184

160490410.LC.FTS.B,

15.24%,

10/25/24

..

17,536

16,980

142083793.LC.FTS.B,

24.37%,

10/25/24

..

7,229

6,962

148711863.LC.FTS.B,

16.4%,

10/27/24

...

4,577

4,410

161573592.LC.FTS.B,

12.4%,

11/07/24

...

9,298

8,952

154797502.LC.FTS.B,

16.12%,

11/09/24

..

6,438

6,189

161593900.LC.FTS.B,

13.08%,

11/12/24

..

2,257

2,180

161740410.LC.FTS.B,

17.74%,

11/14/24

..

9,488

9,144

158052058.LC.FTS.B,

14.3%,

11/18/24

...

5,190

4,963

158896888.LC.FTS.B,

16.95%,

11/18/24

..

6,889

6,706

162085568.LC.FTS.B,

16.95%,

11/19/24

..

9,333

9,003

161519546.LC.FTS.B,

13.08%,

11/20/24

..

17,994

13,685

162054102.LC.FTS.B,

14.3%,

11/20/24

...

10,844

10,439

146595623.LC.FTS.B,

Zero

Cpn,

11/22/24

8,201

781

162458601.LC.FTS.B,

Zero

Cpn,

11/26/24

10,263

968

162329802.LC.FTS.B,

20.55%,

11/26/24

..

7,317

7,173

155404759.LC.FTS.B,

12.4%,

11/29/24

...

4,527

4,352

156204742.LC.FTS.B,

Zero

Cpn,

11/30/24

10,929

1,030

161925646.LC.FTS.B,

Zero

Cpn,

11/30/24

11,111

–

144940694.LC.FTS.B,

11.8%,

11/30/24

...

8,638

8,276

158914371.LC.FTS.B,

16.12%,

11/30/24

..

13,640

13,000

162770667.LC.FTS.B,

11.02%,

12/04/24

..

12,396

11,905

162767538.LC.FTS.B,

12.4%,

12/04/24

...

6,861

6,590

161969346.LC.FTS.B,

20.55%,

12/05/24

..

5,060

4,906

162981224.LC.FTS.B,

20.55%,

12/10/24

..

7,083

6,878

145998409.LC.FTS.B,

12.98%,

12/14/24

..

7,147

6,853

163112532.LC.FTS.B,

14.3%,

12/16/24

...

7,538

7,230

163046946.LC.FTS.B,

15.24%,

12/16/24

..

9,488

9,123

163060788.LC.FTS.B,

13.08%,

12/17/24

..

9,230

8,875

153895344.LC.FTS.B,

13.08%,

12/20/24

..

13,495

12,967

163411239.LC.FTS.B,

13.08%,

12/20/24

..

6,922

6,659

163604356.LC.FTS.B,

16.95%,

12/20/24

..

12,879

12,397

151324492.LC.FTS.B,

20%,

12/20/24

....

7,459

7,227

159761945.LC.FTS.B,

16.95%,

12/23/24

..

500

496

163583417.LC.FTS.B,

20.55%,

12/23/24

..

4,854

4,732

162845037.LC.FTS.B,

17.74%,

12/24/24

..

7,976

7,662

160896111.LC.FTS.B,

14.3%,

12/25/24

...

5,480

5,320

148932528.LC.FTS.B,

17.19%,

12/25/24

..

10,915

10,484

164220289.LC.FTS.B,

16.95%,

1/02/25

...

10,281

9,838

161662827.LC.FTS.B,

20.55%,

1/12/25

...

4,328

4,223

164731071.LC.FTS.B,

18.62%,

1/13/25

...

5,123

4,966

165056556.LC.FTS.B,

20.55%,

1/17/25

...

8,354

8,115

164591978.LC.FTS.B,

12.4%,

1/21/25

...

11,874

11,399

165397300.LC.FTS.B,

14.3%,

1/22/25

...

5,168

4,963

165469392.LC.FTS.B,

14.3%,

1/23/25

...

4,810

4,622

164059283.LC.FTS.B,

17.74%,

1/23/25

...

3,370

3,286

165808132.LC.FTS.B,

20.55%,

1/29/25

...

5,704

5,555

165938778.LC.FTS.B,

20.55%,

2/03/25

...

6,496

6,256

165780834.LC.FTS.B,

13.08%,

2/05/25

...

7,146

6,839

155027113.LC.FTS.B,

17.97%,

2/10/25

...

10,215

9,788

166250533.LC.FTS.B,

17.74%,

2/15/25

...

5,261

5,023

166781902.LC.FTS.B,

13.08%,

2/18/25

...

7,446

7,135

166943124.LC.FTS.B,

15.24%,

2/20/25

...

4,996

4,787

165810247.LC.FTS.B,

18.62%,

2/24/25

...

7,486

7,158

164041557.LC.FTS.B,

Zero

Cpn,

2/28/25

.

18,798

3,795

166773880.LC.FTS.B,

10.33%,

2/28/25

...

9,671

9,258

167785877.LC.FTS.B,

15.24%,

3/04/25

...

15,804

15,003

168256441.LC.FTS.B,

17.74%,

3/13/25

...

16,255

15,504

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

93

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

167908793.LC.FTS.B,

14.3%,

3/16/25

...

$

6,212

$

5,921

168305153.LC.FTS.B,

13.08%,

3/20/25

...

11,501

10,983

154235097.LC.FTS.B,

14.3%,

3/20/25

...

4,152

4,072

167744357.LC.FTS.B,

14.3%,

3/23/25

...

8,672

6,569

165296350.LC.FTS.B,

13.08%,

3/27/25

...

22,977

21,779

143917879.LC.FTS.B,

16.91%,

3/29/25

...

13,756

13,116

165924076.LC.FTS.B,

18.62%,

4/04/25

...

10,397

9,837

149957207.LC.FTS.B,

17.19%,

4/09/25

...

16,556

15,611

162782888.LC.FTS.B,

16.95%,

5/25/25

...

19,513

18,546

149399946.LC.FTS.B,

20%,

6/09/25

.....

18,692

3,458

164040576.LC.FTS.B,

13.08%,

7/12/25

...

14,467

13,691

159782705.LC.FTS.B,

17.74%,

8/13/25

...

21,451

20,132

165650569.LC.FTS.B,

13.08%,

9/30/25

...

17,071

5,935

154080835.LC.FTS.B,

16.95%,

10/15/25

..

13,565

12,652

167975428.LC.FTS.B,

14.3%,

4/17/26

...

28,480

20,867

158336156.LC.FTS.B,

17.74%,

9/23/32

...

2,699

2,647

160928296.LC.FTS.B,

17.74%,

10/29/32

..

3,477

3,452

162174058.LC.FTS.B,

18.62%,

11/20/32

..

6,194

6,083

162565626.LC.FTS.B,

16.95%,

12/27/32

..

2,425

2,372

163835974.LC.FTS.B,

20.55%,

12/27/32

..

1,108

1,086

164584304.LC.FTS.B,

20.55%,

1/09/33

...

3,293

3,287

165101135.LC.FTS.B,

16.95%,

1/22/33

...

1,170

1,166

165702194.LC.FTS.B,

20.55%,

2/03/33

...

257

257

162767581.LC.FTS.B,

16.95%,

2/04/33

...

337

31

166121622.LC.FTS.B,

18.62%,

2/04/33

...

845

844

162363569.LC.FTS.B,

18.62%,

2/05/33

...

906

904

165981000.LC.FTS.B,

13.08%,

2/08/33

...

42

42

166686897.LC.FTS.B,

12.4%,

2/14/33

...

4,615

2,108

163938962.LC.FTS.B,

15.24%,

2/14/33

...

1,450

739

164523947.LC.FTS.B,

11.71%,

2/15/33

...

33

33

166785571.LC.FTS.B,

11.71%,

2/18/33

...

3,712

3,645

166197102.LC.FTS.B,

18.62%,

2/20/33

...

393

394

162957826.LC.FTS.B,

16.12%,

2/24/33

...

937

778

164278211.LC.FTS.B,

20.55%,

2/25/33

...

1,809

1,819

166629231.LC.FTS.B,

23.05%,

2/26/33

...

336

55

167285479.LC.FTS.B,

20.55%,

2/28/33

...

1,165

1,172

167579044.LC.FTS.B,

17.74%,

3/02/33

...

2,228

2,197

167581364.LC.FTS.B,

17.74%,

3/02/33

...

947

933

167583337.LC.FTS.B,

23.05%,

3/02/33

...

2,014

2,013

1,913,327

LendingClub

Corp.

-

LCX

167727983.LC.FTS.B,

16.12%,

3/05/23

...

552

548

167827356.LC.FTS.B,

8.81%,

3/09/23

...

1,505

1,496

167966066.LC.FTS.B,

11.02%,

3/09/23

...

259

256

168530477.LC.FTS.B,

14.3%,

3/17/23

...

107

106

153814014.LC.FTS.B,

6.46%,

3/26/23

...

654

653

151384503.LC.FTS.B,

Zero

Cpn,

5/10/24

.

22,304

–

151548915.LC.FTS.B,

10.33%,

5/10/24

...

3,187

3,127

151286105.LC.FTS.B,

11.71%,

5/10/24

...

9,776

9,592

151948521.LC.FTS.B,

17.97%,

5/31/24

...

4,536

4,542

153303203.LC.FTS.B,

28.8%,

7/09/24

...

7,497

2,718

154810918.LC.FTS.B,

14.3%,

7/25/24

...

7,219

7,128

155815338.LC.FTS.B,

14.3%,

7/25/24

...

4,250

4,195

155872968.LC.FTS.B,

14.3%,

7/25/24

...

5,662

5,590

155883207.LC.FTS.B,

15.24%,

7/25/24

...

4,879

4,817

155893259.LC.FTS.B,

15.24%,

7/25/24

...

13,393

13,225

155929091.LC.FTS.B,

15.24%,

7/25/24

...

5,740

5,668

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

(continued)

155673715.LC.FTS.B,

16.12%,

7/25/24

...

$

13,186

$

13,022

156008127.LC.FTS.B,

14.3%,

7/26/24

...

15,098

14,910

155501571.LC.FTS.B,

16.95%,

7/26/24

...

14,117

13,944

155931876.LC.FTS.B,

16.95%,

7/26/24

...

8,344

8,224

156010180.LC.FTS.B,

17.74%,

7/26/24

...

6,519

6,417

155859112.LC.FTS.B,

14.3%,

7/29/24

....

5,901

5,827

153882991.LC.FTS.B,

14.3%,

7/31/24

...

7,595

7,452

155970724.LC.FTS.B,

16.95%,

7/31/24

...

4,980

4,887

156540264.LC.FTS.B,

14.3%,

9/06/24

...

10,159

9,956

156777322.LC.FTS.B,

16.12%,

9/09/24

...

5,103

4,994

158294506.LC.FTS.B,

16.12%,

9/09/24

...

5,101

5,003

158742481.LC.FTS.B,

14.3%,

9/19/24

...

9,997

9,774

158749928.LC.FTS.B,

15.24%,

9/24/24

...

4,641

4,555

158302406.LC.FTS.B,

17.74%,

9/25/24

...

10,818

10,651

158297432.LC.FTS.B,

15.24%,

11/09/24

..

10,452

10,161

158338447.LC.FTS.B,

16.12%,

11/17/24

..

16,284

15,812

162127861.LC.FTS.B,

12.4%,

11/19/24

...

4,617

4,316

155887487.LC.FTS.B,

15.24%,

12/25/24

..

5,113

4,987

154670467.LC.FTS.B,

16.12%,

12/31/24

..

5,313

5,168

156001816.LC.FTS.B,

16.12%,

1/12/25

...

7,324

7,114

158788102.LC.FTS.B,

15.24%,

1/16/25

...

7,792

7,583

163084513.LC.FTS.B,

18.62%,

1/21/25

...

5,125

4,992

165130966.LC.FTS.B,

20.55%,

1/21/25

...

2,619

2,563

165148027.LC.FTS.B,

20.55%,

1/21/25

...

10,504

10,280

165276233.LC.FTS.B,

20.55%,

1/21/25

...

11,004

10,730

165396953.LC.FTS.B,

11.02%,

1/22/25

...

14,885

14,321

164959517.LC.FTS.B,

18.62%,

1/25/25

...

5,163

5,010

165784833.LC.FTS.B,

12.4%,

1/30/25

...

5,046

4,439

164300242.LC.FTS.B,

16.12%,

1/31/25

...

19,154

18,310

165919458.LC.FTS.B,

15.24%,

2/03/25

...

20,381

19,487

165905919.LC.FTS.B,

16.12%,

2/03/25

...

14,377

13,746

166100453.LC.FTS.B,

14.3%,

2/05/25

...

20,154

19,278

166217551.LC.FTS.B,

8.19%,

2/07/25

...

14,935

14,045

166045110.LC.FTS.B,

8.19%,

2/19/25

....

15,190

2,529

167192844.LC.FTS.B,

23.05%,

2/24/25

...

13,558

10,278

167466474.LC.FTS.B,

11.02%,

2/27/25

...

11,130

10,159

162779428.LC.FTS.B,

11.02%,

2/28/25

...

11,016

9,759

167085834.LC.FTS.B,

12.4%,

2/28/25

...

11,323

10,057

163582275.LC.FTS.B,

16.12%,

2/28/25

...

11,178

9,658

166101353.LC.FTS.B,

20.55%,

2/28/25

...

3,248

2,826

168045027.LC.FTS.B,

14.3%,

3/15/25

...

7,504

6,814

154093566.LC.FTS.B,

Zero

Cpn,

3/16/25

.

19,079

–

168273324.LC.FTS.B,

18.62%,

3/17/25

...

8,726

7,870

164935272.LC.FTS.B,

20.55%,

3/21/25

...

19,657

18,849

168585809.LC.FTS.B,

15.24%,

3/24/25

...

5,597

5,017

167746704.LC.FTS.B,

16.12%,

3/28/25

...

16,275

14,827

168564364.LC.FTS.B,

10.33%,

3/30/25

...

7,496

6,615

165378648.LC.FTS.B,

11.02%,

3/31/25

...

20,239

19,265

167808300.LC.FTS.B,

13.08%,

4/14/25

...

6,898

6,108

166908304.LC.FTS.B,

15.24%,

4/18/25

...

14,493

12,698

166949020.LC.FTS.B,

16.12%,

4/19/25

...

9,344

8,152

165108708.LC.FTS.B,

20.55%,

10/15/25

..

16,683

15,782

155128973.LC.FTS.B,

15.24%,

10/25/25

..

17,427

16,596

167601650.LC.FTS.B,

16.12%,

2/02/26

...

9,664

8,427

162234798.LC.FTS.B,

8.19%,

11/27/32

...

1,940

1,938

164610022.LC.FTS.B,

5%,

1/17/33

......

4,333

3,296

164999071.LC.FTS.B,

18.62%,

1/22/33

...

1,546

1,555

160917260.LC.FTS.B,

15.24%,

1/31/33

...

1,146

1,142

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

94

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

(continued)

157988494.LC.FTS.B,

16.12%,

2/03/33

...

$

406

$

14

166112715.LC.FTS.B,

16.95%,

2/05/33

...

5,447

664

166140806.LC.FTS.B,

16.95%,

2/05/33

...

3,114

575

155983239.LC.FTS.B,

14.3%,

2/09/33

...

15,012

14,635

161665297.LC.FTS.B,

11.71%,

2/12/33

...

582

296

166679234.LC.FTS.B,

15.24%,

2/14/33

...

2,077

2,016

166931707.LC.FTS.B,

15.24%,

2/19/33

...

1,384

1,358

163851574.LC.FTS.B,

16.12%,

2/25/33

...

3,844

3,708

167427040.LC.FTS.B,

10.33%,

2/27/33

...

2,821

2,770

166083169.LC.FTS.B,

14.3%,

2/27/33

...

2,521

515

163380405.LC.FTS.B,

8.81%,

2/28/33

...

423

418

167087629.LC.FTS.B,

16.95%,

2/28/33

...

6,329

5,965

167476094.LC.FTS.B,

17.74%,

2/28/33

...

2,253

2,193

620,963

LendingClub

Corp.

-

LCX

PM

188248955.LC.FTS.B,

19.49%,

4/12/25

...

16,811

16,546

188123636.LC.FTS.B,

20.79%,

4/13/25

...

17,188

16,568

188396824.LC.FTS.B,

23.99%,

4/18/25

...

5,362

5,346

188336152.LC.FTS.B,

23.99%,

4/19/25

...

16,247

15,961

188581186.LC.FTS.B,

14.49%,

4/21/25

...

18,935

18,514

187760587.LC.FTS.B,

15.99%,

4/21/25

...

10,306

10,269

188588570.LC.FTS.B,

16.29%,

4/21/25

...

3,571

3,518

188585972.LC.FTS.B,

19.44%,

4/21/25

...

15,311

15,099

188593902.LC.FTS.B,

21.49%,

4/21/25

...

16,127

16,095

188611568.LC.FTS.B,

23.99%,

4/21/25

...

2,600

2,605

188635054.LC.FTS.B,

16.99%,

4/22/25

...

9,405

9,372

188631141.LC.FTS.B,

18.19%,

4/22/25

...

31,931

31,943

188664382.LC.FTS.B,

21.49%,

4/22/25

...

9,676

9,659

188534183.LC.FTS.B,

22.99%,

4/22/25

...

2,840

2,839

188686293.LC.FTS.B,

23.99%,

4/22/25

...

8,124

8,145

188654930.LC.FTS.B,

24.79%,

4/22/25

...

4,885

4,889

188592862.LC.FTS.B,

20.49%,

4/24/25

...

6,419

6,401

188565335.LC.FTS.B,

15.99%,

4/25/25

...

20,474

20,171

188595363.LC.FTS.B,

20.99%,

4/27/25

...

12,077

12,022

188053341.LC.FTS.B,

6%,

4/08/27

......

5,712

5,668

187991007.LC.FTS.B,

17.19%,

4/08/27

...

5,392

5,277

188037917.LC.FTS.B,

22.49%,

4/08/27

...

12,027

11,549

188072484.LC.FTS.B,

22.49%,

4/08/27

...

7,016

6,825

187457590.LC.FTS.B,

26.79%,

4/08/27

...

5,516

5,529

188054646.LC.FTS.B,

22.99%,

4/11/27

...

11,318

1,355

187514926.LC.FTS.B,

23.49%,

4/11/27

...

7,227

7,150

188122973.LC.FTS.B,

23.49%,

4/11/27

...

30,141

29,460

188256153.LC.FTS.B,

18.99%,

4/12/27

...

5,418

5,351

188186124.LC.FTS.B,

21.49%,

4/12/27

...

6,362

6,021

188268197.LC.FTS.B,

Zero

Cpn,

4/13/27

.

9,699

–

187873415.LC.FTS.B,

22.49%,

4/13/27

...

4,770

577

188277181.LC.FTS.B,

23.49%,

4/13/27

...

31,967

30,865

188110736.LC.FTS.B,

23.99%,

4/13/27

...

9,144

8,944

188338027.LC.FTS.B,

Zero

Cpn,

4/14/27

.

5,789

547

188229601.LC.FTS.B,

22.49%,

4/14/27

...

18,181

17,495

188318575.LC.FTS.B,

22.99%,

4/14/27

...

6,386

6,252

188277503.LC.FTS.B,

23.19%,

4/14/27

...

9,127

8,898

187819805.LC.FTS.B,

25.99%,

4/14/27

...

15,000

14,732

188308390.LC.FTS.B,

25.99%,

4/14/27

...

5,512

5,435

188316633.LC.FTS.B,

25.99%,

4/14/27

...

8,820

8,696

188321790.LC.FTS.B,

25.99%,

4/14/27

...

290

287

188149297.LC.FTS.B,

27.79%,

4/14/27

...

7,772

7,787

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

188388071.LC.FTS.B,

Zero

Cpn,

4/15/27

.

$

9,686

$

904

188298958.LC.FTS.B,

21.99%,

4/15/27

...

14,229

1,723

188093276.LC.FTS.B,

23.99%,

4/15/27

...

8,547

1,042

188352437.LC.FTS.B,

23.99%,

4/15/27

...

27,655

27,335

188439698.LC.FTS.B,

Zero

Cpn,

4/18/27

.

6,252

594

188437817.LC.FTS.B,

18.19%,

4/18/27

...

5,407

5,348

188225211.LC.FTS.B,

20.99%,

4/18/27

...

13,616

12,845

188107511.LC.FTS.B,

22.99%,

4/18/27

...

18,985

2,358

188142269.LC.FTS.B,

27.79%,

4/18/27

...

8,813

8,823

187933932.LC.FTS.B,

25.99%,

4/19/27

...

9,189

8,885

187548960.LC.FTS.B,

20.49%,

4/20/27

...

17,060

15,883

188580819.LC.FTS.B,

21.49%,

4/20/27

...

16,360

16,205

188535698.LC.FTS.B,

21.99%,

4/20/27

...

14,510

13,921

188575003.LC.FTS.B,

22.49%,

4/20/27

...

6,480

6,424

188415292.LC.FTS.B,

22.99%,

4/20/27

...

27,367

26,140

188261615.LC.FTS.B,

23.99%,

4/20/27

...

20,118

19,985

188400737.LC.FTS.B,

23.99%,

4/20/27

...

27,433

26,552

188452079.LC.FTS.B,

23.99%,

4/20/27

...

32,153

30,988

188450442.LC.FTS.B,

15.19%,

4/21/27

...

25,022

23,307

188527493.LC.FTS.B,

16.19%,

4/21/27

...

23,334

22,360

188615522.LC.FTS.B,

16.19%,

4/21/27

...

14,339

13,960

188223031.LC.FTS.B,

18.99%,

4/21/27

...

27,091

26,603

188623242.LC.FTS.B,

19.41%,

4/21/27

...

16,272

16,200

188593509.LC.FTS.B,

19.44%,

4/21/27

...

6,510

6,481

188582913.LC.FTS.B,

20.49%,

4/21/27

...

19,941

19,683

188303635.LC.FTS.B,

20.99%,

4/21/27

...

10,380

10,244

188516416.LC.FTS.B,

20.99%,

4/21/27

...

10,893

10,844

188594404.LC.FTS.B,

20.99%,

4/21/27

...

27,331

27,100

188494026.LC.FTS.B,

21.99%,

4/21/27

...

17,290

17,194

188619005.LC.FTS.B,

23.99%,

4/21/27

...

5,756

5,690

188048788.LC.FTS.B,

25.99%,

4/21/27

...

22,287

21,702

188353998.LC.FTS.B,

25.99%,

4/21/27

...

15,117

14,876

188633218.LC.FTS.B,

28.99%,

4/21/27

...

11,098

11,188

188476890.LC.FTS.B,

17.49%,

4/22/27

...

7,195

7,128

188541138.LC.FTS.B,

20.49%,

4/22/27

...

6,891

5,439

188630360.LC.FTS.B,

20.49%,

4/22/27

...

19,945

19,777

188087453.LC.FTS.B,

23.99%,

4/22/27

...

7,409

7,378

188631251.LC.FTS.B,

23.99%,

4/22/27

...

17,969

17,875

188260791.LC.FTS.B,

23.99%,

4/24/27

...

8,803

8,637

187548690.LC.FTS.B,

23.49%,

4/25/27

...

13,445

13,396

188528665.LC.FTS.B,

23.99%,

4/25/27

...

6,434

6,295

188348987.LC.FTS.B,

23.99%,

4/26/27

...

6,902

6,875

188400206.LC.FTS.B,

23.19%,

4/27/27

...

11,943

11,787

187899660.LC.FTS.B,

23.99%,

4/29/27

...

18,614

18,173

188543660.LC.FTS.B,

25.99%,

4/29/27

...

22,264

21,708

188557045.LC.FTS.B,

18.99%,

4/30/27

...

23,978

23,217

188405983.LC.FTS.B,

20.49%,

4/30/27

...

15,058

14,852

188590730.LC.FTS.B,

20.49%,

4/30/27

...

37,148

37,109

188352447.LC.FTS.B,

21.49%,

4/30/27

...

8,895

8,859

186780718.LC.FTS.B,

22.49%,

4/30/27

...

36,706

33,869

188574271.LC.FTS.B,

22.49%,

4/30/27

...

25,715

25,524

188575150.LC.FTS.B,

22.99%,

4/30/27

...

21,153

20,996

188573063.LC.FTS.B,

22.99%,

5/04/27

...

22,874

2,664

188494060.LC.FTS.B,

25.99%,

2/20/28

...

8,000

984

1,206,591

Prosper

Funding

LLC

1654956.PS.FTS.B,

13.2%,

10/26/24

....

3,469

3,353

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1648237.PS.FTS.B,

15.1%,

10/26/24

....

$

4,991

$

4,834

1645289.PS.FTS.B,

15.29%,

10/27/24

...

3,985

3,853

1645544.PS.FTS.B,

15.5%,

10/27/24

....

11,303

10,930

1649764.PS.FTS.B,

10.6%,

10/28/24

....

9,724

9,419

1649752.PS.FTS.B,

13.05%,

10/28/24

...

1,275

1,236

1646276.PS.FTS.B,

13.36%,

10/28/24

...

8,879

8,601

1657152.PS.FTS.B,

14.49%,

10/29/24

...

9,134

2,352

1657446.PS.FTS.B,

14.79%,

10/29/24

...

13,250

12,978

1649248.PS.FTS.B,

16.6%,

10/29/24

....

16,722

16,348

1647314.PS.FTS.B,

20.01%,

10/29/24

...

10,198

9,938

1651390.PS.FTS.B,

12%,

11/01/24

......

3,265

3,141

1648712.PS.FTS.B,

12.4%,

11/02/24

....

7,852

7,555

1660875.PS.FTS.B,

12%,

11/05/24

......

1,306

1,258

1654675.PS.FTS.B,

12.15%,

11/05/24

....

9,847

2,315

1660866.PS.FTS.B,

15.1%,

11/05/24

....

8,956

8,589

1660872.PS.FTS.B,

19.71%,

11/05/24

....

5,090

4,920

1651670.PS.FTS.B,

11.4%,

11/08/24

.....

4,231

4,077

1664688.PS.FTS.B,

11.4%,

11/08/24

.....

8,136

7,841

1657969.PS.FTS.B,

11.88%,

11/08/24

....

20,164

19,432

1657975.PS.FTS.B,

13.05%,

11/08/24

....

13,130

12,654

1658476.PS.FTS.B,

13.6%,

11/08/24

....

5,267

5,057

1651664.PS.FTS.B,

13.87%,

11/08/24

....

7,912

7,596

1658617.PS.FTS.B,

17.8%,

11/08/24

....

1,345

1,302

1665222.PS.FTS.B,

20.46%,

11/08/24

....

13,623

13,188

1653485.PS.FTS.B,

10.8%,

11/09/24

....

5,317

5,132

1658923.PS.FTS.B,

14.39%,

11/09/24

....

6,594

6,333

1653425.PS.FTS.B,

17.8%,

11/09/24

....

1,345

1,303

1666974.PS.FTS.B,

11.7%,

11/10/24

.....

5,215

5,029

1667316.PS.FTS.B,

15.4%,

11/10/24

....

6,622

6,363

1660087.PS.FTS.B,

16.02%,

11/10/24

....

3,322

3,220

1667154.PS.FTS.B,

17.8%,

11/15/24

....

2,000

1,940

1655232.PS.FTS.B,

11.5%,

11/20/24

.....

11,212

10,847

1649773.PS.FTS.B,

15.1%,

11/21/24

....

5,060

4,884

1644782.PS.FTS.B,

15%,

11/25/24

......

4,705

4,538

1650376.PS.FTS.B,

19.3%,

11/25/24

....

2,074

2,015

1661316.PS.FTS.B,

14.09%,

11/29/24

....

6,943

6,646

1659661.PS.FTS.B,

18.6%,

12/02/24

....

5,772

5,555

1656467.PS.FTS.B,

17.8%,

12/08/24

....

738

720

1686279.PS.FTS.B,

10.8%,

12/15/24

....

3,040

2,933

1686276.PS.FTS.B,

13.9%,

12/15/24

....

4,115

3,948

1686264.PS.FTS.B,

14.11%,

12/15/24

....

16,749

16,162

1686609.PS.FTS.B,

11.16%,

12/16/24

....

6,768

6,531

1673615.PS.FTS.B,

13.96%,

12/16/24

...

3,087

2,979

1680019.PS.FTS.B,

13.96%,

12/16/24

...

13,719

13,241

1686630.PS.FTS.B,

15.1%,

12/16/24

....

4,138

3,978

1686963.PS.FTS.B,

16%,

12/16/24

......

6,233

6,022

1680421.PS.FTS.B,

12.9%,

12/17/24

....

6,825

6,589

1680844.PS.FTS.B,

15.29%,

12/17/24

...

7,248

6,960

1687257.PS.FTS.B,

16%,

12/17/24

......

8,314

7,984

1687224.PS.FTS.B,

19.6%,

12/17/24

....

3,521

3,403

1674899.PS.FTS.B,

13.8%,

12/20/24

....

17,136

16,556

1689444.PS.FTS.B,

11.79%,

12/21/24

....

10,183

9,839

1675946.PS.FTS.B,

18.9%,

12/21/24

....

1,718

–

1676741.PS.FTS.B,

21.45%,

12/22/24

...

7,419

7,190

1691013.PS.FTS.B,

19.5%,

12/23/24

....

7,038

6,825

1679401.PS.FTS.B,

18.11%,

12/24/24

....

1,405

1,349

1673252.PS.FTS.B,

16.3%,

12/29/24

....

10,881

10,510

1683619.PS.FTS.B,

12.33%,

12/30/24

...

24,802

24,166

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1690636.PS.FTS.B,

17%,

1/07/25

.......

$

7,209

$

6,937

1694140.PS.FTS.B,

12.3%,

1/12/25

.....

12,009

11,575

1701024.PS.FTS.B,

15.1%,

1/12/25

.....

10,727

10,281

1700577.PS.FTS.B,

15.4%,

1/12/25

.....

3,577

3,456

1693717.PS.FTS.B,

15.7%,

1/12/25

.....

10,757

10,310

1700814.PS.FTS.B,

16.6%,

1/12/25

.....

10,796

10,347

1688219.PS.FTS.B,

16.7%,

1/12/25

.....

3,177

435

1693705.PS.FTS.B,

18.41%,

1/12/25

....

4,975

4,837

1693750.PS.FTS.B,

19.3%,

1/12/25

.....

3,639

3,511

1700589.PS.FTS.B,

22.6%,

1/12/25

.....

4,812

4,653

1700610.PS.FTS.B,

22.6%,

1/12/25

.....

3,688

3,582

1688978.PS.FTS.B,

11.79%,

1/13/25

....

2,114

2,038

1695016.PS.FTS.B,

12.2%,

1/13/25

.....

13,416

12,934

1688477.PS.FTS.B,

17.59%,

1/13/25

....

2,107

2,018

1701786.PS.FTS.B,

20.01%,

1/13/25

....

2,190

2,114

1689320.PS.FTS.B,

12%,

1/14/25

.......

14,090

13,587

1689317.PS.FTS.B,

13.4%,

1/14/25

.....

15,971

15,320

1695328.PS.FTS.B,

13.6%,

1/14/25

.....

2,842

2,726

1695337.PS.FTS.B,

13.6%,

1/14/25

.....

1,417

1,367

1695322.PS.FTS.B,

13.7%,

1/14/25

.....

2,488

2,399

1695349.PS.FTS.B,

14.39%,

1/14/25

....

5,378

5,153

1702131.PS.FTS.B,

14.49%,

1/14/25

....

11,412

10,946

1689350.PS.FTS.B,

14.89%,

1/14/25

....

3,572

3,427

1689689.PS.FTS.B,

15.1%,

1/14/25

.....

5,626

5,397

1702164.PS.FTS.B,

16.2%,

1/14/25

.....

1,469

1,414

1695730.PS.FTS.B,

16.6%,

1/14/25

.....

5,867

5,621

1695325.PS.FTS.B,

18.09%,

1/14/25

....

7,242

6,994

1689326.PS.FTS.B,

19.3%,

1/14/25

.....

7,279

7,029

1696453.PS.FTS.B,

14.39%,

1/18/25

....

4,278

4,109

1702737.PS.FTS.B,

15.1%,

1/18/25

.....

7,151

6,870

1704912.PS.FTS.B,

12.3%,

1/19/25

.....

7,064

6,821

1692299.PS.FTS.B,

21.5%,

1/19/25

.....

3,056

3,022

1705407.PS.FTS.B,

13.5%,

1/20/25

.....

7,106

6,825

1706154.PS.FTS.B,

15.29%,

1/20/25

....

6,441

6,193

1705788.PS.FTS.B,

15.5%,

1/20/25

.....

21,576

–

1693714.PS.FTS.B,

22.6%,

1/20/25

.....

6,967

6,758

1698682.PS.FTS.B,

22.6%,

1/20/25

.....

4,426

4,320

1693661.PS.FTS.B,

21.69%,

1/21/25

....

2,724

2,293

1693753.PS.FTS.B,

24.4%,

1/21/25

.....

2,481

2,407

1702071.PS.FTS.B,

25.99%,

1/22/25

....

1,072

1,039

1706943.PS.FTS.B,

17.7%,

1/24/25

.....

14,461

14,041

1700725.PS.FTS.B,

18.4%,

1/24/25

.....

11,366

9,463

1690034.PS.FTS.B,

11.6%,

1/25/25

.....

3,885

3,751

1702114.PS.FTS.B,

16%,

1/25/25

.......

2,154

2,075

1700571.PS.FTS.B,

18.11%,

1/26/25

....

8,783

8,409

1711818.PS.FTS.B,

17.8%,

1/31/25

.....

17,092

8,597

1693775.PS.FTS.B,

22.6%,

2/01/25

.....

3,845

3,725

1702474.PS.FTS.B,

22%,

2/02/25

.......

19,129

18,477

1700598.PS.FTS.B,

14.74%,

2/05/25

....

3,049

2,984

1702146.PS.FTS.B,

13.2%,

2/09/25

.....

2,971

2,866

1721664.PS.FTS.B,

11.4%,

2/15/25

.....

5,106

4,925

1708013.PS.FTS.B,

11.7%,

2/15/25

.....

5,112

4,931

1721415.PS.FTS.B,

11.7%,

2/15/25

.....

6,938

6,692

1715365.PS.FTS.B,

11.79%,

2/15/25

....

9,144

8,832

1708001.PS.FTS.B,

11.89%,

2/15/25

....

7,308

7,050

1708025.PS.FTS.B,

12.3%,

2/15/25

.....

3,522

3,399

1721412.PS.FTS.B,

13.9%,

2/15/25

.....

7,367

7,107

1708019.PS.FTS.B,

14.2%,

2/15/25

.....

3,659

3,508

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1721877.PS.FTS.B,

14.39%,

2/15/25

....

$

7,334

$

7,030

1721856.PS.FTS.B,

14.6%,

2/15/25

.....

8,496

8,144

1720959.PS.FTS.B,

16.6%,

2/15/25

.....

7,445

7,137

1715137.PS.FTS.B,

16.7%,

2/15/25

.....

9,310

8,975

1708886.PS.FTS.B,

17.4%,

2/15/25

.....

18,671

17,998

1714681.PS.FTS.B,

22.6%,

2/15/25

.....

6,108

5,898

1714675.PS.FTS.B,

24.5%,

2/15/25

.....

11,920

10,050

1720995.PS.FTS.B,

25.4%,

2/15/25

.....

3,076

2,982

1722456.PS.FTS.B,

14.09%,

2/16/25

....

4,057

3,890

1715830.PS.FTS.B,

16.2%,

2/16/25

.....

1,412

1,362

1715824.PS.FTS.B,

17%,

2/16/25

.......

2,231

2,152

1715869.PS.FTS.B,

23.13%,

2/16/25

....

3,813

3,677

1722855.PS.FTS.B,

14.6%,

2/17/25

.....

7,388

7,087

1721859.PS.FTS.B,

15.4%,

2/17/25

.....

13,727

13,150

1716898.PS.FTS.B,

21%,

2/17/25

.......

7,570

7,350

1708889.PS.FTS.B,

12.97%,

2/20/25

....

15,446

14,910

1712990.PS.FTS.B,

17%,

2/23/25

.......

4,101

3,971

1720297.PS.FTS.B,

18.6%,

2/23/25

.....

4,552

4,395

1720956.PS.FTS.B,

15.1%,

2/28/25

.....

9,634

9,229

1722244.PS.FTS.B,

17.54%,

2/28/25

....

19,291

18,726

1724746.PS.FTS.B,

22.6%,

3/03/25

.....

9,303

5,618

1749364.PS.FTS.B,

13.1%,

4/05/25

.....

2,094

2,026

1752441.PS.FTS.B,

13.7%,

4/05/25

.....

5,905

5,698

1752462.PS.FTS.B,

17%,

4/05/25

.......

4,377

4,175

1749358.PS.FTS.B,

18.09%,

4/05/25

....

1,597

1,524

1742756.PS.FTS.B,

18.6%,

4/05/25

.....

3,199

3,052

1749697.PS.FTS.B,

13.7%,

4/06/25

.....

11,810

11,400

1749733.PS.FTS.B,

13.9%,

4/06/25

.....

4,727

4,515

1749727.PS.FTS.B,

18.11%,

4/06/25

....

15,973

15,256

1744490.PS.FTS.B,

12.3%,

4/07/25

.....

7,837

7,566

1744514.PS.FTS.B,

12.4%,

4/07/25

.....

2,352

2,271

1744496.PS.FTS.B,

12.98%,

4/07/25

....

11,727

11,306

1750534.PS.FTS.B,

13.6%,

4/07/25

.....

7,871

7,599

1751011.PS.FTS.B,

14.09%,

4/07/25

....

11,825

11,298

1753725.PS.FTS.B,

14.6%,

4/07/25

.....

3,554

3,395

1750519.PS.FTS.B,

15.1%,

4/07/25

.....

6,328

6,046

1743983.PS.FTS.B,

15.86%,

4/07/25

....

3,411

3,259

1753728.PS.FTS.B,

16.8%,

4/07/25

.....

1,591

1,520

1750543.PS.FTS.B,

17%,

4/07/25

.......

7,560

7,220

1744487.PS.FTS.B,

18.09%,

4/07/25

....

16,211

15,481

1744493.PS.FTS.B,

19.3%,

4/07/25

.....

16,032

15,310

1750528.PS.FTS.B,

21.5%,

4/07/25

.....

4,035

3,854

1743971.PS.FTS.B,

22.9%,

4/07/25

.....

12,157

11,620

1744373.PS.FTS.B,

23.13%,

4/07/25

....

3,244

3,098

1745288.PS.FTS.B,

15.9%,

4/08/25

.....

1,586

1,516

1755081.PS.FTS.B,

16.06%,

4/08/25

....

4,874

4,659

1744778.PS.FTS.B,

18.09%,

4/08/25

....

7,189

1,753

1745372.PS.FTS.B,

18.41%,

4/08/25

....

3,677

3,515

1752910.PS.FTS.B,

10.5%,

4/11/25

.....

7,806

7,543

1752838.PS.FTS.B,

14.6%,

4/11/25

.....

3,948

3,778

1755447.PS.FTS.B,

15.4%,

4/11/25

.....

17,576

16,820

1755426.PS.FTS.B,

19.83%,

4/11/25

....

843

825

1754245.PS.FTS.B,

16%,

4/12/25

.......

11,899

11,394

1748282.PS.FTS.B,

18.09%,

4/13/25

....

9,103

–

1757928.PS.FTS.B,

22.6%,

4/13/25

.....

3,239

3,108

1757895.PS.FTS.B,

24.4%,

4/13/25

.....

8,141

7,812

1750522.PS.FTS.B,

24.11%,

4/14/25

....

4,089

3,909

1757065.PS.FTS.B,

22.06%,

4/15/25

....

9,701

9,321

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1750469.PS.FTS.B,

19.5%,

4/17/25

.....

$

4,395

$

4,221

1753737.PS.FTS.B,

19.6%,

4/17/25

.....

2,427

2,318

1750525.PS.FTS.B,

18.41%,

4/19/25

....

6,446

6,159

1762446.PS.FTS.B,

25.4%,

4/19/25

.....

8,165

7,866

1745342.PS.FTS.B,

13.9%,

4/20/25

.....

9,504

9,084

1751899.PS.FTS.B,

22.6%,

4/20/25

.....

5,734

5,487

1755585.PS.FTS.B,

17.84%,

4/25/25

....

14,492

13,869

1755967.PS.FTS.B,

22.6%,

4/26/25

.....

2,062

1,981

1744502.PS.FTS.B,

20.46%,

4/30/25

....

5,632

5,378

1743599.PS.FTS.B,

24.3%,

4/30/25

.....

6,498

6,353

1708658.PS.FTS.B,

17.2%,

1/15/26

.....

22,790

–

1745207.PS.FTS.B,

13.7%,

2/16/26

.....

4,315

2,333

1655640.PS.FTS.B,

16.33%,

10/27/26

...

18,243

17,506

1648879.PS.FTS.B,

16.63%,

10/27/26

...

12,518

12,096

1648717.PS.FTS.B,

17.5%,

10/27/26

....

3,678

3,558

1655235.PS.FTS.B,

24.03%,

10/27/26

...

12,042

11,843

1649857.PS.FTS.B,

10.5%,

10/28/26

....

12,167

11,747

1656498.PS.FTS.B,

10.9%,

10/28/26

....

6,095

5,885

1649350.PS.FTS.B,

18.78%,

10/28/26

...

11,371

10,991

1657464.PS.FTS.B,

10.5%,

10/29/26

....

7,339

7,095

1646555.PS.FTS.B,

10.9%,

10/29/26

....

20,317

19,620

1646513.PS.FTS.B,

13.2%,

10/29/26

....

12,325

11,802

1646915.PS.FTS.B,

16.1%,

10/29/26

....

12,489

12,029

1656576.PS.FTS.B,

16.18%,

10/29/26

...

29,150

27,913

1647026.PS.FTS.B,

17%,

10/29/26

......

12,956

12,478

1648681.PS.FTS.B,

12.21%,

11/01/26

....

4,916

4,746

1658775.PS.FTS.B,

12.5%,

11/02/26

....

28,536

27,389

1658586.PS.FTS.B,

23.64%,

11/02/26

....

18,262

2,470

1651286.PS.FTS.B,

24.33%,

11/05/26

....

12,914

12,539

1664685.PS.FTS.B,

11.79%,

11/08/26

....

16,323

15,688

1665042.PS.FTS.B,

14.68%,

11/08/26

....

12,408

11,925

1658917.PS.FTS.B,

10.7%,

11/09/26

....

11,366

10,926

1666464.PS.FTS.B,

15.29%,

11/09/26

....

8,295

7,899

1654475.PS.FTS.B,

10.8%,

11/10/26

....

12,184

11,715

1660093.PS.FTS.B,

10.9%,

11/10/26

....

4,063

3,907

1666896.PS.FTS.B,

11.7%,

11/10/26

.....

19,441

18,790

1654034.PS.FTS.B,

13.6%,

11/10/26

....

8,231

7,843

1653758.PS.FTS.B,

13.75%,

11/10/26

....

33,876

7,198

1665225.PS.FTS.B,

19.53%,

11/11/26

....

5,926

5,650

1654907.PS.FTS.B,

16%,

11/12/26

......

8,333

7,964

1652072.PS.FTS.B,

11.1%,

11/15/26

.....

8,157

7,842

1667685.PS.FTS.B,

17.1%,

11/15/26

....

20,938

20,010

1660869.PS.FTS.B,

19%,

11/16/26

......

7,636

7,270

1660267.PS.FTS.B,

14%,

11/24/26

......

22,838

21,760

1664865.PS.FTS.B,

14.29%,

12/01/26

...

11,031

10,483

1673249.PS.FTS.B,

10.7%,

12/15/26

....

14,872

14,327

1679392.PS.FTS.B,

13.8%,

12/15/26

....

5,863

5,587

1673255.PS.FTS.B,

17.01%,

12/15/26

...

11,884

11,342

1673258.PS.FTS.B,

18.48%,

12/15/26

...

7,258

6,925

1686267.PS.FTS.B,

21.18%,

12/15/26

...

8,627

8,229

1679752.PS.FTS.B,

10.71%,

12/16/26

...

12,394

11,943

1686606.PS.FTS.B,

10.8%,

12/16/26

....

28,931

27,878

1686624.PS.FTS.B,

11.2%,

12/16/26

....

4,275

4,126

1686618.PS.FTS.B,

11.7%,

12/16/26

....

16,599

15,995

1679995.PS.FTS.B,

12.7%,

12/16/26

....

3,500

3,417

1673606.PS.FTS.B,

16.33%,

12/16/26

...

6,561

6,254

1686612.PS.FTS.B,

16.8%,

12/16/26

....

21,086

20,113

1679746.PS.FTS.B,

16.93%,

12/16/26

...

12,729

12,134

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1686639.PS.FTS.B,

18.33%,

12/16/26

...

$

4,508

$

181

1673612.PS.FTS.B,

19.3%,

12/16/26

....

5,139

4,906

1686615.PS.FTS.B,

24.77%,

12/16/26

...

8,739

8,460

1674065.PS.FTS.B,

27.18%,

12/16/26

...

13,216

12,788

1674635.PS.FTS.B,

13.77%,

12/17/26

...

14,237

13,577

1681444.PS.FTS.B,

9.81%,

12/20/26

....

16,457

15,872

1681423.PS.FTS.B,

10.08%,

12/20/26

...

12,359

11,920

1688043.PS.FTS.B,

10.5%,

12/20/26

....

9,906

9,554

1681000.PS.FTS.B,

11.6%,

12/20/26

....

11,440

9,221

1681408.PS.FTS.B,

14.7%,

12/20/26

....

8,408

8,027

1675322.PS.FTS.B,

21.09%,

12/20/26

...

12,936

12,562

1676714.PS.FTS.B,

12.62%,

12/21/26

...

29,166

28,138

1690635.PS.FTS.B,

16%,

12/23/26

......

21,498

1,085

1673600.PS.FTS.B,

11.6%,

12/25/26

....

8,320

8,017

1680814.PS.FTS.B,

16.5%,

12/28/26

....

27,666

26,398

1682491.PS.FTS.B,

18.48%,

12/29/26

...

11,939

11,451

1687683.PS.FTS.B,

11.61%,

1/02/27

....

15,271

14,725

1693747.PS.FTS.B,

10.9%,

1/12/27

.....

4,204

4,047

1694158.PS.FTS.B,

12.54%,

1/12/27

....

5,079

4,889

1687826.PS.FTS.B,

12.6%,

1/12/27

.....

10,160

9,781

1688138.PS.FTS.B,

13.6%,

1/12/27

.....

29,752

28,327

1700574.PS.FTS.B,

14%,

1/12/27

.......

8,088

7,701

1700562.PS.FTS.B,

15.18%,

1/12/27

....

19,593

18,889

1693702.PS.FTS.B,

18.33%,

1/12/27

....

15,459

14,733

1687832.PS.FTS.B,

18.78%,

1/12/27

....

10,401

9,914

1688201.PS.FTS.B,

24.03%,

1/12/27

....

8,823

8,529

1694581.PS.FTS.B,

10.5%,

1/13/27

.....

12,591

12,124

1701357.PS.FTS.B,

11.7%,

1/13/27

.....

8,436

8,123

1694575.PS.FTS.B,

11.99%,

1/13/27

....

17,737

17,078

1688543.PS.FTS.B,

16.18%,

1/13/27

....

12,899

12,281

1689314.PS.FTS.B,

10.26%,

1/14/27

....

29,368

28,307

1689533.PS.FTS.B,

10.5%,

1/14/27

.....

4,617

4,447

1689332.PS.FTS.B,

14.29%,

1/14/27

....

13,721

13,082

1695334.PS.FTS.B,

15.1%,

1/14/27

.....

9,405

8,960

1689353.PS.FTS.B,

16%,

1/14/27

.......

3,992

988

1702050.PS.FTS.B,

18.78%,

1/14/27

....

8,667

8,270

1689323.PS.FTS.B,

26.88%,

1/14/27

....

2,670

2,583

1689608.PS.FTS.B,

28.23%,

1/14/27

....

13,406

12,964

1700580.PS.FTS.B,

25.4%,

1/15/27

.....

13,327

12,819

1689992.PS.FTS.B,

11.7%,

1/18/27

.....

26,153

25,211

1696093.PS.FTS.B,

16%,

1/18/27

.......

12,869

12,311

1693726.PS.FTS.B,

17%,

1/18/27

.......

9,241

–

1689947.PS.FTS.B,

18.2%,

1/18/27

.....

5,072

4,848

1691645.PS.FTS.B,

22.9%,

1/19/27

.....

1,758

1,707

1705371.PS.FTS.B,

12.62%,

1/20/27

....

25,403

24,500

1692635.PS.FTS.B,

14.7%,

1/20/27

.....

21,343

20,378

1705833.PS.FTS.B,

18.48%,

1/20/27

....

3,463

3,315

1693289.PS.FTS.B,

12.9%,

1/21/27

.....

8,610

6,985

1702128.PS.FTS.B,

13.4%,

1/23/27

.....

12,796

12,333

1693711.PS.FTS.B,

21.63%,

1/25/27

....

8,826

8,500

1688975.PS.FTS.B,

12.4%,

1/27/27

.....

18,998

18,307

1689341.PS.FTS.B,

11.7%,

1/28/27

.....

12,924

12,457

1704399.PS.FTS.B,

13.8%,

2/03/27

.....

30,421

29,031

1689626.PS.FTS.B,

19%,

2/07/27

.......

8,859

8,411

1693040.PS.FTS.B,

15.29%,

2/13/27

....

13,158

12,561

1715428.PS.FTS.B,

9.99%,

2/15/27

.....

4,258

4,105

1708010.PS.FTS.B,

10.5%,

2/15/27

.....

8,959

8,637

1714702.PS.FTS.B,

11.6%,

2/15/27

.....

2,999

2,891

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1720965.PS.FTS.B,

11.7%,

2/15/27

.....

$

21,428

$

20,657

1708892.PS.FTS.B,

11.79%,

2/15/27

....

17,148

16,531

1714669.PS.FTS.B,

11.79%,

2/15/27

....

11,146

10,745

1708910.PS.FTS.B,

12.5%,

2/15/27

.....

4,888

4,752

1707998.PS.FTS.B,

13.5%,

2/15/27

.....

15,530

14,800

1708442.PS.FTS.B,

13.5%,

2/15/27

.....

10,353

9,866

1714684.PS.FTS.B,

14.53%,

2/15/27

....

12,947

12,481

1720971.PS.FTS.B,

14.7%,

2/15/27

.....

17,589

16,761

1720962.PS.FTS.B,

15.1%,

2/15/27

.....

8,477

8,078

1707995.PS.FTS.B,

15.7%,

2/15/27

.....

30,432

28,997

1715584.PS.FTS.B,

16.33%,

2/15/27

....

6,099

5,812

1708445.PS.FTS.B,

16.63%,

2/15/27

....

1,668

1,588

1708439.PS.FTS.B,

16.7%,

2/15/27

.....

5,235

4,987

1714666.PS.FTS.B,

18.13%,

2/15/27

....

21,915

20,879

1715575.PS.FTS.B,

18.59%,

2/15/27

....

8,604

8,190

1708043.PS.FTS.B,

19%,

2/15/27

.......

2,108

2,003

1715572.PS.FTS.B,

21.5%,

2/15/27

.....

13,290

12,827

1720989.PS.FTS.B,

23.3%,

2/15/27

.....

3,348

3,181

1715140.PS.FTS.B,

24.03%,

2/15/27

....

2,837

2,708

1708028.PS.FTS.B,

28.23%,

2/15/27

....

1,032

992

1715893.PS.FTS.B,

10.8%,

2/16/27

.....

6,834

6,590

1709807.PS.FTS.B,

15.1%,

2/16/27

.....

15,618

14,888

1722345.PS.FTS.B,

15.7%,

2/16/27

.....

26,954

25,692

1709228.PS.FTS.B,

18.48%,

2/16/27

....

12,286

11,708

1709420.PS.FTS.B,

21.18%,

2/16/27

....

9,648

9,190

1716991.PS.FTS.B,

13.7%,

2/17/27

.....

21,585

20,584

1710296.PS.FTS.B,

21.18%,

2/17/27

....

8,851

8,436

1709822.PS.FTS.B,

26.2%,

2/17/27

.....

13,473

13,008

1711007.PS.FTS.B,

18.78%,

2/18/27

....

14,758

14,077

1710686.PS.FTS.B,

19%,

2/18/27

.......

8,791

8,385

1723455.PS.FTS.B,

19%,

2/18/27

.......

4,395

4,192

1724112.PS.FTS.B,

11.2%,

2/25/27

......

15,244

14,735

1721862.PS.FTS.B,

12.3%,

2/28/27

.....

8,765

8,459

1715533.PS.FTS.B,

17.23%,

2/28/27

....

5,656

–

1720876.PS.FTS.B,

18.4%,

2/28/27

.....

16,183

15,450

1717768.PS.FTS.B,

26.51%,

2/28/27

....

1,831

1,757

1725226.PS.FTS.B,

11.5%,

3/03/27

.....

8,710

8,395

1710332.PS.FTS.B,

16.18%,

3/10/27

....

13,482

12,886

1749361.PS.FTS.B,

10.5%,

4/05/27

.....

12,342

11,922

1742753.PS.FTS.B,

11.7%,

4/05/27

.....

12,388

11,967

1752447.PS.FTS.B,

12.5%,

4/05/27

.....

4,435

4,285

1749355.PS.FTS.B,

12.7%,

4/05/27

.....

31,033

29,925

1742750.PS.FTS.B,

16.18%,

4/05/27

....

7,622

7,257

1752456.PS.FTS.B,

16.18%,

4/05/27

....

5,380

5,122

1752438.PS.FTS.B,

18.13%,

4/05/27

....

9,016

8,584

1749730.PS.FTS.B,

11.6%,

4/06/27

.....

13,268

12,820

1752882.PS.FTS.B,

12.4%,

4/06/27

.....

4,434

4,284

1752861.PS.FTS.B,

12.5%,

4/06/27

.....

8,870

8,571

1750048.PS.FTS.B,

13.13%,

4/06/27

....

13,331

12,697

1750153.PS.FTS.B,

16.9%,

4/06/27

.....

8,087

7,638

1750045.PS.FTS.B,

29.69%,

4/06/27

....

9,272

8,810

1750531.PS.FTS.B,

10.5%,

4/07/27

.....

10,596

10,242

1743968.PS.FTS.B,

11.2%,

4/07/27

.....

15,032

14,527

1744484.PS.FTS.B,

11.2%,

4/07/27

.....

30,922

29,884

1754274.PS.FTS.B,

11.6%,

4/07/27

.....

3,096

2,992

1750540.PS.FTS.B,

12.21%,

4/07/27

....

5,056

4,928

1754268.PS.FTS.B,

13.4%,

4/07/27

.....

8,895

8,474

1751020.PS.FTS.B,

14.49%,

4/07/27

....

5,244

4,990

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1753719.PS.FTS.B,

14.68%,

4/07/27

....

$

14,285

$

13,808

1750933.PS.FTS.B,

18.48%,

4/07/27

....

4,369

4,135

1744412.PS.FTS.B,

19%,

4/07/27

.......

11,748

11,101

1745348.PS.FTS.B,

10.4%,

4/08/27

.....

26,438

25,556

1745183.PS.FTS.B,

10.5%,

4/08/27

.....

7,493

7,243

1745378.PS.FTS.B,

12.2%,

4/08/27

.....

13,293

12,851

1755102.PS.FTS.B,

15.29%,

4/08/27

....

26,832

25,574

1745375.PS.FTS.B,

17.1%,

4/08/27

.....

1,080

1,050

1749376.PS.FTS.B,

19.06%,

4/10/27

....

4,987

4,708

1755504.PS.FTS.B,

10.29%,

4/11/27

....

7,929

7,669

1745708.PS.FTS.B,

11.79%,

4/11/27

.....

2,653

2,562

1752913.PS.FTS.B,

15.5%,

4/11/27

.....

8,949

8,539

1755513.PS.FTS.B,

21%,

4/11/27

.......

5,451

5,201

1752781.PS.FTS.B,

22.5%,

4/11/27

.....

1,925

–

1754277.PS.FTS.B,

25.9%,

4/11/27

.....

3,192

3,043

1754122.PS.FTS.B,

15.1%,

4/12/27

.....

19,085

–

1756335.PS.FTS.B,

18.33%,

4/12/27

....

21,198

20,085

1759314.PS.FTS.B,

10.8%,

4/14/27

.....

8,824

8,541

1742747.PS.FTS.B,

14.38%,

4/15/27

....

9,408

9,089

1760241.PS.FTS.B,

15%,

4/15/27

.......

13,430

12,833

1742765.PS.FTS.B,

18%,

4/15/27

.......

5,437

5,133

1762938.PS.FTS.B,

16.83%,

4/20/27

....

15,160

14,434

1752091.PS.FTS.B,

13.2%,

4/22/27

.....

31,301

29,834

1750289.PS.FTS.B,

15%,

4/22/27

.......

17,932

17,135

1744499.PS.FTS.B,

18.48%,

4/30/27

....

8,533

4,954

3,278,893

Upgrade,

Inc.

23037218.UG.FTS.B,

25.26%,

6/10/23

...

627

633

22861454.UG.FTS.B,

14.29%,

8/19/23

...

1,288

1,299

25041265.UG.FTS.B,

23.3%,

12/14/23

...

2,030

2,034

22753947.UG.FTS.B,

28.99%,

9/16/24

...

9,488

10,050

22724262.UG.FTS.B,

29.69%,

9/17/24

...

12,566

13,390

22728779.UG.FTS.B,

15.62%,

9/20/24

...

5,489

5,707

23038391.UG.FTS.B,

26.77%,

9/26/24

...

6,077

6,412

23059552.UG.FTS.B,

29.69%,

9/26/24

...

17,592

18,821

22932098.UG.FTS.B,

28.71%,

10/01/24

..

10,327

10,864

22762086.UG.FTS.B,

29.69%,

10/01/24

..

28,487

3,487

22732959.UG.FTS.B,

28.71%,

10/03/24

..

12,908

13,577

23091427.UG.FTS.B,

29.69%,

10/08/24

..

15,430

1,265

23786228.UG.FTS.B,

29.69%,

10/28/24

..

6,353

6,790

24184289.UG.FTS.B,

27.74%,

11/06/24

..

7,395

7,695

24800940.UG.FTS.B,

25.82%,

11/27/24

..

15,556

16,366

24350329.UG.FTS.B,

27.74%,

11/29/24

..

6,354

6,724

24595955.UG.FTS.B,

29.69%,

11/29/24

..

2,663

2,703

24938220.UG.FTS.B,

26.77%,

12/03/24

..

10,811

11,296

25206108.UG.FTS.B,

25.82%,

12/20/24

..

8,055

8,427

24763225.UG.FTS.B,

27.74%,

12/24/24

..

21,755

22,825

25561593.UG.FTS.B,

21.93%,

12/27/24

..

11,151

11,632

25820593.UG.FTS.B,

26.77%,

1/17/25

...

7,274

7,601

25702486.UG.FTS.B,

29.69%,

1/17/25

...

9,695

10,299

25774878.UG.FTS.B,

29.69%,

1/25/25

...

21,888

22,924

22770418.UG.FTS.B,

Zero

Cpn,

9/16/27

..

303

23

22783150.UG.FTS.B,

23.3%,

9/20/27

....

130

130

23114330.UG.FTS.B,

14.29%,

9/27/27

...

101

8

23575274.UG.FTS.B,

25.26%,

10/16/27

..

71

–

23781973.UG.FTS.B,

25.26%,

10/27/27

..

16

16

24491583.UG.FTS.B,

25.26%,

11/18/27

..

1,658

157

Description

Principal

Amount

Value

Upgrade,

Inc.

(continued)

24590722.UG.FTS.B,

25.26%,

11/19/27

..

$

11

$

11

24326904.UG.FTS.B,

25.26%,

11/27/27

..

475

(2)

24808854.UG.FTS.B,

24.29%,

11/29/27

..

620

47

24979660.UG.FTS.B,

25.26%,

12/05/27

..

107

8

24902955.UG.FTS.B,

21.38%,

12/09/27

..

749

123

24925862.UG.FTS.B,

25.26%,

12/10/27

..

22

4

25181624.UG.FTS.B,

25.26%,

12/19/27

..

1,224

284

24996014.UG.FTS.B,

25.26%,

12/21/27

..

6,012

777

25412581.UG.FTS.B,

Zero

Cpn,

12/23/27

.

297

23

25584542.UG.FTS.B,

Zero

Cpn,

12/27/27

.

1,140

88

25501555.UG.FTS.B,

25.26%,

12/30/27

..

51

10

25702061.UG.FTS.B,

25.26%,

1/02/28

...

1

1

25770054.UG.FTS.B,

25.26%,

1/03/28

...

93

18

22994162.UG.FTS.B,

Zero

Cpn,

1/27/28

..

11,915

914

225,461

Upgrade,

Inc.

-

Card

991989114.UG.FTS.B,

29.49%,

3/16/23

..

–

–

991974180.UG.FTS.B,

15.47%,

7/16/23

..

39

1

991805005.UG.FTS.B,

29.49%,

11/14/23

.

45

15

991778146.UG.FTS.B,

18.71%,

2/10/24

..

184

185

991814355.UG.FTS.B,

28.48%,

2/10/24

..

144

144

991813036.UG.FTS.B,

29.49%,

2/10/24

..

706

721

991858193.UG.FTS.B,

29.49%,

2/10/24

..

150

150

991820873.UG.FTS.B,

29.48%,

2/11/24

..

155

159

991808167.UG.FTS.B,

29.49%,

2/11/24

..

128

9

991812184.UG.FTS.B,

29.49%,

2/11/24

..

32

32

991812643.UG.FTS.B,

29.49%,

2/11/24

..

82

83

991812846.UG.FTS.B,

29.49%,

2/11/24

..

34

34

991840198.UG.FTS.B,

29.49%,

2/11/24

..

72

(4)

991802567.UG.FTS.B,

Zero

Cpn,

2/12/24

.

152

11

991803118.UG.FTS.B,

Zero

Cpn,

2/12/24

.

109

8

991810892.UG.FTS.B,

Zero

Cpn,

2/12/24

.

296

21

991844159.UG.FTS.B,

19.99%,

2/12/24

..

12

12

991811276.UG.FTS.B,

21.48%,

2/12/24

..

240

237

991798559.UG.FTS.B,

22.47%,

2/12/24

..

134

134

991806903.UG.FTS.B,

23.45%,

2/12/24

..

60

60

991819802.UG.FTS.B,

26.44%,

2/12/24

..

49

49

991806030.UG.FTS.B,

28.48%,

2/12/24

..

209

(8)

991831361.UG.FTS.B,

28.48%,

2/12/24

..

124

125

991837602.UG.FTS.B,

28.48%,

2/12/24

..

19

19

991838743.UG.FTS.B,

28.48%,

2/12/24

..

45

45

991840432.UG.FTS.B,

28.48%,

2/12/24

..

103

105

991857933.UG.FTS.B,

28.48%,

2/12/24

..

371

377

991848000.UG.FTS.B,

29.48%,

2/12/24

..

73

74

991850943.UG.FTS.B,

29.48%,

2/12/24

..

57

58

991803198.UG.FTS.B,

29.49%,

2/12/24

..

–

–

991803397.UG.FTS.B,

29.49%,

2/12/24

..

103

106

991805098.UG.FTS.B,

29.49%,

2/12/24

..

15

15

991805497.UG.FTS.B,

29.49%,

2/12/24

..

27

27

991806924.UG.FTS.B,

29.49%,

2/12/24

..

98

100

991807022.UG.FTS.B,

29.49%,

2/12/24

..

320

21

991807617.UG.FTS.B,

29.49%,

2/12/24

..

307

248

991813205.UG.FTS.B,

29.49%,

2/12/24

..

777

794

991815751.UG.FTS.B,

29.49%,

2/12/24

..

7

7

991818422.UG.FTS.B,

29.49%,

2/12/24

..

16

8

991819265.UG.FTS.B,

29.49%,

2/12/24

..

114

117

991821292.UG.FTS.B,

29.49%,

2/12/24

..

32

32

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

99

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991822089.UG.FTS.B,

29.49%,

2/12/24

..

$

21

$

21

991824044.UG.FTS.B,

29.49%,

2/12/24

..

78

80

991826796.UG.FTS.B,

29.49%,

2/12/24

..

15

15

991827907.UG.FTS.B,

29.49%,

2/12/24

..

12

12

991833480.UG.FTS.B,

29.49%,

2/12/24

..

791

808

991835219.UG.FTS.B,

29.49%,

2/12/24

..

185

190

991843461.UG.FTS.B,

29.49%,

2/12/24

..

33

33

991847036.UG.FTS.B,

29.49%,

2/12/24

..

28

28

991849905.UG.FTS.B,

29.49%,

2/12/24

..

35

35

991853519.UG.FTS.B,

29.49%,

2/12/24

..

20

19

991855248.UG.FTS.B,

29.49%,

2/12/24

..

308

314

991855737.UG.FTS.B,

29.49%,

2/12/24

..

323

23

991855877.UG.FTS.B,

29.49%,

2/12/24

..

66

68

991856774.UG.FTS.B,

29.49%,

2/12/24

..

136

38

991848142.UG.FTS.B,

Zero

Cpn,

2/13/24

.

199

14

991843314.UG.FTS.B,

18.47%,

2/13/24

..

354

357

991762858.UG.FTS.B,

19.3%,

2/13/24

...

94

94

991825297.UG.FTS.B,

19.99%,

2/13/24

..

32

32

991802789.UG.FTS.B,

20.47%,

2/13/24

..

261

263

991823885.UG.FTS.B,

22.45%,

2/13/24

..

127

127

991815791.UG.FTS.B,

25.45%,

2/13/24

..

179

180

991823139.UG.FTS.B,

26.44%,

2/13/24

..

218

31

991802844.UG.FTS.B,

28.48%,

2/13/24

..

205

210

991809335.UG.FTS.B,

28.48%,

2/13/24

..

9

9

991813666.UG.FTS.B,

28.48%,

2/13/24

..

75

76

991826346.UG.FTS.B,

28.48%,

2/13/24

..

26

26

991829933.UG.FTS.B,

28.48%,

2/13/24

..

59

4

991834075.UG.FTS.B,

28.48%,

2/13/24

..

328

91

991840249.UG.FTS.B,

28.48%,

2/13/24

..

70

5

991840302.UG.FTS.B,

28.48%,

2/13/24

..

51

53

991847628.UG.FTS.B,

28.48%,

2/13/24

..

54

43

991852216.UG.FTS.B,

28.48%,

2/13/24

..

37

38

991856699.UG.FTS.B,

28.48%,

2/13/24

..

108

111

991760964.UG.FTS.B,

29.48%,

2/13/24

..

45

45

991762577.UG.FTS.B,

29.48%,

2/13/24

..

29

29

991809378.UG.FTS.B,

29.48%,

2/13/24

..

62

63

991803760.UG.FTS.B,

29.49%,

2/13/24

..

38

38

991804307.UG.FTS.B,

29.49%,

2/13/24

..

106

107

991805669.UG.FTS.B,

29.49%,

2/13/24

..

85

84

991807707.UG.FTS.B,

29.49%,

2/13/24

..

105

108

991808245.UG.FTS.B,

29.49%,

2/13/24

..

92

93

991811083.UG.FTS.B,

29.49%,

2/13/24

..

73

72

991812699.UG.FTS.B,

29.49%,

2/13/24

..

145

(2)

991814627.UG.FTS.B,

29.49%,

2/13/24

..

560

570

991815439.UG.FTS.B,

29.49%,

2/13/24

..

71

73

991818894.UG.FTS.B,

29.49%,

2/13/24

..

119

121

991825123.UG.FTS.B,

29.49%,

2/13/24

..

58

60

991825647.UG.FTS.B,

29.49%,

2/13/24

..

49

50

991826851.UG.FTS.B,

29.49%,

2/13/24

..

72

74

991828989.UG.FTS.B,

29.49%,

2/13/24

..

433

442

991830056.UG.FTS.B,

29.49%,

2/13/24

..

52

52

991830221.UG.FTS.B,

29.49%,

2/13/24

..

6

6

991832221.UG.FTS.B,

29.49%,

2/13/24

..

176

179

991835549.UG.FTS.B,

29.49%,

2/13/24

..

31

31

991837737.UG.FTS.B,

29.49%,

2/13/24

..

56

57

991838509.UG.FTS.B,

29.49%,

2/13/24

..

96

99

991838791.UG.FTS.B,

29.49%,

2/13/24

..

64

65

991842746.UG.FTS.B,

29.49%,

2/13/24

..

57

58

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991843833.UG.FTS.B,

29.49%,

2/13/24

..

$

79

$

79

991846608.UG.FTS.B,

29.49%,

2/13/24

..

7

–

991853606.UG.FTS.B,

29.49%,

2/13/24

..

130

37

991854419.UG.FTS.B,

29.49%,

2/13/24

..

137

136

991805184.UG.FTS.B,

Zero

Cpn,

2/14/24

.

–

–

991848382.UG.FTS.B,

Zero

Cpn,

2/14/24

.

98

7

991825384.UG.FTS.B,

19.96%,

2/14/24

..

118

119

991787070.UG.FTS.B,

19.99%,

2/14/24

..

8

8

991835702.UG.FTS.B,

19.99%,

2/14/24

..

246

249

991840652.UG.FTS.B,

19.99%,

2/14/24

..

114

17

991822292.UG.FTS.B,

20.47%,

2/14/24

..

27

27

991833333.UG.FTS.B,

20.96%,

2/14/24

..

496

500

991806806.UG.FTS.B,

22.47%,

2/14/24

..

208

27

991851736.UG.FTS.B,

22.47%,

2/14/24

..

132

132

991811392.UG.FTS.B,

28.48%,

2/14/24

..

114

117

991812386.UG.FTS.B,

28.48%,

2/14/24

..

57

58

991818462.UG.FTS.B,

28.48%,

2/14/24

..

87

87

991831703.UG.FTS.B,

28.48%,

2/14/24

..

57

46

991835889.UG.FTS.B,

28.48%,

2/14/24

..

90

92

991844597.UG.FTS.B,

28.48%,

2/14/24

..

601

44

991847502.UG.FTS.B,

28.48%,

2/14/24

..

129

130

991821791.UG.FTS.B,

29.48%,

2/14/24

..

73

75

991842427.UG.FTS.B,

29.48%,

2/14/24

..

56

57

991854322.UG.FTS.B,

29.48%,

2/14/24

..

144

147

991777332.UG.FTS.B,

29.49%,

2/14/24

..

67

69

991790777.UG.FTS.B,

29.49%,

2/14/24

..

3

3

991794402.UG.FTS.B,

29.49%,

2/14/24

..

32

32

991802654.UG.FTS.B,

29.49%,

2/14/24

..

186

191

991804214.UG.FTS.B,

29.49%,

2/14/24

..

–

–

991805363.UG.FTS.B,

29.49%,

2/14/24

..

15

15

991807223.UG.FTS.B,

29.49%,

2/14/24

..

87

89

991807331.UG.FTS.B,

29.49%,

2/14/24

..

67

69

991809986.UG.FTS.B,

29.49%,

2/14/24

..

61

5

991811416.UG.FTS.B,

29.49%,

2/14/24

..

124

127

991811679.UG.FTS.B,

29.49%,

2/14/24

..

32

13

991811829.UG.FTS.B,

29.49%,

2/14/24

..

–

–

991813801.UG.FTS.B,

29.49%,

2/14/24

..

47

48

991817391.UG.FTS.B,

29.49%,

2/14/24

..

73

(3)

991819107.UG.FTS.B,

29.49%,

2/14/24

..

93

7

991820078.UG.FTS.B,

29.49%,

2/14/24

..

59

61

991820788.UG.FTS.B,

29.49%,

2/14/24

..

17

17

991824942.UG.FTS.B,

29.49%,

2/14/24

..

32

32

991826591.UG.FTS.B,

29.49%,

2/14/24

..

142

144

991827030.UG.FTS.B,

29.49%,

2/14/24

..

68

69

991828159.UG.FTS.B,

29.49%,

2/14/24

..

143

21

991829905.UG.FTS.B,

29.49%,

2/14/24

..

40

41

991836005.UG.FTS.B,

29.49%,

2/14/24

..

6

6

991837093.UG.FTS.B,

29.49%,

2/14/24

..

84

6

991839021.UG.FTS.B,

29.49%,

2/14/24

..

144

142

991841194.UG.FTS.B,

29.49%,

2/14/24

..

–

–

991843509.UG.FTS.B,

29.49%,

2/14/24

..

68

59

991848269.UG.FTS.B,

29.49%,

2/14/24

..

54

55

991851816.UG.FTS.B,

29.49%,

2/14/24

..

173

15

991852711.UG.FTS.B,

29.49%,

2/14/24

..

14

2

991853091.UG.FTS.B,

29.49%,

2/14/24

..

–

–

991857188.UG.FTS.B,

29.49%,

2/14/24

..

506

144

991857248.UG.FTS.B,

29.49%,

2/14/24

..

27

27

991857920.UG.FTS.B,

29.49%,

2/14/24

..

189

70

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991857984.UG.FTS.B,

29.49%,

2/14/24

..

$

73

$

74

991824199.UG.FTS.B,

Zero

Cpn,

2/15/24

.

179

13

991845447.UG.FTS.B,

Zero

Cpn,

2/15/24

.

372

26

991841512.UG.FTS.B,

16.49%,

2/15/24

..

31

31

991853079.UG.FTS.B,

18.47%,

2/15/24

..

289

290

991803737.UG.FTS.B,

18.71%,

2/15/24

..

57

58

991857528.UG.FTS.B,

19.3%,

2/15/24

...

49

49

991843097.UG.FTS.B,

20.47%,

2/15/24

..

98

98

991805838.UG.FTS.B,

21.47%,

2/15/24

..

116

116

991815047.UG.FTS.B,

21.47%,

2/15/24

..

8

8

991850875.UG.FTS.B,

23.45%,

2/15/24

..

575

575

991809041.UG.FTS.B,

28.48%,

2/15/24

..

74

76

991811127.UG.FTS.B,

28.48%,

2/15/24

..

1,541

1,566

991812203.UG.FTS.B,

28.48%,

2/15/24

..

728

743

991815578.UG.FTS.B,

28.48%,

2/15/24

..

21

21

991827844.UG.FTS.B,

28.48%,

2/15/24

..

18

18

991845273.UG.FTS.B,

28.48%,

2/15/24

..

308

316

991814618.UG.FTS.B,

29.48%,

2/15/24

..

71

72

991819327.UG.FTS.B,

29.48%,

2/15/24

..

57

58

991819564.UG.FTS.B,

29.48%,

2/15/24

..

19

2

991830580.UG.FTS.B,

29.48%,

2/15/24

..

39

40

991777925.UG.FTS.B,

29.49%,

2/15/24

..

69

71

991803554.UG.FTS.B,

29.49%,

2/15/24

..

–

–

991808840.UG.FTS.B,

29.49%,

2/15/24

..

101

102

991812295.UG.FTS.B,

29.49%,

2/15/24

..

122

125

991812557.UG.FTS.B,

29.49%,

2/15/24

..

94

94

991813506.UG.FTS.B,

29.49%,

2/15/24

..

81

83

991814696.UG.FTS.B,

29.49%,

2/15/24

..

152

155

991815677.UG.FTS.B,

29.49%,

2/15/24

..

16

16

991816140.UG.FTS.B,

29.49%,

2/15/24

..

332

335

991817664.UG.FTS.B,

29.49%,

2/15/24

..

138

141

991825377.UG.FTS.B,

29.49%,

2/15/24

..

58

4

991828490.UG.FTS.B,

29.49%,

2/15/24

..

169

13

991831448.UG.FTS.B,

29.49%,

2/15/24

..

122

125

991834770.UG.FTS.B,

29.49%,

2/15/24

..

43

44

991835256.UG.FTS.B,

29.49%,

2/15/24

..

–

–

991835844.UG.FTS.B,

29.49%,

2/15/24

..

77

79

991841269.UG.FTS.B,

29.49%,

2/15/24

..

125

18

991842522.UG.FTS.B,

29.49%,

2/15/24

..

191

192

991842689.UG.FTS.B,

29.49%,

2/15/24

..

134

136

991844063.UG.FTS.B,

29.49%,

2/15/24

..

725

105

991846935.UG.FTS.B,

29.49%,

2/15/24

..

562

45

991848451.UG.FTS.B,

29.49%,

2/15/24

..

99

101

991855065.UG.FTS.B,

29.49%,

2/15/24

..

17

17

991857458.UG.FTS.B,

29.49%,

2/15/24

..

93

95

991823874.UG.FTS.B,

17.47%,

2/16/24

..

304

305

991849830.UG.FTS.B,

17.49%,

2/16/24

..

398

402

991943688.UG.FTS.B,

29.49%,

2/16/24

..

369

378

991804538.UG.FTS.B,

25.45%,

2/17/24

..

70

71

991920721.UG.FTS.B,

28.48%,

2/17/24

..

105

108

991823101.UG.FTS.B,

29.49%,

2/17/24

..

12

12

991827738.UG.FTS.B,

29.49%,

2/17/24

..

31

31

991847729.UG.FTS.B,

29.49%,

2/17/24

..

120

9

991849598.UG.FTS.B,

29.49%,

2/17/24

..

68

69

991997607.UG.FTS.B,

29.49%,

2/17/24

..

185

188

991342732.UG.FTS.B,

29.49%,

12/23/24

.

293

316

991715757.UG.FTS.B,

15.97%,

2/08/25

..

496

505

991740852.UG.FTS.B,

15.97%,

2/08/25

..

144

145

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991724808.UG.FTS.B,

17.99%,

2/08/25

..

$

594

$

590

991735248.UG.FTS.B,

17.99%,

2/08/25

..

2,100

2,096

991820429.UG.FTS.B,

Zero

Cpn,

2/10/25

.

39

3

991732442.UG.FTS.B,

14.98%,

2/10/25

..

704

709

991733275.UG.FTS.B,

14.98%,

2/10/25

..

288

195

991849542.UG.FTS.B,

14.98%,

2/10/25

..

14

14

991732663.UG.FTS.B,

15%,

2/10/25

.....

142

34

991742845.UG.FTS.B,

15.97%,

2/10/25

..

36

37

991776139.UG.FTS.B,

15.97%,

2/10/25

..

932

951

991839233.UG.FTS.B,

15.97%,

2/10/25

..

106

106

991883759.UG.FTS.B,

15.97%,

2/10/25

..

1,101

1,113

991922584.UG.FTS.B,

15.97%,

2/10/25

..

24

24

991734362.UG.FTS.B,

16.99%,

2/10/25

..

976

996

991758232.UG.FTS.B,

16.99%,

2/10/25

..

295

301

991767800.UG.FTS.B,

16.99%,

2/10/25

..

2,166

2,181

991771576.UG.FTS.B,

16.99%,

2/10/25

..

742

757

991799804.UG.FTS.B,

16.99%,

2/10/25

..

204

41

991940443.UG.FTS.B,

16.99%,

2/10/25

..

3,159

3,201

991734925.UG.FTS.B,

17.99%,

2/10/25

..

2

2

991767919.UG.FTS.B,

17.99%,

2/10/25

..

751

753

991802234.UG.FTS.B,

17.99%,

2/10/25

..

3,769

3,838

991910229.UG.FTS.B,

17.99%,

2/10/25

..

438

447

991963090.UG.FTS.B,

17.99%,

2/10/25

..

1,248

1,243

991960619.UG.FTS.B,

21.98%,

2/10/25

..

13

13

991761364.UG.FTS.B,

28.98%,

2/10/25

..

286

298

991812249.UG.FTS.B,

28.98%,

2/10/25

..

315

313

991822498.UG.FTS.B,

28.98%,

2/10/25

..

93

92

991827179.UG.FTS.B,

28.98%,

2/10/25

..

224

232

991840626.UG.FTS.B,

28.98%,

2/10/25

..

7

7

991854247.UG.FTS.B,

28.98%,

2/10/25

..

329

78

991736378.UG.FTS.B,

29.49%,

2/10/25

..

2,650

375

991821789.UG.FTS.B,

29.49%,

2/10/25

..

225

235

991753557.UG.FTS.B,

15.97%,

2/11/25

..

327

326

991740362.UG.FTS.B,

16.99%,

2/11/25

..

1,125

1,149

991747996.UG.FTS.B,

16.99%,

2/11/25

..

601

613

991755840.UG.FTS.B,

16.99%,

2/11/25

..

518

519

991754217.UG.FTS.B,

17.99%,

2/11/25

..

13

13

991810427.UG.FTS.B,

18.97%,

2/11/25

..

32

31

991778952.UG.FTS.B,

28.98%,

2/11/25

..

1,144

1,145

991851331.UG.FTS.B,

28.98%,

2/11/25

..

2,082

2,124

991857312.UG.FTS.B,

28.98%,

2/11/25

..

273

188

991745632.UG.FTS.B,

29.49%,

2/11/25

..

108

111

991804723.UG.FTS.B,

29.49%,

2/11/25

..

120

123

991809668.UG.FTS.B,

29.49%,

2/11/25

..

342

347

991812244.UG.FTS.B,

29.49%,

2/11/25

..

117

8

991815191.UG.FTS.B,

29.49%,

2/11/25

..

113

115

991815738.UG.FTS.B,

29.49%,

2/11/25

..

100

103

991829840.UG.FTS.B,

29.49%,

2/11/25

..

297

306

991805383.UG.FTS.B,

Zero

Cpn,

2/12/25

.

2,057

144

991826837.UG.FTS.B,

Zero

Cpn,

2/12/25

.

501

35

991830417.UG.FTS.B,

Zero

Cpn,

2/12/25

.

4,007

281

991855183.UG.FTS.B,

Zero

Cpn,

2/12/25

.

438

30

991810022.UG.FTS.B,

14%,

2/12/25

.....

1,758

1,759

991758225.UG.FTS.B,

14.98%,

2/12/25

..

64

65

991769361.UG.FTS.B,

14.98%,

2/12/25

..

850

857

991772549.UG.FTS.B,

15%,

2/12/25

.....

746

761

991915264.UG.FTS.B,

15%,

2/12/25

.....

2,335

2,382

991777650.UG.FTS.B,

15.97%,

2/12/25

..

67

68

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991797856.UG.FTS.B,

15.97%,

2/12/25

..

$

79

$

78

991898060.UG.FTS.B,

15.97%,

2/12/25

..

289

293

991750465.UG.FTS.B,

16.99%,

2/12/25

..

1,257

820

991758319.UG.FTS.B,

16.99%,

2/12/25

..

1,275

1,301

991776181.UG.FTS.B,

16.99%,

2/12/25

..

282

287

991769114.UG.FTS.B,

17.99%,

2/12/25

..

496

506

991807436.UG.FTS.B,

17.99%,

2/12/25

..

297

303

991884753.UG.FTS.B,

17.99%,

2/12/25

..

41

41

991929045.UG.FTS.B,

17.99%,

2/12/25

..

4,110

288

991941107.UG.FTS.B,

17.99%,

2/12/25

..

304

304

991827757.UG.FTS.B,

18.97%,

2/12/25

..

167

170

991872148.UG.FTS.B,

18.97%,

2/12/25

..

3,895

788

991926314.UG.FTS.B,

18.97%,

2/12/25

..

958

969

991802561.UG.FTS.B,

19.21%,

2/12/25

..

199

198

991816619.UG.FTS.B,

19.21%,

2/12/25

..

678

691

991864191.UG.FTS.B,

19.21%,

2/12/25

..

1,131

1,153

991840163.UG.FTS.B,

19.8%,

2/12/25

...

592

600

991760875.UG.FTS.B,

19.99%,

2/12/25

..

125

130

991786840.UG.FTS.B,

19.99%,

2/12/25

..

244

255

991799677.UG.FTS.B,

19.99%,

2/12/25

..

738

757

991805953.UG.FTS.B,

19.99%,

2/12/25

..

61

63

991806201.UG.FTS.B,

19.99%,

2/12/25

..

87

89

991816211.UG.FTS.B,

19.99%,

2/12/25

..

133

139

991818449.UG.FTS.B,

19.99%,

2/12/25

..

43

37

991826760.UG.FTS.B,

19.99%,

2/12/25

..

120

122

991832331.UG.FTS.B,

19.99%,

2/12/25

..

51

4

991838152.UG.FTS.B,

19.99%,

2/12/25

..

20

20

991839865.UG.FTS.B,

19.99%,

2/12/25

..

64

–

991752839.UG.FTS.B,

20.46%,

2/12/25

..

3,145

3,172

991785806.UG.FTS.B,

20.46%,

2/12/25

..

202

206

991852722.UG.FTS.B,

20.46%,

2/12/25

..

587

598

992003412.UG.FTS.B,

20.46%,

2/12/25

..

226

228

991871804.UG.FTS.B,

20.97%,

2/12/25

..

377

383

991883284.UG.FTS.B,

20.97%,

2/12/25

..

33

32

991957028.UG.FTS.B,

20.97%,

2/12/25

..

120

121

991974835.UG.FTS.B,

20.97%,

2/12/25

..

1,240

815

991802583.UG.FTS.B,

21.46%,

2/12/25

..

251

250

991806756.UG.FTS.B,

21.46%,

2/12/25

..

81

82

991802607.UG.FTS.B,

21.98%,

2/12/25

..

1,918

1,944

991806219.UG.FTS.B,

21.98%,

2/12/25

..

7

7

991807134.UG.FTS.B,

21.98%,

2/12/25

..

149

100

991821559.UG.FTS.B,

21.98%,

2/12/25

..

581

583

991863804.UG.FTS.B,

21.98%,

2/12/25

..

1,070

1,087

991833350.UG.FTS.B,

22.97%,

2/12/25

..

1,455

1,473

991878878.UG.FTS.B,

22.97%,

2/12/25

..

18

18

991820674.UG.FTS.B,

23.95%,

2/12/25

..

192

194

991858756.UG.FTS.B,

23.95%,

2/12/25

..

501

119

991914843.UG.FTS.B,

23.95%,

2/12/25

..

90

92

991922196.UG.FTS.B,

23.95%,

2/12/25

..

323

77

991849884.UG.FTS.B,

27.99%,

2/12/25

..

695

721

991753187.UG.FTS.B,

28.98%,

2/12/25

..

237

246

991782001.UG.FTS.B,

28.98%,

2/12/25

..

42

41

991786749.UG.FTS.B,

28.98%,

2/12/25

..

395

386

991801416.UG.FTS.B,

28.98%,

2/12/25

..

552

576

991803393.UG.FTS.B,

28.98%,

2/12/25

..

620

647

991803553.UG.FTS.B,

28.98%,

2/12/25

..

463

112

991804110.UG.FTS.B,

28.98%,

2/12/25

..

135

140

991806309.UG.FTS.B,

28.98%,

2/12/25

..

153

160

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991807845.UG.FTS.B,

28.98%,

2/12/25

..

$

20

$

9

991808773.UG.FTS.B,

28.98%,

2/12/25

..

147

154

991809238.UG.FTS.B,

28.98%,

2/12/25

..

177

177

991810584.UG.FTS.B,

28.98%,

2/12/25

..

787

817

991811876.UG.FTS.B,

28.98%,

2/12/25

..

272

181

991812552.UG.FTS.B,

28.98%,

2/12/25

..

80

82

991815227.UG.FTS.B,

28.98%,

2/12/25

..

154

160

991817723.UG.FTS.B,

28.98%,

2/12/25

..

118

123

991817728.UG.FTS.B,

28.98%,

2/12/25

..

183

191

991818557.UG.FTS.B,

28.98%,

2/12/25

..

115

118

991820783.UG.FTS.B,

28.98%,

2/12/25

..

39

39

991822370.UG.FTS.B,

28.98%,

2/12/25

..

123

122

991823389.UG.FTS.B,

28.98%,

2/12/25

..

275

286

991825542.UG.FTS.B,

28.98%,

2/12/25

..

4

4

991829022.UG.FTS.B,

28.98%,

2/12/25

..

79

79

991830871.UG.FTS.B,

28.98%,

2/12/25

..

300

310

991832534.UG.FTS.B,

28.98%,

2/12/25

..

1,376

1,429

991832753.UG.FTS.B,

28.98%,

2/12/25

..

400

414

991836774.UG.FTS.B,

28.98%,

2/12/25

..

25

26

991836990.UG.FTS.B,

28.98%,

2/12/25

..

93

93

991838664.UG.FTS.B,

28.98%,

2/12/25

..

1,372

1,374

991838703.UG.FTS.B,

28.98%,

2/12/25

..

104

109

991839992.UG.FTS.B,

28.98%,

2/12/25

..

45

46

991841608.UG.FTS.B,

28.98%,

2/12/25

..

266

277

991843868.UG.FTS.B,

28.98%,

2/12/25

..

234

244

991849987.UG.FTS.B,

28.98%,

2/12/25

..

290

196

991807146.UG.FTS.B,

29.46%,

2/12/25

..

313

327

991753952.UG.FTS.B,

29.49%,

2/12/25

..

511

519

991756767.UG.FTS.B,

29.49%,

2/12/25

..

391

386

991762228.UG.FTS.B,

29.49%,

2/12/25

..

122

127

991777163.UG.FTS.B,

29.49%,

2/12/25

..

55

56

991785647.UG.FTS.B,

29.49%,

2/12/25

..

–

–

991790482.UG.FTS.B,

29.49%,

2/12/25

..

193

198

991798251.UG.FTS.B,

29.49%,

2/12/25

..

99

101

991802896.UG.FTS.B,

29.49%,

2/12/25

..

64

18

991803191.UG.FTS.B,

29.49%,

2/12/25

..

256

267

991803804.UG.FTS.B,

29.49%,

2/12/25

..

52

53

991804775.UG.FTS.B,

29.49%,

2/12/25

..

501

525

991805297.UG.FTS.B,

29.49%,

2/12/25

..

202

43

991805631.UG.FTS.B,

29.49%,

2/12/25

..

128

17

991806948.UG.FTS.B,

29.49%,

2/12/25

..

143

150

991807096.UG.FTS.B,

29.49%,

2/12/25

..

26

26

991807577.UG.FTS.B,

29.49%,

2/12/25

..

770

782

991807803.UG.FTS.B,

29.49%,

2/12/25

..

316

(6)

991809346.UG.FTS.B,

29.49%,

2/12/25

..

233

243

991809887.UG.FTS.B,

29.49%,

2/12/25

..

183

191

991811105.UG.FTS.B,

29.49%,

2/12/25

..

70

71

991813309.UG.FTS.B,

29.49%,

2/12/25

..

153

159

991814010.UG.FTS.B,

29.49%,

2/12/25

..

18

18

991814338.UG.FTS.B,

29.49%,

2/12/25

..

27

27

991814464.UG.FTS.B,

29.49%,

2/12/25

..

40

41

991815155.UG.FTS.B,

29.49%,

2/12/25

..

80

19

991815654.UG.FTS.B,

29.49%,

2/12/25

..

550

573

991819353.UG.FTS.B,

29.49%,

2/12/25

..

17

2

991819588.UG.FTS.B,

29.49%,

2/12/25

..

672

686

991821193.UG.FTS.B,

29.49%,

2/12/25

..

171

178

991821588.UG.FTS.B,

29.49%,

2/12/25

..

249

248

991825037.UG.FTS.B,

29.49%,

2/12/25

..

69

71

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991826473.UG.FTS.B,

29.49%,

2/12/25

..

$

73

$

74

991828550.UG.FTS.B,

29.49%,

2/12/25

..

463

332

991828740.UG.FTS.B,

29.49%,

2/12/25

..

263

275

991829556.UG.FTS.B,

29.49%,

2/12/25

..

64

9

991830378.UG.FTS.B,

29.49%,

2/12/25

..

92

(3)

991833915.UG.FTS.B,

29.49%,

2/12/25

..

88

92

991834980.UG.FTS.B,

29.49%,

2/12/25

..

94

98

991836274.UG.FTS.B,

29.49%,

2/12/25

..

394

410

991836539.UG.FTS.B,

29.49%,

2/12/25

..

466

58

991837472.UG.FTS.B,

29.49%,

2/12/25

..

143

150

991839406.UG.FTS.B,

29.49%,

2/12/25

..

8

8

991841177.UG.FTS.B,

29.49%,

2/12/25

..

297

295

991842663.UG.FTS.B,

29.49%,

2/12/25

..

11

11

991843673.UG.FTS.B,

29.49%,

2/12/25

..

166

81

991846043.UG.FTS.B,

29.49%,

2/12/25

..

112

117

991847529.UG.FTS.B,

29.49%,

2/12/25

..

38

39

991849938.UG.FTS.B,

29.49%,

2/12/25

..

120

125

991850187.UG.FTS.B,

29.49%,

2/12/25

..

56

56

991850254.UG.FTS.B,

29.49%,

2/12/25

..

55

55

991850275.UG.FTS.B,

29.49%,

2/12/25

..

270

186

991853347.UG.FTS.B,

29.49%,

2/12/25

..

2,518

2,629

991854668.UG.FTS.B,

29.49%,

2/12/25

..

1,962

2,051

991855573.UG.FTS.B,

29.49%,

2/12/25

..

15

14

991823964.UG.FTS.B,

Zero

Cpn,

2/13/25

.

115

8

991827782.UG.FTS.B,

Zero

Cpn,

2/13/25

.

194

14

991835479.UG.FTS.B,

Zero

Cpn,

2/13/25

.

915

63

991853150.UG.FTS.B,

Zero

Cpn,

2/13/25

.

128

9

992002854.UG.FTS.B,

Zero

Cpn,

2/13/25

.

8,917

620

991770961.UG.FTS.B,

14.97%,

2/13/25

..

21

21

991759353.UG.FTS.B,

14.98%,

2/13/25

..

109

111

991834929.UG.FTS.B,

14.98%,

2/13/25

..

372

380

991761161.UG.FTS.B,

15%,

2/13/25

.....

491

498

991837288.UG.FTS.B,

15%,

2/13/25

.....

83

85

991838768.UG.FTS.B,

15%,

2/13/25

.....

363

365

991897034.UG.FTS.B,

15%,

2/13/25

.....

62

63

991951153.UG.FTS.B,

15%,

2/13/25

.....

192

194

991761973.UG.FTS.B,

15.97%,

2/13/25

..

212

17

991900934.UG.FTS.B,

15.97%,

2/13/25

..

220

221

991995168.UG.FTS.B,

15.97%,

2/13/25

..

111

113

991763663.UG.FTS.B,

16.99%,

2/13/25

..

356

364

991765878.UG.FTS.B,

16.99%,

2/13/25

..

89

90

991772971.UG.FTS.B,

16.99%,

2/13/25

..

1,418

1,003

991789526.UG.FTS.B,

16.99%,

2/13/25

..

680

694

991851687.UG.FTS.B,

16.99%,

2/13/25

..

87

89

991863444.UG.FTS.B,

16.99%,

2/13/25

..

371

376

991863850.UG.FTS.B,

16.99%,

2/13/25

..

482

88

991898765.UG.FTS.B,

16.99%,

2/13/25

..

4,488

4,573

991917280.UG.FTS.B,

16.99%,

2/13/25

..

1,495

1,523

991944781.UG.FTS.B,

16.99%,

2/13/25

..

154

158

991964092.UG.FTS.B,

16.99%,

2/13/25

..

1,226

1,244

991991790.UG.FTS.B,

16.99%,

2/13/25

..

68

69

991764232.UG.FTS.B,

17.99%,

2/13/25

..

128

131

991764725.UG.FTS.B,

17.99%,

2/13/25

..

172

176

991765109.UG.FTS.B,

17.99%,

2/13/25

..

73

74

991770734.UG.FTS.B,

17.99%,

2/13/25

..

194

198

991790361.UG.FTS.B,

17.99%,

2/13/25

..

78

79

991762564.UG.FTS.B,

18.97%,

2/13/25

..

353

360

991796484.UG.FTS.B,

18.97%,

2/13/25

..

81

82

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991836240.UG.FTS.B,

18.97%,

2/13/25

..

$

74

$

73

991836655.UG.FTS.B,

18.97%,

2/13/25

..

9,490

91

991860430.UG.FTS.B,

18.97%,

2/13/25

..

72

72

991888359.UG.FTS.B,

19.21%,

2/13/25

..

77

77

991994001.UG.FTS.B,

19.21%,

2/13/25

..

525

531

991763007.UG.FTS.B,

19.8%,

2/13/25

...

94

94

991806441.UG.FTS.B,

19.8%,

2/13/25

...

11

11

991806983.UG.FTS.B,

19.8%,

2/13/25

...

132

134

991807781.UG.FTS.B,

19.8%,

2/13/25

...

53

54

991820791.UG.FTS.B,

19.8%,

2/13/25

...

1,032

85

991821308.UG.FTS.B,

19.8%,

2/13/25

...

27

27

991858233.UG.FTS.B,

19.8%,

2/13/25

...

2,230

2,257

991804993.UG.FTS.B,

19.99%,

2/13/25

..

434

453

991806621.UG.FTS.B,

19.99%,

2/13/25

..

20

20

991809576.UG.FTS.B,

19.99%,

2/13/25

..

74

75

991815843.UG.FTS.B,

19.99%,

2/13/25

..

632

641

991816388.UG.FTS.B,

19.99%,

2/13/25

..

66

68

991828017.UG.FTS.B,

19.99%,

2/13/25

..

76

77

991831745.UG.FTS.B,

19.99%,

2/13/25

..

272

279

991834564.UG.FTS.B,

19.99%,

2/13/25

..

1,874

1,931

991849814.UG.FTS.B,

19.99%,

2/13/25

..

415

427

991819463.UG.FTS.B,

20.46%,

2/13/25

..

460

468

991820645.UG.FTS.B,

20.46%,

2/13/25

..

225

224

991832645.UG.FTS.B,

20.46%,

2/13/25

..

1,570

325

991835719.UG.FTS.B,

20.46%,

2/13/25

..

2,473

2,512

991851215.UG.FTS.B,

20.46%,

2/13/25

..

81

83

991810702.UG.FTS.B,

20.97%,

2/13/25

..

1,146

1,163

991839486.UG.FTS.B,

20.97%,

2/13/25

..

127

84

991777956.UG.FTS.B,

21.46%,

2/13/25

..

656

(9)

991804184.UG.FTS.B,

21.46%,

2/13/25

..

1,424

1,436

991817961.UG.FTS.B,

21.46%,

2/13/25

..

2,226

1,471

991826312.UG.FTS.B,

21.46%,

2/13/25

..

759

761

991844908.UG.FTS.B,

21.46%,

2/13/25

..

2,139

2,167

991867322.UG.FTS.B,

21.46%,

2/13/25

..

261

188

991835728.UG.FTS.B,

21.98%,

2/13/25

..

1,194

253

991838484.UG.FTS.B,

21.98%,

2/13/25

..

438

439

991884233.UG.FTS.B,

21.98%,

2/13/25

..

110

112

991964103.UG.FTS.B,

21.98%,

2/13/25

..

228

229

991845521.UG.FTS.B,

22.95%,

2/13/25

..

3,455

3,505

991833637.UG.FTS.B,

22.97%,

2/13/25

..

615

625

991836654.UG.FTS.B,

23.95%,

2/13/25

..

1,537

1,559

991821331.UG.FTS.B,

25.94%,

2/13/25

..

25

2

991874122.UG.FTS.B,

25.95%,

2/13/25

..

277

280

991817461.UG.FTS.B,

27.99%,

2/13/25

..

415

428

991832074.UG.FTS.B,

27.99%,

2/13/25

..

111

116

991762295.UG.FTS.B,

28.98%,

2/13/25

..

108

24

991773511.UG.FTS.B,

28.98%,

2/13/25

..

197

206

991777156.UG.FTS.B,

28.98%,

2/13/25

..

1,161

1,195

991777586.UG.FTS.B,

28.98%,

2/13/25

..

24

4

991778042.UG.FTS.B,

28.98%,

2/13/25

..

54

16

991787589.UG.FTS.B,

28.98%,

2/13/25

..

185

185

991794293.UG.FTS.B,

28.98%,

2/13/25

..

949

973

991795226.UG.FTS.B,

28.98%,

2/13/25

..

172

173

991804596.UG.FTS.B,

28.98%,

2/13/25

..

117

15

991804663.UG.FTS.B,

28.98%,

2/13/25

..

136

142

991805844.UG.FTS.B,

28.98%,

2/13/25

..

493

502

991805871.UG.FTS.B,

28.98%,

2/13/25

..

2,250

73

991807185.UG.FTS.B,

28.98%,

2/13/25

..

70

72

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991808120.UG.FTS.B,

28.98%,

2/13/25

..

$

194

$

62

991808321.UG.FTS.B,

28.98%,

2/13/25

..

465

485

991808486.UG.FTS.B,

28.98%,

2/13/25

..

245

250

991808933.UG.FTS.B,

28.98%,

2/13/25

..

171

178

991809700.UG.FTS.B,

28.98%,

2/13/25

..

572

588

991811977.UG.FTS.B,

28.98%,

2/13/25

..

136

18

991812997.UG.FTS.B,

28.98%,

2/13/25

..

365

380

991814474.UG.FTS.B,

28.98%,

2/13/25

..

47

48

991815858.UG.FTS.B,

28.98%,

2/13/25

..

1

1

991816221.UG.FTS.B,

28.98%,

2/13/25

..

173

181

991816240.UG.FTS.B,

28.98%,

2/13/25

..

446

465

991817001.UG.FTS.B,

28.98%,

2/13/25

..

572

137

991817771.UG.FTS.B,

28.98%,

2/13/25

..

107

112

991818892.UG.FTS.B,

28.98%,

2/13/25

..

119

124

991822597.UG.FTS.B,

28.98%,

2/13/25

..

212

221

991823378.UG.FTS.B,

28.98%,

2/13/25

..

699

729

991826741.UG.FTS.B,

28.98%,

2/13/25

..

249

58

991827841.UG.FTS.B,

28.98%,

2/13/25

..

80

6

991828499.UG.FTS.B,

28.98%,

2/13/25

..

65

51

991829845.UG.FTS.B,

28.98%,

2/13/25

..

15

15

991832349.UG.FTS.B,

28.98%,

2/13/25

..

142

146

991833018.UG.FTS.B,

28.98%,

2/13/25

..

809

183

991833309.UG.FTS.B,

28.98%,

2/13/25

..

202

211

991837084.UG.FTS.B,

28.98%,

2/13/25

..

39

39

991838202.UG.FTS.B,

28.98%,

2/13/25

..

12

12

991840865.UG.FTS.B,

28.98%,

2/13/25

..

223

233

991844003.UG.FTS.B,

28.98%,

2/13/25

..

363

379

991844836.UG.FTS.B,

28.98%,

2/13/25

..

157

164

991845546.UG.FTS.B,

28.98%,

2/13/25

..

393

410

991848713.UG.FTS.B,

28.98%,

2/13/25

..

243

32

991849019.UG.FTS.B,

28.98%,

2/13/25

..

287

291

991849383.UG.FTS.B,

28.98%,

2/13/25

..

882

920

991852412.UG.FTS.B,

28.98%,

2/13/25

..

256

172

991853522.UG.FTS.B,

28.98%,

2/13/25

..

1,962

2,018

991854829.UG.FTS.B,

28.98%,

2/13/25

..

1,571

1,632

991857566.UG.FTS.B,

28.98%,

2/13/25

..

26

26

991830446.UG.FTS.B,

29.45%,

2/13/25

..

353

365

991762414.UG.FTS.B,

29.49%,

2/13/25

..

95

(5)

991762706.UG.FTS.B,

29.49%,

2/13/25

..

102

107

991782009.UG.FTS.B,

29.49%,

2/13/25

..

199

14

991794448.UG.FTS.B,

29.49%,

2/13/25

..

111

116

991802525.UG.FTS.B,

29.49%,

2/13/25

..

1,040

1,082

991803467.UG.FTS.B,

29.49%,

2/13/25

..

556

575

991804919.UG.FTS.B,

29.49%,

2/13/25

..

208

12

991805134.UG.FTS.B,

29.49%,

2/13/25

..

701

160

991806325.UG.FTS.B,

29.49%,

2/13/25

..

32

32

991807289.UG.FTS.B,

29.49%,

2/13/25

..

90

91

991807992.UG.FTS.B,

29.49%,

2/13/25

..

266

278

991808763.UG.FTS.B,

29.49%,

2/13/25

..

529

535

991810336.UG.FTS.B,

29.49%,

2/13/25

..

175

(9)

991810935.UG.FTS.B,

29.49%,

2/13/25

..

215

225

991811705.UG.FTS.B,

29.49%,

2/13/25

..

191

181

991812601.UG.FTS.B,

29.49%,

2/13/25

..

409

426

991813160.UG.FTS.B,

29.49%,

2/13/25

..

121

126

991814314.UG.FTS.B,

29.49%,

2/13/25

..

993

226

991814587.UG.FTS.B,

29.49%,

2/13/25

..

276

280

991816392.UG.FTS.B,

29.49%,

2/13/25

..

100

104

991820548.UG.FTS.B,

29.49%,

2/13/25

..

1,611

1,635

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991820840.UG.FTS.B,

29.49%,

2/13/25

..

$

209

$

219

991821533.UG.FTS.B,

29.49%,

2/13/25

..

49

50

991822593.UG.FTS.B,

29.49%,

2/13/25

..

162

164

991824463.UG.FTS.B,

29.49%,

2/13/25

..

118

118

991825720.UG.FTS.B,

29.49%,

2/13/25

..

1,769

1,849

991827070.UG.FTS.B,

29.49%,

2/13/25

..

31

31

991828091.UG.FTS.B,

29.49%,

2/13/25

..

25

25

991828506.UG.FTS.B,

29.49%,

2/13/25

..

196

146

991834798.UG.FTS.B,

29.49%,

2/13/25

..

63

9

991848153.UG.FTS.B,

29.49%,

2/13/25

..

57

59

991849622.UG.FTS.B,

29.49%,

2/13/25

..

335

345

991850891.UG.FTS.B,

29.49%,

2/13/25

..

442

300

991851569.UG.FTS.B,

29.49%,

2/13/25

..

51

16

991853241.UG.FTS.B,

29.49%,

2/13/25

..

50

(2)

991856005.UG.FTS.B,

29.49%,

2/13/25

..

49

50

991857159.UG.FTS.B,

29.49%,

2/13/25

..

616

641

991857359.UG.FTS.B,

29.49%,

2/13/25

..

16

16

991857606.UG.FTS.B,

29.49%,

2/13/25

..

163

170

991859063.UG.FTS.B,

29.49%,

2/13/25

..

1,578

359

991833216.UG.FTS.B,

Zero

Cpn,

2/14/25

.

458

32

991850326.UG.FTS.B,

Zero

Cpn,

2/14/25

.

847

59

991865402.UG.FTS.B,

14.97%,

2/14/25

..

293

294

991955469.UG.FTS.B,

15%,

2/14/25

.....

729

738

991773058.UG.FTS.B,

15.97%,

2/14/25

..

224

229

991856650.UG.FTS.B,

15.97%,

2/14/25

..

376

384

991963236.UG.FTS.B,

15.97%,

2/14/25

..

185

189

991770123.UG.FTS.B,

16.99%,

2/14/25

..

961

974

991784739.UG.FTS.B,

16.99%,

2/14/25

..

1,922

1,962

991820693.UG.FTS.B,

16.99%,

2/14/25

..

83

1

991844428.UG.FTS.B,

16.99%,

2/14/25

..

406

265

991939974.UG.FTS.B,

16.99%,

2/14/25

..

471

481

991962430.UG.FTS.B,

16.99%,

2/14/25

..

222

225

991767560.UG.FTS.B,

17.99%,

2/14/25

..

431

431

991772757.UG.FTS.B,

17.99%,

2/14/25

..

5,911

5,986

991775466.UG.FTS.B,

17.99%,

2/14/25

..

550

551

991813547.UG.FTS.B,

17.99%,

2/14/25

..

67

68

991813569.UG.FTS.B,

17.99%,

2/14/25

..

530

540

991984852.UG.FTS.B,

17.99%,

2/14/25

..

627

628

991830188.UG.FTS.B,

18.97%,

2/14/25

..

918

936

991836509.UG.FTS.B,

19.21%,

2/14/25

..

606

618

991871714.UG.FTS.B,

19.21%,

2/14/25

..

582

582

991975102.UG.FTS.B,

19.21%,

2/14/25

..

321

42

991807652.UG.FTS.B,

19.8%,

2/14/25

...

1,687

(32)

991815841.UG.FTS.B,

19.8%,

2/14/25

...

259

20

991871531.UG.FTS.B,

19.8%,

2/14/25

...

226

231

991873354.UG.FTS.B,

19.8%,

2/14/25

...

73

74

991804998.UG.FTS.B,

19.99%,

2/14/25

..

80

83

991805685.UG.FTS.B,

19.99%,

2/14/25

..

192

201

991809320.UG.FTS.B,

19.99%,

2/14/25

..

123

129

991820154.UG.FTS.B,

19.99%,

2/14/25

..

77

79

991842185.UG.FTS.B,

19.99%,

2/14/25

..

191

194

991804176.UG.FTS.B,

20.46%,

2/14/25

..

2

2

991825048.UG.FTS.B,

20.97%,

2/14/25

..

210

211

991854398.UG.FTS.B,

20.97%,

2/14/25

..

369

376

991900726.UG.FTS.B,

20.97%,

2/14/25

..

323

328

991889627.UG.FTS.B,

21.46%,

2/14/25

..

179

181

991897328.UG.FTS.B,

21.46%,

2/14/25

..

62

62

991910744.UG.FTS.B,

21.46%,

2/14/25

..

84

85

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991828158.UG.FTS.B,

21.97%,

2/14/25

..

$

726

$

55

991790870.UG.FTS.B,

21.98%,

2/14/25

..

30

30

991870073.UG.FTS.B,

21.98%,

2/14/25

..

64

64

991809915.UG.FTS.B,

22.97%,

2/14/25

..

654

140

991811355.UG.FTS.B,

22.97%,

2/14/25

..

761

166

991836363.UG.FTS.B,

22.97%,

2/14/25

..

2,004

145

991827100.UG.FTS.B,

23.95%,

2/14/25

..

229

158

991833971.UG.FTS.B,

23.95%,

2/14/25

..

1,245

158

991841722.UG.FTS.B,

23.95%,

2/14/25

..

99

12

991806406.UG.FTS.B,

25.94%,

2/14/25

..

164

125

991842393.UG.FTS.B,

25.95%,

2/14/25

..

66

66

991805856.UG.FTS.B,

27.99%,

2/14/25

..

48

48

991764741.UG.FTS.B,

28.98%,

2/14/25

..

3,043

3,056

991785193.UG.FTS.B,

28.98%,

2/14/25

..

721

53

991802904.UG.FTS.B,

28.98%,

2/14/25

..

267

274

991806111.UG.FTS.B,

28.98%,

2/14/25

..

37

37

991806712.UG.FTS.B,

28.98%,

2/14/25

..

121

126

991807226.UG.FTS.B,

28.98%,

2/14/25

..

149

153

991807412.UG.FTS.B,

28.98%,

2/14/25

..

738

763

991807486.UG.FTS.B,

28.98%,

2/14/25

..

184

192

991810229.UG.FTS.B,

28.98%,

2/14/25

..

1,105

1,113

991810494.UG.FTS.B,

28.98%,

2/14/25

..

305

23

991811911.UG.FTS.B,

28.98%,

2/14/25

..

137

141

991814585.UG.FTS.B,

28.98%,

2/14/25

..

830

862

991815145.UG.FTS.B,

28.98%,

2/14/25

..

150

157

991818104.UG.FTS.B,

28.98%,

2/14/25

..

280

284

991818687.UG.FTS.B,

28.98%,

2/14/25

..

35

35

991820882.UG.FTS.B,

28.98%,

2/14/25

..

718

741

991823151.UG.FTS.B,

28.98%,

2/14/25

..

282

290

991823684.UG.FTS.B,

28.98%,

2/14/25

..

298

299

991824915.UG.FTS.B,

28.98%,

2/14/25

..

108

112

991824938.UG.FTS.B,

28.98%,

2/14/25

..

16

16

991826791.UG.FTS.B,

28.98%,

2/14/25

..

2,098

2,179

991830152.UG.FTS.B,

28.98%,

2/14/25

..

265

274

991835570.UG.FTS.B,

28.98%,

2/14/25

..

157

164

991835935.UG.FTS.B,

28.98%,

2/14/25

..

353

368

991837382.UG.FTS.B,

28.98%,

2/14/25

..

331

346

991838203.UG.FTS.B,

28.98%,

2/14/25

..

103

108

991841375.UG.FTS.B,

28.98%,

2/14/25

..

396

276

991841496.UG.FTS.B,

28.98%,

2/14/25

..

131

134

991846898.UG.FTS.B,

28.98%,

2/14/25

..

646

2

991847760.UG.FTS.B,

28.98%,

2/14/25

..

90

94

991848162.UG.FTS.B,

28.98%,

2/14/25

..

76

6

991852690.UG.FTS.B,

28.98%,

2/14/25

..

12

6

991764780.UG.FTS.B,

29.49%,

2/14/25

..

95

97

991777555.UG.FTS.B,

29.49%,

2/14/25

..

147

151

991787306.UG.FTS.B,

29.49%,

2/14/25

..

101

105

991792854.UG.FTS.B,

29.49%,

2/14/25

..

20

20

991792923.UG.FTS.B,

29.49%,

2/14/25

..

111

116

991793202.UG.FTS.B,

29.49%,

2/14/25

..

390

265

991800343.UG.FTS.B,

29.49%,

2/14/25

..

86

21

991801930.UG.FTS.B,

29.49%,

2/14/25

..

1,141

270

991802829.UG.FTS.B,

29.49%,

2/14/25

..

34

35

991803107.UG.FTS.B,

29.49%,

2/14/25

..

161

170

991803647.UG.FTS.B,

29.49%,

2/14/25

..

21

21

991805019.UG.FTS.B,

29.49%,

2/14/25

..

93

22

991806368.UG.FTS.B,

29.49%,

2/14/25

..

31

12

991806920.UG.FTS.B,

29.49%,

2/14/25

..

76

79

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991807783.UG.FTS.B,

29.49%,

2/14/25

..

$

128

$

128

991807957.UG.FTS.B,

29.49%,

2/14/25

..

514

36

991808473.UG.FTS.B,

29.49%,

2/14/25

..

1,403

1,465

991808828.UG.FTS.B,

29.49%,

2/14/25

..

100

70

991809713.UG.FTS.B,

29.49%,

2/14/25

..

113

119

991809816.UG.FTS.B,

29.49%,

2/14/25

..

194

14

991809954.UG.FTS.B,

29.49%,

2/14/25

..

600

41

991810685.UG.FTS.B,

29.49%,

2/14/25

..

164

173

991811157.UG.FTS.B,

29.49%,

2/14/25

..

198

207

991811373.UG.FTS.B,

29.49%,

2/14/25

..

552

575

991811441.UG.FTS.B,

29.49%,

2/14/25

..

1,313

1,302

991812058.UG.FTS.B,

29.49%,

2/14/25

..

163

168

991812461.UG.FTS.B,

29.49%,

2/14/25

..

1,868

1,910

991814129.UG.FTS.B,

29.49%,

2/14/25

..

81

81

991815619.UG.FTS.B,

29.49%,

2/14/25

..

53

54

991817021.UG.FTS.B,

29.49%,

2/14/25

..

96

100

991818882.UG.FTS.B,

29.49%,

2/14/25

..

343

349

991818945.UG.FTS.B,

29.49%,

2/14/25

..

326

331

991819000.UG.FTS.B,

29.49%,

2/14/25

..

137

140

991819009.UG.FTS.B,

29.49%,

2/14/25

..

285

21

991820047.UG.FTS.B,

29.49%,

2/14/25

..

789

826

991821673.UG.FTS.B,

29.49%,

2/14/25

..

45

46

991821694.UG.FTS.B,

29.49%,

2/14/25

..

400

417

991822073.UG.FTS.B,

29.49%,

2/14/25

..

293

212

991822173.UG.FTS.B,

29.49%,

2/14/25

..

186

195

991823154.UG.FTS.B,

29.49%,

2/14/25

..

–

–

991823710.UG.FTS.B,

29.49%,

2/14/25

..

315

330

991825101.UG.FTS.B,

29.49%,

2/14/25

..

747

777

991825782.UG.FTS.B,

29.49%,

2/14/25

..

86

87

991826429.UG.FTS.B,

29.49%,

2/14/25

..

46

47

991826813.UG.FTS.B,

29.49%,

2/14/25

..

102

99

991829241.UG.FTS.B,

29.49%,

2/14/25

..

36

36

991831048.UG.FTS.B,

29.49%,

2/14/25

..

1,223

1,268

991832048.UG.FTS.B,

29.49%,

2/14/25

..

110

115

991832343.UG.FTS.B,

29.49%,

2/14/25

..

229

239

991834001.UG.FTS.B,

29.49%,

2/14/25

..

236

247

991835429.UG.FTS.B,

29.49%,

2/14/25

..

788

825

991836066.UG.FTS.B,

29.49%,

2/14/25

..

3,824

3,994

991836165.UG.FTS.B,

29.49%,

2/14/25

..

4,938

1,147

991837815.UG.FTS.B,

29.49%,

2/14/25

..

29

30

991838877.UG.FTS.B,

29.49%,

2/14/25

..

481

498

991840916.UG.FTS.B,

29.49%,

2/14/25

..

109

113

991842038.UG.FTS.B,

29.49%,

2/14/25

..

138

143

991842597.UG.FTS.B,

29.49%,

2/14/25

..

356

367

991843173.UG.FTS.B,

29.49%,

2/14/25

..

108

110

991843756.UG.FTS.B,

29.49%,

2/14/25

..

2,066

2,025

991844460.UG.FTS.B,

29.49%,

2/14/25

..

48

49

991844683.UG.FTS.B,

29.49%,

2/14/25

..

37

37

991845578.UG.FTS.B,

29.49%,

2/14/25

..

239

250

991846435.UG.FTS.B,

29.49%,

2/14/25

..

708

160

991847323.UG.FTS.B,

29.49%,

2/14/25

..

114

118

991849155.UG.FTS.B,

29.49%,

2/14/25

..

257

269

991850312.UG.FTS.B,

29.49%,

2/14/25

..

49

50

991851352.UG.FTS.B,

29.49%,

2/14/25

..

18

18

991852753.UG.FTS.B,

29.49%,

2/14/25

..

146

153

991852815.UG.FTS.B,

29.49%,

2/14/25

..

43

43

991853105.UG.FTS.B,

29.49%,

2/14/25

..

13

13

991854406.UG.FTS.B,

29.49%,

2/14/25

..

–

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991855825.UG.FTS.B,

29.49%,

2/14/25

..

$

1,265

$

1,328

991803862.UG.FTS.B,

Zero

Cpn,

2/15/25

.

48

3

991822595.UG.FTS.B,

Zero

Cpn,

2/15/25

.

518

36

991867337.UG.FTS.B,

14.98%,

2/15/25

..

573

584

991789128.UG.FTS.B,

15%,

2/15/25

.....

1,125

1,140

991808536.UG.FTS.B,

15.97%,

2/15/25

..

249

249

991851600.UG.FTS.B,

15.97%,

2/15/25

..

309

315

991968703.UG.FTS.B,

15.97%,

2/15/25

..

145

147

991781788.UG.FTS.B,

15.99%,

2/15/25

..

499

510

991818245.UG.FTS.B,

15.99%,

2/15/25

..

373

380

991774883.UG.FTS.B,

16.99%,

2/15/25

..

890

587

991849835.UG.FTS.B,

16.99%,

2/15/25

..

463

473

991885852.UG.FTS.B,

16.99%,

2/15/25

..

119

122

991893267.UG.FTS.B,

16.99%,

2/15/25

..

16

16

991967241.UG.FTS.B,

16.99%,

2/15/25

..

171

174

991784876.UG.FTS.B,

17.99%,

2/15/25

..

834

851

991808185.UG.FTS.B,

17.99%,

2/15/25

..

806

511

991835127.UG.FTS.B,

17.99%,

2/15/25

..

662

46

991897877.UG.FTS.B,

17.99%,

2/15/25

..

1,187

1,203

992001641.UG.FTS.B,

17.99%,

2/15/25

..

231

234

991838452.UG.FTS.B,

18.97%,

2/15/25

..

871

881

991853538.UG.FTS.B,

18.97%,

2/15/25

..

918

935

991842168.UG.FTS.B,

19.21%,

2/15/25

..

476

483

991860520.UG.FTS.B,

19.21%,

2/15/25

..

1,125

1,146

991872897.UG.FTS.B,

19.21%,

2/15/25

..

343

347

991885352.UG.FTS.B,

19.8%,

2/15/25

...

92

94

991776382.UG.FTS.B,

19.99%,

2/15/25

..

1,792

1,810

991777402.UG.FTS.B,

19.99%,

2/15/25

..

79

61

991784969.UG.FTS.B,

19.99%,

2/15/25

..

1,413

1,438

991802931.UG.FTS.B,

19.99%,

2/15/25

..

119

124

991811839.UG.FTS.B,

19.99%,

2/15/25

..

56

57

991829098.UG.FTS.B,

19.99%,

2/15/25

..

545

569

991830107.UG.FTS.B,

19.99%,

2/15/25

..

3,805

3,962

991830523.UG.FTS.B,

19.99%,

2/15/25

..

837

101

991831697.UG.FTS.B,

19.99%,

2/15/25

..

251

258

991848172.UG.FTS.B,

19.99%,

2/15/25

..

21

21

991812531.UG.FTS.B,

20.97%,

2/15/25

..

62

63

991839957.UG.FTS.B,

21.46%,

2/15/25

..

574

583

991841309.UG.FTS.B,

21.97%,

2/15/25

..

370

368

991815080.UG.FTS.B,

21.98%,

2/15/25

..

402

31

991826445.UG.FTS.B,

21.98%,

2/15/25

..

177

178

991835552.UG.FTS.B,

21.98%,

2/15/25

..

383

390

991857809.UG.FTS.B,

21.98%,

2/15/25

..

83

61

991840733.UG.FTS.B,

22.95%,

2/15/25

..

54

55

991946872.UG.FTS.B,

23.95%,

2/15/25

..

293

296

991849296.UG.FTS.B,

26.94%,

2/15/25

..

299

(2)

991812504.UG.FTS.B,

27.95%,

2/15/25

..

2

2

991792838.UG.FTS.B,

27.99%,

2/15/25

..

683

89

991807279.UG.FTS.B,

27.99%,

2/15/25

..

140

146

991844308.UG.FTS.B,

27.99%,

2/15/25

..

1,181

1,229

991779814.UG.FTS.B,

28.98%,

2/15/25

..

758

792

991804378.UG.FTS.B,

28.98%,

2/15/25

..

36

36

991806632.UG.FTS.B,

28.98%,

2/15/25

..

232

243

991806791.UG.FTS.B,

28.98%,

2/15/25

..

153

150

991808277.UG.FTS.B,

28.98%,

2/15/25

..

298

309

991808466.UG.FTS.B,

28.98%,

2/15/25

..

182

190

991808666.UG.FTS.B,

28.98%,

2/15/25

..

160

160

991811774.UG.FTS.B,

28.98%,

2/15/25

..

178

186

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991816146.UG.FTS.B,

28.98%,

2/15/25

..

$

30

$

30

991817978.UG.FTS.B,

28.98%,

2/15/25

..

789

812

991818026.UG.FTS.B,

28.98%,

2/15/25

..

152

156

991818637.UG.FTS.B,

28.98%,

2/15/25

..

21

21

991819395.UG.FTS.B,

28.98%,

2/15/25

..

95

7

991820317.UG.FTS.B,

28.98%,

2/15/25

..

442

462

991822271.UG.FTS.B,

28.98%,

2/15/25

..

291

292

991822996.UG.FTS.B,

28.98%,

2/15/25

..

80

81

991823651.UG.FTS.B,

28.98%,

2/15/25

..

35

5

991823702.UG.FTS.B,

28.98%,

2/15/25

..

372

384

991825566.UG.FTS.B,

28.98%,

2/15/25

..

104

108

991830158.UG.FTS.B,

28.98%,

2/15/25

..

79

59

991835621.UG.FTS.B,

28.98%,

2/15/25

..

788

819

991835626.UG.FTS.B,

28.98%,

2/15/25

..

246

255

991836573.UG.FTS.B,

28.98%,

2/15/25

..

1,181

1,234

991836944.UG.FTS.B,

28.98%,

2/15/25

..

66

69

991840458.UG.FTS.B,

28.98%,

2/15/25

..

83

83

991843119.UG.FTS.B,

28.98%,

2/15/25

..

213

223

991843450.UG.FTS.B,

28.98%,

2/15/25

..

210

157

991844015.UG.FTS.B,

28.98%,

2/15/25

..

43

44

991844759.UG.FTS.B,

28.98%,

2/15/25

..

276

288

991852017.UG.FTS.B,

28.98%,

2/15/25

..

204

213

991852088.UG.FTS.B,

28.98%,

2/15/25

..

53

54

991853669.UG.FTS.B,

28.98%,

2/15/25

..

1,178

1,230

991853796.UG.FTS.B,

28.98%,

2/15/25

..

262

(10)

991855575.UG.FTS.B,

28.98%,

2/15/25

..

174

175

991778437.UG.FTS.B,

29.49%,

2/15/25

..

264

275

991785490.UG.FTS.B,

29.49%,

2/15/25

..

14

14

991794398.UG.FTS.B,

29.49%,

2/15/25

..

289

297

991803200.UG.FTS.B,

29.49%,

2/15/25

..

428

448

991803612.UG.FTS.B,

29.49%,

2/15/25

..

94

98

991803666.UG.FTS.B,

29.49%,

2/15/25

..

15

15

991803750.UG.FTS.B,

29.49%,

2/15/25

..

219

15

991803753.UG.FTS.B,

29.49%,

2/15/25

..

108

110

991804151.UG.FTS.B,

29.49%,

2/15/25

..

91

95

991806032.UG.FTS.B,

29.49%,

2/15/25

..

131

106

991806084.UG.FTS.B,

29.49%,

2/15/25

..

126

126

991806308.UG.FTS.B,

29.49%,

2/15/25

..

31

2

991806704.UG.FTS.B,

29.49%,

2/15/25

..

707

705

991807047.UG.FTS.B,

29.49%,

2/15/25

..

38

38

991807392.UG.FTS.B,

29.49%,

2/15/25

..

56

57

991808149.UG.FTS.B,

29.49%,

2/15/25

..

107

74

991808383.UG.FTS.B,

29.49%,

2/15/25

..

100

101

991808493.UG.FTS.B,

29.49%,

2/15/25

..

140

147

991811260.UG.FTS.B,

29.49%,

2/15/25

..

406

425

991811830.UG.FTS.B,

29.49%,

2/15/25

..

277

290

991811888.UG.FTS.B,

29.49%,

2/15/25

..

64

66

991812152.UG.FTS.B,

29.49%,

2/15/25

..

22

22

991814443.UG.FTS.B,

29.49%,

2/15/25

..

269

282

991816017.UG.FTS.B,

29.49%,

2/15/25

..

134

135

991816717.UG.FTS.B,

29.49%,

2/15/25

..

254

266

991816760.UG.FTS.B,

29.49%,

2/15/25

..

28

28

991817668.UG.FTS.B,

29.49%,

2/15/25

..

415

29

991818158.UG.FTS.B,

29.49%,

2/15/25

..

143

19

991818267.UG.FTS.B,

29.49%,

2/15/25

..

87

90

991818477.UG.FTS.B,

29.49%,

2/15/25

..

8

8

991819355.UG.FTS.B,

29.49%,

2/15/25

..

104

106

991819412.UG.FTS.B,

29.49%,

2/15/25

..

189

197

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991820526.UG.FTS.B,

29.49%,

2/15/25

..

$

329

$

344

991820905.UG.FTS.B,

29.49%,

2/15/25

..

20

18

991821958.UG.FTS.B,

29.49%,

2/15/25

..

116

8

991822516.UG.FTS.B,

29.49%,

2/15/25

..

22

23

991822688.UG.FTS.B,

29.49%,

2/15/25

..

16

16

991823354.UG.FTS.B,

29.49%,

2/15/25

..

503

388

991824951.UG.FTS.B,

29.49%,

2/15/25

..

157

162

991825651.UG.FTS.B,

29.49%,

2/15/25

..

730

750

991825953.UG.FTS.B,

29.49%,

2/15/25

..

2,258

2,328

991826189.UG.FTS.B,

29.49%,

2/15/25

..

31

32

991826550.UG.FTS.B,

29.49%,

2/15/25

..

108

109

991830568.UG.FTS.B,

29.49%,

2/15/25

..

262

275

991831792.UG.FTS.B,

29.49%,

2/15/25

..

382

28

991832219.UG.FTS.B,

29.49%,

2/15/25

..

88

91

991833396.UG.FTS.B,

29.49%,

2/15/25

..

470

494

991834132.UG.FTS.B,

29.49%,

2/15/25

..

158

165

991834349.UG.FTS.B,

29.49%,

2/15/25

..

118

123

991835600.UG.FTS.B,

29.49%,

2/15/25

..

70

72

991836999.UG.FTS.B,

29.49%,

2/15/25

..

84

86

991838702.UG.FTS.B,

29.49%,

2/15/25

..

26

26

991839738.UG.FTS.B,

29.49%,

2/15/25

..

34

35

991839928.UG.FTS.B,

29.49%,

2/15/25

..

733

762

991839939.UG.FTS.B,

29.49%,

2/15/25

..

580

601

991840852.UG.FTS.B,

29.49%,

2/15/25

..

33

33

991841673.UG.FTS.B,

29.49%,

2/15/25

..

24

24

991841901.UG.FTS.B,

29.49%,

2/15/25

..

123

8

991842134.UG.FTS.B,

29.49%,

2/15/25

..

317

327

991842634.UG.FTS.B,

29.49%,

2/15/25

..

65

67

991842993.UG.FTS.B,

29.49%,

2/15/25

..

157

164

991843227.UG.FTS.B,

29.49%,

2/15/25

..

217

227

991843712.UG.FTS.B,

29.49%,

2/15/25

..

198

207

991845883.UG.FTS.B,

29.49%,

2/15/25

..

1,038

669

991846268.UG.FTS.B,

29.49%,

2/15/25

..

390

402

991846709.UG.FTS.B,

29.49%,

2/15/25

..

173

179

991848073.UG.FTS.B,

29.49%,

2/15/25

..

352

366

991848229.UG.FTS.B,

29.49%,

2/15/25

..

164

10

991849043.UG.FTS.B,

29.49%,

2/15/25

..

1,610

1,038

991849202.UG.FTS.B,

29.49%,

2/15/25

..

379

399

991849558.UG.FTS.B,

29.49%,

2/15/25

..

14

14

991850559.UG.FTS.B,

29.49%,

2/15/25

..

258

265

991851480.UG.FTS.B,

29.49%,

2/15/25

..

782

769

991853701.UG.FTS.B,

29.49%,

2/15/25

..

2,365

2,435

991854942.UG.FTS.B,

29.49%,

2/15/25

..

591

610

991855015.UG.FTS.B,

29.49%,

2/15/25

..

144

149

991856987.UG.FTS.B,

29.49%,

2/15/25

..

610

(66)

991857058.UG.FTS.B,

29.49%,

2/15/25

..

1,258

1,318

991795872.UG.FTS.B,

14.97%,

2/16/25

..

253

258

991808441.UG.FTS.B,

14.97%,

2/16/25

..

123

125

991823722.UG.FTS.B,

14.97%,

2/16/25

..

650

665

991797926.UG.FTS.B,

14.98%,

2/16/25

..

219

222

991826430.UG.FTS.B,

14.98%,

2/16/25

..

80

82

991953998.UG.FTS.B,

14.98%,

2/16/25

..

71

72

991982440.UG.FTS.B,

14.98%,

2/16/25

..

68

69

991801116.UG.FTS.B,

15%,

2/16/25

.....

2,611

2,664

991844330.UG.FTS.B,

15%,

2/16/25

.....

169

169

991860571.UG.FTS.B,

15%,

2/16/25

.....

1,919

221

991824562.UG.FTS.B,

15.97%,

2/16/25

..

71

72

991848121.UG.FTS.B,

15.97%,

2/16/25

..

490

496

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991865373.UG.FTS.B,

15.97%,

2/16/25

..

$

27

$

28

991787407.UG.FTS.B,

16.99%,

2/16/25

..

373

245

991854632.UG.FTS.B,

16.99%,

2/16/25

..

375

383

991856762.UG.FTS.B,

16.99%,

2/16/25

..

100

102

991902815.UG.FTS.B,

16.99%,

2/16/25

..

157

160

991929151.UG.FTS.B,

16.99%,

2/16/25

..

53

53

991937144.UG.FTS.B,

16.99%,

2/16/25

..

2,106

2,149

991941145.UG.FTS.B,

16.99%,

2/16/25

..

285

290

991959965.UG.FTS.B,

16.99%,

2/16/25

..

–

–

991964791.UG.FTS.B,

16.99%,

2/16/25

..

1,493

1,523

991847924.UG.FTS.B,

17.97%,

2/16/25

..

215

219

991851044.UG.FTS.B,

17.97%,

2/16/25

..

425

425

991862779.UG.FTS.B,

17.99%,

2/16/25

..

1,029

673

991868894.UG.FTS.B,

17.99%,

2/16/25

..

783

800

991872326.UG.FTS.B,

17.99%,

2/16/25

..

3,969

2,655

991921494.UG.FTS.B,

17.99%,

2/16/25

..

4,549

4,637

991856214.UG.FTS.B,

29.49%,

2/16/25

..

170

176

991956251.UG.FTS.B,

29.49%,

2/16/25

..

49

49

991864234.UG.FTS.B,

Zero

Cpn,

2/17/25

.

458

32

991854974.UG.FTS.B,

19.99%,

2/17/25

..

190

199

991924629.UG.FTS.B,

19.99%,

2/17/25

..

24

24

991793801.UG.FTS.B,

28.98%,

2/17/25

..

85

89

991802308.UG.FTS.B,

28.98%,

2/17/25

..

3,900

4,077

991804304.UG.FTS.B,

28.98%,

2/17/25

..

223

233

991806681.UG.FTS.B,

28.98%,

2/17/25

..

725

755

991822283.UG.FTS.B,

28.98%,

2/17/25

..

1,609

111

991843418.UG.FTS.B,

28.98%,

2/17/25

..

205

214

991843448.UG.FTS.B,

28.98%,

2/17/25

..

23

21

991844950.UG.FTS.B,

28.98%,

2/17/25

..

68

70

991878584.UG.FTS.B,

28.98%,

2/17/25

..

308

321

991937848.UG.FTS.B,

28.98%,

2/17/25

..

1,330

1,385

991976569.UG.FTS.B,

28.98%,

2/17/25

..

1,092

1,136

991985560.UG.FTS.B,

28.98%,

2/17/25

..

390

407

991995440.UG.FTS.B,

28.98%,

2/17/25

..

291

298

991806949.UG.FTS.B,

29.49%,

2/17/25

..

107

112

991807261.UG.FTS.B,

29.49%,

2/17/25

..

32

32

991818263.UG.FTS.B,

29.49%,

2/17/25

..

2,653

1,936

991825237.UG.FTS.B,

29.49%,

2/17/25

..

15

15

991829390.UG.FTS.B,

29.49%,

2/17/25

..

11

11

991829765.UG.FTS.B,

29.49%,

2/17/25

..

219

228

991830438.UG.FTS.B,

29.49%,

2/17/25

..

205

215

991831432.UG.FTS.B,

29.49%,

2/17/25

..

122

128

991854422.UG.FTS.B,

29.49%,

2/17/25

..

890

919

991859896.UG.FTS.B,

29.49%,

2/17/25

..

373

(14)

991867715.UG.FTS.B,

29.49%,

2/17/25

..

239

237

991924634.UG.FTS.B,

29.49%,

2/17/25

..

43

44

992003670.UG.FTS.B,

29.49%,

2/17/25

..

371

389

992008864.UG.FTS.B,

29.49%,

2/17/25

..

170

175

991823833.UG.FTS.B,

Zero

Cpn,

8/13/27

.

2

–

991824556.UG.FTS.B,

16.99%,

9/13/27

..

5

2

991830633.UG.FTS.B,

29.49%,

10/12/27

.

–

–

991831660.UG.FTS.B,

29.49%,

10/12/27

.

–

–

991813185.UG.FTS.B,

29.49%,

10/13/27

.

2

–

991851293.UG.FTS.B,

29.49%,

11/12/27

.

6

–

991913732.UG.FTS.B,

Zero

Cpn,

11/13/27

15

1

991805220.UG.FTS.B,

29.49%,

11/13/27

.

–

–

992003978.UG.FTS.B,

28.48%,

11/17/27

.

5

–

991803773.UG.FTS.B,

28.98%,

12/11/27

.

–

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991760977.UG.FTS.B,

29.49%,

12/13/27

.

$

13

$

(1)

991830053.UG.FTS.B,

Zero

Cpn,

12/14/27

19

1

991806048.UG.FTS.B,

26.94%,

12/14/27

.

7

7

991839018.UG.FTS.B,

Zero

Cpn,

12/15/27

18

–

991820879.UG.FTS.B,

29.49%,

1/14/28

..

3

1

991804608.UG.FTS.B,

29.49%,

1/17/28

..

–

–

991831543.UG.FTS.B,

28.98%,

2/12/28

..

8

4

991807941.UG.FTS.B,

29.49%,

2/12/28

..

10

10

991804021.UG.FTS.B,

21.46%,

2/13/28

..

6

3

991873234.UG.FTS.B,

22.95%,

2/13/28

..

15

3

991796922.UG.FTS.B,

16.99%,

2/14/28

..

4

4

991820411.UG.FTS.B,

25.45%,

2/14/28

..

2

2

991830933.UG.FTS.B,

29.49%,

2/14/28

..

2

2

991833347.UG.FTS.B,

29.49%,

2/14/28

..

4

4

991787154.UG.FTS.B,

21.98%,

2/15/28

..

1

1

991818088.UG.FTS.B,

29.49%,

2/15/28

..

–

–

991818151.UG.FTS.B,

29.49%,

2/15/28

..

–

–

991820040.UG.FTS.B,

29.49%,

2/15/28

..

2

2

314,042

Upstart

Network,

Inc.

L1714497.UP.FTS.B,

5.26%,

9/15/24

....

5,749

5,690

L1716943.UP.FTS.B,

9.3%,

9/15/24

.....

5,877

5,835

L1715024.UP.FTS.B,

9.8%,

9/15/24

.....

1,770

1,757

L1717347.UP.FTS.B,

10.59%,

9/15/24

....

2,940

2,919

L1716025.UP.FTS.B,

10.69%,

9/15/24

....

2,973

2,949

L1715704.UP.FTS.B,

11.53%,

9/15/24

....

8,966

8,892

L1717926.UP.FTS.B,

11.94%,

9/15/24

....

2,969

2,950

L1716380.UP.FTS.B,

13.61%,

9/15/24

....

1,210

1,203

L1717607.UP.FTS.B,

13.74%,

9/15/24

....

6,056

6,018

FW1715222.UP.FTS.B,

13.81%,

9/15/24

..

2,424

2,404

L1716238.UP.FTS.B,

14.13%,

9/15/24

....

2,834

2,822

L1714869.UP.FTS.B,

15.65%,

9/15/24

....

7,667

7,626

L1715589.UP.FTS.B,

16.64%,

9/15/24

....

9,238

9,218

L1716811.UP.FTS.B,

16.92%,

9/15/24

....

989

939

L1716828.UP.FTS.B,

17.26%,

9/15/24

....

1,854

1,850

L1715893.UP.FTS.B,

19.55%,

9/15/24

....

1,952

1,858

L1716921.UP.FTS.B,

23.03%,

9/15/24

....

3,227

3,196

L1716020.UP.FTS.B,

23.35%,

9/15/24

....

1,151

1,145

L1715151.UP.FTS.B,

23.45%,

9/15/24

....

1,303

1,291

L1712382.UP.FTS.B,

23.73%,

9/15/24

....

7,844

7,760

L1712895.UP.FTS.B,

24.25%,

9/15/24

....

5,395

5,359

L1715219.UP.FTS.B,

24.66%,

9/15/24

....

6,574

1,892

L1717684.UP.FTS.B,

25.05%,

9/15/24

....

1,524

1,512

FW1717945.UP.FTS.B,

25.32%,

9/15/24

..

4,136

4,095

FW1717862.UP.FTS.B,

25.93%,

9/15/24

..

1,283

1,274

FW1717416.UP.FTS.B,

27%,

9/15/24

....

2,085

2,072

FW1714926.UP.FTS.B,

28.33%,

9/15/24

..

3,294

3,263

FW1717064.UP.FTS.B,

29.03%,

9/15/24

..

2,151

2,037

FW1715798.UP.FTS.B,

29.92%,

9/15/24

..

926

920

L1885954.UP.FTS.B,

10.47%,

10/20/24

...

3,239

3,056

L1884096.UP.FTS.B,

13.31%,

10/20/24

...

4,403

4,376

L1886505.UP.FTS.B,

13.79%,

10/20/24

...

633

629

L1886677.UP.FTS.B,

13.95%,

10/20/24

...

1,845

1,827

L1888623.UP.FTS.B,

13.96%,

10/20/24

...

1,900

1,886

L1887864.UP.FTS.B,

14.09%,

10/20/24

...

1,268

1,258

L1885127.UP.FTS.B,

15.93%,

10/20/24

...

3,462

954

L1887716.UP.FTS.B,

16.64%,

10/20/24

...

2,571

2,557

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1887487.UP.FTS.B,

17.44%,

10/20/24

...

$

1,739

$

1,735

L1887264.UP.FTS.B,

18.46%,

10/20/24

...

4,018

292

L1885599.UP.FTS.B,

18.65%,

10/20/24

...

650

646

L1886773.UP.FTS.B,

18.69%,

10/20/24

...

2,378

2,367

L1885749.UP.FTS.B,

20.4%,

10/20/24

....

2,292

2,287

L1884376.UP.FTS.B,

20.79%,

10/20/24

...

12,376

11,717

L1889126.UP.FTS.B,

20.94%,

10/20/24

...

6,864

6,817

FW1885604.UP.FTS.B,

21.27%,

10/20/24

.

20,068

19,919

L1885440.UP.FTS.B,

22.25%,

10/20/24

...

552

548

L1889255.UP.FTS.B,

22.61%,

10/20/24

...

2,934

2,907

FW1885004.UP.FTS.B,

23.56%,

10/20/24

.

7,489

541

FW1886997.UP.FTS.B,

26.23%,

10/20/24

.

608

600

FW1885395.UP.FTS.B,

26.24%,

10/20/24

.

2,026

2,007

FW1885381.UP.FTS.B,

27.55%,

10/20/24

.

7,038

503

FW1880410.UP.FTS.B,

27.93%,

10/20/24

.

2,723

2,699

FW1886414.UP.FTS.B,

28.39%,

10/20/24

.

1,419

1,343

FW1889076.UP.FTS.B,

30.32%,

10/20/24

.

2,426

2,406

L2037773.UP.FTS.B,

5.25%,

11/15/24

....

5,149

5,094

L2046679.UP.FTS.B,

6.86%,

11/15/24

....

6,355

6,288

L2039391.UP.FTS.B,

7.16%,

11/15/24

....

955

944

L2047798.UP.FTS.B,

7.62%,

11/15/24

....

3,189

3,162

L2049330.UP.FTS.B,

8.87%,

11/15/24

....

6,390

6,334

L2047834.UP.FTS.B,

9.02%,

11/15/24

....

2,053

2,035

L2047596.UP.FTS.B,

10.13%,

11/15/24

...

7,500

7,436

L2048001.UP.FTS.B,

10.35%,

11/15/24

...

3,237

3,209

L2047620.UP.FTS.B,

10.51%,

11/15/24

...

1,949

1,930

L2048059.UP.FTS.B,

10.92%,

11/15/24

...

2,804

2,772

L2047919.UP.FTS.B,

10.97%,

11/15/24

...

11,528

10,861

L2047014.UP.FTS.B,

11.93%,

11/15/24

...

6,402

6,347

L2046828.UP.FTS.B,

12.17%,

11/15/24

...

3,267

3,240

L2049398.UP.FTS.B,

12.72%,

11/15/24

...

1,196

1,184

L2048381.UP.FTS.B,

12.98%,

11/15/24

...

2,420

2,398

L2047190.UP.FTS.B,

13.12%,

11/15/24

...

2,627

2,606

L2048784.UP.FTS.B,

13.49%,

11/15/24

...

1,974

1,958

L2047467.UP.FTS.B,

14.6%,

11/15/24

....

5,528

5,224

L2048717.UP.FTS.B,

14.61%,

11/15/24

...

229

226

FW2048031.UP.FTS.B,

14.7%,

11/15/24

..

4,966

4,926

L2047716.UP.FTS.B,

15.83%,

11/15/24

...

5,810

5,773

L2049293.UP.FTS.B,

16.54%,

11/15/24

...

3,341

3,321

FW2047086.UP.FTS.B,

16.6%,

11/15/24

..

2,674

2,658

L2048520.UP.FTS.B,

16.63%,

11/15/24

...

14,397

3,937

L2047759.UP.FTS.B,

17.02%,

11/15/24

...

737

732

L2032354.UP.FTS.B,

18.46%,

11/15/24

...

1,143

1,136

L2049049.UP.FTS.B,

18.57%,

11/15/24

...

4,725

4,697

L2048900.UP.FTS.B,

18.76%,

11/15/24

...

1,599

115

L2047756.UP.FTS.B,

18.93%,

11/15/24

...

4,057

4,033

FW2047783.UP.FTS.B,

19.18%,

11/15/24

.

525

518

L2048756.UP.FTS.B,

19.75%,

11/15/24

...

4,073

4,050

L2048019.UP.FTS.B,

19.76%,

11/15/24

...

1,154

1,147

FW2047227.UP.FTS.B,

19.97%,

11/15/24

.

951

946

FW2047688.UP.FTS.B,

20.13%,

11/15/24

.

4,103

4,047

L2047831.UP.FTS.B,

20.33%,

11/15/24

...

4,435

4,397

L2048741.UP.FTS.B,

20.49%,

11/15/24

...

2,385

2,371

FW2049144.UP.FTS.B,

20.94%,

11/15/24

.

2,931

832

L2047733.UP.FTS.B,

21.64%,

11/15/24

...

2,397

2,372

L2046773.UP.FTS.B,

21.75%,

11/15/24

...

1,097

1,082

L2048157.UP.FTS.B,

21.93%,

11/15/24

...

2,076

2,049

L2048597.UP.FTS.B,

22.48%,

11/15/24

...

3,439

3,401

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2047934.UP.FTS.B,

23.08%,

11/15/24

...

$

2,757

$

2,727

L2047942.UP.FTS.B,

23.17%,

11/15/24

...

2,754

2,724

FW2048854.UP.FTS.B,

25.05%,

11/15/24

.

1,331

1,315

FW2048332.UP.FTS.B,

26.99%,

11/15/24

.

1,405

1,386

FW2047561.UP.FTS.B,

27.77%,

11/15/24

.

5,036

1,477

L2096245.UP.FTS.B,

7.08%,

11/22/24

....

4,321

4,278

L2094775.UP.FTS.B,

7.57%,

11/22/24

....

3,189

3,164

L2095323.UP.FTS.B,

10.22%,

11/22/24

...

970

962

L2096413.UP.FTS.B,

11.37%,

11/22/24

...

13,016

12,920

L2094380.UP.FTS.B,

14.25%,

11/22/24

...

3,069

3,051

L2096824.UP.FTS.B,

14.34%,

11/22/24

...

5,287

5,267

L2095963.UP.FTS.B,

14.96%,

11/22/24

...

1,323

1,315

L2096695.UP.FTS.B,

15.09%,

11/22/24

...

1,379

1,309

L2094827.UP.FTS.B,

15.86%,

11/22/24

...

4,662

4,632

FW2095095.UP.FTS.B,

15.88%,

11/22/24

.

1,530

1,520

FW2095845.UP.FTS.B,

15.91%,

11/22/24

.

3,664

3,650

L2095754.UP.FTS.B,

16.91%,

11/22/24

...

3,328

3,315

FW2096312.UP.FTS.B,

17.78%,

11/22/24

.

2,825

2,806

L2094961.UP.FTS.B,

18.66%,

11/22/24

...

675

671

FW2091484.UP.FTS.B,

19.01%,

11/22/24

.

3,536

3,351

FW2094863.UP.FTS.B,

19.11%,

11/22/24

.

677

674

FW2094110.UP.FTS.B,

19.91%,

11/22/24

.

679

677

L2095891.UP.FTS.B,

20.05%,

11/22/24

...

2,376

2,367

FW2092331.UP.FTS.B,

23.1%,

11/22/24

..

2,774

67

FW2094197.UP.FTS.B,

24.43%,

11/22/24

.

1,565

241

FW2095652.UP.FTS.B,

28.05%,

11/22/24

.

7,595

2,229

FW2096872.UP.FTS.B,

28.81%,

11/22/24

.

5,874

5,803

FW2094168.UP.FTS.B,

28.88%,

11/22/24

.

1,861

1,845

L2292994.UP.FTS.B,

5.09%,

12/21/24

....

1,969

1,950

L2294913.UP.FTS.B,

5.24%,

12/21/24

....

1,445

1,430

FW2294665.UP.FTS.B,

5.75%,

12/21/24

..

1,317

1,304

L2295367.UP.FTS.B,

5.78%,

12/21/24

....

1,449

1,434

FW2293946.UP.FTS.B,

6.19%,

12/21/24

..

5,267

5,216

FW2294211.UP.FTS.B,

6.31%,

12/21/24

..

5,095

4,795

L2295100.UP.FTS.B,

7.19%,

12/21/24

....

726

719

FW2294439.UP.FTS.B,

7.72%,

12/21/24

..

7,059

6,991

L2294814.UP.FTS.B,

7.77%,

12/21/24

....

2,989

2,964

L2293479.UP.FTS.B,

7.9%,

12/21/24

....

666

659

L2295041.UP.FTS.B,

8.37%,

12/21/24

....

406

402

L2294775.UP.FTS.B,

8.85%,

12/21/24

....

2,007

1,988

L2293437.UP.FTS.B,

11.78%,

12/21/24

...

3,400

3,371

L2294851.UP.FTS.B,

13.12%,

12/21/24

...

1,370

1,357

L2294095.UP.FTS.B,

13.3%,

12/21/24

....

821

814

L2296216.UP.FTS.B,

13.69%,

12/21/24

...

2,436

2,417

L2294949.UP.FTS.B,

13.95%,

12/21/24

...

2,744

2,720

FW2292520.UP.FTS.B,

14.69%,

12/21/24

.

790

40

L2295222.UP.FTS.B,

15.07%,

12/21/24

...

2,414

2,393

FW2295530.UP.FTS.B,

15.84%,

12/21/24

.

4,311

4,281

L2294127.UP.FTS.B,

16.18%,

12/21/24

...

3,466

3,436

L2293039.UP.FTS.B,

16.32%,

12/21/24

...

2,774

2,751

L2293609.UP.FTS.B,

16.79%,

12/21/24

...

3,779

3,756

L2294084.UP.FTS.B,

17.86%,

12/21/24

...

1,048

1,039

L2294351.UP.FTS.B,

19.21%,

12/21/24

...

1,898

1,882

L2285455.UP.FTS.B,

19.28%,

12/21/24

...

1,406

1,395

L2295385.UP.FTS.B,

19.32%,

12/21/24

...

1,688

121

L2293350.UP.FTS.B,

19.62%,

12/21/24

...

962

910

L2295474.UP.FTS.B,

19.79%,

12/21/24

...

2,819

2,795

FW2295741.UP.FTS.B,

20.38%,

12/21/24

.

707

701

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2294199.UP.FTS.B,

20.47%,

12/21/24

...

$

2,121

$

2,094

FW2296126.UP.FTS.B,

21.1%,

12/21/24

..

709

703

L2295046.UP.FTS.B,

21.11%,

12/21/24

...

3,544

3,500

L2296169.UP.FTS.B,

21.4%,

12/21/24

....

3,484

3,462

L2295180.UP.FTS.B,

22.24%,

12/21/24

...

3,206

3,166

FW2294007.UP.FTS.B,

24.91%,

12/21/24

.

932

919

FW2295790.UP.FTS.B,

25.57%,

12/21/24

.

1,590

1,570

FW2293631.UP.FTS.B,

26.49%,

12/21/24

.

1,511

1,490

FW2295751.UP.FTS.B,

26.57%,

12/21/24

.

3,629

3,584

FW2294187.UP.FTS.B,

27.27%,

12/21/24

.

3,658

3,615

FW2294163.UP.FTS.B,

27.62%,

12/21/24

.

809

800

FW2294687.UP.FTS.B,

28.91%,

12/21/24

.

757

715

FW2295991.UP.FTS.B,

29.39%,

12/21/24

.

3,335

3,313

L2296625.UP.FTS.B,

5.45%,

12/22/24

....

3,288

3,255

L2297554.UP.FTS.B,

5.64%,

12/22/24

....

3,620

3,584

L2296988.UP.FTS.B,

5.71%,

12/22/24

....

4,608

4,565

FW2297899.UP.FTS.B,

6.12%,

12/22/24

..

460

455

L2297459.UP.FTS.B,

6.46%,

12/22/24

....

3,299

3,268

FW2297489.UP.FTS.B,

6.61%,

12/22/24

..

478

473

L2297183.UP.FTS.B,

6.74%,

12/22/24

....

7,686

566

L2299060.UP.FTS.B,

6.81%,

12/22/24

....

662

656

L2297555.UP.FTS.B,

6.86%,

12/22/24

....

2,649

2,625

FW2298048.UP.FTS.B,

7.04%,

12/22/24

..

9,657

9,091

L2297930.UP.FTS.B,

7.09%,

12/22/24

....

2,310

2,288

L2299053.UP.FTS.B,

7.5%,

12/22/24

....

3,987

3,950

L2298344.UP.FTS.B,

7.65%,

12/22/24

....

5,321

5,272

FW2300636.UP.FTS.B,

7.72%,

12/22/24

..

1,797

474

L2298178.UP.FTS.B,

7.89%,

12/22/24

....

3,995

3,958

FW2298854.UP.FTS.B,

8.03%,

12/22/24

..

1,668

1,652

L2298428.UP.FTS.B,

8.15%,

12/22/24

....

4,262

4,228

FW2298230.UP.FTS.B,

8.66%,

12/22/24

..

668

662

L2298269.UP.FTS.B,

8.91%,

12/22/24

....

13,385

13,263

FW2300410.UP.FTS.B,

8.97%,

12/22/24

..

2,916

2,882

FW2299098.UP.FTS.B,

9.21%,

12/22/24

..

998

990

L2294325.UP.FTS.B,

9.41%,

12/22/24

....

4,009

3,977

L2296700.UP.FTS.B,

9.69%,

12/22/24

....

3,359

3,329

L2298627.UP.FTS.B,

10.13%,

12/22/24

...

3,367

3,337

L2298051.UP.FTS.B,

10.22%,

12/22/24

...

3,357

3,331

L2298036.UP.FTS.B,

10.46%,

12/22/24

...

4,721

4,679

L2296736.UP.FTS.B,

10.73%,

12/22/24

...

2,227

2,209

FW2298308.UP.FTS.B,

10.89%,

12/22/24

.

16

16

L2297100.UP.FTS.B,

11.43%,

12/22/24

...

1,453

399

L2298636.UP.FTS.B,

11.78%,

12/22/24

...

2,376

2,356

FW2295900.UP.FTS.B,

12.11%,

12/22/24

.

2,720

2,697

L2289317.UP.FTS.B,

12.5%,

12/22/24

....

4,765

4,732

L2297999.UP.FTS.B,

13.52%,

12/22/24

...

684

680

L2296920.UP.FTS.B,

13.62%,

12/22/24

...

4,798

4,759

L2298784.UP.FTS.B,

14.44%,

12/22/24

...

6,875

6,821

L2298193.UP.FTS.B,

14.62%,

12/22/24

...

2,753

2,731

L2297574.UP.FTS.B,

15.1%,

12/22/24

....

12,582

923

L2270088.UP.FTS.B,

15.26%,

12/22/24

...

3,761

3,741

FW2297351.UP.FTS.B,

16.06%,

12/22/24

.

1,732

1,719

L2299210.UP.FTS.B,

16.21%,

12/22/24

...

760

755

L2297197.UP.FTS.B,

17.21%,

12/22/24

...

1,393

1,383

FW2299381.UP.FTS.B,

17.29%,

12/22/24

.

2,195

2,079

L2300066.UP.FTS.B,

17.65%,

12/22/24

...

1,400

1,390

L2297395.UP.FTS.B,

17.85%,

12/22/24

...

7,168

7,132

L2300339.UP.FTS.B,

18.46%,

12/22/24

...

701

695

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2298393.UP.FTS.B,

19.2%,

12/22/24

....

$

5,643

$

5,603

L2286362.UP.FTS.B,

19.22%,

12/22/24

...

5,536

5,500

FW2298373.UP.FTS.B,

19.34%,

12/22/24

.

2,110

2,094

L2299094.UP.FTS.B,

19.48%,

12/22/24

...

864

819

FW2299910.UP.FTS.B,

19.59%,

12/22/24

.

3,498

3,481

FW2296618.UP.FTS.B,

19.77%,

12/22/24

.

655

650

L2298513.UP.FTS.B,

20.02%,

12/22/24

...

13,148

3,783

L2296192.UP.FTS.B,

20.3%,

12/22/24

....

703

700

L2296465.UP.FTS.B,

21.24%,

12/22/24

...

3,547

3,506

FW2300328.UP.FTS.B,

21.6%,

12/22/24

..

14,643

13,894

L2297511.UP.FTS.B,

21.76%,

12/22/24

...

7,109

7,028

FW2299932.UP.FTS.B,

21.85%,

12/22/24

.

7,823

7,768

FW2300114.UP.FTS.B,

21.91%,

12/22/24

.

3,557

3,516

L2300171.UP.FTS.B,

22.14%,

12/22/24

...

1,390

1,383

L2296425.UP.FTS.B,

22.43%,

12/22/24

...

5,347

5,287

L2299865.UP.FTS.B,

22.56%,

12/22/24

...

1,067

1,056

FW2299691.UP.FTS.B,

22.8%,

12/22/24

..

1,429

1,413

L2296417.UP.FTS.B,

22.8%,

12/22/24

....

7,641

7,588

L2296476.UP.FTS.B,

22.83%,

12/22/24

...

4,727

4,674

L2299850.UP.FTS.B,

23.44%,

12/22/24

...

3,540

3,522

L2298515.UP.FTS.B,

23.69%,

12/22/24

...

7,169

7,089

L2299432.UP.FTS.B,

24.17%,

12/22/24

...

2,444

2,416

FW2296846.UP.FTS.B,

24.39%,

12/22/24

.

1,438

1,422

FW2299096.UP.FTS.B,

24.52%,

12/22/24

.

1,223

1,210

FW2296692.UP.FTS.B,

24.93%,

12/22/24

.

1,081

1,069

FW2296914.UP.FTS.B,

26.15%,

12/22/24

.

797

788

FW2299450.UP.FTS.B,

27.52%,

12/22/24

.

2,864

148

FW2296909.UP.FTS.B,

29.46%,

12/22/24

.

5,187

5,134

L2426414.UP.FTS.B,

5.26%,

1/13/25

....

17,054

16,879

FW2426096.UP.FTS.B,

5.45%,

1/13/25

...

1,711

1,694

L2424056.UP.FTS.B,

5.61%,

1/13/25

....

2,740

2,713

L2424903.UP.FTS.B,

6.05%,

1/13/25

....

2,197

2,175

L2423394.UP.FTS.B,

6.27%,

1/13/25

....

6,872

6,803

L2425497.UP.FTS.B,

7.24%,

1/13/25

....

13,794

13,656

L2425329.UP.FTS.B,

7.75%,

1/13/25

....

3,626

3,591

L2427993.UP.FTS.B,

7.96%,

1/13/25

....

7,415

1,978

L2425262.UP.FTS.B,

8.32%,

1/13/25

....

4,510

4,467

L2425211.UP.FTS.B,

8.5%,

1/13/25

......

4,861

4,815

L2426591.UP.FTS.B,

9.03%,

1/13/25

....

968

958

L2424171.UP.FTS.B,

9.46%,

1/13/25

....

6,974

6,910

L2428185.UP.FTS.B,

9.7%,

1/13/25

.....

6,982

6,918

FW2428576.UP.FTS.B,

10.33%,

1/13/25

..

6,669

6,604

L2423475.UP.FTS.B,

10.43%,

1/13/25

....

2,452

2,429

FW2423807.UP.FTS.B,

10.5%,

1/13/25

...

1,668

121

L2427021.UP.FTS.B,

11.18%,

1/13/25

....

3,514

3,483

L2398504.UP.FTS.B,

11.71%,

1/13/25

....

705

697

L2428568.UP.FTS.B,

12.86%,

1/13/25

....

4,957

4,913

L2405416.UP.FTS.B,

12.97%,

1/13/25

....

2,418

2,386

L2428590.UP.FTS.B,

12.98%,

1/13/25

....

2,834

2,809

FW2419292.UP.FTS.B,

13.72%,

1/13/25

..

1,422

1,409

L2423989.UP.FTS.B,

13.92%,

1/13/25

....

2,206

2,186

L2426394.UP.FTS.B,

14.04%,

1/13/25

....

5,191

2,940

FW2423167.UP.FTS.B,

15.7%,

1/13/25

...

2,513

2,484

L2425994.UP.FTS.B,

15.97%,

1/13/25

....

718

710

L2426530.UP.FTS.B,

15.97%,

1/13/25

....

2,871

2,846

L2424008.UP.FTS.B,

18.11%,

1/13/25

....

3,622

3,591

FW2426314.UP.FTS.B,

18.24%,

1/13/25

..

1,715

1,698

L2416454.UP.FTS.B,

20%,

1/13/25

......

4,161

4,120

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2426497.UP.FTS.B,

20.53%,

1/13/25

....

$

4,830

$

4,778

L2425046.UP.FTS.B,

20.89%,

1/13/25

....

2,931

2,892

L2424244.UP.FTS.B,

21.43%,

1/13/25

....

5,124

5,056

L2423182.UP.FTS.B,

21.65%,

1/13/25

....

1,470

1,450

L2416312.UP.FTS.B,

22.24%,

1/13/25

....

1,842

1,814

FW2423092.UP.FTS.B,

22.82%,

1/13/25

..

6,941

6,885

L2425291.UP.FTS.B,

23.25%,

1/13/25

....

4,438

4,380

FW2425143.UP.FTS.B,

23.59%,

1/13/25

..

880

252

FW2428770.UP.FTS.B,

24.12%,

1/13/25

..

3,891

3,835

FW2426646.UP.FTS.B,

25.03%,

1/13/25

..

2,234

2,205

FW2426733.UP.FTS.B,

25.56%,

1/13/25

..

1,302

93

FW2422846.UP.FTS.B,

26.62%,

1/13/25

..

4,892

4,827

FW2423280.UP.FTS.B,

26.88%,

1/13/25

..

5,247

1,537

FW2423658.UP.FTS.B,

27.05%,

1/13/25

..

1,719

1,693

FW2426742.UP.FTS.B,

27.82%,

1/13/25

..

791

478

FW2423178.UP.FTS.B,

28.33%,

1/13/25

..

1,207

1,191

FW2423306.UP.FTS.B,

29.18%,

1/13/25

..

5,032

4,967

L2434116.UP.FTS.B,

4.81%,

1/14/25

.....

4,436

4,391

L2418575.UP.FTS.B,

5.02%,

1/14/25

....

27,303

27,026

FW2435057.UP.FTS.B,

5.13%,

1/14/25

...

2,254

2,231

L2430348.UP.FTS.B,

5.31%,

1/14/25

....

4,379

4,332

L2434822.UP.FTS.B,

5.8%,

1/14/25

.....

3,634

3,598

L2435457.UP.FTS.B,

5.9%,

1/14/25

.....

1,715

1,698

L2421481.UP.FTS.B,

5.96%,

1/14/25

....

1,716

1,698

FW2429485.UP.FTS.B,

6.09%,

1/14/25

...

9,678

9,571

L2428662.UP.FTS.B,

6.19%,

1/14/25

....

1,374

1,360

L2428904.UP.FTS.B,

6.39%,

1/14/25

....

3,438

3,404

L2434626.UP.FTS.B,

6.42%,

1/14/25

....

11,776

11,657

FW2432338.UP.FTS.B,

6.53%,

1/14/25

...

8,250

8,167

L2430005.UP.FTS.B,

6.62%,

1/14/25

....

1,377

1,363

L2433602.UP.FTS.B,

6.82%,

1/14/25

....

3,437

3,403

L2431355.UP.FTS.B,

6.97%,

1/14/25

....

1,379

1,365

FW2433653.UP.FTS.B,

7.07%,

1/14/25

...

5,863

5,805

L2432222.UP.FTS.B,

7.3%,

1/14/25

.....

3,453

3,420

L2432554.UP.FTS.B,

7.39%,

1/14/25

....

11,053

10,950

FW2428997.UP.FTS.B,

8.05%,

1/14/25

...

2,409

2,386

L2429588.UP.FTS.B,

8.57%,

1/14/25

....

15,283

15,142

FW2428881.UP.FTS.B,

8.87%,

1/14/25

...

6,956

6,892

FW2433698.UP.FTS.B,

9.22%,

1/14/25

...

697

690

FW2430664.UP.FTS.B,

9.41%,

1/14/25

...

3,486

3,454

L2429304.UP.FTS.B,

9.92%,

1/14/25

....

7,688

7,619

FW2430961.UP.FTS.B,

10.21%,

1/14/25

..

2,170

2,150

L2435242.UP.FTS.B,

10.25%,

1/14/25

....

2,103

2,081

L2434391.UP.FTS.B,

10.57%,

1/14/25

....

8,805

8,705

L2432996.UP.FTS.B,

11.65%,

1/14/25

....

5,635

5,585

L2432213.UP.FTS.B,

12.69%,

1/14/25

....

2,194

2,174

FW2428995.UP.FTS.B,

13.01%,

1/14/25

..

2,834

2,810

L2430864.UP.FTS.B,

13.6%,

1/14/25

....

12,035

879

FW2434209.UP.FTS.B,

14.25%,

1/14/25

..

7,185

7,107

L2431958.UP.FTS.B,

14.35%,

1/14/25

....

3,540

261

L2429660.UP.FTS.B,

15.34%,

1/14/25

....

716

710

L2431105.UP.FTS.B,

16.43%,

1/14/25

....

1,438

1,426

L2433771.UP.FTS.B,

16.58%,

1/14/25

....

7,154

7,092

L2432759.UP.FTS.B,

18.08%,

1/14/25

....

1,014

1,006

L2435184.UP.FTS.B,

18.26%,

1/14/25

....

7,248

7,188

L2430396.UP.FTS.B,

18.27%,

1/14/25

....

4,711

4,673

L2435071.UP.FTS.B,

18.87%,

1/14/25

....

4,350

316

FW2435471.UP.FTS.B,

19.27%,

1/14/25

..

1,456

1,444

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2431902.UP.FTS.B,

19.35%,

1/14/25

....

$

1,820

$

1,805

L2406011.UP.FTS.B,

20.17%,

1/14/25

....

4,018

3,986

L2429273.UP.FTS.B,

22.43%,

1/14/25

....

737

728

L2435303.UP.FTS.B,

22.6%,

1/14/25

....

5,901

5,826

L2435145.UP.FTS.B,

23.16%,

1/14/25

....

3,697

3,650

L2435061.UP.FTS.B,

23.28%,

1/14/25

....

1,242

1,225

L2430162.UP.FTS.B,

23.44%,

1/14/25

....

4,200

96

FW2435279.UP.FTS.B,

23.88%,

1/14/25

..

2,267

2,236

FW2431859.UP.FTS.B,

24.16%,

1/14/25

..

3,749

3,695

FW2430909.UP.FTS.B,

27.26%,

1/14/25

..

1,847

1,822

L2435114.UP.FTS.B,

28.47%,

1/14/25

....

10,112

9,988

L2437836.UP.FTS.B,

5.32%,

1/18/25

....

6,842

6,769

L2439151.UP.FTS.B,

5.81%,

1/18/25

....

2,658

2,629

L2437139.UP.FTS.B,

5.87%,

1/18/25

....

686

679

L2436421.UP.FTS.B,

5.98%,

1/18/25

....

4,785

4,736

L2436422.UP.FTS.B,

6.2%,

1/18/25

.....

5,828

5,768

L2439219.UP.FTS.B,

6.74%,

1/18/25

....

1,643

120

FW2437692.UP.FTS.B,

6.91%,

1/18/25

...

4,136

4,095

L2437624.UP.FTS.B,

7.39%,

1/18/25

....

2,418

2,394

L2439324.UP.FTS.B,

8.14%,

1/18/25

....

3,466

3,434

L2437051.UP.FTS.B,

8.16%,

1/18/25

....

4,430

1,187

L2436879.UP.FTS.B,

8.26%,

1/18/25

....

1,391

1,377

L2436647.UP.FTS.B,

8.52%,

1/18/25

....

2,148

2,128

FW2439168.UP.FTS.B,

8.76%,

1/18/25

...

3,472

3,440

L2439081.UP.FTS.B,

9.27%,

1/18/25

....

6,992

6,922

L2436781.UP.FTS.B,

9.67%,

1/18/25

....

6,981

6,917

L2438341.UP.FTS.B,

10.14%,

1/18/25

....

1,053

1,043

L2437491.UP.FTS.B,

10.26%,

1/18/25

....

1,329

1,316

L2436150.UP.FTS.B,

10.72%,

1/18/25

....

3,156

3,129

FW2437841.UP.FTS.B,

10.83%,

1/18/25

..

898

887

L2437166.UP.FTS.B,

11.13%,

1/18/25

....

2,107

2,088

L2438010.UP.FTS.B,

11.18%,

1/18/25

....

100

99

L2406128.UP.FTS.B,

11.74%,

1/18/25

....

1,415

1,401

L2436162.UP.FTS.B,

11.76%,

1/18/25

....

7,042

6,980

FW2436511.UP.FTS.B,

13.11%,

1/18/25

..

2,836

2,811

FW2438258.UP.FTS.B,

13.5%,

1/18/25

...

2,124

2,105

L2436007.UP.FTS.B,

16.06%,

1/18/25

....

1,065

1,056

L2435690.UP.FTS.B,

16.27%,

1/18/25

....

25,154

24,941

FW2439200.UP.FTS.B,

18.01%,

1/18/25

..

1,448

1,436

L2438734.UP.FTS.B,

18.88%,

1/18/25

....

3,637

3,599

FW2436576.UP.FTS.B,

19.32%,

1/18/25

..

2,912

2,889

L2436181.UP.FTS.B,

20.04%,

1/18/25

....

3,959

3,901

L2438042.UP.FTS.B,

20.46%,

1/18/25

....

1,100

1,089

L2435933.UP.FTS.B,

21.5%,

1/18/25

....

1,810

1,786

L2437623.UP.FTS.B,

21.63%,

1/18/25

....

2,174

2,146

L2436538.UP.FTS.B,

21.66%,

1/18/25

....

4,779

4,708

FW2435735.UP.FTS.B,

22.33%,

1/18/25

..

7,310

7,217

FW2436494.UP.FTS.B,

22.91%,

1/18/25

..

1,179

340

L2435694.UP.FTS.B,

23.43%,

1/18/25

....

1,033

1,020

L2438018.UP.FTS.B,

23.78%,

1/18/25

....

3,824

3,608

L2436892.UP.FTS.B,

24.08%,

1/18/25

....

3,116

3,078

FW2439251.UP.FTS.B,

24.63%,

1/18/25

..

3,421

3,378

FW2437239.UP.FTS.B,

25.2%,

1/18/25

...

2,385

2,356

FW2438353.UP.FTS.B,

29.22%,

1/18/25

..

1,813

127

L2607162.UP.FTS.B,

5.14%,

2/10/25

....

6,394

6,327

L2608076.UP.FTS.B,

6.4%,

2/10/25

.....

2,800

2,771

L2603419.UP.FTS.B,

6.97%,

2/10/25

....

5,194

2,828

L2608607.UP.FTS.B,

7.29%,

2/10/25

....

7,171

7,097

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2605970.UP.FTS.B,

8.23%,

2/10/25

....

$

4,176

$

4,133

L2605161.UP.FTS.B,

8.41%,

2/10/25

....

1,441

1,426

L2602588.UP.FTS.B,

8.74%,

2/10/25

....

7,176

7,102

L2604174.UP.FTS.B,

9.25%,

2/10/25

....

4,470

4,422

FW2603194.UP.FTS.B,

9.76%,

2/10/25

...

3,670

2,066

L2606577.UP.FTS.B,

9.95%,

2/10/25

....

4,350

4,307

FW2602705.UP.FTS.B,

10.63%,

2/10/25

..

2,155

2,133

FW2604002.UP.FTS.B,

11.31%,

2/10/25

..

24,844

24,577

FW2607521.UP.FTS.B,

11.42%,

2/10/25

..

1,386

1,371

L2607713.UP.FTS.B,

11.85%,

2/10/25

....

3,638

3,600

FW2604412.UP.FTS.B,

12.03%,

2/10/25

..

1,462

1,447

L2603571.UP.FTS.B,

13.11%,

2/10/25

....

1,015

1,003

L2604194.UP.FTS.B,

14.5%,

2/10/25

....

2,585

2,559

L2605323.UP.FTS.B,

14.99%,

2/10/25

....

740

732

L2605799.UP.FTS.B,

15.28%,

2/10/25

....

3,704

3,662

L2605631.UP.FTS.B,

15.37%,

2/10/25

....

8,151

8,070

L2603338.UP.FTS.B,

15.54%,

2/10/25

....

11,336

11,190

L2607606.UP.FTS.B,

16.31%,

2/10/25

....

4,640

4,574

L2602759.UP.FTS.B,

17.08%,

2/10/25

....

9,693

9,585

FW2605911.UP.FTS.B,

17.81%,

2/10/25

..

3,763

3,713

L2607677.UP.FTS.B,

18.39%,

2/10/25

....

15,074

14,877

FW2606706.UP.FTS.B,

19.04%,

2/10/25

..

1,127

1,115

L2607508.UP.FTS.B,

19.36%,

2/10/25

....

8,497

292

FW2607831.UP.FTS.B,

19.55%,

2/10/25

..

753

745

L2602512.UP.FTS.B,

19.88%,

2/10/25

....

4,512

327

L2605312.UP.FTS.B,

20.16%,

2/10/25

....

3,773

3,732

L2606380.UP.FTS.B,

21.09%,

2/10/25

....

3,787

3,727

L2605050.UP.FTS.B,

21.65%,

2/10/25

....

1,343

1,318

FW2601103.UP.FTS.B,

22.38%,

2/10/25

..

545

535

L2604748.UP.FTS.B,

22.74%,

2/10/25

....

3,047

3,014

FW2607328.UP.FTS.B,

23.21%,

2/10/25

..

36,804

2,651

L2600924.UP.FTS.B,

23.41%,

2/10/25

....

13,455

8,064

FW2607727.UP.FTS.B,

24.64%,

2/10/25

..

1,002

146

FW2602040.UP.FTS.B,

24.72%,

2/10/25

..

3,530

3,474

FW2604398.UP.FTS.B,

25.04%,

2/10/25

..

768

756

FW2602438.UP.FTS.B,

25.48%,

2/10/25

..

4,015

2,417

FW2607797.UP.FTS.B,

28.06%,

2/10/25

..

2,716

2,674

FW2608083.UP.FTS.B,

29.04%,

2/10/25

..

2,851

2,803

FW2606988.UP.FTS.B,

30.72%,

2/10/25

..

5,557

390

L2559948.UP.FTS.B,

6.36%,

2/11/25

.....

35,705

35,337

L2614008.UP.FTS.B,

6.72%,

2/11/25

.....

7,153

7,080

L2612506.UP.FTS.B,

6.79%,

2/11/25

.....

5,721

5,662

FW2610553.UP.FTS.B,

7.05%,

2/11/25

...

4,298

4,254

L2611637.UP.FTS.B,

7.21%,

2/11/25

.....

4,651

4,603

L2613730.UP.FTS.B,

7.75%,

2/11/25

.....

20,071

19,867

L2610192.UP.FTS.B,

7.76%,

2/11/25

.....

8,576

8,480

FW2615331.UP.FTS.B,

10.38%,

2/11/25

..

1,090

1,079

L2611481.UP.FTS.B,

10.47%,

2/11/25

....

8,787

8,692

FW2609609.UP.FTS.B,

11.5%,

2/11/25

...

2,189

2,167

L2613972.UP.FTS.B,

11.67%,

2/11/25

....

4,381

4,337

FW2613275.UP.FTS.B,

11.71%,

2/11/25

..

2,172

2,145

L2612036.UP.FTS.B,

13.32%,

2/11/25

....

3,969

3,930

FW2613797.UP.FTS.B,

13.33%,

2/11/25

..

2,207

2,182

L2607238.UP.FTS.B,

13.47%,

2/11/25

....

2,206

2,182

FW2611811.UP.FTS.B,

13.7%,

2/11/25

...

1,472

1,458

FW2612521.UP.FTS.B,

13.9%,

2/11/25

...

3,093

228

L2614740.UP.FTS.B,

14.28%,

2/11/25

....

8,042

7,954

L2610928.UP.FTS.B,

15.17%,

2/11/25

....

2,963

2,931

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2613761.UP.FTS.B,

15.3%,

2/11/25

.....

$

1,114

$

1,099

FW2615429.UP.FTS.B,

17.03%,

2/11/25

..

2,610

2,582

L2615117.UP.FTS.B,

17.61%,

2/11/25

....

632

623

FW2610423.UP.FTS.B,

17.65%,

2/11/25

..

2,990

2,958

L2615349.UP.FTS.B,

17.97%,

2/11/25

....

1,275

1,259

L2614223.UP.FTS.B,

18.74%,

2/11/25

....

3,378

3,342

L2612860.UP.FTS.B,

19.65%,

2/11/25

....

5,289

5,221

FW2614854.UP.FTS.B,

20.12%,

2/11/25

..

1,122

1,110

L2611111.UP.FTS.B,

20.83%,

2/11/25

....

2,477

2,446

L2614362.UP.FTS.B,

21%,

2/11/25

......

1,952

1,136

L2610485.UP.FTS.B,

21.72%,

2/11/25

....

7,592

7,474

L2614581.UP.FTS.B,

22.06%,

2/11/25

....

1,749

125

L2615784.UP.FTS.B,

22.11%,

2/11/25

....

3,072

1,839

FW2613906.UP.FTS.B,

22.85%,

2/11/25

..

762

750

L2613386.UP.FTS.B,

22.9%,

2/11/25

.....

6,860

6,788

FW2613227.UP.FTS.B,

24.28%,

2/11/25

..

1,320

96

L2615495.UP.FTS.B,

24.65%,

2/11/25

....

6,470

6,368

FW2615176.UP.FTS.B,

25.3%,

2/11/25

...

1,549

1,523

FW2615353.UP.FTS.B,

25.68%,

2/11/25

..

943

67

FW2611527.UP.FTS.B,

26.67%,

2/11/25

..

15,447

15,211

FW2611646.UP.FTS.B,

26.71%,

2/11/25

..

2,720

2,670

FW2610708.UP.FTS.B,

31.36%,

2/11/25

..

2,512

2,474

L2616863.UP.FTS.B,

8.18%,

2/14/25

....

1,719

1,700

L2617531.UP.FTS.B,

9.41%,

2/14/25

....

9,405

9,311

L2616546.UP.FTS.B,

9.84%,

2/14/25

....

8,697

8,610

L2618393.UP.FTS.B,

12.87%,

2/14/25

....

3,669

3,632

FW2616160.UP.FTS.B,

13.5%,

2/14/25

...

1,395

1,380

L2616391.UP.FTS.B,

13.87%,

2/14/25

....

1,842

1,823

L2617225.UP.FTS.B,

15.71%,

2/14/25

....

7,629

7,539

L2618286.UP.FTS.B,

16.38%,

2/14/25

....

2,232

2,209

L2617246.UP.FTS.B,

16.8%,

2/14/25

....

7,079

7,011

FW2616262.UP.FTS.B,

17.76%,

2/14/25

..

2,058

1,217

L2584870.UP.FTS.B,

18.22%,

2/14/25

....

1,495

1,479

L2616222.UP.FTS.B,

19.49%,

2/14/25

....

1,281

1,264

L2617430.UP.FTS.B,

20.47%,

2/14/25

....

12,088

11,904

L2615004.UP.FTS.B,

20.75%,

2/14/25

....

1,513

1,497

L2615804.UP.FTS.B,

23.22%,

2/14/25

....

11,446

11,327

FW2615790.UP.FTS.B,

25.6%,

2/14/25

...

1,924

1,895

FW2617005.UP.FTS.B,

25.65%,

2/14/25

..

1,539

1,516

FW2616085.UP.FTS.B,

27.69%,

2/14/25

..

2,559

2,520

FW2617024.UP.FTS.B,

28.53%,

2/14/25

..

3,886

3,828

FW2618494.UP.FTS.B,

29.21%,

2/14/25

..

10,382

6,232

L1716455.UP.FTS.B,

14.23%,

2/15/25

....

620

613

L1888732.UP.FTS.B,

18.47%,

3/20/25

....

3,123

2,941

FW1884445.UP.FTS.B,

29.15%,

3/20/25

..

883

870

L2949337.UP.FTS.B,

6.16%,

4/14/25

....

4,681

4,632

L2950073.UP.FTS.B,

6.9%,

4/14/25

.....

8,104

8,025

L2949006.UP.FTS.B,

7.34%,

4/14/25

....

5,701

5,646

FW2950302.UP.FTS.B,

8.61%,

4/14/25

...

3,481

3,443

L2950213.UP.FTS.B,

8.77%,

4/14/25

....

2,478

2,454

L2950690.UP.FTS.B,

9.45%,

4/14/25

....

4,191

4,148

L2949710.UP.FTS.B,

9.46%,

4/14/25

....

6,552

6,486

L2950058.UP.FTS.B,

9.46%,

4/14/25

....

1,700

1,684

FW2950661.UP.FTS.B,

9.55%,

4/14/25

...

2,719

2,691

L2950499.UP.FTS.B,

10.1%,

4/14/25

....

3,657

3,619

L2948915.UP.FTS.B,

10.51%,

4/14/25

....

19,466

19,271

L2949804.UP.FTS.B,

11.24%,

4/14/25

....

1,718

1,700

L2951809.UP.FTS.B,

11.3%,

4/14/25

.....

23,249

23,009

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2950816.UP.FTS.B,

11.31%,

4/14/25

....

$

1,328

$

1,315

L2949385.UP.FTS.B,

11.88%,

4/14/25

....

8,374

8,291

L2951900.UP.FTS.B,

12.02%,

4/14/25

....

5,478

5,421

L2950678.UP.FTS.B,

12.4%,

4/14/25

....

1,716

1,699

FW2950475.UP.FTS.B,

12.78%,

4/14/25

..

863

854

FW2951887.UP.FTS.B,

13.49%,

4/14/25

..

1,180

1,168

L2951520.UP.FTS.B,

13.5%,

4/14/25

....

3,147

3,115

L2950266.UP.FTS.B,

13.94%,

4/14/25

....

1,734

1,716

L2951348.UP.FTS.B,

13.94%,

4/14/25

....

1,569

1,555

FW2950043.UP.FTS.B,

14.04%,

4/14/25

..

2,518

2,493

L2949379.UP.FTS.B,

14.06%,

4/14/25

....

1,182

1,170

FW2951735.UP.FTS.B,

15.61%,

4/14/25

..

4,362

4,304

L2950382.UP.FTS.B,

15.7%,

4/14/25

....

791

781

L2950290.UP.FTS.B,

15.94%,

4/14/25

....

3,966

3,912

L2951331.UP.FTS.B,

16.4%,

4/14/25

....

818

807

L2951781.UP.FTS.B,

16.49%,

4/14/25

....

3,565

3,523

L2950169.UP.FTS.B,

16.64%,

4/14/25

....

15,898

15,685

L2949827.UP.FTS.B,

18.88%,

4/14/25

....

992

975

L2950254.UP.FTS.B,

18.93%,

4/14/25

....

1,201

1,185

L2942398.UP.FTS.B,

18.94%,

4/14/25

....

3,203

3,161

FW2949345.UP.FTS.B,

19.25%,

4/14/25

..

3,323

3,280

FW2951691.UP.FTS.B,

20.36%,

4/14/25

..

4,424

4,366

L2950233.UP.FTS.B,

20.55%,

4/14/25

....

1,449

1,430

FW2943510.UP.FTS.B,

20.7%,

4/14/25

...

8,049

7,945

L2950178.UP.FTS.B,

20.99%,

4/14/25

....

5,671

5,599

L2949028.UP.FTS.B,

21.29%,

4/14/25

....

3,160

3,101

L2949677.UP.FTS.B,

21.51%,

4/14/25

....

10,331

10,153

L2950045.UP.FTS.B,

22.15%,

4/14/25

....

747

737

FW2951504.UP.FTS.B,

22.69%,

4/14/25

..

1,377

1,354

FW2951494.UP.FTS.B,

23.09%,

4/14/25

..

2,453

2,413

L2950329.UP.FTS.B,

23.25%,

4/14/25

....

2,028

2,003

L2949880.UP.FTS.B,

23.36%,

4/14/25

....

4,672

4,595

L2951079.UP.FTS.B,

23.91%,

4/14/25

....

3,089

3,037

FW2949287.UP.FTS.B,

25.31%,

4/14/25

..

4,408

4,334

FW2950219.UP.FTS.B,

25.83%,

4/14/25

..

2,035

2,004

FW2951574.UP.FTS.B,

27.02%,

4/14/25

..

2,644

768

FW2951404.UP.FTS.B,

29.21%,

4/14/25

..

1,147

1,129

FW2949932.UP.FTS.B,

30.42%,

4/14/25

..

4,143

4,076

L2047582.UP.FTS.B,

20.47%,

4/15/25

....

4,051

3,989

FW2048331.UP.FTS.B,

23.57%,

4/15/25

..

2,133

2,105

L2095437.UP.FTS.B,

19.77%,

4/22/25

....

2,695

193

FW2096042.UP.FTS.B,

25.59%,

4/22/25

..

2,559

2,524

FW2095533.UP.FTS.B,

26.09%,

4/22/25

..

3,393

3,341

L2294977.UP.FTS.B,

13.32%,

5/21/25

....

3,910

3,874

FW2299147.UP.FTS.B,

9.27%,

5/22/25

...

3,407

250

L2298532.UP.FTS.B,

17.26%,

5/22/25

....

1,594

1,574

FW2298127.UP.FTS.B,

18.19%,

5/22/25

..

1,449

1,440

L2299568.UP.FTS.B,

21.13%,

5/22/25

....

8,883

8,361

L2427013.UP.FTS.B,

6.64%,

6/13/25

....

3,470

1,856

L2394315.UP.FTS.B,

7.03%,

6/13/25

....

3,695

3,655

FW2423090.UP.FTS.B,

10.24%,

6/13/25

..

2,443

178

FW2428510.UP.FTS.B,

11.44%,

6/13/25

..

7,970

7,880

L2427527.UP.FTS.B,

22.56%,

6/13/25

....

1,159

1,140

L2435059.UP.FTS.B,

7.82%,

6/14/25

....

1,927

1,907

FW2428851.UP.FTS.B,

10.68%,

6/14/25

..

2,572

1,400

L2432621.UP.FTS.B,

21.66%,

6/14/25

....

3,104

3,053

FW2434936.UP.FTS.B,

32.93%,

6/14/25

..

2,933

204

L2436629.UP.FTS.B,

13.84%,

6/18/25

....

872

864

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2436263.UP.FTS.B,

29.06%,

6/18/25

..

$

4,429

$

4,160

FW2607955.UP.FTS.B,

23.75%,

7/10/25

..

3,082

3,024

FW2604902.UP.FTS.B,

24.34%,

7/10/25

..

986

967

L1716662.UP.FTS.B,

18.68%,

7/15/25

....

672

668

FW1885149.UP.FTS.B,

25.87%,

8/20/25

..

1,675

1,649

L2950494.UP.FTS.B,

7.36%,

9/14/25

....

1,666

1,651

L2048994.UP.FTS.B,

24.16%,

9/15/25

....

1,723

1,695

FW2431318.UP.FTS.B,

21.26%,

11/14/25

.

8,560

620

L1714660.UP.FTS.B,

8.12%,

9/15/26

....

26,836

26,630

L1717453.UP.FTS.B,

9.3%,

9/15/26

.....

38,844

38,538

FW1716114.UP.FTS.B,

10.5%,

9/15/26

...

778

772

L1712309.UP.FTS.B,

10.63%,

9/15/26

....

3,131

3,103

L1714525.UP.FTS.B,

12.1%,

9/15/26

....

39,460

39,090

L1715513.UP.FTS.B,

13.27%,

9/15/26

....

23,959

23,742

L1716286.UP.FTS.B,

13.58%,

9/15/26

....

11,932

11,830

L1715370.UP.FTS.B,

14.13%,

9/15/26

....

8,196

2,093

L1694887.UP.FTS.B,

15.52%,

9/15/26

....

4,821

4,781

L1715015.UP.FTS.B,

15.83%,

9/15/26

....

4,049

4,014

L1718329.UP.FTS.B,

15.98%,

9/15/26

....

3,222

3,184

L1714475.UP.FTS.B,

16.18%,

9/15/26

....

5,644

5,594

FW1701600.UP.FTS.B,

18.45%,

9/15/26

..

4,893

4,832

L1714417.UP.FTS.B,

19.34%,

9/15/26

....

2,639

388

L1715411.UP.FTS.B,

19.4%,

9/15/26

.....

901

890

L1716175.UP.FTS.B,

19.72%,

9/15/26

....

8,205

8,092

L1714787.UP.FTS.B,

19.9%,

9/15/26

....

1,506

1,496

L1716305.UP.FTS.B,

19.95%,

9/15/26

....

4,064

4,012

L1715815.UP.FTS.B,

21.76%,

9/15/26

....

32,831

32,715

L1692458.UP.FTS.B,

22.21%,

9/15/26

....

3,918

3,896

L1713636.UP.FTS.B,

22.84%,

9/15/26

....

3,667

3,648

L1716174.UP.FTS.B,

24.2%,

9/15/26

....

15,532

15,461

L1717152.UP.FTS.B,

24.37%,

9/15/26

....

5,363

5,338

L1716875.UP.FTS.B,

24.44%,

9/15/26

....

2,575

2,566

L1717659.UP.FTS.B,

24.51%,

9/15/26

....

2,542

2,509

FW1714702.UP.FTS.B,

24.7%,

9/15/26

...

35,369

485

L1716148.UP.FTS.B,

25%,

9/15/26

......

1,008

997

L1716674.UP.FTS.B,

25.03%,

9/15/26

....

840

838

L1715732.UP.FTS.B,

25.07%,

9/15/26

....

11,925

11,342

L1714798.UP.FTS.B,

25.5%,

9/15/26

....

4,295

4,275

L1717974.UP.FTS.B,

25.5%,

9/15/26

....

2,358

2,347

L1712708.UP.FTS.B,

25.51%,

9/15/26

....

4,329

640

L1715574.UP.FTS.B,

25.72%,

9/15/26

....

5,731

5,705

L1713640.UP.FTS.B,

26.25%,

9/15/26

....

3,550

3,533

L1712773.UP.FTS.B,

26.27%,

9/15/26

....

2,958

2,812

FW1717121.UP.FTS.B,

26.43%,

9/15/26

..

2,114

2,105

L1715518.UP.FTS.B,

26.49%,

9/15/26

....

6,933

6,914

L1705442.UP.FTS.B,

26.69%,

9/15/26

....

5,927

5,900

FW1718296.UP.FTS.B,

26.73%,

9/15/26

..

6,390

6,370

FW1718853.UP.FTS.B,

27.42%,

9/15/26

..

5,798

5,775

FW1714570.UP.FTS.B,

27.72%,

9/15/26

..

6,784

6,765

FW1717010.UP.FTS.B,

28.17%,

9/15/26

..

12,624

12,580

FW1714502.UP.FTS.B,

28.45%,

9/15/26

..

7,075

7,043

FW1715883.UP.FTS.B,

28.82%,

9/15/26

..

8,536

8,513

FW1714524.UP.FTS.B,

30.07%,

9/15/26

..

5,394

(30)

FW1718307.UP.FTS.B,

30.23%,

9/15/26

..

5,496

5,472

FW1715167.UP.FTS.B,

30.5%,

9/15/26

...

2,403

31

FW1718304.UP.FTS.B,

30.56%,

9/15/26

..

2,406

2,400

FW1717776.UP.FTS.B,

30.58%,

9/15/26

..

2,269

2,157

FW1713484.UP.FTS.B,

30.9%,

9/15/26

...

6,737

6,712

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1687695.UP.FTS.B,

31.01%,

9/15/26

..

$

2,430

$

351

FW1714101.UP.FTS.B,

31.22%,

9/15/26

..

1,596

(40)

FW1680820.UP.FTS.B,

31.24%,

9/15/26

..

9,478

9,437

FW1708223.UP.FTS.B,

31.43%,

9/15/26

..

3,276

3,262

FW1712750.UP.FTS.B,

31.43%,

9/15/26

..

15,519

15,480

FW1715615.UP.FTS.B,

31.45%,

9/15/26

..

4,529

4,513

FW1718952.UP.FTS.B,

31.98%,

9/15/26

..

6,739

6,722

FW1718497.UP.FTS.B,

32.01%,

9/15/26

..

1,987

1,982

FW1717605.UP.FTS.B,

32.67%,

9/15/26

..

1,992

1,984

FW1886121.UP.FTS.B,

7.36%,

10/20/26

..

3,134

3,115

L1888552.UP.FTS.B,

7.94%,

10/20/26

....

23,578

23,401

L1888883.UP.FTS.B,

8.11%,

10/20/26

....

10,196

10,123

L1882812.UP.FTS.B,

8.28%,

10/20/26

....

23,623

23,446

L1886838.UP.FTS.B,

9.58%,

10/20/26

....

7,136

7,084

L1885593.UP.FTS.B,

10.23%,

10/20/26

...

35,490

35,172

L1888179.UP.FTS.B,

11.03%,

10/20/26

...

1,138

1,127

L1886082.UP.FTS.B,

11.37%,

10/20/26

...

34,420

34,116

FW1885766.UP.FTS.B,

12.47%,

10/20/26

.

25,711

25,503

L1885346.UP.FTS.B,

12.58%,

10/20/26

...

2,417

2,396

L1886564.UP.FTS.B,

13.29%,

10/20/26

...

2,829

2,805

L1885846.UP.FTS.B,

13.96%,

10/20/26

...

20,277

20,105

L1884193.UP.FTS.B,

14.57%,

10/20/26

...

31,647

31,294

L1888251.UP.FTS.B,

14.9%,

10/20/26

....

2,443

2,418

L1884125.UP.FTS.B,

14.92%,

10/20/26

...

8,368

8,284

L1883791.UP.FTS.B,

16%,

10/20/26

.....

9,017

8,918

L1887062.UP.FTS.B,

16.6%,

10/20/26

....

4,104

4,055

L1889326.UP.FTS.B,

16.75%,

10/20/26

...

4,111

4,067

L1886707.UP.FTS.B,

16.94%,

10/20/26

...

20,561

20,319

FW1887343.UP.FTS.B,

17.02%,

10/20/26

.

2,315

2,289

L1882034.UP.FTS.B,

17.06%,

10/20/26

...

4,117

4,063

FW1886267.UP.FTS.B,

17.53%,

10/20/26

.

8,583

8,471

L1884411.UP.FTS.B,

17.65%,

10/20/26

...

5,284

5,215

L1886663.UP.FTS.B,

17.66%,

10/20/26

...

1,248

1,229

L1888992.UP.FTS.B,

17.92%,

10/20/26

...

4,133

4,079

L1884412.UP.FTS.B,

17.98%,

10/20/26

...

5,788

5,713

FW1885521.UP.FTS.B,

18.95%,

10/20/26

.

2,326

2,301

L1884649.UP.FTS.B,

19.11%,

10/20/26

...

10,810

10,671

L1883366.UP.FTS.B,

19.16%,

10/20/26

...

3,615

3,587

FW1886716.UP.FTS.B,

19.8%,

10/20/26

..

25,662

959

FW1885177.UP.FTS.B,

19.83%,

10/20/26

.

5,003

4,982

L1888147.UP.FTS.B,

20.2%,

10/20/26

....

1,787

129

L1888979.UP.FTS.B,

20.2%,

10/20/26

....

15,036

14,974

FW1886875.UP.FTS.B,

20.29%,

10/20/26

.

2,899

171

L1886466.UP.FTS.B,

20.85%,

10/20/26

...

11,684

11,655

L1885611.UP.FTS.B,

20.87%,

10/20/26

...

8,206

8,105

L1889370.UP.FTS.B,

21.62%,

10/20/26

...

8,404

8,297

L1886870.UP.FTS.B,

21.7%,

10/20/26

....

14,291

14,234

L1888822.UP.FTS.B,

21.71%,

10/20/26

...

2,942

2,931

L1887570.UP.FTS.B,

22.24%,

10/20/26

...

2,696

2,686

FW1885835.UP.FTS.B,

22.35%,

10/20/26

.

2,698

2,687

FW1884796.UP.FTS.B,

22.4%,

10/20/26

..

5,902

5,879

L1886214.UP.FTS.B,

22.83%,

10/20/26

...

1,685

1,681

FW1884970.UP.FTS.B,

22.98%,

10/20/26

.

4,227

4,211

L1887186.UP.FTS.B,

23.15%,

10/20/26

...

1,692

1,685

L1888429.UP.FTS.B,

23.3%,

10/20/26

....

11,599

837

FW1888999.UP.FTS.B,

23.52%,

10/20/26

.

4,237

4,221

L1886386.UP.FTS.B,

23.7%,

10/20/26

....

4,578

4,561

L1887521.UP.FTS.B,

24.21%,

10/20/26

...

3,384

3,360

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1882558.UP.FTS.B,

25.08%,

10/20/26

...

$

1,365

$

1,360

FW1887450.UP.FTS.B,

25.16%,

10/20/26

.

12,793

12,746

FW1885417.UP.FTS.B,

25.25%,

10/20/26

.

4,266

4,250

L1888117.UP.FTS.B,

25.32%,

10/20/26

...

3,499

3,486

L1865153.UP.FTS.B,

25.42%,

10/20/26

...

6,232

6,209

L1885219.UP.FTS.B,

25.47%,

10/20/26

...

854

851

L1888296.UP.FTS.B,

25.48%,

10/20/26

...

7,344

7,317

L1888453.UP.FTS.B,

25.56%,

10/20/26

...

13,667

13,618

FW1886975.UP.FTS.B,

25.84%,

10/20/26

.

1,797

1,791

FW1882972.UP.FTS.B,

25.9%,

10/20/26

..

1,540

1,534

L1885428.UP.FTS.B,

25.94%,

10/20/26

...

12,232

12,189

L1862311.UP.FTS.B,

26.09%,

10/20/26

...

6,845

6,821

L1885011.UP.FTS.B,

26.84%,

10/20/26

...

6,868

6,531

FW1884123.UP.FTS.B,

27.3%,

10/20/26

..

2,350

168

FW1889085.UP.FTS.B,

27.59%,

10/20/26

.

872

829

FW1886962.UP.FTS.B,

27.78%,

10/20/26

.

8,615

8,586

FW1886539.UP.FTS.B,

27.96%,

10/20/26

.

6,035

6,015

FW1885667.UP.FTS.B,

29.34%,

10/20/26

.

23,832

23,726

FW1885184.UP.FTS.B,

29.51%,

10/20/26

.

11,620

11,581

FW1886872.UP.FTS.B,

30.11%,

10/20/26

.

1,565

1,560

FW1884150.UP.FTS.B,

30.85%,

10/20/26

.

1,219

1,210

FW1886189.UP.FTS.B,

30.94%,

10/20/26

.

3,053

3,043

FW1888195.UP.FTS.B,

30.94%,

10/20/26

.

5,899

410

FW1886998.UP.FTS.B,

30.95%,

10/20/26

.

1,586

1,512

FW1885617.UP.FTS.B,

31.09%,

10/20/26

.

42,272

42,111

FW1889257.UP.FTS.B,

31.11%,

10/20/26

.

2,444

2,437

FW1888148.UP.FTS.B,

31.17%,

10/20/26

.

3,025

3,019

FW1888248.UP.FTS.B,

31.19%,

10/20/26

.

11,731

11,685

FW1888517.UP.FTS.B,

31.21%,

10/20/26

.

1,745

1,739

FW1886514.UP.FTS.B,

31.22%,

10/20/26

.

5,787

1,715

FW1883864.UP.FTS.B,

31.23%,

10/20/26

.

1,081

1,074

FW1887676.UP.FTS.B,

31.23%,

10/20/26

.

2,695

190

FW1886674.UP.FTS.B,

31.35%,

10/20/26

.

4,101

4,089

FW1888130.UP.FTS.B,

31.35%,

10/20/26

.

1,135

1,131

FW1887695.UP.FTS.B,

31.4%,

10/20/26

..

6,723

6,702

FW1886614.UP.FTS.B,

31.93%,

10/20/26

.

5,073

5,058

L2049051.UP.FTS.B,

7.06%,

11/15/26

....

23,912

23,721

L2047884.UP.FTS.B,

7.92%,

11/15/26

....

12,355

12,253

L2049043.UP.FTS.B,

8.02%,

11/15/26

....

13,617

13,509

L2048411.UP.FTS.B,

8.56%,

11/15/26

....

3,201

3,175

L2048206.UP.FTS.B,

8.69%,

11/15/26

....

900

845

L2047237.UP.FTS.B,

9.32%,

11/15/26

....

5,644

5,600

FW2046704.UP.FTS.B,

9.53%,

11/15/26

..

12,108

12,009

L2048415.UP.FTS.B,

9.54%,

11/15/26

....

12,909

12,808

L2048218.UP.FTS.B,

10.37%,

11/15/26

...

24,630

24,438

L2047868.UP.FTS.B,

10.51%,

11/15/26

...

32,445

32,184

L2039266.UP.FTS.B,

10.56%,

11/15/26

...

3,686

3,648

L2047893.UP.FTS.B,

10.71%,

11/15/26

...

4,058

4,019

L2041972.UP.FTS.B,

10.92%,

11/15/26

...

40,635

40,243

L2049374.UP.FTS.B,

10.93%,

11/15/26

...

1,003

72

L2047021.UP.FTS.B,

10.99%,

11/15/26

...

30,244

29,935

L2047044.UP.FTS.B,

11.1%,

11/15/26

....

12,201

12,083

L2048072.UP.FTS.B,

11.58%,

11/15/26

...

9,784

9,690

L2047288.UP.FTS.B,

11.81%,

11/15/26

...

1,061

1,053

L2048116.UP.FTS.B,

12.09%,

11/15/26

...

981

971

FW2047068.UP.FTS.B,

12.14%,

11/15/26

.

947

936

L2048395.UP.FTS.B,

12.59%,

11/15/26

...

2,576

2,551

L2048098.UP.FTS.B,

12.76%,

11/15/26

...

4,919

4,872

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2048156.UP.FTS.B,

13.55%,

11/15/26

...

$

5,356

$

5,302

L2046597.UP.FTS.B,

14.02%,

11/15/26

...

16,494

16,338

L2047243.UP.FTS.B,

14.23%,

11/15/26

...

14,860

14,711

FW2047393.UP.FTS.B,

14.85%,

11/15/26

.

8,278

8,175

L2048500.UP.FTS.B,

14.96%,

11/15/26

...

20,726

20,520

FW2049034.UP.FTS.B,

15.15%,

11/15/26

.

5,359

5,292

L2047438.UP.FTS.B,

15.22%,

11/15/26

...

5,382

391

L2049134.UP.FTS.B,

15.26%,

11/15/26

...

20,614

20,417

L2049297.UP.FTS.B,

15.42%,

11/15/26

...

1,660

1,644

L2048596.UP.FTS.B,

15.55%,

11/15/26

...

4,983

4,933

L2048855.UP.FTS.B,

15.99%,

11/15/26

...

8,031

7,925

FW2048646.UP.FTS.B,

16.12%,

11/15/26

.

5,828

5,756

FW2047282.UP.FTS.B,

16.13%,

11/15/26

.

4,008

3,968

L2048113.UP.FTS.B,

16.14%,

11/15/26

...

3,664

3,615

FW2048861.UP.FTS.B,

16.4%,

11/15/26

..

39,297

38,898

L2045526.UP.FTS.B,

16.56%,

11/15/26

...

16,683

16,438

FW2046700.UP.FTS.B,

16.57%,

11/15/26

.

6,829

6,415

L2049455.UP.FTS.B,

16.62%,

11/15/26

...

1,363

98

L2048386.UP.FTS.B,

16.67%,

11/15/26

...

8,547

8,026

L2048811.UP.FTS.B,

16.74%,

11/15/26

...

831

823

L2046948.UP.FTS.B,

17.39%,

11/15/26

...

12,558

12,392

L2048180.UP.FTS.B,

17.57%,

11/15/26

...

18,215

1,328

FW2049100.UP.FTS.B,

17.84%,

11/15/26

.

1,678

1,655

L2046932.UP.FTS.B,

17.96%,

11/15/26

...

16,756

16,601

L2048201.UP.FTS.B,

18%,

11/15/26

.....

21,554

21,332

L2046867.UP.FTS.B,

18.23%,

11/15/26

...

5,505

5,420

L2048706.UP.FTS.B,

18.46%,

11/15/26

...

11,627

834

FW2048881.UP.FTS.B,

18.48%,

11/15/26

.

5,591

5,505

L2047775.UP.FTS.B,

18.5%,

11/15/26

....

4,588

329

L2048349.UP.FTS.B,

19.37%,

11/15/26

...

6,416

6,315

L2048896.UP.FTS.B,

19.39%,

11/15/26

...

1,266

1,248

L2049268.UP.FTS.B,

19.7%,

11/15/26

....

5,918

5,825

L2047722.UP.FTS.B,

19.71%,

11/15/26

...

8,392

8,287

L2049153.UP.FTS.B,

19.94%,

11/15/26

...

8,462

8,412

L2048873.UP.FTS.B,

20.43%,

11/15/26

...

4,070

4,020

FW2049180.UP.FTS.B,

20.6%,

11/15/26

..

25,334

25,176

L2047238.UP.FTS.B,

20.7%,

11/15/26

....

8,562

8,431

L2048946.UP.FTS.B,

20.7%,

11/15/26

....

13,688

13,478

FW2047226.UP.FTS.B,

20.73%,

11/15/26

.

4,245

4,183

L2047279.UP.FTS.B,

20.87%,

11/15/26

...

7,645

7,587

FW2048990.UP.FTS.B,

20.89%,

11/15/26

.

2,652

2,611

L2049423.UP.FTS.B,

21.02%,

11/15/26

...

6,752

6,709

L2047474.UP.FTS.B,

21.16%,

11/15/26

...

10,186

10,125

L2046907.UP.FTS.B,

21.17%,

11/15/26

...

3,058

3,014

L2046992.UP.FTS.B,

21.33%,

11/15/26

...

5,725

5,635

L2048370.UP.FTS.B,

21.39%,

11/15/26

...

17,024

16,776

L2046780.UP.FTS.B,

21.44%,

11/15/26

...

4,532

4,254

L2048606.UP.FTS.B,

21.48%,

11/15/26

...

8,831

8,368

FW2047914.UP.FTS.B,

21.49%,

11/15/26

.

21,287

20,977

L2047175.UP.FTS.B,

21.59%,

11/15/26

...

1,028

1,021

L2047629.UP.FTS.B,

21.75%,

11/15/26

...

1,279

1,260

L2047532.UP.FTS.B,

21.84%,

11/15/26

...

4,264

4,232

L2047358.UP.FTS.B,

21.89%,

11/15/26

...

4,264

4,239

L2047197.UP.FTS.B,

21.93%,

11/15/26

...

9,298

9,152

FW2047187.UP.FTS.B,

22.1%,

11/15/26

..

13,657

13,576

FW2047897.UP.FTS.B,

22.1%,

11/15/26

..

1,707

1,697

L2047144.UP.FTS.B,

22.18%,

11/15/26

...

15,348

4,405

L2023190.UP.FTS.B,

22.35%,

11/15/26

...

28,053

26,339

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2049063.UP.FTS.B,

22.49%,

11/15/26

.

$

23,938

$

23,563

L2048823.UP.FTS.B,

22.5%,

11/15/26

....

9,295

9,235

FW2047777.UP.FTS.B,

22.57%,

11/15/26

.

2,908

2,890

L2047210.UP.FTS.B,

23.31%,

11/15/26

...

7,718

7,673

L2047211.UP.FTS.B,

23.39%,

11/15/26

...

5,723

851

L2047678.UP.FTS.B,

23.49%,

11/15/26

...

3,862

3,839

L2048190.UP.FTS.B,

23.66%,

11/15/26

...

11,164

11,098

L2048627.UP.FTS.B,

23.71%,

11/15/26

...

4,349

4,318

FW2047866.UP.FTS.B,

23.86%,

11/15/26

.

4,711

4,653

L2046912.UP.FTS.B,

23.87%,

11/15/26

...

2,750

2,730

FW2049383.UP.FTS.B,

23.93%,

11/15/26

.

5,588

5,546

FW2047813.UP.FTS.B,

24.09%,

11/15/26

.

2,322

345

L2048336.UP.FTS.B,

24.12%,

11/15/26

...

3,491

3,307

FW2049072.UP.FTS.B,

24.18%,

11/15/26

.

1,661

1,649

L2049272.UP.FTS.B,

24.23%,

11/15/26

...

1,274

1,255

FW2047542.UP.FTS.B,

24.24%,

11/15/26

.

8,560

8,507

FW2034466.UP.FTS.B,

24.37%,

11/15/26

.

2,411

2,397

L2047240.UP.FTS.B,

24.44%,

11/15/26

...

6,997

6,941

L2047586.UP.FTS.B,

24.7%,

11/15/26

....

1,983

1,968

L2019591.UP.FTS.B,

24.92%,

11/15/26

...

7,796

7,676

L2046957.UP.FTS.B,

25.14%,

11/15/26

...

8,791

632

L2047926.UP.FTS.B,

25.21%,

11/15/26

...

11,847

11,772

L2047674.UP.FTS.B,

25.3%,

11/15/26

....

3,456

3,431

L2048918.UP.FTS.B,

25.37%,

11/15/26

...

3,552

3,526

L2048978.UP.FTS.B,

25.37%,

11/15/26

...

8,642

8,592

L2049419.UP.FTS.B,

25.38%,

11/15/26

...

1,072

1,063

L2040394.UP.FTS.B,

25.47%,

11/15/26

...

2,299

2,180

L2048909.UP.FTS.B,

25.5%,

11/15/26

....

2,248

2,232

L2049148.UP.FTS.B,

25.5%,

11/15/26

....

1,989

1,977

L2043947.UP.FTS.B,

25.57%,

11/15/26

...

2,076

2,064

L2048194.UP.FTS.B,

25.64%,

11/15/26

...

3,761

267

FW2049037.UP.FTS.B,

25.72%,

11/15/26

.

4,376

4,347

FW2049484.UP.FTS.B,

25.73%,

11/15/26

.

9,363

672

FW2046927.UP.FTS.B,

25.78%,

11/15/26

.

6,492

6,454

FW2047316.UP.FTS.B,

25.83%,

11/15/26

.

3,937

597

FW2027220.UP.FTS.B,

25.94%,

11/15/26

.

1,472

1,464

FW2047100.UP.FTS.B,

26.77%,

11/15/26

.

2,606

2,591

FW2049190.UP.FTS.B,

26.92%,

11/15/26

.

3,121

461

FW2045584.UP.FTS.B,

27.07%,

11/15/26

.

5,652

5,619

FW2047533.UP.FTS.B,

27.2%,

11/15/26

..

2,789

199

FW2046574.UP.FTS.B,

27.41%,

11/15/26

.

1,003

4

FW2046988.UP.FTS.B,

27.85%,

11/15/26

.

7,102

6,732

FW2048599.UP.FTS.B,

28.16%,

11/15/26

.

835

828

FW2048745.UP.FTS.B,

28.25%,

11/15/26

.

1,098

1,053

FW2047988.UP.FTS.B,

29.5%,

11/15/26

..

7,319

7,274

FW2048743.UP.FTS.B,

29.66%,

11/15/26

.

8,781

8,717

FW2014368.UP.FTS.B,

29.7%,

11/15/26

..

4,388

4,362

FW2047661.UP.FTS.B,

29.89%,

11/15/26

.

4,393

4,361

FW2047676.UP.FTS.B,

29.96%,

11/15/26

.

22,685

6,616

FW2048362.UP.FTS.B,

30.1%,

11/15/26

..

781

769

FW2048202.UP.FTS.B,

30.45%,

11/15/26

.

1,103

(8)

FW2047468.UP.FTS.B,

30.8%,

11/15/26

..

1,915

1,891

FW2049349.UP.FTS.B,

30.81%,

11/15/26

.

1,409

1,401

FW2025322.UP.FTS.B,

30.89%,

11/15/26

.

3,602

3,417

FW2045384.UP.FTS.B,

31.05%,

11/15/26

.

1,104

1,086

FW2046973.UP.FTS.B,

31.05%,

11/15/26

.

3,074

3,055

FW2049409.UP.FTS.B,

31.09%,

11/15/26

.

8,957

8,889

FW2047660.UP.FTS.B,

31.1%,

11/15/26

..

2,288

2,275

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2047739.UP.FTS.B,

31.1%,

11/15/26

..

$

7,406

$

7,363

FW1979816.UP.FTS.B,

31.12%,

11/15/26

.

2,481

2,464

FW2046950.UP.FTS.B,

31.12%,

11/15/26

.

6,613

6,574

FW2048800.UP.FTS.B,

31.12%,

11/15/26

.

2,696

2,556

FW2048749.UP.FTS.B,

31.13%,

11/15/26

.

2,280

2,266

FW2048391.UP.FTS.B,

31.16%,

11/15/26

.

2,061

146

FW2047818.UP.FTS.B,

31.21%,

11/15/26

.

2,825

2,804

FW2047594.UP.FTS.B,

31.24%,

11/15/26

.

1,499

1,491

FW2044634.UP.FTS.B,

31.42%,

11/15/26

.

3,177

3,159

FW2048610.UP.FTS.B,

31.92%,

11/15/26

.

5,746

5,712

FW2096102.UP.FTS.B,

7.51%,

11/22/26

..

6,791

6,740

L2094728.UP.FTS.B,

10%,

11/22/26

.....

3,236

3,209

L2096355.UP.FTS.B,

11.72%,

11/22/26

...

8,132

8,064

L2094764.UP.FTS.B,

11.93%,

11/22/26

...

2,450

2,428

FW2094906.UP.FTS.B,

12.24%,

11/22/26

.

2,208

2,190

FW2083090.UP.FTS.B,

12.64%,

11/22/26

.

795

788

L2094888.UP.FTS.B,

12.99%,

11/22/26

...

1,231

1,220

L2095193.UP.FTS.B,

13.04%,

11/22/26

...

5,752

5,701

FW2094840.UP.FTS.B,

13.13%,

11/22/26

.

19,749

19,564

L2094418.UP.FTS.B,

13.53%,

11/22/26

...

4,105

4,071

L2095349.UP.FTS.B,

13.57%,

11/22/26

...

3,457

3,426

L2096451.UP.FTS.B,

13.69%,

11/22/26

...

950

133

FW2094706.UP.FTS.B,

14.02%,

11/22/26

.

14,510

2,048

L2096519.UP.FTS.B,

14.25%,

11/22/26

...

8,752

8,675

FW2094373.UP.FTS.B,

14.38%,

11/22/26

.

8,812

8,290

L2092869.UP.FTS.B,

15.96%,

11/22/26

...

9,984

9,899

L2094766.UP.FTS.B,

16.38%,

11/22/26

...

3,334

3,297

FW2096834.UP.FTS.B,

16.52%,

11/22/26

.

2,502

2,476

L2094403.UP.FTS.B,

16.85%,

11/22/26

...

5,820

5,759

FW2095326.UP.FTS.B,

16.9%,

11/22/26

..

4,177

4,130

L2096975.UP.FTS.B,

17%,

11/22/26

.....

22,743

1,650

L2095314.UP.FTS.B,

17.06%,

11/22/26

...

21,535

5,849

L2096303.UP.FTS.B,

17.14%,

11/22/26

...

6,691

6,635

L2095105.UP.FTS.B,

17.31%,

11/22/26

...

18,022

16,965

FW2094890.UP.FTS.B,

17.34%,

11/22/26

.

12,555

12,426

FW2094328.UP.FTS.B,

17.48%,

11/22/26

.

8,306

8,201

FW2096292.UP.FTS.B,

18.39%,

11/22/26

.

7,230

7,142

L2094851.UP.FTS.B,

18.61%,

11/22/26

...

38,634

38,237

FW2096280.UP.FTS.B,

19.26%,

11/22/26

.

8,393

8,364

L2096899.UP.FTS.B,

19.33%,

11/22/26

...

13,505

13,341

L2096144.UP.FTS.B,

19.54%,

11/22/26

...

12,625

12,469

L2095820.UP.FTS.B,

19.69%,

11/22/26

...

9,258

9,144

L2093917.UP.FTS.B,

19.94%,

11/22/26

...

10,155

10,032

FW2096158.UP.FTS.B,

19.95%,

11/22/26

.

4,231

4,180

FW2094159.UP.FTS.B,

20.44%,

11/22/26

.

7,971

7,874

L2094528.UP.FTS.B,

21.15%,

11/22/26

...

6,697

979

FW2096571.UP.FTS.B,

21.28%,

11/22/26

.

2,553

2,541

L2088829.UP.FTS.B,

21.32%,

11/22/26

...

8,697

8,186

L2095646.UP.FTS.B,

21.32%,

11/22/26

...

1,301

1,225

FW2095024.UP.FTS.B,

21.71%,

11/22/26

.

1,020

74

L2096760.UP.FTS.B,

21.84%,

11/22/26

...

9,380

9,352

L2096857.UP.FTS.B,

21.9%,

11/22/26

....

29,946

29,556

FW2095752.UP.FTS.B,

22.05%,

11/22/26

.

13,228

13,069

L2094894.UP.FTS.B,

22.2%,

11/22/26

....

1,247

1,232

L2096134.UP.FTS.B,

22.43%,

11/22/26

...

5,556

5,483

L2096905.UP.FTS.B,

22.44%,

11/22/26

...

21,871

20,589

L2094154.UP.FTS.B,

22.63%,

11/22/26

...

28,182

2,035

L2096800.UP.FTS.B,

22.67%,

11/22/26

...

17,102

17,050

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2095579.UP.FTS.B,

22.78%,

11/22/26

.

$

21,396

$

21,183

FW2095395.UP.FTS.B,

22.89%,

11/22/26

.

1,540

1,522

FW2096115.UP.FTS.B,

23.24%,

11/22/26

.

2,744

2,736

FW2095271.UP.FTS.B,

23.29%,

11/22/26

.

15,434

14,675

FW2024402.UP.FTS.B,

24.5%,

11/22/26

..

10,338

10,308

L2096773.UP.FTS.B,

24.83%,

11/22/26

...

2,581

2,573

L2094789.UP.FTS.B,

24.85%,

11/22/26

...

17,204

17,152

L2094507.UP.FTS.B,

25.13%,

11/22/26

...

1,123

1,109

L2094312.UP.FTS.B,

25.16%,

11/22/26

...

26,079

26,005

L2094838.UP.FTS.B,

25.25%,

11/22/26

...

3,628

3,618

L2096356.UP.FTS.B,

25.27%,

11/22/26

...

864

861

L2093956.UP.FTS.B,

25.33%,

11/22/26

...

2,998

2,851

L2096178.UP.FTS.B,

25.35%,

11/22/26

...

15,310

15,250

L2096755.UP.FTS.B,

25.38%,

11/22/26

...

12,769

12,142

L2094459.UP.FTS.B,

25.39%,

11/22/26

...

1,313

1,249

L2094965.UP.FTS.B,

25.66%,

11/22/26

...

3,550

3,534

FW2095277.UP.FTS.B,

25.75%,

11/22/26

.

12,982

12,945

FW2094367.UP.FTS.B,

25.82%,

11/22/26

.

4,329

4,310

L2094270.UP.FTS.B,

25.87%,

11/22/26

...

2,771

2,763

FW2094830.UP.FTS.B,

26.46%,

11/22/26

.

1,838

130

FW2096631.UP.FTS.B,

26.76%,

11/22/26

.

3,474

3,465

FW2095637.UP.FTS.B,

26.8%,

11/22/26

..

3,386

3,371

FW2095720.UP.FTS.B,

27.1%,

11/22/26

..

9,006

1,391

FW2094585.UP.FTS.B,

27.16%,

11/22/26

.

4,614

85

FW2094718.UP.FTS.B,

27.18%,

11/22/26

.

8,699

8,675

FW2073665.UP.FTS.B,

27.21%,

11/22/26

.

3,522

3,353

L2096054.UP.FTS.B,

27.38%,

11/22/26

...

2,873

2,865

L2096384.UP.FTS.B,

27.83%,

11/22/26

...

8,022

8,000

FW2095268.UP.FTS.B,

28.13%,

11/22/26

.

4,516

690

FW2095190.UP.FTS.B,

28.27%,

11/22/26

.

2,817

832

FW2096342.UP.FTS.B,

28.48%,

11/22/26

.

4,369

4,357

FW2094419.UP.FTS.B,

28.57%,

11/22/26

.

874

872

FW2094402.UP.FTS.B,

28.65%,

11/22/26

.

3,006

2,857

FW2095378.UP.FTS.B,

29.05%,

11/22/26

.

8,320

100

FW2096376.UP.FTS.B,

29.09%,

11/22/26

.

4,887

4,873

FW2095953.UP.FTS.B,

29.33%,

11/22/26

.

4,375

4,356

FW2096022.UP.FTS.B,

29.48%,

11/22/26

.

13,876

145

FW2094834.UP.FTS.B,

29.86%,

11/22/26

.

4,390

4,378

FW2071752.UP.FTS.B,

30.07%,

11/22/26

.

5,120

798

FW2095758.UP.FTS.B,

30.37%,

11/22/26

.

10,139

10,093

FW2095770.UP.FTS.B,

30.45%,

11/22/26

.

10,570

735

FW2094263.UP.FTS.B,

30.68%,

11/22/26

.

3,402

3,386

FW2096286.UP.FTS.B,

30.75%,

11/22/26

.

2,892

441

FW2096279.UP.FTS.B,

30.8%,

11/22/26

..

1,057

1,054

FW2096578.UP.FTS.B,

30.87%,

11/22/26

.

2,314

2,305

FW2096310.UP.FTS.B,

31%,

11/22/26

...

2,733

2,712

FW2094909.UP.FTS.B,

31.13%,

11/22/26

.

8,375

7,968

FW2093970.UP.FTS.B,

31.15%,

11/22/26

.

2,031

2,023

FW2094919.UP.FTS.B,

31.15%,

11/22/26

.

3,342

1,001

FW2094058.UP.FTS.B,

31.18%,

11/22/26

.

1,401

1,397

FW2095701.UP.FTS.B,

31.2%,

11/22/26

..

969

967

FW2094660.UP.FTS.B,

31.22%,

11/22/26

.

9,548

9,519

FW2095096.UP.FTS.B,

31.32%,

11/22/26

.

3,373

(44)

FW2096663.UP.FTS.B,

31.48%,

11/22/26

.

4,460

4,247

FW2096531.UP.FTS.B,

31.54%,

11/22/26

.

4,982

351

FW2089645.UP.FTS.B,

31.75%,

11/22/26

.

8,393

8,371

FW2096662.UP.FTS.B,

31.94%,

11/22/26

.

10,305

1,573

FW2295931.UP.FTS.B,

5.9%,

12/21/26

...

12,115

12,044

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2293082.UP.FTS.B,

6.16%,

12/21/26

..

$

3,762

$

3,740

FW2293764.UP.FTS.B,

6.23%,

12/21/26

..

17,804

17,700

L2296513.UP.FTS.B,

7.11%,

12/21/26

....

3,036

3,017

FW2293501.UP.FTS.B,

7.39%,

12/21/26

..

6,020

5,976

FW2293852.UP.FTS.B,

7.5%,

12/21/26

...

22,354

5,455

L2292686.UP.FTS.B,

7.74%,

12/21/26

....

2,445

2,427

L2295874.UP.FTS.B,

7.93%,

12/21/26

....

5,922

5,878

L2293167.UP.FTS.B,

8.19%,

12/21/26

....

6,533

6,484

L2295697.UP.FTS.B,

8.34%,

12/21/26

....

981

974

FW2294735.UP.FTS.B,

8.57%,

12/21/26

..

3,256

3,232

L2295880.UP.FTS.B,

8.72%,

12/21/26

....

2,456

2,438

L2288895.UP.FTS.B,

8.82%,

12/21/26

....

2,773

2,606

L2295428.UP.FTS.B,

9.02%,

12/21/26

....

16,397

16,274

L2295310.UP.FTS.B,

9.3%,

12/21/26

....

6,397

6,350

L2296054.UP.FTS.B,

9.4%,

12/21/26

....

7,581

7,524

FW2294010.UP.FTS.B,

9.53%,

12/21/26

..

12,966

1,753

L2294640.UP.FTS.B,

9.73%,

12/21/26

....

2,645

2,620

L2293293.UP.FTS.B,

10.2%,

12/21/26

....

12,386

12,295

L2295873.UP.FTS.B,

11.31%,

12/21/26

...

24,855

24,674

FW2293338.UP.FTS.B,

11.67%,

12/21/26

.

14,937

14,798

FW2294642.UP.FTS.B,

11.72%,

12/21/26

.

4,980

4,934

L2294345.UP.FTS.B,

12.41%,

12/21/26

...

7,081

7,016

L2292250.UP.FTS.B,

12.42%,

12/21/26

...

9,590

9,502

L2293790.UP.FTS.B,

12.43%,

12/21/26

...

4,231

3,976

L2288385.UP.FTS.B,

12.86%,

12/21/26

...

4,171

4,133

L2295080.UP.FTS.B,

13.33%,

12/21/26

...

6,269

6,212

L2294220.UP.FTS.B,

13.69%,

12/21/26

...

5,023

4,978

L2294373.UP.FTS.B,

13.7%,

12/21/26

....

4,437

4,397

L2294790.UP.FTS.B,

13.78%,

12/21/26

...

5,290

5,242

FW2294402.UP.FTS.B,

13.84%,

12/21/26

.

15,124

3,883

L2296399.UP.FTS.B,

14.35%,

12/21/26

...

8,396

8,320

L2295213.UP.FTS.B,

14.68%,

12/21/26

...

4,205

4,167

L2258143.UP.FTS.B,

14.69%,

12/21/26

...

17,656

17,496

FW2293923.UP.FTS.B,

16.04%,

12/21/26

.

3,959

3,908

L2294540.UP.FTS.B,

16.91%,

12/21/26

...

4,243

4,191

L2293185.UP.FTS.B,

17.25%,

12/21/26

...

13,004

12,224

FW2293821.UP.FTS.B,

17.3%,

12/21/26

..

1,465

1,452

L2296049.UP.FTS.B,

17.33%,

12/21/26

...

4,250

4,199

FW2293524.UP.FTS.B,

17.65%,

12/21/26

.

26,631

3,859

L2293602.UP.FTS.B,

17.68%,

12/21/26

...

8,932

8,832

L2293520.UP.FTS.B,

17.78%,

12/21/26

...

4,258

4,196

L2295430.UP.FTS.B,

18.6%,

12/21/26

....

12,455

12,288

L2293291.UP.FTS.B,

18.66%,

12/21/26

...

2,219

2,194

L2295608.UP.FTS.B,

18.98%,

12/21/26

...

8,552

8,438

FW2293617.UP.FTS.B,

19.06%,

12/21/26

.

5,990

5,919

FW2294886.UP.FTS.B,

19.07%,

12/21/26

.

1,677

1,657

L2295776.UP.FTS.B,

19.35%,

12/21/26

...

1,285

1,270

FW2293806.UP.FTS.B,

19.41%,

12/21/26

.

6,819

6,742

L2296294.UP.FTS.B,

19.65%,

12/21/26

...

1,451

1,430

FW2289691.UP.FTS.B,

20.05%,

12/21/26

.

4,295

4,269

L2293347.UP.FTS.B,

20.07%,

12/21/26

...

25,773

25,405

L2293707.UP.FTS.B,

21.03%,

12/21/26

...

6,467

6,375

L2295159.UP.FTS.B,

21.2%,

12/21/26

....

2,847

2,830

L2294842.UP.FTS.B,

21.22%,

12/21/26

...

4,314

4,288

L2296434.UP.FTS.B,

21.52%,

12/21/26

...

2,160

2,129

L2293516.UP.FTS.B,

21.61%,

12/21/26

...

1,468

222

L2294636.UP.FTS.B,

21.75%,

12/21/26

...

27,787

27,400

FW2292759.UP.FTS.B,

21.98%,

12/21/26

.

22,068

21,809

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2296031.UP.FTS.B,

22.11%,

12/21/26

.

$

4,027

$

1,171

L2295422.UP.FTS.B,

22.2%,

12/21/26

....

3,199

929

L2296037.UP.FTS.B,

22.38%,

12/21/26

...

4,283

4,260

L2294550.UP.FTS.B,

22.46%,

12/21/26

...

4,724

341

L2286942.UP.FTS.B,

22.51%,

12/21/26

...

1,969

1,959

L2293386.UP.FTS.B,

22.55%,

12/21/26

...

6,937

6,895

L2294387.UP.FTS.B,

22.74%,

12/21/26

...

3,471

3,450

L2294767.UP.FTS.B,

23.15%,

12/21/26

...

2,268

2,255

FW2296289.UP.FTS.B,

23.69%,

12/21/26

.

7,206

6,842

L2296095.UP.FTS.B,

23.73%,

12/21/26

...

8,670

8,628

FW2295460.UP.FTS.B,

23.88%,

12/21/26

.

23,864

22,448

L2295502.UP.FTS.B,

23.94%,

12/21/26

...

8,760

8,312

FW2289917.UP.FTS.B,

24.12%,

12/21/26

.

4,105

4,066

L2295515.UP.FTS.B,

24.19%,

12/21/26

...

13,082

13,004

L2295990.UP.FTS.B,

24.34%,

12/21/26

...

3,791

3,771

L2293012.UP.FTS.B,

24.54%,

12/21/26

...

2,620

2,583

L2293989.UP.FTS.B,

24.69%,

12/21/26

...

2,621

2,605

L2294601.UP.FTS.B,

24.7%,

12/21/26

....

43,683

43,424

FW2296310.UP.FTS.B,

24.81%,

12/21/26

.

2,623

2,608

L2288373.UP.FTS.B,

24.94%,

12/21/26

...

936

67

L2296094.UP.FTS.B,

25.1%,

12/21/26

....

2,550

181

FW2295879.UP.FTS.B,

25.12%,

12/21/26

.

19,237

19,151

L2296142.UP.FTS.B,

25.12%,

12/21/26

...

962

957

L2293653.UP.FTS.B,

25.22%,

12/21/26

...

1,592

114

L2246443.UP.FTS.B,

25.23%,

12/21/26

...

964

959

L2295296.UP.FTS.B,

25.25%,

12/21/26

...

1,205

85

L2295322.UP.FTS.B,

25.28%,

12/21/26

...

3,820

3,802

L2295069.UP.FTS.B,

25.39%,

12/21/26

...

1,891

1,881

L2294834.UP.FTS.B,

25.4%,

12/21/26

....

851

835

L2293969.UP.FTS.B,

25.41%,

12/21/26

...

11,706

11,117

L2296171.UP.FTS.B,

25.41%,

12/21/26

...

2,014

2,003

L2296117.UP.FTS.B,

25.43%,

12/21/26

...

1,499

107

L2294392.UP.FTS.B,

25.44%,

12/21/26

...

16,914

16,815

L2295431.UP.FTS.B,

25.44%,

12/21/26

...

11,437

10,754

L2287500.UP.FTS.B,

25.45%,

12/21/26

...

5,676

5,650

L2292073.UP.FTS.B,

25.46%,

12/21/26

...

2,628

2,613

L2296315.UP.FTS.B,

25.46%,

12/21/26

...

4,349

4,327

L2295630.UP.FTS.B,

25.47%,

12/21/26

...

6,100

5,795

L2293509.UP.FTS.B,

25.48%,

12/21/26

...

1,834

1,825

L2293438.UP.FTS.B,

25.49%,

12/21/26

...

5,966

89

L2295101.UP.FTS.B,

25.65%,

12/21/26

...

2,355

2,341

L2293224.UP.FTS.B,

25.74%,

12/21/26

...

1,579

1,570

FW2294336.UP.FTS.B,

25.77%,

12/21/26

.

4,003

3,983

FW2295890.UP.FTS.B,

25.77%,

12/21/26

.

8,418

8,368

FW2293250.UP.FTS.B,

26.48%,

12/21/26

.

1,758

1,747

FW2296139.UP.FTS.B,

26.64%,

12/21/26

.

6,547

467

FW2295132.UP.FTS.B,

26.71%,

12/21/26

.

31,142

30,960

L2289495.UP.FTS.B,

27.03%,

12/21/26

...

4,579

4,516

FW2293337.UP.FTS.B,

27.46%,

12/21/26

.

4,609

37

FW2296329.UP.FTS.B,

27.9%,

12/21/26

..

3,245

3,230

FW2294323.UP.FTS.B,

28.23%,

12/21/26

.

1,882

134

FW2294584.UP.FTS.B,

28.34%,

12/21/26

.

5,092

111

FW2294924.UP.FTS.B,

28.38%,

12/21/26

.

5,130

5,100

L2296578.UP.FTS.B,

28.56%,

12/21/26

...

4,336

4,311

FW2294602.UP.FTS.B,

28.58%,

12/21/26

.

2,940

206

FW2294247.UP.FTS.B,

28.6%,

12/21/26

..

5,595

5,312

FW2296510.UP.FTS.B,

28.63%,

12/21/26

.

5,932

5,898

FW2295693.UP.FTS.B,

29.44%,

12/21/26

.

2,101

2,084

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2292307.UP.FTS.B,

29.55%,

12/21/26

.

$

13,140

$

13,065

FW2294300.UP.FTS.B,

29.67%,

12/21/26

.

4,441

4,416

FW2296196.UP.FTS.B,

29.85%,

12/21/26

.

984

935

FW2293867.UP.FTS.B,

30.1%,

12/21/26

..

9,111

8,651

FW2293261.UP.FTS.B,

30.26%,

12/21/26

.

979

973

FW2295412.UP.FTS.B,

30.28%,

12/21/26

.

17,313

1,206

FW2294598.UP.FTS.B,

30.58%,

12/21/26

.

2,850

2,834

FW2295156.UP.FTS.B,

30.61%,

12/21/26

.

1,925

1,829

FW2295730.UP.FTS.B,

30.86%,

12/21/26

.

641

631

FW2296110.UP.FTS.B,

30.89%,

12/21/26

.

981

976

FW2296255.UP.FTS.B,

30.89%,

12/21/26

.

1,223

1,216

FW2294105.UP.FTS.B,

30.94%,

12/21/26

.

11,527

11,468

FW2295248.UP.FTS.B,

30.94%,

12/21/26

.

3,391

3,372

FW2295082.UP.FTS.B,

31.01%,

12/21/26

.

893

888

FW2293727.UP.FTS.B,

31.05%,

12/21/26

.

1,338

1,330

FW2295721.UP.FTS.B,

31.1%,

12/21/26

..

1,839

280

FW2293310.UP.FTS.B,

31.11%,

12/21/26

.

1,606

1,597

FW2294827.UP.FTS.B,

31.11%,

12/21/26

.

1,771

1,720

FW2292845.UP.FTS.B,

31.12%,

12/21/26

.

2,601

(12)

FW2293069.UP.FTS.B,

31.16%,

12/21/26

.

1,715

509

FW2293588.UP.FTS.B,

31.17%,

12/21/26

.

902

856

FW2295496.UP.FTS.B,

31.18%,

12/21/26

.

2,409

2,395

FW2296051.UP.FTS.B,

31.18%,

12/21/26

.

1,138

14

FW2294223.UP.FTS.B,

31.19%,

12/21/26

.

21,593

21,471

FW2292945.UP.FTS.B,

31.23%,

12/21/26

.

2,346

2,228

FW2293724.UP.FTS.B,

31.23%,

12/21/26

.

3,388

3,218

FW2293684.UP.FTS.B,

31.29%,

12/21/26

.

2,678

2,662

FW2293376.UP.FTS.B,

31.54%,

12/21/26

.

33,764

33,574

FW2295529.UP.FTS.B,

32.21%,

12/21/26

.

5,854

5,824

FW2295899.UP.FTS.B,

32.71%,

12/21/26

.

4,108

4,090

L2298042.UP.FTS.B,

5.42%,

12/22/26

....

8,057

8,012

FW2296838.UP.FTS.B,

5.56%,

12/22/26

..

9,676

9,622

L2300162.UP.FTS.B,

5.78%,

12/22/26

....

1,211

1,204

L2298149.UP.FTS.B,

5.81%,

12/22/26

....

37,944

37,732

L2298867.UP.FTS.B,

6.47%,

12/22/26

....

11,746

11,682

L2298677.UP.FTS.B,

6.71%,

12/22/26

....

2,841

2,825

FW2298647.UP.FTS.B,

6.85%,

12/22/26

..

40,570

40,350

L2296512.UP.FTS.B,

6.86%,

12/22/26

....

24,344

24,211

FW2299026.UP.FTS.B,

7.03%,

12/22/26

..

4,061

4,031

L2299006.UP.FTS.B,

7.25%,

12/22/26

....

12,936

12,842

L2298624.UP.FTS.B,

7.52%,

12/22/26

....

28,476

28,277

L2298372.UP.FTS.B,

7.96%,

12/22/26

....

17,545

17,422

L2300059.UP.FTS.B,

7.96%,

12/22/26

....

4,373

350

L2275604.UP.FTS.B,

8%,

12/22/26

......

8,452

2,067

L2298268.UP.FTS.B,

8.16%,

12/22/26

....

18,060

1,323

FW2297741.UP.FTS.B,

8.43%,

12/22/26

..

4,905

4,871

L2296751.UP.FTS.B,

9.09%,

12/22/26

....

4,921

4,886

L2299887.UP.FTS.B,

9.18%,

12/22/26

....

8,205

8,147

L2297168.UP.FTS.B,

9.21%,

12/22/26

....

4,101

4,074

FW2300319.UP.FTS.B,

9.33%,

12/22/26

..

3,448

3,424

L2275171.UP.FTS.B,

9.45%,

12/22/26

....

2,054

2,040

L2299890.UP.FTS.B,

9.98%,

12/22/26

....

4,941

4,897

FW2275119.UP.FTS.B,

10.09%,

12/22/26

.

24,718

24,548

L2261699.UP.FTS.B,

10.41%,

12/22/26

...

3,301

3,278

FW2298451.UP.FTS.B,

10.42%,

12/22/26

.

9,902

9,815

L2299578.UP.FTS.B,

10.73%,

12/22/26

...

3,636

3,604

L2296896.UP.FTS.B,

10.8%,

12/22/26

....

2,480

2,458

L2296884.UP.FTS.B,

10.85%,

12/22/26

...

8,268

8,196

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

117

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2300491.UP.FTS.B,

11.05%,

12/22/26

.

$

2,317

$

2,298

L2300049.UP.FTS.B,

11.22%,

12/22/26

...

20,704

20,524

L2298066.UP.FTS.B,

11.27%,

12/22/26

...

5,409

395

L2299084.UP.FTS.B,

11.37%,

12/22/26

...

6,630

6,572

L2299517.UP.FTS.B,

11.74%,

12/22/26

...

10,548

9,923

L2299162.UP.FTS.B,

11.99%,

12/22/26

...

9,914

9,832

L2296860.UP.FTS.B,

12.01%,

12/22/26

...

14,959

14,860

L2288091.UP.FTS.B,

12.04%,

12/22/26

...

8,312

8,241

L2296913.UP.FTS.B,

12.48%,

12/22/26

...

8,830

8,754

FW2296819.UP.FTS.B,

12.8%,

12/22/26

..

834

827

L2297301.UP.FTS.B,

13.19%,

12/22/26

...

4,154

4,121

L2297394.UP.FTS.B,

13.43%,

12/22/26

...

3,345

3,317

FW2295002.UP.FTS.B,

13.45%,

12/22/26

.

1,422

1,410

L2299489.UP.FTS.B,

13.74%,

12/22/26

...

25,122

24,911

L2298273.UP.FTS.B,

13.81%,

12/22/26

...

23,090

21,724

FW2297621.UP.FTS.B,

13.91%,

12/22/26

.

1,893

1,876

FW2297887.UP.FTS.B,

14.01%,

12/22/26

.

7,546

7,483

L2297583.UP.FTS.B,

14.22%,

12/22/26

...

15,938

14,993

FW2296544.UP.FTS.B,

14.31%,

12/22/26

.

4,197

4,162

L2297567.UP.FTS.B,

14.38%,

12/22/26

...

44

43

L2296355.UP.FTS.B,

14.84%,

12/22/26

...

9,222

673

L2296958.UP.FTS.B,

14.87%,

12/22/26

...

7,383

6,948

L2298646.UP.FTS.B,

14.93%,

12/22/26

...

31,256

1,524

L2296665.UP.FTS.B,

14.98%,

12/22/26

...

8,399

8,311

L2272259.UP.FTS.B,

15.03%,

12/22/26

...

3,353

3,317

L2296608.UP.FTS.B,

15.19%,

12/22/26

...

14,239

14,122

L2298101.UP.FTS.B,

15.46%,

12/22/26

...

4,056

4,003

FW2298689.UP.FTS.B,

15.52%,

12/22/26

.

14,765

14,600

FW2298989.UP.FTS.B,

15.65%,

12/22/26

.

6,328

6,262

L2300266.UP.FTS.B,

15.81%,

12/22/26

...

18,330

18,181

L2297545.UP.FTS.B,

16.01%,

12/22/26

...

3,382

3,354

L2296898.UP.FTS.B,

16.28%,

12/22/26

...

9,225

9,123

FW2298789.UP.FTS.B,

16.35%,

12/22/26

.

6,799

6,718

FW2297895.UP.FTS.B,

16.41%,

12/22/26

.

2,589

2,437

L2297702.UP.FTS.B,

16.54%,

12/22/26

...

1,271

1,257

FW2296865.UP.FTS.B,

16.7%,

12/22/26

..

9,093

656

FW2296844.UP.FTS.B,

16.78%,

12/22/26

.

2,094

2,072

FW2297240.UP.FTS.B,

16.99%,

12/22/26

.

18,147

18,005

L2296757.UP.FTS.B,

16.99%,

12/22/26

...

5,093

5,052

L2299229.UP.FTS.B,

17.12%,

12/22/26

...

5,281

767

FW2242642.UP.FTS.B,

17.23%,

12/22/26

.

5,920

5,859

FW2297226.UP.FTS.B,

17.41%,

12/22/26

.

11,009

10,895

L2297622.UP.FTS.B,

17.73%,

12/22/26

...

5,103

5,065

FW2298313.UP.FTS.B,

17.76%,

12/22/26

.

12,942

12,800

FW2295364.UP.FTS.B,

17.88%,

12/22/26

.

4,259

4,212

L2299334.UP.FTS.B,

17.94%,

12/22/26

...

1,016

73

L2297195.UP.FTS.B,

18.28%,

12/22/26

...

22,183

22,010

L2286999.UP.FTS.B,

18.31%,

12/22/26

...

34,429

34,155

L2263482.UP.FTS.B,

18.35%,

12/22/26

...

12,801

12,631

FW2299062.UP.FTS.B,

18.65%,

12/22/26

.

3,845

3,794

L2297949.UP.FTS.B,

18.76%,

12/22/26

...

3,419

3,374

L2299477.UP.FTS.B,

18.77%,

12/22/26

...

6,967

503

FW2298046.UP.FTS.B,

19.21%,

12/22/26

.

8,564

8,451

FW2299900.UP.FTS.B,

19.29%,

12/22/26

.

43,434

40,870

FW2297186.UP.FTS.B,

19.59%,

12/22/26

.

8,576

8,483

FW2299680.UP.FTS.B,

19.7%,

12/22/26

..

6,005

5,926

L2296627.UP.FTS.B,

19.74%,

12/22/26

...

4,290

4,244

L2299156.UP.FTS.B,

19.91%,

12/22/26

...

4,186

4,123

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2299695.UP.FTS.B,

19.97%,

12/22/26

...

$

1,391

$

101

FW2235699.UP.FTS.B,

19.99%,

12/22/26

.

6,045

5,747

L2299895.UP.FTS.B,

19.99%,

12/22/26

...

1,392

100

L2298480.UP.FTS.B,

20.19%,

12/22/26

...

4,486

114

FW2299670.UP.FTS.B,

20.32%,

12/22/26

.

8,947

1,304

L2297088.UP.FTS.B,

20.56%,

12/22/26

...

28,403

28,264

L2298737.UP.FTS.B,

20.98%,

12/22/26

...

4,311

4,254

L2297546.UP.FTS.B,

21.15%,

12/22/26

...

1,715

1,709

L2300374.UP.FTS.B,

21.31%,

12/22/26

...

2,574

2,565

L2296777.UP.FTS.B,

21.4%,

12/22/26

....

8,635

8,593

FW2298033.UP.FTS.B,

21.61%,

12/22/26

.

14,258

14,073

L2296567.UP.FTS.B,

21.87%,

12/22/26

...

1,727

1,722

L2299056.UP.FTS.B,

22%,

12/22/26

.....

5,019

4,995

L2298829.UP.FTS.B,

22.17%,

12/22/26

...

5,598

5,531

L2299086.UP.FTS.B,

22.64%,

12/22/26

...

3,282

83

FW2297460.UP.FTS.B,

22.74%,

12/22/26

.

43,990

41,804

FW2299708.UP.FTS.B,

22.93%,

12/22/26

.

4,195

299

L2296427.UP.FTS.B,

22.94%,

12/22/26

...

2,345

2,315

L2300367.UP.FTS.B,

22.94%,

12/22/26

...

1,737

1,714

L2296515.UP.FTS.B,

22.98%,

12/22/26

...

2,605

2,593

L2297700.UP.FTS.B,

23.06%,

12/22/26

...

42,080

3,010

FW2297374.UP.FTS.B,

23.21%,

12/22/26

.

1,955

1,859

FW2297763.UP.FTS.B,

23.23%,

12/22/26

.

2,764

198

L2298974.UP.FTS.B,

23.47%,

12/22/26

...

1,566

1,546

FW2300425.UP.FTS.B,

23.57%,

12/22/26

.

8,703

8,663

L2289378.UP.FTS.B,

23.7%,

12/22/26

....

4,702

4,681

L2296775.UP.FTS.B,

23.9%,

12/22/26

....

3,921

3,903

L2298860.UP.FTS.B,

23.92%,

12/22/26

...

13,069

13,009

L2296638.UP.FTS.B,

23.96%,

12/22/26

...

846

842

L2297921.UP.FTS.B,

24.04%,

12/22/26

...

5,230

5,206

L2300131.UP.FTS.B,

24.08%,

12/22/26

...

11,942

11,355

L2297604.UP.FTS.B,

24.33%,

12/22/26

...

1,309

1,303

L2277340.UP.FTS.B,

24.46%,

12/22/26

...

3,848

3,831

FW2296565.UP.FTS.B,

24.56%,

12/22/26

.

2,008

1,999

L2297696.UP.FTS.B,

24.62%,

12/22/26

...

1,394

1,379

L2299447.UP.FTS.B,

24.64%,

12/22/26

...

1,747

1,739

L2296874.UP.FTS.B,

24.85%,

12/22/26

...

974

926

L2299809.UP.FTS.B,

24.98%,

12/22/26

...

26,051

25,961

FW2295512.UP.FTS.B,

25.12%,

12/22/26

.

9,450

9,342

L2297730.UP.FTS.B,

25.14%,

12/22/26

...

904

15

FW2296477.UP.FTS.B,

25.18%,

12/22/26

.

931

65

L2296994.UP.FTS.B,

25.2%,

12/22/26

....

3,176

3,162

L2296549.UP.FTS.B,

25.23%,

12/22/26

...

6,792

116

L2299952.UP.FTS.B,

25.26%,

12/22/26

...

3,216

501

L2282956.UP.FTS.B,

25.27%,

12/22/26

...

829

820

L2300125.UP.FTS.B,

25.27%,

12/22/26

...

3,023

2,925

FW2297623.UP.FTS.B,

25.32%,

12/22/26

.

3,151

3,119

L2299789.UP.FTS.B,

25.32%,

12/22/26

...

1,313

1,308

L2292373.UP.FTS.B,

25.33%,

12/22/26

...

1,488

1,470

L2297988.UP.FTS.B,

25.38%,

12/22/26

...

958

951

L2300474.UP.FTS.B,

25.38%,

12/22/26

...

2,126

2,024

L2299918.UP.FTS.B,

25.41%,

12/22/26

...

1,633

481

L2297428.UP.FTS.B,

25.42%,

12/22/26

...

8,759

8,720

L2298851.UP.FTS.B,

25.44%,

12/22/26

...

1,314

1,308

L2297598.UP.FTS.B,

25.45%,

12/22/26

...

1,051

1,046

L2296962.UP.FTS.B,

25.46%,

12/22/26

...

2,979

2,966

L2298544.UP.FTS.B,

25.47%,

12/22/26

...

4,643

1,373

L2298179.UP.FTS.B,

25.49%,

12/22/26

...

4,030

4,012

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2297223.UP.FTS.B,

25.61%,

12/22/26

...

$

2,698

$

2,672

L2297547.UP.FTS.B,

25.64%,

12/22/26

...

8,630

117

L2297795.UP.FTS.B,

26.01%,

12/22/26

...

11,234

11,185

L2296379.UP.FTS.B,

26.17%,

12/22/26

...

8,781

8,743

FW2299410.UP.FTS.B,

26.2%,

12/22/26

..

5,269

5,246

FW2298121.UP.FTS.B,

26.21%,

12/22/26

.

904

64

FW2300548.UP.FTS.B,

26.24%,

12/22/26

.

3,514

3,470

FW2300051.UP.FTS.B,

26.29%,

12/22/26

.

11,246

795

L2298922.UP.FTS.B,

26.34%,

12/22/26

...

2,814

201

L2295070.UP.FTS.B,

26.38%,

12/22/26

...

8,130

7,730

FW2298545.UP.FTS.B,

26.68%,

12/22/26

.

11,962

11,911

FW2297229.UP.FTS.B,

26.75%,

12/22/26

.

11,403

11,356

FW2298735.UP.FTS.B,

26.94%,

12/22/26

.

12,975

12,814

FW2299436.UP.FTS.B,

27.39%,

12/22/26

.

3,674

3,662

FW2298369.UP.FTS.B,

27.48%,

12/22/26

.

15,923

15,860

FW2296522.UP.FTS.B,

27.68%,

12/22/26

.

17,724

1,246

FW2297812.UP.FTS.B,

27.74%,

12/22/26

.

4,154

3,950

FW2296934.UP.FTS.B,

28.08%,

12/22/26

.

5,037

5,015

FW2299110.UP.FTS.B,

28.13%,

12/22/26

.

13,487

12,832

FW2297196.UP.FTS.B,

28.3%,

12/22/26

..

8,843

8,806

FW2298568.UP.FTS.B,

28.54%,

12/22/26

.

6,726

6,698

FW2297945.UP.FTS.B,

28.62%,

12/22/26

.

8,295

8,268

FW2297303.UP.FTS.B,

28.74%,

12/22/26

.

9,536

9,501

FW2296796.UP.FTS.B,

29.02%,

12/22/26

.

21,856

21,223

FW2297886.UP.FTS.B,

29.13%,

12/22/26

.

2,747

2,739

FW2296331.UP.FTS.B,

29.64%,

12/22/26

.

2,664

2,653

FW2297392.UP.FTS.B,

29.67%,

12/22/26

.

1,864

1,855

FW2298522.UP.FTS.B,

29.71%,

12/22/26

.

3,110

3,097

FW2296795.UP.FTS.B,

30.46%,

12/22/26

.

1,335

1,330

FW2299972.UP.FTS.B,

30.53%,

12/22/26

.

1,609

1,603

FW2299999.UP.FTS.B,

30.69%,

12/22/26

.

1,766

1,760

FW2298365.UP.FTS.B,

30.7%,

12/22/26

..

3,253

500

FW2296458.UP.FTS.B,

30.75%,

12/22/26

.

7,663

7,633

FW2299169.UP.FTS.B,

30.82%,

12/22/26

.

3,655

3,641

FW2281021.UP.FTS.B,

30.86%,

12/22/26

.

5,007

4,989

FW2298599.UP.FTS.B,

30.89%,

12/22/26

.

1,275

379

FW2299939.UP.FTS.B,

30.93%,

12/22/26

.

981

977

FW2297499.UP.FTS.B,

30.95%,

12/22/26

.

981

977

FW2298652.UP.FTS.B,

30.98%,

12/22/26

.

563

555

FW2296542.UP.FTS.B,

31%,

12/22/26

...

5,175

5,155

FW2298270.UP.FTS.B,

31%,

12/22/26

...

1,443

1,373

FW2300108.UP.FTS.B,

31.04%,

12/22/26

.

1,159

1,155

FW2297165.UP.FTS.B,

31.1%,

12/22/26

..

6,145

433

FW2298345.UP.FTS.B,

31.12%,

12/22/26

.

1,517

1,511

FW2298159.UP.FTS.B,

31.15%,

12/22/26

.

2,587

2,577

FW2296911.UP.FTS.B,

31.17%,

12/22/26

.

1,146

1,116

FW2299655.UP.FTS.B,

31.17%,

12/22/26

.

3,569

3,555

FW2297093.UP.FTS.B,

31.19%,

12/22/26

.

928

64

FW2299990.UP.FTS.B,

31.19%,

12/22/26

.

15,678

14,916

FW2294359.UP.FTS.B,

31.33%,

12/22/26

.

44,642

44,469

FW2300018.UP.FTS.B,

31.65%,

12/22/26

.

4,914

4,895

FW2296208.UP.FTS.B,

31.74%,

12/22/26

.

6,245

5,944

FW2296108.UP.FTS.B,

32.09%,

12/22/26

.

6,798

6,773

FW2296337.UP.FTS.B,

33.15%,

12/22/26

.

5,337

5,080

FW2296980.UP.FTS.B,

33.56%,

12/22/26

.

1,348

1,336

L2428799.UP.FTS.B,

4.81%,

1/13/27

....

10,643

10,581

L2424153.UP.FTS.B,

4.86%,

1/13/27

....

40,525

40,289

L2426247.UP.FTS.B,

4.87%,

1/13/27

....

12,775

12,701

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2426166.UP.FTS.B,

5.22%,

1/13/27

...

$

34

$

34

L2417962.UP.FTS.B,

5.74%,

1/13/27

....

4,103

4,080

L2424670.UP.FTS.B,

5.86%,

1/13/27

....

7,815

7,771

L2421701.UP.FTS.B,

5.91%,

1/13/27

....

19,775

19,664

L2425940.UP.FTS.B,

5.96%,

1/13/27

....

16,102

16,010

L2427954.UP.FTS.B,

5.98%,

1/13/27

....

24,693

24,554

FW2427065.UP.FTS.B,

6.14%,

1/13/27

...

6,938

6,899

L2428807.UP.FTS.B,

6.19%,

1/13/27

....

6,179

6,144

L2425627.UP.FTS.B,

6.24%,

1/13/27

....

22,446

22,321

FW2418004.UP.FTS.B,

6.27%,

1/13/27

...

24,534

24,397

L2423494.UP.FTS.B,

6.28%,

1/13/27

....

8,795

633

FW2426682.UP.FTS.B,

6.38%,

1/13/27

...

12,390

12,321

L2424813.UP.FTS.B,

6.62%,

1/13/27

....

14,858

14,776

L2425395.UP.FTS.B,

7.04%,

1/13/27

....

26,036

3,468

L2426387.UP.FTS.B,

7.28%,

1/13/27

....

3,726

3,705

FW2427607.UP.FTS.B,

7.35%,

1/13/27

...

13,168

13,068

L2423321.UP.FTS.B,

7.44%,

1/13/27

....

6,635

6,584

L2425992.UP.FTS.B,

7.55%,

1/13/27

....

4,393

4,369

L2426489.UP.FTS.B,

7.81%,

1/13/27

....

9,958

9,884

L2428326.UP.FTS.B,

7.87%,

1/13/27

....

8,203

8,140

L2427644.UP.FTS.B,

7.93%,

1/13/27

....

2,076

2,060

FW2427445.UP.FTS.B,

7.98%,

1/13/27

...

6,644

6,594

L2424761.UP.FTS.B,

8.01%,

1/13/27

....

4,945

4,908

FW2423719.UP.FTS.B,

8.04%,

1/13/27

...

12,543

12,447

L2426445.UP.FTS.B,

8.42%,

1/13/27

....

2,492

2,473

FW2426523.UP.FTS.B,

8.45%,

1/13/27

...

3,694

3,663

L2427091.UP.FTS.B,

8.49%,

1/13/27

....

5,826

5,783

L2400286.UP.FTS.B,

8.75%,

1/13/27

....

6,147

6,101

L2424441.UP.FTS.B,

8.96%,

1/13/27

....

1,539

1,526

FW2426991.UP.FTS.B,

9.24%,

1/13/27

...

5,010

4,973

L2427316.UP.FTS.B,

9.44%,

1/13/27

....

20,893

20,737

L2427076.UP.FTS.B,

9.69%,

1/13/27

....

7,035

6,983

L2427657.UP.FTS.B,

9.7%,

1/13/27

.....

4,179

4,148

FW2424161.UP.FTS.B,

9.93%,

1/13/27

...

1,835

1,822

L2425208.UP.FTS.B,

9.97%,

1/13/27

....

5,863

5,821

FW2423329.UP.FTS.B,

10.39%,

1/13/27

..

839

833

L2428214.UP.FTS.B,

10.52%,

1/13/27

....

2,267

2,250

L2423738.UP.FTS.B,

10.57%,

1/13/27

....

2,519

2,494

L2423014.UP.FTS.B,

10.64%,

1/13/27

....

22,677

22,516

FW2425927.UP.FTS.B,

10.97%,

1/13/27

..

42,055

41,641

L2400391.UP.FTS.B,

11.4%,

1/13/27

.....

19,230

18,980

L2427738.UP.FTS.B,

11.82%,

1/13/27

....

8,068

7,987

FW2425681.UP.FTS.B,

11.84%,

1/13/27

..

26,166

25,922

L2423675.UP.FTS.B,

12.15%,

1/13/27

....

5,493

5,442

L2424123.UP.FTS.B,

12.83%,

1/13/27

....

10,512

2,667

L2426699.UP.FTS.B,

13.25%,

1/13/27

....

10,383

5,499

L2426346.UP.FTS.B,

13.31%,

1/13/27

....

4,685

4,628

L2426437.UP.FTS.B,

13.53%,

1/13/27

....

8,098

1,109

FW2426553.UP.FTS.B,

14.04%,

1/13/27

..

5,533

5,483

FW2426488.UP.FTS.B,

14.89%,

1/13/27

..

5,951

5,897

L2428411.UP.FTS.B,

15.14%,

1/13/27

....

4,105

4,053

FW2398372.UP.FTS.B,

15.37%,

1/13/27

..

10,099

9,972

FW2425483.UP.FTS.B,

15.58%,

1/13/27

..

9,423

9,304

L2424270.UP.FTS.B,

15.87%,

1/13/27

....

4,287

4,233

FW2412323.UP.FTS.B,

15.91%,

1/13/27

..

8,577

8,501

FW2423910.UP.FTS.B,

15.96%,

1/13/27

..

6,859

6,773

L2406518.UP.FTS.B,

16%,

1/13/27

......

4,290

4,236

FW2426856.UP.FTS.B,

16.14%,

1/13/27

..

8,584

8,471

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2426798.UP.FTS.B,

16.24%,

1/13/27

....

$

13,740

$

13,619

L2428256.UP.FTS.B,

16.26%,

1/13/27

....

12,849

12,687

L2423259.UP.FTS.B,

16.37%,

1/13/27

....

17,683

4,754

L2426649.UP.FTS.B,

16.44%,

1/13/27

....

1,060

1,042

L2428444.UP.FTS.B,

16.71%,

1/13/27

....

5,161

5,097

L2428347.UP.FTS.B,

16.79%,

1/13/27

....

6,023

5,971

FW2428748.UP.FTS.B,

17.09%,

1/13/27

..

8,614

8,507

L2425118.UP.FTS.B,

17.11%,

1/13/27

....

6,031

5,939

FW2423151.UP.FTS.B,

17.2%,

1/13/27

...

3,792

3,735

L2424529.UP.FTS.B,

17.26%,

1/13/27

....

8,620

8,545

L2428394.UP.FTS.B,

17.4%,

1/13/27

....

5,017

4,951

FW2425055.UP.FTS.B,

17.43%,

1/13/27

..

14,145

13,931

L2426279.UP.FTS.B,

17.73%,

1/13/27

....

3,540

3,497

L2424817.UP.FTS.B,

17.78%,

1/13/27

....

11,227

11,058

L2423964.UP.FTS.B,

18.15%,

1/13/27

....

6,053

5,962

L2427597.UP.FTS.B,

18.22%,

1/13/27

....

4,619

332

L2428498.UP.FTS.B,

18.5%,

1/13/27

....

4,360

4,293

L2428454.UP.FTS.B,

18.63%,

1/13/27

....

6,523

6,421

L2427159.UP.FTS.B,

19.03%,

1/13/27

....

4,246

307

L2426634.UP.FTS.B,

19.2%,

1/13/27

....

6,929

503

L2422983.UP.FTS.B,

19.45%,

1/13/27

....

24,501

24,203

L2424684.UP.FTS.B,

20.1%,

1/13/27

....

5,193

5,155

L2423758.UP.FTS.B,

20.41%,

1/13/27

....

1,744

1,718

L2405396.UP.FTS.B,

20.43%,

1/13/27

....

6,702

3,850

L2423418.UP.FTS.B,

20.43%,

1/13/27

....

4,013

288

L2426770.UP.FTS.B,

20.84%,

1/13/27

....

13,095

13,005

FW2426815.UP.FTS.B,

21.17%,

1/13/27

..

11,945

11,856

FW2425922.UP.FTS.B,

21.25%,

1/13/27

..

1,563

1,544

L2425214.UP.FTS.B,

21.28%,

1/13/27

....

4,809

4,738

L2427912.UP.FTS.B,

21.34%,

1/13/27

....

875

867

FW2424710.UP.FTS.B,

21.52%,

1/13/27

..

14,352

14,133

FW2427047.UP.FTS.B,

22.2%,

1/13/27

...

19,120

18,990

FW2427291.UP.FTS.B,

22.37%,

1/13/27

..

3,927

16

L2428658.UP.FTS.B,

22.41%,

1/13/27

....

9,784

5,816

L2395761.UP.FTS.B,

22.53%,

1/13/27

....

26,341

26,163

L2398543.UP.FTS.B,

22.71%,

1/13/27

....

3,206

3,161

L2425900.UP.FTS.B,

23.2%,

1/13/27

....

7,744

7,692

L2422984.UP.FTS.B,

23.24%,

1/13/27

....

11,678

3,380

L2424344.UP.FTS.B,

23.87%,

1/13/27

....

882

876

L2426951.UP.FTS.B,

24.27%,

1/13/27

....

4,857

4,825

L2425886.UP.FTS.B,

24.76%,

1/13/27

....

4,422

4,392

L2404751.UP.FTS.B,

24.81%,

1/13/27

....

15,921

15,817

FW2427848.UP.FTS.B,

24.93%,

1/13/27

..

2,834

1,684

L2428382.UP.FTS.B,

25.1%,

1/13/27

....

1,191

176

L2422250.UP.FTS.B,

25.13%,

1/13/27

....

2,745

2,727

L2423497.UP.FTS.B,

25.16%,

1/13/27

....

1,417

1,407

L2399706.UP.FTS.B,

25.18%,

1/13/27

....

12,813

12,716

L2419915.UP.FTS.B,

25.22%,

1/13/27

....

1,755

509

FW2428740.UP.FTS.B,

25.25%,

1/13/27

..

3,543

3,519

L2425660.UP.FTS.B,

25.25%,

1/13/27

....

1,683

1,663

L2427647.UP.FTS.B,

25.29%,

1/13/27

....

5,138

5,104

L2426521.UP.FTS.B,

25.33%,

1/13/27

....

3,101

3,080

L2427874.UP.FTS.B,

25.33%,

1/13/27

....

910

896

L2425390.UP.FTS.B,

25.36%,

1/13/27

....

2,660

764

L2426044.UP.FTS.B,

25.4%,

1/13/27

....

1,949

1,937

L2426848.UP.FTS.B,

25.4%,

1/13/27

....

8,050

7,981

L2424212.UP.FTS.B,

25.42%,

1/13/27

....

895

532

L2427070.UP.FTS.B,

25.42%,

1/13/27

....

3,013

2,993

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2425077.UP.FTS.B,

25.43%,

1/13/27

....

$

8,218

$

8,159

L2423795.UP.FTS.B,

25.46%,

1/13/27

....

6,292

6,251

L2424946.UP.FTS.B,

25.46%,

1/13/27

....

1,913

1,886

L2425747.UP.FTS.B,

25.48%,

1/13/27

....

12,409

12,230

FW2425381.UP.FTS.B,

25.75%,

1/13/27

..

6,339

455

L2424771.UP.FTS.B,

25.96%,

1/13/27

....

1,952

1,940

FW2424834.UP.FTS.B,

26.08%,

1/13/27

..

4,795

4,764

FW2425245.UP.FTS.B,

26.25%,

1/13/27

..

1,422

1,412

FW2423361.UP.FTS.B,

26.6%,

1/13/27

...

3,184

921

FW2426259.UP.FTS.B,

26.65%,

1/13/27

..

4,449

4,414

FW2428725.UP.FTS.B,

26.68%,

1/13/27

..

2,435

2,415

FW2428287.UP.FTS.B,

26.84%,

1/13/27

..

5,340

5,306

FW2425746.UP.FTS.B,

27.06%,

1/13/27

..

8,016

7,964

FW2425948.UP.FTS.B,

27.28%,

1/13/27

..

6,238

6,199

FW2425689.UP.FTS.B,

27.43%,

1/13/27

..

8,950

8,884

FW2424326.UP.FTS.B,

27.8%,

1/13/27

...

8,860

8,800

FW2422977.UP.FTS.B,

28.17%,

1/13/27

..

17,712

17,590

FW2423642.UP.FTS.B,

28.44%,

1/13/27

..

3,577

3,555

FW2424974.UP.FTS.B,

28.61%,

1/13/27

..

15,145

15,027

FW2427295.UP.FTS.B,

28.62%,

1/13/27

..

1,432

1,423

FW2424097.UP.FTS.B,

29.01%,

1/13/27

..

3,728

(14)

FW2423517.UP.FTS.B,

29.09%,

1/13/27

..

5,466

1,590

FW2422891.UP.FTS.B,

29.39%,

1/13/27

..

1,749

1,735

FW2425791.UP.FTS.B,

29.41%,

1/13/27

..

2,732

2,710

FW2426907.UP.FTS.B,

29.43%,

1/13/27

..

37,385

37,100

FW2425524.UP.FTS.B,

29.54%,

1/13/27

..

20,184

20,059

FW2427306.UP.FTS.B,

29.68%,

1/13/27

..

1,257

1,248

FW2423451.UP.FTS.B,

30.19%,

1/13/27

..

899

893

FW2426985.UP.FTS.B,

30.26%,

1/13/27

..

29,909

29,706

FW2427875.UP.FTS.B,

30.3%,

1/13/27

...

899

893

FW2423548.UP.FTS.B,

30.41%,

1/13/27

..

2,338

2,324

FW2425371.UP.FTS.B,

30.51%,

1/13/27

..

1,799

1,788

FW2423407.UP.FTS.B,

30.57%,

1/13/27

..

2,069

2,057

FW2424742.UP.FTS.B,

30.86%,

1/13/27

..

1,367

1,352

FW2425795.UP.FTS.B,

30.94%,

1/13/27

..

3,639

3,616

FW2425961.UP.FTS.B,

31.09%,

1/13/27

..

991

985

FW2426323.UP.FTS.B,

31.14%,

1/13/27

..

6,759

6,718

FW2427636.UP.FTS.B,

31.15%,

1/13/27

..

5,131

5,099

FW2426510.UP.FTS.B,

31.33%,

1/13/27

..

3,422

3,401

FW2424349.UP.FTS.B,

31.49%,

1/13/27

..

2,796

2,779

FW2423715.UP.FTS.B,

32.57%,

1/13/27

..

905

899

FW2432124.UP.FTS.B,

5.02%,

1/14/27

...

40,975

40,740

L2429437.UP.FTS.B,

5.17%,

1/14/27

....

9,841

9,785

L2435082.UP.FTS.B,

5.24%,

1/14/27

....

22,231

22,105

L2429367.UP.FTS.B,

5.33%,

1/14/27

....

12,310

12,240

L2435136.UP.FTS.B,

5.4%,

1/14/27

.....

8,620

8,571

L2435334.UP.FTS.B,

5.79%,

1/14/27

....

2,550

2,535

L2431631.UP.FTS.B,

5.94%,

1/14/27

....

3,127

3,110

L2428794.UP.FTS.B,

5.98%,

1/14/27

....

12,346

12,277

L2434119.UP.FTS.B,

5.98%,

1/14/27

.....

1,233

1,226

L2432641.UP.FTS.B,

5.99%,

1/14/27

....

8,231

8,185

FW2431037.UP.FTS.B,

6.01%,

1/14/27

...

3,301

3,283

L2432955.UP.FTS.B,

6.09%,

1/14/27

....

1,767

129

FW2434481.UP.FTS.B,

6.18%,

1/14/27

...

7,830

7,787

L2434868.UP.FTS.B,

6.25%,

1/14/27

....

9,065

9,015

L2433278.UP.FTS.B,

6.42%,

1/14/27

....

11,486

11,422

L2432971.UP.FTS.B,

6.45%,

1/14/27

....

4,136

293

L2434814.UP.FTS.B,

6.49%,

1/14/27

....

2,145

2,133

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2432301.UP.FTS.B,

6.51%,

1/14/27

....

$

4,125

$

4,103

L2431798.UP.FTS.B,

6.68%,

1/14/27

....

11,456

11,391

FW2429354.UP.FTS.B,

6.79%,

1/14/27

...

41,120

40,895

FW2430872.UP.FTS.B,

6.87%,

1/14/27

...

2,892

2,877

L2432901.UP.FTS.B,

6.93%,

1/14/27

....

15,694

15,609

FW2430681.UP.FTS.B,

7.21%,

1/14/27

...

26,469

26,326

L2431865.UP.FTS.B,

7.24%,

1/14/27

....

14,072

13,996

L2429292.UP.FTS.B,

7.41%,

1/14/27

....

9,940

9,866

L2432353.UP.FTS.B,

7.41%,

1/14/27

....

16,568

16,444

L2432199.UP.FTS.B,

7.42%,

1/14/27

....

3,702

1,896

L2430454.UP.FTS.B,

7.62%,

1/14/27

....

11,468

11,382

L2433097.UP.FTS.B,

7.62%,

1/14/27

....

32,079

31,838

L2434635.UP.FTS.B,

7.74%,

1/14/27

....

17,586

17,456

FW2429026.UP.FTS.B,

7.87%,

1/14/27

...

2,607

645

L2433991.UP.FTS.B,

7.94%,

1/14/27

....

5,665

5,622

L2435013.UP.FTS.B,

8.08%,

1/14/27

....

8,308

8,247

L2429715.UP.FTS.B,

8.3%,

1/14/27

.....

3,327

3,302

L2434529.UP.FTS.B,

8.37%,

1/14/27

....

5,823

5,780

L2430462.UP.FTS.B,

8.4%,

1/14/27

.....

20,800

20,644

L2435208.UP.FTS.B,

8.4%,

1/14/27

.....

37,392

37,117

L2432009.UP.FTS.B,

8.47%,

1/14/27

....

16,592

16,470

FW2429579.UP.FTS.B,

8.83%,

1/14/27

...

5,467

2,796

L2433575.UP.FTS.B,

8.87%,

1/14/27

....

6,986

6,933

L2435422.UP.FTS.B,

8.9%,

1/14/27

.....

8,481

4,330

L2429477.UP.FTS.B,

8.93%,

1/14/27

....

11,591

11,507

L2429964.UP.FTS.B,

9.01%,

1/14/27

....

4,171

4,140

L2429979.UP.FTS.B,

9.08%,

1/14/27

....

2,503

2,485

L2432951.UP.FTS.B,

9.1%,

1/14/27

.....

13,046

12,950

L2429404.UP.FTS.B,

9.12%,

1/14/27

....

41,727

41,426

L2430869.UP.FTS.B,

9.13%,

1/14/27

....

9,344

4,773

L2432838.UP.FTS.B,

9.34%,

1/14/27

....

16,546

1,210

L2430465.UP.FTS.B,

9.43%,

1/14/27

....

12,535

12,445

L2432796.UP.FTS.B,

9.5%,

1/14/27

.....

2,090

2,075

L2432514.UP.FTS.B,

9.62%,

1/14/27

....

29,271

29,062

L2434796.UP.FTS.B,

9.68%,

1/14/27

....

20,913

20,763

L2434345.UP.FTS.B,

9.69%,

1/14/27

....

7,830

7,769

L2434787.UP.FTS.B,

9.78%,

1/14/27

....

2,439

2,421

L2432829.UP.FTS.B,

9.84%,

1/14/27

....

8,613

625

FW2431901.UP.FTS.B,

9.92%,

1/14/27

...

9,761

9,664

L2434222.UP.FTS.B,

9.93%,

1/14/27

....

8,515

4,349

L2434832.UP.FTS.B,

9.93%,

1/14/27

....

5,443

5,404

L2435424.UP.FTS.B,

10.13%,

1/14/27

....

4,180

4,141

L2435560.UP.FTS.B,

10.15%,

1/14/27

....

22,340

22,179

FW2433055.UP.FTS.B,

10.82%,

1/14/27

..

2,942

2,914

L2403095.UP.FTS.B,

10.86%,

1/14/27

....

7,129

7,062

L2433406.UP.FTS.B,

10.87%,

1/14/27

....

14,938

1,088

L2431423.UP.FTS.B,

11.01%,

1/14/27

....

2,524

2,500

L2430601.UP.FTS.B,

11.3%,

1/14/27

.....

14,740

14,604

FW2432645.UP.FTS.B,

11.94%,

1/14/27

..

5,489

5,439

FW2433730.UP.FTS.B,

12.25%,

1/14/27

..

44,118

11,299

L2435214.UP.FTS.B,

12.31%,

1/14/27

....

5,074

5,028

L2431712.UP.FTS.B,

12.53%,

1/14/27

....

1,299

329

FW2433199.UP.FTS.B,

12.56%,

1/14/27

..

2,540

2,516

L2431067.UP.FTS.B,

12.57%,

1/14/27

....

5,073

5,026

L2429992.UP.FTS.B,

12.6%,

1/14/27

....

4,395

4,354

L2434462.UP.FTS.B,

12.63%,

1/14/27

....

1,694

1,678

FW2432090.UP.FTS.B,

12.83%,

1/14/27

..

5,508

5,458

L2435380.UP.FTS.B,

12.98%,

1/14/27

....

4,635

4,592

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2434494.UP.FTS.B,

12.99%,

1/14/27

..

$

4,240

$

4,202

L2432680.UP.FTS.B,

13.04%,

1/14/27

....

4,241

4,202

L2430844.UP.FTS.B,

13.1%,

1/14/27

....

13,758

13,629

FW2430692.UP.FTS.B,

13.13%,

1/14/27

..

7,636

7,567

L2434966.UP.FTS.B,

13.37%,

1/14/27

....

8,499

8,419

L2434354.UP.FTS.B,

13.48%,

1/14/27

....

4,248

4,210

L2433923.UP.FTS.B,

13.81%,

1/14/27

....

8,464

8,388

L2430593.UP.FTS.B,

13.89%,

1/14/27

....

8,561

8,483

L2435102.UP.FTS.B,

15.04%,

1/14/27

....

12,835

12,718

FW2429622.UP.FTS.B,

15.13%,

1/14/27

..

4,318

2,279

L2434928.UP.FTS.B,

15.16%,

1/14/27

....

4,276

4,238

L2432300.UP.FTS.B,

15.27%,

1/14/27

....

572

565

L2431842.UP.FTS.B,

15.8%,

1/14/27

....

34,196

33,890

L2429881.UP.FTS.B,

15.91%,

1/14/27

....

20,225

1,465

FW2435291.UP.FTS.B,

16.08%,

1/14/27

..

38,346

38,005

FW2428845.UP.FTS.B,

16.32%,

1/14/27

..

8,841

2,380

L2429267.UP.FTS.B,

16.52%,

1/14/27

....

8,624

8,514

FW2435527.UP.FTS.B,

16.65%,

1/14/27

..

15,653

15,461

FW2430915.UP.FTS.B,

16.81%,

1/14/27

..

9,281

9,167

L2429626.UP.FTS.B,

16.81%,

1/14/27

....

3,442

3,400

L2434502.UP.FTS.B,

17.17%,

1/14/27

....

14,222

14,003

L2435410.UP.FTS.B,

17.3%,

1/14/27

....

10,527

5,856

L2432699.UP.FTS.B,

17.44%,

1/14/27

....

4,744

4,686

L2434046.UP.FTS.B,

17.57%,

1/14/27

....

8,198

8,129

L2432494.UP.FTS.B,

18.24%,

1/14/27

....

3,460

3,419

L2426379.UP.FTS.B,

19.1%,

1/14/27

....

4,773

4,716

L2429755.UP.FTS.B,

19.15%,

1/14/27

....

13,018

12,931

L2435425.UP.FTS.B,

19.56%,

1/14/27

....

5,257

5,177

FW2428166.UP.FTS.B,

19.59%,

1/14/27

..

10,570

5,880

FW2431351.UP.FTS.B,

20.08%,

1/14/27

..

242

238

FW2430438.UP.FTS.B,

20.15%,

1/14/27

..

3,406

3,354

L2430606.UP.FTS.B,

20.16%,

1/14/27

....

11,410

11,244

L2434674.UP.FTS.B,

20.19%,

1/14/27

....

34,975

34,681

L2430735.UP.FTS.B,

20.49%,

1/14/27

....

6,140

6,093

L2434166.UP.FTS.B,

20.69%,

1/14/27

....

34,901

34,394

L2428990.UP.FTS.B,

21.05%,

1/14/27

....

17,472

17,358

L2431627.UP.FTS.B,

21.05%,

1/14/27

....

8,736

8,634

L2434076.UP.FTS.B,

21.06%,

1/14/27

....

8,736

8,679

FW2431803.UP.FTS.B,

21.19%,

1/14/27

..

3,409

3,359

L2435241.UP.FTS.B,

21.3%,

1/14/27

....

6,733

6,679

L2433980.UP.FTS.B,

21.4%,

1/14/27

....

3,499

3,448

L2429653.UP.FTS.B,

21.57%,

1/14/27

....

5,689

5,652

L2434141.UP.FTS.B,

21.61%,

1/14/27

....

3,414

3,364

L2433810.UP.FTS.B,

21.65%,

1/14/27

....

15,771

15,640

FW2435200.UP.FTS.B,

21.71%,

1/14/27

..

6,191

449

L2434159.UP.FTS.B,

21.72%,

1/14/27

....

1,314

1,304

L2432761.UP.FTS.B,

21.77%,

1/14/27

....

2,190

2,163

L2434330.UP.FTS.B,

21.77%,

1/14/27

....

7,882

7,790

L2432647.UP.FTS.B,

21.91%,

1/14/27

....

3,158

3,110

L2433080.UP.FTS.B,

22.02%,

1/14/27

....

13,849

13,760

L2433930.UP.FTS.B,

22.17%,

1/14/27

....

9,471

9,410

L2428923.UP.FTS.B,

22.2%,

1/14/27

....

9,608

2,769

L2433523.UP.FTS.B,

22.41%,

1/14/27

....

12,307

12,212

L2433884.UP.FTS.B,

22.52%,

1/14/27

....

4,378

4,315

L2432854.UP.FTS.B,

22.72%,

1/14/27

....

10,755

6,180

L2432010.UP.FTS.B,

22.75%,

1/14/27

....

26,366

26,162

FW2434063.UP.FTS.B,

22.84%,

1/14/27

..

4,661

332

FW2433245.UP.FTS.B,

22.87%,

1/14/27

..

5,801

5,764

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2429021.UP.FTS.B,

22.9%,

1/14/27

....

$

5,326

$

5,288

FW2434152.UP.FTS.B,

22.94%,

1/14/27

..

14,154

14,064

FW2429090.UP.FTS.B,

23%,

1/14/27

....

2,647

1,569

L2433122.UP.FTS.B,

23.25%,

1/14/27

....

8,801

8,745

L2429502.UP.FTS.B,

23.45%,

1/14/27

....

1,954

1,940

L2429998.UP.FTS.B,

23.47%,

1/14/27

....

22,017

21,702

FW2429115.UP.FTS.B,

23.87%,

1/14/27

..

4,067

66

L2429608.UP.FTS.B,

24.17%,

1/14/27

....

7,010

1,046

L2430627.UP.FTS.B,

24.59%,

1/14/27

....

8,774

8,716

L2435514.UP.FTS.B,

24.62%,

1/14/27

....

8,839

8,784

FW2434137.UP.FTS.B,

24.72%,

1/14/27

..

24,862

24,673

L2429435.UP.FTS.B,

24.72%,

1/14/27

....

10,611

10,460

L2429892.UP.FTS.B,

24.74%,

1/14/27

....

1,680

1,670

L2428102.UP.FTS.B,

25.04%,

1/14/27

....

4,233

51

L2430498.UP.FTS.B,

25.11%,

1/14/27

....

974

968

L2432911.UP.FTS.B,

25.19%,

1/14/27

....

4,721

4,688

L2434103.UP.FTS.B,

25.19%,

1/14/27

....

1,063

1,056

L2429348.UP.FTS.B,

25.22%,

1/14/27

....

4,471

4,440

L2428592.UP.FTS.B,

25.23%,

1/14/27

....

2,214

2,183

L2431333.UP.FTS.B,

25.27%,

1/14/27

....

1,025

1,014

FW2432940.UP.FTS.B,

25.3%,

1/14/27

...

1,229

88

L2434126.UP.FTS.B,

25.3%,

1/14/27

....

2,347

678

L2429006.UP.FTS.B,

25.32%,

1/14/27

....

3,337

37

L2432337.UP.FTS.B,

25.36%,

1/14/27

....

11,458

11,321

L2430969.UP.FTS.B,

25.5%,

1/14/27

....

2,839

9

L2428819.UP.FTS.B,

25.51%,

1/14/27

....

8,244

8,193

L2430801.UP.FTS.B,

25.58%,

1/14/27

....

1,433

211

L2429739.UP.FTS.B,

25.61%,

1/14/27

....

2,371

2,352

FW2432066.UP.FTS.B,

25.64%,

1/14/27

..

13,036

12,943

L2429989.UP.FTS.B,

25.78%,

1/14/27

....

2,514

178

L2430189.UP.FTS.B,

25.96%,

1/14/27

....

5,627

5,587

L2434122.UP.FTS.B,

25.98%,

1/14/27

....

3,540

3,490

FW2427919.UP.FTS.B,

26.2%,

1/14/27

...

8,883

8,828

FW2429601.UP.FTS.B,

26.35%,

1/14/27

..

7,732

7,685

FW2433321.UP.FTS.B,

26.46%,

1/14/27

..

1,778

1,767

FW2430722.UP.FTS.B,

26.47%,

1/14/27

..

10,490

10,426

FW2434298.UP.FTS.B,

26.5%,

1/14/27

...

2,931

2,913

FW2433285.UP.FTS.B,

26.57%,

1/14/27

..

6,953

6,905

FW2433372.UP.FTS.B,

26.59%,

1/14/27

..

5,621

5,582

FW2428882.UP.FTS.B,

27.27%,

1/14/27

..

5,340

5,308

FW2434057.UP.FTS.B,

27.5%,

1/14/27

...

2,700

1,610

FW2430797.UP.FTS.B,

27.91%,

1/14/27

..

20,804

20,680

FW2435389.UP.FTS.B,

28.43%,

1/14/27

..

894

889

FW2429810.UP.FTS.B,

28.7%,

1/14/27

...

8,004

563

FW2435458.UP.FTS.B,

28.74%,

1/14/27

..

4,425

4,396

FW2429440.UP.FTS.B,

28.89%,

1/14/27

..

5,269

5,186

FW2429972.UP.FTS.B,

28.92%,

1/14/27

..

1,791

1,781

FW2428964.UP.FTS.B,

29.05%,

1/14/27

..

8,197

2,410

FW2432969.UP.FTS.B,

29.06%,

1/14/27

..

8,959

8,906

FW2431470.UP.FTS.B,

29.12%,

1/14/27

..

2,921

205

FW2431137.UP.FTS.B,

29.79%,

1/14/27

..

4,489

4,463

FW2431106.UP.FTS.B,

30.38%,

1/14/27

..

5,098

356

FW2435357.UP.FTS.B,

30.38%,

1/14/27

..

14,837

14,752

FW2435436.UP.FTS.B,

30.46%,

1/14/27

..

3,744

(29)

FW2435220.UP.FTS.B,

30.47%,

1/14/27

..

2,747

2,729

FW2429314.UP.FTS.B,

30.55%,

1/14/27

..

1,402

1,392

FW2431660.UP.FTS.B,

30.55%,

1/14/27

..

11,011

6,596

FW2434437.UP.FTS.B,

30.78%,

1/14/27

..

1,800

1,790

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2432136.UP.FTS.B,

30.97%,

1/14/27

..

$

1,063

$

1,056

FW2434353.UP.FTS.B,

30.98%,

1/14/27

..

1,021

150

FW2425278.UP.FTS.B,

31%,

1/14/27

....

1,165

1,147

FW2431224.UP.FTS.B,

31.01%,

1/14/27

..

1,919

287

FW2429458.UP.FTS.B,

31.02%,

1/14/27

..

1,472

431

FW2434725.UP.FTS.B,

31.06%,

1/14/27

..

2,887

2,867

FW2431217.UP.FTS.B,

31.18%,

1/14/27

..

5,317

5,287

FW2434470.UP.FTS.B,

31.22%,

1/14/27

..

2,035

306

FW2431321.UP.FTS.B,

31.23%,

1/14/27

..

2,446

362

FW2432104.UP.FTS.B,

31.23%,

1/14/27

..

1,456

872

FW2430090.UP.FTS.B,

31.24%,

1/14/27

..

663

653

FW2435248.UP.FTS.B,

31.26%,

1/14/27

..

4,817

4,786

FW2434228.UP.FTS.B,

31.29%,

1/14/27

..

3,128

914

FW2434302.UP.FTS.B,

31.74%,

1/14/27

..

3,159

3,141

FW2435280.UP.FTS.B,

31.75%,

1/14/27

..

12,546

12,475

FW2432670.UP.FTS.B,

31.91%,

1/14/27

..

4,692

(61)

FW2430671.UP.FTS.B,

32%,

1/14/27

....

1,819

1,806

FW2432424.UP.FTS.B,

32.08%,

1/14/27

..

2,622

2,604

FW2430067.UP.FTS.B,

32.35%,

1/14/27

..

4,430

4,405

FW2433366.UP.FTS.B,

32.7%,

1/14/27

...

1,715

1,701

FW2435168.UP.FTS.B,

33.41%,

1/14/27

..

1,584

1,573

FW2433720.UP.FTS.B,

33.91%,

1/14/27

..

3,798

262

FW2429192.UP.FTS.B,

34.62%,

1/14/27

..

6,002

5,969

L2435572.UP.FTS.B,

5.11%,

1/18/27

.....

6,556

6,518

L2437289.UP.FTS.B,

5.21%,

1/18/27

....

16,404

16,308

L2438850.UP.FTS.B,

5.32%,

1/18/27

....

11,216

11,135

FW2437117.UP.FTS.B,

5.57%,

1/18/27

...

9,857

9,800

L2435960.UP.FTS.B,

5.66%,

1/18/27

....

3,287

3,268

FW2438484.UP.FTS.B,

5.73%,

1/18/27

...

8,225

8,177

L2437744.UP.FTS.B,

5.82%,

1/18/27

....

2,874

2,857

L2436076.UP.FTS.B,

6.4%,

1/18/27

.....

8,247

8,199

L2438702.UP.FTS.B,

6.59%,

1/18/27

....

669

664

L2436314.UP.FTS.B,

6.73%,

1/18/27

....

7,021

6,981

L2437712.UP.FTS.B,

7.07%,

1/18/27

....

4,710

4,682

L2436166.UP.FTS.B,

7.3%,

1/18/27

.....

8,280

8,233

L2437375.UP.FTS.B,

7.41%,

1/18/27

....

12,425

12,355

FW2435037.UP.FTS.B,

7.47%,

1/18/27

...

11,711

11,000

FW2435774.UP.FTS.B,

7.71%,

1/18/27

...

2,489

2,469

L2437526.UP.FTS.B,

8.11%,

1/18/27

.....

4,487

4,452

L2435968.UP.FTS.B,

8.28%,

1/18/27

....

41,576

41,264

L2437670.UP.FTS.B,

8.31%,

1/18/27

....

4,144

4,113

L2435758.UP.FTS.B,

8.38%,

1/18/27

....

5,407

5,367

FW2437100.UP.FTS.B,

8.44%,

1/18/27

...

4,993

4,955

FW2435979.UP.FTS.B,

8.48%,

1/18/27

...

14,798

14,685

L2438360.UP.FTS.B,

8.62%,

1/18/27

....

14,161

14,052

FW2436679.UP.FTS.B,

8.8%,

1/18/27

....

4,167

4,136

FW2436617.UP.FTS.B,

8.87%,

1/18/27

...

4,385

589

L2436019.UP.FTS.B,

8.91%,

1/18/27

....

4,586

4,551

FW2436236.UP.FTS.B,

9.07%,

1/18/27

...

1,919

1,904

L2438471.UP.FTS.B,

9.13%,

1/18/27

....

9,325

682

L2436597.UP.FTS.B,

9.15%,

1/18/27

....

4,173

4,141

L2439024.UP.FTS.B,

9.19%,

1/18/27

....

41,604

41,291

FW2437428.UP.FTS.B,

9.23%,

1/18/27

...

3,496

3,469

FW2438526.UP.FTS.B,

9.32%,

1/18/27

...

5,012

4,974

L2439293.UP.FTS.B,

9.38%,

1/18/27

....

4,177

4,146

L2436825.UP.FTS.B,

9.41%,

1/18/27

....

36,765

36,492

L2435641.UP.FTS.B,

9.42%,

1/18/27

....

12,510

12,417

FW2437343.UP.FTS.B,

9.49%,

1/18/27

...

5,015

4,977

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2437642.UP.FTS.B,

9.64%,

1/18/27

....

$

1,073

$

1,064

L2436109.UP.FTS.B,

9.68%,

1/18/27

....

41,683

41,371

L2438805.UP.FTS.B,

9.71%,

1/18/27

....

9,622

9,549

L2438298.UP.FTS.B,

9.72%,

1/18/27

....

12,575

12,480

L2438087.UP.FTS.B,

9.91%,

1/18/27

....

39,355

39,064

L2405316.UP.FTS.B,

10.34%,

1/18/27

....

1,759

449

L2435766.UP.FTS.B,

10.44%,

1/18/27

....

9,651

9,580

L2435811.UP.FTS.B,

10.45%,

1/18/27

....

34,276

32,206

L2435930.UP.FTS.B,

10.61%,

1/18/27

....

732

726

FW2435900.UP.FTS.B,

11.42%,

1/18/27

..

4,550

4,508

L2437164.UP.FTS.B,

11.6%,

1/18/27

.....

5,060

5,012

L2437916.UP.FTS.B,

11.63%,

1/18/27

....

4,217

4,176

FW2438742.UP.FTS.B,

11.7%,

1/18/27

...

8,977

504

L2435975.UP.FTS.B,

12.06%,

1/18/27

....

5,160

4,846

L2431628.UP.FTS.B,

12.97%,

1/18/27

....

12,718

12,599

L2437498.UP.FTS.B,

13%,

1/18/27

......

42,403

42,009

FW2436712.UP.FTS.B,

13.19%,

1/18/27

..

23,763

23,542

L2436053.UP.FTS.B,

13.19%,

1/18/27

....

38,190

37,835

L2435800.UP.FTS.B,

13.45%,

1/18/27

....

2,549

2,524

L2438687.UP.FTS.B,

13.46%,

1/18/27

....

25,848

24,285

FW2438200.UP.FTS.B,

13.65%,

1/18/27

..

762

754

L2436944.UP.FTS.B,

13.68%,

1/18/27

....

25,511

25,264

L2438233.UP.FTS.B,

13.97%,

1/18/27

....

42,566

42,156

FW2435953.UP.FTS.B,

14.04%,

1/18/27

..

2,980

2,953

FW2386556.UP.FTS.B,

14.67%,

1/18/27

..

22,962

22,751

L2435828.UP.FTS.B,

15.11%,

1/18/27

....

8,551

8,472

L2436170.UP.FTS.B,

15.51%,

1/18/27

....

4,282

4,229

FW2437715.UP.FTS.B,

16.25%,

1/18/27

..

21,328

21,059

L2436120.UP.FTS.B,

16.49%,

1/18/27

....

2,579

2,547

FW2437419.UP.FTS.B,

16.93%,

1/18/27

..

12,914

12,796

L2437345.UP.FTS.B,

17.3%,

1/18/27

....

9,492

9,369

L2436245.UP.FTS.B,

17.45%,

1/18/27

....

6,323

909

L2436235.UP.FTS.B,

19.1%,

1/18/27

....

3,926

3,865

FW2433283.UP.FTS.B,

19.48%,

1/18/27

..

4,341

4,287

L2431623.UP.FTS.B,

19.58%,

1/18/27

....

33,552

33,142

L2437520.UP.FTS.B,

19.6%,

1/18/27

....

4,886

4,589

L2437522.UP.FTS.B,

20.01%,

1/18/27

....

1,306

1,287

L2436835.UP.FTS.B,

20.74%,

1/18/27

....

13,091

13,005

L2437784.UP.FTS.B,

21.86%,

1/18/27

....

8,465

8,335

L2438983.UP.FTS.B,

22.44%,

1/18/27

....

34,774

34,531

L2438751.UP.FTS.B,

22.96%,

1/18/27

....

5,265

5,231

L2438096.UP.FTS.B,

23.15%,

1/18/27

....

1,950

1,936

L2436458.UP.FTS.B,

23.16%,

1/18/27

....

1,749

1,737

L2435681.UP.FTS.B,

23.28%,

1/18/27

....

1,756

1,744

FW2436112.UP.FTS.B,

23.4%,

1/18/27

...

3,082

3,062

FW2436384.UP.FTS.B,

23.41%,

1/18/27

..

6,981

2,040

L2436533.UP.FTS.B,

23.74%,

1/18/27

....

10,577

10,509

L2435597.UP.FTS.B,

23.94%,

1/18/27

....

4,402

1,271

L2439317.UP.FTS.B,

24.04%,

1/18/27

....

882

869

L2437454.UP.FTS.B,

24.13%,

1/18/27

....

1,779

1,766

L2435765.UP.FTS.B,

24.15%,

1/18/27

....

1,412

1,403

L2437360.UP.FTS.B,

24.68%,

1/18/27

....

1,325

1,305

L2438451.UP.FTS.B,

24.73%,

1/18/27

....

6,357

6,304

L2435608.UP.FTS.B,

24.85%,

1/18/27

....

1,359

1,289

L2438797.UP.FTS.B,

24.88%,

1/18/27

....

1,007

151

L2436225.UP.FTS.B,

25.02%,

1/18/27

....

1,328

1,319

L2437383.UP.FTS.B,

25.04%,

1/18/27

....

10,621

10,552

L2435949.UP.FTS.B,

25.18%,

1/18/27

....

2,501

2,479

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2438923.UP.FTS.B,

25.2%,

1/18/27

....

$

1,771

$

1,760

L2435111.UP.FTS.B,

25.27%,

1/18/27

....

1,772

1,760

L2437834.UP.FTS.B,

25.39%,

1/18/27

....

9,658

9,517

FW2437643.UP.FTS.B,

25.44%,

1/18/27

..

15,920

15,815

L2435585.UP.FTS.B,

25.45%,

1/18/27

....

1,126

1,114

L2435792.UP.FTS.B,

25.45%,

1/18/27

....

2,216

2,183

L2435644.UP.FTS.B,

25.47%,

1/18/27

....

11,167

11,095

L2435936.UP.FTS.B,

25.47%,

1/18/27

....

1,773

1,761

L2436279.UP.FTS.B,

25.97%,

1/18/27

....

3,640

3,616

FW2435607.UP.FTS.B,

26.08%,

1/18/27

..

2,193

2,174

FW2439188.UP.FTS.B,

26.09%,

1/18/27

..

7,981

7,895

L2436396.UP.FTS.B,

26.15%,

1/18/27

....

27,661

1,958

FW2436593.UP.FTS.B,

26.2%,

1/18/27

...

12,729

1,865

FW2437462.UP.FTS.B,

26.24%,

1/18/27

..

44,421

44,135

FW2435944.UP.FTS.B,

26.26%,

1/18/27

..

3,477

3,451

L2436823.UP.FTS.B,

26.4%,

1/18/27

....

3,467

3,444

FW2436713.UP.FTS.B,

26.86%,

1/18/27

..

8,873

8,814

FW2435703.UP.FTS.B,

27.19%,

1/18/27

..

1,336

1,317

FW2438660.UP.FTS.B,

27.49%,

1/18/27

..

3,568

3,545

FW2435658.UP.FTS.B,

27.83%,

1/18/27

..

73

72

FW2436155.UP.FTS.B,

27.89%,

1/18/27

..

8,103

8,045

FW2437301.UP.FTS.B,

28.28%,

1/18/27

..

25,770

25,562

FW2436660.UP.FTS.B,

28.46%,

1/18/27

..

3,692

1,087

FW2435922.UP.FTS.B,

28.48%,

1/18/27

..

3,578

3,555

FW2435640.UP.FTS.B,

28.51%,

1/18/27

..

4,655

709

FW2438088.UP.FTS.B,

28.61%,

1/18/27

..

4,295

4,267

FW2435573.UP.FTS.B,

28.71%,

1/18/27

..

8,413

8,359

FW2438416.UP.FTS.B,

28.97%,

1/18/27

..

1,344

1,335

FW2437152.UP.FTS.B,

29.32%,

1/18/27

..

6,845

6,492

FW2435672.UP.FTS.B,

29.47%,

1/18/27

..

1,390

(10)

FW2436839.UP.FTS.B,

29.58%,

1/18/27

..

78

77

FW2438725.UP.FTS.B,

29.91%,

1/18/27

..

5,594

841

FW2436127.UP.FTS.B,

30.15%,

1/18/27

..

7,139

505

FW2438349.UP.FTS.B,

30.51%,

1/18/27

..

1,430

1,417

FW2436417.UP.FTS.B,

30.84%,

1/18/27

..

5,402

5,368

FW2438913.UP.FTS.B,

30.85%,

1/18/27

..

1,589

470

FW2437431.UP.FTS.B,

30.95%,

1/18/27

..

1,615

1,604

FW2438777.UP.FTS.B,

30.99%,

1/18/27

..

1,379

406

FW2438891.UP.FTS.B,

31.01%,

1/18/27

..

4,640

323

FW2437637.UP.FTS.B,

31.11%,

1/18/27

..

1,532

1,522

FW2437597.UP.FTS.B,

31.16%,

1/18/27

..

1,104

325

FW2435617.UP.FTS.B,

31.17%,

1/18/27

..

5,281

5,231

FW2438645.UP.FTS.B,

31.19%,

1/18/27

..

2,885

2,866

FW2437702.UP.FTS.B,

31.33%,

1/18/27

..

1,342

1,320

FW2437284.UP.FTS.B,

31.34%,

1/18/27

..

1,351

1,343

FW2438118.UP.FTS.B,

31.57%,

1/18/27

..

7,398

7,351

FW2438330.UP.FTS.B,

31.74%,

1/18/27

..

3,249

3,229

FW2437025.UP.FTS.B,

32.34%,

1/18/27

..

4,249

4,222

L2604537.UP.FTS.B,

4.81%,

2/10/27

....

18,183

18,078

L2607506.UP.FTS.B,

5.59%,

2/10/27

....

41,839

41,599

FW2607187.UP.FTS.B,

7.26%,

2/10/27

...

33,701

33,437

L2528315.UP.FTS.B,

7.51%,

2/10/27

....

9,699

9,623

L2604772.UP.FTS.B,

7.89%,

2/10/27

....

22,890

22,712

L2604123.UP.FTS.B,

8.47%,

2/10/27

....

7,619

7,560

L2608785.UP.FTS.B,

8.52%,

2/10/27

....

12,278

12,183

L2609006.UP.FTS.B,

8.83%,

2/10/27

....

7,615

7,556

FW2594995.UP.FTS.B,

9.66%,

2/10/27

...

24,666

24,478

L2607571.UP.FTS.B,

9.71%,

2/10/27

....

17,014

16,884

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2606288.UP.FTS.B,

9.78%,

2/10/27

....

$

6,452

$

6,399

L2604523.UP.FTS.B,

10.02%,

2/10/27

....

14,905

14,792

L2608678.UP.FTS.B,

11.38%,

2/10/27

....

3,852

3,813

L2608808.UP.FTS.B,

11.45%,

2/10/27

....

1,965

1,940

L2603278.UP.FTS.B,

11.56%,

2/10/27

....

4,994

4,941

L2606699.UP.FTS.B,

11.87%,

2/10/27

....

20,559

20,351

L2608120.UP.FTS.B,

12.12%,

2/10/27

....

23,093

22,860

L2607500.UP.FTS.B,

12.17%,

2/10/27

....

16,035

8,446

L2606144.UP.FTS.B,

12.19%,

2/10/27

....

4,040

3,989

L2602160.UP.FTS.B,

13.05%,

2/10/27

....

7,322

7,248

L2606798.UP.FTS.B,

13.38%,

2/10/27

....

8,624

8,538

L2605310.UP.FTS.B,

13.4%,

2/10/27

....

5,750

5,692

L2604725.UP.FTS.B,

13.41%,

2/10/27

....

2,851

2,822

L2608712.UP.FTS.B,

13.54%,

2/10/27

....

3,452

3,417

L2607120.UP.FTS.B,

13.67%,

2/10/27

....

15,073

14,916

L2607960.UP.FTS.B,

13.74%,

2/10/27

....

6,476

6,412

FW2604743.UP.FTS.B,

13.75%,

2/10/27

..

11,226

11,115

L2581968.UP.FTS.B,

13.8%,

2/10/27

....

9,524

9,426

FW2606882.UP.FTS.B,

13.95%,

2/10/27

..

6,913

6,845

FW2605016.UP.FTS.B,

14.07%,

2/10/27

..

13,276

957

L2560503.UP.FTS.B,

14.15%,

2/10/27

....

21,620

21,406

FW2608211.UP.FTS.B,

14.17%,

2/10/27

..

25,945

25,688

L2603024.UP.FTS.B,

14.31%,

2/10/27

....

6,037

5,976

L2607639.UP.FTS.B,

14.65%,

2/10/27

....

27,636

27,363

L2603034.UP.FTS.B,

14.68%,

2/10/27

....

9,010

8,885

L2603677.UP.FTS.B,

14.69%,

2/10/27

....

12,996

12,868

FW2606203.UP.FTS.B,

14.78%,

2/10/27

..

2,773

2,746

FW2602616.UP.FTS.B,

14.79%,

2/10/27

..

43,349

42,923

L2603660.UP.FTS.B,

14.88%,

2/10/27

....

7,561

7,483

FW2608483.UP.FTS.B,

15.02%,

2/10/27

..

6,423

267

FW2608870.UP.FTS.B,

15.02%,

2/10/27

..

12,970

12,841

FW2607554.UP.FTS.B,

15.11%,

2/10/27

..

4,479

4,415

L2602863.UP.FTS.B,

15.13%,

2/10/27

....

3,471

3,423

FW2602511.UP.FTS.B,

15.19%,

2/10/27

..

24,476

24,236

L2607940.UP.FTS.B,

15.26%,

2/10/27

....

5,443

5,388

L2605446.UP.FTS.B,

15.44%,

2/10/27

....

3,822

3,769

L2599419.UP.FTS.B,

15.54%,

2/10/27

....

15,642

15,425

L2608264.UP.FTS.B,

15.55%,

2/10/27

....

21,726

21,425

L2606023.UP.FTS.B,

15.7%,

2/10/27

....

3,478

3,444

L2602901.UP.FTS.B,

15.85%,

2/10/27

....

6,716

6,618

L2609082.UP.FTS.B,

16.06%,

2/10/27

....

18,374

18,195

L2609598.UP.FTS.B,

16.23%,

2/10/27

....

13,066

12,885

L2607076.UP.FTS.B,

16.42%,

2/10/27

....

21,881

21,665

L2603136.UP.FTS.B,

17.13%,

2/10/27

....

17,476

17,235

L2606954.UP.FTS.B,

17.42%,

2/10/27

....

3,061

3,019

FW2602895.UP.FTS.B,

17.44%,

2/10/27

..

9,189

9,058

L2604751.UP.FTS.B,

17.73%,

2/10/27

....

875

863

FW2609494.UP.FTS.B,

18.3%,

2/10/27

...

4,385

4,325

FW2607843.UP.FTS.B,

18.35%,

2/10/27

..

6,680

6,581

FW2606517.UP.FTS.B,

18.44%,

2/10/27

..

7,086

6,987

FW2604508.UP.FTS.B,

18.54%,

2/10/27

..

4,599

660

FW2603450.UP.FTS.B,

19.07%,

2/10/27

..

10,463

10,320

FW2606893.UP.FTS.B,

19.31%,

2/10/27

..

4,396

4,322

FW2604033.UP.FTS.B,

19.37%,

2/10/27

..

8,625

8,481

FW2607400.UP.FTS.B,

19.48%,

2/10/27

..

1,744

1,714

L2608142.UP.FTS.B,

19.78%,

2/10/27

....

7,667

7,596

FW2605836.UP.FTS.B,

20.24%,

2/10/27

..

1,765

1,736

L2609196.UP.FTS.B,

20.26%,

2/10/27

....

5,331

5,241

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2608136.UP.FTS.B,

20.57%,

2/10/27

..

$

3,625

$

1,002

L2607782.UP.FTS.B,

20.62%,

2/10/27

....

2,797

2,766

L2604705.UP.FTS.B,

20.86%,

2/10/27

....

6,011

882

L2607501.UP.FTS.B,

20.9%,

2/10/27

....

5,306

5,258

L2580476.UP.FTS.B,

20.98%,

2/10/27

....

2,576

2,525

FW2607597.UP.FTS.B,

21.25%,

2/10/27

..

1,948

1,915

L2604520.UP.FTS.B,

21.28%,

2/10/27

....

845

833

FW2601053.UP.FTS.B,

21.37%,

2/10/27

..

1,329

1,307

L2609346.UP.FTS.B,

21.52%,

2/10/27

....

18,607

18,299

L2603922.UP.FTS.B,

21.73%,

2/10/27

....

4,877

4,832

L2608576.UP.FTS.B,

21.77%,

2/10/27

....

3,724

3,690

FW2603891.UP.FTS.B,

21.96%,

2/10/27

..

14,558

8,338

L2608126.UP.FTS.B,

22.06%,

2/10/27

....

4,300

4,255

L2603732.UP.FTS.B,

22.26%,

2/10/27

....

4,192

299

L2607211.UP.FTS.B,

22.39%,

2/10/27

....

2,717

1,607

L2606901.UP.FTS.B,

22.53%,

2/10/27

....

2,160

53

FW2607078.UP.FTS.B,

22.55%,

2/10/27

..

2,755

2,730

FW2608208.UP.FTS.B,

22.58%,

2/10/27

..

9,778

9,689

L2604735.UP.FTS.B,

22.59%,

2/10/27

....

16,334

16,060

L2602916.UP.FTS.B,

22.8%,

2/10/27

....

4,191

1,197

L2605822.UP.FTS.B,

22.8%,

2/10/27

....

4,447

4,407

L2602456.UP.FTS.B,

22.85%,

2/10/27

....

7,117

7,052

L2608552.UP.FTS.B,

22.9%,

2/10/27

....

2,669

2,645

L2608111.UP.FTS.B,

23.17%,

2/10/27

....

14,336

14,206

FW2603295.UP.FTS.B,

23.18%,

2/10/27

..

8,905

8,824

L2605681.UP.FTS.B,

23.22%,

2/10/27

....

4,453

4,413

L2603641.UP.FTS.B,

23.37%,

2/10/27

....

3,386

3,355

FW2602599.UP.FTS.B,

23.5%,

2/10/27

...

7,260

520

L2606964.UP.FTS.B,

23.53%,

2/10/27

....

891

883

L2606750.UP.FTS.B,

23.58%,

2/10/27

....

1,791

1,761

L2606747.UP.FTS.B,

23.7%,

2/10/27

....

8,847

8,762

FW2609091.UP.FTS.B,

23.84%,

2/10/27

..

4,339

4,293

L2604424.UP.FTS.B,

24.29%,

2/10/27

....

8,739

8,659

L2604262.UP.FTS.B,

24.39%,

2/10/27

....

4,468

4,428

FW2605000.UP.FTS.B,

24.47%,

2/10/27

..

4,916

4,872

FW2604966.UP.FTS.B,

24.55%,

2/10/27

..

18,951

1,343

L2609347.UP.FTS.B,

24.63%,

2/10/27

....

8,410

4,988

L2601898.UP.FTS.B,

24.69%,

2/10/27

....

1,252

1,241

L2603565.UP.FTS.B,

24.79%,

2/10/27

....

1,340

96

FW2608165.UP.FTS.B,

24.94%,

2/10/27

..

33,070

2,358

FW2608779.UP.FTS.B,

24.99%,

2/10/27

..

8,979

5,318

L2608693.UP.FTS.B,

24.99%,

2/10/27

....

1,432

1,419

L2608510.UP.FTS.B,

25%,

2/10/27

......

1,790

1,774

L2605594.UP.FTS.B,

25.02%,

2/10/27

....

2,507

2,484

FW2602240.UP.FTS.B,

25.03%,

2/10/27

..

5,892

3,506

L2603615.UP.FTS.B,

25.04%,

2/10/27

....

19,869

19,602

L2603919.UP.FTS.B,

25.13%,

2/10/27

....

989

977

L2603328.UP.FTS.B,

25.17%,

2/10/27

....

896

888

FW2603122.UP.FTS.B,

25.21%,

2/10/27

..

4,631

658

L2604053.UP.FTS.B,

25.25%,

2/10/27

....

1,702

1,687

L2606928.UP.FTS.B,

25.27%,

2/10/27

....

1,881

1,851

L2578952.UP.FTS.B,

25.3%,

2/10/27

....

931

66

L2607974.UP.FTS.B,

25.3%,

2/10/27

....

8,332

8,257

L2609551.UP.FTS.B,

25.3%,

2/10/27

....

2,330

2,309

FW2604982.UP.FTS.B,

25.32%,

2/10/27

..

13,440

13,319

L2606195.UP.FTS.B,

25.33%,

2/10/27

....

1,320

94

L2602226.UP.FTS.B,

25.35%,

2/10/27

....

1,671

(19)

FW2608965.UP.FTS.B,

25.39%,

2/10/27

..

6,484

944

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2609019.UP.FTS.B,

25.41%,

2/10/27

..

$

4,869

$

4,823

L2572476.UP.FTS.B,

25.45%,

2/10/27

....

12,626

12,511

L2608845.UP.FTS.B,

25.47%,

2/10/27

....

2,934

842

L2607608.UP.FTS.B,

25.48%,

2/10/27

....

1,233

88

L2609282.UP.FTS.B,

25.49%,

2/10/27

....

5,899

3,488

L2608348.UP.FTS.B,

25.54%,

2/10/27

....

5,381

5,332

L2603713.UP.FTS.B,

25.81%,

2/10/27

....

3,113

3,083

FW2604813.UP.FTS.B,

25.83%,

2/10/27

..

6,281

6,225

L2586417.UP.FTS.B,

25.9%,

2/10/27

....

8,705

8,627

FW2609054.UP.FTS.B,

25.93%,

2/10/27

..

9,060

8,974

L2605704.UP.FTS.B,

25.94%,

2/10/27

....

2,334

2,303

FW2606426.UP.FTS.B,

26.19%,

2/10/27

..

3,121

3,092

FW2606616.UP.FTS.B,

26.25%,

2/10/27

..

1,790

1,774

L2605322.UP.FTS.B,

26.41%,

2/10/27

....

16,267

16,122

FW2604860.UP.FTS.B,

26.47%,

2/10/27

..

4,944

4,899

FW2607306.UP.FTS.B,

26.66%,

2/10/27

..

2,698

2,674

FW2608671.UP.FTS.B,

26.81%,

2/10/27

..

9,088

9,003

FW2607888.UP.FTS.B,

27.06%,

2/10/27

..

11,647

11,539

L2604862.UP.FTS.B,

27.57%,

2/10/27

....

9,196

9,114

FW2605155.UP.FTS.B,

27.62%,

2/10/27

..

2,321

344

FW2603425.UP.FTS.B,

27.81%,

2/10/27

..

3,052

3,021

FW2607049.UP.FTS.B,

28.08%,

2/10/27

..

1,715

1,700

FW2608113.UP.FTS.B,

28.22%,

2/10/27

..

3,125

3,088

FW2605555.UP.FTS.B,

29.52%,

2/10/27

..

2,084

2,066

FW2607032.UP.FTS.B,

29.66%,

2/10/27

..

25,400

3,671

FW2605064.UP.FTS.B,

30.07%,

2/10/27

..

4,092

287

FW2608931.UP.FTS.B,

30.09%,

2/10/27

..

6,852

480

FW2602228.UP.FTS.B,

30.45%,

2/10/27

..

6,665

1,945

FW2607282.UP.FTS.B,

30.52%,

2/10/27

..

5,547

5,493

FW2608393.UP.FTS.B,

30.6%,

2/10/27

...

1,905

133

FW2606199.UP.FTS.B,

31.02%,

2/10/27

..

2,906

206

FW2607815.UP.FTS.B,

31.17%,

2/10/27

..

2,378

1,418

FW2606754.UP.FTS.B,

31.29%,

2/10/27

..

3,459

3,429

FW2606293.UP.FTS.B,

31.31%,

2/10/27

..

4,552

4,512

FW2604964.UP.FTS.B,

31.43%,

2/10/27

..

3,146

219

FW2607854.UP.FTS.B,

31.49%,

2/10/27

..

5,464

5,416

FW2602032.UP.FTS.B,

31.57%,

2/10/27

..

4,812

4,765

FW2604730.UP.FTS.B,

31.73%,

2/10/27

..

7,037

6,969

FW2601550.UP.FTS.B,

33.99%,

2/10/27

..

2,541

179

L2610465.UP.FTS.B,

5.18%,

2/11/27

.....

20,884

20,764

L2612729.UP.FTS.B,

6.04%,

2/11/27

.....

12,455

12,385

L2570795.UP.FTS.B,

6.48%,

2/11/27

.....

8,390

8,343

L2610259.UP.FTS.B,

6.78%,

2/11/27

.....

5,213

5,185

FW2614143.UP.FTS.B,

6.93%,

2/11/27

...

3,366

3,347

L2588879.UP.FTS.B,

7.55%,

2/11/27

.....

1,265

1,258

L2611556.UP.FTS.B,

8.27%,

2/11/27

.....

8,159

8,088

L2610842.UP.FTS.B,

9.27%,

2/11/27

.....

9,512

9,440

L2613434.UP.FTS.B,

9.37%,

2/11/27

.....

12,762

12,665

L2610221.UP.FTS.B,

9.67%,

2/11/27

.....

879

214

FW2610585.UP.FTS.B,

9.75%,

2/11/27

...

21,249

21,089

L2614166.UP.FTS.B,

10.03%,

2/11/27

....

2,981

2,959

L2611172.UP.FTS.B,

10.14%,

2/11/27

....

2,556

2,531

FW2612347.UP.FTS.B,

10.88%,

2/11/27

..

34,295

33,943

L2611011.UP.FTS.B,

11.03%,

2/11/27

....

13,858

13,715

FW2613043.UP.FTS.B,

11.2%,

2/11/27

...

10,950

10,841

L2610880.UP.FTS.B,

11.35%,

2/11/27

....

8,560

8,475

L2615397.UP.FTS.B,

11.54%,

2/11/27

....

5,996

5,936

L2615183.UP.FTS.B,

12.14%,

2/11/27

....

10,302

10,200

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2614588.UP.FTS.B,

12.34%,

2/11/27

..

$

6,530

$

6,465

L2615652.UP.FTS.B,

12.4%,

2/11/27

.....

3,609

3,574

FW2612477.UP.FTS.B,

12.41%,

2/11/27

..

12,891

12,763

L2612452.UP.FTS.B,

12.6%,

2/11/27

.....

9,460

9,367

L2614372.UP.FTS.B,

12.82%,

2/11/27

....

13,936

13,799

L2614583.UP.FTS.B,

12.97%,

2/11/27

....

9,473

9,379

FW2604554.UP.FTS.B,

13.07%,

2/11/27

..

17,228

17,059

FW2615345.UP.FTS.B,

13.1%,

2/11/27

...

8,887

8,791

L2615756.UP.FTS.B,

13.21%,

2/11/27

....

4,014

3,973

L2614367.UP.FTS.B,

13.3%,

2/11/27

.....

5,519

5,464

L2612579.UP.FTS.B,

13.46%,

2/11/27

....

4,319

4,275

L2612166.UP.FTS.B,

13.67%,

2/11/27

....

5,821

5,760

L2615304.UP.FTS.B,

13.86%,

2/11/27

....

32,572

32,253

L2615143.UP.FTS.B,

13.89%,

2/11/27

....

3,715

3,679

L2614922.UP.FTS.B,

13.97%,

2/11/27

....

9,525

9,430

FW2612651.UP.FTS.B,

14.21%,

2/11/27

..

21,287

21,074

L2612964.UP.FTS.B,

14.24%,

2/11/27

....

10,381

10,279

L2613233.UP.FTS.B,

14.56%,

2/11/27

....

3,777

272

L2614986.UP.FTS.B,

14.63%,

2/11/27

....

4,331

4,289

L2613480.UP.FTS.B,

14.65%,

2/11/27

....

10,242

10,140

L2615636.UP.FTS.B,

14.73%,

2/11/27

....

24,534

24,186

L2612790.UP.FTS.B,

14.98%,

2/11/27

....

13,704

13,571

L2612114.UP.FTS.B,

14.99%,

2/11/27

....

7,459

7,387

L2614045.UP.FTS.B,

15.28%,

2/11/27

....

5,209

5,159

L2615153.UP.FTS.B,

15.28%,

2/11/27

....

10,419

10,276

L2610220.UP.FTS.B,

15.29%,

2/11/27

....

6,946

6,851

L2610243.UP.FTS.B,

15.41%,

2/11/27

....

7,818

7,711

FW2615365.UP.FTS.B,

15.66%,

2/11/27

..

8,259

8,179

L2539854.UP.FTS.B,

15.78%,

2/11/27

....

3,914

3,860

FW2613396.UP.FTS.B,

15.97%,

2/11/27

..

1,915

1,888

L2614929.UP.FTS.B,

16.21%,

2/11/27

....

3,920

3,882

FW2612990.UP.FTS.B,

16.24%,

2/11/27

..

8,277

8,164

L2611366.UP.FTS.B,

16.4%,

2/11/27

.....

4,358

4,298

L2610647.UP.FTS.B,

16.52%,

2/11/27

....

6,960

6,893

L2613656.UP.FTS.B,

16.55%,

2/11/27

....

1,676

1,651

L2609633.UP.FTS.B,

17.1%,

2/11/27

.....

4,805

4,726

L2611260.UP.FTS.B,

17.12%,

2/11/27

....

18,634

18,373

L2613654.UP.FTS.B,

17.15%,

2/11/27

....

7,112

7,014

L2612163.UP.FTS.B,

17.53%,

2/11/27

....

2,887

2,848

FW2611103.UP.FTS.B,

17.75%,

2/11/27

..

4,378

4,318

L2615159.UP.FTS.B,

17.82%,

2/11/27

....

4,816

4,737

L2610018.UP.FTS.B,

17.84%,

2/11/27

....

1,928

1,901

L2611326.UP.FTS.B,

18.28%,

2/11/27

....

8,758

8,614

L2613884.UP.FTS.B,

18.39%,

2/11/27

....

3,502

3,444

FW2610493.UP.FTS.B,

18.4%,

2/11/27

...

1,478

1,453

L2605567.UP.FTS.B,

18.46%,

2/11/27

....

4,740

4,676

FW2614597.UP.FTS.B,

18.7%,

2/11/27

...

8,767

8,648

L2609725.UP.FTS.B,

18.91%,

2/11/27

....

43,942

43,222

FW2609511.UP.FTS.B,

18.92%,

2/11/27

..

11,513

11,356

FW2610980.UP.FTS.B,

18.94%,

2/11/27

..

8,789

8,671

L2614124.UP.FTS.B,

18.99%,

2/11/27

....

6,805

6,687

L2614413.UP.FTS.B,

19.06%,

2/11/27

....

23,859

23,625

L2601501.UP.FTS.B,

19.21%,

2/11/27

....

4,310

4,240

L2614334.UP.FTS.B,

19.21%,

2/11/27

....

15,394

15,257

L2609505.UP.FTS.B,

19.3%,

2/11/27

.....

1,672

1,656

FW2613564.UP.FTS.B,

19.34%,

2/11/27

..

5,945

854

L2611253.UP.FTS.B,

19.34%,

2/11/27

....

8,800

8,682

L2612816.UP.FTS.B,

19.36%,

2/11/27

....

17,602

17,314

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2612995.UP.FTS.B,

19.69%,

2/11/27

....

$

8,810

$

8,692

FW2611297.UP.FTS.B,

19.83%,

2/11/27

..

13,326

13,145

L2600626.UP.FTS.B,

19.96%,

2/11/27

....

44,121

43,372

L2612449.UP.FTS.B,

20.03%,

2/11/27

....

8,869

8,721

FW2614605.UP.FTS.B,

20.34%,

2/11/27

..

3,949

3,912

L2613825.UP.FTS.B,

20.6%,

2/11/27

.....

2,166

2,129

L2609761.UP.FTS.B,

20.76%,

2/11/27

....

4,420

4,381

L2615540.UP.FTS.B,

20.79%,

2/11/27

....

5,304

5,218

L2610020.UP.FTS.B,

20.86%,

2/11/27

....

5,306

5,259

L2612113.UP.FTS.B,

20.93%,

2/11/27

....

7,409

7,279

L2613671.UP.FTS.B,

21.11%,

2/11/27

....

7,547

7,472

FW2612614.UP.FTS.B,

21.12%,

2/11/27

..

8,672

8,596

FW2612937.UP.FTS.B,

21.48%,

2/11/27

..

22,145

21,949

L2612062.UP.FTS.B,

21.51%,

2/11/27

....

1,660

1,633

L2611316.UP.FTS.B,

21.54%,

2/11/27

....

17,726

17,571

L2611816.UP.FTS.B,

21.62%,

2/11/27

....

2,659

2,636

L2605257.UP.FTS.B,

21.7%,

2/11/27

.....

887

879

L2615221.UP.FTS.B,

21.7%,

2/11/27

.....

8,866

8,788

L2610270.UP.FTS.B,

21.86%,

2/11/27

....

5,322

5,275

FW2613200.UP.FTS.B,

21.89%,

2/11/27

..

8,589

8,442

L2615421.UP.FTS.B,

22.2%,

2/11/27

.....

9,687

9,555

FW2611510.UP.FTS.B,

22.45%,

2/11/27

..

9,730

9,635

L2612478.UP.FTS.B,

22.55%,

2/11/27

....

1,422

1,410

L2610047.UP.FTS.B,

22.57%,

2/11/27

....

2,844

2,819

L2610189.UP.FTS.B,

23.14%,

2/11/27

....

9,539

9,452

L2612720.UP.FTS.B,

23.21%,

2/11/27

....

891

876

L2614552.UP.FTS.B,

23.24%,

2/11/27

....

4,843

4,797

L2612674.UP.FTS.B,

23.33%,

2/11/27

....

1,770

1,754

FW2613747.UP.FTS.B,

23.43%,

2/11/27

..

8,892

8,813

L2611969.UP.FTS.B,

23.47%,

2/11/27

....

3,575

3,540

L2613560.UP.FTS.B,

23.51%,

2/11/27

....

2,828

69

FW2603788.UP.FTS.B,

23.54%,

2/11/27

..

11,652

837

L2610518.UP.FTS.B,

23.54%,

2/11/27

....

27,189

26,952

L2611149.UP.FTS.B,

23.94%,

2/11/27

....

17,849

17,694

L2579723.UP.FTS.B,

23.99%,

2/11/27

....

13,389

13,272

L2615317.UP.FTS.B,

24.12%,

2/11/27

....

6,697

6,609

L2614419.UP.FTS.B,

24.18%,

2/11/27

....

2,501

2,479

L2614217.UP.FTS.B,

24.23%,

2/11/27

....

2,241

2,219

L2612809.UP.FTS.B,

24.27%,

2/11/27

....

1,251

1,240

FW2611588.UP.FTS.B,

24.58%,

2/11/27

..

8,505

8,414

L2613285.UP.FTS.B,

24.59%,

2/11/27

....

6,377

6,293

FW2611057.UP.FTS.B,

24.84%,

2/11/27

..

21,839

12,959

FW2610552.UP.FTS.B,

24.93%,

2/11/27

..

3,580

3,549

L2613569.UP.FTS.B,

25.13%,

2/11/27

....

895

888

L2610541.UP.FTS.B,

25.14%,

2/11/27

....

895

881

FW2613750.UP.FTS.B,

25.19%,

2/11/27

..

2,329

2,291

L2609605.UP.FTS.B,

25.19%,

2/11/27

....

5,917

426

L2613208.UP.FTS.B,

25.22%,

2/11/27

....

1,344

1,332

L2612096.UP.FTS.B,

25.23%,

2/11/27

....

1,791

1,776

L2613943.UP.FTS.B,

25.28%,

2/11/27

....

3,494

3,464

FW2613609.UP.FTS.B,

25.31%,

2/11/27

..

8,959

8,816

L2608705.UP.FTS.B,

25.34%,

2/11/27

....

10,305

10,216

FW2609818.UP.FTS.B,

25.35%,

2/11/27

..

1,548

1,531

L2612020.UP.FTS.B,

25.35%,

2/11/27

....

735

724

FW2614897.UP.FTS.B,

25.36%,

2/11/27

..

3,047

3,020

L2614702.UP.FTS.B,

25.37%,

2/11/27

....

3,875

3,839

L2614470.UP.FTS.B,

25.38%,

2/11/27

....

8,803

8,717

L2611708.UP.FTS.B,

25.41%,

2/11/27

....

6,320

6,260

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2611511.UP.FTS.B,

25.43%,

2/11/27

....

$

5,750

$

5,694

L2612279.UP.FTS.B,

25.43%,

2/11/27

....

11,321

11,224

L2613393.UP.FTS.B,

25.43%,

2/11/27

....

1,344

1,333

L2610473.UP.FTS.B,

25.47%,

2/11/27

....

3,406

3,377

L2611698.UP.FTS.B,

25.48%,

2/11/27

....

1,255

1,244

L2615261.UP.FTS.B,

25.48%,

2/11/27

....

2,142

2,116

L2611590.UP.FTS.B,

25.53%,

2/11/27

....

6,593

1,910

L2615219.UP.FTS.B,

25.79%,

2/11/27

....

9,689

9,606

L2613952.UP.FTS.B,

25.83%,

2/11/27

....

4,038

4,004

FW2614021.UP.FTS.B,

25.84%,

2/11/27

..

9,568

9,479

FW2614342.UP.FTS.B,

25.94%,

2/11/27

..

3,766

269

L2610715.UP.FTS.B,

26.1%,

2/11/27

.....

13,473

13,257

L2612621.UP.FTS.B,

26.12%,

2/11/27

....

5,312

5,259

FW2612923.UP.FTS.B,

26.13%,

2/11/27

..

4,490

4,451

L2611604.UP.FTS.B,

26.15%,

2/11/27

....

4,490

4,452

L2611846.UP.FTS.B,

26.23%,

2/11/27

....

15,940

2,356

FW2611751.UP.FTS.B,

26.28%,

2/11/27

..

3,248

474

L2611064.UP.FTS.B,

26.28%,

2/11/27

....

2,736

194

FW2612165.UP.FTS.B,

26.3%,

2/11/27

...

11,410

11,312

FW2608384.UP.FTS.B,

26.32%,

2/11/27

..

4,492

4,454

L2611375.UP.FTS.B,

26.37%,

2/11/27

....

899

891

FW2611559.UP.FTS.B,

26.48%,

2/11/27

..

3,156

3,126

FW2612288.UP.FTS.B,

26.6%,

2/11/27

...

8,992

8,915

L2614297.UP.FTS.B,

26.71%,

2/11/27

....

3,562

3,529

FW2610030.UP.FTS.B,

27.01%,

2/11/27

..

3,266

1,947

FW2615594.UP.FTS.B,

27.19%,

2/11/27

..

10,331

22

FW2611293.UP.FTS.B,

27.26%,

2/11/27

..

4,457

4,416

FW2615414.UP.FTS.B,

27.43%,

2/11/27

..

5,047

5,003

FW2614602.UP.FTS.B,

27.68%,

2/11/27

..

17,962

17,741

FW2609816.UP.FTS.B,

27.78%,

2/11/27

..

13,507

13,390

FW2615245.UP.FTS.B,

27.79%,

2/11/27

..

7,216

7,155

FW2615845.UP.FTS.B,

27.84%,

2/11/27

..

8,338

2,408

FW2612642.UP.FTS.B,

27.88%,

2/11/27

..

1,929

1,909

FW2613189.UP.FTS.B,

27.88%,

2/11/27

..

27,069

26,838

FW2613392.UP.FTS.B,

27.98%,

2/11/27

..

10,830

10,738

L2612268.UP.FTS.B,

28.21%,

2/11/27

....

2,446

(4)

FW2614513.UP.FTS.B,

28.27%,

2/11/27

..

1,445

1,433

FW2614302.UP.FTS.B,

28.4%,

2/11/27

...

8,533

5,063

FW2608240.UP.FTS.B,

28.43%,

2/11/27

..

9,940

9,856

FW2608822.UP.FTS.B,

28.45%,

2/11/27

..

7,599

7,523

FW2575001.UP.FTS.B,

28.46%,

2/11/27

..

1,883

546

FW2610027.UP.FTS.B,

28.67%,

2/11/27

..

4,679

682

FW2614134.UP.FTS.B,

28.75%,

2/11/27

..

9,044

8,967

FW2615423.UP.FTS.B,

28.85%,

2/11/27

..

13,576

13,461

FW2614677.UP.FTS.B,

28.98%,

2/11/27

..

5,043

4,994

FW2612178.UP.FTS.B,

28.99%,

2/11/27

..

2,630

2,582

FW2610237.UP.FTS.B,

29.18%,

2/11/27

..

9,588

143

FW2612243.UP.FTS.B,

29.25%,

2/11/27

..

1,623

1,608

FW2612629.UP.FTS.B,

29.49%,

2/11/27

..

888

872

FW2612944.UP.FTS.B,

29.57%,

2/11/27

..

6,707

6,650

FW2615061.UP.FTS.B,

29.68%,

2/11/27

..

1,835

1,817

FW2610875.UP.FTS.B,

29.89%,

2/11/27

..

7,561

1,102

FW2611777.UP.FTS.B,

30.11%,

2/11/27

..

2,737

1,632

FW2611171.UP.FTS.B,

30.34%,

2/11/27

..

1,816

1,801

FW2611548.UP.FTS.B,

30.39%,

2/11/27

..

1,271

1,261

FW2613551.UP.FTS.B,

30.41%,

2/11/27

..

1,817

1,802

FW2609716.UP.FTS.B,

30.54%,

2/11/27

..

1,545

1,532

FW2613443.UP.FTS.B,

30.65%,

2/11/27

..

868

859

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2607135.UP.FTS.B,

30.71%,

2/11/27

..

$

2,454

$

2,433

FW2615716.UP.FTS.B,

30.71%,

2/11/27

..

2,454

2,433

FW2614995.UP.FTS.B,

30.8%,

2/11/27

...

322

316

FW2606538.UP.FTS.B,

30.84%,

2/11/27

..

909

902

FW2610775.UP.FTS.B,

30.87%,

2/11/27

..

1,273

1,262

FW2611696.UP.FTS.B,

30.9%,

2/11/27

...

1,819

1,803

FW2612001.UP.FTS.B,

30.9%,

2/11/27

...

2,277

2,256

FW2537180.UP.FTS.B,

30.91%,

2/11/27

..

1,195

713

FW2609619.UP.FTS.B,

30.92%,

2/11/27

..

2,649

774

FW2615294.UP.FTS.B,

30.92%,

2/11/27

..

998

990

FW2610104.UP.FTS.B,

30.96%,

2/11/27

..

1,886

132

FW2610795.UP.FTS.B,

30.98%,

2/11/27

..

1,001

992

FW2609734.UP.FTS.B,

31%,

2/11/27

....

1,188

1,177

FW2612663.UP.FTS.B,

31.02%,

2/11/27

..

3,094

3,069

FW2610734.UP.FTS.B,

31.08%,

2/11/27

..

1,251

745

FW2610814.UP.FTS.B,

31.09%,

2/11/27

..

6,867

479

FW2609546.UP.FTS.B,

31.1%,

2/11/27

...

1,092

1,083

FW2611533.UP.FTS.B,

31.12%,

2/11/27

..

3,900

3,859

FW2610616.UP.FTS.B,

31.16%,

2/11/27

..

9,464

9,384

FW2614591.UP.FTS.B,

31.17%,

2/11/27

..

1,088

649

FW2611339.UP.FTS.B,

31.23%,

2/11/27

..

2,394

2,369

FW2613645.UP.FTS.B,

31.4%,

2/11/27

...

1,661

1,640

FW2610773.UP.FTS.B,

31.41%,

2/11/27

..

13,110

13,001

FW2613010.UP.FTS.B,

31.5%,

2/11/27

...

3,778

(58)

FW2611159.UP.FTS.B,

31.78%,

2/11/27

..

5,825

5,775

FW2612349.UP.FTS.B,

31.97%,

2/11/27

..

6,017

5,967

FW2610510.UP.FTS.B,

33.6%,

2/11/27

...

1,556

1,543

FW2613644.UP.FTS.B,

33.97%,

2/11/27

..

6,587

1,921

FW2614310.UP.FTS.B,

33.97%,

2/11/27

..

2,083

1,251

FW2610903.UP.FTS.B,

34.14%,

2/11/27

..

19,519

19,358

FW2615534.UP.FTS.B,

34.51%,

2/11/27

..

4,494

4,457

L2617298.UP.FTS.B,

5.1%,

2/14/27

.....

9,186

9,132

L2618466.UP.FTS.B,

5.11%,

2/14/27

.....

19,208

19,096

L2617141.UP.FTS.B,

5.84%,

2/14/27

....

6,359

6,322

L2616590.UP.FTS.B,

7.87%,

2/14/27

....

22,289

22,113

FW2617554.UP.FTS.B,

9.01%,

2/14/27

...

3,721

3,692

L2616809.UP.FTS.B,

11.55%,

2/14/27

....

5,020

4,968

L2618109.UP.FTS.B,

12.08%,

2/14/27

....

28,839

28,550

L2616387.UP.FTS.B,

12.27%,

2/14/27

....

6,013

5,952

L2618980.UP.FTS.B,

12.97%,

2/14/27

....

14,639

14,493

L2617640.UP.FTS.B,

13%,

2/14/27

......

12,764

12,623

FW2616181.UP.FTS.B,

13.1%,

2/14/27

...

5,613

5,555

L2616333.UP.FTS.B,

13.75%,

2/14/27

....

30,227

29,927

L2617800.UP.FTS.B,

13.82%,

2/14/27

....

4,591

4,544

L2617493.UP.FTS.B,

13.84%,

2/14/27

....

18,765

18,576

L2615653.UP.FTS.B,

14.07%,

2/14/27

....

2,582

2,556

L2618908.UP.FTS.B,

14.12%,

2/14/27

....

25,626

25,362

L2610061.UP.FTS.B,

14.43%,

2/14/27

....

21,643

21,429

FW2616422.UP.FTS.B,

14.55%,

2/14/27

..

4,677

4,630

L2616226.UP.FTS.B,

14.8%,

2/14/27

....

5,201

5,130

L2615988.UP.FTS.B,

15.04%,

2/14/27

....

11,285

11,124

L2617062.UP.FTS.B,

15.98%,

2/14/27

....

6,528

6,463

L2617675.UP.FTS.B,

16.73%,

2/14/27

....

9,022

2,431

L2616432.UP.FTS.B,

16.81%,

2/14/27

....

6,982

6,887

FW2616510.UP.FTS.B,

17.3%,

2/14/27

...

4,028

3,960

FW2616193.UP.FTS.B,

17.47%,

2/14/27

..

1,312

1,294

L2617103.UP.FTS.B,

18.14%,

2/14/27

....

6,575

6,467

L2616245.UP.FTS.B,

18.36%,

2/14/27

....

17,541

17,303

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2616168.UP.FTS.B,

18.99%,

2/14/27

....

$

12,307

$

12,106

L2616269.UP.FTS.B,

19.1%,

2/14/27

....

21,962

21,603

L2616072.UP.FTS.B,

19.58%,

2/14/27

....

3,586

3,526

L2616155.UP.FTS.B,

19.61%,

2/14/27

....

14,559

8,087

L2616722.UP.FTS.B,

19.8%,

2/14/27

....

5,112

5,067

L2616852.UP.FTS.B,

19.82%,

2/14/27

....

6,170

6,069

L2616174.UP.FTS.B,

20.55%,

2/14/27

....

1,234

1,214

FW2618465.UP.FTS.B,

20.69%,

2/14/27

..

8,869

8,745

FW2615937.UP.FTS.B,

21.82%,

2/14/27

..

8,799

8,720

L2614826.UP.FTS.B,

22.6%,

2/14/27

....

4,861

4,817

L2616825.UP.FTS.B,

22.66%,

2/14/27

....

5,157

5,112

L2618824.UP.FTS.B,

22.89%,

2/14/27

....

3,963

587

FW2617069.UP.FTS.B,

23.16%,

2/14/27

..

26,749

26,485

FW2616143.UP.FTS.B,

23.3%,

2/14/27

...

6,067

1,757

L2617672.UP.FTS.B,

23.43%,

2/14/27

....

7,129

7,067

L2616450.UP.FTS.B,

23.7%,

2/14/27

....

8,919

8,799

L2615942.UP.FTS.B,

23.87%,

2/14/27

....

16,507

16,363

L2616953.UP.FTS.B,

23.9%,

2/14/27

....

4,738

338

L2616204.UP.FTS.B,

24.08%,

2/14/27

....

3,613

2,143

L2616634.UP.FTS.B,

24.08%,

2/14/27

....

6,295

6,191

L2617402.UP.FTS.B,

24.27%,

2/14/27

....

3,122

3,071

L2612509.UP.FTS.B,

24.31%,

2/14/27

....

5,361

5,314

L2616368.UP.FTS.B,

24.5%,

2/14/27

....

9,654

9,570

FW2616861.UP.FTS.B,

24.71%,

2/14/27

..

4,523

2,685

L2617237.UP.FTS.B,

25.14%,

2/14/27

....

4,120

4,053

L2616717.UP.FTS.B,

25.42%,

2/14/27

....

2,241

2,221

L2617627.UP.FTS.B,

25.47%,

2/14/27

....

1,524

1,511

L2616342.UP.FTS.B,

25.49%,

2/14/27

....

1,793

1,777

L2615878.UP.FTS.B,

25.5%,

2/14/27

....

7,707

4,585

L2605072.UP.FTS.B,

25.64%,

2/14/27

....

2,421

2,400

L2617283.UP.FTS.B,

25.65%,

2/14/27

....

5,022

4,979

L2617648.UP.FTS.B,

25.74%,

2/14/27

....

8,972

8,888

FW2617973.UP.FTS.B,

26.17%,

2/14/27

..

6,826

6,766

L2616653.UP.FTS.B,

26.28%,

2/14/27

....

3,070

1,824

L2616680.UP.FTS.B,

26.86%,

2/14/27

....

1,298

1,285

FW2617548.UP.FTS.B,

27.57%,

2/14/27

..

5,671

5,569

FW2616127.UP.FTS.B,

27.61%,

2/14/27

..

3,607

3,575

FW2617029.UP.FTS.B,

27.81%,

2/14/27

..

1,907

281

FW2617490.UP.FTS.B,

27.91%,

2/14/27

..

28,877

28,625

FW2616788.UP.FTS.B,

28.08%,

2/14/27

..

11,024

10,915

FW2617614.UP.FTS.B,

28.35%,

2/14/27

..

18,278

18,112

FW2618814.UP.FTS.B,

28.99%,

2/14/27

..

5,882

5,831

FW2616297.UP.FTS.B,

29.75%,

2/14/27

..

5,342

379

FW2616093.UP.FTS.B,

29.88%,

2/14/27

..

6,425

6,360

FW2617504.UP.FTS.B,

30.27%,

2/14/27

..

17,704

17,550

FW2617595.UP.FTS.B,

30.34%,

2/14/27

..

1,827

1,810

FW2616525.UP.FTS.B,

30.65%,

2/14/27

..

6,080

894

FW2617952.UP.FTS.B,

30.8%,

2/14/27

...

1,123

165

FW2618539.UP.FTS.B,

30.94%,

2/14/27

..

5,484

5,432

FW2615979.UP.FTS.B,

30.99%,

2/14/27

..

907

(8)

FW2618159.UP.FTS.B,

31.09%,

2/14/27

..

5,570

5,517

FW2616218.UP.FTS.B,

31.14%,

2/14/27

..

1,183

1,173

FW2616908.UP.FTS.B,

31.23%,

2/14/27

..

4,732

4,691

FW2618241.UP.FTS.B,

31.49%,

2/14/27

..

8,196

8,124

L1716066.UP.FTS.B,

21%,

2/15/27

......

2,144

2,014

L1717984.UP.FTS.B,

22.49%,

2/15/27

....

3,005

425

L1716537.UP.FTS.B,

25.41%,

2/15/27

....

1,676

1,655

FW1887715.UP.FTS.B,

13.02%,

3/20/27

..

7,140

6,712

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1884335.UP.FTS.B,

22.8%,

3/20/27

....

$

11,867

$

11,784

L1883950.UP.FTS.B,

24.4%,

3/20/27

....

6,545

(86)

FW1884837.UP.FTS.B,

25.6%,

3/20/27

...

30,498

30,441

FW1886213.UP.FTS.B,

26.39%,

3/20/27

..

6,534

6,489

FW1884398.UP.FTS.B,

30.02%,

3/20/27

..

4,746

4,720

FW1884144.UP.FTS.B,

31.17%,

3/20/27

..

21,697

20,564

FW1884662.UP.FTS.B,

31.19%,

3/20/27

..

2,414

2,328

FW2949972.UP.FTS.B,

5.25%,

4/14/27

...

5,198

5,174

L2949814.UP.FTS.B,

5.88%,

4/14/27

....

7,508

7,470

L2950297.UP.FTS.B,

6.09%,

4/14/27

....

3,736

3,719

L2949364.UP.FTS.B,

6.36%,

4/14/27

....

1,913

1,905

L2949121.UP.FTS.B,

6.79%,

4/14/27

....

14,893

14,826

L2950010.UP.FTS.B,

6.8%,

4/14/27

.....

6,097

6,069

L2949215.UP.FTS.B,

6.84%,

4/14/27

....

16,811

16,736

L2951687.UP.FTS.B,

7.49%,

4/14/27

....

12,222

12,168

L2951012.UP.FTS.B,

7.81%,

4/14/27

....

10,268

10,222

L2951121.UP.FTS.B,

7.86%,

4/14/27

.....

13,845

13,748

L2949243.UP.FTS.B,

7.9%,

4/14/27

.....

5,595

5,571

L2950930.UP.FTS.B,

9.09%,

4/14/27

....

5,616

5,579

L2949685.UP.FTS.B,

9.14%,

4/14/27

....

3,511

3,488

L2949220.UP.FTS.B,

9.21%,

4/14/27

....

7,167

7,116

L2949833.UP.FTS.B,

9.25%,

4/14/27

....

19,053

18,927

L2949108.UP.FTS.B,

9.33%,

4/14/27

....

14,140

14,047

FW2951315.UP.FTS.B,

9.91%,

4/14/27

...

5,632

5,595

L2951245.UP.FTS.B,

9.94%,

4/14/27

....

8,800

8,743

L2950563.UP.FTS.B,

10.38%,

4/14/27

....

8,322

1,111

L2949486.UP.FTS.B,

10.53%,

4/14/27

....

22,064

21,923

L2934626.UP.FTS.B,

10.81%,

4/14/27

....

6,161

6,105

FW2951659.UP.FTS.B,

10.85%,

4/14/27

..

7,590

7,520

L2948956.UP.FTS.B,

10.94%,

4/14/27

....

23,570

23,353

L2951595.UP.FTS.B,

10.95%,

4/14/27

....

5,650

5,598

L2950964.UP.FTS.B,

11.19%,

4/14/27

....

8,810

8,729

L2950306.UP.FTS.B,

11.59%,

4/14/27

....

21,571

21,369

L2928558.UP.FTS.B,

11.88%,

4/14/27

....

9,474

9,388

FW2950525.UP.FTS.B,

11.91%,

4/14/27

..

44,288

43,886

L2950021.UP.FTS.B,

11.97%,

4/14/27

....

8,856

8,776

L2944042.UP.FTS.B,

12.19%,

4/14/27

....

16,306

16,159

L2942764.UP.FTS.B,

12.22%,

4/14/27

....

11,964

11,856

L2950992.UP.FTS.B,

12.3%,

4/14/27

....

11,217

11,147

L2950027.UP.FTS.B,

12.33%,

4/14/27

....

38,123

37,779

L2950333.UP.FTS.B,

12.69%,

4/14/27

....

3,550

3,518

FW2951712.UP.FTS.B,

12.87%,

4/14/27

..

4,758

4,704

L2951152.UP.FTS.B,

13.05%,

4/14/27

....

23,473

3,239

FW2948780.UP.FTS.B,

13.13%,

4/14/27

..

13,331

13,212

L2949635.UP.FTS.B,

13.18%,

4/14/27

....

3,467

3,436

L2948733.UP.FTS.B,

13.2%,

4/14/27

....

6,222

6,167

FW2949810.UP.FTS.B,

13.53%,

4/14/27

..

11,300

11,200

L2950093.UP.FTS.B,

13.53%,

4/14/27

....

1,780

1,764

FW2949125.UP.FTS.B,

13.6%,

4/14/27

...

3,827

3,793

L2951842.UP.FTS.B,

13.62%,

4/14/27

....

39,784

39,432

L2950742.UP.FTS.B,

13.63%,

4/14/27

....

8,901

8,822

L2949941.UP.FTS.B,

13.81%,

4/14/27

....

2,672

2,648

L2951001.UP.FTS.B,

14.01%,

4/14/27

....

7,584

7,518

FW2951854.UP.FTS.B,

14.02%,

4/14/27

..

16,931

16,782

L2950227.UP.FTS.B,

14.3%,

4/14/27

....

7,581

7,514

L2949763.UP.FTS.B,

14.31%,

4/14/27

....

5,784

5,733

FW2951175.UP.FTS.B,

14.6%,

4/14/27

...

1,964

1,947

L2949275.UP.FTS.B,

14.68%,

4/14/27

....

3,378

3,348

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2949070.UP.FTS.B,

14.69%,

4/14/27

..

$

23,875

$

23,665

L2949907.UP.FTS.B,

14.84%,

4/14/27

....

3,394

3,365

FW2949368.UP.FTS.B,

15%,

4/14/27

....

2,502

2,470

L2949507.UP.FTS.B,

15.04%,

4/14/27

....

9,831

9,746

L2948932.UP.FTS.B,

15.2%,

4/14/27

....

1,341

1,330

FW2949221.UP.FTS.B,

15.23%,

4/14/27

..

9,315

2,383

L2951339.UP.FTS.B,

15.29%,

4/14/27

....

15,383

15,251

FW2950466.UP.FTS.B,

15.31%,

4/14/27

..

1,500

1,486

L2951714.UP.FTS.B,

15.35%,

4/14/27

....

12,435

12,328

L2950927.UP.FTS.B,

15.36%,

4/14/27

....

3,399

3,370

L2949017.UP.FTS.B,

15.76%,

4/14/27

....

2,149

2,131

L2950524.UP.FTS.B,

15.81%,

4/14/27

....

3,369

1,870

FW2949910.UP.FTS.B,

15.84%,

4/14/27

..

8,854

8,742

L2950042.UP.FTS.B,

16.06%,

4/14/27

....

1,524

1,504

L2949733.UP.FTS.B,

16.07%,

4/14/27

....

2,849

2,825

L2950095.UP.FTS.B,

16.16%,

4/14/27

....

17,933

17,781

FW2946278.UP.FTS.B,

16.33%,

4/14/27

..

12,475

12,315

FW2951296.UP.FTS.B,

16.35%,

4/14/27

..

10,396

750

L2949405.UP.FTS.B,

16.41%,

4/14/27

....

17,945

17,793

L2949640.UP.FTS.B,

16.6%,

4/14/27

....

3,750

533

L2949916.UP.FTS.B,

16.64%,

4/14/27

....

22,446

22,257

L2951791.UP.FTS.B,

16.65%,

4/14/27

....

7,724

7,659

L2948755.UP.FTS.B,

16.72%,

4/14/27

....

7,813

7,714

FW2950896.UP.FTS.B,

16.97%,

4/14/27

..

9,242

4,885

L2950072.UP.FTS.B,

17.03%,

4/14/27

....

4,494

4,437

FW2951535.UP.FTS.B,

17.04%,

4/14/27

..

18,157

17,926

L2951449.UP.FTS.B,

17.19%,

4/14/27

....

26,709

26,486

FW2948748.UP.FTS.B,

17.23%,

4/14/27

..

4,497

4,440

L2948803.UP.FTS.B,

17.33%,

4/14/27

....

3,930

3,880

L2949925.UP.FTS.B,

17.43%,

4/14/27

....

8,998

8,884

L2951584.UP.FTS.B,

17.47%,

4/14/27

....

7,199

7,108

L2950883.UP.FTS.B,

17.71%,

4/14/27

....

13,595

13,485

L2951624.UP.FTS.B,

17.77%,

4/14/27

....

20,354

2,901

FW2949561.UP.FTS.B,

17.84%,

4/14/27

..

18,918

18,621

FW2950962.UP.FTS.B,

17.87%,

4/14/27

..

6,224

448

L2951172.UP.FTS.B,

17.98%,

4/14/27

....

10,814

10,645

L2951603.UP.FTS.B,

18.15%,

4/14/27

....

34,574

34,120

L2950543.UP.FTS.B,

18.25%,

4/14/27

....

4,780

4,741

L2950603.UP.FTS.B,

18.38%,

4/14/27

....

19,216

18,975

L2950280.UP.FTS.B,

18.73%,

4/14/27

....

3,948

3,898

FW2950372.UP.FTS.B,

18.88%,

4/14/27

..

8,221

8,118

FW2951515.UP.FTS.B,

19.12%,

4/14/27

..

15,373

2,183

L2950089.UP.FTS.B,

19.5%,

4/14/27

....

10,809

6,203

L2949923.UP.FTS.B,

19.64%,

4/14/27

....

905

894

L2948840.UP.FTS.B,

19.72%,

4/14/27

....

13,565

13,360

L2951216.UP.FTS.B,

19.73%,

4/14/27

....

2,083

2,050

L2948841.UP.FTS.B,

20.18%,

4/14/27

....

2,991

2,945

L2950334.UP.FTS.B,

20.22%,

4/14/27

....

3,989

3,939

L2949824.UP.FTS.B,

20.3%,

4/14/27

....

1,995

1,970

L2947365.UP.FTS.B,

20.51%,

4/14/27

....

17,783

17,564

L2951305.UP.FTS.B,

20.52%,

4/14/27

....

3,357

3,306

L2950858.UP.FTS.B,

20.56%,

4/14/27

....

4,524

4,488

L2951820.UP.FTS.B,

20.59%,

4/14/27

....

29,221

28,862

L2950057.UP.FTS.B,

20.64%,

4/14/27

....

24,014

1,723

L2948718.UP.FTS.B,

20.71%,

4/14/27

....

7,886

4,684

FW2950639.UP.FTS.B,

20.74%,

4/14/27

..

1,997

1,973

L2951306.UP.FTS.B,

20.78%,

4/14/27

....

512

506

L2949198.UP.FTS.B,

20.86%,

4/14/27

....

5,994

5,902

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2949268.UP.FTS.B,

20.97%,

4/14/27

..

$

3,997

$

3,936

FW2951370.UP.FTS.B,

20.97%,

4/14/27

..

9,078

8,939

L2949973.UP.FTS.B,

20.99%,

4/14/27

....

5,451

5,367

FW2949197.UP.FTS.B,

21%,

4/14/27

....

1,932

1,076

L2951029.UP.FTS.B,

21.05%,

4/14/27

....

19,807

19,505

L2951142.UP.FTS.B,

21.23%,

4/14/27

....

6,956

6,853

FW2950781.UP.FTS.B,

21.26%,

4/14/27

..

10,034

5,588

L2950447.UP.FTS.B,

21.39%,

4/14/27

....

11,731

11,552

L2949588.UP.FTS.B,

21.43%,

4/14/27

....

807

795

FW2948170.UP.FTS.B,

21.44%,

4/14/27

..

7,692

7,573

FW2949632.UP.FTS.B,

21.47%,

4/14/27

..

1,903

45

L2951654.UP.FTS.B,

21.51%,

4/14/27

....

14,918

14,691

FW2950815.UP.FTS.B,

21.64%,

4/14/27

..

1,568

931

L2948968.UP.FTS.B,

21.84%,

4/14/27

....

18,879

5,167

L2949488.UP.FTS.B,

22.01%,

4/14/27

....

1,663

1,640

L2950367.UP.FTS.B,

22.21%,

4/14/27

....

9,933

9,813

L2951265.UP.FTS.B,

22.27%,

4/14/27

....

17,590

17,378

FW2951375.UP.FTS.B,

22.32%,

4/14/27

..

3,008

2,980

L2951308.UP.FTS.B,

22.4%,

4/14/27

....

1,012

998

FW2949464.UP.FTS.B,

22.55%,

4/14/27

..

3,010

2,982

L2949702.UP.FTS.B,

22.62%,

4/14/27

....

11,819

228

L2950443.UP.FTS.B,

22.7%,

4/14/27

....

910

902

L2951415.UP.FTS.B,

22.76%,

4/14/27

....

27,375

27,125

FW2950348.UP.FTS.B,

22.92%,

4/14/27

..

15,829

9,447

FW2948734.UP.FTS.B,

22.93%,

4/14/27

..

9,192

9,085

FW2950859.UP.FTS.B,

23.11%,

4/14/27

..

2,393

2,370

L2948750.UP.FTS.B,

23.24%,

4/14/27

....

764

753

FW2951662.UP.FTS.B,

23.32%,

4/14/27

..

6,608

981

L2949989.UP.FTS.B,

23.36%,

4/14/27

....

2,858

44

FW2946360.UP.FTS.B,

23.4%,

4/14/27

...

6,855

6,792

L2951812.UP.FTS.B,

23.47%,

4/14/27

....

2,559

2,536

FW2950779.UP.FTS.B,

23.54%,

4/14/27

..

3,017

2,990

L2951427.UP.FTS.B,

23.72%,

4/14/27

....

6,037

5,982

FW2950826.UP.FTS.B,

23.81%,

4/14/27

..

20,460

12,225

FW2951418.UP.FTS.B,

23.92%,

4/14/27

..

8,951

638

L2950202.UP.FTS.B,

24.01%,

4/14/27

....

19,771

19,625

L2950839.UP.FTS.B,

24.02%,

4/14/27

....

23,362

13,068

L2942155.UP.FTS.B,

24.11%,

4/14/27

....

3,369

241

L2942546.UP.FTS.B,

24.28%,

4/14/27

....

28,288

8,225

FW2950242.UP.FTS.B,

24.53%,

4/14/27

..

2,566

2,543

FW2950500.UP.FTS.B,

24.57%,

4/14/27

..

6,416

6,359

L2948992.UP.FTS.B,

24.59%,

4/14/27

....

27,827

27,579

FW2951123.UP.FTS.B,

24.74%,

4/14/27

..

18,347

18,184

L2949050.UP.FTS.B,

24.74%,

4/14/27

....

13,754

13,631

L2951612.UP.FTS.B,

24.75%,

4/14/27

....

1,009

1,000

L2950134.UP.FTS.B,

24.82%,

4/14/27

....

1,355

1,334

L2949079.UP.FTS.B,

24.97%,

4/14/27

....

11,468

11,298

FW2950489.UP.FTS.B,

25.02%,

4/14/27

..

20,185

20,006

L2950895.UP.FTS.B,

25.02%,

4/14/27

....

918

909

FW2950387.UP.FTS.B,

25.03%,

4/14/27

..

9,176

9,094

L2950602.UP.FTS.B,

25.04%,

4/14/27

....

1,560

1,546

L2949682.UP.FTS.B,

25.05%,

4/14/27

....

1,285

1,275

L2914578.UP.FTS.B,

25.07%,

4/14/27

....

1,421

1,408

L2943365.UP.FTS.B,

25.08%,

4/14/27

....

1,101

1,091

L2950811.UP.FTS.B,

25.09%,

4/14/27

....

1,011

1,002

L2951247.UP.FTS.B,

25.15%,

4/14/27

....

1,010

995

FW2951030.UP.FTS.B,

25.2%,

4/14/27

...

3,488

3,457

L2950173.UP.FTS.B,

25.21%,

4/14/27

....

1,561

1,542

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2951862.UP.FTS.B,

25.21%,

4/14/27

....

$

1,546

$

1,533

L2942965.UP.FTS.B,

25.22%,

4/14/27

....

9,180

9,098

L2949738.UP.FTS.B,

25.23%,

4/14/27

....

1,836

1,820

L2951261.UP.FTS.B,

25.24%,

4/14/27

....

1,652

1,628

FW2949983.UP.FTS.B,

25.28%,

4/14/27

..

32,960

32,668

L2948941.UP.FTS.B,

25.31%,

4/14/27

....

9,523

9,446

L2951439.UP.FTS.B,

25.31%,

4/14/27

....

2,479

2,457

L2948807.UP.FTS.B,

25.32%,

4/14/27

....

2,045

147

L2950538.UP.FTS.B,

25.32%,

4/14/27

....

1,670

996

L2951410.UP.FTS.B,

25.32%,

4/14/27

....

1,671

1,656

L2950105.UP.FTS.B,

25.33%,

4/14/27

....

1,561

1,547

L2951170.UP.FTS.B,

25.33%,

4/14/27

....

1,273

1,262

L2948820.UP.FTS.B,

25.35%,

4/14/27

....

3,085

900

L2949673.UP.FTS.B,

25.36%,

4/14/27

....

11,938

11,832

L2950776.UP.FTS.B,

25.38%,

4/14/27

....

3,489

3,459

L2945700.UP.FTS.B,

25.39%,

4/14/27

....

5,786

5,734

L2949137.UP.FTS.B,

25.4%,

4/14/27

....

2,105

306

L2951160.UP.FTS.B,

25.41%,

4/14/27

....

2,402

2,368

L2951384.UP.FTS.B,

25.41%,

4/14/27

....

2,388

2,367

L2950090.UP.FTS.B,

25.42%,

4/14/27

....

1,378

1,357

L2951363.UP.FTS.B,

25.42%,

4/14/27

....

11,414

6,807

L2950074.UP.FTS.B,

25.45%,

4/14/27

....

863

849

L2948963.UP.FTS.B,

25.46%,

4/14/27

....

30,020

4,343

L2950063.UP.FTS.B,

25.46%,

4/14/27

....

5,895

5,844

L2949492.UP.FTS.B,

25.47%,

4/14/27

....

4,225

4,188

L2951548.UP.FTS.B,

25.47%,

4/14/27

....

2,296

2,262

L2949815.UP.FTS.B,

25.48%,

4/14/27

....

10,568

10,475

L2950216.UP.FTS.B,

25.49%,

4/14/27

....

5,052

5,007

L2951869.UP.FTS.B,

25.5%,

4/14/27

....

6,445

6,382

FW2950277.UP.FTS.B,

25.52%,

4/14/27

..

3,032

3,005

L2950310.UP.FTS.B,

25.62%,

4/14/27

....

3,170

3,133

FW2950451.UP.FTS.B,

25.69%,

4/14/27

..

2,573

2,550

FW2950512.UP.FTS.B,

25.72%,

4/14/27

..

15,218

146

L2949160.UP.FTS.B,

25.74%,

4/14/27

....

11,770

824

L2950664.UP.FTS.B,

25.75%,

4/14/27

....

4,145

4,094

FW2950748.UP.FTS.B,

25.82%,

4/14/27

..

12,533

12,412

L2951153.UP.FTS.B,

25.85%,

4/14/27

....

2,767

2,744

L2949868.UP.FTS.B,

25.87%,

4/14/27

....

7,900

4,727

FW2950220.UP.FTS.B,

26.02%,

4/14/27

..

1,839

1,823

L2951255.UP.FTS.B,

26.02%,

4/14/27

....

7,633

7,566

L2949018.UP.FTS.B,

26.04%,

4/14/27

....

4,229

303

FW2951228.UP.FTS.B,

26.2%,

4/14/27

...

3,347

3,317

FW2944032.UP.FTS.B,

26.21%,

4/14/27

..

3,221

3,193

FW2950959.UP.FTS.B,

26.22%,

4/14/27

..

6,552

971

FW2949721.UP.FTS.B,

26.35%,

4/14/27

..

4,970

4,927

FW2949934.UP.FTS.B,

26.46%,

4/14/27

..

1,443

860

FW2948732.UP.FTS.B,

26.54%,

4/14/27

..

47,436

7,027

FW2948824.UP.FTS.B,

27.37%,

4/14/27

..

4,982

4,939

L2949711.UP.FTS.B,

27.49%,

4/14/27

....

2,306

2,287

FW2951725.UP.FTS.B,

27.54%,

4/14/27

..

3,692

3,660

FW2948773.UP.FTS.B,

27.56%,

4/14/27

..

4,288

4,251

FW2948716.UP.FTS.B,

27.71%,

4/14/27

..

8,309

8,238

FW2951423.UP.FTS.B,

27.85%,

4/14/27

..

4,219

4,184

FW2950071.UP.FTS.B,

28.18%,

4/14/27

..

4,777

115

FW2949765.UP.FTS.B,

28.19%,

4/14/27

..

9,244

9,166

FW2948942.UP.FTS.B,

28.29%,

4/14/27

..

2,440

174

FW2949577.UP.FTS.B,

28.33%,

4/14/27

..

4,726

337

FW2949299.UP.FTS.B,

28.46%,

4/14/27

..

3,906

3,874

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2948843.UP.FTS.B,

28.64%,

4/14/27

..

$

9,251

$

9,173

FW2951454.UP.FTS.B,

28.72%,

4/14/27

..

23,939

3,566

FW2949602.UP.FTS.B,

28.78%,

4/14/27

..

7,187

2,098

FW2950395.UP.FTS.B,

28.88%,

4/14/27

..

17,123

16,979

FW2950464.UP.FTS.B,

29.27%,

4/14/27

..

3,662

3,631

FW2948980.UP.FTS.B,

29.3%,

4/14/27

...

1,619

473

FW2950133.UP.FTS.B,

29.38%,

4/14/27

..

6,946

6,888

FW2948847.UP.FTS.B,

29.81%,

4/14/27

..

928

136

FW2949532.UP.FTS.B,

29.81%,

4/14/27

..

945

268

FW2950715.UP.FTS.B,

29.89%,

4/14/27

..

1,021

1,012

FW2950554.UP.FTS.B,

30.11%,

4/14/27

..

3,559

2,134

FW2949467.UP.FTS.B,

30.27%,

4/14/27

..

3,249

3,222

FW2950428.UP.FTS.B,

30.3%,

4/14/27

...

4,457

4,420

FW2950412.UP.FTS.B,

30.37%,

4/14/27

..

1,108

1,096

FW2951435.UP.FTS.B,

30.37%,

4/14/27

..

1,841

1,826

FW2950357.UP.FTS.B,

30.48%,

4/14/27

..

10,231

10,148

FW2951084.UP.FTS.B,

30.63%,

4/14/27

..

14,156

(116)

FW2951407.UP.FTS.B,

30.65%,

4/14/27

..

624

44

FW2949817.UP.FTS.B,

30.78%,

4/14/27

..

929

922

FW2950165.UP.FTS.B,

30.83%,

4/14/27

..

1,041

305

FW2951200.UP.FTS.B,

30.85%,

4/14/27

..

1,067

74

FW2949396.UP.FTS.B,

30.89%,

4/14/27

..

3,752

3,705

FW2949044.UP.FTS.B,

30.94%,

4/14/27

..

4,219

4,184

FW2932125.UP.FTS.B,

30.95%,

4/14/27

..

8,492

8,425

FW2950648.UP.FTS.B,

30.95%,

4/14/27

..

1,116

1,106

FW2949727.UP.FTS.B,

30.99%,

4/14/27

..

1,860

1,844

FW2950633.UP.FTS.B,

31.02%,

4/14/27

..

12,814

1,929

FW2950635.UP.FTS.B,

31.02%,

4/14/27

..

3,719

3,689

FW2950575.UP.FTS.B,

31.06%,

4/14/27

..

2,511

2,490

FW2950882.UP.FTS.B,

31.06%,

4/14/27

..

1,209

1,199

FW2950988.UP.FTS.B,

31.06%,

4/14/27

..

1,381

(22)

FW2948863.UP.FTS.B,

31.07%,

4/14/27

..

1,395

1,384

FW2949627.UP.FTS.B,

31.09%,

4/14/27

..

1,395

1,384

FW2951097.UP.FTS.B,

31.1%,

4/14/27

...

1,488

1,476

FW2951217.UP.FTS.B,

31.11%,

4/14/27

..

1,956

138

FW2951059.UP.FTS.B,

31.12%,

4/14/27

..

18,003

17,873

FW2951198.UP.FTS.B,

31.12%,

4/14/27

..

4,451

1,303

FW2950728.UP.FTS.B,

31.15%,

4/14/27

..

1,604

235

FW2949803.UP.FTS.B,

31.16%,

4/14/27

..

2,139

2,122

FW2951327.UP.FTS.B,

31.18%,

4/14/27

..

5,233

365

FW2950561.UP.FTS.B,

31.2%,

4/14/27

...

1,395

1,384

FW2950061.UP.FTS.B,

31.21%,

4/14/27

..

1,488

1,476

FW2950478.UP.FTS.B,

31.23%,

4/14/27

..

2,770

408

FW2950268.UP.FTS.B,

31.44%,

4/14/27

..

1,967

1,948

FW2949585.UP.FTS.B,

31.61%,

4/14/27

..

6,258

6,207

FW2950981.UP.FTS.B,

31.76%,

4/14/27

..

4,662

324

FW2949894.UP.FTS.B,

31.82%,

4/14/27

..

3,446

3,418

FW2949051.UP.FTS.B,

32.15%,

4/14/27

..

4,451

4,417

FW2950185.UP.FTS.B,

32.24%,

4/14/27

..

5,194

5,147

FW2950232.UP.FTS.B,

32.3%,

4/14/27

...

26,982

26,719

FW2949959.UP.FTS.B,

33.64%,

4/14/27

..

2,617

2,597

FW2950926.UP.FTS.B,

33.78%,

4/14/27

..

7,914

7,856

FW2951639.UP.FTS.B,

34.55%,

4/14/27

..

5,809

(120)

L2047779.UP.FTS.B,

8.03%,

4/15/27

....

17,396

17,256

L2048360.UP.FTS.B,

14.07%,

4/15/27

....

5,082

5,030

L2047708.UP.FTS.B,

16.09%,

4/15/27

....

9,629

9,028

L2048877.UP.FTS.B,

16.73%,

4/15/27

....

8,596

8,477

FW2046887.UP.FTS.B,

17.65%,

4/15/27

..

9,318

8,751

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2046952.UP.FTS.B,

18.41%,

4/15/27

....

$

2,597

$

2,561

L2049386.UP.FTS.B,

19.96%,

4/15/27

....

4,977

4,891

L2047848.UP.FTS.B,

20.77%,

4/15/27

....

30,702

4,407

L2048375.UP.FTS.B,

21.41%,

4/15/27

....

5,758

5,665

L2047421.UP.FTS.B,

22.37%,

4/15/27

....

6,311

6,255

L2048530.UP.FTS.B,

24.05%,

4/15/27

....

26,956

26,769

L2047552.UP.FTS.B,

25.17%,

4/15/27

....

2,591

(32)

L2048482.UP.FTS.B,

25.39%,

4/15/27

....

27,579

27,246

L2047847.UP.FTS.B,

25.96%,

4/15/27

....

6,565

6,503

L2047192.UP.FTS.B,

26.58%,

4/15/27

....

8,414

8,349

FW2049296.UP.FTS.B,

30.21%,

4/15/27

..

6,462

6,411

FW2047989.UP.FTS.B,

31.24%,

4/15/27

..

17,971

17,833

L2096414.UP.FTS.B,

14.36%,

4/22/27

....

6,036

5,980

L2095141.UP.FTS.B,

14.76%,

4/22/27

....

2,751

197

L2095546.UP.FTS.B,

17.27%,

4/22/27

....

2,660

2,635

FW2094924.UP.FTS.B,

20.42%,

4/22/27

..

2,878

206

L2096815.UP.FTS.B,

21.75%,

4/22/27

....

33,491

31,801

FW2096628.UP.FTS.B,

22.48%,

4/22/27

..

3,045

2,865

FW2095121.UP.FTS.B,

24.32%,

4/22/27

..

6,133

6,109

L2096046.UP.FTS.B,

25.18%,

4/22/27

....

877

133

L2096715.UP.FTS.B,

25.36%,

4/22/27

....

30,012

29,081

L2095545.UP.FTS.B,

25.48%,

4/22/27

....

2,341

2,201

FW2094908.UP.FTS.B,

29.15%,

4/22/27

..

46,270

45,965

FW2094693.UP.FTS.B,

30.21%,

4/22/27

..

2,944

2,802

FW2094704.UP.FTS.B,

30.41%,

4/22/27

..

1,434

1,397

FW2083347.UP.FTS.B,

31.08%,

4/22/27

..

10,955

10,403

FW2292661.UP.FTS.B,

10.72%,

5/21/27

..

13,359

12,547

FW2295605.UP.FTS.B,

11.71%,

5/21/27

..

4,419

4,377

L2294758.UP.FTS.B,

17.93%,

5/21/27

....

45,727

12,450

FW2296073.UP.FTS.B,

20.65%,

5/21/27

..

3,993

27

FW2295227.UP.FTS.B,

22.11%,

5/21/27

..

4,708

4,537

L2295258.UP.FTS.B,

23.19%,

5/21/27

....

5,060

5,033

FW2294358.UP.FTS.B,

24.02%,

5/21/27

..

2,057

2,048

L2293794.UP.FTS.B,

25.5%,

5/21/27

....

2,064

1,953

L2295504.UP.FTS.B,

26%,

5/21/27

......

7,670

(1)

FW2296027.UP.FTS.B,

26.18%,

5/21/27

..

4,220

298

L2295478.UP.FTS.B,

26.3%,

5/21/27

....

4,079

1,169

FW2272171.UP.FTS.B,

26.33%,

5/21/27

..

23,222

22,035

L2294417.UP.FTS.B,

26.45%,

5/21/27

....

27,110

25,651

FW2296545.UP.FTS.B,

28.87%,

5/21/27

..

5,629

5,583

FW2294527.UP.FTS.B,

29.54%,

5/21/27

..

3,287

964

FW2293618.UP.FTS.B,

29.66%,

5/21/27

..

1,920

284

FW2292873.UP.FTS.B,

31.09%,

5/21/27

..

954

279

L2298796.UP.FTS.B,

7.68%,

5/22/27

....

1,720

1,708

L2299805.UP.FTS.B,

8.23%,

5/22/27

....

1,954

1,939

L2299170.UP.FTS.B,

10.02%,

5/22/27

....

6,436

6,392

L2299498.UP.FTS.B,

12.01%,

5/22/27

....

6,740

6,335

L2298756.UP.FTS.B,

12.5%,

5/22/27

....

43,665

43,271

L2299353.UP.FTS.B,

18.42%,

5/22/27

....

6,550

60

L2298303.UP.FTS.B,

22.22%,

5/22/27

....

5,590

5,265

FW2297340.UP.FTS.B,

22.67%,

5/22/27

..

4,558

4,321

L2300368.UP.FTS.B,

25.11%,

5/22/27

....

1,885

1,824

FW2300597.UP.FTS.B,

26.14%,

5/22/27

..

8,811

(209)

FW2298595.UP.FTS.B,

30.48%,

5/22/27

..

7,350

519

FW2297380.UP.FTS.B,

30.57%,

5/22/27

..

5,874

5,847

FW2296256.UP.FTS.B,

30.68%,

5/22/27

..

3,010

2,993

FW2298675.UP.FTS.B,

31.12%,

5/22/27

..

6,887

6,622

FW2298853.UP.FTS.B,

33.16%,

5/22/27

..

4,102

1,229

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2427221.UP.FTS.B,

9.21%,

6/13/27

....

$

2,889

$

2,867

FW2427741.UP.FTS.B,

9.76%,

6/13/27

...

7,142

7,093

FW2428153.UP.FTS.B,

11.37%,

6/13/27

..

9,498

465

L2426893.UP.FTS.B,

11.99%,

6/13/27

....

1,354

1,342

L2422943.UP.FTS.B,

17.4%,

6/13/27

....

5,555

5,466

L2427766.UP.FTS.B,

22.36%,

6/13/27

....

5,007

4,927

L2427827.UP.FTS.B,

23.01%,

6/13/27

....

11,189

3,107

L2422890.UP.FTS.B,

23.18%,

6/13/27

....

3,103

3,081

FW2424596.UP.FTS.B,

23.51%,

6/13/27

..

1,846

1,830

FW2424610.UP.FTS.B,

24.07%,

6/13/27

..

8,191

8,108

L2424490.UP.FTS.B,

25.49%,

6/13/27

....

6,773

6,736

FW2427001.UP.FTS.B,

25.82%,

6/13/27

..

9,385

9,294

FW2427523.UP.FTS.B,

29.85%,

6/13/27

..

2,823

2,800

FW2422585.UP.FTS.B,

30.74%,

6/13/27

..

3,328

3,303

FW2426089.UP.FTS.B,

30.97%,

6/13/27

..

5,904

5,843

FW2424580.UP.FTS.B,

31.2%,

6/13/27

...

18,578

18,452

L2433061.UP.FTS.B,

9.38%,

6/14/27

....

6,884

6,838

FW2429553.UP.FTS.B,

9.84%,

6/14/27

...

8,824

8,763

L2431725.UP.FTS.B,

12.26%,

6/14/27

....

33,821

33,512

FW2432260.UP.FTS.B,

13.46%,

6/14/27

..

4,690

4,650

L2432731.UP.FTS.B,

13.82%,

6/14/27

....

20,085

19,911

L2432687.UP.FTS.B,

18.15%,

6/14/27

....

937

923

L2431586.UP.FTS.B,

18.56%,

6/14/27

....

9,330

9,191

L2435110.UP.FTS.B,

20.58%,

6/14/27

....

1,568

1,543

FW2418141.UP.FTS.B,

24.21%,

6/14/27

..

7,827

7,749

FW2428982.UP.FTS.B,

24.9%,

6/14/27

...

26,108

1,879

L2400561.UP.FTS.B,

25.15%,

6/14/27

....

1,490

1,482

FW2434573.UP.FTS.B,

26.92%,

6/14/27

..

8,677

8,625

FW2432748.UP.FTS.B,

28.28%,

6/14/27

..

2,847

2,831

FW2432960.UP.FTS.B,

30.52%,

6/14/27

..

1,561

1,548

FW2434043.UP.FTS.B,

30.96%,

6/14/27

..

28,587

28,382

FW2429109.UP.FTS.B,

31.06%,

6/14/27

..

2,112

1,266

FW2412469.UP.FTS.B,

31.07%,

6/14/27

..

2,120

2,102

FW2429288.UP.FTS.B,

33.13%,

6/14/27

..

1,262

1,254

L2438839.UP.FTS.B,

7.09%,

6/18/27

....

17,261

17,175

L2437298.UP.FTS.B,

12.04%,

6/18/27

....

5,423

5,372

FW2436806.UP.FTS.B,

12.34%,

6/18/27

..

8,728

8,642

L2439073.UP.FTS.B,

13.38%,

6/18/27

....

11,220

11,109

L2437183.UP.FTS.B,

19.56%,

6/18/27

....

4,971

4,664

FW2436856.UP.FTS.B,

21.01%,

6/18/27

..

9,880

1,421

FW2434176.UP.FTS.B,

21.73%,

6/18/27

..

18,960

1,327

L2413076.UP.FTS.B,

22.22%,

6/18/27

....

9,290

8,797

L2437879.UP.FTS.B,

24.72%,

6/18/27

....

1,226

1,217

L2437504.UP.FTS.B,

27.79%,

6/18/27

....

1,624

1,612

FW2437190.UP.FTS.B,

29.17%,

6/18/27

..

3,327

489

FW2435140.UP.FTS.B,

30.13%,

6/18/27

..

8,411

8,346

FW2438585.UP.FTS.B,

30.32%,

6/18/27

..

9,683

685

L2607609.UP.FTS.B,

15.09%,

7/10/27

....

3,003

2,975

L2604242.UP.FTS.B,

21.11%,

7/10/27

....

4,738

4,657

L2608553.UP.FTS.B,

23.5%,

7/10/27

....

8,245

8,144

FW2608836.UP.FTS.B,

27.23%,

7/10/27

..

4,793

4,741

FW2607742.UP.FTS.B,

28.79%,

7/10/27

..

20,748

5,970

FW2603300.UP.FTS.B,

29.62%,

7/10/27

..

13,523

8,010

FW2605866.UP.FTS.B,

29.72%,

7/10/27

..

1,131

1,120

FW2607425.UP.FTS.B,

30.29%,

7/10/27

..

1,888

540

FW2603700.UP.FTS.B,

31.08%,

7/10/27

..

1,873

1,855

FW2603079.UP.FTS.B,

31.33%,

7/10/27

..

5,857

1,666

FW2613876.UP.FTS.B,

15.29%,

7/11/27

..

2,725

2,688

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2611504.UP.FTS.B,

16.36%,

7/11/27

....

$

5,462

$

5,412

L2612042.UP.FTS.B,

19.42%,

7/11/27

....

17,979

17,669

FW2614489.UP.FTS.B,

21.78%,

7/11/27

..

2,811

1,663

FW2610184.UP.FTS.B,

23.94%,

7/11/27

..

20,495

20,261

FW2610639.UP.FTS.B,

24.2%,

7/11/27

...

10,596

1,518

L2583854.UP.FTS.B,

24.88%,

7/11/27

....

6,320

6,248

L2612180.UP.FTS.B,

25.49%,

7/11/27

....

7,719

4,435

FW2612768.UP.FTS.B,

25.53%,

7/11/27

..

7,083

7,004

L2613244.UP.FTS.B,

25.74%,

7/11/27

....

18,745

18,554

L2614101.UP.FTS.B,

26.5%,

7/11/27

.....

13,925

13,766

FW2613347.UP.FTS.B,

26.68%,

7/11/27

..

1,325

1,313

FW2613777.UP.FTS.B,

27.07%,

7/11/27

..

1,819

1,800

FW2612774.UP.FTS.B,

28.61%,

7/11/27

..

9,498

669

FW2614159.UP.FTS.B,

29.19%,

7/11/27

..

2,476

710

FW2611463.UP.FTS.B,

30.57%,

7/11/27

..

960

571

FW2610223.UP.FTS.B,

30.62%,

7/11/27

..

2,894

2,863

FW2613911.UP.FTS.B,

30.67%,

7/11/27

..

9,133

9,042

FW2610193.UP.FTS.B,

30.94%,

7/11/27

..

9,413

9,303

FW2614988.UP.FTS.B,

31.1%,

7/11/27

...

18,391

18,216

FW2614136.UP.FTS.B,

31.2%,

7/11/27

...

12,690

12,589

FW2613463.UP.FTS.B,

31.43%,

7/11/27

..

8,463

1,192

FW2611798.UP.FTS.B,

31.65%,

7/11/27

..

7,945

7,880

L2615821.UP.FTS.B,

16.82%,

7/14/27

....

3,698

3,647

L2615913.UP.FTS.B,

19.56%,

7/14/27

....

5,684

5,595

L2618649.UP.FTS.B,

24.27%,

7/14/27

....

10,132

10,012

L2616398.UP.FTS.B,

25.45%,

7/14/27

....

2,227

1,320

FW2616467.UP.FTS.B,

26.53%,

7/14/27

..

14,600

14,443

FW2618197.UP.FTS.B,

27.81%,

7/14/27

..

16,246

16,085

FW2615990.UP.FTS.B,

30.24%,

7/14/27

..

2,862

2,835

FW2618031.UP.FTS.B,

31.37%,

7/14/27

..

25,602

25,303

FW1716481.UP.FTS.B,

26.69%,

7/15/27

..

21,997

21,676

L1718145.UP.FTS.B,

26.73%,

7/15/27

....

8,993

2,595

FW1882891.UP.FTS.B,

25.65%,

8/20/27

..

1,812

1,786

FW1889091.UP.FTS.B,

29.67%,

8/20/27

..

2,934

442

FW2950750.UP.FTS.B,

18.33%,

9/14/27

..

31,573

31,214

FW2949403.UP.FTS.B,

20.67%,

9/14/27

..

6,793

6,708

L2949533.UP.FTS.B,

20.93%,

9/14/27

....

1,596

1,575

L2948936.UP.FTS.B,

21.98%,

9/14/27

....

5,156

5,082

L2949402.UP.FTS.B,

22.02%,

9/14/27

....

10,249

6,086

L2951399.UP.FTS.B,

22.65%,

9/14/27

....

10,278

10,136

L2949419.UP.FTS.B,

23.06%,

9/14/27

....

2,591

2,572

FW2951000.UP.FTS.B,

23.87%,

9/14/27

..

25,886

25,505

FW2949083.UP.FTS.B,

24.84%,

9/14/27

..

5,318

1,521

L2949947.UP.FTS.B,

25.29%,

9/14/27

....

2,038

2,021

L2949603.UP.FTS.B,

25.51%,

9/14/27

....

4,723

4,686

L2950727.UP.FTS.B,

25.55%,

9/14/27

....

4,773

669

FW2948974.UP.FTS.B,

29.39%,

9/14/27

..

8,447

8,365

FW2950998.UP.FTS.B,

31.04%,

9/14/27

..

6,546

6,490

FW2950720.UP.FTS.B,

31.08%,

9/14/27

..

1,479

103

FW2948818.UP.FTS.B,

31.09%,

9/14/27

..

3,724

1,084

FW2950983.UP.FTS.B,

31.18%,

9/14/27

..

2,211

2,191

L2047067.UP.FTS.B,

21.22%,

9/15/27

....

20,317

20,048

FW2049311.UP.FTS.B,

21.75%,

9/15/27

..

4,717

4,663

L2094100.UP.FTS.B,

16.83%,

9/22/27

....

13,938

3,792

L2293030.UP.FTS.B,

8.8%,

10/21/27

....

2,522

2,503

L2298368.UP.FTS.B,

11.21%,

10/22/27

...

3,876

3,840

L2300702.UP.FTS.B,

15.45%,

10/22/27

...

29,671

27,917

L2298508.UP.FTS.B,

19.73%,

10/22/27

...

4,649

4,587

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2297370.UP.FTS.B,

21.38%,

10/22/27

...

$

11,031

$

10,371

L2297484.UP.FTS.B,

25.49%,

10/22/27

...

21,851

20,748

L2424838.UP.FTS.B,

19.97%,

11/13/27

...

9,216

1,297

FW2430164.UP.FTS.B,

9.11%,

11/14/27

..

4,816

4,786

FW2435246.UP.FTS.B,

14.6%,

11/18/27

..

2,027

2,015

FW2436414.UP.FTS.B,

31.16%,

11/18/27

.

644

85

FW2439101.UP.FTS.B,

32.41%,

11/18/27

.

4,454

1,396

L2607851.UP.FTS.B,

13.68%,

12/10/27

...

32,018

31,704

FW2606361.UP.FTS.B,

25.37%,

12/10/27

.

10,218

10,083

FW2606463.UP.FTS.B,

28.58%,

12/10/27

.

17,244

10,293

FW2605935.UP.FTS.B,

31.23%,

12/10/27

.

5,902

5,855

L2613209.UP.FTS.B,

14.38%,

12/11/27

...

6,903

1,066

L2614621.UP.FTS.B,

23.29%,

12/11/27

...

23,346

23,049

L2609793.UP.FTS.B,

25.33%,

12/11/27

...

2,232

161

L2611597.UP.FTS.B,

25.33%,

12/11/27

...

12,319

7,494

FW2613805.UP.FTS.B,

31%,

12/11/27

...

8,986

1,285

L2950570.UP.FTS.B,

25.3%,

2/14/28

....

3,736

599

L1718966.UP.FTS.B,

18.89%,

9/15/28

....

8,955

8,914

L1718702.UP.FTS.B,

26.02%,

9/15/28

....

4,596

4,589

L1886617.UP.FTS.B,

19.5%,

10/20/28

....

9,053

9,005

L1887293.UP.FTS.B,

25.85%,

10/20/28

...

9,990

9,942

L2608032.UP.FTS.B,

17.27%,

2/10/29

....

3,983

3,960

L2607986.UP.FTS.B,

25.66%,

2/10/29

....

19,333

10,961

L2605247.UP.FTS.B,

26.74%,

2/10/29

....

9,670

691

L2607288.UP.FTS.B,

27.03%,

2/10/29

....

11,601

3,123

L2605139.UP.FTS.B,

28.33%,

2/10/29

....

2,390

2,373

L2611806.UP.FTS.B,

26.35%,

2/11/29

....

3,217

230

L1718819.UP.FTS.B,

23.98%,

2/15/29

....

2,811

2,797

L2601951.UP.FTS.B,

26.3%,

7/10/29

....

5,821

5,780

17,497,524

Total

Marketplace

Loans

(Cost

$77,356,143)

....

$70,765,328

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

At

January

31,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

At

January

31,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

At

January

31,

2023,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

30-day

Federal

Funds

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

Short

787

$

313,005,101

12/29/23

$

245,688

U.S.

Treasury

10

Year

Notes

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

Short

420

48,096,562

3/22/23

(466,513)

U.S.

Treasury

2

Year

Notes

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

Long

3,967

815,807,354

3/31/23

2,135,248

U.S.

Treasury

5

Year

Notes

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

Short

402

43,915,360

3/31/23

(385,127)

Total

Futures

Contracts

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

$1,529,296

*

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

8,000,000

1,568,627

2/06/23

$

6,496

$

—

Brazilian

Real

......

JPHQ

Sell

8,000,000

1,529,432

2/06/23

—

(45,691)

Brazilian

Real

......

JPHQ

Sell

7,200,000

1,388,943

5/08/23

—

(3,230)

Euro

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

JPHQ

Sell

75,020,407

79,983,757

5/30/23

—

(2,140,289)

Japanese

Yen

......

JPHQ

Sell

3,730,702,212

28,331,578

7/03/23

—

(953,136)

Total

Forward

Exchange

Contracts

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

$6,496

$(3,142,346)

Net

unrealized

appreciation

(depreciation)

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

$(3,135,850)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CDX.NA.EM.38

.

(1.00)%

Quarterly

12/20/27

13,675,000

$

682,289

$

1,066,417

$

(384,128)

CDX.NA.HY.39

.

(5.00)%

Quarterly

12/20/27

45,750,000

(1,535,656)

303,838

(1,839,494)

Total

Centrally

Cleared

Swap

Contracts

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

$(853,367)

$1,370,255

$(2,223,622)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

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

Buy

Protection

(c)

Single

Name

Avon

Products,

Inc.

.......

(5.00)%

Quarterly

CITI

3/20/23

5,835,000

$

(68,632)

$

(21,875)

$

(46,757)

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Air

France-KLM

.

5.00%

Quarterly

BOFA

6/20/26

600,000

EUR

(1,199)

8,482

(9,681)

NR

Air

France-KLM

.

5.00%

Quarterly

JPHQ

6/20/26

1,420,000

EUR

(2,838)

17,531

(20,369)

NR

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

5,500,000

(1,432,777)

(873,563)

(559,214)

B-

Mexico

Government

Bond

......

1.00%

Quarterly

GSCO

6/20/26

5,400,000

31,856

10,617

21,239

BBB

Traded

Index

(e)

BNP

Paribas

Bespoke

Haverhill

Index,

Mezzanine

Tranche

5-10%

4.10%

Quarterly

BNDP

12/20/23

2,300,000

EUR

26,495

—

26,495

Non-

Investment

Grade

CDX.NA.HY.31

.

5.00%

Quarterly

CITI

12/20/23

20,400,000

782,191

(512,892)

1,295,083

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kenai

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/23

13,550,000

(3,486,268)

(1,833,709)

(1,652,559)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Rotorua

Index,

Mezzanine

Tranche

5-10%

3.60%

Quarterly

CITI

12/20/23

5,000,000

44,878

—

44,878

Non-

Investment

Grade

MCDX.

NA.MAIN.31

.

1.00%

Quarterly

CITI

12/20/23

12,200,000

70,428

22,187

48,241

Investment

Grade

Total

OTC

Swap

Contracts

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

$(4,035,866)

$(3,183,222)

$(852,644)

Total

Credit

Default

Swap

Contracts

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

$(4,889,233)

$

(1,812,967)

$(3,076,266)

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

(e)

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

At

January

31,

2023,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

A

bbreviations

on

page

331

.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Short

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

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

1-day

SOFR

Quarterly

BZWS

3/20/23

8,480,000

$

(463,899)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

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

1-day

SOFR

Quarterly

MSCO

3/20/23

5,450,000

(281,625)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

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

1-day

SOFR

Quarterly

BNDP

3/20/23

14,115,000

(854,123)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

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

1-day

SOFR

Quarterly

BNDP

3/20/23

3,385,000

(195,495)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

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

1-day

SOFR

Quarterly

MSCO

6/20/23

9,125,000

(362,737)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

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

1-day

SOFR

Quarterly

MSCO

6/20/23

9,125,000

(303,565)

Total

Return

Swap

Contracts

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

$(2,461,444)

*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Managed

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

28.3%

Aerospace

&

Defense

1.7%

a

Lockheed

Martin

Corp.

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

United

States

75,000

$

34,744,500

Raytheon

Technologies

Corp.

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

United

States

300,000

29,955,000

64,699,500

Air

Freight

&

Logistics

0.8%

a

United

Parcel

Service,

Inc.,

B

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

United

States

175,000

32,415,250

Banks

4.9%

a

Bank

of

America

Corp.

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

United

States

1,450,000

51,446,000

a

Citigroup,

Inc.

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

United

States

350,000

18,277,000

a

JPMorgan

Chase

&

Co.

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

United

States

440,000

61,582,400

Truist

Financial

Corp.

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

United

States

500,000

24,695,000

US

Bancorp

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

United

States

650,000

32,370,000

188,370,400

Beverages

0.9%

a

Coca-Cola

Co.

(The)

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

United

States

300,000

18,396,000

a

PepsiCo,

Inc.

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

United

States

100,000

17,102,000

35,498,000

Biotechnology

0.5%

a

AbbVie,

Inc.

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

United

States

125,000

18,468,750

Capital

Markets

1.5%

a

Morgan

Stanley

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

United

States

600,000

58,398,000

Diversified

Telecommunication

Services

0.8%

Verizon

Communications,

Inc.

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

United

States

700,000

29,099,000

Electric

Utilities

2.5%

a

American

Electric

Power

Co.,

Inc.

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

United

States

160,000

15,033,600

a

Duke

Energy

Corp.

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

United

States

250,000

25,612,500

Edison

International

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

United

States

350,000

24,115,000

a

Southern

Co.

(The)

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

United

States

500,000

33,840,000

98,601,100

Health

Care

Providers

&

Services

0.5%

CVS

Health

Corp.

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

United

States

225,000

19,849,500

Household

Products

1.3%

a

Procter

&

Gamble

Co.

(The)

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

United

States

350,000

49,833,000

Industrial

Conglomerates

0.8%

a

Honeywell

International,

Inc.

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

United

States

150,000

31,272,000

Metals

&

Mining

0.8%

a

Rio

Tinto

plc,

ADR

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

Australia

400,000

31,740,000

Multiline

Retail

0.5%

a

Target

Corp.

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

United

States

100,000

17,214,000

Multi-Utilities

1.8%

Dominion

Energy,

Inc.

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

United

States

500,000

31,820,000

a

DTE

Energy

Co.

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

United

States

150,000

17,455,500

Sempra

Energy

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

United

States

125,000

20,041,250

69,316,750

Oil,

Gas

&

Consumable

Fuels

2.9%

a

Chevron

Corp.

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

United

States

450,000

78,309,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

a

Exxon

Mobil

Corp.

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

United

States

300,000

$

34,803,000

113,112,000

Pharmaceuticals

1.3%

Johnson

&

Johnson

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

United

States

150,000

24,513,000

Pfizer,

Inc.

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

United

States

600,000

26,496,000

51,009,000

Road

&

Rail

0.5%

Union

Pacific

Corp.

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

United

States

100,000

20,419,000

Semiconductors

&

Semiconductor

Equipment

2.5%

a

Broadcom,

Inc.

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

United

States

62,297

36,444,369

a

Texas

Instruments,

Inc.

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

United

States

350,000

62,023,500

98,467,869

Specialty

Retail

1.3%

a

Home

Depot,

Inc.

(The)

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

United

States

150,000

48,625,500

Tobacco

0.5%

a

Philip

Morris

International,

Inc.

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

United

States

200,000

20,848,000

Total

Common

Stocks

(Cost

$820,112,046)

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

1,097,256,619

Management

Investment

Companies

1.8%

Capital

Markets

1.8%

b

Franklin

Systematic

Style

Premia

ETF

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

United

States

1,050,000

22,109,115

b,c

Franklin

U.S.

Low

Volatility

ETF

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

United

States

850,000

40,500,800

b

Western

Asset

Diversified

Income

Fund

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

United

States

500,905

7,087,806

69,697,721

Total

Management

Investment

Companies

(Cost

$65,091,094)

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

69,697,721

Equity-Linked

Securities

10.1%

Aerospace

&

Defense

0.5%

d

Citigroup

Global

Markets

Holdings,

Inc.

into

Northrop

Grumman

Corp.,

144A,

7.5%,

10/06/23

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

United

States

45,000

20,674,214

Automobiles

0.3%

d

Barclays

Bank

plc

into

Ford

Motor

Co,

144A,

12%,

2/09/24

......

United

States

725,000

9,579,337

Banks

1.3%

d

Barclays

Bank

plc

into

JPMorgan

Chase

&

Co.,

144A,

8%,

9/08/23

United

States

275,000

36,708,642

d

JPMorgan

Chase

Bank

NA

into

Bank

of

America

Corp,

144A,

9%,

2/02/24

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

United

States

450,000

15,408,200

52,116,842

Biotechnology

0.6%

d

BNP

Paribas

Issuance

BV

into

AbbVie,

Inc.,

144A,

8%,

2/23/23

...

United

States

145,000

21,387,769

Chemicals

0.8%

d

Credit

Suisse

AG

into

Air

Products

and

Chemicals,

Inc.,

144A,

8.5%,

5/15/23

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

United

States

110,000

29,243,436

Communications

Equipment

0.5%

d

Barclays

Bank

plc

into

Cisco

Systems,

Inc.,

144A,

7.5%,

3/10/23

..

United

States

400,000

19,621,974

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Containers

&

Packaging

0.4%

d

Mizuho

Markets

Cayman

LP

into

International

Paper

Co.,

144A,

10.5%,

12/15/23

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

United

States

400,000

$

15,901,679

Internet

&

Direct

Marketing

Retail

1.0%

d

Credit

Suisse

AG

into

Amazon.com,

Inc.,

144A,

10%,

6/30/23

....

United

States

349,100

37,435,275

Machinery

0.3%

d

National

Bank

of

Canada

into

Cummins

Inc,

144A,

8.5%,

2/13/24

.

United

States

45,000

11,238,400

Media

0.5%

d

BNP

Paribas

Issuance

BV

into

Comcast

Corp.,

144A,

8.5%,

8/10/23

United

States

100,000

4,019,210

d

Societe

Generale

SA

into

Comcast

Corp.,

144A,

8%,

4/17/23

....

United

States

425,000

16,891,592

20,910,802

Oil,

Gas

&

Consumable

Fuels

0.3%

d

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp,

144A,

9.5%,

2/22/24

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

United

States

100,000

11,527,080

Pharmaceuticals

0.6%

d

Mizuho

Markets

Cayman

LP

into

Bristol-Myers

Squibb

Co.,

144A,

8.5%,

12/04/23

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

United

States

300,000

22,744,309

Semiconductors

&

Semiconductor

Equipment

1.8%

d

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.,

144A,

10%,

6/26/23

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

United

States

629,300

47,420,989

d

Royal

Bank

of

Canada

into

Analog

Devices,

Inc.,

144A,

10%,

5/19/23

United

States

145,000

24,089,727

71,510,716

Software

1.2%

d

Mizuho

Markets

Cayman

LP

into

Workday,

Inc.,

144A,

10%,

8/03/23

United

States

289,000

47,311,407

Total

Equity-Linked

Securities

(Cost

$388,072,980)

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

391,203,240

Convertible

Preferred

Stocks

1.4%

Electric

Utilities

0.7%

American

Electric

Power

Co.,

Inc.,

6.125%

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

United

States

200,000

10,290,000

NextEra

Energy,

Inc.,

5.279%

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

United

States

400,000

19,996,000

30,286,000

Life

Sciences

Tools

&

Services

0.7%

Danaher

Corp.,

5%,

B

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

United

States

20,000

26,880,000

Total

Convertible

Preferred

Stocks

(Cost

$47,364,695)

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

57,166,000

Principal

Amount

*

Corporate

Bonds

50.5%

Aerospace

&

Defense

1.1%

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

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

United

States

15,000,000

13,715,601

Senior

Note,

2.196%,

2/04/26

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

United

States

5,000,000

4,624,657

Senior

Note,

5.04%,

5/01/27

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

United

States

5,000,000

5,052,253

Senior

Note,

5.15%,

5/01/30

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

United

States

10,000,000

10,086,487

Huntington

Ingalls

Industries,

Inc.

,

Senior

Note

,

3.483

%

,

12/01/27

.

United

States

10,000,000

9,319,407

42,798,405

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Airlines

1.0%

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

25,000,000

$

24,372,306

d

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

13,500,000

13,655,452

38,027,758

Auto

Components

0.2%

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note

,

5.25

%

,

7/15/31

..

United

States

7,500,000

6,347,063

Automobiles

0.8%

Ford

Motor

Co.

,

Senior

Bond

,

6.1

%

,

8/19/32

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

United

States

15,000,000

14,736,875

General

Motors

Co.

,

Senior

Bond

,

5.6

%

,

10/15/32

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

United

States

15,000,000

14,831,947

29,568,822

Banks

4.4%

Bank

of

America

Corp.

,

Senior

Bond,

3.419%

to

12/19/27,

FRN

thereafter,

12/20/28

...

United

States

25,000,000

23,395,647

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

10,000,000

9,827,093

Barclays

plc

,

Senior

Bond,

3.65%,

3/16/25

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

United

Kingdom

15,000,000

14,589,875

Senior

Bond,

5.746%

to

8/08/32,

FRN

thereafter,

8/09/33

.....

United

Kingdom

10,000,000

10,084,742

Senior

Note,

7.385%

to

11/01/27,

FRN

thereafter,

11/02/28

....

United

Kingdom

15,000,000

16,279,999

Citigroup,

Inc.

,

Senior

Bond,

6.27%

to

11/16/32,

FRN

thereafter,

11/17/33

.....

United

States

10,000,000

10,900,268

Sub.

Bond,

4.125%,

7/25/28

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

United

States

20,000,000

19,198,181

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

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

United

States

10,000,000

10,817,328

Truist

Bank

,

Sub.

Bond

,

2.636%

to

9/16/24,

FRN

thereafter

,

9/17/29

United

States

20,000,000

18,862,640

US

Bancorp

,

Senior

Bond,

5.85%

to

10/20/32,

FRN

thereafter,

10/21/33

....

United

States

10,000,000

10,748,657

Senior

Note,

4.548%

to

7/21/27,

FRN

thereafter,

7/22/28

......

United

States

10,000,000

9,990,061

Wells

Fargo

&

Co.

,

Senior

Bond

,

4.478%

to

4/03/30,

FRN

thereafter

,

4/04/31

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

United

States

15,000,000

14,616,790

169,311,281

Biotechnology

0.6%

AbbVie,

Inc.

,

Senior

Bond,

4.55%,

3/15/35

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

United

States

15,000,000

14,730,508

Senior

Note,

3.2%,

11/21/29

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

United

States

10,000,000

9,304,017

24,034,525

Capital

Markets

1.6%

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

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

United

States

25,000,000

20,645,765

Morgan

Stanley

,

Senior

Bond,

2.699%

to

1/21/30,

FRN

thereafter,

1/22/31

.....

United

States

10,000,000

8,683,762

Senior

Bond,

6.342%

to

10/17/32,

FRN

thereafter,

10/18/33

...

United

States

15,000,000

16,503,986

Sub.

Bond,

4.35%,

9/08/26

............................

United

States

15,000,000

14,712,523

60,546,036

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

2.6%

c

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

20,000,000

$

20,301,593

CF

Industries,

Inc.

,

Senior

Bond

,

5.15

%

,

3/15/34

..............

United

States

12,500,000

12,376,933

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3

%

,

3/15/33

..........

United

States

10,000,000

11,027,160

DuPont

de

Nemours,

Inc.

,

Senior

Note

,

4.493

%

,

11/15/25

.......

United

States

20,000,000

19,986,548

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.......

United

States

20,000,000

18,767,546

d

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond

,

144A,

2.3

%

,

11/01/30

..........................................

United

States

10,000,000

8,297,341

d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

...........................................

United

States

10,000,000

8,812,950

99,570,071

Communications

Equipment

0.2%

d

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

6

%

,

6/15/25

.

United

States

10,000,000

9,481,700

Consumer

Finance

2.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.................................

Ireland

20,000,000

16,500,447

Capital

One

Financial

Corp.

,

Senior

Bond,

5.268%

to

5/09/32,

FRN

thereafter,

5/10/33

.....

United

States

10,000,000

9,813,279

Senior

Note,

3.273%

to

2/28/29,

FRN

thereafter,

3/01/30

......

United

States

15,000,000

13,300,319

Sub.

Bond,

3.75%,

7/28/26

............................

United

States

10,000,000

9,571,582

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

7.35%,

11/04/27

..........................

United

States

15,000,000

15,768,750

Senior

Note,

3.625%,

6/17/31

..........................

United

States

15,000,000

12,496,215

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

6.4%,

1/09/33

............................

United

States

10,000,000

10,405,479

Senior

Note,

4.3%,

4/06/29

............................

United

States

20,000,000

18,716,029

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375

%

,

11/15/29

........

United

States

7,500,000

6,576,938

113,149,038

Containers

&

Packaging

1.0%

d

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

............................

United

States

25,000,000

20,509,500

d

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note

,

144A,

7.25

%

,

4/15/25

...........................................

United

States

20,000,000

19,550,600

40,060,100

Diversified

Telecommunication

Services

0.5%

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

....

United

States

25,000,000

20,609,304

Electric

Utilities

2.7%

Edison

International

,

Senior

Note

,

6.95

%

,

11/15/29

............

United

States

20,000,000

21,733,182

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

4.55%,

7/01/30

...........................

United

States

25,000,000

23,341,781

Senior

Bond,

6.15%,

1/15/33

...........................

United

States

10,000,000

10,288,860

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

10/15/32

.............

United

States

15,000,000

16,008,133

d

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

...........................................

United

States

36,000,000

33,314,902

104,686,858

Electronic

Equipment,

Instruments

&

Components

1.2%

Flex

Ltd.

,

Senior

Bond,

4.875%,

5/12/30

..........................

United

States

20,000,000

19,621,531

Senior

Note,

6%,

1/15/28

.............................

United

States

10,000,000

10,393,641

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

Jabil,

Inc.

,

Senior

Bond

,

3

%

,

1/15/31

.......................

United

States

20,000,000

$

17,176,685

47,191,857

Entertainment

0.4%

d

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.279

%

,

3/15/32

.

United

States

20,000,000

17,816,251

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

American

Tower

Corp.

,

Senior

Bond

,

3.8

%

,

8/15/29

............

United

States

25,000,000

23,382,268

Crown

Castle,

Inc.

,

Senior

Bond

,

2.5

%

,

7/15/31

...............

United

States

10,000,000

8,423,030

d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625

%

,

12/01/29

..........................................

United

States

20,000,000

18,650,571

50,455,869

Food

Products

1.5%

d

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Bond,

144A,

5.5%,

1/15/30

.......................

United

States

5,000,000

4,864,525

Senior

Bond,

144A,

3.75%,

12/01/31

.....................

United

States

5,000,000

4,229,790

Senior

Note,

144A,

3.625%,

1/15/32

.....................

United

States

20,000,000

16,733,200

d

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

144A,

4.25

%

,

4/15/31

.......

United

States

21,000,000

18,245,115

d

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

12/15/29

........

United

States

15,000,000

13,927,327

57,999,957

Health

Care

Equipment

&

Supplies

1.2%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

9,700,000

9,538,684

d

GE

HealthCare

Technologies,

Inc.

,

Senior

Bond

,

144A,

5.905

%

,

11/22/32

..........................................

United

States

15,000,000

16,268,391

d

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

.....................

United

States

10,000,000

8,387,052

Senior

Secured

Note,

144A,

3.875%,

4/01/29

..............

United

States

15,000,000

12,843,600

47,037,727

Health

Care

Providers

&

Services

5.2%

Centene

Corp.

,

Senior

Note

,

4.625

%

,

12/15/29

...............

United

States

25,000,000

23,782,250

d

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

....................

United

States

20,000,000

12,050,559

Senior

Secured

Note,

144A,

8%,

3/15/26

..................

United

States

40,000,000

38,667,135

Senior

Secured

Note,

144A,

8%,

12/15/27

.................

United

States

10,000,000

9,441,934

CVS

Health

Corp.

,

Senior

Bond

,

3.25

%

,

8/15/29

..............

United

States

25,000,000

22,959,071

d

DaVita,

Inc.

,

Senior

Bond,

144A,

3.75%,

2/15/31

......................

United

States

10,500,000

8,177,453

Senior

Note,

144A,

4.625%,

6/01/30

.....................

United

States

16,000,000

13,497,120

d

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

3

%

,

12/01/31

..........................................

Germany

20,000,000

15,721,688

HCA,

Inc.

,

Senior

Bond,

4.125%,

6/15/29

..........................

United

States

10,000,000

9,511,942

d

Senior

Bond,

144A,

3.625%,

3/15/32

.....................

United

States

15,000,000

13,329,583

Humana,

Inc.

,

Senior

Bond

,

5.875

%

,

3/01/33

.................

United

States

15,000,000

16,073,718

Tenet

Healthcare

Corp.

,

Senior

Note,

6.125%,

10/01/28

.........................

United

States

10,000,000

9,362,000

Senior

Secured

Note,

4.375%,

1/15/30

...................

United

States

10,000,000

8,904,100

201,478,553

Hotels,

Restaurants

&

Leisure

1.7%

Expedia

Group,

Inc.

,

Senior

Bond,

3.8%,

2/15/28

............................

United

States

15,000,000

14,190,087

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Expedia

Group,

Inc.,

(continued)

Senior

Note,

5%,

2/15/26

.............................

United

States

10,000,000

$

10,012,343

d

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

...

United

States

10,000,000

9,410,000

c

Starbucks

Corp.

,

Senior

Bond

,

3

%

,

2/14/32

..................

United

States

10,000,000

8,892,914

d

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond,

144A,

5.5%,

3/01/25

.......................

United

States

4,000,000

3,891,810

Senior

Bond,

144A,

5.25%,

5/15/27

......................

United

States

20,000,000

18,919,400

65,316,554

Household

Durables

0.2%

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.......

United

States

10,000,000

9,411,743

Insurance

0.7%

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375

%

,

3/15/31

...........

United

States

20,000,000

16,123,996

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4

%

,

12/15/36

...............

United

States

10,000,000

10,198,803

26,322,799

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Inc.

,

Senior

Note

,

3.85

%

,

8/15/32

.............

United

States

10,000,000

9,302,757

Internet

&

Direct

Marketing

Retail

0.2%

Amazon.com,

Inc.

,

Senior

Bond

,

3.6

%

,

4/13/32

...............

United

States

10,000,000

9,518,749

IT

Services

0.5%

Fiserv,

Inc.

,

Senior

Bond

,

3.5

%

,

7/01/29

....................

United

States

20,000,000

18,641,418

Machinery

0.2%

CNH

Industrial

NV

,

Senior

Bond

,

3.85

%

,

11/15/27

.............

United

Kingdom

7,500,000

7,294,046

Media

0.3%

d

CSC

Holdings

LLC

,

Senior

Bond

,

144A,

5.375

%

,

2/01/28

.......

United

States

12,500,000

10,562,563

Metals

&

Mining

2.5%

d

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125

%

,

3/31/29

.

United

States

15,000,000

13,911,450

ArcelorMittal

SA

,

c

Senior

Bond,

4.25%,

7/16/29

...........................

Luxembourg

7,700,000

7,382,760

Senior

Note,

6.55%,

11/29/27

..........................

Luxembourg

25,000,000

26,130,232

d

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

4/15/30

...........................................

Australia

15,000,000

14,666,625

Freeport-McMoRan,

Inc.

,

Senior

Bond,

4.625%,

8/01/30

..........................

United

States

15,000,000

14,426,850

Senior

Note,

4.125%,

3/01/28

..........................

United

States

5,000,000

4,747,750

c,d

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

4.875

%

,

3/12/29

.....

Australia

15,000,000

14,963,881

96,229,548

Multiline

Retail

0.2%

Target

Corp.

,

Senior

Bond

,

4.5

%

,

9/15/32

...................

United

States

10,000,000

10,096,336

Multi-Utilities

0.4%

Dominion

Energy,

Inc.

,

A

,

Senior

Note

,

4.35

%

,

8/15/32

.........

United

States

15,000,000

14,531,144

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

2.1%

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.633

%

,

4/06/30

..

United

States

10,000,000

$

9,532,739

d

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11

%

,

4/15/25

........................

United

States

15,000,000

15,730,373

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7

%

,

11/15/29

..........................................

United

States

10,000,000

9,396,506

Energy

Transfer

LP

,

Senior

Bond

,

5.75

%

,

2/15/33

.............

United

States

15,000,000

15,434,025

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375

%

,

9/01/28

......

United

States

10,000,000

10,401,069

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

8/15/32

.........

United

States

20,000,000

19,532,253

80,026,965

Personal

Products

0.6%

GSK

Consumer

Healthcare

Capital

US

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

...........................................

United

States

25,000,000

22,902,440

Pharmaceuticals

2.4%

d

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

5,454,000

5,440,392

d

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

5.5

%

,

11/01/25

..........................................

United

States

30,000,000

25,551,750

d

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

...

Germany

15,000,000

14,750,506

Mylan,

Inc.

,

Senior

Note

,

4.55

%

,

4/15/28

....................

United

States

19,000,000

18,302,553

d,e

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

15,000,000

11,754,595

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

.............

United

States

20,000,000

15,909,232

91,709,028

Road

&

Rail

1.0%

d

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

8/11/32

........

United

Kingdom

25,000,000

25,104,776

Union

Pacific

Corp.

,

Senior

Bond

,

4.5

%

,

1/20/33

..............

United

States

15,000,000

15,138,737

40,243,513

Semiconductors

&

Semiconductor

Equipment

1.4%

Broadcom,

Inc.

,

Senior

Bond,

4.3%,

11/15/32

...........................

United

States

10,000,000

9,213,851

d

Senior

Bond,

144A,

3.469%,

4/15/34

.....................

United

States

30,000,000

24,896,335

Microchip

Technology,

Inc.

,

Senior

Note

,

4.25

%

,

9/01/25

........

United

States

5,000,000

4,907,967

Micron

Technology,

Inc.

,

Senior

Bond

,

4.663

%

,

2/15/30

.........

United

States

15,000,000

14,346,102

53,364,255

Software

1.3%

Oracle

Corp.

,

Senior

Bond,

6.25%,

11/09/32

..........................

United

States

10,000,000

10,878,535

Senior

Bond,

3.9%,

5/15/35

............................

United

States

20,000,000

17,710,825

Workday,

Inc.

,

Senior

Bond

,

3.8

%

,

4/01/32

..................

United

States

25,000,000

22,868,561

51,457,921

Specialty

Retail

0.7%

Lowe's

Cos.,

Inc.

,

Senior

Bond,

3.75%,

4/01/32

...........................

United

States

20,000,000

18,563,643

Senior

Note,

1.7%,

10/15/30

...........................

United

States

10,000,000

8,142,495

26,706,138

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Technology

Hardware,

Storage

&

Peripherals

0.9%

Apple,

Inc.

,

Senior

Bond

,

3.35

%

,

8/08/32

....................

United

States

10,000,000

$

9,350,997

HP,

Inc.

,

Senior

Bond

,

5.5

%

,

1/15/33

.......................

United

States

25,000,000

24,567,596

33,918,593

Tobacco

1.4%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

...............

United

States

15,000,000

11,730,942

BAT

Capital

Corp.

,

Senior

Bond,

4.742%,

3/16/32

..........................

United

Kingdom

15,000,000

13,878,430

Senior

Bond,

7.75%,

10/19/32

..........................

United

Kingdom

25,000,000

27,907,535

53,516,907

Trading

Companies

&

Distributors

0.4%

d

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

..........................................

United

States

15,000,000

15,243,900

Wireless

Telecommunication

Services

0.8%

Sprint

LLC

,

Senior

Note

,

7.625

%

,

2/15/25

...................

United

States

10,000,000

10,393,010

d

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

4,218,750

4,186,153

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3.5

%

,

4/15/31

..............

United

States

20,000,000

17,922,495

32,501,658

Total

Corporate

Bonds

(Cost

$1,901,182,326)

...................................

1,958,990,150

U.S.

Government

and

Agency

Securities

6.0%

U.S.

Treasury

Bonds

,

3%,

8/15/52

........................................

United

States

27,500,000

24,339,648

4%,

11/15/52

.......................................

United

States

50,000,000

53,476,563

U.S.

Treasury

Notes

,

4.5%,

11/30/24

......................................

United

States

40,000,000

40,135,937

4%,

10/31/29

.......................................

United

States

50,000,000

51,253,906

4.125%,

11/15/32

....................................

United

States

60,000,000

63,131,250

Total

U.S.

Government

and

Agency

Securities

(Cost

$226,760,626)

................

232,337,304

Asset-Backed

Securities

0.4%

Airlines

0.4%

United

Airlines

Pass-Through

Trust

,

2020-1,

A,

5.875%,

10/15/27

...........................

United

States

7,545,333

7,645,734

2020-1,

B,

4.875%,

7/15/27

............................

United

States

8,682,000

8,468,995

16,114,729

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$16,227,333)

...............................

16,114,729

Mortgage-Backed

Securities

0.1%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.1%

FNMA,

30

Year,

4%,

8/01/49

.............................

United

States

1,107,919

1,090,056

Total

Mortgage-Backed

Securities

(Cost

$1,173,701)

.............................

1,090,056

Total

Long

Term

Investments

(Cost

$3,465,984,801)

.............................

3,823,855,819

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

Short

Term

Investments

0.6%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.5%

b,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

20,771,761

$

20,771,761

Total

Money

Market

Funds

(Cost

$20,771,761)

..................................

20,771,761

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

b,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

4,002,000

4,002,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$4,002,000)

............................................................

4,002,000

Total

Short

Term

Investments

(Cost

$24,773,761

)

................................

24,773,761

a

Total

Investments

(Cost

$3,490,758,562)

99.2%

..................................

$3,848,629,580

Options

Written

(0.1)%

.......................................................

(5,528,575)

Other

Assets,

less

Liabilities

0.9%

.............................................

33,973,573

Net

Assets

100.0%

...........................................................

$3,877,074,578

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.1)%

Calls

-

Exchange-Traded

Equity

Options

AbbVie,

Inc.,

May

Strike

Price

$165.00,

Expires

5/19/23

........

1,250

18,468,750

(170,000)

American

Electric

Power

Co.,

Inc.,

May

Strike

Price

$100.00,

Expires

5/19/23

...........................................

1,600

15,033,600

(224,000)

Bank

of

America

Corp.,

May

Strike

Price

$40.00,

Expires

5/19/23

.

4,500

15,966,000

(162,000)

Broadcom,

Inc.,

April

Strike

Price

$670.00,

Expires

4/21/23

......

620

36,270,620

(316,200)

Chevron

Corp.,

April

Strike

Price

$200.00,

Expires

4/21/23

......

2,000

34,804,000

(170,000)

Citigroup,

Inc.,

March

Strike

Price

$55.00,

Expires

3/17/23

......

2,000

10,444,000

(102,000)

Coca-Cola

Co.

(The),

April

Strike

Price

$65.00,

Expires

4/21/23

...

3,000

18,396,000

(144,000)

DTE

Energy

Co.,

April

Strike

Price

$120.00,

Expires

4/21/23

.....

1,500

17,455,500

(330,000)

Duke

Energy

Corp.,

April

Strike

Price

$110.00,

Expires

4/21/23

...

2,500

25,612,500

(150,000)

Exxon

Mobil

Corp.,

April

Strike

Price

$130.00,

Expires

4/21/23

...

3,000

34,803,000

(336,000)

Home

Depot,

Inc.

(The),

April

Strike

Price

$360.00,

Expires

4/21/23

1,500

48,625,500

(484,500)

Honeywell

International,

Inc.,

March

Strike

Price

$220.00,

Expires

3/17/23

...........................................

1,500

31,272,000

(277,500)

JPMorgan

Chase

&

Co.,

April

Strike

Price

$160.00,

Expires

4/21/23

4,400

61,582,400

(176,000)

Lockheed

Martin

Corp.,

March

Strike

Price

$510.00,

Expires

3/17/23

750

34,744,500

(86,250)

Morgan

Stanley,

March

Strike

Price

$105.00,

Expires

3/17/23

....

2,000

19,466,000

(122,000)

PepsiCo,

Inc.,

April

Strike

Price

$185.00,

Expires

4/21/23

.......

1,000

17,102,000

(86,000)

Philip

Morris

International,

Inc.,

March

Strike

Price

$110.00,

Expires

3/17/23

...........................................

1,000

10,424,000

(80,000)

Procter

&

Gamble

Co.

(The),

March

Strike

Price

$150.00,

Expires

3/17/23

...........................................

2,000

28,476,000

(164,000)

Rio

Tinto

plc,

April

Strike

Price

$90.00,

Expires

4/21/23

.........

4,000

31,740,000

(200,000)

Southern

Co.

(The),

May

Strike

Price

$75.00,

Expires

5/19/23

....

2,000

13,536,000

(64,000)

Target

Corp.,

April

Strike

Price

$195.00,

Expires

4/21/23

........

1,000

17,214,000

(235,000)

Texas

Instruments,

Inc.,

April

Strike

Price

$200.00,

Expires

4/21/23

3,500

62,023,500

(525,000)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

At

January

31,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

331

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

Calls

-

Exchange-Traded

(continued)

Equity

Options

(continued)

United

Parcel

Service,

Inc.,

March

Strike

Price

$195.00,

Expires

3/17/23

...........................................

1,750

32,415,250

$

(334,250)

(4,938,700)

Puts

-

Exchange-Traded

Equity

Options

Citigroup,

Inc.,

March

Strike

Price

$47.50,

Expires

3/17/23

......

2,000

10,444,000

(96,000)

CVS

Health

Corp.,

March

Strike

Price

$80.00,

Expires

3/17/23

...

1,750

15,438,500

(112,875)

Home

Depot,

Inc.

(The),

April

Strike

Price

$260.00,

Expires

4/21/23

1,000

32,417,000

(215,000)

Honeywell

International,

Inc.,

March

Strike

Price

$180.00,

Expires

3/17/23

...........................................

1,000

20,848,000

(83,000)

Johnson

&

Johnson,

April

Strike

Price

$145.00,

Expires

4/21/23

..

1,000

16,342,000

(83,000)

(589,875)

Total

Options

Written

(Premiums

received

$5,166,214)

...........................

$

(5,528,575)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

b

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

c

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2023.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2023,

the

aggregate

value

of

these

securities

was

$1,001,033,794,

representing

25.8%

of

net

assets.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Long

900

$

103,064,062

3/22/23

$

1,300,470

Total

Futures

Contracts

......................................................................

$1,300,470

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

†

Energy

Equipment

&

Services

0.0%

†

a

Valaris

Ltd.

..........................................

United

States

2,435

$

176,878

a

Weatherford

International

plc

.............................

United

States

34,108

1,940,063

2,116,941

Multiline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

.........................

South

Africa

28,762,824

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

.........................

South

Africa

2,862,311

—

—

Total

Common

Stocks

(Cost

$1,643,717)

.......................................

2,116,941

Management

Investment

Companies

14.9%

Capital

Markets

14.9%

d

Franklin

Floating

Rate

Income

Fund

.......................

United

States

17,709,953

137,783,434

d

Franklin

Investment

Grade

Corporate

ETF

...................

United

States

16,060,000

349,947,400

d,e

Franklin

Senior

Loan

ETF

...............................

United

States

1,737,400

41,584,669

529,315,503

Total

Management

Investment

Companies

(Cost

$589,051,180)

...................

529,315,503

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII,

11.172%

...........................

United

States

93,000

2,670,960

Total

Preferred

Stocks

(Cost

$2,325,000)

.......................................

2,670,960

Principal

Amount

*

Corporate

Bonds

16.1%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

Senior

Note

,

5.15

%

,

5/01/30

...............

United

States

13,500,000

13,616,758

Northrop

Grumman

Corp.

,

Senior

Bond

,

5.25

%

,

5/01/50

........

United

States

3,500,000

3,670,264

17,287,022

Air

Freight

&

Logistics

0.1%

f

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

3,300,000

3,117,329

Airlines

0.4%

f

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

............................

United

States

1,600,000

1,549,740

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

11,368,000

11,235,475

12,785,215

Banks

4.4%

f

Banco

de

Chile

,

Senior

Bond

,

144A,

2.99

%

,

12/09/31

..........

Chile

5,700,000

4,886,154

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

...........

Spain

3,600,000

2,906,461

Bank

of

America

Corp.

,

Senior

Bond,

2.592%

to

4/28/30,

FRN

thereafter,

4/29/31

.....

United

States

6,700,000

5,735,059

Senior

Note,

3.864%

to

7/22/23,

FRN

thereafter,

7/23/24

......

United

States

14,700,000

14,613,467

f

BNP

Paribas

SA

,

Senior

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

..................................

France

3,200,000

3,066,333

Citigroup,

Inc.

,

Senior

Bond,

2.572%

to

6/02/30,

FRN

thereafter,

6/03/31

.....

United

States

8,000,000

6,793,624

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Citigroup,

Inc.,

(continued)

Senior

Bond,

3.057%

to

1/24/32,

FRN

thereafter,

1/25/33

.....

United

States

8,600,000

$

7,373,308

Senior

Note,

4.044%

to

5/31/23,

FRN

thereafter,

6/01/24

......

United

States

14,600,000

14,548,586

HSBC

Holdings

plc

,

Senior

Note,

0.976%

to

5/23/24,

FRN

thereafter,

5/24/25

......

United

Kingdom

10,500,000

9,864,784

Senior

Note,

1.589%

to

5/23/26,

FRN

thereafter,

5/24/27

......

United

Kingdom

11,200,000

9,928,097

JPMorgan

Chase

&

Co.

,

Senior

Bond,

4.493%

to

3/23/30,

FRN

thereafter,

3/24/31

.....

United

States

17,100,000

16,709,813

Sub.

Bond,

4.95%,

6/01/45

............................

United

States

1,600,000

1,567,609

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

..................

United

States

6,200,000

6,131,605

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.063%

to

9/11/24,

FRN

thereafter

,

9/12/25

.........................

Japan

11,100,000

11,089,683

f

Nordea

Bank

Abp

,

Senior

Note

,

144A,

4.75

%

,

9/22/25

..........

Finland

5,200,000

5,198,585

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

...............................

United

Kingdom

6,500,000

5,707,008

f

Societe

Generale

SA

,

Senior

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

...................................

France

10,800,000

9,575,751

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693

%

,

9/15/27

.....

Canada

12,000,000

12,072,564

US

Bancorp

,

Senior

Note

,

5.727%

to

10/20/25,

FRN

thereafter

,

10/21/26

..........................................

United

States

4,300,000

4,419,647

Wells

Fargo

&

Co.

,

Senior

Note

,

4.54%

to

8/14/25,

FRN

thereafter

,

8/15/26

...........................................

United

States

4,000,000

3,962,583

156,150,721

Beverages

0.1%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond,

4.7%,

2/01/36

............................

Belgium

1,800,000

1,785,713

Senior

Bond,

4.9%,

2/01/46

............................

Belgium

3,400,000

3,322,691

5,108,404

Biotechnology

0.3%

AbbVie,

Inc.

,

Senior

Bond

,

4.7

%

,

5/14/45

...................

United

States

3,200,000

3,066,110

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

...................

United

States

6,900,000

5,856,443

8,922,553

Capital

Markets

1.6%

Credit

Suisse

Group

AG

,

Senior

Note,

4.55%,

4/17/26

...........................

Switzerland

6,900,000

6,413,921

f

Senior

Note,

144A,

2.193%

to

6/04/25,

FRN

thereafter,

6/05/26

.

Switzerland

2,000,000

1,758,093

f

Senior

Note,

144A,

6.373%

to

7/14/25,

FRN

thereafter,

7/15/26

.

Switzerland

4,700,000

4,565,086

Deutsche

Bank

AG

,

Senior

Note

,

5.371

%

,

9/09/27

.............

Germany

9,500,000

9,743,149

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/20/31,

FRN

thereafter,

10/21/32

....

United

States

15,000,000

12,387,458

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

....

United

States

9,700,000

8,686,829

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/27/31,

FRN

thereafter

,

4/28/32

...........................................

United

States

15,200,000

12,088,929

55,643,465

Chemicals

0.2%

f

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

9,300,000

6,901,344

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.................................

Ireland

14,600,000

12,045,326

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

0.2%

f

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

2,300,000

$

2,067,470

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

....................

United

States

4,700,000

3,985,553

6,053,023

Diversified

Financial

Services

0.0%

†

Shell

International

Finance

BV

,

Senior

Bond

,

4.55

%

,

8/12/43

.....

Netherlands

1,700,000

1,645,436

Electric

Utilities

1.0%

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45

%

,

1/15/38

.......

United

States

700,000

817,039

Duke

Energy

Corp.

,

Senior

Bond

,

3.75

%

,

9/01/46

.............

United

States

2,000,000

1,590,465

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4

%

,

6/15/38

.........

United

States

1,300,000

1,523,986

f

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8

%

,

9/15/37

.

Italy

3,000,000

3,174,956

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

..................

United

States

8,400,000

8,095,913

Georgia

Power

Co.

,

Senior

Bond

,

4.3

%

,

3/15/42

..............

United

States

9,000,000

8,113,124

Southern

Co.

(The)

,

Senior

Bond,

4.4%,

7/01/46

............................

United

States

2,000,000

1,793,396

A,

Senior

Bond,

3.7%,

4/30/30

.........................

United

States

10,500,000

9,831,708

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35

%

,

11/30/37

...

United

States

520,000

581,008

35,521,595

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15

%

,

3/15/33

...................

United

States

2,400,000

2,323,483

Electronic

Equipment,

Instruments

&

Components

0.2%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

....................

United

States

7,500,000

7,358,074

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5

%

,

3/15/31

......................................

United

States

1,400,000

981,957

Food

Products

0.4%

General

Mills,

Inc.

,

Senior

Note

,

5.241

%

,

11/18/25

.............

United

States

1,900,000

1,910,256

f

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note,

144A,

2.5%,

1/15/27

.......................

United

States

8,200,000

7,313,703

Senior

Note,

144A,

3.625%,

1/15/32

.....................

United

States

2,500,000

2,091,650

Kraft

Heinz

Foods

Co.

,

Senior

Note

,

3.75

%

,

4/01/30

...........

United

States

4,000,000

3,787,892

15,103,501

Health

Care

Equipment

&

Supplies

0.2%

f

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

144A,

5.6

%

,

11/15/25

..........................................

United

States

5,700,000

5,796,800

STERIS

Irish

FinCo.

UnLtd.

Co.

,

Senior

Note

,

2.7

%

,

3/15/31

.....

United

States

2,400,000

2,057,607

7,854,407

Health

Care

Providers

&

Services

0.8%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

..................

United

States

2,500,000

2,141,275

CVS

Health

Corp.

,

Senior

Bond

,

4.78

%

,

3/25/38

..............

United

States

3,200,000

3,066,274

f

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,900,000

1,602,783

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

...........

United

States

3,100,000

2,974,761

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266

%

,

11/01/49

United

States

11,270,000

8,826,524

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

8,875,000

8,431,100

27,042,717

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

0.4%

Las

Vegas

Sands

Corp.

,

Senior

Bond

,

3.9

%

,

8/08/29

...........

United

States

2,000,000

$

1,794,241

f

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

13,000,000

10,578,750

12,372,991

Independent

Power

and

Renewable

Electricity

Producers

0.3%

f

Colbun

SA

,

Senior

Bond

,

144A,

3.15

%

,

3/06/30

...............

Chile

4,400,000

3,841,771

f

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

3,300,000

3,301,954

f,g

Talen

Energy

Supply

LLC

,

Senior

Secured

Note

,

144A,

7.25

%

,

5/15/27

...........................................

United

States

2,000,000

2,084,069

9,227,794

Insurance

0.4%

f

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

5.05%,

1/06/28

.....................

United

States

10,300,000

10,514,503

Secured

Note,

144A,

4.3%,

8/25/29

......................

United

States

3,700,000

3,635,812

14,150,315

Interactive

Media

&

Services

0.2%

f

Tencent

Holdings

Ltd.

,

Senior

Bond

,

144A,

2.39

%

,

6/03/30

......

China

10,000,000

8,426,316

IT

Services

0.2%

Fiserv,

Inc.

,

Senior

Bond

,

2.65

%

,

6/01/30

...................

United

States

9,100,000

7,940,566

Life

Sciences

Tools

&

Services

0.0%

†

PerkinElmer,

Inc.

,

Senior

Bond

,

2.25

%

,

9/15/31

...............

United

States

1,800,000

1,459,951

Media

0.6%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

.......

United

States

12,500,000

10,247,184

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

...................

United

States

4,800,000

4,664,954

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55

%

,

5/01/37

..

United

States

5,700,000

5,835,148

20,747,286

Multiline

Retail

0.0%

b,f,h

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

2,492,650

—

b,f,h

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

1,098,025

—

—

Multi-Utilities

0.2%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125

%

,

4/01/36

..

United

States

2,700,000

2,999,554

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375

%

,

4/01/30

........

United

States

4,351,000

3,969,536

6,969,090

Oil,

Gas

&

Consumable

Fuels

1.4%

f

Aker

BP

ASA

,

Senior

Bond

,

144A,

4

%

,

1/15/31

...............

Norway

5,400,000

4,932,130

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4

%

,

2/15/31

...........

United

States

6,275,000

5,597,473

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

1,600,000

1,615,981

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

1,700,000

1,620,788

f

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

2/01/29

....................

United

States

3,000,000

2,849,752

Energy

Transfer

LP

,

Senior

Bond,

4.75%,

1/15/26

...........................

United

States

4,500,000

4,461,877

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Energy

Transfer

LP,

(continued)

Senior

Note,

3.9%,

5/15/24

............................

United

States

3,600,000

$

3,539,069

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125

%

,

7/31/29

United

States

2,000,000

1,828,088

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

.............

United

States

2,000,000

1,633,889

f

Harvest

Operations

Corp.

,

Senior

Note

,

144A,

4.2

%

,

6/01/23

.....

South

Korea

3,800,000

3,789,351

f

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

6

%

,

4/15/30

...........................................

United

States

2,300,000

2,140,894

f

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/28/25

.....................

United

States

689,984

693,655

MPLX

LP

,

Senior

Note

,

4.875

%

,

6/01/25

....................

United

States

4,500,000

4,490,473

Phillips

66

,

Senior

Bond

,

2.15

%

,

12/15/30

...................

United

States

4,900,000

4,090,422

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25

%

,

5/15/28

......

Canada

3,400,000

3,322,811

f

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

1,000,000

888,005

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

500,000

445,740

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/15/30

.........

United

States

3,200,000

2,933,377

50,873,775

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

DM3N

,

Senior

Bond

,

3.125

%

,

1/15/32

....

Brazil

2,300,000

1,831,467

Personal

Products

0.0%

†

f

Oriflame

Investment

Holding

plc

,

Senior

Secured

Note

,

144A,

5.125

%

,

5/04/26

.....................................

Switzerland

2,600,000

1,648,400

Pharmaceuticals

0.3%

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

.............

United

States

11,800,000

9,386,447

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

.....................................

Israel

2,000,000

1,846,880

11,233,327

Real

Estate

Management

&

Development

0.1%

f

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

.....................................

China

3,200,000

2,456,000

f

Vivion

Investments

SARL

,

Senior

Note

,

Reg

S,

3

%

,

8/08/24

.....

Luxembourg

1,700,000

EUR

1,563,334

4,019,334

Road

&

Rail

0.0%

†

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

4.9

%

,

4/01/44

...

United

States

1,600,000

1,610,438

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

Senior

Bond

,

2.65

%

,

5/11/50

....................

United

States

3,000,000

2,135,939

Thrifts

&

Mortgage

Finance

0.2%

f

BPCE

SA

,

Senior

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

..........................................

France

9,500,000

8,410,696

Tobacco

0.5%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4

%

,

5/06/30

................

United

States

15,000,000

13,289,322

f

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

7/21/25

.

United

Kingdom

4,000,000

3,880,320

17,169,642

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

Senior

Note

,

3.875

%

,

4/15/30

.............

United

States

10,000,000

$

9,371,390

Total

Corporate

Bonds

(Cost

$633,171,724)

.....................................

571,444,289

i

Marketplace

Loans

2.1%

b

Diversified

Financial

Services

2.1%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$83,934,721)

....................................

76,199,677

Foreign

Government

and

Agency

Securities

2.5%

f

African

Export-Import

Bank

(The)

,

Senior

Bond,

144A,

3.994%,

9/21/29

.....................

Supranational

j

1,400,000

1,245,160

Senior

Bond,

144A,

3.798%,

5/17/31

.....................

Supranational

j

11,600,000

9,897,178

f

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

...........................................

Supranational

j

10,700,000

10,255,522

Colombia

Government

Bond

,

Senior

Bond

,

5

%

,

6/15/45

........

Colombia

8,800,000

6,199,745

f

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348

%

,

2/09/31

...........................................

Mexico

12,200,000

10,040,636

f

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75

%

,

1/15/31

...........................................

Chile

6,500,000

6,009,266

f

Dominican

Republic

Government

Bond

,

Senior

Note

,

144A,

8.9

%

,

2/15/23

...........................................

Dominican

Republic

610,400,000

DOP

10,777,354

f

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

.

South

Korea

3,900,000

3,942,559

f

Panama

Government

Bond

,

Senior

Note

,

144A,

3.75

%

,

4/17/26

..

Panama

5,700,000

5,424,975

Peru

Government

Bond

,

Senior

Bond,

2.783%,

1/23/31

..........................

Peru

8,000,000

6,791,455

Senior

Bond,

6.55%,

3/14/37

...........................

Peru

2,900,000

3,153,738

Petroleos

Mexicanos

,

Senior

Bond

,

6.625

%

,

6/15/35

...........

Mexico

6,000,000

4,717,829

f

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.125

%

,

1/22/44

.

Romania

9,500,000

9,101,427

Total

Foreign

Government

and

Agency

Securities

(Cost

$105,397,534)

............

87,556,844

U.S.

Government

and

Agency

Securities

27.8%

FFCB

,

2.1

%,

2/25/36

...................................

United

States

9,300,000

7,124,870

U.S.

Treasury

Bonds

,

1.125%,

5/15/40

.....................................

United

States

25,000,000

16,685,547

1.125%,

8/15/40

.....................................

United

States

28,600,000

18,989,394

1.75%,

8/15/41

.....................................

United

States

156,700,000

114,182,884

3.125%,

11/15/41

....................................

United

States

12,000,000

11,008,125

2.5%,

5/15/46

......................................

United

States

9,000,000

7,233,750

2.25%,

8/15/46

.....................................

United

States

28,800,000

22,007,813

2.75%,

11/15/47

.....................................

United

States

25,500,000

21,436,934

3.125%,

5/15/48

.....................................

United

States

16,500,000

14,883,516

3%,

8/15/48

........................................

United

States

17,000,000

14,995,195

2.875%,

5/15/49

.....................................

United

States

14,000,000

12,091,406

2.25%,

8/15/49

.....................................

United

States

39,000,000

29,567,637

1.25%,

5/15/50

.....................................

United

States

15,500,000

9,112,910

2.375%,

5/15/51

.....................................

United

States

5,800,000

4,492,961

1.875%,

11/15/51

....................................

United

States

63,700,000

43,739,007

U.S.

Treasury

Notes

,

0.25%,

9/30/25

.....................................

United

States

125,000,000

113,593,750

0.375%,

11/30/25

....................................

United

States

128,000,000

116,025,000

0.375%,

12/31/25

....................................

United

States

41,000,000

37,143,438

k

Index

Linked,

0.625%,

1/15/26

..........................

United

States

35,400,000

42,916,606

0.75%,

5/31/26

.....................................

United

States

2,000,000

1,810,469

2.75%,

4/30/27

.....................................

United

States

138,300,000

133,235,303

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

3.25%,

6/30/27

.....................................

United

States

18,100,000

$

17,792,795

3.125%,

8/31/27

.....................................

United

States

76,800,000

75,145,500

1.875%,

2/15/32

.....................................

United

States

74,200,000

65,119,195

2.875%,

5/15/32

.....................................

United

States

37,000,000

35,242,500

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,081,761,547)

..............

985,576,505

Asset-Backed

Securities

11.9%

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

1,085,250

1,058,623

Commercial

Services

&

Supplies

0.2%

f,l

Armada

Euro

CLO

IV

DAC

,

4A

,

B

,

144A,

FRN

,

3.988

%

,

7/15/33

.

..

Ireland

5,100,000

EUR

5,300,765

Diversified

Financial

Services

11.7%

f,m

Adagio

CLO

VIII

DAC

,

VIII-A

,

B1

,

144A,

FRN

,

3.938

%

,

(

3-month

EURIBOR

+

1.65

%

),

4/15/32

.

...........................

Ireland

2,050,000

EUR

2,122,390

f,m

AMMC

CLO

15

Ltd.

,

2014-15A

,

BR3

,

144A,

FRN

,

6.442

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

1/15/32

.

.........................

United

States

945,000

931,769

f,m

AMMC

CLO

XI

Ltd.

,

2012-11A

,

BR2

,

144A,

FRN

,

6.402

%

,

(

3-month

USD

LIBOR

+

1.6

%

),

4/30/31

.

..........................

United

States

5,050,000

4,934,298

f,m

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

6.458

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

4/20/31

.

.............................

United

States

12,900,000

12,441,979

f,m

Ares

European

CLO

VIII

DAC

,

8A

,

BR

,

144A,

FRN

,

3.888

%

,

(

3-month

EURIBOR

+

1.6

%

),

4/17/32

.

....................

Ireland

2,900,000

EUR

3,017,079

f,m

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A,

A1,

144A,

FRN,

5.775%,

(3-month

USD

LIBOR

+

0.96%),

4/23/31

.....................................

United

States

12,000,000

11,927,069

2018-1A,

A2,

144A,

FRN,

5.965%,

(3-month

USD

LIBOR

+

1.15%),

4/23/31

.....................................

United

States

5,100,000

4,955,534

2020-4A,

B,

144A,

FRN,

6.758%,

(3-month

USD

LIBOR

+

1.95%),

10/20/33

..........................................

United

States

8,350,000

8,154,125

f,m

BCC

Middle

Market

CLO

LLC

,

2018-1A

,

A2

,

144A,

FRN

,

6.958

%

,

(

3-month

USD

LIBOR

+

2.15

%

),

10/20/30

.

.................

United

States

5,100,000

4,813,533

f,m

Blackrock

European

CLO

IX

DAC

,

9A

,

A

,

144A,

FRN

,

2.946

%

,

(

3-month

EURIBOR

+

0.9

%

),

12/15/32

.

...................

Ireland

17,350,000

EUR

18,358,755

f,m

BlueMountain

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

6.502

%

,

(

3-month

USD

LIBOR

+

1.7

%

),

7/30/30

.

..........................

United

States

272,725

268,036

f,m

BlueMountain

Fuji

EUR

CLO

V

DAC

,

5A

,

B

,

144A,

FRN

,

3.83

%

,

(

3-month

EURIBOR

+

1.55

%

),

1/15/33

.

...................

Ireland

6,250,000

EUR

6,451,714

f,m

Burnham

Park

CLO

Ltd.

,

2016-1A

,

BR

,

144A,

FRN

,

6.308

%

,

(

3-month

USD

LIBOR

+

1.5

%

),

10/20/29

.

..................

United

States

1,488,189

1,408,643

f,m

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A,

A1R2,

144A,

FRN,

5.762%,

(3-month

USD

LIBOR

+

0.97%),

4/17/31

.....................................

United

States

722,802

716,735

2014-1A,

A2R2,

144A,

FRN,

5.922%,

(3-month

USD

LIBOR

+

1.13%),

4/17/31

.....................................

United

States

6,300,000

6,149,313

f,m

Carlyle

GMS

Finance

MM

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

6.992

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/15/31

.

...........

United

States

10,000,000

9,532,195

f,m

Carlyle

US

CLO

Ltd.

,

2017-5A

,

A2

,

144A,

FRN

,

6.208

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

1/20/30

.

..........................

United

States

2,740,000

2,666,673

f,m

CIFC

Funding

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

5.953

%

,

(

3-month

SOFR

+

1.32

%

),

4/19/35

.

..............................

United

States

23,690,000

23,313,269

f,l

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

22.093%,

12/15/43

...............

United

States

89,765

86,386

2019-26,

PT,

144A,

FRN,

17.306%,

8/15/44

................

United

States

678,251

642,193

2019-31,

PT,

144A,

FRN,

15.471%,

9/15/44

................

United

States

556,376

520,707

2019-37,

PT,

144A,

FRN,

18.73%,

10/17/44

................

United

States

727,995

696,316

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,l

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I,

(continued)

2019-42,

PT,

144A,

FRN,

17%,

11/15/44

..................

United

States

740,089

$

697,547

2019-51,

PT,

144A,

FRN,

15.118%,

1/15/45

................

United

States

881,052

833,492

2019-52,

PT,

144A,

FRN,

15.431%,

1/15/45

................

United

States

955,448

908,327

2019-S1,

PT,

144A,

FRN,

12.935%,

4/15/44

................

United

States

202,292

197,403

2019-S2,

PT,

144A,

FRN,

11.28%,

5/16/44

.................

United

States

177,715

164,776

2019-S3,

PT,

144A,

FRN,

11.192%,

6/15/44

................

United

States

349,726

326,808

2019-S4,

PT,

144A,

FRN,

10.589%,

8/15/44

................

United

States

457,643

444,512

2019-S5,

PT,

144A,

FRN,

12.534%,

9/15/44

................

United

States

439,092

414,622

2019-S6,

PT,

144A,

FRN,

11.318%,

10/17/44

...............

United

States

467,988

435,968

2019-S7,

PT,

144A,

FRN,

10.742%,

12/15/44

...............

United

States

425,478

397,903

2019-S8,

PT,

144A,

FRN,

9.523%,

1/15/45

.................

United

States

538,323

502,363

2020-2,

PT,

144A,

FRN,

15.343%,

3/15/45

.................

United

States

956,711

906,766

2020-7,

PT,

144A,

FRN,

15.074%,

4/17/45

.................

United

States

582,017

545,583

f,m

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.912

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

4/17/30

.

.........................

United

States

6,000,000

5,863,451

m

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

5.256

%

,

(

1-month

USD

LIBOR

+

0.75

%

),

3/25/34

.

....................................

United

States

148,827

145,804

f,m

Dryden

97

CLO

Ltd.

,

2022-97A

,

A

,

144A,

FRN

,

5.939

%

,

(

3-month

SOFR

+

1.3

%

),

4/20/35

.

...............................

United

States

17,750,000

17,402,988

f,m

Ellington

CLO

III

Ltd.

,

2018-3A,

A1,

144A,

FRN,

6.458%,

(3-month

USD

LIBOR

+

1.65%),

7/20/30

.....................................

United

States

5,002,961

4,960,309

2018-3A,

A2R,

144A,

FRN,

6.558%,

(3-month

USD

LIBOR

+

1.75%),

7/20/30

.....................................

United

States

9,264,743

9,213,367

f

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

11,472,895

10,434,122

f,m

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

5.664

%

,

(

3-month

USD

LIBOR

+

1.02

%

),

5/16/31

.

.........................

United

States

1,000,000

990,081

f,m

Gilbert

Park

CLO

Ltd.

,

2017-1A

,

B

,

144A,

FRN

,

6.392

%

,

(

3-month

USD

LIBOR

+

1.6

%

),

10/15/30

.

.........................

United

States

1,000,000

978,059

f,m

Halcyon

Loan

Advisors

Funding

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.608

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

7/21/31

.

............

United

States

4,500,000

4,398,116

f,m

Hayfin

US

XII

Ltd.

,

2018-9A

,

BR

,

144A,

FRN

,

6.602

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

4/28/31

.

..........................

United

States

14,500,000

14,304,072

f,m

Holland

Park

CLO

DAC

,

1A

,

A1RR

,

144A,

FRN

,

2.722

%

,

(

3-month

EURIBOR

+

0.92

%

),

11/14/32

.

..........................

Ireland

50,450,000

EUR

53,522,435

f

Home

Partners

of

America

Trust

,

2021-2,

B,

144A,

2.302%,

12/17/26

......................

United

States

15,401,209

13,487,971

2021-3,

B,

144A,

2.649%,

1/17/41

.......................

United

States

5,911,359

5,110,243

f,m

LCM

26

Ltd.

,

26A

,

B

,

144A,

FRN

,

6.208

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

1/20/31

.

.....................................

United

States

2,000,000

1,944,941

f,m

LCM

XVIII

LP

,

18A

,

BR

,

144A,

FRN

,

6.408

%

,

(

3-month

USD

LIBOR

+

1.6

%

),

4/20/31

.

....................................

United

States

1,090,000

1,066,438

f,m

LCM

XXII

Ltd.

,

22A

,

A2R

,

144A,

FRN

,

6.258

%

,

(

3-month

USD

LIBOR

+

1.45

%

),

10/20/28

.

............................

United

States

1,000,000

952,843

f,m

Logan

CLO

I

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.968

%

,

(

3-month

USD

LIBOR

+

1.16

%

),

7/20/34

.

.............................

United

States

4,750,000

4,670,667

f,m

Long

Point

Park

CLO

Ltd.

,

2017-1A

,

A2

,

144A,

FRN

,

6.167

%

,

(

3-month

USD

LIBOR

+

1.375

%

),

1/17/30

.

.................

United

States

5,800,000

5,681,117

f,m

Madison

Park

Euro

Funding

VIII

DAC

,

8A

,

ARR

,

144A,

FRN

,

3.108

%

,

(

3-month

EURIBOR

+

0.82

%

),

4/15/32

.

.............

Ireland

33,550,000

EUR

35,649,687

f,m

Madison

Park

Funding

XLII

Ltd.

,

13A

,

B

,

144A,

FRN

,

6.315

%

,

(

3-month

USD

LIBOR

+

1.5

%

),

11/21/30

.

..................

United

States

2,700,000

2,645,791

f,m

Madison

Park

Funding

XXXI

Ltd.

,

2018-31A

,

B

,

144A,

FRN

,

6.515

%

,

(

3-month

USD

LIBOR

+

1.7

%

),

1/23/31

.

...................

United

States

1,500,000

1,478,817

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

154

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,m

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

6.215

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

10/21/30

.

...........

United

States

1,700,000

$

1,671,779

f

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

19,400,000

16,925,206

f,m

Octagon

Investment

Partners

33

Ltd.

,

2017-1A

,

A2

,

144A,

FRN

,

6.308

%

,

(

3-month

USD

LIBOR

+

1.5

%

),

1/20/31

.

............

United

States

400,000

391,791

f,m

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

5.908

%

,

(

3-month

USD

LIBOR

+

1.1

%

),

1/20/31

.

............

United

States

3,325,000

3,222,300

f,m

Octagon

Investment

Partners

36

Ltd.

,

2018-1A,

A1,

144A,

FRN,

5.762%,

(3-month

USD

LIBOR

+

0.97%),

4/15/31

.....................................

United

States

18,000,000

17,895,081

2018-1A,

A2,

144A,

FRN,

5.992%,

(3-month

USD

LIBOR

+

1.2%),

4/15/31

...........................................

United

States

8,500,000

8,316,412

f,m

Octagon

Investment

Partners

XVII

Ltd.

,

2013-1A

,

BR2

,

144A,

FRN

,

6.218

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

1/25/31

.

............

United

States

4,020,000

3,911,485

f,m

Octagon

Loan

Funding

Ltd.

,

2014-1A

,

CRR

,

144A,

FRN

,

6.874

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

11/18/31

.

..................

United

States

750,000

726,005

f,m

Palmer

Square

CLO

Ltd.

,

2021-2A

,

A

,

144A,

FRN

,

5.942

%

,

(

3-month

USD

LIBOR

+

1.15

%

),

7/15/34

.

.........................

United

States

1,000,000

986,155

f,m

Pikes

Peak

CLO

6

,

2020-6A

,

AR2

,

144A,

FRN

,

5.844

%

,

(

3-month

USD

LIBOR

+

1.17

%

),

5/18/34

.

.........................

United

States

4,500,000

4,461,025

f,l

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

15.363%,

3/15/26

................

United

States

514,571

506,378

2020-PT2,

A,

144A,

FRN,

18.341%,

4/15/26

................

United

States

669,293

647,029

2020-PT3,

A,

144A,

FRN,

19.746%,

5/15/26

................

United

States

233,498

221,980

f,m

Race

Point

X

CLO

Ltd.

,

2016-10A

,

B1R

,

144A,

FRN

,

6.468

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

7/25/31

.

..................

United

States

3,600,000

3,551,991

f,m

Strata

CLO

I

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

6.992

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

1/15/31

.

..............................

United

States

11,000,000

10,999,946

f,m

TCI-Flatiron

CLO

Ltd.

,

2017-1A

,

B

,

144A,

FRN

,

6.21

%

,

(

3-month

USD

LIBOR

+

1.56

%

),

11/18/30

.

........................

United

States

3,500,000

3,462,364

f,m

TICP

CLO

VI

Ltd.

,

2016-6A

,

AR2

,

144A,

FRN

,

5.912

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

1/15/34

.

.........................

United

States

9,200,000

9,113,669

f,l

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

22.331%,

6/15/25

................

United

States

155,187

139,604

2019-PT2,

A,

144A,

FRN,

21.652%,

2/15/26

................

United

States

433,340

426,337

f,m

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.042

%

,

(

3-month

USD

LIBOR

+

1.25

%

),

7/15/31

.

.............................

United

States

1,500,000

1,450,809

414,813,446

a

a

a

a

a

a

Road

&

Rail

0.0%

†

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

2005-1

,

5.082

%

,

1/02/29

.

...........................................

United

States

30,932

31,360

Total

Asset-Backed

Securities

(Cost

$437,806,136)

..............................

421,204,194

Commercial

Mortgage-Backed

Securities

1.3%

Diversified

Financial

Services

1.3%

f,m

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

5.409

%

,

(

1-month

USD

LIBOR

+

0.95

%

),

9/15/36

..................

United

States

9,840,000

9,510,757

f,m

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

5.359

%

,

(

1-month

USD

LIBOR

+

0.899

%

),

10/15/36

........................

United

States

9,220,000

8,883,454

f,m

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.974

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

....................................

United

States

14,321,219

14,248,779

l

Commercial

Mortgage

Trust

,

2006-GG7

,

AJ

,

FRN

,

6.214

%

,

7/10/38

United

States

1,576,925

1,036,315

f,m

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

5.018

%

,

(

1-month

USD

LIBOR

+

0.7

%

),

6/15/34

...........................

United

States

9,840,000

9,717,519

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,l

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

.....................................

United

States

3,255,000

$

3,053,599

46,450,423

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

0.0%

†

m

FNMA

,

2005-122

,

FN

,

FRN

,

4.856

%

,

(

1-month

USD

LIBOR

+

0.35

%

),

1/25/36

.....................................

United

States

380,188

372,576

b

Weyerhaeuser

Mortgage

Co.

of

Texas

,

1984-A

,

7.43

%

,

1/01/24

...

United

States

2,112

2,111

374,687

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$48,349,646)

................

46,825,110

Mortgage-Backed

Securities

20.7%

n

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

2.835%,

(COFI

11th

District

+/-

MBS

Margin),

11/01/27

..

United

States

474,046

461,625

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

11.1%

FHLMC

Gold

Pool,

30

Year,

4.5%,

3/01/39

..................

United

States

579,247

589,001

FHLMC

Gold

Pool,

30

Year,

5%,

8/01/33

-

2/01/39

.............

United

States

3,646,930

3,754,598

FHLMC

Gold

Pool,

30

Year,

5.5%,

1/01/35

-

12/01/37

..........

United

States

329,621

346,342

FHLMC

Gold

Pool,

30

Year,

6%,

5/01/33

-

4/01/38

.............

United

States

427,147

448,917

FHLMC

Gold

Pool,

30

Year,

6.5%,

8/01/25

-

3/01/39

...........

United

States

351,646

371,096

FHLMC

Gold

Pool,

30

Year,

7%,

1/01/28

-

7/01/32

.............

United

States

25,085

25,966

FHLMC

Gold

Pool,

30

Year,

7.5%,

3/01/32

..................

United

States

7,146

7,652

FHLMC

Gold

Pool,

30

Year,

8%,

2/01/30

....................

United

States

7,441

7,701

FHLMC

Gold

Pool,

30

Year,

8.5%,

10/01/24

-

8/01/30

..........

United

States

1,508

1,558

FHLMC

Pool,

15

Year,

2%,

4/01/37

-

7/01/37

.................

United

States

10,057,498

9,163,211

FHLMC

Pool,

15

Year,

2.5%,

4/01/37

-

5/01/37

...............

United

States

14,099,204

13,189,026

FHLMC

Pool,

15

Year,

3%,

4/01/37

-

9/01/37

.................

United

States

6,946,577

6,668,926

FHLMC

Pool,

30

Year,

2%,

1/01/52

........................

United

States

53,274,980

44,882,573

FHLMC

Pool,

30

Year,

2%,

3/01/52

........................

United

States

42,060,022

35,445,798

FHLMC

Pool,

30

Year,

2%,

4/01/52

........................

United

States

76,498,985

64,471,425

FHLMC

Pool,

30

Year,

2%,

2/01/52

........................

United

States

576,884

486,137

FHLMC

Pool,

30

Year,

2.5%,

10/01/51

......................

United

States

39,812,971

34,997,621

FHLMC

Pool,

30

Year,

2.5%,

5/01/52

.......................

United

States

29,525,954

25,903,740

FHLMC

Pool,

30

Year,

3.5%,

8/01/52

.......................

United

States

2,078,705

1,951,655

FHLMC

Pool,

30

Year,

4%,

8/01/52

........................

United

States

45,430,481

43,924,869

FHLMC

Pool,

30

Year,

4.5%,

8/01/52

.......................

United

States

107,943,615

106,715,777

FHLMC

Pool,

30

Year,

6%,

2/01/53

........................

United

States

2,148,000

2,208,944

395,562,533

n

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA,

2.601%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

12/01/24

..

United

States

677

673

FNMA,

3.178%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

10/01/32

.

United

States

51,468

50,477

FNMA,

1.845%

-

3.87%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

2/01/34

-

3/01/37

....................................

United

States

331,719

329,218

FNMA,

2.839%

-

4.103%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

...................................

United

States

1,135,552

1,099,570

FNMA,

3.774%

-

4.359%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/25

-

10/01/36

...................................

United

States

58,583

58,006

1,537,944

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

8.5%

FNMA,

15

Year,

2%,

4/01/37

-

6/01/37

......................

United

States

7,006,327

6,375,938

FNMA,

15

Year,

3%,

5/01/37

-

10/01/37

.....................

United

States

6,107,081

5,862,964

FNMA,

30

Year,

2%,

1/01/52

-

2/01/52

......................

United

States

16,828,869

14,187,252

FNMA,

30

Year,

3%,

12/01/51

-

7/01/52

.....................

United

States

18,870,816

17,174,707

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

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,

3.5%,

6/01/52

-

8/01/52

....................

United

States

6,229,894

$

5,849,313

FNMA,

30

Year,

5%,

6/01/36

-

5/01/39

......................

United

States

697,817

716,619

FNMA,

30

Year,

5.5%,

6/01/33

-

8/01/37

....................

United

States

2,594,550

2,675,879

FNMA,

30

Year,

6%,

9/01/32

-

9/01/38

......................

United

States

2,746,405

2,894,505

FNMA,

30

Year,

6.5%,

8/01/28

-

5/01/37

....................

United

States

92,717

96,634

FNMA,

30

Year,

7%,

11/01/25

............................

United

States

1,301

1,297

FNMA,

30

Year,

7.5%,

1/01/30

...........................

United

States

5,324

5,592

FNMA,

30

Year,

8.5%,

4/01/30

-

5/01/32

....................

United

States

22,562

23,848

o

FNMA,

Single-family,

30

Year,

5%,

2/25/53

..................

United

States

120,084,000

120,562,459

o

FNMA,

Single-family,

30

Year,

5.5%,

2/25/53

.................

United

States

120,550,000

122,537,191

298,964,198

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

7,507

7,312

7,312

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.1%

GNMA

I,

30

Year,

7%,

10/15/27

-

6/15/31

....................

United

States

8,767

9,279

GNMA

I,

Single-family,

30

Year,

6%,

1/15/39

.................

United

States

55,904

59,061

GNMA

I,

Single-family,

30

Year,

6.5%,

10/15/31

-

7/15/38

........

United

States

9,782

10,155

GNMA

I,

Single-family,

30

Year,

7%,

3/15/28

-

4/15/28

..........

United

States

3,942

3,944

GNMA

I,

Single-family,

30

Year,

7.5%,

8/15/25

-

2/15/26

........

United

States

2,596

2,604

GNMA

I,

Single-family,

30

Year,

9%,

9/15/25

.................

United

States

13

13

GNMA

II,

Single-family,

30

Year,

2%,

4/20/52

-

7/20/52

.........

United

States

23,304,784

20,175,009

GNMA

II,

Single-family,

30

Year,

2.5%,

6/20/52

...............

United

States

1,793,637

1,600,468

GNMA

II,

Single-family,

30

Year,

2.5%,

7/20/52

...............

United

States

18,278,512

16,321,207

GNMA

II,

Single-family,

30

Year,

3%,

10/20/49

................

United

States

27,482

25,513

GNMA

II,

Single-family,

30

Year,

6%,

5/20/31

.................

United

States

1,379

1,452

GNMA

II,

Single-family,

30

Year,

6.5%,

3/20/28

-

7/20/38

........

United

States

159,359

170,680

GNMA

II,

Single-family,

30

Year,

7.5%,

8/20/30

-

1/20/33

........

United

States

21,799

22,502

38,401,887

Total

Mortgage-Backed

Securities

(Cost

$738,344,524)

...........................

734,935,499

Municipal

Bonds

3.8%

California

2.2%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue,

Senior

Lien

,

2019

,

2.934

%

,

6/01/32

...........................................

United

States

6,810,000

5,916,051

California

Municipal

Finance

Authority

,

United

States

General

Services

Administration

,

Revenue

,

2020

,

2.519

%

,

10/01/35

....

United

States

9,745,000

7,267,255

Clovis

Unified

School

District

,

GO

,

2021

B

,

Refunding

,

3.067

%

,

8/01/39

...........................................

United

States

1,500,000

1,200,405

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

.............................

United

States

20,900,000

18,972,493

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2022

Q

,

4.563

%

,

5/15/53

..............................

United

States

6,400,000

6,224,166

San

Bernardino

Community

College

District

,

GO,

2021,

Refunding,

2.686%,

8/01/41

...................

United

States

20,405,000

15,258,463

GO,

2021,

Refunding,

2.856%,

8/01/49

...................

United

States

11,880,000

8,218,204

San

Jose

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Senior

Lien

,

2017

A-T

,

Refunding

,

3.226

%

,

8/01/27

..........

United

States

6,150,000

5,830,998

State

of

California

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/33

.........

United

States

250,000

265,456

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

University

of

California

,

Revenue

,

2015

J

,

Refunding

,

4.131

%

,

5/15/45

...........................................

United

States

10,750,000

$

10,087,580

79,241,071

Illinois

0.0%

†

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

,

Revenue

,

2008

A

,

6.899

%

,

12/01/40

.............................

United

States

780,000

911,034

Massachusetts

0.2%

Commonwealth

of

Massachusetts

,

GO

,

2020

C

,

Refunding

,

2.514

%

,

7/01/41

...........................................

United

States

700,000

534,632

Massachusetts

School

Building

Authority

,

Revenue,

2019

B,

Refunding,

3.395%,

10/15/40

.............

United

States

6,760,000

5,736,051

Revenue,

Senior

Lien,

2016

C,

Refunding,

4%,

11/15/35

......

United

States

150,000

155,339

6,426,022

Minnesota

0.2%

State

of

Minnesota

,

GO

,

2013

F

,

Refunding

,

4

%

,

10/01/24

.......

United

States

5,760,000

5,825,756

New

York

0.3%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

191,

4.823%,

6/01/45

.........................

United

States

4,570,000

4,434,316

Revenue,

192,

4.81%,

10/15/65

.........................

United

States

5,000,000

5,101,429

9,535,745

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

...........................................

United

States

16,585,000

13,131,640

Oregon

0.0%

†

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

5

%

,

4/01/33

.........

United

States

250,000

293,337

City

of

Portland

,

Water

System

,

Revenue,

First

Lien

,

2016

A

,

Refunding

,

4

%

,

4/01/32

...............................

United

States

265,000

278,562

571,899

Texas

0.4%

City

of

Austin

,

Electric

Utility,

Revenue,

2008,

Refunding,

AGMC

Insured,

6.262%,

11/15/32

.........................................

United

States

11,265,000

12,344,400

Electric

Utility,

Revenue,

2019

C,

Refunding,

2.785%,

11/15/31

..

United

States

370,000

325,613

San

Antonio

Water

System

,

Revenue

,

2010

B

,

5.92

%

,

5/15/40

...

United

States

250,000

277,932

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.938

%

,

3/15/33

.....................................

United

States

2,655,000

2,314,813

15,262,758

Utah

0.1%

City

of

Salt

Lake

City

,

Sales

and

Excise

Tax

,

Revenue

,

2019

B

,

Refunding

,

3.102

%

,

4/01/38

............................

United

States

3,155,000

2,642,570

Total

Municipal

Bonds

(Cost

$154,550,800)

.....................................

133,548,495

Residential

Mortgage-Backed

Securities

4.2%

Capital

Markets

0.0%

†

m

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

5.246

%

,

(

1-month

USD

LIBOR

+

0.74

%

),

3/25/28

..................

United

States

233,117

220,913

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

158

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Diversified

Financial

Services

2.9%

f

BRAVO

Residential

Funding

Trust

,

2019-1,

A1C,

144A,

3.5%,

3/25/58

.......................

United

States

2,028,277

$

1,978,172

l

2019-2,

A3,

144A,

FRN,

3.5%,

10/25/44

...................

United

States

4,563,689

4,268,417

f,l

CIM

Trust

,

2018-INV1,

A4,

144A,

FRN,

4%,

8/25/48

..................

United

States

1,243,263

1,189,001

2019-INV1,

A1,

144A,

FRN,

4%,

2/25/49

..................

United

States

861,487

822,459

2019-INV2,

A3,

144A,

FRN,

4%,

5/25/49

..................

United

States

2,121,119

2,035,544

f,l

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3

%

,

5/25/42

United

States

186,336

179,086

f,l

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

...........................................

United

States

3,389,996

3,317,115

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

........................................

Switzerland

75,681

46,107

f,m

FHLMC

STACR

REMIC

Trust

,

2020-DNA1,

M2,

144A,

FRN,

6.206%,

(1-month

USD

LIBOR

+

1.7%),

1/25/50

......................................

United

States

1,813,090

1,809,217

2022-DNA3,

M1A,

144A,

FRN,

6.31%,

(30-day

SOFR

Average

+

2%),

4/25/42

.......................................

United

States

6,407,274

6,429,660

f,l

J.P.

Morgan

Mortgage

Trust

,

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

16,520,894

14,681,063

2021-14,

A4,

144A,

FRN,

2.5%,

5/25/52

...................

United

States

13,396,759

11,904,844

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

7,702,082

6,844,348

f,l

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

...........................................

United

States

6,344,743

6,094,281

f,l

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

...........

United

States

3,397,004

3,003,802

f,l

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

10,924,831

9,708,199

f,l

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

..........................................

United

States

1,836,688

1,607,586

f,l

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

19,544,043

17,367,543

f,l

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

848,041

836,612

2017-1,

A2,

144A,

FRN,

3.5%,

10/25/56

...................

United

States

8,862,000

8,607,930

2017-2,

A1,

144A,

FRN,

2.75%,

4/25/57

...................

United

States

380,953

376,823

103,107,809

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

1.3%

m

FHLMC

STACR

Debt

Notes

,

2015-DNA3,

M3,

FRN,

9.206%,

(1-month

USD

LIBOR

+

4.7%),

4/25/28

...........................................

United

States

1,256,243

1,300,887

2016-DNA1,

M3,

FRN,

9.939%,

(1-month

USD

LIBOR

+

5.55%),

7/25/28

...........................................

United

States

8,071,190

8,439,134

2016-DNA2,

M3,

FRN,

9.156%,

(1-month

USD

LIBOR

+

4.65%),

10/25/28

..........................................

United

States

10,697,559

11,025,690

2016-HQA2,

M3,

FRN,

9.656%,

(1-month

USD

LIBOR

+

5.15%),

11/25/28

..........................................

United

States

11,091,724

11,488,270

m

FNMA

Connecticut

Avenue

Securities

,

2013-C01,

M2,

FRN,

9.756%,

(1-month

USD

LIBOR

+

5.25%),

10/25/23

..........................................

United

States

2,744,017

2,819,375

2014-C02,

2M2,

FRN,

7.106%,

(1-month

USD

LIBOR

+

2.6%),

5/25/24

...........................................

United

States

1,695,542

1,717,408

2014-C03,

2M2,

FRN,

7.406%,

(1-month

USD

LIBOR

+

2.9%),

7/25/24

...........................................

United

States

483,672

488,806

2014-C04,

1M2,

FRN,

9.406%,

(1-month

USD

LIBOR

+

4.9%),

11/25/24

..........................................

United

States

6,200,783

6,446,142

2014-C04,

2M2,

FRN,

9.506%,

(1-month

USD

LIBOR

+

5%),

11/25/24

..........................................

United

States

152,843

154,612

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Thrifts

&

Mortgage

Finance

(continued)

m

FNMA

Connecticut

Avenue

Securities,

(continued)

2016-C03,

1M2,

FRN,

9.806%,

(1-month

USD

LIBOR

+

5.3%),

10/25/28

..........................................

United

States

2,545,196

$

2,638,007

46,518,331

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$164,699,143)

................

149,847,053

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

..............

South

Africa

141,599

—

a

Mesquite

Energy,

Inc.,

Escrow

Account

.....................

United

States

3,000,000

33,750

Total

Escrows

and

Litigation

Trusts

(Cost

$2,814,454)

...........................

33,750

Total

Long

Term

Investments

(Cost

$4,043,850,126)

.............................

3,741,274,820

a

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.1%

Puts

-

Over-the-Counter

Interest

Rate

Swaptions

0.1%

Receive

Floating

1-day

SOFR,

Pay

Fixed

2.97%,

Counterparty

JPHQ,

Expires

7/18/23

................................

1

106,900,000

3,141,940

Total

Options

Purchased

(Cost

$2,782,073)

.....................................

3,141,940

Short

Term

Investments

0.8%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.8%

d,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

28,902,067

28,902,067

Total

Money

Market

Funds

(Cost

$28,902,067)

..................................

28,902,067

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

Money

Market

Funds

0.0%

†

d,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

159,000

159,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$159,000)

.............................................................

159,000

Total

Short

Term

Investments

(Cost

$29,061,067

)

................................

29,061,067

a

Total

Investments

(Cost

$4,075,693,266)

106.3%

................................

$3,773,477,827

Other

Assets,

less

Liabilities

(6.3)%

...........................................

(224,535,966)

Net

Assets

100.0%

...........................................................

$3,548,941,861

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

#

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

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

c

See

Note

3

regarding

restricted

securities.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2023.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2023,

the

aggregate

value

of

these

securities

was

$785,120,998,

representing

22.1%

of

net

assets.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

Income

may

be

received

in

additional

securities

and/or

cash.

i

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.

l

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

m

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

n

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

o

Security

purchased

on

a

to-be-announced

(TBA)

basis.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

At

January

31,

2023,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

2.1%

Block,

Inc.

4571318.SQ.FTS.B,

Zero

Cpn,

3/29/23

...

$

4,291

$

1,811

4578954.SQ.FTS.B,

Zero

Cpn,

4/01/23

...

404

148

4581962.SQ.FTS.B,

Zero

Cpn,

4/03/23

...

1,804

335

4581979.SQ.FTS.B,

Zero

Cpn,

4/03/23

...

2,035

435

4582384.SQ.FTS.B,

Zero

Cpn,

4/03/23

...

863

209

4586446.SQ.FTS.B,

Zero

Cpn,

4/04/23

...

5,786

1,304

4586790.SQ.FTS.B,

Zero

Cpn,

4/05/23

...

117

70

4590433.SQ.FTS.B,

Zero

Cpn,

4/05/23

...

931

347

4590729.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

1,383

811

4591593.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

42

25

4591813.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

2,891

1,218

4591961.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

1,638

452

4592572.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

449

256

4592845.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

33

24

4593610.SQ.FTS.B,

Zero

Cpn,

4/06/23

...

1,577

509

4598631.SQ.FTS.B,

Zero

Cpn,

4/07/23

...

1,571

1,188

4603867.SQ.FTS.B,

Zero

Cpn,

4/08/23

...

78

67

4604000.SQ.FTS.B,

Zero

Cpn,

4/09/23

...

8,181

1,389

4604545.SQ.FTS.B,

Zero

Cpn,

4/09/23

...

503

262

4604804.SQ.FTS.B,

Zero

Cpn,

4/09/23

...

785

123

4605063.SQ.FTS.B,

Zero

Cpn,

4/10/23

...

1,320

396

4605658.SQ.FTS.B,

Zero

Cpn,

4/10/23

...

6,711

1,138

4605737.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

266

205

4606063.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

2,752

518

4606359.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

435

342

4606489.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

12,498

2,520

4606620.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

895

326

4606808.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

3,192

2,201

4606932.SQ.FTS.B,

Zero

Cpn,

4/11/23

...

2,572

548

4609460.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

2,479

478

4609493.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

1,353

691

4610061.SQ.FTS.B,

Zero

Cpn,

4/12/23

...

663

450

4610482.SQ.FTS.B,

Zero

Cpn,

4/13/23

...

3,367

524

4619034.SQ.FTS.B,

Zero

Cpn,

4/14/23

...

144

122

4622664.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

3,107

547

4622864.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

782

122

4623532.SQ.FTS.B,

Zero

Cpn,

4/15/23

...

3,162

1,084

4623886.SQ.FTS.B,

Zero

Cpn,

4/16/23

...

1,210

828

4624212.SQ.FTS.B,

Zero

Cpn,

4/16/23

...

108

68

4624391.SQ.FTS.B,

Zero

Cpn,

4/17/23

...

3,087

666

4624796.SQ.FTS.B,

Zero

Cpn,

4/17/23

...

627

193

4625048.SQ.FTS.B,

Zero

Cpn,

4/17/23

...

963

252

4625101.SQ.FTS.B,

Zero

Cpn,

4/17/23

...

1,175

475

4626040.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

5,792

1,515

4626340.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

43

38

4626775.SQ.FTS.B,

Zero

Cpn,

4/18/23

...

2,936

1,857

4628386.SQ.FTS.B,

Zero

Cpn,

4/19/23

...

748

440

4628862.SQ.FTS.B,

Zero

Cpn,

4/19/23

...

8,296

2,156

4630482.SQ.FTS.B,

Zero

Cpn,

4/19/23

...

3,213

1,486

4630710.SQ.FTS.B,

Zero

Cpn,

4/20/23

...

965

262

4631203.SQ.FTS.B,

Zero

Cpn,

4/20/23

...

2,024

481

4632078.SQ.FTS.B,

Zero

Cpn,

4/20/23

...

21,052

3,297

4637979.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

654

548

4638327.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

8,661

2,008

4639019.SQ.FTS.B,

Zero

Cpn,

4/22/23

...

270

160

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4639746.SQ.FTS.B,

Zero

Cpn,

4/23/23

...

$

3,776

$

1,390

4640261.SQ.FTS.B,

Zero

Cpn,

4/24/23

...

612

169

4640553.SQ.FTS.B,

Zero

Cpn,

4/24/23

...

182

161

4640985.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

1,692

1,377

4641001.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

3,381

1,252

4641063.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

788

286

4642105.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

66

49

4643057.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

1,565

422

4643805.SQ.FTS.B,

Zero

Cpn,

4/25/23

...

751

213

4645386.SQ.FTS.B,

Zero

Cpn,

4/26/23

...

2,483

1,943

4647785.SQ.FTS.B,

Zero

Cpn,

4/27/23

...

55

41

4648952.SQ.FTS.B,

Zero

Cpn,

4/27/23

...

148

117

4649015.SQ.FTS.B,

Zero

Cpn,

4/27/23

...

5,124

1,526

4649299.SQ.FTS.B,

Zero

Cpn,

4/27/23

...

422

120

4653177.SQ.FTS.B,

Zero

Cpn,

4/28/23

...

4,949

2,472

4655501.SQ.FTS.B,

Zero

Cpn,

4/29/23

...

4,154

1,254

4657541.SQ.FTS.B,

Zero

Cpn,

4/30/23

...

836

171

4659438.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

239

203

4660081.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

454

140

4660746.SQ.FTS.B,

Zero

Cpn,

5/01/23

...

1,640

701

4662124.SQ.FTS.B,

Zero

Cpn,

5/02/23

...

2,951

1,331

4663092.SQ.FTS.B,

Zero

Cpn,

5/02/23

...

390

123

4664137.SQ.FTS.B,

Zero

Cpn,

5/02/23

...

2,149

683

4666640.SQ.FTS.B,

Zero

Cpn,

5/03/23

...

13,911

4,989

4668472.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

939

437

4669631.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

604

210

4671393.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

1,707

387

4671824.SQ.FTS.B,

Zero

Cpn,

5/04/23

...

258

196

4674918.SQ.FTS.B,

Zero

Cpn,

5/05/23

...

9,934

2,583

4675113.SQ.FTS.B,

Zero

Cpn,

5/05/23

...

564

163

4675649.SQ.FTS.B,

Zero

Cpn,

5/05/23

...

9,976

7,520

4678619.SQ.FTS.B,

Zero

Cpn,

5/07/23

...

479

411

4684412.SQ.FTS.B,

Zero

Cpn,

5/08/23

...

2,706

469

4689588.SQ.FTS.B,

Zero

Cpn,

5/09/23

...

185

81

4693373.SQ.FTS.B,

Zero

Cpn,

5/09/23

...

21

16

4707828.SQ.FTS.B,

Zero

Cpn,

5/11/23

...

96

76

4713712.SQ.FTS.B,

Zero

Cpn,

5/13/23

...

188

121

4714291.SQ.FTS.B,

Zero

Cpn,

5/14/23

...

1,333

424

4720634.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

7,932

3,603

4722407.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

586

224

4722963.SQ.FTS.B,

Zero

Cpn,

5/16/23

...

10,813

7,426

4725524.SQ.FTS.B,

Zero

Cpn,

5/17/23

...

19,384

7,862

4741690.SQ.FTS.B,

Zero

Cpn,

5/18/23

...

524

132

4744012.SQ.FTS.B,

Zero

Cpn,

5/18/23

...

2,547

1,555

4744489.SQ.FTS.B,

Zero

Cpn,

5/19/23

...

931

500

4750818.SQ.FTS.B,

Zero

Cpn,

5/21/23

...

746

262

4755474.SQ.FTS.B,

Zero

Cpn,

5/22/23

...

1,198

869

4756626.SQ.FTS.B,

Zero

Cpn,

5/22/23

...

1,916

427

4757364.SQ.FTS.B,

Zero

Cpn,

5/22/23

...

2,804

799

4761213.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

959

801

4761650.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

7,945

5,613

4764916.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

7,948

4,931

4766076.SQ.FTS.B,

Zero

Cpn,

5/23/23

...

151

133

4776067.SQ.FTS.B,

Zero

Cpn,

5/24/23

...

3,461

990

4776338.SQ.FTS.B,

Zero

Cpn,

5/24/23

...

1,668

889

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4777169.SQ.FTS.B,

Zero

Cpn,

5/24/23

...

$

59

$

49

4778127.SQ.FTS.B,

Zero

Cpn,

5/24/23

...

713

274

4783176.SQ.FTS.B,

Zero

Cpn,

5/26/23

...

12,516

5,042

4785137.SQ.FTS.B,

Zero

Cpn,

5/26/23

...

336

287

4785691.SQ.FTS.B,

Zero

Cpn,

5/27/23

...

2,172

932

4790013.SQ.FTS.B,

Zero

Cpn,

5/29/23

...

600

235

4796753.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

2,754

1,019

4798341.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

723

166

4798675.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

1,614

557

4799114.SQ.FTS.B,

Zero

Cpn,

6/01/23

...

1,176

888

4807146.SQ.FTS.B,

Zero

Cpn,

6/02/23

...

1,171

887

4807316.SQ.FTS.B,

Zero

Cpn,

6/02/23

...

297

272

4807599.SQ.FTS.B,

Zero

Cpn,

6/02/23

...

548

107

4808701.SQ.FTS.B,

Zero

Cpn,

6/02/23

...

178

79

4810447.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

2,379

827

4812027.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

605

196

4813955.SQ.FTS.B,

Zero

Cpn,

6/03/23

...

24,847

10,977

4814556.SQ.FTS.B,

Zero

Cpn,

6/04/23

...

616

111

4814833.SQ.FTS.B,

Zero

Cpn,

6/04/23

...

24,496

9,607

4815623.SQ.FTS.B,

Zero

Cpn,

6/05/23

...

265

240

4815651.SQ.FTS.B,

Zero

Cpn,

6/05/23

...

1,133

220

4818987.SQ.FTS.B,

Zero

Cpn,

6/06/23

...

2,640

415

4819180.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

1,064

211

4819217.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

23,693

12,457

4820289.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

388

165

4820529.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

1,068

405

4821111.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

255

249

4821247.SQ.FTS.B,

Zero

Cpn,

6/07/23

...

5,885

4,979

4821611.SQ.FTS.B,

Zero

Cpn,

6/08/23

...

702

178

4822240.SQ.FTS.B,

Zero

Cpn,

6/08/23

...

86

73

4823342.SQ.FTS.B,

Zero

Cpn,

6/08/23

...

1,351

728

4824622.SQ.FTS.B,

Zero

Cpn,

6/08/23

...

3,055

792

4827165.SQ.FTS.B,

Zero

Cpn,

6/09/23

...

1,298

253

4827620.SQ.FTS.B,

Zero

Cpn,

6/09/23

...

1,433

1,053

4829334.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

198

186

4829869.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

966

929

4831089.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

3,668

1,100

4831741.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

93

87

4832582.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

3,956

3,376

4832683.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

2,596

931

4832985.SQ.FTS.B,

Zero

Cpn,

6/10/23

...

12,795

2,492

4833709.SQ.FTS.B,

Zero

Cpn,

6/11/23

...

3,100

2,407

4834601.SQ.FTS.B,

Zero

Cpn,

6/12/23

...

907

718

4836929.SQ.FTS.B,

Zero

Cpn,

6/13/23

...

6,637

2,329

4837116.SQ.FTS.B,

Zero

Cpn,

6/13/23

...

2,784

954

4838193.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

12,756

8,985

4839149.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

2,677

1,911

4839360.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

1,371

608

4839366.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

11,177

4,096

4839716.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

727

471

4840254.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

584

234

4840334.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

1,577

282

4840427.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

7,657

1,218

4840766.SQ.FTS.B,

Zero

Cpn,

6/14/23

...

2,336

1,673

4841078.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

9,487

4,746

4842339.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

565

439

4842858.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

16,106

8,216

4843142.SQ.FTS.B,

Zero

Cpn,

6/15/23

...

10,181

4,146

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4848471.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

$

2,931

$

1,194

4848662.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

5,372

1,074

4848703.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

1,526

249

4850020.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

156

86

4850454.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

1,505

821

4851014.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

9,138

6,486

4857326.SQ.FTS.B,

Zero

Cpn,

6/16/23

...

9,351

6,086

4857771.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

2,432

1,039

4858016.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

1,782

736

4860376.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

1,539

396

4860428.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

737

260

4860575.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

518

485

4861177.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

631

117

4861282.SQ.FTS.B,

Zero

Cpn,

6/17/23

...

3,163

541

4861849.SQ.FTS.B,

Zero

Cpn,

6/18/23

...

3,764

1,414

4861902.SQ.FTS.B,

Zero

Cpn,

6/18/23

...

1,790

435

4861917.SQ.FTS.B,

Zero

Cpn,

6/18/23

...

9,005

3,742

4863326.SQ.FTS.B,

Zero

Cpn,

6/19/23

...

4,250

3,306

4863471.SQ.FTS.B,

Zero

Cpn,

6/19/23

...

7,932

3,125

4863939.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

6,183

3,647

4866438.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

954

164

4866448.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

648

362

4866709.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

2,919

1,435

4866826.SQ.FTS.B,

Zero

Cpn,

6/20/23

...

371

190

4867919.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

6,047

1,425

4868143.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

4,894

3,857

4868584.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

5,694

1,456

4868863.SQ.FTS.B,

Zero

Cpn,

6/21/23

...

2,764

2,686

4871928.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

478

422

4872451.SQ.FTS.B,

Zero

Cpn,

6/22/23

...

475

447

4876097.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

120

60

4876386.SQ.FTS.B,

Zero

Cpn,

6/23/23

...

21,985

8,225

4876490.SQ.FTS.B,

Zero

Cpn,

6/24/23

...

579

415

4876558.SQ.FTS.B,

Zero

Cpn,

6/24/23

...

10,937

4,296

4877824.SQ.FTS.B,

Zero

Cpn,

6/26/23

...

1,066

849

4878563.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

486

435

4879038.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

2,259

1,646

4879097.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

961

839

4879710.SQ.FTS.B,

Zero

Cpn,

6/27/23

...

355

346

4880873.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

5,941

4,358

4881090.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

172

149

4881733.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

1,419

729

4881919.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

793

167

4882161.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

203

175

4882493.SQ.FTS.B,

Zero

Cpn,

6/28/23

...

9,503

7,639

4884630.SQ.FTS.B,

Zero

Cpn,

6/29/23

...

1,059

253

4885669.SQ.FTS.B,

Zero

Cpn,

6/29/23

...

1,161

354

4885699.SQ.FTS.B,

Zero

Cpn,

6/29/23

...

1,137

801

4885937.SQ.FTS.B,

Zero

Cpn,

6/29/23

...

2,665

1,228

4886223.SQ.FTS.B,

Zero

Cpn,

6/29/23

...

878

728

4889312.SQ.FTS.B,

Zero

Cpn,

6/30/23

...

7,058

2,873

4889567.SQ.FTS.B,

Zero

Cpn,

7/01/23

...

624

461

4889629.SQ.FTS.B,

Zero

Cpn,

7/01/23

...

2,050

564

4889665.SQ.FTS.B,

Zero

Cpn,

7/01/23

...

1,978

858

4889899.SQ.FTS.B,

Zero

Cpn,

7/02/23

...

5,336

1,398

4890016.SQ.FTS.B,

Zero

Cpn,

7/02/23

...

1,471

238

4890173.SQ.FTS.B,

Zero

Cpn,

7/02/23

...

1,331

981

4890331.SQ.FTS.B,

Zero

Cpn,

7/02/23

...

4,293

2,026

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4890584.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

$

2,828

$

1,103

4890883.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

734

601

4890950.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

986

895

4891000.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

221

200

4891423.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

5,993

3,109

4891910.SQ.FTS.B,

Zero

Cpn,

7/03/23

...

2,797

2,629

4895734.SQ.FTS.B,

Zero

Cpn,

7/05/23

...

5,434

3,311

4899740.SQ.FTS.B,

Zero

Cpn,

7/06/23

...

4,941

4,019

4900386.SQ.FTS.B,

Zero

Cpn,

7/06/23

...

369

350

4900639.SQ.FTS.B,

Zero

Cpn,

7/06/23

...

5,083

3,652

4901412.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

286

261

4901767.SQ.FTS.B,

Zero

Cpn,

7/07/23

...

8,198

2,814

4902989.SQ.FTS.B,

Zero

Cpn,

7/08/23

...

2,001

1,172

4903860.SQ.FTS.B,

Zero

Cpn,

7/09/23

...

2,275

787

4904577.SQ.FTS.B,

Zero

Cpn,

7/10/23

...

1,291

1,044

4905084.SQ.FTS.B,

Zero

Cpn,

7/10/23

...

2,052

1,558

4906129.SQ.FTS.B,

Zero

Cpn,

7/10/23

...

2,572

1,359

4907186.SQ.FTS.B,

Zero

Cpn,

7/11/23

...

1,334

1,004

4907474.SQ.FTS.B,

Zero

Cpn,

7/11/23

...

2,669

2,438

4908621.SQ.FTS.B,

Zero

Cpn,

7/12/23

...

111

108

4910039.SQ.FTS.B,

Zero

Cpn,

7/12/23

...

4,485

1,151

4914236.SQ.FTS.B,

Zero

Cpn,

7/13/23

...

639

584

4914413.SQ.FTS.B,

Zero

Cpn,

7/13/23

...

207

177

4914578.SQ.FTS.B,

Zero

Cpn,

7/13/23

...

190

187

4914843.SQ.FTS.B,

Zero

Cpn,

7/13/23

...

251

88

4914994.SQ.FTS.B,

Zero

Cpn,

7/13/23

...

1,067

373

4916147.SQ.FTS.B,

Zero

Cpn,

7/14/23

...

187

164

4916191.SQ.FTS.B,

Zero

Cpn,

7/14/23

...

289

273

4923622.SQ.FTS.B,

Zero

Cpn,

7/16/23

...

4,778

4,381

4923742.SQ.FTS.B,

Zero

Cpn,

7/16/23

...

2,389

2,279

4924220.SQ.FTS.B,

Zero

Cpn,

7/17/23

...

849

511

4924498.SQ.FTS.B,

Zero

Cpn,

7/17/23

...

5,665

2,547

4925528.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

3,404

3,206

4925900.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

20,289

16,249

4926237.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

7,821

1,814

4926699.SQ.FTS.B,

Zero

Cpn,

7/18/23

...

1,606

1,142

4926957.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

2,332

1,862

4927793.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

3,217

1,485

4928138.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

6,946

3,598

4928279.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

991

411

4928795.SQ.FTS.B,

Zero

Cpn,

7/19/23

...

21,198

6,022

4931407.SQ.FTS.B,

Zero

Cpn,

7/20/23

...

758

273

4931819.SQ.FTS.B,

Zero

Cpn,

7/20/23

...

2,457

1,682

4931889.SQ.FTS.B,

Zero

Cpn,

7/20/23

...

1,469

1,276

4932560.SQ.FTS.B,

Zero

Cpn,

7/20/23

...

279

226

4933844.SQ.FTS.B,

Zero

Cpn,

7/21/23

...

19,405

5,915

4935340.SQ.FTS.B,

Zero

Cpn,

7/22/23

...

172

152

4935527.SQ.FTS.B,

Zero

Cpn,

7/22/23

...

1,418

941

4935556.SQ.FTS.B,

Zero

Cpn,

7/22/23

...

1,128

548

4935758.SQ.FTS.B,

Zero

Cpn,

7/23/23

...

1,921

1,604

4935784.SQ.FTS.B,

Zero

Cpn,

7/23/23

...

814

692

4936861.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

1,590

851

4937255.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

1,941

1,534

4937470.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

1,128

1,004

4938432.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

3,721

1,137

4938479.SQ.FTS.B,

Zero

Cpn,

7/24/23

...

13,084

5,622

4941003.SQ.FTS.B,

Zero

Cpn,

7/25/23

...

881

422

4941500.SQ.FTS.B,

Zero

Cpn,

7/26/23

...

88

82

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4945981.SQ.FTS.B,

Zero

Cpn,

7/27/23

...

$

22,380

$

11,710

4946936.SQ.FTS.B,

Zero

Cpn,

7/27/23

...

241

226

4948749.SQ.FTS.B,

Zero

Cpn,

7/28/23

...

455

385

4954900.SQ.FTS.B,

Zero

Cpn,

7/28/23

...

4,177

1,914

4956450.SQ.FTS.B,

Zero

Cpn,

7/30/23

...

1,146

1,109

4960214.SQ.FTS.B,

Zero

Cpn,

7/31/23

...

3,540

1,279

4961252.SQ.FTS.B,

Zero

Cpn,

7/31/23

...

101

92

4962054.SQ.FTS.B,

Zero

Cpn,

7/31/23

...

8,398

4,491

4962523.SQ.FTS.B,

Zero

Cpn,

7/31/23

...

4,563

1,735

4963645.SQ.FTS.B,

Zero

Cpn,

8/01/23

...

22,451

15,343

4964207.SQ.FTS.B,

Zero

Cpn,

8/01/23

...

872

401

4965308.SQ.FTS.B,

Zero

Cpn,

8/01/23

...

256

224

4966892.SQ.FTS.B,

Zero

Cpn,

8/02/23

...

13,715

8,361

4967874.SQ.FTS.B,

Zero

Cpn,

8/02/23

...

6,630

2,901

4967975.SQ.FTS.B,

Zero

Cpn,

8/02/23

...

2,655

1,482

4972812.SQ.FTS.B,

Zero

Cpn,

8/04/23

...

677

248

4973815.SQ.FTS.B,

Zero

Cpn,

8/04/23

...

3,040

2,474

4973879.SQ.FTS.B,

Zero

Cpn,

8/04/23

...

824

778

4973901.SQ.FTS.B,

Zero

Cpn,

8/04/23

...

1,788

598

4974352.SQ.FTS.B,

Zero

Cpn,

8/04/23

...

170

164

4975355.SQ.FTS.B,

Zero

Cpn,

8/05/23

...

1,964

1,113

4975840.SQ.FTS.B,

Zero

Cpn,

8/06/23

...

268

156

4976894.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

2,452

399

4976937.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

1,315

1,115

4977295.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

5,717

3,300

4978050.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

485

147

4978254.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

377

342

4978391.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

190

184

4978664.SQ.FTS.B,

Zero

Cpn,

8/07/23

...

715

614

4979073.SQ.FTS.B,

Zero

Cpn,

8/08/23

...

896

864

4980302.SQ.FTS.B,

Zero

Cpn,

8/08/23

...

7,304

4,499

4980891.SQ.FTS.B,

Zero

Cpn,

8/08/23

...

7,938

2,619

4982210.SQ.FTS.B,

Zero

Cpn,

8/09/23

...

509

312

4983091.SQ.FTS.B,

Zero

Cpn,

8/09/23

...

104

102

4984992.SQ.FTS.B,

Zero

Cpn,

8/10/23

...

532

513

4985573.SQ.FTS.B,

Zero

Cpn,

8/10/23

...

8,737

3,955

4985801.SQ.FTS.B,

Zero

Cpn,

8/10/23

...

3,070

1,792

4986767.SQ.FTS.B,

Zero

Cpn,

8/10/23

...

243

209

4986950.SQ.FTS.B,

Zero

Cpn,

8/10/23

...

1,026

294

4987448.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

835

770

4989246.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

2,513

1,550

4989680.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

6,187

1,981

4989835.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

501

492

4990326.SQ.FTS.B,

Zero

Cpn,

8/11/23

...

551

493

4990405.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

5,340

3,680

4990450.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

573

542

4990803.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

2,451

1,437

4990843.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

1,399

1,083

4990927.SQ.FTS.B,

Zero

Cpn,

8/12/23

...

2,372

644

4991000.SQ.FTS.B,

Zero

Cpn,

8/13/23

...

620

607

4991162.SQ.FTS.B,

Zero

Cpn,

8/13/23

...

5,956

2,251

4991320.SQ.FTS.B,

Zero

Cpn,

8/13/23

...

2,772

1,774

4992825.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

2,511

2,429

4993286.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

1,167

467

4993377.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

1,028

392

4993884.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

2,371

511

4994536.SQ.FTS.B,

Zero

Cpn,

8/14/23

...

673

223

4994636.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

1,945

533

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4995558.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

$

675

$

418

4999722.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

363

339

4999801.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

7,631

1,939

5002638.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

2,140

1,282

5002851.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

2,134

983

5003760.SQ.FTS.B,

Zero

Cpn,

8/15/23

...

2,712

1,408

5017280.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

7,675

2,843

5018131.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

1,142

1,011

5018751.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

1,134

1,053

5019547.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

1,286

1,257

5019634.SQ.FTS.B,

Zero

Cpn,

8/17/23

...

3,553

3,046

5020911.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

1,250

1,158

5021044.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

8,545

8,183

5024347.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

2,526

434

5025121.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

227

213

5025260.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

536

272

5025377.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

4,937

3,860

5025655.SQ.FTS.B,

Zero

Cpn,

8/18/23

...

759

689

5025753.SQ.FTS.B,

Zero

Cpn,

8/19/23

...

10,802

5,163

5025999.SQ.FTS.B,

Zero

Cpn,

8/19/23

...

4,449

2,091

5026185.SQ.FTS.B,

Zero

Cpn,

8/19/23

...

616

411

5026378.SQ.FTS.B,

Zero

Cpn,

8/19/23

...

1,579

1,023

5026387.SQ.FTS.B,

Zero

Cpn,

8/19/23

...

1,789

452

5026563.SQ.FTS.B,

Zero

Cpn,

8/20/23

...

765

436

5026657.SQ.FTS.B,

Zero

Cpn,

8/20/23

...

322

314

5026683.SQ.FTS.B,

Zero

Cpn,

8/20/23

...

1,894

1,381

5026991.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

7,493

6,959

5027200.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

811

294

5027400.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

898

412

5027449.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

3,136

1,639

5027603.SQ.FTS.B,

Zero

Cpn,

8/21/23

...

652

621

5028285.SQ.FTS.B,

Zero

Cpn,

8/22/23

...

2,330

1,145

5030564.SQ.FTS.B,

Zero

Cpn,

8/22/23

...

12,250

11,678

5034171.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

1,291

968

5034432.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

439

342

5034542.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

3,605

2,654

5035479.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

1,023

1,005

5035644.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

390

359

5035768.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

158

130

5035879.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

757

485

5035962.SQ.FTS.B,

Zero

Cpn,

8/23/23

...

681

628

5037885.SQ.FTS.B,

Zero

Cpn,

8/24/23

...

10,799

3,921

5038578.SQ.FTS.B,

Zero

Cpn,

8/24/23

...

923

769

5039576.SQ.FTS.B,

Zero

Cpn,

8/24/23

...

3,966

2,669

5039742.SQ.FTS.B,

Zero

Cpn,

8/24/23

...

3,766

3,225

5040637.SQ.FTS.B,

Zero

Cpn,

8/25/23

...

1,271

1,185

5041320.SQ.FTS.B,

Zero

Cpn,

8/25/23

...

6,419

2,788

5042175.SQ.FTS.B,

Zero

Cpn,

8/25/23

...

17,538

14,740

5043340.SQ.FTS.B,

Zero

Cpn,

8/26/23

...

434

380

5043359.SQ.FTS.B,

Zero

Cpn,

8/26/23

...

1,014

498

5043756.SQ.FTS.B,

Zero

Cpn,

8/26/23

...

606

375

5043851.SQ.FTS.B,

Zero

Cpn,

8/26/23

...

382

186

5043908.SQ.FTS.B,

Zero

Cpn,

8/26/23

...

4,288

4,185

5044159.SQ.FTS.B,

Zero

Cpn,

8/27/23

...

242

182

5044187.SQ.FTS.B,

Zero

Cpn,

8/27/23

...

241

235

5044612.SQ.FTS.B,

Zero

Cpn,

8/27/23

...

309

232

5045398.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

9,125

4,464

5045876.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

7,087

2,595

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5046164.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

$

2,156

$

628

5047833.SQ.FTS.B,

Zero

Cpn,

8/28/23

...

3,738

2,349

5047949.SQ.FTS.B,

Zero

Cpn,

9/01/23

...

2,170

2,089

5048228.SQ.FTS.B,

Zero

Cpn,

9/01/23

...

535

268

5048261.SQ.FTS.B,

Zero

Cpn,

9/01/23

...

242

184

5049433.SQ.FTS.B,

Zero

Cpn,

9/01/23

...

524

463

5049827.SQ.FTS.B,

Zero

Cpn,

9/01/23

...

4,324

1,277

5050370.SQ.FTS.B,

Zero

Cpn,

9/01/23

...

33,573

21,541

5051202.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

402

359

5051339.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

1,788

667

5052345.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

3,089

2,763

5052506.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

2,845

2,302

5053701.SQ.FTS.B,

Zero

Cpn,

9/02/23

...

1,112

1,016

5057271.SQ.FTS.B,

Zero

Cpn,

9/03/23

...

57

50

5057884.SQ.FTS.B,

Zero

Cpn,

9/03/23

...

2,125

1,922

5058343.SQ.FTS.B,

Zero

Cpn,

9/03/23

...

493

468

5058519.SQ.FTS.B,

Zero

Cpn,

9/03/23

...

776

747

5059273.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

1,570

1,183

5059388.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

5,353

4,365

5059779.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

15,837

2,588

5060402.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

4,854

4,502

5061300.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

1,753

1,352

5061477.SQ.FTS.B,

Zero

Cpn,

9/04/23

...

5,939

2,577

5061591.SQ.FTS.B,

Zero

Cpn,

9/05/23

...

3,396

3,324

5062055.SQ.FTS.B,

Zero

Cpn,

9/05/23

...

1,300

1,275

5062144.SQ.FTS.B,

Zero

Cpn,

9/05/23

...

400

145

5062782.SQ.FTS.B,

Zero

Cpn,

9/06/23

...

3,542

1,912

5062823.SQ.FTS.B,

Zero

Cpn,

9/06/23

...

849

828

5062902.SQ.FTS.B,

Zero

Cpn,

9/06/23

...

3,953

2,825

5063833.SQ.FTS.B,

Zero

Cpn,

9/07/23

...

5,316

1,446

5064367.SQ.FTS.B,

Zero

Cpn,

9/07/23

...

1,896

1,858

5065231.SQ.FTS.B,

Zero

Cpn,

9/07/23

...

7,752

5,834

5066009.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

9,823

7,892

5066697.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

260

255

5067542.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

657

603

5067639.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

8,253

1,407

5068395.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

409

395

5068422.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

3,792

3,102

5068585.SQ.FTS.B,

Zero

Cpn,

9/08/23

...

2,895

579

5068695.SQ.FTS.B,

Zero

Cpn,

9/09/23

...

226

202

5069032.SQ.FTS.B,

Zero

Cpn,

9/09/23

...

5,673

2,048

5069067.SQ.FTS.B,

Zero

Cpn,

9/09/23

...

12,169

2,237

5069629.SQ.FTS.B,

Zero

Cpn,

9/09/23

...

336

170

5069849.SQ.FTS.B,

Zero

Cpn,

9/09/23

...

354

281

5071123.SQ.FTS.B,

Zero

Cpn,

9/09/23

...

2,023

1,750

5073148.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

7,495

4,546

5073303.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

605

481

5073321.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

27

24

5074113.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

38,423

7,065

5074404.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

659

645

5074740.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

3,337

1,020

5074780.SQ.FTS.B,

Zero

Cpn,

9/10/23

...

1,409

501

5075908.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

1,266

1,191

5076465.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

537

500

5076678.SQ.FTS.B,

Zero

Cpn,

9/11/23

...

1,613

1,404

5078382.SQ.FTS.B,

Zero

Cpn,

9/12/23

...

1,997

1,015

5078396.SQ.FTS.B,

Zero

Cpn,

9/12/23

...

2,209

1,737

5080067.SQ.FTS.B,

Zero

Cpn,

9/14/23

...

1,307

1,091

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5080951.SQ.FTS.B,

Zero

Cpn,

9/14/23

...

$

654

$

528

5081394.SQ.FTS.B,

Zero

Cpn,

9/14/23

...

9,547

2,341

5081663.SQ.FTS.B,

Zero

Cpn,

9/14/23

...

231

220

5082041.SQ.FTS.B,

Zero

Cpn,

9/14/23

...

3,280

2,937

5082286.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

2,381

815

5083501.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

2,542

1,524

5083579.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

1,962

1,856

5083730.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

348

330

5084248.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

4,345

3,935

5084433.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

203

200

5084480.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

1,005

917

5084599.SQ.FTS.B,

Zero

Cpn,

9/15/23

...

2,448

2,217

5086472.SQ.FTS.B,

Zero

Cpn,

9/16/23

...

1,620

959

5086626.SQ.FTS.B,

Zero

Cpn,

9/16/23

...

1,507

651

5087008.SQ.FTS.B,

Zero

Cpn,

9/16/23

...

1,237

1,106

5088409.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

318

291

5088465.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

19,961

9,031

5089593.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

3,348

2,914

5089799.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

719

683

5090043.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

377

335

5090079.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

1,408

643

5090813.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

4,919

2,818

5090884.SQ.FTS.B,

Zero

Cpn,

9/17/23

...

895

595

5091416.SQ.FTS.B,

Zero

Cpn,

9/18/23

...

13,896

8,443

5091887.SQ.FTS.B,

Zero

Cpn,

9/18/23

...

225

217

5092572.SQ.FTS.B,

Zero

Cpn,

9/18/23

...

4,043

738

5092794.SQ.FTS.B,

Zero

Cpn,

9/18/23

...

1,103

1,013

5093886.SQ.FTS.B,

Zero

Cpn,

9/19/23

...

2,277

1,459

5094254.SQ.FTS.B,

Zero

Cpn,

9/19/23

...

805

705

5094586.SQ.FTS.B,

Zero

Cpn,

9/20/23

...

2,003

996

5094665.SQ.FTS.B,

Zero

Cpn,

9/20/23

...

434

393

5095170.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

2,536

1,539

5095450.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

509

417

5095634.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

3,747

1,781

5096000.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

1,189

636

5096292.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

3,651

2,993

5096386.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

620

588

5096459.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

1,602

915

5096503.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

9,495

2,853

5096685.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

212

209

5096780.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

2,304

2,185

5096930.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

3,392

2,934

5097014.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

244

223

5097173.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

729

126

5097179.SQ.FTS.B,

Zero

Cpn,

9/21/23

...

1,439

1,219

5097848.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

1,212

662

5097905.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

5,394

2,767

5098444.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

6,684

4,882

5099132.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

37,847

11,507

5099508.SQ.FTS.B,

Zero

Cpn,

9/22/23

...

5,335

4,458

5100786.SQ.FTS.B,

Zero

Cpn,

9/23/23

...

511

491

5101343.SQ.FTS.B,

Zero

Cpn,

9/23/23

...

338

329

5101839.SQ.FTS.B,

Zero

Cpn,

9/23/23

...

4,012

3,532

5102220.SQ.FTS.B,

Zero

Cpn,

9/23/23

...

2,484

2,071

5104481.SQ.FTS.B,

Zero

Cpn,

9/24/23

...

1,967

538

5104506.SQ.FTS.B,

Zero

Cpn,

9/24/23

...

99

97

5107188.SQ.FTS.B,

Zero

Cpn,

9/24/23

...

5,244

3,343

5107271.SQ.FTS.B,

Zero

Cpn,

9/24/23

...

181

171

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5107562.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

$

1,062

$

1,038

5109124.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

520

320

5109714.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

8,108

1,615

5109955.SQ.FTS.B,

Zero

Cpn,

9/25/23

...

626

322

5110418.SQ.FTS.B,

Zero

Cpn,

9/26/23

...

422

410

5110799.SQ.FTS.B,

Zero

Cpn,

9/27/23

...

26,824

7,038

5111002.SQ.FTS.B,

Zero

Cpn,

9/27/23

...

437

154

5111943.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

851

158

5112107.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

517

480

5112143.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

223

212

5112171.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

1,094

1,050

5113482.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

2,224

863

5114309.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

1,585

918

5114403.SQ.FTS.B,

Zero

Cpn,

9/28/23

...

1,028

195

5115191.SQ.FTS.B,

Zero

Cpn,

9/29/23

...

1,135

338

5115942.SQ.FTS.B,

Zero

Cpn,

9/29/23

...

25,309

4,686

5116518.SQ.FTS.B,

Zero

Cpn,

9/29/23

...

1,465

1,436

5117310.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

4,690

1,259

5117350.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

856

809

5118308.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

6,298

3,383

5118435.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

1,513

1,486

5118981.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

3,773

1,784

5119496.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

5,401

4,661

5119596.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

6,175

3,446

5122010.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

782

370

5122298.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

1,786

868

5122579.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

2,194

2,133

5123047.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

373

366

5123149.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

731

682

5123594.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

163

160

5124042.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

1,843

1,716

5124355.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

5,371

5,239

5124626.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

132

118

5124670.SQ.FTS.B,

Zero

Cpn,

9/30/23

...

1,750

1,672

5125406.SQ.FTS.B,

Zero

Cpn,

10/01/23

..

1,924

1,794

5125832.SQ.FTS.B,

Zero

Cpn,

10/01/23

..

649

399

5126318.SQ.FTS.B,

Zero

Cpn,

10/01/23

..

305

236

5126348.SQ.FTS.B,

Zero

Cpn,

10/01/23

..

7,592

7,244

5127752.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

1,049

190

5127839.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

1,123

783

5128139.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

1,521

910

5128160.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

2,113

581

5128257.SQ.FTS.B,

Zero

Cpn,

10/02/23

..

9,700

9,041

5129018.SQ.FTS.B,

Zero

Cpn,

10/03/23

..

729

588

5129089.SQ.FTS.B,

Zero

Cpn,

10/03/23

..

5,922

2,838

5129182.SQ.FTS.B,

Zero

Cpn,

10/03/23

..

5,187

4,728

5129633.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

163

152

5129823.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

2,159

1,701

5130180.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

439

392

5130332.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

5,000

4,705

5130555.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

33

33

5131068.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

995

679

5131389.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

1,241

1,043

5131487.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

626

615

5131555.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

1,865

1,366

5131624.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

6,947

6,658

5132433.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

27

26

5132810.SQ.FTS.B,

Zero

Cpn,

10/04/23

..

1,119

615

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5132939.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

$

1,069

$

593

5133336.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

1,053

1,033

5133672.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

633

467

5133706.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

7

6

5134453.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

589

533

5134858.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

206

189

5135012.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

957

932

5135989.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

6,343

2,514

5136070.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

1,837

749

5136077.SQ.FTS.B,

Zero

Cpn,

10/05/23

..

2,504

2,400

5136762.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

1,074

1,027

5136905.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

362

356

5137050.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

2,187

1,855

5138063.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

23,123

15,061

5139004.SQ.FTS.B,

Zero

Cpn,

10/06/23

..

1,121

887

5141509.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

2,580

2,487

5141619.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

1,188

968

5142960.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

977

799

5143014.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

212

209

5143578.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

597

554

5143602.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

1,106

837

5143636.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

24,333

19,695

5144702.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

2,530

521

5144786.SQ.FTS.B,

Zero

Cpn,

10/07/23

..

2,453

2,278

5145394.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

3,426

3,221

5145611.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

553

456

5145759.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

9,463

7,591

5146860.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

824

686

5147227.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

2,903

1,275

5147506.SQ.FTS.B,

Zero

Cpn,

10/08/23

..

3,461

3,052

5148260.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

1,439

1,399

5148283.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

973

597

5148361.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

149

147

5148419.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

3,511

2,511

5148494.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

769

200

5148498.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

6,384

2,942

5148553.SQ.FTS.B,

Zero

Cpn,

10/09/23

..

3,856

3,354

5148875.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

1,458

1,403

5148934.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

3,342

2,899

5149037.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

971

912

5149258.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

2,200

409

5149279.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

358

353

5149412.SQ.FTS.B,

Zero

Cpn,

10/10/23

..

240

162

5150361.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

823

779

5150572.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

3,148

3,086

5152564.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

337

323

5152683.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

363

331

5152819.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

6,308

5,081

5153196.SQ.FTS.B,

Zero

Cpn,

10/11/23

..

13,914

5,777

5154593.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

290

259

5154639.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

506

430

5154671.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

674

447

5154721.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

1,125

464

5155089.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

14

13

5155189.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

4,157

3,915

5155609.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

764

736

5155863.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

10,908

4,436

5155959.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

8,725

4,910

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5156790.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

$

1,111

$

1,090

5157118.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

1,845

1,541

5157176.SQ.FTS.B,

Zero

Cpn,

10/12/23

..

5,038

4,746

5158276.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

4,505

1,397

5158493.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

1,184

788

5158889.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

600

590

5158980.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

1,947

1,595

5159081.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

1,064

509

5159302.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

1,111

1,084

5160188.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

11,303

8,799

5160411.SQ.FTS.B,

Zero

Cpn,

10/13/23

..

1,877

1,833

5163207.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

507

497

5163276.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

147

134

5164349.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

507

488

5164900.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

2,484

1,292

5164998.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

1,426

408

5165031.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

583

311

5165513.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

2,360

1,211

5165592.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

1,635

1,443

5166292.SQ.FTS.B,

Zero

Cpn,

10/14/23

..

472

451

5166585.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

12,496

11,792

5167068.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

7,076

5,547

5167306.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

2,073

1,576

5167520.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

847

761

5167589.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,936

827

5167670.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,037

1,008

5167809.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

926

538

5167874.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

484

372

5168235.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,027

480

5169089.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,512

1,431

5169588.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,630

1,588

5169727.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

765

393

5169907.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,857

1,820

5170006.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,833

975

5170464.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

2,646

2,597

5170804.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

39

38

5170816.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

787

232

5170826.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

3,602

3,086

5170933.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

462

314

5171013.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

1,139

1,115

5171455.SQ.FTS.B,

Zero

Cpn,

10/15/23

..

156

144

5171875.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

4,168

3,949

5172313.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

751

734

5172355.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

830

378

5172359.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

2,020

1,956

5172433.SQ.FTS.B,

Zero

Cpn,

10/16/23

..

1,991

1,029

5172701.SQ.FTS.B,

Zero

Cpn,

10/17/23

..

240

232

5173036.SQ.FTS.B,

Zero

Cpn,

10/17/23

..

1,377

471

5173053.SQ.FTS.B,

Zero

Cpn,

10/17/23

..

544

518

5175985.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

4,094

4,014

5176342.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

2,130

2,008

5177446.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

537

528

5177866.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

828

811

5177966.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

28,231

26,081

5178623.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

4,970

4,858

5178911.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

10,789

9,696

5179167.SQ.FTS.B,

Zero

Cpn,

10/18/23

..

877

859

5183265.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

358

342

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5184669.SQ.FTS.B,

Zero

Cpn,

10/19/23

..

$

4,290

$

1,910

5185667.SQ.FTS.B,

Zero

Cpn,

10/20/23

..

14,869

10,257

5188384.SQ.FTS.B,

Zero

Cpn,

10/20/23

..

2,860

1,413

5188909.SQ.FTS.B,

Zero

Cpn,

10/20/23

..

6,457

4,682

5190030.SQ.FTS.B,

Zero

Cpn,

10/20/23

..

3,945

3,676

5198087.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

2,569

2,260

5198220.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

3,003

2,601

5198361.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

8,012

1,729

5198637.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

791

617

5200668.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

5,903

5,504

5202534.SQ.FTS.B,

Zero

Cpn,

10/21/23

..

570

556

5204516.SQ.FTS.B,

Zero

Cpn,

10/22/23

..

12,116

5,140

5207596.SQ.FTS.B,

Zero

Cpn,

10/22/23

..

5,087

4,839

5208597.SQ.FTS.B,

Zero

Cpn,

10/22/23

..

1,933

1,657

5208682.SQ.FTS.B,

Zero

Cpn,

10/22/23

..

2,438

2,298

5210624.SQ.FTS.B,

Zero

Cpn,

10/24/23

..

801

286

5212195.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

1,309

1,157

5212644.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

504

401

5213208.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

476

465

5213284.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

6,116

2,458

5214183.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

447

355

5214230.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

1,362

1,259

5215190.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

2,917

2,710

5215921.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

286

260

5216021.SQ.FTS.B,

Zero

Cpn,

10/25/23

..

1,024

970

5216201.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

741

660

5216243.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

3,012

1,958

5216795.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

443

129

5217058.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

2,281

2,128

5218016.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

3,631

3,175

5218372.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

439

399

5218743.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

14,598

6,771

5220607.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

709

689

5220666.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

692

606

5220688.SQ.FTS.B,

Zero

Cpn,

10/26/23

..

25,407

24,528

5221348.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

1,175

1,130

5223082.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

601

590

5223207.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

1,223

1,175

5223519.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

3,629

3,508

5224101.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

360

249

5224182.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

1,467

1,157

5224488.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

4,441

3,077

5224655.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

855

835

5224927.SQ.FTS.B,

Zero

Cpn,

10/27/23

..

1,344

1,293

5231530.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

4,896

2,233

5232002.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

2,593

1,976

5232430.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

773

721

5232718.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

1,131

362

5232775.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

743

709

5233985.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

2,581

2,393

5234308.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

2,858

565

5234431.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

1,991

1,732

5234627.SQ.FTS.B,

Zero

Cpn,

10/28/23

..

5,056

4,962

5235201.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

1,059

566

5236297.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

2,661

1,730

5237663.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

819

781

5237751.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

773

523

5237822.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

676

552

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5238549.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

$

14,881

$

13,157

5239474.SQ.FTS.B,

Zero

Cpn,

10/29/23

..

1,814

1,728

5239980.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

4,342

1,809

5240007.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

653

473

5240024.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

385

379

5240149.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

506

287

5240213.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

1,752

1,545

5240240.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

3,565

3,486

5240385.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

829

753

5240674.SQ.FTS.B,

Zero

Cpn,

10/30/23

..

7,630

3,963

5240746.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

1,002

784

5240947.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

945

816

5240977.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

3,264

2,339

5241222.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

1,667

1,630

5241268.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

1,247

1,207

5241427.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

2,151

2,100

5241505.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

734

721

5241561.SQ.FTS.B,

Zero

Cpn,

11/01/23

..

608

589

5241689.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

2,313

2,003

5243643.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

3,561

2,554

5243677.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

560

515

5244265.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

25,838

21,226

5244657.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

9,106

8,932

5245829.SQ.FTS.B,

Zero

Cpn,

11/02/23

..

389

348

5246828.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

1,272

1,209

5246929.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

4,521

2,171

5248758.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

1,428

1,367

5248838.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

3,589

1,754

5248917.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

946

826

5249081.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

1,535

791

5249336.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

12,743

9,502

5249597.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

5,110

4,783

5250046.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

142

95

5250337.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

297

215

5251234.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

12,595

11,129

5251513.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

6,221

5,435

5251638.SQ.FTS.B,

Zero

Cpn,

11/03/23

..

3,409

1,342

5252071.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

181

156

5252666.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

268

262

5253447.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

2,709

2,143

5254550.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

1,521

1,485

5254742.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

111

109

5255110.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

9,125

8,699

5256884.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

664

614

5256936.SQ.FTS.B,

Zero

Cpn,

11/04/23

..

3,364

2,608

5262859.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

6,228

4,270

5263119.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

1,401

1,164

5263791.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

3,004

2,180

5264013.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

2,580

1,617

5264132.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

15,437

14,687

5264938.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

1,194

1,021

5265074.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

717

375

5265148.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

3,269

3,187

5265614.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

587

577

5265868.SQ.FTS.B,

Zero

Cpn,

11/05/23

..

9,631

8,028

5267264.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

2,983

2,906

5267887.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

205

201

5268105.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

2,973

2,811

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5270176.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

$

2,485

$

2,384

5270406.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

785

762

5270493.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

1,448

289

5270970.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

589

579

5271294.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

1,103

957

5271481.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

872

734

5271767.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

1,398

1,340

5271882.SQ.FTS.B,

Zero

Cpn,

11/06/23

..

6,771

4,087

5272986.SQ.FTS.B,

Zero

Cpn,

11/07/23

..

1,891

1,690

5273095.SQ.FTS.B,

Zero

Cpn,

11/07/23

..

800

715

5273106.SQ.FTS.B,

Zero

Cpn,

11/07/23

..

265

261

5273136.SQ.FTS.B,

Zero

Cpn,

11/07/23

..

888

691

5273369.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

1,229

930

5273656.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

175

160

5273663.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

612

476

5273816.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

1,760

1,219

5273861.SQ.FTS.B,

Zero

Cpn,

11/08/23

..

2,965

2,452

5274762.SQ.FTS.B,

Zero

Cpn,

11/09/23

..

504

434

5275908.SQ.FTS.B,

Zero

Cpn,

11/09/23

..

496

482

5278472.SQ.FTS.B,

Zero

Cpn,

11/09/23

..

500

490

5278789.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

7,177

6,857

5279031.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

1,229

1,175

5279457.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

3,486

3,367

5280101.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

5,950

5,403

5280316.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

9,354

8,099

5280615.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

508

475

5280927.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

620

608

5281046.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

954

910

5281081.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

1,780

1,611

5281757.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

51

49

5281807.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

427

419

5281875.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

2,851

2,721

5281948.SQ.FTS.B,

Zero

Cpn,

11/10/23

..

29,541

12,753

5282039.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

758

616

5282754.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

362

334

5282925.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

9,815

7,689

5283599.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

13,701

10,403

5283850.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

1,469

1,443

5284084.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

1,318

1,289

5284158.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

331

320

5284187.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

239

235

5284780.SQ.FTS.B,

Zero

Cpn,

11/11/23

..

177

174

5286855.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

438

430

5286866.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

6,498

6,194

5287207.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

3,595

3,493

5287615.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

1,742

1,319

5288100.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

319

312

5288202.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

1,745

1,650

5288273.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

4,110

3,881

5288617.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

733

486

5288677.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

261

257

5289625.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

1,133

1,103

5289669.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

4

4

5289829.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

1,593

1,543

5289915.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

4,623

4,338

5290012.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

367

360

5290041.SQ.FTS.B,

Zero

Cpn,

11/12/23

..

18,708

17,251

5290532.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

2,457

2,167

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5290697.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

$

1,882

$

1,826

5291276.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

395

353

5291714.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

7,230

5,014

5291858.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

1,805

1,678

5291912.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

858

841

5292361.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

1,710

866

5292413.SQ.FTS.B,

Zero

Cpn,

11/13/23

..

7,292

4,656

5293647.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

3,722

3,283

5294178.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

4,625

1,614

5294272.SQ.FTS.B,

Zero

Cpn,

11/14/23

..

2,674

1,603

5294931.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

2,017

1,805

5295005.SQ.FTS.B,

Zero

Cpn,

11/15/23

..

1,229

1,158

5295791.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

976

792

5295829.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

4,929

3,398

5295923.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

1,008

978

5296137.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

204

167

5296152.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

3,225

2,038

5296361.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

171

168

5297033.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

65

62

5297054.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

89

87

5297124.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

5,375

4,098

5297510.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

1,368

1,326

5297547.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

8,167

6,821

5297679.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

4,327

3,994

5297728.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

1,502

1,465

5297749.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

12,849

7,712

5297998.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

636

150

5298365.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

7,582

4,097

5298839.SQ.FTS.B,

Zero

Cpn,

11/16/23

..

485

376

5299487.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

584

560

5300101.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

714

352

5300900.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

5,126

3,667

5302479.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

567

484

5302517.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

2,181

2,090

5302844.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

251

240

5302930.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

1,085

1,059

5303192.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

2,084

604

5303325.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

5,143

3,206

5303828.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

2,229

2,173

5305709.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

762

593

5305726.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

1,381

1,351

5305763.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

1,856

1,470

5306150.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

5,830

5,660

5306862.SQ.FTS.B,

Zero

Cpn,

11/17/23

..

5,883

5,760

5308004.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

971

394

5308374.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

1,834

942

5308440.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

2,188

1,159

5308522.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

5,098

4,892

5309472.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

3,124

839

5310662.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

4,869

2,801

5310786.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

919

871

5310909.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

20,291

8,454

5311462.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

2,785

2,722

5311631.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

3,509

3,443

5312112.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

284

234

5312135.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

8,289

8,065

5312766.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

1,219

818

5312989.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

954

524

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5313199.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

$

3,773

$

2,465

5313265.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

412

403

5313296.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

1,043

436

5313375.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

2,799

1,809

5313508.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

406

344

5313526.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

1,861

1,092

5313775.SQ.FTS.B,

Zero

Cpn,

11/18/23

..

55,744

36,920

5316057.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

1,851

1,819

5316141.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

14,721

10,009

5316278.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

973

954

5316459.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

792

768

5316802.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

527

516

5316943.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

74

73

5317323.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

128

125

5317355.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

6,408

6,298

5317974.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

2,364

2,317

5318154.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

1,902

1,393

5318294.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

2,077

2,029

5318651.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

2,858

2,785

5318776.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

19,396

17,644

5319224.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

188

174

5319254.SQ.FTS.B,

Zero

Cpn,

11/19/23

..

875

210

5319824.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

2,853

2,610

5319989.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

1,309

1,242

5320022.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

418

388

5320033.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

1,596

1,525

5320075.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

4,650

4,372

5320431.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

581

557

5321246.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

9,240

7,556

5321560.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

788

775

5322975.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

4,272

4,192

5323343.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

10,536

10,202

5323748.SQ.FTS.B,

Zero

Cpn,

11/20/23

..

4,643

3,180

5324163.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

2,726

2,642

5324197.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

587

502

5324412.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

2,383

2,295

5324445.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

4,094

2,282

5324458.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

269

228

5324467.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

4,110

3,586

5324505.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

732

552

5324511.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

1,369

942

5324530.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

404

391

5324606.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

2,478

2,359

5324711.SQ.FTS.B,

Zero

Cpn,

11/21/23

..

2,854

2,570

5325027.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

559

491

5325032.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

1,778

1,357

5325434.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

14,337

8,465

5325621.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

2,704

2,620

5325655.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

747

734

5325685.SQ.FTS.B,

Zero

Cpn,

11/22/23

..

1,188

807

5325788.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

4,575

2,367

5325909.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

719

704

5326017.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

262

234

5326604.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

1,858

842

5327235.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

4,128

3,822

5327416.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

1,381

1,341

5327455.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

9,909

9,518

5328930.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

1,218

1,017

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5329080.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

$

2,624

$

2,018

5329786.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

3,582

3,444

5329971.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

23,909

22,873

5330323.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

387

362

5330352.SQ.FTS.B,

Zero

Cpn,

11/23/23

..

4,757

2,166

5330605.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

401

392

5330620.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

391

381

5330627.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

2,370

2,324

5330739.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

2,911

2,787

5331180.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

3,162

2,337

5331289.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

1,196

1,037

5331392.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

3,059

2,078

5332044.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

480

471

5332263.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

5,224

4,621

5333629.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

1,046

1,024

5334724.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

2,846

2,794

5335022.SQ.FTS.B,

Zero

Cpn,

11/24/23

..

11,410

11,151

5335306.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

1,904

1,749

5335831.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

10,426

9,996

5336439.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

517

507

5336855.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

2,127

1,289

5337115.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

1,211

1,074

5337162.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

2,154

2,100

5337380.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

404

330

5337438.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

471

458

5337455.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

2,895

2,560

5337495.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

2,164

2,095

5337877.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

256

219

5337901.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

814

788

5337968.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

1,361

1,334

5338127.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

495

294

5338130.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

816

757

5338166.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

2,291

1,012

5338377.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

14,014

13,492

5338725.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

687

669

5339153.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

1,050

735

5339230.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

4,807

4,686

5339485.SQ.FTS.B,

Zero

Cpn,

11/25/23

..

934

916

5355745.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

4,533

4,416

5357060.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

1,779

1,721

5357422.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

187

160

5358027.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

7,728

7,104

5361684.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

9,391

8,170

5362889.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

3,392

3,094

5364847.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

608

305

5364855.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

502

486

5364883.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

9,502

6,475

5365125.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

5,482

5,372

5366300.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

604

585

5366520.SQ.FTS.B,

Zero

Cpn,

11/26/23

..

6,263

5,936

5367422.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

741

584

5367492.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

272

182

5368153.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

1,070

247

5368407.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

4,258

4,152

5369187.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

1,512

1,316

5369469.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

557

499

5371732.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

1,251

1,171

5376024.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

6,858

3,624

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

170

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5376723.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

$

3,439

$

2,559

5376799.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

4,768

2,715

5377669.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

195

174

5377684.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

843

797

5378398.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

32,691

14,601

5379188.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

603

593

5379446.SQ.FTS.B,

Zero

Cpn,

11/27/23

..

475

466

5380960.SQ.FTS.B,

Zero

Cpn,

11/28/23

..

733

573

5381030.SQ.FTS.B,

Zero

Cpn,

11/28/23

..

10,610

9,632

5381355.SQ.FTS.B,

Zero

Cpn,

11/28/23

..

2,459

2,395

5381472.SQ.FTS.B,

Zero

Cpn,

11/28/23

..

7,151

6,589

5381713.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

3,033

2,763

5381802.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

2,449

2,385

5381932.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

868

564

5382369.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

560

548

5382401.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

4,018

3,535

5382510.SQ.FTS.B,

Zero

Cpn,

11/29/23

..

2,206

2,067

5383107.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

1,321

1,288

5383248.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

226

222

5383396.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

561

262

5383412.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

3,741

2,127

5383609.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

728

699

5384909.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

1,674

1,636

5391008.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

180

166

5391069.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

3,852

3,670

5393252.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

7,101

6,506

5394233.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

81

80

5396015.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

5,645

5,492

5397498.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

1,983

1,715

5398394.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

777

435

5398459.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

1,745

1,638

5398972.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

5,424

5,239

5399792.SQ.FTS.B,

Zero

Cpn,

11/30/23

..

2,225

1,874

5402367.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,349

2,083

5403492.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

1,044

1,022

5406807.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

115

105

5407193.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

1,321

1,287

5407531.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

708

667

5408605.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,513

2,437

5408785.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

4,179

3,739

5409740.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,469

2,286

5409884.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

10,104

5,685

5410313.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

1,670

1,582

5412571.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

149

147

5412598.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

1,281

1,110

5412683.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,207

2,146

5413606.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

3,157

2,451

5413992.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

16,774

16,153

5415474.SQ.FTS.B,

Zero

Cpn,

12/01/23

..

2,303

2,254

5440393.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

513

109

5441269.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

1,460

1,291

5441850.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

1,830

1,784

5442439.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

1,242

804

5442876.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

5,085

4,895

5445957.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

2,937

2,877

5448354.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

6,920

6,346

5448827.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

11,160

9,398

5449799.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

444

437

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5452488.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

$

772

$

744

5452806.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

25,718

23,803

5454245.SQ.FTS.B,

Zero

Cpn,

12/02/23

..

3,679

3,526

5455440.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

20,222

19,252

5457673.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,252

1,154

5467439.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

415

370

5468033.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

2,507

1,580

5469093.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

4,182

3,667

5469350.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

407

393

5471203.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

365

264

5471273.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

1,167

832

5471332.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

12,560

6,840

5472212.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

2,036

1,978

5472367.SQ.FTS.B,

Zero

Cpn,

12/03/23

..

5,073

3,937

5472730.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

3,743

3,262

5472763.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

2,863

2,161

5472774.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

2,300

2,241

5472880.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

1,058

1,033

5472894.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

5,499

2,504

5472909.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

4,341

4,175

5472959.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

8,240

7,704

5473090.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

2,934

2,765

5473236.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

6,897

3,783

5473309.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

3,599

2,209

5473345.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

424

347

5473589.SQ.FTS.B,

Zero

Cpn,

12/04/23

..

784

728

5473877.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

532

521

5474033.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

1,011

864

5474041.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

4,481

4,383

5474147.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

6,090

5,656

5474318.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

874

820

5474525.SQ.FTS.B,

Zero

Cpn,

12/05/23

..

1,863

1,300

5477435.SQ.FTS.B,

Zero

Cpn,

12/06/23

..

229

225

5479821.SQ.FTS.B,

Zero

Cpn,

12/06/23

..

7,083

4,010

5482619.SQ.FTS.B,

Zero

Cpn,

12/06/23

..

1,312

986

5493687.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,674

1,041

5493760.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

3,499

3,084

5495244.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,864

1,208

5498759.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

98

97

5499117.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

708

667

5499640.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

2,170

2,086

5499836.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

210

198

5500775.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

7,528

7,290

5501790.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

17,361

13,510

5502545.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,139

1,110

5502597.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

8,011

5,628

5502855.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

24,800

23,615

5503969.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

949

808

5504019.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,374

1,310

5504275.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

1,678

880

5504334.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

2,881

896

5506022.SQ.FTS.B,

Zero

Cpn,

12/07/23

..

6,932

6,146

5506568.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

2,378

2,251

5507245.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

2,886

2,819

5507575.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

4,342

4,136

5508073.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,091

1,022

5508126.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

299

284

5510489.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,994

1,807

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5515632.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

$

877

$

741

5515721.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

2,346

2,284

5515935.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,705

849

5515993.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,164

1,134

5516699.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,395

1,360

5517225.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

132

123

5517226.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

1,202

1,179

5517661.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

5,501

5,398

5518744.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

877

852

5518821.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

4,932

4,483

5519182.SQ.FTS.B,

Zero

Cpn,

12/08/23

..

29,843

10,219

5528141.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

790

672

5528153.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,157

1,031

5528673.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

282

277

5528715.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,061

373

5528727.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

3,216

3,119

5529443.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,974

1,902

5530002.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,652

1,446

5530129.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

1,383

1,335

5530473.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

5,237

5,050

5530682.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

8,257

4,145

5530812.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

141

134

5530818.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

5,979

5,854

5531485.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

153

145

5531534.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

719

524

5531547.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

821

797

5531634.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

16,975

12,592

5531927.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

40,237

33,924

5532728.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

6,066

5,900

5533121.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

2,470

2,290

5533480.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

3,319

3,233

5533555.SQ.FTS.B,

Zero

Cpn,

12/09/23

..

2,182

2,105

5534404.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

204

199

5534538.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

3,044

1,886

5534570.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

10,969

10,208

5534772.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

977

957

5535161.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

1,624

1,593

5535338.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

2,620

2,552

5535542.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

2,637

1,464

5535591.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

1,049

1,024

5535763.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

3,297

3,141

5536027.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

2,205

829

5536092.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

5,973

3,566

5536410.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

3,798

3,726

5537060.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

3,234

3,148

5537230.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

10,552

5,739

5537487.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

723

627

5537511.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

953

685

5537977.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

15,623

13,466

5538456.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

7,494

6,920

5538691.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

5,417

5,210

5539226.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

8,605

8,295

5539604.SQ.FTS.B,

Zero

Cpn,

12/10/23

..

1,049

994

5539694.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

1,290

1,258

5539742.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

3,222

2,575

5540165.SQ.FTS.B,

Zero

Cpn,

12/11/23

..

7,426

7,255

5540662.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

674

643

5540906.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

685

669

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5540934.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

$

6,750

$

6,233

5541253.SQ.FTS.B,

Zero

Cpn,

12/12/23

..

3,575

3,481

5542232.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

9,576

3,724

5542706.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

2,021

1,244

5543476.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

697

277

5545827.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

1,837

1,790

5546197.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

139

137

5546306.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

2,885

2,810

5546534.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

663

651

5546767.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

9,786

8,696

5547391.SQ.FTS.B,

Zero

Cpn,

12/13/23

..

10,682

10,411

5547948.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

4,795

4,649

5548196.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

1,370

1,266

5548329.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

269

257

5548359.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

78

76

5548517.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

972

907

5548609.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

1,662

1,617

5548729.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

425

250

5548732.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

1,178

899

5549309.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

295

289

5549559.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

1,866

1,779

5550194.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

168

163

5550272.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

681

602

5550595.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

1,551

1,374

5550675.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

476

422

5551052.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

1,082

1,059

5551142.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

7,176

6,784

5551837.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

4,102

1,480

5552577.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

773

755

5553098.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

4,485

4,266

5553388.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

6,582

6,285

5553801.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

15,160

8,143

5553995.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

680

596

5554115.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

2,971

2,909

5554299.SQ.FTS.B,

Zero

Cpn,

12/14/23

..

11,777

11,412

5554643.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,920

2,840

5555227.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,864

2,774

5555350.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

3,018

2,820

5555694.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

6,884

6,692

5556394.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

976

925

5556703.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

872

851

5556890.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,190

1,164

5557334.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,158

945

5557708.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

21,652

19,434

5558026.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,319

2,261

5558178.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

2,187

2,140

5558679.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,537

1,219

5558723.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

11,002

10,108

5558866.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

1,392

1,287

5559057.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

7,826

7,503

5559238.SQ.FTS.B,

Zero

Cpn,

12/15/23

..

8,885

7,768

5561371.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,973

1,770

5561494.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

295

280

5561549.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

2,387

2,316

5561575.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

3,552

3,464

5561730.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,401

999

5561871.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

3,961

3,879

5562244.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,100

1,046

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5562285.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

$

2,350

$

2,240

5562378.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

3,204

2,240

5562437.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

137

133

5562688.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

96

95

5562709.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,046

916

5563156.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

6,711

6,533

5563437.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

28,301

26,975

5563870.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

10,120

9,113

5564094.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

2,532

2,374

5564117.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

16,732

16,269

5564400.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

4,180

2,426

5564440.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

3,495

2,946

5564465.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

3,809

1,728

5564506.SQ.FTS.B,

Zero

Cpn,

12/16/23

..

1,165

1,145

5564594.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

4,681

4,571

5564739.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

4,014

3,636

5564857.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,642

1,556

5564887.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,746

1,702

5564911.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

3,510

3,420

5565049.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

699

683

5565342.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,550

1,205

5565523.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

5,361

4,736

5565615.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

127

125

5565650.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

29

29

5565718.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,113

324

5565739.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,805

2,696

5565935.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

7,022

6,831

5566107.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

10,786

10,287

5566292.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

6,987

6,288

5566977.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

4,680

1,277

5567314.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,407

1,369

5567401.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

1,980

1,939

5567514.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

6,497

4,734

5567792.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

2,972

2,565

5567867.SQ.FTS.B,

Zero

Cpn,

12/17/23

..

12,739

10,952

5568019.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

17,638

16,785

5568310.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

8,248

8,011

5568586.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

787

768

5568613.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

7,092

1,948

5568652.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

279

251

5568663.SQ.FTS.B,

Zero

Cpn,

12/18/23

..

2,020

1,960

5568792.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

1,536

1,188

5568817.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

6,163

4,125

5569327.SQ.FTS.B,

Zero

Cpn,

12/19/23

..

1,665

1,620

5569601.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

310

168

5569924.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

2,176

1,531

5570142.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

690

671

5570524.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

16,451

15,668

5571039.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

1,431

1,383

5571387.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

796

782

5571610.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

12,145

9,082

5571805.SQ.FTS.B,

Zero

Cpn,

12/20/23

..

7,304

6,734

5573177.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

106

105

5573280.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

674

616

5574175.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

374

358

5574284.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

5,988

5,841

5574422.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

802

783

5574449.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

8,365

7,952

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5574569.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

$

1,761

$

1,706

5574619.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

2,054

892

5574770.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

13,002

6,843

5575141.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

291

256

5575277.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

1,502

994

5575282.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

5,197

4,309

5575354.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

2,508

1,532

5575403.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

480

468

5575478.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

6,285

6,104

5575646.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

20,608

20,020

5576046.SQ.FTS.B,

Zero

Cpn,

12/21/23

..

850

827

5576159.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

5,742

5,636

5576354.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

11,197

10,942

5576888.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

349

325

5577659.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

3,691

3,441

5577793.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

2,280

2,117

5578014.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

798

690

5578029.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

1,276

1,240

5578293.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

4,171

2,002

5578333.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

4,004

3,590

5578383.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

22,459

14,027

5578765.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

1,517

1,455

5578897.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

539

434

5578920.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

930

664

5578934.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

5,292

3,268

5578976.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

965

931

5579005.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

1,336

1,301

5579045.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

2,577

2,529

5579233.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

1,272

1,239

5579320.SQ.FTS.B,

Zero

Cpn,

12/22/23

..

7,262

7,040

5581220.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,130

1,464

5581233.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

4,208

3,540

5581296.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,003

2,903

5581364.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,289

3,197

5581405.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,251

728

5581428.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

6,257

5,441

5581507.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

10,861

10,549

5581824.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,830

1,769

5581898.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

2,350

2,281

5581918.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,332

1,283

5581964.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

10,102

6,640

5582607.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

919

761

5582638.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,994

593

5582678.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,367

1,208

5582711.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

567

546

5582734.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

1,701

1,645

5582775.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

586

520

5583109.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

676

659

5583187.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

809

790

5583691.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

3,240

2,800

5583773.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

962

867

5583864.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

4,759

4,624

5584022.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

7,675

6,223

5584489.SQ.FTS.B,

Zero

Cpn,

12/23/23

..

4,779

4,665

5584970.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

5,390

3,178

5585085.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

3,514

3,261

5585193.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,167

972

5585223.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

5,158

4,946

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5585684.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

$

663

$

633

5585701.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,060

1,039

5585802.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,206

1,171

5586262.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

19,333

12,305

5586489.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,559

1,381

5586673.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,156

1,110

5586701.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

15,205

12,599

5586878.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

13,671

13,378

5587316.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

25,701

24,623

5587763.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

13,450

5,511

5587867.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

2,172

1,256

5587897.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

21,318

7,800

5587983.SQ.FTS.B,

Zero

Cpn,

12/24/23

..

1,400

1,246

5588049.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

9,122

8,515

5588077.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

2,253

2,105

5588085.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,532

1,488

5588086.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

907

716

5588088.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

286

274

5588089.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

3,988

3,898

5588154.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,194

1,147

5588182.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

2,601

2,274

5588201.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

8,346

7,715

5588252.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

804

782

5588270.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

443

385

5588408.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,523

1,484

5588423.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,429

1,187

5588453.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

6

6

5588527.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

2,149

2,093

5588544.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

3,262

2,043

5588599.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,311

991

5588620.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

6,310

6,059

5588679.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

3,161

3,089

5588727.SQ.FTS.B,

Zero

Cpn,

12/25/23

..

1,568

966

5588868.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

2,471

1,265

5588881.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

3,838

3,677

5588914.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,139

1,085

5588925.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

7,403

7,192

5589011.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,085

689

5589021.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,457

1,189

5589030.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

407

388

5589041.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

184

182

5589047.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,838

1,782

5589184.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,765

1,722

5589268.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

774

244

5589280.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

279

274

5589338.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

5,316

3,128

5589354.SQ.FTS.B,

Zero

Cpn,

12/26/23

..

1,928

1,876

5593618.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

4,861

4,250

5593683.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

658

642

5593696.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

17,755

12,335

5594128.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

3,289

2,140

5594406.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

1,576

1,546

5594525.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

7,902

7,676

5594623.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

2,582

2,520

5594673.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

2,883

2,199

5594685.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

7,956

7,729

5595097.SQ.FTS.B,

Zero

Cpn,

12/28/23

..

20,803

20,334

5596590.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,633

1,607

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5596856.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

$

452

$

443

5596912.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

4,555

4,415

5597071.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

7,348

6,902

5597307.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

3,379

3,287

5597413.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

3,484

2,920

5597543.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,664

1,598

5597612.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

6,548

4,986

5597684.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

3,913

3,284

5597722.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,120

1,095

5597929.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

4,048

3,940

5598093.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

2,011

1,873

5598146.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

902

815

5598265.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

523

507

5598269.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,004

960

5598399.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

129

123

5598403.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

2,605

2,499

5598474.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

6,896

6,562

5598607.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

3,247

3,179

5598889.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

862

846

5599130.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

1,376

1,035

5600530.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

3,498

3,414

5600656.SQ.FTS.B,

Zero

Cpn,

12/29/23

..

3,243

3,103

5608438.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

3,226

2,840

5608726.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,213

1,180

5608811.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

2,897

2,537

5609098.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

366

359

5609439.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

3,021

2,266

5609525.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

663

513

5609566.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

4,324

4,213

5609811.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

2,361

2,322

5610319.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

996

869

5610367.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

442

434

5610508.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

2,202

2,030

5610809.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,861

1,809

5610861.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

21,656

14,223

5611074.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

4,723

4,510

5611218.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,312

1,278

5611249.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,749

1,488

5611317.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

5,565

5,434

5611481.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

994

976

5611571.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

6,025

5,898

5611786.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

6,963

6,778

5611978.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,618

1,485

5612016.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

174

170

5612423.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,925

1,862

5612491.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

1,323

1,280

5612514.SQ.FTS.B,

Zero

Cpn,

12/30/23

..

2,150

2,087

5613099.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,333

2,266

5613141.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

6,488

5,972

5613232.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

859

839

5613257.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

5,520

5,156

5613314.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

422

347

5613321.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

3,080

2,131

5613359.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

560

470

5613593.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

3,120

2,977

5613643.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

4,299

4,177

5614043.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,083

1,712

5614424.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

907

846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5614536.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

$

3,624

$

2,552

5614600.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

5,199

4,943

5614832.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

3,982

3,869

5614969.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,317

1,092

5615158.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

2,495

2,447

5615395.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

6,129

5,962

5615562.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

21,741

21,182

5616271.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

568

499

5616274.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

23,744

23,116

5616842.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

690

673

5616921.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

1,291

1,232

5616956.SQ.FTS.B,

Zero

Cpn,

1/01/24

...

13,488

13,136

5617738.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

331

322

5617745.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

1,760

1,697

5617828.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

4,814

4,705

5618054.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

4,850

4,635

5618133.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

1,281

1,241

5618163.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

1,205

1,137

5618348.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

2,150

2,085

5618434.SQ.FTS.B,

Zero

Cpn,

1/02/24

...

662

631

5618644.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

3,570

3,456

5618746.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

1,282

1,255

5619090.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

1,721

1,677

5619135.SQ.FTS.B,

Zero

Cpn,

1/03/24

...

3,587

3,495

5619340.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

1,781

1,744

5619677.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

630

615

5619805.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

2,135

1,025

5619994.SQ.FTS.B,

Zero

Cpn,

1/04/24

...

1,342

1,304

5620356.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

984

957

5620480.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

6,836

6,464

5621282.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

2,640

1,716

5621545.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

5,840

5,692

5622029.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

2,846

2,765

5622164.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

12,764

12,474

5622786.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,492

1,371

5622868.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,915

1,864

5622928.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

1,757

1,553

5622991.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

3,398

3,004

5623424.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

833

738

5623606.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

17,932

17,356

5624199.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

16,515

15,959

5624731.SQ.FTS.B,

Zero

Cpn,

1/05/24

...

3,980

3,347

5625057.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

5,608

5,496

5625282.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

5,874

4,946

5625593.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

923

896

5625640.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

17,200

16,426

5627013.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,478

1,417

5627090.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

348

339

5627097.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,613

1,579

5627163.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

818

772

5627203.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

15,997

15,577

5627747.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

7,939

6,080

5627848.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

3,072

2,342

5627902.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

3,695

3,118

5627997.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,644

785

5628017.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,058

982

5628061.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,856

2,421

5628125.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

4,124

4,045

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5628765.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

$

317

$

311

5628787.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,572

2,489

5628883.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

3,202

3,019

5628967.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,528

1,496

5629056.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,080

716

5629103.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

581

547

5629115.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

654

626

5629132.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,714

1,640

5629174.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

1,344

1,311

5629589.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

26,079

23,804

5630095.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

3,684

3,524

5630312.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

515

501

5630317.SQ.FTS.B,

Zero

Cpn,

1/06/24

...

2,444

2,379

5640805.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

344

338

5641169.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

266

262

5641293.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

3,014

1,782

5641683.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

6,455

6,287

5643745.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

9,894

9,624

5644715.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

6,462

4,529

5644959.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

12,126

5,727

5645143.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

17,753

17,151

5646059.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

3,503

3,348

5646131.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,376

4,221

5646507.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

5,218

5,090

5646926.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,892

4,557

5647065.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

16,544

8,095

5647285.SQ.FTS.B,

Zero

Cpn,

1/07/24

...

4,754

4,480

5648057.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

2,327

2,181

5648307.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

3,345

3,208

5648529.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

290

278

5648827.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

600

588

5649083.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

2,316

2,166

5649173.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,392

1,346

5649604.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,031

1,011

5649756.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,705

1,464

5651436.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,366

1,009

5651700.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

3,486

3,131

5651790.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

3,479

3,404

5652976.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

1,231

1,149

5652998.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

373

366

5653296.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

2,201

2,146

5653404.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

17,997

17,522

5654029.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

2,194

2,099

5654053.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

513

471

5654085.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

31,740

30,718

5655178.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

2,128

2,074

5655343.SQ.FTS.B,

Zero

Cpn,

1/08/24

...

13,320

12,942

5655669.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

4,946

4,815

5655794.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

718

538

5655805.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

10,028

8,880

5656053.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

8,013

7,604

5656242.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

64

63

5656284.SQ.FTS.B,

Zero

Cpn,

1/09/24

...

1,148

1,122

5656317.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

8,944

8,222

5656447.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

4,037

3,452

5656547.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

2,911

2,815

5656603.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

2,135

1,297

5656630.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

732

593

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5656641.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

$

2,150

$

2,090

5656707.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

3,920

3,322

5656784.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

1,013

993

5656852.SQ.FTS.B,

Zero

Cpn,

1/10/24

...

3,394

2,736

5657234.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

790

775

5658195.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

533

504

5658396.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

21,357

20,814

5661432.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

27,848

17,155

5662145.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

2,856

2,556

5662239.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

5,568

5,322

5662477.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

534

517

5662540.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

16,828

15,476

5663518.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

6,978

6,791

5663738.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

7,298

7,077

5663972.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

382

375

5664038.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

20,967

8,798

5664748.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

967

892

5664893.SQ.FTS.B,

Zero

Cpn,

1/11/24

...

831

804

5665041.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

36,958

35,915

5666857.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

55,287

45,905

5668701.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

14,743

13,655

5669327.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

2,113

2,061

5669597.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,131

1,104

5669673.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

16,236

15,528

5670099.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,442

1,217

5670219.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

9,509

5,895

5670345.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

10,135

9,840

5670749.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

2,439

2,365

5671382.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

4,747

4,619

5671543.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

10,472

10,004

5671745.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

74

73

5671751.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

4,178

4,073

5672060.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

65

64

5672062.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

1,257

1,070

5672406.SQ.FTS.B,

Zero

Cpn,

1/12/24

...

4,109

4,005

5672657.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,961

808

5672716.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

2,936

1,969

5672785.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

656

617

5673599.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

4,849

4,714

5673792.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

6,226

5,629

5674055.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,981

1,937

5674315.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

14,483

14,058

5675248.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

701

682

5675503.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

10,236

9,195

5676023.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,578

1,052

5676096.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

572

441

5676104.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

23,826

23,062

5676582.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,286

1,267

5677005.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,900

1,795

5677145.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

1,369

1,274

5677277.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

2,134

2,080

5677457.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

4,172

2,144

5677506.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

12,138

9,247

5677890.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

2,267

2,199

5678063.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

270

208

5678118.SQ.FTS.B,

Zero

Cpn,

1/13/24

...

4,057

3,956

5689054.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

1,983

1,814

5689085.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

2,251

2,204

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5689201.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

$

2,422

$

2,099

5689483.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

16,520

14,265

5689977.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

3,120

3,030

5690544.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

3,300

3,169

5692156.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

4,468

4,359

5692677.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

5,198

5,054

5692948.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

8,080

6,769

5693867.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

3,816

3,725

5694081.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

2,287

1,911

5694392.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

22,947

21,733

5694752.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

54,774

50,553

5695515.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

4,486

2,798

5695625.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

2,513

2,412

5695840.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

5,659

5,283

5695917.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

6,868

6,590

5696063.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

910

817

5696106.SQ.FTS.B,

Zero

Cpn,

1/14/24

...

1,085

1,057

5696224.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

4,134

3,106

5696296.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

3,141

3,046

5696356.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

8,783

8,620

5697084.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

6,361

6,206

5698837.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

8,377

5,631

5698962.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

665

623

5699015.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

1,084

1,052

5699424.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

4,523

4,337

5699542.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

447

435

5700120.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

9,466

9,288

5701011.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

278

227

5701089.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

12,705

12,407

5701510.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

294

241

5701526.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

14,002

13,081

5701712.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

3,251

2,828

5701826.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

10,623

10,304

5702064.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

2,313

2,164

5702108.SQ.FTS.B,

Zero

Cpn,

1/15/24

...

3,452

2,288

5702370.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,223

1,192

5702389.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

3,506

3,401

5702451.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

567

557

5702497.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,230

1,193

5702533.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

2,119

2,073

5702622.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

5,526

5,393

5702710.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

351

327

5702724.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,533

1,485

5702759.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

515

506

5702795.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

5,432

5,076

5702856.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

1,773

1,253

5702869.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

620

596

5702883.SQ.FTS.B,

Zero

Cpn,

1/16/24

...

17,061

15,946

5703263.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

1,055

1,005

5703279.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

9,827

9,581

5703449.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

2,409

2,361

5703547.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

708

669

5703564.SQ.FTS.B,

Zero

Cpn,

1/17/24

...

5,948

5,748

5704111.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

4,025

3,916

5704871.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,282

1,234

5705331.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,467

1,264

5706520.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,315

1,110

5706586.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,475

1,430

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5706689.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

$

2,519

$

2,307

5706863.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

13,478

13,059

5707577.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

2,555

2,336

5707656.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

714

697

5707682.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

413

396

5707738.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

3,069

2,983

5707870.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

9,529

8,565

5708156.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

16,623

16,135

5708970.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

739

705

5709025.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

4,732

4,587

5709255.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

1,212

1,167

5709287.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

144

141

5709306.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

5,395

5,267

5709586.SQ.FTS.B,

Zero

Cpn,

1/18/24

...

4,670

4,552

5710153.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,285

1,128

5710162.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

686

674

5710290.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,938

1,846

5710324.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

6,712

6,384

5710556.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

15,361

14,438

5711035.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,877

2,786

5711269.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,842

1,785

5711380.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

4,460

4,341

5711450.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

4,485

4,326

5712879.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

14,442

14,001

5713347.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,813

1,307

5713355.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

3,971

3,832

5713451.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

93

92

5713547.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,143

2,076

5713619.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

3,756

3,666

5713916.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

8,174

7,962

5714543.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,043

1,985

5714621.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

26,865

18,526

5715210.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

2,883

2,816

5715299.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

238

233

5715327.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

5,123

4,864

5715479.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,157

1,042

5715524.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,945

1,549

5715552.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

4,524

4,387

5715747.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

1,886

1,693

5715788.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

54

52

5715810.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

6,659

6,243

5716127.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

4,912

4,591

5716182.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

872

656

5716243.SQ.FTS.B,

Zero

Cpn,

1/19/24

...

621

610

5716391.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,663

3,539

5716472.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,536

3,443

5716599.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,696

3,551

5716838.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,487

3,292

5719100.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,379

1,346

5719299.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

932

872

5719317.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,910

1,652

5719339.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,667

1,602

5719399.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

38,281

34,544

5719922.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

4,135

4,005

5720090.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

793

777

5720094.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

9,186

8,585

5720163.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,096

2,998

5720195.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

187

163

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5720196.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

$

1,403

$

866

5720995.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

692

562

5721008.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

4,298

2,953

5721143.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

811

776

5721170.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

3,867

3,716

5721222.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

1,166

921

5721245.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

4,984

4,838

5721335.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

322

299

5721363.SQ.FTS.B,

Zero

Cpn,

1/20/24

...

55,957

44,026

5726430.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

8,750

8,455

5726589.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

2,833

2,719

5726619.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

13,037

12,241

5726825.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,879

1,828

5726854.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

10,727

10,178

5726983.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

2,305

2,158

5727061.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

2,883

2,827

5727466.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,251

1,218

5728647.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,154

1,124

5728678.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

5,157

3,531

5728722.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,820

1,785

5728974.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

34,845

24,514

5729353.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

11,112

7,430

5729412.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

545

376

5729426.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

4,864

4,760

5729549.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

6,138

5,963

5730163.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

641

569

5730177.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,928

1,770

5730218.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,221

1,192

5730235.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,040

1,016

5730254.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

30,932

18,120

5730442.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

8,329

7,145

5730586.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

1,730

1,683

5730781.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

6,197

6,042

5730939.SQ.FTS.B,

Zero

Cpn,

1/21/24

...

3,926

3,838

5731062.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

823

780

5731128.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

58

57

5731156.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

2,464

2,396

5731218.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,702

1,574

5731269.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

592

580

5731276.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

358

326

5731393.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

2,404

2,325

5731478.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,323

1,296

5731561.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

3,025

2,857

5731706.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

6,119

5,976

5731937.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

22,567

21,364

5732280.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

5,035

4,879

5732373.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

6,313

5,995

5732481.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,023

787

5732514.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

271

266

5732552.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

3,327

3,255

5732648.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

20,855

20,133

5733218.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

3,769

3,678

5733327.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

18,208

17,746

5733707.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,619

1,577

5733782.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,689

1,344

5733802.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

9,351

9,052

5733912.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

18,657

13,785

5734003.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

4,967

4,795

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5734069.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

$

6,658

$

5,531

5734174.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

214

199

5734224.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,856

1,625

5734242.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,535

1,474

5734296.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

1,262

1,235

5734330.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

2,058

1,749

5734473.SQ.FTS.B,

Zero

Cpn,

1/22/24

...

5,130

4,810

5734617.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

13,286

12,415

5734815.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

1,112

1,080

5734838.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

172

169

5734857.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

4,372

4,240

5734988.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

2,731

2,626

5735100.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

2,607

2,544

5735162.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

3,707

3,519

5735284.SQ.FTS.B,

Zero

Cpn,

1/23/24

...

7,109

6,161

5735770.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

1,016

985

5735785.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

2,262

2,093

5735817.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

573

489

5735826.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

1,662

1,615

5735880.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

2,071

1,992

5735998.SQ.FTS.B,

Zero

Cpn,

1/24/24

...

6,246

5,900

5736371.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

3,507

3,126

5736622.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

143

140

5736783.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

134

119

5736796.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

1,450

1,395

5737077.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

1,283

1,154

5737100.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

17,274

16,151

5738077.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

15,667

15,049

5738362.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

2,147

2,095

5738824.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

19,737

18,547

5739318.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

10,543

10,020

5739486.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

871

838

5739551.SQ.FTS.B,

Zero

Cpn,

1/25/24

...

1,795

1,622

5739820.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

934

899

5740034.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,147

1,118

5740155.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

116

113

5740188.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

632

578

5740227.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

2,365

2,293

5740249.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

296

245

5740278.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,955

1,890

5740327.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

3,651

3,551

5740467.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

762

625

5740777.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

2,357

2,298

5740980.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

10,467

10,091

5741182.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

404

347

5741407.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,366

1,329

5741480.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

330

313

5741483.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

627

566

5741493.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

3,222

3,141

5741580.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

905

881

5741655.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

4,662

4,577

5741860.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

576

220

5741942.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

7,852

6,223

5742027.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

575

511

5742127.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

2,261

2,195

5742291.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

507

498

5742317.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

4,775

4,615

5742342.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

743

726

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5742351.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

$

1,573

$

1,530

5742377.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,454

1,420

5742447.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

780

765

5742481.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

15,291

14,720

5742638.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

14,819

14,361

5742832.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,831

1,786

5742916.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

10,027

9,749

5743075.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

1,069

1,048

5743102.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

273

263

5743110.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

4,558

4,444

5743234.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

12,049

11,546

5743308.SQ.FTS.B,

Zero

Cpn,

1/26/24

...

3,878

3,745

5743385.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

4,605

4,414

5743692.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

5,333

4,260

5743770.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,750

1,703

5743913.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

14,974

8,670

5744484.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,143

1,069

5744519.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

2,481

2,413

5744601.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

6,906

6,084

5744679.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,871

1,764

5744738.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

978

681

5744840.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,359

1,294

5744940.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

7,506

6,299

5745015.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,647

1,601

5745047.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

873

838

5745071.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

10,552

10,305

5745248.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

850

815

5745267.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,231

1,200

5745285.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

1,891

1,837

5745337.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

961

791

5745349.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

5,680

5,490

5745394.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

9,839

9,450

5745496.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

691

643

5745525.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

11,526

9,889

5745666.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

35,559

34,562

5746396.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

3,749

3,594

5746593.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

2,793

2,671

5746616.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

181

175

5746634.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

536

502

5746664.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

3,755

3,660

5746716.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

6,500

6,235

5746766.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

920

874

5746773.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

2,262

2,199

5746777.SQ.FTS.B,

Zero

Cpn,

1/27/24

...

7,827

7,560

5748936.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

280

275

5748958.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,581

2,527

5748981.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

19,609

19,041

5749237.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

4,271

4,126

5749308.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

688

582

5749311.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,368

2,274

5749352.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

8,909

8,092

5749509.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,137

1,717

5749537.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

10,735

10,108

5750217.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

5,653

5,475

5750336.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,908

1,814

5750409.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

4,449

4,279

5750690.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,678

1,515

5750976.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

6,895

6,625

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5751375.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

$

7,289

$

7,096

5751668.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,396

1,357

5751715.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

1,332

1,294

5751758.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

2,417

2,345

5751852.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

9,863

9,491

5752143.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

6,614

6,412

5752274.SQ.FTS.B,

Zero

Cpn,

1/28/24

...

6,189

5,787

5753202.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

25,007

24,193

5753929.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

1,174

1,116

5753975.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

818

770

5754018.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

6,027

5,857

5754429.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

3,455

2,741

5754535.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,141

2,079

5754617.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,691

2,558

5754713.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

12,182

11,854

5755105.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

7,326

5,173

5755873.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

3,988

3,852

5755980.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

6,605

6,367

5756156.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

8,238

7,182

5756219.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

8,890

8,644

5756354.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

2,376

2,310

5756391.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

4,092

3,762

5756490.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

28,616

18,036

5756633.SQ.FTS.B,

Zero

Cpn,

1/29/24

...

5,490

5,152

5756660.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

15,605

12,309

5756841.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

5,271

5,070

5756948.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

3,028

2,967

5757099.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

1,080

1,013

5757260.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

1,739

1,528

5757294.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

5,660

4,925

5757364.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

1,226

1,191

5757446.SQ.FTS.B,

Zero

Cpn,

1/30/24

...

12,590

12,177

5757695.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

1,529

1,475

5758137.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

3,013

2,916

5758183.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

2,373

2,299

5758227.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

1,547

1,510

5758278.SQ.FTS.B,

Zero

Cpn,

1/31/24

...

14,144

13,119

5758966.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

1,264

1,028

5759018.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

3,314

3,203

5759467.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

1,143

1,090

5760268.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

6,120

5,932

5760462.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

477

409

5760582.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

717

647

5760587.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

18,480

18,072

5761598.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

3,197

3,113

5761813.SQ.FTS.B,

Zero

Cpn,

2/01/24

...

5,196

4,877

5762538.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

3,094

2,986

5763095.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

822

803

5763109.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

2,789

2,688

5763347.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,987

1,872

5763417.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

5,893

5,420

5763612.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

2,535

1,833

5763640.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

2,771

2,627

5763690.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

56

55

5763695.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

4,603

4,450

5763815.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

6,688

6,226

5763928.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,696

1,547

5763952.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,224

1,195

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5764075.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

$

1,100

$

1,070

5764103.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

2,541

2,465

5764142.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

437

298

5764145.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

15,642

14,786

5764336.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,691

1,625

5764364.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

18,245

17,791

5764966.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

2,641

2,387

5765401.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,829

1,781

5765446.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

20,202

11,861

5765574.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

9,621

8,322

5765654.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

10,530

9,372

5765767.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

3,278

2,948

5765983.SQ.FTS.B,

Zero

Cpn,

2/02/24

...

1,355

1,321

5766186.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,406

2,342

5766260.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

5,793

5,650

5766397.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,931

2,839

5766431.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

22,410

21,742

5766846.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

3,954

3,836

5766943.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

46

45

5767163.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

3,283

3,217

5767414.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,216

2,163

5767523.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

22,959

21,624

5767904.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

400

386

5767906.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

1,021

973

5767917.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

1,893

1,839

5767979.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,624

1,029

5768397.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

11,415

10,915

5769375.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

2,824

2,309

5769432.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

1,785

1,681

5769472.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

159

152

5769477.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

239

234

5769480.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

12,213

8,845

5769583.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

14,392

13,889

5769692.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

871

838

5769699.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

5,650

5,501

5769756.SQ.FTS.B,

Zero

Cpn,

2/03/24

...

823

729

5771873.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

18,105

17,676

5772258.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

4,107

3,988

5772431.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,692

1,642

5772507.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

901

871

5772525.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

3,111

2,905

5772616.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

10,404

6,736

5772798.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

2,351

2,278

5772853.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

3,411

3,295

5772937.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

3,521

3,423

5773022.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

4,573

4,345

5773099.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

33,212

32,403

5774119.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

4,385

4,266

5774268.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,031

969

5774283.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

2,104

1,957

5774314.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,915

1,866

5774369.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

2,175

2,020

5774390.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

3,370

3,263

5774437.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

4,915

4,792

5774517.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

4,566

4,446

5774638.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,157

1,100

5774654.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,329

1,280

5774683.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

17,819

17,293

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

179

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5774959.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

$

596

$

549

5774965.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

7,954

7,685

5775213.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,774

1,725

5775228.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

947

914

5775285.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

1,119

1,088

5775291.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

5,107

4,946

5775412.SQ.FTS.B,

Zero

Cpn,

2/04/24

...

18,263

16,129

5775495.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

334

321

5775510.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

1,504

1,180

5775630.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

4,108

2,271

5775756.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

8,166

7,847

5775891.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

702

667

5775904.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,374

3,277

5776004.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

2,526

2,464

5776152.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

1,194

1,108

5776207.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

1,738

1,653

5776285.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,708

3,249

5776369.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

342

324

5776421.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,732

2,716

5776489.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

5,689

5,538

5776804.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

8,667

8,229

5776957.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

687

586

5777129.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

39,409

37,118

5777653.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

10,255

9,845

5777789.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

4,053

3,597

5777849.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

4,577

3,773

5777935.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

32,058

30,874

5778353.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

2,753

2,704

5778637.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

745

393

5778679.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

2,303

2,243

5778756.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

3,134

2,761

5778865.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

5,119

3,800

5779093.SQ.FTS.B,

Zero

Cpn,

2/05/24

...

15,515

14,133

5779222.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

3,093

2,787

5779321.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,606

2,523

5779368.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,713

2,634

5779407.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

9,004

8,728

5779535.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

1,356

1,057

5779593.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

8,333

8,003

5779703.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,954

2,830

5779744.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

6,116

5,911

5779830.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

1,737

1,649

5779867.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

643

590

5779882.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,454

2,380

5779967.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,538

1,302

5779981.SQ.FTS.B,

Zero

Cpn,

2/06/24

...

2,606

2,230

5780128.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

2,787

2,710

5780239.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

7,880

6,958

5780321.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

8,875

8,662

5780627.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

4,433

4,216

5780669.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

2,256

2,193

5780817.SQ.FTS.B,

Zero

Cpn,

2/07/24

...

3,913

3,791

5781091.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,732

1,684

5781203.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

6,991

6,736

5781428.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

647

623

5781506.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

2,833

2,701

5781649.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

52

51

5781719.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

2,459

2,379

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5781947.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

$

2,550

$

2,430

5782040.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

5,264

5,067

5782195.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,128

1,060

5782216.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

3,620

3,533

5782354.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

7,024

4,614

5783251.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,516

1,370

5783365.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

44,958

43,027

5784577.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

1,409

1,033

5784689.SQ.FTS.B,

Zero

Cpn,

2/08/24

...

2,170

1,640

5784781.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,264

1,235

5784888.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

3,034

2,648

5785232.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,290

1,258

5785350.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

3,964

3,835

5785536.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

13,592

13,043

5786417.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

465

442

5786518.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

3,793

3,721

5786888.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

549

531

5787111.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,729

1,645

5787182.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

37,873

27,614

5787538.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

27,869

26,526

5788126.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

2,154

2,094

5788233.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

881

858

5788452.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,595

1,557

5788515.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

423

415

5788553.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

766

744

5788727.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

2,954

2,835

5788790.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,571

1,520

5788801.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

555

535

5788805.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

34,274

32,977

5789379.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

12,982

11,089

5789475.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

33,178

25,836

5790088.SQ.FTS.B,

Zero

Cpn,

2/09/24

...

1,014

959

5790172.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

4,492

4,407

5790345.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,880

1,510

5790464.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

973

919

5790500.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,977

2,883

5790649.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,870

1,795

5790929.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

782

763

5791040.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

8,649

8,429

5791803.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

6,092

5,632

5793078.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,418

1,312

5793198.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

14,656

11,860

5793504.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

4,401

4,259

5793693.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,572

2,492

5793868.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

11,635

11,313

5794308.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

8,431

7,778

5795085.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,864

3,673

5795334.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,965

2,855

5795481.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,905

3,751

5795685.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

4,203

3,700

5795817.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,223

3,135

5796139.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

553

523

5796169.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

3,108

3,015

5796253.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

1,679

1,597

5796289.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

12,133

11,319

5796507.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

447

434

5796518.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

7,748

7,490

5796633.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,959

1,197

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

180

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5796654.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

$

23,973

$

21,138

5796931.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

10,002

8,912

5797143.SQ.FTS.B,

Zero

Cpn,

2/10/24

...

2,355

2,289

5801833.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,176

1,029

5801855.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

3,747

3,610

5801964.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,269

1,240

5802042.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

49,428

29,450

5802631.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

8,004

7,716

5803272.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,612

2,512

5803379.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

6,422

6,033

5803622.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

6,836

6,310

5803835.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

720

693

5803882.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,195

2,150

5803981.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

778

752

5804230.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,448

1,098

5804251.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

9,005

8,325

5804549.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

8,475

8,119

5804824.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

19,095

18,467

5805160.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,253

1,226

5805200.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

977

856

5805212.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

310

304

5805224.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

6,546

5,719

5805318.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

387

317

5805328.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

665

543

5805369.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,188

896

5805398.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,828

2,734

5805441.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

384

360

5805490.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

652

612

5805514.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

15,697

15,223

5806428.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

6,731

5,711

5806521.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

1,608

1,556

5806556.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

9,316

9,018

5806835.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

2,066

2,005

5806864.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

707

692

5806888.SQ.FTS.B,

Zero

Cpn,

2/11/24

...

5,497

5,377

5807061.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

22,284

21,583

5807394.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

691

671

5807478.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

6,875

6,709

5808150.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

3,547

2,115

5808395.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

704

684

5808680.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

496

481

5808913.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

4,860

4,687

5809386.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

911

656

5809449.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,757

2,685

5809664.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

1,032

992

5809849.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

7,267

4,832

5810943.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,545

2,464

5811041.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

3,169

3,093

5811188.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

9,971

9,683

5811368.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

1,512

1,469

5811427.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

6,282

6,038

5811504.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

64,533

44,254

5812369.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

13,344

12,975

5812558.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

982

955

5812565.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

9,794

9,289

5812710.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

23,431

22,444

5813213.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

1,668

1,629

5813262.SQ.FTS.B,

Zero

Cpn,

2/12/24

...

2,956

2,829

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5813311.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

$

23,444

$

19,741

5813522.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

5,551

5,388

5813621.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

1,953

1,869

5813752.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

2,334

2,174

5813936.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

1,153

1,120

5813956.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

2,374

2,326

5814031.SQ.FTS.B,

Zero

Cpn,

2/13/24

...

928

898

5814250.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

2,689

2,625

5814315.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

4,016

3,847

5814365.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

1,005

954

5814397.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

14,674

13,780

5814611.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

3,636

3,510

5814678.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

577

550

5814731.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

2,308

2,241

5814790.SQ.FTS.B,

Zero

Cpn,

2/14/24

...

3,802

3,693

5815074.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

15,101

14,694

5816472.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

3,631

3,425

5816654.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

13,550

12,388

5816829.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

45,194

43,892

5817927.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

2,350

2,104

5818012.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

744

598

5818032.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

172

169

5818243.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

415

367

5818363.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

1,717

1,604

5818400.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

1,975

1,464

5818437.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

4,545

2,547

5818525.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

8,010

6,963

5818633.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

1,242

644

5818657.SQ.FTS.B,

Zero

Cpn,

2/15/24

...

4,227

2,368

5818715.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

9,349

8,711

5818855.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

6,262

5,987

5818915.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

203

199

5818947.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

839

822

5818967.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,768

1,730

5819001.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,307

2,213

5819022.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

255

246

5819028.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,664

5,435

5819098.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

11,010

10,598

5819348.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

953

912

5819420.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

13,246

12,496

5819673.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,298

2,231

5819704.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,259

4,794

5819804.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

74

73

5820027.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,697

1,604

5820058.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

3,631

3,513

5820101.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,085

1,059

5820141.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,974

2,858

5820215.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

23,570

22,664

5820560.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

3,122

3,020

5820601.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,283

1,104

5820629.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

12,641

12,269

5820883.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,005

4,858

5820974.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

38,364

36,179

5821537.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

1,468

1,423

5821558.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,547

5,256

5821663.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

2,988

2,874

5821739.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

54,915

38,222

5822097.SQ.FTS.B,

Zero

Cpn,

2/16/24

...

5,613

5,421

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5822170.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

$

17,271

$

14,744

5822304.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

10,536

9,917

5822412.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

4,902

4,703

5822472.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

994

951

5822491.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,509

1,469

5822507.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,398

1,219

5822551.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

2,066

2,028

5822816.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

3,643

3,499

5823079.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

11,157

10,916

5823402.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

17,103

15,142

5823637.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

20,959

16,345

5823770.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

5,483

5,305

5823852.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

3,864

3,707

5823913.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

4,953

4,806

5824064.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

20,868

19,366

5824241.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,643

1,600

5824290.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

1,372

1,310

5825089.SQ.FTS.B,

Zero

Cpn,

2/17/24

...

10,194

9,954

5827265.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

623

610

5827288.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

14,652

13,125

5827413.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

1,803

1,752

5827454.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

2,470

2,327

5827612.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

6,838

5,154

5827715.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

3,858

1,778

5827744.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

11,384

10,983

5827975.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

397

386

5828037.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

1,221

1,123

5828097.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

1,469

1,424

5828428.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

737

687

5828449.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

1,365

1,322

5828514.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

49

49

5828867.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

12,259

11,886

5828953.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

4,929

4,598

5828998.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

4,047

3,825

5829192.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

5,194

4,837

5829252.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

5,837

5,105

5829308.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

28,538

20,709

5829756.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

7,227

7,034

5830023.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

2,789

2,603

5830043.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

29,365

27,363

5830245.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

12,324

11,023

5830333.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

9,043

8,800

5830423.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

11,928

11,498

5830565.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

8,113

7,862

5830680.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

2,494

1,527

5830698.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

2,395

2,287

5830885.SQ.FTS.B,

Zero

Cpn,

2/18/24

...

701

686

5830987.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,269

1,229

5831084.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,267

3,064

5831209.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,906

3,785

5831406.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

218

214

5831417.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

541

527

5831453.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,577

2,489

5831642.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,872

3,456

5831766.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,768

1,698

5831825.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

3,466

3,321

5831942.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,681

4,364

5832082.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,785

2,680

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5832121.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

$

13,517

$

12,843

5832275.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

14,016

13,580

5832497.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,520

1,481

5832519.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

16,342

15,794

5832876.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,286

815

5832888.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,323

3,965

5832933.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

871

423

5832950.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

807

784

5832957.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,312

2,228

5832996.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,342

2,175

5833008.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,098

1,061

5833154.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,733

2,451

5833187.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

195

187

5833199.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

20,425

19,806

5833448.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

10,183

7,271

5833498.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

15,409

14,881

5833600.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

21,876

20,405

5833744.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

4,166

1,695

5833759.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

1,365

1,323

5833769.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

2,740

2,176

5833778.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

5,624

3,108

5833794.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

10,690

9,571

5833882.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

26,027

16,902

5833976.SQ.FTS.B,

Zero

Cpn,

2/19/24

...

23,210

19,718

5834306.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

6,573

6,363

5834376.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

3,979

3,822

5834407.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

6,666

6,212

5834529.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

15,922

15,496

5834758.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

8,366

8,080

5834821.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

1,844

1,785

5834836.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

1,094

720

5834843.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

1,161

1,072

5834913.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

763

741

5834926.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

5,150

4,956

5835075.SQ.FTS.B,

Zero

Cpn,

2/20/24

...

22,133

21,334

5835322.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

416

406

5835327.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

2,291

2,225

5835427.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

522

352

5835439.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

4,013

3,849

5835547.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

634

556

5835555.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

394

375

5835567.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

397

386

5835710.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

279

272

5835754.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

1,162

1,066

5835768.SQ.FTS.B,

Zero

Cpn,

2/21/24

...

4,699

4,561

5836058.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

985

936

5836101.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,257

1,215

5836158.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,516

1,442

5836490.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

2,388

2,320

5836652.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,624

1,230

5836892.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

32,210

27,215

5837282.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

6,259

6,037

5837382.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

24,665

23,892

5837888.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

269

263

5837906.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

3,122

2,971

5837946.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

3,281

3,143

5837990.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

2,542

2,381

5838038.SQ.FTS.B,

Zero

Cpn,

2/22/24

...

1,527

1,340

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

182

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5839780.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

$

956

$

837

5839791.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

8,450

8,165

5839833.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

149

144

5839914.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

1,263

1,229

5839921.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

8,743

8,418

5840032.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

18,717

11,846

5840224.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,828

2,729

5840337.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,715

2,321

5840371.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

8,795

8,420

5840513.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

20,657

19,887

5840747.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

646

588

5840758.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

3,594

3,479

5840849.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

8,362

8,144

5840997.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

1,486

1,354

5841018.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

3,781

2,754

5841063.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,929

2,630

5841116.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

6,000

5,840

5841227.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

4,683

4,497

5841310.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

1,049

1,005

5841391.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

7,761

7,070

5841487.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

3,873

3,689

5841497.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

729

709

5841509.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

557

535

5841521.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,577

2,518

5841546.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

476

467

5841571.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

3,027

2,956

5841736.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

961

932

5841757.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

30,836

29,571

5842060.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

757

742

5842081.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

6,285

5,351

5842185.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

5,814

5,555

5842288.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

2,198

2,097

5842765.SQ.FTS.B,

Zero

Cpn,

2/23/24

...

168

157

5843374.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,275

2,215

5843478.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,440

2,304

5843496.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6

6

5843566.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

5,389

4,456

5843627.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

511

501

5843683.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

759

728

5843719.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,613

1,558

5843736.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,277

921

5843744.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,365

1,208

5843776.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,448

4,319

5843967.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,279

1,235

5844063.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,123

1,948

5844155.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,074

3,914

5844343.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

3,938

3,773

5844400.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

879

814

5844433.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

20,284

19,417

5844635.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

10,382

8,582

5844723.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,054

496

5844731.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

8,068

7,863

5844834.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

7,691

7,411

5844880.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,102

1,062

5844898.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

386

378

5844917.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,860

2,564

5844949.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6,874

5,701

5845009.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,638

4,501

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5845050.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

$

1,506

$

1,331

5845066.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,285

1,198

5845080.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

24,917

22,898

5845314.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

41

40

5845326.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

733

665

5845408.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,654

2,451

5845440.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,280

2,223

5845468.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

4,365

4,168

5845524.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

455

342

5845527.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

3,773

3,522

5845545.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,020

1,958

5845578.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,768

1,729

5845628.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

72

70

5845636.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,528

2,438

5845663.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,454

1,408

5845688.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

7,006

6,807

5845790.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

2,032

1,984

5845824.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6,741

5,931

5845860.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

6,139

5,974

5845931.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

12,312

12,037

5846231.SQ.FTS.B,

Zero

Cpn,

2/24/24

...

1,150

1,115

5848230.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,623

1,583

5848303.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

12,893

12,115

5848513.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

425

402

5848525.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

3,279

3,155

5848650.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,832

1,976

5848683.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,133

2,048

5848709.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

4,674

4,532

5848935.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

5,698

5,552

5849146.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

807

756

5849165.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,314

2,248

5849291.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

2,943

2,832

5849349.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

29

28

5849390.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

1,585

1,499

5849439.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

29,923

28,525

5849972.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

9,112

8,539

5850030.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

10,714

10,447

5850198.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

9,489

8,353

5850244.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

12,867

12,468

5850441.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

9,384

9,020

5850702.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

19,866

19,275

5851014.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

15,524

11,701

5851134.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

10,597

7,300

5851216.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

7,669

6,882

5851296.SQ.FTS.B,

Zero

Cpn,

2/25/24

...

35,802

32,838

5851857.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

51,672

49,347

5852326.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

652

630

5852366.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,390

2,319

5852446.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

7,858

7,348

5852555.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

2,206

2,049

5852890.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,610

1,565

5852908.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

6,245

6,006

5853037.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

6,879

6,656

5853107.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

1,186

1,121

5853138.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

27,932

26,646

5853345.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

42,178

37,219

5853641.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

4,478

4,322

5853687.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

4,439

3,335

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5853712.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

$

21,577

$

21,049

5854069.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

25,886

22,717

5854211.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

4,553

4,430

5854329.SQ.FTS.B,

Zero

Cpn,

2/26/24

...

10,224

9,921

5855184.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

10,166

8,645

5855247.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

5,943

5,581

5855276.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

4,035

3,899

5855330.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

5,272

4,847

5855365.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

18,158

17,018

5855443.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

4,925

4,741

5855481.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,166

1,128

5855499.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,706

1,626

5855514.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

5,213

5,002

5855550.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

4,463

4,249

5855578.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

1,000

948

5855624.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

5,832

5,586

5855675.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

4,195

4,104

5855743.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

2,040

1,970

5855794.SQ.FTS.B,

Zero

Cpn,

2/27/24

...

3,463

3,301

5855815.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,097

912

5855822.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,934

2,028

5855834.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

4,245

4,117

5855880.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

6,773

6,332

5855919.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

873

809

5855926.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

697

675

5855969.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,215

2,018

5856019.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,299

2,082

5856039.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

906

868

5856061.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,717

1,674

5856092.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,852

2,763

5856139.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

292

272

5856141.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

894

872

5856147.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

342

328

5856150.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

6,169

5,441

5856180.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,073

1,037

5856192.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,841

2,716

5856213.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

17,098

16,424

5856377.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

654

628

5856395.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

5,004

4,770

5856417.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,256

2,176

5856432.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,552

2,452

5856449.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,110

2,043

5856464.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

6,997

6,775

5856506.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

3,301

2,736

5856524.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,233

598

5856531.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

1,107

1,073

5856538.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

732

703

5856544.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

2,498

2,403

5856559.SQ.FTS.B,

Zero

Cpn,

2/28/24

...

3,761

3,669

5856759.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,459

2,180

5856804.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

10,339

10,053

5857111.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,653

1,493

5857147.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,969

4,759

5857229.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,183

1,103

5857271.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,861

3,736

5857350.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

10,018

9,596

5857552.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,582

783

5857575.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

983

920

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5860565.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

$

516

$

499

5860574.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,917

3,792

5860675.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,254

3,162

5860723.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,225

2,166

5860789.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,920

2,800

5860842.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,855

1,805

5860892.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,902

3,668

5860921.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,280

1,168

5860934.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

6,022

5,147

5861022.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,673

1,544

5861047.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

13,244

12,696

5861252.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,858

2,732

5861287.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

4,063

3,924

5861362.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,200

2,740

5861427.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,760

1,549

5861442.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

481

402

5861448.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,112

2,917

5861992.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

6,502

6,207

5862134.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

39,885

36,721

5862509.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

15,987

15,504

5862704.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,904

2,827

5862747.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,226

1,190

5862772.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,029

1,960

5862807.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

204

200

5862813.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,715

1,657

5862821.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,266

2,185

5862832.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

74,264

62,886

5863551.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

12,673

12,241

5863707.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,960

3,825

5863796.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

9,067

8,566

5863886.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

211

205

5863890.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

28,996

27,646

5864120.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

23,262

22,460

5864281.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,662

4,215

5864298.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

10,524

10,178

5864883.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,503

1,202

5864889.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,212

2,143

5864923.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,229

3,092

5865016.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

3,278

2,168

5865048.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,595

1,550

5865102.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

34,131

32,293

5865662.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

361

352

5865671.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

7,458

7,271

5865946.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

6,517

5,470

5866021.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

5,274

5,079

5866092.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,318

1,632

5866103.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

484

468

5866134.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

10,475

9,920

5866250.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

1,579

1,492

5866257.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

69,932

58,585

5866735.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

771

757

5866766.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

2,504

2,426

5866772.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

22,686

22,011

5866953.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

22,330

21,286

5867189.SQ.FTS.B,

Zero

Cpn,

2/29/24

...

8,009

7,756

5870202.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

860

836

5870217.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

2,345

2,261

5870230.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

5,089

2,570

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

184

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5870252.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

$

12,453

$

12,092

5870457.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

19,640

18,877

5870771.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

12,382

11,912

5871030.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

2,509

2,234

5871047.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,708

1,646

5871100.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

22,793

20,254

5871595.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,651

1,597

5871746.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

16,321

15,203

5871939.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

8,316

7,517

5872019.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

4,269

4,063

5872095.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

8,718

8,400

5872195.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

16,709

14,825

5872332.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

7,970

7,599

5872466.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

37,844

36,119

5872937.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

12,661

12,178

5873018.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

281

275

5873031.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

2,533

2,451

5873053.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

17,972

17,513

5873486.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

3,201

3,097

5873503.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

3,430

3,292

5873528.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

12,741

12,401

5873830.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

4,883

4,546

5873992.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

6,610

6,401

5874086.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

1,357

1,169

5874146.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

2,516

2,365

5874194.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

550

513

5874200.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

6,591

5,848

5874273.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

4,817

4,713

5874494.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

8,734

4,953

5874616.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

1,535

1,387

5874626.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

5,349

5,039

5874769.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

1,654

1,617

5874820.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

12,559

11,969

5874948.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

2,709

2,651

5875040.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

6,026

5,819

5875144.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

4,016

3,904

5875236.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

4,500

4,320

5875346.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

31,651

23,444

5875711.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

3,417

3,143

5875766.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

3,206

3,089

5875845.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

3,092

2,386

5875887.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

6,734

6,554

5875964.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

7,696

7,457

5876066.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

13,734

13,150

5876158.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

5,134

4,933

5876202.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

19,730

14,541

5876347.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

3,047

2,389

5876448.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

1,389

698

5876460.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

11,660

9,339

5876538.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

348

320

5876558.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

217

210

5876559.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

4,451

4,262

5876662.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

4,360

3,872

5876694.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

785

761

5876704.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

16,447

15,946

5876942.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

14,849

10,324

5877032.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

26,744

24,372

5877200.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

9,808

8,674

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5877289.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

$

4,728

$

4,569

5877352.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

1,620

1,303

5877397.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

3,842

3,723

5877452.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

25,274

24,130

5877718.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

4,573

4,191

5877753.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

3,032

2,149

5877777.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

2,272

2,133

5877873.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

1,597

1,342

5877900.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

11,449

11,054

5878064.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

1,642

1,452

5878083.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

10,999

9,114

5878200.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

14,601

14,125

5878398.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

4,947

4,789

5878470.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

914

896

5878532.SQ.FTS.B,

Zero

Cpn,

3/04/24

...

4,445

4,333

5878613.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

1,266

1,178

5878630.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

1,108

986

5878644.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

2,692

2,598

5878670.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

3,152

2,833

5878696.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

2,676

2,500

5878736.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

5,783

5,197

5878794.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

2,111

1,903

5878817.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

2,676

2,587

5878845.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

2,632

2,042

5878878.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

622

469

5878885.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

493

469

5878890.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

966

890

5879111.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

8,108

7,844

5879215.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

11,126

10,803

5879633.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

1,223

1,179

5879702.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

1,731

1,668

5881068.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

835

716

5881085.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

3,539

3,265

5881145.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

1,449

1,378

5881197.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

4,487

4,241

5881325.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

754

734

5881362.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

3,595

3,458

5881405.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

48,645

46,087

5882436.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

1,334

1,295

5882516.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

2,530

2,195

5882583.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

226

214

5882598.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

728

706

5882636.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

3,039

2,941

5882742.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

347

338

5882758.SQ.FTS.B,

Zero

Cpn,

3/06/24

...

18,574

14,948

5883002.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

26,936

25,985

5883498.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

280

269

5883510.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

6,102

5,902

5883645.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,098

2,909

5883688.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,618

1,408

5883734.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,874

3,726

5883792.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

930

717

5883803.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

497

485

5883854.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

16,913

15,492

5884155.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

18,408

14,095

5884296.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,857

3,621

5884361.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

850

819

5884424.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,419

3,330

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5884476.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

$

6,739

$

6,059

5884519.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

2,338

2,244

5884556.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

2,643

2,581

5884615.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

10,719

10,372

5884663.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,191

1,141

5884678.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,219

1,181

5884689.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,687

3,575

5884756.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

907

493

5884845.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,096

1,062

5884849.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

8,578

8,159

5884963.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,532

1,429

5885044.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

4,836

4,686

5885091.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,713

1,657

5885098.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,825

1,723

5885104.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

5,114

4,935

5885355.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

6,055

5,637

5885419.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

959

938

5885443.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

943

503

5885470.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,093

2,993

5885554.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

4,194

3,818

5885586.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

5,643

5,507

5885666.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

2,849

2,772

5885725.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

503

493

5885743.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,364

3,278

5885833.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

3,285

3,209

5885889.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

942

884

5885892.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

5,225

4,814

5885922.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

603

588

5885927.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,624

1,557

5885936.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

1,512

1,419

5886006.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

7,380

6,930

5887881.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

3,086

2,998

5887940.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

742

711

5887960.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,534

1,461

5887977.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

4,849

3,267

5888015.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

764

746

5888028.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

363

334

5888038.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

833

743

5888048.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,109

1,062

5888079.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,339

1,271

5888127.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

16,983

15,878

5888337.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

6,903

5,882

5888428.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

13,195

12,553

5888665.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

14,346

13,812

5888995.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,942

1,868

5889024.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,181

6,425

5889113.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,303

2,234

5889369.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

17,885

15,261

5889467.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

560

524

5889476.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,109

2,051

5889537.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,229

1,059

5889543.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

7,317

7,047

5889608.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

41,903

40,839

5890157.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

3,748

2,959

5890185.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

3,616

3,455

5890253.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

554

540

5890265.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

12,987

12,534

5890379.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

2,312

2,207

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5890383.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

$

26,257

$

25,240

5890682.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

3,881

3,715

5890716.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

4,277

3,465

5890737.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

36,569

33,336

5891162.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

556

543

5891177.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,620

1,556

5891195.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

1,598

1,562

5891259.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,693

3,568

5891281.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

665

643

5891316.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,746

1,689

5891343.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

4,330

4,147

5891388.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,211

6,046

5891622.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

4,590

4,441

5891712.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

957

818

5891874.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,954

1,871

5891940.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,075

980

5892065.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

10,700

10,154

5892236.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,024

1,965

5892257.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

4,277

2,975

5892275.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,908

1,826

5892296.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,038

1,013

5892309.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

14,253

10,888

5892501.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

760

621

5892515.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

11,128

10,840

5892754.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

5,772

5,502

5892907.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,548

1,447

5892911.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

14,873

14,430

5893120.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,911

2,407

5893149.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

5,376

5,159

5893226.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

419

402

5893244.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

4,944

4,852

5893349.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

861

669

5893351.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,584

6,448

5893532.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

12,949

11,473

5893641.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,219

2,253

5893722.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,926

6,607

5893784.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

15,853

15,380

5893933.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,781

3,589

5894017.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,031

1,961

5894049.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,871

6,341

5894139.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,420

1,373

5894193.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,537

2,415

5894210.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,821

3,523

5894227.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

7,034

4,188

5894272.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,234

2,037

5894282.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

1,420

1,384

5894360.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

597

578

5894383.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

8,733

6,389

5894462.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

267

260

5894471.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

436

425

5894485.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

1,500

1,400

5894496.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

4,140

4,011

5894587.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

2,772

1,694

5894605.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

5,099

4,936

5894669.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

16,918

15,565

5894856.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

2,701

2,538

5894890.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

8,256

7,996

5895127.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

1,381

1,289

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5895138.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

$

2,299

$

2,240

5895182.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

7,164

6,919

5895342.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

2,485

2,399

5895379.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

5,481

5,067

5895460.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

1,393

1,326

5895484.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

18,352

17,842

5895782.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

2,374

2,306

5895813.SQ.FTS.B,

Zero

Cpn,

3/11/24

...

2,925

2,773

5896071.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

10,679

10,356

5896492.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

301

296

5896747.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

4,396

4,259

5896941.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

19,336

18,721

5897399.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

2,433

2,365

5897502.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

122

120

5897580.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

6,216

5,993

5897730.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

335

325

5897735.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

4,705

4,571

5897918.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

409

402

5897969.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

2,825

2,766

5898082.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

401

370

5898492.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

11,242

10,820

5898690.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

4,351

4,198

5898762.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

1,948

1,907

5898806.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

9,624

9,146

5898954.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

7,289

6,657

5899078.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

4,422

4,031

5899134.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

361

354

5899146.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

3,891

2,998

5899178.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

1,132

799

5899289.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,190

2,938

5899316.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

51,018

44,633

5899721.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

860

822

5899739.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

315

306

5899758.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

886

820

5899767.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,961

1,716

5899793.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

8,670

8,157

5899956.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

14,105

13,445

5900216.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,525

2,448

5900250.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,256

3,156

5900359.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,614

3,452

5900407.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

6,776

6,523

5900508.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

845

815

5900521.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

317

306

5900522.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,084

569

5900556.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,770

1,694

5900606.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

24,684

23,482

5900917.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,448

896

5900919.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

8,338

6,403

5900966.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,389

1,183

5900991.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,977

2,415

5901016.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

7,000

5,664

5901099.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

5,679

5,472

5901182.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

16,179

15,480

5901404.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

291

286

5901492.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,311

2,258

5901517.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

10,507

10,272

5901687.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

820

768

5901707.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,777

4,624

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5901773.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

$

1,639

$

1,554

5901786.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,448

2,363

5901819.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,130

952

5901834.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,068

2,727

5901856.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

10,806

5,929

5901917.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,301

1,760

5901924.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

2,325

1,953

5901949.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

8,490

8,064

5901991.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

3,655

2,911

5902007.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,148

565

5902014.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,520

3,662

5902039.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,574

2,823

5902049.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,925

4,751

5902066.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

30,505

28,768

5902249.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

5,344

5,125

5902308.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

723

678

5902335.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

10,945

8,570

5902415.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

792

765

5902445.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

3,746

3,588

5902469.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,279

2,206

5902501.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

19,742

18,980

5902878.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,003

928

5902884.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,637

1,602

5902958.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

818

793

5902979.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,797

1,754

5903028.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,794

2,566

5903062.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,677

2,504

5903135.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

211

207

5903150.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,154

2,059

5903220.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

405

379

5903234.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

6,566

5,870

5903314.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

866

824

5903462.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,128

1,073

5903481.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,728

1,655

5903502.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

5,980

5,596

5903573.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

4,214

4,051

5903617.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

31,377

30,327

5903910.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

5,358

5,200

5904042.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,685

1,531

5904049.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,081

1,714

5904081.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

3,335

3,191

5904114.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

6,424

6,198

5904244.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,368

2,304

5904289.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

52,665

50,901

5904956.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

8,753

8,483

5905115.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

7,174

6,618

5906778.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

30,818

29,004

5907242.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

3,050

2,868

5907307.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,493

3,245

5907483.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

6,801

6,337

5907725.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

213

207

5907741.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

102

100

5907757.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

995

969

5907771.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

33,575

26,256

5908150.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,048

1,872

5908193.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

163

158

5908194.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

6,014

5,831

5908463.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

3,866

3,663

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

187

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5908497.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

$

6,979

$

5,586

5908548.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,413

3,664

5908611.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

11,663

11,384

5908772.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

1,440

1,412

5908792.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,666

4,193

5908815.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

7,049

6,631

5908839.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

1,234

1,181

5908855.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

1,125

1,064

5908863.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

3,168

3,071

5908891.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

8,847

8,175

5908946.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

11,761

11,495

5909420.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

12,023

10,911

5909634.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

849

766

5909645.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

7,703

7,352

5909726.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,465

4,188

5909844.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

21,626

16,391

5910120.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,110

976

5910144.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,825

2,643

5910232.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,615

1,453

5910379.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,160

3,060

5910423.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

23,998

18,267

5910623.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

481

468

5910628.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,473

1,390

5910647.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

4,599

4,447

5910801.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,598

2,413

5910821.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,412

2,327

5910856.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,517

1,377

5910875.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

7,138

6,686

5911052.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

6,021

5,464

5911132.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

31,967

20,036

5911370.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

443

434

5911382.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,527

1,479

5911424.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

4,520

3,735

5911509.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,841

1,777

5911520.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

65,895

60,277

5912076.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

3,872

3,705

5912128.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

777

710

5912313.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

13,312

12,761

5912428.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

5,375

5,030

5912454.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,265

1,287

5912459.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

6,402

5,700

5912511.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,394

1,352

5912545.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

9,187

8,932

5912608.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

9,247

8,867

5912691.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

4,310

4,147

5912708.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

4,532

3,717

5912751.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

61,255

58,585

5913211.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

374

360

5913213.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

41,495

37,807

5913409.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

9,830

9,340

5913480.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

4,256

4,118

5913536.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

1,151

1,072

5913545.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

836

793

5913554.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

2,661

2,559

5913568.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

3,095

2,957

5913591.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

3,184

2,336

5913605.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

6,821

6,592

5913668.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

14,198

13,652

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5913791.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

$

20,639

$

19,623

5913964.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

18,120

17,469

5914148.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

4,180

3,924

5914204.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

2,423

2,357

5914237.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

2,602

2,495

5914256.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

4,347

3,898

5914291.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

2,086

1,849

5914309.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

1,891

1,796

5914332.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

939

895

5914346.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

1,327

989

5914367.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

3,868

3,765

5914422.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

9,496

8,893

5914514.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

3,432

3,315

5914544.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

16,513

16,013

5914747.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

635

520

5914759.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

6,302

5,989

5915002.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

2,824

1,974

5915132.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

10,604

10,154

5915299.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,372

1,131

5915329.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,407

4,201

5915448.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

5,842

5,650

5915638.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

10,841

10,542

5915942.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,636

1,589

5915996.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

534

523

5916019.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

8,534

8,237

5916129.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,480

4,173

5916186.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,864

3,563

5916247.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

962

940

5916276.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

905

866

5916342.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

7,920

7,597

5916973.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

5,005

4,908

5917212.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

2,301

1,326

5917244.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,233

3,166

5917300.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

15,362

10,127

5917413.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

2,435

2,340

5917521.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,300

1,269

5917557.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,287

3,178

5917647.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,887

1,829

5917677.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,667

4,542

5917739.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

2,748

2,666

5917844.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

4,445

4,262

5917893.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

19,580

18,326

5918205.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

693

619

5918223.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

25,096

23,696

5918423.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,196

1,071

5918481.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

10,750

9,942

5918570.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

208

203

5918572.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

686

653

5918616.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

4,351

4,196

5918659.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

3,634

3,507

5918675.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

410

399

5918679.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

27,732

25,240

5918781.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

17,848

16,031

5918939.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,968

2,871

5918972.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

9,135

7,487

5919133.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,470

832

5919170.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,651

2,544

5919284.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

18,173

9,940

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5919520.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

$

1,762

$

1,676

5919534.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

35,859

32,595

5919716.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,882

1,837

5919756.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

11,116

10,287

5919870.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

40,102

31,973

5920879.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

11,785

10,703

5920941.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,698

1,656

5920983.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

4,781

4,650

5921137.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,523

2,448

5921196.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,336

2,245

5921208.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

945

893

5921230.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

50,610

47,018

5921808.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

470

448

5921812.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,536

1,277

5921829.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,895

2,833

5921891.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

5,633

5,459

5921964.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

623

462

5921976.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

4,768

4,543

5922013.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

3,392

3,313

5922077.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,538

1,141

5922258.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

753

584

5922279.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

8,481

8,113

5922465.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

2,871

2,547

5922508.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

979

857

5922520.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

5,942

5,395

5922585.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,085

1,016

5922628.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,373

3,099

5922671.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

842

821

5922681.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

22,225

16,069

5922830.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

7,625

7,311

5922947.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,393

1,290

5922964.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,471

1,413

5922980.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,792

3,613

5922998.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

8,498

7,747

5923064.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,612

3,425

5923096.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

5,015

4,784

5923163.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,355

3,242

5923212.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

17,559

16,043

5923397.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

16,331

15,775

5923853.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

34,589

33,663

5924373.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

5,453

5,242

5924408.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,824

3,564

5924448.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

2,715

2,647

5924501.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

17,671

15,636

5924774.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

5,405

5,205

5924839.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,717

879

5924856.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

1,936

1,904

5925002.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

2,213

2,168

5925120.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

2,427

2,262

5925145.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

7,249

6,949

5925210.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

5,025

4,777

5925265.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

21,236

19,509

5925398.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

310

304

5925411.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

3,861

3,762

5925448.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

4,852

4,624

5927086.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,024

984

5927092.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

23,405

21,956

5927418.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

930

893

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5927439.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

$

3,882

$

3,716

5927497.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

6,954

6,736

5927655.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

987

965

5927683.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,609

2,874

5927749.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

11,858

11,526

5928185.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

2,222

2,133

5928235.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

5,726

5,459

5928362.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,804

3,921

5928478.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

3,905

3,570

5928614.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

9,406

9,071

5928717.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

699

688

5928965.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

3,282

3,127

5928998.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

5,964

5,577

5929037.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

2,169

2,078

5929051.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

12,743

11,958

5929252.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

5,054

4,806

5929317.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

3,210

2,947

5929479.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

15,151

14,620

5929652.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

8,486

8,056

5929802.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

909

890

5929845.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

8,486

8,139

5929950.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,800

1,524

5929985.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,938

1,869

5930011.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

24,845

24,093

5930417.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

8,819

8,545

5930522.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

23,193

22,560

5930774.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,135

1,103

5930784.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,821

1,572

5930806.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

58,380

56,412

5931784.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,564

1,469

5931817.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,311

1,277

5931840.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

2,604

2,553

5931912.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

4,642

4,343

5931958.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

6,355

5,950

5932020.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,230

1,861

5932034.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

6,109

5,857

5932127.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,906

1,449

5932129.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

4,406

4,300

5932313.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

2,439

2,111

5932401.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,073

2,659

5932495.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

19,010

17,616

5932800.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

6,115

5,866

5932893.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

4,182

4,076

5932982.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

923

898

5933002.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

4,133

3,878

5933053.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

11,916

11,308

5933209.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

655

644

5933272.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

4,299

4,022

5933345.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

477

464

5933356.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

191

188

5933359.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

2,483

2,392

5933399.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

2,422

1,114

5933581.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,548

3,384

5933611.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,233

1,169

5933625.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,343

1,255

5933642.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,687

3,525

5933692.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

3,751

3,517

5933757.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

7,074

6,847

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

189

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5933891.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

$

2,860

$

2,770

5933912.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

2,476

2,412

5933940.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

7,005

6,668

5933982.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

10,669

9,343

5934045.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

1,923

1,874

5934072.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

12,353

11,985

5934298.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

2,962

2,838

5934335.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

6,432

6,137

5934372.SQ.FTS.B,

Zero

Cpn,

3/24/24

...

30,644

29,202

5934604.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

8,461

8,097

5934672.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

614

597

5934675.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

4,675

4,396

5934700.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

4,473

4,291

5934734.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

2,108

1,939

5934756.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

7,784

7,514

5934829.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

1,195

674

5934834.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

4,174

4,025

5934899.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

446

425

5934904.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

1,766

1,635

5934929.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

10,021

9,572

5935017.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

8,034

7,662

5935106.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

13,697

12,448

5935418.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,886

1,830

5935455.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

8,941

8,717

5935665.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,260

1,187

5935705.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

3,666

3,189

5935798.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

15,128

14,238

5936121.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,469

1,421

5936137.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

11,313

10,828

5936283.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

8,023

7,715

5936987.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

631

514

5936991.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

3,635

3,018

5937037.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

19,069

16,995

5937199.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

5,778

5,621

5937303.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

35,981

34,803

5937879.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

825

795

5938180.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,334

956

5938200.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

2,079

1,801

5938274.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

31,114

28,779

5938591.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

21,828

21,157

5939020.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

1,436

1,394

5939024.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

2,415

2,243

5939026.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

3,041

2,944

5939055.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

4,971

4,845

5939191.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

635

609

5939217.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,994

2,887

5939259.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

28,784

27,569

5939467.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

23,705

22,802

5939540.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

7,854

7,556

5939628.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

1,903

1,768

5939649.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,015

2,793

5939669.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

4,771

3,962

5939698.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,147

2,022

5939714.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

1,725

1,377

5939726.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

6,877

5,478

5939756.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,876

2,759

5939808.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

25,526

24,428

5940093.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,053

1,968

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5940105.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

$

5,420

$

5,221

5940188.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,527

2,355

5940194.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,596

3,416

5940234.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,407

3,213

5940255.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

950

895

5940261.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

7,831

7,508

5940306.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,378

3,250

5940311.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

877

823

5940319.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

5,547

5,347

5940354.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

459

410

5940356.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

5,424

4,370

5940393.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

1,037

973

5940404.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,405

2,256

5940438.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,294

3,188

5940464.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

5,592

5,269

5940548.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

1,786

1,726

5940550.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

60,757

55,339

5940790.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

3,144

3,014

5940808.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

13,545

13,232

5940897.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

16,726

13,503

5940934.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

2,314

2,162

5940973.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

1,384

885

5940983.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

22,530

21,786

5941326.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

9,240

8,807

5941411.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

6,966

6,680

5942909.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,851

1,758

5942921.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

19,807

17,647

5943061.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

218

204

5943062.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

731

704

5943072.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

6,144

5,940

5943111.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

9,895

9,519

5943194.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

5,472

5,293

5943272.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

6,972

6,554

5943341.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

820

798

5943359.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,208

2,945

5943394.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

5,372

3,954

5943436.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,513

1,472

5943468.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

13,728

13,231

5943735.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

317

302

5943745.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,902

2,640

5943777.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

5,670

5,515

5943878.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

8,168

7,354

5944013.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

7,580

7,135

5944090.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,447

3,320

5944125.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

19,610

17,884

5944352.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

10,443

9,701

5944471.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

7,006

6,853

5944662.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

40,004

38,679

5945100.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,267

2,102

5945127.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,546

3,383

5945156.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,234

2,999

5945194.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,251

1,213

5945212.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,874

1,440

5945223.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

7,135

4,912

5945268.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,711

1,530

5945280.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

8,346

8,126

5945358.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

33,296

32,260

5945571.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,312

3,074

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

190

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5945616.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

$

2,112

$

1,966

5945636.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,139

568

5945639.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

9,543

9,159

5945709.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

510

497

5945717.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

3,843

3,611

5945736.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,034

1,982

5945750.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

569

554

5945766.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,582

1,535

5945768.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

5,053

4,917

5948342.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

6,767

6,619

5948526.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

3,547

3,407

5949133.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,419

2,022

5949190.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,305

1,681

5949286.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

6,473

6,254

5949818.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

5,117

4,916

5949950.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,443

2,154

5950020.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,365

1,353

5950082.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

19,431

18,720

5950367.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

30,429

29,680

5950984.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

36,516

35,120

5951890.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

7,244

6,866

5952006.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,060

2,866

5952095.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,046

1,952

5952204.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

10,416

9,737

5952519.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

8,339

7,995

5952828.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,106

2,962

5952961.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

21,194

20,184

5953400.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,055

1,264

5953421.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

7,028

6,582

5953482.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,645

3,506

5953570.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

6,023

5,695

5953665.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,771

3,603

5953693.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,349

4,026

5953778.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,440

1,323

5953830.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,935

2,804

5953856.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

11,866

11,193

5954020.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

8,818

8,375

5954107.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

6,417

6,162

5954220.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

11,023

9,645

5954414.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,887

4,673

5954522.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,290

4,047

5954621.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

564

549

5954706.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,940

2,804

5954781.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,030

3,842

5954862.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

12,085

11,016

5955033.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,000

3,560

5955112.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

4,205

2,653

5955157.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

946

522

5955169.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

1,475

1,356

5955214.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

5,624

5,384

5955340.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,796

3,464

5955442.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

2,471

2,389

5955476.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

6,270

5,325

5955564.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

1,592

744

5955589.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

1,068

1,025

5955604.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

2,417

2,327

5955641.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

2,824

2,766

5955753.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

225

222

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5955829.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

$

13,734

$

10,622

5956046.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

1,401

1,335

5956083.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

865

826

5956100.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

1,095

1,033

5956134.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

25,069

23,847

5956744.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

365

349

5956759.SQ.FTS.B,

Zero

Cpn,

4/02/24

...

3,793

3,497

5957353.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

14,190

13,632

5957989.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,465

2,356

5958081.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,011

1,458

5958622.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

30,652

27,391

5959293.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

3,280

3,163

5959369.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

13,664

13,074

5959660.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

12,747

12,351

5960114.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,249

924

5960150.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,605

2,377

5960313.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

3,062

2,947

5960372.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

620

589

5960429.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,932

1,886

5960485.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

3,665

3,097

5960571.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,401

1,338

5960627.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

5,543

5,311

5960706.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,387

1,114

5960736.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

17,471

9,653

5960973.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,409

1,342

5961006.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

8,154

7,927

5961343.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

237

233

5961376.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

8,282

7,225

5961497.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

4,701

4,518

5961568.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,219

1,191

5961632.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

10,451

7,809

5961784.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

2,218

2,140

5961876.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

8,949

8,617

5962031.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,632

1,545

5962057.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

8,020

7,707

5962169.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

9,913

9,491

5962328.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

17,832

16,930

5962596.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

3,557

3,200

5962846.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

5,580

5,295

5963028.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

473

443

5963053.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

4,069

3,463

5963161.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

37,227

32,678

5964019.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

6,308

5,866

5964145.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

5,545

5,328

5964183.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

518

490

5964220.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

19,138

17,963

5964558.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

18,922

18,101

5965062.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

8,763

8,007

5965218.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,666

7,416

5965368.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,966

7,489

5965520.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

5,206

5,034

5965637.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,067

6,737

5965718.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

4,254

4,087

5965771.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

515

471

5965789.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

15,643

15,176

5966170.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

7,296

6,185

5966367.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

1,913

1,616

5966390.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

4,296

2,924

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

191

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5966485.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

$

3,634

$

3,503

5966553.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

6,691

6,187

5966718.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

393

385

5966746.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

4,286

4,137

5966862.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

8,755

8,003

5967014.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

2,337

2,253

5967056.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

3,168

2,913

5967134.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

2,165

2,071

5971113.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

9,320

9,061

5971241.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,598

1,547

5971264.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

509

371

5971274.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

29,751

28,605

5972056.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

9,390

9,022

5972280.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

7,299

7,112

5972505.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,016

988

5972549.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

646

604

5972575.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

4,146

3,783

5972840.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

5,532

5,389

5973054.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

3,256

3,113

5973087.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

487

466

5973170.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,286

1,178

5973189.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

28,997

26,908

5973612.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

44,497

42,877

5974212.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

7,800

7,472

5974494.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

651

636

5974509.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

1,210

1,164

5974658.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

3,733

3,464

5974728.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

5,901

5,630

5974827.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

17,503

14,921

5975138.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

22,900

21,318

5975791.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

2,458

2,278

5975879.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

15,094

14,046

5976182.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

333

326

5976217.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

15,290

14,401

5976497.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

3,740

3,459

5976564.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

8,382

7,857

5976693.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,612

4,428

5976781.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

4,932

4,586

5976823.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

22,865

21,519

5977153.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

8,708

6,466

5977275.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

12,616

9,341

5977528.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,574

1,506

5977578.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

551

512

5977584.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,879

964

5977605.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

8,694

7,974

5977730.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

7,291

7,025

5977823.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,049

986

5977848.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

983

947

5977935.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

3,197

2,002

5978092.SQ.FTS.B,

Zero

Cpn,

4/08/24

...

30,635

29,089

5979050.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

721

568

5979085.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

17,779

17,181

5979760.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

4,398

4,274

5979915.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

3,052

2,606

5980085.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

9,873

9,482

5980267.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

27,819

23,390

5980756.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

2,725

2,590

5980791.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

1,679

1,626

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5980937.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

$

6,210

$

5,392

5981040.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

5,605

5,314

5981123.SQ.FTS.B,

Zero

Cpn,

4/10/24

...

1,830

1,730

5981357.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

3,680

3,227

5981434.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,333

1,223

5981510.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

2,675

2,553

5981753.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,850

1,755

5981918.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

2,236

2,163

5982142.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,025

989

5982213.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

729

710

5982333.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

2,642

2,425

5983203.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

4,994

4,577

5983443.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

7,159

6,869

5983820.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

2,327

1,831

5983880.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,952

1,730

5983933.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

4,612

4,409

5984259.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,202

1,163

5984496.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

1,089

928

5984580.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

528

515

5984695.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,774

1,628

5984734.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,753

1,685

5984746.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

12,553

12,149

5984840.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

8,229

7,908

5984960.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

12,649

12,092

5985197.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

6,111

5,445

5985366.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,595

2,474

5985442.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,004

1,918

5985527.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,491

2,362

5985554.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,979

1,909

5985621.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,871

2,724

5985670.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

932

893

5985695.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,741

2,625

5985758.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,230

2,164

5985802.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

4,684

3,342

5985832.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,501

1,332

5985889.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

8,358

7,928

5985972.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

5,103

4,966

5986053.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

4,560

4,430

5986112.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

5,577

5,085

5986177.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

5,783

5,624

5986262.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,128

2,036

5986301.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

11,659

11,206

5986458.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

1,898

1,847

5986487.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

9,911

9,405

5986632.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

13,059

12,625

5986815.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,817

2,679

5986842.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

4,551

4,317

5986904.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,051

2,922

5986945.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,755

3,470

5986961.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

10,044

9,541

5989445.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

451

443

5989464.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

97,836

78,549

5990864.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,518

3,334

5990981.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,864

1,814

5990985.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

7,362

7,122

5991208.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,225

657

5991244.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,844

1,783

5991262.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

2,424

2,294

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

192

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5991306.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

$

1,478

$

1,414

5991343.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

2,430

2,226

5991359.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

34,318

32,967

5991980.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

497

462

5991990.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,038

949

5992010.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

8,414

6,666

5992118.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

12,936

12,462

5992297.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

435

424

5992309.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

6,077

5,800

5992494.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,230

644

5993137.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

10,489

9,719

5993317.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

12,428

12,016

5993684.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

3,169

3,073

5993919.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

605

591

5993972.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

764

745

5993993.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

749

676

5994023.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

26,900

24,631

5994685.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

2,899

2,553

5994740.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

32,258

30,519

5995226.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

15,441

14,745

5995534.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

11,276

10,920

5995652.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

50,626

34,261

5996158.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

22,856

19,596

5996333.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

3,056

2,972

5996379.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

6,513

6,274

5996513.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

5

5

5996517.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

5,072

4,902

5996566.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

12,096

11,616

5996719.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

2,618

2,535

5996742.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

13,539

12,899

5996860.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

4,296

4,059

5996899.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

10,351

9,622

5997003.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

5,401

5,182

5997061.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,984

1,005

5997105.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

490

476

5997147.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

8,835

8,502

5997309.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

3,349

3,122

5997344.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

9,717

9,246

5997472.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

821

750

5997491.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

6,121

5,839

5997558.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

4,298

3,099

5997616.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

3,654

3,473

5997673.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

7,678

7,352

5997999.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

3,260

3,160

5998109.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,090

518

5998129.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

3,038

2,132

5998203.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

951

914

5998219.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

359

342

5998474.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

13,133

11,971

6000066.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

2,033

1,748

6000131.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,015

993

6000187.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

6,495

5,565

6000281.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,257

1,209

6000300.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

4,879

3,425

6000329.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,731

1,595

6001450.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

16,054

15,549

6001825.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,359

2,236

6001870.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,140

1,871

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6001900.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

$

21,820

$

19,979

6002751.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

4,772

4,666

6002908.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,389

1,331

6002949.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

943

544

6002955.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

25,876

24,096

6003363.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,236

1,182

6003381.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

4,306

4,148

6003476.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,107

1,270

6003509.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

30,104

28,595

6004081.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

10,128

9,164

6004315.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

6,716

6,527

6004502.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

21,518

20,463

6004724.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,176

1,145

6004753.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

7,828

6,907

6004793.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,623

2,486

6004812.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,453

2,326

6004839.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

3,925

3,744

6004946.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,796

2,616

6005036.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

230

226

6005077.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,867

2,792

6005201.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

10,790

10,193

6005612.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,797

2,663

6005698.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,022

877

6005731.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,231

1,147

6005806.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,469

1,395

6005842.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

9,644

9,120

6006455.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

3,076

2,550

6006515.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,461

2,111

6006536.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

3,454

2,280

6006563.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

17,933

15,997

6006811.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

526

516

6006836.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,516

1,471

6006983.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

4,450

4,129

6007091.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

23,234

18,679

6007374.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

4,644

4,385

6007440.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

6,557

6,270

6007511.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

17,740

16,312

6009388.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

15,409

14,327

6009633.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,536

1,455

6009677.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

29,540

28,151

6010252.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,264

3,134

6010355.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,096

916

6010389.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

20,141

18,450

6010749.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,079

3,398

6010826.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

5,041

4,719

6010900.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

8,480

7,877

6011014.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,750

2,374

6011063.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

15,847

13,725

6011301.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,326

2,218

6011334.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,150

2,005

6011354.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,004

1,900

6011396.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,112

1,078

6011427.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,405

3,258

6011495.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

6,131

5,838

6011580.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

30,130

29,149

6011859.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

6,813

6,027

6011957.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,106

2,021

6011975.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

984

947

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

193

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6011991.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

$

24,870

$

17,142

6012159.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

6,090

5,901

6012333.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,065

983

6012358.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

4,466

3,719

6012441.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

477

466

6012459.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,548

3,257

6012506.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,224

2,166

6012578.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,833

1,724

6012608.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

8,194

7,996

6012743.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

9,892

9,360

6012878.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

3,808

3,602

6012973.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

3,719

3,642

6013034.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,307

6,043

6013239.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

5,583

5,222

6013364.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,656

2,545

6013463.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

5,991

3,762

6013607.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

4,007

3,794

6013709.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,005

5,656

6013846.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

577

559

6013886.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

6,240

5,988

6014061.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,266

816

6014072.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

12,308

11,303

6014237.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

60,906

58,857

6015178.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

7,819

6,552

6015282.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

4,521

3,886

6015325.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

22,998

22,064

6015674.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,165

1,084

6015688.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

345

337

6015735.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,547

2,453

6015784.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,473

2,117

6015900.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,148

1,901

6015925.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

3,458

3,318

6015946.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,095

1,050

6015960.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

3,213

2,616

6015984.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

20,517

19,571

6016181.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,905

1,804

6016198.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,402

1,324

6016217.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

17,131

15,443

6016359.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,243

2,084

6016377.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,286

2,217

6016419.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

3,002

2,647

6016449.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

16,584

15,864

6016649.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

655

494

6016655.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

936

890

6016667.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

801

773

6016675.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

465

455

6016688.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

3,906

3,646

6016723.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

4,431

3,088

6016752.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

11,186

10,648

6016863.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

20,426

16,789

6017014.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

10,845

10,152

6017123.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

1,569

1,502

6017139.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

305

298

6017146.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

9,930

8,764

6017437.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

8,253

7,091

6017711.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,994

1,908

6017746.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

12,081

10,222

6018067.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,103

1,069

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6018103.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

$

10,507

$

9,959

6020332.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

5,468

5,357

6020830.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

10,317

9,902

6020982.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

4,793

4,627

6021032.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

18,131

17,439

6021296.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

7,225

6,631

6021480.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

6,819

6,463

6022032.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

8,348

8,015

6022135.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,380

2,300

6022197.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

21,049

20,480

6022702.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

4,323

3,551

6022774.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,518

1,471

6023161.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,783

1,723

6023207.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

26,717

24,553

6023648.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

10,239

9,702

6023751.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

12,519

12,243

6024145.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

326

318

6024146.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,405

2,290

6024171.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,141

1,942

6024202.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

667

641

6024285.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,668

1,602

6024386.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,587

2,521

6024496.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

5,106

3,138

6024583.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

211

206

6024586.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,864

2,775

6024650.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,830

1,633

6024677.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,125

4,018

6024844.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

6,021

5,756

6025052.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,564

4,332

6025124.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,243

2,159

6025468.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

24,070

23,183

6026050.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

5,443

5,270

6026096.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

13,495

13,056

6026252.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,036

1,010

6026281.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

11,391

10,877

6026412.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,321

2,374

6026463.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

7,616

7,320

6026623.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,651

1,581

6026682.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

17,982

15,874

6026877.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,283

1,232

6026903.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,695

2,560

6026926.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

16,662

14,223

6027120.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,101

3,881

6027166.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,966

2,715

6027222.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

9,456

9,022

6027376.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,077

985

6027397.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,879

1,796

6027433.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,536

2,430

6029256.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,758

4,560

6029336.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

7,379

7,014

6029479.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,290

2,208

6029535.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,737

1,643

6029563.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

7,447

7,068

6029665.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,910

2,795

6029720.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

3,086

2,982

6029816.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,869

2,757

6029893.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

8,567

8,189

6030231.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

7,160

6,824

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

194

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6030314.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

$

2,821

$

2,725

6030354.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

12,065

11,499

6030584.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

13,124

12,611

6031985.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

40,351

37,719

6032387.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

6,721

6,391

6032439.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

3,095

2,490

6032465.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,547

1,079

6032490.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,532

1,367

6032550.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,218

1,152

6032569.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

15,231

14,080

6032776.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

5,615

5,461

6032873.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,766

4,180

6032908.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

16,822

15,508

6033057.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,258

3,835

6033105.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

3,004

2,805

6033285.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,080

2,011

6033327.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,279

1,206

6033365.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

66,349

52,865

6034627.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

4,186

3,962

6034774.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

9,380

8,658

6035055.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,951

1,855

6035093.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

3,593

3,456

6035224.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

5,275

5,141

6035356.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,962

1,678

6035360.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,953

1,697

6035463.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

19,403

18,078

6035884.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

8,825

8,456

6035964.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,458

2,296

6035989.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,225

1,938

6036010.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

20,125

19,052

6036390.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

992

940

6036425.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

3,863

3,656

6036518.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

8,667

8,325

6036693.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,226

2,123

6036729.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

625

611

6036741.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

6,835

6,633

6036878.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

6,500

5,746

6037075.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

4,003

3,575

6037190.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

5,657

5,529

6037289.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

12,482

11,588

6037392.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

6,467

6,122

6037449.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

429

408

6037457.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

436

420

6037464.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

744

710

6037469.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

2,725

2,640

6037488.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

63,936

46,667

6038060.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

13,361

12,674

6038226.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

24,861

23,912

6039118.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,458

1,326

6039190.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

20,691

19,869

6041385.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

6,130

5,807

6041623.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

2,771

2,067

6041661.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,629

1,572

6041731.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

563

519

6041755.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

3,137

3,035

6041859.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

14,402

13,406

6042050.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

4,345

4,140

6042134.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

7,445

6,059

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6042294.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

$

19,622

$

17,116

6042763.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

4,356

3,522

6042854.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

6,612

6,224

6042990.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

470

447

6043000.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,358

2,286

6043316.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

5,677

5,446

6043447.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,549

2,371

6043509.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

11,339

10,442

6043702.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

14,488

13,069

6043963.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,088

1,044

6043985.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,127

1,049

6043996.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

11,329

10,911

6044249.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

45,561

43,698

6044830.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

37,958

35,757

6045560.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,482

1,419

6045621.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,602

2,515

6045721.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

7,118

6,779

6045860.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

14,686

14,157

6046245.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,622

3,462

6046353.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

11,287

10,746

6046526.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

662

638

6046548.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

871

813

6046589.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

562

533

6046607.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

15,647

14,913

6046857.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

7,296

6,494

6046953.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,836

2,710

6046999.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

17,375

14,933

6047302.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

38,499

31,165

6047637.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

822

781

6047649.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,324

1,252

6047661.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,010

1,916

6047712.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

25,293

21,260

6047964.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

25,795

24,537

6048232.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,495

4,277

6048263.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,486

2,316

6048351.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

969

928

6048361.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,606

3,315

6048445.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

808

768

6048452.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,656

1,612

6048504.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

517

502

6048521.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,807

1,169

6050904.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,713

2,395

6050936.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,089

1,010

6050967.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,458

994

6050979.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,302

2,772

6051004.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,663

1,583

6051033.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,814

3,644

6051061.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,104

3,941

6051105.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

17,296

16,265

6051459.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,732

3,551

6051614.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,095

2,021

6051679.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,131

1,093

6051734.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,797

6,739

6051892.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,383

3,222

6051960.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

8,512

8,103

6052184.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,106

4,868

6052291.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,593

5,317

6052427.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,918

1,846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

195

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6052464.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

$

7,326

$

6,632

6052619.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

29,231

27,979

6053175.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,034

1,928

6053225.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,118

4,916

6053401.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,265

3,131

6053485.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

24,993

23,833

6054000.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

6,834

6,499

6054126.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

749

728

6054139.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

5,008

4,766

6054248.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

23,333

22,317

6054544.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

9,808

7,999

6054735.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,105

1,063

6054794.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

5,549

3,467

6054914.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

73,302

70,155

6056444.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,050

1,990

6056524.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

13,247

12,793

6056864.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

8,563

8,224

6057013.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

5,864

5,681

6057165.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

603

577

6057236.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

702

673

6057245.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

18,046

16,479

6057474.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

27,103

23,293

6057838.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

885

849

6057847.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

6,234

5,987

6057878.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

3,498

3,326

6057896.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

932

886

6057923.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

6,671

6,371

6058164.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

391

377

6058367.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,956

1,877

6058395.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

17,206

16,229

6058667.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

5,998

5,616

6058776.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

4,413

4,036

6058859.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

7,482

6,668

6058991.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

2,028

1,796

6059036.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

523

496

6059046.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

6,128

5,853

6059141.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

4,002

3,820

6059217.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

2,224

2,117

6059260.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

1,565

1,519

6059316.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

4,188

3,986

6059362.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

25,187

23,640

6059778.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

28,739

27,066

6061012.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

31,061

29,672

6062202.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

10,670

9,689

6062328.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

2,947

2,815

6062368.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

21,697

20,732

6062780.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

16,040

15,263

6063027.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

624

601

6063132.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

54

53

6063184.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

1,055

1,010

6064132.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,174

3,734

6064163.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,093

3,912

6064186.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,835

1,719

6064202.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

3,804

3,502

6064227.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

5,928

5,720

6064296.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

8,453

8,084

6064347.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

11,708

10,604

6064456.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

18,634

17,744

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6064612.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

$

3,349

$

3,166

6064664.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

7,298

6,932

6064703.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

598

577

6064713.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

81,559

77,627

6066355.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

28,846

27,557

6066747.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

6,875

6,505

6066853.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

5,531

5,218

6067027.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,673

1,592

6105834.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

13,661

13,134

6105997.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

6,012

5,719

6106080.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

786

722

6106087.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

11,903

11,297

6106300.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,744

1,674

6106338.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

7,898

7,568

6106439.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

13,364

12,776

6106744.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

11,739

11,070

6107004.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

765

693

6107025.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

3,057

2,906

6107095.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

22,599

21,467

6108198.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,985

1,880

6108715.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

870

765

6109049.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

63,385

59,532

6120633.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

8,254

7,889

6120718.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,251

1,015

6120742.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

5,496

5,154

6120841.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

4,542

4,337

6120900.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

1,839

1,368

6120922.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

8,779

8,423

6120989.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

17,465

16,695

6121209.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,699

2,301

6121234.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,681

2,545

6121269.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,494

3,831

6121297.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

17,613

16,747

6121393.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

54,365

51,700

6122738.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

1,964

1,834

6122783.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

11,928

11,336

6123053.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

20,288

19,418

6123294.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,686

2,573

6123389.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

5,467

4,798

6123460.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

6,881

6,445

6123536.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,639

2,519

6123560.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,367

4,208

6123644.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

3,652

3,373

6123772.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

5,798

5,348

6123855.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

6,894

6,465

6123893.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

9,950

8,732

6123984.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

813

771

6124004.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,844

2,698

6124069.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

6,936

6,670

6124188.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

3,672

3,555

6124277.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,768

2,617

6124661.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

7,125

6,774

6124767.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

2,923

2,818

6124999.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,685

1,624

6125059.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

16,750

15,418

6125355.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

20,208

19,221

6125649.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

13,752

13,125

6125833.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

4,360

3,908

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

196

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6125912.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

$

27,292

$

24,963

6126214.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

18,005

16,977

6126394.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

3,548

3,386

6126438.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

4,816

4,578

6126480.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,363

1,318

6126498.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,188

972

6126516.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

2,716

2,254

6126544.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

793

522

6126557.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

986

807

6126569.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

4,176

3,970

6126620.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

8,858

8,453

6126736.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

4,096

3,925

6126792.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,502

3,327

6126833.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

1,648

1,580

6126856.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

8,794

8,360

6126988.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,769

2,646

6127009.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

5,176

4,924

6127068.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,572

2,447

6127094.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

2,781

2,154

6127126.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

7,787

7,391

6127224.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

10,173

9,675

6127346.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

8,256

7,503

6127399.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,488

3,286

6131302.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

8,288

7,274

6131404.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

5,706

4,738

6131497.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

4,476

4,255

6131530.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,061

909

6131543.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

2,033

1,928

6131568.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

19,155

17,976

6132148.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

4,867

4,542

6132286.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

831

779

6132310.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

5,511

5,239

6132418.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

7,857

7,551

6132628.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

3,154

2,703

6132687.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

13,834

13,118

6133072.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

6,034

5,691

6133158.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

21,065

20,164

6133501.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

5,400

5,199

6133695.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

39,800

31,586

6134514.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

6,244

5,938

6134565.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,564

1,446

6134572.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

30,845

29,547

6134791.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

739

707

6134792.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

2,785

2,703

6134835.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

856

807

6134837.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

3,274

3,101

6134885.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

15,244

14,497

6135042.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,244

2,157

6135095.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,301

1,198

6135119.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,278

3,832

6135196.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,150

2,995

6135242.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,196

1,114

6135262.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,833

2,692

6135318.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,175

1,105

6135342.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,153

2,895

6135411.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

5,578

5,116

6135498.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

8,031

7,681

6135642.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,603

4,044

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6135710.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

$

3,572

$

3,287

6135783.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,816

1,734

6135826.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,092

1,998

6135880.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,646

1,583

6135916.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

22,422

21,314

6136148.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

6,248

5,943

6136310.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,471

2,875

6136354.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

12,625

11,999

6136620.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

6,870

6,258

6136704.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,973

3,623

6136744.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

5,167

4,295

6136825.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

4,831

4,587

6136867.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

10,177

9,663

6136953.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

8,980

8,270

6137060.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,458

2,357

6137082.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,833

1,747

6137116.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

19,628

18,656

6137304.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

10,651

10,102

6137449.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,113

2,984

6137497.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,419

1,924

6137514.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

10,015

9,522

6137589.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,128

2,002

6137596.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

6,188

5,920

6137613.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,532

2,412

6137646.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,790

2,617

6139569.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,834

3,617

6139604.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

765

682

6139609.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

10,785

8,647

6139658.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

28,417

26,688

6139911.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

27,081

25,821

6140292.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

9,395

8,283

6140493.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

616

568

6140505.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,722

5,331

6140691.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

13,908

12,464

6141025.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,451

2,335

6141081.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,175

1,805

6141118.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

11,920

11,299

6141438.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

19,153

18,063

6141742.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

12,184

11,585

6141988.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

21,300

18,553

6142284.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,199

1,001

6142325.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

15,244

14,485

6142559.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,081

1,894

6142613.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

8,125

7,509

6142706.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

663

609

6142747.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,234

1,106

6142841.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,940

2,515

6142889.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,509

3,281

6142953.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,096

2,918

6143043.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

4,132

3,927

6143114.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,867

2,386

6143166.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

4,789

4,303

6143327.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,257

2,164

6143378.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

4,809

4,614

6143424.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

14,732

14,004

6143622.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

10,646

9,839

6143863.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,123

2,013

6143942.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

6,255

5,908

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

197

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6144779.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

$

3,034

$

2,838

6144856.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

3,982

3,743

6144950.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

6,409

6,090

6145082.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,152

2,073

6145136.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

5,569

5,286

6145196.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,204

1,147

6145225.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

362

351

6145243.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

8,633

6,933

6145349.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

3,968

3,769

6145417.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,701

2,169

6145447.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,346

1,265

6145453.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

4,091

3,890

6145487.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,475

2,041

6145506.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

23,433

21,499

6145866.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

178

172

6145923.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

975

673

6145939.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,727

2,504

6146025.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

57,834

44,096

6146705.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

4,313

4,058

6146781.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

7,292

6,698

6146892.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

2,711

2,438

6146938.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

7,066

6,705

6147053.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

10,087

9,561

6147261.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

7,463

7,078

6147408.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

4,183

3,903

6147508.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

921

878

6147562.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

2,714

2,606

6147610.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

522

491

6147624.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

2,015

1,879

6147666.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

2,223

1,960

6147707.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

3,095

2,967

6147748.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

878

841

6147769.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

1,647

1,328

6147810.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

1,686

1,524

6147841.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

3,168

2,968

6147889.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

1,657

1,253

6147920.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

1,020

922

6147932.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

6,099

5,751

6148020.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

11,901

11,304

6148547.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

3,300

3,170

6148851.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

5,133

4,876

6149126.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

6,807

6,449

6149340.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

5,508

5,232

6149522.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,471

1,388

6149563.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

5,236

4,917

6149756.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,042

970

6149788.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,913

1,813

6149864.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

6,009

5,700

6149973.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,457

1,372

6149996.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

48,901

45,923

6150834.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

9,272

8,834

6151011.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

893

802

6151038.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

45,934

43,847

6152841.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

969

922

6152853.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

63,658

55,714

6153525.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,678

2,466

6153779.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

735

701

6153797.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,468

1,318

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6153807.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

$

1,902

$

1,715

6153829.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,684

1,576

6153861.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,889

1,764

6153886.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

31,973

26,534

6154366.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

10,432

9,229

6154575.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,757

2,639

6154605.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

6,181

5,806

6154697.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

11,127

10,582

6154868.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

7,921

7,470

6155394.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,438

3,242

6155444.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

5,325

5,104

6155467.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

6,155

5,867

6155515.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,509

3,350

6155573.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

836

799

6155621.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,910

2,668

6155640.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,632

1,509

6155661.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

12,420

9,941

6155715.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

7,457

7,161

6155775.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

2,350

2,202

6155798.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

12,166

11,662

6155934.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

7,603

7,124

6157442.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

18,021

17,052

6157524.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,844

3,650

6157540.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

22,935

21,896

6157752.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,316

1,236

6157783.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,521

2,411

6157811.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

9,424

8,826

6157949.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

11,956

11,352

6158154.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

4,794

4,563

6158257.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,769

1,676

6158326.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,841

3,648

6158396.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,986

2,825

6158519.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,314

2,152

6158554.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,222

839

6158569.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,678

3,491

6158930.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,352

1,274

6158962.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

425

411

6158992.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,160

1,092

6159043.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

6,277

5,883

6159466.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

5,231

5,027

6159575.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

854

755

6159588.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

5,077

4,785

6159637.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

37,537

35,767

6160085.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

9,943

9,530

6160305.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

19,973

18,946

6160548.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,872

2,760

6160613.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

27,160

23,794

6160822.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

18,946

17,466

6160876.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

942

897

6160881.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

11,925

11,067

6160980.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

719

671

6160985.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

4,412

4,179

6161027.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

1,868

1,323

6161040.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

24,453

22,121

6161268.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

12,927

12,277

6161342.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

6,595

6,122

6161356.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

60,623

58,035

6163054.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

7,690

7,318

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

198

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6163213.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

$

5,720

$

5,215

6163350.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

8,471

8,040

6163531.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

23,926

22,799

6164244.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

4,709

4,522

6164447.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

11,611

11,026

6164822.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

397

384

6164832.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

10,906

10,431

6164958.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

9,620

8,630

6165019.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

6,594

6,247

6165071.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

3,351

3,204

6165105.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

3,005

2,853

6165129.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

1,961

1,891

6165147.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

4,979

4,726

6165192.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

2,108

2,003

6165215.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

1,830

1,306

6165228.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

24,196

22,852

6165447.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

736

692

6165450.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

2,911

2,666

6165472.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

17,828

17,004

6165652.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,756

3,603

6165692.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

7,917

7,388

6165760.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

5,043

4,539

6165806.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,737

3,560

6165832.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,745

1,966

6165846.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

1,479

1,396

6165853.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

5,510

5,256

6165900.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

12,239

11,615

6165990.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

26,143

24,300

6168538.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

629

603

6168543.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

3,209

3,043

6168584.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

651

625

6168599.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

11,460

10,876

6168806.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

1,104

1,064

6168884.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

18,896

17,575

6169246.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

18,164

17,254

6169606.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

2,762

2,613

6169646.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

3,455

3,260

6169661.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

11,368

10,546

6170041.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,505

5,246

6170231.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,474

2,380

6170351.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,321

2,062

6170395.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,987

5,689

6170600.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,906

3,624

6170727.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,115

4,794

6170894.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,281

2,165

6170941.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,100

2,681

6171001.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

10,222

8,859

6171183.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

4,468

4,244

6171282.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

8,628

8,324

6171468.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,006

2,852

6171537.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

6,320

5,998

6171656.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

8,476

8,071

6171800.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

500

445

6171815.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

55,875

53,020

6172710.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

1,400

1,331

6172734.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

29,249

28,049

6173081.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

17,855

17,105

6173289.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,929

2,755

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6173349.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

$

3,532

$

3,313

6173402.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

789

717

6173422.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

6,419

6,092

6173477.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

82,105

77,592

6175030.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

14,490

13,714

6175205.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

7,550

7,138

6175385.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,412

2,170

6175410.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,175

3,027

6175457.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

7,575

6,572

6175540.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,327

1,657

6175562.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

8,488

8,102

6175658.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

16,150

13,673

6175833.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

3,428

3,129

6175863.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

4,975

4,766

6175977.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

5,179

4,210

6176068.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,549

2,413

6176107.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

5,103

4,006

6176241.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

637

600

6176248.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,457

2,312

6176274.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

6,193

5,841

6176336.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,358

2,242

6176377.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

4,734

4,509

6178379.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

6,353

5,921

6178440.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

6,466

6,197

6178484.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,314

1,214

6178497.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,775

2,602

6178528.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

7,641

6,970

6178624.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,529

1,415

6178634.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,168

2,081

6178719.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,694

3,823

6178835.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,790

1,683

6178891.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,604

1,966

6178969.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

8,315

7,975

6179450.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,558

2,451

6179563.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

2,629

2,365

6179637.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,290

2,522

6179718.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

17,075

16,122

6179989.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,896

1,750

6180044.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

10,997

10,064

6180179.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,872

4,701

6180271.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

17,794

16,856

6180648.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,704

3,527

6180719.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

38,176

35,367

6181142.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,282

3,057

6181189.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,182

1,129

6181234.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

13,346

12,580

6181426.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

36,466

34,417

6181983.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

9,749

9,280

6182088.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

24,490

23,397

6182729.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,439

1,374

6182754.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

8,639

8,190

6183008.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

3,319

2,817

6183074.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

3,349

2,976

6183190.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

8,846

8,349

6183434.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

3,283

2,949

6183538.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

13,983

13,158

6183812.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

13,881

12,481

6184136.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,283

1,086

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

199

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6184160.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

$

14,709

$

13,838

6184633.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

9,611

9,139

6184769.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

9,843

9,419

6184974.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

82,188

77,940

6185726.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

6,560

6,267

6185843.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

18,584

17,623

6186114.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

12,981

12,454

6186393.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

6,655

6,334

6186503.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

2,820

2,675

6186556.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

4,804

4,524

6186657.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

3,552

2,817

6186719.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

4,328

3,434

6186778.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

10,505

9,924

6186965.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

6,664

6,320

6187093.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

1,438

1,380

6187167.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

5,162

4,880

6187253.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

3,931

3,741

6187304.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

28,562

27,284

6188963.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

9,812

9,304

6189267.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

2,037

1,911

6189324.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

5,878

5,573

6189435.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

4,039

3,735

6189533.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

516

377

6189573.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

15,948

14,963

6189975.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,034

850

6190001.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

18,594

17,633

6190373.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

20,051

19,027

6190942.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

2,866

2,694

6191010.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

4,088

3,856

6191068.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

6,402

6,053

6191155.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

2,391

2,253

6191219.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

19,680

18,015

6191560.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

13,220

12,529

6191895.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,992

1,890

6191955.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

8,708

7,261

6192190.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

6,611

6,304

6192420.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,146

1,089

6192461.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

2,012

1,550

6192486.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,114

3,060

6192549.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,583

4,135

6192662.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

18,042

16,820

6193258.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

41,219

37,702

6193931.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,793

1,633

6193947.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

8,056

7,673

6194068.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

6,864

6,312

6194180.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,553

3,297

6194226.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,800

4,593

6194591.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

79,426

72,723

6195072.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

6,457

6,144

6195197.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,202

2,108

6195261.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

42,748

40,875

6196223.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

3,571

3,339

6196338.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

730

657

6196348.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

18,401

17,600

6196687.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,458

3,901

6196843.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

6,866

6,573

6197045.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

17,400

16,681

6199867.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

6,381

5,834

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6199930.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

$

3,845

$

3,659

6199992.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

5,635

5,342

6200078.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

3,711

3,482

6200162.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

10,681

10,127

6200308.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

10,725

10,173

6200433.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

11,072

10,496

6200668.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

14,505

13,941

6202823.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,817

2,711

6202897.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

6,368

6,038

6203028.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,417

2,294

6203071.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

30,715

29,183

6203222.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

6,844

6,511

6203240.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

49,673

47,185

6204285.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

3,298

2,950

6204347.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

13,905

12,543

6204554.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

4,691

4,405

6204651.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,948

2,659

6204690.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

6,925

6,158

6204921.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

3,690

3,498

6204996.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

14,920

12,446

6205231.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,396

2,238

6205286.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

10,115

9,553

6205519.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

812

785

6205546.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

438

421

6205557.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,269

1,200

6205605.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,848

1,734

6205648.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

5,563

5,302

6205757.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

7,584

7,191

6205930.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,902

1,761

6205978.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

2,248

2,119

6206056.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

12,084

11,231

6206222.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

27,745

25,715

6206440.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

7,124

6,751

6206594.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

6,984

6,421

6206656.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

4,326

4,061

6206769.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

2,949

2,711

6206801.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

83,302

76,589

6208599.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

174

167

6208614.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

9,386

9,004

6208776.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

9,967

9,234

6208876.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

13,175

11,900

6209027.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

7,296

7,007

6209167.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,377

1,259

6209203.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

3,953

3,746

6209260.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

3,056

2,937

6209405.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

15,909

14,683

6209658.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

21,337

20,514

6209707.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

2,443

2,344

6209749.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

43,958

41,882

6210492.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

2,805

2,679

6210528.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

11,440

10,674

6210775.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

3,405

3,231

6210857.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

6,815

6,241

6210971.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

6,701

6,216

6211068.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

1,263

1,180

6211100.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

1,182

1,076

6211129.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

13,991

13,273

6211801.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

13,740

13,067

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

200

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6212398.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

$

9,562

$

8,999

6212695.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

10,730

10,166

6213027.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

54,474

50,885

6214190.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,223

965

6214213.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,366

2,232

6214304.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

15,520

14,824

6214652.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

750

707

6214666.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

14,711

13,675

6214898.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,557

3,363

6214955.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

10,453

10,039

6215094.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,595

2,427

6215144.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,939

2,795

6215189.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,456

2,136

6215204.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,577

1,519

6215220.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

9,711

9,071

6215383.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,428

3,257

6215457.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,185

1,085

6215506.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

598

564

6215522.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,756

1,392

6215547.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

4,425

4,192

6215606.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

127

122

6215614.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,334

2,226

6215661.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

7,239

6,834

6215875.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,944

1,843

6215908.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,084

955

6215942.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

488

470

6215957.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,781

1,677

6215985.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,806

2,475

6216036.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

7,476

7,206

6216243.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,690

3,482

6216275.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,260

2,132

6216296.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

42,255

40,254

6217071.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,327

1,874

6217087.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,089

863

6217106.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,019

1,938

6217136.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

575

554

6217160.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

11,605

10,934

6217266.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

60,312

57,347

6217874.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

7,716

7,391

6217962.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

6,162

5,831

6218022.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

907

847

6218034.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,251

1,179

6218055.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

31,743

30,236

6218180.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

5,769

5,427

6218359.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

5,216

5,015

6218467.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

6,408

5,928

6218581.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,615

1,516

6218616.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,972

1,806

6218671.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,511

2,406

6218756.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,991

1,758

6218804.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,210

2,091

6218913.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

11,211

10,602

6219195.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,257

1,165

6219243.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,081

1,982

6219284.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,918

2,770

6219740.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

6,985

6,617

6219955.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,140

1,879

6219996.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

10,157

9,657

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6220236.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

$

861

$

811

6220248.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,972

2,812

6220286.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

4,920

4,664

6220386.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

3,934

3,717

6220472.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

3,311

3,132

6220519.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

87,326

81,236

6221528.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

13,123

12,252

6223659.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

14,368

13,680

6223949.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

2,426

2,326

6224008.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

17,240

15,724

6224345.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

320

309

6224359.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

15,949

15,196

6224796.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

9,710

9,183

6225068.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

33,628

31,450

6225953.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,316

3,074

6226015.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

6,415

6,132

6226130.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

1,516

1,420

6226143.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

53,845

50,984

6226990.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

6,746

6,412

6227140.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

13,106

12,407

6227492.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,200

1,134

6227515.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

6,751

6,383

6227677.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

6,457

6,099

6227791.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

2,154

1,975

6227831.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

10,175

9,669

6228013.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

783

595

6228038.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

7,548

7,185

6228237.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,714

1,642

6228265.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

4,665

4,227

6228393.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

23,623

22,372

6229018.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

8,301

7,826

6229112.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

63,489

56,608

6234621.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

84,367

80,192

6234969.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

17,232

16,311

6235216.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

2,389

2,278

6235240.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

14,740

14,109

6235450.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

1,423

1,303

6235468.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

2,236

1,933

6235504.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

4,374

4,121

6235583.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

3,125

2,958

6235643.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

1,157

1,030

6235661.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

21,472

20,444

6235941.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

5,179

4,965

6236014.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

5,961

5,614

6236092.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

1,504

1,390

6236112.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

6,255

5,994

6236229.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

542

523

6236243.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

51,763

49,366

6237600.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

10,826

10,209

6237959.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

16,915

16,014

6238487.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,076

2,772

6238625.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

7,927

7,530

6238854.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,389

3,209

6238943.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

9,047

8,683

6239258.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,728

1,343

6239301.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

5,663

5,341

6239454.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,628

2,437

6239502.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

510

481

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

201

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6239513.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

$

3,970

$

3,779

6239599.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

4,217

3,833

6239670.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

7,097

6,722

6239788.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

5,590

5,325

6239950.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

36,113

34,167

6240214.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

30,950

28,695

6240786.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,036

1,932

6240807.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

10,143

9,656

6240883.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

3,046

2,895

6240952.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

7,754

7,322

6241104.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

18,747

17,807

6241568.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

18,708

17,840

6241967.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

42,297

40,260

6242589.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

19,699

17,097

6242859.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,961

2,511

6242908.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,540

2,215

6242973.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

6,517

6,168

6243075.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

8,441

7,822

6243208.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,061

1,904

6243228.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

4,335

4,147

6243295.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

5,996

5,619

6243387.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,566

2,400

6243419.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

11,062

10,186

6243621.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

12,176

11,529

6243695.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

19,808

18,572

6244014.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,342

2,179

6244026.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

51,395

48,687

6244954.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

17,729

16,454

6245261.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

14,680

13,545

6245431.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,383

3,561

6245477.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

8,399

7,303

6245598.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

5,781

5,358

6245669.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,022

925

6245683.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,340

1,223

6245697.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,030

992

6245710.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

721

679

6245712.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

12,870

12,120

6245904.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

8,917

8,076

6245944.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

23,678

22,410

6246128.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,083

1,916

6246140.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

48,502

46,105

6248727.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

22,468

21,446

6248918.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

13,301

12,653

6249559.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,494

1,423

6249593.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,150

2,966

6249641.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

17,802

16,859

6249978.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

2,342

2,205

6250011.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

6,816

6,449

6250130.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

4,637

4,358

6250214.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

16,291

15,411

6250485.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

19,446

18,393

6250843.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

46,490

43,185

6251624.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

13,620

12,885

6251852.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,732

1,610

6251900.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,356

3,155

6251930.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,514

3,368

6251966.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,924

3,475

6252015.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

9,533

8,971

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6252207.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

$

39,353

$

37,243

6252988.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

1,501

1,411

6253028.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

2,127

1,924

6253069.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

744

696

6253083.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

6,039

5,711

6253172.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

15,863

15,043

6253444.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

52,298

49,484

6254221.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

1,627

1,561

6254269.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

90,134

83,845

6255006.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

5,322

5,009

6255084.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

3,760

3,534

6255121.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,061

966

6255128.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

5,182

4,890

6255199.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,647

1,489

6255218.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,892

1,738

6255252.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

4,901

4,652

6255312.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

5,113

4,899

6255384.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

4,798

3,893

6255441.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

13,826

12,844

6255569.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

452

416

6255575.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,374

2,179

6255606.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,208

1,014

6255621.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

13,460

12,680

6255911.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

3,272

3,094

6255949.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

9,817

9,359

6256064.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

28,466

26,725

6256371.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

16,025

15,252

6256506.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

3,612

3,432

6256534.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

8,320

8,034

6256699.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

6,685

6,283

6256775.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,299

2,183

6256800.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

2,876

2,722

6256832.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

6,564

6,151

6256913.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

38,061

36,062

6257991.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

17,029

16,060

6258212.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

10,027

9,483

6258329.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

15,012

13,837

6258547.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

8,028

7,626

6258668.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

6,102

5,716

6258783.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

17,889

15,663

6259003.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

48,679

46,246

6259651.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,896

1,762

6259677.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

17,196

16,263

6259903.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

10,409

9,820

6260138.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

73,747

69,072

6261098.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

24,030

22,436

6261384.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

18,000

16,913

6261595.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

43,504

40,565

6261928.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

25,388

23,650

6262209.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

26,057

24,420

6262405.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

3,839

3,537

6262430.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,768

1,634

6262438.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

7,018

6,522

6262488.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,997

1,823

6262504.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

4,919

4,538

6262556.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

5,773

5,329

6262614.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,913

1,770

6265085.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

12,853

12,069

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

202

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6265195.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

$

2,127

$

1,961

6265237.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

947

877

6265249.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

89,433

83,385

6266557.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

35,730

32,766

6267222.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

6,555

6,123

6267330.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

47,549

43,988

6268041.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

9,010

8,370

6268135.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

4,102

3,802

6268204.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,017

935

6268214.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

880

798

6268234.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,960

2,760

6268321.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,899

6,475

6268547.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,313

1,164

6268568.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,679

6,268

6268717.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,643

1,512

6268757.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

32,760

30,760

6269491.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

34,564

32,258

6270176.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,316

3,104

6270248.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,160

5,706

6270416.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

25,341

23,635

6270712.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

6,375

5,860

6270780.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,384

3,111

6270813.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,319

1,207

6270828.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,989

3,744

6270871.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,564

1,447

6270889.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,382

3,117

6270932.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,546

1,427

6270948.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

21,631

20,060

6271153.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,552

2,397

6271180.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,491

2,339

6271208.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,363

2,126

6271241.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

15,332

14,283

6271411.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

797

728

6271425.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

1,641

1,517

6271434.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

36,815

34,348

6271779.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

4,049

3,725

6271834.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

10,642

9,990

6271932.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

4,444

4,129

6271981.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

31,147

28,919

6272258.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

9,368

8,737

6272324.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

9,097

8,539

6272370.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,888

1,751

6272381.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

2,373

2,150

6272409.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,840

1,690

6272419.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

3,443

3,191

6272451.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

29,113

26,841

6272707.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

10,191

9,559

6273102.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

4,799

4,448

6273246.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

14,920

14,010

6273649.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

10,580

9,933

6273847.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

909

837

6273862.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

12,902

11,958

6274028.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

13,073

12,113

6274200.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

50,199

46,987

6274889.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

49,222

46,085

6275552.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

10,831

9,995

6275681.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

5,118

4,806

6275762.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

17,213

16,161

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6275869.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

$

24,321

$

22,577

6276300.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

20,433

19,018

6276778.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

3,347

3,107

6276839.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

26,656

24,563

6277264.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

13,845

12,997

6277479.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

6,459

6,012

6277571.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

19,401

17,942

6277812.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

6,073

5,647

6277888.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

23,258

21,824

6278224.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

10,517

9,655

6278369.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

9,218

8,588

6278505.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

1,247

1,149

6278515.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

8,103

7,466

6278639.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

1,697

1,562

6278645.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

34,566

32,254

6279875.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

2,173

2,034

6279910.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

12,828

12,043

6280076.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

7,782

7,302

6280192.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

3,348

3,143

6280223.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

13,060

12,222

6280275.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,359

1,260

6280297.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

2,161

1,989

6280355.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

913

839

6280363.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,113

1,036

6280382.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,968

1,813

6280414.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

23,416

21,841

6280950.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

15,173

14,061

6281173.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

4,982

4,657

6281238.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,253

1,155

6281265.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

11,404

10,699

6281428.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

34,368

31,774

6281975.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

8,539

7,987

6282054.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

17,422

16,246

6282237.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

22,097

20,577

6282690.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

3,875

3,601

6282753.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

20,580

19,312

6282814.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

24,217

22,543

6283040.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

63,694

59,572

6284147.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

15,092

14,163

6284315.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

9,394

8,756

6284406.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

15,904

14,920

6284714.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

24,697

22,778

6285099.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

5,798

5,348

6285204.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,495

1,378

6285228.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

4,334

3,982

6285299.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

9,303

8,626

6285341.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,520

1,403

6285352.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,283

1,180

6285373.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,162

1,058

6285398.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

4,142

3,844

6285446.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

63,814

59,547

6285823.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

2,363

2,186

6285849.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

4,340

4,048

6285882.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

7,438

6,911

6285963.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

3,720

3,479

6285992.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

5,807

5,366

6286070.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

11,560

10,839

6286188.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

3,856

3,552

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

203

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6286231.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

$

5,970

$

5,586

6286304.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

10,574

9,832

6286443.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

11,213

10,519

6286554.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

7,258

6,767

6286637.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

375

346

6286642.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

7,597

6,847

6287069.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,019

1,856

6287137.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

4,624

4,263

6287349.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,320

2,163

6287418.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

999

931

6287452.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

5,364

5,032

6287583.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

982

905

6287612.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

5,169

4,849

6287671.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

4,039

3,788

6287743.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

4,201

3,911

6287833.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

3,061

2,823

6287903.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

21,885

20,541

6288286.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

16,362

15,250

6288491.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

32,772

30,291

6288827.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

14,846

13,924

6289003.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

4,762

4,395

6289045.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

12,918

11,892

6289243.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

8,333

7,679

6289400.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

15,538

14,534

6289503.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

11,495

10,752

6289642.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

14,323

13,158

6289898.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

9,168

8,515

6289942.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

899

835

6289960.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,181

3,910

6290032.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,552

1,428

6290067.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

6,698

6,283

6290183.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

18,652

17,382

6290605.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,908

1,752

6290628.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

5,482

5,113

6290710.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

12,701

11,912

6290894.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

5,345

5,014

6290953.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,444

4,141

6290999.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,506

1,385

6291012.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

757

688

6291016.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

16,503

15,440

6291185.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,740

4,435

6291213.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

10,501

9,788

6291350.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,187

2,939

6291385.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

6,839

6,354

6291479.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

21,962

20,386

6291759.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,711

3,481

6291840.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,294

4,016

6291894.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

15,972

14,889

6292116.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

7,545

7,078

6292245.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,556

1,429

6292293.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

1,123

1,053

6292341.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

22,441

20,794

6292670.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

2,862

2,651

6292755.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

6,940

6,509

6292886.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

9,279

8,707

6293065.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

3,257

2,996

6293117.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

10,459

9,686

6293308.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

10,776

10,109

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6293419.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

$

5,299

$

4,874

6293441.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

1,023

951

6293474.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

2,200

2,047

6293487.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

2,701

2,483

6293505.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

7,366

6,910

6293586.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

10,979

10,300

6293728.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

29,745

27,548

6294116.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

4,135

3,880

6294182.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

7,900

7,283

6294278.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

12,486

11,566

6294391.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

8,024

7,479

6294490.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

3,112

2,857

6294539.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

3,064

2,841

6294570.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

23,582

21,898

6297788.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

3,289

3,026

6297894.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

503

466

6297902.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

14,083

13,204

6298157.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

1,405

1,296

6298187.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

75,503

70,806

6299931.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

2,062

1,905

6299973.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

41,237

38,430

6300619.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

2,156

2,004

6300703.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

10,243

9,546

6300894.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

16,483

15,358

6301197.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

10,057

9,428

6301350.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

9,642

8,972

6301579.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,783

1,652

6301633.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

13,780

12,922

6301934.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

11,001

10,151

6302101.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,768

3,534

6302213.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,344

3,081

6302302.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

29,297

27,107

6302888.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,440

1,331

6302922.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,987

1,846

6302942.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

5,313

4,921

6303047.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,099

1,022

6303079.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

2,123

1,961

6303135.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

7,271

6,772

6303284.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

14,915

13,983

6303414.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

13,942

13,072

6303542.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

3,717

3,440

6303595.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

37,643

34,772

6303854.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

3,989

3,677

6303880.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

1,994

1,836

6303893.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

21,250

19,712

6304026.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

13,762

12,906

6304081.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

25,461

23,727

6304259.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

14,178

13,291

6304365.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

37,445

34,530

6304728.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

5,250

4,863

6304790.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

13,363

12,528

6304935.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

4,309

4,006

6304978.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

3,764

3,482

6305015.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

3,501

3,236

6305047.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

28,813

26,768

6305311.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

17,076

15,758

6305443.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,031

953

6305454.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

1,168

1,080

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

204

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6305467.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

$

1,630

$

1,528

6305494.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

17,754

16,546

6305632.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

6,671

6,235

6305693.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

3,038

2,797

6305727.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

8,833

8,282

6305815.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

4,534

4,213

6305920.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

18,460

16,936

6306271.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

7,079

6,636

6306503.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

14,509

13,606

6306736.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

8,918

8,312

6306882.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

7,550

7,077

6307004.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,342

2,159

6307012.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,497

2,310

6307105.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,271

2,105

6307140.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

20,196

18,938

6307603.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

10,595

9,799

6307741.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

6,238

5,816

6307816.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

6,110

5,653

6307874.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

6,941

6,375

6307940.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

7,538

6,941

6308066.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

7,731

7,248

6308170.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

17,012

15,817

6308390.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

7,697

7,169

6308510.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

12,268

11,466

6308644.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

4,974

4,663

6308685.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,279

1,176

6308692.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,471

3,235

6308723.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,206

2,055

6308758.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

10,249

9,526

6308921.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,839

1,691

6308960.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,583

2,411

6309000.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,189

2,023

6309061.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,327

3,061

6309173.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

22,517

21,107

6309652.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

5,497

5,136

6309748.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

8,657

8,022

6309894.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

6,484

6,005

6309985.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,087

2,841

6310025.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

25,859

24,101

6310381.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,247

2,049

6310399.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

13,897

12,947

6310518.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

14,389

13,375

6310747.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

7,882

7,278

6310789.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

7,290

6,716

6310840.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

708

652

6310851.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

66,780

62,408

6313201.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

13,934

12,880

6313330.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

7,618

7,096

6313357.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

2,926

2,703

6313371.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

28,532

26,571

6313846.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

8,021

7,472

6314053.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

38,678

35,628

6314843.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

993

911

6314871.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

5,770

5,313

6314925.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

4,778

4,477

6314983.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

3,410

3,158

6315044.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

15,757

14,541

6315510.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

1,274

1,171

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6315539.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

$

16,696

$

15,360

6316102.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

111,141

104,159

6316201.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

6,235

5,762

6316373.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

8,489

7,954

6316509.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

4,490

4,180

6316658.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

3,150

2,907

6316774.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

8,889

8,329

6317004.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

3,763

3,527

6317173.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

816

755

6317213.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

9,860

9,123

6317632.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

4,147

3,841

6317724.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

56,952

53,372

6318747.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

1,011

925

6318793.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

42,950

40,129

6318980.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

11,105

10,345

6319086.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

10,404

9,689

6319166.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

883

817

6319172.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,551

2,348

6319195.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

3,341

3,111

6319218.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

685

637

6319223.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

9,240

8,530

6319317.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

3,969

3,650

6319360.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

13,036

12,141

6319497.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,990

1,855

6319512.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

8,186

7,622

6319563.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

10,634

9,864

6319655.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

11,161

10,293

6319762.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

9,851

9,095

6319855.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,218

2,051

6319881.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,312

1,209

6319891.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

3,285

3,027

6319925.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

5,080

4,683

6319954.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

7,627

7,103

6320056.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

9,445

8,704

6320163.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

10,102

9,436

6320273.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

44,460

41,527

6321089.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

4,109

3,851

6321239.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

4,545

4,217

6321367.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,352

1,244

6321428.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

4,548

4,261

6321567.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,920

1,770

6321614.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

3,635

3,366

6321698.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

3,342

3,112

6321779.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

38,640

35,912

6331912.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

11,201

10,431

6337151.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

47,597

44,140

6351297.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

18,782

17,596

6351534.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

7,973

7,410

6351630.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

6,050

5,668

6351712.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

6,523

6,061

6351825.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,567

2,362

6351873.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

5,308

4,937

6351915.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

61,093

56,628

6352872.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

7,190

6,627

6352961.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

19,339

17,818

6353228.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,914

2,702

6353271.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

4,507

4,180

6353341.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

12,224

11,453

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

205

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6353478.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

$

6,996

$

6,456

6353561.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

3,899

3,631

6353611.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

2,284

2,102

6353656.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

247

229

6353658.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

47,756

44,466

6354356.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

27,844

26,002

6354801.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

942

879

6354872.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

87,423

81,890

6356189.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

12,040

11,243

6356355.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

2,962

2,752

6356413.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

2,441

2,256

6356470.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

1,537

1,424

6356496.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

58,258

54,077

6357359.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

39,460

36,853

6359300.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

1,861

1,718

6359440.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

8,490

7,951

6359508.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

2,864

2,650

6359529.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

1,056

986

6359554.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

15,943

14,736

6359866.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

12,601

11,662

6360303.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

4,120

3,859

6360447.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

12,509

11,715

6360854.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

9,164

8,481

6360973.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

5,695

5,301

6361029.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

8,490

7,951

6361123.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

3,837

3,594

6361192.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

3,588

3,350

6361267.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

10,674

9,966

6361527.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

35,334

32,760

6362038.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

7,204

6,679

6362200.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

5,228

4,834

6362265.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

16,100

14,842

6362535.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

20,046

18,659

28,943,141

Freedom

Financial

Asset

Management

LLC

APP-08870804.FP.FTS.B,

16.49%,

4/05/23

2,019

2,024

APP-08924331.FP.FTS.B,

5.99%,

4/13/23

.

1,047

1,050

APP-08932370.FP.FTS.B,

15.49%,

4/29/23

1,521

1,527

APP-09110946.FP.FTS.B,

12.49%,

5/01/23

3,663

3,672

APP-09109841.FP.FTS.B,

13.49%,

5/04/23

1,693

1,697

APP-09239363.FP.FTS.B,

17.49%,

5/07/23

1,837

1,844

APP-09352030.FP.FTS.B,

13.49%,

5/25/23

2,264

2,276

APP-09290050.FP.FTS.B,

14.49%,

5/25/23

2,938

2,960

APP-09206091.FP.FTS.B,

17.49%,

5/27/23

7,962

8,030

APP-08932151.FP.FTS.B,

14.49%,

5/31/23

2,609

2,623

APP-08972690.FP.FTS.B,

5.99%,

6/01/23

.

1,756

1,761

APP-09064938.FP.FTS.B,

16.49%,

6/10/23

3,655

3,681

APP-09109589.FP.FTS.B,

15.49%,

6/16/23

2,809

2,842

APP-09731339.FP.FTS.B,

5.99%,

6/25/23

.

2,582

2,596

APP-09377856.FP.FTS.B,

13.99%,

6/29/23

4,640

4,666

APP-09334776.FP.FTS.B,

15.49%,

7/04/23

3,262

2,444

APP-09357725.FP.FTS.B,

18.99%,

7/09/23

2,771

2,793

APP-09797126.FP.FTS.B,

5.99%,

7/10/23

.

3,132

3,149

APP-08721759.FP.FTS.B,

16.49%,

7/10/23

2,296

2,308

APP-09208119.FP.FTS.B,

5.99%,

7/11/23

.

1,974

1,480

APP-09280174.FP.FTS.B,

5.99%,

8/10/23

.

2,099

2,114

APP-09771672.FP.FTS.B,

15.99%,

8/12/23

7,125

7,169

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09714857.FP.FTS.B,

14.49%,

8/15/23

$

4,498

$

4,511

APP-10247533.FP.FTS.B,

12.99%,

8/19/23

3,927

3,952

APP-09346977.FP.FTS.B,

16.99%,

8/19/23

2,156

2,177

APP-09726579.FP.FTS.B,

5.99%,

8/21/23

.

2,437

2,453

APP-10246465.FP.FTS.B,

5.99%,

8/21/23

.

2,956

2,979

APP-09697076.FP.FTS.B,

5.99%,

8/23/23

.

2,485

2,501

APP-08690959.FP.FTS.B,

5.99%,

9/30/23

.

2,289

2,307

APP-10156714.FP.FTS.B,

5.99%,

10/02/23

4,038

4,063

APP-10678947.FP.FTS.B,

17.49%,

10/02/23

..........................

18,297

18,418

APP-10212295.FP.FTS.B,

18.99%,

10/02/23

..........................

2,893

2,914

APP-10234320.FP.FTS.B,

17.49%,

10/03/23

..........................

5,761

5,800

APP-10066897.FP.FTS.B,

17.49%,

10/04/23

..........................

6,746

6,794

APP-10402441.FP.FTS.B,

5.99%,

10/05/23

2,472

2,487

APP-10352555.FP.FTS.B,

5.99%,

10/12/23

2,928

2,950

APP-10486503.FP.FTS.B,

5.99%,

10/15/23

2,648

2,667

APP-10314976.FP.FTS.B,

5.99%,

10/24/23

3,699

3,727

APP-10384916.FP.FTS.B,

5.99%,

10/25/23

2,988

3,015

APP-10400699.FP.FTS.B,

5.99%,

10/25/23

2,896

2,921

APP-10463368.FP.FTS.B,

5.99%,

10/25/23

3,659

3,690

APP-10516972.FP.FTS.B,

5.99%,

10/29/23

1,423

1,430

APP-10623835.FP.FTS.B,

16.49%,

11/05/23

4,535

4,564

APP-11197492.FP.FTS.B,

18.99%,

11/12/23

4,599

4,643

APP-11139483.FP.FTS.B,

5.99%,

11/14/23

3,228

3,256

APP-11265301.FP.FTS.B,

14.99%,

11/17/23

9,767

9,853

APP-11139070.FP.FTS.B,

5.99%,

11/18/23

3,586

3,619

APP-11237950.FP.FTS.B,

5.99%,

11/18/23

3,204

3,233

APP-10769596.FP.FTS.B,

5.99%,

11/23/23

3,024

3,052

APP-10566307.FP.FTS.B,

5.99%,

12/15/23

4,779

4,819

APP-11194490.FP.FTS.B,

5.99%,

12/20/23

3,750

3,786

APP-11799309.FP.FTS.B,

5.99%,

12/26/23

3,544

3,580

APP-11799486.FP.FTS.B,

5.99%,

12/29/23

4,535

4,583

APP-11314530.FP.FTS.B,

18.49%,

1/01/24

8,676

8,739

APP-10561269.FP.FTS.B,

5.99%,

1/02/24

.

3,157

3,177

APP-11336668.FP.FTS.B,

16.49%,

1/03/24

6,019

6,092

APP-11333513.FP.FTS.B,

5.99%,

1/07/24

.

3,749

3,781

APP-11361502.FP.FTS.B,

5.99%,

1/07/24

.

5,701

5,750

APP-11306679.FP.FTS.B,

5.99%,

1/08/24

.

3,746

3,778

APP-11333236.FP.FTS.B,

13.49%,

1/08/24

17,397

17,567

APP-11376511.FP.FTS.B,

17.99%,

1/08/24

5,609

5,659

APP-11341001.FP.FTS.B,

5.99%,

1/09/24

.

5,470

5,530

APP-11923967.FP.FTS.B,

13.74%,

1/15/24

7,350

7,410

APP-12227981.FP.FTS.B,

19.49%,

1/15/24

18,526

1,732

APP-12263510.FP.FTS.B,

5.99%,

1/20/24

.

5,135

5,186

APP-12017416.FP.FTS.B,

5.99%,

1/25/24

.

1,571

1,578

APP-12187185.FP.FTS.B,

5.99%,

1/25/24

.

5,032

5,086

APP-09046319.FP.FTS.B,

18.99%,

2/01/24

4,114

4,133

APP-11810724.FP.FTS.B,

18.99%,

2/01/24

4,411

4,432

APP-11804310.FP.FTS.B,

15.49%,

2/03/24

3,641

3,669

APP-11799474.FP.FTS.B,

5.99%,

2/07/24

.

5,166

5,213

APP-11791795.FP.FTS.B,

13.99%,

2/10/24

15,303

9,237

APP-11781355.FP.FTS.B,

5.99%,

2/11/24

.

5,171

5,221

APP-11799086.FP.FTS.B,

5.99%,

2/11/24

.

5,305

5,356

APP-11821370.FP.FTS.B,

5.99%,

2/12/24

.

5,987

6,046

APP-12119669.FP.FTS.B,

5.99%,

3/01/24

.

4,993

5,038

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

206

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11237608.FP.FTS.B,

5.99%,

3/10/24

.

$

6,004

$

6,063

APP-12135614.FP.FTS.B,

18.99%,

3/11/24

5,945

5,990

APP-12050162.FP.FTS.B,

5.99%,

3/13/24

.

6,550

6,627

APP-08959542.FP.FTS.B,

17.99%,

4/10/24

5,544

5,578

APP-07979930.FP.FTS.B,

12.49%,

4/15/24

12,009

12,110

APP-08978477.FP.FTS.B,

18.99%,

4/16/24

13,333

13,441

APP-08990977.FP.FTS.B,

17.49%,

4/20/24

6,639

6,700

APP-09046413.FP.FTS.B,

12.49%,

4/23/24

12,685

12,785

APP-08924428.FP.FTS.B,

14.49%,

4/25/24

6,159

6,205

APP-08726790.FP.FTS.B,

14.49%,

4/30/24

3,515

3,528

APP-09087474.FP.FTS.B,

22.99%,

4/30/24

3,956

4,022

APP-09069437.FP.FTS.B,

25.49%,

4/30/24

6,494

4,472

APP-08978867.FP.FTS.B,

14.49%,

5/17/24

12,034

12,132

APP-09367838.FP.FTS.B,

17.99%,

5/20/24

4,030

4,057

APP-08969780.FP.FTS.B,

14.49%,

5/21/24

11,424

11,519

APP-09021781.FP.FTS.B,

12.99%,

5/22/24

14,697

14,828

APP-08991130.FP.FTS.B,

15.99%,

5/22/24

5,008

5,052

APP-08870794.FP.FTS.B,

16.49%,

5/23/24

9,269

9,353

APP-08961356.FP.FTS.B,

22.49%,

5/29/24

5,364

5,433

APP-08925461.FP.FTS.B,

17.99%,

5/31/24

5,603

5,611

APP-09051644.FP.FTS.B,

23.49%,

6/10/24

6,790

6,743

APP-09086628.FP.FTS.B,

16.99%,

6/15/24

5,577

5,614

APP-08969775.FP.FTS.B,

12.99%,

6/21/24

15,724

15,869

APP-09356525.FP.FTS.B,

18.99%,

6/27/24

5,466

5,518

APP-09353776.FP.FTS.B,

21.99%,

6/27/24

13,292

3,121

APP-09302720.FP.FTS.B,

22.49%,

6/30/24

4,160

4,210

APP-09583612.FP.FTS.B,

15.24%,

7/01/24

9,736

9,769

APP-09354267.FP.FTS.B,

17.49%,

7/01/24

8,252

8,297

APP-09031376.FP.FTS.B,

14.49%,

7/03/24

9,442

9,510

APP-09331237.FP.FTS.B,

16.49%,

7/05/24

5,629

5,665

APP-09430684.FP.FTS.B,

23.49%,

7/05/24

6,654

6,603

APP-09345495.FP.FTS.B,

23.49%,

7/08/24

8,118

8,082

APP-09726629.FP.FTS.B,

12.24%,

7/09/24

10,385

10,463

APP-09341214.FP.FTS.B,

21.49%,

7/10/24

13,884

13,855

APP-09343576.FP.FTS.B,

23.49%,

7/10/24

9,233

9,171

APP-12243834.FP.FTS.B,

18.49%,

7/27/24

4,106

4,120

APP-09726602.FP.FTS.B,

17.49%,

8/12/24

9,853

9,802

APP-09799095.FP.FTS.B,

19.99%,

8/12/24

4,304

4,303

APP-09799610.FP.FTS.B,

21.99%,

8/12/24

10,412

10,383

APP-09776505.FP.FTS.B,

12.24%,

8/15/24

7,528

7,592

APP-10159829.FP.FTS.B,

15.49%,

8/15/24

8,147

8,195

APP-10254713.FP.FTS.B,

19.99%,

8/17/24

5,965

5,979

APP-10227214.FP.FTS.B,

21.99%,

8/17/24

13,262

13,235

APP-09791798.FP.FTS.B,

14.99%,

8/18/24

22,706

22,885

APP-09726592.FP.FTS.B,

12.24%,

8/20/24

13,694

13,826

APP-09726689.FP.FTS.B,

15.99%,

8/20/24

9,347

9,427

APP-09786718.FP.FTS.B,

21.49%,

8/20/24

6,423

2,254

APP-10228488.FP.FTS.B,

23.99%,

8/20/24

11,636

11,633

APP-10203850.FP.FTS.B,

10.49%,

8/21/24

13,445

13,569

APP-09717670.FP.FTS.B,

18.49%,

8/23/24

9,261

959

APP-09708878.FP.FTS.B,

15.49%,

8/24/24

4,233

4,278

APP-09808886.FP.FTS.B,

19.99%,

8/24/24

5,422

5,456

APP-09726492.FP.FTS.B,

12.24%,

8/25/24

9,121

9,222

APP-10379461.FP.FTS.B,

10.49%,

9/02/24

14,228

14,323

APP-09939798.FP.FTS.B,

17.99%,

9/23/24

7,108

7,141

APP-09776493.FP.FTS.B,

10.49%,

9/25/24

10,492

10,586

APP-10432773.FP.FTS.B,

16.99%,

9/30/24

5,903

5,953

APP-10177953.FP.FTS.B,

17.99%,

9/30/24

9,566

9,641

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10148177.FP.FTS.B,

14.99%,

10/01/24

..........................

$

12,280

$

12,257

APP-10170358.FP.FTS.B,

15.49%,

10/01/24

..........................

20,581

20,550

APP-10101337.FP.FTS.B,

11.99%,

10/02/24

27,455

27,701

APP-10170244.FP.FTS.B,

13.24%,

10/02/24

..........................

22,671

22,849

APP-10624388.FP.FTS.B,

15.49%,

10/02/24

..........................

4,783

4,810

APP-10687787.FP.FTS.B,

23.99%,

10/02/24

..........................

4,995

4,911

APP-10237773.FP.FTS.B,

11.99%,

10/03/24

36

36

APP-10459273.FP.FTS.B,

15.99%,

10/03/24

..........................

12,686

12,627

APP-10135528.FP.FTS.B,

10.49%,

10/04/24

..........................

11,394

11,487

APP-09776210.FP.FTS.B,

13.49%,

10/04/24

..........................

17,679

17,658

APP-10060644.FP.FTS.B,

13.99%,

10/04/24

..........................

28,512

28,722

APP-10195787.FP.FTS.B,

25.49%,

10/04/24

..........................

6,926

6,804

APP-10402043.FP.FTS.B,

17.99%,

10/05/24

..........................

14,682

14,572

APP-10396556.FP.FTS.B,

25.49%,

10/05/24

..........................

6,511

6,419

APP-10682620.FP.FTS.B,

16.49%,

10/07/24

..........................

2,077

2,082

APP-10481124.FP.FTS.B,

12.74%,

10/12/24

13,837

13,941

APP-10479777.FP.FTS.B,

17.49%,

10/12/24

..........................

6,490

6,434

APP-10435915.FP.FTS.B,

19.99%,

10/12/24

..........................

33,897

33,568

APP-10135442.FP.FTS.B,

10.99%,

10/16/24

..........................

19,762

19,950

APP-10372817.FP.FTS.B,

15.49%,

10/17/24

..........................

10,892

10,982

APP-10385640.FP.FTS.B,

23.99%,

10/17/24

..........................

5,236

5,213

APP-10314505.FP.FTS.B,

23.99%,

10/18/24

..........................

7,907

7,841

APP-10451908.FP.FTS.B,

11.99%,

10/20/24

30,102

30,398

APP-10517288.FP.FTS.B,

18.49%,

10/20/24

..........................

15,639

15,589

APP-10460288.FP.FTS.B,

25.49%,

10/20/24

..........................

7,530

807

APP-09299774.FP.FTS.B,

23.49%,

10/21/24

..........................

2,560

2,547

APP-10444462.FP.FTS.B,

8.49%,

10/23/24

18,189

18,373

APP-10060529.FP.FTS.B,

10.49%,

10/25/24

..........................

9,807

9,914

APP-10314676.FP.FTS.B,

12.74%,

10/26/24

..........................

13,145

13,287

APP-10400698.FP.FTS.B,

12.74%,

10/26/24

..........................

12,447

12,581

APP-10459518.FP.FTS.B,

15.49%,

10/29/24

..........................

15,050

15,168

APP-10566736.FP.FTS.B,

16.49%,

11/04/24

10,033

10,026

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

207

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10769779.FP.FTS.B,

5.99%,

11/09/24

$

2,835

$

2,847

APP-10693186.FP.FTS.B,

10.49%,

11/10/24

10,897

10,991

APP-11194733.FP.FTS.B,

8.99%,

11/11/24

23,241

23,435

APP-10096028.FP.FTS.B,

9.99%,

11/14/24

28,542

28,813

APP-11333295.FP.FTS.B,

8.49%,

11/15/24

8,637

8,712

APP-10688393.FP.FTS.B,

12.74%,

11/15/24

14,255

14,383

APP-11394308.FP.FTS.B,

14.49%,

11/15/24

15,757

1,702

APP-11394558.FP.FTS.B,

14.99%,

11/15/24

14,608

14,623

APP-11313930.FP.FTS.B,

25.49%,

11/15/24

6,937

6,869

APP-11333515.FP.FTS.B,

16.49%,

11/16/24

9,807

9,827

APP-10683469.FP.FTS.B,

23.99%,

11/16/24

13,562

13,406

APP-11307681.FP.FTS.B,

25.49%,

11/16/24

5,873

5,801

APP-10670881.FP.FTS.B,

10.24%,

11/17/24

8,421

8,493

APP-11237920.FP.FTS.B,

17.99%,

11/17/24

7,028

7,029

APP-10400857.FP.FTS.B,

12.74%,

11/20/24

16,044

16,199

APP-10657504.FP.FTS.B,

14.99%,

11/22/24

23,689

23,752

APP-11283774.FP.FTS.B,

8.49%,

11/25/24

8,905

8,968

APP-11333230.FP.FTS.B,

12.49%,

11/25/24

18,475

18,645

APP-11382302.FP.FTS.B,

16.99%,

11/25/24

7,250

7,315

APP-11799510.FP.FTS.B,

16.99%,

12/15/24

6,881

6,913

APP-11194500.FP.FTS.B,

10.49%,

12/20/24

15,789

15,946

APP-11316386.FP.FTS.B,

13.49%,

12/20/24

10,207

10,289

APP-11319377.FP.FTS.B,

25.49%,

12/20/24

7,227

7,150

APP-11793984.FP.FTS.B,

25.49%,

12/20/24

7,144

7,085

APP-11799271.FP.FTS.B,

14.99%,

12/21/24

14,612

14,632

APP-11383917.FP.FTS.B,

12.74%,

12/26/24

10,487

10,595

APP-11781212.FP.FTS.B,

18.99%,

12/27/24

10,595

1,201

APP-11045167.FP.FTS.B,

10.49%,

12/28/24

10,375

10,489

APP-11388022.FP.FTS.B,

19.99%,

12/28/24

6,790

6,814

APP-11802632.FP.FTS.B,

9.74%,

12/29/24

8,064

8,154

APP-11314678.FP.FTS.B,

15.49%,

12/31/24

9,264

6,479

APP-11297354.FP.FTS.B,

8.49%,

1/01/25

.

9,326

9,407

APP-11299692.FP.FTS.B,

23.99%,

1/01/25

21,717

1,904

APP-11022117.FP.FTS.B,

8.49%,

1/02/25

.

10,845

10,942

APP-11237990.FP.FTS.B,

10.74%,

1/02/25

5,836

5,840

APP-11333266.FP.FTS.B,

15.49%,

1/02/25

8,049

8,004

APP-11022245.FP.FTS.B,

15.99%,

1/02/25

12,767

12,712

APP-11307931.FP.FTS.B,

21.99%,

1/02/25

4,792

4,662

APP-10624639.FP.FTS.B,

10.49%,

1/03/25

16,907

17,070

APP-11265704.FP.FTS.B,

13.99%,

1/03/25

26,236

26,190

APP-11187320.FP.FTS.B,

14.99%,

1/03/25

14,509

14,470

APP-11382734.FP.FTS.B,

23.49%,

1/04/25

8,312

8,139

APP-11320650.FP.FTS.B,

23.99%,

1/06/25

10,893

10,682

APP-11373259.FP.FTS.B,

14.99%,

1/07/25

23,268

23,197

APP-11333496.FP.FTS.B,

18.99%,

1/07/25

6,311

6,296

APP-09356867.FP.FTS.B,

9.99%,

1/08/25

.

33,191

33,520

APP-11398498.FP.FTS.B,

19.49%,

1/08/25

10,944

10,738

APP-11062102.FP.FTS.B,

19.99%,

1/08/25

15,787

3,380

APP-11393301.FP.FTS.B,

21.99%,

1/08/25

18,015

17,687

APP-11389002.FP.FTS.B,

17.99%,

1/09/25

5,300

5,305

APP-11319269.FP.FTS.B,

21.99%,

1/09/25

14,294

14,055

APP-11694688.FP.FTS.B,

18.99%,

1/12/25

8,710

8,683

APP-12194196.FP.FTS.B,

13.24%,

1/16/25

35,242

35,470

APP-12251612.FP.FTS.B,

17.49%,

1/17/25

9,381

9,379

APP-09868557.FP.FTS.B,

11.99%,

1/20/25

13,688

13,809

APP-12106244.FP.FTS.B,

18.99%,

1/22/25

9,382

9,360

APP-12139687.FP.FTS.B,

11.74%,

1/23/25

27,705

27,975

APP-12017001.FP.FTS.B,

9.74%,

1/24/25

.

12,305

12,437

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12207671.FP.FTS.B,

16.99%,

1/25/25

$

7,176

$

7,230

APP-12266979.FP.FTS.B,

11.74%,

1/28/25

16,182

16,345

APP-11323523.FP.FTS.B,

23.99%,

1/30/25

9,091

9,064

APP-11803536.FP.FTS.B,

13.99%,

2/01/25

20,549

20,656

APP-11792552.FP.FTS.B,

17.49%,

2/01/25

20,160

19,987

APP-11694342.FP.FTS.B,

7.74%,

2/02/25

.

3,016

3,015

APP-11799504.FP.FTS.B,

9.74%,

2/05/25

.

8,909

8,992

APP-11806647.FP.FTS.B,

23.99%,

2/10/25

11,341

1,231

APP-11821456.FP.FTS.B,

23.74%,

2/11/25

21,639

2,063

APP-11799282.FP.FTS.B,

9.74%,

2/12/25

.

11,202

11,317

APP-11767460.FP.FTS.B,

13.74%,

2/12/25

22,258

22,452

APP-11594848.FP.FTS.B,

14.99%,

2/12/25

15,668

15,608

APP-11803668.FP.FTS.B,

23.99%,

2/13/25

9,038

8,902

APP-12227846.FP.FTS.B,

9.49%,

3/01/25

.

17,078

17,220

APP-12223360.FP.FTS.B,

15.74%,

3/01/25

26,058

25,914

APP-11194436.FP.FTS.B,

15.99%,

3/01/25

21,859

21,897

APP-12257518.FP.FTS.B,

18.99%,

3/01/25

10,553

10,396

APP-11946510.FP.FTS.B,

12.74%,

3/04/25

7,866

7,949

APP-08749214.FP.FTS.B,

20.49%,

3/05/25

8,774

8,933

APP-12244086.FP.FTS.B,

15.49%,

3/11/25

14,156

13,966

APP-12119651.FP.FTS.B,

8.99%,

3/12/25

.

22,087

22,336

APP-12139540.FP.FTS.B,

9.99%,

3/12/25

.

10,915

11,025

APP-08503046.FP.FTS.B,

12.99%,

3/12/25

20,608

20,858

APP-11946706.FP.FTS.B,

14.49%,

3/12/25

12,295

12,314

APP-12131559.FP.FTS.B,

23.99%,

3/12/25

12,083

2,669

APP-12239890.FP.FTS.B,

23.99%,

3/12/25

9,166

9,037

APP-12246852.FP.FTS.B,

23.99%,

3/12/25

12,915

12,708

APP-10005462.FP.FTS.B,

9.74%,

3/13/25

.

10,665

10,791

APP-12139811.FP.FTS.B,

11.74%,

3/13/25

21,643

21,860

APP-12216739.FP.FTS.B,

16.99%,

3/13/25

15,518

15,476

APP-08957136.FP.FTS.B,

14.99%,

4/15/25

18,934

19,184

APP-08980006.FP.FTS.B,

16.49%,

4/17/25

8,449

8,572

APP-09058670.FP.FTS.B,

16.49%,

4/27/25

6,406

6,524

APP-08944850.FP.FTS.B,

18.49%,

5/02/25

10,999

11,132

APP-09302675.FP.FTS.B,

15.99%,

5/14/25

8,258

8,358

APP-09216358.FP.FTS.B,

14.99%,

5/16/25

29,483

29,823

APP-08976296.FP.FTS.B,

18.49%,

5/17/25

8,507

8,640

APP-09335187.FP.FTS.B,

16.99%,

5/20/25

8,744

8,934

APP-08870796.FP.FTS.B,

19.49%,

5/23/25

5,971

6,105

APP-08914897.FP.FTS.B,

12.99%,

5/29/25

12,334

12,552

APP-08967293.FP.FTS.B,

17.49%,

5/29/25

13,095

13,437

APP-09071487.FP.FTS.B,

16.99%,

5/30/25

12,894

13,104

APP-09014884.FP.FTS.B,

14.99%,

5/31/25

27,158

27,550

APP-09231496.FP.FTS.B,

14.99%,

6/01/25

33,538

33,917

APP-08988851.FP.FTS.B,

16.99%,

6/01/25

34,189

34,776

APP-09029616.FP.FTS.B,

21.49%,

6/03/25

6,391

1,278

APP-08980050.FP.FTS.B,

14.99%,

6/04/25

17,184

17,450

APP-09023075.FP.FTS.B,

14.99%,

6/05/25

16,539

16,803

APP-09114468.FP.FTS.B,

16.49%,

6/05/25

10,553

3,070

APP-08991172.FP.FTS.B,

17.49%,

6/05/25

5,101

5,212

APP-09036276.FP.FTS.B,

18.99%,

6/05/25

27,270

27,727

APP-09134525.FP.FTS.B,

19.99%,

6/05/25

19,100

19,502

APP-09045917.FP.FTS.B,

18.99%,

6/11/25

22,993

13,165

APP-09076478.FP.FTS.B,

20.49%,

6/13/25

17,261

17,701

APP-09106073.FP.FTS.B,

19.99%,

6/14/25

7,256

4,234

APP-09130603.FP.FTS.B,

12.99%,

6/15/25

12,997

13,192

APP-09012739.FP.FTS.B,

14.49%,

6/15/25

8,855

8,999

APP-09100537.FP.FTS.B,

17.99%,

6/15/25

8,793

8,948

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

208

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09130807.FP.FTS.B,

14.99%,

6/16/25

$

13,578

$

13,773

APP-09046414.FP.FTS.B,

14.99%,

6/23/25

23,027

23,383

APP-09352017.FP.FTS.B,

16.99%,

6/27/25

6,095

6,187

APP-09302995.FP.FTS.B,

14.99%,

7/10/25

7,532

7,658

APP-09352779.FP.FTS.B,

18.49%,

7/10/25

6,376

6,490

APP-09375788.FP.FTS.B,

18.49%,

7/10/25

6,953

7,075

APP-09354577.FP.FTS.B,

18.49%,

7/11/25

13,980

14,238

APP-09355200.FP.FTS.B,

14.99%,

7/17/25

28,296

28,752

APP-09428299.FP.FTS.B,

17.99%,

7/19/25

25,500

26,012

APP-09765452.FP.FTS.B,

16.49%,

8/08/25

11,856

12,050

APP-09751288.FP.FTS.B,

14.49%,

8/09/25

12,126

12,231

APP-09717803.FP.FTS.B,

18.49%,

8/10/25

6,999

7,094

APP-10142907.FP.FTS.B,

14.99%,

8/12/25

34,152

34,608

APP-09813384.FP.FTS.B,

12.74%,

8/13/25

16,781

17,007

APP-09797956.FP.FTS.B,

14.74%,

8/13/25

11,766

11,927

APP-09659731.FP.FTS.B,

14.24%,

8/15/25

28,555

28,950

APP-08970788.FP.FTS.B,

17.49%,

8/16/25

7,572

7,699

APP-10203250.FP.FTS.B,

13.24%,

8/17/25

12,673

12,859

APP-10196365.FP.FTS.B,

16.99%,

8/17/25

35,985

36,534

APP-09634185.FP.FTS.B,

16.49%,

8/22/25

19,364

19,732

APP-09775671.FP.FTS.B,

18.49%,

8/23/25

14,376

14,708

APP-09789796.FP.FTS.B,

17.99%,

8/24/25

19,023

19,418

APP-09776164.FP.FTS.B,

15.99%,

8/25/25

8,752

8,914

APP-09262014.FP.FTS.B,

14.99%,

8/27/25

16,834

17,100

APP-09786759.FP.FTS.B,

21.99%,

8/27/25

5,576

5,579

APP-10479148.FP.FTS.B,

18.99%,

9/02/25

22,083

4,285

APP-10450365.FP.FTS.B,

10.99%,

9/03/25

12,789

12,932

APP-10476920.FP.FTS.B,

8.99%,

9/06/25

.

14,425

14,604

APP-10400942.FP.FTS.B,

10.99%,

9/10/25

10,816

10,955

APP-10444335.FP.FTS.B,

11.49%,

9/11/25

28,103

28,455

APP-10510050.FP.FTS.B,

16.99%,

9/18/25

10,513

10,658

APP-10561719.FP.FTS.B,

12.74%,

9/20/25

8,838

8,967

APP-10432695.FP.FTS.B,

16.99%,

9/20/25

37,106

37,585

APP-10156735.FP.FTS.B,

16.49%,

9/23/25

19,390

19,704

APP-10602597.FP.FTS.B,

19.49%,

9/24/25

31,789

3,488

APP-10561277.FP.FTS.B,

19.49%,

9/25/25

7,875

7,835

APP-10248500.FP.FTS.B,

22.99%,

9/27/25

32,492

33,055

APP-10156534.FP.FTS.B,

10.99%,

9/30/25

18,780

19,074

APP-10204096.FP.FTS.B,

10.99%,

10/01/25

..........................

15,095

15,310

APP-09708653.FP.FTS.B,

13.24%,

10/01/25

..........................

17,013

17,235

APP-10060747.FP.FTS.B,

13.74%,

10/01/25

..........................

20,274

20,570

APP-10157176.FP.FTS.B,

16.49%,

10/01/25

..........................

16,944

17,173

APP-10459241.FP.FTS.B,

17.99%,

10/01/25

..........................

10,162

10,253

APP-10203214.FP.FTS.B,

18.99%,

10/01/25

..........................

15,862

16,008

APP-10244672.FP.FTS.B,

20.99%,

10/01/25

..........................

15,211

15,298

APP-10682601.FP.FTS.B,

16.49%,

10/02/25

..........................

27,232

14,949

APP-10684832.FP.FTS.B,

20.99%,

10/02/25

..........................

7,936

7,967

APP-10092907.FP.FTS.B,

17.99%,

10/04/25

..........................

22,635

22,890

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10243948.FP.FTS.B,

18.99%,

10/04/25

..........................

$

16,147

$

16,287

APP-10245113.FP.FTS.B,

20.99%,

10/04/25

5,968

608

APP-09979972.FP.FTS.B,

14.49%,

10/05/25

..........................

30,798

31,175

APP-10263399.FP.FTS.B,

26.49%,

10/08/25

..........................

5,923

5,993

APP-10770205.FP.FTS.B,

18.49%,

10/09/25

..........................

8,364

8,466

APP-10485308.FP.FTS.B,

16.99%,

10/12/25

..........................

11,595

11,732

APP-10480296.FP.FTS.B,

19.49%,

10/12/25

..........................

11,360

11,532

APP-10293468.FP.FTS.B,

12.49%,

10/15/25

..........................

33,180

33,627

APP-10354360.FP.FTS.B,

19.49%,

10/15/25

..........................

18,837

19,086

APP-10479307.FP.FTS.B,

19.99%,

10/15/25

..........................

12,337

12,492

APP-10516445.FP.FTS.B,

11.49%,

10/16/25

25,065

25,413

APP-10384915.FP.FTS.B,

16.49%,

10/17/25

..........................

13,300

13,492

APP-10450638.FP.FTS.B,

16.99%,

10/18/25

..........................

11,034

11,191

APP-10497677.FP.FTS.B,

12.74%,

10/20/25

..........................

9,402

9,544

APP-10567121.FP.FTS.B,

13.24%,

10/20/25

..........................

17,202

17,454

APP-10578108.FP.FTS.B,

14.49%,

10/22/25

..........................

21,863

22,202

APP-10315400.FP.FTS.B,

16.49%,

10/22/25

..........................

19,468

19,784

APP-10474872.FP.FTS.B,

18.99%,

10/28/25

..........................

9,811

10,014

APP-10519197.FP.FTS.B,

15.99%,

10/29/25

..........................

25,963

26,452

APP-10692380.FP.FTS.B,

16.49%,

11/01/25

23,196

23,342

APP-10689729.FP.FTS.B,

13.99%,

11/05/25

7,700

7,794

APP-10605982.FP.FTS.B,

10.99%,

11/09/25

20,946

21,226

APP-11104456.FP.FTS.B,

10.99%,

11/10/25

9,136

9,247

APP-10606420.FP.FTS.B,

10.99%,

11/15/25

23,154

23,499

APP-10839237.FP.FTS.B,

10.99%,

11/15/25

17,117

17,347

APP-11210666.FP.FTS.B,

10.99%,

11/15/25

16,658

16,864

APP-11376181.FP.FTS.B,

10.99%,

11/15/25

10,835

10,967

APP-11237796.FP.FTS.B,

16.49%,

11/15/25

13,865

14,045

APP-10776817.FP.FTS.B,

16.99%,

11/15/25

29,521

30,016

APP-11280073.FP.FTS.B,

17.49%,

11/15/25

25,539

25,868

APP-11398866.FP.FTS.B,

12.74%,

11/16/25

9,764

9,883

APP-10681833.FP.FTS.B,

15.99%,

11/16/25

23,225

23,574

APP-10768953.FP.FTS.B,

18.99%,

11/17/25

10,042

10,198

APP-10773457.FP.FTS.B,

11.49%,

11/22/25

18,238

18,393

APP-10692429.FP.FTS.B,

20.99%,

11/22/25

8,229

8,361

APP-10476373.FP.FTS.B,

10.99%,

11/25/25

11,903

12,094

APP-11802431.FP.FTS.B,

10.24%,

12/18/25

10,470

10,603

APP-10770088.FP.FTS.B,

10.99%,

12/18/25

..........................

22,068

22,390

APP-11305215.FP.FTS.B,

13.24%,

12/19/25

12,928

13,115

APP-11194608.FP.FTS.B,

10.99%,

12/20/25

14,386

14,589

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

209

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11253357.FP.FTS.B,

13.24%,

12/20/25

$

14,113

$

14,282

APP-11237745.FP.FTS.B,

17.49%,

12/20/25

7,069

7,169

APP-11793362.FP.FTS.B,

17.99%,

12/20/25

30,842

31,041

APP-10746117.FP.FTS.B,

8.99%,

12/26/25

14,051

14,250

APP-11379674.FP.FTS.B,

11.49%,

12/26/25

29,864

30,309

APP-11772465.FP.FTS.B,

10.99%,

12/27/25

33,486

33,893

APP-11384860.FP.FTS.B,

12.49%,

12/28/25

30,669

31,096

APP-11805285.FP.FTS.B,

16.99%,

12/29/25

10,405

10,552

APP-11249658.FP.FTS.B,

10.49%,

1/02/26

34,796

35,290

APP-11374960.FP.FTS.B,

14.99%,

1/02/26

4,299

4,267

APP-11104135.FP.FTS.B,

11.49%,

1/03/26

29,909

30,349

APP-11321062.FP.FTS.B,

14.49%,

1/03/26

10,553

10,655

APP-11411443.FP.FTS.B,

17.49%,

1/03/26

10,633

10,646

APP-11287073.FP.FTS.B,

21.99%,

1/03/26

26,135

26,169

APP-11378327.FP.FTS.B,

17.99%,

1/07/26

10,852

10,896

APP-11397672.FP.FTS.B,

12.49%,

1/08/26

39,049

39,639

APP-11380825.FP.FTS.B,

18.49%,

1/08/26

14,575

14,643

APP-11279539.FP.FTS.B,

15.99%,

1/09/26

8,351

8,483

APP-11403530.FP.FTS.B,

19.49%,

1/09/26

8,474

8,548

APP-12261586.FP.FTS.B,

16.99%,

1/15/26

14,665

14,799

APP-12244806.FP.FTS.B,

16.74%,

1/22/26

24,977

25,287

APP-12125189.FP.FTS.B,

19.49%,

1/25/26

13,053

13,227

APP-12219829.FP.FTS.B,

16.99%,

1/26/26

10,408

10,539

APP-12229052.FP.FTS.B,

17.99%,

1/26/26

16,235

16,463

APP-12243882.FP.FTS.B,

19.49%,

1/27/26

8,580

8,706

APP-12249724.FP.FTS.B,

22.49%,

1/27/26

7,245

732

APP-12266935.FP.FTS.B,

18.49%,

1/28/26

15,466

15,698

APP-11804977.FP.FTS.B,

16.74%,

1/31/26

24,267

24,380

APP-11803364.FP.FTS.B,

10.24%,

2/01/26

14,574

14,757

APP-11816651.FP.FTS.B,

26.49%,

2/01/26

6,467

6,435

APP-11770041.FP.FTS.B,

15.99%,

2/02/26

9,865

9,918

APP-11792403.FP.FTS.B,

13.99%,

2/03/26

18,837

18,973

APP-11335385.FP.FTS.B,

10.99%,

2/04/26

14,769

14,969

APP-11751019.FP.FTS.B,

15.99%,

2/05/26

4,636

4,636

APP-11785448.FP.FTS.B,

13.49%,

2/11/26

15,737

15,911

APP-11799618.FP.FTS.B,

15.24%,

2/11/26

8,328

8,479

APP-11731938.FP.FTS.B,

16.99%,

2/11/26

13,681

1,431

APP-11799543.FP.FTS.B,

13.24%,

2/12/26

8,256

8,386

APP-11817724.FP.FTS.B,

20.74%,

2/12/26

19,085

19,152

APP-11802110.FP.FTS.B,

16.99%,

2/13/26

20,459

20,673

APP-12285827.FP.FTS.B,

13.24%,

3/01/26

8,721

8,824

APP-11946533.FP.FTS.B,

16.24%,

3/01/26

25,775

25,780

APP-12236342.FP.FTS.B,

16.49%,

3/08/26

20,765

20,806

APP-12231516.FP.FTS.B,

15.99%,

3/09/26

7,932

8,070

APP-12223796.FP.FTS.B,

21.24%,

3/11/26

22,637

22,634

APP-12243350.FP.FTS.B,

9.99%,

3/12/26

.

18,157

18,459

APP-12201290.FP.FTS.B,

14.74%,

3/12/26

44,219

24,361

APP-12106220.FP.FTS.B,

18.99%,

3/12/26

10,860

10,945

APP-12140905.FP.FTS.B,

24.99%,

3/12/26

8,190

8,231

APP-12033222.FP.FTS.B,

13.24%,

3/14/26

29,969

3,235

APP-12262753.FP.FTS.B,

14.99%,

3/14/26

18,018

18,167

APP-10214931.FP.FTS.B,

15.99%,

3/19/26

32,726

33,111

APP-08739403.FP.FTS.B,

16.99%,

3/21/26

20,546

20,920

APP-11393685.FP.FTS.B,

17.49%,

3/30/26

23,439

23,697

APP-08907777.FP.FTS.B,

17.99%,

4/12/26

5,789

5,899

APP-08330688.FP.FTS.B,

14.99%,

4/15/26

17,834

18,129

APP-08985969.FP.FTS.B,

18.99%,

4/15/26

15,985

16,182

APP-08971565.FP.FTS.B,

17.99%,

4/16/26

20,057

20,473

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-08979775.FP.FTS.B,

23.99%,

4/16/26

$

21,478

$

22,053

APP-09077004.FP.FTS.B,

16.99%,

4/17/26

7,706

7,823

APP-08698355.FP.FTS.B,

18.99%,

4/17/26

13,354

13,599

APP-08999178.FP.FTS.B,

17.99%,

4/20/26

20,056

20,533

APP-09019999.FP.FTS.B,

13.49%,

4/22/26

35,966

36,558

APP-09100185.FP.FTS.B,

18.99%,

4/30/26

9,140

9,381

APP-09087999.FP.FTS.B,

21.49%,

4/30/26

24,394

25,031

APP-08979983.FP.FTS.B,

19.99%,

5/01/26

8,997

9,113

APP-08726744.FP.FTS.B,

21.49%,

5/01/26

27,897

28,312

APP-09232273.FP.FTS.B,

19.49%,

5/03/26

31,701

32,045

APP-08741967.FP.FTS.B,

17.49%,

5/05/26

22,573

22,955

APP-08676164.FP.FTS.B,

20.99%,

5/05/26

7,096

7,218

APP-09232139.FP.FTS.B,

22.49%,

5/07/26

24,738

25,130

APP-09214807.FP.FTS.B,

19.99%,

5/13/26

4,698

1,418

APP-09321377.FP.FTS.B,

17.49%,

5/15/26

19,664

19,923

APP-08975984.FP.FTS.B,

16.99%,

5/17/26

15,672

15,928

APP-08980618.FP.FTS.B,

22.99%,

5/17/26

38,695

39,535

APP-08999101.FP.FTS.B,

19.99%,

5/19/26

8,873

9,084

APP-08950723.FP.FTS.B,

14.99%,

5/21/26

11,561

11,754

APP-09018769.FP.FTS.B,

12.99%,

5/22/26

10,428

10,611

APP-08882597.FP.FTS.B,

17.49%,

5/22/26

29,149

29,686

APP-08996892.FP.FTS.B,

18.49%,

5/22/26

30,059

30,713

APP-09015317.FP.FTS.B,

18.99%,

5/22/26

15,974

16,241

APP-08994245.FP.FTS.B,

22.99%,

5/22/26

36,242

37,151

APP-09017828.FP.FTS.B,

26.49%,

5/22/26

8,361

2,934

APP-09024930.FP.FTS.B,

13.49%,

5/23/26

6,952

7,065

APP-09018294.FP.FTS.B,

18.99%,

5/23/26

17,968

18,383

APP-09025698.FP.FTS.B,

19.49%,

5/23/26

30,216

30,737

APP-09025472.FP.FTS.B,

19.99%,

5/23/26

15,891

16,275

APP-08902866.FP.FTS.B,

20.49%,

5/23/26

19,620

20,002

APP-09012359.FP.FTS.B,

23.49%,

5/23/26

12,374

12,699

APP-08934150.FP.FTS.B,

17.99%,

5/25/26

3,797

3,793

APP-08932092.FP.FTS.B,

14.99%,

5/26/26

14,729

15,009

APP-08979821.FP.FTS.B,

16.49%,

5/26/26

11,571

11,802

APP-09341585.FP.FTS.B,

22.99%,

5/26/26

12,997

8,823

APP-09356444.FP.FTS.B,

17.49%,

5/27/26

15,099

15,438

APP-09437723.FP.FTS.B,

20.99%,

5/27/26

17,477

17,774

APP-09352425.FP.FTS.B,

14.99%,

5/28/26

23,505

23,876

APP-08989489.FP.FTS.B,

22.99%,

5/28/26

7,774

7,985

APP-08924259.FP.FTS.B,

15.49%,

5/29/26

26,598

27,153

APP-09016739.FP.FTS.B,

15.49%,

5/29/26

24,746

25,181

APP-09057970.FP.FTS.B,

16.99%,

5/29/26

7,414

7,553

APP-09057834.FP.FTS.B,

18.99%,

5/29/26

20,109

20,525

APP-08970339.FP.FTS.B,

22.49%,

5/29/26

13,091

13,488

APP-09330764.FP.FTS.B,

22.49%,

5/29/26

6,963

6,952

APP-09063657.FP.FTS.B,

22.99%,

5/29/26

37,431

38,254

APP-08923777.FP.FTS.B,

12.99%,

5/30/26

21,088

21,501

APP-08970713.FP.FTS.B,

12.99%,

5/30/26

20,578

20,981

APP-08924285.FP.FTS.B,

14.99%,

5/30/26

15,214

15,494

APP-08972934.FP.FTS.B,

17.49%,

5/30/26

9,224

3,759

APP-08967703.FP.FTS.B,

19.49%,

5/30/26

2,591

2,589

APP-08976475.FP.FTS.B,

20.99%,

5/30/26

10,166

10,441

APP-09021433.FP.FTS.B,

21.99%,

5/30/26

4,115

4,123

APP-08924296.FP.FTS.B,

22.49%,

5/30/26

20,743

20,977

APP-09095354.FP.FTS.B,

12.99%,

5/31/26

17,631

17,922

APP-08950786.FP.FTS.B,

18.99%,

5/31/26

13,687

13,892

APP-09088134.FP.FTS.B,

18.99%,

5/31/26

4,590

4,589

APP-08974488.FP.FTS.B,

21.49%,

5/31/26

11,826

11,987

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

210

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09060458.FP.FTS.B,

22.49%,

5/31/26

$

10,243

$

10,367

APP-09095478.FP.FTS.B,

13.49%,

6/01/26

26,059

4,623

APP-09013810.FP.FTS.B,

14.99%,

6/01/26

9,013

9,157

APP-09094872.FP.FTS.B,

14.99%,

6/01/26

21,813

22,120

APP-09020308.FP.FTS.B,

16.99%,

6/01/26

15,223

15,460

APP-09029242.FP.FTS.B,

17.49%,

6/01/26

37,968

38,493

APP-09081945.FP.FTS.B,

17.49%,

6/01/26

14,552

1,690

APP-08816539.FP.FTS.B,

20.49%,

6/01/26

18,508

18,747

APP-08960464.FP.FTS.B,

20.99%,

6/01/26

27,156

27,516

APP-09109896.FP.FTS.B,

21.99%,

6/01/26

12,051

2,407

APP-08991906.FP.FTS.B,

21.49%,

6/02/26

20,928

21,220

APP-08684451.FP.FTS.B,

12.99%,

6/03/26

10,802

10,879

APP-09010389.FP.FTS.B,

12.99%,

6/03/26

17,354

17,634

APP-08991587.FP.FTS.B,

17.49%,

6/03/26

23,582

1,642

APP-08990964.FP.FTS.B,

12.99%,

6/04/26

16,146

16,412

APP-09010521.FP.FTS.B,

12.99%,

6/04/26

12,662

12,870

APP-09018394.FP.FTS.B,

13.49%,

6/04/26

29,691

30,180

APP-08847606.FP.FTS.B,

15.49%,

6/04/26

30,536

30,997

APP-08907106.FP.FTS.B,

17.49%,

6/04/26

8,799

8,953

APP-08980085.FP.FTS.B,

18.99%,

6/04/26

5,993

5,997

APP-08979954.FP.FTS.B,

12.99%,

6/05/26

19,661

20,015

APP-09020682.FP.FTS.B,

12.99%,

6/05/26

10,383

10,554

APP-09017269.FP.FTS.B,

14.99%,

6/05/26

18,835

19,158

APP-09105301.FP.FTS.B,

14.99%,

6/05/26

12,451

12,622

APP-09017547.FP.FTS.B,

15.49%,

6/05/26

6,657

6,655

APP-09019228.FP.FTS.B,

16.99%,

6/05/26

15,952

16,263

APP-09025257.FP.FTS.B,

17.49%,

6/05/26

15,326

15,575

APP-09142993.FP.FTS.B,

17.99%,

6/05/26

20,051

20,304

APP-09087784.FP.FTS.B,

18.99%,

6/05/26

6,088

6,097

APP-09433384.FP.FTS.B,

19.49%,

6/05/26

14,574

2,004

APP-09027027.FP.FTS.B,

21.49%,

6/05/26

16,606

16,756

APP-08984175.FP.FTS.B,

23.49%,

6/05/26

17,390

1,667

APP-08960524.FP.FTS.B,

12.99%,

6/06/26

18,151

18,457

APP-08968271.FP.FTS.B,

19.49%,

6/06/26

26,400

26,891

APP-08923668.FP.FTS.B,

21.49%,

6/06/26

10,503

10,642

APP-09054133.FP.FTS.B,

20.99%,

6/08/26

7,818

7,950

APP-09083545.FP.FTS.B,

15.49%,

6/10/26

31,621

32,114

APP-09078022.FP.FTS.B,

16.99%,

6/10/26

16,769

17,065

APP-09096295.FP.FTS.B,

17.49%,

6/10/26

13,878

14,096

APP-09081667.FP.FTS.B,

21.49%,

6/10/26

5,557

2,496

APP-09070140.FP.FTS.B,

12.99%,

6/12/26

11,772

11,975

APP-09074502.FP.FTS.B,

17.49%,

6/12/26

26,821

27,319

APP-09074432.FP.FTS.B,

19.99%,

6/12/26

9,356

9,534

APP-09056086.FP.FTS.B,

20.99%,

6/12/26

25,123

25,607

APP-09057421.FP.FTS.B,

21.49%,

6/12/26

29,018

29,523

APP-09070087.FP.FTS.B,

24.49%,

6/12/26

24,176

24,537

APP-08447667.FP.FTS.B,

12.99%,

6/13/26

18,551

18,879

APP-08649324.FP.FTS.B,

20.49%,

6/13/26

19,578

19,965

APP-09045278.FP.FTS.B,

12.99%,

6/14/26

9,358

9,513

APP-09096903.FP.FTS.B,

12.99%,

6/15/26

12,585

12,788

APP-08847769.FP.FTS.B,

14.99%,

6/15/26

11,515

11,725

APP-09213296.FP.FTS.B,

14.99%,

6/15/26

22,277

22,604

APP-09111302.FP.FTS.B,

18.49%,

6/15/26

38,483

39,164

APP-09241097.FP.FTS.B,

20.49%,

6/15/26

17,216

17,406

APP-09242266.FP.FTS.B,

22.99%,

6/15/26

25,656

25,929

APP-09133899.FP.FTS.B,

22.99%,

6/16/26

30,333

30,606

APP-09029834.FP.FTS.B,

18.49%,

6/18/26

9,509

9,684

APP-09132903.FP.FTS.B,

18.99%,

6/18/26

16,301

16,620

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09125842.FP.FTS.B,

20.49%,

6/18/26

$

20,263

$

20,674

APP-09281875.FP.FTS.B,

14.99%,

6/20/26

20,886

21,187

APP-09122466.FP.FTS.B,

16.99%,

6/20/26

20,485

20,821

APP-09290922.FP.FTS.B,

25.49%,

6/22/26

15,937

16,263

APP-09351595.FP.FTS.B,

15.49%,

6/27/26

26,401

26,841

APP-09341526.FP.FTS.B,

23.49%,

6/27/26

7,859

8,054

APP-09198220.FP.FTS.B,

15.49%,

6/28/26

10,751

11,013

APP-09238269.FP.FTS.B,

15.49%,

6/28/26

37,581

38,260

APP-09096348.FP.FTS.B,

18.99%,

6/28/26

18,659

19,035

APP-09201816.FP.FTS.B,

19.49%,

6/28/26

8,221

8,427

APP-09129616.FP.FTS.B,

20.99%,

6/28/26

16,353

16,738

APP-09374876.FP.FTS.B,

17.49%,

6/29/26

30,248

30,748

APP-09335597.FP.FTS.B,

19.99%,

6/29/26

25,966

26,542

APP-09045155.FP.FTS.B,

20.99%,

6/29/26

11,096

11,358

APP-09355512.FP.FTS.B,

20.99%,

6/29/26

11,024

11,117

APP-08967513.FP.FTS.B,

23.49%,

6/30/26

8,668

8,806

APP-08979130.FP.FTS.B,

24.49%,

6/30/26

26,028

5,896

APP-08984739.FP.FTS.B,

17.49%,

7/01/26

38,180

38,797

APP-09785029.FP.FTS.B,

17.99%,

7/01/26

7,585

7,638

APP-09789894.FP.FTS.B,

21.49%,

7/01/26

17,491

17,600

APP-09351048.FP.FTS.B,

22.49%,

7/01/26

13,178

7,942

APP-09771718.FP.FTS.B,

18.49%,

7/02/26

29,373

29,690

APP-09274045.FP.FTS.B,

22.49%,

7/02/26

20,129

20,340

APP-09717698.FP.FTS.B,

13.24%,

7/03/26

17,054

17,249

APP-08998864.FP.FTS.B,

26.49%,

7/03/26

9,073

4,136

APP-09290915.FP.FTS.B,

17.49%,

7/04/26

15,522

15,714

APP-09379010.FP.FTS.B,

22.49%,

7/04/26

18,321

18,478

APP-09029840.FP.FTS.B,

13.49%,

7/05/26

21,867

22,162

APP-09490392.FP.FTS.B,

13.99%,

7/05/26

37,832

38,280

APP-09322470.FP.FTS.B,

15.49%,

7/05/26

22,246

22,595

APP-09778974.FP.FTS.B,

21.49%,

7/05/26

36,491

36,818

APP-09569037.FP.FTS.B,

13.24%,

7/06/26

21,799

22,068

APP-09445164.FP.FTS.B,

13.49%,

7/06/26

26,813

27,182

APP-09441854.FP.FTS.B,

17.49%,

7/06/26

15,420

15,638

APP-09161618.FP.FTS.B,

17.99%,

7/06/26

26,715

27,068

APP-09427047.FP.FTS.B,

19.99%,

7/06/26

9,621

9,757

APP-09440082.FP.FTS.B,

22.49%,

7/06/26

16,855

1,691

APP-09447903.FP.FTS.B,

23.49%,

7/06/26

17,195

17,190

APP-09448166.FP.FTS.B,

14.99%,

7/07/26

21,955

22,379

APP-09354737.FP.FTS.B,

15.49%,

7/07/26

5,761

5,857

APP-09207999.FP.FTS.B,

20.49%,

7/07/26

31,745

32,232

APP-09363228.FP.FTS.B,

21.49%,

7/07/26

9,765

9,687

APP-08684302.FP.FTS.B,

13.74%,

7/08/26

28,051

28,410

APP-09331398.FP.FTS.B,

14.99%,

7/09/26

18,434

18,790

APP-09717797.FP.FTS.B,

16.99%,

7/09/26

15,719

15,915

APP-09768010.FP.FTS.B,

17.99%,

7/09/26

26,758

27,174

APP-09280276.FP.FTS.B,

18.99%,

7/09/26

16,262

16,551

APP-09778390.FP.FTS.B,

18.99%,

7/09/26

18,094

18,319

APP-09313611.FP.FTS.B,

22.99%,

7/09/26

24,718

25,238

APP-09336762.FP.FTS.B,

12.99%,

7/10/26

9,764

9,928

APP-09337683.FP.FTS.B,

13.49%,

7/10/26

33,652

34,262

APP-09374305.FP.FTS.B,

14.99%,

7/10/26

11,576

11,764

APP-08447355.FP.FTS.B,

17.49%,

7/10/26

4,158

4,134

APP-09291214.FP.FTS.B,

17.99%,

7/10/26

23,389

23,758

APP-09424879.FP.FTS.B,

17.99%,

7/10/26

7,195

7,286

APP-09351977.FP.FTS.B,

19.49%,

7/10/26

15,814

16,080

APP-09208095.FP.FTS.B,

17.49%,

7/11/26

13,007

13,196

APP-08684475.FP.FTS.B,

18.99%,

7/11/26

8,000

8,126

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

211

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09343037.FP.FTS.B,

21.99%,

7/11/26

$

6,558

$

6,500

APP-09328185.FP.FTS.B,

15.49%,

7/12/26

28,186

28,640

APP-09358023.FP.FTS.B,

16.99%,

7/12/26

21,764

22,117

APP-09303638.FP.FTS.B,

22.99%,

7/12/26

30,356

30,426

APP-09045901.FP.FTS.B,

14.99%,

7/13/26

17,005

17,289

APP-09815288.FP.FTS.B,

17.49%,

7/13/26

31,423

31,845

APP-09045296.FP.FTS.B,

24.49%,

7/13/26

9,489

9,638

APP-09104211.FP.FTS.B,

26.99%,

7/15/26

31,556

2,872

APP-09697087.FP.FTS.B,

13.74%,

7/16/26

28,580

28,958

APP-09424321.FP.FTS.B,

22.99%,

7/17/26

19,531

19,487

APP-09284176.FP.FTS.B,

23.49%,

7/18/26

16,975

17,262

APP-08914924.FP.FTS.B,

24.99%,

7/19/26

11,294

11,482

APP-09356919.FP.FTS.B,

15.49%,

7/20/26

21,438

21,814

APP-09360053.FP.FTS.B,

20.99%,

7/20/26

8,934

9,098

APP-09045963.FP.FTS.B,

15.49%,

8/01/26

29,079

29,394

APP-09433444.FP.FTS.B,

14.99%,

8/06/26

14,863

15,035

APP-10156862.FP.FTS.B,

17.99%,

8/06/26

39,384

39,664

APP-09709453.FP.FTS.B,

14.24%,

8/09/26

15,345

15,546

APP-08114000.FP.FTS.B,

13.24%,

8/10/26

17,938

18,186

APP-09377950.FP.FTS.B,

16.49%,

8/10/26

8,579

8,693

APP-09708763.FP.FTS.B,

17.49%,

8/10/26

15,687

15,896

APP-09780659.FP.FTS.B,

17.49%,

8/10/26

24,951

25,290

APP-09780914.FP.FTS.B,

18.99%,

8/10/26

13,442

13,617

APP-09787054.FP.FTS.B,

19.99%,

8/10/26

11,926

12,078

APP-09788080.FP.FTS.B,

20.99%,

8/10/26

23,934

2,753

APP-09789653.FP.FTS.B,

23.49%,

8/10/26

16,190

16,377

APP-09249334.FP.FTS.B,

24.49%,

8/10/26

7,618

4,731

APP-09672610.FP.FTS.B,

25.49%,

8/10/26

24,360

24,611

APP-09759315.FP.FTS.B,

13.24%,

8/11/26

17,984

18,239

APP-09794481.FP.FTS.B,

13.24%,

8/11/26

18,537

18,780

APP-09354449.FP.FTS.B,

23.49%,

8/11/26

12,782

12,875

APP-09593157.FP.FTS.B,

14.74%,

8/12/26

26,906

27,293

APP-09781342.FP.FTS.B,

17.99%,

8/12/26

23,614

23,892

APP-09717599.FP.FTS.B,

19.99%,

8/12/26

8,669

8,760

APP-09814448.FP.FTS.B,

13.24%,

8/13/26

27,645

2,237

APP-09808235.FP.FTS.B,

19.49%,

8/13/26

23,739

24,019

APP-09818223.FP.FTS.B,

19.99%,

8/13/26

8,041

8,135

APP-09291173.FP.FTS.B,

13.24%,

8/15/26

21,583

21,894

APP-09771129.FP.FTS.B,

13.24%,

8/15/26

23,662

24,002

APP-09778508.FP.FTS.B,

13.24%,

8/15/26

20,436

20,730

APP-09795345.FP.FTS.B,

13.24%,

8/15/26

21,476

21,790

APP-10135702.FP.FTS.B,

14.24%,

8/15/26

15,872

16,067

APP-10045496.FP.FTS.B,

14.49%,

8/15/26

8,224

8,326

APP-09818529.FP.FTS.B,

17.49%,

8/15/26

16,378

16,593

APP-09788637.FP.FTS.B,

17.99%,

8/15/26

27,639

27,990

APP-09745779.FP.FTS.B,

18.49%,

8/15/26

11,186

11,184

APP-09708666.FP.FTS.B,

19.49%,

8/15/26

18,155

18,373

APP-09766832.FP.FTS.B,

19.99%,

8/15/26

6,389

6,467

APP-09746385.FP.FTS.B,

24.49%,

8/15/26

6,377

6,448

APP-09818659.FP.FTS.B,

25.49%,

8/15/26

10,485

3,660

APP-10272491.FP.FTS.B,

14.24%,

8/17/26

15,001

15,201

APP-09780110.FP.FTS.B,

15.99%,

8/17/26

37,449

38,034

APP-10176592.FP.FTS.B,

15.99%,

8/17/26

38,003

38,566

APP-10169709.FP.FTS.B,

16.99%,

8/17/26

21,492

21,808

APP-09794920.FP.FTS.B,

21.49%,

8/17/26

16,926

17,144

APP-10214566.FP.FTS.B,

17.99%,

8/18/26

20,675

20,986

APP-10213964.FP.FTS.B,

18.99%,

8/18/26

14,490

14,663

APP-10246936.FP.FTS.B,

9.99%,

8/20/26

.

14,047

14,253

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10170330.FP.FTS.B,

11.99%,

8/20/26

$

10,237

$

10,384

APP-10244412.FP.FTS.B,

14.24%,

8/20/26

14,803

15,011

APP-09717880.FP.FTS.B,

15.74%,

8/20/26

20,876

21,213

APP-10163490.FP.FTS.B,

17.99%,

8/20/26

20,295

20,583

APP-09778451.FP.FTS.B,

18.99%,

8/20/26

18,278

18,488

APP-09791612.FP.FTS.B,

18.99%,

8/20/26

39,881

40,490

APP-10236085.FP.FTS.B,

19.99%,

8/20/26

8,070

8,181

APP-09767793.FP.FTS.B,

20.49%,

8/20/26

15,889

16,024

APP-10195666.FP.FTS.B,

20.99%,

8/20/26

25,463

25,811

APP-10244692.FP.FTS.B,

20.99%,

8/20/26

32,187

10,562

APP-09811789.FP.FTS.B,

22.49%,

8/20/26

6,098

6,190

APP-09794262.FP.FTS.B,

25.49%,

8/20/26

7,520

7,636

APP-10127112.FP.FTS.B,

16.49%,

8/21/26

11,901

12,071

APP-10233694.FP.FTS.B,

18.99%,

8/21/26

15,096

15,327

APP-10243564.FP.FTS.B,

20.49%,

8/21/26

16,742

16,818

APP-10246680.FP.FTS.B,

20.99%,

8/21/26

9,815

9,967

APP-10144266.FP.FTS.B,

22.99%,

8/21/26

30,320

30,744

APP-10293482.FP.FTS.B,

11.99%,

8/22/26

12,969

13,127

APP-09717638.FP.FTS.B,

13.24%,

8/22/26

15,857

16,121

APP-10247805.FP.FTS.B,

18.99%,

8/22/26

5,173

5,141

APP-09766134.FP.FTS.B,

15.24%,

8/23/26

19,528

19,864

APP-10258074.FP.FTS.B,

16.99%,

8/23/26

13,928

14,161

APP-09781974.FP.FTS.B,

17.49%,

8/23/26

15,309

3,110

APP-09788355.FP.FTS.B,

17.99%,

8/23/26

39,738

40,434

APP-09569048.FP.FTS.B,

19.99%,

8/23/26

16,843

17,121

APP-09778481.FP.FTS.B,

19.99%,

8/23/26

10,465

10,634

APP-09791696.FP.FTS.B,

19.99%,

8/23/26

16,090

16,355

APP-09790905.FP.FTS.B,

13.24%,

8/24/26

12,342

12,555

APP-09726787.FP.FTS.B,

15.24%,

8/24/26

12,571

12,792

APP-09787833.FP.FTS.B,

15.74%,

8/24/26

31,369

31,924

APP-09794319.FP.FTS.B,

15.74%,

8/24/26

21,172

21,547

APP-09708684.FP.FTS.B,

21.49%,

8/24/26

40,627

41,328

APP-09799620.FP.FTS.B,

21.99%,

8/24/26

8,185

8,340

APP-09759659.FP.FTS.B,

13.24%,

8/25/26

24,684

25,125

APP-09812236.FP.FTS.B,

13.24%,

8/26/26

17,616

17,943

APP-09817213.FP.FTS.B,

13.24%,

8/26/26

9,948

10,126

APP-09811518.FP.FTS.B,

15.74%,

8/27/26

21,503

21,916

APP-10308476.FP.FTS.B,

20.49%,

8/28/26

20,095

20,438

APP-10352432.FP.FTS.B,

11.99%,

9/01/26

15,135

15,296

APP-10357544.FP.FTS.B,

11.99%,

9/04/26

21,268

21,527

APP-10389562.FP.FTS.B,

17.49%,

9/05/26

16,037

16,141

APP-10520402.FP.FTS.B,

25.49%,

9/10/26

8,272

8,282

APP-10352497.FP.FTS.B,

20.49%,

9/11/26

6,042

5,990

APP-10525907.FP.FTS.B,

11.99%,

9/15/26

14,591

14,790

APP-10400798.FP.FTS.B,

14.24%,

9/15/26

18,361

18,604

APP-10508459.FP.FTS.B,

15.99%,

9/15/26

35,051

35,477

APP-10560067.FP.FTS.B,

17.99%,

9/16/26

16,276

16,450

APP-10687242.FP.FTS.B,

20.49%,

9/20/26

19,101

19,110

APP-10158390.FP.FTS.B,

12.49%,

9/21/26

31,040

31,491

APP-10138068.FP.FTS.B,

14.24%,

9/21/26

11,795

11,965

APP-09861229.FP.FTS.B,

11.24%,

9/22/26

9,658

9,802

APP-10201640.FP.FTS.B,

21.49%,

9/22/26

16,386

16,599

APP-10237332.FP.FTS.B,

10.49%,

9/23/26

30,652

31,096

APP-10209954.FP.FTS.B,

16.49%,

9/23/26

10,373

10,539

APP-10211578.FP.FTS.B,

17.49%,

9/23/26

8,722

8,808

APP-09770953.FP.FTS.B,

18.49%,

9/23/26

34,266

34,560

APP-10203826.FP.FTS.B,

13.24%,

9/25/26

39,156

39,807

APP-10229378.FP.FTS.B,

20.99%,

9/25/26

30,829

30,821

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

212

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09356858.FP.FTS.B,

17.49%,

9/27/26

$

39,648

$

40,240

APP-10096062.FP.FTS.B,

11.99%,

9/28/26

10,321

10,485

APP-10244251.FP.FTS.B,

20.49%,

9/28/26

20,609

20,663

APP-10663520.FP.FTS.B,

12.49%,

9/30/26

30,462

30,888

APP-10211394.FP.FTS.B,

14.24%,

9/30/26

15,805

16,092

APP-10156728.FP.FTS.B,

11.74%,

10/01/26

10,566

10,694

APP-10198914.FP.FTS.B,

12.49%,

10/01/26

..........................

33,017

33,517

APP-10135473.FP.FTS.B,

14.24%,

10/01/26

..........................

16,428

16,631

APP-10170262.FP.FTS.B,

14.24%,

10/01/26

..........................

12,583

12,760

APP-10234140.FP.FTS.B,

15.49%,

10/01/26

..........................

35,494

35,934

APP-10203378.FP.FTS.B,

18.99%,

10/01/26

..........................

14,025

14,106

APP-10115186.FP.FTS.B,

23.49%,

10/01/26

17,250

17,156

APP-10206598.FP.FTS.B,

23.49%,

10/01/26

..........................

9,061

9,012

APP-10195837.FP.FTS.B,

11.99%,

10/02/26

13,862

14,050

APP-10221821.FP.FTS.B,

15.49%,

10/02/26

..........................

25,281

25,669

APP-10135726.FP.FTS.B,

16.99%,

10/02/26

..........................

19,569

19,795

APP-10622691.FP.FTS.B,

18.99%,

10/02/26

..........................

10,782

10,764

APP-10210290.FP.FTS.B,

19.99%,

10/02/26

..........................

7,118

7,167

APP-10683820.FP.FTS.B,

19.99%,

10/02/26

..........................

8,330

8,353

APP-10650694.FP.FTS.B,

23.49%,

10/02/26

..........................

17,815

1,767

APP-10174050.FP.FTS.B,

12.74%,

10/03/26

..........................

31,458

31,862

APP-10156986.FP.FTS.B,

19.99%,

10/03/26

..........................

17,947

18,018

APP-10220069.FP.FTS.B,

11.99%,

10/04/26

23,798

24,161

APP-10156629.FP.FTS.B,

14.49%,

10/04/26

..........................

7,919

8,033

APP-10226583.FP.FTS.B,

16.99%,

10/04/26

..........................

19,944

20,088

APP-10235883.FP.FTS.B,

16.99%,

10/04/26

..........................

13,064

13,227

APP-10005303.FP.FTS.B,

17.49%,

10/04/26

..........................

10,804

10,897

APP-10156876.FP.FTS.B,

17.49%,

10/04/26

..........................

33,426

33,774

APP-10229284.FP.FTS.B,

18.99%,

10/04/26

..........................

12,433

7,144

APP-10251523.FP.FTS.B,

19.99%,

10/04/26

..........................

12,810

1,232

APP-10242846.FP.FTS.B,

20.49%,

10/04/26

..........................

14,978

14,985

APP-10374305.FP.FTS.B,

11.99%,

10/05/26

15,758

15,955

APP-10237302.FP.FTS.B,

13.24%,

10/05/26

..........................

40,193

40,782

APP-10109370.FP.FTS.B,

14.24%,

10/05/26

..........................

13,049

13,172

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10157026.FP.FTS.B,

14.24%,

10/05/26

..........................

$

12,319

$

12,488

APP-10156518.FP.FTS.B,

19.99%,

10/05/26

..........................

12,061

11,981

APP-10200104.FP.FTS.B,

16.99%,

10/06/26

..........................

20,608

20,900

APP-10269575.FP.FTS.B,

18.99%,

10/06/26

..........................

20,654

20,794

APP-10253670.FP.FTS.B,

19.99%,

10/06/26

..........................

6,293

6,323

APP-10734778.FP.FTS.B,

11.99%,

10/07/26

14,672

7,391

APP-10156578.FP.FTS.B,

17.99%,

10/07/26

..........................

23,954

24,259

APP-10260301.FP.FTS.B,

22.49%,

10/07/26

..........................

4,217

531

APP-10692650.FP.FTS.B,

11.99%,

10/08/26

14,266

14,444

APP-10670486.FP.FTS.B,

12.74%,

10/08/26

..........................

23,492

23,771

APP-10760769.FP.FTS.B,

16.49%,

10/08/26

..........................

10,290

1,854

APP-10091993.FP.FTS.B,

19.99%,

10/08/26

..........................

16,641

16,744

APP-10744150.FP.FTS.B,

20.49%,

10/08/26

..........................

21,636

21,673

APP-10266247.FP.FTS.B,

21.99%,

10/08/26

..........................

8,495

8,576

APP-10776411.FP.FTS.B,

11.99%,

10/09/26

24,052

24,358

APP-10776963.FP.FTS.B,

14.24%,

10/09/26

..........................

17,839

18,053

APP-10710819.FP.FTS.B,

16.99%,

10/09/26

..........................

14,870

15,033

APP-10291582.FP.FTS.B,

17.49%,

10/09/26

..........................

16,256

16,364

APP-10746959.FP.FTS.B,

17.49%,

10/09/26

..........................

24,697

24,965

APP-10682190.FP.FTS.B,

19.49%,

10/09/26

..........................

17,026

17,073

APP-10476345.FP.FTS.B,

13.24%,

10/12/26

..........................

39,681

40,207

APP-10453291.FP.FTS.B,

17.99%,

10/12/26

..........................

20,333

20,534

APP-10479080.FP.FTS.B,

19.49%,

10/12/26

..........................

9,512

9,542

APP-10477663.FP.FTS.B,

20.99%,

10/12/26

..........................

32,989

33,251

APP-10477679.FP.FTS.B,

17.49%,

10/14/26

..........................

22,927

23,088

APP-10422166.FP.FTS.B,

14.24%,

10/15/26

..........................

15,681

2,928

APP-10433068.FP.FTS.B,

15.49%,

10/15/26

..........................

40,225

40,742

APP-10199991.FP.FTS.B,

16.99%,

10/15/26

..........................

16,284

16,505

APP-10480948.FP.FTS.B,

17.49%,

10/15/26

..........................

14,947

15,076

APP-10477590.FP.FTS.B,

17.99%,

10/15/26

..........................

21,418

21,606

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

213

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10274873.FP.FTS.B,

20.49%,

10/15/26

..........................

$

16,192

$

16,268

APP-10389402.FP.FTS.B,

22.99%,

10/15/26

..........................

3,864

3,797

APP-10505100.FP.FTS.B,

25.49%,

10/15/26

..........................

7,065

7,152

APP-10475255.FP.FTS.B,

21.99%,

10/16/26

..........................

1,145

1,133

APP-10365188.FP.FTS.B,

14.24%,

10/17/26

..........................

12,044

12,224

APP-10514404.FP.FTS.B,

18.99%,

10/17/26

..........................

20,063

20,259

APP-10408188.FP.FTS.B,

18.99%,

10/18/26

..........................

12,294

12,420

APP-10352466.FP.FTS.B,

19.99%,

10/18/26

..........................

11,204

11,295

APP-10463389.FP.FTS.B,

12.49%,

10/20/26

..........................

31,746

32,223

APP-10091267.FP.FTS.B,

13.74%,

10/20/26

..........................

9,989

10,139

APP-10096145.FP.FTS.B,

14.24%,

10/20/26

..........................

19,912

20,216

APP-10568969.FP.FTS.B,

17.49%,

10/20/26

..........................

32,441

32,899

APP-10519975.FP.FTS.B,

20.99%,

10/20/26

..........................

11,051

10,918

APP-10580822.FP.FTS.B,

18.49%,

10/22/26

..........................

16,332

16,483

APP-10518491.FP.FTS.B,

20.49%,

10/22/26

..........................

19,884

20,094

APP-10479074.FP.FTS.B,

22.49%,

10/22/26

..........................

12,147

2,732

APP-10520303.FP.FTS.B,

12.49%,

10/23/26

..........................

27,376

27,818

APP-10459721.FP.FTS.B,

20.99%,

10/23/26

..........................

33,466

33,695

APP-10432275.FP.FTS.B,

12.49%,

10/24/26

..........................

27,213

27,656

APP-10463469.FP.FTS.B,

18.99%,

10/24/26

..........................

42,040

42,523

APP-10362761.FP.FTS.B,

22.99%,

10/24/26

..........................

13,584

13,710

APP-10364110.FP.FTS.B,

11.24%,

10/25/26

39,484

40,129

APP-10475943.FP.FTS.B,

14.74%,

10/25/26

..........................

32,570

33,110

APP-10476876.FP.FTS.B,

16.99%,

10/25/26

..........................

20,217

20,548

APP-10512737.FP.FTS.B,

17.49%,

10/25/26

..........................

16,357

16,595

APP-10352703.FP.FTS.B,

11.99%,

10/26/26

20,197

20,536

APP-10352664.FP.FTS.B,

16.99%,

10/26/26

..........................

18,749

19,064

APP-10478982.FP.FTS.B,

21.49%,

10/26/26

..........................

15,573

15,745

APP-10511819.FP.FTS.B,

14.74%,

10/28/26

29,014

29,536

APP-10352498.FP.FTS.B,

18.49%,

10/28/26

..........................

11,413

11,592

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10479319.FP.FTS.B,

19.49%,

10/28/26

..........................

$

26,257

$

26,466

APP-10516614.FP.FTS.B,

11.99%,

10/29/26

18,357

18,683

APP-10352813.FP.FTS.B,

14.24%,

10/29/26

..........................

15,320

15,597

APP-10432641.FP.FTS.B,

15.49%,

10/29/26

..........................

24,888

25,334

APP-09940038.FP.FTS.B,

17.49%,

10/29/26

..........................

14,826

15,066

APP-10521838.FP.FTS.B,

17.99%,

10/29/26

..........................

21,863

22,220

APP-10459435.FP.FTS.B,

19.99%,

10/29/26

..........................

10,308

10,456

APP-10482401.FP.FTS.B,

20.49%,

10/29/26

..........................

21,555

21,863

APP-10482607.FP.FTS.B,

22.49%,

10/29/26

..........................

8,449

8,575

APP-10527263.FP.FTS.B,

12.24%,

10/30/26

..........................

11,934

12,145

APP-10482600.FP.FTS.B,

16.49%,

10/30/26

..........................

9,552

9,727

APP-10481822.FP.FTS.B,

18.49%,

10/30/26

..........................

20,887

21,045

APP-10537549.FP.FTS.B,

11.99%,

11/02/26

22,602

22,914

APP-10583684.FP.FTS.B,

16.99%,

11/02/26

16,586

16,631

APP-10606158.FP.FTS.B,

14.74%,

11/05/26

22,929

23,177

APP-10624265.FP.FTS.B,

14.24%,

11/06/26

13,466

13,617

APP-11232283.FP.FTS.B,

19.49%,

11/07/26

36,234

11,629

APP-11307937.FP.FTS.B,

11.99%,

11/08/26

18,187

18,385

APP-11099818.FP.FTS.B,

16.49%,

11/09/26

9,942

10,029

APP-11236671.FP.FTS.B,

14.49%,

11/10/26

7,812

7,897

APP-10765319.FP.FTS.B,

14.49%,

11/11/26

6,096

6,176

APP-10621087.FP.FTS.B,

9.99%,

11/13/26

13,869

14,064

APP-11395641.FP.FTS.B,

11.99%,

11/14/26

22,748

23,006

APP-10679263.FP.FTS.B,

17.49%,

11/14/26

5,732

5,680

APP-08869934.FP.FTS.B,

21.99%,

11/14/26

10,058

10,181

APP-10714394.FP.FTS.B,

11.99%,

11/15/26

24,126

24,458

APP-10763123.FP.FTS.B,

13.24%,

11/15/26

40,473

41,033

APP-10662001.FP.FTS.B,

16.99%,

11/15/26

21,373

6,179

APP-10683702.FP.FTS.B,

17.49%,

11/15/26

27,684

8,003

APP-11304024.FP.FTS.B,

17.49%,

11/15/26

11,701

11,797

APP-10672023.FP.FTS.B,

18.49%,

11/15/26

16,714

16,762

APP-11314507.FP.FTS.B,

19.99%,

11/15/26

12,733

12,786

APP-11338199.FP.FTS.B,

20.99%,

11/15/26

25,344

25,383

APP-10688392.FP.FTS.B,

21.99%,

11/15/26

21,301

21,346

APP-10315402.FP.FTS.B,

22.99%,

11/15/26

13,737

13,753

APP-10674729.FP.FTS.B,

23.49%,

11/15/26

16,009

1,986

APP-10718831.FP.FTS.B,

23.99%,

11/15/26

23,552

23,575

APP-10606168.FP.FTS.B,

11.99%,

11/16/26

20,272

20,605

APP-10624425.FP.FTS.B,

11.99%,

11/16/26

17,077

17,336

APP-10683987.FP.FTS.B,

12.49%,

11/16/26

32,402

32,897

APP-10689192.FP.FTS.B,

12.49%,

11/16/26

32,395

32,890

APP-10561131.FP.FTS.B,

17.49%,

11/16/26

28,871

29,280

APP-10679270.FP.FTS.B,

18.99%,

11/16/26

1,832

1,816

APP-11319641.FP.FTS.B,

19.49%,

11/17/26

10,120

10,189

APP-10769646.FP.FTS.B,

11.99%,

11/18/26

20,663

20,956

APP-10768778.FP.FTS.B,

14.74%,

11/18/26

32,675

33,143

APP-11194609.FP.FTS.B,

18.49%,

11/18/26

19,185

19,331

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

214

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11277516.FP.FTS.B,

18.49%,

11/18/26

$

21,626

$

21,654

APP-11305757.FP.FTS.B,

11.99%,

11/19/26

20,423

20,714

APP-11237613.FP.FTS.B,

14.49%,

11/19/26

9,424

9,557

APP-11303292.FP.FTS.B,

16.49%,

11/19/26

8,965

850

APP-10673814.FP.FTS.B,

19.99%,

11/19/26

4,275

4,213

APP-11304254.FP.FTS.B,

21.49%,

11/19/26

42,465

42,687

APP-11296028.FP.FTS.B,

23.49%,

11/19/26

43,946

43,511

APP-10756837.FP.FTS.B,

18.99%,

11/20/26

28,412

28,567

APP-10756762.FP.FTS.B,

12.49%,

11/21/26

26,736

27,155

APP-10750422.FP.FTS.B,

17.49%,

11/21/26

16,943

17,101

APP-10769483.FP.FTS.B,

17.99%,

11/22/26

24,257

24,555

APP-10764525.FP.FTS.B,

20.49%,

11/22/26

15,602

15,717

APP-10624096.FP.FTS.B,

14.24%,

11/23/26

15,353

15,600

APP-10780891.FP.FTS.B,

17.99%,

11/23/26

36,768

37,356

APP-10608955.FP.FTS.B,

19.49%,

11/23/26

44,200

44,311

APP-11103030.FP.FTS.B,

20.49%,

11/23/26

20,304

20,469

APP-10766953.FP.FTS.B,

21.49%,

11/23/26

44,974

45,074

APP-10692601.FP.FTS.B,

22.49%,

11/23/26

8,269

8,337

APP-10762415.FP.FTS.B,

17.99%,

11/24/26

11,743

11,840

APP-11304530.FP.FTS.B,

21.49%,

11/24/26

42,502

42,904

APP-10852925.FP.FTS.B,

11.99%,

11/25/26

22,536

22,867

APP-11387591.FP.FTS.B,

14.49%,

11/25/26

7,910

8,017

APP-11333408.FP.FTS.B,

17.99%,

11/25/26

11,373

11,485

APP-10790084.FP.FTS.B,

18.49%,

11/25/26

16,824

2,039

APP-11386113.FP.FTS.B,

18.99%,

11/25/26

6,317

6,390

APP-11376149.FP.FTS.B,

20.99%,

11/25/26

16,417

16,386

APP-11309855.FP.FTS.B,

19.49%,

12/15/26

25,240

25,409

APP-10624530.FP.FTS.B,

24.99%,

12/15/26

..........................

30,456

30,496

APP-11693780.FP.FTS.B,

10.99%,

12/16/26

27,998

28,321

APP-10688549.FP.FTS.B,

18.99%,

12/16/26

..........................

26,711

26,802

APP-11741440.FP.FTS.B,

19.99%,

12/16/26

8,927

8,958

APP-11689215.FP.FTS.B,

14.74%,

12/18/26

25,633

25,882

APP-11301348.FP.FTS.B,

15.99%,

12/19/26

21,550

21,734

APP-10746025.FP.FTS.B,

16.49%,

12/20/26

..........................

10,683

10,814

APP-11304077.FP.FTS.B,

18.99%,

12/20/26

18,136

18,260

APP-11312173.FP.FTS.B,

20.49%,

12/20/26

21,220

21,334

APP-11307115.FP.FTS.B,

21.99%,

12/20/26

22,978

22,985

APP-11283905.FP.FTS.B,

15.99%,

12/21/26

42,062

42,522

APP-11336215.FP.FTS.B,

17.99%,

12/21/26

6,709

6,787

APP-11339522.FP.FTS.B,

23.49%,

12/21/26

17,753

17,678

APP-11277746.FP.FTS.B,

25.49%,

12/21/26

8,637

8,667

APP-11187285.FP.FTS.B,

12.49%,

12/22/26

32,802

33,276

APP-11320504.FP.FTS.B,

17.99%,

12/22/26

16,984

17,096

APP-11740757.FP.FTS.B,

19.74%,

12/22/26

32,487

32,452

APP-11237793.FP.FTS.B,

18.99%,

12/23/26

9,279

9,347

APP-11798644.FP.FTS.B,

18.99%,

12/24/26

6,940

7,002

APP-11800198.FP.FTS.B,

16.99%,

12/25/26

16,710

16,919

APP-11318066.FP.FTS.B,

17.49%,

12/25/26

13,391

13,550

APP-11194578.FP.FTS.B,

18.99%,

12/25/26

15,957

16,113

APP-11398271.FP.FTS.B,

12.49%,

12/26/26

30,165

30,617

APP-11283955.FP.FTS.B,

14.24%,

12/26/26

14,024

14,230

APP-11399469.FP.FTS.B,

16.49%,

12/26/26

12,509

12,686

APP-11395038.FP.FTS.B,

16.99%,

12/26/26

14,134

14,203

APP-11391376.FP.FTS.B,

19.99%,

12/26/26

18,341

18,389

APP-11360195.FP.FTS.B,

20.99%,

12/26/26

29,269

3,116

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11361916.FP.FTS.B,

23.49%,

12/26/26

$

42,910

$

43,284

APP-11394769.FP.FTS.B,

24.49%,

12/26/26

28,253

28,267

APP-11305667.FP.FTS.B,

20.49%,

12/27/26

23,768

23,917

APP-11776378.FP.FTS.B,

20.49%,

12/27/26

33,942

34,151

APP-11124061.FP.FTS.B,

11.99%,

12/28/26

22,099

22,459

APP-11793842.FP.FTS.B,

12.99%,

12/28/26

11,218

11,355

APP-11807491.FP.FTS.B,

13.24%,

12/28/26

16,686

16,928

APP-11306747.FP.FTS.B,

14.24%,

12/28/26

13,369

13,555

APP-11740044.FP.FTS.B,

15.24%,

12/28/26

32,856

33,237

APP-10606291.FP.FTS.B,

18.49%,

12/28/26

..........................

17,919

18,109

APP-11800507.FP.FTS.B,

18.49%,

12/28/26

17,066

17,247

APP-11818506.FP.FTS.B,

18.49%,

12/28/26

17,722

17,899

APP-11306703.FP.FTS.B,

18.99%,

12/28/26

19,466

19,661

APP-11410923.FP.FTS.B,

23.49%,

12/28/26

8,574

8,641

APP-11789125.FP.FTS.B,

11.24%,

12/29/26

31,131

31,582

APP-11798578.FP.FTS.B,

11.74%,

12/29/26

37,199

37,755

APP-11745382.FP.FTS.B,

17.74%,

12/29/26

33,429

4,275

APP-11807330.FP.FTS.B,

17.99%,

12/29/26

8,522

8,633

APP-11791965.FP.FTS.B,

18.24%,

12/29/26

26,803

27,027

APP-11789087.FP.FTS.B,

18.99%,

12/29/26

12,824

12,959

APP-11703270.FP.FTS.B,

19.99%,

12/29/26

12,883

12,973

APP-11815201.FP.FTS.B,

10.99%,

12/30/26

22,833

23,164

APP-11266733.FP.FTS.B,

11.99%,

12/30/26

21,726

22,059

APP-11217813.FP.FTS.B,

14.24%,

12/30/26

19,321

19,645

APP-11285613.FP.FTS.B,

16.49%,

12/31/26

11,078

11,070

APP-11138919.FP.FTS.B,

11.99%,

1/01/27

12,453

12,623

APP-11036230.FP.FTS.B,

18.99%,

1/01/27

14,598

14,581

APP-11277041.FP.FTS.B,

20.49%,

1/01/27

20,178

19,997

APP-11377526.FP.FTS.B,

20.49%,

1/01/27

20,734

20,653

APP-11089858.FP.FTS.B,

11.99%,

1/02/27

10,136

10,292

APP-11271721.FP.FTS.B,

11.99%,

1/02/27

14,209

14,407

APP-11038460.FP.FTS.B,

12.49%,

1/02/27

29,231

29,602

APP-11279541.FP.FTS.B,

12.49%,

1/02/27

29,901

30,327

APP-11237906.FP.FTS.B,

14.99%,

1/02/27

17,920

18,123

APP-11315623.FP.FTS.B,

15.49%,

1/02/27

15,904

16,032

APP-11238373.FP.FTS.B,

16.99%,

1/02/27

10,423

999

APP-11008190.FP.FTS.B,

17.49%,

1/02/27

25,720

26,024

APP-10840208.FP.FTS.B,

18.49%,

1/02/27

14,294

14,173

APP-11301237.FP.FTS.B,

18.49%,

1/02/27

15,946

9,683

APP-11319315.FP.FTS.B,

19.99%,

1/02/27

8,676

8,656

APP-11314953.FP.FTS.B,

11.99%,

1/03/27

26,368

26,709

APP-11341268.FP.FTS.B,

12.49%,

1/03/27

33,468

33,903

APP-11194668.FP.FTS.B,

14.24%,

1/03/27

16,491

16,679

APP-11333109.FP.FTS.B,

15.99%,

1/03/27

19,339

19,366

APP-11333811.FP.FTS.B,

16.99%,

1/03/27

12,823

12,808

APP-11265912.FP.FTS.B,

17.49%,

1/03/27

10,817

10,850

APP-11196657.FP.FTS.B,

17.99%,

1/03/27

14,502

14,377

APP-11329490.FP.FTS.B,

17.99%,

1/03/27

8,631

8,622

APP-11317083.FP.FTS.B,

20.49%,

1/03/27

9,136

9,066

APP-11313333.FP.FTS.B,

20.99%,

1/03/27

26,601

26,425

APP-11323384.FP.FTS.B,

12.74%,

1/04/27

27,801

28,133

APP-11332983.FP.FTS.B,

18.99%,

1/04/27

12,947

12,942

APP-11399720.FP.FTS.B,

21.49%,

1/04/27

18,196

18,060

APP-11355890.FP.FTS.B,

14.74%,

1/07/27

33,788

34,192

APP-11306682.FP.FTS.B,

17.49%,

1/07/27

17,411

17,532

APP-11389311.FP.FTS.B,

17.49%,

1/07/27

34,271

34,688

APP-11333372.FP.FTS.B,

18.49%,

1/07/27

16,680

16,609

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

215

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11375423.FP.FTS.B,

18.49%,

1/07/27

$

18,109

$

18,035

APP-11393178.FP.FTS.B,

18.99%,

1/07/27

12,937

12,964

APP-11387733.FP.FTS.B,

19.99%,

1/07/27

3,060

3,015

APP-11396589.FP.FTS.B,

20.49%,

1/07/27

12,428

12,244

APP-11370718.FP.FTS.B,

23.49%,

1/07/27

17,579

17,463

APP-10550902.FP.FTS.B,

9.99%,

1/08/27

.

25,463

25,866

APP-11306719.FP.FTS.B,

11.99%,

1/08/27

13,271

13,468

APP-11128695.FP.FTS.B,

14.49%,

1/08/27

6,342

6,437

APP-11390583.FP.FTS.B,

17.99%,

1/08/27

45,935

14,647

APP-11333322.FP.FTS.B,

18.49%,

1/08/27

19,894

19,820

APP-11385154.FP.FTS.B,

18.99%,

1/08/27

12,918

12,927

APP-11396135.FP.FTS.B,

18.99%,

1/08/27

20,936

20,953

APP-11396422.FP.FTS.B,

18.99%,

1/08/27

15,967

16,009

APP-10916969.FP.FTS.B,

19.99%,

1/08/27

9,329

9,355

APP-11393205.FP.FTS.B,

21.99%,

1/08/27

8,874

5,237

APP-11397396.FP.FTS.B,

21.99%,

1/08/27

7,025

666

APP-11294990.FP.FTS.B,

22.49%,

1/08/27

10,550

10,458

APP-11392548.FP.FTS.B,

22.99%,

1/08/27

12,654

12,614

APP-11283833.FP.FTS.B,

14.24%,

1/09/27

21,555

21,857

APP-11373885.FP.FTS.B,

14.49%,

1/09/27

8,883

9,009

APP-11395025.FP.FTS.B,

15.49%,

1/09/27

14,621

14,686

APP-11394790.FP.FTS.B,

15.99%,

1/09/27

22,951

12,877

APP-11380536.FP.FTS.B,

17.49%,

1/09/27

17,160

17,245

APP-11398203.FP.FTS.B,

17.49%,

1/09/27

14,556

14,602

APP-11381570.FP.FTS.B,

17.99%,

1/09/27

6,890

6,981

APP-11335531.FP.FTS.B,

16.99%,

1/10/27

15,473

15,522

APP-11408867.FP.FTS.B,

20.49%,

1/10/27

25,283

25,326

APP-11388598.FP.FTS.B,

11.99%,

1/11/27

524

523

APP-11413232.FP.FTS.B,

14.99%,

1/11/27

22,624

2,419

APP-12243964.FP.FTS.B,

19.99%,

1/15/27

12,939

12,920

APP-12232521.FP.FTS.B,

19.99%,

1/18/27

10,575

10,494

APP-12266273.FP.FTS.B,

23.74%,

1/18/27

23,212

23,148

APP-12233402.FP.FTS.B,

21.49%,

1/20/27

16,006

16,010

APP-12242769.FP.FTS.B,

19.99%,

1/22/27

13,691

13,729

APP-12250959.FP.FTS.B,

11.74%,

1/25/27

42,151

42,750

APP-12185049.FP.FTS.B,

19.99%,

1/25/27

10,430

10,478

APP-12245776.FP.FTS.B,

22.49%,

1/25/27

11,433

11,433

APP-12231521.FP.FTS.B,

17.24%,

1/26/27

31,471

31,764

APP-12146298.FP.FTS.B,

8.99%,

1/27/27

.

32,146

32,595

APP-12251026.FP.FTS.B,

11.24%,

1/27/27

13,294

13,490

APP-12252003.FP.FTS.B,

13.49%,

1/27/27

12,739

12,918

APP-12244510.FP.FTS.B,

17.49%,

1/27/27

12,941

13,067

APP-12151284.FP.FTS.B,

17.99%,

1/27/27

17,286

17,390

APP-12241564.FP.FTS.B,

19.99%,

1/27/27

21,157

21,303

APP-12247637.FP.FTS.B,

19.99%,

1/27/27

27,506

27,644

APP-12243989.FP.FTS.B,

21.99%,

1/27/27

8,589

8,651

APP-12264916.FP.FTS.B,

11.24%,

1/28/27

12,669

12,844

APP-11799028.FP.FTS.B,

9.24%,

1/31/27

.

16,704

16,895

APP-11801033.FP.FTS.B,

11.24%,

2/01/27

26,235

26,507

APP-11772938.FP.FTS.B,

16.49%,

2/01/27

17,105

17,262

APP-11693698.FP.FTS.B,

16.74%,

2/02/27

43,124

43,509

APP-11807428.FP.FTS.B,

17.99%,

2/03/27

7,805

7,879

APP-11795116.FP.FTS.B,

11.74%,

2/04/27

21,993

22,241

APP-11791702.FP.FTS.B,

13.24%,

2/05/27

25,764

26,151

APP-11785699.FP.FTS.B,

18.99%,

2/05/27

13,903

13,908

APP-11753813.FP.FTS.B,

9.24%,

2/09/27

.

12,606

12,793

APP-11798862.FP.FTS.B,

16.49%,

2/09/27

11,241

11,373

APP-11810406.FP.FTS.B,

11.74%,

2/10/27

42,402

43,014

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11798675.FP.FTS.B,

15.49%,

2/10/27

$

12,778

$

12,809

APP-11810344.FP.FTS.B,

17.49%,

2/10/27

22,870

22,961

APP-11800371.FP.FTS.B,

19.74%,

2/10/27

37,772

37,734

APP-11742033.FP.FTS.B,

19.99%,

2/10/27

8,655

833

APP-11787878.FP.FTS.B,

19.99%,

2/10/27

6,588

6,603

APP-11805029.FP.FTS.B,

25.49%,

2/10/27

8,969

8,911

APP-11740981.FP.FTS.B,

9.24%,

2/11/27

.

13,840

3,868

APP-11779303.FP.FTS.B,

10.99%,

2/11/27

16,909

17,155

APP-11496336.FP.FTS.B,

11.24%,

2/11/27

14,447

14,657

APP-11791248.FP.FTS.B,

11.24%,

2/11/27

33,858

34,307

APP-11799511.FP.FTS.B,

13.49%,

2/11/27

12,719

12,896

APP-11496149.FP.FTS.B,

13.74%,

2/11/27

6,245

6,291

APP-11823747.FP.FTS.B,

13.74%,

2/11/27

9,804

9,952

APP-11694481.FP.FTS.B,

16.49%,

2/11/27

10,825

10,951

APP-11788952.FP.FTS.B,

16.49%,

2/11/27

12,995

13,161

APP-11795686.FP.FTS.B,

16.49%,

2/11/27

13,333

13,503

APP-11779953.FP.FTS.B,

16.74%,

2/11/27

43,364

43,921

APP-11769543.FP.FTS.B,

18.24%,

2/11/27

26,018

26,072

APP-11238359.FP.FTS.B,

18.99%,

2/11/27

23,637

23,699

APP-11789582.FP.FTS.B,

19.49%,

2/11/27

11,560

11,560

APP-11805082.FP.FTS.B,

19.49%,

2/11/27

18,609

18,658

APP-11804667.FP.FTS.B,

19.99%,

2/11/27

18,967

18,979

APP-11806256.FP.FTS.B,

19.99%,

2/11/27

2,773

2,737

APP-11807542.FP.FTS.B,

10.99%,

2/12/27

33,832

34,333

APP-11793986.FP.FTS.B,

11.24%,

2/12/27

12,278

12,461

APP-11794207.FP.FTS.B,

11.49%,

2/12/27

12,717

12,890

APP-11694425.FP.FTS.B,

11.74%,

2/12/27

35,996

36,531

APP-11794186.FP.FTS.B,

14.74%,

2/12/27

43,017

43,562

APP-11798052.FP.FTS.B,

18.49%,

2/12/27

25,468

25,366

APP-11753796.FP.FTS.B,

19.99%,

2/12/27

13,183

13,142

APP-11805436.FP.FTS.B,

22.49%,

2/12/27

8,885

8,863

APP-12237250.FP.FTS.B,

10.99%,

3/01/27

34,412

34,883

APP-11579250.FP.FTS.B,

11.24%,

3/01/27

29,959

30,299

APP-12280379.FP.FTS.B,

16.49%,

3/01/27

17,454

17,363

APP-12236364.FP.FTS.B,

17.24%,

3/01/27

33,115

33,099

APP-12228409.FP.FTS.B,

19.99%,

3/01/27

11,763

11,635

APP-12245849.FP.FTS.B,

19.99%,

3/01/27

15,092

14,993

APP-12263763.FP.FTS.B,

22.49%,

3/01/27

31,117

30,686

APP-12106034.FP.FTS.B,

11.24%,

3/04/27

20,116

20,345

APP-12189756.FP.FTS.B,

18.24%,

3/04/27

27,840

27,787

APP-12231816.FP.FTS.B,

19.49%,

3/04/27

12,457

12,383

APP-12180444.FP.FTS.B,

25.49%,

3/04/27

9,570

1,026

APP-12262293.FP.FTS.B,

10.99%,

3/05/27

28,960

29,336

APP-12243171.FP.FTS.B,

16.24%,

3/05/27

28,220

28,513

APP-12247272.FP.FTS.B,

22.24%,

3/06/27

25,285

25,015

APP-12172287.FP.FTS.B,

19.99%,

3/07/27

14,259

14,256

APP-12017319.FP.FTS.B,

10.99%,

3/09/27

27,528

27,921

APP-12228513.FP.FTS.B,

20.24%,

3/09/27

24,950

24,750

APP-12130498.FP.FTS.B,

13.24%,

3/10/27

18,446

18,699

APP-12212103.FP.FTS.B,

16.49%,

3/10/27

19,012

9,893

APP-12077324.FP.FTS.B,

17.99%,

3/10/27

22,901

22,765

APP-12262171.FP.FTS.B,

19.99%,

3/10/27

8,706

8,700

APP-12184632.FP.FTS.B,

16.49%,

3/11/27

13,194

13,366

APP-12213871.FP.FTS.B,

19.99%,

3/11/27

18,009

18,054

APP-11800362.FP.FTS.B,

25.49%,

3/11/27

9,875

9,795

APP-11799128.FP.FTS.B,

10.99%,

3/12/27

19,170

19,459

APP-12244387.FP.FTS.B,

11.24%,

3/12/27

27,189

27,562

APP-12250156.FP.FTS.B,

11.74%,

3/12/27

43,147

43,810

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

216

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12222272.FP.FTS.B,

18.49%,

3/12/27

$

4,352

$

955

APP-12245031.FP.FTS.B,

19.99%,

3/12/27

22,305

22,210

APP-12248151.FP.FTS.B,

19.99%,

3/12/27

19,763

19,738

APP-11821897.FP.FTS.B,

25.49%,

3/12/27

2,963

2,895

APP-12246518.FP.FTS.B,

13.24%,

3/13/27

19,462

19,750

APP-12236483.FP.FTS.B,

15.24%,

3/13/27

34,875

35,009

APP-11238158.FP.FTS.B,

16.49%,

3/13/27

19,749

19,817

APP-12050299.FP.FTS.B,

17.99%,

3/13/27

9,532

9,539

APP-12249881.FP.FTS.B,

19.99%,

3/13/27

12,500

12,505

APP-12236765.FP.FTS.B,

21.49%,

3/13/27

13,576

8,532

APP-12222310.FP.FTS.B,

18.24%,

3/14/27

38,550

38,626

APP-12260011.FP.FTS.B,

18.24%,

3/14/27

30,977

31,017

APP-11304753.FP.FTS.B,

16.99%,

4/08/27

13,411

13,483

APP-12213071.FP.FTS.B,

22.49%,

4/13/27

35,808

3,872

APP-12241288.FP.FTS.B,

22.99%,

4/13/27

44,125

43,957

APP-12269168.FP.FTS.B,

22.49%,

4/28/27

9,491

9,496

APP-11254936.FP.FTS.B,

20.99%,

6/17/27

36,485

36,350

17,342,352

LendingClub

Corp.

-

LCX

167898599.LC.FTS.B,

8.81%,

3/06/23

...

451

449

167019591.LC.FTS.B,

7.56%,

5/11/23

....

2,903

2,844

161704230.LC.FTS.B,

Zero

Cpn,

12/02/23

11,032

1,056

167814487.LC.FTS.B,

8.19%,

1/28/24

...

4,702

4,548

156733268.LC.FTS.B,

13.08%,

9/03/24

...

5,741

5,603

157826557.LC.FTS.B,

12.4%,

11/03/24

...

11,167

10,269

160977025.LC.FTS.B,

12.4%,

11/12/24

...

16,181

15,652

161569311.LC.FTS.B,

8.19%,

11/20/24

...

16,684

16,320

162876938.LC.FTS.B,

8.81%,

12/06/24

...

10,025

9,802

161914714.LC.FTS.B,

18.62%,

12/06/24

..

14,837

14,467

163477091.LC.FTS.B,

11.02%,

12/20/24

..

13,500

12,997

163145010.LC.FTS.B,

11.02%,

12/23/24

..

18,136

17,425

164033983.LC.FTS.B,

8.19%,

12/30/24

...

11,668

10,821

163849354.LC.FTS.B,

11.71%,

12/30/24

..

3,805

3,649

163877923.LC.FTS.B,

Zero

Cpn,

12/31/24

14,315

1,348

163859690.LC.FTS.B,

16.95%,

1/03/25

...

10,047

9,268

164222970.LC.FTS.B,

8.19%,

1/07/25

...

17,979

17,549

163973756.LC.FTS.B,

12.4%,

1/12/25

...

19,255

18,434

164807302.LC.FTS.B,

8.81%,

1/15/25

...

18,142

17,700

165157005.LC.FTS.B,

14.3%,

1/21/25

...

12,719

12,204

165333612.LC.FTS.B,

11.71%,

1/23/25

...

5,649

5,225

165427525.LC.FTS.B,

14.3%,

1/23/25

...

7,196

6,923

165461334.LC.FTS.B,

14.3%,

1/24/25

...

2,918

2,806

164424854.LC.FTS.B,

16.12%,

1/24/25

...

8,953

8,606

165533845.LC.FTS.B,

16.12%,

1/24/25

...

11,937

11,489

165508383.LC.FTS.B,

15.24%,

1/27/25

...

17,223

16,561

165618377.LC.FTS.B,

8.81%,

1/28/25

...

5,892

5,405

165490643.LC.FTS.B,

18.62%,

2/08/25

...

17,067

16,413

166868646.LC.FTS.B,

16.12%,

2/18/25

...

2,574

2,378

166989795.LC.FTS.B,

20.55%,

2/20/25

...

17,275

16,757

167033130.LC.FTS.B,

20.55%,

2/20/25

...

5,684

5,534

166998287.LC.FTS.B,

23.05%,

2/20/25

...

6,664

6,488

166982249.LC.FTS.B,

20.55%,

2/21/25

...

6,496

6,325

167077001.LC.FTS.B,

23.05%,

2/21/25

...

3,058

2,978

166977058.LC.FTS.B,

23.05%,

2/22/25

...

8,507

8,261

166995526.LC.FTS.B,

25.65%,

2/23/25

...

9,210

8,944

167165051.LC.FTS.B,

16.12%,

2/24/25

...

5,148

4,946

167008405.LC.FTS.B,

16.95%,

2/24/25

...

17,157

16,443

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

(continued)

167016743.LC.FTS.B,

16.95%,

2/24/25

...

$

16,713

$

16,056

166619009.LC.FTS.B,

20.55%,

2/24/25

...

13,533

13,184

168170703.LC.FTS.B,

8.19%,

3/13/25

...

7,486

6,875

163371603.LC.FTS.B,

10.33%,

3/13/25

...

5,182

4,689

168563219.LC.FTS.B,

8.81%,

3/19/25

...

10,619

9,875

165509821.LC.FTS.B,

11.71%,

3/31/25

...

6,929

6,173

165799463.LC.FTS.B,

12.4%,

3/31/25

...

6,650

6,014

165450743.LC.FTS.B,

16.95%,

3/31/25

...

15,535

14,957

168657342.LC.FTS.B,

11.71%,

4/14/25

...

15,644

58

166104484.LC.FTS.B,

14.3%,

5/01/25

...

14,783

13,189

163257946.LC.FTS.B,

13.08%,

10/24/25

..

18,557

17,519

155233113.LC.FTS.B,

10.33%,

11/30/25

..

16,030

11,885

163548042.LC.FTS.B,

6.46%,

12/19/32

...

6,020

5,762

163825750.LC.FTS.B,

20.55%,

12/26/32

..

540

546

164583230.LC.FTS.B,

6.46%,

1/10/33

...

2,602

2,594

164697305.LC.FTS.B,

15.24%,

1/10/33

...

7,605

7,493

164752026.LC.FTS.B,

13.08%,

1/14/33

...

2,541

2,520

164939612.LC.FTS.B,

12.4%,

1/17/33

...

1,979

1,970

165291952.LC.FTS.B,

16.95%,

1/21/33

...

976

972

165360980.LC.FTS.B,

Zero

Cpn,

1/24/33

.

1,787

–

165130758.LC.FTS.B,

6.46%,

1/31/33

...

2,076

2,051

165920964.LC.FTS.B,

7.02%,

1/31/33

...

1,930

1,907

164136024.LC.FTS.B,

8.81%,

2/05/33

...

19

19

165584619.LC.FTS.B,

17.74%,

2/05/33

...

252

251

162691230.LC.FTS.B,

10.33%,

2/10/33

...

3,477

3,467

164650755.LC.FTS.B,

10.33%,

2/13/33

...

11

11

163434307.LC.FTS.B,

11.71%,

2/17/33

...

137

137

166741999.LC.FTS.B,

17.74%,

2/18/33

...

35

35

167046067.LC.FTS.B,

20.55%,

2/20/33

...

1,378

1,378

167037232.LC.FTS.B,

23.05%,

2/20/33

...

205

206

167149200.LC.FTS.B,

16.12%,

2/21/33

...

69

69

166622143.LC.FTS.B,

20.55%,

2/21/33

...

184

185

167007080.LC.FTS.B,

20.55%,

2/21/33

...

110

111

167079353.LC.FTS.B,

23.05%,

2/21/33

...

380

382

167134704.LC.FTS.B,

13.08%,

2/24/33

...

1,168

1,169

167180462.LC.FTS.B,

16.95%,

2/24/33

...

173

174

167156729.LC.FTS.B,

17.74%,

2/24/33

...

355

356

162038214.LC.FTS.B,

7.56%,

2/25/33

...

709

709

167474153.LC.FTS.B,

8.81%,

2/27/33

...

5,004

4,843

164526400.LC.FTS.B,

12.4%,

2/27/33

...

221

221

166330132.LC.FTS.B,

16.95%,

2/27/33

...

598

600

515,499

LendingClub

Corp.

-

LCX

PM

171017047.LC.FTS.B,

8.46%,

10/07/23

...

4,113

3,984

171046663.LC.FTS.B,

9.56%,

10/07/23

...

4,993

4,874

170824911.LC.FTS.B,

9.02%,

10/09/23

...

5,522

5,366

171209679.LC.FTS.B,

10.81%,

10/16/23

..

2,753

2,709

171295682.LC.FTS.B,

14.71%,

10/16/23

..

1,462

1,426

171036531.LC.FTS.B,

10.81%,

10/18/23

..

1,410

1,374

171594396.LC.FTS.B,

8.46%,

10/29/23

...

2,085

2,031

171260087.LC.FTS.B,

Zero

Cpn,

10/31/23

3,644

341

171339542.LC.FTS.B,

10.81%,

11/03/23

..

953

922

171698001.LC.FTS.B,

10.81%,

11/04/23

..

9,326

9,077

171902167.LC.FTS.B,

8.46%,

11/10/23

...

3,643

3,539

171872747.LC.FTS.B,

9.02%,

11/10/23

...

6,106

5,891

171898688.LC.FTS.B,

10.81%,

11/10/23

..

7,772

7,600

171921256.LC.FTS.B,

13.33%,

11/10/23

..

8,514

1,024

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

217

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

171440597.LC.FTS.B,

8.46%,

11/13/23

...

$

1,651

$

1,606

171972764.LC.FTS.B,

8.46%,

11/13/23

...

4,554

4,468

171991292.LC.FTS.B,

9.02%,

11/13/23

...

3,664

3,564

172021697.LC.FTS.B,

10.81%,

11/13/23

..

7,461

7,345

171404953.LC.FTS.B,

10.19%,

11/15/23

..

1,238

1,207

171927180.LC.FTS.B,

10.81%,

11/15/23

..

5,606

5,356

171895455.LC.FTS.B,

9.56%,

11/21/23

...

4,207

4,115

172292139.LC.FTS.B,

10.19%,

12/02/23

..

8,461

8,310

172486420.LC.FTS.B,

19.95%,

12/02/23

..

840

820

172543832.LC.FTS.B,

10.81%,

12/03/23

..

477

467

172672091.LC.FTS.B,

14.02%,

12/07/23

..

2,106

2,062

172540829.LC.FTS.B,

18.24%,

12/07/23

..

2,955

2,887

172591096.LC.FTS.B,

10.81%,

12/15/23

..

2,471

2,393

173021253.LC.FTS.B,

10.19%,

12/18/23

..

4,402

4,306

173107270.LC.FTS.B,

17.3%,

12/18/23

...

723

713

173106203.LC.FTS.B,

20.74%,

12/18/23

..

6,325

6,230

173000593.LC.FTS.B,

14.71%,

12/21/23

..

9,538

9,306

172326263.LC.FTS.B,

14.02%,

12/22/23

..

3,510

3,433

173100997.LC.FTS.B,

14.02%,

12/27/23

..

12,358

12,094

173399124.LC.FTS.B,

16.08%,

12/30/23

..

3,577

3,518

173365718.LC.FTS.B,

17.3%,

12/30/23

...

3,617

3,577

173378319.LC.FTS.B,

14.71%,

12/31/23

..

2,297

2,225

173431392.LC.FTS.B,

19.12%,

12/31/23

..

1,989

1,968

172830533.LC.FTS.B,

Zero

Cpn,

1/04/24

.

3,223

140

172968764.LC.FTS.B,

16.08%,

1/04/24

...

2,327

2,279

173388155.LC.FTS.B,

17.3%,

1/09/24

...

700

129

174118594.LC.FTS.B,

11.34%,

1/26/24

...

5,946

5,828

174048004.LC.FTS.B,

12.49%,

1/26/24

...

3,755

3,660

174098325.LC.FTS.B,

12.49%,

1/26/24

...

10,514

10,227

174028958.LC.FTS.B,

14.99%,

1/26/24

...

13,201

12,839

174181203.LC.FTS.B,

16.99%,

1/26/24

...

703

703

173559970.LC.FTS.B,

20.74%,

1/26/24

...

8,510

1,094

173938930.LC.FTS.B,

Zero

Cpn,

1/28/24

.

3,968

181

173990194.LC.FTS.B,

13.99%,

1/28/24

...

3,045

3,004

174205068.LC.FTS.B,

13.99%,

1/28/24

...

5,709

5,700

173995037.LC.FTS.B,

16.19%,

1/28/24

...

466

466

173720769.LC.FTS.B,

16.99%,

1/28/24

...

9,381

9,385

173993696.LC.FTS.B,

19.49%,

1/28/24

...

13,985

14,078

173506829.LC.FTS.B,

20.74%,

1/28/24

...

1,611

1,587

174096433.LC.FTS.B,

21.49%,

1/28/24

...

4,660

878

174134234.LC.FTS.B,

Zero

Cpn,

1/29/24

.

15,230

1,443

174155308.LC.FTS.B,

8.59%,

1/29/24

...

1,954

1,897

174090524.LC.FTS.B,

12.74%,

1/29/24

...

11,277

11,016

174235765.LC.FTS.B,

12.74%,

1/29/24

...

2,631

2,627

174224849.LC.FTS.B,

13.99%,

1/29/24

...

1,520

1,503

174241094.LC.FTS.B,

13.99%,

1/29/24

...

4,561

4,554

174239289.LC.FTS.B,

15.44%,

1/29/24

...

1,476

190

174239520.LC.FTS.B,

16.99%,

1/29/24

...

2,341

2,342

174240247.LC.FTS.B,

18.49%,

1/29/24

...

4,743

4,736

174169568.LC.FTS.B,

7.74%,

2/04/24

...

13,615

13,184

174293219.LC.FTS.B,

19.44%,

2/05/24

...

1,931

1,934

174306657.LC.FTS.B,

11.34%,

2/07/24

...

7,436

7,228

174343617.LC.FTS.B,

11.29%,

2/15/24

...

8,116

7,983

174107383.LC.FTS.B,

12.34%,

2/17/24

...

7,867

6,268

174351573.LC.FTS.B,

16.99%,

2/17/24

...

12,790

12,716

173725842.LC.FTS.B,

16.08%,

2/22/24

...

14,152

2,576

174347591.LC.FTS.B,

13.99%,

2/23/24

...

6,192

6,085

174279916.LC.FTS.B,

13.04%,

6/08/24

...

12,656

12,358

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

182191083.LC.FTS.B,

18.99%,

10/13/24

..

$

3,251

$

3,200

182253442.LC.FTS.B,

11.99%,

10/14/24

..

12,526

12,112

182251543.LC.FTS.B,

15.99%,

10/14/24

..

6,083

5,982

182168238.LC.FTS.B,

18.99%,

10/14/24

..

11,709

11,353

182227875.LC.FTS.B,

19.49%,

10/14/24

..

13,832

5,130

182189422.LC.FTS.B,

19.99%,

10/14/24

..

6,617

6,542

182333831.LC.FTS.B,

19.44%,

10/15/24

..

3,260

3,232

182308670.LC.FTS.B,

19.49%,

10/15/24

..

5,870

5,838

182183875.LC.FTS.B,

20.99%,

10/15/24

..

6,573

6,537

182215764.LC.FTS.B,

20.99%,

10/15/24

..

13,146

13,073

182310621.LC.FTS.B,

21.49%,

10/15/24

..

13,707

13,631

181599922.LC.FTS.B,

22.99%,

10/15/24

..

6,873

6,907

182294171.LC.FTS.B,

22.99%,

10/15/24

..

6,540

6,546

182334375.LC.FTS.B,

23.99%,

10/15/24

..

10,010

10,029

181823934.LC.FTS.B,

18.99%,

10/16/24

..

9,773

9,613

182279306.LC.FTS.B,

15.99%,

10/17/24

..

7,690

7,635

182309932.LC.FTS.B,

19.49%,

10/17/24

..

6,917

5,452

182090100.LC.FTS.B,

16.49%,

10/18/24

..

4,173

4,022

182060544.LC.FTS.B,

18.99%,

10/18/24

..

6,155

740

182322335.LC.FTS.B,

20.49%,

10/18/24

..

16,390

16,307

182332114.LC.FTS.B,

22.99%,

10/18/24

..

1,328

1,335

182334791.LC.FTS.B,

22.99%,

10/18/24

..

1,660

1,669

182127030.LC.FTS.B,

23.99%,

10/18/24

..

6,745

6,759

182386230.LC.FTS.B,

15.99%,

10/19/24

..

6,080

4,690

182352192.LC.FTS.B,

17.44%,

10/19/24

..

6,450

6,393

182455989.LC.FTS.B,

17.44%,

10/19/24

..

6,452

6,414

182112904.LC.FTS.B,

19.49%,

10/19/24

..

12,718

12,347

181717704.LC.FTS.B,

22.49%,

10/19/24

..

16,559

16,655

182413362.LC.FTS.B,

22.99%,

10/20/24

..

1,578

1,571

182410510.LC.FTS.B,

27.99%,

10/21/24

..

10,208

10,326

182348001.LC.FTS.B,

19.44%,

10/22/24

..

6,746

5,269

182327350.LC.FTS.B,

18.99%,

10/23/24

..

5,489

5,454

182222867.LC.FTS.B,

18.49%,

10/25/24

..

6,544

6,505

182348144.LC.FTS.B,

18.99%,

10/25/24

..

6,551

6,512

182434150.LC.FTS.B,

20.44%,

10/25/24

..

4,618

4,592

182411428.LC.FTS.B,

18.44%,

10/26/24

..

11,767

11,626

182341717.LC.FTS.B,

18.99%,

10/30/24

..

6,584

6,549

182545979.LC.FTS.B,

11.99%,

11/01/24

..

11,753

11,644

182385569.LC.FTS.B,

21.49%,

11/01/24

..

17,116

16,947

182713608.LC.FTS.B,

22.99%,

11/01/24

..

4,137

4,133

182709715.LC.FTS.B,

Zero

Cpn,

11/02/24

9,776

–

182712600.LC.FTS.B,

Zero

Cpn,

11/02/24

8,238

771

182830334.LC.FTS.B,

12.99%,

11/02/24

..

6,564

6,464

182833905.LC.FTS.B,

15.49%,

11/02/24

..

16,620

16,366

182797314.LC.FTS.B,

15.99%,

11/02/24

..

6,682

6,493

182852118.LC.FTS.B,

16.49%,

11/02/24

..

7,350

7,280

182842810.LC.FTS.B,

17.49%,

11/02/24

..

6,043

5,986

182850075.LC.FTS.B,

17.99%,

11/02/24

..

15,785

15,633

182863345.LC.FTS.B,

18.99%,

11/02/24

..

3,382

3,350

182863664.LC.FTS.B,

19.99%,

11/02/24

..

2,888

2,855

182918052.LC.FTS.B,

12.99%,

11/03/24

..

5,251

5,202

182874527.LC.FTS.B,

15.99%,

11/03/24

..

16,662

16,507

182884975.LC.FTS.B,

15.99%,

11/03/24

..

17,310

6,216

182859815.LC.FTS.B,

16.99%,

11/03/24

..

10,047

9,895

182914089.LC.FTS.B,

17.19%,

11/03/24

..

3,017

2,989

182877276.LC.FTS.B,

17.49%,

11/03/24

..

4,365

4,320

182882751.LC.FTS.B,

18.99%,

11/03/24

..

2,367

2,345

182406475.LC.FTS.B,

19.99%,

11/03/24

..

7,904

7,804

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

218

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182901080.LC.FTS.B,

22.49%,

11/03/24

..

$

2,752

$

2,749

182343246.LC.FTS.B,

22.99%,

11/03/24

..

4,137

4,133

182688806.LC.FTS.B,

Zero

Cpn,

11/04/24

5,205

–

182919920.LC.FTS.B,

10.34%,

11/04/24

..

9,710

9,624

182907566.LC.FTS.B,

15.99%,

11/04/24

..

1,866

1,850

182914824.LC.FTS.B,

16.49%,

11/04/24

..

6,685

6,618

182927640.LC.FTS.B,

16.49%,

11/04/24

..

3,874

3,835

182953244.LC.FTS.B,

17.49%,

11/04/24

..

6,715

6,655

182908181.LC.FTS.B,

17.99%,

11/04/24

..

4,039

4,003

182281352.LC.FTS.B,

18.99%,

11/04/24

..

8,117

8,045

182881545.LC.FTS.B,

18.99%,

11/04/24

..

6,884

6,822

182921573.LC.FTS.B,

18.99%,

11/04/24

..

12,176

12,068

182488402.LC.FTS.B,

19.49%,

11/04/24

..

4,408

4,366

182726206.LC.FTS.B,

19.99%,

11/04/24

..

3,059

3,030

183008113.LC.FTS.B,

11.99%,

11/05/24

..

3,918

3,861

182498467.LC.FTS.B,

14.99%,

11/05/24

..

4,974

4,896

182766834.LC.FTS.B,

15.99%,

11/05/24

..

16,715

16,549

182864591.LC.FTS.B,

18.44%,

11/05/24

..

23,815

23,607

182954507.LC.FTS.B,

18.44%,

11/05/24

..

5,060

5,016

182928222.LC.FTS.B,

18.49%,

11/05/24

..

7,423

7,358

182054732.LC.FTS.B,

18.99%,

11/05/24

..

3,012

2,985

182892987.LC.FTS.B,

18.99%,

11/05/24

..

8,117

8,047

182923000.LC.FTS.B,

18.99%,

11/05/24

..

16,911

16,764

182929096.LC.FTS.B,

18.99%,

11/05/24

..

4,059

4,023

182918450.LC.FTS.B,

22.99%,

11/05/24

..

6,895

6,895

182830358.LC.FTS.B,

24.99%,

11/05/24

..

5,380

5,364

182854752.LC.FTS.B,

18.99%,

11/07/24

..

13,580

13,450

182428388.LC.FTS.B,

Zero

Cpn,

11/08/24

14,810

–

183012848.LC.FTS.B,

6%,

11/08/24

.....

7,556

7,448

182862683.LC.FTS.B,

11.04%,

11/08/24

..

7,797

7,499

182951096.LC.FTS.B,

12.99%,

11/08/24

..

14,112

13,994

182935882.LC.FTS.B,

14.49%,

11/08/24

..

6,614

6,539

183005145.LC.FTS.B,

14.49%,

11/08/24

..

11,906

11,806

182937534.LC.FTS.B,

15.99%,

11/08/24

..

6,665

6,589

182874683.LC.FTS.B,

16.19%,

11/08/24

..

14,067

13,930

182990403.LC.FTS.B,

16.49%,

11/08/24

..

6,391

6,337

182991246.LC.FTS.B,

16.49%,

11/08/24

..

5,345

5,300

182769411.LC.FTS.B,

18.44%,

11/08/24

..

3,238

3,211

182999357.LC.FTS.B,

18.44%,

11/08/24

..

7,120

2,594

182908610.LC.FTS.B,

18.49%,

11/08/24

..

20,150

19,962

182934535.LC.FTS.B,

18.49%,

11/08/24

..

23,618

23,420

182958729.LC.FTS.B,

18.99%,

11/08/24

..

6,276

6,223

182946096.LC.FTS.B,

22.99%,

11/08/24

..

3,447

3,449

182967907.LC.FTS.B,

18.19%,

11/09/24

..

23,636

23,422

182737632.LC.FTS.B,

20.99%,

11/10/24

..

6,873

6,781

182923608.LC.FTS.B,

Zero

Cpn,

11/12/24

4,843

–

182875454.LC.FTS.B,

12.99%,

11/12/24

..

5,733

5,685

183149370.LC.FTS.B,

15.19%,

11/12/24

..

3,319

3,294

183022196.LC.FTS.B,

15.99%,

11/12/24

..

6,398

6,350

183108244.LC.FTS.B,

15.99%,

11/12/24

..

1,333

1,323

183143740.LC.FTS.B,

16.49%,

11/12/24

..

5,679

5,620

182977352.LC.FTS.B,

17.44%,

11/12/24

..

6,713

6,663

182921780.LC.FTS.B,

11.04%,

11/13/24

..

14,043

13,882

182716700.LC.FTS.B,

14.99%,

11/14/24

..

6,675

6,621

182861781.LC.FTS.B,

Zero

Cpn,

11/15/24

13,253

–

182828421.LC.FTS.B,

11.49%,

11/15/24

..

19,604

19,444

182991991.LC.FTS.B,

11.49%,

11/15/24

..

5,470

5,399

182936009.LC.FTS.B,

13.04%,

11/15/24

..

11,587

11,501

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183154424.LC.FTS.B,

15.99%,

11/15/24

..

$

9,331

$

9,264

183171929.LC.FTS.B,

16.49%,

11/15/24

..

4,164

3,266

183178213.LC.FTS.B,

16.99%,

11/15/24

..

3,349

3,325

182460757.LC.FTS.B,

17.44%,

11/15/24

..

7,032

5,327

182547090.LC.FTS.B,

18.99%,

11/15/24

..

10,283

10,167

183147548.LC.FTS.B,

18.99%,

11/15/24

..

9,470

9,403

183150801.LC.FTS.B,

18.99%,

11/15/24

..

6,765

6,716

183164730.LC.FTS.B,

18.99%,

11/15/24

..

812

806

182903788.LC.FTS.B,

19.49%,

11/15/24

..

14,394

14,269

183048902.LC.FTS.B,

19.49%,

11/15/24

..

16,953

16,835

183127694.LC.FTS.B,

19.49%,

11/15/24

..

11,376

2,062

182850730.LC.FTS.B,

22.99%,

11/15/24

..

12,614

12,566

183261327.LC.FTS.B,

11.04%,

11/16/24

..

11,850

2,030

183334882.LC.FTS.B,

11.99%,

11/16/24

..

3,918

3,867

183299280.LC.FTS.B,

13.04%,

11/16/24

..

13,131

13,040

182786422.LC.FTS.B,

13.99%,

11/16/24

..

8,986

6,885

182487044.LC.FTS.B,

14.99%,

11/16/24

..

10,061

9,730

182762119.LC.FTS.B,

15.49%,

11/16/24

..

5,379

5,337

183199016.LC.FTS.B,

18.99%,

11/16/24

..

3,383

3,325

183248270.LC.FTS.B,

18.99%,

11/16/24

..

6,765

6,718

183249845.LC.FTS.B,

18.99%,

11/16/24

..

5,750

5,710

183204737.LC.FTS.B,

19.49%,

11/16/24

..

4,363

4,321

183265092.LC.FTS.B,

20.44%,

11/16/24

..

5,109

5,075

182940512.LC.FTS.B,

9.34%,

11/17/24

...

1,327

1,292

183199235.LC.FTS.B,

10.99%,

11/17/24

..

9,743

9,618

183036723.LC.FTS.B,

16.49%,

11/17/24

..

9,621

9,556

183312442.LC.FTS.B,

17.44%,

11/17/24

..

5,371

5,334

183258872.LC.FTS.B,

17.99%,

11/17/24

..

7,270

7,221

183131010.LC.FTS.B,

18.99%,

11/17/24

..

2,435

2,419

183281498.LC.FTS.B,

18.99%,

11/17/24

..

6,765

6,719

182874149.LC.FTS.B,

22.99%,

11/17/24

..

14,013

14,013

183270584.LC.FTS.B,

22.99%,

11/17/24

..

6,797

6,791

183376238.LC.FTS.B,

15.19%,

11/18/24

..

9,293

9,234

183297337.LC.FTS.B,

15.49%,

11/18/24

..

7,313

7,267

183031081.LC.FTS.B,

15.99%,

11/18/24

..

12,217

11,914

183301563.LC.FTS.B,

15.99%,

11/18/24

..

3,666

3,642

183195827.LC.FTS.B,

16.49%,

11/18/24

..

23,386

22,946

183237884.LC.FTS.B,

18.19%,

11/18/24

..

16,172

16,069

182840575.LC.FTS.B,

18.99%,

11/18/24

..

3,382

3,361

182861390.LC.FTS.B,

18.99%,

11/18/24

..

13,477

13,382

183290549.LC.FTS.B,

18.99%,

11/18/24

..

12,730

12,625

183307678.LC.FTS.B,

18.99%,

11/18/24

..

5,073

5,041

183319106.LC.FTS.B,

18.99%,

11/18/24

..

6,765

6,722

183239686.LC.FTS.B,

20.44%,

11/18/24

..

16,376

16,237

183308830.LC.FTS.B,

22.99%,

11/18/24

..

2,482

2,492

183393938.LC.FTS.B,

Zero

Cpn,

11/19/24

11,373

1,082

183351808.LC.FTS.B,

11.49%,

11/19/24

..

9,769

9,648

183388949.LC.FTS.B,

14.19%,

11/19/24

..

21,134

21,004

183082106.LC.FTS.B,

15.99%,

11/19/24

..

7,665

7,522

183325965.LC.FTS.B,

15.99%,

11/19/24

..

12,802

12,722

182787978.LC.FTS.B,

16.99%,

11/19/24

..

3,416

2,686

183273399.LC.FTS.B,

18.99%,

11/19/24

..

4,870

4,841

183339518.LC.FTS.B,

18.99%,

11/19/24

..

6,765

6,723

183355970.LC.FTS.B,

22.99%,

11/19/24

..

6,895

6,924

183366235.LC.FTS.B,

22.99%,

11/19/24

..

3,447

3,462

182746441.LC.FTS.B,

17.44%,

11/20/24

..

10,891

10,743

182390204.LC.FTS.B,

18.99%,

11/20/24

..

12,269

12,184

182810364.LC.FTS.B,

19.49%,

11/20/24

..

13,075

12,978

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

219

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182398953.LC.FTS.B,

23.99%,

11/20/24

..

$

5,623

$

5,629

183009664.LC.FTS.B,

14.19%,

11/21/24

..

9,941

9,871

183424030.LC.FTS.B,

12.24%,

11/22/24

..

5,268

5,207

182983769.LC.FTS.B,

12.99%,

11/22/24

..

3,151

3,122

183270133.LC.FTS.B,

14.44%,

11/22/24

..

5,312

5,259

183422493.LC.FTS.B,

14.99%,

11/22/24

..

1,591

1,582

183428100.LC.FTS.B,

16.99%,

11/22/24

..

13,397

13,305

183268922.LC.FTS.B,

17.99%,

11/22/24

..

16,993

13,363

183326198.LC.FTS.B,

18.99%,

11/22/24

..

5,412

5,380

183394488.LC.FTS.B,

18.99%,

11/22/24

..

3,382

3,363

183369334.LC.FTS.B,

22.99%,

11/22/24

..

12,296

12,309

183400615.LC.FTS.B,

12.49%,

11/23/24

..

16,372

16,263

183464008.LC.FTS.B,

15.24%,

11/23/24

..

18,061

17,772

183501862.LC.FTS.B,

16.19%,

11/23/24

..

9,585

1,639

182940029.LC.FTS.B,

16.49%,

11/23/24

..

4,464

4,434

183437265.LC.FTS.B,

18.49%,

11/23/24

..

11,444

1,414

182618845.LC.FTS.B,

18.99%,

11/23/24

..

6,765

6,706

183430526.LC.FTS.B,

18.99%,

11/23/24

..

6,765

6,727

183431297.LC.FTS.B,

18.99%,

11/23/24

..

2,706

2,682

183473491.LC.FTS.B,

18.99%,

11/23/24

..

26,135

4,692

182950120.LC.FTS.B,

22.99%,

11/23/24

..

18,311

14,572

183554355.LC.FTS.B,

15.19%,

11/24/24

..

7,302

7,264

183464408.LC.FTS.B,

15.99%,

11/24/24

..

3,697

3,656

183532866.LC.FTS.B,

15.99%,

11/24/24

..

3,999

3,978

183565213.LC.FTS.B,

16.19%,

11/24/24

..

2,001

1,978

183476973.LC.FTS.B,

16.49%,

11/24/24

..

9,972

9,794

183540917.LC.FTS.B,

16.49%,

11/24/24

..

1,670

1,662

183540900.LC.FTS.B,

18.44%,

11/24/24

..

1,687

1,678

183371602.LC.FTS.B,

18.99%,

11/24/24

..

14,051

11,045

183407963.LC.FTS.B,

18.99%,

11/24/24

..

5,970

4,696

182884112.LC.FTS.B,

15.74%,

11/25/24

..

23,403

22,961

183343101.LC.FTS.B,

Zero

Cpn,

11/26/24

6,510

–

183519416.LC.FTS.B,

15.49%,

11/26/24

..

7,000

6,935

183524052.LC.FTS.B,

16.49%,

11/26/24

..

17,490

17,372

183520286.LC.FTS.B,

16.99%,

11/26/24

..

6,028

5,999

183504509.LC.FTS.B,

18.49%,

11/26/24

..

12,648

12,512

183027816.LC.FTS.B,

18.99%,

11/26/24

..

6,581

6,521

183339903.LC.FTS.B,

18.99%,

11/26/24

..

8,120

1,001

183439545.LC.FTS.B,

19.49%,

11/26/24

..

3,787

3,769

183342456.LC.FTS.B,

22.49%,

11/26/24

..

17,197

17,307

183441212.LC.FTS.B,

22.99%,

11/26/24

..

1,482

1,492

183518965.LC.FTS.B,

24.99%,

11/26/24

..

3,480

3,512

183494147.LC.FTS.B,

Zero

Cpn,

11/28/24

2,526

109

183287166.LC.FTS.B,

18.49%,

11/28/24

..

9,511

1,752

183259213.LC.FTS.B,

18.99%,

11/28/24

..

3,626

3,606

183173731.LC.FTS.B,

19.49%,

11/28/24

..

6,807

6,770

183402694.LC.FTS.B,

11.99%,

11/29/24

..

7,881

7,786

183250462.LC.FTS.B,

14.99%,

11/29/24

..

5,990

5,958

183538925.LC.FTS.B,

15.99%,

11/29/24

..

9,331

9,286

183425417.LC.FTS.B,

16.49%,

11/29/24

..

9,991

9,879

183522405.LC.FTS.B,

17.99%,

11/29/24

..

23,560

23,448

183102073.LC.FTS.B,

18.99%,

11/29/24

..

3,077

3,049

183572600.LC.FTS.B,

Zero

Cpn,

11/30/24

27,892

2,603

183619170.LC.FTS.B,

14.19%,

11/30/24

..

6,604

6,573

183500540.LC.FTS.B,

15.99%,

11/30/24

..

5,332

5,306

183356155.LC.FTS.B,

16.99%,

11/30/24

..

16,804

16,687

182783983.LC.FTS.B,

17.49%,

11/30/24

..

15,535

15,348

183474066.LC.FTS.B,

18.44%,

11/30/24

..

4,093

4,074

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183602959.LC.FTS.B,

18.49%,

11/30/24

..

$

4,574

$

4,524

183339461.LC.FTS.B,

18.99%,

11/30/24

..

12,738

12,641

183616976.LC.FTS.B,

18.99%,

11/30/24

..

7,035

7,001

183291733.LC.FTS.B,

19.99%,

11/30/24

..

4,935

4,908

183362712.LC.FTS.B,

15.99%,

12/01/24

..

10,726

10,617

183663596.LC.FTS.B,

16.19%,

12/01/24

..

11,089

10,978

183017036.LC.FTS.B,

16.44%,

12/01/24

..

24,285

24,042

183359486.LC.FTS.B,

16.99%,

12/01/24

..

6,677

6,606

183645675.LC.FTS.B,

19.99%,

12/01/24

..

2,821

2,788

183674531.LC.FTS.B,

21.99%,

12/01/24

..

8,626

969

183673337.LC.FTS.B,

23.99%,

12/01/24

..

17,940

17,877

183691663.LC.FTS.B,

13.04%,

12/02/24

..

5,463

5,258

183762903.LC.FTS.B,

15.44%,

12/02/24

..

5,283

5,198

183488017.LC.FTS.B,

15.49%,

12/02/24

..

1,071

1,066

183705826.LC.FTS.B,

15.99%,

12/02/24

..

14,887

14,737

183434525.LC.FTS.B,

19.99%,

12/02/24

..

13,539

13,384

183697716.LC.FTS.B,

22.99%,

12/02/24

..

714

712

183354385.LC.FTS.B,

12.49%,

12/03/24

..

4,086

4,046

183695987.LC.FTS.B,

15.99%,

12/03/24

..

14,194

13,837

183777683.LC.FTS.B,

18.99%,

12/03/24

..

5,897

5,838

183609082.LC.FTS.B,

19.49%,

12/03/24

..

2,814

2,783

183773059.LC.FTS.B,

21.99%,

12/03/24

..

10,671

10,638

183402493.LC.FTS.B,

22.99%,

12/03/24

..

4,769

4,737

183788267.LC.FTS.B,

22.99%,

12/03/24

..

2,572

2,564

183693231.LC.FTS.B,

12.49%,

12/05/24

..

2,453

2,428

183502968.LC.FTS.B,

15.19%,

12/05/24

..

4,849

4,797

183535525.LC.FTS.B,

17.99%,

12/05/24

..

4,917

4,803

183410744.LC.FTS.B,

Zero

Cpn,

12/06/24

10,731

–

183189944.LC.FTS.B,

13.04%,

12/06/24

..

10,239

10,110

183827173.LC.FTS.B,

14.99%,

12/06/24

..

4,513

4,468

183203390.LC.FTS.B,

15.49%,

12/06/24

..

17,367

17,190

183769602.LC.FTS.B,

16.19%,

12/06/24

..

6,252

6,188

183766217.LC.FTS.B,

16.49%,

12/06/24

..

5,913

5,796

183795092.LC.FTS.B,

17.49%,

12/06/24

..

11,156

11,014

183802837.LC.FTS.B,

17.99%,

12/06/24

..

19,794

19,604

183785739.LC.FTS.B,

18.44%,

12/06/24

..

2,928

1,054

183558965.LC.FTS.B,

18.99%,

12/06/24

..

5,054

5,006

183798048.LC.FTS.B,

18.99%,

12/06/24

..

3,510

3,476

183799482.LC.FTS.B,

18.99%,

12/06/24

..

7,020

6,953

183818205.LC.FTS.B,

18.99%,

12/06/24

..

16,848

16,686

183541347.LC.FTS.B,

22.99%,

12/06/24

..

7,145

7,126

183169104.LC.FTS.B,

12.34%,

12/07/24

..

17,694

17,421

183193558.LC.FTS.B,

12.49%,

12/07/24

..

17,026

16,553

183895042.LC.FTS.B,

12.49%,

12/07/24

..

7,071

2,553

183890926.LC.FTS.B,

15.19%,

12/07/24

..

24,834

24,602

183568984.LC.FTS.B,

15.99%,

12/07/24

..

20,882

20,534

183853227.LC.FTS.B,

15.99%,

12/07/24

..

6,150

705

183882045.LC.FTS.B,

15.99%,

12/07/24

..

10,386

10,193

183901831.LC.FTS.B,

16.49%,

12/07/24

..

20,821

20,626

183585296.LC.FTS.B,

17.49%,

12/07/24

..

6,972

6,863

183893289.LC.FTS.B,

18.44%,

12/07/24

..

1,751

1,729

183739101.LC.FTS.B,

18.99%,

12/07/24

..

5,616

5,511

183882847.LC.FTS.B,

21.99%,

12/07/24

..

7,210

2,704

183710611.LC.FTS.B,

22.49%,

12/07/24

..

2,865

2,849

183864519.LC.FTS.B,

22.49%,

12/07/24

..

12,527

12,361

183872755.LC.FTS.B,

22.99%,

12/07/24

..

7,426

1,350

183835868.LC.FTS.B,

24.99%,

12/07/24

..

7,087

7,074

183842381.LC.FTS.B,

24.99%,

12/07/24

..

8,648

8,612

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

220

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183294973.LC.FTS.B,

27.99%,

12/07/24

..

$

13,136

$

13,117

183582634.LC.FTS.B,

11.04%,

12/08/24

..

3,347

3,224

184003016.LC.FTS.B,

13.19%,

12/08/24

..

1,025

1,009

183915427.LC.FTS.B,

13.24%,

12/08/24

..

17,025

16,863

183732977.LC.FTS.B,

14.49%,

12/08/24

..

10,313

10,219

183913486.LC.FTS.B,

14.49%,

12/08/24

..

3,438

3,406

183954033.LC.FTS.B,

14.49%,

12/08/24

..

9,608

9,520

183587648.LC.FTS.B,

15.99%,

12/08/24

..

9,329

3,295

183956072.LC.FTS.B,

15.99%,

12/08/24

..

5,539

5,488

183955270.LC.FTS.B,

16.49%,

12/08/24

..

1,735

1,719

183942448.LC.FTS.B,

17.99%,

12/08/24

..

2,516

2,491

183938966.LC.FTS.B,

18.49%,

12/08/24

..

8,743

8,661

183551116.LC.FTS.B,

18.99%,

12/08/24

..

4,914

4,869

183942961.LC.FTS.B,

18.99%,

12/08/24

..

3,510

3,478

183801794.LC.FTS.B,

19.44%,

12/08/24

..

6,990

6,917

183947592.LC.FTS.B,

19.49%,

12/08/24

..

6,813

(206)

183961259.LC.FTS.B,

12.74%,

12/09/24

..

6,819

6,759

184035228.LC.FTS.B,

13.04%,

12/09/24

..

10,243

10,090

184037141.LC.FTS.B,

13.19%,

12/09/24

..

5,102

5,026

183959313.LC.FTS.B,

13.24%,

12/09/24

..

10,642

3,830

183973489.LC.FTS.B,

14.44%,

12/09/24

..

4,684

(38)

183966895.LC.FTS.B,

15%,

12/09/24

....

8,218

6,593

183835923.LC.FTS.B,

15.19%,

12/09/24

..

7,899

7,823

183294173.LC.FTS.B,

15.99%,

12/09/24

..

4,158

4,117

183610510.LC.FTS.B,

15.99%,

12/09/24

..

15,233

15,052

183931492.LC.FTS.B,

16.99%,

12/09/24

..

13,914

13,691

183951356.LC.FTS.B,

17.49%,

12/09/24

..

12,201

12,094

183972047.LC.FTS.B,

17.49%,

12/09/24

..

697

691

183968599.LC.FTS.B,

18.99%,

12/09/24

..

2,808

2,783

183576580.LC.FTS.B,

20.44%,

12/09/24

..

17,664

17,493

183880382.LC.FTS.B,

22.99%,

12/09/24

..

3,578

3,547

183967026.LC.FTS.B,

22.99%,

12/09/24

..

12,862

12,844

183969487.LC.FTS.B,

22.99%,

12/09/24

..

10,694

10,679

183983228.LC.FTS.B,

26.49%,

12/09/24

..

17,530

17,503

183493762.LC.FTS.B,

12.24%,

12/10/24

..

24,051

23,669

184037034.LC.FTS.B,

12.49%,

12/10/24

..

681

675

183775188.LC.FTS.B,

14.44%,

12/10/24

..

10,998

10,662

184000110.LC.FTS.B,

15.49%,

12/10/24

..

11,053

10,958

183974082.LC.FTS.B,

15.99%,

12/10/24

..

14,539

14,414

184004060.LC.FTS.B,

16.49%,

12/10/24

..

19,433

19,266

183929309.LC.FTS.B,

16.99%,

12/10/24

..

13,213

13,097

184001961.LC.FTS.B,

16.99%,

12/10/24

..

5,717

2,067

184006108.LC.FTS.B,

16.99%,

12/10/24

..

8,695

8,621

184044208.LC.FTS.B,

16.99%,

12/10/24

..

18,364

18,207

184008894.LC.FTS.B,

17.99%,

12/10/24

..

6,988

6,928

183687452.LC.FTS.B,

18.99%,

12/10/24

..

702

696

183979122.LC.FTS.B,

18.99%,

12/10/24

..

1,685

1,669

184005390.LC.FTS.B,

19.99%,

12/10/24

..

2,115

2,095

184026094.LC.FTS.B,

22.99%,

12/10/24

..

4,821

4,805

183769143.LC.FTS.B,

Zero

Cpn,

12/11/24

4,115

388

182860020.LC.FTS.B,

15.44%,

12/12/24

..

25,017

24,782

184025076.LC.FTS.B,

18.99%,

12/12/24

..

7,799

7,729

184035087.LC.FTS.B,

10.34%,

12/13/24

..

6,739

6,642

184030481.LC.FTS.B,

11.04%,

12/13/24

..

4,734

4,616

184049185.LC.FTS.B,

13.24%,

12/13/24

..

12,303

12,202

183789603.LC.FTS.B,

14.99%,

12/13/24

..

11,027

10,692

184083997.LC.FTS.B,

16.44%,

12/13/24

..

4,760

1,725

183170547.LC.FTS.B,

16.49%,

12/13/24

..

19,597

19,038

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184074389.LC.FTS.B,

16.49%,

12/13/24

..

$

7,287

$

7,227

184073466.LC.FTS.B,

17.44%,

12/13/24

..

4,803

(75)

184003705.LC.FTS.B,

17.99%,

12/13/24

..

10,482

10,395

184046281.LC.FTS.B,

18.99%,

12/13/24

..

842

835

183770308.LC.FTS.B,

21.49%,

12/13/24

..

2,201

2,181

184053243.LC.FTS.B,

Zero

Cpn,

12/14/24

13,486

628

184125481.LC.FTS.B,

Zero

Cpn,

12/14/24

6,457

285

184106683.LC.FTS.B,

9.99%,

12/14/24

...

10,092

9,595

184070958.LC.FTS.B,

10.49%,

12/14/24

..

3,795

3,738

184028586.LC.FTS.B,

10.99%,

12/14/24

..

20,283

19,737

184058069.LC.FTS.B,

11.04%,

12/14/24

..

4,734

4,591

184056676.LC.FTS.B,

15.99%,

12/14/24

..

3,462

3,357

184105133.LC.FTS.B,

15.99%,

12/14/24

..

9,009

8,813

183304150.LC.FTS.B,

16.49%,

12/14/24

..

7,981

7,917

184078696.LC.FTS.B,

17.99%,

12/14/24

..

6,922

6,850

184127825.LC.FTS.B,

18.44%,

12/14/24

..

4,353

1,570

184162766.LC.FTS.B,

18.44%,

12/14/24

..

13,182

369

184058193.LC.FTS.B,

18.49%,

12/14/24

..

7,508

1,329

184111504.LC.FTS.B,

18.99%,

12/14/24

..

8,424

8,355

184091538.LC.FTS.B,

19.99%,

12/14/24

..

4,231

4,167

184106917.LC.FTS.B,

22.99%,

12/14/24

..

8,574

8,572

183959795.LC.FTS.B,

Zero

Cpn,

12/15/24

8,070

378

184202834.LC.FTS.B,

10.49%,

12/15/24

..

10,791

10,639

183776421.LC.FTS.B,

11.04%,

12/15/24

..

5,219

5,074

183184685.LC.FTS.B,

13.24%,

12/15/24

..

5,507

5,460

183708997.LC.FTS.B,

13.44%,

12/15/24

..

3,444

3,415

183869083.LC.FTS.B,

15.19%,

12/15/24

..

6,898

6,844

184073189.LC.FTS.B,

15.19%,

12/15/24

..

3,449

3,422

183926594.LC.FTS.B,

15.99%,

12/15/24

..

5,845

5,793

183753816.LC.FTS.B,

16.49%,

12/15/24

..

14,006

13,886

184009446.LC.FTS.B,

16.49%,

12/15/24

..

5,559

5,510

183974444.LC.FTS.B,

16.99%,

12/15/24

..

3,495

3,465

183717093.LC.FTS.B,

18.99%,

12/15/24

..

4,915

4,871

183796732.LC.FTS.B,

18.99%,

12/15/24

..

5,662

5,612

184104394.LC.FTS.B,

18.99%,

12/15/24

..

17,550

17,410

183776889.LC.FTS.B,

19.49%,

12/15/24

..

7,058

6,986

184099284.LC.FTS.B,

19.49%,

12/15/24

..

17,590

17,440

183693847.LC.FTS.B,

19.99%,

12/15/24

..

7,140

7,068

183980484.LC.FTS.B,

21.99%,

12/15/24

..

18,403

14,589

184076230.LC.FTS.B,

21.99%,

12/15/24

..

4,268

4,269

183398584.LC.FTS.B,

22.99%,

12/15/24

..

3,116

580

184125379.LC.FTS.B,

10.34%,

12/16/24

..

12,805

12,259

184213707.LC.FTS.B,

10.34%,

12/16/24

..

24,262

23,928

183978363.LC.FTS.B,

13.24%,

12/16/24

..

9,610

9,468

184176024.LC.FTS.B,

13.99%,

12/16/24

..

13,719

13,616

184230024.LC.FTS.B,

15.44%,

12/16/24

..

11,050

10,968

183602283.LC.FTS.B,

15.99%,

12/16/24

..

17,506

17,071

183660366.LC.FTS.B,

15.99%,

12/16/24

..

8,372

8,300

184167764.LC.FTS.B,

15.99%,

12/16/24

..

11,678

11,589

184220816.LC.FTS.B,

16.19%,

12/16/24

..

7,431

1,298

184016559.LC.FTS.B,

16.44%,

12/16/24

..

4,396

4,326

184149278.LC.FTS.B,

16.49%,

12/16/24

..

8,958

8,890

183752485.LC.FTS.B,

16.99%,

12/16/24

..

13,913

13,808

184118078.LC.FTS.B,

17.44%,

12/16/24

..

3,485

3,459

184233839.LC.FTS.B,

18.44%,

12/16/24

..

7,003

6,950

184234038.LC.FTS.B,

18.44%,

12/16/24

..

7,721

7,656

183604911.LC.FTS.B,

10.24%,

12/17/24

..

5,689

5,534

184250542.LC.FTS.B,

12.49%,

12/17/24

..

5,448

5,409

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

221

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

184245291.LC.FTS.B,

13.19%,

12/17/24

..

$

23,916

$

23,742

184142932.LC.FTS.B,

13.99%,

12/17/24

..

15,776

15,204

184191218.LC.FTS.B,

13.99%,

12/17/24

..

11,386

1,992

184235593.LC.FTS.B,

15.19%,

12/17/24

..

1,725

1,712

184273574.LC.FTS.B,

15.44%,

12/17/24

..

17,266

17,029

184248232.LC.FTS.B,

16.19%,

12/17/24

..

3,465

3,440

184243930.LC.FTS.B,

16.49%,

12/17/24

..

4,164

4,134

184125400.LC.FTS.B,

16.99%,

12/17/24

..

12,468

12,296

183862855.LC.FTS.B,

17.44%,

12/17/24

..

5,621

5,555

184208226.LC.FTS.B,

17.44%,

12/17/24

..

5,980

1,064

184015727.LC.FTS.B,

18.99%,

12/17/24

..

7,020

6,968

184246546.LC.FTS.B,

18.99%,

12/17/24

..

14,040

13,937

184252044.LC.FTS.B,

18.99%,

12/17/24

..

4,458

4,425

184252099.LC.FTS.B,

18.99%,

12/17/24

..

3,510

3,484

184253714.LC.FTS.B,

19.49%,

12/17/24

..

18,434

18,171

183943415.LC.FTS.B,

19.99%,

12/17/24

..

10,577

10,496

184236479.LC.FTS.B,

19.99%,

12/17/24

..

18,869

3,436

183929820.LC.FTS.B,

15.49%,

12/18/24

..

3,479

3,450

183874684.LC.FTS.B,

19.49%,

12/19/24

..

7,826

7,752

184186523.LC.FTS.B,

9.29%,

12/20/24

...

9,386

9,019

184135047.LC.FTS.B,

11.04%,

12/20/24

..

27,609

1,854

184238507.LC.FTS.B,

12.49%,

12/20/24

..

3,360

3,294

184245796.LC.FTS.B,

14.44%,

12/20/24

..

9,612

9,390

183409645.LC.FTS.B,

14.49%,

12/20/24

..

16,502

16,319

183975067.LC.FTS.B,

15.49%,

12/20/24

..

3,482

3,455

184065895.LC.FTS.B,

15.49%,

12/20/24

..

8,290

8,232

184281222.LC.FTS.B,

15.99%,

12/20/24

..

6,924

6,876

183474005.LC.FTS.B,

16.49%,

12/20/24

..

7,295

7,242

184193155.LC.FTS.B,

16.49%,

12/20/24

..

8,351

8,230

184264223.LC.FTS.B,

16.49%,

12/20/24

..

21,202

21,054

184274458.LC.FTS.B,

18.49%,

12/20/24

..

12,607

12,519

183828952.LC.FTS.B,

18.99%,

12/20/24

..

5,091

5,052

184210526.LC.FTS.B,

18.99%,

12/20/24

..

10,109

10,038

184281792.LC.FTS.B,

18.99%,

12/20/24

..

3,510

3,485

184284744.LC.FTS.B,

18.99%,

12/20/24

..

2,457

2,440

184342759.LC.FTS.B,

Zero

Cpn,

12/21/24

8,730

406

184374598.LC.FTS.B,

12.19%,

12/21/24

..

5,910

5,866

184409177.LC.FTS.B,

12.24%,

12/21/24

..

14,131

13,945

184364758.LC.FTS.B,

12.49%,

12/21/24

..

1,021

1,015

184342167.LC.FTS.B,

13.99%,

12/21/24

..

686

679

184344324.LC.FTS.B,

14.19%,

12/21/24

..

5,493

5,450

183895252.LC.FTS.B,

14.44%,

12/21/24

..

10,311

9,905

184365775.LC.FTS.B,

14.49%,

12/21/24

..

13,751

13,658

183948591.LC.FTS.B,

16.44%,

12/21/24

..

12,615

12,518

184336095.LC.FTS.B,

17.44%,

12/21/24

..

8,365

8,281

184350898.LC.FTS.B,

17.44%,

12/21/24

..

10,456

10,351

184370090.LC.FTS.B,

17.99%,

12/21/24

..

2,096

2,082

184063399.LC.FTS.B,

18.99%,

12/21/24

..

4,944

4,906

184376915.LC.FTS.B,

18.99%,

12/21/24

..

13,478

13,386

184340869.LC.FTS.B,

22.99%,

12/21/24

..

3,716

3,710

184369171.LC.FTS.B,

12.19%,

12/22/24

..

6,800

6,692

184320356.LC.FTS.B,

13.44%,

12/22/24

..

6,773

6,531

184378127.LC.FTS.B,

13.99%,

12/22/24

..

17,148

16,985

183699899.LC.FTS.B,

15.99%,

12/22/24

..

42

42

184353845.LC.FTS.B,

15.99%,

12/22/24

..

6,911

6,777

184102807.LC.FTS.B,

18.99%,

12/22/24

..

17,552

17,425

184149207.LC.FTS.B,

18.99%,

12/22/24

..

7,160

7,115

184394307.LC.FTS.B,

18.99%,

12/22/24

..

3,159

3,139

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184441891.LC.FTS.B,

8.99%,

12/23/24

...

$

9,200

$

9,084

184389245.LC.FTS.B,

11.99%,

12/23/24

..

20,382

19,990

184048740.LC.FTS.B,

12.49%,

12/23/24

..

12,088

11,935

184408809.LC.FTS.B,

13.44%,

12/23/24

..

10,515

10,415

184422373.LC.FTS.B,

13.99%,

12/23/24

..

3,035

3,015

184395760.LC.FTS.B,

15.99%,

12/23/24

..

536

530

184439347.LC.FTS.B,

15.99%,

12/23/24

..

275

274

184431796.LC.FTS.B,

16.44%,

12/23/24

..

5,386

660

184090890.LC.FTS.B,

16.49%,

12/23/24

..

4,158

4,133

184030866.LC.FTS.B,

16.99%,

12/23/24

..

14,540

11,330

184389514.LC.FTS.B,

16.99%,

12/23/24

..

6,956

6,867

184408132.LC.FTS.B,

16.99%,

12/23/24

..

13,259

13,165

183756956.LC.FTS.B,

17.49%,

12/23/24

..

7,669

7,622

184192472.LC.FTS.B,

17.99%,

12/23/24

..

5,975

5,938

184435348.LC.FTS.B,

17.99%,

12/23/24

..

3,494

3,472

184197580.LC.FTS.B,

18.99%,

12/23/24

..

5,086

5,050

184065866.LC.FTS.B,

19.49%,

12/23/24

..

8,488

8,246

184272023.LC.FTS.B,

19.49%,

12/23/24

..

10,932

10,842

184367167.LC.FTS.B,

21.49%,

12/23/24

..

4,969

4,938

184189674.LC.FTS.B,

18.44%,

12/24/24

..

8,028

7,976

183794044.LC.FTS.B,

18.99%,

12/24/24

..

8,044

7,992

184168561.LC.FTS.B,

21.99%,

12/24/24

..

2,585

2,584

184045620.LC.FTS.B,

Zero

Cpn,

12/25/24

7,379

334

183961839.LC.FTS.B,

11.04%,

12/25/24

..

5,451

5,288

183711809.LC.FTS.B,

17.49%,

12/25/24

..

12,754

12,668

183780343.LC.FTS.B,

18.44%,

12/25/24

..

3,621

3,598

184046212.LC.FTS.B,

11.99%,

12/26/24

..

2,726

2,708

184379124.LC.FTS.B,

9.29%,

12/27/24

...

16,761

16,002

184405061.LC.FTS.B,

11.84%,

12/27/24

..

6,805

6,717

184346927.LC.FTS.B,

13.24%,

12/27/24

..

20,051

19,550

184428613.LC.FTS.B,

13.24%,

12/27/24

..

20,505

20,050

184447670.LC.FTS.B,

14.44%,

12/27/24

..

6,874

6,835

184441920.LC.FTS.B,

14.99%,

12/27/24

..

3,835

477

184448743.LC.FTS.B,

15.99%,

12/27/24

..

7,755

7,711

184418501.LC.FTS.B,

16.19%,

12/27/24

..

4,158

4,107

184454192.LC.FTS.B,

16.19%,

12/27/24

..

5,891

5,857

184121693.LC.FTS.B,

16.49%,

12/27/24

..

6,974

6,929

184443285.LC.FTS.B,

16.49%,

12/27/24

..

26,661

4,794

184445591.LC.FTS.B,

17.44%,

12/27/24

..

13,941

13,861

184228216.LC.FTS.B,

18.44%,

12/27/24

..

19,607

19,495

184457887.LC.FTS.B,

18.49%,

12/27/24

..

8,405

8,357

184034650.LC.FTS.B,

18.99%,

12/27/24

..

8,210

8,162

184460632.LC.FTS.B,

22.99%,

12/27/24

..

1,215

1,219

184157711.LC.FTS.B,

16.19%,

12/28/24

..

2,969

2,942

183555873.LC.FTS.B,

16.99%,

12/28/24

..

13,368

13,164

184068690.LC.FTS.B,

18.49%,

12/28/24

..

7,263

7,085

183457596.LC.FTS.B,

18.99%,

12/29/24

..

7,636

7,587

183892244.LC.FTS.B,

21.49%,

12/29/24

..

18,098

17,970

184226087.LC.FTS.B,

15.49%,

12/30/24

..

9,723

9,498

184373489.LC.FTS.B,

18.19%,

12/30/24

..

2,337

291

184038361.LC.FTS.B,

18.44%,

12/30/24

..

5,289

5,255

184167427.LC.FTS.B,

19.99%,

12/30/24

..

17,166

17,044

184200182.LC.FTS.B,

13.19%,

12/31/24

..

15,645

15,400

184279960.LC.FTS.B,

13.99%,

12/31/24

..

21,538

20,697

184087692.LC.FTS.B,

18.99%,

12/31/24

..

16,851

16,718

184090151.LC.FTS.B,

19.99%,

12/31/24

..

22,034

21,825

184415798.LC.FTS.B,

22.99%,

12/31/24

..

7,432

7,410

182593987.LC.FTS.B,

14.19%,

1/01/25

...

14,394

5,248

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

222

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

184378148.LC.FTS.B,

16.19%,

1/03/25

...

$

4,711

$

4,656

184282726.LC.FTS.B,

15.19%,

1/04/25

...

7,218

7,135

183797655.LC.FTS.B,

15.99%,

1/04/25

...

13,030

12,797

184111598.LC.FTS.B,

22.99%,

1/05/25

...

2,267

2,248

184412079.LC.FTS.B,

18.99%,

1/06/25

...

7,353

7,272

183334857.LC.FTS.B,

15.99%,

1/07/25

...

8,105

6,452

183902971.LC.FTS.B,

18.49%,

1/20/25

...

14,171

14,050

183582737.LC.FTS.B,

Zero

Cpn,

1/25/25

.

7,272

337

183559023.LC.FTS.B,

15.99%,

1/30/25

...

6,649

6,612

182832352.LC.FTS.B,

13.99%,

1/31/25

...

10,253

9,832

182918515.LC.FTS.B,

16.49%,

3/16/25

...

10,617

10,213

183804788.LC.FTS.B,

15%,

3/23/25

.....

2,900

2,306

183997026.LC.FTS.B,

22.99%,

4/17/25

...

5,042

636

184051226.LC.FTS.B,

14.99%,

4/20/25

...

25,995

19,898

184277567.LC.FTS.B,

15%,

4/20/25

.....

7,091

5,429

184253510.LC.FTS.B,

15%,

4/21/25

.....

14,202

10,910

183992321.LC.FTS.B,

17.44%,

4/28/25

...

28,054

27,212

183281940.LC.FTS.B,

22.99%,

5/31/25

...

3,370

3,329

183985034.LC.FTS.B,

5%,

6/13/25

......

8,244

6,208

183532916.LC.FTS.B,

Zero

Cpn,

7/20/25

.

7,893

5,301

171045369.LC.FTS.B,

16.08%,

10/07/25

..

6,462

6,272

171130012.LC.FTS.B,

17.3%,

10/09/25

...

7,771

7,474

170762714.LC.FTS.B,

16.08%,

10/13/25

..

12,919

12,511

170898869.LC.FTS.B,

18.24%,

10/18/25

..

9,887

9,534

171643853.LC.FTS.B,

16.08%,

10/29/25

..

6,463

6,297

171671693.LC.FTS.B,

13.33%,

11/10/25

..

2,724

2,635

171905795.LC.FTS.B,

16.08%,

11/15/25

..

8,774

8,515

171885695.LC.FTS.B,

18.24%,

11/17/25

..

6,794

6,535

171893215.LC.FTS.B,

16.08%,

11/20/25

..

14,502

571

171825004.LC.FTS.B,

15.4%,

11/26/25

...

17,895

17,423

171709430.LC.FTS.B,

13.33%,

11/28/25

..

14,348

13,067

172000836.LC.FTS.B,

15.4%,

11/28/25

...

13,285

12,924

172876605.LC.FTS.B,

17.3%,

12/14/25

...

8,205

7,875

172382360.LC.FTS.B,

14.02%,

12/15/25

..

7,987

7,750

172979926.LC.FTS.B,

16.08%,

12/15/25

..

8,059

7,825

172894773.LC.FTS.B,

15.4%,

12/18/25

...

6,756

6,553

172871335.LC.FTS.B,

17.3%,

12/18/25

...

23,931

23,098

172960729.LC.FTS.B,

14.02%,

12/19/25

..

14,657

13,951

172424365.LC.FTS.B,

15.4%,

12/20/25

...

7,443

7,223

173018414.LC.FTS.B,

13.33%,

12/22/25

..

10,586

10,089

173075170.LC.FTS.B,

19.12%,

12/22/25

..

7,629

7,398

172834572.LC.FTS.B,

15.4%,

12/24/25

...

10,147

9,855

173403754.LC.FTS.B,

18.24%,

12/30/25

..

9,591

9,325

172563412.LC.FTS.B,

16.08%,

12/31/25

..

24,090

23,416

173277936.LC.FTS.B,

16.08%,

12/31/25

..

27,678

26,903

173400785.LC.FTS.B,

16.08%,

12/31/25

..

7,006

6,788

173395883.LC.FTS.B,

17.3%,

12/31/25

...

17,462

16,557

173394313.LC.FTS.B,

16.08%,

1/04/26

...

12,112

11,788

173423229.LC.FTS.B,

16.08%,

1/04/26

...

13,842

13,472

173430575.LC.FTS.B,

16.08%,

1/04/26

...

17,303

16,840

173604231.LC.FTS.B,

14.02%,

1/12/26

...

12,256

11,325

173383392.LC.FTS.B,

15.4%,

1/12/26

...

8,261

7,857

173663810.LC.FTS.B,

17.3%,

1/13/26

...

5,939

5,698

173666949.LC.FTS.B,

20.74%,

1/25/26

...

7,278

7,041

174084354.LC.FTS.B,

12.49%,

1/26/26

...

26,898

24,822

174042657.LC.FTS.B,

13.74%,

1/26/26

...

13,243

12,397

174224259.LC.FTS.B,

14.74%,

1/28/26

...

17,422

16,936

173441334.LC.FTS.B,

17.3%,

1/28/26

...

25,152

24,415

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

174232024.LC.FTS.B,

21.49%,

1/29/26

...

$

12,954

$

12,814

174333350.LC.FTS.B,

Zero

Cpn,

2/04/26

.

5,404

–

174293135.LC.FTS.B,

14.74%,

2/04/26

...

23,045

21,626

174332832.LC.FTS.B,

15.99%,

2/04/26

...

19,459

18,553

174267823.LC.FTS.B,

16.99%,

2/04/26

...

10,648

10,261

174354729.LC.FTS.B,

17.24%,

2/04/26

...

14,262

13,747

174362204.LC.FTS.B,

11.99%,

2/05/26

...

17,812

17,009

174297080.LC.FTS.B,

15.74%,

2/05/26

...

7,052

6,777

174102738.LC.FTS.B,

15.44%,

2/08/26

...

5,674

5,465

174453354.LC.FTS.B,

16.74%,

2/16/26

...

25,117

24,333

174320226.LC.FTS.B,

16.19%,

2/20/26

...

5,702

5,569

174284597.LC.FTS.B,

17.44%,

2/20/26

...

9,026

8,753

174206502.LC.FTS.B,

15%,

7/04/26

.....

25,232

18,921

181324642.LC.FTS.B,

15.19%,

10/13/26

..

24,472

22,313

182208099.LC.FTS.B,

24.99%,

10/13/26

..

21,578

8,512

182237890.LC.FTS.B,

18.49%,

10/14/26

..

12,427

11,661

181671017.LC.FTS.B,

19.49%,

10/14/26

..

19,973

19,525

181681556.LC.FTS.B,

19.49%,

10/14/26

..

12,483

12,203

182220241.LC.FTS.B,

23.99%,

10/14/26

..

7,211

7,093

182323369.LC.FTS.B,

23.99%,

10/14/26

..

17,755

321

182334335.LC.FTS.B,

Zero

Cpn,

10/15/26

18,108

1,702

182239660.LC.FTS.B,

19.99%,

10/15/26

..

12,511

12,330

182100249.LC.FTS.B,

28.99%,

10/15/26

..

8,649

8,717

182337953.LC.FTS.B,

15.19%,

10/17/26

..

13,476

13,124

182196271.LC.FTS.B,

20.49%,

10/18/26

..

8,359

8,241

182171506.LC.FTS.B,

21.49%,

10/18/26

..

20,148

19,863

182283124.LC.FTS.B,

21.99%,

10/18/26

..

17,247

16,985

182351714.LC.FTS.B,

23.99%,

10/18/26

..

8,483

8,353

182365065.LC.FTS.B,

23.99%,

10/18/26

..

6,541

6,431

181832576.LC.FTS.B,

27.49%,

10/18/26

..

21,503

21,687

182312904.LC.FTS.B,

28.99%,

10/18/26

..

7,928

6,373

182419678.LC.FTS.B,

19.99%,

10/19/26

..

18,336

18,083

182404645.LC.FTS.B,

20.24%,

10/19/26

..

30,080

5,516

181963473.LC.FTS.B,

21.49%,

10/19/26

..

10,074

9,738

182267011.LC.FTS.B,

28.99%,

10/19/26

..

17,299

17,382

182424479.LC.FTS.B,

28.99%,

10/19/26

..

17,051

17,109

182447710.LC.FTS.B,

18.44%,

10/20/26

..

15,903

15,423

182489147.LC.FTS.B,

18.99%,

10/20/26

..

29,062

28,184

182400546.LC.FTS.B,

20.44%,

10/20/26

..

5,770

5,623

182350782.LC.FTS.B,

21.49%,

10/20/26

..

21,673

16,985

182279442.LC.FTS.B,

21.99%,

10/20/26

..

20,191

19,821

182381955.LC.FTS.B,

26.99%,

10/20/26

..

3,434

3,466

182272740.LC.FTS.B,

28.99%,

10/20/26

..

20,892

21,054

182373053.LC.FTS.B,

20.44%,

10/22/26

..

16,734

16,504

182135115.LC.FTS.B,

24.99%,

10/28/26

..

20,744

20,312

182097380.LC.FTS.B,

28.99%,

10/28/26

..

13,747

13,618

182184928.LC.FTS.B,

21.99%,

10/30/26

..

18,596

2,413

182329589.LC.FTS.B,

24.99%,

10/30/26

..

7,134

6,989

181977814.LC.FTS.B,

19.49%,

10/31/26

..

15,400

14,795

182761301.LC.FTS.B,

14.74%,

11/01/26

..

21,990

21,178

182342567.LC.FTS.B,

16.99%,

11/01/26

..

10,698

10,062

182782330.LC.FTS.B,

17.44%,

11/01/26

..

17,026

16,555

182708985.LC.FTS.B,

21.99%,

11/01/26

..

11,946

11,512

182412380.LC.FTS.B,

23.99%,

11/01/26

..

8,440

8,226

182763696.LC.FTS.B,

23.99%,

11/01/26

..

12,899

12,626

182770234.LC.FTS.B,

24.99%,

11/01/26

..

10,379

10,055

182249975.LC.FTS.B,

25.99%,

11/01/26

..

10,544

10,211

182785608.LC.FTS.B,

15.19%,

11/02/26

..

24,045

22,434

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

223

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182425449.LC.FTS.B,

15.44%,

11/02/26

..

$

12,451

$

11,616

182814285.LC.FTS.B,

15.44%,

11/02/26

..

23,242

21,946

182836852.LC.FTS.B,

17.44%,

11/02/26

..

18,842

18,280

182871113.LC.FTS.B,

21.99%,

11/02/26

..

17,066

16,703

182810881.LC.FTS.B,

28.99%,

11/02/26

..

5,253

5,172

182655109.LC.FTS.B,

13.19%,

11/03/26

..

13,889

13,513

182956146.LC.FTS.B,

13.49%,

11/03/26

..

12,341

11,887

182715994.LC.FTS.B,

18.99%,

11/03/26

..

9,673

9,386

182925976.LC.FTS.B,

18.99%,

11/03/26

..

6,743

6,544

182860477.LC.FTS.B,

21.99%,

11/03/26

..

21,348

20,878

182864988.LC.FTS.B,

24.49%,

11/03/26

..

17,676

3,268

182871003.LC.FTS.B,

24.99%,

11/03/26

..

15,537

15,058

182883867.LC.FTS.B,

24.99%,

11/03/26

..

6,042

5,856

182932552.LC.FTS.B,

13.19%,

11/04/26

..

12,319

11,964

182934282.LC.FTS.B,

15.44%,

11/04/26

..

11,621

11,285

182296093.LC.FTS.B,

18.19%,

11/04/26

..

5,041

4,899

182957590.LC.FTS.B,

18.99%,

11/04/26

..

16,859

16,370

182725535.LC.FTS.B,

19.49%,

11/04/26

..

20,281

19,913

182386753.LC.FTS.B,

23.19%,

11/04/26

..

17,144

16,800

182841357.LC.FTS.B,

26.49%,

11/04/26

..

16,487

15,993

181746904.LC.FTS.B,

12.99%,

11/05/26

..

24,801

23,927

182986114.LC.FTS.B,

15.44%,

11/05/26

..

12,844

2,243

182956744.LC.FTS.B,

16.49%,

11/05/26

..

25,018

24,020

182970406.LC.FTS.B,

16.99%,

11/05/26

..

26,581

817

182845986.LC.FTS.B,

19.99%,

11/05/26

..

7,402

7,274

182469398.LC.FTS.B,

21.99%,

11/05/26

..

17,066

16,731

182433195.LC.FTS.B,

25.99%,

11/05/26

..

7,624

7,399

182921955.LC.FTS.B,

28.99%,

11/05/26

..

4,442

1,764

182998182.LC.FTS.B,

13.19%,

11/08/26

..

8,134

7,905

182567782.LC.FTS.B,

13.74%,

11/08/26

..

20,593

19,873

182834096.LC.FTS.B,

15.49%,

11/08/26

..

22,375

21,714

183010490.LC.FTS.B,

16.49%,

11/08/26

..

18,375

17,382

182873325.LC.FTS.B,

23.19%,

11/08/26

..

8,573

8,408

182493547.LC.FTS.B,

17.49%,

11/10/26

..

25,286

24,119

182905174.LC.FTS.B,

22.99%,

11/10/26

..

20,095

19,718

183128706.LC.FTS.B,

16.99%,

11/12/26

..

8,023

7,685

183149701.LC.FTS.B,

18.49%,

11/12/26

..

25,235

24,554

182988585.LC.FTS.B,

19.49%,

11/12/26

..

12,670

12,477

183139110.LC.FTS.B,

19.74%,

11/12/26

..

30,445

5,476

183032996.LC.FTS.B,

19.99%,

11/12/26

..

13,674

13,150

182925771.LC.FTS.B,

23.99%,

11/12/26

..

30,097

29,342

182931548.LC.FTS.B,

24.99%,

11/12/26

..

9,564

9,310

182761588.LC.FTS.B,

18.49%,

11/14/26

..

16,732

16,279

182786114.LC.FTS.B,

Zero

Cpn,

11/15/26

5,547

516

183126500.LC.FTS.B,

Zero

Cpn,

11/15/26

14,299

683

183224681.LC.FTS.B,

13.49%,

11/15/26

..

13,164

12,715

183159318.LC.FTS.B,

15.44%,

11/15/26

..

15,041

14,660

182911086.LC.FTS.B,

16.49%,

11/15/26

..

25,018

23,685

183013124.LC.FTS.B,

16.99%,

11/15/26

..

13,291

468

183101425.LC.FTS.B,

17.44%,

11/15/26

..

23,447

22,824

182999628.LC.FTS.B,

17.74%,

11/15/26

..

10,112

9,851

182975891.LC.FTS.B,

18.49%,

11/15/26

..

12,136

11,814

182675743.LC.FTS.B,

19.49%,

11/15/26

..

29,821

29,374

182737896.LC.FTS.B,

19.49%,

11/15/26

..

16,227

15,978

183180134.LC.FTS.B,

19.49%,

11/15/26

..

29,566

29,105

183015727.LC.FTS.B,

20.44%,

11/15/26

..

12,690

12,500

182926067.LC.FTS.B,

20.99%,

11/15/26

..

21,509

21,177

182530390.LC.FTS.B,

21.49%,

11/15/26

..

18,950

18,357

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

182810684.LC.FTS.B,

21.49%,

11/15/26

..

$

17,181

$

16,922

183084148.LC.FTS.B,

21.49%,

11/15/26

..

5,758

5,669

182894263.LC.FTS.B,

22.49%,

11/15/26

..

21,809

313

182379386.LC.FTS.B,

23.99%,

11/15/26

..

18,918

18,603

182921002.LC.FTS.B,

23.99%,

11/15/26

..

11,291

11,101

182924017.LC.FTS.B,

23.99%,

11/15/26

..

16,027

15,755

182765403.LC.FTS.B,

24.99%,

11/15/26

..

7,863

7,661

182946956.LC.FTS.B,

24.99%,

11/15/26

..

16,572

16,014

182962134.LC.FTS.B,

24.99%,

11/15/26

..

17,390

16,938

183159092.LC.FTS.B,

28.99%,

11/15/26

..

6,201

4,993

183203230.LC.FTS.B,

Zero

Cpn,

11/16/26

2,234

–

183274263.LC.FTS.B,

15.44%,

11/16/26

..

17,001

16,528

183121003.LC.FTS.B,

15.99%,

11/16/26

..

12,482

11,819

182977646.LC.FTS.B,

16.99%,

11/16/26

..

25,209

24,565

183238822.LC.FTS.B,

16.99%,

11/16/26

..

19,883

19,002

183295428.LC.FTS.B,

17.49%,

11/16/26

..

10,553

10,195

183287259.LC.FTS.B,

18.19%,

11/16/26

..

9,168

8,899

183154136.LC.FTS.B,

18.49%,

11/16/26

..

8,412

8,190

183200190.LC.FTS.B,

19.49%,

11/16/26

..

5,068

4,974

182845074.LC.FTS.B,

20.99%,

11/16/26

..

23,164

22,808

183239755.LC.FTS.B,

21.99%,

11/16/26

..

21,332

20,988

183263467.LC.FTS.B,

23.99%,

11/16/26

..

9,040

(377)

182663344.LC.FTS.B,

24.99%,

11/16/26

..

15,706

14,806

183239325.LC.FTS.B,

24.99%,

11/16/26

..

12,338

11,984

182753052.LC.FTS.B,

25.99%,

11/16/26

..

21,143

20,607

183197788.LC.FTS.B,

25.99%,

11/16/26

..

17,333

16,610

182897546.LC.FTS.B,

27.49%,

11/16/26

..

22,276

22,345

183267202.LC.FTS.B,

12.99%,

11/17/26

..

12,252

11,807

183321499.LC.FTS.B,

16.49%,

11/17/26

..

2,669

2,599

183270309.LC.FTS.B,

18.99%,

11/17/26

..

21,106

20,571

183320582.LC.FTS.B,

18.99%,

11/17/26

..

13,404

13,027

183205988.LC.FTS.B,

20.99%,

11/17/26

..

31,788

5,846

183336838.LC.FTS.B,

20.99%,

11/17/26

..

20,397

20,104

183253428.LC.FTS.B,

25.99%,

11/17/26

..

17,326

16,891

182954228.LC.FTS.B,

13.49%,

11/18/26

..

22,377

21,654

182922353.LC.FTS.B,

15.49%,

11/18/26

..

29,059

28,321

182931569.LC.FTS.B,

17.49%,

11/18/26

..

19,455

18,975

182918122.LC.FTS.B,

17.74%,

11/18/26

..

5,071

4,944

183371257.LC.FTS.B,

17.74%,

11/18/26

..

25,154

24,514

182920963.LC.FTS.B,

18.99%,

11/18/26

..

24,846

3,008

183368090.LC.FTS.B,

19.49%,

11/18/26

..

9,291

9,165

183127870.LC.FTS.B,

21.99%,

11/18/26

..

5,120

5,044

183287872.LC.FTS.B,

23.99%,

11/18/26

..

9,872

9,708

183354100.LC.FTS.B,

23.99%,

11/18/26

..

13,663

13,362

183409505.LC.FTS.B,

15.19%,

11/19/26

..

24,880

24,272

183369624.LC.FTS.B,

16.44%,

11/19/26

..

5,081

4,952

183394419.LC.FTS.B,

16.49%,

11/19/26

..

4,164

4,059

183403661.LC.FTS.B,

17.74%,

11/19/26

..

12,577

12,260

183371105.LC.FTS.B,

20.49%,

11/19/26

..

20,456

16,021

183197708.LC.FTS.B,

21.99%,

11/19/26

..

20,479

20,182

183146083.LC.FTS.B,

23.99%,

11/19/26

..

17,198

16,947

183385993.LC.FTS.B,

23.99%,

11/19/26

..

4,267

4,203

183391565.LC.FTS.B,

23.99%,

11/19/26

..

5,884

5,791

183401161.LC.FTS.B,

23.99%,

11/19/26

..

12,899

12,710

182894637.LC.FTS.B,

24.99%,

11/19/26

..

22,428

17,657

183350780.LC.FTS.B,

24.99%,

11/19/26

..

5,179

5,057

183355832.LC.FTS.B,

24.99%,

11/19/26

..

21,578

21,070

183306891.LC.FTS.B,

25.99%,

11/19/26

..

12,995

12,687

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

224

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182779398.LC.FTS.B,

Zero

Cpn,

11/20/26

$

22,683

$

1,083

183005424.LC.FTS.B,

Zero

Cpn,

11/20/26

12,826

611

183152720.LC.FTS.B,

28.99%,

11/20/26

..

18,759

810

183321695.LC.FTS.B,

21.49%,

11/21/26

..

14,416

14,228

183436461.LC.FTS.B,

12.74%,

11/22/26

..

29,514

28,558

183435689.LC.FTS.B,

13.24%,

11/22/26

..

18,898

18,286

183333541.LC.FTS.B,

14.19%,

11/22/26

..

18,158

17,569

183227368.LC.FTS.B,

16.44%,

11/22/26

..

20,486

19,595

183108062.LC.FTS.B,

16.99%,

11/22/26

..

17,225

3,137

182980965.LC.FTS.B,

17.24%,

11/22/26

..

16,734

16,318

183417393.LC.FTS.B,

17.24%,

11/22/26

..

20,080

19,349

183424118.LC.FTS.B,

18.49%,

11/22/26

..

15,141

14,765

183425358.LC.FTS.B,

18.49%,

11/22/26

..

6,729

6,562

183430858.LC.FTS.B,

18.49%,

11/22/26

..

10,094

9,804

182558045.LC.FTS.B,

19.49%,

11/22/26

..

10,498

10,344

183418746.LC.FTS.B,

19.49%,

11/22/26

..

25,341

25,013

183426724.LC.FTS.B,

21.49%,

11/22/26

..

10,219

10,086

183434742.LC.FTS.B,

23.19%,

11/22/26

..

7,072

6,973

182942183.LC.FTS.B,

24.99%,

11/22/26

..

4,367

4,267

183328750.LC.FTS.B,

28.99%,

11/22/26

..

6,817

6,877

183468715.LC.FTS.B,

Zero

Cpn,

11/23/26

18,172

871

183477091.LC.FTS.B,

13.19%,

11/23/26

..

8,216

7,984

183306593.LC.FTS.B,

13.44%,

11/23/26

..

18,096

17,656

183485184.LC.FTS.B,

13.99%,

11/23/26

..

4,948

4,808

183298862.LC.FTS.B,

14.19%,

11/23/26

..

33,107

32,332

183490789.LC.FTS.B,

14.49%,

11/23/26

..

6,612

6,400

183000324.LC.FTS.B,

15.44%,

11/23/26

..

5,529

5,397

183459184.LC.FTS.B,

15.44%,

11/23/26

..

11,622

11,031

183494555.LC.FTS.B,

15.49%,

11/23/26

..

16,958

16,414

183505251.LC.FTS.B,

16.49%,

11/23/26

..

8,339

8,136

183373318.LC.FTS.B,

16.99%,

11/23/26

..

16,050

15,670

183447586.LC.FTS.B,

17.49%,

11/23/26

..

17,589

16,750

183425539.LC.FTS.B,

18.49%,

11/23/26

..

15,141

14,772

183430694.LC.FTS.B,

18.49%,

11/23/26

..

17,664

16,820

183455680.LC.FTS.B,

20.44%,

11/23/26

..

33,920

32,822

183434882.LC.FTS.B,

20.99%,

11/23/26

..

20,957

473

183430676.LC.FTS.B,

21.99%,

11/23/26

..

19,625

19,365

183446729.LC.FTS.B,

22.49%,

11/23/26

..

12,824

12,602

183453750.LC.FTS.B,

23.99%,

11/23/26

..

34,396

33,797

182790988.LC.FTS.B,

24.99%,

11/23/26

..

18,011

2,296

183407041.LC.FTS.B,

24.99%,

11/23/26

..

2,099

1,619

183431866.LC.FTS.B,

26.49%,

11/23/26

..

21,503

20,942

183095344.LC.FTS.B,

13.44%,

11/24/26

..

32,901

32,122

183370137.LC.FTS.B,

16.44%,

11/24/26

..

20,010

19,535

183249731.LC.FTS.B,

17.49%,

11/24/26

..

11,652

11,349

183545708.LC.FTS.B,

18.49%,

11/24/26

..

14,963

14,604

183470077.LC.FTS.B,

18.99%,

11/24/26

..

20,895

20,340

182933015.LC.FTS.B,

19.49%,

11/24/26

..

23,651

23,373

182954964.LC.FTS.B,

19.49%,

11/24/26

..

18,161

17,947

183384203.LC.FTS.B,

20.49%,

11/24/26

..

11,109

10,953

183167278.LC.FTS.B,

20.99%,

11/24/26

..

21,355

21,076

183287022.LC.FTS.B,

21.99%,

11/24/26

..

17,072

16,842

182882013.LC.FTS.B,

24.99%,

11/24/26

..

17,263

16,897

183497464.LC.FTS.B,

27.99%,

11/24/26

..

395

393

183092655.LC.FTS.B,

16.99%,

11/25/26

..

29,399

28,137

183567257.LC.FTS.B,

Zero

Cpn,

11/26/26

19,176

–

183524584.LC.FTS.B,

13.19%,

11/26/26

..

8,218

8,033

183562559.LC.FTS.B,

15.24%,

11/26/26

..

23,223

22,515

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183499719.LC.FTS.B,

15.44%,

11/26/26

..

$

12,451

$

11,770

183557623.LC.FTS.B,

16.19%,

11/26/26

..

12,493

12,103

183499818.LC.FTS.B,

16.44%,

11/26/26

..

33,351

31,918

183566565.LC.FTS.B,

16.49%,

11/26/26

..

11,058

465

183512455.LC.FTS.B,

16.99%,

11/26/26

..

22,624

8,083

183548843.LC.FTS.B,

17.19%,

11/26/26

..

8,619

1,581

183549091.LC.FTS.B,

18.44%,

11/26/26

..

8,535

8,339

183145768.LC.FTS.B,

19.49%,

11/26/26

..

17,215

16,889

183362865.LC.FTS.B,

20.99%,

11/26/26

..

25,672

25,363

183505272.LC.FTS.B,

21.49%,

11/26/26

..

5,280

5,219

183525639.LC.FTS.B,

21.99%,

11/26/26

..

5,120

5,059

183478931.LC.FTS.B,

22.49%,

11/26/26

..

5,990

5,909

183514721.LC.FTS.B,

22.49%,

11/26/26

..

6,016

5,936

183556398.LC.FTS.B,

23.99%,

11/26/26

..

8,549

8,443

183390362.LC.FTS.B,

24.99%,

11/26/26

..

10,358

10,143

183193272.LC.FTS.B,

15.44%,

11/27/26

..

4,441

4,336

183234734.LC.FTS.B,

27.99%,

11/27/26

..

21,523

21,618

183340558.LC.FTS.B,

17.74%,

11/28/26

..

27,822

27,194

182816829.LC.FTS.B,

21.99%,

11/28/26

..

9,176

1,798

183541185.LC.FTS.B,

14.99%,

11/29/26

..

34,708

4,307

183476845.LC.FTS.B,

16.49%,

11/29/26

..

12,128

11,857

183560621.LC.FTS.B,

16.99%,

11/29/26

..

12,220

11,592

183571826.LC.FTS.B,

17.44%,

11/29/26

..

15,173

408

183346627.LC.FTS.B,

17.74%,

11/29/26

..

12,074

11,792

183447683.LC.FTS.B,

20.44%,

11/29/26

..

16,536

16,348

183369356.LC.FTS.B,

20.99%,

11/29/26

..

4,323

4,240

183610499.LC.FTS.B,

Zero

Cpn,

11/30/26

21,946

2,059

183179352.LC.FTS.B,

14.49%,

11/30/26

..

16,662

15,893

183336844.LC.FTS.B,

14.74%,

11/30/26

..

27,004

25,878

183304070.LC.FTS.B,

15.99%,

11/30/26

..

30,190

29,272

183358581.LC.FTS.B,

16.49%,

11/30/26

..

10,212

9,977

183359968.LC.FTS.B,

16.49%,

11/30/26

..

18,458

18,049

183524280.LC.FTS.B,

16.99%,

11/30/26

..

24,789

24,206

183649644.LC.FTS.B,

16.99%,

11/30/26

..

9,193

8,979

183434269.LC.FTS.B,

17.24%,

11/30/26

..

6,655

6,502

183629352.LC.FTS.B,

17.74%,

11/30/26

..

25,627

24,932

183031560.LC.FTS.B,

18.19%,

11/30/26

..

13,159

12,750

183636681.LC.FTS.B,

18.49%,

11/30/26

..

28,262

27,602

183630947.LC.FTS.B,

18.99%,

11/30/26

..

20,230

19,757

183531699.LC.FTS.B,

19.99%,

11/30/26

..

12,696

12,552

183585512.LC.FTS.B,

19.99%,

11/30/26

..

20,315

19,745

183437929.LC.FTS.B,

20.49%,

11/30/26

..

21,319

21,069

183649794.LC.FTS.B,

21.49%,

11/30/26

..

22,225

21,972

183170401.LC.FTS.B,

21.99%,

11/30/26

..

10,239

10,119

183544070.LC.FTS.B,

21.99%,

11/30/26

..

17,065

16,864

183623738.LC.FTS.B,

21.99%,

11/30/26

..

5,066

5,003

183618524.LC.FTS.B,

22.99%,

11/30/26

..

21,414

21,161

182592773.LC.FTS.B,

23.99%,

11/30/26

..

8,778

8,578

183540100.LC.FTS.B,

23.99%,

11/30/26

..

5,159

5,098

183626362.LC.FTS.B,

23.99%,

11/30/26

..

6,882

6,793

183611465.LC.FTS.B,

24.99%,

11/30/26

..

10,358

10,141

183633965.LC.FTS.B,

24.99%,

11/30/26

..

5,178

5,072

183472728.LC.FTS.B,

16.49%,

12/01/26

..

5,081

4,935

183607115.LC.FTS.B,

17.24%,

12/01/26

..

19,537

18,826

183638388.LC.FTS.B,

17.24%,

12/01/26

..

24,485

4,241

183676944.LC.FTS.B,

17.24%,

12/01/26

..

5,097

4,949

183686236.LC.FTS.B,

20.49%,

12/01/26

..

17,334

17,002

183333618.LC.FTS.B,

21.49%,

12/01/26

..

8,731

8,568

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

225

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183661163.LC.FTS.B,

23.19%,

12/01/26

..

$

26,402

$

10,076

183562403.LC.FTS.B,

23.99%,

12/01/26

..

10,416

10,185

183593989.LC.FTS.B,

27.49%,

12/01/26

..

22,040

22,010

183687593.LC.FTS.B,

Zero

Cpn,

12/02/26

22,693

2,141

183067587.LC.FTS.B,

6%,

12/02/26

.....

23,160

22,663

183768813.LC.FTS.B,

13.24%,

12/02/26

..

12,531

12,079

183768005.LC.FTS.B,

13.74%,

12/02/26

..

29,303

28,245

183695657.LC.FTS.B,

15.44%,

12/02/26

..

12,649

12,286

183699303.LC.FTS.B,

17.24%,

12/02/26

..

13,591

13,046

183683504.LC.FTS.B,

19.49%,

12/02/26

..

9,820

536

183702434.LC.FTS.B,

20.49%,

12/02/26

..

25,356

24,883

183623497.LC.FTS.B,

13.24%,

12/03/26

..

24,227

23,359

183499399.LC.FTS.B,

15.44%,

12/03/26

..

10,173

9,896

183483610.LC.FTS.B,

17.24%,

12/03/26

..

16,479

15,947

183721314.LC.FTS.B,

17.44%,

12/03/26

..

13,602

13,214

183651950.LC.FTS.B,

18.49%,

12/03/26

..

18,781

18,244

183746554.LC.FTS.B,

18.49%,

12/03/26

..

4,708

4,573

183771895.LC.FTS.B,

21.99%,

12/03/26

..

15,571

15,241

183789584.LC.FTS.B,

21.99%,

12/03/26

..

16,003

15,664

183877324.LC.FTS.B,

16.49%,

12/06/26

..

33,876

32,666

183552770.LC.FTS.B,

17.24%,

12/06/26

..

21,236

20,639

183799901.LC.FTS.B,

17.74%,

12/06/26

..

8,511

8,272

183790054.LC.FTS.B,

18.49%,

12/06/26

..

5,378

5,226

183710879.LC.FTS.B,

19.95%,

12/06/26

..

20,790

20,410

183747630.LC.FTS.B,

20.99%,

12/06/26

..

19,914

19,552

183788883.LC.FTS.B,

21.99%,

12/06/26

..

20,761

20,332

183402569.LC.FTS.B,

23.99%,

12/06/26

..

7,430

7,269

183684135.LC.FTS.B,

23.99%,

12/06/26

..

12,132

11,879

183695174.LC.FTS.B,

23.99%,

12/06/26

..

16,436

16,091

183788160.LC.FTS.B,

23.99%,

12/06/26

..

8,712

8,531

183759744.LC.FTS.B,

24.99%,

12/06/26

..

8,743

8,483

183750856.LC.FTS.B,

27.99%,

12/06/26

..

14,599

14,564

183862022.LC.FTS.B,

Zero

Cpn,

12/07/26

5,361

494

183809680.LC.FTS.B,

17.24%,

12/07/26

..

28,542

26,760

183882896.LC.FTS.B,

17.24%,

12/07/26

..

15,292

14,762

183902344.LC.FTS.B,

17.49%,

12/07/26

..

16,363

15,906

183312099.LC.FTS.B,

18.99%,

12/07/26

..

9,580

9,275

183844253.LC.FTS.B,

18.99%,

12/07/26

..

24,809

23,948

183415342.LC.FTS.B,

19.49%,

12/07/26

..

25,710

24,452

183762991.LC.FTS.B,

19.49%,

12/07/26

..

19,046

18,414

183495228.LC.FTS.B,

20.44%,

12/07/26

..

5,159

5,047

183882038.LC.FTS.B,

20.99%,

12/07/26

..

24,821

24,381

183520272.LC.FTS.B,

21.49%,

12/07/26

..

18,824

18,499

183719486.LC.FTS.B,

21.99%,

12/07/26

..

17,301

16,405

183885314.LC.FTS.B,

21.99%,

12/07/26

..

5,190

5,085

183867910.LC.FTS.B,

23.99%,

12/07/26

..

13,069

12,801

183866613.LC.FTS.B,

25.99%,

12/07/26

..

8,772

8,446

183874898.LC.FTS.B,

27.49%,

12/07/26

..

22,027

22,034

183860801.LC.FTS.B,

28.99%,

12/07/26

..

8,960

3,536

183885718.LC.FTS.B,

28.99%,

12/07/26

..

6,867

789

183909323.LC.FTS.B,

28.99%,

12/07/26

..

11,956

11,898

183046392.LC.FTS.B,

13.19%,

12/08/26

..

20,881

20,308

183492757.LC.FTS.B,

16.99%,

12/08/26

..

12,672

12,322

183909483.LC.FTS.B,

16.99%,

12/08/26

..

5,079

4,895

183795795.LC.FTS.B,

17.49%,

12/08/26

..

5,102

4,961

183949342.LC.FTS.B,

18.74%,

12/08/26

..

7,691

7,478

183536773.LC.FTS.B,

19.74%,

12/08/26

..

30,023

29,502

183940387.LC.FTS.B,

19.99%,

12/08/26

..

15,455

15,187

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183933487.LC.FTS.B,

23.99%,

12/08/26

..

$

13,069

$

12,806

183999420.LC.FTS.B,

12.99%,

12/09/26

..

33,381

32,231

183274086.LC.FTS.B,

14.44%,

12/09/26

..

14,275

13,891

184040533.LC.FTS.B,

14.49%,

12/09/26

..

16,798

16,218

183461812.LC.FTS.B,

16.74%,

12/09/26

..

16,531

15,958

183566597.LC.FTS.B,

17.24%,

12/09/26

..

19,071

18,556

183576479.LC.FTS.B,

17.44%,

12/09/26

..

20,403

19,852

183996173.LC.FTS.B,

17.44%,

12/09/26

..

30,605

29,543

184003319.LC.FTS.B,

18.19%,

12/09/26

..

8,527

8,296

183840027.LC.FTS.B,

21.49%,

12/09/26

..

13,815

13,583

183987324.LC.FTS.B,

23.99%,

12/09/26

..

13,940

13,673

183966000.LC.FTS.B,

24.99%,

12/09/26

..

4,371

4,250

183970462.LC.FTS.B,

24.99%,

12/09/26

..

2,623

2,550

184009395.LC.FTS.B,

9.49%,

12/10/26

...

27,111

25,567

184012121.LC.FTS.B,

13.44%,

12/10/26

..

15,887

15,403

183870325.LC.FTS.B,

14.19%,

12/10/26

..

17,615

17,146

183680345.LC.FTS.B,

16.44%,

12/10/26

..

11,007

10,713

184031238.LC.FTS.B,

16.49%,

12/10/26

..

8,469

8,242

183129988.LC.FTS.B,

16.99%,

12/10/26

..

15,275

14,808

183766454.LC.FTS.B,

16.99%,

12/10/26

..

18,710

18,003

183793588.LC.FTS.B,

17.24%,

12/10/26

..

5,962

5,806

183912771.LC.FTS.B,

19.49%,

12/10/26

..

11,145

10,955

184036706.LC.FTS.B,

19.49%,

12/10/26

..

4,285

4,215

183974150.LC.FTS.B,

19.99%,

12/10/26

..

21,467

21,100

184022156.LC.FTS.B,

20.49%,

12/10/26

..

8,547

8,386

184017594.LC.FTS.B,

20.99%,

12/10/26

..

13,626

13,379

184011802.LC.FTS.B,

21.49%,

12/10/26

..

8,635

8,492

183532974.LC.FTS.B,

21.99%,

12/10/26

..

13,101

12,740

183611528.LC.FTS.B,

23.99%,

12/10/26

..

25,583

25,081

184017730.LC.FTS.B,

23.99%,

12/10/26

..

26,138

25,646

183942336.LC.FTS.B,

24.99%,

12/10/26

..

17,486

17,005

183970602.LC.FTS.B,

24.99%,

12/10/26

..

10,492

10,201

184013288.LC.FTS.B,

24.99%,

12/10/26

..

17,486

17,005

183547689.LC.FTS.B,

16.99%,

12/11/26

..

12,837

12,510

183270743.LC.FTS.B,

21.49%,

12/11/26

..

14,075

13,831

183205986.LC.FTS.B,

15.44%,

12/13/26

..

8,434

8,056

183943387.LC.FTS.B,

15.44%,

12/13/26

..

19,816

19,142

184056742.LC.FTS.B,

15.44%,

12/13/26

..

12,649

12,316

183935167.LC.FTS.B,

16.19%,

12/13/26

..

17,020

16,137

183965552.LC.FTS.B,

16.49%,

12/13/26

..

12,704

12,381

183842914.LC.FTS.B,

17.44%,

12/13/26

..

18,703

18,209

184033080.LC.FTS.B,

17.44%,

12/13/26

..

18,615

17,874

183788093.LC.FTS.B,

17.49%,

12/13/26

..

6,835

6,634

183731402.LC.FTS.B,

19.44%,

12/13/26

..

13,709

13,490

184064152.LC.FTS.B,

19.49%,

12/13/26

..

17,729

6,559

183706984.LC.FTS.B,

21.49%,

12/13/26

..

8,133

8,000

184062734.LC.FTS.B,

21.49%,

12/13/26

..

4,120

4,045

184055849.LC.FTS.B,

23.99%,

12/13/26

..

34,850

34,213

184039087.LC.FTS.B,

24.99%,

12/13/26

..

8,307

8,082

184051343.LC.FTS.B,

28.99%,

12/13/26

..

15,946

15,988

184176824.LC.FTS.B,

14.99%,

12/14/26

..

11,783

11,385

183228318.LC.FTS.B,

15.19%,

12/14/26

..

29,483

27,456

183578940.LC.FTS.B,

15.19%,

12/14/26

..

11,027

10,622

184127951.LC.FTS.B,

15.44%,

12/14/26

..

17,708

17,246

184144008.LC.FTS.B,

16.99%,

12/14/26

..

15,606

15,163

184142978.LC.FTS.B,

17.44%,

12/14/26

..

12,752

12,419

184109137.LC.FTS.B,

17.74%,

12/14/26

..

12,767

12,235

183892275.LC.FTS.B,

18.44%,

12/14/26

..

23,045

22,441

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

226

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183627901.LC.FTS.B,

18.49%,

12/14/26

..

$

15,131

$

1,789

184114198.LC.FTS.B,

18.99%,

12/14/26

..

20,956

20,407

184149526.LC.FTS.B,

19.74%,

12/14/26

..

29,508

29,044

183841644.LC.FTS.B,

19.99%,

12/14/26

..

11,244

10,793

184107799.LC.FTS.B,

19.99%,

12/14/26

..

12,021

11,831

184130928.LC.FTS.B,

21.99%,

12/14/26

..

12,976

12,746

184142290.LC.FTS.B,

21.99%,

12/14/26

..

9,342

9,177

183623138.LC.FTS.B,

23.99%,

12/14/26

..

10,455

10,268

184107590.LC.FTS.B,

23.99%,

12/14/26

..

6,103

5,915

183641094.LC.FTS.B,

24.99%,

12/14/26

..

8,744

8,511

183971412.LC.FTS.B,

28.49%,

12/14/26

..

8,551

8,561

183669687.LC.FTS.B,

Zero

Cpn,

12/15/26

25,260

–

183916918.LC.FTS.B,

13.19%,

12/15/26

..

19,278

18,799

184198353.LC.FTS.B,

14.01%,

12/15/26

..

33,414

32,296

183700079.LC.FTS.B,

15.44%,

12/15/26

..

12,916

9,707

183712326.LC.FTS.B,

15.44%,

12/15/26

..

5,438

5,284

183687642.LC.FTS.B,

15.99%,

12/15/26

..

20,641

3,711

184146721.LC.FTS.B,

16.44%,

12/15/26

..

12,701

12,175

184090113.LC.FTS.B,

16.49%,

12/15/26

..

17,785

17,325

184204044.LC.FTS.B,

16.49%,

12/15/26

..

12,703

12,276

184199477.LC.FTS.B,

16.99%,

12/15/26

..

3,394

3,307

183603668.LC.FTS.B,

17.19%,

12/15/26

..

15,450

14,883

184108646.LC.FTS.B,

18.49%,

12/15/26

..

7,235

6,963

183211187.LC.FTS.B,

18.99%,

12/15/26

..

17,497

17,066

184139449.LC.FTS.B,

18.99%,

12/15/26

..

6,246

4,832

184179384.LC.FTS.B,

18.99%,

12/15/26

..

19,944

611

184036052.LC.FTS.B,

19.49%,

12/15/26

..

21,483

21,148

183917868.LC.FTS.B,

21.49%,

12/15/26

..

16,125

15,874

184056585.LC.FTS.B,

21.99%,

12/15/26

..

21,626

21,251

183758691.LC.FTS.B,

23.99%,

12/15/26

..

5,227

5,136

184003793.LC.FTS.B,

23.99%,

12/15/26

..

17,496

17,185

184195032.LC.FTS.B,

23.99%,

12/15/26

..

8,129

1,539

184149742.LC.FTS.B,

26.49%,

12/15/26

..

18,827

18,333

184041474.LC.FTS.B,

27.49%,

12/15/26

..

22,095

4,284

183975814.LC.FTS.B,

Zero

Cpn,

12/16/26

7,348

304

184114543.LC.FTS.B,

Zero

Cpn,

12/16/26

9,438

888

184184924.LC.FTS.B,

13.19%,

12/16/26

..

11,694

11,138

183905553.LC.FTS.B,

13.44%,

12/16/26

..

5,435

5,108

184144886.LC.FTS.B,

15.19%,

12/16/26

..

23,586

22,992

184117686.LC.FTS.B,

15.49%,

12/16/26

..

28,241

26,537

183835763.LC.FTS.B,

15.99%,

12/16/26

..

5,099

4,933

184230527.LC.FTS.B,

16.49%,

12/16/26

..

25,407

24,765

183805030.LC.FTS.B,

17.49%,

12/16/26

..

23,841

22,691

183798352.LC.FTS.B,

17.74%,

12/16/26

..

25,666

25,031

184014809.LC.FTS.B,

17.74%,

12/16/26

..

27,668

21,253

184233755.LC.FTS.B,

18.49%,

12/16/26

..

10,249

9,999

183678049.LC.FTS.B,

21.49%,

12/16/26

..

10,482

10,317

183840993.LC.FTS.B,

21.49%,

12/16/26

..

20,726

20,405

183590285.LC.FTS.B,

21.99%,

12/16/26

..

17,452

17,156

183794746.LC.FTS.B,

21.99%,

12/16/26

..

24,360

23,439

184210891.LC.FTS.B,

23.19%,

12/16/26

..

6,950

6,835

183395168.LC.FTS.B,

23.99%,

12/16/26

..

21,474

16,687

184185617.LC.FTS.B,

26.99%,

12/16/26

..

8,450

8,491

183630072.LC.FTS.B,

Zero

Cpn,

12/17/26

11,166

1,056

183612692.LC.FTS.B,

13.49%,

12/17/26

..

11,709

11,326

184223937.LC.FTS.B,

16.44%,

12/17/26

..

16,096

15,709

183936400.LC.FTS.B,

16.99%,

12/17/26

..

15,275

14,654

184149066.LC.FTS.B,

17.24%,

12/17/26

..

20,387

19,877

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184141163.LC.FTS.B,

17.49%,

12/17/26

..

$

2,551

$

2,467

184248806.LC.FTS.B,

18.49%,

12/17/26

..

23,903

23,304

184179555.LC.FTS.B,

21.49%,

12/17/26

..

19,886

19,557

184237123.LC.FTS.B,

21.99%,

12/17/26

..

12,976

12,767

184251864.LC.FTS.B,

21.99%,

12/17/26

..

7,872

7,745

183868559.LC.FTS.B,

23.99%,

12/17/26

..

6,970

6,857

184214073.LC.FTS.B,

27.99%,

12/17/26

..

10,597

10,651

183656375.LC.FTS.B,

14.44%,

12/18/26

..

5,913

5,517

183673632.LC.FTS.B,

15.44%,

12/18/26

..

12,761

12,155

183874472.LC.FTS.B,

15.44%,

12/18/26

..

13,556

12,698

184239360.LC.FTS.B,

17.44%,

12/18/26

..

17,954

17,527

183852446.LC.FTS.B,

17.99%,

12/18/26

..

13,737

13,133

184073751.LC.FTS.B,

20.49%,

12/18/26

..

17,154

16,490

184020224.LC.FTS.B,

23.19%,

12/19/26

..

18,358

18,061

184254098.LC.FTS.B,

Zero

Cpn,

12/20/26

10,178

–

184274221.LC.FTS.B,

Zero

Cpn,

12/20/26

27,711

2,608

184069276.LC.FTS.B,

11.49%,

12/20/26

..

24,104

23,328

184150686.LC.FTS.B,

13.44%,

12/20/26

..

8,496

6,519

183930981.LC.FTS.B,

15.44%,

12/20/26

..

10,971

10,496

184082880.LC.FTS.B,

15.44%,

12/20/26

..

7,589

7,224

184158631.LC.FTS.B,

15.44%,

12/20/26

..

17,656

16,584

183977917.LC.FTS.B,

16.49%,

12/20/26

..

21,313

19,964

184270452.LC.FTS.B,

16.99%,

12/20/26

..

10,183

9,932

184280067.LC.FTS.B,

16.99%,

12/20/26

..

13,481

13,147

184104646.LC.FTS.B,

17.44%,

12/20/26

..

16,153

15,754

184283202.LC.FTS.B,

19.49%,

12/20/26

..

6,856

6,759

183546115.LC.FTS.B,

19.73%,

12/20/26

..

14,290

11,192

183946773.LC.FTS.B,

21.49%,

12/20/26

..

15,702

15,472

184059193.LC.FTS.B,

21.99%,

12/20/26

..

18,802

18,496

184102080.LC.FTS.B,

23.99%,

12/20/26

..

7,841

7,718

184276958.LC.FTS.B,

23.99%,

12/20/26

..

13,069

12,864

184343324.LC.FTS.B,

Zero

Cpn,

12/21/26

18,464

896

184356206.LC.FTS.B,

Zero

Cpn,

12/21/26

8,858

–

184283247.LC.FTS.B,

12.74%,

12/21/26

..

17,508

16,962

184382909.LC.FTS.B,

12.99%,

12/21/26

..

16,690

16,155

184262437.LC.FTS.B,

14.19%,

12/21/26

..

13,909

13,083

183704686.LC.FTS.B,

15.44%,

12/21/26

..

11,297

8,506

184358802.LC.FTS.B,

15.49%,

12/21/26

..

8,012

7,755

184130767.LC.FTS.B,

16.44%,

12/21/26

..

17,781

16,859

184309308.LC.FTS.B,

17.24%,

12/21/26

..

12,614

12,142

184365323.LC.FTS.B,

18.74%,

12/21/26

..

17,090

16,672

184325410.LC.FTS.B,

18.99%,

12/21/26

..

4,222

774

183919301.LC.FTS.B,

19.99%,

12/21/26

..

11,167

11,005

183877158.LC.FTS.B,

20.44%,

12/21/26

..

13,332

10,444

184032290.LC.FTS.B,

20.99%,

12/21/26

..

17,645

16,743

184358622.LC.FTS.B,

21.99%,

12/21/26

..

10,813

10,649

184040777.LC.FTS.B,

23.99%,

12/21/26

..

8,712

8,579

184377785.LC.FTS.B,

23.99%,

12/21/26

..

9,144

110

184352640.LC.FTS.B,

26.99%,

12/21/26

..

22,004

22,050

184066327.LC.FTS.B,

14.19%,

12/22/26

..

11,744

11,468

184190300.LC.FTS.B,

16.49%,

12/22/26

..

9,485

8,999

183529593.LC.FTS.B,

17.49%,

12/22/26

..

15,135

14,659

183804040.LC.FTS.B,

21.49%,

12/22/26

..

28,224

1,994

183801317.LC.FTS.B,

23.99%,

12/22/26

..

26,467

26,074

184397264.LC.FTS.B,

23.99%,

12/22/26

..

13,119

12,924

184471382.LC.FTS.B,

13.49%,

12/23/26

..

3,345

3,241

184367892.LC.FTS.B,

15.44%,

12/23/26

..

14,335

13,773

184224030.LC.FTS.B,

15.49%,

12/23/26

..

16,898

16,377

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

227

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183877346.LC.FTS.B,

15.99%,

12/23/26

..

$

29,581

$

28,886

184421299.LC.FTS.B,

16.74%,

12/23/26

..

6,358

6,209

183436430.LC.FTS.B,

16.99%,

12/23/26

..

29,810

29,137

184427346.LC.FTS.B,

19.74%,

12/23/26

..

24,019

23,710

183726564.LC.FTS.B,

21.49%,

12/23/26

..

18,391

2,327

184321733.LC.FTS.B,

23.99%,

12/23/26

..

21,781

21,476

184451850.LC.FTS.B,

23.99%,

12/23/26

..

17,425

17,181

184033253.LC.FTS.B,

28.99%,

12/23/26

..

8,097

8,120

183835670.LC.FTS.B,

16.99%,

12/24/26

..

27,185

4,931

184033235.LC.FTS.B,

24.99%,

12/24/26

..

21,232

20,778

184029176.LC.FTS.B,

Zero

Cpn,

12/25/26

8,254

780

184005719.LC.FTS.B,

20.44%,

12/25/26

..

11,633

11,481

184009581.LC.FTS.B,

22.99%,

12/25/26

..

30,678

30,237

184409698.LC.FTS.B,

21.99%,

12/26/26

..

17,338

17,102

184404343.LC.FTS.B,

13.24%,

12/27/26

..

33,417

32,392

184378888.LC.FTS.B,

19.49%,

12/27/26

..

19,120

18,764

184283871.LC.FTS.B,

21.99%,

12/27/26

..

17,301

17,077

184469259.LC.FTS.B,

22.49%,

12/27/26

..

19,499

19,245

184445530.LC.FTS.B,

22.99%,

12/27/26

..

17,627

17,307

184275242.LC.FTS.B,

23.99%,

12/27/26

..

17,425

17,196

184454459.LC.FTS.B,

24.99%,

12/27/26

..

6,557

6,419

184249796.LC.FTS.B,

15.44%,

12/28/26

..

13,580

13,290

184172800.LC.FTS.B,

16.44%,

12/28/26

..

11,091

10,587

184029644.LC.FTS.B,

17.49%,

12/28/26

..

25,713

25,164

184211532.LC.FTS.B,

21.99%,

12/28/26

..

30,968

30,555

184068437.LC.FTS.B,

23.99%,

12/28/26

..

16,226

16,000

183866022.LC.FTS.B,

24.99%,

12/28/26

..

8,565

8,347

184075164.LC.FTS.B,

17.74%,

12/29/26

..

26,794

26,222

184016257.LC.FTS.B,

18.99%,

12/29/26

..

8,639

8,382

184298012.LC.FTS.B,

18.74%,

12/30/26

..

4,967

4,857

184273228.LC.FTS.B,

21.99%,

12/30/26

..

13,089

12,916

184017343.LC.FTS.B,

23.99%,

12/30/26

..

10,745

10,606

184473440.LC.FTS.B,

28.99%,

12/30/26

..

17,685

17,798

184248952.LC.FTS.B,

Zero

Cpn,

12/31/26

12,713

599

184195348.LC.FTS.B,

16.49%,

12/31/26

..

9,543

9,209

184286578.LC.FTS.B,

17.49%,

1/01/27

...

19,121

18,459

184283229.LC.FTS.B,

19.44%,

1/01/27

...

13,131

12,511

184379539.LC.FTS.B,

12.19%,

1/02/27

...

25,418

24,050

183888494.LC.FTS.B,

17.99%,

1/06/27

...

7,947

7,739

184927724.LC.FTS.B,

22.49%,

1/11/27

...

20,221

19,735

184934200.LC.FTS.B,

23.49%,

1/11/27

...

26,428

25,703

184505766.LC.FTS.B,

23.99%,

1/11/27

...

24,265

23,009

184924956.LC.FTS.B,

24.99%,

1/16/27

...

17,683

17,162

183894941.LC.FTS.B,

23.99%,

1/22/27

...

17,692

17,407

183653450.LC.FTS.B,

23.99%,

1/25/27

...

14,958

14,740

182261797.LC.FTS.B,

10%,

3/14/27

.....

22,180

18,010

183426450.LC.FTS.B,

18.99%,

3/31/27

...

30,527

23,292

183682790.LC.FTS.B,

16.44%,

5/03/27

...

25,785

19,660

182729893.LC.FTS.B,

23.99%,

5/10/27

...

18,439

6,932

182718150.LC.FTS.B,

15%,

5/12/27

.....

6,533

5,391

183908611.LC.FTS.B,

15%,

5/13/27

.....

14,619

11,654

183252907.LC.FTS.B,

16.49%,

5/17/27

...

13,301

12,920

183456635.LC.FTS.B,

16.44%,

5/20/27

...

17,936

–

183359589.LC.FTS.B,

Zero

Cpn,

5/27/27

.

13,664

–

183529769.LC.FTS.B,

Zero

Cpn,

5/29/27

.

29,453

2,761

182185437.LC.FTS.B,

10%,

5/29/27

.....

14,275

10,818

184016592.LC.FTS.B,

Zero

Cpn,

5/30/27

.

31,462

2,953

184163017.LC.FTS.B,

10%,

6/17/27

.....

13,568

9,886

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183767102.LC.FTS.B,

19.99%,

9/30/27

...

$

19,911

$

15,270

12,768,700

Prosper

Funding

LLC

1613502.PS.FTS.B,

15.1%,

8/11/24

.....

2,844

2,751

1606783.PS.FTS.B,

17%,

8/11/24

.......

1,506

1,476

1613526.PS.FTS.B,

19.1%,

8/11/24

.....

5,983

5,830

1604114.PS.FTS.B,

12.5%,

8/12/24

.....

11,484

11,104

1607545.PS.FTS.B,

12.7%,

8/12/24

.....

8,624

8,338

1607185.PS.FTS.B,

17.1%,

8/12/24

.....

3,546

3,457

1603763.PS.FTS.B,

19.8%,

8/12/24

.....

9,010

8,785

1613868.PS.FTS.B,

19.8%,

8/12/24

.....

6,007

5,857

1607575.PS.FTS.B,

20%,

8/12/24

.......

3,007

2,932

1603826.PS.FTS.B,

20.9%,

8/12/24

.....

1,209

1,179

1603754.PS.FTS.B,

21.49%,

8/12/24

....

6,067

5,915

1613529.PS.FTS.B,

14.89%,

8/13/24

....

4,959

4,786

1614891.PS.FTS.B,

16.7%,

8/13/24

.....

2,947

2,846

1604669.PS.FTS.B,

19.8%,

8/13/24

.....

1,201

1,172

1614984.PS.FTS.B,

19.8%,

8/13/24

.....

1,201

1,172

1615005.PS.FTS.B,

20.1%,

8/13/24

.....

4,814

4,696

1615146.PS.FTS.B,

20.8%,

8/13/24

.....

1,208

1,183

1608406.PS.FTS.B,

18.11%,

8/15/24

....

11,915

11,507

1605407.PS.FTS.B,

18%,

8/16/24

.......

3,535

3,467

1605440.PS.FTS.B,

19.8%,

8/16/24

.....

3,003

2,935

1609840.PS.FTS.B,

15.9%,

8/17/24

.....

4,399

4,255

1616559.PS.FTS.B,

17%,

8/17/24

.......

2,804

2,749

1606436.PS.FTS.B,

28.64%,

8/17/24

....

3,182

3,268

1614285.PS.FTS.B,

18.2%,

8/18/24

.....

4,516

–

1611376.PS.FTS.B,

12.8%,

8/19/24

.....

11,506

11,144

1611391.PS.FTS.B,

14.2%,

8/19/24

.....

8,222

7,963

1608574.PS.FTS.B,

20.1%,

8/21/24

.....

1,210

1,182

1610068.PS.FTS.B,

20%,

8/22/24

.......

3,019

2,951

1618998.PS.FTS.B,

12.79%,

8/23/24

....

20,134

19,498

1609553.PS.FTS.B,

14.89%,

8/24/24

....

1,957

1,926

1610348.PS.FTS.B,

16%,

8/24/24

.......

1,436

–

1620645.PS.FTS.B,

16.6%,

8/25/24

.....

3,535

3,429

1610723.PS.FTS.B,

16.9%,

8/25/24

.....

3,557

3,451

1614574.PS.FTS.B,

27.56%,

8/26/24

....

6,281

6,228

1615534.PS.FTS.B,

15.9%,

8/27/24

.....

1,002

977

1611857.PS.FTS.B,

16.4%,

8/27/24

.....

3,691

3,584

1606394.PS.FTS.B,

20.9%,

9/15/24

.....

5,082

4,953

1618596.PS.FTS.B,

14.7%,

9/16/24

.....

4,323

4,175

1633506.PS.FTS.B,

12.2%,

9/20/24

.....

7,201

6,974

1612025.PS.FTS.B,

15.6%,

9/20/24

.....

2,063

2,002

1623956.PS.FTS.B,

12.3%,

9/21/24

.....

3,783

3,665

1634463.PS.FTS.B,

13.05%,

9/21/24

....

1,206

1,169

1623944.PS.FTS.B,

13.36%,

9/21/24

....

10,272

9,951

1634445.PS.FTS.B,

13.9%,

9/21/24

.....

21,216

20,554

1627612.PS.FTS.B,

15.1%,

9/21/24

.....

3,052

2,957

1627369.PS.FTS.B,

15.4%,

9/21/24

.....

15,287

14,810

1634439.PS.FTS.B,

16.57%,

9/21/24

....

3,078

2,982

1634433.PS.FTS.B,

17.05%,

9/21/24

....

7,062

6,841

1627600.PS.FTS.B,

18.41%,

9/21/24

....

4,925

4,772

1635159.PS.FTS.B,

11.89%,

9/22/24

....

11,070

9,153

1635285.PS.FTS.B,

13.36%,

9/22/24

....

13,770

13,356

1624496.PS.FTS.B,

13.7%,

9/22/24

.....

3,027

2,934

1635147.PS.FTS.B,

16%,

9/22/24

.......

6,137

5,948

1624508.PS.FTS.B,

18.41%,

9/22/24

....

3,111

3,015

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

228

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1624730.PS.FTS.B,

18.41%,

9/22/24

....

$

3,733

$

3,617

1635003.PS.FTS.B,

20.01%,

9/22/24

....

3,766

3,695

1628974.PS.FTS.B,

11.6%,

9/23/24

.....

7,175

6,954

1628788.PS.FTS.B,

18.5%,

9/23/24

.....

1,230

1,207

1625759.PS.FTS.B,

13.8%,

9/24/24

.....

15,027

14,570

1625753.PS.FTS.B,

14.7%,

9/24/24

.....

3,066

2,967

1625561.PS.FTS.B,

16%,

9/24/24

.......

2,666

649

1636929.PS.FTS.B,

18.41%,

9/24/24

....

6,221

6,034

1636593.PS.FTS.B,

18.5%,

9/24/24

.....

1,282

1,254

1626248.PS.FTS.B,

19.6%,

9/24/24

.....

7,758

1,113

1634235.PS.FTS.B,

14.89%,

9/25/24

....

3,057

2,954

1630810.PS.FTS.B,

14.79%,

9/27/24

....

15,898

15,436

1637601.PS.FTS.B,

15.4%,

9/27/24

.....

15,252

14,809

1627211.PS.FTS.B,

18.41%,

9/27/24

....

7,261

7,051

1630558.PS.FTS.B,

19.56%,

9/27/24

....

3,913

3,850

1628129.PS.FTS.B,

13.05%,

9/28/24

....

3,779

3,667

1630930.PS.FTS.B,

13.2%,

9/28/24

.....

2,522

2,447

1631206.PS.FTS.B,

13.66%,

9/28/24

....

3,792

3,680

1631650.PS.FTS.B,

14.39%,

9/28/24

....

6,345

6,163

1638459.PS.FTS.B,

15.4%,

9/28/24

.....

3,609

–

1638273.PS.FTS.B,

16.43%,

9/28/24

....

4,170

4,051

1627844.PS.FTS.B,

16.61%,

9/28/24

....

3,211

3,119

1630852.PS.FTS.B,

18.11%,

9/28/24

....

7,645

–

1637628.PS.FTS.B,

24.5%,

9/28/24

.....

6,688

6,650

1632436.PS.FTS.B,

15%,

9/29/24

.......

4,456

4,328

1629230.PS.FTS.B,

14.49%,

9/30/24

....

22,219

22,045

1639314.PS.FTS.B,

14.56%,

9/30/24

....

6,351

6,248

1630058.PS.FTS.B,

19.3%,

10/01/24

....

2,959

2,852

1624058.PS.FTS.B,

12.9%,

10/04/24

....

6,346

6,134

1640814.PS.FTS.B,

13.87%,

10/04/24

...

8,546

8,191

1645020.PS.FTS.B,

11.86%,

10/08/24

....

9,390

9,051

1634696.PS.FTS.B,

13.66%,

10/08/24

...

4,426

4,267

1638691.PS.FTS.B,

11.6%,

10/12/24

....

15,627

15,078

1639798.PS.FTS.B,

14.56%,

10/13/24

...

7,371

7,115

1645047.PS.FTS.B,

13.05%,

10/14/24

...

5,497

5,305

1655031.PS.FTS.B,

26.51%,

10/26/24

...

3,381

3,331

1645625.PS.FTS.B,

13.7%,

10/27/24

....

6,588

6,381

1655424.PS.FTS.B,

16.43%,

10/27/24

...

5,611

5,426

1655751.PS.FTS.B,

17.96%,

10/27/24

...

3,366

3,260

1656195.PS.FTS.B,

12.3%,

10/28/24

....

9,484

9,188

1646078.PS.FTS.B,

12.43%,

10/28/24

...

7,867

7,621

1649509.PS.FTS.B,

13.59%,

10/28/24

...

16,628

9,743

1656237.PS.FTS.B,

13.68%,

10/28/24

...

2,306

2,230

1649647.PS.FTS.B,

15.29%,

10/28/24

...

7,306

7,067

1646081.PS.FTS.B,

16.43%,

10/28/24

...

8,684

8,401

1649827.PS.FTS.B,

17%,

10/28/24

......

3,320

3,258

1646261.PS.FTS.B,

18.26%,

10/28/24

...

18,605

17,998

1657158.PS.FTS.B,

10.8%,

10/29/24

....

5,191

5,027

1657215.PS.FTS.B,

14.6%,

10/29/24

....

1,489

1,445

1649938.PS.FTS.B,

15.4%,

10/29/24

....

3,987

3,851

1650670.PS.FTS.B,

16.3%,

10/29/24

....

1,335

1,301

1647092.PS.FTS.B,

16.9%,

10/29/24

....

23,435

22,633

1656627.PS.FTS.B,

17%,

10/29/24

......

11,388

11,098

1657275.PS.FTS.B,

18.37%,

10/29/24

...

9,467

9,226

1657020.PS.FTS.B,

19.58%,

10/29/24

...

14,297

13,933

1647332.PS.FTS.B,

22.6%,

10/29/24

....

1,377

1,353

1646105.PS.FTS.B,

15.19%,

11/01/24

....

2,787

2,716

1652014.PS.FTS.B,

13.36%,

11/02/24

....

4,471

4,303

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1651813.PS.FTS.B,

17.93%,

11/02/24

....

$

12,111

$

11,688

1648529.PS.FTS.B,

19.5%,

11/02/24

....

1,349

1,302

1648733.PS.FTS.B,

21.2%,

11/02/24

....

23,926

22,914

1659915.PS.FTS.B,

14.49%,

11/03/24

....

11,079

1,405

1652476.PS.FTS.B,

17%,

11/03/24

......

4,326

1,045

1651427.PS.FTS.B,

10.5%,

11/05/24

....

1,943

1,872

1654330.PS.FTS.B,

11.4%,

11/05/24

.....

3,255

3,134

1654084.PS.FTS.B,

13.4%,

11/05/24

....

2,631

2,523

1660992.PS.FTS.B,

15.2%,

11/05/24

....

13,866

13,303

1651250.PS.FTS.B,

16.83%,

11/05/24

....

8,030

7,763

1652180.PS.FTS.B,

12.1%,

11/08/24

....

16,348

15,750

1664829.PS.FTS.B,

12.95%,

11/08/24

....

7,311

7,020

1658140.PS.FTS.B,

13.9%,

11/08/24

....

3,312

3,174

1664856.PS.FTS.B,

15.4%,

11/08/24

....

4,045

3,900

1652378.PS.FTS.B,

18.7%,

11/08/24

....

16,885

16,347

1652381.PS.FTS.B,

18.9%,

11/08/24

....

16,941

16,341

1652924.PS.FTS.B,

12.5%,

11/09/24

....

9,820

9,466

1665921.PS.FTS.B,

13.4%,

11/09/24

....

3,617

3,474

1666290.PS.FTS.B,

13.4%,

11/09/24

....

3,261

–

1665951.PS.FTS.B,

14.52%,

11/09/24

....

1,625

202

1665984.PS.FTS.B,

14.63%,

11/09/24

....

11,797

11,373

1659109.PS.FTS.B,

15.1%,

11/09/24

....

5,307

5,097

1665879.PS.FTS.B,

15.1%,

11/09/24

....

6,390

6,139

1652945.PS.FTS.B,

17.54%,

11/09/24

....

1,679

1,626

1659139.PS.FTS.B,

18.41%,

11/09/24

....

5,328

5,117

1666908.PS.FTS.B,

11.7%,

11/10/24

.....

6,519

6,286

1654091.PS.FTS.B,

15.9%,

11/10/24

....

5,014

4,809

1648630.PS.FTS.B,

22.6%,

11/10/24

....

3,131

3,076

1655651.PS.FTS.B,

12.87%,

11/15/24

....

1,968

1,900

1662703.PS.FTS.B,

16%,

11/15/24

......

6,694

6,444

1651004.PS.FTS.B,

16.6%,

11/19/24

....

8,088

7,742

1663073.PS.FTS.B,

18.41%,

11/29/24

....

3,499

3,385

1651826.PS.FTS.B,

11.7%,

12/02/24

....

10,303

9,918

1685280.PS.FTS.B,

12.3%,

12/14/24

....

12,249

11,816

1672346.PS.FTS.B,

14.89%,

12/14/24

...

13,780

13,217

1685958.PS.FTS.B,

11.4%,

12/15/24

....

3,347

3,229

1672952.PS.FTS.B,

12%,

12/15/24

......

1,730

1,669

1672970.PS.FTS.B,

13.5%,

12/15/24

....

6,160

5,944

1685973.PS.FTS.B,

16%,

12/15/24

......

4,848

4,652

1673021.PS.FTS.B,

17.1%,

12/15/24

....

6,961

6,722

1686549.PS.FTS.B,

13%,

12/16/24

......

6,145

5,931

1687008.PS.FTS.B,

19%,

12/16/24

......

10,466

10,141

1674656.PS.FTS.B,

10.89%,

12/17/24

...

10,138

9,786

1680451.PS.FTS.B,

12.3%,

12/17/24

....

1,322

1,277

1674668.PS.FTS.B,

12.65%,

12/17/24

...

6,817

6,581

1674647.PS.FTS.B,

13.1%,

12/17/24

....

6,600

6,349

1680760.PS.FTS.B,

19.91%,

12/17/24

...

1,410

1,368

1685979.PS.FTS.B,

13.7%,

12/18/24

....

6,862

6,584

1681975.PS.FTS.B,

24.51%,

12/21/24

...

3,597

3,509

1676825.PS.FTS.B,

12.2%,

12/22/24

....

17,005

16,436

1691055.PS.FTS.B,

14.79%,

12/23/24

...

5,811

5,601

1684660.PS.FTS.B,

20.79%,

12/24/24

...

6,925

6,740

1687806.PS.FTS.B,

14.7%,

12/31/24

....

10,797

10,352

1692690.PS.FTS.B,

19.1%,

1/02/25

.....

1,511

1,458

1603442.PS.FTS.B,

18.2%,

7/11/25

.....

6,312

4,035

1605017.PS.FTS.B,

19%,

7/16/25

.......

9,626

4,962

1649219.PS.FTS.B,

17%,

10/03/25

......

3,592

(14)

1672340.PS.FTS.B,

15.1%,

11/14/25

....

15,982

9,552

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

229

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1613484.PS.FTS.B,

16.93%,

8/11/26

....

$

20,784

$

19,852

1613481.PS.FTS.B,

19.78%,

8/11/26

....

12,124

11,695

1604105.PS.FTS.B,

13.74%,

8/12/26

....

23,472

22,585

1614300.PS.FTS.B,

13.8%,

8/12/26

.....

23,996

23,137

1613874.PS.FTS.B,

15.2%,

8/12/26

.....

7,888

7,538

1614279.PS.FTS.B,

15.9%,

8/12/26

.....

7,523

7,188

1614306.PS.FTS.B,

18.5%,

8/12/26

.....

16,059

15,501

1613892.PS.FTS.B,

19.18%,

8/12/26

....

5,221

5,061

1603802.PS.FTS.B,

20.3%,

8/12/26

.....

8,104

7,821

1607554.PS.FTS.B,

20.9%,

8/12/26

.....

6,910

6,668

1603823.PS.FTS.B,

28.4%,

8/12/26

.....

1,683

1,654

1608121.PS.FTS.B,

12.7%,

8/13/26

.....

13,204

12,741

1608082.PS.FTS.B,

12.8%,

8/13/26

.....

11,673

11,234

1607971.PS.FTS.B,

13.7%,

8/13/26

.....

4,709

4,532

1607647.PS.FTS.B,

15%,

8/13/26

.......

6,304

6,026

1604489.PS.FTS.B,

15.1%,

8/13/26

.....

13,009

12,435

1615164.PS.FTS.B,

17%,

8/13/26

.......

8,015

7,744

1614735.PS.FTS.B,

18.73%,

8/13/26

....

9,647

9,220

1604672.PS.FTS.B,

20%,

8/13/26

.......

4,295

142

1608397.PS.FTS.B,

20.3%,

8/13/26

.....

7,007

6,787

1614738.PS.FTS.B,

23.83%,

8/13/26

....

6,061

5,919

1604936.PS.FTS.B,

25%,

8/13/26

.......

1,658

1,632

1607854.PS.FTS.B,

25.48%,

8/13/26

....

1,938

1,895

1607977.PS.FTS.B,

25.48%,

8/13/26

....

3,739

3,679

1604924.PS.FTS.B,

28.4%,

8/13/26

.....

5,471

5,380

1604606.PS.FTS.B,

29.74%,

8/13/26

....

8,464

8,322

1605023.PS.FTS.B,

14.2%,

8/16/26

.....

15,689

15,110

1608934.PS.FTS.B,

16.6%,

8/16/26

.....

15,898

15,212

1605623.PS.FTS.B,

16.64%,

8/16/26

....

9,541

9,130

1608526.PS.FTS.B,

19.78%,

8/16/26

....

6,466

6,254

1614717.PS.FTS.B,

12.5%,

8/17/26

.....

2,088

2,043

1616271.PS.FTS.B,

12.5%,

8/17/26

.....

9,322

8,980

1609138.PS.FTS.B,

16.18%,

8/17/26

....

11,896

11,460

1609525.PS.FTS.B,

17%,

8/17/26

.......

5,395

5,223

1616670.PS.FTS.B,

21.64%,

8/17/26

....

2,584

–

1611388.PS.FTS.B,

15.8%,

8/19/26

.....

20,437

19,610

1611682.PS.FTS.B,

13.3%,

8/20/26

.....

5,224

5,040

1608338.PS.FTS.B,

15.5%,

8/20/26

.....

7,608

1,015

1618482.PS.FTS.B,

15.5%,

8/20/26

.....

4,741

4,543

1612375.PS.FTS.B,

14.29%,

8/23/26

....

7,848

7,529

1609286.PS.FTS.B,

15.2%,

8/23/26

.....

2,607

2,513

1619205.PS.FTS.B,

16%,

8/23/26

.......

6,306

6,060

1610333.PS.FTS.B,

14.39%,

8/24/26

....

3,141

3,015

1613140.PS.FTS.B,

14.7%,

8/24/26

.....

7,866

7,549

1620525.PS.FTS.B,

16.4%,

8/24/26

.....

4,764

4,572

1606978.PS.FTS.B,

13.3%,

8/25/26

.....

10,596

10,202

1610477.PS.FTS.B,

20.5%,

8/25/26

.....

20,280

20,046

1606780.PS.FTS.B,

29.08%,

8/25/26

....

6,003

5,869

1622217.PS.FTS.B,

16.7%,

8/27/26

.....

4,912

4,668

1608826.PS.FTS.B,

16.93%,

8/30/26

....

13,243

3,054

1625707.PS.FTS.B,

11.7%,

9/16/26

.....

21,209

20,453

1626049.PS.FTS.B,

15.18%,

9/17/26

....

19,654

18,932

1633221.PS.FTS.B,

18.13%,

9/17/26

....

28,537

27,276

1632897.PS.FTS.B,

18.48%,

9/17/26

....

16,312

15,798

1627039.PS.FTS.B,

12.7%,

9/20/26

.....

3,167

3,053

1627618.PS.FTS.B,

11.79%,

9/21/26

....

8,666

8,355

1634841.PS.FTS.B,

11.79%,

9/21/26

....

9,454

9,115

1634442.PS.FTS.B,

13.93%,

9/21/26

....

7,571

7,300

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1634613.PS.FTS.B,

14.39%,

9/21/26

....

$

7,764

$

7,488

1627615.PS.FTS.B,

14.7%,

9/21/26

.....

4,001

3,830

1624370.PS.FTS.B,

16.18%,

9/21/26

....

10,885

10,437

1628728.PS.FTS.B,

12.5%,

9/22/26

.....

5,536

5,339

1628431.PS.FTS.B,

16.64%,

9/22/26

....

9,294

8,915

1628947.PS.FTS.B,

12.5%,

9/23/26

.....

8,700

8,392

1635732.PS.FTS.B,

12.7%,

9/23/26

.....

10,293

9,928

1635660.PS.FTS.B,

12.87%,

9/23/26

....

7,925

7,644

1625255.PS.FTS.B,

13.2%,

9/23/26

.....

6,351

6,125

1636926.PS.FTS.B,

11.6%,

9/24/26

.....

9,051

8,732

1636920.PS.FTS.B,

12.62%,

9/24/26

....

1,875

1,859

1625639.PS.FTS.B,

12.7%,

9/24/26

.....

9,826

9,481

1629340.PS.FTS.B,

12.9%,

9/24/26

.....

5,430

5,240

1636506.PS.FTS.B,

15.18%,

9/24/26

....

12,835

12,384

1637322.PS.FTS.B,

12.4%,

9/27/26

.....

8,044

7,767

1630456.PS.FTS.B,

12.76%,

9/27/26

....

12,088

11,671

1630462.PS.FTS.B,

13.5%,

9/27/26

.....

907

884

1630438.PS.FTS.B,

15.29%,

9/27/26

....

8,160

7,829

1630432.PS.FTS.B,

15.9%,

9/27/26

.....

9,821

9,437

1635144.PS.FTS.B,

16.18%,

10/01/26

...

12,367

11,826

1627061.PS.FTS.B,

19.5%,

10/01/26

....

20,412

19,864

1624733.PS.FTS.B,

16.33%,

10/05/26

...

5,402

5,166

1636347.PS.FTS.B,

12.9%,

10/17/26

....

21,332

4,609

1630162.PS.FTS.B,

16.33%,

10/23/26

...

21,213

17,138

1655004.PS.FTS.B,

18.33%,

10/26/26

...

16,564

15,994

1655010.PS.FTS.B,

19%,

10/26/26

......

5,574

5,382

1648657.PS.FTS.B,

10.4%,

10/27/26

....

12,165

11,743

1648981.PS.FTS.B,

10.7%,

10/27/26

....

19,486

18,810

1645613.PS.FTS.B,

12.62%,

10/27/26

...

11,062

10,679

1655382.PS.FTS.B,

12.8%,

10/27/26

....

28,704

27,711

1655400.PS.FTS.B,

13.7%,

10/27/26

....

4,941

4,736

1648636.PS.FTS.B,

15.2%,

10/27/26

....

1,658

1,589

1655421.PS.FTS.B,

15.29%,

10/27/26

...

13,219

–

1645256.PS.FTS.B,

16.33%,

10/27/26

...

6,667

6,390

1645280.PS.FTS.B,

18.78%,

10/27/26

...

17,267

16,681

1648987.PS.FTS.B,

23.13%,

10/27/26

...

6,159

–

1645934.PS.FTS.B,

10.5%,

10/28/26

....

6,489

6,265

1656219.PS.FTS.B,

10.5%,

10/28/26

....

8,127

7,847

1649521.PS.FTS.B,

13.4%,

10/28/26

....

8,652

8,295

1649530.PS.FTS.B,

13.5%,

10/28/26

....

5,772

5,534

1649821.PS.FTS.B,

13.66%,

10/28/26

...

9,057

8,757

1649653.PS.FTS.B,

14.7%,

10/28/26

....

5,543

5,314

1646096.PS.FTS.B,

15.1%,

10/28/26

....

4,973

4,768

1646336.PS.FTS.B,

16.33%,

10/28/26

...

16,669

15,980

1656207.PS.FTS.B,

23.64%,

10/28/26

...

21,030

20,390

1649542.PS.FTS.B,

27.27%,

10/28/26

...

2,237

2,179

1646984.PS.FTS.B,

10.08%,

10/29/26

...

9,713

9,379

1656930.PS.FTS.B,

10.5%,

10/29/26

....

4,056

3,916

1657014.PS.FTS.B,

10.5%,

10/29/26

....

28,389

27,413

1657425.PS.FTS.B,

11.4%,

10/29/26

....

962

355

1657254.PS.FTS.B,

11.79%,

10/29/26

....

28,567

27,587

1650649.PS.FTS.B,

13.8%,

10/29/26

....

6,544

6,282

1657059.PS.FTS.B,

17%,

10/29/26

......

13,374

12,881

1650463.PS.FTS.B,

18.25%,

10/29/26

...

8,234

7,990

1650634.PS.FTS.B,

23.3%,

10/29/26

....

3,338

3,158

1646327.PS.FTS.B,

13.8%,

10/31/26

....

16,499

15,799

1657476.PS.FTS.B,

13.8%,

11/01/26

....

12,358

11,736

1658550.PS.FTS.B,

9.45%,

11/02/26

....

12,103

11,616

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

230

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1649888.PS.FTS.B,

11.2%,

11/03/26

.....

$

19,532

$

18,751

1651424.PS.FTS.B,

10.8%,

11/05/26

....

9,747

9,362

1646087.PS.FTS.B,

11.43%,

11/05/26

....

1,241

1,231

1651418.PS.FTS.B,

11.6%,

11/05/26

.....

1,631

1,566

1650998.PS.FTS.B,

12.7%,

11/05/26

....

12,295

11,809

1661079.PS.FTS.B,

15.1%,

11/05/26

....

22,377

21,280

1654321.PS.FTS.B,

16%,

11/05/26

......

9,153

8,750

1661406.PS.FTS.B,

16.7%,

11/05/26

....

11,365

10,855

1660986.PS.FTS.B,

16.8%,

11/05/26

....

20,876

19,850

1648294.PS.FTS.B,

17.84%,

11/05/26

....

12,650

12,103

1661409.PS.FTS.B,

21.18%,

11/05/26

....

7,229

6,905

1654327.PS.FTS.B,

22.55%,

11/05/26

....

6,859

6,626

1651841.PS.FTS.B,

15.4%,

11/08/26

....

4,564

4,345

1665054.PS.FTS.B,

16.93%,

11/08/26

....

20,136

19,167

1658554.PS.FTS.B,

18.48%,

11/08/26

....

7,427

–

1659238.PS.FTS.B,

10.8%,

11/09/26

....

6,092

5,856

1653053.PS.FTS.B,

11.55%,

11/09/26

....

5,706

5,486

1665906.PS.FTS.B,

11.7%,

11/09/26

.....

6,526

6,274

1652894.PS.FTS.B,

12.7%,

11/09/26

....

7,828

7,529

1658878.PS.FTS.B,

12.98%,

11/09/26

....

20,519

19,725

1652888.PS.FTS.B,

13.03%,

11/09/26

....

8,210

–

1665885.PS.FTS.B,

13.7%,

11/09/26

....

20,598

19,597

1658887.PS.FTS.B,

13.8%,

11/09/26

....

12,263

11,679

1659130.PS.FTS.B,

15.18%,

11/09/26

....

11,607

11,054

1652711.PS.FTS.B,

16.2%,

11/09/26

.....

10,411

9,973

1665696.PS.FTS.B,

19%,

11/09/26

......

13,487

12,914

1659106.PS.FTS.B,

22.55%,

11/09/26

....

7,268

7,078

1665942.PS.FTS.B,

24.63%,

11/09/26

....

11,647

11,273

1658902.PS.FTS.B,

25.9%,

11/09/26

....

1,192

1,154

1659562.PS.FTS.B,

26.43%,

11/09/26

....

13,014

12,662

1654496.PS.FTS.B,

11.79%,

11/10/26

....

8,161

7,848

1667139.PS.FTS.B,

14.38%,

11/10/26

....

14,043

13,503

1660783.PS.FTS.B,

11.7%,

11/12/26

.....

14,684

14,126

1661254.PS.FTS.B,

21%,

11/12/26

......

5,949

5,806

1668165.PS.FTS.B,

22.6%,

11/12/26

....

4,277

4,173

1653277.PS.FTS.B,

13.8%,

11/13/26

....

19,864

18,865

1668453.PS.FTS.B,

9.62%,

11/15/26

....

10,514

10,124

1651010.PS.FTS.B,

10.8%,

11/15/26

....

12,147

11,667

1656380.PS.FTS.B,

10.9%,

11/15/26

....

6,502

6,259

1658161.PS.FTS.B,

13.3%,

11/15/26

....

7,011

6,668

1653980.PS.FTS.B,

13.7%,

11/15/26

....

12,408

11,809

1654759.PS.FTS.B,

11.89%,

11/19/26

....

4,204

4,038

1660438.PS.FTS.B,

16%,

11/19/26

......

4,183

3,995

1672608.PS.FTS.B,

16%,

11/19/26

......

4,993

4,808

1659127.PS.FTS.B,

16.8%,

11/20/26

....

16,814

15,995

1645619.PS.FTS.B,

18.78%,

11/20/26

....

11,130

10,683

1659142.PS.FTS.B,

14.6%,

11/21/26

....

6,663

6,339

1656341.PS.FTS.B,

15.29%,

11/26/26

....

14,104

13,460

1667304.PS.FTS.B,

13.48%,

12/05/26

...

29,556

28,432

1678408.PS.FTS.B,

10.5%,

12/14/26

....

4,950

4,832

1672670.PS.FTS.B,

12%,

12/14/26

......

5,817

5,603

1685286.PS.FTS.B,

12.5%,

12/14/26

....

5,830

5,616

1678405.PS.FTS.B,

13.8%,

12/14/26

....

12,564

11,969

1672658.PS.FTS.B,

18.4%,

12/14/26

....

10,243

9,769

1672667.PS.FTS.B,

18.78%,

12/14/26

...

10,087

9,620

1685589.PS.FTS.B,

22.8%,

12/14/26

....

10,532

10,141

1679083.PS.FTS.B,

10.5%,

12/15/26

....

16,509

15,905

1679092.PS.FTS.B,

11.79%,

12/15/26

....

8,336

8,030

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1679473.PS.FTS.B,

14.68%,

12/15/26

...

$

16,815

$

16,200

1679077.PS.FTS.B,

15.12%,

12/15/26

...

16,846

16,053

1685964.PS.FTS.B,

15.29%,

12/15/26

...

16,858

16,064

1672958.PS.FTS.B,

16.9%,

12/15/26

....

7,278

–

1672964.PS.FTS.B,

28.23%,

12/15/26

...

8,841

8,548

1680130.PS.FTS.B,

13.4%,

12/16/26

....

8,362

8,058

1680172.PS.FTS.B,

13.4%,

12/16/26

....

10,034

9,565

1679950.PS.FTS.B,

15.24%,

12/16/26

...

10,113

9,640

1687065.PS.FTS.B,

16.4%,

12/16/26

....

16,031

15,292

1680709.PS.FTS.B,

10.5%,

12/17/26

....

16,509

15,912

1687677.PS.FTS.B,

18.4%,

12/17/26

....

17,072

16,307

1674683.PS.FTS.B,

19%,

12/17/26

......

6,845

6,538

1680733.PS.FTS.B,

26.5%,

12/17/26

....

7,032

6,810

1681081.PS.FTS.B,

11.33%,

12/20/26

....

8,003

7,823

1681270.PS.FTS.B,

13.08%,

12/20/26

...

5,845

5,638

1679071.PS.FTS.B,

14.7%,

12/20/26

....

21,073

20,082

1681027.PS.FTS.B,

25.9%,

12/20/26

....

4,980

4,841

1683070.PS.FTS.B,

26.4%,

12/22/26

....

13,182

12,806

1677662.PS.FTS.B,

18.25%,

12/23/26

...

18,768

17,985

1680442.PS.FTS.B,

9.71%,

12/31/26

....

16,864

16,261

1681514.PS.FTS.B,

15.2%,

12/31/26

....

10,264

9,729

2,900,574

Upgrade,

Inc.

25141055.UG.FTS.B,

25.26%,

5/11/23

...

2,446

2,466

23577000.UG.FTS.B,

25.26%,

7/23/23

...

3,994

4,053

24806209.UG.FTS.B,

24.99%,

8/03/23

...

2,013

2,027

25392723.UG.FTS.B,

25.26%,

9/30/23

...

2,431

2,443

24237195.UG.FTS.B,

30.51%,

1/03/24

...

2,564

2,617

23553668.UG.FTS.B,

29.69%,

10/15/24

..

6,262

6,666

23546722.UG.FTS.B,

29.69%,

10/22/24

..

9,394

10,032

23816823.UG.FTS.B,

25.82%,

10/24/24

..

7,498

7,884

23793303.UG.FTS.B,

27.74%,

11/05/24

..

13,251

13,768

24174311.UG.FTS.B,

29.69%,

11/05/24

..

23,598

18,223

24254995.UG.FTS.B,

29.69%,

11/14/24

..

15,378

15,868

24485661.UG.FTS.B,

29.69%,

11/18/24

..

16,983

17,847

24557579.UG.FTS.B,

26.77%,

11/19/24

..

10,849

1,457

24631334.UG.FTS.B,

29.69%,

11/21/24

..

13,565

14,429

24909623.UG.FTS.B,

27.74%,

12/02/24

..

21,013

1,421

24677388.UG.FTS.B,

29.69%,

12/06/24

..

8,203

8,574

24350035.UG.FTS.B,

28.99%,

12/10/24

..

7,493

7,930

24672526.UG.FTS.B,

29.69%,

12/11/24

..

16,776

17,748

24959142.UG.FTS.B,

29.69%,

12/15/24

..

14,252

14,886

25312483.UG.FTS.B,

29.69%,

12/18/24

..

10,402

10,905

24451345.UG.FTS.B,

25.82%,

12/31/24

..

12,466

1,234

25843226.UG.FTS.B,

28.99%,

1/07/25

...

12,317

13,008

24414523.UG.FTS.B,

28.71%,

1/15/25

...

10,221

10,430

25708036.UG.FTS.B,

29.69%,

1/20/25

...

23,601

22,545

23760968.UG.FTS.B,

25.26%,

10/07/27

..

43

–

23489281.UG.FTS.B,

18.46%,

10/15/27

..

114

9

23552749.UG.FTS.B,

24.29%,

10/15/27

..

76

6

23485455.UG.FTS.B,

30.51%,

10/15/27

..

511

(6)

23594637.UG.FTS.B,

25.26%,

10/16/27

..

11

11

23730847.UG.FTS.B,

25.26%,

10/21/27

..

1

1

23843578.UG.FTS.B,

25.26%,

10/24/27

..

284

20

23743020.UG.FTS.B,

25.26%,

11/02/27

..

317

–

23806327.UG.FTS.B,

25.26%,

11/04/27

..

39

3

24201399.UG.FTS.B,

25.26%,

11/06/27

..

80

2

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

231

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

(continued)

24385036.UG.FTS.B,

25.26%,

11/15/27

..

$

368

$

26

23753978.UG.FTS.B,

25.26%,

11/20/27

..

21

21

24265697.UG.FTS.B,

25.26%,

11/21/27

..

1

1

24598359.UG.FTS.B,

25.26%,

11/25/27

..

124

10

24697392.UG.FTS.B,

25.26%,

11/25/27

..

3

3

24789598.UG.FTS.B,

25.26%,

11/27/27

..

103

104

24773171.UG.FTS.B,

23.3%,

11/29/27

...

20

20

24861750.UG.FTS.B,

25.26%,

12/02/27

..

46

10

25021464.UG.FTS.B,

19.99%,

12/09/27

..

1,084

88

25016399.UG.FTS.B,

24.29%,

12/10/27

..

539

5

25087726.UG.FTS.B,

25.26%,

12/10/27

..

1

1

25083869.UG.FTS.B,

19.99%,

12/14/27

..

337

28

25805026.UG.FTS.B,

30.51%,

12/16/27

..

115

115

25418308.UG.FTS.B,

25.26%,

12/23/27

..

1

1

25485430.UG.FTS.B,

30.51%,

12/26/27

..

379

91

25514664.UG.FTS.B,

30.51%,

1/01/28

...

–

–

23543933.UG.FTS.B,

25.26%,

2/28/28

...

1,819

1,835

230,866

Upgrade,

Inc.

-

Card

991160383.UG.FTS.B,

20.46%,

4/11/23

..

25

1

991071168.UG.FTS.B,

19.96%,

4/12/23

..

6

6

991133844.UG.FTS.B,

28.98%,

4/18/23

..

11

11

991132246.UG.FTS.B,

29.48%,

4/18/23

..

17

17

991182907.UG.FTS.B,

29.49%,

4/19/23

..

13

13

991126063.UG.FTS.B,

29.99%,

4/19/23

..

13

13

991222595.UG.FTS.B,

29.49%,

5/15/23

..

16

16

991258298.UG.FTS.B,

29.49%,

5/17/23

..

15

15

991228935.UG.FTS.B,

29.49%,

5/21/23

..

20

20

991302811.UG.FTS.B,

29.49%,

6/22/23

..

20

20

991292764.UG.FTS.B,

29.49%,

6/23/23

..

19

20

991079012.UG.FTS.B,

29.49%,

7/09/23

..

25

26

991135760.UG.FTS.B,

29.49%,

7/21/23

..

21

21

991263262.UG.FTS.B,

17.99%,

8/27/23

..

38

6

991136392.UG.FTS.B,

29.49%,

9/23/23

..

30

31

990915742.UG.FTS.B,

29.49%,

10/21/23

.

21

22

990984188.UG.FTS.B,

28.48%,

10/22/23

.

121

123

991136290.UG.FTS.B,

Zero

Cpn,

11/08/23

118

8

991024355.UG.FTS.B,

18.71%,

11/08/23

.

134

132

991083189.UG.FTS.B,

25.45%,

11/08/23

.

104

103

991008863.UG.FTS.B,

28.48%,

11/08/23

.

119

(2)

991084429.UG.FTS.B,

28.48%,

11/08/23

.

93

6

991191742.UG.FTS.B,

28.48%,

11/08/23

.

99

14

991008836.UG.FTS.B,

29.49%,

11/08/23

.

445

448

991012781.UG.FTS.B,

29.49%,

11/08/23

.

26

26

991019090.UG.FTS.B,

29.49%,

11/08/23

.

95

30

991019637.UG.FTS.B,

29.49%,

11/08/23

.

105

106

991036352.UG.FTS.B,

29.49%,

11/08/23

.

479

143

991042660.UG.FTS.B,

29.49%,

11/08/23

.

712

(33)

991044888.UG.FTS.B,

29.49%,

11/08/23

.

82

68

991124803.UG.FTS.B,

29.49%,

11/08/23

.

143

142

991216040.UG.FTS.B,

15.47%,

11/09/23

.

679

682

991016366.UG.FTS.B,

16.49%,

11/09/23

.

571

566

991018942.UG.FTS.B,

17.49%,

11/09/23

.

125

124

991142960.UG.FTS.B,

19.96%,

11/09/23

.

208

207

991018978.UG.FTS.B,

20.47%,

11/09/23

.

612

607

991205449.UG.FTS.B,

20.47%,

11/09/23

.

36

36

991189579.UG.FTS.B,

20.96%,

11/09/23

.

20

20

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991015928.UG.FTS.B,

28.48%,

11/09/23

.

$

55

$

56

991018613.UG.FTS.B,

28.48%,

11/09/23

.

72

72

991187584.UG.FTS.B,

28.48%,

11/09/23

.

197

6

991210304.UG.FTS.B,

28.48%,

11/09/23

.

55

54

991218450.UG.FTS.B,

28.48%,

11/09/23

.

331

335

991021226.UG.FTS.B,

29.48%,

11/09/23

.

218

219

991025120.UG.FTS.B,

29.48%,

11/09/23

.

167

169

991039402.UG.FTS.B,

29.48%,

11/09/23

.

21

3

991043854.UG.FTS.B,

29.48%,

11/09/23

.

42

43

991018932.UG.FTS.B,

29.49%,

11/09/23

.

395

396

991019302.UG.FTS.B,

29.49%,

11/09/23

.

5

5

991020417.UG.FTS.B,

29.49%,

11/09/23

.

4

4

991021901.UG.FTS.B,

29.49%,

11/09/23

.

163

163

991022040.UG.FTS.B,

29.49%,

11/09/23

.

142

19

991025480.UG.FTS.B,

29.49%,

11/09/23

.

40

39

991032018.UG.FTS.B,

29.49%,

11/09/23

.

16

16

991035358.UG.FTS.B,

29.49%,

11/09/23

.

18

18

991035968.UG.FTS.B,

29.49%,

11/09/23

.

75

77

991047307.UG.FTS.B,

29.49%,

11/09/23

.

–

–

991050282.UG.FTS.B,

29.49%,

11/09/23

.

59

60

991086005.UG.FTS.B,

29.49%,

11/09/23

.

50

50

991160522.UG.FTS.B,

29.49%,

11/09/23

.

102

102

991162392.UG.FTS.B,

29.49%,

11/09/23

.

50

7

991202489.UG.FTS.B,

29.49%,

11/09/23

.

82

83

991206693.UG.FTS.B,

29.49%,

11/09/23

.

18

18

991215292.UG.FTS.B,

29.49%,

11/09/23

.

74

60

991216518.UG.FTS.B,

29.49%,

11/09/23

.

16

16

991045681.UG.FTS.B,

Zero

Cpn,

11/10/23

637

44

991145486.UG.FTS.B,

Zero

Cpn,

11/10/23

149

10

991021402.UG.FTS.B,

15.47%,

11/10/23

.

25

25

991023400.UG.FTS.B,

16.49%,

11/10/23

.

276

272

991062680.UG.FTS.B,

18.96%,

11/10/23

.

104

37

991022143.UG.FTS.B,

19.96%,

11/10/23

.

262

259

991024000.UG.FTS.B,

21.47%,

11/10/23

.

468

462

991025899.UG.FTS.B,

21.47%,

11/10/23

.

321

317

991216376.UG.FTS.B,

21.48%,

11/10/23

.

93

93

991225070.UG.FTS.B,

22.47%,

11/10/23

.

70

69

991034169.UG.FTS.B,

23.45%,

11/10/23

.

–

–

991045741.UG.FTS.B,

23.45%,

11/10/23

.

113

112

991051732.UG.FTS.B,

23.45%,

11/10/23

.

77

78

991107974.UG.FTS.B,

23.45%,

11/10/23

.

46

46

991217504.UG.FTS.B,

25.45%,

11/10/23

.

129

128

991045793.UG.FTS.B,

26.44%,

11/10/23

.

402

394

991106609.UG.FTS.B,

28.48%,

11/10/23

.

180

179

991211370.UG.FTS.B,

28.48%,

11/10/23

.

64

65

991217060.UG.FTS.B,

28.48%,

11/10/23

.

52

51

991045101.UG.FTS.B,

29.48%,

11/10/23

.

214

68

991165319.UG.FTS.B,

29.48%,

11/10/23

.

94

6

991024808.UG.FTS.B,

29.49%,

11/10/23

.

66

66

991026295.UG.FTS.B,

29.49%,

11/10/23

.

76

25

991037375.UG.FTS.B,

29.49%,

11/10/23

.

1

–

991056252.UG.FTS.B,

29.49%,

11/10/23

.

304

303

991187212.UG.FTS.B,

29.49%,

11/10/23

.

200

202

991213301.UG.FTS.B,

29.49%,

11/10/23

.

38

38

991025518.UG.FTS.B,

Zero

Cpn,

11/11/23

70

5

991026738.UG.FTS.B,

Zero

Cpn,

11/11/23

195

14

991030132.UG.FTS.B,

Zero

Cpn,

11/11/23

338

24

991034193.UG.FTS.B,

Zero

Cpn,

11/11/23

296

21

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

232

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991036490.UG.FTS.B,

Zero

Cpn,

11/11/23

$

938

$

65

991038831.UG.FTS.B,

Zero

Cpn,

11/11/23

71

5

991197721.UG.FTS.B,

Zero

Cpn,

11/11/23

83

6

991208575.UG.FTS.B,

Zero

Cpn,

11/11/23

87

6

991197390.UG.FTS.B,

16.49%,

11/11/23

..

1,010

1,014

991202378.UG.FTS.B,

16.49%,

11/11/23

.

86

87

991031385.UG.FTS.B,

18.47%,

11/11/23

.

193

25

991038833.UG.FTS.B,

18.47%,

11/11/23

.

337

338

991106109.UG.FTS.B,

18.47%,

11/11/23

..

117

118

991212211.UG.FTS.B,

19.3%,

11/11/23

...

40

40

991030997.UG.FTS.B,

19.47%,

11/11/23

.

–

–

991044894.UG.FTS.B,

19.96%,

11/11/23

.

423

426

991062058.UG.FTS.B,

19.96%,

11/11/23

.

77

76

991033770.UG.FTS.B,

19.99%,

11/11/23

.

94

96

991033897.UG.FTS.B,

20.47%,

11/11/23

.

907

898

991064572.UG.FTS.B,

20.47%,

11/11/23

.

64

65

991076768.UG.FTS.B,

20.47%,

11/11/23

.

49

43

991029642.UG.FTS.B,

20.96%,

11/11/23

.

10

10

991062734.UG.FTS.B,

20.96%,

11/11/23

.

117

116

991080192.UG.FTS.B,

20.96%,

11/11/23

.

233

76

991031717.UG.FTS.B,

21.47%,

11/11/23

.

43

42

991034529.UG.FTS.B,

21.48%,

11/11/23

.

114

115

991035672.UG.FTS.B,

21.48%,

11/11/23

.

193

160

991037263.UG.FTS.B,

21.48%,

11/11/23

.

469

464

991081352.UG.FTS.B,

21.48%,

11/11/23

.

83

83

991090030.UG.FTS.B,

22.47%,

11/11/23

.

177

177

991118044.UG.FTS.B,

22.47%,

11/11/23

..

7

7

991175335.UG.FTS.B,

22.47%,

11/11/23

..

34

34

991208225.UG.FTS.B,

22.47%,

11/11/23

.

32

31

991215040.UG.FTS.B,

22.47%,

11/11/23

.

73

72

991204893.UG.FTS.B,

23.45%,

11/11/23

.

21

9

991064463.UG.FTS.B,

25.44%,

11/11/23

.

354

355

991079094.UG.FTS.B,

25.44%,

11/11/23

.

85

85

991131589.UG.FTS.B,

25.45%,

11/11/23

..

95

94

991033125.UG.FTS.B,

28.48%,

11/11/23

.

57

58

991054094.UG.FTS.B,

28.48%,

11/11/23

.

47

48

991056001.UG.FTS.B,

28.48%,

11/11/23

.

102

104

991056988.UG.FTS.B,

28.48%,

11/11/23

.

67

68

991069195.UG.FTS.B,

28.48%,

11/11/23

.

441

443

991079986.UG.FTS.B,

28.48%,

11/11/23

.

235

239

991087213.UG.FTS.B,

28.48%,

11/11/23

.

98

100

991089405.UG.FTS.B,

28.48%,

11/11/23

.

87

89

991100814.UG.FTS.B,

28.48%,

11/11/23

..

277

283

991112913.UG.FTS.B,

28.48%,

11/11/23

..

64

65

991143773.UG.FTS.B,

28.48%,

11/11/23

..

–

–

991169118.UG.FTS.B,

28.48%,

11/11/23

..

997

73

991184147.UG.FTS.B,

28.48%,

11/11/23

..

126

128

991032192.UG.FTS.B,

29.48%,

11/11/23

.

90

91

991042477.UG.FTS.B,

29.48%,

11/11/23

.

173

177

991073502.UG.FTS.B,

29.48%,

11/11/23

.

342

350

991074883.UG.FTS.B,

29.48%,

11/11/23

.

740

756

991077130.UG.FTS.B,

29.48%,

11/11/23

.

360

363

991096801.UG.FTS.B,

29.48%,

11/11/23

.

323

326

991121194.UG.FTS.B,

29.48%,

11/11/23

..

721

727

991132279.UG.FTS.B,

29.48%,

11/11/23

..

200

202

991132339.UG.FTS.B,

29.48%,

11/11/23

..

170

172

991141134.UG.FTS.B,

29.48%,

11/11/23

..

349

356

991143460.UG.FTS.B,

29.48%,

11/11/23

..

75

11

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991169941.UG.FTS.B,

29.48%,

11/11/23

..

$

114

$

114

991188940.UG.FTS.B,

29.48%,

11/11/23

..

78

79

991196471.UG.FTS.B,

29.48%,

11/11/23

..

45

45

991216655.UG.FTS.B,

29.48%,

11/11/23

.

130

24

991024641.UG.FTS.B,

29.49%,

11/11/23

.

50

51

991024658.UG.FTS.B,

29.49%,

11/11/23

.

20

20

991024686.UG.FTS.B,

29.49%,

11/11/23

.

113

115

991024894.UG.FTS.B,

29.49%,

11/11/23

.

41

40

991024915.UG.FTS.B,

29.49%,

11/11/23

.

72

73

991025344.UG.FTS.B,

29.49%,

11/11/23

.

28

2

991025879.UG.FTS.B,

29.49%,

11/11/23

.

627

640

991026432.UG.FTS.B,

29.49%,

11/11/23

.

143

146

991027543.UG.FTS.B,

29.49%,

11/11/23

.

348

(21)

991028425.UG.FTS.B,

29.49%,

11/11/23

.

10

10

991029761.UG.FTS.B,

29.49%,

11/11/23

.

46

46

991031265.UG.FTS.B,

29.49%,

11/11/23

.

53

54

991032955.UG.FTS.B,

29.49%,

11/11/23

.

82

83

991033023.UG.FTS.B,

29.49%,

11/11/23

.

94

94

991034815.UG.FTS.B,

29.49%,

11/11/23

.

391

401

991036718.UG.FTS.B,

29.49%,

11/11/23

.

–

–

991039757.UG.FTS.B,

29.49%,

11/11/23

.

200

203

991039945.UG.FTS.B,

29.49%,

11/11/23

.

128

105

991040317.UG.FTS.B,

29.49%,

11/11/23

.

35

35

991041006.UG.FTS.B,

29.49%,

11/11/23

.

22

22

991041167.UG.FTS.B,

29.49%,

11/11/23

..

12

11

991042359.UG.FTS.B,

29.49%,

11/11/23

.

1,221

1,239

991043005.UG.FTS.B,

29.49%,

11/11/23

.

177

180

991043262.UG.FTS.B,

29.49%,

11/11/23

.

58

9

991043493.UG.FTS.B,

29.49%,

11/11/23

.

438

447

991044490.UG.FTS.B,

29.49%,

11/11/23

.

98

100

991046860.UG.FTS.B,

29.49%,

11/11/23

.

319

324

991049412.UG.FTS.B,

29.49%,

11/11/23

.

32

32

991049605.UG.FTS.B,

29.49%,

11/11/23

.

45

46

991050801.UG.FTS.B,

29.49%,

11/11/23

.

351

14

991053364.UG.FTS.B,

29.49%,

11/11/23

.

56

57

991056670.UG.FTS.B,

29.49%,

11/11/23

.

51

52

991057788.UG.FTS.B,

29.49%,

11/11/23

.

–

–

991061678.UG.FTS.B,

29.49%,

11/11/23

.

105

108

991066377.UG.FTS.B,

29.49%,

11/11/23

.

17

17

991066988.UG.FTS.B,

29.49%,

11/11/23

.

–

–

991068657.UG.FTS.B,

29.49%,

11/11/23

.

87

13

991070551.UG.FTS.B,

29.49%,

11/11/23

.

744

755

991071022.UG.FTS.B,

29.49%,

11/11/23

.

102

2

991072454.UG.FTS.B,

29.49%,

11/11/23

.

81

83

991073324.UG.FTS.B,

29.49%,

11/11/23

.

100

99

991074139.UG.FTS.B,

29.49%,

11/11/23

.

99

101

991078791.UG.FTS.B,

29.49%,

11/11/23

.

234

240

991080602.UG.FTS.B,

29.49%,

11/11/23

.

61

63

991086306.UG.FTS.B,

29.49%,

11/11/23

.

72

72

991096256.UG.FTS.B,

29.49%,

11/11/23

.

165

1

991098895.UG.FTS.B,

29.49%,

11/11/23

.

73

74

991099009.UG.FTS.B,

29.49%,

11/11/23

.

692

232

991104067.UG.FTS.B,

29.49%,

11/11/23

..

36

37

991108947.UG.FTS.B,

29.49%,

11/11/23

..

72

(3)

991119020.UG.FTS.B,

29.49%,

11/11/23

..

290

295

991122002.UG.FTS.B,

29.49%,

11/11/23

..

21

21

991126748.UG.FTS.B,

29.49%,

11/11/23

..

50

42

991127514.UG.FTS.B,

29.49%,

11/11/23

..

51

7

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

233

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991131951.UG.FTS.B,

29.49%,

11/11/23

..

$

5

$

5

991146122.UG.FTS.B,

29.49%,

11/11/23

..

94

96

991159442.UG.FTS.B,

29.49%,

11/11/23

..

117

119

991167259.UG.FTS.B,

29.49%,

11/11/23

..

147

150

991170803.UG.FTS.B,

29.49%,

11/11/23

..

25

25

991176715.UG.FTS.B,

29.49%,

11/11/23

..

293

295

991179512.UG.FTS.B,

29.49%,

11/11/23

..

46

46

991195888.UG.FTS.B,

29.49%,

11/11/23

..

8

8

991196943.UG.FTS.B,

29.49%,

11/11/23

..

1

1

991198995.UG.FTS.B,

29.49%,

11/11/23

..

11

11

991072008.UG.FTS.B,

29.99%,

11/11/23

.

87

27

991040200.UG.FTS.B,

Zero

Cpn,

11/12/23

580

40

991164132.UG.FTS.B,

Zero

Cpn,

11/12/23

263

18

991037200.UG.FTS.B,

15.47%,

11/12/23

.

60

60

991192985.UG.FTS.B,

15.47%,

11/12/23

.

197

195

991039849.UG.FTS.B,

16.49%,

11/12/23

.

2,656

210

991155903.UG.FTS.B,

16.49%,

11/12/23

.

15

15

991044320.UG.FTS.B,

17.47%,

11/12/23

.

63

62

991046834.UG.FTS.B,

17.49%,

11/12/23

.

12

12

991064030.UG.FTS.B,

17.49%,

11/12/23

.

67

67

991102699.UG.FTS.B,

17.49%,

11/12/23

.

21

20

991052836.UG.FTS.B,

18.47%,

11/12/23

.

587

582

991083038.UG.FTS.B,

18.47%,

11/12/23

.

68

67

991033709.UG.FTS.B,

18.71%,

11/12/23

.

227

225

991067044.UG.FTS.B,

18.71%,

11/12/23

.

67

67

991106285.UG.FTS.B,

18.71%,

11/12/23

.

212

209

991166276.UG.FTS.B,

18.71%,

11/12/23

.

2,133

2,111

991167442.UG.FTS.B,

19.3%,

11/12/23

..

172

170

991194722.UG.FTS.B,

19.3%,

11/12/23

..

52

51

991238989.UG.FTS.B,

19.3%,

11/12/23

..

297

294

991032260.UG.FTS.B,

19.96%,

11/12/23

.

48

48

991041583.UG.FTS.B,

19.96%,

11/12/23

.

2,296

186

991044473.UG.FTS.B,

19.96%,

11/12/23

.

360

353

991046611.UG.FTS.B,

19.96%,

11/12/23

.

74

73

991057526.UG.FTS.B,

19.96%,

11/12/23

.

16

16

991076003.UG.FTS.B,

19.96%,

11/12/23

.

191

25

991032115.UG.FTS.B,

20.47%,

11/12/23

.

–

–

991054625.UG.FTS.B,

20.47%,

11/12/23

.

639

628

991068914.UG.FTS.B,

20.47%,

11/12/23

.

78

77

991212215.UG.FTS.B,

20.47%,

11/12/23

.

39

38

991225200.UG.FTS.B,

20.47%,

11/12/23

.

89

88

991032833.UG.FTS.B,

20.96%,

11/12/23

.

81

80

991037989.UG.FTS.B,

20.96%,

11/12/23

.

17

17

991044922.UG.FTS.B,

20.96%,

11/12/23

.

175

173

991057439.UG.FTS.B,

20.96%,

11/12/23

.

54

53

991216384.UG.FTS.B,

20.96%,

11/12/23

.

49

48

991034570.UG.FTS.B,

21.48%,

11/12/23

.

483

154

991036635.UG.FTS.B,

21.48%,

11/12/23

.

1,388

1,370

991036961.UG.FTS.B,

21.48%,

11/12/23

.

832

823

991042940.UG.FTS.B,

21.48%,

11/12/23

.

59

59

991118068.UG.FTS.B,

21.48%,

11/12/23

..

2

2

991208952.UG.FTS.B,

21.48%,

11/12/23

.

48

47

991051469.UG.FTS.B,

22.47%,

11/12/23

.

52

51

991180605.UG.FTS.B,

23.45%,

11/12/23

.

197

195

991038867.UG.FTS.B,

24.45%,

11/12/23

.

866

856

991036435.UG.FTS.B,

25.45%,

11/12/23

.

18

18

991195593.UG.FTS.B,

25.45%,

11/12/23

.

156

153

991113657.UG.FTS.B,

25.95%,

11/12/23

..

346

342

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991038090.UG.FTS.B,

26.44%,

11/12/23

.

$

394

$

56

991038818.UG.FTS.B,

26.44%,

11/12/23

.

548

541

991040642.UG.FTS.B,

26.44%,

11/12/23

.

187

184

991046688.UG.FTS.B,

18.71%,

11/13/23

.

176

174

991073274.UG.FTS.B,

18.71%,

11/13/23

.

243

239

991205571.UG.FTS.B,

18.96%,

11/13/23

.

134

132

991039066.UG.FTS.B,

19.3%,

11/13/23

..

145

144

991055488.UG.FTS.B,

19.3%,

11/13/23

..

186

184

991056261.UG.FTS.B,

19.3%,

11/13/23

..

164

163

991090653.UG.FTS.B,

19.3%,

11/13/23

..

79

79

991042571.UG.FTS.B,

19.96%,

11/13/23

.

65

65

991043180.UG.FTS.B,

19.96%,

11/13/23

.

478

474

991046521.UG.FTS.B,

19.96%,

11/13/23

.

169

167

991101652.UG.FTS.B,

19.96%,

11/13/23

.

82

81

991156351.UG.FTS.B,

19.96%,

11/13/23

.

78

78

991200271.UG.FTS.B,

19.96%,

11/13/23

.

201

198

991055896.UG.FTS.B,

20.47%,

11/13/23

.

570

41

991113763.UG.FTS.B,

20.47%,

11/13/23

..

158

156

991061724.UG.FTS.B,

20.96%,

11/13/23

.

242

240

991085322.UG.FTS.B,

20.96%,

11/13/23

.

224

66

991133714.UG.FTS.B,

21.48%,

11/13/23

.

73

25

991245781.UG.FTS.B,

21.48%,

11/13/23

.

241

237

991214313.UG.FTS.B,

22.45%,

11/13/23

.

154

121

991058827.UG.FTS.B,

22.47%,

11/13/23

.

71

70

991062587.UG.FTS.B,

22.47%,

11/13/23

.

46

45

991166803.UG.FTS.B,

22.47%,

11/13/23

.

1

–

991177294.UG.FTS.B,

22.47%,

11/13/23

.

202

15

991231726.UG.FTS.B,

22.47%,

11/13/23

.

11

11

991238527.UG.FTS.B,

22.47%,

11/13/23

.

11

11

991050659.UG.FTS.B,

23.45%,

11/13/23

.

260

258

991071055.UG.FTS.B,

23.45%,

11/13/23

.

188

183

991139412.UG.FTS.B,

23.45%,

11/13/23

.

110

108

991142265.UG.FTS.B,

23.45%,

11/13/23

.

48

47

991176060.UG.FTS.B,

25.45%,

11/13/23

.

76

75

991180753.UG.FTS.B,

25.45%,

11/13/23

.

27

27

991052481.UG.FTS.B,

Zero

Cpn,

11/14/23

130

9

991182065.UG.FTS.B,

Zero

Cpn,

11/14/23

58

4

991063358.UG.FTS.B,

18.47%,

11/14/23

.

700

1

991215185.UG.FTS.B,

18.47%,

11/14/23

.

461

455

991226732.UG.FTS.B,

18.47%,

11/14/23

.

13

13

991063852.UG.FTS.B,

18.71%,

11/14/23

.

31

30

991107055.UG.FTS.B,

18.71%,

11/14/23

.

1,095

297

991062328.UG.FTS.B,

18.96%,

11/14/23

.

47

46

991047599.UG.FTS.B,

19.3%,

11/14/23

..

292

289

991058243.UG.FTS.B,

19.3%,

11/14/23

..

99

98

991232628.UG.FTS.B,

19.3%,

11/14/23

..

587

47

991050735.UG.FTS.B,

19.96%,

11/14/23

.

57

56

991055530.UG.FTS.B,

19.96%,

11/14/23

.

1,168

1,157

991056505.UG.FTS.B,

19.96%,

11/14/23

.

276

274

991063812.UG.FTS.B,

19.96%,

11/14/23

.

90

89

991085726.UG.FTS.B,

19.96%,

11/14/23

.

204

202

991088392.UG.FTS.B,

19.96%,

11/14/23

.

108

107

991096994.UG.FTS.B,

19.96%,

11/14/23

.

63

63

991150972.UG.FTS.B,

19.96%,

11/14/23

.

47

47

991197816.UG.FTS.B,

20.47%,

11/14/23

.

200

198

991057830.UG.FTS.B,

20.96%,

11/14/23

.

272

269

991070682.UG.FTS.B,

20.96%,

11/14/23

.

443

438

991211165.UG.FTS.B,

20.96%,

11/14/23

..

37

36

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

234

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991046306.UG.FTS.B,

21.48%,

11/14/23

.

$

49

$

49

991059221.UG.FTS.B,

21.48%,

11/14/23

.

83

82

991083025.UG.FTS.B,

21.48%,

11/14/23

.

62

61

991109171.UG.FTS.B,

21.48%,

11/14/23

.

414

409

991169194.UG.FTS.B,

21.48%,

11/14/23

.

94

93

991088508.UG.FTS.B,

22.45%,

11/14/23

.

479

(7)

991135531.UG.FTS.B,

22.45%,

11/14/23

.

417

408

991048200.UG.FTS.B,

22.47%,

11/14/23

.

91

28

991102269.UG.FTS.B,

22.47%,

11/14/23

.

237

235

991066592.UG.FTS.B,

23.45%,

11/14/23

.

107

104

991068030.UG.FTS.B,

23.45%,

11/14/23

.

27

27

991075640.UG.FTS.B,

23.45%,

11/14/23

.

178

176

991079287.UG.FTS.B,

23.45%,

11/14/23

.

86

85

991101560.UG.FTS.B,

23.45%,

11/14/23

.

206

204

991243117.UG.FTS.B,

23.45%,

11/14/23

.

28

28

991204642.UG.FTS.B,

25.45%,

11/14/23

.

30

29

991095911.UG.FTS.B,

26.44%,

11/14/23

.

136

134

991058895.UG.FTS.B,

Zero

Cpn,

11/15/23

–

–

991064072.UG.FTS.B,

Zero

Cpn,

11/15/23

78

5

991058196.UG.FTS.B,

18.47%,

11/15/23

.

183

181

991113942.UG.FTS.B,

18.71%,

11/15/23

..

78

77

991187403.UG.FTS.B,

18.71%,

11/15/23

.

50

49

991236065.UG.FTS.B,

18.71%,

11/15/23

.

73

72

991072063.UG.FTS.B,

19.3%,

11/15/23

..

84

84

991081725.UG.FTS.B,

19.3%,

11/15/23

..

133

131

991082581.UG.FTS.B,

19.3%,

11/15/23

..

371

102

991097769.UG.FTS.B,

19.3%,

11/15/23

..

96

12

991141838.UG.FTS.B,

19.3%,

11/15/23

..

466

461

991223494.UG.FTS.B,

19.3%,

11/15/23

..

24

24

991065357.UG.FTS.B,

19.96%,

11/15/23

.

96

95

991123238.UG.FTS.B,

19.96%,

11/15/23

.

64

9

991139766.UG.FTS.B,

19.96%,

11/15/23

.

83

83

991056483.UG.FTS.B,

20.47%,

11/15/23

.

49

48

991076551.UG.FTS.B,

20.47%,

11/15/23

.

207

205

991124607.UG.FTS.B,

20.47%,

11/15/23

.

296

293

991074564.UG.FTS.B,

20.96%,

11/15/23

.

209

207

991058367.UG.FTS.B,

21.47%,

11/15/23

.

80

79

991052117.UG.FTS.B,

21.48%,

11/15/23

.

877

280

991072712.UG.FTS.B,

21.48%,

11/15/23

.

40

40

991091631.UG.FTS.B,

21.48%,

11/15/23

.

150

(2)

991096653.UG.FTS.B,

21.48%,

11/15/23

.

34

33

991110811.UG.FTS.B,

21.48%,

11/15/23

..

23

23

991144815.UG.FTS.B,

21.48%,

11/15/23

.

62

62

991197316.UG.FTS.B,

21.48%,

11/15/23

.

94

93

991057370.UG.FTS.B,

22.47%,

11/15/23

.

285

282

991234176.UG.FTS.B,

22.47%,

11/15/23

.

459

450

991235548.UG.FTS.B,

22.47%,

11/15/23

.

33

33

991055836.UG.FTS.B,

23.45%,

11/15/23

.

38

38

991056017.UG.FTS.B,

23.45%,

11/15/23

.

9

8

991078707.UG.FTS.B,

23.45%,

11/15/23

.

82

81

991081650.UG.FTS.B,

23.45%,

11/15/23

.

36

36

991084017.UG.FTS.B,

23.45%,

11/15/23

.

132

131

991113775.UG.FTS.B,

23.45%,

11/15/23

..

5

5

991132951.UG.FTS.B,

23.45%,

11/15/23

.

186

184

991191200.UG.FTS.B,

25.44%,

11/15/23

.

85

84

991057953.UG.FTS.B,

25.45%,

11/15/23

.

277

272

991066825.UG.FTS.B,

25.45%,

11/15/23

.

–

–

991068436.UG.FTS.B,

25.45%,

11/15/23

.

377

373

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991103133.UG.FTS.B,

25.45%,

11/15/23

.

$

79

$

78

991130854.UG.FTS.B,

25.45%,

11/15/23

.

83

82

991240186.UG.FTS.B,

25.45%,

11/15/23

.

26

26

991059246.UG.FTS.B,

26.44%,

11/15/23

.

358

53

991070986.UG.FTS.B,

26.44%,

11/15/23

.

–

–

991088293.UG.FTS.B,

Zero

Cpn,

11/16/23

7

–

991234204.UG.FTS.B,

Zero

Cpn,

11/16/23

582

40

991060229.UG.FTS.B,

19.96%,

11/16/23

.

121

96

991264229.UG.FTS.B,

19.96%,

11/16/23

.

306

302

991092109.UG.FTS.B,

19.99%,

11/16/23

.

87

88

991099523.UG.FTS.B,

23.45%,

11/16/23

.

269

266

991258705.UG.FTS.B,

23.45%,

11/16/23

.

30

30

991114561.UG.FTS.B,

25.45%,

11/16/23

..

29

28

991068488.UG.FTS.B,

26.44%,

11/16/23

.

46

45

991111612.UG.FTS.B,

27.99%,

11/16/23

..

54

55

991067085.UG.FTS.B,

28.48%,

11/16/23

.

352

353

991240822.UG.FTS.B,

28.48%,

11/16/23

.

66

66

991262392.UG.FTS.B,

28.48%,

11/16/23

.

–

–

991062507.UG.FTS.B,

29.45%,

11/16/23

.

1

1

991085849.UG.FTS.B,

29.48%,

11/16/23

.

188

189

991060063.UG.FTS.B,

29.49%,

11/16/23

.

58

58

991060262.UG.FTS.B,

29.49%,

11/16/23

.

54

55

991068933.UG.FTS.B,

29.49%,

11/16/23

.

73

(3)

991069391.UG.FTS.B,

29.49%,

11/16/23

.

44

6

991086719.UG.FTS.B,

29.49%,

11/16/23

.

2

2

991100362.UG.FTS.B,

29.49%,

11/16/23

.

99

99

991185464.UG.FTS.B,

29.49%,

11/16/23

.

426

111

991205767.UG.FTS.B,

29.49%,

11/16/23

.

59

51

991265924.UG.FTS.B,

29.49%,

11/16/23

.

–

–

991091492.UG.FTS.B,

Zero

Cpn,

11/17/23

132

9

991067548.UG.FTS.B,

19.3%,

11/17/23

..

53

52

991065584.UG.FTS.B,

19.47%,

11/17/23

.

224

222

991077777.UG.FTS.B,

19.96%,

11/17/23

.

47

47

991084681.UG.FTS.B,

20.47%,

11/17/23

.

35

34

991140965.UG.FTS.B,

20.47%,

11/17/23

.

75

74

991168609.UG.FTS.B,

20.47%,

11/17/23

.

257

255

991154647.UG.FTS.B,

21.48%,

11/17/23

.

24

24

991209560.UG.FTS.B,

21.48%,

11/17/23

.

66

66

991081293.UG.FTS.B,

22.45%,

11/17/23

.

128

127

991113027.UG.FTS.B,

22.47%,

11/17/23

..

277

274

991204617.UG.FTS.B,

23.45%,

11/17/23

.

351

348

991224707.UG.FTS.B,

23.45%,

11/17/23

.

320

315

991240022.UG.FTS.B,

24.45%,

11/17/23

.

240

17

991099774.UG.FTS.B,

25.45%,

11/17/23

.

46

46

991269381.UG.FTS.B,

26.44%,

11/17/23

.

1,069

1,048

991064383.UG.FTS.B,

28.48%,

11/17/23

.

–

–

991067743.UG.FTS.B,

28.48%,

11/17/23

.

107

83

991071964.UG.FTS.B,

28.48%,

11/17/23

.

56

56

991075400.UG.FTS.B,

28.48%,

11/17/23

.

71

72

991081467.UG.FTS.B,

28.48%,

11/17/23

.

488

486

991111183.UG.FTS.B,

28.48%,

11/17/23

..

60

9

991129990.UG.FTS.B,

28.48%,

11/17/23

.

96

96

991260132.UG.FTS.B,

28.48%,

11/17/23

.

200

199

991065018.UG.FTS.B,

29.48%,

11/17/23

.

81

81

991076428.UG.FTS.B,

29.48%,

11/17/23

.

100

100

991230240.UG.FTS.B,

29.48%,

11/17/23

.

53

53

991267853.UG.FTS.B,

29.48%,

11/17/23

.

–

–

991064480.UG.FTS.B,

29.49%,

11/17/23

.

1,157

167

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

235

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991067845.UG.FTS.B,

29.49%,

11/17/23

.

$

38

$

39

991068636.UG.FTS.B,

29.49%,

11/17/23

.

225

224

991077432.UG.FTS.B,

29.49%,

11/17/23

.

60

60

991078472.UG.FTS.B,

29.49%,

11/17/23

.

24

24

991089483.UG.FTS.B,

29.49%,

11/17/23

.

187

185

991150434.UG.FTS.B,

29.49%,

11/17/23

.

59

59

991151747.UG.FTS.B,

29.49%,

11/17/23

.

48

48

991164420.UG.FTS.B,

29.49%,

11/17/23

.

8

8

991255106.UG.FTS.B,

29.49%,

11/17/23

.

43

43

991269502.UG.FTS.B,

29.49%,

11/17/23

.

243

243

991269645.UG.FTS.B,

29.49%,

11/17/23

.

333

80

991069907.UG.FTS.B,

Zero

Cpn,

11/18/23

93

6

991070223.UG.FTS.B,

Zero

Cpn,

11/18/23

454

31

991075196.UG.FTS.B,

18.71%,

11/18/23

.

206

27

991118229.UG.FTS.B,

18.71%,

11/18/23

..

80

80

991262395.UG.FTS.B,

18.71%,

11/18/23

.

152

151

991076172.UG.FTS.B,

19.3%,

11/18/23

..

72

72

991080254.UG.FTS.B,

19.3%,

11/18/23

..

72

5

991091205.UG.FTS.B,

19.3%,

11/18/23

..

45

1

991081999.UG.FTS.B,

19.96%,

11/18/23

.

172

170

991085336.UG.FTS.B,

19.96%,

11/18/23

.

221

175

991085802.UG.FTS.B,

19.96%,

11/18/23

.

554

550

991090911.UG.FTS.B,

19.96%,

11/18/23

.

78

78

991096448.UG.FTS.B,

19.96%,

11/18/23

.

456

451

991145533.UG.FTS.B,

19.96%,

11/18/23

.

107

107

991271010.UG.FTS.B,

19.99%,

11/18/23

.

178

178

991093143.UG.FTS.B,

20.47%,

11/18/23

.

212

210

991132272.UG.FTS.B,

20.47%,

11/18/23

.

114

112

991087895.UG.FTS.B,

20.96%,

11/18/23

.

216

214

991129310.UG.FTS.B,

20.96%,

11/18/23

.

48

47

991096770.UG.FTS.B,

21.48%,

11/18/23

.

104

103

991167183.UG.FTS.B,

21.48%,

11/18/23

.

359

355

991269600.UG.FTS.B,

21.48%,

11/18/23

.

45

44

991087743.UG.FTS.B,

22.45%,

11/18/23

.

411

407

991083198.UG.FTS.B,

22.47%,

11/18/23

.

130

128

991106955.UG.FTS.B,

22.47%,

11/18/23

.

283

281

991123415.UG.FTS.B,

23.45%,

11/18/23

.

64

63

991087138.UG.FTS.B,

25.45%,

11/18/23

.

112

111

991105579.UG.FTS.B,

27.99%,

11/18/23

.

90

91

991077938.UG.FTS.B,

28.48%,

11/18/23

.

31

1

991101152.UG.FTS.B,

28.48%,

11/18/23

..

113

114

991112752.UG.FTS.B,

28.48%,

11/18/23

..

98

99

991130012.UG.FTS.B,

28.48%,

11/18/23

.

93

94

991154554.UG.FTS.B,

28.48%,

11/18/23

.

88

88

991179069.UG.FTS.B,

28.48%,

11/18/23

.

181

180

991220441.UG.FTS.B,

28.48%,

11/18/23

.

266

38

991192524.UG.FTS.B,

29.48%,

11/18/23

.

116

117

991205108.UG.FTS.B,

29.48%,

11/18/23

.

126

126

991075574.UG.FTS.B,

29.49%,

11/18/23

.

11

11

991086090.UG.FTS.B,

29.49%,

11/18/23

.

89

89

991089044.UG.FTS.B,

29.49%,

11/18/23

.

45

45

991096973.UG.FTS.B,

29.49%,

11/18/23

.

69

69

991102474.UG.FTS.B,

29.49%,

11/18/23

.

2,500

2,496

991103603.UG.FTS.B,

29.49%,

11/18/23

.

240

241

991109166.UG.FTS.B,

29.49%,

11/18/23

.

248

196

991110887.UG.FTS.B,

29.49%,

11/18/23

..

726

732

991116348.UG.FTS.B,

29.49%,

11/18/23

..

121

122

991143152.UG.FTS.B,

29.49%,

11/18/23

.

339

24

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991151526.UG.FTS.B,

29.49%,

11/18/23

.

$

107

$

107

991157941.UG.FTS.B,

29.49%,

11/18/23

.

11

10

991208660.UG.FTS.B,

29.49%,

11/18/23

.

163

163

991244087.UG.FTS.B,

29.49%,

11/18/23

.

94

95

991259629.UG.FTS.B,

29.49%,

11/18/23

.

154

13

991267143.UG.FTS.B,

29.49%,

11/18/23

.

1,387

1,388

991268887.UG.FTS.B,

29.49%,

11/18/23

.

107

107

991269243.UG.FTS.B,

29.49%,

11/18/23

.

58

58

991273696.UG.FTS.B,

29.49%,

11/18/23

.

45

45

991276503.UG.FTS.B,

29.49%,

11/18/23

.

65

51

991277429.UG.FTS.B,

29.49%,

11/18/23

.

49

49

991078366.UG.FTS.B,

Zero

Cpn,

11/19/23

108

–

991080403.UG.FTS.B,

Zero

Cpn,

11/19/23

916

–

991081598.UG.FTS.B,

Zero

Cpn,

11/19/23

2,155

145

991083535.UG.FTS.B,

Zero

Cpn,

11/19/23

237

–

991100219.UG.FTS.B,

Zero

Cpn,

11/19/23

99

7

991115442.UG.FTS.B,

Zero

Cpn,

11/19/23

91

6

991148298.UG.FTS.B,

Zero

Cpn,

11/19/23

219

15

991149343.UG.FTS.B,

Zero

Cpn,

11/19/23

419

28

991165592.UG.FTS.B,

Zero

Cpn,

11/19/23

920

63

991167601.UG.FTS.B,

Zero

Cpn,

11/19/23

1,524

–

991243542.UG.FTS.B,

Zero

Cpn,

11/19/23

124

–

991133644.UG.FTS.B,

18.47%,

11/19/23

.

413

409

991136963.UG.FTS.B,

18.47%,

11/19/23

.

158

157

991173918.UG.FTS.B,

18.47%,

11/19/23

.

28

–

991081404.UG.FTS.B,

18.71%,

11/19/23

.

281

279

991104977.UG.FTS.B,

18.71%,

11/19/23

.

57

56

991087297.UG.FTS.B,

19.3%,

11/19/23

..

703

697

991112759.UG.FTS.B,

19.3%,

11/19/23

...

181

180

991094352.UG.FTS.B,

19.96%,

11/19/23

.

123

122

991137081.UG.FTS.B,

19.99%,

11/19/23

.

114

114

991116240.UG.FTS.B,

20.47%,

11/19/23

..

14

14

991218561.UG.FTS.B,

20.47%,

11/19/23

.

56

55

991079011.UG.FTS.B,

20.48%,

11/19/23

.

76

58

991086525.UG.FTS.B,

20.96%,

11/19/23

.

51

50

991105587.UG.FTS.B,

20.96%,

11/19/23

.

70

69

991277289.UG.FTS.B,

20.96%,

11/19/23

.

2,010

1,984

991100356.UG.FTS.B,

21.47%,

11/19/23

.

264

259

991099366.UG.FTS.B,

21.48%,

11/19/23

.

60

60

991147323.UG.FTS.B,

21.48%,

11/19/23

.

37

36

991219801.UG.FTS.B,

21.48%,

11/19/23

.

56

56

991099400.UG.FTS.B,

22.47%,

11/19/23

.

220

218

991102793.UG.FTS.B,

22.47%,

11/19/23

.

103

102

991110963.UG.FTS.B,

22.47%,

11/19/23

..

205

201

991113770.UG.FTS.B,

22.47%,

11/19/23

..

195

193

991252484.UG.FTS.B,

22.47%,

11/19/23

.

94

93

991083178.UG.FTS.B,

25.44%,

11/19/23

.

4

4

991172949.UG.FTS.B,

25.45%,

11/19/23

.

25

24

991079765.UG.FTS.B,

28.48%,

11/19/23

.

48

48

991081496.UG.FTS.B,

28.48%,

11/19/23

.

281

283

991083782.UG.FTS.B,

28.48%,

11/19/23

.

60

60

991086939.UG.FTS.B,

28.48%,

11/19/23

.

148

149

991096265.UG.FTS.B,

28.48%,

11/19/23

.

74

74

991097252.UG.FTS.B,

28.48%,

11/19/23

.

–

–

991098785.UG.FTS.B,

28.48%,

11/19/23

.

142

144

991103315.UG.FTS.B,

28.48%,

11/19/23

.

67

67

991103375.UG.FTS.B,

28.48%,

11/19/23

.

63

63

991104461.UG.FTS.B,

28.48%,

11/19/23

.

202

203

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

236

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991107749.UG.FTS.B,

28.48%,

11/19/23

.

$

84

$

85

991135238.UG.FTS.B,

28.48%,

11/19/23

.

743

747

991161650.UG.FTS.B,

28.48%,

11/19/23

.

229

231

991200531.UG.FTS.B,

28.48%,

11/19/23

.

41

41

991200969.UG.FTS.B,

28.48%,

11/19/23

.

189

190

991223308.UG.FTS.B,

28.48%,

11/19/23

.

142

143

991249737.UG.FTS.B,

28.48%,

11/19/23

.

34

34

991266849.UG.FTS.B,

28.48%,

11/19/23

.

242

242

991089034.UG.FTS.B,

29.48%,

11/19/23

.

50

51

991098237.UG.FTS.B,

29.48%,

11/19/23

.

253

255

991126072.UG.FTS.B,

29.48%,

11/19/23

.

258

259

991129061.UG.FTS.B,

29.48%,

11/19/23

.

690

692

991133197.UG.FTS.B,

29.48%,

11/19/23

.

57

57

991170083.UG.FTS.B,

29.48%,

11/19/23

.

2,218

2,218

991199919.UG.FTS.B,

29.48%,

11/19/23

.

306

308

991077741.UG.FTS.B,

29.49%,

11/19/23

.

18

18

991078478.UG.FTS.B,

29.49%,

11/19/23

.

87

88

991079375.UG.FTS.B,

29.49%,

11/19/23

.

351

355

991080354.UG.FTS.B,

29.49%,

11/19/23

.

47

47

991081475.UG.FTS.B,

29.49%,

11/19/23

.

–

–

991081845.UG.FTS.B,

29.49%,

11/19/23

.

153

154

991081885.UG.FTS.B,

29.49%,

11/19/23

.

53

54

991082217.UG.FTS.B,

29.49%,

11/19/23

.

79

80

991087665.UG.FTS.B,

29.49%,

11/19/23

.

54

54

991089942.UG.FTS.B,

29.49%,

11/19/23

.

108

109

991090577.UG.FTS.B,

29.49%,

11/19/23

.

8

8

991091528.UG.FTS.B,

29.49%,

11/19/23

.

375

279

991092913.UG.FTS.B,

29.49%,

11/19/23

.

84

84

991099109.UG.FTS.B,

29.49%,

11/19/23

.

49

49

991099919.UG.FTS.B,

29.49%,

11/19/23

.

98

98

991099977.UG.FTS.B,

29.49%,

11/19/23

.

–

–

991103266.UG.FTS.B,

29.49%,

11/19/23

.

51

51

991105932.UG.FTS.B,

29.49%,

11/19/23

.

39

39

991106030.UG.FTS.B,

29.49%,

11/19/23

.

83

84

991106881.UG.FTS.B,

29.49%,

11/19/23

.

57

57

991107613.UG.FTS.B,

29.49%,

11/19/23

.

7

7

991108107.UG.FTS.B,

29.49%,

11/19/23

.

59

59

991108547.UG.FTS.B,

29.49%,

11/19/23

.

61

61

991108792.UG.FTS.B,

29.49%,

11/19/23

.

88

89

991109156.UG.FTS.B,

29.49%,

11/19/23

.

8

8

991111004.UG.FTS.B,

29.49%,

11/19/23

..

10

9

991111730.UG.FTS.B,

29.49%,

11/19/23

..

49

49

991112305.UG.FTS.B,

29.49%,

11/19/23

..

89

13

991113074.UG.FTS.B,

29.49%,

11/19/23

..

273

20

991113771.UG.FTS.B,

29.49%,

11/19/23

..

80

81

991115413.UG.FTS.B,

29.49%,

11/19/23

..

55

54

991116343.UG.FTS.B,

29.49%,

11/19/23

..

148

149

991116514.UG.FTS.B,

29.49%,

11/19/23

..

57

58

991118360.UG.FTS.B,

29.49%,

11/19/23

..

–

–

991121031.UG.FTS.B,

29.49%,

11/19/23

.

10

10

991121503.UG.FTS.B,

29.49%,

11/19/23

.

17

17

991122460.UG.FTS.B,

29.49%,

11/19/23

.

503

506

991125436.UG.FTS.B,

29.49%,

11/19/23

.

81

(1)

991125621.UG.FTS.B,

29.49%,

11/19/23

.

52

53

991127756.UG.FTS.B,

29.49%,

11/19/23

.

–

–

991128392.UG.FTS.B,

29.49%,

11/19/23

.

61

49

991130453.UG.FTS.B,

29.49%,

11/19/23

.

87

74

991130997.UG.FTS.B,

29.49%,

11/19/23

.

50

50

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991133598.UG.FTS.B,

29.49%,

11/19/23

.

$

14

$

14

991133629.UG.FTS.B,

29.49%,

11/19/23

.

77

77

991139865.UG.FTS.B,

29.49%,

11/19/23

.

10

10

991142836.UG.FTS.B,

29.49%,

11/19/23

.

46

46

991144029.UG.FTS.B,

29.49%,

11/19/23

.

7

7

991145061.UG.FTS.B,

29.49%,

11/19/23

.

30

30

991149117.UG.FTS.B,

29.49%,

11/19/23

..

345

347

991149147.UG.FTS.B,

29.49%,

11/19/23

.

932

940

991154103.UG.FTS.B,

29.49%,

11/19/23

.

13

1

991154172.UG.FTS.B,

29.49%,

11/19/23

.

43

44

991156373.UG.FTS.B,

29.49%,

11/19/23

.

52

52

991157560.UG.FTS.B,

29.49%,

11/19/23

.

44

43

991161298.UG.FTS.B,

29.49%,

11/19/23

.

49

49

991162658.UG.FTS.B,

29.49%,

11/19/23

.

133

134

991164793.UG.FTS.B,

29.49%,

11/19/23

.

134

134

991178189.UG.FTS.B,

29.49%,

11/19/23

.

15

15

991179282.UG.FTS.B,

29.49%,

11/19/23

.

12

12

991179290.UG.FTS.B,

29.49%,

11/19/23

.

140

106

991186431.UG.FTS.B,

29.49%,

11/19/23

.

17

17

991187139.UG.FTS.B,

29.49%,

11/19/23

.

89

89

991191231.UG.FTS.B,

29.49%,

11/19/23

.

63

63

991194815.UG.FTS.B,

29.49%,

11/19/23

.

33

33

991195337.UG.FTS.B,

29.49%,

11/19/23

.

3

3

991195453.UG.FTS.B,

29.49%,

11/19/23

.

47

47

991208345.UG.FTS.B,

29.49%,

11/19/23

.

42

3

991209803.UG.FTS.B,

29.49%,

11/19/23

.

79

79

991214900.UG.FTS.B,

29.49%,

11/19/23

.

84

83

991216986.UG.FTS.B,

29.49%,

11/19/23

.

113

17

991217550.UG.FTS.B,

29.49%,

11/19/23

.

489

493

991221843.UG.FTS.B,

29.49%,

11/19/23

.

7

7

991229168.UG.FTS.B,

29.49%,

11/19/23

.

8

8

991232161.UG.FTS.B,

29.49%,

11/19/23

.

49

49

991239048.UG.FTS.B,

29.49%,

11/19/23

.

341

342

991245485.UG.FTS.B,

29.49%,

11/19/23

.

185

184

991255003.UG.FTS.B,

29.49%,

11/19/23

.

94

94

991266447.UG.FTS.B,

29.49%,

11/19/23

.

343

346

991268756.UG.FTS.B,

29.49%,

11/19/23

.

43

43

991273851.UG.FTS.B,

29.49%,

11/19/23

.

31

31

991275610.UG.FTS.B,

29.49%,

11/19/23

.

24

(1)

991276787.UG.FTS.B,

29.49%,

11/19/23

.

121

122

991284044.UG.FTS.B,

29.49%,

11/19/23

.

117

117

991284977.UG.FTS.B,

29.49%,

11/19/23

.

69

69

991285666.UG.FTS.B,

29.49%,

11/19/23

.

32

30

991110614.UG.FTS.B,

Zero

Cpn,

11/20/23

181

–

991146373.UG.FTS.B,

Zero

Cpn,

11/20/23

361

25

991183499.UG.FTS.B,

Zero

Cpn,

11/20/23

180

–

991232318.UG.FTS.B,

Zero

Cpn,

11/20/23

73

5

991256470.UG.FTS.B,

Zero

Cpn,

11/20/23

94

6

991088718.UG.FTS.B,

18.47%,

11/20/23

.

161

159

991203940.UG.FTS.B,

18.71%,

11/20/23

.

113

112

991223759.UG.FTS.B,

19.3%,

11/20/23

..

62

61

991160337.UG.FTS.B,

19.99%,

11/20/23

.

144

144

991173118.UG.FTS.B,

19.99%,

11/20/23

..

34

34

991140327.UG.FTS.B,

20.47%,

11/20/23

.

74

74

991245732.UG.FTS.B,

20.47%,

11/20/23

.

62

61

991129247.UG.FTS.B,

20.96%,

11/20/23

.

41

40

991110573.UG.FTS.B,

21.48%,

11/20/23

..

121

120

991128464.UG.FTS.B,

21.48%,

11/20/23

.

151

149

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

237

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991253213.UG.FTS.B,

21.48%,

11/20/23

.

$

81

$

80

991088077.UG.FTS.B,

22.47%,

11/20/23

.

320

317

991144324.UG.FTS.B,

22.47%,

11/20/23

.

54

54

991141025.UG.FTS.B,

23.45%,

11/20/23

.

135

19

991205662.UG.FTS.B,

25.45%,

11/20/23

.

34

34

991101785.UG.FTS.B,

28.48%,

11/20/23

.

47

48

991120295.UG.FTS.B,

28.48%,

11/20/23

.

49

50

991133949.UG.FTS.B,

28.48%,

11/20/23

.

73

73

991136789.UG.FTS.B,

28.48%,

11/20/23

.

57

57

991139388.UG.FTS.B,

28.48%,

11/20/23

.

115

115

991144509.UG.FTS.B,

28.48%,

11/20/23

.

5

5

991147217.UG.FTS.B,

28.48%,

11/20/23

.

51

52

991151706.UG.FTS.B,

28.48%,

11/20/23

.

64

64

991154518.UG.FTS.B,

28.48%,

11/20/23

.

142

(1)

991168480.UG.FTS.B,

28.48%,

11/20/23

.

59

59

991172523.UG.FTS.B,

28.48%,

11/20/23

.

29

29

991179629.UG.FTS.B,

28.48%,

11/20/23

.

57

57

991180290.UG.FTS.B,

28.48%,

11/20/23

.

236

238

991183278.UG.FTS.B,

28.48%,

11/20/23

.

73

74

991188196.UG.FTS.B,

28.48%,

11/20/23

.

218

218

991198064.UG.FTS.B,

28.48%,

11/20/23

.

18

18

991200208.UG.FTS.B,

28.48%,

11/20/23

.

52

53

991208366.UG.FTS.B,

28.48%,

11/20/23

.

91

92

991209934.UG.FTS.B,

28.48%,

11/20/23

.

636

641

991291675.UG.FTS.B,

28.48%,

11/20/23

.

–

–

991099375.UG.FTS.B,

29.48%,

11/20/23

.

49

49

991102937.UG.FTS.B,

29.48%,

11/20/23

.

8

8

991110336.UG.FTS.B,

29.48%,

11/20/23

..

106

106

991114131.UG.FTS.B,

29.48%,

11/20/23

..

68

69

991144898.UG.FTS.B,

29.48%,

11/20/23

.

132

130

991167792.UG.FTS.B,

29.48%,

11/20/23

.

46

47

991188661.UG.FTS.B,

29.48%,

11/20/23

.

94

3

991189309.UG.FTS.B,

29.48%,

11/20/23

.

132

133

991236954.UG.FTS.B,

29.48%,

11/20/23

.

39

39

991282314.UG.FTS.B,

29.48%,

11/20/23

.

9

9

991299756.UG.FTS.B,

29.48%,

11/20/23

.

412

412

991100439.UG.FTS.B,

29.49%,

11/20/23

.

22

22

991103977.UG.FTS.B,

29.49%,

11/20/23

.

512

515

991104098.UG.FTS.B,

29.49%,

11/20/23

.

61

62

991104737.UG.FTS.B,

29.49%,

11/20/23

.

302

305

991106393.UG.FTS.B,

29.49%,

11/20/23

.

125

125

991107099.UG.FTS.B,

29.49%,

11/20/23

.

53

53

991109649.UG.FTS.B,

29.49%,

11/20/23

.

80

81

991111774.UG.FTS.B,

29.49%,

11/20/23

..

54

4

991114689.UG.FTS.B,

29.49%,

11/20/23

..

98

99

991115508.UG.FTS.B,

29.49%,

11/20/23

..

75

76

991117155.UG.FTS.B,

29.49%,

11/20/23

..

67

68

991117438.UG.FTS.B,

29.49%,

11/20/23

..

67

67

991121552.UG.FTS.B,

29.49%,

11/20/23

.

74

75

991122701.UG.FTS.B,

29.49%,

11/20/23

.

64

65

991123928.UG.FTS.B,

29.49%,

11/20/23

.

112

111

991128759.UG.FTS.B,

29.49%,

11/20/23

.

87

87

991130319.UG.FTS.B,

29.49%,

11/20/23

.

301

304

991130622.UG.FTS.B,

29.49%,

11/20/23

.

162

128

991134006.UG.FTS.B,

29.49%,

11/20/23

.

249

251

991139325.UG.FTS.B,

29.49%,

11/20/23

.

61

62

991140513.UG.FTS.B,

29.49%,

11/20/23

.

22

22

991144398.UG.FTS.B,

29.49%,

11/20/23

.

35

36

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991145208.UG.FTS.B,

29.49%,

11/20/23

.

$

74

$

31

991145726.UG.FTS.B,

29.49%,

11/20/23

.

79

79

991149619.UG.FTS.B,

29.49%,

11/20/23

.

123

124

991151110.UG.FTS.B,

29.49%,

11/20/23

..

67

67

991151258.UG.FTS.B,

29.49%,

11/20/23

.

4

4

991151536.UG.FTS.B,

29.49%,

11/20/23

.

84

85

991152032.UG.FTS.B,

29.49%,

11/20/23

.

25

25

991155248.UG.FTS.B,

29.49%,

11/20/23

.

65

66

991156986.UG.FTS.B,

29.49%,

11/20/23

.

61

61

991163351.UG.FTS.B,

29.49%,

11/20/23

.

173

174

991163681.UG.FTS.B,

29.49%,

11/20/23

.

29

29

991164069.UG.FTS.B,

29.49%,

11/20/23

.

37

36

991164951.UG.FTS.B,

29.49%,

11/20/23

.

87

71

991165843.UG.FTS.B,

29.49%,

11/20/23

.

54

53

991171687.UG.FTS.B,

29.49%,

11/20/23

.

32

32

991174051.UG.FTS.B,

29.49%,

11/20/23

.

1,943

291

991180132.UG.FTS.B,

29.49%,

11/20/23

.

18

18

991180907.UG.FTS.B,

29.49%,

11/20/23

.

11

11

991185357.UG.FTS.B,

29.49%,

11/20/23

.

125

125

991188129.UG.FTS.B,

29.49%,

11/20/23

.

–

–

991197732.UG.FTS.B,

29.49%,

11/20/23

.

168

127

991205178.UG.FTS.B,

29.49%,

11/20/23

.

3

3

991217754.UG.FTS.B,

29.49%,

11/20/23

.

140

141

991230774.UG.FTS.B,

29.49%,

11/20/23

.

72

57

991232040.UG.FTS.B,

29.49%,

11/20/23

.

70

(1)

991239892.UG.FTS.B,

29.49%,

11/20/23

.

97

97

991247130.UG.FTS.B,

29.49%,

11/20/23

.

87

87

991247425.UG.FTS.B,

29.49%,

11/20/23

.

58

58

991250047.UG.FTS.B,

29.49%,

11/20/23

.

97

7

991255249.UG.FTS.B,

29.49%,

11/20/23

.

15

15

991259458.UG.FTS.B,

29.49%,

11/20/23

.

23

23

991262795.UG.FTS.B,

29.49%,

11/20/23

.

56

56

991264888.UG.FTS.B,

29.49%,

11/20/23

.

191

191

991274797.UG.FTS.B,

29.49%,

11/20/23

.

22

22

991285054.UG.FTS.B,

29.49%,

11/20/23

.

9

9

991286245.UG.FTS.B,

29.49%,

11/20/23

.

48

48

991291019.UG.FTS.B,

29.49%,

11/20/23

.

8

8

991293258.UG.FTS.B,

29.49%,

11/20/23

.

49

49

991098955.UG.FTS.B,

Zero

Cpn,

11/21/23

439

–

991105392.UG.FTS.B,

Zero

Cpn,

11/21/23

114

8

991121320.UG.FTS.B,

Zero

Cpn,

11/21/23

149

10

991122491.UG.FTS.B,

Zero

Cpn,

11/21/23

57

4

991131051.UG.FTS.B,

Zero

Cpn,

11/21/23

148

10

991151271.UG.FTS.B,

Zero

Cpn,

11/21/23

73

5

991177162.UG.FTS.B,

Zero

Cpn,

11/21/23

144

10

991192026.UG.FTS.B,

Zero

Cpn,

11/21/23

–

–

991193371.UG.FTS.B,

Zero

Cpn,

11/21/23

72

5

991215158.UG.FTS.B,

Zero

Cpn,

11/21/23

549

–

991239973.UG.FTS.B,

Zero

Cpn,

11/21/23

572

39

991247154.UG.FTS.B,

Zero

Cpn,

11/21/23

1,459

99

991252189.UG.FTS.B,

Zero

Cpn,

11/21/23

32

–

991262256.UG.FTS.B,

Zero

Cpn,

11/21/23

110

7

991119059.UG.FTS.B,

18.47%,

11/21/23

..

116

115

991181598.UG.FTS.B,

19.3%,

11/21/23

..

16

16

991182650.UG.FTS.B,

19.3%,

11/21/23

..

47

47

991267653.UG.FTS.B,

19.3%,

11/21/23

..

369

365

991286223.UG.FTS.B,

19.96%,

11/21/23

.

347

343

991100085.UG.FTS.B,

19.99%,

11/21/23

.

100

100

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

238

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991133519.UG.FTS.B,

19.99%,

11/21/23

.

$

49

$

50

991121139.UG.FTS.B,

20.47%,

11/21/23

..

17

17

991171236.UG.FTS.B,

21.48%,

11/21/23

.

22

22

991119021.UG.FTS.B,

23.45%,

11/21/23

..

859

851

991110444.UG.FTS.B,

25.44%,

11/21/23

..

–

–

991126469.UG.FTS.B,

26.44%,

11/21/23

.

193

191

991146701.UG.FTS.B,

26.44%,

11/21/23

.

–

–

991100207.UG.FTS.B,

27.95%,

11/21/23

.

417

421

991111878.UG.FTS.B,

28.48%,

11/21/23

..

346

340

991114125.UG.FTS.B,

28.48%,

11/21/23

..

67

67

991123866.UG.FTS.B,

28.48%,

11/21/23

.

986

981

991136286.UG.FTS.B,

28.48%,

11/21/23

.

342

344

991143210.UG.FTS.B,

28.48%,

11/21/23

.

68

68

991178026.UG.FTS.B,

28.48%,

11/21/23

.

106

18

991179665.UG.FTS.B,

28.48%,

11/21/23

.

59

46

991192321.UG.FTS.B,

28.48%,

11/21/23

.

52

52

991201097.UG.FTS.B,

28.48%,

11/21/23

.

200

15

991206138.UG.FTS.B,

28.48%,

11/21/23

.

179

178

991214205.UG.FTS.B,

28.48%,

11/21/23

.

24

24

991216840.UG.FTS.B,

28.48%,

11/21/23

.

1,218

1,220

991217644.UG.FTS.B,

28.48%,

11/21/23

.

434

432

991244839.UG.FTS.B,

28.48%,

11/21/23

.

93

93

991250805.UG.FTS.B,

28.48%,

11/21/23

.

–

–

991100150.UG.FTS.B,

29.48%,

11/21/23

.

18

4

991101326.UG.FTS.B,

29.48%,

11/21/23

.

347

350

991107255.UG.FTS.B,

29.48%,

11/21/23

.

19

19

991130518.UG.FTS.B,

29.48%,

11/21/23

.

14

14

991137525.UG.FTS.B,

29.48%,

11/21/23

.

45

46

991138019.UG.FTS.B,

29.48%,

11/21/23

.

186

184

991138181.UG.FTS.B,

29.48%,

11/21/23

.

144

142

991144416.UG.FTS.B,

29.48%,

11/21/23

.

84

7

991177225.UG.FTS.B,

29.48%,

11/21/23

.

1,857

135

991221688.UG.FTS.B,

29.48%,

11/21/23

.

214

216

991233225.UG.FTS.B,

29.48%,

11/21/23

.

68

68

991292382.UG.FTS.B,

29.48%,

11/21/23

.

9

9

991099469.UG.FTS.B,

29.49%,

11/21/23

.

54

54

991099712.UG.FTS.B,

29.49%,

11/21/23

.

209

211

991100230.UG.FTS.B,

29.49%,

11/21/23

.

66

67

991100952.UG.FTS.B,

29.49%,

11/21/23

.

39

39

991108274.UG.FTS.B,

29.49%,

11/21/23

.

294

295

991112493.UG.FTS.B,

29.49%,

11/21/23

..

344

345

991115516.UG.FTS.B,

29.49%,

11/21/23

..

92

93

991117400.UG.FTS.B,

29.49%,

11/21/23

..

37

37

991118095.UG.FTS.B,

29.49%,

11/21/23

..

167

168

991120556.UG.FTS.B,

29.49%,

11/21/23

.

355

358

991123249.UG.FTS.B,

29.49%,

11/21/23

.

146

147

991124358.UG.FTS.B,

29.49%,

11/21/23

.

95

96

991128135.UG.FTS.B,

29.49%,

11/21/23

.

990

997

991128360.UG.FTS.B,

29.49%,

11/21/23

.

35

36

991135079.UG.FTS.B,

29.49%,

11/21/23

.

285

284

991136907.UG.FTS.B,

29.49%,

11/21/23

.

100

101

991141067.UG.FTS.B,

29.49%,

11/21/23

.

344

346

991142973.UG.FTS.B,

29.49%,

11/21/23

.

49

48

991143329.UG.FTS.B,

29.49%,

11/21/23

.

63

64

991146542.UG.FTS.B,

29.49%,

11/21/23

.

268

1

991147427.UG.FTS.B,

29.49%,

11/21/23

.

99

100

991148395.UG.FTS.B,

29.49%,

11/21/23

.

49

50

991148944.UG.FTS.B,

29.49%,

11/21/23

.

146

147

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991150239.UG.FTS.B,

29.49%,

11/21/23

.

$

49

$

50

991150414.UG.FTS.B,

29.49%,

11/21/23

.

31

31

991159041.UG.FTS.B,

29.49%,

11/21/23

.

187

189

991164538.UG.FTS.B,

29.49%,

11/21/23

.

75

74

991164665.UG.FTS.B,

29.49%,

11/21/23

.

47

46

991168286.UG.FTS.B,

29.49%,

11/21/23

.

85

62

991172015.UG.FTS.B,

29.49%,

11/21/23

.

68

68

991172897.UG.FTS.B,

29.49%,

11/21/23

.

503

78

991177356.UG.FTS.B,

29.49%,

11/21/23

.

211

212

991178204.UG.FTS.B,

29.49%,

11/21/23

.

413

416

991179715.UG.FTS.B,

29.49%,

11/21/23

.

111

112

991181774.UG.FTS.B,

29.49%,

11/21/23

.

122

123

991185083.UG.FTS.B,

29.49%,

11/21/23

.

21

21

991186328.UG.FTS.B,

29.49%,

11/21/23

.

33

33

991190043.UG.FTS.B,

29.49%,

11/21/23

.

198

198

991190202.UG.FTS.B,

29.49%,

11/21/23

.

52

52

991198358.UG.FTS.B,

29.49%,

11/21/23

.

39

2

991208015.UG.FTS.B,

29.49%,

11/21/23

.

92

92

991210218.UG.FTS.B,

29.49%,

11/21/23

.

58

59

991210916.UG.FTS.B,

29.49%,

11/21/23

.

67

67

991214741.UG.FTS.B,

29.49%,

11/21/23

.

102

103

991218135.UG.FTS.B,

29.49%,

11/21/23

.

73

74

991245012.UG.FTS.B,

29.49%,

11/21/23

.

53

4

991257293.UG.FTS.B,

29.49%,

11/21/23

.

116

84

991259486.UG.FTS.B,

29.49%,

11/21/23

.

38

(2)

991263857.UG.FTS.B,

29.49%,

11/21/23

.

39

3

991280311.UG.FTS.B,

29.49%,

11/21/23

.

156

156

991288030.UG.FTS.B,

29.49%,

11/21/23

.

55

(2)

991289243.UG.FTS.B,

29.49%,

11/21/23

.

29

29

991292780.UG.FTS.B,

29.49%,

11/21/23

.

29

30

991295513.UG.FTS.B,

29.49%,

11/21/23

.

25

24

991295848.UG.FTS.B,

29.49%,

11/21/23

.

13

13

991106488.UG.FTS.B,

Zero

Cpn,

11/22/23

1,236

–

991156513.UG.FTS.B,

Zero

Cpn,

11/22/23

165

11

991158967.UG.FTS.B,

Zero

Cpn,

11/22/23

107

7

991220421.UG.FTS.B,

Zero

Cpn,

11/22/23

41

–

991239272.UG.FTS.B,

Zero

Cpn,

11/22/23

136

–

991301137.UG.FTS.B,

Zero

Cpn,

11/22/23

188

13

991110555.UG.FTS.B,

18.71%,

11/22/23

..

68

–

991128782.UG.FTS.B,

19.3%,

11/22/23

..

72

72

991131888.UG.FTS.B,

19.3%,

11/22/23

..

463

460

991188961.UG.FTS.B,

19.3%,

11/22/23

..

34

34

991107401.UG.FTS.B,

19.96%,

11/22/23

.

6

6

991210107.UG.FTS.B,

19.96%,

11/22/23

.

1,341

1,331

991194598.UG.FTS.B,

20.47%,

11/22/23

.

62

61

991219767.UG.FTS.B,

20.47%,

11/22/23

.

26

26

991104332.UG.FTS.B,

20.48%,

11/22/23

.

462

63

991102218.UG.FTS.B,

21.48%,

11/22/23

.

71

56

991130918.UG.FTS.B,

21.48%,

11/22/23

.

100

99

991216544.UG.FTS.B,

21.48%,

11/22/23

.

250

247

991226181.UG.FTS.B,

21.48%,

11/22/23

.

87

86

991130316.UG.FTS.B,

23.45%,

11/22/23

.

94

93

991099015.UG.FTS.B,

27.99%,

11/22/23

.

59

59

991099635.UG.FTS.B,

27.99%,

11/22/23

.

47

47

991147302.UG.FTS.B,

27.99%,

11/22/23

.

24

24

991100713.UG.FTS.B,

28.48%,

11/22/23

.

57

58

991105789.UG.FTS.B,

28.48%,

11/22/23

.

226

32

991106530.UG.FTS.B,

28.48%,

11/22/23

.

6

6

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

239

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991107100.UG.FTS.B,

28.48%,

11/22/23

.

$

–

$

–

991107234.UG.FTS.B,

28.48%,

11/22/23

.

2

2

991108827.UG.FTS.B,

28.48%,

11/22/23

.

33

33

991114808.UG.FTS.B,

28.48%,

11/22/23

..

108

108

991117144.UG.FTS.B,

28.48%,

11/22/23

..

7

7

991123749.UG.FTS.B,

28.48%,

11/22/23

.

10

10

991132728.UG.FTS.B,

28.48%,

11/22/23

.

272

272

991135863.UG.FTS.B,

28.48%,

11/22/23

.

29

29

991153431.UG.FTS.B,

28.48%,

11/22/23

.

281

283

991177780.UG.FTS.B,

28.48%,

11/22/23

.

48

48

991178073.UG.FTS.B,

28.48%,

11/22/23

.

25

25

991193427.UG.FTS.B,

28.48%,

11/22/23

.

2

2

991204529.UG.FTS.B,

28.48%,

11/22/23

.

49

50

991207461.UG.FTS.B,

28.48%,

11/22/23

.

–

–

991298377.UG.FTS.B,

28.48%,

11/22/23

.

20

20

991106616.UG.FTS.B,

29.47%,

11/22/23

.

298

45

991101762.UG.FTS.B,

29.48%,

11/22/23

.

94

94

991105231.UG.FTS.B,

29.48%,

11/22/23

.

138

138

991105725.UG.FTS.B,

29.48%,

11/22/23

.

43

43

991106614.UG.FTS.B,

29.48%,

11/22/23

.

27

27

991113377.UG.FTS.B,

29.48%,

11/22/23

..

237

237

991114774.UG.FTS.B,

29.48%,

11/22/23

..

225

223

991159235.UG.FTS.B,

29.48%,

11/22/23

.

935

932

991193777.UG.FTS.B,

29.48%,

11/22/23

.

30

30

991259545.UG.FTS.B,

29.48%,

11/22/23

.

98

77

991273757.UG.FTS.B,

29.48%,

11/22/23

.

38

6

991098153.UG.FTS.B,

29.49%,

11/22/23

.

2

2

991098845.UG.FTS.B,

29.49%,

11/22/23

.

249

250

991100233.UG.FTS.B,

29.49%,

11/22/23

.

65

65

991101825.UG.FTS.B,

29.49%,

11/22/23

.

106

86

991102687.UG.FTS.B,

29.49%,

11/22/23

.

25

25

991102716.UG.FTS.B,

29.49%,

11/22/23

.

80

(3)

991103085.UG.FTS.B,

29.49%,

11/22/23

.

278

281

991103927.UG.FTS.B,

29.49%,

11/22/23

.

–

–

991104436.UG.FTS.B,

29.49%,

11/22/23

.

92

92

991104734.UG.FTS.B,

29.49%,

11/22/23

.

417

418

991104907.UG.FTS.B,

29.49%,

11/22/23

.

15

15

991105964.UG.FTS.B,

29.49%,

11/22/23

.

99

100

991106568.UG.FTS.B,

29.49%,

11/22/23

.

228

184

991106759.UG.FTS.B,

29.49%,

11/22/23

.

39

38

991107039.UG.FTS.B,

29.49%,

11/22/23

.

61

61

991107592.UG.FTS.B,

29.49%,

11/22/23

.

161

163

991108861.UG.FTS.B,

29.49%,

11/22/23

.

107

16

991110535.UG.FTS.B,

29.49%,

11/22/23

..

271

273

991111957.UG.FTS.B,

29.49%,

11/22/23

..

81

81

991115233.UG.FTS.B,

29.49%,

11/22/23

..

339

340

991123719.UG.FTS.B,

29.49%,

11/22/23

.

60

61

991124840.UG.FTS.B,

29.49%,

11/22/23

.

67

68

991125143.UG.FTS.B,

29.49%,

11/22/23

.

121

122

991127190.UG.FTS.B,

29.49%,

11/22/23

.

66

66

991130907.UG.FTS.B,

29.49%,

11/22/23

.

62

62

991131752.UG.FTS.B,

29.49%,

11/22/23

.

125

9

991134301.UG.FTS.B,

29.49%,

11/22/23

.

36

36

991135207.UG.FTS.B,

29.49%,

11/22/23

.

146

147

991136157.UG.FTS.B,

29.49%,

11/22/23

.

60

61

991136773.UG.FTS.B,

29.49%,

11/22/23

.

128

129

991137276.UG.FTS.B,

29.49%,

11/22/23

.

43

43

991138760.UG.FTS.B,

29.49%,

11/22/23

.

364

365

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991140300.UG.FTS.B,

29.49%,

11/22/23

.

$

175

$

175

991140775.UG.FTS.B,

29.49%,

11/22/23

.

64

64

991145029.UG.FTS.B,

29.49%,

11/22/23

.

50

51

991146596.UG.FTS.B,

29.49%,

11/22/23

.

95

95

991149872.UG.FTS.B,

29.49%,

11/22/23

.

454

458

991150162.UG.FTS.B,

29.49%,

11/22/23

.

59

59

991155306.UG.FTS.B,

29.49%,

11/22/23

.

42

3

991155530.UG.FTS.B,

29.49%,

11/22/23

.

95

95

991160297.UG.FTS.B,

29.49%,

11/22/23

.

49

49

991162200.UG.FTS.B,

29.49%,

11/22/23

.

187

188

991163098.UG.FTS.B,

29.49%,

11/22/23

.

102

102

991172183.UG.FTS.B,

29.49%,

11/22/23

.

108

109

991174255.UG.FTS.B,

29.49%,

11/22/23

.

54

55

991174940.UG.FTS.B,

29.49%,

11/22/23

.

14

14

991178176.UG.FTS.B,

29.49%,

11/22/23

.

26

26

991179177.UG.FTS.B,

29.49%,

11/22/23

.

102

102

991179352.UG.FTS.B,

29.49%,

11/22/23

.

26

2

991182784.UG.FTS.B,

29.49%,

11/22/23

.

2

2

991187032.UG.FTS.B,

29.49%,

11/22/23

.

86

86

991188329.UG.FTS.B,

29.49%,

11/22/23

.

–

–

991190151.UG.FTS.B,

29.49%,

11/22/23

.

44

7

991190714.UG.FTS.B,

29.49%,

11/22/23

.

52

53

991193399.UG.FTS.B,

29.49%,

11/22/23

.

149

150

991206844.UG.FTS.B,

29.49%,

11/22/23

.

34

34

991218188.UG.FTS.B,

29.49%,

11/22/23

.

53

53

991225043.UG.FTS.B,

29.49%,

11/22/23

.

343

346

991229113.UG.FTS.B,

29.49%,

11/22/23

.

60

61

991234579.UG.FTS.B,

29.49%,

11/22/23

.

170

171

991235816.UG.FTS.B,

29.49%,

11/22/23

.

58

59

991239165.UG.FTS.B,

29.49%,

11/22/23

.

261

(9)

991245336.UG.FTS.B,

29.49%,

11/22/23

.

145

22

991247716.UG.FTS.B,

29.49%,

11/22/23

.

261

(10)

991247778.UG.FTS.B,

29.49%,

11/22/23

.

52

53

991254689.UG.FTS.B,

29.49%,

11/22/23

.

676

677

991260753.UG.FTS.B,

29.49%,

11/22/23

.

14

14

991261949.UG.FTS.B,

29.49%,

11/22/23

.

24

24

991277853.UG.FTS.B,

29.49%,

11/22/23

.

119

10

991289422.UG.FTS.B,

29.49%,

11/22/23

.

114

115

991297769.UG.FTS.B,

29.49%,

11/22/23

.

15

15

991305655.UG.FTS.B,

29.49%,

11/22/23

.

94

72

991307782.UG.FTS.B,

29.49%,

11/22/23

.

30

30

991102589.UG.FTS.B,

29.98%,

11/22/23

.

50

50

991107237.UG.FTS.B,

Zero

Cpn,

11/23/23

63

4

991131837.UG.FTS.B,

Zero

Cpn,

11/23/23

176

12

991165285.UG.FTS.B,

Zero

Cpn,

11/23/23

31

–

991186721.UG.FTS.B,

Zero

Cpn,

11/23/23

53

4

991187798.UG.FTS.B,

Zero

Cpn,

11/23/23

139

9

991221448.UG.FTS.B,

Zero

Cpn,

11/23/23

64

–

991262145.UG.FTS.B,

Zero

Cpn,

11/23/23

35

2

991299164.UG.FTS.B,

Zero

Cpn,

11/23/23

225

15

991312802.UG.FTS.B,

Zero

Cpn,

11/23/23

238

–

991105294.UG.FTS.B,

19.3%,

11/23/23

..

556

562

991166244.UG.FTS.B,

19.96%,

11/23/23

.

10

1

991291121.UG.FTS.B,

19.96%,

11/23/23

.

62

61

991298830.UG.FTS.B,

19.96%,

11/23/23

.

514

511

991150634.UG.FTS.B,

19.99%,

11/23/23

.

30

27

991174650.UG.FTS.B,

19.99%,

11/23/23

.

76

75

991188131.UG.FTS.B,

19.99%,

11/23/23

.

171

135

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

240

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991194396.UG.FTS.B,

19.99%,

11/23/23

.

$

101

$

101

991158048.UG.FTS.B,

20.47%,

11/23/23

.

13

13

991232886.UG.FTS.B,

20.47%,

11/23/23

.

23

23

991115402.UG.FTS.B,

20.96%,

11/23/23

..

66

66

991287696.UG.FTS.B,

20.96%,

11/23/23

.

114

112

991120730.UG.FTS.B,

21.48%,

11/23/23

.

–

–

991193854.UG.FTS.B,

21.48%,

11/23/23

.

72

71

991224752.UG.FTS.B,

21.48%,

11/23/23

.

94

93

991161491.UG.FTS.B,

22.47%,

11/23/23

.

109

108

991308890.UG.FTS.B,

27.99%,

11/23/23

.

34

34

991109056.UG.FTS.B,

28.48%,

11/23/23

.

–

–

991113930.UG.FTS.B,

28.48%,

11/23/23

..

75

76

991118848.UG.FTS.B,

28.48%,

11/23/23

..

73

74

991122874.UG.FTS.B,

28.48%,

11/23/23

.

197

198

991126218.UG.FTS.B,

28.48%,

11/23/23

.

250

252

991139072.UG.FTS.B,

28.48%,

11/23/23

.

202

204

991148130.UG.FTS.B,

28.48%,

11/23/23

.

48

48

991149182.UG.FTS.B,

28.48%,

11/23/23

.

150

150

991172431.UG.FTS.B,

28.48%,

11/23/23

.

71

5

991191502.UG.FTS.B,

28.48%,

11/23/23

.

7

7

991196206.UG.FTS.B,

28.48%,

11/23/23

.

13

13

991231629.UG.FTS.B,

28.48%,

11/23/23

.

10

10

991239623.UG.FTS.B,

28.48%,

11/23/23

.

170

169

991276620.UG.FTS.B,

28.48%,

11/23/23

.

–

–

991279906.UG.FTS.B,

28.48%,

11/23/23

.

91

93

991280037.UG.FTS.B,

28.48%,

11/23/23

.

53

54

991317220.UG.FTS.B,

28.48%,

11/23/23

.

214

219

991114228.UG.FTS.B,

29.48%,

11/23/23

..

93

93

991116041.UG.FTS.B,

29.48%,

11/23/23

..

71

72

991121901.UG.FTS.B,

29.48%,

11/23/23

.

155

119

991122886.UG.FTS.B,

29.48%,

11/23/23

.

110

113

991140139.UG.FTS.B,

29.48%,

11/23/23

.

50

50

991145127.UG.FTS.B,

29.48%,

11/23/23

.

40

40

991166312.UG.FTS.B,

29.48%,

11/23/23

.

83

8

991169530.UG.FTS.B,

29.48%,

11/23/23

.

101

101

991172585.UG.FTS.B,

29.48%,

11/23/23

.

73

73

991217359.UG.FTS.B,

29.48%,

11/23/23

.

108

109

991306783.UG.FTS.B,

29.48%,

11/23/23

.

29

29

991312091.UG.FTS.B,

29.48%,

11/23/23

.

37

37

991105591.UG.FTS.B,

29.49%,

11/23/23

.

377

119

991105687.UG.FTS.B,

29.49%,

11/23/23

.

204

204

991105748.UG.FTS.B,

29.49%,

11/23/23

.

36

36

991106054.UG.FTS.B,

29.49%,

11/23/23

.

317

325

991106382.UG.FTS.B,

29.49%,

11/23/23

.

103

16

991106421.UG.FTS.B,

29.49%,

11/23/23

.

117

(4)

991106756.UG.FTS.B,

29.49%,

11/23/23

.

141

143

991107142.UG.FTS.B,

29.49%,

11/23/23

.

306

307

991107562.UG.FTS.B,

29.49%,

11/23/23

.

197

29

991108375.UG.FTS.B,

29.49%,

11/23/23

.

296

297

991108441.UG.FTS.B,

29.49%,

11/23/23

.

152

153

991108457.UG.FTS.B,

29.49%,

11/23/23

.

14

14

991109745.UG.FTS.B,

29.49%,

11/23/23

.

152

(8)

991110866.UG.FTS.B,

29.49%,

11/23/23

..

235

233

991111224.UG.FTS.B,

29.49%,

11/23/23

..

80

81

991111433.UG.FTS.B,

29.49%,

11/23/23

..

42

42

991113918.UG.FTS.B,

29.49%,

11/23/23

..

144

12

991114266.UG.FTS.B,

29.49%,

11/23/23

..

–

–

991114290.UG.FTS.B,

29.49%,

11/23/23

..

371

374

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991114512.UG.FTS.B,

29.49%,

11/23/23

..

$

80

$

80

991116067.UG.FTS.B,

29.49%,

11/23/23

..

128

128

991116199.UG.FTS.B,

29.49%,

11/23/23

..

274

275

991116243.UG.FTS.B,

29.49%,

11/23/23

..

4

4

991117236.UG.FTS.B,

29.49%,

11/23/23

..

–

–

991122211.UG.FTS.B,

29.49%,

11/23/23

..

42

42

991122535.UG.FTS.B,

29.49%,

11/23/23

.

81

80

991123210.UG.FTS.B,

29.49%,

11/23/23

.

267

268

991125159.UG.FTS.B,

29.49%,

11/23/23

.

93

94

991125565.UG.FTS.B,

29.49%,

11/23/23

.

106

107

991128208.UG.FTS.B,

29.49%,

11/23/23

.

400

(68)

991129075.UG.FTS.B,

29.49%,

11/23/23

.

54

55

991130949.UG.FTS.B,

29.49%,

11/23/23

.

87

88

991133821.UG.FTS.B,

29.49%,

11/23/23

.

65

65

991136597.UG.FTS.B,

29.49%,

11/23/23

.

51

51

991137842.UG.FTS.B,

29.49%,

11/23/23

.

83

84

991138422.UG.FTS.B,

29.49%,

11/23/23

.

98

98

991140253.UG.FTS.B,

29.49%,

11/23/23

.

139

141

991141758.UG.FTS.B,

29.49%,

11/23/23

.

74

75

991145034.UG.FTS.B,

29.49%,

11/23/23

.

30

30

991146851.UG.FTS.B,

29.49%,

11/23/23

.

176

177

991148747.UG.FTS.B,

29.49%,

11/23/23

.

750

753

991153893.UG.FTS.B,

29.49%,

11/23/23

.

33

34

991158154.UG.FTS.B,

29.49%,

11/23/23

.

69

70

991161686.UG.FTS.B,

29.49%,

11/23/23

.

58

58

991162502.UG.FTS.B,

29.49%,

11/23/23

.

118

9

991167616.UG.FTS.B,

29.49%,

11/23/23

.

49

50

991168010.UG.FTS.B,

29.49%,

11/23/23

.

66

3

991168725.UG.FTS.B,

29.49%,

11/23/23

.

54

54

991174195.UG.FTS.B,

29.49%,

11/23/23

.

85

7

991175302.UG.FTS.B,

29.49%,

11/23/23

.

19

18

991182437.UG.FTS.B,

29.49%,

11/23/23

.

12

12

991185725.UG.FTS.B,

29.49%,

11/23/23

.

719

718

991185856.UG.FTS.B,

29.49%,

11/23/23

.

72

72

991194741.UG.FTS.B,

29.49%,

11/23/23

.

293

23

991196579.UG.FTS.B,

29.49%,

11/23/23

.

1,231

1,240

991207799.UG.FTS.B,

29.49%,

11/23/23

.

42

42

991209026.UG.FTS.B,

29.49%,

11/23/23

.

178

14

991215672.UG.FTS.B,

29.49%,

11/23/23

.

393

59

991217039.UG.FTS.B,

29.49%,

11/23/23

.

118

119

991217199.UG.FTS.B,

29.49%,

11/23/23

.

49

50

991218537.UG.FTS.B,

29.49%,

11/23/23

.

294

297

991230373.UG.FTS.B,

29.49%,

11/23/23

.

118

19

991231083.UG.FTS.B,

29.49%,

11/23/23

.

64

64

991245290.UG.FTS.B,

29.49%,

11/23/23

.

35

35

991247741.UG.FTS.B,

29.49%,

11/23/23

.

22

23

991255103.UG.FTS.B,

29.49%,

11/23/23

.

14

14

991258669.UG.FTS.B,

29.49%,

11/23/23

.

144

144

991260078.UG.FTS.B,

29.49%,

11/23/23

.

81

82

991262693.UG.FTS.B,

29.49%,

11/23/23

.

198

199

991281491.UG.FTS.B,

29.49%,

11/23/23

.

49

50

991281569.UG.FTS.B,

29.49%,

11/23/23

.

251

252

991284842.UG.FTS.B,

29.49%,

11/23/23

.

78

7

991295168.UG.FTS.B,

29.49%,

11/23/23

.

19

19

991306864.UG.FTS.B,

29.49%,

11/23/23

.

143

12

991308824.UG.FTS.B,

29.49%,

11/23/23

.

21

21

991124243.UG.FTS.B,

Zero

Cpn,

11/24/23

72

5

991159045.UG.FTS.B,

Zero

Cpn,

11/24/23

458

31

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

241

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991163043.UG.FTS.B,

Zero

Cpn,

11/24/23

$

259

$

–

991184583.UG.FTS.B,

Zero

Cpn,

11/24/23

290

20

991184611.UG.FTS.B,

Zero

Cpn,

11/24/23

220

15

991226346.UG.FTS.B,

Zero

Cpn,

11/24/23

61

4

991252747.UG.FTS.B,

Zero

Cpn,

11/24/23

376

26

991285654.UG.FTS.B,

18.47%,

11/24/23

.

230

228

991143842.UG.FTS.B,

18.71%,

11/24/23

.

–

–

991181842.UG.FTS.B,

18.71%,

11/24/23

.

82

82

991162322.UG.FTS.B,

19.3%,

11/24/23

..

86

85

991286624.UG.FTS.B,

19.3%,

11/24/23

..

139

137

991140620.UG.FTS.B,

19.96%,

11/24/23

.

108

14

991237057.UG.FTS.B,

19.96%,

11/24/23

.

–

–

991152782.UG.FTS.B,

19.99%,

11/24/23

.

83

83

991140485.UG.FTS.B,

20.47%,

11/24/23

.

412

409

991293819.UG.FTS.B,

20.47%,

11/24/23

.

25

25

991139422.UG.FTS.B,

20.96%,

11/24/23

.

28

28

991320410.UG.FTS.B,

20.96%,

11/24/23

.

34

34

991143058.UG.FTS.B,

22.47%,

11/24/23

.

581

575

991158541.UG.FTS.B,

22.47%,

11/24/23

.

162

161

991180826.UG.FTS.B,

22.47%,

11/24/23

.

340

337

991232470.UG.FTS.B,

22.47%,

11/24/23

.

55

55

991127919.UG.FTS.B,

23.45%,

11/24/23

.

78

(1)

991198878.UG.FTS.B,

23.45%,

11/24/23

.

190

188

991145975.UG.FTS.B,

25.45%,

11/24/23

.

27

27

991191793.UG.FTS.B,

25.45%,

11/24/23

.

120

119

991213937.UG.FTS.B,

25.45%,

11/24/23

.

6

5

991320036.UG.FTS.B,

26.44%,

11/24/23

.

512

512

991111700.UG.FTS.B,

28.48%,

11/24/23

..

222

17

991113363.UG.FTS.B,

28.48%,

11/24/23

..

–

–

991116569.UG.FTS.B,

28.48%,

11/24/23

..

135

(7)

991133676.UG.FTS.B,

28.48%,

11/24/23

.

55

55

991144251.UG.FTS.B,

28.48%,

11/24/23

.

25

25

991164223.UG.FTS.B,

28.48%,

11/24/23

.

322

241

991186384.UG.FTS.B,

28.48%,

11/24/23

.

267

20

991195835.UG.FTS.B,

28.48%,

11/24/23

.

21

21

991200674.UG.FTS.B,

28.48%,

11/24/23

.

110

(4)

991202260.UG.FTS.B,

28.48%,

11/24/23

.

44

44

991249491.UG.FTS.B,

28.48%,

11/24/23

.

75

75

991264497.UG.FTS.B,

28.48%,

11/24/23

.

22

22

991277786.UG.FTS.B,

28.48%,

11/24/23

.

12

12

991287114.UG.FTS.B,

28.48%,

11/24/23

.

39

39

991293396.UG.FTS.B,

28.48%,

11/24/23

.

40

40

991296637.UG.FTS.B,

28.48%,

11/24/23

.

93

93

991311973.UG.FTS.B,

28.48%,

11/24/23

.

7

7

991116274.UG.FTS.B,

29.48%,

11/24/23

..

14

14

991138467.UG.FTS.B,

29.48%,

11/24/23

.

86

88

991172445.UG.FTS.B,

29.48%,

11/24/23

.

63

63

991177274.UG.FTS.B,

29.48%,

11/24/23

.

255

256

991186088.UG.FTS.B,

29.48%,

11/24/23

.

48

49

991194464.UG.FTS.B,

29.48%,

11/24/23

.

31

31

991195206.UG.FTS.B,

29.48%,

11/24/23

.

488

492

991196155.UG.FTS.B,

29.48%,

11/24/23

.

120

122

991204785.UG.FTS.B,

29.48%,

11/24/23

.

40

40

991266181.UG.FTS.B,

29.48%,

11/24/23

.

148

150

991111006.UG.FTS.B,

29.49%,

11/24/23

..

977

51

991111038.UG.FTS.B,

29.49%,

11/24/23

..

192

30

991113444.UG.FTS.B,

29.49%,

11/24/23

..

15

3

991113880.UG.FTS.B,

29.49%,

11/24/23

..

372

(13)

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991113956.UG.FTS.B,

29.49%,

11/24/23

..

$

206

$

(7)

991115610.UG.FTS.B,

29.49%,

11/24/23

..

59

59

991116051.UG.FTS.B,

29.49%,

11/24/23

..

147

147

991116379.UG.FTS.B,

29.49%,

11/24/23

..

22

22

991116817.UG.FTS.B,

29.49%,

11/24/23

..

263

264

991117468.UG.FTS.B,

29.49%,

11/24/23

..

54

55

991117471.UG.FTS.B,

29.49%,

11/24/23

..

72

72

991119315.UG.FTS.B,

29.49%,

11/24/23

..

156

(5)

991124071.UG.FTS.B,

29.49%,

11/24/23

.

7

7

991126125.UG.FTS.B,

29.49%,

11/24/23

.

16

16

991126374.UG.FTS.B,

29.49%,

11/24/23

.

73

(3)

991127999.UG.FTS.B,

29.49%,

11/24/23

.

92

14

991133413.UG.FTS.B,

29.49%,

11/24/23

.

124

126

991133732.UG.FTS.B,

29.49%,

11/24/23

.

408

411

991135114.UG.FTS.B,

29.49%,

11/24/23

..

49

50

991136503.UG.FTS.B,

29.49%,

11/24/23

.

33

34

991137389.UG.FTS.B,

29.49%,

11/24/23

.

64

65

991138116.UG.FTS.B,

29.49%,

11/24/23

..

236

236

991141579.UG.FTS.B,

29.49%,

11/24/23

.

644

649

991142934.UG.FTS.B,

29.49%,

11/24/23

.

72

10

991143420.UG.FTS.B,

29.49%,

11/24/23

.

76

76

991143856.UG.FTS.B,

29.49%,

11/24/23

.

54

54

991146714.UG.FTS.B,

29.49%,

11/24/23

.

85

85

991148469.UG.FTS.B,

29.49%,

11/24/23

.

530

537

991153130.UG.FTS.B,

29.49%,

11/24/23

.

15

15

991169281.UG.FTS.B,

29.49%,

11/24/23

.

187

188

991170288.UG.FTS.B,

29.49%,

11/24/23

.

22

22

991172974.UG.FTS.B,

29.49%,

11/24/23

.

18

18

991177125.UG.FTS.B,

29.49%,

11/24/23

.

247

249

991177757.UG.FTS.B,

29.49%,

11/24/23

.

303

231

991180124.UG.FTS.B,

29.49%,

11/24/23

.

100

100

991183431.UG.FTS.B,

29.49%,

11/24/23

.

246

248

991183872.UG.FTS.B,

29.49%,

11/24/23

.

16

16

991184949.UG.FTS.B,

29.49%,

11/24/23

.

49

50

991188756.UG.FTS.B,

29.49%,

11/24/23

.

73

74

991195763.UG.FTS.B,

29.49%,

11/24/23

.

–

–

991201528.UG.FTS.B,

29.49%,

11/24/23

.

227

228

991203115.UG.FTS.B,

29.49%,

11/24/23

.

64

65

991218882.UG.FTS.B,

29.49%,

11/24/23

.

49

49

991232951.UG.FTS.B,

29.49%,

11/24/23

.

287

234

991235150.UG.FTS.B,

29.49%,

11/24/23

.

125

126

991238458.UG.FTS.B,

29.49%,

11/24/23

.

79

6

991254158.UG.FTS.B,

29.49%,

11/24/23

.

89

89

991267673.UG.FTS.B,

29.49%,

11/24/23

.

122

122

991268324.UG.FTS.B,

29.49%,

11/24/23

.

212

33

991273517.UG.FTS.B,

29.49%,

11/24/23

.

14

–

991286399.UG.FTS.B,

29.49%,

11/24/23

.

132

133

991291764.UG.FTS.B,

29.49%,

11/24/23

.

18

18

991295722.UG.FTS.B,

29.49%,

11/24/23

.

68

68

991301090.UG.FTS.B,

29.49%,

11/24/23

.

46

46

991304636.UG.FTS.B,

29.49%,

11/24/23

.

148

148

991313269.UG.FTS.B,

29.49%,

11/24/23

.

31

32

991320273.UG.FTS.B,

29.49%,

11/24/23

.

772

784

991117344.UG.FTS.B,

Zero

Cpn,

11/25/23

110

–

991154995.UG.FTS.B,

Zero

Cpn,

11/25/23

125

9

991175059.UG.FTS.B,

Zero

Cpn,

11/25/23

130

–

991209221.UG.FTS.B,

Zero

Cpn,

11/25/23

27

–

991122562.UG.FTS.B,

18.71%,

11/25/23

.

168

169

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

242

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991299945.UG.FTS.B,

18.71%,

11/25/23

.

$

46

$

46

991236365.UG.FTS.B,

19.3%,

11/25/23

..

86

85

991155431.UG.FTS.B,

19.99%,

11/25/23

.

165

168

991117766.UG.FTS.B,

20.47%,

11/25/23

..

82

83

991124023.UG.FTS.B,

20.96%,

11/25/23

.

109

110

991136422.UG.FTS.B,

20.96%,

11/25/23

.

58

58

991143031.UG.FTS.B,

21.48%,

11/25/23

.

141

140

991162068.UG.FTS.B,

21.48%,

11/25/23

.

122

124

991167293.UG.FTS.B,

21.48%,

11/25/23

.

279

40

991215225.UG.FTS.B,

21.48%,

11/25/23

.

93

94

991307000.UG.FTS.B,

21.48%,

11/25/23

.

40

41

991136740.UG.FTS.B,

22.47%,

11/25/23

.

177

175

991254102.UG.FTS.B,

25.44%,

11/25/23

.

82

82

991123374.UG.FTS.B,

25.45%,

11/25/23

.

462

466

991132881.UG.FTS.B,

28.48%,

11/25/23

.

53

54

991153329.UG.FTS.B,

28.48%,

11/25/23

.

673

509

991162513.UG.FTS.B,

28.48%,

11/25/23

.

108

111

991302098.UG.FTS.B,

28.48%,

11/25/23

.

43

44

991320459.UG.FTS.B,

28.48%,

11/25/23

.

64

66

991117520.UG.FTS.B,

29.48%,

11/25/23

..

142

145

991127249.UG.FTS.B,

29.48%,

11/25/23

.

496

510

991170564.UG.FTS.B,

29.48%,

11/25/23

.

56

57

991263261.UG.FTS.B,

29.48%,

11/25/23

.

–

–

991116277.UG.FTS.B,

29.49%,

11/25/23

..

–

–

991117185.UG.FTS.B,

29.49%,

11/25/23

..

358

368

991117874.UG.FTS.B,

29.49%,

11/25/23

..

58

59

991119954.UG.FTS.B,

29.49%,

11/25/23

..

385

396

991125732.UG.FTS.B,

29.49%,

11/25/23

.

90

93

991126529.UG.FTS.B,

29.49%,

11/25/23

.

45

4

991126560.UG.FTS.B,

29.49%,

11/25/23

.

397

409

991138091.UG.FTS.B,

29.49%,

11/25/23

.

70

72

991138524.UG.FTS.B,

29.49%,

11/25/23

.

20

20

991139918.UG.FTS.B,

29.49%,

11/25/23

.

190

29

991149857.UG.FTS.B,

29.49%,

11/25/23

.

201

206

991180408.UG.FTS.B,

29.49%,

11/25/23

.

27

24

991181990.UG.FTS.B,

29.49%,

11/25/23

.

112

112

991182336.UG.FTS.B,

29.49%,

11/25/23

.

25

25

991182403.UG.FTS.B,

29.49%,

11/25/23

.

31

31

991200425.UG.FTS.B,

29.49%,

11/25/23

.

–

–

991203943.UG.FTS.B,

29.49%,

11/25/23

.

112

116

991206045.UG.FTS.B,

29.49%,

11/25/23

.

187

153

991214609.UG.FTS.B,

29.49%,

11/25/23

.

146

150

991215471.UG.FTS.B,

29.49%,

11/25/23

.

40

40

991241831.UG.FTS.B,

29.49%,

11/25/23

.

73

74

991244834.UG.FTS.B,

29.49%,

11/25/23

.

1,404

1,146

991259619.UG.FTS.B,

29.49%,

11/25/23

.

95

98

991266282.UG.FTS.B,

29.49%,

11/25/23

.

59

60

991266883.UG.FTS.B,

29.49%,

11/25/23

.

88

90

991273336.UG.FTS.B,

29.49%,

11/25/23

.

52

53

991284531.UG.FTS.B,

29.49%,

11/25/23

.

20

20

991285882.UG.FTS.B,

29.49%,

11/25/23

.

33

33

991291409.UG.FTS.B,

29.49%,

11/25/23

.

26

26

991297846.UG.FTS.B,

29.49%,

11/25/23

.

179

183

991307842.UG.FTS.B,

29.49%,

11/25/23

.

8

8

991309325.UG.FTS.B,

29.49%,

11/25/23

.

95

97

991321006.UG.FTS.B,

29.49%,

11/25/23

.

29

30

991322618.UG.FTS.B,

29.49%,

11/25/23

.

49

50

991125699.UG.FTS.B,

Zero

Cpn,

11/26/23

98

7

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991309602.UG.FTS.B,

17.49%,

11/26/23

.

$

77

$

77

991221375.UG.FTS.B,

18.47%,

11/26/23

.

67

67

991137070.UG.FTS.B,

18.71%,

11/26/23

.

302

300

991164225.UG.FTS.B,

18.71%,

11/26/23

.

86

85

991173523.UG.FTS.B,

18.71%,

11/26/23

.

44

44

991178470.UG.FTS.B,

18.71%,

11/26/23

.

66

66

991265843.UG.FTS.B,

18.71%,

11/26/23

.

164

162

991151957.UG.FTS.B,

19.3%,

11/26/23

..

30

30

991142654.UG.FTS.B,

19.96%,

11/26/23

.

229

227

991171881.UG.FTS.B,

20.47%,

11/26/23

.

27

27

991215843.UG.FTS.B,

20.47%,

11/26/23

.

233

232

991240446.UG.FTS.B,

20.47%,

11/26/23

.

467

464

991138527.UG.FTS.B,

20.96%,

11/26/23

.

73

73

991214906.UG.FTS.B,

20.96%,

11/26/23

.

188

187

991199452.UG.FTS.B,

21.48%,

11/26/23

.

136

135

991185688.UG.FTS.B,

22.47%,

11/26/23

.

144

143

991304818.UG.FTS.B,

22.47%,

11/26/23

.

230

227

991166149.UG.FTS.B,

23.45%,

11/26/23

.

132

131

991142815.UG.FTS.B,

25.44%,

11/26/23

.

84

83

991323681.UG.FTS.B,

25.44%,

11/26/23

.

48

47

991129050.UG.FTS.B,

29.48%,

11/26/23

.

997

830

991142726.UG.FTS.B,

29.48%,

11/26/23

.

122

122

991130256.UG.FTS.B,

29.49%,

11/26/23

.

76

77

991133319.UG.FTS.B,

Zero

Cpn,

11/27/23

99

–

991142813.UG.FTS.B,

Zero

Cpn,

11/27/23

222

15

991146368.UG.FTS.B,

Zero

Cpn,

11/27/23

395

–

991136553.UG.FTS.B,

16.49%,

11/27/23

.

343

341

991253352.UG.FTS.B,

18.71%,

11/27/23

.

114

113

991265318.UG.FTS.B,

18.71%,

11/27/23

.

98

97

991135954.UG.FTS.B,

19.3%,

11/27/23

..

125

124

991138758.UG.FTS.B,

19.3%,

11/27/23

..

337

335

991145476.UG.FTS.B,

19.3%,

11/27/23

..

244

242

991321995.UG.FTS.B,

19.3%,

11/27/23

..

111

110

991215161.UG.FTS.B,

19.96%,

11/27/23

.

1,027

1,021

991217859.UG.FTS.B,

19.96%,

11/27/23

.

71

71

991132191.UG.FTS.B,

20.47%,

11/27/23

.

54

54

991331220.UG.FTS.B,

20.47%,

11/27/23

.

170

169

991133609.UG.FTS.B,

20.96%,

11/27/23

.

250

247

991189297.UG.FTS.B,

20.96%,

11/27/23

.

188

187

991238556.UG.FTS.B,

20.96%,

11/27/23

.

56

55

991268297.UG.FTS.B,

20.96%,

11/27/23

.

58

57

991131638.UG.FTS.B,

21.48%,

11/27/23

.

155

153

991132245.UG.FTS.B,

21.48%,

11/27/23

.

134

134

991132595.UG.FTS.B,

21.48%,

11/27/23

.

99

75

991242233.UG.FTS.B,

21.48%,

11/27/23

.

49

49

991136945.UG.FTS.B,

22.45%,

11/27/23

.

202

1

991139013.UG.FTS.B,

22.47%,

11/27/23

.

1,470

208

991140714.UG.FTS.B,

22.47%,

11/27/23

.

418

415

991140943.UG.FTS.B,

22.47%,

11/27/23

.

372

58

991140958.UG.FTS.B,

22.47%,

11/27/23

.

187

186

991141640.UG.FTS.B,

23.45%,

11/27/23

.

689

682

991144384.UG.FTS.B,

28.48%,

11/27/23

.

50

43

991144463.UG.FTS.B,

28.48%,

11/27/23

.

80

81

991145357.UG.FTS.B,

28.48%,

11/27/23

.

118

118

991147020.UG.FTS.B,

28.48%,

11/27/23

.

616

618

991150233.UG.FTS.B,

28.48%,

11/27/23

.

48

48

991152423.UG.FTS.B,

28.48%,

11/27/23

.

197

199

991153658.UG.FTS.B,

28.48%,

11/27/23

.

69

(2)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

243

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991156326.UG.FTS.B,

28.48%,

11/27/23

.

$

136

$

137

991157290.UG.FTS.B,

28.48%,

11/27/23

.

65

65

991136726.UG.FTS.B,

29.48%,

11/27/23

.

192

194

991139326.UG.FTS.B,

29.49%,

11/27/23

.

54

55

991139435.UG.FTS.B,

29.49%,

11/27/23

.

428

430

991140337.UG.FTS.B,

29.49%,

11/27/23

.

83

85

991142786.UG.FTS.B,

29.49%,

11/27/23

.

662

671

991144902.UG.FTS.B,

29.49%,

11/27/23

.

145

145

991145131.UG.FTS.B,

29.49%,

11/27/23

.

55

55

991146276.UG.FTS.B,

29.49%,

11/27/23

.

66

66

991146845.UG.FTS.B,

29.49%,

11/27/23

.

9

9

991147400.UG.FTS.B,

29.49%,

11/27/23

.

21

22

991150932.UG.FTS.B,

29.49%,

11/27/23

.

267

271

991151871.UG.FTS.B,

29.49%,

11/27/23

.

126

128

991155637.UG.FTS.B,

29.49%,

11/27/23

.

360

364

991157114.UG.FTS.B,

29.49%,

11/27/23

..

86

68

991145456.UG.FTS.B,

Zero

Cpn,

11/28/23

130

9

991156110.UG.FTS.B,

Zero

Cpn,

11/28/23

125

9

991156394.UG.FTS.B,

Zero

Cpn,

11/28/23

137

9

991163948.UG.FTS.B,

Zero

Cpn,

11/28/23

58

4

991170826.UG.FTS.B,

15.47%,

11/28/23

.

145

144

991165100.UG.FTS.B,

16.49%,

11/28/23

.

232

231

991197118.UG.FTS.B,

16.49%,

11/28/23

..

322

320

991246436.UG.FTS.B,

16.49%,

11/28/23

.

112

111

991145279.UG.FTS.B,

17.49%,

11/28/23

.

75

75

991313187.UG.FTS.B,

17.49%,

11/28/23

.

9

9

991251734.UG.FTS.B,

17.71%,

11/28/23

.

52

52

991143133.UG.FTS.B,

18.47%,

11/28/23

.

161

160

991143087.UG.FTS.B,

19.3%,

11/28/23

..

180

179

991216248.UG.FTS.B,

19.3%,

11/28/23

..

128

126

991149691.UG.FTS.B,

20.47%,

11/28/23

.

4

–

991247852.UG.FTS.B,

20.96%,

11/28/23

.

163

162

991267255.UG.FTS.B,

20.96%,

11/28/23

.

591

587

991154983.UG.FTS.B,

21.48%,

11/28/23

.

93

70

991253242.UG.FTS.B,

21.48%,

11/28/23

.

23

4

991353299.UG.FTS.B,

21.48%,

11/28/23

.

53

10

991234089.UG.FTS.B,

26.44%,

11/28/23

.

66

66

991150733.UG.FTS.B,

28.48%,

11/28/23

.

72

73

991180513.UG.FTS.B,

28.48%,

11/28/23

.

147

148

991150987.UG.FTS.B,

29.48%,

11/28/23

.

27

27

991152486.UG.FTS.B,

29.48%,

11/28/23

.

24

24

991159918.UG.FTS.B,

29.48%,

11/28/23

.

11

11

991142853.UG.FTS.B,

29.49%,

11/28/23

.

47

48

991143405.UG.FTS.B,

29.49%,

11/28/23

.

177

178

991143564.UG.FTS.B,

29.49%,

11/28/23

.

178

178

991146647.UG.FTS.B,

29.49%,

11/28/23

.

8

8

991148356.UG.FTS.B,

29.49%,

11/28/23

.

28

5

991151596.UG.FTS.B,

29.49%,

11/28/23

.

77

78

991155818.UG.FTS.B,

29.49%,

11/28/23

.

74

75

991156943.UG.FTS.B,

29.49%,

11/28/23

.

91

92

991162373.UG.FTS.B,

29.49%,

11/28/23

.

209

208

991150263.UG.FTS.B,

Zero

Cpn,

11/29/23

166

11

991152253.UG.FTS.B,

Zero

Cpn,

11/29/23

44

3

991156356.UG.FTS.B,

Zero

Cpn,

11/29/23

254

18

991156374.UG.FTS.B,

Zero

Cpn,

11/29/23

195

13

991156866.UG.FTS.B,

Zero

Cpn,

11/29/23

1,133

–

991222676.UG.FTS.B,

Zero

Cpn,

11/29/23

117

8

991341179.UG.FTS.B,

Zero

Cpn,

11/29/23

47

3

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991189469.UG.FTS.B,

18.47%,

11/29/23

.

$

57

$

57

991154443.UG.FTS.B,

19.3%,

11/29/23

..

131

130

991225584.UG.FTS.B,

19.3%,

11/29/23

..

85

85

991166587.UG.FTS.B,

19.96%,

11/29/23

.

131

131

991181147.UG.FTS.B,

19.96%,

11/29/23

..

192

191

991150475.UG.FTS.B,

20.96%,

11/29/23

.

215

164

991203879.UG.FTS.B,

20.96%,

11/29/23

.

23

23

991241752.UG.FTS.B,

20.96%,

11/29/23

.

54

54

991270604.UG.FTS.B,

21.47%,

11/29/23

.

169

168

991155085.UG.FTS.B,

21.48%,

11/29/23

.

49

48

991164880.UG.FTS.B,

21.48%,

11/29/23

.

174

173

991221998.UG.FTS.B,

21.48%,

11/29/23

.

18

18

991175889.UG.FTS.B,

22.47%,

11/29/23

.

32

32

991178891.UG.FTS.B,

22.47%,

11/29/23

.

170

169

991180996.UG.FTS.B,

22.47%,

11/29/23

.

83

82

991182787.UG.FTS.B,

22.47%,

11/29/23

.

45

45

991217581.UG.FTS.B,

22.47%,

11/29/23

.

218

216

991264092.UG.FTS.B,

22.47%,

11/29/23

.

122

121

991187974.UG.FTS.B,

24.45%,

11/29/23

.

31

30

991150805.UG.FTS.B,

28.48%,

11/29/23

.

31

5

991151398.UG.FTS.B,

28.48%,

11/29/23

.

91

92

991152275.UG.FTS.B,

28.48%,

11/29/23

.

9

9

991152875.UG.FTS.B,

28.48%,

11/29/23

.

564

568

991159363.UG.FTS.B,

28.48%,

11/29/23

.

25

25

991163765.UG.FTS.B,

28.48%,

11/29/23

.

28

24

991172683.UG.FTS.B,

28.48%,

11/29/23

.

78

79

991149901.UG.FTS.B,

29.48%,

11/29/23

.

44

36

991166383.UG.FTS.B,

29.48%,

11/29/23

.

37

37

991198051.UG.FTS.B,

29.48%,

11/29/23

.

43

43

991149959.UG.FTS.B,

29.49%,

11/29/23

.

429

323

991150593.UG.FTS.B,

29.49%,

11/29/23

.

269

272

991150632.UG.FTS.B,

29.49%,

11/29/23

.

99

99

991152047.UG.FTS.B,

29.49%,

11/29/23

.

391

(13)

991152608.UG.FTS.B,

29.49%,

11/29/23

.

25

25

991152994.UG.FTS.B,

29.49%,

11/29/23

.

99

100

991153221.UG.FTS.B,

29.49%,

11/29/23

.

366

371

991153761.UG.FTS.B,

29.49%,

11/29/23

.

65

66

991154241.UG.FTS.B,

29.49%,

11/29/23

.

402

62

991154304.UG.FTS.B,

29.49%,

11/29/23

.

116

118

991154754.UG.FTS.B,

29.49%,

11/29/23

.

811

822

991154981.UG.FTS.B,

29.49%,

11/29/23

.

734

741

991155098.UG.FTS.B,

29.49%,

11/29/23

.

48

(1)

991155239.UG.FTS.B,

29.49%,

11/29/23

.

92

93

991155379.UG.FTS.B,

29.49%,

11/29/23

.

21

22

991157467.UG.FTS.B,

29.49%,

11/29/23

.

113

112

991158478.UG.FTS.B,

29.49%,

11/29/23

.

249

218

991164288.UG.FTS.B,

29.49%,

11/29/23

.

227

179

991199483.UG.FTS.B,

29.49%,

11/29/23

.

110

111

991219555.UG.FTS.B,

29.49%,

11/29/23

.

471

476

991222123.UG.FTS.B,

29.49%,

11/29/23

.

70

70

991242992.UG.FTS.B,

29.49%,

11/29/23

.

403

405

991279680.UG.FTS.B,

29.49%,

11/29/23

.

73

73

991361899.UG.FTS.B,

29.49%,

11/29/23

.

28

28

991368726.UG.FTS.B,

29.49%,

11/29/23

.

4

4

991160267.UG.FTS.B,

Zero

Cpn,

11/30/23

567

39

991171212.UG.FTS.B,

Zero

Cpn,

11/30/23

86

6

991189905.UG.FTS.B,

Zero

Cpn,

11/30/23

71

5

991233786.UG.FTS.B,

Zero

Cpn,

11/30/23

161

11

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

244

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991292171.UG.FTS.B,

Zero

Cpn,

11/30/23

$

67

$

5

991323557.UG.FTS.B,

Zero

Cpn,

11/30/23

275

19

991366927.UG.FTS.B,

18.71%,

11/30/23

.

73

73

991227513.UG.FTS.B,

19.96%,

11/30/23

.

46

46

991291362.UG.FTS.B,

19.99%,

11/30/23

.

149

22

991173726.UG.FTS.B,

21.48%,

11/30/23

.

183

182

991271179.UG.FTS.B,

21.48%,

11/30/23

.

21

21

991242328.UG.FTS.B,

22.47%,

11/30/23

.

54

53

991251644.UG.FTS.B,

22.47%,

11/30/23

.

34

5

991261672.UG.FTS.B,

22.47%,

11/30/23

.

268

42

991245804.UG.FTS.B,

25.45%,

11/30/23

.

58

58

991160092.UG.FTS.B,

27.99%,

11/30/23

.

135

137

991233145.UG.FTS.B,

28.48%,

11/30/23

.

46

46

991241624.UG.FTS.B,

28.48%,

11/30/23

.

74

74

991363577.UG.FTS.B,

28.48%,

11/30/23

.

55

56

991160322.UG.FTS.B,

29.48%,

11/30/23

.

230

234

991165420.UG.FTS.B,

29.48%,

11/30/23

.

54

54

991184682.UG.FTS.B,

29.48%,

11/30/23

.

1

1

991218132.UG.FTS.B,

29.48%,

11/30/23

.

222

225

991232811.UG.FTS.B,

29.48%,

11/30/23

.

34

34

991240768.UG.FTS.B,

29.48%,

11/30/23

.

156

158

991248660.UG.FTS.B,

29.48%,

11/30/23

.

111

112

991260167.UG.FTS.B,

29.48%,

11/30/23

.

31

32

991290564.UG.FTS.B,

29.48%,

11/30/23

.

26

26

991156903.UG.FTS.B,

29.49%,

11/30/23

.

117

116

991161705.UG.FTS.B,

29.49%,

11/30/23

.

47

48

991161838.UG.FTS.B,

29.49%,

11/30/23

.

203

205

991163851.UG.FTS.B,

29.49%,

11/30/23

.

87

(3)

991164648.UG.FTS.B,

29.49%,

11/30/23

.

181

182

991165430.UG.FTS.B,

29.49%,

11/30/23

.

66

66

991172679.UG.FTS.B,

29.49%,

11/30/23

.

43

44

991172716.UG.FTS.B,

29.49%,

11/30/23

.

477

390

991204123.UG.FTS.B,

29.49%,

11/30/23

.

171

173

991205139.UG.FTS.B,

29.49%,

11/30/23

.

102

103

991210246.UG.FTS.B,

29.49%,

11/30/23

.

306

310

991211212.UG.FTS.B,

29.49%,

11/30/23

.

231

227

991215551.UG.FTS.B,

29.49%,

11/30/23

.

4

4

991215594.UG.FTS.B,

29.49%,

11/30/23

.

127

129

991216483.UG.FTS.B,

29.49%,

11/30/23

.

226

172

991223241.UG.FTS.B,

29.49%,

11/30/23

.

56

56

991229976.UG.FTS.B,

29.49%,

11/30/23

.

119

121

991234914.UG.FTS.B,

29.49%,

11/30/23

.

116

117

991249622.UG.FTS.B,

29.49%,

11/30/23

.

223

222

991267430.UG.FTS.B,

29.49%,

11/30/23

.

245

248

991276197.UG.FTS.B,

29.49%,

11/30/23

.

490

495

991276598.UG.FTS.B,

29.49%,

11/30/23

.

181

183

991289027.UG.FTS.B,

29.49%,

11/30/23

.

14

14

991307755.UG.FTS.B,

29.49%,

11/30/23

.

28

5

991326713.UG.FTS.B,

29.49%,

11/30/23

.

25

23

991368165.UG.FTS.B,

29.49%,

11/30/23

.

97

99

991372826.UG.FTS.B,

29.49%,

11/30/23

.

8

8

991166037.UG.FTS.B,

Zero

Cpn,

12/01/23

83

–

991186245.UG.FTS.B,

Zero

Cpn,

12/01/23

224

16

991240894.UG.FTS.B,

Zero

Cpn,

12/01/23

55

4

991245848.UG.FTS.B,

Zero

Cpn,

12/01/23

113

8

991220808.UG.FTS.B,

18.71%,

12/01/23

.

29

28

991160707.UG.FTS.B,

19.96%,

12/01/23

.

78

77

991178587.UG.FTS.B,

19.96%,

12/01/23

.

465

463

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991195476.UG.FTS.B,

19.96%,

12/01/23

.

$

27

$

26

991345452.UG.FTS.B,

20.96%,

12/01/23

.

513

516

991167629.UG.FTS.B,

21.47%,

12/01/23

.

568

565

991245272.UG.FTS.B,

21.48%,

12/01/23

.

5

4

991374505.UG.FTS.B,

21.48%,

12/01/23

.

226

33

991161574.UG.FTS.B,

26.44%,

12/01/23

.

140

139

991172270.UG.FTS.B,

26.44%,

12/01/23

.

56

(1)

991163198.UG.FTS.B,

27.99%,

12/01/23

.

56

56

991172939.UG.FTS.B,

27.99%,

12/01/23

.

24

24

991162093.UG.FTS.B,

28.48%,

12/01/23

.

38

3

991166334.UG.FTS.B,

28.48%,

12/01/23

.

918

62

991170121.UG.FTS.B,

28.48%,

12/01/23

.

510

516

991179176.UG.FTS.B,

28.48%,

12/01/23

.

–

–

991202657.UG.FTS.B,

28.48%,

12/01/23

.

4

4

991204954.UG.FTS.B,

28.48%,

12/01/23

.

117

118

991213506.UG.FTS.B,

28.48%,

12/01/23

.

86

86

991221034.UG.FTS.B,

28.48%,

12/01/23

.

19

19

991250166.UG.FTS.B,

28.48%,

12/01/23

.

49

49

991255142.UG.FTS.B,

28.48%,

12/01/23

.

208

210

991265844.UG.FTS.B,

28.48%,

12/01/23

.

278

278

991286291.UG.FTS.B,

28.48%,

12/01/23

.

487

386

991309526.UG.FTS.B,

28.48%,

12/01/23

.

12

12

991341146.UG.FTS.B,

28.48%,

12/01/23

.

149

149

991357833.UG.FTS.B,

28.48%,

12/01/23

.

94

94

991362835.UG.FTS.B,

28.48%,

12/01/23

.

38

38

991162109.UG.FTS.B,

29.48%,

12/01/23

.

21

21

991165433.UG.FTS.B,

29.48%,

12/01/23

.

104

105

991167434.UG.FTS.B,

29.48%,

12/01/23

.

224

181

991182975.UG.FTS.B,

29.48%,

12/01/23

.

60

61

991199545.UG.FTS.B,

29.48%,

12/01/23

.

153

153

991229267.UG.FTS.B,

29.48%,

12/01/23

.

52

53

991307878.UG.FTS.B,

29.48%,

12/01/23

.

685

689

991381282.UG.FTS.B,

29.48%,

12/01/23

.

84

86

991162110.UG.FTS.B,

29.49%,

12/01/23

.

34

2

991162427.UG.FTS.B,

29.49%,

12/01/23

.

36

36

991163277.UG.FTS.B,

29.49%,

12/01/23

.

206

205

991163635.UG.FTS.B,

29.49%,

12/01/23

.

139

10

991163643.UG.FTS.B,

29.49%,

12/01/23

.

78

5

991164171.UG.FTS.B,

29.49%,

12/01/23

.

11

11

991164195.UG.FTS.B,

29.49%,

12/01/23

.

236

240

991165167.UG.FTS.B,

29.49%,

12/01/23

.

221

224

991165739.UG.FTS.B,

29.49%,

12/01/23

.

339

343

991166368.UG.FTS.B,

29.49%,

12/01/23

.

27

26

991168018.UG.FTS.B,

29.49%,

12/01/23

.

741

751

991169496.UG.FTS.B,

29.49%,

12/01/23

.

496

503

991170389.UG.FTS.B,

29.49%,

12/01/23

.

29

29

991170505.UG.FTS.B,

29.49%,

12/01/23

.

25

25

991173753.UG.FTS.B,

29.49%,

12/01/23

.

837

849

991180464.UG.FTS.B,

29.49%,

12/01/23

.

53

53

991182679.UG.FTS.B,

29.49%,

12/01/23

.

388

390

991182685.UG.FTS.B,

29.49%,

12/01/23

.

71

71

991185131.UG.FTS.B,

29.49%,

12/01/23

.

12

12

991187841.UG.FTS.B,

29.49%,

12/01/23

.

90

68

991188542.UG.FTS.B,

29.49%,

12/01/23

.

160

162

991191694.UG.FTS.B,

29.49%,

12/01/23

.

21

21

991193084.UG.FTS.B,

29.49%,

12/01/23

.

–

–

991195579.UG.FTS.B,

29.49%,

12/01/23

.

35

35

991195637.UG.FTS.B,

29.49%,

12/01/23

.

352

355

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

245

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991202580.UG.FTS.B,

29.49%,

12/01/23

.

$

50

$

–

991204590.UG.FTS.B,

29.49%,

12/01/23

.

194

193

991206480.UG.FTS.B,

29.49%,

12/01/23

.

27

27

991208387.UG.FTS.B,

29.49%,

12/01/23

.

49

49

991208461.UG.FTS.B,

29.49%,

12/01/23

.

57

58

991208712.UG.FTS.B,

29.49%,

12/01/23

.

77

78

991209332.UG.FTS.B,

29.49%,

12/01/23

.

295

294

991210674.UG.FTS.B,

29.49%,

12/01/23

.

46

47

991211762.UG.FTS.B,

29.49%,

12/01/23

.

33

33

991215284.UG.FTS.B,

29.49%,

12/01/23

.

14

14

991215380.UG.FTS.B,

29.49%,

12/01/23

.

89

90

991228271.UG.FTS.B,

29.49%,

12/01/23

.

96

97

991229003.UG.FTS.B,

29.49%,

12/01/23

.

237

237

991230761.UG.FTS.B,

29.49%,

12/01/23

.

311

316

991231997.UG.FTS.B,

29.49%,

12/01/23

.

134

136

991243647.UG.FTS.B,

29.49%,

12/01/23

.

84

86

991261197.UG.FTS.B,

29.49%,

12/01/23

.

177

12

991262385.UG.FTS.B,

29.49%,

12/01/23

.

63

62

991278388.UG.FTS.B,

29.49%,

12/01/23

.

63

64

991286912.UG.FTS.B,

29.49%,

12/01/23

.

–

–

991289981.UG.FTS.B,

29.49%,

12/01/23

.

35

35

991306329.UG.FTS.B,

29.49%,

12/01/23

.

36

36

991316071.UG.FTS.B,

29.49%,

12/01/23

.

29

30

991321382.UG.FTS.B,

29.49%,

12/01/23

.

146

147

991338569.UG.FTS.B,

29.49%,

12/01/23

.

45

46

991338831.UG.FTS.B,

29.49%,

12/01/23

.

247

(8)

991339375.UG.FTS.B,

29.49%,

12/01/23

.

61

61

991354601.UG.FTS.B,

29.49%,

12/01/23

.

28

28

991362043.UG.FTS.B,

29.49%,

12/01/23

.

155

157

991378439.UG.FTS.B,

29.49%,

12/01/23

.

163

167

991379124.UG.FTS.B,

29.49%,

12/01/23

.

–

–

991349149.UG.FTS.B,

19.96%,

12/02/23

.

184

183

991345661.UG.FTS.B,

28.48%,

12/02/23

.

194

198

991331755.UG.FTS.B,

29.48%,

12/02/23

.

122

126

991332114.UG.FTS.B,

29.48%,

12/02/23

.

199

203

991346704.UG.FTS.B,

29.48%,

12/02/23

.

132

135

991382180.UG.FTS.B,

29.48%,

12/02/23

.

660

666

991332908.UG.FTS.B,

29.49%,

12/02/23

.

55

56

991340317.UG.FTS.B,

29.49%,

12/02/23

.

54

54

991346464.UG.FTS.B,

29.49%,

12/02/23

.

1,329

1,333

991346992.UG.FTS.B,

29.49%,

12/02/23

.

35

35

991354806.UG.FTS.B,

29.49%,

12/02/23

.

39

40

991355498.UG.FTS.B,

29.49%,

12/02/23

.

41

42

991361331.UG.FTS.B,

29.49%,

12/02/23

.

716

729

991365395.UG.FTS.B,

29.49%,

12/02/23

.

118

118

991382424.UG.FTS.B,

29.49%,

12/02/23

.

88

87

991187931.UG.FTS.B,

20.47%,

12/05/23

.

38

37

991190340.UG.FTS.B,

28.48%,

12/05/23

.

193

192

991203694.UG.FTS.B,

29.49%,

12/05/23

.

38

38

991203929.UG.FTS.B,

Zero

Cpn,

12/06/23

292

20

991247985.UG.FTS.B,

Zero

Cpn,

12/06/23

639

44

991192015.UG.FTS.B,

16.49%,

12/06/23

.

539

543

991227727.UG.FTS.B,

19.96%,

12/06/23

.

614

616

991213795.UG.FTS.B,

20.47%,

12/06/23

.

710

712

991203822.UG.FTS.B,

21.48%,

12/06/23

.

139

137

991199158.UG.FTS.B,

23.45%,

12/06/23

.

92

73

991223442.UG.FTS.B,

28.48%,

12/06/23

.

147

148

991315535.UG.FTS.B,

28.48%,

12/06/23

.

393

25

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991213155.UG.FTS.B,

29.48%,

12/06/23

.

$

15

$

15

991252347.UG.FTS.B,

29.48%,

12/06/23

.

–

–

991191306.UG.FTS.B,

29.49%,

12/06/23

.

462

461

991202593.UG.FTS.B,

29.49%,

12/06/23

.

105

(5)

991357112.UG.FTS.B,

29.49%,

12/06/23

.

79

80

991221494.UG.FTS.B,

Zero

Cpn,

12/07/23

619

43

991249958.UG.FTS.B,

Zero

Cpn,

12/07/23

367

26

991253694.UG.FTS.B,

Zero

Cpn,

12/07/23

72

5

991422523.UG.FTS.B,

Zero

Cpn,

12/07/23

101

7

991388996.UG.FTS.B,

17.49%,

12/07/23

.

139

139

991198134.UG.FTS.B,

19.96%,

12/07/23

.

209

206

991204447.UG.FTS.B,

20.96%,

12/07/23

.

63

62

991432095.UG.FTS.B,

21.48%,

12/07/23

.

107

105

991203162.UG.FTS.B,

28.48%,

12/07/23

.

88

88

991304075.UG.FTS.B,

28.48%,

12/07/23

.

387

393

991407213.UG.FTS.B,

28.48%,

12/07/23

.

127

126

991197990.UG.FTS.B,

29.49%,

12/07/23

.

258

253

991198002.UG.FTS.B,

29.49%,

12/07/23

.

49

49

991203551.UG.FTS.B,

29.49%,

12/07/23

.

767

769

991203586.UG.FTS.B,

29.49%,

12/07/23

.

108

109

991204768.UG.FTS.B,

29.49%,

12/07/23

.

81

81

991206861.UG.FTS.B,

29.49%,

12/07/23

.

282

276

991226251.UG.FTS.B,

29.49%,

12/07/23

.

418

426

991272095.UG.FTS.B,

29.49%,

12/07/23

.

64

(3)

991404201.UG.FTS.B,

29.49%,

12/07/23

.

–

–

991204909.UG.FTS.B,

Zero

Cpn,

12/08/23

55

4

991213588.UG.FTS.B,

Zero

Cpn,

12/08/23

294

20

991259861.UG.FTS.B,

Zero

Cpn,

12/08/23

132

9

991289336.UG.FTS.B,

Zero

Cpn,

12/08/23

101

7

991313868.UG.FTS.B,

Zero

Cpn,

12/08/23

248

17

991219520.UG.FTS.B,

14.48%,

12/08/23

.

23

23

991251238.UG.FTS.B,

15.47%,

12/08/23

.

220

221

991284235.UG.FTS.B,

15.47%,

12/08/23

.

205

206

991206088.UG.FTS.B,

16.49%,

12/08/23

.

394

396

991250612.UG.FTS.B,

17.49%,

12/08/23

.

124

125

991291945.UG.FTS.B,

17.49%,

12/08/23

.

454

456

991299096.UG.FTS.B,

17.49%,

12/08/23

.

486

489

991207942.UG.FTS.B,

18.47%,

12/08/23

.

274

274

991275637.UG.FTS.B,

18.71%,

12/08/23

.

124

9

991229181.UG.FTS.B,

19.3%,

12/08/23

..

33

33

991337098.UG.FTS.B,

19.3%,

12/08/23

..

324

322

991343356.UG.FTS.B,

19.96%,

12/08/23

.

157

123

991359463.UG.FTS.B,

19.96%,

12/08/23

.

233

234

991362557.UG.FTS.B,

19.99%,

12/08/23

.

9

9

991249740.UG.FTS.B,

20.47%,

12/08/23

.

78

79

991257669.UG.FTS.B,

20.47%,

12/08/23

.

61

61

991259102.UG.FTS.B,

20.96%,

12/08/23

.

69

69

991420233.UG.FTS.B,

22.47%,

12/08/23

.

42

41

991448491.UG.FTS.B,

23.45%,

12/08/23

.

205

201

991218065.UG.FTS.B,

25.45%,

12/08/23

.

1,295

1,293

991214716.UG.FTS.B,

26.44%,

12/08/23

.

231

31

991218571.UG.FTS.B,

27.95%,

12/08/23

.

638

651

991214878.UG.FTS.B,

28.48%,

12/08/23

.

268

274

991255875.UG.FTS.B,

28.48%,

12/08/23

.

94

(6)

991265745.UG.FTS.B,

28.48%,

12/08/23

.

166

132

991276602.UG.FTS.B,

28.48%,

12/08/23

.

408

414

991282274.UG.FTS.B,

28.48%,

12/08/23

.

171

175

991321964.UG.FTS.B,

28.48%,

12/08/23

.

211

215

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

246

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991342766.UG.FTS.B,

28.48%,

12/08/23

.

$

42

$

42

991348273.UG.FTS.B,

28.48%,

12/08/23

.

317

322

991394068.UG.FTS.B,

28.48%,

12/08/23

.

39

39

991211631.UG.FTS.B,

29.46%,

12/08/23

.

153

156

991212750.UG.FTS.B,

29.46%,

12/08/23

.

131

131

991215376.UG.FTS.B,

29.47%,

12/08/23

.

809

824

991217829.UG.FTS.B,

29.47%,

12/08/23

.

88

88

991218164.UG.FTS.B,

29.47%,

12/08/23

.

1,074

1,093

991207166.UG.FTS.B,

29.48%,

12/08/23

.

154

156

991211029.UG.FTS.B,

29.48%,

12/08/23

.

687

685

991271633.UG.FTS.B,

29.48%,

12/08/23

.

146

20

991278845.UG.FTS.B,

29.48%,

12/08/23

.

95

97

991280178.UG.FTS.B,

29.48%,

12/08/23

.

7

7

991320725.UG.FTS.B,

29.48%,

12/08/23

.

75

76

991321514.UG.FTS.B,

29.48%,

12/08/23

.

1,636

105

991209755.UG.FTS.B,

29.49%,

12/08/23

.

262

264

991211148.UG.FTS.B,

29.49%,

12/08/23

.

49

48

991211644.UG.FTS.B,

29.49%,

12/08/23

.

196

200

991214817.UG.FTS.B,

29.49%,

12/08/23

.

254

253

991214975.UG.FTS.B,

29.49%,

12/08/23

.

270

275

991216594.UG.FTS.B,

29.49%,

12/08/23

.

417

425

991216926.UG.FTS.B,

29.49%,

12/08/23

.

1

1

991217790.UG.FTS.B,

29.49%,

12/08/23

.

539

549

991225432.UG.FTS.B,

29.49%,

12/08/23

.

347

287

991225771.UG.FTS.B,

29.49%,

12/08/23

.

50

4

991228941.UG.FTS.B,

29.49%,

12/08/23

.

195

195

991242076.UG.FTS.B,

29.49%,

12/08/23

.

24

24

991258341.UG.FTS.B,

29.49%,

12/08/23

.

5

5

991262339.UG.FTS.B,

29.49%,

12/08/23

.

59

60

991265819.UG.FTS.B,

29.49%,

12/08/23

.

69

2

991271908.UG.FTS.B,

29.49%,

12/08/23

.

1

1

991272424.UG.FTS.B,

29.49%,

12/08/23

.

216

220

991280676.UG.FTS.B,

29.49%,

12/08/23

.

83

85

991289146.UG.FTS.B,

29.49%,

12/08/23

.

103

105

991300678.UG.FTS.B,

29.49%,

12/08/23

.

58

59

991322697.UG.FTS.B,

29.49%,

12/08/23

.

31

31

991349755.UG.FTS.B,

29.49%,

12/08/23

.

43

44

991392955.UG.FTS.B,

29.49%,

12/08/23

.

7

7

991407525.UG.FTS.B,

29.49%,

12/08/23

.

84

83

991388767.UG.FTS.B,

Zero

Cpn,

12/09/23

952

66

991357192.UG.FTS.B,

16.49%,

12/09/23

.

99

12

991359124.UG.FTS.B,

20.47%,

12/09/23

.

262

258

991354238.UG.FTS.B,

20.96%,

12/09/23

.

395

389

991389074.UG.FTS.B,

21.48%,

12/09/23

.

96

94

991305696.UG.FTS.B,

28.48%,

12/09/23

.

4

4

991393014.UG.FTS.B,

28.48%,

12/09/23

.

103

102

991434948.UG.FTS.B,

28.48%,

12/09/23

.

79

78

991308270.UG.FTS.B,

29.49%,

12/09/23

.

131

132

991329390.UG.FTS.B,

29.49%,

12/09/23

.

88

27

991353833.UG.FTS.B,

29.49%,

12/09/23

.

15

14

991356147.UG.FTS.B,

29.49%,

12/09/23

.

66

66

991364368.UG.FTS.B,

29.49%,

12/09/23

.

292

290

991367687.UG.FTS.B,

29.49%,

12/09/23

.

210

71

991408941.UG.FTS.B,

29.49%,

12/09/23

.

79

78

991448905.UG.FTS.B,

29.49%,

12/09/23

.

528

525

991397201.UG.FTS.B,

15%,

12/10/23

....

6

6

991301938.UG.FTS.B,

15.47%,

12/10/23

.

279

276

991359480.UG.FTS.B,

15.47%,

12/10/23

.

169

168

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991301880.UG.FTS.B,

16.49%,

12/10/23

.

$

179

$

178

991397064.UG.FTS.B,

16.49%,

12/10/23

.

58

57

991353794.UG.FTS.B,

19.3%,

12/10/23

..

85

11

991357402.UG.FTS.B,

22.47%,

12/10/23

.

112

110

991234278.UG.FTS.B,

26.44%,

12/10/23

.

848

849

991318209.UG.FTS.B,

27.99%,

12/10/23

.

100

100

991427925.UG.FTS.B,

27.99%,

12/10/23

.

28

27

991324549.UG.FTS.B,

29.48%,

12/10/23

.

61

61

991302449.UG.FTS.B,

29.49%,

12/10/23

.

259

259

991305756.UG.FTS.B,

29.49%,

12/10/23

.

30

29

991310007.UG.FTS.B,

29.49%,

12/10/23

.

25

25

991310750.UG.FTS.B,

29.49%,

12/10/23

.

83

33

991324857.UG.FTS.B,

29.49%,

12/10/23

.

192

190

991326232.UG.FTS.B,

29.49%,

12/10/23

.

139

138

991342513.UG.FTS.B,

29.49%,

12/10/23

.

548

545

991361573.UG.FTS.B,

29.49%,

12/10/23

.

30

30

991368001.UG.FTS.B,

29.49%,

12/10/23

.

219

217

991374468.UG.FTS.B,

29.49%,

12/10/23

.

116

117

991395653.UG.FTS.B,

29.49%,

12/10/23

.

160

26

991402670.UG.FTS.B,

29.49%,

12/10/23

.

215

214

991418451.UG.FTS.B,

29.49%,

12/10/23

.

73

72

991431724.UG.FTS.B,

29.49%,

12/10/23

.

50

49

991399386.UG.FTS.B,

Zero

Cpn,

12/11/23

18

1

991448540.UG.FTS.B,

15.47%,

12/11/23

.

446

440

991357205.UG.FTS.B,

28.48%,

12/11/23

.

–

–

991316785.UG.FTS.B,

29.49%,

12/11/23

.

74

75

991317142.UG.FTS.B,

29.49%,

12/11/23

.

14

7

991338974.UG.FTS.B,

29.49%,

12/11/23

.

183

182

991361082.UG.FTS.B,

29.49%,

12/11/23

.

2

2

991361596.UG.FTS.B,

29.49%,

12/11/23

.

567

562

991373643.UG.FTS.B,

29.49%,

12/11/23

.

262

260

991399394.UG.FTS.B,

29.49%,

12/11/23

.

69

69

991400100.UG.FTS.B,

29.49%,

12/11/23

.

53

53

991407765.UG.FTS.B,

29.49%,

12/11/23

.

34

34

991456024.UG.FTS.B,

29.49%,

12/11/23

.

121

8

991335350.UG.FTS.B,

Zero

Cpn,

12/12/23

64

4

991443311.UG.FTS.B,

Zero

Cpn,

12/12/23

529

36

991381330.UG.FTS.B,

16.49%,

12/12/23

.

603

597

991353250.UG.FTS.B,

18.71%,

12/12/23

.

224

222

991364577.UG.FTS.B,

19.3%,

12/12/23

..

99

98

991327492.UG.FTS.B,

25.44%,

12/12/23

.

371

362

991420296.UG.FTS.B,

28.48%,

12/12/23

.

96

28

991331674.UG.FTS.B,

29.48%,

12/12/23

.

170

171

991298936.UG.FTS.B,

29.49%,

12/12/23

.

77

11

991304389.UG.FTS.B,

29.49%,

12/12/23

.

12

12

991304451.UG.FTS.B,

29.49%,

12/12/23

.

–

–

991311832.UG.FTS.B,

29.49%,

12/12/23

.

16

16

991317469.UG.FTS.B,

29.49%,

12/12/23

.

124

124

991337692.UG.FTS.B,

29.49%,

12/12/23

.

38

38

991350400.UG.FTS.B,

29.49%,

12/12/23

.

173

10

991351009.UG.FTS.B,

29.49%,

12/12/23

.

7

7

991356769.UG.FTS.B,

29.49%,

12/12/23

.

212

31

991361796.UG.FTS.B,

29.49%,

12/12/23

.

86

12

991387472.UG.FTS.B,

29.49%,

12/12/23

.

195

195

991424465.UG.FTS.B,

29.49%,

12/12/23

.

682

678

991432271.UG.FTS.B,

29.49%,

12/12/23

.

68

68

991438264.UG.FTS.B,

29.49%,

12/12/23

.

201

200

991367940.UG.FTS.B,

Zero

Cpn,

12/13/23

50

4

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

247

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991419474.UG.FTS.B,

15.47%,

12/13/23

.

$

253

$

250

991438897.UG.FTS.B,

17.47%,

12/13/23

.

56

55

991253583.UG.FTS.B,

17.49%,

12/13/23

.

40

39

991287740.UG.FTS.B,

17.49%,

12/13/23

.

185

187

991301519.UG.FTS.B,

17.49%,

12/13/23

.

249

246

991284086.UG.FTS.B,

18.71%,

12/13/23

.

186

188

991398313.UG.FTS.B,

19.3%,

12/13/23

..

93

72

991440099.UG.FTS.B,

19.3%,

12/13/23

..

1,394

1,016

991325207.UG.FTS.B,

19.99%,

12/13/23

.

176

176

991408874.UG.FTS.B,

20.47%,

12/13/23

.

48

47

991309000.UG.FTS.B,

20.96%,

12/13/23

.

61

61

991332222.UG.FTS.B,

21.48%,

12/13/23

.

115

114

991333894.UG.FTS.B,

28.48%,

12/13/23

.

209

209

991336028.UG.FTS.B,

29.48%,

12/13/23

.

55

56

991361182.UG.FTS.B,

29.48%,

12/13/23

.

14

14

991397136.UG.FTS.B,

29.48%,

12/13/23

.

29

29

991324423.UG.FTS.B,

29.49%,

12/13/23

.

60

9

991335642.UG.FTS.B,

29.49%,

12/13/23

.

108

109

991336926.UG.FTS.B,

29.49%,

12/13/23

.

91

91

991361169.UG.FTS.B,

29.49%,

12/13/23

.

463

466

991388506.UG.FTS.B,

29.49%,

12/13/23

.

72

72

991428519.UG.FTS.B,

29.49%,

12/13/23

.

88

88

991431781.UG.FTS.B,

29.49%,

12/13/23

.

34

34

991449076.UG.FTS.B,

29.49%,

12/13/23

.

318

314

991261373.UG.FTS.B,

25.45%,

12/14/23

.

80

63

991255753.UG.FTS.B,

14.47%,

12/15/23

.

68

53

991331167.UG.FTS.B,

16.49%,

12/15/23

.

754

760

991278437.UG.FTS.B,

17.49%,

12/15/23

.

32

32

991332406.UG.FTS.B,

17.49%,

12/15/23

.

95

96

991400429.UG.FTS.B,

17.49%,

12/15/23

.

251

254

991265681.UG.FTS.B,

18.71%,

12/15/23

.

73

73

991387743.UG.FTS.B,

18.71%,

12/15/23

.

576

154

991268786.UG.FTS.B,

19.3%,

12/15/23

..

97

98

991399812.UG.FTS.B,

19.3%,

12/15/23

..

1,014

1,021

991427865.UG.FTS.B,

19.96%,

12/15/23

.

104

103

991265527.UG.FTS.B,

20.47%,

12/15/23

.

120

119

991270303.UG.FTS.B,

20.47%,

12/15/23

.

–

–

991288025.UG.FTS.B,

20.96%,

12/15/23

.

53

53

991256910.UG.FTS.B,

21.48%,

12/15/23

.

3

3

991364787.UG.FTS.B,

22.45%,

12/15/23

.

264

265

991448152.UG.FTS.B,

22.45%,

12/15/23

.

144

143

991260304.UG.FTS.B,

22.47%,

12/15/23

.

67

67

991474429.UG.FTS.B,

22.47%,

12/15/23

.

486

2

991279347.UG.FTS.B,

23.45%,

12/15/23

.

130

129

991390117.UG.FTS.B,

15.47%,

12/16/23

.

249

247

991264118.UG.FTS.B,

16.49%,

12/16/23

.

317

314

991265066.UG.FTS.B,

17.49%,

12/16/23

.

122

121

991459556.UG.FTS.B,

17.49%,

12/16/23

.

157

155

991376799.UG.FTS.B,

19.3%,

12/16/23

..

714

704

991343699.UG.FTS.B,

20.96%,

12/16/23

.

302

297

991270926.UG.FTS.B,

15%,

12/17/23

....

98

97

991407871.UG.FTS.B,

16.49%,

12/17/23

.

150

149

991496207.UG.FTS.B,

16.49%,

12/17/23

.

936

929

991305114.UG.FTS.B,

18.71%,

12/17/23

.

327

323

991334320.UG.FTS.B,

18.71%,

12/17/23

.

93

91

991334732.UG.FTS.B,

18.71%,

12/17/23

.

253

249

991309192.UG.FTS.B,

19.3%,

12/17/23

..

143

10

991302932.UG.FTS.B,

19.47%,

12/17/23

.

132

(1)

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991331047.UG.FTS.B,

19.96%,

12/17/23

.

$

61

$

61

991372337.UG.FTS.B,

20.96%,

12/17/23

.

160

159

991320917.UG.FTS.B,

21.48%,

12/17/23

.

665

522

991412009.UG.FTS.B,

21.48%,

12/17/23

.

6

6

991278216.UG.FTS.B,

22.47%,

12/17/23

.

100

28

991311167.UG.FTS.B,

22.47%,

12/17/23

.

389

384

991291158.UG.FTS.B,

24.45%,

12/17/23

.

176

25

991304745.UG.FTS.B,

Zero

Cpn,

12/18/23

83

6

991470545.UG.FTS.B,

Zero

Cpn,

12/18/23

–

–

991407328.UG.FTS.B,

15%,

12/18/23

....

78

78

991354731.UG.FTS.B,

18.71%,

12/18/23

.

103

102

991416710.UG.FTS.B,

18.71%,

12/18/23

.

1,433

1,415

991421673.UG.FTS.B,

18.71%,

12/18/23

.

684

675

991309417.UG.FTS.B,

20.47%,

12/18/23

.

272

(2)

991298110.UG.FTS.B,

21.48%,

12/18/23

.

105

104

991468736.UG.FTS.B,

Zero

Cpn,

12/19/23

86

6

991429423.UG.FTS.B,

17.47%,

12/19/23

.

87

86

991317582.UG.FTS.B,

17.49%,

12/19/23

.

158

156

991403359.UG.FTS.B,

17.49%,

12/19/23

.

51

51

991405335.UG.FTS.B,

17.49%,

12/19/23

.

14

14

991467590.UG.FTS.B,

17.49%,

12/19/23

.

62

62

991308110.UG.FTS.B,

18.47%,

12/19/23

.

66

65

991306413.UG.FTS.B,

18.71%,

12/19/23

.

183

24

991287925.UG.FTS.B,

19.3%,

12/19/23

..

186

184

991294915.UG.FTS.B,

19.3%,

12/19/23

..

70

69

991511200.UG.FTS.B,

19.3%,

12/19/23

..

88

86

991297522.UG.FTS.B,

20.47%,

12/19/23

.

57

57

991341980.UG.FTS.B,

20.47%,

12/19/23

.

175

173

991523578.UG.FTS.B,

20.47%,

12/19/23

.

169

167

991296205.UG.FTS.B,

20.96%,

12/19/23

.

41

40

991433616.UG.FTS.B,

20.96%,

12/19/23

.

66

65

991313003.UG.FTS.B,

21.48%,

12/19/23

.

241

236

991414126.UG.FTS.B,

21.48%,

12/19/23

.

395

390

991367322.UG.FTS.B,

22.47%,

12/19/23

.

99

97

991306283.UG.FTS.B,

26.44%,

12/19/23

.

75

74

991319276.UG.FTS.B,

26.44%,

12/19/23

.

34

33

991410920.UG.FTS.B,

14.48%,

12/20/23

.

18

18

991400459.UG.FTS.B,

15.47%,

12/20/23

.

269

267

991325118.UG.FTS.B,

16.49%,

12/20/23

.

213

212

991295957.UG.FTS.B,

17.49%,

12/20/23

.

93

93

991307475.UG.FTS.B,

17.49%,

12/20/23

.

633

627

991325948.UG.FTS.B,

17.49%,

12/20/23

.

32

32

991358233.UG.FTS.B,

17.49%,

12/20/23

.

504

500

991432644.UG.FTS.B,

17.49%,

12/20/23

.

94

94

991331450.UG.FTS.B,

18.47%,

12/20/23

.

83

64

991366147.UG.FTS.B,

18.47%,

12/20/23

.

117

116

991496764.UG.FTS.B,

18.47%,

12/20/23

.

502

496

991363259.UG.FTS.B,

19.3%,

12/20/23

..

85

84

991373067.UG.FTS.B,

19.3%,

12/20/23

..

239

236

991419085.UG.FTS.B,

19.96%,

12/20/23

.

35

35

991523610.UG.FTS.B,

19.96%,

12/20/23

.

253

249

991306794.UG.FTS.B,

20.47%,

12/20/23

.

20

20

991309544.UG.FTS.B,

20.47%,

12/20/23

.

525

515

991427426.UG.FTS.B,

20.47%,

12/20/23

.

1,536

1,513

991299329.UG.FTS.B,

21.48%,

12/20/23

.

123

122

991494550.UG.FTS.B,

21.48%,

12/20/23

.

106

105

991315452.UG.FTS.B,

22.47%,

12/20/23

.

352

347

991329280.UG.FTS.B,

22.47%,

12/20/23

.

134

132

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

248

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991526160.UG.FTS.B,

23.45%,

12/20/23

.

$

373

$

26

991509838.UG.FTS.B,

25.45%,

12/20/23

.

109

106

991514693.UG.FTS.B,

Zero

Cpn,

12/21/23

158

11

991448015.UG.FTS.B,

19.96%,

12/21/23

.

477

469

991505059.UG.FTS.B,

21.48%,

12/21/23

.

77

75

991536020.UG.FTS.B,

23.45%,

12/21/23

.

194

190

991102904.UG.FTS.B,

29.49%,

1/09/24

..

104

105

991064824.UG.FTS.B,

20.96%,

1/15/24

..

28

27

991099377.UG.FTS.B,

29.49%,

1/17/24

..

7

–

991286242.UG.FTS.B,

29.49%,

2/05/24

..

1

1

991418802.UG.FTS.B,

29.49%,

10/10/24

.

99

68

990928675.UG.FTS.B,

29.49%,

10/19/24

.

145

143

991072765.UG.FTS.B,

29.49%,

10/20/24

.

139

18

990941301.UG.FTS.B,

28.98%,

10/21/24

.

241

245

991042512.UG.FTS.B,

28.98%,

10/21/24

.

231

233

991068200.UG.FTS.B,

28.98%,

10/21/24

.

21

21

991060237.UG.FTS.B,

28.98%,

10/22/24

.

120

82

990948556.UG.FTS.B,

29.49%,

10/22/24

.

107

87

991072394.UG.FTS.B,

29.49%,

10/22/24

.

152

21

991009808.UG.FTS.B,

Zero

Cpn,

11/08/24

1,167

80

991066416.UG.FTS.B,

Zero

Cpn,

11/08/24

180

12

991092872.UG.FTS.B,

Zero

Cpn,

11/08/24

85

6

991029860.UG.FTS.B,

16.99%,

11/08/24

.

1,009

1,002

991204575.UG.FTS.B,

19.21%,

11/08/24

.

169

167

991020888.UG.FTS.B,

19.8%,

11/08/24

..

1,501

1,492

991132194.UG.FTS.B,

19.8%,

11/08/24

..

537

524

991010233.UG.FTS.B,

19.99%,

11/08/24

.

277

276

991016261.UG.FTS.B,

19.99%,

11/08/24

.

222

26

991025022.UG.FTS.B,

20.46%,

11/08/24

.

212

211

991043299.UG.FTS.B,

20.46%,

11/08/24

.

567

564

991015397.UG.FTS.B,

21.46%,

11/08/24

.

156

155

991062208.UG.FTS.B,

21.98%,

11/08/24

.

192

55

991089275.UG.FTS.B,

21.98%,

11/08/24

.

102

98

991008862.UG.FTS.B,

22.97%,

11/08/24

.

720

85

991016897.UG.FTS.B,

23.95%,

11/08/24

.

1,591

438

991015679.UG.FTS.B,

27.99%,

11/08/24

.

1,061

1,082

991059423.UG.FTS.B,

27.99%,

11/08/24

.

13

13

991014622.UG.FTS.B,

28.98%,

11/08/24

.

654

523

991015221.UG.FTS.B,

28.98%,

11/08/24

.

2,192

2,235

991015963.UG.FTS.B,

28.98%,

11/08/24

.

1,420

1,439

991020061.UG.FTS.B,

28.98%,

11/08/24

.

347

351

991021690.UG.FTS.B,

28.98%,

11/08/24

.

37

37

991043973.UG.FTS.B,

28.98%,

11/08/24

.

–

–

991046124.UG.FTS.B,

28.98%,

11/08/24

.

113

116

991047284.UG.FTS.B,

28.98%,

11/08/24

.

52

51

991049421.UG.FTS.B,

28.98%,

11/08/24

.

77

79

991062658.UG.FTS.B,

28.98%,

11/08/24

.

469

473

991069248.UG.FTS.B,

28.98%,

11/08/24

.

9

9

991089676.UG.FTS.B,

28.98%,

11/08/24

.

1,584

1,580

991122476.UG.FTS.B,

28.98%,

11/08/24

.

313

96

991183172.UG.FTS.B,

28.98%,

11/08/24

.

4

4

991188631.UG.FTS.B,

28.98%,

11/08/24

.

259

260

991205446.UG.FTS.B,

28.98%,

11/08/24

.

112

113

991014634.UG.FTS.B,

29.48%,

11/08/24

.

838

858

991009200.UG.FTS.B,

29.49%,

11/08/24

.

251

257

991009218.UG.FTS.B,

29.49%,

11/08/24

.

145

145

991009403.UG.FTS.B,

29.49%,

11/08/24

.

690

683

991009730.UG.FTS.B,

29.49%,

11/08/24

.

300

301

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991010218.UG.FTS.B,

29.49%,

11/08/24

.

$

592

$

416

991011019.UG.FTS.B,

29.49%,

11/08/24

.

94

96

991011039.UG.FTS.B,

29.49%,

11/08/24

.

846

849

991016135.UG.FTS.B,

29.49%,

11/08/24

.

573

569

991016360.UG.FTS.B,

29.49%,

11/08/24

.

330

339

991018167.UG.FTS.B,

29.49%,

11/08/24

.

298

304

991019441.UG.FTS.B,

29.49%,

11/08/24

.

301

294

991026129.UG.FTS.B,

29.49%,

11/08/24

.

497

498

991032542.UG.FTS.B,

29.49%,

11/08/24

.

1,104

1,130

991033519.UG.FTS.B,

29.49%,

11/08/24

.

141

31

991051891.UG.FTS.B,

29.49%,

11/08/24

.

513

521

991060109.UG.FTS.B,

29.49%,

11/08/24

.

199

201

991065536.UG.FTS.B,

29.49%,

11/08/24

.

120

120

991067396.UG.FTS.B,

29.49%,

11/08/24

.

153

145

991089599.UG.FTS.B,

29.49%,

11/08/24

.

1,953

1,984

991156301.UG.FTS.B,

29.49%,

11/08/24

.

374

376

991174773.UG.FTS.B,

29.49%,

11/08/24

.

115

116

991200927.UG.FTS.B,

29.49%,

11/08/24

.

234

236

991208389.UG.FTS.B,

29.49%,

11/08/24

.

–

–

991019851.UG.FTS.B,

Zero

Cpn,

11/09/24

264

18

991022488.UG.FTS.B,

Zero

Cpn,

11/09/24

803

56

991135727.UG.FTS.B,

Zero

Cpn,

11/09/24

188

13

991181015.UG.FTS.B,

Zero

Cpn,

11/09/24

132

9

991215887.UG.FTS.B,

Zero

Cpn,

11/09/24

52

4

991039862.UG.FTS.B,

14.98%,

11/09/24

.

911

907

991032070.UG.FTS.B,

16.99%,

11/09/24

.

260

265

991037178.UG.FTS.B,

16.99%,

11/09/24

.

520

108

991107359.UG.FTS.B,

17.99%,

11/09/24

.

342

341

991043681.UG.FTS.B,

19.21%,

11/09/24

.

1,310

1,323

991104757.UG.FTS.B,

19.21%,

11/09/24

.

277

276

991017861.UG.FTS.B,

19.8%,

11/09/24

..

103

105

991031629.UG.FTS.B,

19.99%,

11/09/24

.

105

104

991137626.UG.FTS.B,

19.99%,

11/09/24

.

162

11

991213119.UG.FTS.B,

19.99%,

11/09/24

.

107

111

991014881.UG.FTS.B,

20.46%,

11/09/24

.

1,167

1,186

991213995.UG.FTS.B,

20.46%,

11/09/24

.

48

48

991015912.UG.FTS.B,

20.97%,

11/09/24

.

588

364

991064904.UG.FTS.B,

20.97%,

11/09/24

.

1,149

1,159

991217068.UG.FTS.B,

21.46%,

11/09/24

.

341

343

991036234.UG.FTS.B,

21.98%,

11/09/24

.

360

356

991152954.UG.FTS.B,

21.98%,

11/09/24

.

97

97

991214327.UG.FTS.B,

21.98%,

11/09/24

.

198

200

991015386.UG.FTS.B,

22.97%,

11/09/24

.

718

705

991015291.UG.FTS.B,

23.95%,

11/09/24

.

31

30

991207204.UG.FTS.B,

27.99%,

11/09/24

.

82

82

991014627.UG.FTS.B,

28.98%,

11/09/24

.

385

399

991021150.UG.FTS.B,

28.98%,

11/09/24

.

256

268

991024150.UG.FTS.B,

28.98%,

11/09/24

.

509

521

991024317.UG.FTS.B,

28.98%,

11/09/24

.

304

309

991024437.UG.FTS.B,

28.98%,

11/09/24

.

536

561

991031006.UG.FTS.B,

28.98%,

11/09/24

.

11

11

991036639.UG.FTS.B,

28.98%,

11/09/24

.

459

464

991048693.UG.FTS.B,

28.98%,

11/09/24

.

570

595

991050918.UG.FTS.B,

28.98%,

11/09/24

.

571

597

991066590.UG.FTS.B,

28.98%,

11/09/24

.

456

464

991067435.UG.FTS.B,

28.98%,

11/09/24

.

438

458

991070859.UG.FTS.B,

28.98%,

11/09/24

.

259

267

991081306.UG.FTS.B,

28.98%,

11/09/24

.

39

15

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

249

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991109146.UG.FTS.B,

28.98%,

11/09/24

.

$

588

$

593

991110836.UG.FTS.B,

28.98%,

11/09/24

..

505

(29)

991160869.UG.FTS.B,

28.98%,

11/09/24

.

202

204

991190864.UG.FTS.B,

28.98%,

11/09/24

.

203

140

991201969.UG.FTS.B,

28.98%,

11/09/24

.

211

218

991209121.UG.FTS.B,

28.98%,

11/09/24

.

132

17

991213946.UG.FTS.B,

28.98%,

11/09/24

.

105

109

991214522.UG.FTS.B,

28.98%,

11/09/24

.

1,042

1,076

991214861.UG.FTS.B,

28.98%,

11/09/24

.

335

24

991215028.UG.FTS.B,

28.98%,

11/09/24

.

704

724

991215951.UG.FTS.B,

28.98%,

11/09/24

.

704

727

991016205.UG.FTS.B,

29.49%,

11/09/24

.

1,035

800

991016307.UG.FTS.B,

29.49%,

11/09/24

.

251

263

991017635.UG.FTS.B,

29.49%,

11/09/24

.

1,608

1,623

991020973.UG.FTS.B,

29.49%,

11/09/24

.

1,042

131

991023572.UG.FTS.B,

29.49%,

11/09/24

.

24

24

991023718.UG.FTS.B,

29.49%,

11/09/24

.

41

39

991032314.UG.FTS.B,

29.49%,

11/09/24

.

604

618

991032461.UG.FTS.B,

29.49%,

11/09/24

.

229

239

991051385.UG.FTS.B,

29.49%,

11/09/24

.

105

24

991053848.UG.FTS.B,

29.49%,

11/09/24

.

309

308

991056862.UG.FTS.B,

29.49%,

11/09/24

.

1,664

1,330

991057649.UG.FTS.B,

29.49%,

11/09/24

.

388

103

991057701.UG.FTS.B,

29.49%,

11/09/24

.

472

496

991066794.UG.FTS.B,

29.49%,

11/09/24

.

170

174

991067737.UG.FTS.B,

29.49%,

11/09/24

.

42

42

991075118.UG.FTS.B,

29.49%,

11/09/24

.

1,561

1,620

991076041.UG.FTS.B,

29.49%,

11/09/24

.

200

205

991086223.UG.FTS.B,

29.49%,

11/09/24

.

27

27

991088136.UG.FTS.B,

29.49%,

11/09/24

.

109

106

991107819.UG.FTS.B,

29.49%,

11/09/24

.

25

25

991130666.UG.FTS.B,

29.49%,

11/09/24

.

198

192

991139880.UG.FTS.B,

29.49%,

11/09/24

.

210

217

991143330.UG.FTS.B,

29.49%,

11/09/24

.

–

–

991148011.UG.FTS.B,

29.49%,

11/09/24

..

56

58

991171418.UG.FTS.B,

29.49%,

11/09/24

.

141

144

991171947.UG.FTS.B,

29.49%,

11/09/24

.

–

–

991172077.UG.FTS.B,

29.49%,

11/09/24

.

514

114

991206923.UG.FTS.B,

29.49%,

11/09/24

.

99

103

991211097.UG.FTS.B,

29.49%,

11/09/24

.

123

127

991213890.UG.FTS.B,

29.49%,

11/09/24

.

123

27

991215398.UG.FTS.B,

29.49%,

11/09/24

.

282

292

991216434.UG.FTS.B,

29.49%,

11/09/24

.

136

9

991081641.UG.FTS.B,

29.99%,

11/09/24

.

227

16

991049934.UG.FTS.B,

Zero

Cpn,

11/10/24

685

48

991059208.UG.FTS.B,

Zero

Cpn,

11/10/24

1,962

132

991076539.UG.FTS.B,

Zero

Cpn,

11/10/24

126

9

991212484.UG.FTS.B,

Zero

Cpn,

11/10/24

235

16

991218535.UG.FTS.B,

Zero

Cpn,

11/10/24

61

4

991064938.UG.FTS.B,

15.97%,

11/10/24

.

243

248

991065102.UG.FTS.B,

15.97%,

11/10/24

.

444

442

991104046.UG.FTS.B,

15.97%,

11/10/24

.

234

233

991129317.UG.FTS.B,

15.97%,

11/10/24

.

4,942

5,005

991171941.UG.FTS.B,

15.97%,

11/10/24

.

2,407

2,387

991022677.UG.FTS.B,

18.97%,

11/10/24

.

1,034

1,055

991170027.UG.FTS.B,

18.97%,

11/10/24

.

253

256

991224324.UG.FTS.B,

18.97%,

11/10/24

.

373

74

991025347.UG.FTS.B,

19.21%,

11/10/24

.

127

16

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991045857.UG.FTS.B,

19.21%,

11/10/24

.

$

–

$

–

991034507.UG.FTS.B,

19.8%,

11/10/24

..

4,474

4,524

991224383.UG.FTS.B,

19.8%,

11/10/24

..

817

94

991020976.UG.FTS.B,

19.99%,

11/10/24

.

408

406

991023319.UG.FTS.B,

19.99%,

11/10/24

.

411

424

991029759.UG.FTS.B,

19.99%,

11/10/24

.

153

154

991040584.UG.FTS.B,

19.99%,

11/10/24

.

92

93

991072413.UG.FTS.B,

19.99%,

11/10/24

.

159

34

991167380.UG.FTS.B,

19.99%,

11/10/24

.

310

22

991175759.UG.FTS.B,

19.99%,

11/10/24

.

21

21

991215937.UG.FTS.B,

19.99%,

11/10/24

.

542

560

991026082.UG.FTS.B,

20.46%,

11/10/24

.

302

299

991021705.UG.FTS.B,

21.46%,

11/10/24

.

1,175

(12)

991026735.UG.FTS.B,

21.46%,

11/10/24

.

227

27

991131037.UG.FTS.B,

21.46%,

11/10/24

.

467

317

991211771.UG.FTS.B,

21.46%,

11/10/24

.

58

59

991216720.UG.FTS.B,

21.46%,

11/10/24

.

8,184

8,253

991023237.UG.FTS.B,

21.97%,

11/10/24

.

265

263

991026806.UG.FTS.B,

21.98%,

11/10/24

.

195

191

991215892.UG.FTS.B,

21.98%,

11/10/24

.

447

30

991021583.UG.FTS.B,

22.97%,

11/10/24

.

480

477

991058444.UG.FTS.B,

22.97%,

11/10/24

.

1,245

149

991086114.UG.FTS.B,

22.97%,

11/10/24

.

4

4

991224574.UG.FTS.B,

23.95%,

11/10/24

.

360

(9)

991062365.UG.FTS.B,

24.95%,

11/10/24

.

309

305

991137901.UG.FTS.B,

25.95%,

11/10/24

.

191

130

991146323.UG.FTS.B,

25.95%,

11/10/24

.

132

130

991055480.UG.FTS.B,

27.99%,

11/10/24

.

142

148

991020520.UG.FTS.B,

28.98%,

11/10/24

.

149

149

991021327.UG.FTS.B,

28.98%,

11/10/24

.

172

175

991022344.UG.FTS.B,

28.98%,

11/10/24

.

585

584

991022916.UG.FTS.B,

28.98%,

11/10/24

.

264

261

991022961.UG.FTS.B,

28.98%,

11/10/24

.

240

243

991026665.UG.FTS.B,

28.98%,

11/10/24

.

520

200

991026874.UG.FTS.B,

28.98%,

11/10/24

.

48

48

991033626.UG.FTS.B,

28.98%,

11/10/24

.

119

124

991037607.UG.FTS.B,

28.98%,

11/10/24

.

108

111

991039743.UG.FTS.B,

28.98%,

11/10/24

.

93

95

991044464.UG.FTS.B,

28.98%,

11/10/24

.

76

79

991054408.UG.FTS.B,

28.98%,

11/10/24

.

714

734

991080210.UG.FTS.B,

28.98%,

11/10/24

.

290

302

991103426.UG.FTS.B,

28.98%,

11/10/24

.

116

121

991108419.UG.FTS.B,

28.98%,

11/10/24

.

120

82

991113610.UG.FTS.B,

28.98%,

11/10/24

..

893

198

991126362.UG.FTS.B,

28.98%,

11/10/24

.

395

258

991130087.UG.FTS.B,

28.98%,

11/10/24

.

184

190

991198564.UG.FTS.B,

28.98%,

11/10/24

.

19

19

991200591.UG.FTS.B,

28.98%,

11/10/24

.

7

7

991203709.UG.FTS.B,

28.98%,

11/10/24

.

99

101

991203855.UG.FTS.B,

28.98%,

11/10/24

.

224

230

991216706.UG.FTS.B,

28.98%,

11/10/24

.

–

–

991021580.UG.FTS.B,

29.49%,

11/10/24

.

266

(14)

991022193.UG.FTS.B,

29.49%,

11/10/24

.

602

614

991022815.UG.FTS.B,

29.49%,

11/10/24

.

134

133

991023261.UG.FTS.B,

29.49%,

11/10/24

.

572

572

991030343.UG.FTS.B,

29.49%,

11/10/24

.

552

563

991031522.UG.FTS.B,

29.49%,

11/10/24

.

9

9

991050872.UG.FTS.B,

29.49%,

11/10/24

.

47

49

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

250

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991054015.UG.FTS.B,

29.49%,

11/10/24

.

$

551

$

576

991054206.UG.FTS.B,

29.49%,

11/10/24

.

371

148

991056370.UG.FTS.B,

29.49%,

11/10/24

.

78

81

991066375.UG.FTS.B,

29.49%,

11/10/24

.

342

349

991066723.UG.FTS.B,

29.49%,

11/10/24

.

282

285

991069463.UG.FTS.B,

29.49%,

11/10/24

.

110

15

991079386.UG.FTS.B,

29.49%,

11/10/24

.

45

45

991095899.UG.FTS.B,

29.49%,

11/10/24

.

86

89

991100707.UG.FTS.B,

29.49%,

11/10/24

.

382

395

991108267.UG.FTS.B,

29.49%,

11/10/24

.

213

218

991160546.UG.FTS.B,

29.49%,

11/10/24

.

595

595

991189443.UG.FTS.B,

29.49%,

11/10/24

.

27

27

991189830.UG.FTS.B,

29.49%,

11/10/24

.

70

71

991205598.UG.FTS.B,

29.49%,

11/10/24

.

198

46

991207636.UG.FTS.B,

29.49%,

11/10/24

.

441

441

991216288.UG.FTS.B,

29.49%,

11/10/24

.

113

81

991217456.UG.FTS.B,

29.49%,

11/10/24

.

4,008

(189)

991030193.UG.FTS.B,

Zero

Cpn,

11/11/24

41

3

991031785.UG.FTS.B,

Zero

Cpn,

11/11/24

254

17

991033465.UG.FTS.B,

Zero

Cpn,

11/11/24

278

19

991037437.UG.FTS.B,

Zero

Cpn,

11/11/24

198

14

991040614.UG.FTS.B,

Zero

Cpn,

11/11/24

604

42

991044223.UG.FTS.B,

Zero

Cpn,

11/11/24

76

5

991046583.UG.FTS.B,

Zero

Cpn,

11/11/24

31

2

991049261.UG.FTS.B,

Zero

Cpn,

11/11/24

132

9

991061665.UG.FTS.B,

Zero

Cpn,

11/11/24

195

13

991064679.UG.FTS.B,

Zero

Cpn,

11/11/24

340

24

991080424.UG.FTS.B,

Zero

Cpn,

11/11/24

469

33

991090184.UG.FTS.B,

Zero

Cpn,

11/11/24

80

6

991101279.UG.FTS.B,

Zero

Cpn,

11/11/24

490

34

991107881.UG.FTS.B,

Zero

Cpn,

11/11/24

164

–

991116157.UG.FTS.B,

Zero

Cpn,

11/11/24

140

10

991118681.UG.FTS.B,

Zero

Cpn,

11/11/24

505

35

991142248.UG.FTS.B,

Zero

Cpn,

11/11/24

127

9

991145669.UG.FTS.B,

Zero

Cpn,

11/11/24

271

19

991163430.UG.FTS.B,

Zero

Cpn,

11/11/24

267

18

991167054.UG.FTS.B,

Zero

Cpn,

11/11/24

232

16

991197268.UG.FTS.B,

Zero

Cpn,

11/11/24

84

6

991042328.UG.FTS.B,

14.98%,

11/11/24

.

927

945

991132695.UG.FTS.B,

15%,

11/11/24

....

1,660

1,694

991070425.UG.FTS.B,

15.97%,

11/11/24

.

98

100

991080741.UG.FTS.B,

15.97%,

11/11/24

.

1,006

1,027

991065340.UG.FTS.B,

16.99%,

11/11/24

.

871

881

991134367.UG.FTS.B,

16.99%,

11/11/24

..

996

1,012

991225418.UG.FTS.B,

16.99%,

11/11/24

.

665

659

991033893.UG.FTS.B,

17.97%,

11/11/24

.

461

458

991033248.UG.FTS.B,

17.99%,

11/11/24

.

330

326

991033250.UG.FTS.B,

17.99%,

11/11/24

.

563

561

991043832.UG.FTS.B,

17.99%,

11/11/24

.

586

597

991079063.UG.FTS.B,

17.99%,

11/11/24

.

160

159

991099988.UG.FTS.B,

17.99%,

11/11/24

.

129

128

991108417.UG.FTS.B,

17.99%,

11/11/24

..

48

48

991165672.UG.FTS.B,

17.99%,

11/11/24

..

445

287

991031698.UG.FTS.B,

18.97%,

11/11/24

.

39

39

991036433.UG.FTS.B,

18.97%,

11/11/24

.

260

258

991044359.UG.FTS.B,

18.97%,

11/11/24

.

207

211

991097430.UG.FTS.B,

18.97%,

11/11/24

.

443

440

991104909.UG.FTS.B,

18.97%,

11/11/24

..

645

631

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991135808.UG.FTS.B,

18.97%,

11/11/24

..

$

167

$

167

991148541.UG.FTS.B,

18.97%,

11/11/24

..

271

277

991031272.UG.FTS.B,

19.21%,

11/11/24

.

974

992

991069631.UG.FTS.B,

19.21%,

11/11/24

.

93

95

991105899.UG.FTS.B,

19.21%,

11/11/24

..

15

14

991119597.UG.FTS.B,

19.21%,

11/11/24

..

516

526

991184036.UG.FTS.B,

19.21%,

11/11/24

..

168

84

991095162.UG.FTS.B,

19.46%,

11/11/24

.

1,492

1,482

991030105.UG.FTS.B,

19.8%,

11/11/24

..

87

86

991037339.UG.FTS.B,

19.8%,

11/11/24

..

1,131

1,121

991063208.UG.FTS.B,

19.8%,

11/11/24

..

440

298

991080931.UG.FTS.B,

19.8%,

11/11/24

..

257

257

991090906.UG.FTS.B,

19.8%,

11/11/24

..

–

–

991135236.UG.FTS.B,

19.8%,

11/11/24

...

1,355

1,381

991024759.UG.FTS.B,

19.99%,

11/11/24

.

310

310

991025263.UG.FTS.B,

19.99%,

11/11/24

.

6

6

991025619.UG.FTS.B,

19.99%,

11/11/24

.

99

100

991027149.UG.FTS.B,

19.99%,

11/11/24

.

218

223

991030107.UG.FTS.B,

19.99%,

11/11/24

.

1,685

1,756

991030291.UG.FTS.B,

19.99%,

11/11/24

.

848

884

991035914.UG.FTS.B,

19.99%,

11/11/24

.

274

285

991049873.UG.FTS.B,

19.99%,

11/11/24

.

1,023

1,042

991097627.UG.FTS.B,

19.99%,

11/11/24

.

5

5

991105048.UG.FTS.B,

19.99%,

11/11/24

..

124

128

991108215.UG.FTS.B,

19.99%,

11/11/24

..

527

552

991115949.UG.FTS.B,

19.99%,

11/11/24

..

205

214

991117587.UG.FTS.B,

19.99%,

11/11/24

..

226

49

991120901.UG.FTS.B,

19.99%,

11/11/24

..

303

217

991134848.UG.FTS.B,

19.99%,

11/11/24

..

397

88

991148839.UG.FTS.B,

19.99%,

11/11/24

..

679

710

991174012.UG.FTS.B,

19.99%,

11/11/24

..

285

298

991181923.UG.FTS.B,

19.99%,

11/11/24

..

792

819

991026813.UG.FTS.B,

20.46%,

11/11/24

.

2,743

2,790

991034527.UG.FTS.B,

20.46%,

11/11/24

.

1,376

1,404

991063618.UG.FTS.B,

20.46%,

11/11/24

.

463

461

991149259.UG.FTS.B,

20.46%,

11/11/24

..

1,366

1,389

991167644.UG.FTS.B,

20.46%,

11/11/24

..

675

688

991029731.UG.FTS.B,

20.97%,

11/11/24

.

1,797

1,833

991066829.UG.FTS.B,

20.97%,

11/11/24

.

196

200

991090708.UG.FTS.B,

20.97%,

11/11/24

.

249

248

991126570.UG.FTS.B,

20.97%,

11/11/24

..

1,313

1,334

991146663.UG.FTS.B,

20.97%,

11/11/24

..

17

17

991166977.UG.FTS.B,

20.97%,

11/11/24

..

478

487

991214951.UG.FTS.B,

20.97%,

11/11/24

.

340

344

991025029.UG.FTS.B,

21.46%,

11/11/24

.

272

275

991044553.UG.FTS.B,

21.46%,

11/11/24

.

471

318

991066846.UG.FTS.B,

21.46%,

11/11/24

.

382

377

991094568.UG.FTS.B,

21.46%,

11/11/24

.

834

192

991100724.UG.FTS.B,

21.46%,

11/11/24

..

1

1

991104833.UG.FTS.B,

21.46%,

11/11/24

..

75

18

991113632.UG.FTS.B,

21.46%,

11/11/24

..

42

3

991120309.UG.FTS.B,

21.46%,

11/11/24

..

225

16

991139420.UG.FTS.B,

21.46%,

11/11/24

..

359

359

991141383.UG.FTS.B,

21.46%,

11/11/24

..

206

209

991032262.UG.FTS.B,

21.97%,

11/11/24

.

17

17

991026361.UG.FTS.B,

21.98%,

11/11/24

.

1,098

1,101

991036275.UG.FTS.B,

21.98%,

11/11/24

.

114

116

991048924.UG.FTS.B,

21.98%,

11/11/24

.

1,012

1,029

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

251

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991050845.UG.FTS.B,

21.98%,

11/11/24

.

$

246

$

251

991159028.UG.FTS.B,

21.98%,

11/11/24

..

562

372

991187665.UG.FTS.B,

21.98%,

11/11/24

..

340

343

991197071.UG.FTS.B,

21.98%,

11/11/24

..

247

51

991217106.UG.FTS.B,

21.98%,

11/11/24

.

337

340

991125236.UG.FTS.B,

22.48%,

11/11/24

..

409

402

991053429.UG.FTS.B,

22.95%,

11/11/24

.

116

103

991058286.UG.FTS.B,

22.95%,

11/11/24

.

909

903

991033157.UG.FTS.B,

22.97%,

11/11/24

.

1,339

883

991145971.UG.FTS.B,

22.97%,

11/11/24

..

49

49

991098718.UG.FTS.B,

23.95%,

11/11/24

.

598

594

991166851.UG.FTS.B,

23.95%,

11/11/24

..

160

161

991037747.UG.FTS.B,

24.95%,

11/11/24

.

743

737

991097256.UG.FTS.B,

25.94%,

11/11/24

.

455

460

991098171.UG.FTS.B,

25.94%,

11/11/24

.

224

226

991170500.UG.FTS.B,

25.94%,

11/11/24

..

94

–

991080911.UG.FTS.B,

25.95%,

11/11/24

..

400

405

991177584.UG.FTS.B,

25.95%,

11/11/24

..

508

510

991069043.UG.FTS.B,

26.49%,

11/11/24

.

272

58

991029732.UG.FTS.B,

27.99%,

11/11/24

.

2,839

2,962

991029735.UG.FTS.B,

27.99%,

11/11/24

.

157

165

991048527.UG.FTS.B,

27.99%,

11/11/24

.

501

525

991123731.UG.FTS.B,

27.99%,

11/11/24

..

80

83

991024644.UG.FTS.B,

28.98%,

11/11/24

.

247

258

991024878.UG.FTS.B,

28.98%,

11/11/24

.

471

493

991025217.UG.FTS.B,

28.98%,

11/11/24

.

46

47

991026011.UG.FTS.B,

28.98%,

11/11/24

..

115

15

991026090.UG.FTS.B,

28.98%,

11/11/24

.

217

227

991026911.UG.FTS.B,

28.98%,

11/11/24

..

53

55

991030570.UG.FTS.B,

28.98%,

11/11/24

.

107

109

991031323.UG.FTS.B,

28.98%,

11/11/24

.

595

607

991031381.UG.FTS.B,

28.98%,

11/11/24

.

120

124

991032710.UG.FTS.B,

28.98%,

11/11/24

.

127

129

991033906.UG.FTS.B,

28.98%,

11/11/24

.

105

107

991034034.UG.FTS.B,

28.98%,

11/11/24

.

60

61

991034495.UG.FTS.B,

28.98%,

11/11/24

.

126

131

991034619.UG.FTS.B,

28.98%,

11/11/24

.

317

21

991036245.UG.FTS.B,

28.98%,

11/11/24

.

85

87

991036674.UG.FTS.B,

28.98%,

11/11/24

.

197

205

991037303.UG.FTS.B,

28.98%,

11/11/24

.

54

55

991038306.UG.FTS.B,

28.98%,

11/11/24

.

131

131

991040917.UG.FTS.B,

28.98%,

11/11/24

.

145

151

991043862.UG.FTS.B,

28.98%,

11/11/24

.

2,184

500

991044613.UG.FTS.B,

28.98%,

11/11/24

.

401

407

991045675.UG.FTS.B,

28.98%,

11/11/24

.

194

203

991047131.UG.FTS.B,

28.98%,

11/11/24

.

23

24

991047937.UG.FTS.B,

28.98%,

11/11/24

.

192

194

991049607.UG.FTS.B,

28.98%,

11/11/24

.

305

37

991049893.UG.FTS.B,

28.98%,

11/11/24

.

127

131

991051286.UG.FTS.B,

28.98%,

11/11/24

.

247

258

991051867.UG.FTS.B,

28.98%,

11/11/24

.

21

21

991052684.UG.FTS.B,

28.98%,

11/11/24

.

160

167

991053400.UG.FTS.B,

28.98%,

11/11/24

.

1,263

1,304

991054044.UG.FTS.B,

28.98%,

11/11/24

.

57

59

991054638.UG.FTS.B,

28.98%,

11/11/24

.

63

65

991054718.UG.FTS.B,

28.98%,

11/11/24

.

290

303

991054721.UG.FTS.B,

28.98%,

11/11/24

.

2,120

2,163

991055984.UG.FTS.B,

28.98%,

11/11/24

.

109

74

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991056457.UG.FTS.B,

28.98%,

11/11/24

.

$

749

$

782

991057097.UG.FTS.B,

28.98%,

11/11/24

.

190

126

991057928.UG.FTS.B,

28.98%,

11/11/24

.

477

499

991058079.UG.FTS.B,

28.98%,

11/11/24

.

36

36

991059086.UG.FTS.B,

28.98%,

11/11/24

.

56

56

991059607.UG.FTS.B,

28.98%,

11/11/24

.

295

308

991059725.UG.FTS.B,

28.98%,

11/11/24

.

180

188

991059969.UG.FTS.B,

28.98%,

11/11/24

.

190

24

991061718.UG.FTS.B,

28.98%,

11/11/24

.

156

164

991062449.UG.FTS.B,

28.98%,

11/11/24

.

138

142

991062713.UG.FTS.B,

28.98%,

11/11/24

.

246

252

991070416.UG.FTS.B,

28.98%,

11/11/24

.

117

121

991071245.UG.FTS.B,

28.98%,

11/11/24

.

957

989

991071859.UG.FTS.B,

28.98%,

11/11/24

.

179

187

991073100.UG.FTS.B,

28.98%,

11/11/24

.

236

16

991076272.UG.FTS.B,

28.98%,

11/11/24

.

281

293

991076865.UG.FTS.B,

28.98%,

11/11/24

.

84

88

991077608.UG.FTS.B,

28.98%,

11/11/24

.

137

143

991078682.UG.FTS.B,

28.98%,

11/11/24

.

1,052

1,097

991079069.UG.FTS.B,

28.98%,

11/11/24

.

213

223

991080796.UG.FTS.B,

28.98%,

11/11/24

.

392

410

991085565.UG.FTS.B,

28.98%,

11/11/24

.

118

122

991087454.UG.FTS.B,

28.98%,

11/11/24

.

172

176

991091995.UG.FTS.B,

28.98%,

11/11/24

.

100

103

991094513.UG.FTS.B,

28.98%,

11/11/24

.

3,218

3,355

991097574.UG.FTS.B,

28.98%,

11/11/24

.

310

324

991100435.UG.FTS.B,

28.98%,

11/11/24

..

75

75

991104322.UG.FTS.B,

28.98%,

11/11/24

..

157

164

991106885.UG.FTS.B,

28.98%,

11/11/24

..

57

59

991118204.UG.FTS.B,

28.98%,

11/11/24

..

5

5

991120675.UG.FTS.B,

28.98%,

11/11/24

..

354

370

991124008.UG.FTS.B,

28.98%,

11/11/24

..

103

108

991125224.UG.FTS.B,

28.98%,

11/11/24

..

9

9

991128202.UG.FTS.B,

28.98%,

11/11/24

..

259

271

991132545.UG.FTS.B,

28.98%,

11/11/24

..

278

289

991132831.UG.FTS.B,

28.98%,

11/11/24

..

364

369

991133083.UG.FTS.B,

28.98%,

11/11/24

..

288

(13)

991144617.UG.FTS.B,

28.98%,

11/11/24

..

122

124

991149570.UG.FTS.B,

28.98%,

11/11/24

..

426

441

991151147.UG.FTS.B,

28.98%,

11/11/24

..

1,244

1,288

991153131.UG.FTS.B,

28.98%,

11/11/24

..

27

28

991154102.UG.FTS.B,

28.98%,

11/11/24

..

1,236

1,279

991161941.UG.FTS.B,

28.98%,

11/11/24

..

1

1

991164690.UG.FTS.B,

28.98%,

11/11/24

..

172

179

991167348.UG.FTS.B,

28.98%,

11/11/24

..

159

165

991167851.UG.FTS.B,

28.98%,

11/11/24

..

141

147

991170640.UG.FTS.B,

28.98%,

11/11/24

..

24

24

991171146.UG.FTS.B,

28.98%,

11/11/24

..

213

213

991171156.UG.FTS.B,

28.98%,

11/11/24

..

100

7

991173041.UG.FTS.B,

28.98%,

11/11/24

..

79

19

991175878.UG.FTS.B,

28.98%,

11/11/24

..

134

136

991176698.UG.FTS.B,

28.98%,

11/11/24

..

353

363

991178953.UG.FTS.B,

28.98%,

11/11/24

..

115

119

991180529.UG.FTS.B,

28.98%,

11/11/24

..

89

92

991182117.UG.FTS.B,

28.98%,

11/11/24

..

185

188

991195039.UG.FTS.B,

28.98%,

11/11/24

..

386

399

991196736.UG.FTS.B,

28.98%,

11/11/24

..

227

235

991197445.UG.FTS.B,

28.98%,

11/11/24

..

2,332

2,411

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

252

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991197617.UG.FTS.B,

28.98%,

11/11/24

..

$

374

$

152

991200665.UG.FTS.B,

28.98%,

11/11/24

.

33

(1)

991201385.UG.FTS.B,

28.98%,

11/11/24

.

192

195

991214495.UG.FTS.B,

28.98%,

11/11/24

.

282

65

991218087.UG.FTS.B,

28.98%,

11/11/24

.

53

7

991024882.UG.FTS.B,

29.49%,

11/11/24

.

184

191

991025192.UG.FTS.B,

29.49%,

11/11/24

.

395

400

991025986.UG.FTS.B,

29.49%,

11/11/24

.

103

102

991026021.UG.FTS.B,

29.49%,

11/11/24

.

528

551

991026609.UG.FTS.B,

29.49%,

11/11/24

.

37

13

991026611.UG.FTS.B,

29.49%,

11/11/24

..

273

63

991026664.UG.FTS.B,

29.49%,

11/11/24

.

243

253

991029636.UG.FTS.B,

29.49%,

11/11/24

.

1,079

1,130

991029650.UG.FTS.B,

29.49%,

11/11/24

.

112

118

991029833.UG.FTS.B,

29.49%,

11/11/24

.

107

7

991029926.UG.FTS.B,

29.49%,

11/11/24

.

261

63

991030862.UG.FTS.B,

29.49%,

11/11/24

.

543

72

991030974.UG.FTS.B,

29.49%,

11/11/24

.

217

228

991031395.UG.FTS.B,

29.49%,

11/11/24

.

98

103

991031396.UG.FTS.B,

29.49%,

11/11/24

.

62

50

991031493.UG.FTS.B,

29.49%,

11/11/24

.

162

171

991031741.UG.FTS.B,

29.49%,

11/11/24

.

75

79

991032286.UG.FTS.B,

29.49%,

11/11/24

.

21

21

991032433.UG.FTS.B,

29.49%,

11/11/24

.

335

351

991032529.UG.FTS.B,

29.49%,

11/11/24

.

22

22

991032871.UG.FTS.B,

29.49%,

11/11/24

.

128

92

991033194.UG.FTS.B,

29.49%,

11/11/24

.

61

63

991033984.UG.FTS.B,

29.49%,

11/11/24

.

617

643

991037518.UG.FTS.B,

29.49%,

11/11/24

.

164

172

991037733.UG.FTS.B,

29.49%,

11/11/24

.

1

–

991038962.UG.FTS.B,

29.49%,

11/11/24

.

119

124

991039519.UG.FTS.B,

29.49%,

11/11/24

.

189

191

991039534.UG.FTS.B,

29.49%,

11/11/24

.

457

471

991039964.UG.FTS.B,

29.49%,

11/11/24

.

610

147

991040377.UG.FTS.B,

29.49%,

11/11/24

.

60

62

991041124.UG.FTS.B,

29.49%,

11/11/24

..

233

(11)

991041612.UG.FTS.B,

29.49%,

11/11/24

.

2,164

2,274

991043474.UG.FTS.B,

29.49%,

11/11/24

.

421

442

991044198.UG.FTS.B,

29.49%,

11/11/24

.

41

42

991044948.UG.FTS.B,

29.49%,

11/11/24

.

135

141

991046828.UG.FTS.B,

29.49%,

11/11/24

.

147

154

991048387.UG.FTS.B,

29.49%,

11/11/24

.

581

604

991048668.UG.FTS.B,

29.49%,

11/11/24

.

1,783

1,865

991048724.UG.FTS.B,

29.49%,

11/11/24

.

179

189

991050337.UG.FTS.B,

29.49%,

11/11/24

.

215

(9)

991051905.UG.FTS.B,

29.49%,

11/11/24

.

413

411

991052158.UG.FTS.B,

29.49%,

11/11/24

.

51

15

991052618.UG.FTS.B,

29.49%,

11/11/24

.

1,385

1,461

991053274.UG.FTS.B,

29.49%,

11/11/24

.

461

473

991055838.UG.FTS.B,

29.49%,

11/11/24

.

203

207

991057411.UG.FTS.B,

29.49%,

11/11/24

..

99

103

991057605.UG.FTS.B,

29.49%,

11/11/24

.

40

41

991059092.UG.FTS.B,

29.49%,

11/11/24

.

507

508

991059943.UG.FTS.B,

29.49%,

11/11/24

.

152

36

991060500.UG.FTS.B,

29.49%,

11/11/24

.

66

55

991061585.UG.FTS.B,

29.49%,

11/11/24

.

35

35

991062394.UG.FTS.B,

29.49%,

11/11/24

.

1,008

1,043

991062486.UG.FTS.B,

29.49%,

11/11/24

.

6

6

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991062532.UG.FTS.B,

29.49%,

11/11/24

.

$

170

$

174

991062627.UG.FTS.B,

29.49%,

11/11/24

.

404

413

991062693.UG.FTS.B,

29.49%,

11/11/24

.

15

15

991062748.UG.FTS.B,

29.49%,

11/11/24

.

480

503

991062995.UG.FTS.B,

29.49%,

11/11/24

.

141

147

991063510.UG.FTS.B,

29.49%,

11/11/24

.

68

53

991063512.UG.FTS.B,

29.49%,

11/11/24

.

1,655

1,716

991065705.UG.FTS.B,

29.49%,

11/11/24

.

231

17

991067434.UG.FTS.B,

29.49%,

11/11/24

.

495

517

991067458.UG.FTS.B,

29.49%,

11/11/24

.

356

372

991069527.UG.FTS.B,

29.49%,

11/11/24

.

326

337

991070049.UG.FTS.B,

29.49%,

11/11/24

.

15

15

991070132.UG.FTS.B,

29.49%,

11/11/24

.

53

54

991070297.UG.FTS.B,

29.49%,

11/11/24

.

251

257

991071633.UG.FTS.B,

29.49%,

11/11/24

.

365

282

991071715.UG.FTS.B,

29.49%,

11/11/24

.

71

74

991071934.UG.FTS.B,

29.49%,

11/11/24

.

1

1

991072390.UG.FTS.B,

29.49%,

11/11/24

.

737

173

991072862.UG.FTS.B,

29.49%,

11/11/24

.

1,494

1,049

991073326.UG.FTS.B,

29.49%,

11/11/24

.

1,046

705

991074295.UG.FTS.B,

29.49%,

11/11/24

.

211

219

991074648.UG.FTS.B,

29.49%,

11/11/24

.

1,544

1,611

991074770.UG.FTS.B,

29.49%,

11/11/24

.

200

201

991076554.UG.FTS.B,

29.49%,

11/11/24

.

863

607

991079129.UG.FTS.B,

29.49%,

11/11/24

.

297

298

991081009.UG.FTS.B,

29.49%,

11/11/24

.

–

–

991081273.UG.FTS.B,

29.49%,

11/11/24

.

143

151

991084245.UG.FTS.B,

29.49%,

11/11/24

.

74

74

991085994.UG.FTS.B,

29.49%,

11/11/24

.

356

373

991086224.UG.FTS.B,

29.49%,

11/11/24

.

156

164

991087016.UG.FTS.B,

29.49%,

11/11/24

.

766

99

991087089.UG.FTS.B,

29.49%,

11/11/24

.

430

451

991089870.UG.FTS.B,

29.49%,

11/11/24

.

709

732

991091062.UG.FTS.B,

29.49%,

11/11/24

.

204

214

991091194.UG.FTS.B,

29.49%,

11/11/24

..

34

12

991092922.UG.FTS.B,

29.49%,

11/11/24

.

149

150

991093390.UG.FTS.B,

29.49%,

11/11/24

.

453

469

991093484.UG.FTS.B,

29.49%,

11/11/24

.

83

20

991097673.UG.FTS.B,

29.49%,

11/11/24

.

94

100

991100786.UG.FTS.B,

29.49%,

11/11/24

..

57

4

991102456.UG.FTS.B,

29.49%,

11/11/24

..

643

671

991105317.UG.FTS.B,

29.49%,

11/11/24

..

29

30

991105795.UG.FTS.B,

29.49%,

11/11/24

..

295

68

991106129.UG.FTS.B,

29.49%,

11/11/24

..

50

52

991111641.UG.FTS.B,

29.49%,

11/11/24

..

44

45

991113486.UG.FTS.B,

29.49%,

11/11/24

..

209

214

991113621.UG.FTS.B,

29.49%,

11/11/24

..

1,154

1,202

991114764.UG.FTS.B,

29.49%,

11/11/24

..

426

55

991115785.UG.FTS.B,

29.49%,

11/11/24

..

1,419

1,488

991119988.UG.FTS.B,

29.49%,

11/11/24

..

100

104

991120196.UG.FTS.B,

29.49%,

11/11/24

..

134

141

991120336.UG.FTS.B,

29.49%,

11/11/24

..

357

375

991121030.UG.FTS.B,

29.49%,

11/11/24

..

286

298

991121979.UG.FTS.B,

29.49%,

11/11/24

..

30

30

991123639.UG.FTS.B,

29.49%,

11/11/24

..

105

74

991126785.UG.FTS.B,

29.49%,

11/11/24

..

143

150

991128140.UG.FTS.B,

29.49%,

11/11/24

..

142

150

991129046.UG.FTS.B,

29.49%,

11/11/24

..

323

338

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

253

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991130897.UG.FTS.B,

29.49%,

11/11/24

..

$

102

$

104

991134268.UG.FTS.B,

29.49%,

11/11/24

..

242

255

991138007.UG.FTS.B,

29.49%,

11/11/24

..

370

385

991141828.UG.FTS.B,

29.49%,

11/11/24

..

37

37

991142891.UG.FTS.B,

29.49%,

11/11/24

..

16

16

991147262.UG.FTS.B,

29.49%,

11/11/24

..

244

250

991147507.UG.FTS.B,

29.49%,

11/11/24

..

25

25

991148254.UG.FTS.B,

29.49%,

11/11/24

..

379

87

991150582.UG.FTS.B,

29.49%,

11/11/24

..

69

70

991152299.UG.FTS.B,

29.49%,

11/11/24

..

133

134

991154718.UG.FTS.B,

29.49%,

11/11/24

..

2,135

2,235

991160825.UG.FTS.B,

29.49%,

11/11/24

..

75

77

991161751.UG.FTS.B,

29.49%,

11/11/24

..

178

186

991162321.UG.FTS.B,

29.49%,

11/11/24

..

174

181

991166506.UG.FTS.B,

29.49%,

11/11/24

..

152

151

991169498.UG.FTS.B,

29.49%,

11/11/24

..

27

24

991169853.UG.FTS.B,

29.49%,

11/11/24

..

142

149

991175105.UG.FTS.B,

29.49%,

11/11/24

..

55

56

991175348.UG.FTS.B,

29.49%,

11/11/24

..

13

13

991176071.UG.FTS.B,

29.49%,

11/11/24

..

221

163

991180861.UG.FTS.B,

29.49%,

11/11/24

..

382

375

991182431.UG.FTS.B,

29.49%,

11/11/24

..

307

318

991191286.UG.FTS.B,

29.49%,

11/11/24

..

125

129

991192289.UG.FTS.B,

29.49%,

11/11/24

..

106

106

991197313.UG.FTS.B,

29.49%,

11/11/24

..

179

185

991202370.UG.FTS.B,

29.49%,

11/11/24

.

19

19

991204233.UG.FTS.B,

29.49%,

11/11/24

.

34

34

991213839.UG.FTS.B,

29.49%,

11/11/24

.

118

122

991214645.UG.FTS.B,

29.49%,

11/11/24

.

283

292

991217280.UG.FTS.B,

29.49%,

11/11/24

.

707

731

991055316.UG.FTS.B,

Zero

Cpn,

11/12/24

3,170

219

991055900.UG.FTS.B,

Zero

Cpn,

11/12/24

15

1

991119161.UG.FTS.B,

Zero

Cpn,

11/12/24

2,097

145

991130405.UG.FTS.B,

Zero

Cpn,

11/12/24

450

31

991197035.UG.FTS.B,

Zero

Cpn,

11/12/24

146

10

991234267.UG.FTS.B,

Zero

Cpn,

11/12/24

366

25

991042459.UG.FTS.B,

14%,

11/12/24

....

6,636

6,600

991036968.UG.FTS.B,

14.97%,

11/12/24

.

3,474

3,457

991036334.UG.FTS.B,

14.98%,

11/12/24

.

131

130

991043719.UG.FTS.B,

14.98%,

11/12/24

.

691

470

991033578.UG.FTS.B,

15%,

11/12/24

....

2,963

2,937

991036209.UG.FTS.B,

15%,

11/12/24

....

4,684

4,669

991041203.UG.FTS.B,

15%,

11/12/24

....

1,106

1,102

991046765.UG.FTS.B,

15.97%,

11/12/24

.

154

95

991049725.UG.FTS.B,

15.97%,

11/12/24

.

466

458

991060717.UG.FTS.B,

15.97%,

11/12/24

.

219

25

991120791.UG.FTS.B,

15.97%,

11/12/24

.

1,701

1,051

991038725.UG.FTS.B,

15.99%,

11/12/24

.

104

104

991040151.UG.FTS.B,

15.99%,

11/12/24

.

556

553

991042437.UG.FTS.B,

15.99%,

11/12/24

.

3,355

3,345

991130973.UG.FTS.B,

15.99%,

11/12/24

.

3,698

3,686

991035103.UG.FTS.B,

16.99%,

11/12/24

.

1,335

1,330

991037894.UG.FTS.B,

16.99%,

11/12/24

.

326

325

991046838.UG.FTS.B,

16.99%,

11/12/24

.

290

289

991050028.UG.FTS.B,

16.99%,

11/12/24

.

266

265

991214646.UG.FTS.B,

16.99%,

11/12/24

.

886

882

991042011.UG.FTS.B,

17.21%,

11/12/24

.

3,118

649

991039148.UG.FTS.B,

17.97%,

11/12/24

.

7,308

7,279

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991041313.UG.FTS.B,

17.97%,

11/12/24

.

$

4,953

$

4,923

991034794.UG.FTS.B,

17.99%,

11/12/24

.

884

881

991040629.UG.FTS.B,

17.99%,

11/12/24

.

961

66

991042430.UG.FTS.B,

17.99%,

11/12/24

.

2,695

1,935

991048993.UG.FTS.B,

17.99%,

11/12/24

.

226

16

991089727.UG.FTS.B,

17.99%,

11/12/24

.

6,454

4,195

991217835.UG.FTS.B,

17.99%,

11/12/24

.

671

665

991038677.UG.FTS.B,

18.21%,

11/12/24

.

4,911

4,892

991167075.UG.FTS.B,

18.21%,

11/12/24

.

1,686

1,675

991033351.UG.FTS.B,

18.97%,

11/12/24

.

33

32

991034560.UG.FTS.B,

18.97%,

11/12/24

.

205

204

991036429.UG.FTS.B,

18.97%,

11/12/24

.

452

449

991038296.UG.FTS.B,

18.97%,

11/12/24

.

223

222

991043248.UG.FTS.B,

18.97%,

11/12/24

.

151

150

991043614.UG.FTS.B,

18.97%,

11/12/24

.

656

654

991046047.UG.FTS.B,

18.97%,

11/12/24

.

319

318

991135510.UG.FTS.B,

18.97%,

11/12/24

.

407

405

991149515.UG.FTS.B,

18.97%,

11/12/24

.

602

599

991166787.UG.FTS.B,

18.97%,

11/12/24

.

2,741

2,711

991229420.UG.FTS.B,

18.97%,

11/12/24

.

433

429

991039912.UG.FTS.B,

19.21%,

11/12/24

.

218

217

991043544.UG.FTS.B,

19.21%,

11/12/24

.

71

70

991055412.UG.FTS.B,

19.21%,

11/12/24

.

2,112

2,104

991077162.UG.FTS.B,

19.21%,

11/12/24

.

678

661

991089256.UG.FTS.B,

19.21%,

11/12/24

.

28

28

991120756.UG.FTS.B,

19.21%,

11/12/24

.

3,402

3,380

991148374.UG.FTS.B,

19.21%,

11/12/24

.

271

163

991124710.UG.FTS.B,

19.46%,

11/12/24

.

1,271

968

991037811.UG.FTS.B,

19.8%,

11/12/24

..

669

666

991039753.UG.FTS.B,

19.8%,

11/12/24

..

650

647

991092557.UG.FTS.B,

19.8%,

11/12/24

..

70

18

991196590.UG.FTS.B,

19.8%,

11/12/24

..

203

201

991217186.UG.FTS.B,

19.8%,

11/12/24

..

74

73

991032173.UG.FTS.B,

20.46%,

11/12/24

.

329

326

991037582.UG.FTS.B,

20.46%,

11/12/24

.

23

23

991040953.UG.FTS.B,

20.46%,

11/12/24

.

890

886

991042127.UG.FTS.B,

20.46%,

11/12/24

.

1,356

1,349

991046754.UG.FTS.B,

20.46%,

11/12/24

.

2,467

2,450

991058413.UG.FTS.B,

20.46%,

11/12/24

.

700

697

991085590.UG.FTS.B,

20.46%,

11/12/24

.

694

691

991094480.UG.FTS.B,

20.46%,

11/12/24

.

274

273

991129109.UG.FTS.B,

20.46%,

11/12/24

.

343

341

991163006.UG.FTS.B,

20.46%,

11/12/24

.

333

329

991196098.UG.FTS.B,

20.46%,

11/12/24

.

162

160

991224739.UG.FTS.B,

20.46%,

11/12/24

.

123

121

991234666.UG.FTS.B,

20.46%,

11/12/24

.

82

81

991032939.UG.FTS.B,

20.97%,

11/12/24

.

1,139

1,130

991039115.UG.FTS.B,

20.97%,

11/12/24

.

1,400

1,388

991043019.UG.FTS.B,

20.97%,

11/12/24

.

49

39

991070100.UG.FTS.B,

20.97%,

11/12/24

.

142

140

991106317.UG.FTS.B,

20.97%,

11/12/24

.

443

441

991215378.UG.FTS.B,

20.97%,

11/12/24

.

681

672

991033130.UG.FTS.B,

21.46%,

11/12/24

.

618

611

991036161.UG.FTS.B,

21.46%,

11/12/24

.

3,755

3,735

991036670.UG.FTS.B,

21.46%,

11/12/24

.

1,740

378

991044475.UG.FTS.B,

21.46%,

11/12/24

.

455

55

991047526.UG.FTS.B,

21.46%,

11/12/24

.

628

623

991057765.UG.FTS.B,

21.46%,

11/12/24

.

144

143

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

254

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991072361.UG.FTS.B,

21.46%,

11/12/24

.

$

507

$

365

991072869.UG.FTS.B,

21.46%,

11/12/24

.

175

173

991086819.UG.FTS.B,

21.46%,

11/12/24

.

930

922

991096421.UG.FTS.B,

21.46%,

11/12/24

.

99

12

991106833.UG.FTS.B,

21.46%,

11/12/24

.

544

536

991128100.UG.FTS.B,

21.46%,

11/12/24

.

783

(11)

991130390.UG.FTS.B,

21.46%,

11/12/24

.

202

200

991144579.UG.FTS.B,

21.46%,

11/12/24

.

179

177

991149555.UG.FTS.B,

21.46%,

11/12/24

.

687

681

991154332.UG.FTS.B,

21.46%,

11/12/24

.

2,003

1,971

991167965.UG.FTS.B,

21.46%,

11/12/24

.

1,380

1,368

991226484.UG.FTS.B,

21.46%,

11/12/24

.

613

439

991042536.UG.FTS.B,

21.97%,

11/12/24

.

1,112

1,102

991033295.UG.FTS.B,

21.98%,

11/12/24

.

19

19

991036128.UG.FTS.B,

21.98%,

11/12/24

.

63

63

991046804.UG.FTS.B,

21.98%,

11/12/24

.

1,148

1,140

991121938.UG.FTS.B,

21.98%,

11/12/24

.

376

373

991131569.UG.FTS.B,

21.98%,

11/12/24

.

322

319

991217398.UG.FTS.B,

21.98%,

11/12/24

.

342

337

991224208.UG.FTS.B,

21.98%,

11/12/24

.

233

229

991039683.UG.FTS.B,

22.95%,

11/12/24

.

146

145

991067098.UG.FTS.B,

22.95%,

11/12/24

.

446

442

991032017.UG.FTS.B,

22.97%,

11/12/24

.

466

100

991039746.UG.FTS.B,

22.97%,

11/12/24

.

455

451

991222051.UG.FTS.B,

22.97%,

11/12/24

.

212

208

991033516.UG.FTS.B,

23.95%,

11/12/24

.

1,810

1,795

991072416.UG.FTS.B,

23.95%,

11/12/24

.

1,395

1,372

991083227.UG.FTS.B,

23.95%,

11/12/24

.

140

139

991085164.UG.FTS.B,

23.95%,

11/12/24

.

32

31

991235754.UG.FTS.B,

23.95%,

11/12/24

.

764

94

991101210.UG.FTS.B,

25.94%,

11/12/24

.

32

32

991103112.UG.FTS.B,

25.95%,

11/12/24

..

507

501

991149520.UG.FTS.B,

25.95%,

11/12/24

.

701

696

991183694.UG.FTS.B,

25.95%,

11/12/24

.

137

135

991037516.UG.FTS.B,

26.94%,

11/12/24

.

249

246

991039659.UG.FTS.B,

26.94%,

11/12/24

.

95

94

991043735.UG.FTS.B,

26.94%,

11/12/24

.

6

6

991059570.UG.FTS.B,

26.94%,

11/12/24

.

223

217

991194552.UG.FTS.B,

Zero

Cpn,

11/13/24

285

20

991043576.UG.FTS.B,

18.97%,

11/13/24

.

1

–

991054425.UG.FTS.B,

18.97%,

11/13/24

.

172

171

991061940.UG.FTS.B,

18.97%,

11/13/24

.

1,296

812

991092009.UG.FTS.B,

18.97%,

11/13/24

.

1,220

1,192

991096631.UG.FTS.B,

18.97%,

11/13/24

.

448

446

991119492.UG.FTS.B,

18.97%,

11/13/24

..

1,700

1,690

991141427.UG.FTS.B,

18.97%,

11/13/24

.

345

343

991225078.UG.FTS.B,

18.97%,

11/13/24

.

397

46

991043828.UG.FTS.B,

19.21%,

11/13/24

.

104

103

991053667.UG.FTS.B,

19.21%,

11/13/24

.

1,329

1,321

991053798.UG.FTS.B,

19.21%,

11/13/24

.

1,706

1,697

991058990.UG.FTS.B,

19.21%,

11/13/24

.

382

380

991128162.UG.FTS.B,

19.21%,

11/13/24

.

171

170

991158111.UG.FTS.B,

19.21%,

11/13/24

..

3,755

3,713

991044384.UG.FTS.B,

19.8%,

11/13/24

..

521

518

991045601.UG.FTS.B,

19.8%,

11/13/24

..

–

–

991051776.UG.FTS.B,

19.8%,

11/13/24

..

429

428

991053883.UG.FTS.B,

19.8%,

11/13/24

..

93

93

991054142.UG.FTS.B,

19.8%,

11/13/24

..

104

12

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991070292.UG.FTS.B,

19.8%,

11/13/24

..

$

681

$

666

991074550.UG.FTS.B,

19.8%,

11/13/24

..

909

602

991135137.UG.FTS.B,

19.8%,

11/13/24

..

605

599

991139982.UG.FTS.B,

19.8%,

11/13/24

..

119

17

991182015.UG.FTS.B,

19.8%,

11/13/24

..

75

74

991207669.UG.FTS.B,

19.8%,

11/13/24

..

103

102

991239015.UG.FTS.B,

19.8%,

11/13/24

..

113

112

991039412.UG.FTS.B,

20.46%,

11/13/24

.

443

60

991058306.UG.FTS.B,

20.46%,

11/13/24

.

525

523

991096499.UG.FTS.B,

20.46%,

11/13/24

.

14

14

991118761.UG.FTS.B,

20.97%,

11/13/24

..

274

268

991165286.UG.FTS.B,

20.97%,

11/13/24

.

24

24

991039886.UG.FTS.B,

21.46%,

11/13/24

.

174

174

991042608.UG.FTS.B,

21.46%,

11/13/24

.

523

510

991045113.UG.FTS.B,

21.46%,

11/13/24

.

23

23

991053506.UG.FTS.B,

21.46%,

11/13/24

.

38

37

991058137.UG.FTS.B,

21.46%,

11/13/24

.

50

49

991063989.UG.FTS.B,

21.46%,

11/13/24

.

22

22

991076067.UG.FTS.B,

21.46%,

11/13/24

.

6

6

991089124.UG.FTS.B,

21.46%,

11/13/24

.

1,009

215

991094103.UG.FTS.B,

21.46%,

11/13/24

.

690

684

991191064.UG.FTS.B,

21.46%,

11/13/24

.

75

5

991214954.UG.FTS.B,

21.46%,

11/13/24

.

341

336

991122796.UG.FTS.B,

21.97%,

11/13/24

.

27

27

991043243.UG.FTS.B,

21.98%,

11/13/24

.

114

113

991065324.UG.FTS.B,

21.98%,

11/13/24

.

729

724

991078122.UG.FTS.B,

21.98%,

11/13/24

.

2,189

2,172

991109227.UG.FTS.B,

21.98%,

11/13/24

.

34

33

991221586.UG.FTS.B,

21.98%,

11/13/24

.

130

128

991045128.UG.FTS.B,

22.97%,

11/13/24

.

46

45

991073136.UG.FTS.B,

22.97%,

11/13/24

.

1,099

1,093

991081670.UG.FTS.B,

22.97%,

11/13/24

.

374

371

991084697.UG.FTS.B,

22.97%,

11/13/24

.

1,199

1,153

991139845.UG.FTS.B,

22.97%,

11/13/24

.

140

3

991147839.UG.FTS.B,

22.97%,

11/13/24

.

660

656

991062210.UG.FTS.B,

23.95%,

11/13/24

.

111

111

991197167.UG.FTS.B,

23.95%,

11/13/24

.

138

136

991060635.UG.FTS.B,

25.94%,

11/13/24

.

841

822

991231048.UG.FTS.B,

25.94%,

11/13/24

.

10

10

991039523.UG.FTS.B,

25.95%,

11/13/24

.

18

3

991120433.UG.FTS.B,

25.95%,

11/13/24

.

704

699

991176572.UG.FTS.B,

25.95%,

11/13/24

.

698

693

991047047.UG.FTS.B,

Zero

Cpn,

11/14/24

1,320

90

991059252.UG.FTS.B,

Zero

Cpn,

11/14/24

121

8

991073730.UG.FTS.B,

Zero

Cpn,

11/14/24

375

26

991134077.UG.FTS.B,

Zero

Cpn,

11/14/24

750

52

991165927.UG.FTS.B,

18.8%,

11/14/24

..

89

88

991047941.UG.FTS.B,

18.97%,

11/14/24

.

334

333

991060835.UG.FTS.B,

18.97%,

11/14/24

.

304

303

991064005.UG.FTS.B,

18.97%,

11/14/24

.

841

836

991081186.UG.FTS.B,

18.97%,

11/14/24

.

1,832

1,821

991135967.UG.FTS.B,

18.97%,

11/14/24

.

885

882

991147340.UG.FTS.B,

18.97%,

11/14/24

.

1,132

1,126

991231578.UG.FTS.B,

18.97%,

11/14/24

.

3,373

3,341

991052420.UG.FTS.B,

19.21%,

11/14/24

.

353

351

991058880.UG.FTS.B,

19.21%,

11/14/24

.

192

127

991065337.UG.FTS.B,

19.21%,

11/14/24

.

85

85

991076720.UG.FTS.B,

19.21%,

11/14/24

.

89

87

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

255

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991115058.UG.FTS.B,

19.21%,

11/14/24

..

$

151

$

150

991230067.UG.FTS.B,

19.21%,

11/14/24

.

207

205

991186061.UG.FTS.B,

19.8%,

11/14/24

..

357

355

991192208.UG.FTS.B,

19.8%,

11/14/24

..

16

16

991212892.UG.FTS.B,

19.8%,

11/14/24

..

49

49

991247002.UG.FTS.B,

19.8%,

11/14/24

..

350

76

991051184.UG.FTS.B,

20.46%,

11/14/24

.

294

288

991053580.UG.FTS.B,

20.46%,

11/14/24

.

3

3

991067392.UG.FTS.B,

20.46%,

11/14/24

.

51

50

991137776.UG.FTS.B,

20.46%,

11/14/24

.

732

729

991147993.UG.FTS.B,

20.46%,

11/14/24

.

365

363

991176027.UG.FTS.B,

20.46%,

11/14/24

.

67

66

991177227.UG.FTS.B,

20.46%,

11/14/24

.

136

136

991194498.UG.FTS.B,

20.46%,

11/14/24

.

41

41

991052299.UG.FTS.B,

20.97%,

11/14/24

.

744

(12)

991060869.UG.FTS.B,

20.97%,

11/14/24

.

17

16

991068021.UG.FTS.B,

20.97%,

11/14/24

.

99

99

991075171.UG.FTS.B,

20.97%,

11/14/24

.

1,465

1,454

991133151.UG.FTS.B,

20.97%,

11/14/24

.

635

627

991178036.UG.FTS.B,

20.97%,

11/14/24

.

3,670

3,626

991184846.UG.FTS.B,

20.97%,

11/14/24

.

127

125

991232539.UG.FTS.B,

20.97%,

11/14/24

.

227

226

991161778.UG.FTS.B,

20.98%,

11/14/24

.

508

494

991047942.UG.FTS.B,

21.46%,

11/14/24

.

286

20

991053215.UG.FTS.B,

21.46%,

11/14/24

.

159

157

991055566.UG.FTS.B,

21.46%,

11/14/24

.

2,423

2,403

991061034.UG.FTS.B,

21.46%,

11/14/24

.

425

421

991068618.UG.FTS.B,

21.46%,

11/14/24

.

429

422

991119349.UG.FTS.B,

21.46%,

11/14/24

..

768

749

991133215.UG.FTS.B,

21.46%,

11/14/24

.

72

71

991166904.UG.FTS.B,

21.46%,

11/14/24

.

105

104

991184898.UG.FTS.B,

21.46%,

11/14/24

.

1,282

1,247

991049974.UG.FTS.B,

21.98%,

11/14/24

.

444

442

991072780.UG.FTS.B,

21.98%,

11/14/24

.

–

–

991084216.UG.FTS.B,

21.98%,

11/14/24

.

796

770

991143542.UG.FTS.B,

21.98%,

11/14/24

.

398

395

991247140.UG.FTS.B,

21.98%,

11/14/24

.

133

131

991228703.UG.FTS.B,

22.95%,

11/14/24

.

58

16

991060601.UG.FTS.B,

22.97%,

11/14/24

.

268

264

991100853.UG.FTS.B,

22.97%,

11/14/24

.

80

79

991163751.UG.FTS.B,

22.97%,

11/14/24

.

213

212

991184091.UG.FTS.B,

22.97%,

11/14/24

.

366

80

991224639.UG.FTS.B,

22.97%,

11/14/24

.

292

288

991209618.UG.FTS.B,

23.95%,

11/14/24

.

248

245

991197608.UG.FTS.B,

24.95%,

11/14/24

.

612

42

991051831.UG.FTS.B,

25.95%,

11/14/24

.

696

689

991063011.UG.FTS.B,

25.95%,

11/14/24

.

35

5

991068096.UG.FTS.B,

26.94%,

11/14/24

.

584

580

991061991.UG.FTS.B,

29.49%,

11/14/24

.

708

150

991055595.UG.FTS.B,

Zero

Cpn,

11/15/24

722

50

991093257.UG.FTS.B,

Zero

Cpn,

11/15/24

1,856

128

991122921.UG.FTS.B,

Zero

Cpn,

11/15/24

268

19

991124375.UG.FTS.B,

Zero

Cpn,

11/15/24

249

17

991125602.UG.FTS.B,

Zero

Cpn,

11/15/24

889

61

991148867.UG.FTS.B,

Zero

Cpn,

11/15/24

2,080

144

991198524.UG.FTS.B,

Zero

Cpn,

11/15/24

923

64

991062678.UG.FTS.B,

18.97%,

11/15/24

.

226

224

991146941.UG.FTS.B,

18.97%,

11/15/24

.

121

120

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991163525.UG.FTS.B,

18.97%,

11/15/24

.

$

184

$

182

991183506.UG.FTS.B,

18.97%,

11/15/24

.

8

8

991215026.UG.FTS.B,

18.97%,

11/15/24

.

676

669

991226714.UG.FTS.B,

18.97%,

11/15/24

.

877

869

991057044.UG.FTS.B,

19.21%,

11/15/24

.

177

177

991062012.UG.FTS.B,

19.21%,

11/15/24

.

158

158

991072734.UG.FTS.B,

19.21%,

11/15/24

.

1,701

1,691

991083160.UG.FTS.B,

19.21%,

11/15/24

.

61

60

991116196.UG.FTS.B,

19.21%,

11/15/24

..

832

827

991118519.UG.FTS.B,

19.21%,

11/15/24

..

626

621

991148899.UG.FTS.B,

19.21%,

11/15/24

.

55

54

991159422.UG.FTS.B,

19.21%,

11/15/24

.

119

119

991214523.UG.FTS.B,

19.21%,

11/15/24

.

2,704

2,677

991232676.UG.FTS.B,

19.21%,

11/15/24

.

1,352

1,338

991069121.UG.FTS.B,

19.46%,

11/15/24

.

87

86

991058435.UG.FTS.B,

19.8%,

11/15/24

..

562

560

991059968.UG.FTS.B,

19.8%,

11/15/24

..

390

387

991060645.UG.FTS.B,

19.8%,

11/15/24

..

304

303

991062788.UG.FTS.B,

19.8%,

11/15/24

..

885

72

991063837.UG.FTS.B,

19.8%,

11/15/24

..

206

205

991080455.UG.FTS.B,

19.8%,

11/15/24

..

137

136

991122945.UG.FTS.B,

19.8%,

11/15/24

..

438

435

991130059.UG.FTS.B,

19.8%,

11/15/24

..

107

106

991232884.UG.FTS.B,

19.8%,

11/15/24

..

183

180

991052998.UG.FTS.B,

20.46%,

11/15/24

.

379

376

991062692.UG.FTS.B,

20.46%,

11/15/24

.

–

–

991067501.UG.FTS.B,

20.46%,

11/15/24

.

182

181

991075795.UG.FTS.B,

20.46%,

11/15/24

.

77

77

991121275.UG.FTS.B,

20.46%,

11/15/24

.

4,101

4,073

991170710.UG.FTS.B,

20.46%,

11/15/24

.

243

242

991060260.UG.FTS.B,

20.97%,

11/15/24

.

1,079

1,074

991071778.UG.FTS.B,

20.97%,

11/15/24

.

380

377

991137852.UG.FTS.B,

20.97%,

11/15/24

.

18

17

991185680.UG.FTS.B,

20.97%,

11/15/24

.

175

173

991075287.UG.FTS.B,

20.98%,

11/15/24

.

26

26

991052662.UG.FTS.B,

21.46%,

11/15/24

.

3

–

991058892.UG.FTS.B,

21.46%,

11/15/24

.

1,016

222

991059119.UG.FTS.B,

21.46%,

11/15/24

.

68

68

991059443.UG.FTS.B,

21.46%,

11/15/24

.

975

(11)

991061209.UG.FTS.B,

21.46%,

11/15/24

.

473

468

991067852.UG.FTS.B,

21.46%,

11/15/24

.

276

275

991081663.UG.FTS.B,

21.46%,

11/15/24

.

189

188

991082388.UG.FTS.B,

21.46%,

11/15/24

.

179

135

991084465.UG.FTS.B,

21.46%,

11/15/24

.

1,659

1,636

991092471.UG.FTS.B,

21.46%,

11/15/24

.

214

213

991099369.UG.FTS.B,

21.46%,

11/15/24

.

224

222

991104130.UG.FTS.B,

21.46%,

11/15/24

.

411

30

991106167.UG.FTS.B,

21.46%,

11/15/24

.

–

–

991117836.UG.FTS.B,

21.46%,

11/15/24

..

127

96

991153690.UG.FTS.B,

21.46%,

11/15/24

.

219

217

991160626.UG.FTS.B,

21.46%,

11/15/24

.

2,645

2,623

991170133.UG.FTS.B,

21.46%,

11/15/24

.

340

339

991177667.UG.FTS.B,

21.46%,

11/15/24

.

143

140

991197057.UG.FTS.B,

21.46%,

11/15/24

.

710

152

991218740.UG.FTS.B,

21.46%,

11/15/24

.

170

167

991232327.UG.FTS.B,

21.46%,

11/15/24

.

255

251

991074487.UG.FTS.B,

21.98%,

11/15/24

.

586

581

991082558.UG.FTS.B,

21.98%,

11/15/24

.

263

262

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

256

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991088521.UG.FTS.B,

21.98%,

11/15/24

.

$

247

$

245

991115452.UG.FTS.B,

21.98%,

11/15/24

..

2,254

1,474

991119590.UG.FTS.B,

21.98%,

11/15/24

..

266

176

991180474.UG.FTS.B,

21.98%,

11/15/24

.

36

31

991232706.UG.FTS.B,

21.98%,

11/15/24

.

58

57

991112513.UG.FTS.B,

22.97%,

11/15/24

..

427

425

991218382.UG.FTS.B,

22.97%,

11/15/24

.

206

203

991118927.UG.FTS.B,

23.95%,

11/15/24

..

264

261

991186467.UG.FTS.B,

23.95%,

11/15/24

.

870

860

991239064.UG.FTS.B,

23.95%,

11/15/24

.

483

476

991088038.UG.FTS.B,

25.95%,

11/15/24

.

80

57

991098989.UG.FTS.B,

25.95%,

11/15/24

.

27

23

991104861.UG.FTS.B,

25.95%,

11/15/24

.

73

72

991179072.UG.FTS.B,

25.95%,

11/15/24

.

83

82

991051794.UG.FTS.B,

26.94%,

11/15/24

.

337

335

991199097.UG.FTS.B,

26.94%,

11/15/24

.

334

330

991076717.UG.FTS.B,

Zero

Cpn,

11/16/24

1,589

108

991111045.UG.FTS.B,

Zero

Cpn,

11/16/24

185

13

991187363.UG.FTS.B,

18.97%,

11/16/24

.

193

191

991165568.UG.FTS.B,

19.8%,

11/16/24

..

178

176

991060668.UG.FTS.B,

19.99%,

11/16/24

.

146

148

991067149.UG.FTS.B,

19.99%,

11/16/24

.

115

116

991069716.UG.FTS.B,

19.99%,

11/16/24

.

430

142

991077083.UG.FTS.B,

19.99%,

11/16/24

.

135

138

991088947.UG.FTS.B,

19.99%,

11/16/24

.

418

426

991121485.UG.FTS.B,

19.99%,

11/16/24

.

202

206

991260609.UG.FTS.B,

19.99%,

11/16/24

.

6

6

991099968.UG.FTS.B,

20.46%,

11/16/24

.

625

623

991070212.UG.FTS.B,

20.97%,

11/16/24

.

345

344

991146739.UG.FTS.B,

20.97%,

11/16/24

.

467

463

991106630.UG.FTS.B,

21.98%,

11/16/24

.

687

682

991258611.UG.FTS.B,

21.98%,

11/16/24

.

2,186

467

991075585.UG.FTS.B,

22.97%,

11/16/24

.

385

377

991201913.UG.FTS.B,

22.97%,

11/16/24

.

374

81

991104018.UG.FTS.B,

23.95%,

11/16/24

.

179

125

991083700.UG.FTS.B,

25.94%,

11/16/24

.

793

549

991086833.UG.FTS.B,

26.94%,

11/16/24

.

1,136

1,131

991060227.UG.FTS.B,

28.98%,

11/16/24

.

1,549

1,560

991061800.UG.FTS.B,

28.98%,

11/16/24

.

117

119

991071048.UG.FTS.B,

28.98%,

11/16/24

.

151

152

991078886.UG.FTS.B,

28.98%,

11/16/24

.

102

102

991093834.UG.FTS.B,

28.98%,

11/16/24

.

284

288

991109575.UG.FTS.B,

28.98%,

11/16/24

.

134

138

991112308.UG.FTS.B,

28.98%,

11/16/24

..

168

170

991112584.UG.FTS.B,

28.98%,

11/16/24

..

116

116

991119971.UG.FTS.B,

28.98%,

11/16/24

..

607

613

991130100.UG.FTS.B,

28.98%,

11/16/24

.

588

586

991132906.UG.FTS.B,

28.98%,

11/16/24

.

171

175

991139707.UG.FTS.B,

28.98%,

11/16/24

.

87

15

991183042.UG.FTS.B,

28.98%,

11/16/24

.

266

269

991258217.UG.FTS.B,

28.98%,

11/16/24

.

15

15

991261509.UG.FTS.B,

28.98%,

11/16/24

.

126

128

991060822.UG.FTS.B,

29.49%,

11/16/24

.

865

888

991061656.UG.FTS.B,

29.49%,

11/16/24

.

810

811

991061934.UG.FTS.B,

29.49%,

11/16/24

.

601

612

991064113.UG.FTS.B,

29.49%,

11/16/24

.

3

3

991064892.UG.FTS.B,

29.49%,

11/16/24

.

66

(3)

991069702.UG.FTS.B,

29.49%,

11/16/24

.

581

580

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991081262.UG.FTS.B,

29.49%,

11/16/24

.

$

81

$

83

991101093.UG.FTS.B,

29.49%,

11/16/24

.

183

186

991102818.UG.FTS.B,

29.49%,

11/16/24

.

24

24

991106544.UG.FTS.B,

29.49%,

11/16/24

.

91

93

991109786.UG.FTS.B,

29.49%,

11/16/24

.

232

236

991132554.UG.FTS.B,

29.49%,

11/16/24

.

143

11

991133361.UG.FTS.B,

29.49%,

11/16/24

.

64

65

991137323.UG.FTS.B,

29.49%,

11/16/24

.

847

858

991158505.UG.FTS.B,

29.49%,

11/16/24

.

29

29

991182164.UG.FTS.B,

29.49%,

11/16/24

.

252

258

991213983.UG.FTS.B,

29.49%,

11/16/24

.

201

204

991234732.UG.FTS.B,

29.49%,

11/16/24

.

22

22

991245774.UG.FTS.B,

29.49%,

11/16/24

.

388

393

991260449.UG.FTS.B,

29.49%,

11/16/24

.

42

6

991260561.UG.FTS.B,

29.49%,

11/16/24

.

48

48

991263681.UG.FTS.B,

29.49%,

11/16/24

.

116

118

991082096.UG.FTS.B,

Zero

Cpn,

11/17/24

890

61

991082799.UG.FTS.B,

Zero

Cpn,

11/17/24

2,694

186

991152161.UG.FTS.B,

Zero

Cpn,

11/17/24

593

41

991064798.UG.FTS.B,

19.21%,

11/17/24

.

431

281

991076389.UG.FTS.B,

19.21%,

11/17/24

.

503

500

991100419.UG.FTS.B,

19.8%,

11/17/24

..

102

102

991128160.UG.FTS.B,

19.8%,

11/17/24

..

137

136

991183019.UG.FTS.B,

19.8%,

11/17/24

..

3,163

3,131

991215163.UG.FTS.B,

19.8%,

11/17/24

..

704

701

991065873.UG.FTS.B,

19.99%,

11/17/24

.

96

98

991083501.UG.FTS.B,

19.99%,

11/17/24

.

401

29

991132871.UG.FTS.B,

19.99%,

11/17/24

.

129

132

991234093.UG.FTS.B,

19.99%,

11/17/24

.

57

58

991275120.UG.FTS.B,

19.99%,

11/17/24

.

137

138

991103988.UG.FTS.B,

20.46%,

11/17/24

.

315

314

991232167.UG.FTS.B,

20.46%,

11/17/24

.

123

121

991131881.UG.FTS.B,

20.97%,

11/17/24

.

176

175

991064064.UG.FTS.B,

21.46%,

11/17/24

.

243

242

991087993.UG.FTS.B,

21.46%,

11/17/24

.

140

139

991092687.UG.FTS.B,

21.46%,

11/17/24

.

147

146

991108196.UG.FTS.B,

21.46%,

11/17/24

.

1,403

1,390

991128305.UG.FTS.B,

21.46%,

11/17/24

.

22

20

991081575.UG.FTS.B,

21.98%,

11/17/24

.

262

258

991088067.UG.FTS.B,

21.98%,

11/17/24

.

219

219

991102607.UG.FTS.B,

21.98%,

11/17/24

.

1,191

1,183

991121813.UG.FTS.B,

21.98%,

11/17/24

.

56

47

991122048.UG.FTS.B,

21.98%,

11/17/24

.

198

197

991090075.UG.FTS.B,

22.95%,

11/17/24

.

136

135

991076633.UG.FTS.B,

22.97%,

11/17/24

.

2,210

2,195

991190627.UG.FTS.B,

22.97%,

11/17/24

.

1,665

(43)

991251530.UG.FTS.B,

22.97%,

11/17/24

.

72

72

991079431.UG.FTS.B,

25.95%,

11/17/24

.

294

292

991089872.UG.FTS.B,

25.95%,

11/17/24

.

242

241

991065007.UG.FTS.B,

27.99%,

11/17/24

.

286

288

991065027.UG.FTS.B,

27.99%,

11/17/24

.

978

992

991139363.UG.FTS.B,

27.99%,

11/17/24

.

244

246

991254668.UG.FTS.B,

27.99%,

11/17/24

.

244

(9)

991266169.UG.FTS.B,

27.99%,

11/17/24

.

182

183

991064290.UG.FTS.B,

28.98%,

11/17/24

.

293

299

991065223.UG.FTS.B,

28.98%,

11/17/24

.

2,924

216

991065238.UG.FTS.B,

28.98%,

11/17/24

.

39

39

991067567.UG.FTS.B,

28.98%,

11/17/24

.

1,564

1,575

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

257

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991068760.UG.FTS.B,

28.98%,

11/17/24

.

$

170

$

170

991070550.UG.FTS.B,

28.98%,

11/17/24

.

553

566

991082307.UG.FTS.B,

28.98%,

11/17/24

.

105

106

991102484.UG.FTS.B,

28.98%,

11/17/24

.

714

728

991104333.UG.FTS.B,

28.98%,

11/17/24

.

785

794

991117177.UG.FTS.B,

28.98%,

11/17/24

..

478

485

991120282.UG.FTS.B,

28.98%,

11/17/24

.

355

363

991137204.UG.FTS.B,

28.98%,

11/17/24

.

349

352

991138123.UG.FTS.B,

28.98%,

11/17/24

.

9

8

991138661.UG.FTS.B,

28.98%,

11/17/24

.

248

250

991147163.UG.FTS.B,

28.98%,

11/17/24

.

92

93

991237888.UG.FTS.B,

28.98%,

11/17/24

.

623

631

991253944.UG.FTS.B,

28.98%,

11/17/24

.

84

85

991257818.UG.FTS.B,

28.98%,

11/17/24

.

207

209

991262628.UG.FTS.B,

28.98%,

11/17/24

.

99

64

991270555.UG.FTS.B,

28.98%,

11/17/24

.

369

373

991064180.UG.FTS.B,

29.49%,

11/17/24

.

527

542

991064475.UG.FTS.B,

29.49%,

11/17/24

.

389

402

991064822.UG.FTS.B,

29.49%,

11/17/24

.

153

157

991064865.UG.FTS.B,

29.49%,

11/17/24

.

172

178

991067694.UG.FTS.B,

29.49%,

11/17/24

.

2,717

190

991067941.UG.FTS.B,

29.49%,

11/17/24

.

129

131

991069592.UG.FTS.B,

29.49%,

11/17/24

.

179

3

991070165.UG.FTS.B,

29.49%,

11/17/24

.

319

320

991071435.UG.FTS.B,

29.49%,

11/17/24

.

333

341

991076785.UG.FTS.B,

29.49%,

11/17/24

.

280

279

991077041.UG.FTS.B,

29.49%,

11/17/24

.

1,188

1,210

991077312.UG.FTS.B,

29.49%,

11/17/24

.

150

154

991081268.UG.FTS.B,

29.49%,

11/17/24

.

125

128

991081304.UG.FTS.B,

29.49%,

11/17/24

.

308

312

991083068.UG.FTS.B,

29.49%,

11/17/24

.

335

343

991085325.UG.FTS.B,

29.49%,

11/17/24

.

372

376

991088375.UG.FTS.B,

29.49%,

11/17/24

.

736

747

991090724.UG.FTS.B,

29.49%,

11/17/24

.

1,362

1,357

991091518.UG.FTS.B,

29.49%,

11/17/24

.

176

181

991097511.UG.FTS.B,

29.49%,

11/17/24

.

318

322

991097714.UG.FTS.B,

29.49%,

11/17/24

.

180

182

991101031.UG.FTS.B,

29.49%,

11/17/24

.

–

–

991104529.UG.FTS.B,

29.49%,

11/17/24

.

527

537

991123383.UG.FTS.B,

29.49%,

11/17/24

.

299

309

991125316.UG.FTS.B,

29.49%,

11/17/24

.

1,077

1,103

991128494.UG.FTS.B,

29.49%,

11/17/24

.

358

367

991134880.UG.FTS.B,

29.49%,

11/17/24

.

1,145

1,146

991136525.UG.FTS.B,

29.49%,

11/17/24

.

43

43

991151011.UG.FTS.B,

29.49%,

11/17/24

..

520

(21)

991152635.UG.FTS.B,

29.49%,

11/17/24

.

595

604

991155141.UG.FTS.B,

29.49%,

11/17/24

.

260

260

991155329.UG.FTS.B,

29.49%,

11/17/24

.

182

183

991157780.UG.FTS.B,

29.49%,

11/17/24

.

139

(6)

991207072.UG.FTS.B,

29.49%,

11/17/24

.

90

91

991220952.UG.FTS.B,

29.49%,

11/17/24

.

116

118

991237364.UG.FTS.B,

29.49%,

11/17/24

.

162

163

991242720.UG.FTS.B,

29.49%,

11/17/24

.

171

173

991255333.UG.FTS.B,

29.49%,

11/17/24

.

167

11

991260308.UG.FTS.B,

29.49%,

11/17/24

.

128

129

991269461.UG.FTS.B,

29.49%,

11/17/24

.

777

788

991275005.UG.FTS.B,

29.49%,

11/17/24

.

766

778

991098176.UG.FTS.B,

Zero

Cpn,

11/18/24

472

33

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991120450.UG.FTS.B,

Zero

Cpn,

11/18/24

$

2,549

$

173

991177357.UG.FTS.B,

Zero

Cpn,

11/18/24

463

–

991265966.UG.FTS.B,

Zero

Cpn,

11/18/24

94

7

991270692.UG.FTS.B,

Zero

Cpn,

11/18/24

246

–

991285965.UG.FTS.B,

Zero

Cpn,

11/18/24

4,600

–

991085150.UG.FTS.B,

18.97%,

11/18/24

.

365

363

991218211.UG.FTS.B,

18.97%,

11/18/24

.

1,377

947

991076070.UG.FTS.B,

19.21%,

11/18/24

.

465

462

991096721.UG.FTS.B,

19.21%,

11/18/24

.

238

238

991144974.UG.FTS.B,

19.21%,

11/18/24

.

220

219

991236091.UG.FTS.B,

19.21%,

11/18/24

.

83

83

991076327.UG.FTS.B,

19.8%,

11/18/24

..

730

727

991224037.UG.FTS.B,

19.8%,

11/18/24

..

465

461

991231361.UG.FTS.B,

19.8%,

11/18/24

..

138

137

991238529.UG.FTS.B,

19.8%,

11/18/24

..

1,699

1,142

991266262.UG.FTS.B,

19.8%,

11/18/24

..

1,305

782

991271638.UG.FTS.B,

19.8%,

11/18/24

..

108

107

991068853.UG.FTS.B,

19.99%,

11/18/24

.

328

329

991069918.UG.FTS.B,

19.99%,

11/18/24

.

466

470

991139772.UG.FTS.B,

19.99%,

11/18/24

.

83

83

991121705.UG.FTS.B,

20.46%,

11/18/24

.

352

351

991253040.UG.FTS.B,

20.46%,

11/18/24

.

211

210

991069159.UG.FTS.B,

20.97%,

11/18/24

.

180

179

991081741.UG.FTS.B,

20.97%,

11/18/24

.

335

333

991099861.UG.FTS.B,

20.97%,

11/18/24

.

254

253

991105387.UG.FTS.B,

20.97%,

11/18/24

.

560

556

991139545.UG.FTS.B,

20.97%,

11/18/24

.

23

22

991187853.UG.FTS.B,

20.97%,

11/18/24

.

157

155

991070225.UG.FTS.B,

21.46%,

11/18/24

.

33

32

991076711.UG.FTS.B,

21.46%,

11/18/24

.

552

549

991077296.UG.FTS.B,

21.46%,

11/18/24

.

27

–

991080037.UG.FTS.B,

21.46%,

11/18/24

.

1,059

1,050

991087476.UG.FTS.B,

21.46%,

11/18/24

.

415

414

991123966.UG.FTS.B,

21.46%,

11/18/24

.

467

38

991148797.UG.FTS.B,

21.46%,

11/18/24

.

513

511

991168160.UG.FTS.B,

21.46%,

11/18/24

.

309

210

991216620.UG.FTS.B,

21.46%,

11/18/24

.

156

(2)

991241045.UG.FTS.B,

21.46%,

11/18/24

.

59

58

991217130.UG.FTS.B,

21.97%,

11/18/24

.

22

22

991258967.UG.FTS.B,

21.97%,

11/18/24

.

375

370

991112148.UG.FTS.B,

21.98%,

11/18/24

..

202

200

991131564.UG.FTS.B,

21.98%,

11/18/24

.

737

734

991134666.UG.FTS.B,

21.98%,

11/18/24

.

691

689

991154395.UG.FTS.B,

21.98%,

11/18/24

.

311

299

991164518.UG.FTS.B,

22.97%,

11/18/24

.

23

23

991256526.UG.FTS.B,

22.97%,

11/18/24

.

113

112

991070388.UG.FTS.B,

23.95%,

11/18/24

.

182

180

991083760.UG.FTS.B,

23.95%,

11/18/24

.

347

344

991104120.UG.FTS.B,

23.95%,

11/18/24

.

643

636

991164077.UG.FTS.B,

23.95%,

11/18/24

.

75

75

991068855.UG.FTS.B,

25.94%,

11/18/24

.

243

154

991142510.UG.FTS.B,

25.94%,

11/18/24

.

343

341

991069413.UG.FTS.B,

25.95%,

11/18/24

.

200

199

991076971.UG.FTS.B,

25.95%,

11/18/24

.

681

676

991198800.UG.FTS.B,

25.95%,

11/18/24

.

19

19

991253923.UG.FTS.B,

25.95%,

11/18/24

.

341

335

991069054.UG.FTS.B,

26.94%,

11/18/24

.

574

568

991120025.UG.FTS.B,

26.94%,

11/18/24

.

855

846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

258

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991257896.UG.FTS.B,

26.94%,

11/18/24

.

$

665

$

653

991068866.UG.FTS.B,

27.99%,

11/18/24

.

3,339

2,253

991070331.UG.FTS.B,

28.98%,

11/18/24

.

187

189

991070598.UG.FTS.B,

28.98%,

11/18/24

.

887

891

991071737.UG.FTS.B,

28.98%,

11/18/24

.

419

427

991075517.UG.FTS.B,

28.98%,

11/18/24

.

1

1

991077563.UG.FTS.B,

28.98%,

11/18/24

.

6

6

991085878.UG.FTS.B,

28.98%,

11/18/24

.

205

210

991091599.UG.FTS.B,

28.98%,

11/18/24

.

151

155

991092153.UG.FTS.B,

28.98%,

11/18/24

.

125

128

991097338.UG.FTS.B,

28.98%,

11/18/24

.

87

89

991104647.UG.FTS.B,

28.98%,

11/18/24

.

486

488

991105241.UG.FTS.B,

28.98%,

11/18/24

.

211

209

991113097.UG.FTS.B,

28.98%,

11/18/24

..

182

184

991115818.UG.FTS.B,

28.98%,

11/18/24

..

93

93

991117034.UG.FTS.B,

28.98%,

11/18/24

..

512

524

991121961.UG.FTS.B,

28.98%,

11/18/24

.

35

35

991138076.UG.FTS.B,

28.98%,

11/18/24

.

495

497

991144168.UG.FTS.B,

28.98%,

11/18/24

.

144

2

991144216.UG.FTS.B,

28.98%,

11/18/24

.

27

4

991148076.UG.FTS.B,

28.98%,

11/18/24

.

187

190

991183993.UG.FTS.B,

28.98%,

11/18/24

.

922

944

991225745.UG.FTS.B,

28.98%,

11/18/24

.

154

156

991233679.UG.FTS.B,

28.98%,

11/18/24

.

286

289

991248335.UG.FTS.B,

28.98%,

11/18/24

.

129

102

991248592.UG.FTS.B,

28.98%,

11/18/24

.

173

173

991249319.UG.FTS.B,

28.98%,

11/18/24

.

56

57

991255587.UG.FTS.B,

28.98%,

11/18/24

.

437

439

991256863.UG.FTS.B,

28.98%,

11/18/24

.

135

137

991259091.UG.FTS.B,

28.98%,

11/18/24

.

325

327

991265478.UG.FTS.B,

28.98%,

11/18/24

.

256

259

991266829.UG.FTS.B,

28.98%,

11/18/24

.

1,824

1,837

991266958.UG.FTS.B,

28.98%,

11/18/24

.

210

212

991268787.UG.FTS.B,

28.98%,

11/18/24

.

908

889

991274554.UG.FTS.B,

28.98%,

11/18/24

.

543

549

991275662.UG.FTS.B,

28.98%,

11/18/24

.

680

671

991279616.UG.FTS.B,

28.98%,

11/18/24

.

22

22

991285759.UG.FTS.B,

28.98%,

11/18/24

.

421

426

991070037.UG.FTS.B,

29.49%,

11/18/24

.

197

197

991070972.UG.FTS.B,

29.49%,

11/18/24

.

236

168

991071642.UG.FTS.B,

29.49%,

11/18/24

.

79

82

991071681.UG.FTS.B,

29.49%,

11/18/24

.

4

4

991077410.UG.FTS.B,

29.49%,

11/18/24

.

559

560

991078201.UG.FTS.B,

29.49%,

11/18/24

.

198

203

991079864.UG.FTS.B,

29.49%,

11/18/24

.

569

47

991081828.UG.FTS.B,

29.49%,

11/18/24

.

424

426

991083550.UG.FTS.B,

29.49%,

11/18/24

.

531

549

991086378.UG.FTS.B,

29.49%,

11/18/24

.

174

179

991092822.UG.FTS.B,

29.49%,

11/18/24

.

115

114

991092908.UG.FTS.B,

29.49%,

11/18/24

.

1,372

1,413

991094588.UG.FTS.B,

29.49%,

11/18/24

.

537

549

991095845.UG.FTS.B,

29.49%,

11/18/24

.

199

199

991103237.UG.FTS.B,

29.49%,

11/18/24

.

–

–

991105247.UG.FTS.B,

29.49%,

11/18/24

.

197

14

991113925.UG.FTS.B,

29.49%,

11/18/24

..

282

284

991123315.UG.FTS.B,

29.49%,

11/18/24

.

226

232

991123662.UG.FTS.B,

29.49%,

11/18/24

.

29

2

991123768.UG.FTS.B,

29.49%,

11/18/24

.

127

129

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991129264.UG.FTS.B,

29.49%,

11/18/24

.

$

210

$

148

991130163.UG.FTS.B,

29.49%,

11/18/24

.

24

24

991136853.UG.FTS.B,

29.49%,

11/18/24

.

450

455

991138306.UG.FTS.B,

29.49%,

11/18/24

.

246

251

991149128.UG.FTS.B,

29.49%,

11/18/24

.

312

311

991154165.UG.FTS.B,

29.49%,

11/18/24

.

49

49

991160678.UG.FTS.B,

29.49%,

11/18/24

.

192

195

991162312.UG.FTS.B,

29.49%,

11/18/24

.

185

183

991175320.UG.FTS.B,

29.49%,

11/18/24

.

105

105

991175491.UG.FTS.B,

29.49%,

11/18/24

.

75

76

991190143.UG.FTS.B,

29.49%,

11/18/24

.

86

87

991195198.UG.FTS.B,

29.49%,

11/18/24

.

172

174

991201579.UG.FTS.B,

29.49%,

11/18/24

.

346

(12)

991204138.UG.FTS.B,

29.49%,

11/18/24

.

–

–

991204250.UG.FTS.B,

29.49%,

11/18/24

.

263

266

991205352.UG.FTS.B,

29.49%,

11/18/24

.

480

316

991222559.UG.FTS.B,

29.49%,

11/18/24

.

223

226

991225501.UG.FTS.B,

29.49%,

11/18/24

.

202

205

991232899.UG.FTS.B,

29.49%,

11/18/24

.

581

383

991233241.UG.FTS.B,

29.49%,

11/18/24

.

193

196

991236920.UG.FTS.B,

29.49%,

11/18/24

.

161

161

991242160.UG.FTS.B,

29.49%,

11/18/24

.

384

391

991250623.UG.FTS.B,

29.49%,

11/18/24

.

141

143

991253050.UG.FTS.B,

29.49%,

11/18/24

.

210

210

991261895.UG.FTS.B,

29.49%,

11/18/24

.

122

124

991264341.UG.FTS.B,

29.49%,

11/18/24

.

365

370

991270942.UG.FTS.B,

29.49%,

11/18/24

.

252

254

991270949.UG.FTS.B,

29.49%,

11/18/24

.

74

76

991273989.UG.FTS.B,

29.49%,

11/18/24

.

1,068

1,083

991274008.UG.FTS.B,

29.49%,

11/18/24

.

–

–

991277439.UG.FTS.B,

29.49%,

11/18/24

.

509

345

991285349.UG.FTS.B,

29.49%,

11/18/24

.

106

106

991286648.UG.FTS.B,

29.49%,

11/18/24

.

175

178

991077976.UG.FTS.B,

Zero

Cpn,

11/19/24

389

26

991088048.UG.FTS.B,

Zero

Cpn,

11/19/24

1,021

–

991096806.UG.FTS.B,

Zero

Cpn,

11/19/24

1,866

–

991102485.UG.FTS.B,

Zero

Cpn,

11/19/24

1,658

–

991118752.UG.FTS.B,

Zero

Cpn,

11/19/24

793

–

991151612.UG.FTS.B,

Zero

Cpn,

11/19/24

126

9

991158513.UG.FTS.B,

Zero

Cpn,

11/19/24

49

3

991164584.UG.FTS.B,

Zero

Cpn,

11/19/24

59

4

991170350.UG.FTS.B,

Zero

Cpn,

11/19/24

41

–

991176871.UG.FTS.B,

Zero

Cpn,

11/19/24

446

30

991196669.UG.FTS.B,

Zero

Cpn,

11/19/24

254

17

991199250.UG.FTS.B,

Zero

Cpn,

11/19/24

123

8

991203023.UG.FTS.B,

Zero

Cpn,

11/19/24

64

–

991207328.UG.FTS.B,

Zero

Cpn,

11/19/24

261

18

991216948.UG.FTS.B,

Zero

Cpn,

11/19/24

75

–

991232872.UG.FTS.B,

Zero

Cpn,

11/19/24

804

–

991254301.UG.FTS.B,

Zero

Cpn,

11/19/24

60

4

991258924.UG.FTS.B,

Zero

Cpn,

11/19/24

426

–

991267258.UG.FTS.B,

Zero

Cpn,

11/19/24

731

49

991290104.UG.FTS.B,

Zero

Cpn,

11/19/24

70

5

991082590.UG.FTS.B,

18.97%,

11/19/24

.

3,162

3,154

991110204.UG.FTS.B,

18.97%,

11/19/24

..

636

632

991111651.UG.FTS.B,

18.97%,

11/19/24

..

321

321

991126405.UG.FTS.B,

18.97%,

11/19/24

.

454

453

991204031.UG.FTS.B,

18.97%,

11/19/24

.

353

352

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

259

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991224732.UG.FTS.B,

18.97%,

11/19/24

.

$

1,351

$

1,348

991262913.UG.FTS.B,

18.97%,

11/19/24

.

228

49

991266466.UG.FTS.B,

18.97%,

11/19/24

.

675

669

991086533.UG.FTS.B,

19.21%,

11/19/24

.

340

338

991088805.UG.FTS.B,

19.21%,

11/19/24

.

465

460

991136802.UG.FTS.B,

19.21%,

11/19/24

.

100

99

991150918.UG.FTS.B,

19.21%,

11/19/24

.

404

403

991183100.UG.FTS.B,

19.21%,

11/19/24

.

125

125

991266696.UG.FTS.B,

19.21%,

11/19/24

.

371

368

991079478.UG.FTS.B,

19.8%,

11/19/24

..

276

275

991081336.UG.FTS.B,

19.8%,

11/19/24

..

298

297

991082732.UG.FTS.B,

19.8%,

11/19/24

..

5,776

5,718

991086704.UG.FTS.B,

19.8%,

11/19/24

..

190

23

991098979.UG.FTS.B,

19.8%,

11/19/24

..

526

525

991115770.UG.FTS.B,

19.8%,

11/19/24

...

73

73

991120579.UG.FTS.B,

19.8%,

11/19/24

..

341

341

991130913.UG.FTS.B,

19.8%,

11/19/24

..

516

512

991224491.UG.FTS.B,

19.8%,

11/19/24

..

543

541

991227461.UG.FTS.B,

19.8%,

11/19/24

..

241

240

991266414.UG.FTS.B,

19.8%,

11/19/24

..

370

366

991077647.UG.FTS.B,

19.99%,

11/19/24

.

162

166

991081249.UG.FTS.B,

19.99%,

11/19/24

.

122

125

991087313.UG.FTS.B,

19.99%,

11/19/24

.

1,719

1,753

991105555.UG.FTS.B,

19.99%,

11/19/24

.

217

222

991120422.UG.FTS.B,

19.99%,

11/19/24

.

274

281

991126671.UG.FTS.B,

19.99%,

11/19/24

.

94

97

991132221.UG.FTS.B,

19.99%,

11/19/24

.

1,086

1,108

991139749.UG.FTS.B,

19.99%,

11/19/24

.

159

160

991141300.UG.FTS.B,

19.99%,

11/19/24

.

412

412

991146347.UG.FTS.B,

19.99%,

11/19/24

.

299

305

991188678.UG.FTS.B,

19.99%,

11/19/24

.

341

349

991192150.UG.FTS.B,

19.99%,

11/19/24

.

33

33

991213128.UG.FTS.B,

19.99%,

11/19/24

.

45

45

991255001.UG.FTS.B,

19.99%,

11/19/24

.

31

31

991260615.UG.FTS.B,

19.99%,

11/19/24

.

226

228

991266050.UG.FTS.B,

19.99%,

11/19/24

.

107

107

991085469.UG.FTS.B,

20.46%,

11/19/24

.

2,120

2,100

991090200.UG.FTS.B,

20.46%,

11/19/24

.

103

102

991102726.UG.FTS.B,

20.46%,

11/19/24

.

321

321

991109524.UG.FTS.B,

20.46%,

11/19/24

.

119

118

991247033.UG.FTS.B,

20.46%,

11/19/24

.

677

670

991263847.UG.FTS.B,

20.46%,

11/19/24

.

121

120

991086163.UG.FTS.B,

20.97%,

11/19/24

.

1,168

1,155

991087156.UG.FTS.B,

20.97%,

11/19/24

.

1,175

1,168

991183459.UG.FTS.B,

20.97%,

11/19/24

.

686

682

991269259.UG.FTS.B,

20.97%,

11/19/24

.

1,052

75

991084979.UG.FTS.B,

21.46%,

11/19/24

.

163

162

991092934.UG.FTS.B,

21.46%,

11/19/24

.

531

66

991100598.UG.FTS.B,

21.46%,

11/19/24

.

53

52

991106686.UG.FTS.B,

21.46%,

11/19/24

.

100

99

991225627.UG.FTS.B,

21.46%,

11/19/24

.

213

212

991268376.UG.FTS.B,

21.46%,

11/19/24

.

324

320

991084861.UG.FTS.B,

21.97%,

11/19/24

.

48

48

991115744.UG.FTS.B,

21.97%,

11/19/24

..

173

171

991078051.UG.FTS.B,

21.98%,

11/19/24

.

298

297

991098075.UG.FTS.B,

21.98%,

11/19/24

.

350

348

991105577.UG.FTS.B,

21.98%,

11/19/24

.

136

135

991129402.UG.FTS.B,

21.98%,

11/19/24

.

484

482

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991204148.UG.FTS.B,

21.98%,

11/19/24

.

$

109

$

75

991079026.UG.FTS.B,

22.97%,

11/19/24

.

880

874

991236066.UG.FTS.B,

22.97%,

11/19/24

.

155

153

991078332.UG.FTS.B,

25.95%,

11/19/24

.

240

(6)

991096749.UG.FTS.B,

27.99%,

11/19/24

.

34

35

991135675.UG.FTS.B,

27.99%,

11/19/24

.

650

663

991184596.UG.FTS.B,

27.99%,

11/19/24

.

709

727

991241992.UG.FTS.B,

27.99%,

11/19/24

.

36

37

991283925.UG.FTS.B,

27.99%,

11/19/24

.

492

497

991077910.UG.FTS.B,

28.98%,

11/19/24

.

495

64

991078286.UG.FTS.B,

28.98%,

11/19/24

.

–

–

991078717.UG.FTS.B,

28.98%,

11/19/24

.

1,867

1,898

991079074.UG.FTS.B,

28.98%,

11/19/24

.

570

583

991079330.UG.FTS.B,

28.98%,

11/19/24

.

368

374

991079346.UG.FTS.B,

28.98%,

11/19/24

.

101

102

991079861.UG.FTS.B,

28.98%,

11/19/24

.

182

176

991080093.UG.FTS.B,

28.98%,

11/19/24

.

100

102

991080486.UG.FTS.B,

28.98%,

11/19/24

.

75

55

991080857.UG.FTS.B,

28.98%,

11/19/24

.

3,964

4,042

991081123.UG.FTS.B,

28.98%,

11/19/24

.

721

735

991082502.UG.FTS.B,

28.98%,

11/19/24

.

291

298

991082585.UG.FTS.B,

28.98%,

11/19/24

.

20

20

991082881.UG.FTS.B,

28.98%,

11/19/24

.

32

32

991084445.UG.FTS.B,

28.98%,

11/19/24

.

294

296

991085926.UG.FTS.B,

28.98%,

11/19/24

.

1

–

991086365.UG.FTS.B,

28.98%,

11/19/24

.

58

58

991086970.UG.FTS.B,

28.98%,

11/19/24

.

908

909

991087100.UG.FTS.B,

28.98%,

11/19/24

.

29

29

991087646.UG.FTS.B,

28.98%,

11/19/24

.

457

466

991089356.UG.FTS.B,

28.98%,

11/19/24

.

112

109

991089448.UG.FTS.B,

28.98%,

11/19/24

.

406

416

991091771.UG.FTS.B,

28.98%,

11/19/24

.

70

70

991092094.UG.FTS.B,

28.98%,

11/19/24

.

1,114

1,136

991092246.UG.FTS.B,

28.98%,

11/19/24

.

16

16

991092718.UG.FTS.B,

28.98%,

11/19/24

.

34

13

991093210.UG.FTS.B,

28.98%,

11/19/24

.

144

147

991094159.UG.FTS.B,

28.98%,

11/19/24

.

255

258

991094660.UG.FTS.B,

28.98%,

11/19/24

.

65

66

991096255.UG.FTS.B,

28.98%,

11/19/24

.

479

490

991096387.UG.FTS.B,

28.98%,

11/19/24

.

673

685

991096689.UG.FTS.B,

28.98%,

11/19/24

.

–

–

991097573.UG.FTS.B,

28.98%,

11/19/24

.

40

40

991097697.UG.FTS.B,

28.98%,

11/19/24

.

155

156

991097773.UG.FTS.B,

28.98%,

11/19/24

.

302

309

991097893.UG.FTS.B,

28.98%,

11/19/24

.

310

310

991098068.UG.FTS.B,

28.98%,

11/19/24

.

152

10

991098218.UG.FTS.B,

28.98%,

11/19/24

.

128

130

991101044.UG.FTS.B,

28.98%,

11/19/24

.

228

233

991101178.UG.FTS.B,

28.98%,

11/19/24

..

140

142

991102831.UG.FTS.B,

28.98%,

11/19/24

.

399

408

991103136.UG.FTS.B,

28.98%,

11/19/24

.

14

14

991103262.UG.FTS.B,

28.98%,

11/19/24

.

326

330

991103976.UG.FTS.B,

28.98%,

11/19/24

.

677

690

991104468.UG.FTS.B,

28.98%,

11/19/24

.

3,312

3,389

991104595.UG.FTS.B,

28.98%,

11/19/24

.

71

72

991105346.UG.FTS.B,

28.98%,

11/19/24

.

253

255

991105565.UG.FTS.B,

28.98%,

11/19/24

.

85

85

991106293.UG.FTS.B,

28.98%,

11/19/24

.

239

245

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

260

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991107342.UG.FTS.B,

28.98%,

11/19/24

.

$

216

$

220

991107864.UG.FTS.B,

28.98%,

11/19/24

.

164

165

991108611.UG.FTS.B,

28.98%,

11/19/24

..

151

154

991108896.UG.FTS.B,

28.98%,

11/19/24

.

309

313

991109351.UG.FTS.B,

28.98%,

11/19/24

.

47

7

991109551.UG.FTS.B,

28.98%,

11/19/24

.

1,198

1,215

991110326.UG.FTS.B,

28.98%,

11/19/24

..

1,624

1,656

991110570.UG.FTS.B,

28.98%,

11/19/24

..

125

128

991110695.UG.FTS.B,

28.98%,

11/19/24

..

606

79

991111890.UG.FTS.B,

28.98%,

11/19/24

..

94

97

991113138.UG.FTS.B,

28.98%,

11/19/24

..

63

64

991113314.UG.FTS.B,

28.98%,

11/19/24

..

–

–

991113372.UG.FTS.B,

28.98%,

11/19/24

..

361

368

991114496.UG.FTS.B,

28.98%,

11/19/24

..

121

123

991114522.UG.FTS.B,

28.98%,

11/19/24

..

421

431

991114717.UG.FTS.B,

28.98%,

11/19/24

..

125

127

991114743.UG.FTS.B,

28.98%,

11/19/24

..

77

79

991115278.UG.FTS.B,

28.98%,

11/19/24

..

597

602

991117632.UG.FTS.B,

28.98%,

11/19/24

..

1,085

1,086

991118407.UG.FTS.B,

28.98%,

11/19/24

..

474

479

991119502.UG.FTS.B,

28.98%,

11/19/24

..

717

734

991119530.UG.FTS.B,

28.98%,

11/19/24

..

398

401

991120001.UG.FTS.B,

28.98%,

11/19/24

.

416

(6)

991121740.UG.FTS.B,

28.98%,

11/19/24

.

131

133

991122095.UG.FTS.B,

28.98%,

11/19/24

.

341

347

991122280.UG.FTS.B,

28.98%,

11/19/24

.

132

10

991123035.UG.FTS.B,

28.98%,

11/19/24

.

34

28

991123471.UG.FTS.B,

28.98%,

11/19/24

.

149

150

991124198.UG.FTS.B,

28.98%,

11/19/24

.

341

349

991125441.UG.FTS.B,

28.98%,

11/19/24

.

763

781

991127107.UG.FTS.B,

28.98%,

11/19/24

.

215

220

991129484.UG.FTS.B,

28.98%,

11/19/24

.

45

45

991132767.UG.FTS.B,

28.98%,

11/19/24

.

156

158

991132858.UG.FTS.B,

28.98%,

11/19/24

.

79

81

991132991.UG.FTS.B,

28.98%,

11/19/24

.

183

188

991134220.UG.FTS.B,

28.98%,

11/19/24

.

143

147

991135049.UG.FTS.B,

28.98%,

11/19/24

.

104

106

991136717.UG.FTS.B,

28.98%,

11/19/24

.

1,028

1,047

991138625.UG.FTS.B,

28.98%,

11/19/24

.

726

741

991139458.UG.FTS.B,

28.98%,

11/19/24

.

203

208

991139741.UG.FTS.B,

28.98%,

11/19/24

.

388

27

991139852.UG.FTS.B,

28.98%,

11/19/24

.

28

28

991140740.UG.FTS.B,

28.98%,

11/19/24

.

213

212

991140959.UG.FTS.B,

28.98%,

11/19/24

.

634

640

991141321.UG.FTS.B,

28.98%,

11/19/24

.

218

223

991141961.UG.FTS.B,

28.98%,

11/19/24

.

1,141

1,165

991144190.UG.FTS.B,

28.98%,

11/19/24

.

409

417

991144684.UG.FTS.B,

28.98%,

11/19/24

.

317

323

991146431.UG.FTS.B,

28.98%,

11/19/24

.

87

89

991148491.UG.FTS.B,

28.98%,

11/19/24

.

571

582

991149756.UG.FTS.B,

28.98%,

11/19/24

.

–

–

991150021.UG.FTS.B,

28.98%,

11/19/24

.

125

128

991150543.UG.FTS.B,

28.98%,

11/19/24

.

380

387

991160191.UG.FTS.B,

28.98%,

11/19/24

.

102

105

991161065.UG.FTS.B,

28.98%,

11/19/24

.

600

605

991161863.UG.FTS.B,

28.98%,

11/19/24

.

58

59

991162376.UG.FTS.B,

28.98%,

11/19/24

.

109

110

991162623.UG.FTS.B,

28.98%,

11/19/24

.

27

27

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991164721.UG.FTS.B,

28.98%,

11/19/24

.

$

205

$

207

991166387.UG.FTS.B,

28.98%,

11/19/24

.

81

83

991166443.UG.FTS.B,

28.98%,

11/19/24

.

65

66

991169759.UG.FTS.B,

28.98%,

11/19/24

.

1,920

1,958

991170771.UG.FTS.B,

28.98%,

11/19/24

.

228

234

991173637.UG.FTS.B,

28.98%,

11/19/24

.

66

67

991175295.UG.FTS.B,

28.98%,

11/19/24

.

1,551

1,526

991176399.UG.FTS.B,

28.98%,

11/19/24

.

284

291

991177020.UG.FTS.B,

28.98%,

11/19/24

.

122

122

991180832.UG.FTS.B,

28.98%,

11/19/24

.

101

104

991181040.UG.FTS.B,

28.98%,

11/19/24

.

1,008

1,032

991183616.UG.FTS.B,

28.98%,

11/19/24

.

562

569

991185484.UG.FTS.B,

28.98%,

11/19/24

.

93

95

991187172.UG.FTS.B,

28.98%,

11/19/24

.

39

39

991188088.UG.FTS.B,

28.98%,

11/19/24

.

9

9

991188540.UG.FTS.B,

28.98%,

11/19/24

.

62

4

991190233.UG.FTS.B,

28.98%,

11/19/24

.

22

22

991195204.UG.FTS.B,

28.98%,

11/19/24

.

134

135

991200084.UG.FTS.B,

28.98%,

11/19/24

.

112

112

991211917.UG.FTS.B,

28.98%,

11/19/24

.

44

44

991212005.UG.FTS.B,

28.98%,

11/19/24

.

76

78

991213383.UG.FTS.B,

28.98%,

11/19/24

.

107

108

991213749.UG.FTS.B,

28.98%,

11/19/24

.

94

95

991215309.UG.FTS.B,

28.98%,

11/19/24

.

153

156

991218732.UG.FTS.B,

28.98%,

11/19/24

.

137

139

991222252.UG.FTS.B,

28.98%,

11/19/24

.

131

132

991222930.UG.FTS.B,

28.98%,

11/19/24

.

246

252

991224492.UG.FTS.B,

28.98%,

11/19/24

.

1,063

1,076

991225580.UG.FTS.B,

28.98%,

11/19/24

.

70

71

991230177.UG.FTS.B,

28.98%,

11/19/24

.

12

12

991231640.UG.FTS.B,

28.98%,

11/19/24

.

383

267

991237137.UG.FTS.B,

28.98%,

11/19/24

.

13

13

991245677.UG.FTS.B,

28.98%,

11/19/24

.

92

93

991247374.UG.FTS.B,

28.98%,

11/19/24

.

849

859

991251084.UG.FTS.B,

28.98%,

11/19/24

.

120

122

991259402.UG.FTS.B,

28.98%,

11/19/24

.

92

93

991260584.UG.FTS.B,

28.98%,

11/19/24

.

847

857

991263078.UG.FTS.B,

28.98%,

11/19/24

.

20

17

991264197.UG.FTS.B,

28.98%,

11/19/24

.

108

109

991265366.UG.FTS.B,

28.98%,

11/19/24

.

58

58

991267944.UG.FTS.B,

28.98%,

11/19/24

.

50

51

991267970.UG.FTS.B,

28.98%,

11/19/24

.

212

214

991268827.UG.FTS.B,

28.98%,

11/19/24

.

371

47

991269450.UG.FTS.B,

28.98%,

11/19/24

.

169

171

991269614.UG.FTS.B,

28.98%,

11/19/24

.

423

428

991270128.UG.FTS.B,

28.98%,

11/19/24

.

94

95

991272220.UG.FTS.B,

28.98%,

11/19/24

.

192

195

991274553.UG.FTS.B,

28.98%,

11/19/24

.

152

153

991275453.UG.FTS.B,

28.98%,

11/19/24

.

166

167

991276025.UG.FTS.B,

28.98%,

11/19/24

.

57

58

991276906.UG.FTS.B,

28.98%,

11/19/24

.

264

268

991285040.UG.FTS.B,

28.98%,

11/19/24

.

109

110

991285798.UG.FTS.B,

28.98%,

11/19/24

.

364

369

991285978.UG.FTS.B,

28.98%,

11/19/24

.

292

296

991287179.UG.FTS.B,

28.98%,

11/19/24

.

13

13

991288892.UG.FTS.B,

28.98%,

11/19/24

.

109

107

991291090.UG.FTS.B,

28.98%,

11/19/24

.

136

137

991079459.UG.FTS.B,

29.49%,

11/19/24

.

807

831

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

261

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991079567.UG.FTS.B,

29.49%,

11/19/24

.

$

118

$

119

991080090.UG.FTS.B,

29.49%,

11/19/24

.

31

31

991080172.UG.FTS.B,

29.49%,

11/19/24

.

106

107

991080329.UG.FTS.B,

29.49%,

11/19/24

.

151

154

991080461.UG.FTS.B,

29.49%,

11/19/24

.

45

45

991080785.UG.FTS.B,

29.49%,

11/19/24

.

317

214

991081477.UG.FTS.B,

29.49%,

11/19/24

.

153

155

991081962.UG.FTS.B,

29.49%,

11/19/24

.

220

225

991082750.UG.FTS.B,

29.49%,

11/19/24

.

403

275

991083763.UG.FTS.B,

29.49%,

11/19/24

.

22

22

991083796.UG.FTS.B,

29.49%,

11/19/24

.

244

18

991083864.UG.FTS.B,

29.49%,

11/19/24

.

41

41

991083975.UG.FTS.B,

29.49%,

11/19/24

.

155

152

991084120.UG.FTS.B,

29.49%,

11/19/24

.

510

516

991084551.UG.FTS.B,

29.49%,

11/19/24

.

72

54

991085340.UG.FTS.B,

29.49%,

11/19/24

.

93

21

991085401.UG.FTS.B,

29.49%,

11/19/24

.

89

92

991085447.UG.FTS.B,

29.49%,

11/19/24

.

8

8

991085755.UG.FTS.B,

29.49%,

11/19/24

.

135

10

991086030.UG.FTS.B,

29.49%,

11/19/24

.

666

89

991086618.UG.FTS.B,

29.49%,

11/19/24

.

169

174

991086865.UG.FTS.B,

29.49%,

11/19/24

.

106

109

991086904.UG.FTS.B,

29.49%,

11/19/24

.

376

27

991087274.UG.FTS.B,

29.49%,

11/19/24

.

2,695

354

991088485.UG.FTS.B,

29.49%,

11/19/24

.

113

116

991088510.UG.FTS.B,

29.49%,

11/19/24

.

256

262

991089471.UG.FTS.B,

29.49%,

11/19/24

.

305

312

991091761.UG.FTS.B,

29.49%,

11/19/24

.

230

236

991091799.UG.FTS.B,

29.49%,

11/19/24

.

84

85

991096428.UG.FTS.B,

29.49%,

11/19/24

.

302

308

991096842.UG.FTS.B,

29.49%,

11/19/24

.

221

156

991096952.UG.FTS.B,

29.49%,

11/19/24

.

93

96

991097752.UG.FTS.B,

29.49%,

11/19/24

.

122

125

991098909.UG.FTS.B,

29.49%,

11/19/24

.

696

712

991099491.UG.FTS.B,

29.49%,

11/19/24

.

308

204

991099687.UG.FTS.B,

29.49%,

11/19/24

.

823

833

991100113.UG.FTS.B,

29.49%,

11/19/24

..

145

149

991100252.UG.FTS.B,

29.49%,

11/19/24

.

172

154

991100307.UG.FTS.B,

29.49%,

11/19/24

.

49

49

991102829.UG.FTS.B,

29.49%,

11/19/24

.

153

149

991103770.UG.FTS.B,

29.49%,

11/19/24

.

135

138

991103901.UG.FTS.B,

29.49%,

11/19/24

.

390

400

991104178.UG.FTS.B,

29.49%,

11/19/24

.

1,694

1,736

991104280.UG.FTS.B,

29.49%,

11/19/24

.

150

152

991104410.UG.FTS.B,

29.49%,

11/19/24

.

934

951

991104747.UG.FTS.B,

29.49%,

11/19/24

.

30

5

991105424.UG.FTS.B,

29.49%,

11/19/24

.

55

55

991106337.UG.FTS.B,

29.49%,

11/19/24

.

196

202

991106684.UG.FTS.B,

29.49%,

11/19/24

.

195

200

991107545.UG.FTS.B,

29.49%,

11/19/24

.

1,121

1,148

991109379.UG.FTS.B,

29.49%,

11/19/24

.

68

68

991109457.UG.FTS.B,

29.49%,

11/19/24

.

326

335

991109475.UG.FTS.B,

29.49%,

11/19/24

.

165

169

991109638.UG.FTS.B,

29.49%,

11/19/24

.

167

172

991110257.UG.FTS.B,

29.49%,

11/19/24

..

6

–

991110529.UG.FTS.B,

29.49%,

11/19/24

..

242

248

991111418.UG.FTS.B,

29.49%,

11/19/24

..

547

542

991113882.UG.FTS.B,

29.49%,

11/19/24

..

270

267

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991114314.UG.FTS.B,

29.49%,

11/19/24

..

$

415

$

425

991114749.UG.FTS.B,

29.49%,

11/19/24

..

389

394

991116419.UG.FTS.B,

29.49%,

11/19/24

..

–

–

991121861.UG.FTS.B,

29.49%,

11/19/24

.

132

132

991122169.UG.FTS.B,

29.49%,

11/19/24

.

52

16

991122950.UG.FTS.B,

29.49%,

11/19/24

.

1,484

1,514

991123267.UG.FTS.B,

29.49%,

11/19/24

.

403

28

991123520.UG.FTS.B,

29.49%,

11/19/24

.

48

48

991123545.UG.FTS.B,

29.49%,

11/19/24

.

745

7

991125371.UG.FTS.B,

29.49%,

11/19/24

.

234

240

991125628.UG.FTS.B,

29.49%,

11/19/24

.

974

1,007

991127004.UG.FTS.B,

29.49%,

11/19/24

.

203

204

991128207.UG.FTS.B,

29.49%,

11/19/24

.

1,795

1,858

991128304.UG.FTS.B,

29.49%,

11/19/24

.

206

212

991128682.UG.FTS.B,

29.49%,

11/19/24

.

571

576

991130441.UG.FTS.B,

29.49%,

11/19/24

.

127

132

991130981.UG.FTS.B,

29.49%,

11/19/24

.

105

73

991131704.UG.FTS.B,

29.49%,

11/19/24

.

8

8

991133962.UG.FTS.B,

29.49%,

11/19/24

.

85

88

991137718.UG.FTS.B,

29.49%,

11/19/24

.

246

21

991138434.UG.FTS.B,

29.49%,

11/19/24

.

236

242

991138606.UG.FTS.B,

29.49%,

11/19/24

.

92

64

991139198.UG.FTS.B,

29.49%,

11/19/24

.

367

376

991139453.UG.FTS.B,

29.49%,

11/19/24

.

537

72

991141005.UG.FTS.B,

29.49%,

11/19/24

.

89

6

991145095.UG.FTS.B,

29.49%,

11/19/24

.

81

83

991145578.UG.FTS.B,

29.49%,

11/19/24

.

42

42

991146154.UG.FTS.B,

29.49%,

11/19/24

.

380

383

991148151.UG.FTS.B,

29.49%,

11/19/24

.

89

91

991149232.UG.FTS.B,

29.49%,

11/19/24

.

502

508

991149447.UG.FTS.B,

29.49%,

11/19/24

.

2,782

2,825

991149614.UG.FTS.B,

29.49%,

11/19/24

.

426

4

991149969.UG.FTS.B,

29.49%,

11/19/24

.

212

211

991150646.UG.FTS.B,

29.49%,

11/19/24

.

38

38

991152704.UG.FTS.B,

29.49%,

11/19/24

.

9

9

991153991.UG.FTS.B,

29.49%,

11/19/24

.

130

133

991154641.UG.FTS.B,

29.49%,

11/19/24

.

288

295

991155188.UG.FTS.B,

29.49%,

11/19/24

.

184

183

991156120.UG.FTS.B,

29.49%,

11/19/24

.

168

172

991157117.UG.FTS.B,

29.49%,

11/19/24

..

207

211

991162684.UG.FTS.B,

29.49%,

11/19/24

.

48

39

991163170.UG.FTS.B,

29.49%,

11/19/24

.

91

92

991167820.UG.FTS.B,

29.49%,

11/19/24

.

283

290

991168037.UG.FTS.B,

29.49%,

11/19/24

.

212

150

991169345.UG.FTS.B,

29.49%,

11/19/24

.

215

219

991169822.UG.FTS.B,

29.49%,

11/19/24

.

725

746

991170256.UG.FTS.B,

29.49%,

11/19/24

.

144

146

991175544.UG.FTS.B,

29.49%,

11/19/24

.

19

19

991176843.UG.FTS.B,

29.49%,

11/19/24

.

1,538

1,573

991178061.UG.FTS.B,

29.49%,

11/19/24

.

269

276

991181294.UG.FTS.B,

29.49%,

11/19/24

.

54

55

991182291.UG.FTS.B,

29.49%,

11/19/24

.

449

461

991186425.UG.FTS.B,

29.49%,

11/19/24

.

221

224

991188417.UG.FTS.B,

29.49%,

11/19/24

.

83

63

991188709.UG.FTS.B,

29.49%,

11/19/24

.

226

234

991188840.UG.FTS.B,

29.49%,

11/19/24

.

154

105

991191696.UG.FTS.B,

29.49%,

11/19/24

.

298

305

991191984.UG.FTS.B,

29.49%,

11/19/24

.

134

135

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

262

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991192286.UG.FTS.B,

29.49%,

11/19/24

.

$

635

$

636

991192507.UG.FTS.B,

29.49%,

11/19/24

.

52

53

991193402.UG.FTS.B,

29.49%,

11/19/24

.

61

62

991199808.UG.FTS.B,

29.49%,

11/19/24

.

16

16

991202249.UG.FTS.B,

29.49%,

11/19/24

.

25

25

991206154.UG.FTS.B,

29.49%,

11/19/24

.

63

64

991206586.UG.FTS.B,

29.49%,

11/19/24

.

203

(5)

991211016.UG.FTS.B,

29.49%,

11/19/24

.

203

208

991211138.UG.FTS.B,

29.49%,

11/19/24

..

187

191

991215779.UG.FTS.B,

29.49%,

11/19/24

.

115

117

991219562.UG.FTS.B,

29.49%,

11/19/24

.

21

21

991221999.UG.FTS.B,

29.49%,

11/19/24

.

85

87

991223456.UG.FTS.B,

29.49%,

11/19/24

.

28

28

991225026.UG.FTS.B,

29.49%,

11/19/24

.

88

89

991227057.UG.FTS.B,

29.49%,

11/19/24

.

43

43

991229419.UG.FTS.B,

29.49%,

11/19/24

.

539

546

991239313.UG.FTS.B,

29.49%,

11/19/24

.

223

226

991242660.UG.FTS.B,

29.49%,

11/19/24

.

501

507

991242783.UG.FTS.B,

29.49%,

11/19/24

.

361

366

991247672.UG.FTS.B,

29.49%,

11/19/24

.

87

88

991250108.UG.FTS.B,

29.49%,

11/19/24

.

28

28

991254871.UG.FTS.B,

29.49%,

11/19/24

.

92

91

991256783.UG.FTS.B,

29.49%,

11/19/24

.

75

77

991257388.UG.FTS.B,

29.49%,

11/19/24

.

14

6

991258723.UG.FTS.B,

29.49%,

11/19/24

.

142

143

991259761.UG.FTS.B,

29.49%,

11/19/24

.

175

177

991259944.UG.FTS.B,

29.49%,

11/19/24

.

93

94

991260193.UG.FTS.B,

29.49%,

11/19/24

.

44

44

991260828.UG.FTS.B,

29.49%,

11/19/24

.

46

47

991261318.UG.FTS.B,

29.49%,

11/19/24

.

51

4

991261749.UG.FTS.B,

29.49%,

11/19/24

.

146

148

991267836.UG.FTS.B,

29.49%,

11/19/24

.

142

144

991268203.UG.FTS.B,

29.49%,

11/19/24

.

318

323

991268346.UG.FTS.B,

29.49%,

11/19/24

.

197

199

991269656.UG.FTS.B,

29.49%,

11/19/24

.

58

58

991269760.UG.FTS.B,

29.49%,

11/19/24

.

75

77

991269882.UG.FTS.B,

29.49%,

11/19/24

.

29

12

991275971.UG.FTS.B,

29.49%,

11/19/24

.

881

891

991277369.UG.FTS.B,

29.49%,

11/19/24

.

1,233

1,247

991278085.UG.FTS.B,

29.49%,

11/19/24

.

565

575

991278573.UG.FTS.B,

29.49%,

11/19/24

.

350

353

991279591.UG.FTS.B,

29.49%,

11/19/24

.

87

62

991280490.UG.FTS.B,

29.49%,

11/19/24

.

104

104

991280631.UG.FTS.B,

29.49%,

11/19/24

.

16

16

991284091.UG.FTS.B,

29.49%,

11/19/24

.

93

94

991285559.UG.FTS.B,

29.49%,

11/19/24

.

23

23

991285961.UG.FTS.B,

29.49%,

11/19/24

.

280

282

991288785.UG.FTS.B,

29.49%,

11/19/24

.

187

189

991084630.UG.FTS.B,

Zero

Cpn,

11/20/24

1,185

82

991086581.UG.FTS.B,

Zero

Cpn,

11/20/24

51

–

991101585.UG.FTS.B,

Zero

Cpn,

11/20/24

319

22

991102134.UG.FTS.B,

Zero

Cpn,

11/20/24

2,457

–

991107182.UG.FTS.B,

Zero

Cpn,

11/20/24

50

3

991109762.UG.FTS.B,

Zero

Cpn,

11/20/24

209

14

991111604.UG.FTS.B,

Zero

Cpn,

11/20/24

83

–

991113618.UG.FTS.B,

Zero

Cpn,

11/20/24

372

–

991123308.UG.FTS.B,

Zero

Cpn,

11/20/24

132

–

991134209.UG.FTS.B,

Zero

Cpn,

11/20/24

497

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991134396.UG.FTS.B,

Zero

Cpn,

11/20/24

$

1,229

$

–

991138102.UG.FTS.B,

Zero

Cpn,

11/20/24

107

–

991139357.UG.FTS.B,

Zero

Cpn,

11/20/24

1,206

–

991144231.UG.FTS.B,

Zero

Cpn,

11/20/24

185

–

991146210.UG.FTS.B,

Zero

Cpn,

11/20/24

150

–

991149149.UG.FTS.B,

Zero

Cpn,

11/20/24

352

24

991157055.UG.FTS.B,

Zero

Cpn,

11/20/24

143

10

991159114.UG.FTS.B,

Zero

Cpn,

11/20/24

405

–

991169845.UG.FTS.B,

Zero

Cpn,

11/20/24

423

29

991170726.UG.FTS.B,

Zero

Cpn,

11/20/24

373

–

991171709.UG.FTS.B,

Zero

Cpn,

11/20/24

810

–

991176870.UG.FTS.B,

Zero

Cpn,

11/20/24

2,071

–

991190989.UG.FTS.B,

Zero

Cpn,

11/20/24

142

10

991202248.UG.FTS.B,

Zero

Cpn,

11/20/24

18

1

991207007.UG.FTS.B,

Zero

Cpn,

11/20/24

9

–

991209650.UG.FTS.B,

Zero

Cpn,

11/20/24

10

1

991214628.UG.FTS.B,

Zero

Cpn,

11/20/24

1,606

111

991220122.UG.FTS.B,

Zero

Cpn,

11/20/24

686

46

991246833.UG.FTS.B,

Zero

Cpn,

11/20/24

109

7

991247225.UG.FTS.B,

Zero

Cpn,

11/20/24

100

–

991260893.UG.FTS.B,

Zero

Cpn,

11/20/24

72

5

991266834.UG.FTS.B,

Zero

Cpn,

11/20/24

39

–

991279325.UG.FTS.B,

Zero

Cpn,

11/20/24

165

11

991281497.UG.FTS.B,

Zero

Cpn,

11/20/24

1,115

–

991084491.UG.FTS.B,

18.97%,

11/20/24

.

–

–

991086006.UG.FTS.B,

18.97%,

11/20/24

.

656

653

991091001.UG.FTS.B,

18.97%,

11/20/24

.

546

68

991109789.UG.FTS.B,

18.97%,

11/20/24

.

202

201

991131248.UG.FTS.B,

18.97%,

11/20/24

.

313

312

991212667.UG.FTS.B,

18.97%,

11/20/24

.

1,321

1,316

991243987.UG.FTS.B,

18.97%,

11/20/24

.

5,249

3,385

991277364.UG.FTS.B,

18.97%,

11/20/24

.

1,687

1,673

991168973.UG.FTS.B,

19.21%,

11/20/24

.

258

256

991138152.UG.FTS.B,

19.8%,

11/20/24

..

365

363

991204096.UG.FTS.B,

19.8%,

11/20/24

..

530

524

991204791.UG.FTS.B,

19.8%,

11/20/24

..

122

122

991212992.UG.FTS.B,

19.8%,

11/20/24

..

42

42

991225567.UG.FTS.B,

19.8%,

11/20/24

..

239

235

991267411.UG.FTS.B,

19.8%,

11/20/24

..

218

216

991102000.UG.FTS.B,

19.99%,

11/20/24

.

378

387

991105915.UG.FTS.B,

19.99%,

11/20/24

.

172

176

991108309.UG.FTS.B,

19.99%,

11/20/24

.

258

254

991108487.UG.FTS.B,

19.99%,

11/20/24

.

318

322

991109636.UG.FTS.B,

19.99%,

11/20/24

.

120

121

991112938.UG.FTS.B,

19.99%,

11/20/24

..

162

164

991138371.UG.FTS.B,

19.99%,

11/20/24

.

–

–

991158306.UG.FTS.B,

19.99%,

11/20/24

.

237

242

991171504.UG.FTS.B,

19.99%,

11/20/24

.

341

335

991175975.UG.FTS.B,

19.99%,

11/20/24

.

144

145

991181647.UG.FTS.B,

19.99%,

11/20/24

.

93

95

991188505.UG.FTS.B,

19.99%,

11/20/24

.

174

178

991210688.UG.FTS.B,

19.99%,

11/20/24

.

78

80

991218218.UG.FTS.B,

19.99%,

11/20/24

.

678

694

991223074.UG.FTS.B,

19.99%,

11/20/24

.

45

46

991235625.UG.FTS.B,

19.99%,

11/20/24

.

71

72

991237192.UG.FTS.B,

19.99%,

11/20/24

.

1,185

1,201

991263506.UG.FTS.B,

19.99%,

11/20/24

.

207

209

991263955.UG.FTS.B,

19.99%,

11/20/24

.

95

96

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

263

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991273259.UG.FTS.B,

19.99%,

11/20/24

.

$

13

$

13

991084611.UG.FTS.B,

20.46%,

11/20/24

.

591

585

991085501.UG.FTS.B,

20.46%,

11/20/24

.

905

903

991100911.UG.FTS.B,

20.46%,

11/20/24

..

403

402

991102814.UG.FTS.B,

20.46%,

11/20/24

.

202

202

991112817.UG.FTS.B,

20.46%,

11/20/24

..

2,883

220

991125492.UG.FTS.B,

20.46%,

11/20/24

.

550

549

991160910.UG.FTS.B,

20.46%,

11/20/24

.

136

135

991172635.UG.FTS.B,

20.46%,

11/20/24

.

21

21

991204576.UG.FTS.B,

20.46%,

11/20/24

.

181

181

991086619.UG.FTS.B,

20.97%,

11/20/24

.

3,749

3,710

991171843.UG.FTS.B,

20.97%,

11/20/24

.

135

134

991293234.UG.FTS.B,

20.97%,

11/20/24

.

219

216

991085535.UG.FTS.B,

21.46%,

11/20/24

.

190

188

991114451.UG.FTS.B,

21.46%,

11/20/24

..

866

858

991125041.UG.FTS.B,

21.46%,

11/20/24

.

156

155

991133819.UG.FTS.B,

21.46%,

11/20/24

.

127

127

991159228.UG.FTS.B,

21.46%,

11/20/24

.

190

13

991200919.UG.FTS.B,

21.46%,

11/20/24

.

103

102

991215411.UG.FTS.B,

21.46%,

11/20/24

.

377

376

991261262.UG.FTS.B,

21.46%,

11/20/24

.

49

49

991143724.UG.FTS.B,

21.98%,

11/20/24

.

443

439

991235930.UG.FTS.B,

21.98%,

11/20/24

.

41

6

991083736.UG.FTS.B,

22.97%,

11/20/24

.

1

1

991091718.UG.FTS.B,

22.97%,

11/20/24

.

23

23

991152530.UG.FTS.B,

22.97%,

11/20/24

.

56

56

991173310.UG.FTS.B,

22.97%,

11/20/24

.

84

83

991151893.UG.FTS.B,

23.95%,

11/20/24

.

505

495

991089655.UG.FTS.B,

25.94%,

11/20/24

.

166

165

991130568.UG.FTS.B,

25.95%,

11/20/24

.

63

62

991276293.UG.FTS.B,

25.95%,

11/20/24

.

342

337

991128669.UG.FTS.B,

26.94%,

11/20/24

.

169

168

991177149.UG.FTS.B,

26.94%,

11/20/24

.

2,287

2,267

991101004.UG.FTS.B,

27.99%,

11/20/24

.

7

7

991126391.UG.FTS.B,

27.99%,

11/20/24

.

80

81

991137301.UG.FTS.B,

27.99%,

11/20/24

.

159

160

991275480.UG.FTS.B,

27.99%,

11/20/24

.

1,474

(48)

991098774.UG.FTS.B,

28.98%,

11/20/24

.

81

83

991099607.UG.FTS.B,

28.98%,

11/20/24

.

441

451

991100214.UG.FTS.B,

28.98%,

11/20/24

.

160

164

991100430.UG.FTS.B,

28.98%,

11/20/24

.

–

–

991103289.UG.FTS.B,

28.98%,

11/20/24

.

146

11

991103833.UG.FTS.B,

28.98%,

11/20/24

.

310

311

991104390.UG.FTS.B,

28.98%,

11/20/24

.

186

185

991104460.UG.FTS.B,

28.98%,

11/20/24

.

146

(5)

991105295.UG.FTS.B,

28.98%,

11/20/24

.

790

525

991107307.UG.FTS.B,

28.98%,

11/20/24

.

93

95

991108289.UG.FTS.B,

28.98%,

11/20/24

.

1,764

1,805

991110958.UG.FTS.B,

28.98%,

11/20/24

..

143

143

991114737.UG.FTS.B,

28.98%,

11/20/24

..

160

12

991115050.UG.FTS.B,

28.98%,

11/20/24

..

219

222

991115150.UG.FTS.B,

28.98%,

11/20/24

..

200

205

991118039.UG.FTS.B,

28.98%,

11/20/24

..

79

78

991118707.UG.FTS.B,

28.98%,

11/20/24

..

133

131

991122709.UG.FTS.B,

28.98%,

11/20/24

.

143

147

991122834.UG.FTS.B,

28.98%,

11/20/24

.

132

135

991123392.UG.FTS.B,

28.98%,

11/20/24

.

241

243

991125422.UG.FTS.B,

28.98%,

11/20/24

.

1,032

1,053

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991125529.UG.FTS.B,

28.98%,

11/20/24

.

$

846

$

863

991126124.UG.FTS.B,

28.98%,

11/20/24

.

370

378

991126597.UG.FTS.B,

28.98%,

11/20/24

.

76

76

991126868.UG.FTS.B,

28.98%,

11/20/24

.

622

631

991128015.UG.FTS.B,

28.98%,

11/20/24

.

34

35

991129586.UG.FTS.B,

28.98%,

11/20/24

.

106

106

991129907.UG.FTS.B,

28.98%,

11/20/24

.

743

759

991130160.UG.FTS.B,

28.98%,

11/20/24

.

107

108

991130170.UG.FTS.B,

28.98%,

11/20/24

.

50

51

991131281.UG.FTS.B,

28.98%,

11/20/24

.

29

29

991133560.UG.FTS.B,

28.98%,

11/20/24

.

111

114

991133721.UG.FTS.B,

28.98%,

11/20/24

.

534

546

991136884.UG.FTS.B,

28.98%,

11/20/24

.

297

297

991137933.UG.FTS.B,

28.98%,

11/20/24

.

71

71

991139188.UG.FTS.B,

28.98%,

11/20/24

.

1,368

1,400

991139691.UG.FTS.B,

28.98%,

11/20/24

.

103

105

991140250.UG.FTS.B,

28.98%,

11/20/24

.

195

198

991144058.UG.FTS.B,

28.98%,

11/20/24

.

936

941

991145878.UG.FTS.B,

28.98%,

11/20/24

.

879

892

991147511.UG.FTS.B,

28.98%,

11/20/24

..

102

103

991150299.UG.FTS.B,

28.98%,

11/20/24

.

140

41

991150671.UG.FTS.B,

28.98%,

11/20/24

.

54

54

991151618.UG.FTS.B,

28.98%,

11/20/24

.

367

44

991156229.UG.FTS.B,

28.98%,

11/20/24

.

18

18

991156385.UG.FTS.B,

28.98%,

11/20/24

.

78

79

991159138.UG.FTS.B,

28.98%,

11/20/24

.

151

154

991159911.UG.FTS.B,

28.98%,

11/20/24

..

1,091

1,117

991160183.UG.FTS.B,

28.98%,

11/20/24

.

192

196

991161340.UG.FTS.B,

28.98%,

11/20/24

.

483

483

991163497.UG.FTS.B,

28.98%,

11/20/24

.

542

555

991166384.UG.FTS.B,

28.98%,

11/20/24

.

1,329

1,354

991170492.UG.FTS.B,

28.98%,

11/20/24

.

209

214

991171656.UG.FTS.B,

28.98%,

11/20/24

.

175

179

991173371.UG.FTS.B,

28.98%,

11/20/24

.

118

16

991179992.UG.FTS.B,

28.98%,

11/20/24

.

151

155

991184545.UG.FTS.B,

28.98%,

11/20/24

.

286

292

991187570.UG.FTS.B,

28.98%,

11/20/24

.

182

187

991190395.UG.FTS.B,

28.98%,

11/20/24

.

83

85

991194988.UG.FTS.B,

28.98%,

11/20/24

.

467

452

991196328.UG.FTS.B,

28.98%,

11/20/24

.

248

245

991197523.UG.FTS.B,

28.98%,

11/20/24

.

1,043

(39)

991198786.UG.FTS.B,

28.98%,

11/20/24

.

322

326

991199806.UG.FTS.B,

28.98%,

11/20/24

.

148

150

991202534.UG.FTS.B,

28.98%,

11/20/24

.

423

428

991203518.UG.FTS.B,

28.98%,

11/20/24

.

59

60

991204108.UG.FTS.B,

28.98%,

11/20/24

.

5

5

991204942.UG.FTS.B,

28.98%,

11/20/24

.

154

157

991212347.UG.FTS.B,

28.98%,

11/20/24

.

134

137

991216810.UG.FTS.B,

28.98%,

11/20/24

.

133

9

991217421.UG.FTS.B,

28.98%,

11/20/24

.

719

728

991220385.UG.FTS.B,

28.98%,

11/20/24

.

23

23

991226698.UG.FTS.B,

28.98%,

11/20/24

.

157

160

991232543.UG.FTS.B,

28.98%,

11/20/24

.

195

197

991239336.UG.FTS.B,

28.98%,

11/20/24

.

283

290

991247369.UG.FTS.B,

28.98%,

11/20/24

.

1,414

1,432

991256789.UG.FTS.B,

28.98%,

11/20/24

.

455

461

991261775.UG.FTS.B,

28.98%,

11/20/24

.

278

277

991262519.UG.FTS.B,

28.98%,

11/20/24

.

131

89

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

264

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991263045.UG.FTS.B,

28.98%,

11/20/24

.

$

548

$

555

991263708.UG.FTS.B,

28.98%,

11/20/24

.

83

59

991267705.UG.FTS.B,

28.98%,

11/20/24

.

212

213

991268449.UG.FTS.B,

28.98%,

11/20/24

.

22

22

991268904.UG.FTS.B,

28.98%,

11/20/24

.

2,079

2,103

991268970.UG.FTS.B,

28.98%,

11/20/24

.

565

572

991272832.UG.FTS.B,

28.98%,

11/20/24

.

336

340

991276708.UG.FTS.B,

28.98%,

11/20/24

.

212

214

991280031.UG.FTS.B,

28.98%,

11/20/24

.

93

95

991280072.UG.FTS.B,

28.98%,

11/20/24

.

236

239

991283003.UG.FTS.B,

28.98%,

11/20/24

.

91

27

991297402.UG.FTS.B,

28.98%,

11/20/24

.

229

232

991298120.UG.FTS.B,

28.98%,

11/20/24

.

1,050

1,053

991098880.UG.FTS.B,

29.47%,

11/20/24

.

1,112

1,103

991103497.UG.FTS.B,

29.47%,

11/20/24

.

841

857

991098504.UG.FTS.B,

29.49%,

11/20/24

.

101

102

991098513.UG.FTS.B,

29.49%,

11/20/24

.

91

93

991098956.UG.FTS.B,

29.49%,

11/20/24

.

411

(16)

991099356.UG.FTS.B,

29.49%,

11/20/24

.

44

45

991100354.UG.FTS.B,

29.49%,

11/20/24

.

18

17

991100908.UG.FTS.B,

29.49%,

11/20/24

.

1,303

1,330

991101221.UG.FTS.B,

29.49%,

11/20/24

.

450

460

991106397.UG.FTS.B,

29.49%,

11/20/24

.

295

296

991107977.UG.FTS.B,

29.49%,

11/20/24

.

150

150

991108509.UG.FTS.B,

29.49%,

11/20/24

.

414

399

991108554.UG.FTS.B,

29.49%,

11/20/24

.

813

837

991109891.UG.FTS.B,

29.49%,

11/20/24

.

73

74

991110253.UG.FTS.B,

29.49%,

11/20/24

..

188

192

991110617.UG.FTS.B,

29.49%,

11/20/24

..

320

329

991111822.UG.FTS.B,

29.49%,

11/20/24

..

173

(15)

991111873.UG.FTS.B,

29.49%,

11/20/24

..

61

60

991112071.UG.FTS.B,

29.49%,

11/20/24

..

319

326

991112167.UG.FTS.B,

29.49%,

11/20/24

..

88

90

991112371.UG.FTS.B,

29.49%,

11/20/24

..

66

67

991112414.UG.FTS.B,

29.49%,

11/20/24

..

171

177

991113693.UG.FTS.B,

29.49%,

11/20/24

..

165

170

991113695.UG.FTS.B,

29.49%,

11/20/24

..

438

441

991113728.UG.FTS.B,

29.49%,

11/20/24

..

519

368

991115014.UG.FTS.B,

29.49%,

11/20/24

..

219

152

991115127.UG.FTS.B,

29.49%,

11/20/24

..

123

2

991117048.UG.FTS.B,

29.49%,

11/20/24

..

139

141

991117581.UG.FTS.B,

29.49%,

11/20/24

..

465

471

991119330.UG.FTS.B,

29.49%,

11/20/24

..

553

567

991119766.UG.FTS.B,

29.49%,

11/20/24

..

108

111

991121518.UG.FTS.B,

29.49%,

11/20/24

.

153

157

991121680.UG.FTS.B,

29.49%,

11/20/24

.

295

20

991121991.UG.FTS.B,

29.49%,

11/20/24

.

237

237

991122096.UG.FTS.B,

29.49%,

11/20/24

.

116

119

991123837.UG.FTS.B,

29.49%,

11/20/24

.

31

31

991124909.UG.FTS.B,

29.49%,

11/20/24

.

97

98

991125322.UG.FTS.B,

29.49%,

11/20/24

.

192

196

991126619.UG.FTS.B,

29.49%,

11/20/24

.

16

16

991126630.UG.FTS.B,

29.49%,

11/20/24

.

12

12

991128142.UG.FTS.B,

29.49%,

11/20/24

.

179

183

991128884.UG.FTS.B,

29.49%,

11/20/24

.

12

12

991129659.UG.FTS.B,

29.49%,

11/20/24

.

308

310

991132175.UG.FTS.B,

29.49%,

11/20/24

.

444

452

991133485.UG.FTS.B,

29.49%,

11/20/24

.

94

94

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991135949.UG.FTS.B,

29.49%,

11/20/24

.

$

39

$

39

991137387.UG.FTS.B,

29.49%,

11/20/24

.

224

230

991140790.UG.FTS.B,

29.49%,

11/20/24

.

574

591

991142389.UG.FTS.B,

29.49%,

11/20/24

.

857

876

991143761.UG.FTS.B,

29.49%,

11/20/24

.

40

40

991145294.UG.FTS.B,

29.49%,

11/20/24

.

104

107

991146775.UG.FTS.B,

29.49%,

11/20/24

.

449

285

991147214.UG.FTS.B,

29.49%,

11/20/24

.

9

9

991150600.UG.FTS.B,

29.49%,

11/20/24

.

1,018

1,020

991151418.UG.FTS.B,

29.49%,

11/20/24

.

125

87

991152603.UG.FTS.B,

29.49%,

11/20/24

.

204

210

991158327.UG.FTS.B,

29.49%,

11/20/24

.

110

110

991161030.UG.FTS.B,

29.49%,

11/20/24

.

146

148

991164406.UG.FTS.B,

29.49%,

11/20/24

.

528

540

991164566.UG.FTS.B,

29.49%,

11/20/24

.

182

185

991165138.UG.FTS.B,

29.49%,

11/20/24

.

173

177

991167362.UG.FTS.B,

29.49%,

11/20/24

.

429

440

991169205.UG.FTS.B,

29.49%,

11/20/24

.

2,147

2,175

991179392.UG.FTS.B,

29.49%,

11/20/24

.

14

14

991179415.UG.FTS.B,

29.49%,

11/20/24

.

674

689

991182928.UG.FTS.B,

29.49%,

11/20/24

.

93

96

991185527.UG.FTS.B,

29.49%,

11/20/24

.

28

28

991185927.UG.FTS.B,

29.49%,

11/20/24

.

115

116

991187953.UG.FTS.B,

29.49%,

11/20/24

.

53

54

991188097.UG.FTS.B,

29.49%,

11/20/24

.

62

63

991192873.UG.FTS.B,

29.49%,

11/20/24

.

58

59

991195573.UG.FTS.B,

29.49%,

11/20/24

.

285

295

991198370.UG.FTS.B,

29.49%,

11/20/24

.

225

226

991198394.UG.FTS.B,

29.49%,

11/20/24

.

512

525

991199929.UG.FTS.B,

29.49%,

11/20/24

.

31

2

991202228.UG.FTS.B,

29.49%,

11/20/24

.

173

177

991203385.UG.FTS.B,

29.49%,

11/20/24

.

122

122

991204657.UG.FTS.B,

29.49%,

11/20/24

.

26

26

991210088.UG.FTS.B,

29.49%,

11/20/24

.

571

576

991211764.UG.FTS.B,

29.49%,

11/20/24

.

76

78

991212353.UG.FTS.B,

29.49%,

11/20/24

.

34

5

991213437.UG.FTS.B,

29.49%,

11/20/24

.

84

87

991213653.UG.FTS.B,

29.49%,

11/20/24

.

391

397

991215595.UG.FTS.B,

29.49%,

11/20/24

.

428

440

991216973.UG.FTS.B,

29.49%,

11/20/24

.

561

572

991218431.UG.FTS.B,

29.49%,

11/20/24

.

62

63

991219254.UG.FTS.B,

29.49%,

11/20/24

.

93

95

991223479.UG.FTS.B,

29.49%,

11/20/24

.

192

25

991226505.UG.FTS.B,

29.49%,

11/20/24

.

38

33

991231725.UG.FTS.B,

29.49%,

11/20/24

.

294

208

991233581.UG.FTS.B,

29.49%,

11/20/24

.

116

117

991233863.UG.FTS.B,

29.49%,

11/20/24

.

1,906

1,923

991238431.UG.FTS.B,

29.49%,

11/20/24

.

1,083

1,100

991239349.UG.FTS.B,

29.49%,

11/20/24

.

247

256

991239830.UG.FTS.B,

29.49%,

11/20/24

.

638

647

991244043.UG.FTS.B,

29.49%,

11/20/24

.

89

89

991247212.UG.FTS.B,

29.49%,

11/20/24

.

281

285

991247313.UG.FTS.B,

29.49%,

11/20/24

.

189

192

991252193.UG.FTS.B,

29.49%,

11/20/24

.

123

125

991255946.UG.FTS.B,

29.49%,

11/20/24

.

86

88

991267259.UG.FTS.B,

29.49%,

11/20/24

.

127

129

991267347.UG.FTS.B,

29.49%,

11/20/24

.

202

204

991267709.UG.FTS.B,

29.49%,

11/20/24

.

354

359

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

265

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991268841.UG.FTS.B,

29.49%,

11/20/24

.

$

89

$

90

991269003.UG.FTS.B,

29.49%,

11/20/24

.

778

541

991270194.UG.FTS.B,

29.49%,

11/20/24

.

101

103

991271173.UG.FTS.B,

29.49%,

11/20/24

.

759

772

991279273.UG.FTS.B,

29.49%,

11/20/24

.

210

14

991284731.UG.FTS.B,

29.49%,

11/20/24

.

65

64

991297615.UG.FTS.B,

29.49%,

11/20/24

.

61

62

991299845.UG.FTS.B,

29.49%,

11/20/24

.

1,129

150

991299902.UG.FTS.B,

29.49%,

11/20/24

.

353

357

991111065.UG.FTS.B,

Zero

Cpn,

11/21/24

86

–

991112301.UG.FTS.B,

Zero

Cpn,

11/21/24

338

–

991127329.UG.FTS.B,

Zero

Cpn,

11/21/24

914

63

991131102.UG.FTS.B,

Zero

Cpn,

11/21/24

94

–

991137789.UG.FTS.B,

Zero

Cpn,

11/21/24

128

–

991139024.UG.FTS.B,

Zero

Cpn,

11/21/24

206

–

991141070.UG.FTS.B,

Zero

Cpn,

11/21/24

17

–

991156214.UG.FTS.B,

Zero

Cpn,

11/21/24

125

9

991156602.UG.FTS.B,

Zero

Cpn,

11/21/24

99

7

991173427.UG.FTS.B,

Zero

Cpn,

11/21/24

164

11

991195171.UG.FTS.B,

Zero

Cpn,

11/21/24

603

42

991200031.UG.FTS.B,

Zero

Cpn,

11/21/24

410

28

991213432.UG.FTS.B,

Zero

Cpn,

11/21/24

152

–

991266684.UG.FTS.B,

Zero

Cpn,

11/21/24

4,046

–

991280045.UG.FTS.B,

Zero

Cpn,

11/21/24

24

2

991286129.UG.FTS.B,

Zero

Cpn,

11/21/24

77

5

991149639.UG.FTS.B,

18.21%,

11/21/24

.

490

59

991093963.UG.FTS.B,

18.97%,

11/21/24

.

441

285

991128878.UG.FTS.B,

18.97%,

11/21/24

.

42

42

991224989.UG.FTS.B,

18.97%,

11/21/24

.

1,207

1,204

991143958.UG.FTS.B,

19.21%,

11/21/24

.

–

–

991237854.UG.FTS.B,

19.21%,

11/21/24

.

226

225

991248208.UG.FTS.B,

19.21%,

11/21/24

.

456

452

991254447.UG.FTS.B,

19.21%,

11/21/24

.

252

250

991102979.UG.FTS.B,

19.8%,

11/21/24

..

532

348

991110086.UG.FTS.B,

19.8%,

11/21/24

...

791

787

991141090.UG.FTS.B,

19.8%,

11/21/24

..

818

814

991144492.UG.FTS.B,

19.8%,

11/21/24

..

264

258

991183586.UG.FTS.B,

19.8%,

11/21/24

..

170

111

991187993.UG.FTS.B,

19.8%,

11/21/24

..

457

453

991198112.UG.FTS.B,

19.8%,

11/21/24

...

255

254

991101910.UG.FTS.B,

19.99%,

11/21/24

.

2,747

2,815

991110283.UG.FTS.B,

19.99%,

11/21/24

..

264

271

991117284.UG.FTS.B,

19.99%,

11/21/24

..

47

48

991119302.UG.FTS.B,

19.99%,

11/21/24

..

6,853

518

991129682.UG.FTS.B,

19.99%,

11/21/24

.

397

406

991174755.UG.FTS.B,

19.99%,

11/21/24

.

320

328

991233192.UG.FTS.B,

19.99%,

11/21/24

.

52

53

991104785.UG.FTS.B,

20.46%,

11/21/24

.

1,454

184

991141157.UG.FTS.B,

20.46%,

11/21/24

..

5,152

5,126

991091686.UG.FTS.B,

20.97%,

11/21/24

.

127

126

991151289.UG.FTS.B,

20.97%,

11/21/24

.

184

183

991177917.UG.FTS.B,

20.97%,

11/21/24

.

106

105

991291564.UG.FTS.B,

20.98%,

11/21/24

.

93

92

991092476.UG.FTS.B,

21.46%,

11/21/24

.

255

250

991109801.UG.FTS.B,

21.46%,

11/21/24

.

548

534

991157623.UG.FTS.B,

21.46%,

11/21/24

.

145

144

991224483.UG.FTS.B,

21.46%,

11/21/24

.

206

204

991135834.UG.FTS.B,

21.97%,

11/21/24

.

335

334

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991206543.UG.FTS.B,

21.97%,

11/21/24

.

$

4,959

$

4,944

991089998.UG.FTS.B,

21.98%,

11/21/24

.

565

560

991097991.UG.FTS.B,

21.98%,

11/21/24

.

2,725

2,703

991109825.UG.FTS.B,

21.98%,

11/21/24

.

299

295

991114413.UG.FTS.B,

21.98%,

11/21/24

..

375

373

991205229.UG.FTS.B,

21.98%,

11/21/24

.

38

37

991207630.UG.FTS.B,

21.98%,

11/21/24

.

430

425

991235519.UG.FTS.B,

21.98%,

11/21/24

.

324

319

991267091.UG.FTS.B,

21.98%,

11/21/24

.

2,466

2,437

991107874.UG.FTS.B,

22.95%,

11/21/24

.

144

96

991156272.UG.FTS.B,

22.95%,

11/21/24

.

242

241

991092493.UG.FTS.B,

22.97%,

11/21/24

.

449

31

991097130.UG.FTS.B,

22.97%,

11/21/24

.

68

67

991104066.UG.FTS.B,

23.95%,

11/21/24

.

353

352

991123920.UG.FTS.B,

23.95%,

11/21/24

.

997

993

991212106.UG.FTS.B,

23.95%,

11/21/24

.

22

22

991271217.UG.FTS.B,

23.95%,

11/21/24

.

256

252

991150423.UG.FTS.B,

25.94%,

11/21/24

.

363

25

991091300.UG.FTS.B,

26.94%,

11/21/24

.

270

268

991098564.UG.FTS.B,

26.94%,

11/21/24

.

179

178

991128509.UG.FTS.B,

27.99%,

11/21/24

.

236

242

991238892.UG.FTS.B,

27.99%,

11/21/24

.

16

16

991098805.UG.FTS.B,

28.98%,

11/21/24

.

68

70

991099584.UG.FTS.B,

28.98%,

11/21/24

.

102

105

991100106.UG.FTS.B,

28.98%,

11/21/24

.

55

56

991100133.UG.FTS.B,

28.98%,

11/21/24

.

134

136

991101503.UG.FTS.B,

28.98%,

11/21/24

.

1,070

1,095

991103359.UG.FTS.B,

28.98%,

11/21/24

.

978

1,000

991103415.UG.FTS.B,

28.98%,

11/21/24

.

119

105

991103484.UG.FTS.B,

28.98%,

11/21/24

.

59

59

991103505.UG.FTS.B,

28.98%,

11/21/24

.

466

477

991103666.UG.FTS.B,

28.98%,

11/21/24

.

773

789

991104830.UG.FTS.B,

28.98%,

11/21/24

.

1,323

1,346

991105102.UG.FTS.B,

28.98%,

11/21/24

.

199

199

991106305.UG.FTS.B,

28.98%,

11/21/24

.

718

735

991106632.UG.FTS.B,

28.98%,

11/21/24

.

361

359

991107084.UG.FTS.B,

28.98%,

11/21/24

.

347

355

991107547.UG.FTS.B,

28.98%,

11/21/24

.

726

727

991107910.UG.FTS.B,

28.98%,

11/21/24

.

304

303

991110664.UG.FTS.B,

28.98%,

11/21/24

..

16

14

991112083.UG.FTS.B,

28.98%,

11/21/24

..

1,701

1,735

991112673.UG.FTS.B,

28.98%,

11/21/24

..

110

112

991113938.UG.FTS.B,

28.98%,

11/21/24

..

237

242

991115757.UG.FTS.B,

28.98%,

11/21/24

..

113

78

991115893.UG.FTS.B,

28.98%,

11/21/24

..

783

15

991122560.UG.FTS.B,

28.98%,

11/21/24

.

260

263

991122614.UG.FTS.B,

28.98%,

11/21/24

.

102

69

991123406.UG.FTS.B,

28.98%,

11/21/24

.

200

200

991125455.UG.FTS.B,

28.98%,

11/21/24

.

193

195

991125692.UG.FTS.B,

28.98%,

11/21/24

.

57

58

991129275.UG.FTS.B,

28.98%,

11/21/24

.

662

664

991130741.UG.FTS.B,

28.98%,

11/21/24

.

117

118

991131576.UG.FTS.B,

28.98%,

11/21/24

.

2,079

2,122

991134193.UG.FTS.B,

28.98%,

11/21/24

.

241

32

991135493.UG.FTS.B,

28.98%,

11/21/24

.

59

60

991136064.UG.FTS.B,

28.98%,

11/21/24

.

405

415

991137767.UG.FTS.B,

28.98%,

11/21/24

.

8

8

991138300.UG.FTS.B,

28.98%,

11/21/24

.

65

65

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

266

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991140811.UG.FTS.B,

28.98%,

11/21/24

..

$

102

$

104

991142024.UG.FTS.B,

28.98%,

11/21/24

.

1,548

1,576

991142067.UG.FTS.B,

28.98%,

11/21/24

.

717

731

991144473.UG.FTS.B,

28.98%,

11/21/24

.

240

246

991147107.UG.FTS.B,

28.98%,

11/21/24

.

203

14

991150874.UG.FTS.B,

28.98%,

11/21/24

.

1,649

1,680

991153965.UG.FTS.B,

28.98%,

11/21/24

.

39

39

991158174.UG.FTS.B,

28.98%,

11/21/24

.

1

1

991162098.UG.FTS.B,

28.98%,

11/21/24

.

282

288

991169068.UG.FTS.B,

28.98%,

11/21/24

.

763

522

991169889.UG.FTS.B,

28.98%,

11/21/24

.

468

473

991170155.UG.FTS.B,

28.98%,

11/21/24

.

1,144

1,147

991174647.UG.FTS.B,

28.98%,

11/21/24

.

387

396

991174651.UG.FTS.B,

28.98%,

11/21/24

.

1,374

1,392

991177091.UG.FTS.B,

28.98%,

11/21/24

.

793

810

991178506.UG.FTS.B,

28.98%,

11/21/24

.

276

282

991178650.UG.FTS.B,

28.98%,

11/21/24

.

417

424

991181062.UG.FTS.B,

28.98%,

11/21/24

.

1,045

1,054

991185383.UG.FTS.B,

28.98%,

11/21/24

.

590

596

991194541.UG.FTS.B,

28.98%,

11/21/24

.

137

140

991196539.UG.FTS.B,

28.98%,

11/21/24

.

69

70

991197966.UG.FTS.B,

28.98%,

11/21/24

.

114

116

991204271.UG.FTS.B,

28.98%,

11/21/24

.

150

154

991204664.UG.FTS.B,

28.98%,

11/21/24

.

203

150

991205228.UG.FTS.B,

28.98%,

11/21/24

.

72

74

991205445.UG.FTS.B,

28.98%,

11/21/24

.

405

414

991212523.UG.FTS.B,

28.98%,

11/21/24

.

16

16

991212789.UG.FTS.B,

28.98%,

11/21/24

.

111

112

991218149.UG.FTS.B,

28.98%,

11/21/24

.

1,421

1,450

991218290.UG.FTS.B,

28.98%,

11/21/24

.

177

182

991223136.UG.FTS.B,

28.98%,

11/21/24

.

529

536

991223685.UG.FTS.B,

28.98%,

11/21/24

.

169

23

991225496.UG.FTS.B,

28.98%,

11/21/24

.

266

267

991226400.UG.FTS.B,

28.98%,

11/21/24

.

48

48

991226633.UG.FTS.B,

28.98%,

11/21/24

.

153

4

991227250.UG.FTS.B,

28.98%,

11/21/24

.

171

113

991229010.UG.FTS.B,

28.98%,

11/21/24

.

346

(14)

991232002.UG.FTS.B,

28.98%,

11/21/24

.

302

308

991233789.UG.FTS.B,

28.98%,

11/21/24

.

463

456

991234615.UG.FTS.B,

28.98%,

11/21/24

.

59

60

991236612.UG.FTS.B,

28.98%,

11/21/24

.

4

4

991236869.UG.FTS.B,

28.98%,

11/21/24

.

209

207

991237119.UG.FTS.B,

28.98%,

11/21/24

.

1,192

1,216

991238366.UG.FTS.B,

28.98%,

11/21/24

.

65

(1)

991239600.UG.FTS.B,

28.98%,

11/21/24

.

110

72

991243049.UG.FTS.B,

28.98%,

11/21/24

.

119

120

991246684.UG.FTS.B,

28.98%,

11/21/24

.

1,417

1,435

991249892.UG.FTS.B,

28.98%,

11/21/24

.

25

25

991250096.UG.FTS.B,

28.98%,

11/21/24

.

44

44

991257871.UG.FTS.B,

28.98%,

11/21/24

.

155

157

991262752.UG.FTS.B,

28.98%,

11/21/24

.

134

135

991263992.UG.FTS.B,

28.98%,

11/21/24

.

254

257

991264140.UG.FTS.B,

28.98%,

11/21/24

.

770

779

991269555.UG.FTS.B,

28.98%,

11/21/24

.

218

220

991275113.UG.FTS.B,

28.98%,

11/21/24

.

124

83

991280623.UG.FTS.B,

28.98%,

11/21/24

.

10

9

991284800.UG.FTS.B,

28.98%,

11/21/24

.

167

170

991290510.UG.FTS.B,

28.98%,

11/21/24

.

46

46

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991293661.UG.FTS.B,

28.98%,

11/21/24

.

$

290

$

294

991297297.UG.FTS.B,

28.98%,

11/21/24

.

230

233

991297865.UG.FTS.B,

28.98%,

11/21/24

.

217

220

991303333.UG.FTS.B,

28.98%,

11/21/24

.

–

–

991098822.UG.FTS.B,

29.49%,

11/21/24

.

248

255

991098918.UG.FTS.B,

29.49%,

11/21/24

.

370

379

991099684.UG.FTS.B,

29.49%,

11/21/24

.

89

92

991099793.UG.FTS.B,

29.49%,

11/21/24

.

1,002

989

991099795.UG.FTS.B,

29.49%,

11/21/24

.

160

12

991099825.UG.FTS.B,

29.49%,

11/21/24

.

252

253

991099891.UG.FTS.B,

29.49%,

11/21/24

.

256

254

991100418.UG.FTS.B,

29.49%,

11/21/24

.

409

421

991101168.UG.FTS.B,

29.49%,

11/21/24

..

63

64

991101214.UG.FTS.B,

29.49%,

11/21/24

.

1,579

1,563

991101244.UG.FTS.B,

29.49%,

11/21/24

.

14

14

991102962.UG.FTS.B,

29.49%,

11/21/24

.

76

78

991103642.UG.FTS.B,

29.49%,

11/21/24

.

251

240

991104175.UG.FTS.B,

29.49%,

11/21/24

.

75

75

991104383.UG.FTS.B,

29.49%,

11/21/24

.

239

169

991104423.UG.FTS.B,

29.49%,

11/21/24

.

341

225

991105230.UG.FTS.B,

29.49%,

11/21/24

.

–

–

991107662.UG.FTS.B,

29.49%,

11/21/24

.

182

181

991107906.UG.FTS.B,

29.49%,

11/21/24

.

1,454

1,479

991109577.UG.FTS.B,

29.49%,

11/21/24

.

33

32

991109631.UG.FTS.B,

29.49%,

11/21/24

.

257

39

991110203.UG.FTS.B,

29.49%,

11/21/24

..

195

132

991110240.UG.FTS.B,

29.49%,

11/21/24

..

10

9

991112437.UG.FTS.B,

29.49%,

11/21/24

..

303

304

991112882.UG.FTS.B,

29.49%,

11/21/24

..

726

741

991113103.UG.FTS.B,

29.49%,

11/21/24

..

145

149

991113685.UG.FTS.B,

29.49%,

11/21/24

..

42

35

991114305.UG.FTS.B,

29.49%,

11/21/24

..

34

35

991114374.UG.FTS.B,

29.49%,

11/21/24

..

328

331

991115328.UG.FTS.B,

29.49%,

11/21/24

..

37

37

991115550.UG.FTS.B,

29.49%,

11/21/24

..

226

226

991115930.UG.FTS.B,

29.49%,

11/21/24

..

630

410

991116295.UG.FTS.B,

29.49%,

11/21/24

..

873

62

991116441.UG.FTS.B,

29.49%,

11/21/24

..

307

215

991118137.UG.FTS.B,

29.49%,

11/21/24

..

175

176

991121299.UG.FTS.B,

29.49%,

11/21/24

.

341

342

991122036.UG.FTS.B,

29.49%,

11/21/24

.

77

79

991123398.UG.FTS.B,

29.49%,

11/21/24

.

411

404

991123851.UG.FTS.B,

29.49%,

11/21/24

.

402

411

991124929.UG.FTS.B,

29.49%,

11/21/24

.

173

173

991125417.UG.FTS.B,

29.49%,

11/21/24

.

108

110

991125736.UG.FTS.B,

29.49%,

11/21/24

.

62

63

991125880.UG.FTS.B,

29.49%,

11/21/24

.

48

48

991126506.UG.FTS.B,

29.49%,

11/21/24

.

30

30

991128102.UG.FTS.B,

29.49%,

11/21/24

.

72

56

991129183.UG.FTS.B,

29.49%,

11/21/24

.

416

417

991130355.UG.FTS.B,

29.49%,

11/21/24

.

716

729

991130674.UG.FTS.B,

29.49%,

11/21/24

.

79

79

991131801.UG.FTS.B,

29.49%,

11/21/24

.

100

103

991132346.UG.FTS.B,

29.49%,

11/21/24

.

663

676

991132792.UG.FTS.B,

29.49%,

11/21/24

.

155

159

991132948.UG.FTS.B,

29.49%,

11/21/24

.

126

129

991133364.UG.FTS.B,

29.49%,

11/21/24

.

52

52

991133817.UG.FTS.B,

29.49%,

11/21/24

.

265

271

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

267

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991136618.UG.FTS.B,

29.49%,

11/21/24

.

$

153

$

154

991137083.UG.FTS.B,

29.49%,

11/21/24

.

398

410

991137564.UG.FTS.B,

29.49%,

11/21/24

.

159

161

991137836.UG.FTS.B,

29.49%,

11/21/24

.

162

159

991138376.UG.FTS.B,

29.49%,

11/21/24

.

94

(2)

991139313.UG.FTS.B,

29.49%,

11/21/24

.

114

117

991139966.UG.FTS.B,

29.49%,

11/21/24

.

185

187

991140808.UG.FTS.B,

29.49%,

11/21/24

.

159

12

991142550.UG.FTS.B,

29.49%,

11/21/24

.

145

8

991142705.UG.FTS.B,

29.49%,

11/21/24

.

449

461

991144598.UG.FTS.B,

29.49%,

11/21/24

.

164

167

991145155.UG.FTS.B,

29.49%,

11/21/24

.

67

67

991145319.UG.FTS.B,

29.49%,

11/21/24

.

119

122

991155328.UG.FTS.B,

29.49%,

11/21/24

.

208

213

991157022.UG.FTS.B,

29.49%,

11/21/24

.

738

751

991159418.UG.FTS.B,

29.49%,

11/21/24

.

158

164

991173134.UG.FTS.B,

29.49%,

11/21/24

.

155

156

991173569.UG.FTS.B,

29.49%,

11/21/24

.

7

7

991173935.UG.FTS.B,

29.49%,

11/21/24

.

577

76

991179251.UG.FTS.B,

29.49%,

11/21/24

.

178

180

991179856.UG.FTS.B,

29.49%,

11/21/24

.

913

945

991179953.UG.FTS.B,

29.49%,

11/21/24

.

48

48

991183104.UG.FTS.B,

29.49%,

11/21/24

.

178

183

991183376.UG.FTS.B,

29.49%,

11/21/24

.

714

730

991187695.UG.FTS.B,

29.49%,

11/21/24

.

149

153

991190365.UG.FTS.B,

29.49%,

11/21/24

.

–

–

991191726.UG.FTS.B,

29.49%,

11/21/24

.

250

252

991195967.UG.FTS.B,

29.49%,

11/21/24

.

206

213

991197725.UG.FTS.B,

29.49%,

11/21/24

.

1,884

1,950

991198120.UG.FTS.B,

29.49%,

11/21/24

.

3

3

991206897.UG.FTS.B,

29.49%,

11/21/24

.

81

84

991207792.UG.FTS.B,

29.49%,

11/21/24

.

85

12

991210220.UG.FTS.B,

29.49%,

11/21/24

.

11

11

991218959.UG.FTS.B,

29.49%,

11/21/24

.

139

144

991219638.UG.FTS.B,

29.49%,

11/21/24

.

95

98

991221067.UG.FTS.B,

29.49%,

11/21/24

.

57

58

991221868.UG.FTS.B,

29.49%,

11/21/24

.

60

62

991222533.UG.FTS.B,

29.49%,

11/21/24

.

60

60

991225320.UG.FTS.B,

29.49%,

11/21/24

.

214

219

991232712.UG.FTS.B,

29.49%,

11/21/24

.

1,060

1,080

991243146.UG.FTS.B,

29.49%,

11/21/24

.

1,386

1,407

991244603.UG.FTS.B,

29.49%,

11/21/24

.

16

16

991248040.UG.FTS.B,

29.49%,

11/21/24

.

282

286

991255779.UG.FTS.B,

29.49%,

11/21/24

.

90

91

991259033.UG.FTS.B,

29.49%,

11/21/24

.

298

302

991263744.UG.FTS.B,

29.49%,

11/21/24

.

294

298

991264912.UG.FTS.B,

29.49%,

11/21/24

.

119

121

991265780.UG.FTS.B,

29.49%,

11/21/24

.

16

16

991268256.UG.FTS.B,

29.49%,

11/21/24

.

44

44

991269668.UG.FTS.B,

29.49%,

11/21/24

.

208

211

991273052.UG.FTS.B,

29.49%,

11/21/24

.

450

457

991275188.UG.FTS.B,

29.49%,

11/21/24

.

353

359

991275695.UG.FTS.B,

29.49%,

11/21/24

.

36

31

991278138.UG.FTS.B,

29.49%,

11/21/24

.

119

82

991280082.UG.FTS.B,

29.49%,

11/21/24

.

84

60

991284824.UG.FTS.B,

29.49%,

11/21/24

.

43

43

991284917.UG.FTS.B,

29.49%,

11/21/24

.

246

32

991294280.UG.FTS.B,

29.49%,

11/21/24

.

34

34

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991298339.UG.FTS.B,

29.49%,

11/21/24

.

$

41

$

3

991299649.UG.FTS.B,

29.49%,

11/21/24

.

423

429

991098772.UG.FTS.B,

Zero

Cpn,

11/22/24

1,085

74

991099341.UG.FTS.B,

Zero

Cpn,

11/22/24

52

4

991107833.UG.FTS.B,

Zero

Cpn,

11/22/24

391

27

991113408.UG.FTS.B,

Zero

Cpn,

11/22/24

146

10

991113844.UG.FTS.B,

Zero

Cpn,

11/22/24

162

11

991122717.UG.FTS.B,

Zero

Cpn,

11/22/24

99

–

991125590.UG.FTS.B,

Zero

Cpn,

11/22/24

106

7

991133212.UG.FTS.B,

Zero

Cpn,

11/22/24

525

–

991158946.UG.FTS.B,

Zero

Cpn,

11/22/24

137

–

991160748.UG.FTS.B,

Zero

Cpn,

11/22/24

340

–

991166135.UG.FTS.B,

Zero

Cpn,

11/22/24

142

10

991167111.UG.FTS.B,

Zero

Cpn,

11/22/24

423

28

991168635.UG.FTS.B,

Zero

Cpn,

11/22/24

120

8

991171489.UG.FTS.B,

Zero

Cpn,

11/22/24

269

–

991176204.UG.FTS.B,

Zero

Cpn,

11/22/24

1,393

94

991178964.UG.FTS.B,

Zero

Cpn,

11/22/24

221

–

991191076.UG.FTS.B,

Zero

Cpn,

11/22/24

969

67

991216679.UG.FTS.B,

Zero

Cpn,

11/22/24

547

38

991220798.UG.FTS.B,

Zero

Cpn,

11/22/24

136

9

991240071.UG.FTS.B,

Zero

Cpn,

11/22/24

245

17

991241546.UG.FTS.B,

Zero

Cpn,

11/22/24

307

–

991266288.UG.FTS.B,

Zero

Cpn,

11/22/24

506

34

991301362.UG.FTS.B,

Zero

Cpn,

11/22/24

358

24

991114211.UG.FTS.B,

18.97%,

11/22/24

..

512

509

991122742.UG.FTS.B,

18.97%,

11/22/24

.

162

161

991125689.UG.FTS.B,

18.97%,

11/22/24

.

218

218

991135300.UG.FTS.B,

18.97%,

11/22/24

.

1,633

1

991154003.UG.FTS.B,

18.97%,

11/22/24

.

785

782

991239632.UG.FTS.B,

18.97%,

11/22/24

.

3,385

3,371

991118023.UG.FTS.B,

19.21%,

11/22/24

..

183

182

991119286.UG.FTS.B,

19.21%,

11/22/24

..

680

678

991119833.UG.FTS.B,

19.21%,

11/22/24

..

813

812

991199042.UG.FTS.B,

19.21%,

11/22/24

.

622

621

991102712.UG.FTS.B,

19.99%,

11/22/24

.

24

21

991103401.UG.FTS.B,

19.99%,

11/22/24

.

466

477

991121665.UG.FTS.B,

19.99%,

11/22/24

.

101

102

991132324.UG.FTS.B,

19.99%,

11/22/24

.

203

203

991134545.UG.FTS.B,

19.99%,

11/22/24

.

1,091

1,118

991157348.UG.FTS.B,

19.99%,

11/22/24

.

389

398

991166717.UG.FTS.B,

19.99%,

11/22/24

.

244

249

991181160.UG.FTS.B,

19.99%,

11/22/24

..

623

608

991214703.UG.FTS.B,

19.99%,

11/22/24

.

947

965

991227531.UG.FTS.B,

19.99%,

11/22/24

.

739

747

991270414.UG.FTS.B,

19.99%,

11/22/24

.

74

74

991271550.UG.FTS.B,

19.99%,

11/22/24

.

773

769

991279794.UG.FTS.B,

19.99%,

11/22/24

.

407

411

991183733.UG.FTS.B,

20.46%,

11/22/24

.

531

529

991204119.UG.FTS.B,

20.46%,

11/22/24

.

42

41

991213596.UG.FTS.B,

20.46%,

11/22/24

.

2,822

2,815

991246393.UG.FTS.B,

20.46%,

11/22/24

.

522

12

991264755.UG.FTS.B,

20.46%,

11/22/24

.

142

140

991286438.UG.FTS.B,

20.46%,

11/22/24

.

194

192

991267133.UG.FTS.B,

20.97%,

11/22/24

.

217

215

991103945.UG.FTS.B,

21.46%,

11/22/24

.

9

9

991104711.UG.FTS.B,

21.46%,

11/22/24

..

252

21

991118422.UG.FTS.B,

21.46%,

11/22/24

..

1,714

1,704

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

268

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991131049.UG.FTS.B,

21.46%,

11/22/24

.

$

196

$

195

991173108.UG.FTS.B,

21.46%,

11/22/24

.

136

136

991215119.UG.FTS.B,

21.46%,

11/22/24

.

556

549

991099821.UG.FTS.B,

21.98%,

11/22/24

.

235

234

991116000.UG.FTS.B,

21.98%,

11/22/24

..

357

355

991127574.UG.FTS.B,

21.98%,

11/22/24

.

694

689

991285026.UG.FTS.B,

21.98%,

11/22/24

.

112

111

991101812.UG.FTS.B,

22.95%,

11/22/24

.

174

170

991118260.UG.FTS.B,

22.95%,

11/22/24

..

944

924

991100723.UG.FTS.B,

22.97%,

11/22/24

.

150

150

991196292.UG.FTS.B,

22.97%,

11/22/24

.

194

193

991124752.UG.FTS.B,

23.95%,

11/22/24

.

139

138

991272573.UG.FTS.B,

23.95%,

11/22/24

.

477

471

991166382.UG.FTS.B,

26.94%,

11/22/24

.

115

115

991180574.UG.FTS.B,

26.94%,

11/22/24

.

297

296

991295104.UG.FTS.B,

26.94%,

11/22/24

.

103

102

991101777.UG.FTS.B,

27.99%,

11/22/24

.

192

25

991104265.UG.FTS.B,

27.99%,

11/22/24

.

2,583

2,639

991110516.UG.FTS.B,

27.99%,

11/22/24

..

1,211

(40)

991115779.UG.FTS.B,

27.99%,

11/22/24

..

1,011

1,009

991193135.UG.FTS.B,

27.99%,

11/22/24

.

118

8

991099542.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991100308.UG.FTS.B,

28.98%,

11/22/24

.

7

7

991100358.UG.FTS.B,

28.98%,

11/22/24

.

404

29

991100836.UG.FTS.B,

28.98%,

11/22/24

.

601

396

991102689.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991102922.UG.FTS.B,

28.98%,

11/22/24

.

439

450

991102964.UG.FTS.B,

28.98%,

11/22/24

.

161

165

991103009.UG.FTS.B,

28.98%,

11/22/24

.

261

267

991103706.UG.FTS.B,

28.98%,

11/22/24

.

1,583

1,587

991104196.UG.FTS.B,

28.98%,

11/22/24

.

291

296

991104456.UG.FTS.B,

28.98%,

11/22/24

.

1,025

1,030

991104504.UG.FTS.B,

28.98%,

11/22/24

.

258

263

991104984.UG.FTS.B,

28.98%,

11/22/24

.

28

28

991105023.UG.FTS.B,

28.98%,

11/22/24

.

3,240

3,307

991105794.UG.FTS.B,

28.98%,

11/22/24

.

1,386

1,414

991106035.UG.FTS.B,

28.98%,

11/22/24

.

152

155

991106358.UG.FTS.B,

28.98%,

11/22/24

.

196

196

991107161.UG.FTS.B,

28.98%,

11/22/24

.

73

73

991107556.UG.FTS.B,

28.98%,

11/22/24

.

740

737

991107575.UG.FTS.B,

28.98%,

11/22/24

.

303

308

991107921.UG.FTS.B,

28.98%,

11/22/24

.

1,725

1,758

991110155.UG.FTS.B,

28.98%,

11/22/24

..

78

78

991110358.UG.FTS.B,

28.98%,

11/22/24

..

155

157

991110618.UG.FTS.B,

28.98%,

11/22/24

..

83

84

991110667.UG.FTS.B,

28.98%,

11/22/24

..

21

21

991110719.UG.FTS.B,

28.98%,

11/22/24

..

152

156

991115061.UG.FTS.B,

28.98%,

11/22/24

..

128

127

991116602.UG.FTS.B,

28.98%,

11/22/24

..

459

469

991116973.UG.FTS.B,

28.98%,

11/22/24

..

327

335

991117549.UG.FTS.B,

28.98%,

11/22/24

..

105

14

991118128.UG.FTS.B,

28.98%,

11/22/24

..

148

147

991121466.UG.FTS.B,

28.98%,

11/22/24

.

134

138

991122119.UG.FTS.B,

28.98%,

11/22/24

..

86

88

991123827.UG.FTS.B,

28.98%,

11/22/24

.

756

765

991126345.UG.FTS.B,

28.98%,

11/22/24

.

24

24

991127224.UG.FTS.B,

28.98%,

11/22/24

.

718

733

991127481.UG.FTS.B,

28.98%,

11/22/24

.

718

726

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991127588.UG.FTS.B,

28.98%,

11/22/24

.

$

97

$

99

991128896.UG.FTS.B,

28.98%,

11/22/24

.

740

(58)

991128908.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991130694.UG.FTS.B,

28.98%,

11/22/24

.

26

26

991131367.UG.FTS.B,

28.98%,

11/22/24

.

427

420

991131812.UG.FTS.B,

28.98%,

11/22/24

.

175

179

991132839.UG.FTS.B,

28.98%,

11/22/24

.

134

136

991132905.UG.FTS.B,

28.98%,

11/22/24

.

226

226

991136765.UG.FTS.B,

28.98%,

11/22/24

.

768

786

991137116.UG.FTS.B,

28.98%,

11/22/24

..

588

78

991137246.UG.FTS.B,

28.98%,

11/22/24

.

622

629

991139063.UG.FTS.B,

28.98%,

11/22/24

.

20

20

991139408.UG.FTS.B,

28.98%,

11/22/24

.

84

85

991143616.UG.FTS.B,

28.98%,

11/22/24

.

424

435

991143933.UG.FTS.B,

28.98%,

11/22/24

.

369

378

991147880.UG.FTS.B,

28.98%,

11/22/24

.

36

36

991147942.UG.FTS.B,

28.98%,

11/22/24

.

1,863

1,903

991149223.UG.FTS.B,

28.98%,

11/22/24

.

79

80

991149451.UG.FTS.B,

28.98%,

11/22/24

.

716

734

991149743.UG.FTS.B,

28.98%,

11/22/24

.

–

–

991152381.UG.FTS.B,

28.98%,

11/22/24

.

157

158

991153364.UG.FTS.B,

28.98%,

11/22/24

.

418

425

991154869.UG.FTS.B,

28.98%,

11/22/24

.

51

51

991156074.UG.FTS.B,

28.98%,

11/22/24

.

164

166

991156523.UG.FTS.B,

28.98%,

11/22/24

.

179

179

991159179.UG.FTS.B,

28.98%,

11/22/24

.

389

398

991161581.UG.FTS.B,

28.98%,

11/22/24

.

520

530

991162076.UG.FTS.B,

28.98%,

11/22/24

.

63

63

991162865.UG.FTS.B,

28.98%,

11/22/24

.

104

104

991163227.UG.FTS.B,

28.98%,

11/22/24

.

404

414

991163510.UG.FTS.B,

28.98%,

11/22/24

.

347

347

991163764.UG.FTS.B,

28.98%,

11/22/24

.

123

125

991167377.UG.FTS.B,

28.98%,

11/22/24

.

214

220

991169488.UG.FTS.B,

28.98%,

11/22/24

.

250

256

991169914.UG.FTS.B,

28.98%,

11/22/24

.

377

383

991173036.UG.FTS.B,

28.98%,

11/22/24

.

90

92

991173716.UG.FTS.B,

28.98%,

11/22/24

.

784

797

991174929.UG.FTS.B,

28.98%,

11/22/24

.

21

21

991177122.UG.FTS.B,

28.98%,

11/22/24

.

2,190

2,194

991179841.UG.FTS.B,

28.98%,

11/22/24

.

189

186

991180530.UG.FTS.B,

28.98%,

11/22/24

.

226

232

991184097.UG.FTS.B,

28.98%,

11/22/24

.

269

276

991184113.UG.FTS.B,

28.98%,

11/22/24

..

2,324

2,360

991188676.UG.FTS.B,

28.98%,

11/22/24

.

786

784

991195368.UG.FTS.B,

28.98%,

11/22/24

.

93

95

991195764.UG.FTS.B,

28.98%,

11/22/24

.

101

104

991197771.UG.FTS.B,

28.98%,

11/22/24

.

163

167

991204158.UG.FTS.B,

28.98%,

11/22/24

.

192

193

991216209.UG.FTS.B,

28.98%,

11/22/24

.

812

105

991219493.UG.FTS.B,

28.98%,

11/22/24

.

159

162

991223543.UG.FTS.B,

28.98%,

11/22/24

.

101

101

991223597.UG.FTS.B,

28.98%,

11/22/24

.

210

213

991223823.UG.FTS.B,

28.98%,

11/22/24

.

63

63

991224363.UG.FTS.B,

28.98%,

11/22/24

.

319

327

991224526.UG.FTS.B,

28.98%,

11/22/24

.

234

238

991228177.UG.FTS.B,

28.98%,

11/22/24

.

136

139

991228922.UG.FTS.B,

28.98%,

11/22/24

.

136

140

991230477.UG.FTS.B,

28.98%,

11/22/24

.

277

277

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

269

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991234896.UG.FTS.B,

28.98%,

11/22/24

.

$

480

$

486

991235776.UG.FTS.B,

28.98%,

11/22/24

.

71

52

991238171.UG.FTS.B,

28.98%,

11/22/24

.

26

26

991240407.UG.FTS.B,

28.98%,

11/22/24

.

674

658

991246872.UG.FTS.B,

28.98%,

11/22/24

.

707

716

991251324.UG.FTS.B,

28.98%,

11/22/24

.

109

111

991255263.UG.FTS.B,

28.98%,

11/22/24

.

146

147

991260952.UG.FTS.B,

28.98%,

11/22/24

.

94

63

991261500.UG.FTS.B,

28.98%,

11/22/24

.

88

88

991262138.UG.FTS.B,

28.98%,

11/22/24

.

143

145

991267570.UG.FTS.B,

28.98%,

11/22/24

.

77

(3)

991269175.UG.FTS.B,

28.98%,

11/22/24

.

65

65

991279336.UG.FTS.B,

28.98%,

11/22/24

.

51

51

991285253.UG.FTS.B,

28.98%,

11/22/24

.

412

(7)

991285685.UG.FTS.B,

28.98%,

11/22/24

.

706

715

991291345.UG.FTS.B,

28.98%,

11/22/24

.

133

134

991299270.UG.FTS.B,

28.98%,

11/22/24

.

705

714

991302261.UG.FTS.B,

28.98%,

11/22/24

.

28

28

991304220.UG.FTS.B,

28.98%,

11/22/24

.

113

114

991304298.UG.FTS.B,

28.98%,

11/22/24

.

575

583

991306198.UG.FTS.B,

28.98%,

11/22/24

.

126

125

991307686.UG.FTS.B,

28.98%,

11/22/24

.

203

205

991311847.UG.FTS.B,

28.98%,

11/22/24

.

258

258

991312199.UG.FTS.B,

28.98%,

11/22/24

.

34

2

991103252.UG.FTS.B,

29.46%,

11/22/24

.

323

323

991098562.UG.FTS.B,

29.49%,

11/22/24

.

602

42

991099101.UG.FTS.B,

29.49%,

11/22/24

.

90

92

991100054.UG.FTS.B,

29.49%,

11/22/24

.

558

573

991100376.UG.FTS.B,

29.49%,

11/22/24

.

298

298

991100404.UG.FTS.B,

29.49%,

11/22/24

.

204

210

991100501.UG.FTS.B,

29.49%,

11/22/24

.

182

25

991100555.UG.FTS.B,

29.49%,

11/22/24

.

1,047

725

991101821.UG.FTS.B,

29.49%,

11/22/24

.

706

723

991102587.UG.FTS.B,

29.49%,

11/22/24

.

325

334

991102823.UG.FTS.B,

29.49%,

11/22/24

.

128

18

991103134.UG.FTS.B,

29.49%,

11/22/24

.

37

37

991103303.UG.FTS.B,

29.49%,

11/22/24

.

226

232

991103486.UG.FTS.B,

29.49%,

11/22/24

.

38

38

991103865.UG.FTS.B,

29.49%,

11/22/24

.

513

515

991104396.UG.FTS.B,

29.49%,

11/22/24

.

150

155

991104826.UG.FTS.B,

29.49%,

11/22/24

.

91

59

991105467.UG.FTS.B,

29.49%,

11/22/24

.

13

13

991105680.UG.FTS.B,

29.49%,

11/22/24

.

99

100

991106222.UG.FTS.B,

29.49%,

11/22/24

.

3,472

2,240

991106794.UG.FTS.B,

29.49%,

11/22/24

.

82

82

991107019.UG.FTS.B,

29.49%,

11/22/24

.

217

165

991107152.UG.FTS.B,

29.49%,

11/22/24

.

177

182

991107154.UG.FTS.B,

29.49%,

11/22/24

.

506

519

991107277.UG.FTS.B,

29.49%,

11/22/24

.

29

29

991107318.UG.FTS.B,

29.49%,

11/22/24

.

784

804

991107393.UG.FTS.B,

29.49%,

11/22/24

.

1,309

955

991107494.UG.FTS.B,

29.49%,

11/22/24

.

245

251

991108083.UG.FTS.B,

29.49%,

11/22/24

.

192

197

991108088.UG.FTS.B,

29.49%,

11/22/24

.

527

(20)

991108800.UG.FTS.B,

29.49%,

11/22/24

.

216

218

991108957.UG.FTS.B,

29.49%,

11/22/24

.

63

63

991109049.UG.FTS.B,

29.49%,

11/22/24

.

532

548

991109483.UG.FTS.B,

29.49%,

11/22/24

.

388

397

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991109990.UG.FTS.B,

29.49%,

11/22/24

.

$

327

$

335

991110027.UG.FTS.B,

29.49%,

11/22/24

..

21

21

991110330.UG.FTS.B,

29.49%,

11/22/24

..

443

426

991112073.UG.FTS.B,

29.49%,

11/22/24

..

238

245

991112758.UG.FTS.B,

29.49%,

11/22/24

..

262

254

991113516.UG.FTS.B,

29.49%,

11/22/24

..

167

170

991114614.UG.FTS.B,

29.49%,

11/22/24

..

46

46

991116156.UG.FTS.B,

29.49%,

11/22/24

..

117

119

991116852.UG.FTS.B,

29.49%,

11/22/24

..

63

64

991116896.UG.FTS.B,

29.49%,

11/22/24

..

175

180

991117593.UG.FTS.B,

29.49%,

11/22/24

..

26

26

991117611.UG.FTS.B,

29.49%,

11/22/24

..

29

26

991117809.UG.FTS.B,

29.49%,

11/22/24

..

243

250

991119993.UG.FTS.B,

29.49%,

11/22/24

..

215

222

991120831.UG.FTS.B,

29.49%,

11/22/24

.

124

87

991120837.UG.FTS.B,

29.49%,

11/22/24

.

1,133

154

991121290.UG.FTS.B,

29.49%,

11/22/24

.

23

3

991122279.UG.FTS.B,

29.49%,

11/22/24

.

41

41

991122380.UG.FTS.B,

29.49%,

11/22/24

.

223

(8)

991122835.UG.FTS.B,

29.49%,

11/22/24

.

1,465

1,497

991123695.UG.FTS.B,

29.49%,

11/22/24

.

404

414

991123820.UG.FTS.B,

29.49%,

11/22/24

.

502

36

991124015.UG.FTS.B,

29.49%,

11/22/24

.

335

339

991124721.UG.FTS.B,

29.49%,

11/22/24

.

245

251

991125303.UG.FTS.B,

29.49%,

11/22/24

.

150

155

991126049.UG.FTS.B,

29.49%,

11/22/24

.

62

63

991126056.UG.FTS.B,

29.49%,

11/22/24

.

908

653

991128630.UG.FTS.B,

29.49%,

11/22/24

.

230

236

991130950.UG.FTS.B,

29.49%,

11/22/24

.

43

43

991132446.UG.FTS.B,

29.49%,

11/22/24

.

106

108

991133333.UG.FTS.B,

29.49%,

11/22/24

.

42

43

991133526.UG.FTS.B,

29.49%,

11/22/24

.

17

17

991137652.UG.FTS.B,

29.49%,

11/22/24

.

95

96

991138174.UG.FTS.B,

29.49%,

11/22/24

.

204

210

991138935.UG.FTS.B,

29.49%,

11/22/24

.

25

25

991139223.UG.FTS.B,

29.49%,

11/22/24

.

662

483

991139541.UG.FTS.B,

29.49%,

11/22/24

.

735

747

991140957.UG.FTS.B,

29.49%,

11/22/24

.

96

95

991141109.UG.FTS.B,

29.49%,

11/22/24

..

47

7

991141211.UG.FTS.B,

29.49%,

11/22/24

..

166

165

991141918.UG.FTS.B,

29.49%,

11/22/24

.

1,438

1,469

991144588.UG.FTS.B,

29.49%,

11/22/24

.

270

278

991146799.UG.FTS.B,

29.49%,

11/22/24

.

70

71

991148239.UG.FTS.B,

29.49%,

11/22/24

.

717

736

991149855.UG.FTS.B,

29.49%,

11/22/24

.

498

509

991150574.UG.FTS.B,

29.49%,

11/22/24

.

254

(3)

991150981.UG.FTS.B,

29.49%,

11/22/24

.

121

106

991151592.UG.FTS.B,

29.49%,

11/22/24

.

8

8

991153215.UG.FTS.B,

29.49%,

11/22/24

.

183

184

991153231.UG.FTS.B,

29.49%,

11/22/24

.

92

64

991153822.UG.FTS.B,

29.49%,

11/22/24

.

221

(8)

991155428.UG.FTS.B,

29.49%,

11/22/24

.

–

–

991155708.UG.FTS.B,

29.49%,

11/22/24

.

445

458

991158055.UG.FTS.B,

29.49%,

11/22/24

.

442

454

991158534.UG.FTS.B,

29.49%,

11/22/24

.

28

28

991158905.UG.FTS.B,

29.49%,

11/22/24

.

288

290

991162354.UG.FTS.B,

29.49%,

11/22/24

.

151

153

991162836.UG.FTS.B,

29.49%,

11/22/24

.

29

29

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

270

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991162973.UG.FTS.B,

29.49%,

11/22/24

.

$

59

$

60

991168948.UG.FTS.B,

29.49%,

11/22/24

.

718

735

991173886.UG.FTS.B,

29.49%,

11/22/24

.

668

687

991173914.UG.FTS.B,

29.49%,

11/22/24

.

83

86

991174146.UG.FTS.B,

29.49%,

11/22/24

.

76

77

991174310.UG.FTS.B,

29.49%,

11/22/24

.

193

193

991175535.UG.FTS.B,

29.49%,

11/22/24

.

159

160

991176814.UG.FTS.B,

29.49%,

11/22/24

.

1,213

1,244

991177459.UG.FTS.B,

29.49%,

11/22/24

.

979

(12)

991179561.UG.FTS.B,

29.49%,

11/22/24

.

96

98

991180237.UG.FTS.B,

29.49%,

11/22/24

.

6

6

991181818.UG.FTS.B,

29.49%,

11/22/24

.

129

130

991182736.UG.FTS.B,

29.49%,

11/22/24

.

130

134

991184193.UG.FTS.B,

29.49%,

11/22/24

.

375

231

991184452.UG.FTS.B,

29.49%,

11/22/24

.

556

38

991189207.UG.FTS.B,

29.49%,

11/22/24

.

43

43

991191963.UG.FTS.B,

29.49%,

11/22/24

.

306

308

991195371.UG.FTS.B,

29.49%,

11/22/24

.

352

241

991196497.UG.FTS.B,

29.49%,

11/22/24

.

74

75

991206669.UG.FTS.B,

29.49%,

11/22/24

.

24

24

991217210.UG.FTS.B,

29.49%,

11/22/24

.

221

227

991217394.UG.FTS.B,

29.49%,

11/22/24

.

143

147

991219101.UG.FTS.B,

29.49%,

11/22/24

.

87

89

991222931.UG.FTS.B,

29.49%,

11/22/24

.

1,684

1,732

991223979.UG.FTS.B,

29.49%,

11/22/24

.

81

83

991225553.UG.FTS.B,

29.49%,

11/22/24

.

242

159

991227864.UG.FTS.B,

29.49%,

11/22/24

.

18

16

991229296.UG.FTS.B,

29.49%,

11/22/24

.

37

36

991235969.UG.FTS.B,

29.49%,

11/22/24

.

245

252

991236637.UG.FTS.B,

29.49%,

11/22/24

.

77

79

991239074.UG.FTS.B,

29.49%,

11/22/24

.

95

7

991239091.UG.FTS.B,

29.49%,

11/22/24

.

884

879

991245259.UG.FTS.B,

29.49%,

11/22/24

.

120

123

991245820.UG.FTS.B,

29.49%,

11/22/24

.

418

422

991246182.UG.FTS.B,

29.49%,

11/22/24

.

28

5

991255887.UG.FTS.B,

29.49%,

11/22/24

.

143

145

991259852.UG.FTS.B,

29.49%,

11/22/24

.

39

40

991267717.UG.FTS.B,

29.49%,

11/22/24

.

709

718

991269536.UG.FTS.B,

29.49%,

11/22/24

.

60

61

991274490.UG.FTS.B,

29.49%,

11/22/24

.

65

66

991278795.UG.FTS.B,

29.49%,

11/22/24

.

134

136

991279836.UG.FTS.B,

29.49%,

11/22/24

.

158

161

991281331.UG.FTS.B,

29.49%,

11/22/24

.

258

263

991288087.UG.FTS.B,

29.49%,

11/22/24

.

110

111

991290240.UG.FTS.B,

29.49%,

11/22/24

.

166

159

991291999.UG.FTS.B,

29.49%,

11/22/24

.

71

73

991293465.UG.FTS.B,

29.49%,

11/22/24

.

201

201

991293990.UG.FTS.B,

29.49%,

11/22/24

.

54

54

991299932.UG.FTS.B,

29.49%,

11/22/24

.

3,077

(119)

991300187.UG.FTS.B,

29.49%,

11/22/24

.

527

535

991302610.UG.FTS.B,

29.49%,

11/22/24

.

517

521

991305981.UG.FTS.B,

29.49%,

11/22/24

.

63

64

991106362.UG.FTS.B,

Zero

Cpn,

11/23/24

50

3

991109974.UG.FTS.B,

Zero

Cpn,

11/23/24

191

–

991110395.UG.FTS.B,

Zero

Cpn,

11/23/24

1,000

–

991137990.UG.FTS.B,

Zero

Cpn,

11/23/24

263

–

991140922.UG.FTS.B,

Zero

Cpn,

11/23/24

112

–

991155173.UG.FTS.B,

Zero

Cpn,

11/23/24

118

8

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991159766.UG.FTS.B,

Zero

Cpn,

11/23/24

$

20

$

–

991179514.UG.FTS.B,

Zero

Cpn,

11/23/24

189

–

991205665.UG.FTS.B,

Zero

Cpn,

11/23/24

99

7

991215835.UG.FTS.B,

Zero

Cpn,

11/23/24

261

–

991216477.UG.FTS.B,

Zero

Cpn,

11/23/24

329

22

991230703.UG.FTS.B,

Zero

Cpn,

11/23/24

245

–

991258826.UG.FTS.B,

Zero

Cpn,

11/23/24

242

–

991285673.UG.FTS.B,

Zero

Cpn,

11/23/24

57

–

991291469.UG.FTS.B,

Zero

Cpn,

11/23/24

146

10

991310336.UG.FTS.B,

Zero

Cpn,

11/23/24

65

4

991196638.UG.FTS.B,

14.98%,

11/23/24

.

665

669

991229244.UG.FTS.B,

18.97%,

11/23/24

.

631

627

991232122.UG.FTS.B,

18.97%,

11/23/24

.

47

47

991181980.UG.FTS.B,

19.21%,

11/23/24

.

524

42

991196293.UG.FTS.B,

19.21%,

11/23/24

.

529

527

991247451.UG.FTS.B,

19.21%,

11/23/24

.

339

338

991254731.UG.FTS.B,

19.21%,

11/23/24

.

6

6

991313399.UG.FTS.B,

19.21%,

11/23/24

.

234

237

991126095.UG.FTS.B,

19.46%,

11/23/24

.

191

190

991168137.UG.FTS.B,

19.8%,

11/23/24

..

338

229

991168372.UG.FTS.B,

19.8%,

11/23/24

..

2,051

2,042

991208250.UG.FTS.B,

19.8%,

11/23/24

..

17

1

991237671.UG.FTS.B,

19.8%,

11/23/24

..

150

150

991108230.UG.FTS.B,

19.99%,

11/23/24

.

82

83

991108654.UG.FTS.B,

19.99%,

11/23/24

.

122

125

991111693.UG.FTS.B,

19.99%,

11/23/24

..

–

–

991113893.UG.FTS.B,

19.99%,

11/23/24

..

5

5

991114190.UG.FTS.B,

19.99%,

11/23/24

..

56

56

991114531.UG.FTS.B,

19.99%,

11/23/24

..

175

13

991117423.UG.FTS.B,

19.99%,

11/23/24

..

12

12

991123941.UG.FTS.B,

19.99%,

11/23/24

.

1,488

1,548

991126181.UG.FTS.B,

19.99%,

11/23/24

.

419

428

991126600.UG.FTS.B,

19.99%,

11/23/24

.

1,680

1,721

991126654.UG.FTS.B,

19.99%,

11/23/24

.

252

258

991129498.UG.FTS.B,

19.99%,

11/23/24

.

395

397

991132382.UG.FTS.B,

19.99%,

11/23/24

.

118

121

991132671.UG.FTS.B,

19.99%,

11/23/24

.

154

158

991133827.UG.FTS.B,

19.99%,

11/23/24

.

399

405

991138036.UG.FTS.B,

19.99%,

11/23/24

.

78

20

991147270.UG.FTS.B,

19.99%,

11/23/24

.

82

82

991150692.UG.FTS.B,

19.99%,

11/23/24

.

314

7

991162960.UG.FTS.B,

19.99%,

11/23/24

.

99

100

991167674.UG.FTS.B,

19.99%,

11/23/24

.

337

337

991170878.UG.FTS.B,

19.99%,

11/23/24

.

38

38

991229310.UG.FTS.B,

19.99%,

11/23/24

.

249

255

991232620.UG.FTS.B,

19.99%,

11/23/24

.

135

138

991244136.UG.FTS.B,

19.99%,

11/23/24

.

438

448

991262811.UG.FTS.B,

19.99%,

11/23/24

.

129

134

991283781.UG.FTS.B,

19.99%,

11/23/24

.

419

428

991296137.UG.FTS.B,

19.99%,

11/23/24

.

191

194

991300760.UG.FTS.B,

19.99%,

11/23/24

.

205

208

991313088.UG.FTS.B,

19.99%,

11/23/24

.

330

331

991106798.UG.FTS.B,

20.46%,

11/23/24

.

1,871

1,900

991147229.UG.FTS.B,

20.46%,

11/23/24

.

220

219

991181180.UG.FTS.B,

20.97%,

11/23/24

..

122

122

991184027.UG.FTS.B,

20.97%,

11/23/24

.

206

206

991282683.UG.FTS.B,

20.97%,

11/23/24

.

61

61

991105721.UG.FTS.B,

21.46%,

11/23/24

.

195

193

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

271

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991113758.UG.FTS.B,

21.46%,

11/23/24

..

$

119

$

119

991119625.UG.FTS.B,

21.46%,

11/23/24

..

517

516

991125579.UG.FTS.B,

21.46%,

11/23/24

.

597

595

991135432.UG.FTS.B,

21.46%,

11/23/24

.

2,345

2,331

991147013.UG.FTS.B,

21.46%,

11/23/24

.

257

18

991148866.UG.FTS.B,

21.46%,

11/23/24

.

3,454

3,434

991155217.UG.FTS.B,

21.46%,

11/23/24

.

301

299

991187835.UG.FTS.B,

21.46%,

11/23/24

.

126

125

991106966.UG.FTS.B,

21.98%,

11/23/24

.

813

803

991184569.UG.FTS.B,

21.98%,

11/23/24

.

137

137

991184768.UG.FTS.B,

21.98%,

11/23/24

.

440

437

991276829.UG.FTS.B,

21.98%,

11/23/24

.

263

260

991191830.UG.FTS.B,

22.95%,

11/23/24

.

347

346

991145323.UG.FTS.B,

22.97%,

11/23/24

.

171

171

991288971.UG.FTS.B,

23.95%,

11/23/24

.

20

20

991178607.UG.FTS.B,

25.94%,

11/23/24

.

231

(16)

991121850.UG.FTS.B,

26.94%,

11/23/24

.

489

486

991144096.UG.FTS.B,

26.94%,

11/23/24

.

452

450

991146136.UG.FTS.B,

26.94%,

11/23/24

.

1,463

1,457

991108416.UG.FTS.B,

27.95%,

11/23/24

.

9

9

991147765.UG.FTS.B,

27.95%,

11/23/24

.

232

237

991109616.UG.FTS.B,

27.99%,

11/23/24

.

594

606

991131246.UG.FTS.B,

27.99%,

11/23/24

.

24

24

991232344.UG.FTS.B,

27.99%,

11/23/24

.

91

93

991105091.UG.FTS.B,

28.98%,

11/23/24

.

–

–

991105483.UG.FTS.B,

28.98%,

11/23/24

.

573

566

991105842.UG.FTS.B,

28.98%,

11/23/24

.

376

382

991106197.UG.FTS.B,

28.98%,

11/23/24

.

1,248

1,273

991106233.UG.FTS.B,

28.98%,

11/23/24

.

92

94

991106264.UG.FTS.B,

28.98%,

11/23/24

.

521

529

991106501.UG.FTS.B,

28.98%,

11/23/24

.

129

132

991106668.UG.FTS.B,

28.98%,

11/23/24

.

294

201

991107573.UG.FTS.B,

28.98%,

11/23/24

.

3,302

252

991108103.UG.FTS.B,

28.98%,

11/23/24

.

148

155

991108190.UG.FTS.B,

28.98%,

11/23/24

.

1,340

1,368

991108227.UG.FTS.B,

28.98%,

11/23/24

.

258

263

991108887.UG.FTS.B,

28.98%,

11/23/24

.

117

120

991109723.UG.FTS.B,

28.98%,

11/23/24

.

494

504

991110228.UG.FTS.B,

28.98%,

11/23/24

..

938

685

991110526.UG.FTS.B,

28.98%,

11/23/24

..

563

575

991110800.UG.FTS.B,

28.98%,

11/23/24

..

494

513

991110924.UG.FTS.B,

28.98%,

11/23/24

..

139

147

991112737.UG.FTS.B,

28.98%,

11/23/24

..

206

211

991114478.UG.FTS.B,

28.98%,

11/23/24

..

367

376

991115207.UG.FTS.B,

28.98%,

11/23/24

..

49

49

991115378.UG.FTS.B,

28.98%,

11/23/24

..

130

133

991115753.UG.FTS.B,

28.98%,

11/23/24

..

56

58

991116614.UG.FTS.B,

28.98%,

11/23/24

..

562

(63)

991117626.UG.FTS.B,

28.98%,

11/23/24

..

2,001

2,019

991121613.UG.FTS.B,

28.98%,

11/23/24

.

216

222

991123355.UG.FTS.B,

28.98%,

11/23/24

.

70

70

991124417.UG.FTS.B,

28.98%,

11/23/24

.

510

511

991124798.UG.FTS.B,

28.98%,

11/23/24

.

471

482

991125415.UG.FTS.B,

28.98%,

11/23/24

.

312

314

991125837.UG.FTS.B,

28.98%,

11/23/24

.

389

279

991130272.UG.FTS.B,

28.98%,

11/23/24

.

260

264

991131479.UG.FTS.B,

28.98%,

11/23/24

.

566

580

991132085.UG.FTS.B,

28.98%,

11/23/24

.

44

44

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991132396.UG.FTS.B,

28.98%,

11/23/24

.

$

406

$

397

991132511.UG.FTS.B,

28.98%,

11/23/24

..

538

74

991132894.UG.FTS.B,

28.98%,

11/23/24

.

172

175

991133163.UG.FTS.B,

28.98%,

11/23/24

.

204

215

991133989.UG.FTS.B,

28.98%,

11/23/24

.

54

54

991136357.UG.FTS.B,

28.98%,

11/23/24

.

–

–

991138634.UG.FTS.B,

28.98%,

11/23/24

.

197

201

991139844.UG.FTS.B,

28.98%,

11/23/24

.

169

172

991141819.UG.FTS.B,

28.98%,

11/23/24

.

936

67

991142579.UG.FTS.B,

28.98%,

11/23/24

.

479

487

991147458.UG.FTS.B,

28.98%,

11/23/24

.

304

310

991147938.UG.FTS.B,

28.98%,

11/23/24

.

357

(12)

991148591.UG.FTS.B,

28.98%,

11/23/24

.

2,277

2,295

991148949.UG.FTS.B,

28.98%,

11/23/24

.

158

11

991150357.UG.FTS.B,

28.98%,

11/23/24

.

122

123

991151935.UG.FTS.B,

28.98%,

11/23/24

.

204

214

991152386.UG.FTS.B,

28.98%,

11/23/24

.

223

228

991156346.UG.FTS.B,

28.98%,

11/23/24

.

–

–

991157081.UG.FTS.B,

28.98%,

11/23/24

.

145

146

991158618.UG.FTS.B,

28.98%,

11/23/24

.

195

199

991162664.UG.FTS.B,

28.98%,

11/23/24

.

1,430

1,447

991166090.UG.FTS.B,

28.98%,

11/23/24

.

54

(1)

991169414.UG.FTS.B,

28.98%,

11/23/24

.

144

143

991170456.UG.FTS.B,

28.98%,

11/23/24

.

375

383

991170493.UG.FTS.B,

28.98%,

11/23/24

.

178

183

991171491.UG.FTS.B,

28.98%,

11/23/24

.

86

87

991173980.UG.FTS.B,

28.98%,

11/23/24

.

82

84

991178866.UG.FTS.B,

28.98%,

11/23/24

.

520

531

991181974.UG.FTS.B,

28.98%,

11/23/24

.

888

902

991187003.UG.FTS.B,

28.98%,

11/23/24

.

758

768

991187197.UG.FTS.B,

28.98%,

11/23/24

.

125

128

991188766.UG.FTS.B,

28.98%,

11/23/24

.

1,290

1,316

991189874.UG.FTS.B,

28.98%,

11/23/24

.

1,451

1,526

991193318.UG.FTS.B,

28.98%,

11/23/24

.

57

57

991194147.UG.FTS.B,

28.98%,

11/23/24

.

1,163

1,163

991209380.UG.FTS.B,

28.98%,

11/23/24

.

551

562

991214567.UG.FTS.B,

28.98%,

11/23/24

.

415

425

991216950.UG.FTS.B,

28.98%,

11/23/24

.

712

726

991221105.UG.FTS.B,

28.98%,

11/23/24

.

7

7

991221838.UG.FTS.B,

28.98%,

11/23/24

.

136

138

991225329.UG.FTS.B,

28.98%,

11/23/24

.

142

145

991234421.UG.FTS.B,

28.98%,

11/23/24

.

164

165

991238561.UG.FTS.B,

28.98%,

11/23/24

.

65

66

991239647.UG.FTS.B,

28.98%,

11/23/24

.

124

126

991239983.UG.FTS.B,

28.98%,

11/23/24

.

214

217

991240082.UG.FTS.B,

28.98%,

11/23/24

.

1,065

1,087

991245554.UG.FTS.B,

28.98%,

11/23/24

.

621

629

991258067.UG.FTS.B,

28.98%,

11/23/24

.

30

30

991263923.UG.FTS.B,

28.98%,

11/23/24

.

91

93

991264563.UG.FTS.B,

28.98%,

11/23/24

.

504

523

991266187.UG.FTS.B,

28.98%,

11/23/24

.

171

174

991266191.UG.FTS.B,

28.98%,

11/23/24

.

111

111

991268038.UG.FTS.B,

28.98%,

11/23/24

.

409

409

991271407.UG.FTS.B,

28.98%,

11/23/24

.

128

130

991272708.UG.FTS.B,

28.98%,

11/23/24

.

216

29

991277238.UG.FTS.B,

28.98%,

11/23/24

.

140

(5)

991277293.UG.FTS.B,

28.98%,

11/23/24

.

84

6

991277474.UG.FTS.B,

28.98%,

11/23/24

.

135

135

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

272

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991282136.UG.FTS.B,

28.98%,

11/23/24

.

$

624

$

632

991294425.UG.FTS.B,

28.98%,

11/23/24

.

26

26

991296682.UG.FTS.B,

28.98%,

11/23/24

.

839

839

991299505.UG.FTS.B,

28.98%,

11/23/24

.

494

500

991307067.UG.FTS.B,

28.98%,

11/23/24

.

32

33

991308841.UG.FTS.B,

28.98%,

11/23/24

.

66

67

991309043.UG.FTS.B,

28.98%,

11/23/24

.

771

800

991311434.UG.FTS.B,

28.98%,

11/23/24

.

67

68

991315348.UG.FTS.B,

28.98%,

11/23/24

.

164

170

991316267.UG.FTS.B,

28.98%,

11/23/24

.

40

42

991105167.UG.FTS.B,

29.49%,

11/23/24

.

73

(1)

991105369.UG.FTS.B,

29.49%,

11/23/24

.

1,658

225

991105648.UG.FTS.B,

29.49%,

11/23/24

.

98

101

991105654.UG.FTS.B,

29.49%,

11/23/24

.

712

705

991105752.UG.FTS.B,

29.49%,

11/23/24

.

65

66

991105847.UG.FTS.B,

29.49%,

11/23/24

.

664

(36)

991106019.UG.FTS.B,

29.49%,

11/23/24

.

–

–

991106576.UG.FTS.B,

29.49%,

11/23/24

.

961

976

991106876.UG.FTS.B,

29.49%,

11/23/24

.

98

101

991107180.UG.FTS.B,

29.49%,

11/23/24

.

210

217

991107549.UG.FTS.B,

29.49%,

11/23/24

.

247

36

991107676.UG.FTS.B,

29.49%,

11/23/24

.

137

144

991108014.UG.FTS.B,

29.49%,

11/23/24

.

50

50

991108326.UG.FTS.B,

29.49%,

11/23/24

.

62

63

991108629.UG.FTS.B,

29.49%,

11/23/24

.

8

8

991109380.UG.FTS.B,

29.49%,

11/23/24

.

95

97

991109761.UG.FTS.B,

29.49%,

11/23/24

.

158

163

991109836.UG.FTS.B,

29.49%,

11/23/24

.

15

15

991110089.UG.FTS.B,

29.49%,

11/23/24

..

193

197

991110148.UG.FTS.B,

29.49%,

11/23/24

..

540

38

991110258.UG.FTS.B,

29.49%,

11/23/24

..

392

31

991110335.UG.FTS.B,

29.49%,

11/23/24

..

58

58

991110975.UG.FTS.B,

29.49%,

11/23/24

..

854

879

991111371.UG.FTS.B,

29.49%,

11/23/24

..

475

487

991111569.UG.FTS.B,

29.49%,

11/23/24

..

86

89

991111596.UG.FTS.B,

29.49%,

11/23/24

..

346

365

991111942.UG.FTS.B,

29.49%,

11/23/24

..

143

20

991112160.UG.FTS.B,

29.49%,

11/23/24

..

596

604

991112242.UG.FTS.B,

29.49%,

11/23/24

..

772

799

991113220.UG.FTS.B,

29.49%,

11/23/24

..

164

169

991113469.UG.FTS.B,

29.49%,

11/23/24

..

144

148

991114124.UG.FTS.B,

29.49%,

11/23/24

..

562

575

991114587.UG.FTS.B,

29.49%,

11/23/24

..

60

5

991115039.UG.FTS.B,

29.49%,

11/23/24

..

136

138

991115841.UG.FTS.B,

29.49%,

11/23/24

..

1,013

1,039

991115845.UG.FTS.B,

29.49%,

11/23/24

..

39

39

991116352.UG.FTS.B,

29.49%,

11/23/24

..

77

81

991116525.UG.FTS.B,

29.49%,

11/23/24

..

85

88

991116572.UG.FTS.B,

29.49%,

11/23/24

..

109

112

991116897.UG.FTS.B,

29.49%,

11/23/24

..

144

147

991117167.UG.FTS.B,

29.49%,

11/23/24

..

131

132

991117289.UG.FTS.B,

29.49%,

11/23/24

..

625

523

991117538.UG.FTS.B,

29.49%,

11/23/24

..

403

414

991117838.UG.FTS.B,

29.49%,

11/23/24

..

91

94

991119667.UG.FTS.B,

29.49%,

11/23/24

..

33

33

991120312.UG.FTS.B,

29.49%,

11/23/24

.

2,252

2,294

991120820.UG.FTS.B,

29.49%,

11/23/24

.

812

567

991121326.UG.FTS.B,

29.49%,

11/23/24

.

720

739

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991121590.UG.FTS.B,

29.49%,

11/23/24

.

$

139

$

12

991122619.UG.FTS.B,

29.49%,

11/23/24

.

133

136

991123109.UG.FTS.B,

29.49%,

11/23/24

.

744

532

991124838.UG.FTS.B,

29.49%,

11/23/24

.

886

850

991125428.UG.FTS.B,

29.49%,

11/23/24

.

176

181

991125707.UG.FTS.B,

29.49%,

11/23/24

.

426

436

991127127.UG.FTS.B,

29.49%,

11/23/24

.

187

193

991130146.UG.FTS.B,

29.49%,

11/23/24

.

30

30

991130653.UG.FTS.B,

29.49%,

11/23/24

.

24

24

991133996.UG.FTS.B,

29.49%,

11/23/24

.

138

135

991134257.UG.FTS.B,

29.49%,

11/23/24

.

3,969

2,748

991134333.UG.FTS.B,

29.49%,

11/23/24

.

360

368

991134773.UG.FTS.B,

29.49%,

11/23/24

.

59

51

991135109.UG.FTS.B,

29.49%,

11/23/24

.

352

362

991135586.UG.FTS.B,

29.49%,

11/23/24

.

462

35

991136186.UG.FTS.B,

29.49%,

11/23/24

.

1,486

1,477

991137340.UG.FTS.B,

29.49%,

11/23/24

.

48

47

991138608.UG.FTS.B,

29.49%,

11/23/24

.

60

60

991139033.UG.FTS.B,

29.49%,

11/23/24

.

866

888

991141149.UG.FTS.B,

29.49%,

11/23/24

..

143

146

991141906.UG.FTS.B,

29.49%,

11/23/24

.

378

386

991144041.UG.FTS.B,

29.49%,

11/23/24

.

253

260

991144784.UG.FTS.B,

29.49%,

11/23/24

.

5

5

991145858.UG.FTS.B,

29.49%,

11/23/24

.

415

417

991146058.UG.FTS.B,

29.49%,

11/23/24

.

22

3

991146628.UG.FTS.B,

29.49%,

11/23/24

.

115

117

991146849.UG.FTS.B,

29.49%,

11/23/24

.

679

712

991151065.UG.FTS.B,

29.49%,

11/23/24

.

434

442

991151181.UG.FTS.B,

29.49%,

11/23/24

..

2,530

2,569

991153760.UG.FTS.B,

29.49%,

11/23/24

.

348

351

991154151.UG.FTS.B,

29.49%,

11/23/24

.

146

150

991154156.UG.FTS.B,

29.49%,

11/23/24

.

38

38

991154824.UG.FTS.B,

29.49%,

11/23/24

.

125

124

991154837.UG.FTS.B,

29.49%,

11/23/24

.

29

29

991155401.UG.FTS.B,

29.49%,

11/23/24

.

172

178

991156245.UG.FTS.B,

29.49%,

11/23/24

.

737

752

991157333.UG.FTS.B,

29.49%,

11/23/24

.

71

73

991158412.UG.FTS.B,

29.49%,

11/23/24

.

32

32

991159269.UG.FTS.B,

29.49%,

11/23/24

.

29

30

991159397.UG.FTS.B,

29.49%,

11/23/24

.

892

915

991159977.UG.FTS.B,

29.49%,

11/23/24

.

68

68

991163512.UG.FTS.B,

29.49%,

11/23/24

.

314

318

991165122.UG.FTS.B,

29.49%,

11/23/24

.

1,647

1,652

991167603.UG.FTS.B,

29.49%,

11/23/24

.

308

315

991171535.UG.FTS.B,

29.49%,

11/23/24

.

205

210

991172898.UG.FTS.B,

29.49%,

11/23/24

.

17

17

991173144.UG.FTS.B,

29.49%,

11/23/24

.

6

6

991174043.UG.FTS.B,

29.49%,

11/23/24

.

25

25

991174718.UG.FTS.B,

29.49%,

11/23/24

.

41

41

991175162.UG.FTS.B,

29.49%,

11/23/24

.

318

326

991180111.UG.FTS.B,

29.49%,

11/23/24

..

145

148

991182655.UG.FTS.B,

29.49%,

11/23/24

.

54

54

991183124.UG.FTS.B,

29.49%,

11/23/24

.

183

186

991189600.UG.FTS.B,

29.49%,

11/23/24

.

–

–

991191859.UG.FTS.B,

29.49%,

11/23/24

.

120

123

991193878.UG.FTS.B,

29.49%,

11/23/24

.

3

3

991193886.UG.FTS.B,

29.49%,

11/23/24

.

29

29

991198566.UG.FTS.B,

29.49%,

11/23/24

.

162

12

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

273

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991200285.UG.FTS.B,

29.49%,

11/23/24

.

$

529

$

(20)

991203413.UG.FTS.B,

29.49%,

11/23/24

.

11

11

991204587.UG.FTS.B,

29.49%,

11/23/24

.

383

393

991208929.UG.FTS.B,

29.49%,

11/23/24

.

148

154

991211494.UG.FTS.B,

29.49%,

11/23/24

.

631

643

991212308.UG.FTS.B,

29.49%,

11/23/24

.

5

5

991218593.UG.FTS.B,

29.49%,

11/23/24

.

296

303

991221818.UG.FTS.B,

29.49%,

11/23/24

.

136

9

991224830.UG.FTS.B,

29.49%,

11/23/24

.

567

587

991230430.UG.FTS.B,

29.49%,

11/23/24

.

298

303

991231664.UG.FTS.B,

29.49%,

11/23/24

.

135

136

991232879.UG.FTS.B,

29.49%,

11/23/24

.

30

30

991237095.UG.FTS.B,

29.49%,

11/23/24

.

34

35

991239388.UG.FTS.B,

29.49%,

11/23/24

.

189

138

991243902.UG.FTS.B,

29.49%,

11/23/24

.

574

586

991244025.UG.FTS.B,

29.49%,

11/23/24

.

100

104

991248642.UG.FTS.B,

29.49%,

11/23/24

.

179

181

991255614.UG.FTS.B,

29.49%,

11/23/24

.

64

49

991256878.UG.FTS.B,

29.49%,

11/23/24

.

253

258

991257001.UG.FTS.B,

29.49%,

11/23/24

.

126

128

991257574.UG.FTS.B,

29.49%,

11/23/24

.

92

93

991267903.UG.FTS.B,

29.49%,

11/23/24

.

206

209

991270894.UG.FTS.B,

29.49%,

11/23/24

.

93

94

991271521.UG.FTS.B,

29.49%,

11/23/24

.

6

6

991274815.UG.FTS.B,

29.49%,

11/23/24

.

83

85

991276557.UG.FTS.B,

29.49%,

11/23/24

.

284

288

991276581.UG.FTS.B,

29.49%,

11/23/24

.

5

4

991278544.UG.FTS.B,

29.49%,

11/23/24

.

91

13

991280169.UG.FTS.B,

29.49%,

11/23/24

.

299

303

991280901.UG.FTS.B,

29.49%,

11/23/24

.

636

636

991283471.UG.FTS.B,

29.49%,

11/23/24

.

76

78

991286904.UG.FTS.B,

29.49%,

11/23/24

.

93

97

991287640.UG.FTS.B,

29.49%,

11/23/24

.

41

36

991288512.UG.FTS.B,

29.49%,

11/23/24

.

564

571

991292477.UG.FTS.B,

29.49%,

11/23/24

.

125

127

991293746.UG.FTS.B,

29.49%,

11/23/24

.

181

183

991293772.UG.FTS.B,

29.49%,

11/23/24

.

510

518

991298763.UG.FTS.B,

29.49%,

11/23/24

.

176

178

991299031.UG.FTS.B,

29.49%,

11/23/24

.

208

210

991304104.UG.FTS.B,

29.49%,

11/23/24

.

38

6

991308017.UG.FTS.B,

29.49%,

11/23/24

.

64

65

991111741.UG.FTS.B,

Zero

Cpn,

11/24/24

761

–

991113936.UG.FTS.B,

Zero

Cpn,

11/24/24

353

24

991114983.UG.FTS.B,

Zero

Cpn,

11/24/24

275

19

991115887.UG.FTS.B,

Zero

Cpn,

11/24/24

202

14

991117511.UG.FTS.B,

Zero

Cpn,

11/24/24

88

–

991123265.UG.FTS.B,

Zero

Cpn,

11/24/24

171

11

991124951.UG.FTS.B,

Zero

Cpn,

11/24/24

114

8

991125472.UG.FTS.B,

Zero

Cpn,

11/24/24

232

16

991125644.UG.FTS.B,

Zero

Cpn,

11/24/24

1,225

84

991127431.UG.FTS.B,

Zero

Cpn,

11/24/24

373

25

991176533.UG.FTS.B,

Zero

Cpn,

11/24/24

882

60

991183279.UG.FTS.B,

Zero

Cpn,

11/24/24

438

30

991192057.UG.FTS.B,

Zero

Cpn,

11/24/24

160

11

991223372.UG.FTS.B,

Zero

Cpn,

11/24/24

213

15

991232914.UG.FTS.B,

Zero

Cpn,

11/24/24

1,236

–

991238618.UG.FTS.B,

Zero

Cpn,

11/24/24

163

–

991248437.UG.FTS.B,

Zero

Cpn,

11/24/24

116

8

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991115361.UG.FTS.B,

19.21%,

11/24/24

..

$

567

$

566

991130184.UG.FTS.B,

19.21%,

11/24/24

.

495

326

991224275.UG.FTS.B,

19.21%,

11/24/24

.

3,703

452

991111330.UG.FTS.B,

19.8%,

11/24/24

...

730

727

991165081.UG.FTS.B,

19.8%,

11/24/24

..

554

547

991222205.UG.FTS.B,

19.8%,

11/24/24

..

21

21

991129972.UG.FTS.B,

19.99%,

11/24/24

.

140

12

991130672.UG.FTS.B,

19.99%,

11/24/24

.

106

15

991132353.UG.FTS.B,

19.99%,

11/24/24

.

1,417

181

991134660.UG.FTS.B,

19.99%,

11/24/24

.

214

216

991137740.UG.FTS.B,

19.99%,

11/24/24

.

118

120

991164622.UG.FTS.B,

19.99%,

11/24/24

.

392

265

991169645.UG.FTS.B,

19.99%,

11/24/24

.

410

420

991195686.UG.FTS.B,

19.99%,

11/24/24

.

2

2

991226952.UG.FTS.B,

19.99%,

11/24/24

.

455

461

991241069.UG.FTS.B,

19.99%,

11/24/24

.

602

617

991266535.UG.FTS.B,

19.99%,

11/24/24

.

418

428

991281311.UG.FTS.B,

19.99%,

11/24/24

.

26

27

991314125.UG.FTS.B,

19.99%,

11/24/24

.

146

152

991323110.UG.FTS.B,

19.99%,

11/24/24

.

576

598

991206759.UG.FTS.B,

20.46%,

11/24/24

.

71

70

991225373.UG.FTS.B,

20.46%,

11/24/24

.

57

44

991234378.UG.FTS.B,

20.46%,

11/24/24

.

159

158

991331471.UG.FTS.B,

20.46%,

11/24/24

.

1,057

128

991112013.UG.FTS.B,

21.46%,

11/24/24

..

316

315

991112640.UG.FTS.B,

21.46%,

11/24/24

..

396

395

991112744.UG.FTS.B,

21.46%,

11/24/24

..

1,808

1,796

991130832.UG.FTS.B,

21.46%,

11/24/24

.

508

504

991138789.UG.FTS.B,

21.46%,

11/24/24

.

185

184

991179536.UG.FTS.B,

21.46%,

11/24/24

.

125

125

991218297.UG.FTS.B,

21.46%,

11/24/24

.

786

32

991291326.UG.FTS.B,

21.46%,

11/24/24

.

60

59

991331734.UG.FTS.B,

21.46%,

11/24/24

.

1,221

1,205

991286331.UG.FTS.B,

21.97%,

11/24/24

.

391

(3)

991111830.UG.FTS.B,

21.98%,

11/24/24

..

214

219

991139914.UG.FTS.B,

21.98%,

11/24/24

.

985

(7)

991159326.UG.FTS.B,

21.98%,

11/24/24

.

1,016

683

991185001.UG.FTS.B,

21.98%,

11/24/24

.

360

354

991163034.UG.FTS.B,

22.97%,

11/24/24

.

238

236

991166214.UG.FTS.B,

22.97%,

11/24/24

.

664

659

991215359.UG.FTS.B,

22.97%,

11/24/24

.

9

9

991118924.UG.FTS.B,

26.94%,

11/24/24

..

393

29

991116696.UG.FTS.B,

27.99%,

11/24/24

..

26

4

991126327.UG.FTS.B,

27.99%,

11/24/24

.

1,478

1,510

991220698.UG.FTS.B,

27.99%,

11/24/24

.

2

2

991110984.UG.FTS.B,

28.98%,

11/24/24

..

328

336

991111495.UG.FTS.B,

28.98%,

11/24/24

..

208

207

991111840.UG.FTS.B,

28.98%,

11/24/24

..

28

28

991111855.UG.FTS.B,

28.98%,

11/24/24

..

65

68

991112268.UG.FTS.B,

28.98%,

11/24/24

..

157

158

991112755.UG.FTS.B,

28.98%,

11/24/24

..

412

30

991114157.UG.FTS.B,

28.98%,

11/24/24

..

125

29

991114456.UG.FTS.B,

28.98%,

11/24/24

..

93

95

991114757.UG.FTS.B,

28.98%,

11/24/24

..

16

16

991115106.UG.FTS.B,

28.98%,

11/24/24

..

119

119

991115476.UG.FTS.B,

28.98%,

11/24/24

..

181

16

991115731.UG.FTS.B,

28.98%,

11/24/24

..

532

545

991115771.UG.FTS.B,

28.98%,

11/24/24

..

112

114

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

274

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991115956.UG.FTS.B,

28.98%,

11/24/24

..

$

1,567

$

1,599

991116765.UG.FTS.B,

28.98%,

11/24/24

..

142

146

991117166.UG.FTS.B,

28.98%,

11/24/24

..

52

8

991117782.UG.FTS.B,

28.98%,

11/24/24

..

26

26

991117884.UG.FTS.B,

28.98%,

11/24/24

..

21

21

991118320.UG.FTS.B,

28.98%,

11/24/24

..

530

359

991118889.UG.FTS.B,

28.98%,

11/24/24

..

53

53

991121551.UG.FTS.B,

28.98%,

11/24/24

.

2

2

991122909.UG.FTS.B,

28.98%,

11/24/24

.

76

78

991125521.UG.FTS.B,

28.98%,

11/24/24

.

18

18

991126948.UG.FTS.B,

28.98%,

11/24/24

.

1,399

1,419

991127870.UG.FTS.B,

28.98%,

11/24/24

.

136

139

991129331.UG.FTS.B,

28.98%,

11/24/24

.

466

478

991129823.UG.FTS.B,

28.98%,

11/24/24

.

131

133

991131631.UG.FTS.B,

28.98%,

11/24/24

.

66

49

991132332.UG.FTS.B,

28.98%,

11/24/24

.

1,826

1,849

991132732.UG.FTS.B,

28.98%,

11/24/24

.

4

4

991133108.UG.FTS.B,

28.98%,

11/24/24

.

148

150

991135126.UG.FTS.B,

28.98%,

11/24/24

.

91

91

991136873.UG.FTS.B,

28.98%,

11/24/24

.

91

92

991138643.UG.FTS.B,

28.98%,

11/24/24

.

202

132

991138713.UG.FTS.B,

28.98%,

11/24/24

.

23

23

991141492.UG.FTS.B,

28.98%,

11/24/24

.

581

593

991143702.UG.FTS.B,

28.98%,

11/24/24

.

244

249

991146335.UG.FTS.B,

28.98%,

11/24/24

.

870

(32)

991146475.UG.FTS.B,

28.98%,

11/24/24

.

292

25

991146950.UG.FTS.B,

28.98%,

11/24/24

.

279

284

991159323.UG.FTS.B,

28.98%,

11/24/24

.

287

293

991162240.UG.FTS.B,

28.98%,

11/24/24

.

93

94

991165417.UG.FTS.B,

28.98%,

11/24/24

.

472

482

991167862.UG.FTS.B,

28.98%,

11/24/24

.

550

563

991169353.UG.FTS.B,

28.98%,

11/24/24

.

222

227

991174153.UG.FTS.B,

28.98%,

11/24/24

.

68

69

991180982.UG.FTS.B,

28.98%,

11/24/24

.

2,486

2,518

991187157.UG.FTS.B,

28.98%,

11/24/24

.

70

72

991193965.UG.FTS.B,

28.98%,

11/24/24

.

134

135

991195043.UG.FTS.B,

28.98%,

11/24/24

.

191

195

991203318.UG.FTS.B,

28.98%,

11/24/24

.

110

109

991204082.UG.FTS.B,

28.98%,

11/24/24

.

–

–

991205194.UG.FTS.B,

28.98%,

11/24/24

.

506

518

991211967.UG.FTS.B,

28.98%,

11/24/24

.

1,002

1,009

991216255.UG.FTS.B,

28.98%,

11/24/24

.

605

398

991217054.UG.FTS.B,

28.98%,

11/24/24

.

–

–

991223013.UG.FTS.B,

28.98%,

11/24/24

.

23

23

991232413.UG.FTS.B,

28.98%,

11/24/24

.

249

252

991232709.UG.FTS.B,

28.98%,

11/24/24

.

432

436

991236189.UG.FTS.B,

28.98%,

11/24/24

.

–

–

991240494.UG.FTS.B,

28.98%,

11/24/24

.

344

353

991261528.UG.FTS.B,

28.98%,

11/24/24

.

35

35

991266274.UG.FTS.B,

28.98%,

11/24/24

.

142

144

991266369.UG.FTS.B,

28.98%,

11/24/24

.

1,831

1,857

991270229.UG.FTS.B,

28.98%,

11/24/24

.

141

143

991272606.UG.FTS.B,

28.98%,

11/24/24

.

170

172

991275524.UG.FTS.B,

28.98%,

11/24/24

.

57

58

991280149.UG.FTS.B,

28.98%,

11/24/24

.

439

445

991281993.UG.FTS.B,

28.98%,

11/24/24

.

332

333

991283370.UG.FTS.B,

28.98%,

11/24/24

.

129

133

991286761.UG.FTS.B,

28.98%,

11/24/24

.

28

28

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991295581.UG.FTS.B,

28.98%,

11/24/24

.

$

848

$

851

991306063.UG.FTS.B,

28.98%,

11/24/24

.

382

387

991317004.UG.FTS.B,

28.98%,

11/24/24

.

525

545

991319670.UG.FTS.B,

28.98%,

11/24/24

.

285

289

991320497.UG.FTS.B,

28.98%,

11/24/24

.

141

146

991321225.UG.FTS.B,

28.98%,

11/24/24

.

352

363

991323064.UG.FTS.B,

28.98%,

11/24/24

.

93

95

991323210.UG.FTS.B,

28.98%,

11/24/24

.

704

731

991118786.UG.FTS.B,

29.46%,

11/24/24

..

1,408

1,469

991210059.UG.FTS.B,

29.48%,

11/24/24

.

22

22

991110746.UG.FTS.B,

29.49%,

11/24/24

..

212

147

991112012.UG.FTS.B,

29.49%,

11/24/24

..

84

87

991112804.UG.FTS.B,

29.49%,

11/24/24

..

25

25

991113047.UG.FTS.B,

29.49%,

11/24/24

..

125

82

991113347.UG.FTS.B,

29.49%,

11/24/24

..

1,237

84

991113830.UG.FTS.B,

29.49%,

11/24/24

..

975

1,004

991113866.UG.FTS.B,

29.49%,

11/24/24

..

275

238

991115007.UG.FTS.B,

29.49%,

11/24/24

..

298

308

991115666.UG.FTS.B,

29.49%,

11/24/24

..

505

502

991117100.UG.FTS.B,

29.49%,

11/24/24

..

331

345

991117158.UG.FTS.B,

29.49%,

11/24/24

..

169

109

991117180.UG.FTS.B,

29.49%,

11/24/24

..

119

121

991117478.UG.FTS.B,

29.49%,

11/24/24

..

764

771

991117895.UG.FTS.B,

29.49%,

11/24/24

..

113

9

991118793.UG.FTS.B,

29.49%,

11/24/24

..

233

32

991122231.UG.FTS.B,

29.49%,

11/24/24

.

454

443

991122863.UG.FTS.B,

29.49%,

11/24/24

.

1,539

1,558

991123946.UG.FTS.B,

29.49%,

11/24/24

.

686

692

991124415.UG.FTS.B,

29.49%,

11/24/24

.

324

317

991124601.UG.FTS.B,

29.49%,

11/24/24

.

167

171

991124779.UG.FTS.B,

29.49%,

11/24/24

.

247

164

991124823.UG.FTS.B,

29.49%,

11/24/24

.

474

501

991124899.UG.FTS.B,

29.49%,

11/24/24

.

119

122

991127222.UG.FTS.B,

29.49%,

11/24/24

.

305

202

991127641.UG.FTS.B,

29.49%,

11/24/24

.

435

297

991129314.UG.FTS.B,

29.49%,

11/24/24

.

156

22

991131273.UG.FTS.B,

29.49%,

11/24/24

.

18

18

991132841.UG.FTS.B,

29.49%,

11/24/24

.

235

241

991133169.UG.FTS.B,

29.49%,

11/24/24

.

66

9

991133954.UG.FTS.B,

29.49%,

11/24/24

.

184

186

991136216.UG.FTS.B,

29.49%,

11/24/24

.

806

818

991136294.UG.FTS.B,

29.49%,

11/24/24

.

315

322

991136470.UG.FTS.B,

29.49%,

11/24/24

.

163

167

991136474.UG.FTS.B,

29.49%,

11/24/24

.

90

71

991139329.UG.FTS.B,

29.49%,

11/24/24

.

479

494

991139572.UG.FTS.B,

29.49%,

11/24/24

.

374

387

991140287.UG.FTS.B,

29.49%,

11/24/24

.

229

233

991141971.UG.FTS.B,

29.49%,

11/24/24

.

1,496

1,529

991142494.UG.FTS.B,

29.49%,

11/24/24

.

1

–

991142998.UG.FTS.B,

29.49%,

11/24/24

.

159

168

991143703.UG.FTS.B,

29.49%,

11/24/24

.

516

529

991143710.UG.FTS.B,

29.49%,

11/24/24

.

78

78

991143899.UG.FTS.B,

29.49%,

11/24/24

.

884

908

991145592.UG.FTS.B,

29.49%,

11/24/24

.

187

190

991149352.UG.FTS.B,

29.49%,

11/24/24

.

720

736

991150241.UG.FTS.B,

29.49%,

11/24/24

.

1,018

1,058

991151961.UG.FTS.B,

29.49%,

11/24/24

.

313

318

991153551.UG.FTS.B,

29.49%,

11/24/24

.

628

644

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

275

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991155817.UG.FTS.B,

29.49%,

11/24/24

.

$

1,069

$

1,093

991155898.UG.FTS.B,

29.49%,

11/24/24

.

90

91

991156213.UG.FTS.B,

29.49%,

11/24/24

.

188

194

991159172.UG.FTS.B,

29.49%,

11/24/24

.

170

23

991159334.UG.FTS.B,

29.49%,

11/24/24

.

236

16

991160160.UG.FTS.B,

29.49%,

11/24/24

.

102

8

991161452.UG.FTS.B,

29.49%,

11/24/24

.

436

35

991161637.UG.FTS.B,

29.49%,

11/24/24

.

47

47

991163344.UG.FTS.B,

29.49%,

11/24/24

.

272

281

991163940.UG.FTS.B,

29.49%,

11/24/24

.

100

8

991163976.UG.FTS.B,

29.49%,

11/24/24

.

94

95

991164259.UG.FTS.B,

29.49%,

11/24/24

.

319

326

991165060.UG.FTS.B,

29.49%,

11/24/24

.

240

253

991165244.UG.FTS.B,

29.49%,

11/24/24

.

258

178

991168963.UG.FTS.B,

29.49%,

11/24/24

.

1,364

1,405

991170242.UG.FTS.B,

29.49%,

11/24/24

.

71

72

991171187.UG.FTS.B,

29.49%,

11/24/24

..

1,099

727

991171380.UG.FTS.B,

29.49%,

11/24/24

.

12

12

991173049.UG.FTS.B,

29.49%,

11/24/24

.

98

100

991173828.UG.FTS.B,

29.49%,

11/24/24

.

64

65

991174050.UG.FTS.B,

29.49%,

11/24/24

.

50

50

991176160.UG.FTS.B,

29.49%,

11/24/24

.

359

369

991181375.UG.FTS.B,

29.49%,

11/24/24

.

106

104

991184455.UG.FTS.B,

29.49%,

11/24/24

.

127

128

991185378.UG.FTS.B,

29.49%,

11/24/24

.

109

75

991186127.UG.FTS.B,

29.49%,

11/24/24

.

1,200

83

991186396.UG.FTS.B,

29.49%,

11/24/24

.

99

101

991187559.UG.FTS.B,

29.49%,

11/24/24

.

177

180

991195977.UG.FTS.B,

29.49%,

11/24/24

.

133

141

991198663.UG.FTS.B,

29.49%,

11/24/24

.

224

15

991200663.UG.FTS.B,

29.49%,

11/24/24

.

127

131

991200737.UG.FTS.B,

29.49%,

11/24/24

.

136

141

991204547.UG.FTS.B,

29.49%,

11/24/24

.

335

343

991209298.UG.FTS.B,

29.49%,

11/24/24

.

–

–

991210110.UG.FTS.B,

29.49%,

11/24/24

.

462

476

991214129.UG.FTS.B,

29.49%,

11/24/24

.

61

62

991214440.UG.FTS.B,

29.49%,

11/24/24

.

2,540

2,574

991215523.UG.FTS.B,

29.49%,

11/24/24

.

145

148

991219396.UG.FTS.B,

29.49%,

11/24/24

.

79

79

991222437.UG.FTS.B,

29.49%,

11/24/24

.

320

327

991230228.UG.FTS.B,

29.49%,

11/24/24

.

186

194

991233840.UG.FTS.B,

29.49%,

11/24/24

.

138

89

991235136.UG.FTS.B,

29.49%,

11/24/24

.

176

183

991236708.UG.FTS.B,

29.49%,

11/24/24

.

108

110

991245920.UG.FTS.B,

29.49%,

11/24/24

.

44

3

991253796.UG.FTS.B,

29.49%,

11/24/24

.

151

153

991258119.UG.FTS.B,

29.49%,

11/24/24

.

149

153

991268450.UG.FTS.B,

29.49%,

11/24/24

.

190

194

991268834.UG.FTS.B,

29.49%,

11/24/24

.

141

143

991270507.UG.FTS.B,

29.49%,

11/24/24

.

1,669

1,692

991275141.UG.FTS.B,

29.49%,

11/24/24

.

160

162

991277509.UG.FTS.B,

29.49%,

11/24/24

.

1,703

1,731

991279385.UG.FTS.B,

29.49%,

11/24/24

.

89

90

991281718.UG.FTS.B,

29.49%,

11/24/24

.

151

153

991281845.UG.FTS.B,

29.49%,

11/24/24

.

79

79

991282307.UG.FTS.B,

29.49%,

11/24/24

.

214

217

991282646.UG.FTS.B,

29.49%,

11/24/24

.

–

–

991282728.UG.FTS.B,

29.49%,

11/24/24

.

274

278

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991285509.UG.FTS.B,

29.49%,

11/24/24

.

$

1,501

$

1,521

991288667.UG.FTS.B,

29.49%,

11/24/24

.

243

254

991290619.UG.FTS.B,

29.49%,

11/24/24

.

51

52

991290943.UG.FTS.B,

29.49%,

11/24/24

.

118

121

991307905.UG.FTS.B,

29.49%,

11/24/24

.

301

213

991317800.UG.FTS.B,

29.49%,

11/24/24

.

9

9

991319933.UG.FTS.B,

29.49%,

11/24/24

.

91

95

991322428.UG.FTS.B,

29.49%,

11/24/24

.

201

207

991323531.UG.FTS.B,

29.49%,

11/24/24

.

934

964

991120921.UG.FTS.B,

Zero

Cpn,

11/25/24

644

–

991133777.UG.FTS.B,

Zero

Cpn,

11/25/24

1,937

132

991140625.UG.FTS.B,

Zero

Cpn,

11/25/24

329

–

991148262.UG.FTS.B,

Zero

Cpn,

11/25/24

427

29

991159372.UG.FTS.B,

Zero

Cpn,

11/25/24

317

22

991166982.UG.FTS.B,

Zero

Cpn,

11/25/24

1,167

83

991176482.UG.FTS.B,

Zero

Cpn,

11/25/24

421

30

991178101.UG.FTS.B,

Zero

Cpn,

11/25/24

359

25

991193446.UG.FTS.B,

Zero

Cpn,

11/25/24

390

27

991220607.UG.FTS.B,

Zero

Cpn,

11/25/24

85

–

991240092.UG.FTS.B,

Zero

Cpn,

11/25/24

878

–

991241800.UG.FTS.B,

Zero

Cpn,

11/25/24

223

15

991257385.UG.FTS.B,

Zero

Cpn,

11/25/24

363

25

991266915.UG.FTS.B,

Zero

Cpn,

11/25/24

140

–

991276052.UG.FTS.B,

Zero

Cpn,

11/25/24

151

–

991292904.UG.FTS.B,

Zero

Cpn,

11/25/24

432

–

991299204.UG.FTS.B,

Zero

Cpn,

11/25/24

132

–

991114903.UG.FTS.B,

16.99%,

11/25/24

..

5,797

5,792

991125659.UG.FTS.B,

16.99%,

11/25/24

.

1,119

1,114

991139557.UG.FTS.B,

16.99%,

11/25/24

.

224

223

991300152.UG.FTS.B,

17.99%,

11/25/24

.

112

111

991117535.UG.FTS.B,

18.97%,

11/25/24

..

202

201

991119264.UG.FTS.B,

18.97%,

11/25/24

..

1,177

1,203

991132414.UG.FTS.B,

18.97%,

11/25/24

.

405

244

991152518.UG.FTS.B,

18.97%,

11/25/24

.

191

195

991163567.UG.FTS.B,

18.97%,

11/25/24

.

2,997

2,073

991174170.UG.FTS.B,

18.97%,

11/25/24

.

–

–

991263852.UG.FTS.B,

18.97%,

11/25/24

.

42

43

991306855.UG.FTS.B,

18.97%,

11/25/24

.

105

107

991313299.UG.FTS.B,

18.97%,

11/25/24

.

394

401

991116937.UG.FTS.B,

19.21%,

11/25/24

..

236

236

991129799.UG.FTS.B,

19.21%,

11/25/24

.

633

435

991172772.UG.FTS.B,

19.21%,

11/25/24

.

135

135

991308038.UG.FTS.B,

19.21%,

11/25/24

.

40

40

991324986.UG.FTS.B,

19.21%,

11/25/24

.

37

37

991135355.UG.FTS.B,

19.8%,

11/25/24

..

427

431

991158798.UG.FTS.B,

19.8%,

11/25/24

..

1,445

1,442

991270419.UG.FTS.B,

19.8%,

11/25/24

..

200

205

991122293.UG.FTS.B,

19.99%,

11/25/24

.

383

401

991131530.UG.FTS.B,

19.99%,

11/25/24

.

–

–

991131747.UG.FTS.B,

19.99%,

11/25/24

.

303

314

991140060.UG.FTS.B,

19.99%,

11/25/24

.

247

259

991163175.UG.FTS.B,

19.99%,

11/25/24

.

375

394

991173005.UG.FTS.B,

19.99%,

11/25/24

.

7

7

991176181.UG.FTS.B,

19.99%,

11/25/24

.

1,679

1,760

991215203.UG.FTS.B,

19.99%,

11/25/24

.

217

222

991224252.UG.FTS.B,

19.99%,

11/25/24

.

225

227

991236723.UG.FTS.B,

19.99%,

11/25/24

.

120

122

991267063.UG.FTS.B,

19.99%,

11/25/24

.

122

128

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

276

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991288791.UG.FTS.B,

19.99%,

11/25/24

.

$

343

$

246

991119847.UG.FTS.B,

20.46%,

11/25/24

..

99

101

991182494.UG.FTS.B,

20.46%,

11/25/24

.

896

895

991264715.UG.FTS.B,

20.46%,

11/25/24

.

91

90

991332373.UG.FTS.B,

20.46%,

11/25/24

.

169

168

991246076.UG.FTS.B,

20.97%,

11/25/24

.

1,369

1,398

991121647.UG.FTS.B,

21.46%,

11/25/24

.

1,278

1,295

991142513.UG.FTS.B,

21.46%,

11/25/24

.

462

465

991164983.UG.FTS.B,

21.46%,

11/25/24

.

270

268

991286579.UG.FTS.B,

21.46%,

11/25/24

.

201

141

991306513.UG.FTS.B,

21.46%,

11/25/24

.

221

218

991115318.UG.FTS.B,

21.97%,

11/25/24

..

2,643

2,697

991148863.UG.FTS.B,

21.97%,

11/25/24

.

3,012

3,074

991116716.UG.FTS.B,

21.98%,

11/25/24

..

488

500

991255671.UG.FTS.B,

21.98%,

11/25/24

.

81

82

991120297.UG.FTS.B,

22.97%,

11/25/24

.

1,840

1,875

991124788.UG.FTS.B,

22.97%,

11/25/24

.

587

586

991191606.UG.FTS.B,

22.97%,

11/25/24

.

383

391

991255163.UG.FTS.B,

22.97%,

11/25/24

.

195

199

991256379.UG.FTS.B,

22.97%,

11/25/24

.

661

677

991261427.UG.FTS.B,

22.97%,

11/25/24

.

104

105

991175860.UG.FTS.B,

23.95%,

11/25/24

.

1,688

1,727

991277527.UG.FTS.B,

23.95%,

11/25/24

.

172

174

991227191.UG.FTS.B,

24.95%,

11/25/24

.

398

407

991117070.UG.FTS.B,

25.95%,

11/25/24

..

312

318

991123245.UG.FTS.B,

26.94%,

11/25/24

.

739

729

991189173.UG.FTS.B,

26.94%,

11/25/24

.

402

412

991127467.UG.FTS.B,

27.95%,

11/25/24

.

2,150

2,258

991114837.UG.FTS.B,

28.98%,

11/25/24

..

867

912

991115331.UG.FTS.B,

28.98%,

11/25/24

..

74

76

991116292.UG.FTS.B,

28.98%,

11/25/24

..

313

310

991117216.UG.FTS.B,

28.98%,

11/25/24

..

357

48

991117612.UG.FTS.B,

28.98%,

11/25/24

..

62

65

991118218.UG.FTS.B,

28.98%,

11/25/24

..

155

159

991118441.UG.FTS.B,

28.98%,

11/25/24

..

144

151

991119595.UG.FTS.B,

28.98%,

11/25/24

..

63

63

991121284.UG.FTS.B,

28.98%,

11/25/24

.

6

6

991122228.UG.FTS.B,

28.98%,

11/25/24

.

109

115

991122683.UG.FTS.B,

28.98%,

11/25/24

.

455

479

991124327.UG.FTS.B,

28.98%,

11/25/24

.

319

334

991124698.UG.FTS.B,

28.98%,

11/25/24

.

887

933

991124999.UG.FTS.B,

28.98%,

11/25/24

.

464

488

991125540.UG.FTS.B,

28.98%,

11/25/24

.

171

180

991125717.UG.FTS.B,

28.98%,

11/25/24

.

192

202

991125941.UG.FTS.B,

28.98%,

11/25/24

.

198

202

991125944.UG.FTS.B,

28.98%,

11/25/24

.

102

107

991126266.UG.FTS.B,

28.98%,

11/25/24

.

1,738

1,829

991127209.UG.FTS.B,

28.98%,

11/25/24

.

188

147

991128711.UG.FTS.B,

28.98%,

11/25/24

..

37

38

991129030.UG.FTS.B,

28.98%,

11/25/24

.

446

454

991129208.UG.FTS.B,

28.98%,

11/25/24

.

1,080

1,089

991133589.UG.FTS.B,

28.98%,

11/25/24

.

132

139

991133885.UG.FTS.B,

28.98%,

11/25/24

.

423

439

991133888.UG.FTS.B,

28.98%,

11/25/24

.

60

61

991134858.UG.FTS.B,

28.98%,

11/25/24

.

1,790

1,885

991143801.UG.FTS.B,

28.98%,

11/25/24

.

128

10

991145121.UG.FTS.B,

28.98%,

11/25/24

.

120

125

991145424.UG.FTS.B,

28.98%,

11/25/24

.

462

472

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991145453.UG.FTS.B,

28.98%,

11/25/24

.

$

227

$

232

991146139.UG.FTS.B,

28.98%,

11/25/24

.

229

235

991147130.UG.FTS.B,

28.98%,

11/25/24

.

163

172

991147206.UG.FTS.B,

28.98%,

11/25/24

.

242

255

991149439.UG.FTS.B,

28.98%,

11/25/24

.

724

717

991150565.UG.FTS.B,

28.98%,

11/25/24

.

320

326

991152236.UG.FTS.B,

28.98%,

11/25/24

.

609

13

991156387.UG.FTS.B,

28.98%,

11/25/24

.

1,400

1,458

991158173.UG.FTS.B,

28.98%,

11/25/24

.

28

28

991161711.UG.FTS.B,

28.98%,

11/25/24

..

417

437

991162242.UG.FTS.B,

28.98%,

11/25/24

.

466

484

991163694.UG.FTS.B,

28.98%,

11/25/24

.

308

5

991164917.UG.FTS.B,

28.98%,

11/25/24

.

187

196

991165048.UG.FTS.B,

28.98%,

11/25/24

.

219

229

991165382.UG.FTS.B,

28.98%,

11/25/24

.

384

30

991171282.UG.FTS.B,

28.98%,

11/25/24

.

201

212

991171546.UG.FTS.B,

28.98%,

11/25/24

.

592

618

991174997.UG.FTS.B,

28.98%,

11/25/24

.

420

437

991177588.UG.FTS.B,

28.98%,

11/25/24

.

1,835

1,911

991188569.UG.FTS.B,

28.98%,

11/25/24

.

–

–

991189460.UG.FTS.B,

28.98%,

11/25/24

.

343

26

991190392.UG.FTS.B,

28.98%,

11/25/24

.

275

285

991192050.UG.FTS.B,

28.98%,

11/25/24

.

264

277

991194778.UG.FTS.B,

28.98%,

11/25/24

.

141

148

991200333.UG.FTS.B,

28.98%,

11/25/24

.

2

2

991203010.UG.FTS.B,

28.98%,

11/25/24

.

262

21

991203166.UG.FTS.B,

28.98%,

11/25/24

.

355

372

991209074.UG.FTS.B,

28.98%,

11/25/24

.

5

5

991213714.UG.FTS.B,

28.98%,

11/25/24

.

202

207

991217697.UG.FTS.B,

28.98%,

11/25/24

.

711

748

991228699.UG.FTS.B,

28.98%,

11/25/24

.

463

484

991229942.UG.FTS.B,

28.98%,

11/25/24

.

22

22

991232781.UG.FTS.B,

28.98%,

11/25/24

.

93

95

991238195.UG.FTS.B,

28.98%,

11/25/24

.

239

237

991240861.UG.FTS.B,

28.98%,

11/25/24

.

108

114

991241166.UG.FTS.B,

28.98%,

11/25/24

.

249

260

991271427.UG.FTS.B,

28.98%,

11/25/24

.

183

193

991273399.UG.FTS.B,

28.98%,

11/25/24

.

134

10

991283748.UG.FTS.B,

28.98%,

11/25/24

.

152

157

991287710.UG.FTS.B,

28.98%,

11/25/24

.

210

218

991298998.UG.FTS.B,

28.98%,

11/25/24

.

354

364

991300522.UG.FTS.B,

28.98%,

11/25/24

.

414

430

991306187.UG.FTS.B,

28.98%,

11/25/24

.

38

39

991315551.UG.FTS.B,

28.98%,

11/25/24

.

200

203

991316696.UG.FTS.B,

28.98%,

11/25/24

.

90

63

991317211.UG.FTS.B,

28.98%,

11/25/24

.

49

51

991320548.UG.FTS.B,

28.98%,

11/25/24

.

120

16

991321245.UG.FTS.B,

28.98%,

11/25/24

.

5

5

991321301.UG.FTS.B,

28.98%,

11/25/24

.

62

63

991321544.UG.FTS.B,

28.98%,

11/25/24

.

775

806

991323082.UG.FTS.B,

28.98%,

11/25/24

.

294

297

991115925.UG.FTS.B,

29.49%,

11/25/24

..

72

76

991115955.UG.FTS.B,

29.49%,

11/25/24

..

66

70

991116103.UG.FTS.B,

29.49%,

11/25/24

..

162

118

991116442.UG.FTS.B,

29.49%,

11/25/24

..

1,060

1,115

991116837.UG.FTS.B,

29.49%,

11/25/24

..

516

530

991117085.UG.FTS.B,

29.49%,

11/25/24

..

773

785

991117532.UG.FTS.B,

29.49%,

11/25/24

..

236

250

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

277

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991117679.UG.FTS.B,

29.49%,

11/25/24

..

$

298

$

315

991118106.UG.FTS.B,

29.49%,

11/25/24

..

34

35

991118346.UG.FTS.B,

29.49%,

11/25/24

..

2,222

2,272

991119119.UG.FTS.B,

29.49%,

11/25/24

..

227

18

991120109.UG.FTS.B,

29.49%,

11/25/24

.

967

76

991121686.UG.FTS.B,

29.49%,

11/25/24

.

549

559

991122540.UG.FTS.B,

29.49%,

11/25/24

.

65

69

991122800.UG.FTS.B,

29.49%,

11/25/24

.

1,386

1,441

991123011.UG.FTS.B,

29.49%,

11/25/24

..

304

310

991123332.UG.FTS.B,

29.49%,

11/25/24

.

223

236

991124111.UG.FTS.B,

29.49%,

11/25/24

..

49

49

991124925.UG.FTS.B,

29.49%,

11/25/24

.

224

235

991125161.UG.FTS.B,

29.49%,

11/25/24

.

444

461

991125210.UG.FTS.B,

29.49%,

11/25/24

.

69

73

991125662.UG.FTS.B,

29.49%,

11/25/24

.

420

447

991126246.UG.FTS.B,

29.49%,

11/25/24

.

761

106

991126342.UG.FTS.B,

29.49%,

11/25/24

.

38

39

991126527.UG.FTS.B,

29.49%,

11/25/24

.

37

37

991127972.UG.FTS.B,

29.49%,

11/25/24

.

3,131

437

991129403.UG.FTS.B,

29.49%,

11/25/24

.

206

15

991131365.UG.FTS.B,

29.49%,

11/25/24

.

1,421

1,500

991131758.UG.FTS.B,

29.49%,

11/25/24

.

162

171

991133334.UG.FTS.B,

29.49%,

11/25/24

.

387

395

991133509.UG.FTS.B,

29.49%,

11/25/24

.

308

24

991134480.UG.FTS.B,

29.49%,

11/25/24

.

216

229

991134595.UG.FTS.B,

29.49%,

11/25/24

.

577

605

991135715.UG.FTS.B,

29.49%,

11/25/24

.

42

44

991135764.UG.FTS.B,

29.49%,

11/25/24

.

156

164

991136662.UG.FTS.B,

29.49%,

11/25/24

.

155

22

991141864.UG.FTS.B,

29.49%,

11/25/24

.

239

(3)

991143939.UG.FTS.B,

29.49%,

11/25/24

.

286

298

991144362.UG.FTS.B,

29.49%,

11/25/24

.

304

308

991144465.UG.FTS.B,

29.49%,

11/25/24

.

84

87

991144872.UG.FTS.B,

29.49%,

11/25/24

.

1,601

1,641

991145376.UG.FTS.B,

29.49%,

11/25/24

.

55

57

991145776.UG.FTS.B,

29.49%,

11/25/24

.

43

45

991146070.UG.FTS.B,

29.49%,

11/25/24

.

325

329

991146749.UG.FTS.B,

29.49%,

11/25/24

.

–

–

991154050.UG.FTS.B,

29.49%,

11/25/24

.

222

225

991154447.UG.FTS.B,

29.49%,

11/25/24

.

19

19

991158315.UG.FTS.B,

29.49%,

11/25/24

.

221

235

991158553.UG.FTS.B,

29.49%,

11/25/24

.

41

42

991160063.UG.FTS.B,

29.49%,

11/25/24

.

401

394

991163261.UG.FTS.B,

29.49%,

11/25/24

.

420

33

991164308.UG.FTS.B,

29.49%,

11/25/24

.

129

136

991165565.UG.FTS.B,

29.49%,

11/25/24

.

188

15

991166873.UG.FTS.B,

29.49%,

11/25/24

.

108

115

991167168.UG.FTS.B,

29.49%,

11/25/24

.

1,293

1,358

991168233.UG.FTS.B,

29.49%,

11/25/24

.

1,862

1,955

991169188.UG.FTS.B,

29.49%,

11/25/24

.

602

604

991170025.UG.FTS.B,

29.49%,

11/25/24

.

106

82

991170031.UG.FTS.B,

29.49%,

11/25/24

.

275

290

991173770.UG.FTS.B,

29.49%,

11/25/24

.

264

279

991175550.UG.FTS.B,

29.49%,

11/25/24

.

43

44

991180816.UG.FTS.B,

29.49%,

11/25/24

.

212

223

991183655.UG.FTS.B,

29.49%,

11/25/24

.

3,969

4,089

991188594.UG.FTS.B,

29.49%,

11/25/24

.

1,476

1,478

991191585.UG.FTS.B,

29.49%,

11/25/24

.

210

217

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991193559.UG.FTS.B,

29.49%,

11/25/24

.

$

489

$

479

991194512.UG.FTS.B,

29.49%,

11/25/24

.

210

218

991196097.UG.FTS.B,

29.49%,

11/25/24

.

12

13

991196806.UG.FTS.B,

29.49%,

11/25/24

.

3,973

4,119

991196856.UG.FTS.B,

29.49%,

11/25/24

.

465

496

991197724.UG.FTS.B,

29.49%,

11/25/24

.

131

91

991200416.UG.FTS.B,

29.49%,

11/25/24

.

227

239

991200661.UG.FTS.B,

29.49%,

11/25/24

.

618

445

991201693.UG.FTS.B,

29.49%,

11/25/24

.

176

181

991206631.UG.FTS.B,

29.49%,

11/25/24

.

135

142

991206760.UG.FTS.B,

29.49%,

11/25/24

.

97

102

991216882.UG.FTS.B,

29.49%,

11/25/24

.

215

220

991224942.UG.FTS.B,

29.49%,

11/25/24

.

19

19

991225463.UG.FTS.B,

29.49%,

11/25/24

.

113

119

991226122.UG.FTS.B,

29.49%,

11/25/24

.

128

134

991228566.UG.FTS.B,

29.49%,

11/25/24

.

160

169

991230132.UG.FTS.B,

29.49%,

11/25/24

.

979

1,021

991233017.UG.FTS.B,

29.49%,

11/25/24

.

214

226

991238304.UG.FTS.B,

29.49%,

11/25/24

.

24

25

991242301.UG.FTS.B,

29.49%,

11/25/24

.

49

4

991242467.UG.FTS.B,

29.49%,

11/25/24

.

335

249

991244179.UG.FTS.B,

29.49%,

11/25/24

.

209

220

991245747.UG.FTS.B,

29.49%,

11/25/24

.

584

614

991246604.UG.FTS.B,

29.49%,

11/25/24

.

698

726

991251362.UG.FTS.B,

29.49%,

11/25/24

.

415

34

991251748.UG.FTS.B,

29.49%,

11/25/24

.

–

–

991252608.UG.FTS.B,

29.49%,

11/25/24

.

136

137

991258039.UG.FTS.B,

29.49%,

11/25/24

.

28

28

991261151.UG.FTS.B,

29.49%,

11/25/24

.

599

624

991263083.UG.FTS.B,

29.49%,

11/25/24

.

101

106

991279860.UG.FTS.B,

29.49%,

11/25/24

.

158

22

991283279.UG.FTS.B,

29.49%,

11/25/24

.

299

311

991284001.UG.FTS.B,

29.49%,

11/25/24

.

311

24

991284133.UG.FTS.B,

29.49%,

11/25/24

.

68

69

991288985.UG.FTS.B,

29.49%,

11/25/24

.

79

83

991291423.UG.FTS.B,

29.49%,

11/25/24

.

2

2

991296598.UG.FTS.B,

29.49%,

11/25/24

.

95

(3)

991297898.UG.FTS.B,

29.49%,

11/25/24

.

101

105

991298538.UG.FTS.B,

29.49%,

11/25/24

.

92

95

991298786.UG.FTS.B,

29.49%,

11/25/24

.

441

(15)

991298875.UG.FTS.B,

29.49%,

11/25/24

.

306

319

991299072.UG.FTS.B,

29.49%,

11/25/24

.

244

174

991301001.UG.FTS.B,

29.49%,

11/25/24

.

33

33

991301708.UG.FTS.B,

29.49%,

11/25/24

.

906

948

991306805.UG.FTS.B,

29.49%,

11/25/24

.

53

55

991311584.UG.FTS.B,

29.49%,

11/25/24

.

517

72

991315961.UG.FTS.B,

29.49%,

11/25/24

.

–

–

991317263.UG.FTS.B,

29.49%,

11/25/24

.

96

100

991321816.UG.FTS.B,

29.49%,

11/25/24

.

530

552

991321882.UG.FTS.B,

29.49%,

11/25/24

.

597

623

991322358.UG.FTS.B,

29.49%,

11/25/24

.

57

60

991323736.UG.FTS.B,

29.49%,

11/25/24

.

230

239

991124531.UG.FTS.B,

Zero

Cpn,

11/26/24

1,378

–

991145288.UG.FTS.B,

Zero

Cpn,

11/26/24

226

15

991146584.UG.FTS.B,

Zero

Cpn,

11/26/24

152

–

991180677.UG.FTS.B,

Zero

Cpn,

11/26/24

608

–

991238481.UG.FTS.B,

15%,

11/26/24

....

157

156

991151613.UG.FTS.B,

15.97%,

11/26/24

.

610

610

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

278

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991124907.UG.FTS.B,

16.99%,

11/26/24

.

$

1,746

$

1,739

991176783.UG.FTS.B,

16.99%,

11/26/24

.

654

414

991207377.UG.FTS.B,

16.99%,

11/26/24

.

641

637

991221696.UG.FTS.B,

16.99%,

11/26/24

.

475

468

991268051.UG.FTS.B,

17.99%,

11/26/24

.

36

35

991123365.UG.FTS.B,

18.97%,

11/26/24

.

128

128

991132812.UG.FTS.B,

18.97%,

11/26/24

.

1,643

1,638

991252958.UG.FTS.B,

18.97%,

11/26/24

.

404

251

991123371.UG.FTS.B,

19.21%,

11/26/24

.

934

930

991133507.UG.FTS.B,

19.21%,

11/26/24

.

51

51

991212146.UG.FTS.B,

19.21%,

11/26/24

.

131

128

991147923.UG.FTS.B,

19.8%,

11/26/24

..

660

78

991190181.UG.FTS.B,

19.8%,

11/26/24

..

194

194

991197636.UG.FTS.B,

19.8%,

11/26/24

..

472

468

991208065.UG.FTS.B,

19.8%,

11/26/24

..

421

33

991232410.UG.FTS.B,

19.8%,

11/26/24

..

1,191

1,190

991270877.UG.FTS.B,

19.8%,

11/26/24

..

391

390

991277503.UG.FTS.B,

19.8%,

11/26/24

..

389

385

991296143.UG.FTS.B,

19.8%,

11/26/24

..

328

325

991130530.UG.FTS.B,

19.99%,

11/26/24

.

61

61

991135690.UG.FTS.B,

20.46%,

11/26/24

.

227

224

991143662.UG.FTS.B,

20.46%,

11/26/24

.

2,026

58

991165225.UG.FTS.B,

20.46%,

11/26/24

.

154

152

991195046.UG.FTS.B,

20.46%,

11/26/24

.

71

71

991130991.UG.FTS.B,

20.97%,

11/26/24

.

1,274

1,266

991142576.UG.FTS.B,

20.97%,

11/26/24

.

319

318

991212679.UG.FTS.B,

20.97%,

11/26/24

.

240

240

991250306.UG.FTS.B,

20.97%,

11/26/24

.

31

30

991251274.UG.FTS.B,

20.97%,

11/26/24

.

584

584

991254536.UG.FTS.B,

20.97%,

11/26/24

.

499

499

991124386.UG.FTS.B,

21.46%,

11/26/24

.

247

246

991125012.UG.FTS.B,

21.46%,

11/26/24

.

576

574

991127662.UG.FTS.B,

21.46%,

11/26/24

.

5,546

5,521

991129032.UG.FTS.B,

21.46%,

11/26/24

.

2,985

2,974

991147177.UG.FTS.B,

21.46%,

11/26/24

.

82

82

991147747.UG.FTS.B,

21.46%,

11/26/24

.

631

627

991165687.UG.FTS.B,

21.46%,

11/26/24

.

934

925

991202672.UG.FTS.B,

21.46%,

11/26/24

.

110

110

991205086.UG.FTS.B,

21.46%,

11/26/24

.

300

291

991205269.UG.FTS.B,

21.46%,

11/26/24

.

1,148

1,120

991217520.UG.FTS.B,

21.46%,

11/26/24

.

818

817

991332633.UG.FTS.B,

21.46%,

11/26/24

.

67

53

991134541.UG.FTS.B,

21.98%,

11/26/24

.

1,746

1,738

991142581.UG.FTS.B,

21.98%,

11/26/24

.

141

18

991179611.UG.FTS.B,

21.98%,

11/26/24

..

291

288

991183089.UG.FTS.B,

21.98%,

11/26/24

.

119

119

991265302.UG.FTS.B,

21.98%,

11/26/24

.

1,171

150

991139493.UG.FTS.B,

22.97%,

11/26/24

.

618

615

991314717.UG.FTS.B,

22.97%,

11/26/24

.

175

173

991133863.UG.FTS.B,

23.95%,

11/26/24

.

2,359

2,331

991154720.UG.FTS.B,

23.95%,

11/26/24

.

1,110

1,108

991275989.UG.FTS.B,

23.95%,

11/26/24

.

1,038

1,036

991172299.UG.FTS.B,

26.94%,

11/26/24

.

372

371

991132975.UG.FTS.B,

28.98%,

11/26/24

.

2,445

2,497

991147362.UG.FTS.B,

28.98%,

11/26/24

.

150

154

991132980.UG.FTS.B,

29.49%,

11/26/24

.

736

747

991143597.UG.FTS.B,

29.49%,

11/26/24

.

150

(10)

991144257.UG.FTS.B,

29.49%,

11/26/24

.

253

253

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991146899.UG.FTS.B,

29.49%,

11/26/24

.

$

698

$

483

991155738.UG.FTS.B,

29.49%,

11/26/24

.

70

72

991157120.UG.FTS.B,

29.49%,

11/26/24

.

115

118

991136335.UG.FTS.B,

Zero

Cpn,

11/27/24

459

31

991222847.UG.FTS.B,

Zero

Cpn,

11/27/24

450

–

991224330.UG.FTS.B,

Zero

Cpn,

11/27/24

411

28

991225270.UG.FTS.B,

Zero

Cpn,

11/27/24

258

–

991333018.UG.FTS.B,

Zero

Cpn,

11/27/24

2,025

–

991194474.UG.FTS.B,

14.98%,

11/27/24

.

710

708

991340225.UG.FTS.B,

15%,

11/27/24

....

1,198

1,189

991197902.UG.FTS.B,

15.97%,

11/27/24

.

5,713

5,699

991229451.UG.FTS.B,

15.97%,

11/27/24

.

12

12

991248845.UG.FTS.B,

15.97%,

11/27/24

.

8

8

991269633.UG.FTS.B,

15.97%,

11/27/24

.

6,006

5,991

991143730.UG.FTS.B,

16.99%,

11/27/24

.

67

67

991168876.UG.FTS.B,

16.99%,

11/27/24

.

1,145

1,137

991213989.UG.FTS.B,

16.99%,

11/27/24

.

811

810

991340740.UG.FTS.B,

16.99%,

11/27/24

.

1,079

1,073

991346650.UG.FTS.B,

16.99%,

11/27/24

.

3,338

3,318

991131436.UG.FTS.B,

17.99%,

11/27/24

.

77

77

991135757.UG.FTS.B,

17.99%,

11/27/24

.

2,377

2,370

991137629.UG.FTS.B,

17.99%,

11/27/24

.

444

444

991164583.UG.FTS.B,

17.99%,

11/27/24

.

246

245

991165876.UG.FTS.B,

17.99%,

11/27/24

.

1,481

1,458

991167230.UG.FTS.B,

17.99%,

11/27/24

.

1,326

1,323

991171681.UG.FTS.B,

17.99%,

11/27/24

.

154

154

991193917.UG.FTS.B,

17.99%,

11/27/24

.

–

–

991229636.UG.FTS.B,

17.99%,

11/27/24

.

239

238

991238147.UG.FTS.B,

17.99%,

11/27/24

.

73

73

991302342.UG.FTS.B,

17.99%,

11/27/24

.

205

203

991311828.UG.FTS.B,

17.99%,

11/27/24

.

359

357

991257943.UG.FTS.B,

18.21%,

11/27/24

.

25

25

991136660.UG.FTS.B,

18.97%,

11/27/24

.

904

901

991187964.UG.FTS.B,

18.97%,

11/27/24

.

188

188

991239596.UG.FTS.B,

18.97%,

11/27/24

.

187

187

991330539.UG.FTS.B,

18.97%,

11/27/24

.

173

172

991133969.UG.FTS.B,

19.21%,

11/27/24

.

1,206

1,196

991136674.UG.FTS.B,

19.21%,

11/27/24

.

1,307

1,306

991140136.UG.FTS.B,

19.21%,

11/27/24

.

560

559

991154356.UG.FTS.B,

19.21%,

11/27/24

.

271

271

991179150.UG.FTS.B,

19.21%,

11/27/24

.

115

115

991209491.UG.FTS.B,

19.21%,

11/27/24

.

607

598

991227450.UG.FTS.B,

19.21%,

11/27/24

.

217

215

991238897.UG.FTS.B,

19.21%,

11/27/24

.

1,510

1,506

991349075.UG.FTS.B,

19.21%,

11/27/24

.

164

163

991133407.UG.FTS.B,

19.8%,

11/27/24

..

269

268

991137424.UG.FTS.B,

19.8%,

11/27/24

..

1,004

1,003

991146767.UG.FTS.B,

19.8%,

11/27/24

..

49

48

991217757.UG.FTS.B,

19.8%,

11/27/24

..

2,390

2,381

991217849.UG.FTS.B,

19.8%,

11/27/24

..

268

252

991221997.UG.FTS.B,

19.8%,

11/27/24

..

482

482

991223353.UG.FTS.B,

19.8%,

11/27/24

..

288

288

991332506.UG.FTS.B,

19.8%,

11/27/24

..

113

–

991141384.UG.FTS.B,

19.97%,

11/27/24

.

9,091

754

991133458.UG.FTS.B,

19.99%,

11/27/24

.

431

443

991133653.UG.FTS.B,

19.99%,

11/27/24

.

853

865

991137535.UG.FTS.B,

19.99%,

11/27/24

.

945

970

991138632.UG.FTS.B,

19.99%,

11/27/24

.

114

114

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

279

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991140051.UG.FTS.B,

19.99%,

11/27/24

.

$

735

$

752

991180428.UG.FTS.B,

20.46%,

11/27/24

.

186

23

991279516.UG.FTS.B,

20.46%,

11/27/24

.

563

558

991134188.UG.FTS.B,

20.97%,

11/27/24

.

207

207

991142242.UG.FTS.B,

20.97%,

11/27/24

.

237

19

991147391.UG.FTS.B,

20.97%,

11/27/24

.

117

117

991150859.UG.FTS.B,

20.97%,

11/27/24

.

30

30

991176431.UG.FTS.B,

20.97%,

11/27/24

.

74

74

991299624.UG.FTS.B,

20.97%,

11/27/24

.

195

194

991137442.UG.FTS.B,

21.46%,

11/27/24

.

401

399

991142775.UG.FTS.B,

21.46%,

11/27/24

.

533

533

991159829.UG.FTS.B,

21.46%,

11/27/24

.

725

721

991165343.UG.FTS.B,

21.46%,

11/27/24

.

10

9

991188769.UG.FTS.B,

21.46%,

11/27/24

.

45

36

991195929.UG.FTS.B,

21.46%,

11/27/24

.

114

110

991217112.UG.FTS.B,

21.46%,

11/27/24

.

411

411

991135454.UG.FTS.B,

21.98%,

11/27/24

.

174

173

991211763.UG.FTS.B,

21.98%,

11/27/24

.

1,488

184

991150078.UG.FTS.B,

22.95%,

11/27/24

.

905

622

991136781.UG.FTS.B,

22.97%,

11/27/24

.

24

24

991139768.UG.FTS.B,

22.97%,

11/27/24

.

2,024

1,985

991144704.UG.FTS.B,

22.97%,

11/27/24

.

2,255

2,244

991151923.UG.FTS.B,

22.97%,

11/27/24

.

433

432

991156801.UG.FTS.B,

22.97%,

11/27/24

.

412

404

991157209.UG.FTS.B,

22.97%,

11/27/24

.

474

464

991342840.UG.FTS.B,

23.95%,

11/27/24

.

393

388

991145320.UG.FTS.B,

25.94%,

11/27/24

.

200

200

991136925.UG.FTS.B,

27.95%,

11/27/24

.

66

67

991134868.UG.FTS.B,

27.99%,

11/27/24

.

312

319

991131727.UG.FTS.B,

28.98%,

11/27/24

.

1,491

1,506

991133623.UG.FTS.B,

28.98%,

11/27/24

.

540

549

991136113.UG.FTS.B,

28.98%,

11/27/24

..

693

711

991136794.UG.FTS.B,

28.98%,

11/27/24

.

148

132

991137320.UG.FTS.B,

28.98%,

11/27/24

.

12

12

991137401.UG.FTS.B,

28.98%,

11/27/24

.

1,505

1,063

991137681.UG.FTS.B,

28.98%,

11/27/24

.

385

395

991141680.UG.FTS.B,

28.98%,

11/27/24

.

2,230

2,233

991145237.UG.FTS.B,

28.98%,

11/27/24

.

182

184

991146278.UG.FTS.B,

28.98%,

11/27/24

.

–

–

991146536.UG.FTS.B,

28.98%,

11/27/24

.

1,586

1,615

991148645.UG.FTS.B,

28.98%,

11/27/24

.

85

87

991149767.UG.FTS.B,

28.98%,

11/27/24

.

151

154

991153018.UG.FTS.B,

28.98%,

11/27/24

.

126

129

991153254.UG.FTS.B,

28.98%,

11/27/24

.

189

151

991154494.UG.FTS.B,

28.98%,

11/27/24

.

210

215

991155413.UG.FTS.B,

28.98%,

11/27/24

.

831

836

991156338.UG.FTS.B,

28.98%,

11/27/24

.

27

27

991157851.UG.FTS.B,

28.98%,

11/27/24

.

212

216

991159411.UG.FTS.B,

28.98%,

11/27/24

..

38

38

991136166.UG.FTS.B,

29.49%,

11/27/24

.

706

725

991136247.UG.FTS.B,

29.49%,

11/27/24

.

230

237

991137126.UG.FTS.B,

29.49%,

11/27/24

.

531

74

991138272.UG.FTS.B,

29.49%,

11/27/24

.

724

537

991138662.UG.FTS.B,

29.49%,

11/27/24

.

62

63

991139221.UG.FTS.B,

29.49%,

11/27/24

.

1,779

1,828

991139596.UG.FTS.B,

29.49%,

11/27/24

.

186

25

991140050.UG.FTS.B,

29.49%,

11/27/24

.

139

141

991140086.UG.FTS.B,

29.49%,

11/27/24

.

373

380

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991141537.UG.FTS.B,

29.49%,

11/27/24

.

$

648

$

665

991141591.UG.FTS.B,

29.49%,

11/27/24

.

3,609

3,706

991142241.UG.FTS.B,

29.49%,

11/27/24

.

394

402

991143723.UG.FTS.B,

29.49%,

11/27/24

.

66

65

991145452.UG.FTS.B,

29.49%,

11/27/24

.

62

6

991147084.UG.FTS.B,

29.49%,

11/27/24

.

541

557

991147761.UG.FTS.B,

29.49%,

11/27/24

.

107

111

991148735.UG.FTS.B,

29.49%,

11/27/24

.

215

222

991149782.UG.FTS.B,

29.49%,

11/27/24

.

370

372

991149915.UG.FTS.B,

29.49%,

11/27/24

.

102

71

991151716.UG.FTS.B,

29.49%,

11/27/24

.

113

78

991152084.UG.FTS.B,

29.49%,

11/27/24

.

17

17

991154506.UG.FTS.B,

29.49%,

11/27/24

.

79

81

991154606.UG.FTS.B,

29.49%,

11/27/24

.

85

87

991159222.UG.FTS.B,

29.49%,

11/27/24

.

529

538

991142874.UG.FTS.B,

Zero

Cpn,

11/28/24

555

38

991143956.UG.FTS.B,

Zero

Cpn,

11/28/24

1,134

–

991144659.UG.FTS.B,

Zero

Cpn,

11/28/24

126

8

991146534.UG.FTS.B,

Zero

Cpn,

11/28/24

31

–

991154524.UG.FTS.B,

Zero

Cpn,

11/28/24

238

16

991163551.UG.FTS.B,

Zero

Cpn,

11/28/24

676

–

991169727.UG.FTS.B,

Zero

Cpn,

11/28/24

1,675

115

991232262.UG.FTS.B,

Zero

Cpn,

11/28/24

139

10

991253399.UG.FTS.B,

Zero

Cpn,

11/28/24

363

25

991328767.UG.FTS.B,

Zero

Cpn,

11/28/24

99

–

991332722.UG.FTS.B,

Zero

Cpn,

11/28/24

374

–

991148717.UG.FTS.B,

14.98%,

11/28/24

.

132

131

991194221.UG.FTS.B,

14.98%,

11/28/24

.

491

485

991164558.UG.FTS.B,

15%,

11/28/24

....

583

583

991155681.UG.FTS.B,

15.97%,

11/28/24

.

1,277

1,260

991195096.UG.FTS.B,

15.97%,

11/28/24

.

187

187

991273717.UG.FTS.B,

15.97%,

11/28/24

.

579

45

991144663.UG.FTS.B,

16.99%,

11/28/24

.

301

301

991145311.UG.FTS.B,

16.99%,

11/28/24

..

239

18

991149169.UG.FTS.B,

16.99%,

11/28/24

.

674

674

991213840.UG.FTS.B,

16.99%,

11/28/24

.

558

555

991345796.UG.FTS.B,

16.99%,

11/28/24

.

999

993

991144191.UG.FTS.B,

17.99%,

11/28/24

.

954

950

991146518.UG.FTS.B,

17.99%,

11/28/24

.

146

146

991149675.UG.FTS.B,

17.99%,

11/28/24

.

192

192

991193408.UG.FTS.B,

17.99%,

11/28/24

.

213

213

991217642.UG.FTS.B,

17.99%,

11/28/24

.

267

263

991143728.UG.FTS.B,

18.21%,

11/28/24

.

529

329

991176526.UG.FTS.B,

18.97%,

11/28/24

.

1,167

1,164

991195592.UG.FTS.B,

18.97%,

11/28/24

.

178

178

991196672.UG.FTS.B,

18.97%,

11/28/24

.

1,035

1,032

991217180.UG.FTS.B,

18.97%,

11/28/24

.

697

694

991254497.UG.FTS.B,

18.97%,

11/28/24

.

361

360

991331498.UG.FTS.B,

18.97%,

11/28/24

.

671

666

991143592.UG.FTS.B,

19.21%,

11/28/24

.

1,215

1,211

991145911.UG.FTS.B,

19.21%,

11/28/24

..

124

8

991160048.UG.FTS.B,

19.21%,

11/28/24

.

110

5

991170972.UG.FTS.B,

19.21%,

11/28/24

.

88

87

991188168.UG.FTS.B,

19.21%,

11/28/24

.

245

245

991198356.UG.FTS.B,

19.21%,

11/28/24

.

408

408

991201541.UG.FTS.B,

19.21%,

11/28/24

.

1,795

1,794

991217213.UG.FTS.B,

19.21%,

11/28/24

.

566

565

991236965.UG.FTS.B,

19.21%,

11/28/24

.

297

294

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

280

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991264050.UG.FTS.B,

19.21%,

11/28/24

.

$

107

$

106

991274860.UG.FTS.B,

19.21%,

11/28/24

.

350

347

991293437.UG.FTS.B,

19.21%,

11/28/24

.

217

217

991150477.UG.FTS.B,

19.8%,

11/28/24

..

11

11

991151832.UG.FTS.B,

19.8%,

11/28/24

..

319

319

991189562.UG.FTS.B,

19.8%,

11/28/24

..

138

137

991190045.UG.FTS.B,

19.8%,

11/28/24

..

28

28

991212968.UG.FTS.B,

19.8%,

11/28/24

..

862

859

991222744.UG.FTS.B,

19.8%,

11/28/24

..

165

165

991252549.UG.FTS.B,

19.8%,

11/28/24

..

931

927

991258450.UG.FTS.B,

19.8%,

11/28/24

..

280

275

991355941.UG.FTS.B,

19.8%,

11/28/24

..

1,089

1,081

991145907.UG.FTS.B,

19.99%,

11/28/24

.

679

676

991146497.UG.FTS.B,

19.99%,

11/28/24

.

285

292

991149638.UG.FTS.B,

19.99%,

11/28/24

.

1,465

120

991159150.UG.FTS.B,

19.99%,

11/28/24

.

89

91

991150251.UG.FTS.B,

20.46%,

11/28/24

.

356

356

991150540.UG.FTS.B,

20.46%,

11/28/24

.

138

138

991194986.UG.FTS.B,

20.46%,

11/28/24

.

45

45

991146514.UG.FTS.B,

20.97%,

11/28/24

.

271

270

991147331.UG.FTS.B,

20.97%,

11/28/24

.

1,404

1,397

991169829.UG.FTS.B,

20.97%,

11/28/24

.

2,251

172

991190759.UG.FTS.B,

20.97%,

11/28/24

.

306

305

991197495.UG.FTS.B,

20.97%,

11/28/24

.

73

73

991216129.UG.FTS.B,

20.97%,

11/28/24

.

436

436

991238659.UG.FTS.B,

21.46%,

11/28/24

.

2,063

2,054

991239355.UG.FTS.B,

21.46%,

11/28/24

.

5,218

5,125

991153356.UG.FTS.B,

21.97%,

11/28/24

.

285

284

991198294.UG.FTS.B,

21.97%,

11/28/24

.

84

84

991143292.UG.FTS.B,

21.98%,

11/28/24

.

468

463

991147630.UG.FTS.B,

21.98%,

11/28/24

.

1,382

180

991149576.UG.FTS.B,

21.98%,

11/28/24

.

1,805

230

991182716.UG.FTS.B,

21.98%,

11/28/24

.

475

464

991199446.UG.FTS.B,

21.98%,

11/28/24

.

726

92

991201558.UG.FTS.B,

21.98%,

11/28/24

.

606

605

991227683.UG.FTS.B,

21.98%,

11/28/24

.

129

9

991251155.UG.FTS.B,

21.98%,

11/28/24

.

1,103

1,090

991162903.UG.FTS.B,

22.95%,

11/28/24

.

24

2

991166937.UG.FTS.B,

22.95%,

11/28/24

.

29

3

991143207.UG.FTS.B,

22.97%,

11/28/24

.

247

245

991153504.UG.FTS.B,

22.97%,

11/28/24

.

263

15

991199081.UG.FTS.B,

22.97%,

11/28/24

.

73

72

991213837.UG.FTS.B,

22.97%,

11/28/24

.

52

51

991270842.UG.FTS.B,

22.97%,

11/28/24

.

351

351

991322514.UG.FTS.B,

22.97%,

11/28/24

.

1,455

1,440

991231769.UG.FTS.B,

23.95%,

11/28/24

.

4,148

4,129

991216089.UG.FTS.B,

26.94%,

11/28/24

.

1,480

1,472

991146472.UG.FTS.B,

27.99%,

11/28/24

.

724

741

991142742.UG.FTS.B,

28.98%,

11/28/24

.

126

126

991142817.UG.FTS.B,

28.98%,

11/28/24

.

509

505

991142924.UG.FTS.B,

28.98%,

11/28/24

.

158

158

991143525.UG.FTS.B,

28.98%,

11/28/24

.

6

1

991146261.UG.FTS.B,

28.98%,

11/28/24

.

157

158

991146586.UG.FTS.B,

28.98%,

11/28/24

.

38

38

991146876.UG.FTS.B,

28.98%,

11/28/24

.

197

198

991147533.UG.FTS.B,

28.98%,

11/28/24

.

653

443

991147547.UG.FTS.B,

28.98%,

11/28/24

.

666

53

991148315.UG.FTS.B,

28.98%,

11/28/24

.

1,202

1,224

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991149432.UG.FTS.B,

28.98%,

11/28/24

.

$

1,815

$

1,855

991149683.UG.FTS.B,

28.98%,

11/28/24

.

42

35

991151631.UG.FTS.B,

28.98%,

11/28/24

.

110

113

991151837.UG.FTS.B,

28.98%,

11/28/24

.

52

52

991151890.UG.FTS.B,

28.98%,

11/28/24

.

33

33

991152605.UG.FTS.B,

28.98%,

11/28/24

.

661

45

991153791.UG.FTS.B,

28.98%,

11/28/24

.

413

307

991155193.UG.FTS.B,

28.98%,

11/28/24

.

230

236

991157101.UG.FTS.B,

28.98%,

11/28/24

.

717

720

991158343.UG.FTS.B,

28.98%,

11/28/24

.

1,410

1,433

991158370.UG.FTS.B,

28.98%,

11/28/24

.

283

283

991186304.UG.FTS.B,

28.98%,

11/28/24

.

271

277

991220671.UG.FTS.B,

28.98%,

11/28/24

.

487

495

991294963.UG.FTS.B,

28.98%,

11/28/24

.

98

7

991143196.UG.FTS.B,

29.49%,

11/28/24

.

269

278

991143321.UG.FTS.B,

29.49%,

11/28/24

.

244

252

991143629.UG.FTS.B,

29.49%,

11/28/24

.

890

905

991143772.UG.FTS.B,

29.49%,

11/28/24

.

196

130

991144020.UG.FTS.B,

29.49%,

11/28/24

.

1,076

1,106

991144250.UG.FTS.B,

29.49%,

11/28/24

.

199

207

991144685.UG.FTS.B,

29.49%,

11/28/24

.

1,082

1,095

991145177.UG.FTS.B,

29.49%,

11/28/24

.

145

147

991145498.UG.FTS.B,

29.49%,

11/28/24

.

559

580

991146041.UG.FTS.B,

29.49%,

11/28/24

.

350

362

991146846.UG.FTS.B,

29.49%,

11/28/24

.

35

36

991146864.UG.FTS.B,

29.49%,

11/28/24

.

124

127

991146991.UG.FTS.B,

29.49%,

11/28/24

.

100

99

991148558.UG.FTS.B,

29.49%,

11/28/24

.

211

218

991150866.UG.FTS.B,

29.49%,

11/28/24

.

7

7

991151597.UG.FTS.B,

29.49%,

11/28/24

.

209

209

991152923.UG.FTS.B,

29.49%,

11/28/24

.

508

515

991153180.UG.FTS.B,

29.49%,

11/28/24

.

1,767

1,818

991153263.UG.FTS.B,

29.49%,

11/28/24

.

40

40

991153896.UG.FTS.B,

29.49%,

11/28/24

.

272

273

991154246.UG.FTS.B,

29.49%,

11/28/24

.

132

134

991154357.UG.FTS.B,

29.49%,

11/28/24

.

142

146

991156207.UG.FTS.B,

29.49%,

11/28/24

.

61

62

991157674.UG.FTS.B,

29.49%,

11/28/24

.

4

4

991157722.UG.FTS.B,

29.49%,

11/28/24

.

352

27

991158156.UG.FTS.B,

29.49%,

11/28/24

.

498

70

991159070.UG.FTS.B,

29.49%,

11/28/24

.

205

211

991159214.UG.FTS.B,

29.49%,

11/28/24

.

66

68

991159392.UG.FTS.B,

29.49%,

11/28/24

.

61

62

991175476.UG.FTS.B,

29.49%,

11/28/24

.

106

108

991179397.UG.FTS.B,

29.49%,

11/28/24

.

59

9

991179981.UG.FTS.B,

29.49%,

11/28/24

.

69

70

991180197.UG.FTS.B,

29.49%,

11/28/24

.

275

281

991230823.UG.FTS.B,

29.49%,

11/28/24

.

61

62

991238098.UG.FTS.B,

29.49%,

11/28/24

.

36

36

991250338.UG.FTS.B,

29.49%,

11/28/24

.

1,079

1,083

991149659.UG.FTS.B,

Zero

Cpn,

11/29/24

197

–

991151422.UG.FTS.B,

Zero

Cpn,

11/29/24

563

38

991151426.UG.FTS.B,

Zero

Cpn,

11/29/24

681

47

991151825.UG.FTS.B,

Zero

Cpn,

11/29/24

74

5

991153049.UG.FTS.B,

Zero

Cpn,

11/29/24

1,043

–

991154532.UG.FTS.B,

Zero

Cpn,

11/29/24

275

–

991194338.UG.FTS.B,

Zero

Cpn,

11/29/24

72

5

991206316.UG.FTS.B,

Zero

Cpn,

11/29/24

279

19

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

281

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991372106.UG.FTS.B,

Zero

Cpn,

11/29/24

$

101

$

–

991210665.UG.FTS.B,

14.98%,

11/29/24

.

19

19

991218283.UG.FTS.B,

14.98%,

11/29/24

.

4,045

2,621

991182908.UG.FTS.B,

15.97%,

11/29/24

.

312

312

991201692.UG.FTS.B,

16.99%,

11/29/24

.

104

104

991217625.UG.FTS.B,

16.99%,

11/29/24

.

1,010

1,010

991154797.UG.FTS.B,

17.99%,

11/29/24

.

625

625

991160168.UG.FTS.B,

17.99%,

11/29/24

.

459

457

991185541.UG.FTS.B,

17.99%,

11/29/24

.

103

103

991196824.UG.FTS.B,

17.99%,

11/29/24

.

133

133

991246744.UG.FTS.B,

17.99%,

11/29/24

.

676

675

991264889.UG.FTS.B,

17.99%,

11/29/24

.

34

34

991299503.UG.FTS.B,

17.99%,

11/29/24

.

299

196

991299913.UG.FTS.B,

17.99%,

11/29/24

.

404

404

991217075.UG.FTS.B,

18.8%,

11/29/24

..

829

817

991156348.UG.FTS.B,

18.97%,

11/29/24

.

154

154

991196288.UG.FTS.B,

18.97%,

11/29/24

.

88

88

991197152.UG.FTS.B,

18.97%,

11/29/24

.

6,288

6,271

991258245.UG.FTS.B,

18.97%,

11/29/24

.

210

209

991332951.UG.FTS.B,

18.97%,

11/29/24

.

310

1

991152066.UG.FTS.B,

19.21%,

11/29/24

.

183

183

991159773.UG.FTS.B,

19.21%,

11/29/24

.

746

744

991177776.UG.FTS.B,

19.21%,

11/29/24

.

1,313

1,313

991190438.UG.FTS.B,

19.21%,

11/29/24

.

1,660

1,655

991207694.UG.FTS.B,

19.21%,

11/29/24

.

2,699

2,658

991289288.UG.FTS.B,

19.21%,

11/29/24

.

274

271

991174431.UG.FTS.B,

19.8%,

11/29/24

..

235

234

991189851.UG.FTS.B,

19.8%,

11/29/24

..

458

457

991217431.UG.FTS.B,

19.8%,

11/29/24

..

136

136

991266355.UG.FTS.B,

19.8%,

11/29/24

..

283

281

991348718.UG.FTS.B,

19.8%,

11/29/24

..

339

334

991151021.UG.FTS.B,

19.99%,

11/29/24

.

582

574

991153454.UG.FTS.B,

19.99%,

11/29/24

.

252

169

991155273.UG.FTS.B,

19.99%,

11/29/24

.

317

315

991161380.UG.FTS.B,

19.99%,

11/29/24

.

4,653

4,675

991170740.UG.FTS.B,

19.99%,

11/29/24

.

19

19

991179894.UG.FTS.B,

19.99%,

11/29/24

.

405

416

991185891.UG.FTS.B,

19.99%,

11/29/24

.

1,617

1,660

991178388.UG.FTS.B,

20.46%,

11/29/24

.

182

182

991215030.UG.FTS.B,

20.46%,

11/29/24

.

686

683

991150621.UG.FTS.B,

20.97%,

11/29/24

.

175

174

991153501.UG.FTS.B,

20.97%,

11/29/24

.

161

160

991163927.UG.FTS.B,

20.97%,

11/29/24

.

1,119

1,116

991185213.UG.FTS.B,

20.97%,

11/29/24

.

102

100

991187935.UG.FTS.B,

20.97%,

11/29/24

.

89

89

991199463.UG.FTS.B,

20.97%,

11/29/24

.

67

67

991231794.UG.FTS.B,

20.97%,

11/29/24

.

1,960

1,948

991153795.UG.FTS.B,

21.46%,

11/29/24

.

764

99

991159540.UG.FTS.B,

21.46%,

11/29/24

.

156

1

991166957.UG.FTS.B,

21.46%,

11/29/24

.

916

910

991168708.UG.FTS.B,

21.46%,

11/29/24

.

1,283

98

991190207.UG.FTS.B,

21.46%,

11/29/24

.

1,334

101

991195336.UG.FTS.B,

21.46%,

11/29/24

.

281

19

991198258.UG.FTS.B,

21.46%,

11/29/24

.

626

624

991225793.UG.FTS.B,

21.46%,

11/29/24

.

38

37

991246596.UG.FTS.B,

21.46%,

11/29/24

.

238

238

991276814.UG.FTS.B,

21.46%,

11/29/24

.

165

164

991154077.UG.FTS.B,

21.98%,

11/29/24

.

11

10

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991171708.UG.FTS.B,

21.98%,

11/29/24

.

$

292

$

292

991210617.UG.FTS.B,

21.98%,

11/29/24

.

67

66

991230066.UG.FTS.B,

21.98%,

11/29/24

.

121

121

991342123.UG.FTS.B,

21.98%,

11/29/24

.

6

6

991151698.UG.FTS.B,

22.97%,

11/29/24

.

923

919

991178511.UG.FTS.B,

22.97%,

11/29/24

..

230

229

991260944.UG.FTS.B,

22.97%,

11/29/24

.

55

55

991152627.UG.FTS.B,

23.95%,

11/29/24

.

346

344

991270857.UG.FTS.B,

25.95%,

11/29/24

.

412

397

991152322.UG.FTS.B,

26.94%,

11/29/24

.

1,188

1,182

991162953.UG.FTS.B,

26.94%,

11/29/24

.

169

169

991216328.UG.FTS.B,

26.94%,

11/29/24

.

239

237

991225936.UG.FTS.B,

26.94%,

11/29/24

.

311

70

991149684.UG.FTS.B,

28.98%,

11/29/24

.

114

116

991149810.UG.FTS.B,

28.98%,

11/29/24

.

143

147

991149912.UG.FTS.B,

28.98%,

11/29/24

.

248

251

991149945.UG.FTS.B,

28.98%,

11/29/24

.

1,033

1,056

991149988.UG.FTS.B,

28.98%,

11/29/24

.

394

405

991151094.UG.FTS.B,

28.98%,

11/29/24

.

268

272

991151137.UG.FTS.B,

28.98%,

11/29/24

..

627

48

991151351.UG.FTS.B,

28.98%,

11/29/24

.

12

12

991151364.UG.FTS.B,

28.98%,

11/29/24

.

375

384

991151477.UG.FTS.B,

28.98%,

11/29/24

.

272

279

991151728.UG.FTS.B,

28.98%,

11/29/24

.

150

153

991152201.UG.FTS.B,

28.98%,

11/29/24

.

566

569

991152254.UG.FTS.B,

28.98%,

11/29/24

.

29

30

991152328.UG.FTS.B,

28.98%,

11/29/24

.

10

10

991152419.UG.FTS.B,

28.98%,

11/29/24

.

35

35

991152664.UG.FTS.B,

28.98%,

11/29/24

.

170

173

991152924.UG.FTS.B,

28.98%,

11/29/24

.

47

47

991153004.UG.FTS.B,

28.98%,

11/29/24

.

174

26

991155172.UG.FTS.B,

28.98%,

11/29/24

.

9

9

991155365.UG.FTS.B,

28.98%,

11/29/24

.

139

142

991155546.UG.FTS.B,

28.98%,

11/29/24

.

351

356

991155648.UG.FTS.B,

28.98%,

11/29/24

.

96

99

991157557.UG.FTS.B,

28.98%,

11/29/24

.

6

6

991157592.UG.FTS.B,

28.98%,

11/29/24

.

172

175

991157704.UG.FTS.B,

28.98%,

11/29/24

.

617

625

991157882.UG.FTS.B,

28.98%,

11/29/24

.

79

81

991158118.UG.FTS.B,

28.98%,

11/29/24

..

165

170

991158495.UG.FTS.B,

28.98%,

11/29/24

.

305

302

991158651.UG.FTS.B,

28.98%,

11/29/24

.

231

232

991162272.UG.FTS.B,

28.98%,

11/29/24

.

720

737

991163577.UG.FTS.B,

28.98%,

11/29/24

.

830

540

991165881.UG.FTS.B,

28.98%,

11/29/24

.

311

318

991188757.UG.FTS.B,

28.98%,

11/29/24

.

999

75

991202283.UG.FTS.B,

28.98%,

11/29/24

.

283

289

991203049.UG.FTS.B,

28.98%,

11/29/24

.

800

815

991209578.UG.FTS.B,

28.98%,

11/29/24

.

209

215

991241558.UG.FTS.B,

28.98%,

11/29/24

.

311

320

991249093.UG.FTS.B,

28.98%,

11/29/24

.

1,185

1,180

991280493.UG.FTS.B,

28.98%,

11/29/24

.

153

157

991352702.UG.FTS.B,

28.98%,

11/29/24

.

76

75

991155116.UG.FTS.B,

29.46%,

11/29/24

..

2,113

2,165

991149634.UG.FTS.B,

29.49%,

11/29/24

.

178

183

991149899.UG.FTS.B,

29.49%,

11/29/24

.

49

50

991150696.UG.FTS.B,

29.49%,

11/29/24

.

125

125

991151079.UG.FTS.B,

29.49%,

11/29/24

.

121

123

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

282

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991151085.UG.FTS.B,

29.49%,

11/29/24

.

$

526

$

541

991151981.UG.FTS.B,

29.49%,

11/29/24

.

167

171

991152468.UG.FTS.B,

29.49%,

11/29/24

.

23

23

991153994.UG.FTS.B,

29.49%,

11/29/24

.

828

851

991154879.UG.FTS.B,

29.49%,

11/29/24

.

941

957

991155137.UG.FTS.B,

29.49%,

11/29/24

.

112

116

991157688.UG.FTS.B,

29.49%,

11/29/24

.

340

331

991157887.UG.FTS.B,

29.49%,

11/29/24

.

113

116

991158334.UG.FTS.B,

29.49%,

11/29/24

.

464

65

991159374.UG.FTS.B,

29.49%,

11/29/24

.

133

134

991159782.UG.FTS.B,

29.49%,

11/29/24

.

262

270

991161450.UG.FTS.B,

29.49%,

11/29/24

.

352

357

991164378.UG.FTS.B,

29.49%,

11/29/24

.

322

331

991170428.UG.FTS.B,

29.49%,

11/29/24

.

86

85

991171550.UG.FTS.B,

29.49%,

11/29/24

.

685

693

991171572.UG.FTS.B,

29.49%,

11/29/24

.

89

89

991178434.UG.FTS.B,

29.49%,

11/29/24

.

78

80

991178591.UG.FTS.B,

29.49%,

11/29/24

.

188

193

991178887.UG.FTS.B,

29.49%,

11/29/24

.

263

270

991185990.UG.FTS.B,

29.49%,

11/29/24

.

138

138

991195692.UG.FTS.B,

29.49%,

11/29/24

.

13

13

991221367.UG.FTS.B,

29.49%,

11/29/24

.

635

650

991241808.UG.FTS.B,

29.49%,

11/29/24

.

408

406

991274814.UG.FTS.B,

29.49%,

11/29/24

.

4

4

991303088.UG.FTS.B,

29.49%,

11/29/24

.

6

6

991310187.UG.FTS.B,

29.49%,

11/29/24

.

989

135

991325572.UG.FTS.B,

29.49%,

11/29/24

.

87

87

991350865.UG.FTS.B,

29.49%,

11/29/24

.

71

72

991352691.UG.FTS.B,

29.49%,

11/29/24

.

110

112

991156508.UG.FTS.B,

Zero

Cpn,

11/30/24

125

9

991157870.UG.FTS.B,

Zero

Cpn,

11/30/24

109

7

991162121.UG.FTS.B,

Zero

Cpn,

11/30/24

310

–

991162222.UG.FTS.B,

Zero

Cpn,

11/30/24

41

–

991163767.UG.FTS.B,

Zero

Cpn,

11/30/24

230

16

991165772.UG.FTS.B,

Zero

Cpn,

11/30/24

133

9

991166314.UG.FTS.B,

Zero

Cpn,

11/30/24

690

–

991172785.UG.FTS.B,

Zero

Cpn,

11/30/24

736

49

991176579.UG.FTS.B,

Zero

Cpn,

11/30/24

758

52

991202129.UG.FTS.B,

Zero

Cpn,

11/30/24

290

20

991208491.UG.FTS.B,

Zero

Cpn,

11/30/24

471

32

991250363.UG.FTS.B,

Zero

Cpn,

11/30/24

59

4

991254097.UG.FTS.B,

Zero

Cpn,

11/30/24

86

–

991279769.UG.FTS.B,

Zero

Cpn,

11/30/24

413

28

991289420.UG.FTS.B,

Zero

Cpn,

11/30/24

231

–

991308020.UG.FTS.B,

Zero

Cpn,

11/30/24

50

–

991167597.UG.FTS.B,

19.21%,

11/30/24

.

171

171

991377384.UG.FTS.B,

19.21%,

11/30/24

.

189

192

991160154.UG.FTS.B,

19.8%,

11/30/24

..

203

200

991157062.UG.FTS.B,

19.99%,

11/30/24

.

806

821

991157632.UG.FTS.B,

19.99%,

11/30/24

.

1,307

1,343

991158131.UG.FTS.B,

19.99%,

11/30/24

.

676

692

991158195.UG.FTS.B,

19.99%,

11/30/24

.

44

45

991162077.UG.FTS.B,

19.99%,

11/30/24

.

423

435

991174157.UG.FTS.B,

19.99%,

11/30/24

.

109

14

991178486.UG.FTS.B,

19.99%,

11/30/24

.

159

164

991198832.UG.FTS.B,

19.99%,

11/30/24

.

146

148

991203768.UG.FTS.B,

19.99%,

11/30/24

.

135

1

991210693.UG.FTS.B,

19.99%,

11/30/24

.

380

49

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991220098.UG.FTS.B,

19.99%,

11/30/24

.

$

111

$

111

991222899.UG.FTS.B,

19.99%,

11/30/24

.

86

88

991237106.UG.FTS.B,

19.99%,

11/30/24

.

431

438

991238133.UG.FTS.B,

19.99%,

11/30/24

.

328

321

991239767.UG.FTS.B,

19.99%,

11/30/24

.

447

456

991277017.UG.FTS.B,

19.99%,

11/30/24

.

340

350

991294453.UG.FTS.B,

19.99%,

11/30/24

.

271

278

991302771.UG.FTS.B,

19.99%,

11/30/24

.

370

254

991303347.UG.FTS.B,

19.99%,

11/30/24

.

22

22

991157471.UG.FTS.B,

20.97%,

11/30/24

.

737

736

991266991.UG.FTS.B,

20.97%,

11/30/24

.

1,198

1,191

991273272.UG.FTS.B,

20.97%,

11/30/24

.

914

912

991178246.UG.FTS.B,

21.46%,

11/30/24

.

5,805

5,768

991198945.UG.FTS.B,

21.46%,

11/30/24

.

100

99

991222901.UG.FTS.B,

21.46%,

11/30/24

.

547

546

991155680.UG.FTS.B,

21.98%,

11/30/24

.

93

93

991212859.UG.FTS.B,

21.98%,

11/30/24

.

928

922

991227321.UG.FTS.B,

21.98%,

11/30/24

.

65

64

991214909.UG.FTS.B,

22.97%,

11/30/24

.

1,069

1,047

991294116.UG.FTS.B,

22.97%,

11/30/24

.

225

220

991162102.UG.FTS.B,

23.95%,

11/30/24

.

696

683

991274402.UG.FTS.B,

24.95%,

11/30/24

.

95

94

991245914.UG.FTS.B,

25.95%,

11/30/24

.

29

29

991179425.UG.FTS.B,

26.94%,

11/30/24

.

848

837

991157436.UG.FTS.B,

27.99%,

11/30/24

.

327

334

991170707.UG.FTS.B,

27.99%,

11/30/24

.

1,647

153

991184856.UG.FTS.B,

27.99%,

11/30/24

.

186

190

991246597.UG.FTS.B,

27.99%,

11/30/24

.

311

43

991282826.UG.FTS.B,

27.99%,

11/30/24

.

25

25

991310873.UG.FTS.B,

27.99%,

11/30/24

.

252

255

991156770.UG.FTS.B,

28.98%,

11/30/24

.

229

235

991157684.UG.FTS.B,

28.98%,

11/30/24

.

1,107

1,085

991158904.UG.FTS.B,

28.98%,

11/30/24

.

21

20

991159756.UG.FTS.B,

28.98%,

11/30/24

.

277

273

991159902.UG.FTS.B,

28.98%,

11/30/24

.

266

272

991160155.UG.FTS.B,

28.98%,

11/30/24

.

444

98

991161179.UG.FTS.B,

28.98%,

11/30/24

..

1,177

1,152

991161240.UG.FTS.B,

28.98%,

11/30/24

.

1,031

1,027

991162025.UG.FTS.B,

28.98%,

11/30/24

.

260

260

991162173.UG.FTS.B,

28.98%,

11/30/24

.

14

15

991162342.UG.FTS.B,

28.98%,

11/30/24

.

657

672

991163899.UG.FTS.B,

28.98%,

11/30/24

.

83

84

991164704.UG.FTS.B,

28.98%,

11/30/24

.

44

45

991164810.UG.FTS.B,

28.98%,

11/30/24

.

88

88

991165694.UG.FTS.B,

28.98%,

11/30/24

.

661

678

991165829.UG.FTS.B,

28.98%,

11/30/24

.

2,308

2,335

991168731.UG.FTS.B,

28.98%,

11/30/24

.

500

514

991170960.UG.FTS.B,

28.98%,

11/30/24

.

148

148

991174311.UG.FTS.B,

28.98%,

11/30/24

..

243

249

991174605.UG.FTS.B,

28.98%,

11/30/24

.

1,046

1,070

991175329.UG.FTS.B,

28.98%,

11/30/24

.

83

85

991178342.UG.FTS.B,

28.98%,

11/30/24

.

343

351

991180572.UG.FTS.B,

28.98%,

11/30/24

.

291

299

991181728.UG.FTS.B,

28.98%,

11/30/24

.

269

272

991182068.UG.FTS.B,

28.98%,

11/30/24

.

33

33

991182116.UG.FTS.B,

28.98%,

11/30/24

..

401

410

991182228.UG.FTS.B,

28.98%,

11/30/24

.

42

42

991184808.UG.FTS.B,

28.98%,

11/30/24

.

269

277

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

283

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991185437.UG.FTS.B,

28.98%,

11/30/24

.

$

167

$

169

991186519.UG.FTS.B,

28.98%,

11/30/24

.

198

204

991188630.UG.FTS.B,

28.98%,

11/30/24

.

24

24

991189750.UG.FTS.B,

28.98%,

11/30/24

.

7

7

991190495.UG.FTS.B,

28.98%,

11/30/24

.

491

496

991191079.UG.FTS.B,

28.98%,

11/30/24

.

31

31

991193180.UG.FTS.B,

28.98%,

11/30/24

.

48

49

991194174.UG.FTS.B,

28.98%,

11/30/24

.

261

268

991200683.UG.FTS.B,

28.98%,

11/30/24

.

154

158

991204352.UG.FTS.B,

28.98%,

11/30/24

.

42

42

991205011.UG.FTS.B,

28.98%,

11/30/24

.

52

52

991209031.UG.FTS.B,

28.98%,

11/30/24

.

32

27

991209315.UG.FTS.B,

28.98%,

11/30/24

.

13

13

991212998.UG.FTS.B,

28.98%,

11/30/24

.

771

184

991223413.UG.FTS.B,

28.98%,

11/30/24

.

127

131

991223544.UG.FTS.B,

28.98%,

11/30/24

.

100

102

991226444.UG.FTS.B,

28.98%,

11/30/24

.

122

122

991229725.UG.FTS.B,

28.98%,

11/30/24

.

10

10

991232621.UG.FTS.B,

28.98%,

11/30/24

.

706

724

991234377.UG.FTS.B,

28.98%,

11/30/24

.

35

6

991247306.UG.FTS.B,

28.98%,

11/30/24

.

2,065

2,027

991251001.UG.FTS.B,

28.98%,

11/30/24

.

777

798

991252688.UG.FTS.B,

28.98%,

11/30/24

.

10

10

991253679.UG.FTS.B,

28.98%,

11/30/24

.

256

260

991253813.UG.FTS.B,

28.98%,

11/30/24

.

77

79

991253989.UG.FTS.B,

28.98%,

11/30/24

.

549

562

991255130.UG.FTS.B,

28.98%,

11/30/24

.

240

238

991257232.UG.FTS.B,

28.98%,

11/30/24

.

327

328

991260489.UG.FTS.B,

28.98%,

11/30/24

.

82

82

991263077.UG.FTS.B,

28.98%,

11/30/24

.

380

391

991268242.UG.FTS.B,

28.98%,

11/30/24

.

827

187

991274807.UG.FTS.B,

28.98%,

11/30/24

.

23

24

991290395.UG.FTS.B,

28.98%,

11/30/24

.

35

35

991299968.UG.FTS.B,

28.98%,

11/30/24

.

190

195

991301389.UG.FTS.B,

28.98%,

11/30/24

.

337

343

991311760.UG.FTS.B,

28.98%,

11/30/24

.

785

792

991312114.UG.FTS.B,

28.98%,

11/30/24

.

432

439

991322375.UG.FTS.B,

28.98%,

11/30/24

.

742

454

991323243.UG.FTS.B,

28.98%,

11/30/24

.

750

760

991325045.UG.FTS.B,

28.98%,

11/30/24

.

100

101

991353871.UG.FTS.B,

28.98%,

11/30/24

.

100

105

991354445.UG.FTS.B,

28.98%,

11/30/24

.

326

336

991362615.UG.FTS.B,

28.98%,

11/30/24

.

98

101

991372018.UG.FTS.B,

28.98%,

11/30/24

.

234

243

991378438.UG.FTS.B,

28.98%,

11/30/24

.

229

231

991283230.UG.FTS.B,

29.48%,

11/30/24

.

196

200

991155380.UG.FTS.B,

29.49%,

11/30/24

.

43

43

991155673.UG.FTS.B,

29.49%,

11/30/24

.

574

589

991155729.UG.FTS.B,

29.49%,

11/30/24

.

208

211

991155966.UG.FTS.B,

29.49%,

11/30/24

.

586

603

991156148.UG.FTS.B,

29.49%,

11/30/24

.

558

571

991156343.UG.FTS.B,

29.49%,

11/30/24

.

494

497

991156625.UG.FTS.B,

29.49%,

11/30/24

.

441

454

991156672.UG.FTS.B,

29.49%,

11/30/24

.

334

48

991158265.UG.FTS.B,

29.49%,

11/30/24

.

133

137

991158386.UG.FTS.B,

29.49%,

11/30/24

.

934

947

991158407.UG.FTS.B,

29.49%,

11/30/24

.

146

104

991158421.UG.FTS.B,

29.49%,

11/30/24

.

568

578

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991158842.UG.FTS.B,

29.49%,

11/30/24

.

$

267

$

275

991158862.UG.FTS.B,

29.49%,

11/30/24

.

272

279

991158874.UG.FTS.B,

29.49%,

11/30/24

.

290

288

991159301.UG.FTS.B,

29.49%,

11/30/24

.

95

97

991159823.UG.FTS.B,

29.49%,

11/30/24

.

271

273

991160218.UG.FTS.B,

29.49%,

11/30/24

.

423

435

991160324.UG.FTS.B,

29.49%,

11/30/24

.

719

733

991161270.UG.FTS.B,

29.49%,

11/30/24

.

645

625

991162412.UG.FTS.B,

29.49%,

11/30/24

.

62

48

991164670.UG.FTS.B,

29.49%,

11/30/24

.

107

107

991165371.UG.FTS.B,

29.49%,

11/30/24

.

47

47

991166597.UG.FTS.B,

29.49%,

11/30/24

.

14

14

991167245.UG.FTS.B,

29.49%,

11/30/24

.

361

367

991168245.UG.FTS.B,

29.49%,

11/30/24

.

249

256

991169195.UG.FTS.B,

29.49%,

11/30/24

.

857

880

991170244.UG.FTS.B,

29.49%,

11/30/24

.

243

252

991170572.UG.FTS.B,

29.49%,

11/30/24

.

192

195

991171895.UG.FTS.B,

29.49%,

11/30/24

.

–

–

991172465.UG.FTS.B,

29.49%,

11/30/24

.

764

786

991172522.UG.FTS.B,

29.49%,

11/30/24

.

93

94

991173687.UG.FTS.B,

29.49%,

11/30/24

.

54

55

991176563.UG.FTS.B,

29.49%,

11/30/24

.

485

1

991182361.UG.FTS.B,

29.49%,

11/30/24

.

136

141

991183630.UG.FTS.B,

29.49%,

11/30/24

.

792

804

991183810.UG.FTS.B,

29.49%,

11/30/24

.

60

61

991184149.UG.FTS.B,

29.49%,

11/30/24

.

697

715

991185246.UG.FTS.B,

29.49%,

11/30/24

.

386

397

991186053.UG.FTS.B,

29.49%,

11/30/24

.

88

91

991189744.UG.FTS.B,

29.49%,

11/30/24

.

94

8

991190990.UG.FTS.B,

29.49%,

11/30/24

.

217

225

991192752.UG.FTS.B,

29.49%,

11/30/24

.

190

195

991192788.UG.FTS.B,

29.49%,

11/30/24

.

45

46

991193473.UG.FTS.B,

29.49%,

11/30/24

.

174

179

991194009.UG.FTS.B,

29.49%,

11/30/24

.

102

104

991195243.UG.FTS.B,

29.49%,

11/30/24

.

3,614

3,711

991198311.UG.FTS.B,

29.49%,

11/30/24

..

201

207

991198791.UG.FTS.B,

29.49%,

11/30/24

.

376

381

991200627.UG.FTS.B,

29.49%,

11/30/24

.

328

30

991200667.UG.FTS.B,

29.49%,

11/30/24

.

579

55

991201454.UG.FTS.B,

29.49%,

11/30/24

.

194

199

991205442.UG.FTS.B,

29.49%,

11/30/24

.

1,202

1,202

991206111.UG.FTS.B,

29.49%,

11/30/24

..

142

146

991208980.UG.FTS.B,

29.49%,

11/30/24

.

662

646

991209146.UG.FTS.B,

29.49%,

11/30/24

.

72

73

991209726.UG.FTS.B,

29.49%,

11/30/24

.

236

238

991215049.UG.FTS.B,

29.49%,

11/30/24

.

163

164

991218514.UG.FTS.B,

29.49%,

11/30/24

.

60

61

991218861.UG.FTS.B,

29.49%,

11/30/24

.

95

70

991219200.UG.FTS.B,

29.49%,

11/30/24

.

111

114

991220330.UG.FTS.B,

29.49%,

11/30/24

.

261

259

991221281.UG.FTS.B,

29.49%,

11/30/24

.

335

344

991233310.UG.FTS.B,

29.49%,

11/30/24

.

45

(1)

991234356.UG.FTS.B,

29.49%,

11/30/24

.

155

161

991234501.UG.FTS.B,

29.49%,

11/30/24

.

474

482

991235449.UG.FTS.B,

29.49%,

11/30/24

.

414

410

991237242.UG.FTS.B,

29.49%,

11/30/24

.

114

117

991242367.UG.FTS.B,

29.49%,

11/30/24

.

100

103

991245580.UG.FTS.B,

29.49%,

11/30/24

.

61

62

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

284

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991246778.UG.FTS.B,

29.49%,

11/30/24

.

$

675

$

687

991249635.UG.FTS.B,

29.49%,

11/30/24

.

219

226

991251255.UG.FTS.B,

29.49%,

11/30/24

.

94

92

991251496.UG.FTS.B,

29.49%,

11/30/24

.

63

4

991252166.UG.FTS.B,

29.49%,

11/30/24

.

603

611

991258407.UG.FTS.B,

29.49%,

11/30/24

.

213

12

991262641.UG.FTS.B,

29.49%,

11/30/24

.

460

467

991267189.UG.FTS.B,

29.49%,

11/30/24

.

324

23

991273969.UG.FTS.B,

29.49%,

11/30/24

.

467

480

991277711.UG.FTS.B,

29.49%,

11/30/24

.

214

217

991278091.UG.FTS.B,

29.49%,

11/30/24

.

260

38

991282168.UG.FTS.B,

29.49%,

11/30/24

.

117

119

991282393.UG.FTS.B,

29.49%,

11/30/24

.

56

56

991282718.UG.FTS.B,

29.49%,

11/30/24

.

90

93

991289704.UG.FTS.B,

29.49%,

11/30/24

.

17

18

991295815.UG.FTS.B,

29.49%,

11/30/24

.

195

201

991295869.UG.FTS.B,

29.49%,

11/30/24

.

1,763

1,791

991302156.UG.FTS.B,

29.49%,

11/30/24

.

271

280

991305134.UG.FTS.B,

29.49%,

11/30/24

.

13

13

991311530.UG.FTS.B,

29.49%,

11/30/24

.

53

54

991319229.UG.FTS.B,

29.49%,

11/30/24

.

1,201

1,228

991321305.UG.FTS.B,

29.49%,

11/30/24

.

264

266

991323937.UG.FTS.B,

29.49%,

11/30/24

.

87

90

991326057.UG.FTS.B,

29.49%,

11/30/24

.

121

119

991354554.UG.FTS.B,

29.49%,

11/30/24

.

120

122

991360797.UG.FTS.B,

29.49%,

11/30/24

.

233

240

991368424.UG.FTS.B,

29.49%,

11/30/24

.

209

212

991369399.UG.FTS.B,

29.49%,

11/30/24

.

34

34

991376913.UG.FTS.B,

29.49%,

11/30/24

.

55

21

991163638.UG.FTS.B,

Zero

Cpn,

12/01/24

33

2

991167821.UG.FTS.B,

Zero

Cpn,

12/01/24

474

32

991181416.UG.FTS.B,

Zero

Cpn,

12/01/24

42

3

991183951.UG.FTS.B,

Zero

Cpn,

12/01/24

640

43

991208827.UG.FTS.B,

Zero

Cpn,

12/01/24

120

8

991210628.UG.FTS.B,

Zero

Cpn,

12/01/24

252

17

991252187.UG.FTS.B,

Zero

Cpn,

12/01/24

40

–

991298047.UG.FTS.B,

Zero

Cpn,

12/01/24

422

28

991340008.UG.FTS.B,

Zero

Cpn,

12/01/24

136

9

991358911.UG.FTS.B,

Zero

Cpn,

12/01/24

680

46

991365314.UG.FTS.B,

Zero

Cpn,

12/01/24

2,517

169

991379697.UG.FTS.B,

Zero

Cpn,

12/01/24

340

23

991169328.UG.FTS.B,

19.21%,

12/01/24

.

1,369

1,365

991247450.UG.FTS.B,

19.21%,

12/01/24

.

731

91

991169863.UG.FTS.B,

19.8%,

12/01/24

..

893

890

991160766.UG.FTS.B,

19.99%,

12/01/24

.

967

10

991169660.UG.FTS.B,

19.99%,

12/01/24

.

395

400

991171084.UG.FTS.B,

19.99%,

12/01/24

.

7

7

991178992.UG.FTS.B,

19.99%,

12/01/24

.

1,729

1,776

991190064.UG.FTS.B,

19.99%,

12/01/24

.

710

729

991194398.UG.FTS.B,

19.99%,

12/01/24

.

1,068

1,097

991195640.UG.FTS.B,

19.99%,

12/01/24

.

25

25

991207998.UG.FTS.B,

19.99%,

12/01/24

.

569

578

991233773.UG.FTS.B,

19.99%,

12/01/24

.

305

312

991235853.UG.FTS.B,

19.99%,

12/01/24

.

82

82

991239748.UG.FTS.B,

19.99%,

12/01/24

.

1,901

1,946

991248019.UG.FTS.B,

19.99%,

12/01/24

.

954

980

991262568.UG.FTS.B,

19.99%,

12/01/24

.

94

95

991324541.UG.FTS.B,

19.99%,

12/01/24

.

217

221

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991334704.UG.FTS.B,

19.99%,

12/01/24

.

$

67

$

68

991354074.UG.FTS.B,

19.99%,

12/01/24

.

643

651

991359215.UG.FTS.B,

19.99%,

12/01/24

.

119

121

991160810.UG.FTS.B,

20.46%,

12/01/24

.

3

3

991231427.UG.FTS.B,

20.46%,

12/01/24

.

396

396

991247272.UG.FTS.B,

20.46%,

12/01/24

.

12

12

991287459.UG.FTS.B,

20.46%,

12/01/24

.

347

345

991225649.UG.FTS.B,

20.97%,

12/01/24

.

6,481

6,477

991383601.UG.FTS.B,

20.97%,

12/01/24

.

238

51

991163809.UG.FTS.B,

21.46%,

12/01/24

.

7,074

7,047

991167443.UG.FTS.B,

21.46%,

12/01/24

.

2,537

2,522

991167927.UG.FTS.B,

21.46%,

12/01/24

.

346

346

991179044.UG.FTS.B,

21.46%,

12/01/24

.

652

651

991295332.UG.FTS.B,

21.46%,

12/01/24

.

–

–

991162968.UG.FTS.B,

21.98%,

12/01/24

.

228

228

991211732.UG.FTS.B,

21.98%,

12/01/24

.

52

52

991162362.UG.FTS.B,

22.97%,

12/01/24

.

641

426

991182729.UG.FTS.B,

22.97%,

12/01/24

.

115

77

991165518.UG.FTS.B,

23.95%,

12/01/24

.

289

288

991164092.UG.FTS.B,

25.95%,

12/01/24

.

360

360

991160646.UG.FTS.B,

27.99%,

12/01/24

.

64

65

991164749.UG.FTS.B,

27.99%,

12/01/24

.

356

364

991178777.UG.FTS.B,

27.99%,

12/01/24

.

104

107

991186705.UG.FTS.B,

27.99%,

12/01/24

.

137

138

991161283.UG.FTS.B,

28.98%,

12/01/24

.

334

27

991161423.UG.FTS.B,

28.98%,

12/01/24

.

892

572

991161755.UG.FTS.B,

28.98%,

12/01/24

.

530

365

991162271.UG.FTS.B,

28.98%,

12/01/24

.

201

207

991162320.UG.FTS.B,

28.98%,

12/01/24

.

173

178

991162330.UG.FTS.B,

28.98%,

12/01/24

.

666

675

991162450.UG.FTS.B,

28.98%,

12/01/24

.

323

331

991163027.UG.FTS.B,

28.98%,

12/01/24

.

371

374

991164071.UG.FTS.B,

28.98%,

12/01/24

.

116

119

991164249.UG.FTS.B,

28.98%,

12/01/24

.

45

45

991164332.UG.FTS.B,

28.98%,

12/01/24

.

81

81

991165573.UG.FTS.B,

28.98%,

12/01/24

.

186

187

991165874.UG.FTS.B,

28.98%,

12/01/24

.

139

139

991165954.UG.FTS.B,

28.98%,

12/01/24

.

234

240

991170068.UG.FTS.B,

28.98%,

12/01/24

.

1,709

1,710

991170216.UG.FTS.B,

28.98%,

12/01/24

.

78

11

991174550.UG.FTS.B,

28.98%,

12/01/24

.

167

172

991176007.UG.FTS.B,

28.98%,

12/01/24

.

225

225

991179835.UG.FTS.B,

28.98%,

12/01/24

.

583

588

991180336.UG.FTS.B,

28.98%,

12/01/24

.

1,176

91

991181086.UG.FTS.B,

28.98%,

12/01/24

.

110

113

991182500.UG.FTS.B,

28.98%,

12/01/24

.

1,153

1,162

991182789.UG.FTS.B,

28.98%,

12/01/24

.

704

716

991185047.UG.FTS.B,

28.98%,

12/01/24

.

45

7

991188463.UG.FTS.B,

28.98%,

12/01/24

.

89

92

991189706.UG.FTS.B,

28.98%,

12/01/24

.

271

278

991190247.UG.FTS.B,

28.98%,

12/01/24

.

802

823

991190745.UG.FTS.B,

28.98%,

12/01/24

.

97

98

991196333.UG.FTS.B,

28.98%,

12/01/24

.

197

202

991200338.UG.FTS.B,

28.98%,

12/01/24

.

265

271

991201982.UG.FTS.B,

28.98%,

12/01/24

.

95

95

991202722.UG.FTS.B,

28.98%,

12/01/24

.

824

827

991203281.UG.FTS.B,

28.98%,

12/01/24

.

431

433

991208622.UG.FTS.B,

28.98%,

12/01/24

.

22

22

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

285

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991210769.UG.FTS.B,

28.98%,

12/01/24

.

$

235

$

242

991213420.UG.FTS.B,

28.98%,

12/01/24

.

621

632

991217237.UG.FTS.B,

28.98%,

12/01/24

.

107

109

991219825.UG.FTS.B,

28.98%,

12/01/24

.

65

66

991226847.UG.FTS.B,

28.98%,

12/01/24

.

750

761

991228476.UG.FTS.B,

28.98%,

12/01/24

.

1,177

1,208

991228529.UG.FTS.B,

28.98%,

12/01/24

.

240

240

991229899.UG.FTS.B,

28.98%,

12/01/24

.

112

115

991230359.UG.FTS.B,

28.98%,

12/01/24

.

55

55

991230587.UG.FTS.B,

28.98%,

12/01/24

.

234

240

991231739.UG.FTS.B,

28.98%,

12/01/24

.

149

103

991236126.UG.FTS.B,

28.98%,

12/01/24

.

81

82

991236470.UG.FTS.B,

28.98%,

12/01/24

.

59

60

991244164.UG.FTS.B,

28.98%,

12/01/24

.

171

24

991250633.UG.FTS.B,

28.98%,

12/01/24

.

107

108

991251429.UG.FTS.B,

28.98%,

12/01/24

.

274

281

991267046.UG.FTS.B,

28.98%,

12/01/24

.

127

128

991267527.UG.FTS.B,

28.98%,

12/01/24

.

725

733

991273718.UG.FTS.B,

28.98%,

12/01/24

.

97

99

991275061.UG.FTS.B,

28.98%,

12/01/24

.

92

94

991278856.UG.FTS.B,

28.98%,

12/01/24

.

463

473

991285727.UG.FTS.B,

28.98%,

12/01/24

.

462

468

991305273.UG.FTS.B,

28.98%,

12/01/24

.

256

263

991319168.UG.FTS.B,

28.98%,

12/01/24

.

139

143

991322131.UG.FTS.B,

28.98%,

12/01/24

.

115

117

991322463.UG.FTS.B,

28.98%,

12/01/24

.

884

889

991323706.UG.FTS.B,

28.98%,

12/01/24

.

440

445

991325531.UG.FTS.B,

28.98%,

12/01/24

.

910

924

991328743.UG.FTS.B,

28.98%,

12/01/24

.

1,054

1,070

991332964.UG.FTS.B,

28.98%,

12/01/24

.

460

467

991338177.UG.FTS.B,

28.98%,

12/01/24

.

413

419

991343569.UG.FTS.B,

28.98%,

12/01/24

.

45

46

991352854.UG.FTS.B,

28.98%,

12/01/24

.

71

72

991358666.UG.FTS.B,

28.98%,

12/01/24

.

706

710

991366359.UG.FTS.B,

28.98%,

12/01/24

.

85

86

991367704.UG.FTS.B,

28.98%,

12/01/24

.

302

305

991368632.UG.FTS.B,

28.98%,

12/01/24

.

118

119

991369529.UG.FTS.B,

28.98%,

12/01/24

.

7

7

991372098.UG.FTS.B,

28.98%,

12/01/24

.

71

72

991378052.UG.FTS.B,

28.98%,

12/01/24

.

116

121

991161940.UG.FTS.B,

29.46%,

12/01/24

.

614

631

991161239.UG.FTS.B,

29.49%,

12/01/24

.

147

150

991161391.UG.FTS.B,

29.49%,

12/01/24

.

4

–

991161962.UG.FTS.B,

29.49%,

12/01/24

.

55

56

991162217.UG.FTS.B,

29.49%,

12/01/24

.

38

38

991163350.UG.FTS.B,

29.49%,

12/01/24

.

330

343

991163554.UG.FTS.B,

29.49%,

12/01/24

.

196

197

991165357.UG.FTS.B,

29.49%,

12/01/24

.

46

4

991165411.UG.FTS.B,

29.49%,

12/01/24

.

295

303

991165471.UG.FTS.B,

29.49%,

12/01/24

.

50

51

991166278.UG.FTS.B,

29.49%,

12/01/24

.

89

92

991166742.UG.FTS.B,

29.49%,

12/01/24

.

243

247

991168466.UG.FTS.B,

29.49%,

12/01/24

.

626

639

991169143.UG.FTS.B,

29.49%,

12/01/24

.

14

14

991169716.UG.FTS.B,

29.49%,

12/01/24

.

108

113

991170657.UG.FTS.B,

29.49%,

12/01/24

.

10

10

991170942.UG.FTS.B,

29.49%,

12/01/24

.

317

319

991171218.UG.FTS.B,

29.49%,

12/01/24

.

1,292

1,322

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991171251.UG.FTS.B,

29.49%,

12/01/24

.

$

136

$

9

991171281.UG.FTS.B,

29.49%,

12/01/24

.

59

61

991172237.UG.FTS.B,

29.49%,

12/01/24

.

69

71

991172597.UG.FTS.B,

29.49%,

12/01/24

.

1,907

1,912

991173027.UG.FTS.B,

29.49%,

12/01/24

.

4

4

991173870.UG.FTS.B,

29.49%,

12/01/24

.

32

32

991174137.UG.FTS.B,

29.49%,

12/01/24

.

326

335

991174516.UG.FTS.B,

29.49%,

12/01/24

.

472

486

991177654.UG.FTS.B,

29.49%,

12/01/24

.

156

158

991177853.UG.FTS.B,

29.49%,

12/01/24

.

839

864

991178641.UG.FTS.B,

29.49%,

12/01/24

.

78

80

991178859.UG.FTS.B,

29.49%,

12/01/24

.

91

94

991180960.UG.FTS.B,

29.49%,

12/01/24

.

295

303

991181242.UG.FTS.B,

29.49%,

12/01/24

.

417

28

991184518.UG.FTS.B,

29.49%,

12/01/24

.

2,016

2,074

991186231.UG.FTS.B,

29.49%,

12/01/24

.

157

163

991186676.UG.FTS.B,

29.49%,

12/01/24

.

674

455

991187762.UG.FTS.B,

29.49%,

12/01/24

.

93

95

991188136.UG.FTS.B,

29.49%,

12/01/24

.

296

301

991190236.UG.FTS.B,

29.49%,

12/01/24

.

97

101

991192314.UG.FTS.B,

29.49%,

12/01/24

.

1,033

1,061

991192840.UG.FTS.B,

29.49%,

12/01/24

.

189

191

991194652.UG.FTS.B,

29.49%,

12/01/24

.

26

26

991194975.UG.FTS.B,

29.49%,

12/01/24

.

114

116

991195713.UG.FTS.B,

29.49%,

12/01/24

.

96

100

991195836.UG.FTS.B,

29.49%,

12/01/24

.

156

160

991196169.UG.FTS.B,

29.49%,

12/01/24

.

165

170

991204551.UG.FTS.B,

29.49%,

12/01/24

.

408

415

991219679.UG.FTS.B,

29.49%,

12/01/24

.

227

(6)

991220031.UG.FTS.B,

29.49%,

12/01/24

.

1,024

1,053

991228302.UG.FTS.B,

29.49%,

12/01/24

.

224

230

991229412.UG.FTS.B,

29.49%,

12/01/24

.

210

3

991230298.UG.FTS.B,

29.49%,

12/01/24

.

–

–

991232611.UG.FTS.B,

29.49%,

12/01/24

.

54

56

991233016.UG.FTS.B,

29.49%,

12/01/24

.

242

249

991241447.UG.FTS.B,

29.49%,

12/01/24

.

212

218

991243097.UG.FTS.B,

29.49%,

12/01/24

.

155

159

991243560.UG.FTS.B,

29.49%,

12/01/24

.

64

65

991246447.UG.FTS.B,

29.49%,

12/01/24

.

432

443

991247481.UG.FTS.B,

29.49%,

12/01/24

.

562

578

991251845.UG.FTS.B,

29.49%,

12/01/24

.

34

35

991252529.UG.FTS.B,

29.49%,

12/01/24

.

911

71

991252877.UG.FTS.B,

29.49%,

12/01/24

.

59

60

991253430.UG.FTS.B,

29.49%,

12/01/24

.

107

107

991256494.UG.FTS.B,

29.49%,

12/01/24

.

1,009

1,020

991256813.UG.FTS.B,

29.49%,

12/01/24

.

173

16

991258121.UG.FTS.B,

29.49%,

12/01/24

.

1,479

1,514

991262312.UG.FTS.B,

29.49%,

12/01/24

.

144

93

991267008.UG.FTS.B,

29.49%,

12/01/24

.

275

283

991268119.UG.FTS.B,

29.49%,

12/01/24

.

205

204

991279786.UG.FTS.B,

29.49%,

12/01/24

.

76

77

991283740.UG.FTS.B,

29.49%,

12/01/24

.

92

95

991290418.UG.FTS.B,

29.49%,

12/01/24

.

240

248

991290834.UG.FTS.B,

29.49%,

12/01/24

.

305

310

991295578.UG.FTS.B,

29.49%,

12/01/24

.

48

48

991296855.UG.FTS.B,

29.49%,

12/01/24

.

539

541

991299824.UG.FTS.B,

29.49%,

12/01/24

.

436

446

991314063.UG.FTS.B,

29.49%,

12/01/24

.

128

131

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

286

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991316347.UG.FTS.B,

29.49%,

12/01/24

.

$

88

$

90

991317052.UG.FTS.B,

29.49%,

12/01/24

.

90

63

991320615.UG.FTS.B,

29.49%,

12/01/24

.

58

59

991323578.UG.FTS.B,

29.49%,

12/01/24

.

355

361

991330889.UG.FTS.B,

29.49%,

12/01/24

.

23

23

991335018.UG.FTS.B,

29.49%,

12/01/24

.

41

42

991339191.UG.FTS.B,

29.49%,

12/01/24

.

33

34

991341808.UG.FTS.B,

29.49%,

12/01/24

.

284

290

991344916.UG.FTS.B,

29.49%,

12/01/24

.

40

41

991345338.UG.FTS.B,

29.49%,

12/01/24

.

126

127

991359251.UG.FTS.B,

29.49%,

12/01/24

.

856

121

991359488.UG.FTS.B,

29.49%,

12/01/24

.

107

15

991369727.UG.FTS.B,

29.49%,

12/01/24

.

113

117

991383117.UG.FTS.B,

29.49%,

12/01/24

.

247

259

991383396.UG.FTS.B,

29.49%,

12/01/24

.

141

148

991357983.UG.FTS.B,

Zero

Cpn,

12/02/24

80

6

991337481.UG.FTS.B,

18.97%,

12/02/24

.

569

579

991331652.UG.FTS.B,

19.99%,

12/02/24

.

154

–

991358489.UG.FTS.B,

19.99%,

12/02/24

.

398

401

991364689.UG.FTS.B,

19.99%,

12/02/24

.

118

123

991346117.UG.FTS.B,

25.95%,

12/02/24

.

397

(7)

991326262.UG.FTS.B,

28.98%,

12/02/24

.

112

118

991330023.UG.FTS.B,

28.98%,

12/02/24

.

146

155

991333179.UG.FTS.B,

28.98%,

12/02/24

.

27

28

991338460.UG.FTS.B,

28.98%,

12/02/24

.

61

63

991346576.UG.FTS.B,

28.98%,

12/02/24

.

140

14

991347910.UG.FTS.B,

28.98%,

12/02/24

.

208

217

991356309.UG.FTS.B,

28.98%,

12/02/24

.

196

202

991358801.UG.FTS.B,

28.98%,

12/02/24

.

699

726

991364192.UG.FTS.B,

28.98%,

12/02/24

.

146

152

991377393.UG.FTS.B,

28.98%,

12/02/24

.

60

63

991339850.UG.FTS.B,

29.49%,

12/02/24

.

329

333

991340524.UG.FTS.B,

29.49%,

12/02/24

.

186

190

991346583.UG.FTS.B,

29.49%,

12/02/24

.

368

379

991348609.UG.FTS.B,

29.49%,

12/02/24

.

89

93

991348696.UG.FTS.B,

29.49%,

12/02/24

.

102

106

991353863.UG.FTS.B,

29.49%,

12/02/24

.

88

90

991354003.UG.FTS.B,

29.49%,

12/02/24

.

94

99

991359351.UG.FTS.B,

29.49%,

12/02/24

.

57

58

991359987.UG.FTS.B,

29.49%,

12/02/24

.

–

–

991361643.UG.FTS.B,

29.49%,

12/02/24

.

70

73

991362022.UG.FTS.B,

29.49%,

12/02/24

.

100

8

991364256.UG.FTS.B,

29.49%,

12/02/24

.

57

5

991369349.UG.FTS.B,

29.49%,

12/02/24

.

79

80

991369363.UG.FTS.B,

29.49%,

12/02/24

.

78

59

991370712.UG.FTS.B,

29.49%,

12/02/24

.

133

139

991373345.UG.FTS.B,

29.49%,

12/02/24

.

105

108

991375433.UG.FTS.B,

29.49%,

12/02/24

.

73

6

991381375.UG.FTS.B,

29.49%,

12/02/24

.

263

181

991383439.UG.FTS.B,

29.49%,

12/02/24

.

183

189

991191338.UG.FTS.B,

19.8%,

12/05/24

..

95

94

991187412.UG.FTS.B,

19.99%,

12/05/24

.

402

408

991195736.UG.FTS.B,

27.99%,

12/05/24

.

192

195

991186409.UG.FTS.B,

29.49%,

12/05/24

.

4,108

4,169

991189246.UG.FTS.B,

29.49%,

12/05/24

.

11

11

991190483.UG.FTS.B,

29.49%,

12/05/24

.

115

117

991200707.UG.FTS.B,

29.49%,

12/05/24

.

173

171

991193928.UG.FTS.B,

Zero

Cpn,

12/06/24

2,050

143

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991201775.UG.FTS.B,

Zero

Cpn,

12/06/24

$

37

$

3

991214877.UG.FTS.B,

Zero

Cpn,

12/06/24

924

65

991191497.UG.FTS.B,

14.98%,

12/06/24

.

406

414

991201575.UG.FTS.B,

15%,

12/06/24

....

684

491

991342949.UG.FTS.B,

15%,

12/06/24

....

248

251

991193410.UG.FTS.B,

15.97%,

12/06/24

.

73

74

991214247.UG.FTS.B,

15.97%,

12/06/24

.

132

135

991190915.UG.FTS.B,

16.99%,

12/06/24

.

247

51

991191303.UG.FTS.B,

16.99%,

12/06/24

.

2,152

2,193

991194549.UG.FTS.B,

16.99%,

12/06/24

.

81

81

991203416.UG.FTS.B,

16.99%,

12/06/24

.

817

829

991234426.UG.FTS.B,

16.99%,

12/06/24

.

770

156

991312754.UG.FTS.B,

16.99%,

12/06/24

.

80

6

991429687.UG.FTS.B,

16.99%,

12/06/24

.

42

42

991191183.UG.FTS.B,

17.97%,

12/06/24

.

5,795

5,824

991192927.UG.FTS.B,

17.97%,

12/06/24

.

3,345

2,150

991258598.UG.FTS.B,

19.99%,

12/06/24

.

76

63

991200958.UG.FTS.B,

20.46%,

12/06/24

.

410

405

991419325.UG.FTS.B,

27.99%,

12/06/24

.

302

311

991201139.UG.FTS.B,

28.98%,

12/06/24

.

240

241

991202979.UG.FTS.B,

28.98%,

12/06/24

.

190

190

991347246.UG.FTS.B,

28.98%,

12/06/24

.

665

669

991378952.UG.FTS.B,

28.98%,

12/06/24

.

173

178

991202209.UG.FTS.B,

29.45%,

12/06/24

.

714

49

991201759.UG.FTS.B,

29.46%,

12/06/24

.

616

623

991203207.UG.FTS.B,

29.46%,

12/06/24

.

1,487

1,508

991198608.UG.FTS.B,

29.47%,

12/06/24

.

187

189

991190969.UG.FTS.B,

29.49%,

12/06/24

.

121

121

991196339.UG.FTS.B,

29.49%,

12/06/24

.

194

198

991199523.UG.FTS.B,

29.49%,

12/06/24

.

748

526

991206829.UG.FTS.B,

29.49%,

12/06/24

.

185

188

991219806.UG.FTS.B,

29.49%,

12/06/24

.

1,563

1,038

991223558.UG.FTS.B,

29.49%,

12/06/24

.

98

102

991279279.UG.FTS.B,

29.49%,

12/06/24

.

73

73

991354049.UG.FTS.B,

29.49%,

12/06/24

.

180

185

991377107.UG.FTS.B,

29.49%,

12/06/24

.

112

116

991409885.UG.FTS.B,

29.49%,

12/06/24

.

119

123

991204789.UG.FTS.B,

15.97%,

12/07/24

.

908

914

991410854.UG.FTS.B,

15.97%,

12/07/24

.

818

812

991199058.UG.FTS.B,

16.99%,

12/07/24

.

144

146

991205035.UG.FTS.B,

16.99%,

12/07/24

.

1,974

2,012

991202225.UG.FTS.B,

19.8%,

12/07/24

..

569

561

991202795.UG.FTS.B,

19.8%,

12/07/24

..

1,039

1,023

991199481.UG.FTS.B,

19.99%,

12/07/24

.

64

64

991313472.UG.FTS.B,

19.99%,

12/07/24

.

405

412

991199794.UG.FTS.B,

21.46%,

12/07/24

.

51

50

991200682.UG.FTS.B,

21.98%,

12/07/24

.

173

37

991284608.UG.FTS.B,

21.98%,

12/07/24

.

714

711

991198026.UG.FTS.B,

28.98%,

12/07/24

.

33

28

991198602.UG.FTS.B,

28.98%,

12/07/24

.

1,086

137

991199588.UG.FTS.B,

28.98%,

12/07/24

.

162

(8)

991200331.UG.FTS.B,

28.98%,

12/07/24

.

331

322

991203194.UG.FTS.B,

28.98%,

12/07/24

.

368

–

991203276.UG.FTS.B,

28.98%,

12/07/24

.

120

122

991204850.UG.FTS.B,

28.98%,

12/07/24

.

9

9

991218043.UG.FTS.B,

28.98%,

12/07/24

.

1,816

1,887

991221020.UG.FTS.B,

28.98%,

12/07/24

.

160

167

991397187.UG.FTS.B,

28.98%,

12/07/24

.

273

282

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

287

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991433855.UG.FTS.B,

28.98%,

12/07/24

.

$

228

$

229

991199432.UG.FTS.B,

29.49%,

12/07/24

.

3,231

(163)

991199711.UG.FTS.B,

29.49%,

12/07/24

.

195

11

991199718.UG.FTS.B,

29.49%,

12/07/24

.

118

8

991200072.UG.FTS.B,

29.49%,

12/07/24

.

425

429

991201830.UG.FTS.B,

29.49%,

12/07/24

.

82

82

991204182.UG.FTS.B,

29.49%,

12/07/24

.

1,322

1,376

991205183.UG.FTS.B,

29.49%,

12/07/24

.

483

489

991205792.UG.FTS.B,

29.49%,

12/07/24

.

370

44

991206725.UG.FTS.B,

29.49%,

12/07/24

.

587

597

991206968.UG.FTS.B,

29.49%,

12/07/24

.

235

(11)

991222972.UG.FTS.B,

29.49%,

12/07/24

.

394

406

991244474.UG.FTS.B,

29.49%,

12/07/24

.

21

21

991252149.UG.FTS.B,

29.49%,

12/07/24

.

84

65

991403269.UG.FTS.B,

29.49%,

12/07/24

.

462

465

991405592.UG.FTS.B,

29.49%,

12/07/24

.

244

245

991424738.UG.FTS.B,

29.49%,

12/07/24

.

17

7

991208304.UG.FTS.B,

Zero

Cpn,

12/08/24

349

24

991218074.UG.FTS.B,

Zero

Cpn,

12/08/24

1,193

82

991220074.UG.FTS.B,

Zero

Cpn,

12/08/24

981

67

991263248.UG.FTS.B,

Zero

Cpn,

12/08/24

412

28

991356609.UG.FTS.B,

Zero

Cpn,

12/08/24

156

11

991378672.UG.FTS.B,

Zero

Cpn,

12/08/24

66

5

991400268.UG.FTS.B,

Zero

Cpn,

12/08/24

2,638

186

991415595.UG.FTS.B,

Zero

Cpn,

12/08/24

500

35

991424598.UG.FTS.B,

Zero

Cpn,

12/08/24

274

19

991223847.UG.FTS.B,

14%,

12/08/24

....

175

179

991217779.UG.FTS.B,

14.97%,

12/08/24

.

5,558

5,658

991357997.UG.FTS.B,

14.97%,

12/08/24

.

464

468

991403049.UG.FTS.B,

14.97%,

12/08/24

.

212

213

991233663.UG.FTS.B,

14.98%,

12/08/24

.

229

233

991345394.UG.FTS.B,

14.98%,

12/08/24

.

534

545

991209407.UG.FTS.B,

15%,

12/08/24

....

2,069

2,065

991241433.UG.FTS.B,

15%,

12/08/24

....

208

208

991238380.UG.FTS.B,

15.97%,

12/08/24

.

275

280

991323004.UG.FTS.B,

15.97%,

12/08/24

.

379

385

991340673.UG.FTS.B,

15.97%,

12/08/24

.

694

706

991405894.UG.FTS.B,

15.97%,

12/08/24

.

1,812

1,837

991205065.UG.FTS.B,

16.99%,

12/08/24

.

29

29

991205558.UG.FTS.B,

16.99%,

12/08/24

.

405

412

991206337.UG.FTS.B,

16.99%,

12/08/24

.

474

480

991206750.UG.FTS.B,

16.99%,

12/08/24

.

1,947

1,984

991206979.UG.FTS.B,

16.99%,

12/08/24

.

4,522

4,585

991213394.UG.FTS.B,

16.99%,

12/08/24

.

581

587

991215999.UG.FTS.B,

16.99%,

12/08/24

.

4,567

4,583

991218331.UG.FTS.B,

16.99%,

12/08/24

.

2,103

2,143

991238587.UG.FTS.B,

16.99%,

12/08/24

.

99

99

991287220.UG.FTS.B,

16.99%,

12/08/24

.

313

318

991212387.UG.FTS.B,

17.97%,

12/08/24

.

6,433

6,538

991216549.UG.FTS.B,

17.99%,

12/08/24

.

1,464

299

991233872.UG.FTS.B,

17.99%,

12/08/24

.

208

208

991273817.UG.FTS.B,

17.99%,

12/08/24

.

46

47

991323155.UG.FTS.B,

17.99%,

12/08/24

.

210

214

991360888.UG.FTS.B,

17.99%,

12/08/24

.

305

309

991362465.UG.FTS.B,

17.99%,

12/08/24

.

1,528

1,529

991386259.UG.FTS.B,

17.99%,

12/08/24

.

448

450

991373551.UG.FTS.B,

19.21%,

12/08/24

.

227

224

991213249.UG.FTS.B,

19.8%,

12/08/24

..

340

79

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991215242.UG.FTS.B,

19.8%,

12/08/24

..

$

932

$

930

991262025.UG.FTS.B,

19.8%,

12/08/24

..

565

573

991273011.UG.FTS.B,

19.8%,

12/08/24

..

500

508

991290022.UG.FTS.B,

19.8%,

12/08/24

..

436

91

991207067.UG.FTS.B,

19.99%,

12/08/24

.

355

366

991208261.UG.FTS.B,

19.99%,

12/08/24

.

899

192

991210935.UG.FTS.B,

19.99%,

12/08/24

.

684

714

991211172.UG.FTS.B,

19.99%,

12/08/24

.

323

336

991214641.UG.FTS.B,

19.99%,

12/08/24

.

3,563

3,720

991216498.UG.FTS.B,

19.99%,

12/08/24

.

4,990

5,188

991275636.UG.FTS.B,

19.99%,

12/08/24

.

102

106

991341216.UG.FTS.B,

19.99%,

12/08/24

.

425

441

991361291.UG.FTS.B,

19.99%,

12/08/24

.

424

426

991412069.UG.FTS.B,

19.99%,

12/08/24

.

295

304

991213356.UG.FTS.B,

20.46%,

12/08/24

.

20

20

991297237.UG.FTS.B,

20.46%,

12/08/24

.

215

211

991358922.UG.FTS.B,

20.46%,

12/08/24

.

227

230

991259503.UG.FTS.B,

21.46%,

12/08/24

.

206

41

991268175.UG.FTS.B,

21.46%,

12/08/24

.

2,066

2,095

991320293.UG.FTS.B,

21.46%,

12/08/24

.

532

(11)

991343243.UG.FTS.B,

21.46%,

12/08/24

.

46

46

991345837.UG.FTS.B,

21.46%,

12/08/24

.

392

397

991350933.UG.FTS.B,

21.46%,

12/08/24

.

163

165

991223797.UG.FTS.B,

22.97%,

12/08/24

.

369

371

991260254.UG.FTS.B,

22.97%,

12/08/24

.

178

178

991423001.UG.FTS.B,

26.94%,

12/08/24

.

841

839

991203597.UG.FTS.B,

28.98%,

12/08/24

.

32

32

991203892.UG.FTS.B,

28.98%,

12/08/24

.

894

933

991210036.UG.FTS.B,

28.98%,

12/08/24

.

1,295

894

991214712.UG.FTS.B,

28.98%,

12/08/24

.

1,749

1,819

991217143.UG.FTS.B,

28.98%,

12/08/24

.

1,556

1,590

991217853.UG.FTS.B,

28.98%,

12/08/24

.

2,242

2,332

991220601.UG.FTS.B,

28.98%,

12/08/24

.

241

251

991222269.UG.FTS.B,

28.98%,

12/08/24

.

111

(8)

991226863.UG.FTS.B,

28.98%,

12/08/24

.

248

259

991245195.UG.FTS.B,

28.98%,

12/08/24

.

26

27

991246111.UG.FTS.B,

28.98%,

12/08/24

.

55

55

991248557.UG.FTS.B,

28.98%,

12/08/24

.

95

99

991253023.UG.FTS.B,

28.98%,

12/08/24

.

41

42

991260535.UG.FTS.B,

28.98%,

12/08/24

.

164

171

991265277.UG.FTS.B,

28.98%,

12/08/24

.

133

133

991278212.UG.FTS.B,

28.98%,

12/08/24

.

827

863

991307338.UG.FTS.B,

28.98%,

12/08/24

.

107

108

991317659.UG.FTS.B,

28.98%,

12/08/24

.

108

113

991334924.UG.FTS.B,

28.98%,

12/08/24

.

1,127

1,170

991336471.UG.FTS.B,

28.98%,

12/08/24

.

231

233

991340573.UG.FTS.B,

28.98%,

12/08/24

.

1,470

1,527

991342598.UG.FTS.B,

28.98%,

12/08/24

.

118

122

991346915.UG.FTS.B,

28.98%,

12/08/24

.

178

38

991350123.UG.FTS.B,

28.98%,

12/08/24

.

228

238

991358361.UG.FTS.B,

28.98%,

12/08/24

.

152

157

991358554.UG.FTS.B,

28.98%,

12/08/24

.

147

153

991382013.UG.FTS.B,

28.98%,

12/08/24

.

–

–

991391880.UG.FTS.B,

28.98%,

12/08/24

.

96

6

991396086.UG.FTS.B,

28.98%,

12/08/24

.

129

132

991416236.UG.FTS.B,

28.98%,

12/08/24

.

116

117

991274456.UG.FTS.B,

29.45%,

12/08/24

.

209

(10)

991212452.UG.FTS.B,

29.46%,

12/08/24

.

1,775

(83)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

288

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991217222.UG.FTS.B,

29.46%,

12/08/24

.

$

735

$

756

991244901.UG.FTS.B,

29.46%,

12/08/24

.

544

(26)

991269532.UG.FTS.B,

29.46%,

12/08/24

.

134

100

991211572.UG.FTS.B,

29.47%,

12/08/24

.

1,601

1,658

991216803.UG.FTS.B,

29.47%,

12/08/24

.

4,476

4,666

991210459.UG.FTS.B,

29.48%,

12/08/24

.

1,191

1,187

991214958.UG.FTS.B,

29.48%,

12/08/24

.

1,088

1,138

991216602.UG.FTS.B,

29.48%,

12/08/24

.

878

916

991203718.UG.FTS.B,

29.49%,

12/08/24

.

480

503

991203729.UG.FTS.B,

29.49%,

12/08/24

.

289

302

991204243.UG.FTS.B,

29.49%,

12/08/24

.

33

5

991207112.UG.FTS.B,

29.49%,

12/08/24

.

148

152

991208035.UG.FTS.B,

29.49%,

12/08/24

.

34

34

991209636.UG.FTS.B,

29.49%,

12/08/24

.

2,322

2,423

991210195.UG.FTS.B,

29.49%,

12/08/24

.

1,997

2,100

991213079.UG.FTS.B,

29.49%,

12/08/24

.

1,233

1,297

991213247.UG.FTS.B,

29.49%,

12/08/24

.

13

13

991213273.UG.FTS.B,

29.49%,

12/08/24

.

70

71

991215221.UG.FTS.B,

29.49%,

12/08/24

.

2,095

2,169

991222105.UG.FTS.B,

29.49%,

12/08/24

.

7

7

991222727.UG.FTS.B,

29.49%,

12/08/24

.

2

2

991224169.UG.FTS.B,

29.49%,

12/08/24

.

1,491

1,553

991226532.UG.FTS.B,

29.49%,

12/08/24

.

23

23

991243673.UG.FTS.B,

29.49%,

12/08/24

.

379

385

991244332.UG.FTS.B,

29.49%,

12/08/24

.

207

159

991245178.UG.FTS.B,

29.49%,

12/08/24

.

647

679

991245469.UG.FTS.B,

29.49%,

12/08/24

.

100

104

991248866.UG.FTS.B,

29.49%,

12/08/24

.

436

323

991249125.UG.FTS.B,

29.49%,

12/08/24

.

73

75

991252807.UG.FTS.B,

29.49%,

12/08/24

.

402

415

991253841.UG.FTS.B,

29.49%,

12/08/24

.

64

9

991256872.UG.FTS.B,

29.49%,

12/08/24

.

111

30

991259595.UG.FTS.B,

29.49%,

12/08/24

.

275

285

991264409.UG.FTS.B,

29.49%,

12/08/24

.

759

745

991264825.UG.FTS.B,

29.49%,

12/08/24

.

168

170

991269323.UG.FTS.B,

29.49%,

12/08/24

.

58

59

991281290.UG.FTS.B,

29.49%,

12/08/24

.

112

113

991287259.UG.FTS.B,

29.49%,

12/08/24

.

133

139

991301956.UG.FTS.B,

29.49%,

12/08/24

.

71

74

991302601.UG.FTS.B,

29.49%,

12/08/24

.

185

26

991306169.UG.FTS.B,

29.49%,

12/08/24

.

46

46

991306739.UG.FTS.B,

29.49%,

12/08/24

.

1,317

304

991309215.UG.FTS.B,

29.49%,

12/08/24

.

917

60

991317879.UG.FTS.B,

29.49%,

12/08/24

.

362

376

991318654.UG.FTS.B,

29.49%,

12/08/24

.

112

115

991319283.UG.FTS.B,

29.49%,

12/08/24

.

57

58

991330842.UG.FTS.B,

29.49%,

12/08/24

.

4,267

3,013

991330975.UG.FTS.B,

29.49%,

12/08/24

.

360

375

991332591.UG.FTS.B,

29.49%,

12/08/24

.

358

373

991338386.UG.FTS.B,

29.49%,

12/08/24

.

39

38

991339390.UG.FTS.B,

29.49%,

12/08/24

.

545

385

991342288.UG.FTS.B,

29.49%,

12/08/24

.

219

169

991345897.UG.FTS.B,

29.49%,

12/08/24

.

439

(22)

991349015.UG.FTS.B,

29.49%,

12/08/24

.

797

829

991350999.UG.FTS.B,

29.49%,

12/08/24

.

67

19

991356417.UG.FTS.B,

29.49%,

12/08/24

.

215

221

991357406.UG.FTS.B,

29.49%,

12/08/24

.

59

8

991358257.UG.FTS.B,

29.49%,

12/08/24

.

147

154

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991359235.UG.FTS.B,

29.49%,

12/08/24

.

$

139

$

9

991372313.UG.FTS.B,

29.49%,

12/08/24

.

110

110

991375119.UG.FTS.B,

29.49%,

12/08/24

.

101

101

991377012.UG.FTS.B,

29.49%,

12/08/24

.

1,446

1,493

991382074.UG.FTS.B,

29.49%,

12/08/24

.

15

15

991391597.UG.FTS.B,

29.49%,

12/08/24

.

367

378

991410096.UG.FTS.B,

29.49%,

12/08/24

.

34

13

991412185.UG.FTS.B,

29.49%,

12/08/24

.

20

20

991416240.UG.FTS.B,

29.49%,

12/08/24

.

86

88

991423640.UG.FTS.B,

29.49%,

12/08/24

.

183

(6)

991426546.UG.FTS.B,

29.49%,

12/08/24

.

70

71

991433950.UG.FTS.B,

29.49%,

12/08/24

.

93

94

991440743.UG.FTS.B,

29.49%,

12/08/24

.

183

184

991445457.UG.FTS.B,

29.49%,

12/08/24

.

108

(3)

991331235.UG.FTS.B,

Zero

Cpn,

12/09/24

598

41

991311660.UG.FTS.B,

14.98%,

12/09/24

.

2,261

2,248

991329494.UG.FTS.B,

15.97%,

12/09/24

.

268

265

991339753.UG.FTS.B,

15.97%,

12/09/24

.

118

117

991429379.UG.FTS.B,

15.97%,

12/09/24

.

42

42

991455537.UG.FTS.B,

15.97%,

12/09/24

.

89

88

991355729.UG.FTS.B,

16.99%,

12/09/24

.

200

198

991379877.UG.FTS.B,

16.99%,

12/09/24

.

99

98

991305751.UG.FTS.B,

17.99%,

12/09/24

.

492

–

991354689.UG.FTS.B,

17.99%,

12/09/24

.

359

356

991391034.UG.FTS.B,

17.99%,

12/09/24

.

50

50

991433523.UG.FTS.B,

17.99%,

12/09/24

.

807

93

991338916.UG.FTS.B,

18.97%,

12/09/24

.

525

518

991405926.UG.FTS.B,

18.97%,

12/09/24

.

101

100

991408506.UG.FTS.B,

18.97%,

12/09/24

.

2,594

2,562

991333702.UG.FTS.B,

19.8%,

12/09/24

..

3,401

3,348

991341287.UG.FTS.B,

20.46%,

12/09/24

.

1,063

1,052

991355570.UG.FTS.B,

20.46%,

12/09/24

.

262

260

991370075.UG.FTS.B,

20.97%,

12/09/24

.

215

212

991329266.UG.FTS.B,

23.95%,

12/09/24

.

1,551

1,532

991303272.UG.FTS.B,

28.98%,

12/09/24

.

52

52

991306451.UG.FTS.B,

28.98%,

12/09/24

.

87

3

991311758.UG.FTS.B,

28.98%,

12/09/24

.

158

157

991317869.UG.FTS.B,

28.98%,

12/09/24

.

50

51

991318049.UG.FTS.B,

28.98%,

12/09/24

.

34

34

991319463.UG.FTS.B,

28.98%,

12/09/24

.

263

266

991327625.UG.FTS.B,

28.98%,

12/09/24

.

115

117

991331258.UG.FTS.B,

28.98%,

12/09/24

.

440

448

991336814.UG.FTS.B,

28.98%,

12/09/24

.

1,281

1,271

991344560.UG.FTS.B,

28.98%,

12/09/24

.

225

49

991359328.UG.FTS.B,

28.98%,

12/09/24

.

738

748

991394745.UG.FTS.B,

28.98%,

12/09/24

.

456

459

991406002.UG.FTS.B,

28.98%,

12/09/24

.

149

150

991407429.UG.FTS.B,

28.98%,

12/09/24

.

247

(12)

991418045.UG.FTS.B,

28.98%,

12/09/24

.

23

23

991425673.UG.FTS.B,

28.98%,

12/09/24

.

310

312

991306319.UG.FTS.B,

29.49%,

12/09/24

.

63

62

991308780.UG.FTS.B,

29.49%,

12/09/24

.

105

107

991317613.UG.FTS.B,

29.49%,

12/09/24

.

164

165

991322433.UG.FTS.B,

29.49%,

12/09/24

.

269

188

991326331.UG.FTS.B,

29.49%,

12/09/24

.

139

142

991350590.UG.FTS.B,

29.49%,

12/09/24

.

110

109

991352448.UG.FTS.B,

29.49%,

12/09/24

.

98

98

991360411.UG.FTS.B,

29.49%,

12/09/24

.

671

674

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

289

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991367240.UG.FTS.B,

29.49%,

12/09/24

.

$

495

$

503

991393693.UG.FTS.B,

29.49%,

12/09/24

.

322

324

991400367.UG.FTS.B,

29.49%,

12/09/24

.

180

23

991407585.UG.FTS.B,

29.49%,

12/09/24

.

283

285

991421184.UG.FTS.B,

29.49%,

12/09/24

.

217

218

991302432.UG.FTS.B,

Zero

Cpn,

12/10/24

173

12

991398995.UG.FTS.B,

Zero

Cpn,

12/10/24

235

16

991366767.UG.FTS.B,

14.98%,

12/10/24

.

327

323

991416701.UG.FTS.B,

14.98%,

12/10/24

.

4,132

4,087

991422733.UG.FTS.B,

14.98%,

12/10/24

.

1

1

991464314.UG.FTS.B,

15%,

12/10/24

....

244

241

991354349.UG.FTS.B,

15.99%,

12/10/24

.

87

86

991441221.UG.FTS.B,

16.99%,

12/10/24

.

451

446

991339062.UG.FTS.B,

17.99%,

12/10/24

.

128

126

991372053.UG.FTS.B,

17.99%,

12/10/24

.

1,860

1,823

991402286.UG.FTS.B,

17.99%,

12/10/24

.

1,471

1,454

991323235.UG.FTS.B,

18.97%,

12/10/24

.

433

430

991330184.UG.FTS.B,

19.21%,

12/10/24

.

40

32

991338806.UG.FTS.B,

19.21%,

12/10/24

.

2,651

656

991368704.UG.FTS.B,

19.8%,

12/10/24

..

596

587

991418713.UG.FTS.B,

19.8%,

12/10/24

..

49

49

991323566.UG.FTS.B,

19.99%,

12/10/24

.

2,803

2,852

991391063.UG.FTS.B,

19.99%,

12/10/24

.

352

352

991418338.UG.FTS.B,

19.99%,

12/10/24

.

45

15

991399269.UG.FTS.B,

20.46%,

12/10/24

.

402

(5)

991310309.UG.FTS.B,

21.46%,

12/10/24

.

306

302

991334473.UG.FTS.B,

21.46%,

12/10/24

.

206

204

991369350.UG.FTS.B,

21.46%,

12/10/24

.

113

112

991302262.UG.FTS.B,

28.98%,

12/10/24

.

484

487

991302676.UG.FTS.B,

28.98%,

12/10/24

.

1,039

1,046

991308154.UG.FTS.B,

28.98%,

12/10/24

.

181

183

991308764.UG.FTS.B,

28.98%,

12/10/24

.

812

826

991318295.UG.FTS.B,

28.98%,

12/10/24

.

214

217

991323212.UG.FTS.B,

28.98%,

12/10/24

.

785

95

991326852.UG.FTS.B,

28.98%,

12/10/24

.

283

287

991333962.UG.FTS.B,

28.98%,

12/10/24

.

107

107

991335766.UG.FTS.B,

28.98%,

12/10/24

.

17

17

991360120.UG.FTS.B,

28.98%,

12/10/24

.

767

767

991366912.UG.FTS.B,

28.98%,

12/10/24

.

357

355

991408695.UG.FTS.B,

28.98%,

12/10/24

.

510

112

991421339.UG.FTS.B,

28.98%,

12/10/24

.

146

146

991448481.UG.FTS.B,

28.98%,

12/10/24

.

328

330

991299978.UG.FTS.B,

29.49%,

12/10/24

.

130

132

991300618.UG.FTS.B,

29.49%,

12/10/24

.

321

326

991312810.UG.FTS.B,

29.49%,

12/10/24

.

500

493

991314678.UG.FTS.B,

29.49%,

12/10/24

.

78

80

991314974.UG.FTS.B,

29.49%,

12/10/24

.

98

100

991331833.UG.FTS.B,

29.49%,

12/10/24

.

890

903

991334897.UG.FTS.B,

29.49%,

12/10/24

.

70

18

991397440.UG.FTS.B,

29.49%,

12/10/24

.

30

26

991397722.UG.FTS.B,

29.49%,

12/10/24

.

130

131

991398718.UG.FTS.B,

29.49%,

12/10/24

.

1,469

1,482

991406664.UG.FTS.B,

29.49%,

12/10/24

.

40

40

991407380.UG.FTS.B,

29.49%,

12/10/24

.

205

206

991407945.UG.FTS.B,

29.49%,

12/10/24

.

734

739

991409057.UG.FTS.B,

29.49%,

12/10/24

.

39

39

991409861.UG.FTS.B,

29.49%,

12/10/24

.

12

6

991423603.UG.FTS.B,

29.49%,

12/10/24

.

135

136

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991431700.UG.FTS.B,

29.49%,

12/10/24

.

$

267

$

33

991453536.UG.FTS.B,

29.49%,

12/10/24

.

119

120

991330945.UG.FTS.B,

Zero

Cpn,

12/11/24

93

6

991386872.UG.FTS.B,

Zero

Cpn,

12/11/24

68

5

991393173.UG.FTS.B,

Zero

Cpn,

12/11/24

266

18

991432141.UG.FTS.B,

Zero

Cpn,

12/11/24

38

3

991453515.UG.FTS.B,

Zero

Cpn,

12/11/24

88

6

991447793.UG.FTS.B,

14.98%,

12/11/24

.

619

612

991383476.UG.FTS.B,

16.99%,

12/11/24

.

6,942

6,893

991421136.UG.FTS.B,

17.99%,

12/11/24

.

96

93

991322847.UG.FTS.B,

18.97%,

12/11/24

.

521

512

991309704.UG.FTS.B,

19.21%,

12/11/24

.

656

647

991313630.UG.FTS.B,

19.21%,

12/11/24

.

326

321

991359085.UG.FTS.B,

19.21%,

12/11/24

.

702

698

991407432.UG.FTS.B,

19.21%,

12/11/24

.

51

51

991299880.UG.FTS.B,

19.8%,

12/11/24

..

283

281

991300215.UG.FTS.B,

21.46%,

12/11/24

.

146

97

991302424.UG.FTS.B,

22.97%,

12/11/24

.

215

213

991331015.UG.FTS.B,

22.97%,

12/11/24

.

215

213

991314763.UG.FTS.B,

26.94%,

12/11/24

.

463

458

991299623.UG.FTS.B,

28.98%,

12/11/24

.

339

344

991300168.UG.FTS.B,

28.98%,

12/11/24

.

13

13

991308149.UG.FTS.B,

28.98%,

12/11/24

.

194

193

991336089.UG.FTS.B,

28.98%,

12/11/24

.

41

42

991342536.UG.FTS.B,

28.98%,

12/11/24

.

20

20

991343324.UG.FTS.B,

28.98%,

12/11/24

.

12

12

991400497.UG.FTS.B,

28.98%,

12/11/24

.

366

368

991403287.UG.FTS.B,

28.98%,

12/11/24

.

26

26

991420297.UG.FTS.B,

28.98%,

12/11/24

.

17

17

991425034.UG.FTS.B,

28.98%,

12/11/24

.

908

905

991299810.UG.FTS.B,

29.49%,

12/11/24

.

148

151

991302355.UG.FTS.B,

29.49%,

12/11/24

.

1,167

265

991304642.UG.FTS.B,

29.49%,

12/11/24

.

178

(17)

991315059.UG.FTS.B,

29.49%,

12/11/24

.

96

72

991338982.UG.FTS.B,

29.49%,

12/11/24

.

325

331

991389281.UG.FTS.B,

29.49%,

12/11/24

.

64

65

991393007.UG.FTS.B,

29.49%,

12/11/24

.

198

200

991423398.UG.FTS.B,

29.49%,

12/11/24

.

43

43

991424582.UG.FTS.B,

29.49%,

12/11/24

.

101

102

991426474.UG.FTS.B,

29.49%,

12/11/24

.

332

334

991427889.UG.FTS.B,

29.49%,

12/11/24

.

122

122

991445413.UG.FTS.B,

29.49%,

12/11/24

.

193

192

991307752.UG.FTS.B,

Zero

Cpn,

12/12/24

72

5

991313672.UG.FTS.B,

Zero

Cpn,

12/12/24

249

17

991318925.UG.FTS.B,

Zero

Cpn,

12/12/24

165

11

991327730.UG.FTS.B,

Zero

Cpn,

12/12/24

122

8

991332593.UG.FTS.B,

Zero

Cpn,

12/12/24

336

–

991339855.UG.FTS.B,

15.97%,

12/12/24

.

422

420

991447662.UG.FTS.B,

15.97%,

12/12/24

.

829

821

991334534.UG.FTS.B,

16.99%,

12/12/24

.

203

202

991384624.UG.FTS.B,

16.99%,

12/12/24

.

111

110

991407635.UG.FTS.B,

16.99%,

12/12/24

.

696

692

991423157.UG.FTS.B,

16.99%,

12/12/24

.

590

584

991326016.UG.FTS.B,

17.97%,

12/12/24

.

1,480

1,471

991302143.UG.FTS.B,

17.99%,

12/12/24

.

612

607

991341778.UG.FTS.B,

17.99%,

12/12/24

.

632

627

991438550.UG.FTS.B,

18.97%,

12/12/24

.

1,258

52

991444022.UG.FTS.B,

19.21%,

12/12/24

.

550

543

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

290

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991316447.UG.FTS.B,

19.46%,

12/12/24

.

$

1,549

$

1,536

991341537.UG.FTS.B,

19.8%,

12/12/24

..

1,098

224

991348928.UG.FTS.B,

19.8%,

12/12/24

..

3,417

393

991442130.UG.FTS.B,

19.8%,

12/12/24

..

123

122

991318223.UG.FTS.B,

19.99%,

12/12/24

.

144

146

991318950.UG.FTS.B,

19.99%,

12/12/24

.

282

287

991326142.UG.FTS.B,

19.99%,

12/12/24

.

91

91

991355935.UG.FTS.B,

19.99%,

12/12/24

.

29

29

991314252.UG.FTS.B,

20.46%,

12/12/24

.

679

673

991341745.UG.FTS.B,

20.97%,

12/12/24

.

15

15

991372402.UG.FTS.B,

23.95%,

12/12/24

.

32

31

991447468.UG.FTS.B,

23.95%,

12/12/24

.

1,073

1,052

991297454.UG.FTS.B,

28.98%,

12/12/24

.

81

19

991299959.UG.FTS.B,

28.98%,

12/12/24

.

116

117

991309891.UG.FTS.B,

28.98%,

12/12/24

.

106

108

991311852.UG.FTS.B,

28.98%,

12/12/24

.

34

34

991312161.UG.FTS.B,

28.98%,

12/12/24

.

75

75

991315274.UG.FTS.B,

28.98%,

12/12/24

.

676

671

991335451.UG.FTS.B,

28.98%,

12/12/24

.

33

33

991345529.UG.FTS.B,

28.98%,

12/12/24

.

322

324

991356211.UG.FTS.B,

28.98%,

12/12/24

.

211

14

991397130.UG.FTS.B,

28.98%,

12/12/24

.

1,279

1,285

991428424.UG.FTS.B,

28.98%,

12/12/24

.

386

388

991434684.UG.FTS.B,

28.98%,

12/12/24

.

786

790

991406398.UG.FTS.B,

29.48%,

12/12/24

.

323

326

991300821.UG.FTS.B,

29.49%,

12/12/24

.

385

390

991300935.UG.FTS.B,

29.49%,

12/12/24

.

101

100

991304189.UG.FTS.B,

29.49%,

12/12/24

.

194

197

991305149.UG.FTS.B,

29.49%,

12/12/24

.

1,376

1,402

991305854.UG.FTS.B,

29.49%,

12/12/24

.

245

250

991309900.UG.FTS.B,

29.49%,

12/12/24

.

35

35

991312106.UG.FTS.B,

29.49%,

12/12/24

.

293

295

991324558.UG.FTS.B,

29.49%,

12/12/24

.

150

154

991330788.UG.FTS.B,

29.49%,

12/12/24

.

1,101

1,093

991335907.UG.FTS.B,

29.49%,

12/12/24

.

32

32

991345307.UG.FTS.B,

29.49%,

12/12/24

.

124

118

991360398.UG.FTS.B,

29.49%,

12/12/24

.

20

20

991375720.UG.FTS.B,

29.49%,

12/12/24

.

26

2

991387894.UG.FTS.B,

29.49%,

12/12/24

.

625

634

991398771.UG.FTS.B,

29.49%,

12/12/24

.

300

301

991399754.UG.FTS.B,

29.49%,

12/12/24

.

137

137

991404235.UG.FTS.B,

29.49%,

12/12/24

.

148

19

991405158.UG.FTS.B,

29.49%,

12/12/24

.

195

195

991405712.UG.FTS.B,

29.49%,

12/12/24

.

144

143

991406536.UG.FTS.B,

29.49%,

12/12/24

.

251

247

991408740.UG.FTS.B,

29.49%,

12/12/24

.

62

62

991424612.UG.FTS.B,

29.49%,

12/12/24

.

170

171

991431493.UG.FTS.B,

29.49%,

12/12/24

.

1,922

1,929

991444573.UG.FTS.B,

29.49%,

12/12/24

.

197

198

991448392.UG.FTS.B,

Zero

Cpn,

12/13/24

54

4

991248124.UG.FTS.B,

14.98%,

12/13/24

.

151

153

991302421.UG.FTS.B,

14.98%,

12/13/24

.

2,589

1,791

991336985.UG.FTS.B,

14.98%,

12/13/24

.

7

7

991308466.UG.FTS.B,

15%,

12/13/24

....

339

82

991349605.UG.FTS.B,

15%,

12/13/24

....

265

64

991319523.UG.FTS.B,

15.97%,

12/13/24

.

113

72

991384387.UG.FTS.B,

15.97%,

12/13/24

.

759

751

991417112.UG.FTS.B,

15.97%,

12/13/24

.

6,232

6,190

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991309513.UG.FTS.B,

16.99%,

12/13/24

.

$

1,066

$

1,050

991379195.UG.FTS.B,

16.99%,

12/13/24

.

2,309

2,292

991307518.UG.FTS.B,

17.99%,

12/13/24

.

931

926

991341019.UG.FTS.B,

17.99%,

12/13/24

.

609

599

991350142.UG.FTS.B,

17.99%,

12/13/24

.

829

824

991383946.UG.FTS.B,

17.99%,

12/13/24

.

570

581

991298164.UG.FTS.B,

18.97%,

12/13/24

.

1,990

1,965

991440734.UG.FTS.B,

18.97%,

12/13/24

.

193

191

991329812.UG.FTS.B,

19.21%,

12/13/24

.

793

788

991340458.UG.FTS.B,

19.21%,

12/13/24

.

1,624

1,610

991346666.UG.FTS.B,

19.21%,

12/13/24

.

211

210

991361774.UG.FTS.B,

19.8%,

12/13/24

..

73

71

991451736.UG.FTS.B,

19.8%,

12/13/24

..

1,124

1,134

991331713.UG.FTS.B,

19.99%,

12/13/24

.

213

217

991343301.UG.FTS.B,

19.99%,

12/13/24

.

676

680

991390998.UG.FTS.B,

19.99%,

12/13/24

.

227

27

991248643.UG.FTS.B,

20.46%,

12/13/24

.

2,222

2,255

991373941.UG.FTS.B,

20.46%,

12/13/24

.

402

399

991375502.UG.FTS.B,

20.46%,

12/13/24

.

198

196

991296644.UG.FTS.B,

20.97%,

12/13/24

.

897

913

991345917.UG.FTS.B,

21.46%,

12/13/24

.

889

879

991389712.UG.FTS.B,

22.95%,

12/13/24

.

93

92

991280725.UG.FTS.B,

22.97%,

12/13/24

.

428

93

991336825.UG.FTS.B,

22.97%,

12/13/24

.

3

3

991242346.UG.FTS.B,

24.95%,

12/13/24

.

319

311

991340452.UG.FTS.B,

24.95%,

12/13/24

.

111

107

991303511.UG.FTS.B,

28.98%,

12/13/24

.

77

78

991303612.UG.FTS.B,

28.98%,

12/13/24

.

295

300

991313210.UG.FTS.B,

28.98%,

12/13/24

.

293

298

991331886.UG.FTS.B,

28.98%,

12/13/24

.

1,710

1,734

991346962.UG.FTS.B,

28.98%,

12/13/24

.

147

149

991347766.UG.FTS.B,

28.98%,

12/13/24

.

183

184

991356130.UG.FTS.B,

28.98%,

12/13/24

.

125

123

991357803.UG.FTS.B,

28.98%,

12/13/24

.

311

317

991364308.UG.FTS.B,

28.98%,

12/13/24

.

270

275

991367977.UG.FTS.B,

28.98%,

12/13/24

.

249

250

991388005.UG.FTS.B,

28.98%,

12/13/24

.

87

87

991391181.UG.FTS.B,

28.98%,

12/13/24

.

229

(10)

991391691.UG.FTS.B,

28.98%,

12/13/24

.

1,462

1,487

991411685.UG.FTS.B,

28.98%,

12/13/24

.

528

531

991438351.UG.FTS.B,

28.98%,

12/13/24

.

729

733

991448530.UG.FTS.B,

28.98%,

12/13/24

.

54

54

991305808.UG.FTS.B,

29.49%,

12/13/24

.

15

14

991310090.UG.FTS.B,

29.49%,

12/13/24

.

343

349

991312918.UG.FTS.B,

29.49%,

12/13/24

.

205

209

991319761.UG.FTS.B,

29.49%,

12/13/24

.

344

352

991324789.UG.FTS.B,

29.49%,

12/13/24

.

346

349

991334231.UG.FTS.B,

29.49%,

12/13/24

.

781

785

991334276.UG.FTS.B,

29.49%,

12/13/24

.

162

162

991347765.UG.FTS.B,

29.49%,

12/13/24

.

824

831

991358773.UG.FTS.B,

29.49%,

12/13/24

.

1,385

298

991360722.UG.FTS.B,

29.49%,

12/13/24

.

162

11

991367295.UG.FTS.B,

29.49%,

12/13/24

.

26

26

991389357.UG.FTS.B,

29.49%,

12/13/24

.

174

22

991399497.UG.FTS.B,

29.49%,

12/13/24

.

826

(38)

991405634.UG.FTS.B,

29.49%,

12/13/24

.

147

102

991408790.UG.FTS.B,

29.49%,

12/13/24

.

62

62

991455137.UG.FTS.B,

29.49%,

12/13/24

.

529

523

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

291

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991455918.UG.FTS.B,

29.49%,

12/13/24

.

$

585

$

590

991275626.UG.FTS.B,

14.98%,

12/14/24

.

100

99

991249792.UG.FTS.B,

15.97%,

12/14/24

.

5,357

5,317

991254435.UG.FTS.B,

15.97%,

12/14/24

.

575

567

991342819.UG.FTS.B,

15.97%,

12/14/24

.

299

297

991258056.UG.FTS.B,

16.99%,

12/14/24

.

296

295

991248746.UG.FTS.B,

17.99%,

12/14/24

.

340

337

991324331.UG.FTS.B,

17.99%,

12/14/24

.

382

386

991363687.UG.FTS.B,

17.99%,

12/14/24

.

19

19

991249707.UG.FTS.B,

19.8%,

12/14/24

..

5,340

5,442

991291093.UG.FTS.B,

Zero

Cpn,

12/15/24

295

21

991327950.UG.FTS.B,

Zero

Cpn,

12/15/24

33

2

991267867.UG.FTS.B,

14.98%,

12/15/24

.

6,949

7,081

991305580.UG.FTS.B,

14.98%,

12/15/24

.

251

254

991375848.UG.FTS.B,

14.98%,

12/15/24

.

233

238

991392911.UG.FTS.B,

14.98%,

12/15/24

.

312

310

991274754.UG.FTS.B,

15.97%,

12/15/24

.

4,467

4,553

991284084.UG.FTS.B,

15.97%,

12/15/24

.

885

904

991289456.UG.FTS.B,

15.97%,

12/15/24

.

546

542

991330128.UG.FTS.B,

15.97%,

12/15/24

.

29

29

991377094.UG.FTS.B,

15.97%,

12/15/24

.

13

13

991481298.UG.FTS.B,

15.97%,

12/15/24

.

183

182

991484132.UG.FTS.B,

15.97%,

12/15/24

.

2,450

2,427

991255967.UG.FTS.B,

16.99%,

12/15/24

.

798

815

991265175.UG.FTS.B,

16.99%,

12/15/24

.

489

485

991272143.UG.FTS.B,

16.99%,

12/15/24

.

129

27

991276679.UG.FTS.B,

16.99%,

12/15/24

.

839

851

991371940.UG.FTS.B,

16.99%,

12/15/24

.

779

795

991256520.UG.FTS.B,

17.99%,

12/15/24

.

312

318

991290002.UG.FTS.B,

17.99%,

12/15/24

.

166

169

991341386.UG.FTS.B,

17.99%,

12/15/24

.

1,752

1,788

991399127.UG.FTS.B,

17.99%,

12/15/24

.

700

714

991425011.UG.FTS.B,

17.99%,

12/15/24

.

194

196

991447470.UG.FTS.B,

17.99%,

12/15/24

.

349

354

991447659.UG.FTS.B,

17.99%,

12/15/24

.

2,497

2,511

991286797.UG.FTS.B,

18.8%,

12/15/24

..

73

74

991383149.UG.FTS.B,

18.97%,

12/15/24

.

868

884

991405120.UG.FTS.B,

18.97%,

12/15/24

.

537

548

991256556.UG.FTS.B,

19.21%,

12/15/24

.

2,242

2,183

991311986.UG.FTS.B,

19.21%,

12/15/24

.

214

218

991313442.UG.FTS.B,

19.21%,

12/15/24

.

126

129

991484626.UG.FTS.B,

19.21%,

12/15/24

.

1,948

1,963

991409003.UG.FTS.B,

19.8%,

12/15/24

..

225

229

991454535.UG.FTS.B,

20.46%,

12/15/24

.

58

58

991296368.UG.FTS.B,

20.97%,

12/15/24

.

67

67

991341925.UG.FTS.B,

20.97%,

12/15/24

.

264

268

991359143.UG.FTS.B,

20.97%,

12/15/24

.

237

162

991415618.UG.FTS.B,

20.97%,

12/15/24

.

412

419

991256653.UG.FTS.B,

21.46%,

12/15/24

.

230

234

991331221.UG.FTS.B,

21.46%,

12/15/24

.

203

206

991378826.UG.FTS.B,

21.46%,

12/15/24

.

265

16

991407709.UG.FTS.B,

21.46%,

12/15/24

.

562

290

991255531.UG.FTS.B,

21.98%,

12/15/24

.

339

226

991258541.UG.FTS.B,

21.98%,

12/15/24

.

3,243

3,288

991395285.UG.FTS.B,

21.98%,

12/15/24

.

135

136

991259405.UG.FTS.B,

22.97%,

12/15/24

.

1,238

1,183

991296657.UG.FTS.B,

23.95%,

12/15/24

.

473

472

991308871.UG.FTS.B,

23.95%,

12/15/24

.

64

64

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991333904.UG.FTS.B,

23.95%,

12/15/24

.

$

15

$

15

991272449.UG.FTS.B,

14.98%,

12/16/24

.

299

297

991307103.UG.FTS.B,

14.98%,

12/16/24

.

487

476

991418120.UG.FTS.B,

14.98%,

12/16/24

.

168

13

991478310.UG.FTS.B,

14.98%,

12/16/24

.

206

204

991298521.UG.FTS.B,

15%,

12/16/24

....

72

72

991299064.UG.FTS.B,

15%,

12/16/24

....

4,859

4,828

991375810.UG.FTS.B,

15%,

12/16/24

....

90

90

991391018.UG.FTS.B,

15%,

12/16/24

....

691

687

991433211.UG.FTS.B,

15%,

12/16/24

....

29

29

991263041.UG.FTS.B,

15.97%,

12/16/24

.

249

247

991286205.UG.FTS.B,

15.97%,

12/16/24

.

5,128

1,055

991350536.UG.FTS.B,

15.97%,

12/16/24

.

20

20

991351707.UG.FTS.B,

15.97%,

12/16/24

.

50

4

991352797.UG.FTS.B,

15.97%,

12/16/24

.

1,043

1,039

991440360.UG.FTS.B,

15.97%,

12/16/24

.

692

688

991260311.UG.FTS.B,

16.99%,

12/16/24

.

328

327

991260873.UG.FTS.B,

16.99%,

12/16/24

.

914

910

991260935.UG.FTS.B,

16.99%,

12/16/24

.

485

482

991263408.UG.FTS.B,

16.99%,

12/16/24

.

523

356

991268582.UG.FTS.B,

16.99%,

12/16/24

.

1,381

250

991293334.UG.FTS.B,

16.99%,

12/16/24

.

3,165

3,133

991298844.UG.FTS.B,

16.99%,

12/16/24

.

1,401

1,393

991312007.UG.FTS.B,

16.99%,

12/16/24

.

124

123

991331384.UG.FTS.B,

16.99%,

12/16/24

.

700

696

991381398.UG.FTS.B,

16.99%,

12/16/24

.

1,047

1,040

991428763.UG.FTS.B,

16.99%,

12/16/24

.

22

22

991481672.UG.FTS.B,

16.99%,

12/16/24

.

384

381

991265216.UG.FTS.B,

17.97%,

12/16/24

.

27

27

991263277.UG.FTS.B,

17.99%,

12/16/24

.

685

682

991274621.UG.FTS.B,

17.99%,

12/16/24

.

42

42

991282278.UG.FTS.B,

17.99%,

12/16/24

.

334

330

991291197.UG.FTS.B,

17.99%,

12/16/24

.

1,828

1,817

991423168.UG.FTS.B,

17.99%,

12/16/24

.

823

814

991283562.UG.FTS.B,

18.97%,

12/16/24

.

109

108

991288835.UG.FTS.B,

18.97%,

12/16/24

.

658

654

991320987.UG.FTS.B,

21.46%,

12/16/24

.

984

974

991339363.UG.FTS.B,

21.46%,

12/16/24

.

158

118

991279499.UG.FTS.B,

21.98%,

12/16/24

.

316

314

991324832.UG.FTS.B,

21.98%,

12/16/24

.

203

200

991515407.UG.FTS.B,

21.98%,

12/16/24

.

212

209

991513641.UG.FTS.B,

23.95%,

12/16/24

.

282

277

991309689.UG.FTS.B,

Zero

Cpn,

12/17/24

146

10

991300115.UG.FTS.B,

14.97%,

12/17/24

.

1,530

1,494

991270332.UG.FTS.B,

14.98%,

12/17/24

.

333

331

991398838.UG.FTS.B,

14.98%,

12/17/24

.

2,073

2,060

991309883.UG.FTS.B,

15%,

12/17/24

....

238

237

991366785.UG.FTS.B,

15%,

12/17/24

....

71

71

991473570.UG.FTS.B,

15%,

12/17/24

....

315

313

991333878.UG.FTS.B,

15.97%,

12/17/24

.

3,059

3,003

991471407.UG.FTS.B,

15.97%,

12/17/24

.

119

118

991515245.UG.FTS.B,

15.97%,

12/17/24

.

549

544

991517884.UG.FTS.B,

15.97%,

12/17/24

.

198

196

991289176.UG.FTS.B,

16.99%,

12/17/24

.

3,025

2,996

991303485.UG.FTS.B,

16.99%,

12/17/24

.

173

172

991304516.UG.FTS.B,

16.99%,

12/17/24

.

1,283

1,278

991313589.UG.FTS.B,

16.99%,

12/17/24

.

1,204

1,195

991385756.UG.FTS.B,

16.99%,

12/17/24

.

1,036

1,029

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

292

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991415822.UG.FTS.B,

16.99%,

12/17/24

.

$

899

$

895

991427457.UG.FTS.B,

16.99%,

12/17/24

.

98

97

991438848.UG.FTS.B,

16.99%,

12/17/24

.

4,293

4,201

991289039.UG.FTS.B,

17.99%,

12/17/24

.

499

496

991301102.UG.FTS.B,

17.99%,

12/17/24

.

143

142

991399977.UG.FTS.B,

17.99%,

12/17/24

.

1,047

1,039

991401151.UG.FTS.B,

17.99%,

12/17/24

.

–

–

991472819.UG.FTS.B,

17.99%,

12/17/24

.

656

649

991271752.UG.FTS.B,

18.97%,

12/17/24

.

101

101

991275357.UG.FTS.B,

18.97%,

12/17/24

.

585

580

991320351.UG.FTS.B,

18.97%,

12/17/24

.

312

22

991447451.UG.FTS.B,

18.97%,

12/17/24

.

51

51

991451584.UG.FTS.B,

18.97%,

12/17/24

.

734

725

991319714.UG.FTS.B,

19.21%,

12/17/24

.

179

177

991368537.UG.FTS.B,

19.21%,

12/17/24

.

116

115

991390886.UG.FTS.B,

19.21%,

12/17/24

.

352

350

991416998.UG.FTS.B,

19.21%,

12/17/24

.

423

419

991425383.UG.FTS.B,

19.21%,

12/17/24

.

191

190

991345459.UG.FTS.B,

19.8%,

12/17/24

..

1,418

1,407

991370788.UG.FTS.B,

19.8%,

12/17/24

..

1,967

1,953

991382959.UG.FTS.B,

19.8%,

12/17/24

..

77

76

991407951.UG.FTS.B,

19.8%,

12/17/24

..

707

702

991523409.UG.FTS.B,

19.8%,

12/17/24

..

9,376

6,140

991278450.UG.FTS.B,

20.46%,

12/17/24

.

184

183

991488102.UG.FTS.B,

20.46%,

12/17/24

.

579

571

991497562.UG.FTS.B,

20.46%,

12/17/24

.

11

11

991274898.UG.FTS.B,

20.97%,

12/17/24

.

454

450

991276358.UG.FTS.B,

20.97%,

12/17/24

.

3,380

3,310

991279256.UG.FTS.B,

20.97%,

12/17/24

.

139

138

991382185.UG.FTS.B,

21.46%,

12/17/24

.

54

53

991437221.UG.FTS.B,

21.46%,

12/17/24

.

783

771

991284857.UG.FTS.B,

21.98%,

12/17/24

.

217

141

991285593.UG.FTS.B,

21.98%,

12/17/24

.

13

13

991406788.UG.FTS.B,

21.98%,

12/17/24

.

14

14

991426127.UG.FTS.B,

21.98%,

12/17/24

.

181

179

991499186.UG.FTS.B,

21.98%,

12/17/24

.

274

269

991369836.UG.FTS.B,

22.97%,

12/17/24

.

372

367

991341264.UG.FTS.B,

Zero

Cpn,

12/18/24

320

22

991279257.UG.FTS.B,

14%,

12/18/24

....

338

336

991358540.UG.FTS.B,

14.98%,

12/18/24

.

598

596

991471788.UG.FTS.B,

14.98%,

12/18/24

.

385

381

991525181.UG.FTS.B,

14.98%,

12/18/24

.

69

69

991309210.UG.FTS.B,

15.97%,

12/18/24

.

1,361

1,348

991375440.UG.FTS.B,

15.97%,

12/18/24

.

60

60

991449829.UG.FTS.B,

15.97%,

12/18/24

.

153

151

991284992.UG.FTS.B,

15.99%,

12/18/24

.

716

713

991298134.UG.FTS.B,

15.99%,

12/18/24

.

336

333

991374578.UG.FTS.B,

16.99%,

12/18/24

.

146

146

991440813.UG.FTS.B,

16.99%,

12/18/24

.

347

344

991507545.UG.FTS.B,

16.99%,

12/18/24

.

219

217

991280230.UG.FTS.B,

17.99%,

12/18/24

.

157

156

991284677.UG.FTS.B,

17.99%,

12/18/24

.

88

88

991287433.UG.FTS.B,

17.99%,

12/18/24

.

695

692

991322304.UG.FTS.B,

17.99%,

12/18/24

.

343

341

991329588.UG.FTS.B,

17.99%,

12/18/24

.

1,262

1,257

991343423.UG.FTS.B,

17.99%,

12/18/24

.

1,227

1,222

991478169.UG.FTS.B,

17.99%,

12/18/24

.

4,536

4,491

991493847.UG.FTS.B,

17.99%,

12/18/24

.

843

525

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991517094.UG.FTS.B,

17.99%,

12/18/24

.

$

117

$

115

991283131.UG.FTS.B,

18.97%,

12/18/24

.

342

26

991362772.UG.FTS.B,

18.97%,

12/18/24

.

2,366

2,337

991290938.UG.FTS.B,

19.21%,

12/18/24

.

1,933

1,918

991292756.UG.FTS.B,

19.21%,

12/18/24

.

408

48

991340064.UG.FTS.B,

19.21%,

12/18/24

.

154

101

991353959.UG.FTS.B,

19.21%,

12/18/24

.

327

322

991362195.UG.FTS.B,

19.21%,

12/18/24

.

196

195

991408472.UG.FTS.B,

19.21%,

12/18/24

.

692

689

991289268.UG.FTS.B,

19.8%,

12/18/24

..

40

39

991324176.UG.FTS.B,

19.8%,

12/18/24

..

188

187

991341435.UG.FTS.B,

19.8%,

12/18/24

..

383

380

991280824.UG.FTS.B,

20.46%,

12/18/24

.

204

202

991355888.UG.FTS.B,

20.46%,

12/18/24

.

3,327

3,276

991279501.UG.FTS.B,

20.97%,

12/18/24

.

803

797

991283292.UG.FTS.B,

21.46%,

12/18/24

.

602

597

991286343.UG.FTS.B,

21.46%,

12/18/24

.

1,694

1,682

991286922.UG.FTS.B,

21.46%,

12/18/24

.

617

599

991289340.UG.FTS.B,

21.46%,

12/18/24

.

260

258

991291065.UG.FTS.B,

21.46%,

12/18/24

.

231

28

991448673.UG.FTS.B,

21.46%,

12/18/24

.

1,629

1,601

991300398.UG.FTS.B,

23.95%,

12/18/24

.

450

435

991316123.UG.FTS.B,

23.95%,

12/18/24

.

487

483

991287107.UG.FTS.B,

14.98%,

12/19/24

.

324

322

991344193.UG.FTS.B,

14.98%,

12/19/24

.

36

36

991431975.UG.FTS.B,

14.98%,

12/19/24

.

376

372

991340137.UG.FTS.B,

15%,

12/19/24

....

126

125

991418698.UG.FTS.B,

15%,

12/19/24

....

80

79

991339453.UG.FTS.B,

15.97%,

12/19/24

.

222

218

991446289.UG.FTS.B,

15.97%,

12/19/24

.

518

515

991511356.UG.FTS.B,

15.97%,

12/19/24

.

642

636

991289920.UG.FTS.B,

16.99%,

12/19/24

.

340

338

991351714.UG.FTS.B,

16.99%,

12/19/24

.

1,260

1,253

991489325.UG.FTS.B,

16.99%,

12/19/24

.

128

83

991349861.UG.FTS.B,

17.99%,

12/19/24

.

21

20

991437838.UG.FTS.B,

17.99%,

12/19/24

.

5,250

5,217

991469894.UG.FTS.B,

17.99%,

12/19/24

.

300

297

991348742.UG.FTS.B,

18.97%,

12/19/24

.

129

128

991493639.UG.FTS.B,

18.97%,

12/19/24

.

410

406

991319900.UG.FTS.B,

19.21%,

12/19/24

.

278

277

991332205.UG.FTS.B,

19.21%,

12/19/24

.

213

211

991329516.UG.FTS.B,

19.8%,

12/19/24

..

277

270

991502273.UG.FTS.B,

19.8%,

12/19/24

..

60

59

991454147.UG.FTS.B,

20.46%,

12/19/24

.

107

106

991465738.UG.FTS.B,

20.46%,

12/19/24

.

10

10

991533128.UG.FTS.B,

20.46%,

12/19/24

.

703

694

991395795.UG.FTS.B,

20.97%,

12/19/24

.

937

909

991312216.UG.FTS.B,

21.46%,

12/19/24

.

183

181

991382866.UG.FTS.B,

21.46%,

12/19/24

.

534

357

991294927.UG.FTS.B,

21.98%,

12/19/24

.

385

380

991454608.UG.FTS.B,

21.98%,

12/19/24

.

769

764

991407037.UG.FTS.B,

26.94%,

12/19/24

.

19

19

991366863.UG.FTS.B,

Zero

Cpn,

12/20/24

38

3

991448119.UG.FTS.B,

Zero

Cpn,

12/20/24

152

–

991328367.UG.FTS.B,

14.98%,

12/20/24

.

260

258

991449461.UG.FTS.B,

14.98%,

12/20/24

.

36

1

991296195.UG.FTS.B,

15%,

12/20/24

....

567

564

991308970.UG.FTS.B,

15%,

12/20/24

....

63

63

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

293

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991333020.UG.FTS.B,

15%,

12/20/24

....

$

1,250

$

1,242

991380303.UG.FTS.B,

15%,

12/20/24

....

900

895

991295998.UG.FTS.B,

15.97%,

12/20/24

.

266

265

991348628.UG.FTS.B,

15.97%,

12/20/24

.

817

812

991365579.UG.FTS.B,

15.97%,

12/20/24

.

2,141

2,134

991375709.UG.FTS.B,

15.97%,

12/20/24

.

240

239

991408541.UG.FTS.B,

15.97%,

12/20/24

.

406

402

991457206.UG.FTS.B,

15.97%,

12/20/24

.

1,038

1,035

991463713.UG.FTS.B,

15.97%,

12/20/24

.

312

307

991504029.UG.FTS.B,

15.97%,

12/20/24

.

691

685

991303719.UG.FTS.B,

16.47%,

12/20/24

.

243

242

991303599.UG.FTS.B,

16.99%,

12/20/24

.

1,490

1,484

991310742.UG.FTS.B,

16.99%,

12/20/24

.

208

205

991350184.UG.FTS.B,

16.99%,

12/20/24

.

509

507

991371806.UG.FTS.B,

16.99%,

12/20/24

.

1,393

1,388

991380031.UG.FTS.B,

16.99%,

12/20/24

.

320

36

991423752.UG.FTS.B,

16.99%,

12/20/24

.

173

170

991440844.UG.FTS.B,

16.99%,

12/20/24

.

4,213

4,191

991458324.UG.FTS.B,

16.99%,

12/20/24

.

544

542

991521970.UG.FTS.B,

16.99%,

12/20/24

.

140

139

991298267.UG.FTS.B,

17.97%,

12/20/24

.

705

702

991330064.UG.FTS.B,

17.97%,

12/20/24

.

117

14

991304140.UG.FTS.B,

17.99%,

12/20/24

.

303

302

991346525.UG.FTS.B,

17.99%,

12/20/24

.

1,056

1,050

991349664.UG.FTS.B,

17.99%,

12/20/24

.

188

187

991455309.UG.FTS.B,

17.99%,

12/20/24

.

12

12

991512531.UG.FTS.B,

17.99%,

12/20/24

.

95

95

991515123.UG.FTS.B,

17.99%,

12/20/24

.

1,395

1,381

991311525.UG.FTS.B,

18.97%,

12/20/24

.

709

703

991327245.UG.FTS.B,

18.97%,

12/20/24

.

312

214

991332300.UG.FTS.B,

18.97%,

12/20/24

.

851

845

991365096.UG.FTS.B,

18.97%,

12/20/24

.

160

–

991372915.UG.FTS.B,

18.97%,

12/20/24

.

28

27

991381262.UG.FTS.B,

18.97%,

12/20/24

.

119

117

991316528.UG.FTS.B,

19.21%,

12/20/24

.

622

45

991422168.UG.FTS.B,

19.21%,

12/20/24

.

4,523

4,472

991425928.UG.FTS.B,

19.46%,

12/20/24

.

124

123

991305111.UG.FTS.B,

19.8%,

12/20/24

..

1,328

1,319

991309911.UG.FTS.B,

19.8%,

12/20/24

..

1,370

890

991329135.UG.FTS.B,

19.8%,

12/20/24

..

7,434

4,923

991331225.UG.FTS.B,

19.8%,

12/20/24

..

151

150

991386835.UG.FTS.B,

19.8%,

12/20/24

..

–

–

991415873.UG.FTS.B,

19.8%,

12/20/24

..

1,625

1,056

991437993.UG.FTS.B,

19.8%,

12/20/24

..

3,531

3,504

991340100.UG.FTS.B,

20.46%,

12/20/24

.

7,130

7,074

991399925.UG.FTS.B,

20.46%,

12/20/24

.

355

352

991518437.UG.FTS.B,

20.46%,

12/20/24

.

257

254

991305036.UG.FTS.B,

21.46%,

12/20/24

.

244

242

991352757.UG.FTS.B,

21.46%,

12/20/24

.

212

210

991390941.UG.FTS.B,

21.46%,

12/20/24

.

2,276

1,452

991526785.UG.FTS.B,

21.46%,

12/20/24

.

351

346

991486110.UG.FTS.B,

21.98%,

12/20/24

.

24

24

991438242.UG.FTS.B,

15.97%,

12/21/24

.

278

277

991457248.UG.FTS.B,

16.99%,

12/21/24

.

104

104

991484651.UG.FTS.B,

16.99%,

12/21/24

.

510

507

991495192.UG.FTS.B,

16.99%,

12/21/24

.

1,738

1,722

991523565.UG.FTS.B,

16.99%,

12/21/24

.

1,599

1,021

991505343.UG.FTS.B,

17.99%,

12/21/24

.

279

276

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991472171.UG.FTS.B,

18.97%,

12/21/24

.

$

109

$

108

991495748.UG.FTS.B,

19.8%,

12/21/24

..

1,077

1,061

991520646.UG.FTS.B,

19.8%,

12/21/24

..

92

91

991459030.UG.FTS.B,

21.46%,

12/21/24

.

1,299

1,287

991520568.UG.FTS.B,

21.98%,

12/21/24

.

142

140

991039478.UG.FTS.B,

16.99%,

1/09/25

..

1,228

784

991031280.UG.FTS.B,

28.98%,

1/09/25

..

130

135

991035315.UG.FTS.B,

15.97%,

1/10/25

..

1,628

1,010

991130487.UG.FTS.B,

29.49%,

1/21/25

..

871

111

991112802.UG.FTS.B,

28.98%,

1/22/25

..

865

902

991210095.UG.FTS.B,

29.49%,

1/22/25

..

–

–

991268849.UG.FTS.B,

18.97%,

1/26/25

..

221

46

991195338.UG.FTS.B,

22.95%,

1/27/25

..

333

329

991338381.UG.FTS.B,

16.99%,

2/09/25

..

400

243

991020944.UG.FTS.B,

15.99%,

11/08/26

.

3,352

3,357

991034634.UG.FTS.B,

16.99%,

11/08/26

.

1,398

238

991074802.UG.FTS.B,

22.36%,

11/11/26

.

7,499

7,705

991130326.UG.FTS.B,

22.36%,

11/11/26

..

569

586

991215907.UG.FTS.B,

16.99%,

11/12/26

.

1,668

1,666

991108685.UG.FTS.B,

18.98%,

11/13/26

.

1,057

186

991164893.UG.FTS.B,

19.99%,

11/15/26

.

128

127

991087378.UG.FTS.B,

21.36%,

11/15/26

.

685

692

991415270.UG.FTS.B,

16.99%,

12/06/26

.

483

495

991226691.UG.FTS.B,

15.99%,

12/09/26

.

282

293

991249712.UG.FTS.B,

15.99%,

12/09/26

.

3,530

3,625

991213502.UG.FTS.B,

16.99%,

12/09/26

.

1,760

303

991356469.UG.FTS.B,

16.99%,

12/10/26

.

251

247

991265247.UG.FTS.B,

16.99%,

12/12/26

.

456

467

991359359.UG.FTS.B,

15.99%,

12/14/26

.

782

800

991467528.UG.FTS.B,

15.99%,

12/14/26

.

468

479

991258909.UG.FTS.B,

16.99%,

12/14/26

.

996

1,015

991280209.UG.FTS.B,

16.99%,

12/14/26

.

2,330

2,414

991292205.UG.FTS.B,

18.98%,

12/14/26

.

940

167

991469109.UG.FTS.B,

18.98%,

12/15/26

.

760

758

991489034.UG.FTS.B,

21.99%,

12/15/26

.

301

18

991263485.UG.FTS.B,

16.99%,

12/16/26

.

–

–

991329891.UG.FTS.B,

16.99%,

12/17/26

.

842

9

991326633.UG.FTS.B,

21.99%,

12/19/26

.

757

720

991389147.UG.FTS.B,

22.36%,

12/19/26

.

200

198

991306654.UG.FTS.B,

Zero

Cpn,

12/20/26

15,762

1,089

991436725.UG.FTS.B,

Zero

Cpn,

12/20/26

176

12

991104450.UG.FTS.B,

Zero

Cpn,

5/19/27

.

1

–

991054479.UG.FTS.B,

Zero

Cpn,

7/09/27

.

2

–

991290370.UG.FTS.B,

Zero

Cpn,

7/15/27

.

–

–

991113309.UG.FTS.B,

29.49%,

7/20/27

..

–

–

991307830.UG.FTS.B,

Zero

Cpn,

8/06/27

.

2

–

991409872.UG.FTS.B,

29.49%,

8/07/27

..

8

1

991058249.UG.FTS.B,

Zero

Cpn,

8/09/27

.

4

–

991147489.UG.FTS.B,

29.49%,

8/17/27

..

–

–

991112214.UG.FTS.B,

Zero

Cpn,

8/18/27

.

–

–

991157093.UG.FTS.B,

Zero

Cpn,

8/21/27

.

2

–

991288870.UG.FTS.B,

29.49%,

8/21/27

..

–

–

991278481.UG.FTS.B,

Zero

Cpn,

8/28/27

.

14

1

991173050.UG.FTS.B,

Zero

Cpn,

8/29/27

.

2

–

991208326.UG.FTS.B,

Zero

Cpn,

8/29/27

.

4

–

991344251.UG.FTS.B,

Zero

Cpn,

8/29/27

.

2

–

991409974.UG.FTS.B,

Zero

Cpn,

9/05/27

.

–

–

991092708.UG.FTS.B,

Zero

Cpn,

9/09/27

.

3

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

294

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991049842.UG.FTS.B,

29.49%,

9/09/27

..

$

–

$

–

991057444.UG.FTS.B,

Zero

Cpn,

9/10/27

.

4

–

991193860.UG.FTS.B,

Zero

Cpn,

9/10/27

.

5

–

991274620.UG.FTS.B,

29.49%,

9/16/27

..

7

7

991085976.UG.FTS.B,

Zero

Cpn,

9/17/27

.

–

–

991175055.UG.FTS.B,

Zero

Cpn,

9/17/27

.

8

1

991153486.UG.FTS.B,

29.49%,

9/27/27

..

–

–

991060314.UG.FTS.B,

28.98%,

10/09/27

.

–

–

991318082.UG.FTS.B,

Zero

Cpn,

10/10/27

9

1

991335538.UG.FTS.B,

Zero

Cpn,

10/10/27

8

1

991404223.UG.FTS.B,

20.96%,

10/10/27

.

3

–

991491868.UG.FTS.B,

14.48%,

10/12/27

.

–

–

991354178.UG.FTS.B,

21.46%,

10/12/27

.

13

1

991511457.UG.FTS.B,

18.47%,

10/17/27

.

4

–

991211325.UG.FTS.B,

29.49%,

10/17/27

.

11

10

991183146.UG.FTS.B,

Zero

Cpn,

10/19/27

14

1

991186631.UG.FTS.B,

Zero

Cpn,

10/19/27

6

–

991297492.UG.FTS.B,

Zero

Cpn,

10/20/27

16

–

991162927.UG.FTS.B,

28.98%,

10/20/27

.

–

–

991100240.UG.FTS.B,

29.49%,

10/20/27

.

–

–

991153925.UG.FTS.B,

29.49%,

10/21/27

.

–

–

991128575.UG.FTS.B,

Zero

Cpn,

10/22/27

11

1

991161749.UG.FTS.B,

Zero

Cpn,

10/22/27

9

–

991149688.UG.FTS.B,

29.49%,

10/23/27

.

5

–

991139183.UG.FTS.B,

Zero

Cpn,

10/24/27

26

2

991145450.UG.FTS.B,

Zero

Cpn,

10/24/27

13

–

991194262.UG.FTS.B,

29.49%,

10/29/27

.

–

–

991352807.UG.FTS.B,

29.49%,

10/30/27

.

–

–

991300246.UG.FTS.B,

Zero

Cpn,

11/08/27

12

1

991176536.UG.FTS.B,

Zero

Cpn,

11/09/27

12

1

991061786.UG.FTS.B,

28.48%,

11/09/27

.

7

–

991077060.UG.FTS.B,

29.49%,

11/09/27

.

1

–

991361711.UG.FTS.B,

Zero

Cpn,

11/10/27

10

1

991125001.UG.FTS.B,

20.47%,

11/15/27

.

4

–

991170561.UG.FTS.B,

Zero

Cpn,

11/17/27

15

1

991193230.UG.FTS.B,

28.98%,

11/17/27

.

–

–

991480124.UG.FTS.B,

15.97%,

11/18/27

.

–

–

991234997.UG.FTS.B,

23.95%,

11/18/27

.

17

1

991139016.UG.FTS.B,

28.48%,

11/19/27

.

–

–

991136012.UG.FTS.B,

29.48%,

11/20/27

.

3

3

991122786.UG.FTS.B,

29.49%,

11/20/27

.

–

–

991148170.UG.FTS.B,

Zero

Cpn,

11/21/27

21

1

991295344.UG.FTS.B,

28.98%,

11/21/27

.

15

13

991162286.UG.FTS.B,

29.49%,

11/21/27

.

–

–

991289078.UG.FTS.B,

29.49%,

11/21/27

.

1

–

991162073.UG.FTS.B,

Zero

Cpn,

11/22/27

16

1

991114026.UG.FTS.B,

29.49%,

11/22/27

..

43

35

991316297.UG.FTS.B,

29.49%,

11/22/27

.

–

–

991163966.UG.FTS.B,

28.98%,

11/23/27

.

–

–

991179754.UG.FTS.B,

Zero

Cpn,

11/25/27

10

–

991148029.UG.FTS.B,

29.49%,

11/25/27

.

–

–

991220521.UG.FTS.B,

21.46%,

11/26/27

.

–

–

991374376.UG.FTS.B,

Zero

Cpn,

11/28/27

17

1

991314226.UG.FTS.B,

Zero

Cpn,

11/29/27

15

1

991212602.UG.FTS.B,

20.97%,

11/29/27

.

–

–

991319507.UG.FTS.B,

19.8%,

12/05/27

..

1

–

991343151.UG.FTS.B,

29.49%,

12/05/27

.

7

–

991407604.UG.FTS.B,

29.49%,

12/05/27

.

–

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991317515.UG.FTS.B,

21.46%,

12/08/27

.

$

4

$

1

991213411.UG.FTS.B,

Zero

Cpn,

12/09/27

20

1

991046494.UG.FTS.B,

29.49%,

12/09/27

.

–

–

991111355.UG.FTS.B,

29.49%,

12/09/27

..

10

–

991181660.UG.FTS.B,

Zero

Cpn,

12/11/27

18

1

991185958.UG.FTS.B,

29.49%,

12/14/27

.

7

–

991515439.UG.FTS.B,

16.99%,

12/15/27

.

–

–

991070597.UG.FTS.B,

29.49%,

12/16/27

.

–

–

991264523.UG.FTS.B,

29.49%,

12/16/27

.

1

–

991098885.UG.FTS.B,

28.48%,

12/17/27

.

5

–

991139342.UG.FTS.B,

29.49%,

12/17/27

.

–

–

991158169.UG.FTS.B,

29.49%,

12/17/27

.

5

1

991225720.UG.FTS.B,

29.49%,

12/17/27

.

4

1

991251752.UG.FTS.B,

Zero

Cpn,

12/18/27

17

1

991262902.UG.FTS.B,

Zero

Cpn,

12/18/27

18

–

991171034.UG.FTS.B,

28.98%,

12/18/27

.

–

–

991115984.UG.FTS.B,

29.48%,

12/18/27

.

–

–

991200725.UG.FTS.B,

29.49%,

12/18/27

.

–

–

991263434.UG.FTS.B,

29.49%,

12/18/27

.

–

–

991288317.UG.FTS.B,

19.99%,

12/19/27

.

15

2

991100486.UG.FTS.B,

28.48%,

12/19/27

.

–

–

991201781.UG.FTS.B,

29.49%,

12/19/27

.

13

12

991273331.UG.FTS.B,

29.49%,

12/20/27

.

–

–

991116891.UG.FTS.B,

29.49%,

12/22/27

.

1

1

991140769.UG.FTS.B,

29.49%,

12/23/27

.

–

–

991193364.UG.FTS.B,

17.99%,

12/25/27

.

–

–

991132867.UG.FTS.B,

29.49%,

12/25/27

.

2

–

991164451.UG.FTS.B,

Zero

Cpn,

12/29/27

19

1

991211549.UG.FTS.B,

29.49%,

12/29/27

.

–

–

991353838.UG.FTS.B,

28.48%,

12/30/27

.

12

–

991205630.UG.FTS.B,

Zero

Cpn,

1/06/28

.

34

2

991205666.UG.FTS.B,

Zero

Cpn,

1/06/28

.

23

2

991009159.UG.FTS.B,

20.46%,

1/06/28

..

–

–

991353364.UG.FTS.B,

Zero

Cpn,

1/07/28

.

23

2

991406118.UG.FTS.B,

20.96%,

1/09/28

..

1

–

991069588.UG.FTS.B,

29.49%,

1/09/28

..

3

3

991137879.UG.FTS.B,

29.49%,

1/09/28

..

–

–

991324499.UG.FTS.B,

29.49%,

1/09/28

..

–

–

991407610.UG.FTS.B,

20.97%,

1/14/28

..

–

–

991250222.UG.FTS.B,

28.98%,

1/14/28

..

–

–

991383776.UG.FTS.B,

17.99%,

1/15/28

..

–

–

991188252.UG.FTS.B,

26.44%,

1/15/28

..

3

3

991151700.UG.FTS.B,

29.49%,

1/17/28

..

2

2

991203206.UG.FTS.B,

29.49%,

1/17/28

..

20

20

991255805.UG.FTS.B,

29.49%,

1/17/28

..

–

–

991143037.UG.FTS.B,

19.99%,

1/19/28

..

–

–

991279084.UG.FTS.B,

29.49%,

1/19/28

..

23

23

991290359.UG.FTS.B,

29.49%,

1/19/28

..

15

–

991188689.UG.FTS.B,

27.99%,

1/20/28

..

–

–

991108360.UG.FTS.B,

29.49%,

1/20/28

..

3

1

991290316.UG.FTS.B,

29.49%,

1/21/28

..

3

3

991111753.UG.FTS.B,

18.47%,

1/22/28

...

–

–

991298103.UG.FTS.B,

19.96%,

1/22/28

..

–

–

991251055.UG.FTS.B,

Zero

Cpn,

1/23/28

.

27

2

991152886.UG.FTS.B,

29.49%,

1/23/28

..

2

2

991136292.UG.FTS.B,

Zero

Cpn,

1/25/28

.

22

–

991259824.UG.FTS.B,

18.71%,

1/25/28

..

5

5

991150916.UG.FTS.B,

28.98%,

1/25/28

..

5

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

295

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991145828.UG.FTS.B,

28.48%,

1/26/28

..

$

6

$

–

991146995.UG.FTS.B,

29.49%,

1/26/28

..

1

1

991185362.UG.FTS.B,

29.49%,

1/26/28

..

3

3

991181078.UG.FTS.B,

18.97%,

1/27/28

..

–

–

991162605.UG.FTS.B,

29.49%,

1/29/28

..

9

9

991200855.UG.FTS.B,

29.49%,

1/29/28

..

–

–

991260725.UG.FTS.B,

29.49%,

2/05/28

..

5

5

991300625.UG.FTS.B,

Zero

Cpn,

2/06/28

.

27

2

991427458.UG.FTS.B,

29.49%,

2/06/28

..

3

3

991025530.UG.FTS.B,

29.49%,

2/07/28

..

3

3

991411230.UG.FTS.B,

29.49%,

2/07/28

..

1

1

991351944.UG.FTS.B,

15.97%,

2/08/28

..

–

–

991203842.UG.FTS.B,

29.49%,

2/08/28

..

2

2

991403298.UG.FTS.B,

29.49%,

2/08/28

..

1

1

991067195.UG.FTS.B,

Zero

Cpn,

2/09/28

.

26

2

991030285.UG.FTS.B,

20.47%,

2/09/28

..

2

2

991038892.UG.FTS.B,

25.45%,

2/09/28

..

–

–

991132548.UG.FTS.B,

28.48%,

2/09/28

..

–

–

991059880.UG.FTS.B,

29.49%,

2/09/28

..

–

–

991068123.UG.FTS.B,

29.49%,

2/09/28

..

1

1

991202524.UG.FTS.B,

29.49%,

2/09/28

..

–

–

991411214.UG.FTS.B,

Zero

Cpn,

2/10/28

.

24

2

991207462.UG.FTS.B,

20.46%,

2/10/28

..

4

4

991130691.UG.FTS.B,

21.46%,

2/10/28

..

5

4

991166237.UG.FTS.B,

18.47%,

2/11/28

..

3

3

991098433.UG.FTS.B,

20.47%,

2/12/28

..

–

–

991264730.UG.FTS.B,

20.97%,

2/12/28

..

3

3

991235183.UG.FTS.B,

18.71%,

2/13/28

..

1

1

991465779.UG.FTS.B,

15.97%,

2/14/28

..

1

1

991179329.UG.FTS.B,

25.45%,

2/14/28

..

4

4

991261757.UG.FTS.B,

28.98%,

2/15/28

..

1

1

991157174.UG.FTS.B,

21.48%,

2/16/28

..

4

4

991125353.UG.FTS.B,

25.95%,

2/16/28

..

20

(1)

991159161.UG.FTS.B,

29.48%,

2/16/28

..

2

2

991098231.UG.FTS.B,

Zero

Cpn,

2/17/28

.

35

2

991252730.UG.FTS.B,

19.99%,

2/17/28

..

3

3

991284295.UG.FTS.B,

22.47%,

2/17/28

..

3

3

991129216.UG.FTS.B,

28.98%,

2/17/28

..

2

2

991165953.UG.FTS.B,

28.98%,

2/17/28

..

18

16

991138545.UG.FTS.B,

29.48%,

2/17/28

..

3

3

991081437.UG.FTS.B,

29.49%,

2/17/28

..

2

2

991091785.UG.FTS.B,

29.49%,

2/17/28

..

1

1

991098698.UG.FTS.B,

29.49%,

2/17/28

..

5

5

991112344.UG.FTS.B,

29.49%,

2/17/28

..

1

1

991132478.UG.FTS.B,

29.49%,

2/17/28

..

2

2

991224682.UG.FTS.B,

29.49%,

2/17/28

..

–

–

991247382.UG.FTS.B,

29.49%,

2/17/28

..

–

–

991268394.UG.FTS.B,

28.98%,

2/18/28

..

4

4

991188090.UG.FTS.B,

20.47%,

2/19/28

..

16

1

991108391.UG.FTS.B,

28.98%,

2/19/28

..

1

1

991018485.UG.FTS.B,

29.49%,

2/19/28

..

7

7

991126832.UG.FTS.B,

29.49%,

2/19/28

..

2

2

991256043.UG.FTS.B,

29.49%,

2/19/28

..

–

–

991159245.UG.FTS.B,

19.3%,

2/20/28

...

4

4

991201198.UG.FTS.B,

28.98%,

2/20/28

..

5

5

991281415.UG.FTS.B,

28.98%,

2/20/28

..

1

1

991100639.UG.FTS.B,

29.49%,

2/20/28

..

2

2

991108043.UG.FTS.B,

29.49%,

2/20/28

..

14

14

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991111182.UG.FTS.B,

29.49%,

2/20/28

...

$

2

$

2

991145513.UG.FTS.B,

29.49%,

2/20/28

..

4

4

991205716.UG.FTS.B,

29.49%,

2/20/28

..

1

1

991106442.UG.FTS.B,

28.98%,

2/21/28

..

14

1

991158999.UG.FTS.B,

28.98%,

2/21/28

..

8

8

991204254.UG.FTS.B,

29.49%,

2/21/28

..

3

3

991317445.UG.FTS.B,

29.49%,

2/21/28

..

1

1

991200198.UG.FTS.B,

28.98%,

2/22/28

..

5

5

991309886.UG.FTS.B,

28.98%,

2/22/28

..

4

4

991126500.UG.FTS.B,

29.48%,

2/22/28

..

19

–

991115961.UG.FTS.B,

29.49%,

2/22/28

..

4

4

991116922.UG.FTS.B,

29.49%,

2/22/28

..

9

9

991124316.UG.FTS.B,

29.49%,

2/22/28

..

–

–

991136272.UG.FTS.B,

29.49%,

2/22/28

..

1

1

991136443.UG.FTS.B,

29.49%,

2/22/28

..

29

5

991264083.UG.FTS.B,

29.49%,

2/22/28

..

2

2

991189992.UG.FTS.B,

29.99%,

2/22/28

..

12

11

991287252.UG.FTS.B,

28.98%,

2/23/28

..

1

1

991222703.UG.FTS.B,

29.49%,

2/23/28

..

–

–

991264692.UG.FTS.B,

29.49%,

2/23/28

..

2

2

991266129.UG.FTS.B,

29.49%,

2/23/28

..

4

4

991140034.UG.FTS.B,

20.46%,

2/24/28

..

–

–

991344153.UG.FTS.B,

19.21%,

2/25/28

..

4

4

991353617.UG.FTS.B,

18.47%,

2/26/28

..

3

3

991143080.UG.FTS.B,

29.48%,

2/26/28

..

34

(3)

991152971.UG.FTS.B,

29.49%,

2/26/28

..

1

1

991166679.UG.FTS.B,

17.99%,

2/27/28

..

–

–

991171646.UG.FTS.B,

22.97%,

2/27/28

..

35

29

991368032.UG.FTS.B,

29.49%,

2/27/28

..

15

3

991319816.UG.FTS.B,

28.48%,

2/28/28

..

2

2

991328492.UG.FTS.B,

28.48%,

2/28/28

..

13

12

991160886.UG.FTS.B,

28.98%,

2/28/28

..

1

1

991358659.UG.FTS.B,

28.98%,

2/28/28

..

–

–

991363302.UG.FTS.B,

29.49%,

2/28/28

..

6

6

991363340.UG.FTS.B,

29.49%,

2/28/28

..

21

21

991379172.UG.FTS.B,

29.49%,

2/28/28

..

5

5

2,402,828

Upstart

Network,

Inc.

L1410764.UP.FTS.B,

15.3%,

7/09/24

....

1,672

1,665

L1410857.UP.FTS.B,

23.47%,

7/09/24

....

3,054

3,027

FW1410302.UP.FTS.B,

27.74%,

7/09/24

..

4,467

4,428

FW1612116.UP.FTS.B,

7.74%,

8/23/24

...

3,036

3,009

L1612441.UP.FTS.B,

8.61%,

8/23/24

....

2,799

2,773

L1612016.UP.FTS.B,

8.95%,

8/23/24

....

1,721

1,711

FW1611668.UP.FTS.B,

11.38%,

8/23/24

..

7,982

7,926

L1612835.UP.FTS.B,

11.9%,

8/23/24

.....

2,282

2,272

FW1611989.UP.FTS.B,

12.35%,

8/23/24

..

1,721

1,710

FW1612094.UP.FTS.B,

15.12%,

8/23/24

..

496

480

L1606592.UP.FTS.B,

16.34%,

8/23/24

....

20,587

20,546

L1611926.UP.FTS.B,

17.14%,

8/23/24

....

591

590

L1612153.UP.FTS.B,

17.45%,

8/23/24

....

1,476

1,467

L1612011.UP.FTS.B,

17.65%,

8/23/24

....

1,512

423

L1612903.UP.FTS.B,

17.72%,

8/23/24

....

2,966

2,960

L1613038.UP.FTS.B,

18.06%,

8/23/24

....

2,379

2,374

L1612812.UP.FTS.B,

18.75%,

8/23/24

....

5,969

5,959

L1612795.UP.FTS.B,

19.34%,

8/23/24

....

4,780

4,784

FW1611869.UP.FTS.B,

19.81%,

8/23/24

..

1,190

1,192

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

296

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1612495.UP.FTS.B,

22.7%,

8/23/24

....

$

1,589

$

1,580

L1612081.UP.FTS.B,

22.91%,

8/23/24

....

2,593

188

L1612257.UP.FTS.B,

22.94%,

8/23/24

....

12,267

12,195

FW1613175.UP.FTS.B,

24.35%,

8/23/24

..

3,408

3,389

FW1611995.UP.FTS.B,

26.04%,

8/23/24

..

3,737

3,715

FW1611997.UP.FTS.B,

26.88%,

8/23/24

..

3,754

3,733

FW1606291.UP.FTS.B,

27.01%,

8/23/24

..

2,505

2,490

FW1604455.UP.FTS.B,

27.65%,

8/23/24

..

3,142

3,124

FW1611972.UP.FTS.B,

28.72%,

8/23/24

..

759

754

FW1613240.UP.FTS.B,

28.79%,

8/23/24

..

949

943

FW1613150.UP.FTS.B,

30.32%,

8/23/24

..

1,691

1,676

FW1611405.UP.FTS.B,

30.92%,

8/23/24

..

4,542

4,517

FW1612529.UP.FTS.B,

31.07%,

8/23/24

..

2,026

1,926

FW1612870.UP.FTS.B,

32.37%,

8/23/24

..

3,223

3,206

L1616941.UP.FTS.B,

6.69%,

8/24/24

....

2,211

2,190

FW1618227.UP.FTS.B,

7.62%,

8/24/24

...

8,891

8,814

L1615041.UP.FTS.B,

7.72%,

8/24/24

....

3,339

3,308

L1615714.UP.FTS.B,

8.06%,

8/24/24

....

2,510

2,487

L1614367.UP.FTS.B,

9.22%,

8/24/24

....

843

837

L1617167.UP.FTS.B,

9.97%,

8/24/24

....

1,130

1,122

L1613537.UP.FTS.B,

10.76%,

8/24/24

....

5,110

5,075

L1616794.UP.FTS.B,

12.02%,

8/24/24

....

9,128

2,549

L1617960.UP.FTS.B,

12.89%,

8/24/24

....

2,303

2,289

FW1616172.UP.FTS.B,

14.22%,

8/24/24

..

2,169

2,158

L1614073.UP.FTS.B,

15.77%,

8/24/24

....

6,777

1,006

L1618007.UP.FTS.B,

15.83%,

8/24/24

....

476

471

L1618000.UP.FTS.B,

16.11%,

8/24/24

....

4,346

4,312

L1616524.UP.FTS.B,

16.36%,

8/24/24

....

2,941

2,925

L1617307.UP.FTS.B,

16.47%,

8/24/24

....

824

823

FW1617392.UP.FTS.B,

16.64%,

8/24/24

..

3,536

3,530

FW1618059.UP.FTS.B,

16.81%,

8/24/24

..

3,270

918

FW1618205.UP.FTS.B,

17.17%,

8/24/24

..

7,686

7,673

FW1612144.UP.FTS.B,

17.97%,

8/24/24

..

1,776

1,778

L1616998.UP.FTS.B,

18.36%,

8/24/24

....

2,084

2,081

L1613583.UP.FTS.B,

18.67%,

8/24/24

....

3,589

3,584

FW1616441.UP.FTS.B,

18.68%,

8/24/24

..

1,477

1,479

L1613531.UP.FTS.B,

19.04%,

8/24/24

....

1,794

1,791

L1615656.UP.FTS.B,

19.47%,

8/24/24

....

2,798

2,777

L1614540.UP.FTS.B,

20.1%,

8/24/24

....

3,912

3,889

L1616206.UP.FTS.B,

20.31%,

8/24/24

....

1,506

1,504

L1613927.UP.FTS.B,

20.62%,

8/24/24

....

3,246

956

L1614717.UP.FTS.B,

20.99%,

8/24/24

....

2,200

159

L1618034.UP.FTS.B,

21.14%,

8/24/24

....

1,777

1,692

L1616789.UP.FTS.B,

21.29%,

8/24/24

....

1,121

1,116

L1618119.UP.FTS.B,

21.46%,

8/24/24

....

4,218

4,206

L1597410.UP.FTS.B,

22.34%,

8/24/24

....

1,541

112

FW1614692.UP.FTS.B,

22.37%,

8/24/24

..

6,628

6,609

L1613701.UP.FTS.B,

22.48%,

8/24/24

....

5,492

5,461

L1613954.UP.FTS.B,

22.51%,

8/24/24

....

4,884

4,857

L1612815.UP.FTS.B,

22.77%,

8/24/24

....

2,356

691

L1614621.UP.FTS.B,

22.87%,

8/24/24

....

5,443

5,427

L1614292.UP.FTS.B,

22.91%,

8/24/24

....

612

608

L1615531.UP.FTS.B,

23.83%,

8/24/24

....

1,906

1,896

L1616824.UP.FTS.B,

23.86%,

8/24/24

....

1,280

92

FW1616265.UP.FTS.B,

25.8%,

8/24/24

...

4,142

4,130

FW1615059.UP.FTS.B,

26.12%,

8/24/24

..

3,684

3,673

FW1616690.UP.FTS.B,

26.45%,

8/24/24

..

77

73

FW1613406.UP.FTS.B,

26.85%,

8/24/24

..

4,752

4,513

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1603917.UP.FTS.B,

27.16%,

8/24/24

..

$

3,097

$

221

FW1614960.UP.FTS.B,

27.28%,

8/24/24

..

2,166

2,161

FW1608456.UP.FTS.B,

28.41%,

8/24/24

..

271

268

FW1617127.UP.FTS.B,

28.63%,

8/24/24

..

1,895

1,885

FW1617697.UP.FTS.B,

29%,

8/24/24

....

1,458

1,386

FW1617880.UP.FTS.B,

29.1%,

8/24/24

...

1,267

1,260

L1619786.UP.FTS.B,

7.29%,

8/25/24

....

1,965

1,946

L1620896.UP.FTS.B,

7.97%,

8/25/24

....

2,685

197

L1620409.UP.FTS.B,

9.92%,

8/25/24

....

1,129

1,122

L1609249.UP.FTS.B,

10.93%,

8/25/24

....

2,842

2,826

L1618433.UP.FTS.B,

12.74%,

8/25/24

....

8,627

8,580

L1618817.UP.FTS.B,

13.07%,

8/25/24

....

2,074

2,062

L1618890.UP.FTS.B,

13.2%,

8/25/24

....

2,155

2,145

L1619755.UP.FTS.B,

13.74%,

8/25/24

....

3,241

3,224

L1620684.UP.FTS.B,

15.61%,

8/25/24

....

3,301

3,303

L1618618.UP.FTS.B,

15.72%,

8/25/24

....

717

52

L1595806.UP.FTS.B,

16.33%,

8/25/24

....

2,000

1,998

L1619235.UP.FTS.B,

18.04%,

8/25/24

....

1,463

1,466

FW1618611.UP.FTS.B,

19.46%,

8/25/24

..

2,498

2,504

L1620021.UP.FTS.B,

20.47%,

8/25/24

....

1,206

1,206

L1617738.UP.FTS.B,

20.93%,

8/25/24

....

4,740

4,710

L1619582.UP.FTS.B,

21.11%,

8/25/24

....

5,304

386

L1620934.UP.FTS.B,

22.56%,

8/25/24

....

2,320

2,309

L1618207.UP.FTS.B,

22.64%,

8/25/24

....

2,443

2,432

FW1619379.UP.FTS.B,

25.68%,

8/25/24

..

815

58

FW1621090.UP.FTS.B,

25.79%,

8/25/24

..

1,246

1,241

FW1618882.UP.FTS.B,

25.91%,

8/25/24

..

3,297

3,278

FW1620098.UP.FTS.B,

26.52%,

8/25/24

..

2,103

2,097

FW1618797.UP.FTS.B,

27.03%,

8/25/24

..

2,701

2,677

FW1618720.UP.FTS.B,

30.08%,

8/25/24

..

4,585

4,567

L1706751.UP.FTS.B,

6.12%,

9/13/24

....

5,605

5,549

L1707041.UP.FTS.B,

6.68%,

9/13/24

....

15,663

15,499

L1705897.UP.FTS.B,

6.84%,

9/13/24

....

14,517

14,375

L1705350.UP.FTS.B,

7.7%,

9/13/24

.....

2,336

2,315

L1693379.UP.FTS.B,

10.32%,

9/13/24

....

2,967

2,945

L1706496.UP.FTS.B,

12.56%,

9/13/24

....

10,021

1,408

L1704842.UP.FTS.B,

13.48%,

9/13/24

....

2,404

2,387

L1706753.UP.FTS.B,

13.61%,

9/13/24

....

4,539

4,499

L1706804.UP.FTS.B,

14.15%,

9/13/24

....

9,634

9,583

FW1703114.UP.FTS.B,

14.49%,

9/13/24

..

2,129

2,115

L1705059.UP.FTS.B,

15.08%,

9/13/24

....

4,576

336

L1706939.UP.FTS.B,

15.26%,

9/13/24

....

1,150

1,145

L1706922.UP.FTS.B,

15.62%,

9/13/24

....

24,491

24,332

L1704236.UP.FTS.B,

15.99%,

9/13/24

....

5,490

5,470

L1706754.UP.FTS.B,

16.23%,

9/13/24

....

12,694

7,468

L1705462.UP.FTS.B,

16.72%,

9/13/24

....

15,844

15,785

L1704947.UP.FTS.B,

17.56%,

9/13/24

....

514

362

L1702670.UP.FTS.B,

17.62%,

9/13/24

....

1,734

1,728

L1706278.UP.FTS.B,

17.82%,

9/13/24

....

5,541

5,514

FW1704884.UP.FTS.B,

18%,

9/13/24

....

870

865

FW1706245.UP.FTS.B,

18.38%,

9/13/24

..

3,732

3,720

L1706486.UP.FTS.B,

18.45%,

9/13/24

....

3,111

3,101

FW1706133.UP.FTS.B,

18.48%,

9/13/24

..

3,456

3,438

L1701616.UP.FTS.B,

19.62%,

9/13/24

....

1,299

381

L1704877.UP.FTS.B,

19.78%,

9/13/24

....

2,508

2,500

FW1705480.UP.FTS.B,

22.14%,

9/13/24

..

953

950

L1706370.UP.FTS.B,

22.24%,

9/13/24

....

1,906

1,890

L1706636.UP.FTS.B,

22.54%,

9/13/24

....

4,352

4,297

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

297

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1699123.UP.FTS.B,

22.68%,

9/13/24

..

$

3,141

$

228

L1706515.UP.FTS.B,

23%,

9/13/24

......

1,242

1,230

FW1690887.UP.FTS.B,

23.14%,

9/13/24

..

2,554

2,533

L1705591.UP.FTS.B,

23.35%,

9/13/24

....

3,640

3,603

FW1706171.UP.FTS.B,

23.72%,

9/13/24

..

667

403

FW1704838.UP.FTS.B,

25.19%,

9/13/24

..

2,521

2,478

FW1704787.UP.FTS.B,

26.17%,

9/13/24

..

2,814

2,780

FW1705725.UP.FTS.B,

26.51%,

9/13/24

..

978

967

FW1706468.UP.FTS.B,

26.54%,

9/13/24

..

1,051

1,037

FW1706959.UP.FTS.B,

28.41%,

9/13/24

..

1,313

1,302

FW1706385.UP.FTS.B,

28.43%,

9/13/24

..

238

234

FW1704857.UP.FTS.B,

28.91%,

9/13/24

..

2,765

2,735

FW1705344.UP.FTS.B,

29.85%,

9/13/24

..

3,281

3,254

L1880417.UP.FTS.B,

5.63%,

10/19/24

....

1,969

1,950

L1876780.UP.FTS.B,

7.17%,

10/19/24

....

3,047

3,016

L1880453.UP.FTS.B,

8.07%,

10/19/24

....

2,757

2,732

L1880480.UP.FTS.B,

8.79%,

10/19/24

....

6,151

6,096

L1877544.UP.FTS.B,

9.08%,

10/19/24

....

660

655

L1828554.UP.FTS.B,

9.21%,

10/19/24

....

925

917

L1880929.UP.FTS.B,

9.86%,

10/19/24

....

3,094

3,067

L1843265.UP.FTS.B,

9.92%,

10/19/24

....

7,430

7,364

L1877810.UP.FTS.B,

10.5%,

10/19/24

....

1,367

1,355

FW1880015.UP.FTS.B,

10.71%,

10/19/24

.

10,573

10,483

FW1880412.UP.FTS.B,

11.4%,

10/19/24

..

6,244

6,191

FW1881446.UP.FTS.B,

11.54%,

10/19/24

.

625

620

L1879230.UP.FTS.B,

12.91%,

10/19/24

...

4,030

3,997

L1879927.UP.FTS.B,

13.42%,

10/19/24

...

3,473

3,451

L1881269.UP.FTS.B,

13.94%,

10/19/24

...

1,583

1,573

L1878015.UP.FTS.B,

14.68%,

10/19/24

...

636

632

L1876508.UP.FTS.B,

15.29%,

10/19/24

...

1,595

1,585

FW1878235.UP.FTS.B,

16.59%,

10/19/24

.

643

638

L1880312.UP.FTS.B,

16.77%,

10/19/24

...

1,998

146

L1876177.UP.FTS.B,

16.95%,

10/19/24

...

644

640

FW1878279.UP.FTS.B,

18.26%,

10/19/24

.

647

645

FW1880539.UP.FTS.B,

18.7%,

10/19/24

..

2,277

2,264

L1880426.UP.FTS.B,

18.73%,

10/19/24

...

2,117

86

L1879219.UP.FTS.B,

18.95%,

10/19/24

...

3,253

3,233

L1877399.UP.FTS.B,

18.99%,

10/19/24

...

651

647

L1877157.UP.FTS.B,

19.36%,

10/19/24

...

3,586

3,565

FW1880021.UP.FTS.B,

19.73%,

10/19/24

.

4,563

4,527

L1877812.UP.FTS.B,

19.98%,

10/19/24

...

785

780

FW1877508.UP.FTS.B,

20.09%,

10/19/24

.

3,444

3,257

FW1880944.UP.FTS.B,

20.45%,

10/19/24

.

4,566

4,552

FW1876805.UP.FTS.B,

20.67%,

10/19/24

.

651

649

L1877424.UP.FTS.B,

20.68%,

10/19/24

...

2,962

2,803

L1881280.UP.FTS.B,

20.85%,

10/19/24

...

3,943

3,919

FW1878630.UP.FTS.B,

21.75%,

10/19/24

.

1,980

1,959

L1870989.UP.FTS.B,

21.8%,

10/19/24

....

784

57

L1880976.UP.FTS.B,

21.84%,

10/19/24

...

3,262

3,251

L1880669.UP.FTS.B,

22.94%,

10/19/24

...

3,338

3,304

L1878741.UP.FTS.B,

23.21%,

10/19/24

...

2,261

2,248

L1880437.UP.FTS.B,

23.31%,

10/19/24

...

6,649

6,598

L1880362.UP.FTS.B,

23.34%,

10/19/24

...

659

653

L1876918.UP.FTS.B,

23.43%,

10/19/24

...

932

922

FW1877656.UP.FTS.B,

23.66%,

10/19/24

.

1,344

1,330

FW1877532.UP.FTS.B,

24.41%,

10/19/24

.

2,050

2,033

FW1881583.UP.FTS.B,

25.39%,

10/19/24

.

3,362

3,327

FW1877169.UP.FTS.B,

26.6%,

10/19/24

..

1,397

90

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1879233.UP.FTS.B,

26.7%,

10/19/24

..

$

677

$

673

FW1880779.UP.FTS.B,

27.13%,

10/19/24

.

3,989

282

FW1877272.UP.FTS.B,

27.59%,

10/19/24

.

1,699

1,682

FW1880823.UP.FTS.B,

27.61%,

10/19/24

.

2,379

2,354

FW1873483.UP.FTS.B,

27.95%,

10/19/24

.

953

943

FW1880670.UP.FTS.B,

28.35%,

10/19/24

.

1,023

1,013

FW1881404.UP.FTS.B,

28.73%,

10/19/24

.

2,392

2,367

FW1880562.UP.FTS.B,

28.77%,

10/19/24

.

2,054

2,033

FW1875773.UP.FTS.B,

28.85%,

10/19/24

.

4,649

4,612

FW1877809.UP.FTS.B,

28.9%,

10/19/24

..

3,351

3,317

FW1877220.UP.FTS.B,

29.16%,

10/19/24

.

1,096

1,085

FW1991266.UP.FTS.B,

5.75%,

11/08/24

..

3,794

3,751

L1996492.UP.FTS.B,

5.82%,

11/08/24

....

1,579

1,563

L1994177.UP.FTS.B,

6.01%,

11/08/24

....

5,058

5,005

FW1997734.UP.FTS.B,

6.36%,

11/08/24

..

5,251

5,196

L1989270.UP.FTS.B,

6.75%,

11/08/24

....

4,127

4,081

L1995781.UP.FTS.B,

7.12%,

11/08/24

....

23,797

23,528

L1991938.UP.FTS.B,

7.13%,

11/08/24

....

6,229

6,164

L1997129.UP.FTS.B,

7.49%,

11/08/24

....

4,462

4,414

L1995628.UP.FTS.B,

8.15%,

11/08/24

....

1,835

1,816

L1996179.UP.FTS.B,

8.33%,

11/08/24

....

434

429

FW1989730.UP.FTS.B,

9.3%,

11/08/24

...

9,655

9,566

L1989289.UP.FTS.B,

9.6%,

11/08/24

.....

2,437

2,413

FW1988815.UP.FTS.B,

10.61%,

11/08/24

.

973

962

L1990488.UP.FTS.B,

10.69%,

11/08/24

...

9,079

8,980

L1990483.UP.FTS.B,

10.71%,

11/08/24

...

646

640

L1989128.UP.FTS.B,

11.31%,

11/08/24

...

1,626

1,611

L1997576.UP.FTS.B,

11.59%,

11/08/24

...

652

645

L1991664.UP.FTS.B,

13.31%,

11/08/24

...

4,218

4,173

L1996783.UP.FTS.B,

13.88%,

11/08/24

...

1,545

110

L1989930.UP.FTS.B,

13.94%,

11/08/24

...

912

899

L1990855.UP.FTS.B,

13.97%,

11/08/24

...

1,305

67

L1998240.UP.FTS.B,

14.07%,

11/08/24

...

11,879

11,786

L1991934.UP.FTS.B,

14.49%,

11/08/24

...

2,976

2,949

L1999740.UP.FTS.B,

14.54%,

11/08/24

...

5,266

5,224

FW1989018.UP.FTS.B,

14.66%,

11/08/24

.

5,957

5,911

L1996950.UP.FTS.B,

14.91%,

11/08/24

...

3,463

1,968

FW1999553.UP.FTS.B,

14.97%,

11/08/24

.

665

658

L1990825.UP.FTS.B,

15.23%,

11/08/24

...

2,655

2,635

FW1991866.UP.FTS.B,

15.28%,

11/08/24

.

4,980

4,942

L1999541.UP.FTS.B,

15.36%,

11/08/24

...

664

659

L1989094.UP.FTS.B,

15.37%,

11/08/24

...

797

791

L1999521.UP.FTS.B,

15.41%,

11/08/24

...

3,281

468

L1992799.UP.FTS.B,

15.97%,

11/08/24

...

3,332

3,306

FW1997339.UP.FTS.B,

15.98%,

11/08/24

.

3,665

3,637

L1994442.UP.FTS.B,

16.18%,

11/08/24

...

1,334

1,324

L1969331.UP.FTS.B,

16.28%,

11/08/24

...

667

660

L1993658.UP.FTS.B,

16.43%,

11/08/24

...

6,148

6,086

L1991018.UP.FTS.B,

17.05%,

11/08/24

...

1,675

1,662

FW1988077.UP.FTS.B,

17.51%,

11/08/24

.

2,034

2,014

L1987185.UP.FTS.B,

17.72%,

11/08/24

...

1,247

1,234

FW1984213.UP.FTS.B,

18.47%,

11/08/24

.

2,024

2,009

FW1991976.UP.FTS.B,

18.69%,

11/08/24

.

2,837

2,815

L1998424.UP.FTS.B,

19%,

11/08/24

.....

3,450

3,424

L1990206.UP.FTS.B,

19.65%,

11/08/24

...

2,441

2,412

FW1998538.UP.FTS.B,

20.31%,

11/08/24

.

3,371

3,326

L1991260.UP.FTS.B,

20.4%,

11/08/24

....

11,048

10,882

L1999186.UP.FTS.B,

20.9%,

11/08/24

....

2,381

2,349

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

298

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1996884.UP.FTS.B,

21.44%,

11/08/24

...

$

9,390

$

185

L1991768.UP.FTS.B,

21.66%,

11/08/24

...

2,278

640

L1999124.UP.FTS.B,

21.96%,

11/08/24

...

1,362

1,343

L1993163.UP.FTS.B,

22.06%,

11/08/24

...

2,691

2,654

L1990534.UP.FTS.B,

22.07%,

11/08/24

...

6,868

6,759

FW1997760.UP.FTS.B,

22.3%,

11/08/24

..

5,491

5,419

FW1989573.UP.FTS.B,

22.36%,

11/08/24

.

1,031

1,015

L1994045.UP.FTS.B,

22.76%,

11/08/24

...

1,859

1,835

FW1991109.UP.FTS.B,

23.32%,

11/08/24

.

3,452

3,407

L1994247.UP.FTS.B,

23.34%,

11/08/24

...

1,516

913

L1992601.UP.FTS.B,

23.37%,

11/08/24

...

833

820

L1995328.UP.FTS.B,

23.72%,

11/08/24

...

3,462

3,408

FW1992676.UP.FTS.B,

24.35%,

11/08/24

.

2,057

2,029

FW1998906.UP.FTS.B,

25.05%,

11/08/24

.

2,578

2,538

FW1990565.UP.FTS.B,

26.42%,

11/08/24

.

1,891

1,867

FW1999321.UP.FTS.B,

26.61%,

11/08/24

.

3,155

3,106

FW1993106.UP.FTS.B,

27.22%,

11/08/24

.

2,265

1,370

FW1990425.UP.FTS.B,

27.28%,

11/08/24

.

3,542

3,488

FW1998626.UP.FTS.B,

27.42%,

11/08/24

.

2,108

2,080

FW1990874.UP.FTS.B,

27.43%,

11/08/24

.

1,877

1,125

FW1997204.UP.FTS.B,

28.06%,

11/08/24

.

3,501

3,455

FW1999593.UP.FTS.B,

28.28%,

11/08/24

.

1,412

1,394

FW1998388.UP.FTS.B,

28.53%,

11/08/24

.

1,151

81

FW1999260.UP.FTS.B,

28.83%,

11/08/24

.

7,147

7,038

FW1996177.UP.FTS.B,

29.18%,

11/08/24

.

2,005

(15)

FW1994083.UP.FTS.B,

29.21%,

11/08/24

.

9,124

652

L2074995.UP.FTS.B,

6.25%,

11/18/24

....

3,217

3,030

L2075196.UP.FTS.B,

6.5%,

11/18/24

.....

951

941

L2071075.UP.FTS.B,

6.65%,

11/18/24

....

6,025

5,966

L2067255.UP.FTS.B,

7.27%,

11/18/24

....

8,297

8,220

L2074894.UP.FTS.B,

7.38%,

11/18/24

....

8,282

8,198

FW2060208.UP.FTS.B,

8.38%,

11/18/24

..

3,820

3,789

L2074717.UP.FTS.B,

9.11%,

11/18/24

....

5,145

5,104

L2074300.UP.FTS.B,

9.14%,

11/18/24

....

15,731

1,045

L2071958.UP.FTS.B,

10.19%,

11/18/24

...

2,910

2,888

L2073503.UP.FTS.B,

10.22%,

11/18/24

...

2,256

139

L2042230.UP.FTS.B,

10.36%,

11/18/24

...

777

770

L2069761.UP.FTS.B,

11.37%,

11/18/24

...

919

912

L2073296.UP.FTS.B,

11.88%,

11/18/24

...

6,003

5,960

L2074825.UP.FTS.B,

11.88%,

11/18/24

...

1,174

1,166

L2069517.UP.FTS.B,

12.06%,

11/18/24

...

6,532

6,484

L2070468.UP.FTS.B,

13.05%,

11/18/24

...

4,096

3,873

L2071334.UP.FTS.B,

13.96%,

11/18/24

...

1,979

1,965

L2072070.UP.FTS.B,

14.5%,

11/18/24

....

2,418

2,288

L2074624.UP.FTS.B,

14.71%,

11/18/24

...

1,986

1,977

L2071744.UP.FTS.B,

15.58%,

11/18/24

...

6,318

6,288

L2071211.UP.FTS.B,

15.75%,

11/18/24

...

3,661

3,644

L2070735.UP.FTS.B,

15.91%,

11/18/24

...

7,326

7,293

L2069907.UP.FTS.B,

16.18%,

11/18/24

...

2,936

2,914

L2070764.UP.FTS.B,

16.31%,

11/18/24

...

1,670

1,657

L2070361.UP.FTS.B,

16.86%,

11/18/24

...

5,355

5,331

L2071251.UP.FTS.B,

17.57%,

11/18/24

...

672

669

L2043746.UP.FTS.B,

18%,

11/18/24

.....

4,038

4,021

L2073793.UP.FTS.B,

18.13%,

11/18/24

...

4,041

4,023

L2075163.UP.FTS.B,

19.13%,

11/18/24

...

3,743

3,717

L2070689.UP.FTS.B,

19.39%,

11/18/24

...

6,776

6,747

FW2072221.UP.FTS.B,

19.4%,

11/18/24

..

4,744

4,723

L2072986.UP.FTS.B,

19.5%,

11/18/24

....

6,268

6,224

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2074866.UP.FTS.B,

20.36%,

11/18/24

...

$

749

$

744

L2074744.UP.FTS.B,

20.69%,

11/18/24

...

4,092

4,074

L2070078.UP.FTS.B,

21.01%,

11/18/24

...

1,875

54

FW2070210.UP.FTS.B,

21.14%,

11/18/24

.

10,251

10,159

L2069989.UP.FTS.B,

21.94%,

11/18/24

...

5,831

5,778

FW2074575.UP.FTS.B,

21.98%,

11/18/24

.

3,430

3,400

L2075360.UP.FTS.B,

22.53%,

11/18/24

...

688

685

L2075201.UP.FTS.B,

22.55%,

11/18/24

...

2,380

2,369

L2074324.UP.FTS.B,

22.74%,

11/18/24

...

1,377

1,365

L2071339.UP.FTS.B,

23.22%,

11/18/24

...

6,763

6,703

L2074321.UP.FTS.B,

23.4%,

11/18/24

....

761

752

FW2074738.UP.FTS.B,

25.07%,

11/18/24

.

2,795

2,763

FW2073266.UP.FTS.B,

25.94%,

11/18/24

.

5,658

1,663

FW2072771.UP.FTS.B,

26.31%,

11/18/24

.

688

681

FW2074885.UP.FTS.B,

26.84%,

11/18/24

.

1,281

1,261

FW2073544.UP.FTS.B,

26.86%,

11/18/24

.

1,403

1,391

FW2074174.UP.FTS.B,

27.6%,

11/18/24

..

847

838

FW2074893.UP.FTS.B,

28.12%,

11/18/24

.

917

910

FW2074718.UP.FTS.B,

28.91%,

11/18/24

.

1,062

1,053

FW2074605.UP.FTS.B,

29%,

11/18/24

...

3,036

3,006

FW2074651.UP.FTS.B,

29.17%,

11/18/24

.

4,449

4,410

L2215514.UP.FTS.B,

6.51%,

12/09/24

....

4,562

4,512

L2218454.UP.FTS.B,

6.62%,

12/09/24

....

2,117

2,094

L2198786.UP.FTS.B,

7.35%,

12/09/24

....

4,638

4,590

L2218367.UP.FTS.B,

9.23%,

12/09/24

....

670

664

L2216870.UP.FTS.B,

10.32%,

12/09/24

...

3,033

3,001

FW2216772.UP.FTS.B,

10.45%,

12/09/24

.

1,686

1,668

FW2214645.UP.FTS.B,

11.71%,

12/09/24

.

3,909

214

L2215668.UP.FTS.B,

11.82%,

12/09/24

...

7,464

7,393

L2218473.UP.FTS.B,

11.83%,

12/09/24

...

5,973

423

L2218057.UP.FTS.B,

12.68%,

12/09/24

...

3,000

2,967

L2218119.UP.FTS.B,

12.83%,

12/09/24

...

1,020

1,011

FW2217503.UP.FTS.B,

13.59%,

12/09/24

.

1,671

122

L2217057.UP.FTS.B,

13.87%,

12/09/24

...

789

38

L2214428.UP.FTS.B,

14.33%,

12/09/24

...

2,616

2,590

L2216051.UP.FTS.B,

16.31%,

12/09/24

...

4,155

4,119

L2216899.UP.FTS.B,

16.51%,

12/09/24

...

2,147

1,252

L2215377.UP.FTS.B,

17.32%,

12/09/24

...

697

689

L2215765.UP.FTS.B,

17.77%,

12/09/24

...

1,700

241

FW2215617.UP.FTS.B,

17.98%,

12/09/24

.

2,086

2,068

L2217273.UP.FTS.B,

18.07%,

12/09/24

...

1,408

1,393

FW2217838.UP.FTS.B,

18.43%,

12/09/24

.

14,727

8,616

L2216494.UP.FTS.B,

18.54%,

12/09/24

...

10,163

10,050

L2215156.UP.FTS.B,

18.88%,

12/09/24

...

5,017

4,962

FW2214152.UP.FTS.B,

19.21%,

12/09/24

.

2,469

2,442

L2215879.UP.FTS.B,

21.14%,

12/09/24

...

3,024

2,977

L2214850.UP.FTS.B,

21.36%,

12/09/24

...

1,840

1,808

L2214773.UP.FTS.B,

21.94%,

12/09/24

...

2,348

2,309

L2214203.UP.FTS.B,

22.16%,

12/09/24

...

5,697

5,604

L2215694.UP.FTS.B,

22.23%,

12/09/24

...

4,274

4,204

L2217794.UP.FTS.B,

22.85%,

12/09/24

...

1,429

1,413

L2217826.UP.FTS.B,

23.12%,

12/09/24

...

2,860

2,814

L2217187.UP.FTS.B,

23.26%,

12/09/24

...

2,525

2,485

FW2194665.UP.FTS.B,

23.32%,

12/09/24

.

856

844

L1410939.UP.FTS.B,

23.67%,

12/09/24

...

2,660

2,637

L2217957.UP.FTS.B,

24.82%,

12/09/24

...

3,257

927

FW2214522.UP.FTS.B,

26.52%,

12/09/24

.

4,604

2,773

FW2204545.UP.FTS.B,

27.62%,

12/09/24

.

1,611

233

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

299

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2219730.UP.FTS.B,

6.81%,

12/10/24

....

$

6,622

$

6,551

L2221277.UP.FTS.B,

9.11%,

12/10/24

....

6,699

6,629

L2220268.UP.FTS.B,

10.33%,

12/10/24

...

3,370

3,335

L2220173.UP.FTS.B,

10.59%,

12/10/24

...

1,339

1,326

L2220491.UP.FTS.B,

10.62%,

12/10/24

...

675

668

L2221024.UP.FTS.B,

11.5%,

12/10/24

....

2,915

2,883

FW2222089.UP.FTS.B,

11.88%,

12/10/24

.

3,911

213

L2220175.UP.FTS.B,

12.44%,

12/10/24

...

2,724

2,695

FW2221592.UP.FTS.B,

12.68%,

12/10/24

.

3,236

3,204

L2218889.UP.FTS.B,

13.59%,

12/10/24

...

4,749

251

L2219468.UP.FTS.B,

14.29%,

12/10/24

...

4,050

297

FW2219110.UP.FTS.B,

14.72%,

12/10/24

.

5,163

5,110

FW2219902.UP.FTS.B,

15.07%,

12/10/24

.

10,343

10,227

FW2220289.UP.FTS.B,

15.19%,

12/10/24

.

6,326

903

L2219054.UP.FTS.B,

16.23%,

12/10/24

...

3,813

3,771

L2221405.UP.FTS.B,

16.42%,

12/10/24

...

4,062

4,025

FW2220767.UP.FTS.B,

16.93%,

12/10/24

.

2,434

2,408

L2219716.UP.FTS.B,

17.42%,

12/10/24

...

4,162

4,127

FW2222355.UP.FTS.B,

17.64%,

12/10/24

.

6,281

6,212

L2222176.UP.FTS.B,

17.82%,

12/10/24

...

2,095

2,072

L2211402.UP.FTS.B,

18.17%,

12/10/24

...

2,099

2,076

L2220914.UP.FTS.B,

18.55%,

12/10/24

...

1,218

88

FW2219362.UP.FTS.B,

18.87%,

12/10/24

.

3,158

3,124

L2221644.UP.FTS.B,

19.1%,

12/10/24

....

3,512

3,474

L2220492.UP.FTS.B,

19.4%,

12/10/24

....

4,319

314

L2220530.UP.FTS.B,

19.78%,

12/10/24

...

2,125

2,091

L2222285.UP.FTS.B,

19.82%,

12/10/24

...

668

662

L2217930.UP.FTS.B,

20.56%,

12/10/24

...

2,341

332

L2222110.UP.FTS.B,

20.56%,

12/10/24

...

2,050

2,031

L2219790.UP.FTS.B,

20.59%,

12/10/24

...

3,536

3,498

FW2218657.UP.FTS.B,

21.6%,

12/10/24

..

3,549

3,510

FW2220220.UP.FTS.B,

21.76%,

12/10/24

.

2,488

2,448

L2221774.UP.FTS.B,

21.93%,

12/10/24

...

7,148

7,074

FW2219561.UP.FTS.B,

22.18%,

12/10/24

.

1,781

1,762

L2221302.UP.FTS.B,

22.2%,

12/10/24

....

5,364

1,504

FW2220602.UP.FTS.B,

22.35%,

12/10/24

.

3,706

3,647

L2221286.UP.FTS.B,

22.62%,

12/10/24

...

4,260

4,203

L2219861.UP.FTS.B,

23.85%,

12/10/24

...

4,017

3,954

L2219041.UP.FTS.B,

24.61%,

12/10/24

...

7,197

7,084

FW2221624.UP.FTS.B,

24.89%,

12/10/24

.

678

666

FW2215089.UP.FTS.B,

25.18%,

12/10/24

.

10,823

10,653

FW2221043.UP.FTS.B,

26.33%,

12/10/24

.

4,376

4,310

FW2219297.UP.FTS.B,

29.16%,

12/10/24

.

2,442

172

L1612705.UP.FTS.B,

21.91%,

1/23/25

....

3,539

3,485

FW1611967.UP.FTS.B,

27.5%,

1/23/25

...

3,625

3,562

L1615117.UP.FTS.B,

19.17%,

1/24/25

....

1,508

1,428

L1614295.UP.FTS.B,

24.71%,

1/24/25

....

2,034

146

FW1618121.UP.FTS.B,

27.49%,

1/24/25

..

5,639

5,452

FW1615843.UP.FTS.B,

29.08%,

1/24/25

..

884

835

FW1617954.UP.FTS.B,

30.19%,

1/24/25

..

1,813

274

L1621220.UP.FTS.B,

21.82%,

1/25/25

....

2,102

2,079

FW1619402.UP.FTS.B,

29.13%,

1/25/25

..

1,538

1,521

L1705649.UP.FTS.B,

12.52%,

2/13/25

....

4,581

4,526

L1706431.UP.FTS.B,

14.35%,

2/13/25

....

2,806

206

L1706603.UP.FTS.B,

17.88%,

2/13/25

....

1,811

260

L1705867.UP.FTS.B,

23.21%,

2/13/25

....

3,610

3,560

L1706082.UP.FTS.B,

23.36%,

2/13/25

....

3,491

3,439

FW1705430.UP.FTS.B,

26.41%,

2/13/25

..

2,713

129

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1706392.UP.FTS.B,

28.7%,

2/13/25

...

$

6,257

$

1,801

L1876344.UP.FTS.B,

21.57%,

3/19/25

....

2,395

2,351

L1881360.UP.FTS.B,

22.2%,

3/19/25

....

4,154

(18)

L1878043.UP.FTS.B,

23%,

3/19/25

......

29,565

29,097

FW1876639.UP.FTS.B,

25.42%,

3/19/25

..

1,130

1,124

FW1878061.UP.FTS.B,

25.84%,

3/19/25

..

6,756

(579)

FW1880807.UP.FTS.B,

27.59%,

3/19/25

..

4,101

606

L1996568.UP.FTS.B,

13.69%,

4/08/25

....

3,226

3,181

L1995937.UP.FTS.B,

19.73%,

4/08/25

....

9,488

9,320

FW1996652.UP.FTS.B,

20.84%,

4/08/25

..

1,113

1,092

L1989183.UP.FTS.B,

20.95%,

4/08/25

....

10,413

10,237

L1992850.UP.FTS.B,

21.32%,

4/08/25

....

7,617

7,441

L1992210.UP.FTS.B,

21.73%,

4/08/25

....

1,919

1,897

FW1999367.UP.FTS.B,

26.01%,

4/08/25

..

1,620

1,588

L2074442.UP.FTS.B,

9.61%,

4/18/25

....

2,915

2,881

L2075012.UP.FTS.B,

19.96%,

4/18/25

....

5,450

5,369

FW2074886.UP.FTS.B,

23.12%,

4/18/25

..

2,284

2,246

L1959123.UP.FTS.B,

23.14%,

4/18/25

....

3,418

3,373

FW2071617.UP.FTS.B,

24.28%,

4/18/25

..

7,976

7,847

FW2072495.UP.FTS.B,

28.04%,

4/18/25

..

2,419

(143)

FW2074154.UP.FTS.B,

28.72%,

4/18/25

..

953

940

L2218347.UP.FTS.B,

8.96%,

5/09/25

....

4,091

4,043

L2215847.UP.FTS.B,

15.81%,

5/09/25

....

8,609

8,517

L2215619.UP.FTS.B,

17.97%,

5/09/25

....

1,679

1,653

FW2216954.UP.FTS.B,

19.2%,

5/09/25

...

4,948

2,859

FW2214394.UP.FTS.B,

19.36%,

5/09/25

..

735

723

L2215113.UP.FTS.B,

19.57%,

5/09/25

....

3,653

2,096

L2214186.UP.FTS.B,

22.58%,

5/09/25

....

2,435

2,396

L2218938.UP.FTS.B,

7.83%,

5/10/25

....

5,582

5,511

FW2222423.UP.FTS.B,

16.87%,

5/10/25

..

12,738

7,332

L2220009.UP.FTS.B,

18.38%,

5/10/25

....

2,093

1,214

FW2221895.UP.FTS.B,

22.51%,

5/10/25

..

4,719

4,629

FW2219263.UP.FTS.B,

25.61%,

5/10/25

..

5,157

1,458

FW2220132.UP.FTS.B,

25.62%,

5/10/25

..

2,643

757

FW2219260.UP.FTS.B,

28.47%,

5/10/25

..

3,179

225

FW1617191.UP.FTS.B,

30.37%,

6/24/25

..

1,138

1,117

FW1601279.UP.FTS.B,

28.41%,

6/25/25

..

1,373

1,361

L1707019.UP.FTS.B,

22.94%,

7/13/25

....

7,250

7,134

L2000015.UP.FTS.B,

20.73%,

9/08/25

....

747

737

L1991908.UP.FTS.B,

22.22%,

9/08/25

....

6,084

443

L2214629.UP.FTS.B,

23.78%,

10/09/25

...

4,862

700

L1410769.UP.FTS.B,

17.3%,

7/09/26

....

3,563

3,515

L1410682.UP.FTS.B,

18.43%,

7/09/26

....

7,142

7,045

L1410871.UP.FTS.B,

19.36%,

7/09/26

....

3,175

3,132

L1406959.UP.FTS.B,

19.7%,

7/09/26

....

2,071

2,042

L1410905.UP.FTS.B,

21.33%,

7/09/26

....

8,993

649

L1410134.UP.FTS.B,

22.14%,

7/09/26

....

4,493

4,476

L1410812.UP.FTS.B,

23.09%,

7/09/26

....

7,470

7,425

L1410647.UP.FTS.B,

25.18%,

7/09/26

....

4,356

64

FW1410806.UP.FTS.B,

26.55%,

7/09/26

..

1,799

1,794

FW1410862.UP.FTS.B,

30.65%,

7/09/26

..

1,763

1,755

L1612245.UP.FTS.B,

7.13%,

8/23/26

....

3,602

3,579

L1612759.UP.FTS.B,

7.7%,

8/23/26

.....

4,150

4,119

L1613031.UP.FTS.B,

10.95%,

8/23/26

....

14,642

14,517

L1613160.UP.FTS.B,

11.35%,

8/23/26

....

23,674

22,270

L1612342.UP.FTS.B,

11.46%,

8/23/26

....

38,606

38,279

L1612983.UP.FTS.B,

11.8%,

8/23/26

.....

38,645

38,345

L1612198.UP.FTS.B,

11.94%,

8/23/26

....

9,992

9,913

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

300

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1612119.UP.FTS.B,

13.33%,

8/23/26

..

$

15,991

$

15,047

L1606587.UP.FTS.B,

14.39%,

8/23/26

....

39,228

38,934

L1612751.UP.FTS.B,

14.6%,

8/23/26

....

11,793

11,675

FW1612446.UP.FTS.B,

14.89%,

8/23/26

..

2,903

2,881

L1612460.UP.FTS.B,

14.95%,

8/23/26

....

11,816

11,698

L1611811.UP.FTS.B,

15.17%,

8/23/26

....

15,726

15,588

FW1611006.UP.FTS.B,

15.64%,

8/23/26

..

16,573

16,446

L1611958.UP.FTS.B,

16.45%,

8/23/26

....

9,017

8,924

L1613087.UP.FTS.B,

17.25%,

8/23/26

....

6,377

6,313

L1613097.UP.FTS.B,

17.66%,

8/23/26

....

604

595

L1613141.UP.FTS.B,

18.36%,

8/23/26

....

4,815

4,760

L1612462.UP.FTS.B,

18.65%,

8/23/26

....

7,911

7,827

L1611722.UP.FTS.B,

19.13%,

8/23/26

....

6,445

6,371

FW1613143.UP.FTS.B,

19.39%,

8/23/26

..

16,132

15,949

L1612696.UP.FTS.B,

19.76%,

8/23/26

....

8,890

8,872

L1612946.UP.FTS.B,

20.18%,

8/23/26

....

28,782

27,403

L1611808.UP.FTS.B,

20.24%,

8/23/26

....

8,101

8,085

L1611110.UP.FTS.B,

20.52%,

8/23/26

....

14,603

14,574

L1611787.UP.FTS.B,

20.92%,

8/23/26

....

12,747

1,946

FW1613287.UP.FTS.B,

21.05%,

8/23/26

..

2,440

2,435

L1611961.UP.FTS.B,

21.45%,

8/23/26

....

4,483

4,474

L1611980.UP.FTS.B,

21.62%,

8/23/26

....

3,264

3,258

L1612389.UP.FTS.B,

21.85%,

8/23/26

....

5,225

5,166

L1612410.UP.FTS.B,

21.86%,

8/23/26

....

4,009

3,967

L1606808.UP.FTS.B,

22.21%,

8/23/26

....

14,216

1,027

FW1612398.UP.FTS.B,

22.84%,

8/23/26

..

8,164

7,936

L1612489.UP.FTS.B,

23.23%,

8/23/26

....

3,487

3,325

FW1613265.UP.FTS.B,

23.28%,

8/23/26

..

4,934

4,925

L1612268.UP.FTS.B,

24.09%,

8/23/26

....

158

151

FW1612756.UP.FTS.B,

24.22%,

8/23/26

..

6,132

436

L1612902.UP.FTS.B,

24.91%,

8/23/26

....

12,302

12,295

L1605896.UP.FTS.B,

25.03%,

8/23/26

....

25,462

24,264

L1612867.UP.FTS.B,

25.04%,

8/23/26

....

1,493

1,490

L1611991.UP.FTS.B,

25.15%,

8/23/26

....

2,170

2,164

L1613022.UP.FTS.B,

25.17%,

8/23/26

....

4,972

4,972

L1612115.UP.FTS.B,

25.2%,

8/23/26

.....

996

994

L1612430.UP.FTS.B,

25.3%,

8/23/26

....

913

911

L1610778.UP.FTS.B,

25.4%,

8/23/26

....

3,534

3,533

L1613013.UP.FTS.B,

25.41%,

8/23/26

....

1,700

1,620

L1612935.UP.FTS.B,

25.45%,

8/23/26

....

1,412

1,410

L1612475.UP.FTS.B,

25.7%,

8/23/26

....

1,107

1,105

L1612818.UP.FTS.B,

26.11%,

8/23/26

....

783

229

L1613041.UP.FTS.B,

26.53%,

8/23/26

....

5,065

5,053

FW1612781.UP.FTS.B,

27.12%,

8/23/26

..

8,400

8,387

FW1612416.UP.FTS.B,

27.52%,

8/23/26

..

8,334

8,332

FW1612304.UP.FTS.B,

28.02%,

8/23/26

..

5,042

5,033

FW1612359.UP.FTS.B,

28.35%,

8/23/26

..

16,561

2,556

FW1611792.UP.FTS.B,

28.67%,

8/23/26

..

5,908

5,899

FW1612593.UP.FTS.B,

29.96%,

8/23/26

..

22,843

3,500

FW1613053.UP.FTS.B,

30.42%,

8/23/26

..

729

723

FW1612948.UP.FTS.B,

30.7%,

8/23/26

...

8,498

8,485

FW1598463.UP.FTS.B,

30.71%,

8/23/26

..

12,747

12,727

FW1612884.UP.FTS.B,

30.9%,

8/23/26

...

2,591

2,510

FW1610809.UP.FTS.B,

31.14%,

8/23/26

..

2,363

2,359

FW1611607.UP.FTS.B,

31.84%,

8/23/26

..

2,656

2,653

FW1612126.UP.FTS.B,

32.02%,

8/23/26

..

3,863

3,847

FW1612221.UP.FTS.B,

33.09%,

8/23/26

..

7,456

1,142

L1613929.UP.FTS.B,

6.38%,

8/24/26

....

11,224

11,151

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1616813.UP.FTS.B,

7.47%,

8/24/26

....

$

3,767

$

3,743

L1614711.UP.FTS.B,

8.06%,

8/24/26

.....

4,226

310

L1613779.UP.FTS.B,

8.38%,

8/24/26

....

10,613

10,534

L1617369.UP.FTS.B,

8.58%,

8/24/26

....

12,322

12,235

L1614080.UP.FTS.B,

9.53%,

8/24/26

....

2,312

2,174

FW1618242.UP.FTS.B,

10.05%,

8/24/26

..

11,484

11,400

L1616604.UP.FTS.B,

10.09%,

8/24/26

....

11,105

11,011

L1613335.UP.FTS.B,

10.66%,

8/24/26

....

1,153

1,144

L1618136.UP.FTS.B,

10.88%,

8/24/26

....

3,920

3,687

L1616625.UP.FTS.B,

11.18%,

8/24/26

....

10,793

10,703

L1615613.UP.FTS.B,

11.71%,

8/24/26

....

4,949

4,908

L1614345.UP.FTS.B,

12.28%,

8/24/26

....

3,091

3,067

L1614068.UP.FTS.B,

12.29%,

8/24/26

....

10,742

10,649

L1617085.UP.FTS.B,

12.5%,

8/24/26

....

9,928

9,850

L1613877.UP.FTS.B,

13.09%,

8/24/26

....

11,692

11,596

L1613838.UP.FTS.B,

13.27%,

8/24/26

....

777

771

L1615725.UP.FTS.B,

13.27%,

8/24/26

....

4,214

4,179

L1617795.UP.FTS.B,

13.57%,

8/24/26

....

19,542

19,382

L1614941.UP.FTS.B,

13.72%,

8/24/26

....

7,606

7,547

L1616432.UP.FTS.B,

13.96%,

8/24/26

....

14,103

13,989

L1614273.UP.FTS.B,

14.09%,

8/24/26

....

8,871

8,351

FW1615867.UP.FTS.B,

14.28%,

8/24/26

..

7,038

6,985

FW1614076.UP.FTS.B,

14.66%,

8/24/26

..

7,830

7,772

L1615205.UP.FTS.B,

15.01%,

8/24/26

....

453

32

L1615692.UP.FTS.B,

15.67%,

8/24/26

....

5,553

5,227

L1617268.UP.FTS.B,

15.74%,

8/24/26

....

1,976

1,962

L1617016.UP.FTS.B,

15.82%,

8/24/26

....

13,772

13,639

L1616977.UP.FTS.B,

16.49%,

8/24/26

....

2,332

2,310

L1617004.UP.FTS.B,

16.62%,

8/24/26

....

4,770

4,724

L1613683.UP.FTS.B,

16.65%,

8/24/26

....

5,124

5,080

FW1613769.UP.FTS.B,

16.69%,

8/24/26

..

3,976

3,931

L1614266.UP.FTS.B,

16.7%,

8/24/26

....

2,466

2,442

L1616581.UP.FTS.B,

16.94%,

8/24/26

....

2,377

2,357

L1614751.UP.FTS.B,

17.63%,

8/24/26

....

11,989

11,855

L1618185.UP.FTS.B,

18.18%,

8/24/26

....

9,619

9,527

L1614375.UP.FTS.B,

18.88%,

8/24/26

....

6,436

6,365

L1616929.UP.FTS.B,

19.05%,

8/24/26

....

8,052

7,963

L1617080.UP.FTS.B,

19.1%,

8/24/26

....

5,638

5,585

L1613574.UP.FTS.B,

19.14%,

8/24/26

....

2,417

2,390

L1617202.UP.FTS.B,

19.24%,

8/24/26

....

2,418

2,395

L1618259.UP.FTS.B,

19.27%,

8/24/26

....

6,449

6,438

L1613957.UP.FTS.B,

19.33%,

8/24/26

....

8,870

8,771

L1617047.UP.FTS.B,

19.37%,

8/24/26

....

2,990

2,851

L1616477.UP.FTS.B,

19.45%,

8/24/26

....

4,841

4,787

L1597028.UP.FTS.B,

19.71%,

8/24/26

....

4,256

1,201

L1614886.UP.FTS.B,

19.82%,

8/24/26

....

9,054

8,968

L1617537.UP.FTS.B,

20.26%,

8/24/26

....

2,998

2,965

L1616760.UP.FTS.B,

20.32%,

8/24/26

....

7,409

535

L1600527.UP.FTS.B,

20.35%,

8/24/26

....

7,888

7,437

L1613477.UP.FTS.B,

20.77%,

8/24/26

....

3,240

3,209

FW1617124.UP.FTS.B,

21.09%,

8/24/26

..

3,478

3,435

L1613128.UP.FTS.B,

21.09%,

8/24/26

....

40,680

40,231

L1614925.UP.FTS.B,

21.15%,

8/24/26

....

778

777

FW1617037.UP.FTS.B,

21.16%,

8/24/26

..

8,086

8,085

L1617008.UP.FTS.B,

21.28%,

8/24/26

....

2,607

2,602

FW1617548.UP.FTS.B,

21.5%,

8/24/26

...

3,913

3,907

L1615113.UP.FTS.B,

21.5%,

8/24/26

.....

2,692

2,689

FW1616680.UP.FTS.B,

21.59%,

8/24/26

..

9,787

9,680

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

301

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1615331.UP.FTS.B,

21.76%,

8/24/26

..

$

19,491

$

19,457

FW1616224.UP.FTS.B,

21.78%,

8/24/26

..

1,116

1,111

L1616494.UP.FTS.B,

21.88%,

8/24/26

....

8,074

8,076

L1615740.UP.FTS.B,

22.58%,

8/24/26

....

3,278

3,273

L1617797.UP.FTS.B,

22.65%,

8/24/26

....

27,053

27,011

L1614645.UP.FTS.B,

22.79%,

8/24/26

....

2,625

2,621

L1613261.UP.FTS.B,

22.8%,

8/24/26

....

2,790

2,786

L1617314.UP.FTS.B,

23.08%,

8/24/26

....

2,039

2,039

FW1614723.UP.FTS.B,

23.32%,

8/24/26

..

12,336

12,317

FW1614111.UP.FTS.B,

23.36%,

8/24/26

..

9,871

9,855

L1617338.UP.FTS.B,

23.46%,

8/24/26

....

2,058

2,054

L1617363.UP.FTS.B,

23.46%,

8/24/26

....

6,521

6,467

FW1616273.UP.FTS.B,

23.5%,

8/24/26

...

803

802

FW1617458.UP.FTS.B,

23.54%,

8/24/26

..

9,810

706

L1615756.UP.FTS.B,

23.61%,

8/24/26

....

8,236

8,224

L1607649.UP.FTS.B,

23.71%,

8/24/26

....

1,236

1,222

FW1616613.UP.FTS.B,

23.91%,

8/24/26

..

14,435

14,413

L1615616.UP.FTS.B,

23.96%,

8/24/26

....

4,127

4,079

L1616072.UP.FTS.B,

24%,

8/24/26

......

5,120

5,112

L1614419.UP.FTS.B,

24.11%,

8/24/26

....

856

131

L1615372.UP.FTS.B,

24.2%,

8/24/26

....

11,190

1,719

L1614191.UP.FTS.B,

24.4%,

8/24/26

....

3,574

3,404

L1599086.UP.FTS.B,

24.44%,

8/24/26

....

6,562

6,562

L1617370.UP.FTS.B,

24.47%,

8/24/26

....

9,005

9,002

FW1618156.UP.FTS.B,

24.82%,

8/24/26

..

44,171

3,167

L1614289.UP.FTS.B,

24.87%,

8/24/26

....

2,743

195

FW1613731.UP.FTS.B,

24.96%,

8/24/26

..

15,746

15,723

FW1615802.UP.FTS.B,

24.99%,

8/24/26

..

2,713

2,586

L1617884.UP.FTS.B,

24.99%,

8/24/26

....

995

993

FW1616803.UP.FTS.B,

25.11%,

8/24/26

..

4,147

4,141

L1617253.UP.FTS.B,

25.15%,

8/24/26

....

11,613

11,596

FW1591289.UP.FTS.B,

25.18%,

8/24/26

..

2,821

2,817

L1613599.UP.FTS.B,

25.21%,

8/24/26

....

2,074

2,071

L1613633.UP.FTS.B,

25.23%,

8/24/26

....

6,329

5,967

L1616132.UP.FTS.B,

25.25%,

8/24/26

....

996

994

L1614745.UP.FTS.B,

25.32%,

8/24/26

....

6,118

1,809

L1614834.UP.FTS.B,

25.32%,

8/24/26

....

4,873

4,874

L1614231.UP.FTS.B,

25.4%,

8/24/26

....

1,578

1,576

L1614943.UP.FTS.B,

25.57%,

8/24/26

....

6,311

6,299

L1613168.UP.FTS.B,

25.62%,

8/24/26

....

6,131

5,846

FW1616899.UP.FTS.B,

25.66%,

8/24/26

..

2,249

2,239

FW1618114.UP.FTS.B,

25.78%,

8/24/26

..

2,662

2,659

L1617870.UP.FTS.B,

25.85%,

8/24/26

....

18,319

1,295

L1615232.UP.FTS.B,

25.93%,

8/24/26

....

3,580

3,574

FW1613979.UP.FTS.B,

26.13%,

8/24/26

..

809

789

L1616336.UP.FTS.B,

26.22%,

8/24/26

....

5,200

1,531

FW1614557.UP.FTS.B,

26.33%,

8/24/26

..

10,394

9,907

FW1615022.UP.FTS.B,

26.47%,

8/24/26

..

5,007

5,000

L1617509.UP.FTS.B,

26.53%,

8/24/26

....

5,123

4,884

FW1616218.UP.FTS.B,

26.77%,

8/24/26

..

2,108

2,081

FW1615207.UP.FTS.B,

26.92%,

8/24/26

..

2,092

2,089

FW1616600.UP.FTS.B,

27.4%,

8/24/26

...

6,212

6,211

FW1617924.UP.FTS.B,

27.4%,

8/24/26

...

6,704

6,695

FW1617995.UP.FTS.B,

27.41%,

8/24/26

..

4,849

4,850

FW1614841.UP.FTS.B,

27.56%,

8/24/26

..

2,432

2,428

FW1613197.UP.FTS.B,

28.07%,

8/24/26

..

32,787

2,328

FW1611723.UP.FTS.B,

28.21%,

8/24/26

..

6,728

6,719

FW1613690.UP.FTS.B,

28.43%,

8/24/26

..

4,189

4,190

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1617241.UP.FTS.B,

28.98%,

8/24/26

..

$

4,219

$

4,213

FW1613956.UP.FTS.B,

28.99%,

8/24/26

..

1,693

1,691

FW1618115.UP.FTS.B,

29.51%,

8/24/26

..

10,234

9,748

FW1614066.UP.FTS.B,

29.58%,

8/24/26

..

4,676

4,675

FW1617403.UP.FTS.B,

29.66%,

8/24/26

..

6,548

6,538

FW1617836.UP.FTS.B,

29.73%,

8/24/26

..

3,386

3,381

FW1614632.UP.FTS.B,

29.76%,

8/24/26

..

1,227

1,222

FW1613466.UP.FTS.B,

30.19%,

8/24/26

..

1,302

386

FW1614078.UP.FTS.B,

30.3%,

8/24/26

...

1,612

1,610

FW1613869.UP.FTS.B,

30.42%,

8/24/26

..

1,104

1,102

FW1614135.UP.FTS.B,

30.54%,

8/24/26

..

12,738

12,722

FW1615250.UP.FTS.B,

30.57%,

8/24/26

..

1,623

1,620

FW1615073.UP.FTS.B,

30.97%,

8/24/26

..

2,553

2,550

FW1612909.UP.FTS.B,

31.01%,

8/24/26

..

1,053

1,052

FW1617590.UP.FTS.B,

31.04%,

8/24/26

..

2,128

2,126

FW1615354.UP.FTS.B,

31.17%,

8/24/26

..

11,439

1,765

FW1616948.UP.FTS.B,

31.18%,

8/24/26

..

5,917

5,907

FW1614673.UP.FTS.B,

31.31%,

8/24/26

..

937

936

FW1617796.UP.FTS.B,

31.5%,

8/24/26

...

2,984

2,981

FW1616936.UP.FTS.B,

31.7%,

8/24/26

...

7,932

557

FW1614110.UP.FTS.B,

32.03%,

8/24/26

..

3,687

3,684

FW1616102.UP.FTS.B,

32.95%,

8/24/26

..

3,947

3,942

L1621070.UP.FTS.B,

8.8%,

8/25/26

.....

22,794

22,633

L1619126.UP.FTS.B,

9.43%,

8/25/26

....

7,628

7,575

L1618202.UP.FTS.B,

10.07%,

8/25/26

....

3,828

3,798

L1619514.UP.FTS.B,

10.85%,

8/25/26

....

3,826

3,799

L1619565.UP.FTS.B,

11.35%,

8/25/26

....

6,250

6,202

L1619757.UP.FTS.B,

12.57%,

8/25/26

....

6,214

6,172

L1617914.UP.FTS.B,

12.61%,

8/25/26

....

3,891

3,862

L1572047.UP.FTS.B,

12.99%,

8/25/26

....

5,142

5,103

L1620282.UP.FTS.B,

13.89%,

8/25/26

....

9,308

9,243

L1620912.UP.FTS.B,

14.91%,

8/25/26

....

3,938

3,909

L1620125.UP.FTS.B,

15.38%,

8/25/26

....

790

783

L1619050.UP.FTS.B,

15.55%,

8/25/26

....

3,167

3,139

FW1619311.UP.FTS.B,

16.02%,

8/25/26

..

4,728

4,691

L1619343.UP.FTS.B,

16.69%,

8/25/26

....

8,432

8,361

L1619826.UP.FTS.B,

16.95%,

8/25/26

....

12,605

12,489

FW1619065.UP.FTS.B,

16.98%,

8/25/26

..

19,914

19,741

L1619610.UP.FTS.B,

17.18%,

8/25/26

....

3,974

3,939

L1620043.UP.FTS.B,

17.72%,

8/25/26

....

2,516

2,499

L1618708.UP.FTS.B,

19.03%,

8/25/26

....

16,040

15,941

FW1618685.UP.FTS.B,

19.7%,

8/25/26

...

8,092

8,038

L1619055.UP.FTS.B,

19.81%,

8/25/26

....

2,425

2,424

FW1618558.UP.FTS.B,

20.33%,

8/25/26

..

4,559

4,509

L1618902.UP.FTS.B,

21.03%,

8/25/26

....

4,515

4,515

L1618616.UP.FTS.B,

21.44%,

8/25/26

....

8,151

8,147

FW1620348.UP.FTS.B,

22.68%,

8/25/26

..

3,129

3,099

FW1619947.UP.FTS.B,

22.69%,

8/25/26

..

1,614

1,594

L1620763.UP.FTS.B,

23.08%,

8/25/26

....

4,436

4,435

L1620526.UP.FTS.B,

23.25%,

8/25/26

....

1,644

1,644

L1619423.UP.FTS.B,

24.53%,

8/25/26

....

2,873

2,877

L1619251.UP.FTS.B,

24.92%,

8/25/26

....

1,823

1,823

L1619746.UP.FTS.B,

25.05%,

8/25/26

....

5,306

5,306

L1621031.UP.FTS.B,

25.07%,

8/25/26

....

4,975

4,975

L1620511.UP.FTS.B,

25.13%,

8/25/26

....

1,488

440

L1618437.UP.FTS.B,

25.3%,

8/25/26

....

8,586

8,581

L1619585.UP.FTS.B,

25.33%,

8/25/26

....

6,060

6,060

L1603724.UP.FTS.B,

25.36%,

8/25/26

....

435

430

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

302

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1601875.UP.FTS.B,

25.4%,

8/25/26

....

$

7,241

$

513

L1618792.UP.FTS.B,

25.43%,

8/25/26

....

2,824

2,824

L1619028.UP.FTS.B,

25.43%,

8/25/26

....

6,562

6,561

FW1620759.UP.FTS.B,

25.44%,

8/25/26

..

3,323

3,322

L1621068.UP.FTS.B,

25.46%,

8/25/26

....

3,489

3,489

FW1617532.UP.FTS.B,

25.68%,

8/25/26

..

2,495

2,494

L1620151.UP.FTS.B,

26.66%,

8/25/26

....

13,208

13,207

FW1619681.UP.FTS.B,

27.38%,

8/25/26

..

7,972

7,983

FW1615921.UP.FTS.B,

28.4%,

8/25/26

...

15,316

15,320

FW1618777.UP.FTS.B,

29.12%,

8/25/26

..

13,327

13,291

FW1618819.UP.FTS.B,

30.18%,

8/25/26

..

2,375

712

FW1618172.UP.FTS.B,

31.12%,

8/25/26

..

6,897

6,901

FW1618300.UP.FTS.B,

31.51%,

8/25/26

..

5,306

5,314

L1705668.UP.FTS.B,

7.09%,

9/13/26

....

38,346

38,016

L1706439.UP.FTS.B,

8.12%,

9/13/26

....

7,386

7,323

L1699091.UP.FTS.B,

8.91%,

9/13/26

....

38,758

38,431

L1706771.UP.FTS.B,

9.86%,

9/13/26

....

14,029

13,884

FW1703655.UP.FTS.B,

10.14%,

9/13/26

..

3,513

3,479

FW1705224.UP.FTS.B,

10.49%,

9/13/26

..

19,554

19,353

L1694396.UP.FTS.B,

11.41%,

9/13/26

....

7,870

7,790

L1706158.UP.FTS.B,

11.42%,

9/13/26

....

3,145

3,113

L1699795.UP.FTS.B,

11.82%,

9/13/26

....

7,092

7,020

L1706793.UP.FTS.B,

12.07%,

9/13/26

....

11,029

10,925

L1706436.UP.FTS.B,

12.13%,

9/13/26

....

2,763

2,735

L1706444.UP.FTS.B,

12.27%,

9/13/26

....

4,739

4,691

L1704834.UP.FTS.B,

12.73%,

9/13/26

....

7,129

7,057

L1705316.UP.FTS.B,

12.75%,

9/13/26

....

4,593

4,550

FW1704921.UP.FTS.B,

13.23%,

9/13/26

..

1,479

1,463

L1706652.UP.FTS.B,

13.34%,

9/13/26

....

17,120

16,954

L1705580.UP.FTS.B,

14.66%,

9/13/26

....

14,801

14,609

L1706707.UP.FTS.B,

14.84%,

9/13/26

....

16,015

15,867

L1705884.UP.FTS.B,

14.95%,

9/13/26

....

7,211

7,118

L1706863.UP.FTS.B,

15.07%,

9/13/26

....

4,179

1,115

L1706806.UP.FTS.B,

15.22%,

9/13/26

....

6,259

6,196

L1705731.UP.FTS.B,

15.3%,

9/13/26

....

12,902

12,737

L1704776.UP.FTS.B,

15.5%,

9/13/26

....

5,625

5,552

FW1705595.UP.FTS.B,

15.51%,

9/13/26

..

12,024

11,882

FW1701565.UP.FTS.B,

15.8%,

9/13/26

...

19,790

19,515

L1706683.UP.FTS.B,

16.01%,

9/13/26

....

1,933

1,916

L1705287.UP.FTS.B,

16.2%,

9/13/26

....

9,274

9,154

L1705917.UP.FTS.B,

16.39%,

9/13/26

....

4,232

598

L1705607.UP.FTS.B,

16.78%,

9/13/26

....

24,262

23,978

FW1707042.UP.FTS.B,

16.94%,

9/13/26

..

11,057

10,920

L1705598.UP.FTS.B,

17.01%,

9/13/26

....

2,348

2,318

FW1706882.UP.FTS.B,

17.33%,

9/13/26

..

3,745

3,697

L1699552.UP.FTS.B,

17.37%,

9/13/26

....

3,407

3,355

L1706107.UP.FTS.B,

18.07%,

9/13/26

....

11,549

841

L1706066.UP.FTS.B,

18.08%,

9/13/26

....

5,347

5,255

FW1706809.UP.FTS.B,

18.19%,

9/13/26

..

14,831

2,096

L1705021.UP.FTS.B,

18.29%,

9/13/26

....

6,554

6,456

FW1701942.UP.FTS.B,

19.32%,

9/13/26

..

12,284

12,097

L1706117.UP.FTS.B,

19.33%,

9/13/26

....

3,377

933

L1705225.UP.FTS.B,

19.41%,

9/13/26

....

3,912

3,853

FW1705472.UP.FTS.B,

19.5%,

9/13/26

...

6,542

6,466

L1705864.UP.FTS.B,

19.54%,

9/13/26

....

25,511

25,349

L1704972.UP.FTS.B,

19.67%,

9/13/26

....

36,910

36,736

FW1703178.UP.FTS.B,

19.77%,

9/13/26

..

5,294

5,219

L1705495.UP.FTS.B,

19.78%,

9/13/26

....

2,482

2,467

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1705415.UP.FTS.B,

19.86%,

9/13/26

....

$

7,832

$

7,715

L1699219.UP.FTS.B,

19.88%,

9/13/26

....

11,504

11,429

L1706913.UP.FTS.B,

20.18%,

9/13/26

....

6,058

6,028

L1705062.UP.FTS.B,

20.27%,

9/13/26

....

1,646

1,635

L1705666.UP.FTS.B,

20.28%,

9/13/26

....

1,846

1,815

L1705855.UP.FTS.B,

20.56%,

9/13/26

....

5,766

5,679

L1706223.UP.FTS.B,

20.97%,

9/13/26

....

12,836

7,599

L1706832.UP.FTS.B,

21.04%,

9/13/26

....

4,899

4,873

L1706003.UP.FTS.B,

21.07%,

9/13/26

....

5,780

5,692

L1706013.UP.FTS.B,

21.25%,

9/13/26

....

7,437

7,335

L1705507.UP.FTS.B,

21.58%,

9/13/26

....

4,441

320

FW1705757.UP.FTS.B,

21.7%,

9/13/26

...

2,981

2,967

L1706836.UP.FTS.B,

21.71%,

9/13/26

....

5,505

5,422

FW1706388.UP.FTS.B,

21.83%,

9/13/26

..

4,972

4,939

L1706178.UP.FTS.B,

22.1%,

9/13/26

....

2,904

2,885

L1702725.UP.FTS.B,

22.11%,

9/13/26

....

2,074

2,064

L1706147.UP.FTS.B,

23.21%,

9/13/26

....

4,172

4,145

L1706970.UP.FTS.B,

23.23%,

9/13/26

....

1,668

1,657

L1706347.UP.FTS.B,

23.37%,

9/13/26

....

7,543

7,497

L1706443.UP.FTS.B,

23.44%,

9/13/26

....

2,519

2,503

L1706155.UP.FTS.B,

23.63%,

9/13/26

....

3,525

57

L1706495.UP.FTS.B,

23.71%,

9/13/26

....

7,345

7,304

L1706931.UP.FTS.B,

24.04%,

9/13/26

....

1,004

998

L1706350.UP.FTS.B,

24.39%,

9/13/26

....

16,768

16,660

L1706467.UP.FTS.B,

24.5%,

9/13/26

....

1,120

305

L1704980.UP.FTS.B,

24.51%,

9/13/26

....

4,192

4,173

L1705774.UP.FTS.B,

24.52%,

9/13/26

....

6,710

6,667

L1705551.UP.FTS.B,

24.8%,

9/13/26

....

13,472

1,996

L1699725.UP.FTS.B,

24.98%,

9/13/26

....

1,699

1,689

L1705130.UP.FTS.B,

24.98%,

9/13/26

....

2,521

2,505

L1705055.UP.FTS.B,

24.99%,

9/13/26

....

1,616

1,606

FW1694399.UP.FTS.B,

25.04%,

9/13/26

..

2,522

2,505

L1704899.UP.FTS.B,

25.19%,

9/13/26

....

5,217

5,153

L1706179.UP.FTS.B,

25.28%,

9/13/26

....

1,094

1,077

L1705964.UP.FTS.B,

25.31%,

9/13/26

....

4,292

4,264

L1705061.UP.FTS.B,

25.48%,

9/13/26

....

2,348

169

L1671620.UP.FTS.B,

25.49%,

9/13/26

....

2,656

2,638

L1707003.UP.FTS.B,

25.5%,

9/13/26

....

1,431

1,425

L1707020.UP.FTS.B,

25.62%,

9/13/26

....

1,011

597

FW1705539.UP.FTS.B,

25.63%,

9/13/26

..

4,326

1,243

FW1705801.UP.FTS.B,

25.74%,

9/13/26

..

18,543

1,317

FW1705410.UP.FTS.B,

26.37%,

9/13/26

..

16,380

16,284

L1704856.UP.FTS.B,

26.37%,

9/13/26

....

12,842

7,598

FW1705619.UP.FTS.B,

26.39%,

9/13/26

..

2,113

2,103

L1706481.UP.FTS.B,

26.52%,

9/13/26

....

8,704

623

L1706658.UP.FTS.B,

26.61%,

9/13/26

....

6,004

5,971

L1704906.UP.FTS.B,

26.62%,

9/13/26

....

6,328

6,297

L1706122.UP.FTS.B,

26.74%,

9/13/26

....

7,110

7,065

FW1706840.UP.FTS.B,

26.82%,

9/13/26

..

30,529

30,337

FW1705300.UP.FTS.B,

26.94%,

9/13/26

..

1,864

1,852

FW1704992.UP.FTS.B,

27.2%,

9/13/26

...

1,697

1,686

FW1706600.UP.FTS.B,

28.17%,

9/13/26

..

6,811

6,779

FW1704833.UP.FTS.B,

28.32%,

9/13/26

..

1,586

458

FW1705464.UP.FTS.B,

28.92%,

9/13/26

..

6,405

6,364

FW1705970.UP.FTS.B,

29.06%,

9/13/26

..

3,395

3,370

FW1704923.UP.FTS.B,

29.37%,

9/13/26

..

2,298

662

FW1705494.UP.FTS.B,

29.37%,

9/13/26

..

8,658

5,140

FW1706656.UP.FTS.B,

29.5%,

9/13/26

...

1,722

1,712

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

303

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1706055.UP.FTS.B,

29.52%,

9/13/26

..

$

1,521

$

1,512

FW1705213.UP.FTS.B,

29.91%,

9/13/26

..

5,143

5,111

FW1704840.UP.FTS.B,

30.21%,

9/13/26

..

2,613

2,595

FW1706229.UP.FTS.B,

30.24%,

9/13/26

..

3,851

3,833

FW1705888.UP.FTS.B,

30.31%,

9/13/26

..

2,560

2,548

FW1706453.UP.FTS.B,

30.32%,

9/13/26

..

812

806

FW1705816.UP.FTS.B,

30.33%,

9/13/26

..

3,518

1,019

FW1705791.UP.FTS.B,

30.47%,

9/13/26

..

4,284

4,264

FW1705071.UP.FTS.B,

30.65%,

9/13/26

..

9,092

635

FW1706595.UP.FTS.B,

30.73%,

9/13/26

..

4,502

(43)

FW1705881.UP.FTS.B,

30.81%,

9/13/26

..

4,352

4,329

FW1705876.UP.FTS.B,

30.83%,

9/13/26

..

1,463

1,454

FW1706907.UP.FTS.B,

30.87%,

9/13/26

..

1,549

1,539

FW1705418.UP.FTS.B,

30.88%,

9/13/26

..

5,998

865

FW1706713.UP.FTS.B,

30.93%,

9/13/26

..

4,994

4,963

FW1706040.UP.FTS.B,

30.94%,

9/13/26

..

5,167

5,134

FW1705167.UP.FTS.B,

31%,

9/13/26

....

1,322

384

FW1705946.UP.FTS.B,

31.02%,

9/13/26

..

1,158

169

FW1706308.UP.FTS.B,

31.09%,

9/13/26

..

6,345

6,309

FW1704990.UP.FTS.B,

31.11%,

9/13/26

..

1,143

1,135

FW1706597.UP.FTS.B,

31.11%,

9/13/26

..

1,636

1,626

FW1706019.UP.FTS.B,

31.21%,

9/13/26

..

3,616

(38)

FW1706293.UP.FTS.B,

31.37%,

9/13/26

..

2,129

2,118

FW1706400.UP.FTS.B,

31.38%,

9/13/26

..

3,398

3,379

FW1697654.UP.FTS.B,

31.43%,

9/13/26

..

1,589

461

FW1703542.UP.FTS.B,

31.45%,

9/13/26

..

20,981

20,862

FW1706938.UP.FTS.B,

31.73%,

9/13/26

..

1,394

201

FW1706244.UP.FTS.B,

31.81%,

9/13/26

..

1,036

1,031

FW1706582.UP.FTS.B,

31.84%,

9/13/26

..

2,364

1,408

FW1705307.UP.FTS.B,

31.85%,

9/13/26

..

4,979

4,952

FW1704764.UP.FTS.B,

32.03%,

9/13/26

..

2,698

2,679

FW1706420.UP.FTS.B,

32.09%,

9/13/26

..

4,235

4,209

FW1705262.UP.FTS.B,

32.4%,

9/13/26

...

5,626

5,591

FW1705022.UP.FTS.B,

32.46%,

9/13/26

..

6,669

6,622

FW1705847.UP.FTS.B,

32.5%,

9/13/26

...

2,054

2,030

L1880089.UP.FTS.B,

6%,

10/19/26

......

6,457

6,442

L1878152.UP.FTS.B,

7.43%,

10/19/26

....

1,959

1,944

L1877184.UP.FTS.B,

9.06%,

10/19/26

....

7,173

7,119

L1851771.UP.FTS.B,

9.22%,

10/19/26

....

2,770

2,748

L1878256.UP.FTS.B,

9.69%,

10/19/26

....

7,934

7,858

L1880702.UP.FTS.B,

9.87%,

10/19/26

....

13,819

13,712

L1875318.UP.FTS.B,

10.07%,

10/19/26

...

4,756

4,713

FW1879016.UP.FTS.B,

10.84%,

10/19/26

.

19,957

19,768

L1881256.UP.FTS.B,

11.03%,

10/19/26

...

9,519

9,433

L1878336.UP.FTS.B,

11.06%,

10/19/26

...

1,472

1,455

L1879834.UP.FTS.B,

11.35%,

10/19/26

...

19,953

19,776

L1879823.UP.FTS.B,

11.68%,

10/19/26

...

16,437

16,282

L1880360.UP.FTS.B,

12.99%,

10/19/26

...

24,215

23,989

FW1879031.UP.FTS.B,

13.13%,

10/19/26

.

5,654

5,602

FW1878185.UP.FTS.B,

13.38%,

10/19/26

.

32,351

32,051

L1879789.UP.FTS.B,

13.49%,

10/19/26

...

18,193

18,009

L1881217.UP.FTS.B,

14.02%,

10/19/26

...

4,755

4,698

L1878258.UP.FTS.B,

14.16%,

10/19/26

...

6,516

6,457

L1880791.UP.FTS.B,

14.17%,

10/19/26

...

2,644

198

L1880631.UP.FTS.B,

14.27%,

10/19/26

...

6,149

442

L1877450.UP.FTS.B,

14.9%,

10/19/26

....

3,145

3,117

L1879966.UP.FTS.B,

14.94%,

10/19/26

...

8,151

8,053

L1879160.UP.FTS.B,

15.75%,

10/19/26

...

5,756

5,689

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1880586.UP.FTS.B,

15.78%,

10/19/26

...

$

6,409

$

1,732

L1877560.UP.FTS.B,

16.13%,

10/19/26

...

30,266

29,937

L1864741.UP.FTS.B,

16.15%,

10/19/26

...

4,919

4,860

L1881295.UP.FTS.B,

16.28%,

10/19/26

...

5,742

5,674

L1878278.UP.FTS.B,

16.38%,

10/19/26

...

8,207

8,110

L1877933.UP.FTS.B,

16.4%,

10/19/26

....

2,418

2,396

L1832966.UP.FTS.B,

16.66%,

10/19/26

...

16,334

16,156

L1860514.UP.FTS.B,

16.68%,

10/19/26

...

8,923

8,800

L1878027.UP.FTS.B,

16.7%,

10/19/26

....

8,142

8,051

L1877381.UP.FTS.B,

17.14%,

10/19/26

...

6,569

6,513

L1881555.UP.FTS.B,

17.31%,

10/19/26

...

5,440

5,118

FW1876338.UP.FTS.B,

17.58%,

10/19/26

.

2,971

2,936

FW1881188.UP.FTS.B,

17.77%,

10/19/26

.

2,295

2,273

L1879412.UP.FTS.B,

17.84%,

10/19/26

...

4,404

4,346

L1880095.UP.FTS.B,

17.84%,

10/19/26

...

12,394

12,284

L1879540.UP.FTS.B,

17.97%,

10/19/26

...

4,197

3,944

L1880587.UP.FTS.B,

18.12%,

10/19/26

...

3,309

3,271

L1876765.UP.FTS.B,

18.15%,

10/19/26

...

1,999

1,976

L1871080.UP.FTS.B,

18.23%,

10/19/26

...

4,973

4,904

FW1881398.UP.FTS.B,

18.35%,

10/19/26

.

2,899

2,865

L1880031.UP.FTS.B,

18.37%,

10/19/26

...

4,968

4,905

L1876524.UP.FTS.B,

18.4%,

10/19/26

....

4,557

4,493

L1877030.UP.FTS.B,

18.47%,

10/19/26

...

13,349

964

FW1877226.UP.FTS.B,

19.27%,

10/19/26

.

10,754

10,713

L1879198.UP.FTS.B,

19.39%,

10/19/26

...

10,926

10,778

L1877239.UP.FTS.B,

19.55%,

10/19/26

...

4,216

634

L1876835.UP.FTS.B,

19.58%,

10/19/26

...

833

821

L1879903.UP.FTS.B,

19.68%,

10/19/26

...

6,155

187

L1879248.UP.FTS.B,

19.71%,

10/19/26

...

5,004

4,934

L1879737.UP.FTS.B,

19.73%,

10/19/26

...

4,501

4,438

L1877523.UP.FTS.B,

19.9%,

10/19/26

....

4,951

4,883

L1871750.UP.FTS.B,

19.96%,

10/19/26

...

5,005

4,979

L1874758.UP.FTS.B,

20.02%,

10/19/26

...

1,973

1,944

FW1880709.UP.FTS.B,

20.07%,

10/19/26

.

5,843

5,775

L1876035.UP.FTS.B,

20.11%,

10/19/26

...

3,339

3,322

L1877722.UP.FTS.B,

20.57%,

10/19/26

...

13,446

13,262

FW1880186.UP.FTS.B,

20.64%,

10/19/26

.

4,687

4,662

L1879731.UP.FTS.B,

20.78%,

10/19/26

...

4,187

4,128

FW1877068.UP.FTS.B,

20.9%,

10/19/26

..

10,849

10,809

FW1878875.UP.FTS.B,

20.95%,

10/19/26

.

3,951

3,795

FW1877987.UP.FTS.B,

20.97%,

10/19/26

.

3,395

3,195

L1881502.UP.FTS.B,

21.09%,

10/19/26

...

6,838

1,975

L1877922.UP.FTS.B,

21.18%,

10/19/26

...

3,364

3,196

L1876777.UP.FTS.B,

21.6%,

10/19/26

....

7,191

7,160

L1881182.UP.FTS.B,

21.66%,

10/19/26

...

4,625

4,572

FW1880712.UP.FTS.B,

21.75%,

10/19/26

.

3,573

116

L1881025.UP.FTS.B,

21.78%,

10/19/26

...

33,231

32,792

L1877982.UP.FTS.B,

21.8%,

10/19/26

....

4,322

4,101

L1876819.UP.FTS.B,

22.33%,

10/19/26

...

14,523

14,444

FW1878006.UP.FTS.B,

22.44%,

10/19/26

.

10,120

10,067

L1870902.UP.FTS.B,

22.62%,

10/19/26

...

1,981

143

L1876562.UP.FTS.B,

22.64%,

10/19/26

...

5,085

5,008

L1862143.UP.FTS.B,

22.66%,

10/19/26

...

2,911

2,764

FW1875013.UP.FTS.B,

22.78%,

10/19/26

.

7,600

7,561

L1876648.UP.FTS.B,

22.83%,

10/19/26

...

9,247

8,778

L1877299.UP.FTS.B,

22.84%,

10/19/26

...

10,137

10,085

FW1866351.UP.FTS.B,

22.85%,

10/19/26

.

2,112

2,101

FW1879854.UP.FTS.B,

22.85%,

10/19/26

.

8,697

8,661

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

304

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1880160.UP.FTS.B,

22.89%,

10/19/26

.

$

4,419

$

4,396

L1880353.UP.FTS.B,

22.93%,

10/19/26

...

2,938

2,929

L1876513.UP.FTS.B,

22.94%,

10/19/26

...

3,738

3,720

L1878106.UP.FTS.B,

22.97%,

10/19/26

...

14,466

14,397

L1879681.UP.FTS.B,

23%,

10/19/26

.....

18,194

1,302

FW1880551.UP.FTS.B,

23.22%,

10/19/26

.

5,437

5,415

L1879610.UP.FTS.B,

23.28%,

10/19/26

...

5,950

5,920

FW1880088.UP.FTS.B,

23.43%,

10/19/26

.

7,790

7,750

FW1876728.UP.FTS.B,

23.57%,

10/19/26

.

12,481

12,424

L1879667.UP.FTS.B,

23.62%,

10/19/26

...

2,968

2,953

L1880795.UP.FTS.B,

23.65%,

10/19/26

...

2,454

2,441

L1881161.UP.FTS.B,

23.76%,

10/19/26

...

924

67

L1880716.UP.FTS.B,

23.94%,

10/19/26

...

4,667

4,643

L1879363.UP.FTS.B,

23.97%,

10/19/26

...

5,941

5,910

L1880563.UP.FTS.B,

24.05%,

10/19/26

...

2,362

2,353

L1879063.UP.FTS.B,

24.07%,

10/19/26

...

891

14

FW1877179.UP.FTS.B,

24.14%,

10/19/26

.

16,860

16,794

L1876901.UP.FTS.B,

24.3%,

10/19/26

....

4,716

4,694

L1879183.UP.FTS.B,

24.36%,

10/19/26

...

11,051

10,995

L1881294.UP.FTS.B,

24.41%,

10/19/26

...

4,602

331

L1877178.UP.FTS.B,

24.58%,

10/19/26

...

5,190

5,163

L1878749.UP.FTS.B,

24.6%,

10/19/26

....

3,389

3,377

L1881431.UP.FTS.B,

24.79%,

10/19/26

...

1,362

1,355

L1877594.UP.FTS.B,

24.95%,

10/19/26

...

2,982

2,967

L1878845.UP.FTS.B,

24.96%,

10/19/26

...

12,918

12,284

L1880129.UP.FTS.B,

24.99%,

10/19/26

...

2,855

2,840

L1877167.UP.FTS.B,

25.04%,

10/19/26

...

4,688

4,664

L1877074.UP.FTS.B,

25.09%,

10/19/26

...

25,717

25,592

L1880227.UP.FTS.B,

25.15%,

10/19/26

...

1,705

1,697

L1878816.UP.FTS.B,

25.23%,

10/19/26

...

6,696

6,360

L1879796.UP.FTS.B,

25.24%,

10/19/26

...

2,439

2,317

L1880423.UP.FTS.B,

25.24%,

10/19/26

...

5,980

5,951

L1878824.UP.FTS.B,

25.27%,

10/19/26

...

3,834

3,817

FW1879782.UP.FTS.B,

25.28%,

10/19/26

.

12,804

506

L1877100.UP.FTS.B,

25.32%,

10/19/26

...

1,704

24

FW1881461.UP.FTS.B,

25.38%,

10/19/26

.

5,121

5,095

L1876477.UP.FTS.B,

25.39%,

10/19/26

...

2,988

2,972

L1876700.UP.FTS.B,

25.46%,

10/19/26

...

2,732

2,718

L1876404.UP.FTS.B,

25.47%,

10/19/26

...

1,708

1,699

L1879422.UP.FTS.B,

25.49%,

10/19/26

...

1,715

1,688

L1878742.UP.FTS.B,

25.52%,

10/19/26

...

4,270

4,249

L1873948.UP.FTS.B,

25.57%,

10/19/26

...

8,542

8,499

L1880045.UP.FTS.B,

25.59%,

10/19/26

...

1,979

1,969

L1880122.UP.FTS.B,

25.62%,

10/19/26

...

12,183

3,547

L1880707.UP.FTS.B,

25.7%,

10/19/26

....

1,980

1,966

L1879612.UP.FTS.B,

25.74%,

10/19/26

...

7,743

7,704

FW1881063.UP.FTS.B,

25.77%,

10/19/26

.

6,991

6,643

FW1879167.UP.FTS.B,

25.8%,

10/19/26

..

859

855

L1879783.UP.FTS.B,

25.86%,

10/19/26

...

2,823

2,809

L1878517.UP.FTS.B,

25.91%,

10/19/26

...

8,382

8,340

FW1878125.UP.FTS.B,

25.92%,

10/19/26

.

1,882

1,872

L1878925.UP.FTS.B,

26.03%,

10/19/26

...

7,131

7,104

L1876834.UP.FTS.B,

26.05%,

10/19/26

...

13,609

13,540

FW1877802.UP.FTS.B,

26.08%,

10/19/26

.

6,447

6,417

FW1880930.UP.FTS.B,

26.15%,

10/19/26

.

9,134

654

L1877448.UP.FTS.B,

26.35%,

10/19/26

...

11,815

835

L1877874.UP.FTS.B,

26.52%,

10/19/26

...

3,858

3,839

FW1877751.UP.FTS.B,

26.95%,

10/19/26

.

3,543

1,036

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1876658.UP.FTS.B,

27.58%,

10/19/26

.

$

3,013

$

2,998

FW1878828.UP.FTS.B,

27.6%,

10/19/26

..

8,724

8,286

FW1862190.UP.FTS.B,

27.8%,

10/19/26

..

16,802

16,719

FW1877173.UP.FTS.B,

27.96%,

10/19/26

.

8,626

8,583

FW1878010.UP.FTS.B,

28.01%,

10/19/26

.

8,623

8,581

FW1877218.UP.FTS.B,

28.56%,

10/19/26

.

8,648

8,606

FW1876795.UP.FTS.B,

29.56%,

10/19/26

.

2,775

2,762

FW1880308.UP.FTS.B,

29.56%,

10/19/26

.

1,121

1,117

FW1878356.UP.FTS.B,

29.67%,

10/19/26

.

3,297

3,281

FW1881190.UP.FTS.B,

29.8%,

10/19/26

..

1,298

1,293

FW1876731.UP.FTS.B,

30.12%,

10/19/26

.

2,502

2,477

FW1879914.UP.FTS.B,

30.16%,

10/19/26

.

1,695

1,610

FW1876979.UP.FTS.B,

30.26%,

10/19/26

.

2,609

2,596

FW1876491.UP.FTS.B,

30.62%,

10/19/26

.

5,661

5,633

FW1871822.UP.FTS.B,

30.64%,

10/19/26

.

8,722

8,681

FW1878098.UP.FTS.B,

30.84%,

10/19/26

.

1,045

1,040

FW1878626.UP.FTS.B,

30.84%,

10/19/26

.

4,531

4,303

FW1880438.UP.FTS.B,

30.87%,

10/19/26

.

2,467

172

FW1878489.UP.FTS.B,

30.93%,

10/19/26

.

1,342

1,274

FW1881475.UP.FTS.B,

30.95%,

10/19/26

.

2,624

185

FW1878108.UP.FTS.B,

31%,

10/19/26

...

2,614

2,601

FW1878804.UP.FTS.B,

31.02%,

10/19/26

.

2,497

2,484

FW1879752.UP.FTS.B,

31.05%,

10/19/26

.

1,693

(33)

FW1880218.UP.FTS.B,

31.05%,

10/19/26

.

2,070

1,998

FW1880229.UP.FTS.B,

31.05%,

10/19/26

.

1,221

1,215

FW1881168.UP.FTS.B,

31.09%,

10/19/26

.

1,745

1,737

FW1881200.UP.FTS.B,

31.14%,

10/19/26

.

3,402

3,385

FW1880325.UP.FTS.B,

31.15%,

10/19/26

.

1,309

1,303

FW1876195.UP.FTS.B,

31.18%,

10/19/26

.

2,322

164

FW1880852.UP.FTS.B,

31.2%,

10/19/26

..

2,591

2,461

FW1877253.UP.FTS.B,

31.23%,

10/19/26

.

1,034

1,030

FW1876515.UP.FTS.B,

31.37%,

10/19/26

.

2,858

2,714

FW1878691.UP.FTS.B,

31.38%,

10/19/26

.

12,975

12,327

FW1876497.UP.FTS.B,

31.41%,

10/19/26

.

2,968

2,954

FW1880576.UP.FTS.B,

31.56%,

10/19/26

.

2,577

2,450

FW1877716.UP.FTS.B,

31.6%,

10/19/26

..

3,495

3,478

FW1876495.UP.FTS.B,

31.7%,

10/19/26

..

5,593

5,566

FW1880017.UP.FTS.B,

32.16%,

10/19/26

.

6,979

491

FW1876692.UP.FTS.B,

32.21%,

10/19/26

.

8,142

8,103

FW1879659.UP.FTS.B,

32.23%,

10/19/26

.

3,256

229

FW1879021.UP.FTS.B,

32.25%,

10/19/26

.

5,310

5,280

L1990756.UP.FTS.B,

7.18%,

11/08/26

....

9,571

9,490

L1990115.UP.FTS.B,

8.12%,

11/08/26

....

4,007

3,974

L1995369.UP.FTS.B,

8.19%,

11/08/26

....

6,414

6,360

L1999933.UP.FTS.B,

8.2%,

11/08/26

.....

19,476

19,309

L1991806.UP.FTS.B,

8.35%,

11/08/26

....

2,002

1,985

FW1995576.UP.FTS.B,

8.64%,

11/08/26

..

13,077

12,966

L1994718.UP.FTS.B,

8.83%,

11/08/26

....

15,283

15,152

L1991230.UP.FTS.B,

9.13%,

11/08/26

....

20,623

20,451

L1996991.UP.FTS.B,

9.23%,

11/08/26

....

22,383

22,198

L1988974.UP.FTS.B,

9.55%,

11/08/26

....

7,849

7,782

L1994652.UP.FTS.B,

9.68%,

11/08/26

....

14,540

14,420

L1994371.UP.FTS.B,

9.71%,

11/08/26

....

4,849

4,795

L1993451.UP.FTS.B,

9.84%,

11/08/26

....

9,885

9,802

L1997701.UP.FTS.B,

10.05%,

11/08/26

...

3,303

1,690

L1993369.UP.FTS.B,

10.08%,

11/08/26

...

809

803

L1998549.UP.FTS.B,

10.13%,

11/08/26

...

4,534

4,484

L1992632.UP.FTS.B,

10.14%,

11/08/26

...

4,372

4,324

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

305

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1996044.UP.FTS.B,

10.24%,

11/08/26

...

$

15,124

$

14,951

L1996355.UP.FTS.B,

10.29%,

11/08/26

...

10,533

10,422

L1992891.UP.FTS.B,

10.76%,

11/08/26

...

6,497

6,429

FW1995006.UP.FTS.B,

10.93%,

11/08/26

.

10,566

10,455

L1988958.UP.FTS.B,

10.98%,

11/08/26

...

1,219

1,207

L1991593.UP.FTS.B,

11.07%,

11/08/26

...

40,786

40,340

L1994793.UP.FTS.B,

11.1%,

11/08/26

....

12,201

12,074

FW1989633.UP.FTS.B,

11.19%,

11/08/26

.

4,853

4,802

L1991421.UP.FTS.B,

11.28%,

11/08/26

...

1,628

1,611

L1998866.UP.FTS.B,

11.49%,

11/08/26

...

13,848

13,704

L1993850.UP.FTS.B,

11.61%,

11/08/26

...

8,970

8,877

L1996448.UP.FTS.B,

11.66%,

11/08/26

...

32,624

32,286

FW1993483.UP.FTS.B,

11.78%,

11/08/26

.

15,975

15,804

L1994627.UP.FTS.B,

11.81%,

11/08/26

...

4,897

4,858

L1999369.UP.FTS.B,

11.96%,

11/08/26

...

1,634

1,616

L2000077.UP.FTS.B,

12.06%,

11/08/26

...

12,258

12,131

L1995371.UP.FTS.B,

12.23%,

11/08/26

...

3,271

3,238

L1995435.UP.FTS.B,

12.23%,

11/08/26

...

1,390

1,375

L1999575.UP.FTS.B,

12.84%,

11/08/26

...

902

893

L1989008.UP.FTS.B,

12.93%,

11/08/26

...

1,395

1,381

L1989940.UP.FTS.B,

12.93%,

11/08/26

...

2,298

2,274

L1988972.UP.FTS.B,

13.14%,

11/08/26

...

4,843

4,787

L1988372.UP.FTS.B,

13.34%,

11/08/26

...

4,934

4,881

L1996493.UP.FTS.B,

13.68%,

11/08/26

...

17,157

4,342

L1988558.UP.FTS.B,

14.04%,

11/08/26

...

1,244

1,231

L1995820.UP.FTS.B,

14.08%,

11/08/26

...

7,572

7,491

L1993366.UP.FTS.B,

14.1%,

11/08/26

....

1,650

1,633

L1994789.UP.FTS.B,

14.19%,

11/08/26

...

5,778

5,716

L1996580.UP.FTS.B,

14.28%,

11/08/26

...

7,018

6,946

FW1997293.UP.FTS.B,

14.33%,

11/08/26

.

4,129

4,087

L1995404.UP.FTS.B,

14.33%,

11/08/26

...

6,607

6,516

L1988359.UP.FTS.B,

14.56%,

11/08/26

...

4,134

4,090

FW1992670.UP.FTS.B,

14.58%,

11/08/26

.

26,459

26,176

L1974259.UP.FTS.B,

14.58%,

11/08/26

...

8,647

1,208

L1993869.UP.FTS.B,

14.59%,

11/08/26

...

5,935

5,862

L1993214.UP.FTS.B,

14.6%,

11/08/26

....

8,269

8,181

L1993448.UP.FTS.B,

14.68%,

11/08/26

...

2,877

2,848

FW1997612.UP.FTS.B,

14.81%,

11/08/26

.

3,725

3,687

L1998726.UP.FTS.B,

14.84%,

11/08/26

...

20,200

19,989

L1993049.UP.FTS.B,

14.87%,

11/08/26

...

16,390

16,222

L1991804.UP.FTS.B,

14.89%,

11/08/26

...

6,626

6,555

L1995379.UP.FTS.B,

15.15%,

11/08/26

...

5,803

5,744

FW1998913.UP.FTS.B,

15.22%,

11/08/26

.

3,710

3,659

FW1991878.UP.FTS.B,

15.23%,

11/08/26

.

4,146

4,102

L1994098.UP.FTS.B,

15.34%,

11/08/26

...

12,445

12,319

L1989003.UP.FTS.B,

15.35%,

11/08/26

...

20,493

20,279

L1991554.UP.FTS.B,

15.42%,

11/08/26

...

12,450

12,324

L1989812.UP.FTS.B,

15.46%,

11/08/26

...

20,221

2,725

L1995487.UP.FTS.B,

15.52%,

11/08/26

...

4,175

4,115

L1992261.UP.FTS.B,

15.59%,

11/08/26

...

2,326

2,302

L1989271.UP.FTS.B,

15.62%,

11/08/26

...

9,969

9,868

L1997630.UP.FTS.B,

15.64%,

11/08/26

...

4,588

4,540

L1992471.UP.FTS.B,

15.65%,

11/08/26

...

20,846

20,627

L1993474.UP.FTS.B,

15.71%,

11/08/26

...

3,578

260

FW1998360.UP.FTS.B,

15.76%,

11/08/26

.

6,648

6,557

FW1991255.UP.FTS.B,

15.82%,

11/08/26

.

9,562

9,461

FW1994230.UP.FTS.B,

15.86%,

11/08/26

.

3,327

3,278

L1992540.UP.FTS.B,

16%,

11/08/26

.....

14,085

13,941

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1991691.UP.FTS.B,

16.02%,

11/08/26

...

$

5,493

$

3,042

L1992970.UP.FTS.B,

16.04%,

11/08/26

...

12,429

12,257

L1989989.UP.FTS.B,

16.18%,

11/08/26

...

8,911

8,789

L1992622.UP.FTS.B,

16.26%,

11/08/26

...

4,913

4,853

L1988932.UP.FTS.B,

16.37%,

11/08/26

...

3,321

3,275

L1993244.UP.FTS.B,

16.45%,

11/08/26

...

4,965

4,896

FW1992743.UP.FTS.B,

16.8%,

11/08/26

..

3,341

3,292

L1989606.UP.FTS.B,

16.9%,

11/08/26

....

3,342

3,293

L1993463.UP.FTS.B,

16.94%,

11/08/26

...

7,938

7,829

L1989805.UP.FTS.B,

17.05%,

11/08/26

...

12,669

12,488

L1997469.UP.FTS.B,

17.09%,

11/08/26

...

7,692

7,566

L1998067.UP.FTS.B,

17.15%,

11/08/26

...

36,066

35,549

FW1999118.UP.FTS.B,

17.22%,

11/08/26

.

5,020

4,946

L1993764.UP.FTS.B,

17.26%,

11/08/26

...

1,255

1,243

FW1998398.UP.FTS.B,

17.48%,

11/08/26

.

4,186

4,129

L1991180.UP.FTS.B,

17.58%,

11/08/26

...

2,927

2,887

L1991140.UP.FTS.B,

17.85%,

11/08/26

...

4,194

4,126

FW1995939.UP.FTS.B,

17.87%,

11/08/26

.

13,424

13,230

L1997638.UP.FTS.B,

17.88%,

11/08/26

...

1,777

60

L1995433.UP.FTS.B,

17.92%,

11/08/26

...

3,357

3,302

L1995974.UP.FTS.B,

18.08%,

11/08/26

...

7,937

7,827

L1988482.UP.FTS.B,

18.26%,

11/08/26

...

6,554

6,448

FW1989355.UP.FTS.B,

18.43%,

11/08/26

.

15,989

15,758

L1996438.UP.FTS.B,

18.51%,

11/08/26

...

4,924

4,854

FW1997639.UP.FTS.B,

18.71%,

11/08/26

.

8,443

8,356

L1992806.UP.FTS.B,

18.72%,

11/08/26

...

12,629

12,458

L1990465.UP.FTS.B,

18.74%,

11/08/26

...

5,052

4,979

L1995842.UP.FTS.B,

18.87%,

11/08/26

...

2,949

2,920

FW1999686.UP.FTS.B,

18.97%,

11/08/26

.

14,329

14,121

L1997527.UP.FTS.B,

19%,

11/08/26

.....

9,272

9,121

L1990253.UP.FTS.B,

19.05%,

11/08/26

...

4,113

298

L1988413.UP.FTS.B,

19.1%,

11/08/26

....

1,439

1,421

L1995168.UP.FTS.B,

19.1%,

11/08/26

....

8,433

8,319

L1994058.UP.FTS.B,

19.2%,

11/08/26

....

2,604

696

L1990580.UP.FTS.B,

19.47%,

11/08/26

...

21,185

20,882

L1998235.UP.FTS.B,

19.5%,

11/08/26

....

2,557

2,514

L1996217.UP.FTS.B,

19.54%,

11/08/26

...

3,865

3,801

FW1993731.UP.FTS.B,

19.61%,

11/08/26

.

2,113

2,076

L1990151.UP.FTS.B,

19.66%,

11/08/26

...

25,358

24,917

FW1990125.UP.FTS.B,

20.11%,

11/08/26

.

7,329

7,205

FW1992267.UP.FTS.B,

20.22%,

11/08/26

.

42,358

42,021

FW1994680.UP.FTS.B,

20.27%,

11/08/26

.

2,543

2,499

L1991181.UP.FTS.B,

20.28%,

11/08/26

...

9,175

9,094

L1992552.UP.FTS.B,

20.32%,

11/08/26

...

14,781

14,539

L1998611.UP.FTS.B,

20.35%,

11/08/26

...

20,971

20,626

L1996204.UP.FTS.B,

20.65%,

11/08/26

...

24,178

558

L1992903.UP.FTS.B,

20.68%,

11/08/26

...

8,970

1,307

L1996185.UP.FTS.B,

20.69%,

11/08/26

...

4,244

4,187

L1996508.UP.FTS.B,

20.76%,

11/08/26

...

8,528

8,407

L1988462.UP.FTS.B,

20.81%,

11/08/26

...

5,454

5,379

L1991281.UP.FTS.B,

20.82%,

11/08/26

...

1,868

1,836

L1991645.UP.FTS.B,

20.87%,

11/08/26

...

13,770

997

L1997930.UP.FTS.B,

20.97%,

11/08/26

...

3,739

3,674

L1992016.UP.FTS.B,

21%,

11/08/26

.....

27,186

26,969

L1994689.UP.FTS.B,

21.04%,

11/08/26

...

3,424

3,366

L1997831.UP.FTS.B,

21.12%,

11/08/26

...

8,854

1,284

L1993906.UP.FTS.B,

21.28%,

11/08/26

...

4,679

4,642

L1989334.UP.FTS.B,

21.32%,

11/08/26

...

17,018

16,884

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

306

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1991956.UP.FTS.B,

21.37%,

11/08/26

...

$

1,702

$

1,680

L1996174.UP.FTS.B,

21.54%,

11/08/26

...

9,224

9,046

L1999276.UP.FTS.B,

21.67%,

11/08/26

...

852

837

L1995448.UP.FTS.B,

21.72%,

11/08/26

...

1,481

939

FW1991047.UP.FTS.B,

21.84%,

11/08/26

.

3,008

2,981

L1989095.UP.FTS.B,

21.91%,

11/08/26

...

7,817

7,682

L1991663.UP.FTS.B,

21.95%,

11/08/26

...

8,817

8,744

L1995141.UP.FTS.B,

22.04%,

11/08/26

...

25,908

25,682

L1996051.UP.FTS.B,

22.14%,

11/08/26

...

6,617

6,524

FW1993533.UP.FTS.B,

22.18%,

11/08/26

.

3,185

229

L1996946.UP.FTS.B,

22.18%,

11/08/26

...

4,558

140

FW1990423.UP.FTS.B,

22.23%,

11/08/26

.

8,532

8,465

FW1989899.UP.FTS.B,

22.28%,

11/08/26

.

2,380

2,360

L1991475.UP.FTS.B,

22.35%,

11/08/26

...

1,709

1,695

FW1998543.UP.FTS.B,

22.52%,

11/08/26

.

12,483

12,385

FW1998089.UP.FTS.B,

22.65%,

11/08/26

.

7,699

7,566

L1994202.UP.FTS.B,

22.77%,

11/08/26

...

44,594

25,624

L1999322.UP.FTS.B,

22.85%,

11/08/26

...

9,355

678

L1971121.UP.FTS.B,

22.87%,

11/08/26

...

3,036

1,787

L1989194.UP.FTS.B,

22.95%,

11/08/26

...

4,282

4,242

FW1995331.UP.FTS.B,

23.11%,

11/08/26

.

6,427

6,377

FW1994811.UP.FTS.B,

23.15%,

11/08/26

.

8,957

8,810

L1997437.UP.FTS.B,

23.17%,

11/08/26

...

4,952

718

L1996768.UP.FTS.B,

23.2%,

11/08/26

....

8,530

8,460

L1998723.UP.FTS.B,

23.2%,

11/08/26

....

2,572

2,551

FW1998471.UP.FTS.B,

23.26%,

11/08/26

.

8,844

2,514

L1999817.UP.FTS.B,

23.27%,

11/08/26

...

5,145

5,104

L1996138.UP.FTS.B,

23.54%,

11/08/26

...

6,378

934

FW1997494.UP.FTS.B,

23.73%,

11/08/26

.

13,649

13,536

FW1998286.UP.FTS.B,

23.78%,

11/08/26

.

12,303

12,087

L1997541.UP.FTS.B,

23.86%,

11/08/26

...

6,446

6,360

L1970963.UP.FTS.B,

23.87%,

11/08/26

...

4,610

4,572

L1989785.UP.FTS.B,

23.91%,

11/08/26

...

11,613

11,505

FW1995090.UP.FTS.B,

23.92%,

11/08/26

.

4,298

4,264

L1991822.UP.FTS.B,

23.93%,

11/08/26

...

7,635

4,503

L1996074.UP.FTS.B,

24%,

11/08/26

.....

11,240

11,138

FW1993349.UP.FTS.B,

24.02%,

11/08/26

.

6,450

6,389

L1988349.UP.FTS.B,

24.02%,

11/08/26

...

2,924

2,901

L1996843.UP.FTS.B,

24.19%,

11/08/26

...

8,605

8,537

FW1994028.UP.FTS.B,

24.21%,

11/08/26

.

6,024

5,977

L1995969.UP.FTS.B,

24.32%,

11/08/26

...

2,962

2,936

L1997965.UP.FTS.B,

24.59%,

11/08/26

...

6,229

6,171

FW1991474.UP.FTS.B,

24.66%,

11/08/26

.

5,172

5,131

L1989848.UP.FTS.B,

24.75%,

11/08/26

...

6,811

6,747

L1999649.UP.FTS.B,

24.86%,

11/08/26

...

3,678

262

FW1991387.UP.FTS.B,

24.97%,

11/08/26

.

3,757

2,223

L1991759.UP.FTS.B,

24.98%,

11/08/26

...

4,363

4,325

FW1991256.UP.FTS.B,

25.07%,

11/08/26

.

18,993

18,845

L1991253.UP.FTS.B,

25.18%,

11/08/26

...

1,870

1,836

L1991265.UP.FTS.B,

25.27%,

11/08/26

...

2,353

2,333

L1919784.UP.FTS.B,

25.31%,

11/08/26

...

9,678

9,602

L1996800.UP.FTS.B,

25.32%,

11/08/26

...

20,910

20,557

L1998526.UP.FTS.B,

25.32%,

11/08/26

...

1,193

48

L1995398.UP.FTS.B,

25.36%,

11/08/26

...

2,247

2,230

L1988232.UP.FTS.B,

25.43%,

11/08/26

...

2,761

2,714

L1973901.UP.FTS.B,

25.44%,

11/08/26

...

6,657

6,605

L1992549.UP.FTS.B,

25.44%,

11/08/26

...

8,644

8,577

L1994841.UP.FTS.B,

25.44%,

11/08/26

...

29,474

29,215

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1989064.UP.FTS.B,

25.45%,

11/08/26

...

$

2,155

$

2,134

L1989244.UP.FTS.B,

25.47%,

11/08/26

...

2,767

2,745

L1995340.UP.FTS.B,

25.48%,

11/08/26

...

1,452

9

L1967532.UP.FTS.B,

25.5%,

11/08/26

....

3,755

3,722

L1990371.UP.FTS.B,

25.5%,

11/08/26

....

26,587

3,817

FW1994341.UP.FTS.B,

25.59%,

11/08/26

.

10,380

10,299

L1985518.UP.FTS.B,

25.71%,

11/08/26

...

3,702

266

L1998016.UP.FTS.B,

25.76%,

11/08/26

...

4,763

4,718

L1991151.UP.FTS.B,

25.79%,

11/08/26

...

1,728

1,714

L1993496.UP.FTS.B,

25.83%,

11/08/26

...

1,855

133

L1991330.UP.FTS.B,

25.89%,

11/08/26

...

6,494

6,443

L1996839.UP.FTS.B,

25.95%,

11/08/26

...

5,792

412

L1996816.UP.FTS.B,

26.05%,

11/08/26

...

13,603

13,497

L1995984.UP.FTS.B,

26.08%,

11/08/26

...

1,993

1,975

L1992732.UP.FTS.B,

26.2%,

11/08/26

....

3,901

3,871

FW1998248.UP.FTS.B,

26.38%,

11/08/26

.

9,283

666

L1989312.UP.FTS.B,

26.43%,

11/08/26

...

3,297

3,271

FW1998563.UP.FTS.B,

26.46%,

11/08/26

.

2,157

2,140

FW1995329.UP.FTS.B,

26.52%,

11/08/26

.

6,075

6,028

FW1994300.UP.FTS.B,

26.6%,

11/08/26

..

10,492

10,399

FW1990464.UP.FTS.B,

26.65%,

11/08/26

.

5,655

1,617

FW1998048.UP.FTS.B,

26.92%,

11/08/26

.

2,173

2,153

L1990551.UP.FTS.B,

26.95%,

11/08/26

...

10,481

10,395

FW1997243.UP.FTS.B,

26.96%,

11/08/26

.

4,189

4,149

FW1990199.UP.FTS.B,

27.43%,

11/08/26

.

12,970

12,869

FW1996041.UP.FTS.B,

27.48%,

11/08/26

.

10,451

10,370

FW1992001.UP.FTS.B,

27.49%,

11/08/26

.

1,651

(26)

FW1994909.UP.FTS.B,

27.53%,

11/08/26

.

14,268

14,135

FW1990667.UP.FTS.B,

27.83%,

11/08/26

.

3,902

3,870

FW1991732.UP.FTS.B,

27.87%,

11/08/26

.

4,128

2,432

FW1996955.UP.FTS.B,

27.91%,

11/08/26

.

1,308

1,298

FW1994443.UP.FTS.B,

27.95%,

11/08/26

.

8,813

8,738

FW1994756.UP.FTS.B,

28%,

11/08/26

...

3,048

3,024

FW1999057.UP.FTS.B,

28%,

11/08/26

...

21,815

21,647

FW1996342.UP.FTS.B,

28.14%,

11/08/26

.

6,110

6,063

FW1993779.UP.FTS.B,

28.2%,

11/08/26

..

13,095

12,994

FW1996228.UP.FTS.B,

28.64%,

11/08/26

.

11,183

11,085

FW1998379.UP.FTS.B,

28.74%,

11/08/26

.

4,198

4,166

FW1992877.UP.FTS.B,

28.84%,

11/08/26

.

1,091

1,075

FW1995188.UP.FTS.B,

28.89%,

11/08/26

.

3,772

269

FW1991794.UP.FTS.B,

28.92%,

11/08/26

.

108

106

FW1991433.UP.FTS.B,

29.04%,

11/08/26

.

1,358

194

FW1995167.UP.FTS.B,

29.32%,

11/08/26

.

3,068

3,044

FW1992839.UP.FTS.B,

29.33%,

11/08/26

.

4,382

4,349

FW1991541.UP.FTS.B,

29.36%,

11/08/26

.

5,259

5,219

FW1999851.UP.FTS.B,

29.4%,

11/08/26

..

4,431

4,393

FW1995866.UP.FTS.B,

29.41%,

11/08/26

.

2,873

2,850

FW1995850.UP.FTS.B,

29.69%,

11/08/26

.

956

948

FW1999443.UP.FTS.B,

29.76%,

11/08/26

.

7,167

2,054

FW1992347.UP.FTS.B,

29.82%,

11/08/26

.

26,336

26,134

FW1995066.UP.FTS.B,

29.83%,

11/08/26

.

4,780

4,741

FW1998032.UP.FTS.B,

29.86%,

11/08/26

.

4,175

4,133

FW1995067.UP.FTS.B,

30.03%,

11/08/26

.

5,504

(60)

FW1994293.UP.FTS.B,

30.31%,

11/08/26

.

1,249

741

FW1997312.UP.FTS.B,

30.32%,

11/08/26

.

880

872

FW1999097.UP.FTS.B,

30.46%,

11/08/26

.

2,639

2,615

FW1989533.UP.FTS.B,

30.48%,

11/08/26

.

1,593

1,574

FW1996257.UP.FTS.B,

30.52%,

11/08/26

.

1,831

1,804

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

307

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1999242.UP.FTS.B,

30.52%,

11/08/26

.

$

35,197

$

34,928

FW1998458.UP.FTS.B,

30.59%,

11/08/26

.

3,742

3,705

FW1991024.UP.FTS.B,

30.67%,

11/08/26

.

968

961

FW1996943.UP.FTS.B,

30.67%,

11/08/26

.

4,280

4,216

FW1992674.UP.FTS.B,

30.71%,

11/08/26

.

1,673

1,660

FW1991126.UP.FTS.B,

30.85%,

11/08/26

.

1,145

1,136

FW1994569.UP.FTS.B,

30.87%,

11/08/26

.

5,109

5,070

FW1988425.UP.FTS.B,

30.92%,

11/08/26

.

1,146

1,135

FW1992613.UP.FTS.B,

30.95%,

11/08/26

.

22,035

21,833

FW1998245.UP.FTS.B,

30.99%,

11/08/26

.

7,843

7,783

FW1991582.UP.FTS.B,

31.04%,

11/08/26

.

8,109

8,047

FW1996197.UP.FTS.B,

31.07%,

11/08/26

.

3,702

3,674

FW1996489.UP.FTS.B,

31.09%,

11/08/26

.

3,227

463

FW1995019.UP.FTS.B,

31.1%,

11/08/26

..

1,489

1,477

FW1990513.UP.FTS.B,

31.11%,

11/08/26

.

4,105

4,071

FW1994376.UP.FTS.B,

31.11%,

11/08/26

.

1,411

1,400

FW1996797.UP.FTS.B,

31.11%,

11/08/26

.

3,200

922

FW1989182.UP.FTS.B,

31.12%,

11/08/26

.

4,899

715

FW1991890.UP.FTS.B,

31.12%,

11/08/26

.

2,646

2,621

FW1994027.UP.FTS.B,

31.13%,

11/08/26

.

2,381

2,362

FW1991332.UP.FTS.B,

31.15%,

11/08/26

.

3,619

3,586

FW1997810.UP.FTS.B,

31.15%,

11/08/26

.

1,859

1,842

FW1988381.UP.FTS.B,

31.18%,

11/08/26

.

4,320

4,266

FW1988399.UP.FTS.B,

31.18%,

11/08/26

.

1,702

1,011

FW1999282.UP.FTS.B,

31.18%,

11/08/26

.

7,899

7,837

FW1995099.UP.FTS.B,

31.21%,

11/08/26

.

3,329

233

FW1996902.UP.FTS.B,

31.33%,

11/08/26

.

8,383

8,313

FW1999590.UP.FTS.B,

31.42%,

11/08/26

.

4,413

4,379

FW1992892.UP.FTS.B,

31.61%,

11/08/26

.

7,976

7,905

L2073684.UP.FTS.B,

7.58%,

11/18/26

....

7,959

7,900

L2071601.UP.FTS.B,

7.69%,

11/18/26

....

2,399

2,381

L2070708.UP.FTS.B,

7.71%,

11/18/26

....

15,990

15,871

L2074361.UP.FTS.B,

7.81%,

11/18/26

....

10,405

10,325

L2070082.UP.FTS.B,

8.09%,

11/18/26

....

16,026

15,908

L2070214.UP.FTS.B,

8.6%,

11/18/26

.....

2,050

1,926

L2041907.UP.FTS.B,

9.16%,

11/18/26

....

3,223

3,199

L2073150.UP.FTS.B,

9.42%,

11/18/26

....

13,232

13,135

L2071865.UP.FTS.B,

10.09%,

11/18/26

...

6,071

6,017

L2075029.UP.FTS.B,

10.15%,

11/18/26

...

8,907

8,823

L2074643.UP.FTS.B,

10.22%,

11/18/26

...

16,038

15,886

L2072338.UP.FTS.B,

10.5%,

11/18/26

....

6,083

6,038

L2073169.UP.FTS.B,

10.97%,

11/18/26

...

17,950

17,784

L2075077.UP.FTS.B,

11.07%,

11/18/26

...

2,440

2,417

L2074489.UP.FTS.B,

11.11%,

11/18/26

...

18,547

18,385

FW2074336.UP.FTS.B,

11.25%,

11/18/26

.

5,544

5,493

L2075040.UP.FTS.B,

11.45%,

11/18/26

...

11,393

11,293

FW2073066.UP.FTS.B,

11.7%,

11/18/26

..

4,011

3,975

L2074791.UP.FTS.B,

11.72%,

11/18/26

...

13,262

963

L2074193.UP.FTS.B,

12.02%,

11/18/26

...

7,705

7,637

L2075044.UP.FTS.B,

12.3%,

11/18/26

....

3,272

3,244

L2074536.UP.FTS.B,

12.35%,

11/18/26

...

4,910

4,868

L2071456.UP.FTS.B,

12.81%,

11/18/26

...

30,438

30,163

L2071639.UP.FTS.B,

12.89%,

11/18/26

...

6,428

6,371

L2070126.UP.FTS.B,

12.98%,

11/18/26

...

5,760

5,708

L2073228.UP.FTS.B,

13.71%,

11/18/26

...

8,400

8,324

L2069740.UP.FTS.B,

13.83%,

11/18/26

...

13,328

13,210

L2073949.UP.FTS.B,

13.85%,

11/18/26

...

4,120

4,085

FW2073808.UP.FTS.B,

13.9%,

11/18/26

..

2,553

654

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2070988.UP.FTS.B,

13.92%,

11/18/26

...

$

6,594

$

6,539

L2071487.UP.FTS.B,

14%,

11/18/26

.....

6,208

6,150

L2074491.UP.FTS.B,

14.11%,

11/18/26

...

7,195

1,851

L2070587.UP.FTS.B,

14.32%,

11/18/26

...

6,607

6,533

L2073985.UP.FTS.B,

14.6%,

11/18/26

....

4,135

4,098

L2074701.UP.FTS.B,

14.63%,

11/18/26

...

5,293

5,234

L2074516.UP.FTS.B,

14.71%,

11/18/26

...

7,859

7,793

L2073258.UP.FTS.B,

14.73%,

11/18/26

...

831

824

FW2061676.UP.FTS.B,

14.9%,

11/18/26

..

16,560

16,422

FW2075148.UP.FTS.B,

14.93%,

11/18/26

.

3,313

3,273

FW2072385.UP.FTS.B,

15%,

11/18/26

...

5,799

5,735

L2074195.UP.FTS.B,

15.15%,

11/18/26

...

8,290

8,216

FW2072823.UP.FTS.B,

15.21%,

11/18/26

.

2,052

2,034

L2074544.UP.FTS.B,

15.5%,

11/18/26

....

4,177

4,141

L2073878.UP.FTS.B,

15.54%,

11/18/26

...

3,737

3,704

L2074846.UP.FTS.B,

15.74%,

11/18/26

...

12,467

12,330

L2073728.UP.FTS.B,

15.85%,

11/18/26

...

4,219

4,168

FW2075407.UP.FTS.B,

16.01%,

11/18/26

.

13,955

606

FW2073202.UP.FTS.B,

16.18%,

11/18/26

.

12,491

12,355

L2073860.UP.FTS.B,

16.19%,

11/18/26

...

2,499

2,469

L2075589.UP.FTS.B,

16.26%,

11/18/26

...

5,778

5,729

L2071348.UP.FTS.B,

16.45%,

11/18/26

...

11,673

11,571

L2071149.UP.FTS.B,

16.73%,

11/18/26

...

21,313

21,075

L2071590.UP.FTS.B,

16.75%,

11/18/26

...

5,824

5,759

FW2074069.UP.FTS.B,

16.79%,

11/18/26

.

8,350

8,251

FW2074457.UP.FTS.B,

16.98%,

11/18/26

.

20,893

20,595

FW2074630.UP.FTS.B,

17.03%,

11/18/26

.

35,102

34,816

FW2075122.UP.FTS.B,

17.19%,

11/18/26

.

3,346

3,309

L2074833.UP.FTS.B,

17.19%,

11/18/26

...

11,711

11,583

FW2075446.UP.FTS.B,

17.4%,

11/18/26

..

3,312

3,274

L2044841.UP.FTS.B,

17.43%,

11/18/26

...

8,373

8,282

FW2075299.UP.FTS.B,

17.67%,

11/18/26

.

3,353

3,316

FW2071651.UP.FTS.B,

17.93%,

11/18/26

.

5,412

5,351

L2069944.UP.FTS.B,

18.01%,

11/18/26

...

8,188

8,095

L2063418.UP.FTS.B,

18.03%,

11/18/26

...

3,358

3,322

L2074570.UP.FTS.B,

18.15%,

11/18/26

...

13,439

13,282

L2074700.UP.FTS.B,

18.17%,

11/18/26

...

5,461

5,397

L2073937.UP.FTS.B,

18.46%,

11/18/26

...

10,031

9,921

FW2070090.UP.FTS.B,

18.57%,

11/18/26

.

1,715

1,613

L2070094.UP.FTS.B,

18.61%,

11/18/26

...

18,161

1,313

FW2072266.UP.FTS.B,

18.67%,

11/18/26

.

2,176

2,147

L2069767.UP.FTS.B,

18.84%,

11/18/26

...

3,884

3,824

FW2074803.UP.FTS.B,

18.88%,

11/18/26

.

10,531

10,418

L2071288.UP.FTS.B,

18.9%,

11/18/26

....

3,703

3,661

FW2070966.UP.FTS.B,

18.96%,

11/18/26

.

5,057

4,991

L2071754.UP.FTS.B,

19.22%,

11/18/26

...

3,771

3,711

L2075248.UP.FTS.B,

19.24%,

11/18/26

...

1,057

153

FW2072147.UP.FTS.B,

19.3%,

11/18/26

..

11,257

10,586

FW2074495.UP.FTS.B,

19.61%,

11/18/26

.

7,657

7,207

L2069559.UP.FTS.B,

19.65%,

11/18/26

...

14,453

14,266

L2074954.UP.FTS.B,

19.66%,

11/18/26

...

4,565

4,501

L2069479.UP.FTS.B,

19.68%,

11/18/26

...

1,700

1,598

L2067851.UP.FTS.B,

19.79%,

11/18/26

...

12,324

12,154

L2060606.UP.FTS.B,

19.84%,

11/18/26

...

32,059

31,717

L2075530.UP.FTS.B,

19.87%,

11/18/26

...

3,528

254

L2073597.UP.FTS.B,

19.97%,

11/18/26

...

1,369

1,345

L2073933.UP.FTS.B,

20.06%,

11/18/26

...

4,882

4,813

FW2070506.UP.FTS.B,

20.1%,

11/18/26

..

3,728

3,676

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

308

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2072694.UP.FTS.B,

20.25%,

11/18/26

...

$

2,796

$

2,757

L2071378.UP.FTS.B,

20.26%,

11/18/26

...

6,406

6,319

L2074576.UP.FTS.B,

20.39%,

11/18/26

...

8,869

222

FW2070300.UP.FTS.B,

20.46%,

11/18/26

.

8,481

8,433

L2070073.UP.FTS.B,

20.5%,

11/18/26

....

7,675

7,569

L2074554.UP.FTS.B,

20.64%,

11/18/26

...

18,771

18,514

L2073562.UP.FTS.B,

20.66%,

11/18/26

...

4,366

4,108

L2073048.UP.FTS.B,

20.74%,

11/18/26

...

4,245

4,186

L2069140.UP.FTS.B,

20.85%,

11/18/26

...

8,844

1,299

L2074379.UP.FTS.B,

20.93%,

11/18/26

...

15,632

15,559

L2073994.UP.FTS.B,

21.04%,

11/18/26

...

4,250

4,196

FW2073919.UP.FTS.B,

21.16%,

11/18/26

.

2,551

2,537

L2074931.UP.FTS.B,

21.33%,

11/18/26

...

5,084

5,064

L2072150.UP.FTS.B,

21.62%,

11/18/26

...

25,664

24,147

L2074856.UP.FTS.B,

21.95%,

11/18/26

...

9,631

9,585

L2073879.UP.FTS.B,

22.29%,

11/18/26

...

1,710

1,701

L2069833.UP.FTS.B,

22.47%,

11/18/26

...

2,947

194

L2074792.UP.FTS.B,

22.51%,

11/18/26

...

4,280

4,257

L2072786.UP.FTS.B,

22.57%,

11/18/26

...

11,976

11,910

L2074611.UP.FTS.B,

22.62%,

11/18/26

...

21,540

21,432

L2074520.UP.FTS.B,

22.63%,

11/18/26

...

469

461

L2073235.UP.FTS.B,

22.81%,

11/18/26

...

5,988

5,912

L2074658.UP.FTS.B,

22.83%,

11/18/26

...

8,560

8,527

L2074869.UP.FTS.B,

22.9%,

11/18/26

....

3,849

3,800

L2073707.UP.FTS.B,

22.91%,

11/18/26

...

2,398

2,388

L2074779.UP.FTS.B,

22.95%,

11/18/26

...

8,569

8,522

L2073694.UP.FTS.B,

22.99%,

11/18/26

...

5,077

5,053

FW2074890.UP.FTS.B,

23.06%,

11/18/26

.

2,976

2,962

L2075061.UP.FTS.B,

23.07%,

11/18/26

...

8,024

7,986

L2073355.UP.FTS.B,

23.21%,

11/18/26

...

4,286

4,270

L2074657.UP.FTS.B,

23.23%,

11/18/26

...

3,258

3,240

L2075024.UP.FTS.B,

23.38%,

11/18/26

...

4,096

4,072

L2074815.UP.FTS.B,

23.53%,

11/18/26

...

5,245

4,982

FW2075107.UP.FTS.B,

23.56%,

11/18/26

.

7,453

537

L2069953.UP.FTS.B,

23.63%,

11/18/26

...

2,357

2,325

L2074932.UP.FTS.B,

23.75%,

11/18/26

...

7,952

7,912

L2073535.UP.FTS.B,

24.04%,

11/18/26

...

893

131

L2074997.UP.FTS.B,

24.24%,

11/18/26

...

3,647

3,629

FW2074736.UP.FTS.B,

24.49%,

11/18/26

.

6,038

6,006

L2070695.UP.FTS.B,

24.74%,

11/18/26

...

3,996

3,948

L2074747.UP.FTS.B,

24.82%,

11/18/26

...

2,613

2,601

L2073148.UP.FTS.B,

24.83%,

11/18/26

...

1,294

1,276

L2069647.UP.FTS.B,

24.91%,

11/18/26

...

4,321

4,292

L2069706.UP.FTS.B,

24.96%,

11/18/26

...

1,467

1,462

L2072240.UP.FTS.B,

24.96%,

11/18/26

...

4,168

4,146

L2074275.UP.FTS.B,

25.13%,

11/18/26

...

1,526

17

FW2073759.UP.FTS.B,

25.15%,

11/18/26

.

1,035

1,031

L2075027.UP.FTS.B,

25.16%,

11/18/26

...

5,181

5,162

L2070719.UP.FTS.B,

25.21%,

11/18/26

...

5,766

5,744

L2075204.UP.FTS.B,

25.29%,

11/18/26

...

4,234

4,218

L2073552.UP.FTS.B,

25.3%,

11/18/26

....

1,728

1,722

L2070829.UP.FTS.B,

25.31%,

11/18/26

...

863

853

FW2074782.UP.FTS.B,

25.34%,

11/18/26

.

2,355

2,239

L2073997.UP.FTS.B,

25.36%,

11/18/26

...

1,481

1,460

L2068374.UP.FTS.B,

25.37%,

11/18/26

...

4,377

4,162

L2074787.UP.FTS.B,

25.38%,

11/18/26

...

4,766

4,737

L2070733.UP.FTS.B,

25.4%,

11/18/26

....

2,599

2,586

L2071257.UP.FTS.B,

25.4%,

11/18/26

....

830

826

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2075018.UP.FTS.B,

25.44%,

11/18/26

...

$

9,037

$

2,633

L2072907.UP.FTS.B,

25.45%,

11/18/26

...

3,589

3,405

L2075194.UP.FTS.B,

25.45%,

11/18/26

...

3,706

266

L2075025.UP.FTS.B,

25.46%,

11/18/26

...

664

654

L2071644.UP.FTS.B,

25.54%,

11/18/26

...

5,708

5,686

L2045168.UP.FTS.B,

25.61%,

11/18/26

...

8,131

8,101

L2075006.UP.FTS.B,

25.72%,

11/18/26

...

17,113

4,846

FW2068660.UP.FTS.B,

25.77%,

11/18/26

.

4,328

4,312

FW2071761.UP.FTS.B,

25.95%,

11/18/26

.

7,034

1,078

FW2071971.UP.FTS.B,

26.02%,

11/18/26

.

3,711

266

L2070118.UP.FTS.B,

26.13%,

11/18/26

...

2,253

2,242

L2073139.UP.FTS.B,

26.23%,

11/18/26

...

5,454

56

FW2075060.UP.FTS.B,

26.35%,

11/18/26

.

4,406

4,185

FW2074827.UP.FTS.B,

26.53%,

11/18/26

.

1,872

134

FW2074345.UP.FTS.B,

26.9%,

11/18/26

..

857

848

FW2062142.UP.FTS.B,

27.35%,

11/18/26

.

18,530

1,306

FW2072098.UP.FTS.B,

27.42%,

11/18/26

.

14,545

14,470

FW2074102.UP.FTS.B,

27.44%,

11/18/26

.

2,259

2,250

FW2073976.UP.FTS.B,

27.83%,

11/18/26

.

1,660

1,650

FW2074661.UP.FTS.B,

27.99%,

11/18/26

.

1,746

1,737

FW2074553.UP.FTS.B,

28.4%,

11/18/26

..

874

870

FW2059197.UP.FTS.B,

28.55%,

11/18/26

.

8,741

8,711

FW2074755.UP.FTS.B,

28.62%,

11/18/26

.

1,765

1,757

FW2075255.UP.FTS.B,

28.94%,

11/18/26

.

7,241

1,087

FW2072277.UP.FTS.B,

28.95%,

11/18/26

.

4,225

300

FW2075115.UP.FTS.B,

29.25%,

11/18/26

.

5,257

5,239

FW2074160.UP.FTS.B,

29.41%,

11/18/26

.

2,439

2,430

FW2073891.UP.FTS.B,

29.48%,

11/18/26

.

9,895

(11)

FW2074435.UP.FTS.B,

29.62%,

11/18/26

.

6,618

6,592

FW2074265.UP.FTS.B,

29.67%,

11/18/26

.

7,458

7,432

FW2067233.UP.FTS.B,

29.68%,

11/18/26

.

1,579

1,574

FW2074064.UP.FTS.B,

29.92%,

11/18/26

.

1,581

1,573

FW2073951.UP.FTS.B,

29.99%,

11/18/26

.

8,986

2,653

FW2071058.UP.FTS.B,

30.15%,

11/18/26

.

2,110

2,102

FW2069880.UP.FTS.B,

30.4%,

11/18/26

..

5,278

5,260

FW2073506.UP.FTS.B,

30.43%,

11/18/26

.

861

857

FW2072059.UP.FTS.B,

30.46%,

11/18/26

.

3,959

3,945

FW2072695.UP.FTS.B,

30.47%,

11/18/26

.

880

876

FW2071922.UP.FTS.B,

30.48%,

11/18/26

.

2,045

143

FW2074740.UP.FTS.B,

30.66%,

11/18/26

.

28,258

28,162

FW2071291.UP.FTS.B,

30.75%,

11/18/26

.

2,818

2,808

FW2072339.UP.FTS.B,

30.87%,

11/18/26

.

2,026

2,019

FW2072758.UP.FTS.B,

30.89%,

11/18/26

.

1,354

399

FW2067875.UP.FTS.B,

30.93%,

11/18/26

.

1,234

1,229

FW2074443.UP.FTS.B,

30.94%,

11/18/26

.

17,807

5,222

FW2069888.UP.FTS.B,

30.95%,

11/18/26

.

4,935

4,918

FW2073859.UP.FTS.B,

30.99%,

11/18/26

.

1,851

1,844

FW2070830.UP.FTS.B,

31%,

11/18/26

...

3,437

3,425

FW2073526.UP.FTS.B,

31.02%,

11/18/26

.

1,678

1,670

FW2074592.UP.FTS.B,

31.05%,

11/18/26

.

881

878

FW2072552.UP.FTS.B,

31.11%,

11/18/26

.

7,580

7,203

FW2072451.UP.FTS.B,

31.15%,

11/18/26

.

559

551

FW2072386.UP.FTS.B,

31.16%,

11/18/26

.

6,591

458

FW2058162.UP.FTS.B,

31.17%,

11/18/26

.

901

265

FW2070865.UP.FTS.B,

31.17%,

11/18/26

.

1,412

1,405

FW2069864.UP.FTS.B,

31.2%,

11/18/26

..

3,176

3,160

FW2070287.UP.FTS.B,

31.24%,

11/18/26

.

3,264

3,249

FW2074713.UP.FTS.B,

31.25%,

11/18/26

.

6,431

6,112

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

309

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2070592.UP.FTS.B,

31.39%,

11/18/26

.

$

3,621

$

3,587

FW2073462.UP.FTS.B,

31.41%,

11/18/26

.

2,294

2,287

L2213943.UP.FTS.B,

8.37%,

12/09/26

....

7,990

7,925

L2216952.UP.FTS.B,

8.42%,

12/09/26

....

14,689

14,571

L2217859.UP.FTS.B,

8.75%,

12/09/26

....

16,377

16,243

FW2218197.UP.FTS.B,

9.08%,

12/09/26

..

41,176

40,846

L2215533.UP.FTS.B,

9.49%,

12/09/26

....

4,104

4,072

L2214523.UP.FTS.B,

9.75%,

12/09/26

....

20,631

20,467

L2214639.UP.FTS.B,

9.77%,

12/09/26

....

6,993

6,938

L2217330.UP.FTS.B,

10.1%,

12/09/26

....

4,107

4,075

L2218472.UP.FTS.B,

10.62%,

12/09/26

...

1,641

1,618

L2215023.UP.FTS.B,

10.75%,

12/09/26

...

7,956

1,082

L2217133.UP.FTS.B,

11.03%,

12/09/26

...

20,708

20,489

L2163677.UP.FTS.B,

11.56%,

12/09/26

...

26,449

26,181

FW2216190.UP.FTS.B,

12.02%,

12/09/26

.

4,156

4,112

L2214721.UP.FTS.B,

12.86%,

12/09/26

...

8,926

8,834

L2216322.UP.FTS.B,

12.95%,

12/09/26

...

9,013

8,919

L2215565.UP.FTS.B,

13.14%,

12/09/26

...

5,011

4,959

L2216898.UP.FTS.B,

13.16%,

12/09/26

...

8,771

8,680

L2214318.UP.FTS.B,

13.19%,

12/09/26

...

2,020

1,999

FW2214435.UP.FTS.B,

13.25%,

12/09/26

.

20,891

20,675

L2218652.UP.FTS.B,

13.28%,

12/09/26

...

8,859

8,767

L2214819.UP.FTS.B,

13.75%,

12/09/26

...

5,009

4,959

L2215433.UP.FTS.B,

14.02%,

12/09/26

...

1,677

1,660

L2218351.UP.FTS.B,

14.35%,

12/09/26

...

827

819

L2216941.UP.FTS.B,

14.73%,

12/09/26

...

2,639

357

L2212982.UP.FTS.B,

14.94%,

12/09/26

...

5,892

5,832

L2217202.UP.FTS.B,

15.56%,

12/09/26

...

3,544

3,508

L2215625.UP.FTS.B,

15.65%,

12/09/26

...

9,335

9,204

FW2214828.UP.FTS.B,

15.83%,

12/09/26

.

9,293

9,160

FW2217553.UP.FTS.B,

16.03%,

12/09/26

.

5,056

5,007

L2216039.UP.FTS.B,

16.11%,

12/09/26

...

4,229

4,168

FW2215838.UP.FTS.B,

16.38%,

12/09/26

.

6,766

6,675

FW2214018.UP.FTS.B,

16.4%,

12/09/26

..

16,936

16,695

L2215859.UP.FTS.B,

16.43%,

12/09/26

...

3,641

3,590

L2217862.UP.FTS.B,

16.51%,

12/09/26

...

9,319

9,187

L2215442.UP.FTS.B,

16.68%,

12/09/26

...

2,374

2,340

L2217548.UP.FTS.B,

17.23%,

12/09/26

...

12,744

12,564

L2216987.UP.FTS.B,

17.24%,

12/09/26

...

8,452

8,313

L2218677.UP.FTS.B,

17.27%,

12/09/26

...

5,098

5,026

L2216029.UP.FTS.B,

17.52%,

12/09/26

...

5,952

5,873

L2217491.UP.FTS.B,

17.56%,

12/09/26

...

2,789

94

L2214231.UP.FTS.B,

17.61%,

12/09/26

...

3,153

3,109

L2215266.UP.FTS.B,

17.71%,

12/09/26

...

6,810

6,714

L2217603.UP.FTS.B,

17.91%,

12/09/26

...

5,547

5,469

FW2216465.UP.FTS.B,

18.28%,

12/09/26

.

1,708

1,684

L2215903.UP.FTS.B,

18.3%,

12/09/26

....

3,403

3,358

L2190045.UP.FTS.B,

18.31%,

12/09/26

...

4,884

165

L2214500.UP.FTS.B,

18.31%,

12/09/26

...

27,525

27,151

FW2213955.UP.FTS.B,

18.45%,

12/09/26

.

7,684

7,576

L2217227.UP.FTS.B,

18.97%,

12/09/26

...

9,410

9,250

L2214101.UP.FTS.B,

19.31%,

12/09/26

...

5,926

431

L2215706.UP.FTS.B,

19.38%,

12/09/26

...

2,142

2,112

L1356992.UP.FTS.B,

19.62%,

12/09/26

...

18,240

1,325

L2213701.UP.FTS.B,

19.91%,

12/09/26

...

2,490

2,448

L2215303.UP.FTS.B,

20.05%,

12/09/26

...

6,013

5,956

L2216965.UP.FTS.B,

20.16%,

12/09/26

...

30,079

29,662

L2215373.UP.FTS.B,

20.25%,

12/09/26

...

860

848

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2217873.UP.FTS.B,

20.4%,

12/09/26

..

$

4,665

$

4,586

FW2214210.UP.FTS.B,

20.55%,

12/09/26

.

4,303

4,231

L2217490.UP.FTS.B,

20.86%,

12/09/26

...

21,546

21,343

FW2213572.UP.FTS.B,

21.18%,

12/09/26

.

2,157

2,137

FW2215092.UP.FTS.B,

21.19%,

12/09/26

.

8,628

8,547

FW2215010.UP.FTS.B,

21.32%,

12/09/26

.

1,724

1,701

L2214734.UP.FTS.B,

21.37%,

12/09/26

...

9,347

9,196

L2216862.UP.FTS.B,

21.41%,

12/09/26

...

1,780

492

FW2215319.UP.FTS.B,

21.51%,

12/09/26

.

3,455

3,423

L2216377.UP.FTS.B,

21.52%,

12/09/26

...

13,821

13,691

L2215585.UP.FTS.B,

21.73%,

12/09/26

...

43,225

42,632

L2216265.UP.FTS.B,

21.78%,

12/09/26

...

4,323

4,283

L2217016.UP.FTS.B,

21.8%,

12/09/26

....

3,986

3,948

L2214771.UP.FTS.B,

21.93%,

12/09/26

...

2,076

2,057

L2217244.UP.FTS.B,

21.96%,

12/09/26

...

4,326

4,254

FW2217920.UP.FTS.B,

22.05%,

12/09/26

.

3,462

3,430

FW2218437.UP.FTS.B,

22.08%,

12/09/26

.

2,162

2,145

FW2217042.UP.FTS.B,

22.14%,

12/09/26

.

4,299

4,263

L2213576.UP.FTS.B,

22.2%,

12/09/26

....

3,082

3,032

L2216013.UP.FTS.B,

22.2%,

12/09/26

....

3,204

3,174

FW2217488.UP.FTS.B,

22.29%,

12/09/26

.

890

246

L2217604.UP.FTS.B,

22.37%,

12/09/26

...

3,189

115

L2217530.UP.FTS.B,

22.65%,

12/09/26

...

3,904

3,868

L2216810.UP.FTS.B,

22.84%,

12/09/26

...

17,697

1,271

L2199212.UP.FTS.B,

23.01%,

12/09/26

...

14,121

8,336

FW2215013.UP.FTS.B,

23.03%,

12/09/26

.

11,374

11,226

FW2209695.UP.FTS.B,

23.37%,

12/09/26

.

4,320

4,285

L2214174.UP.FTS.B,

23.38%,

12/09/26

...

914

899

L2218623.UP.FTS.B,

23.41%,

12/09/26

...

3,827

3,792

FW2215830.UP.FTS.B,

23.46%,

12/09/26

.

957

948

FW2216012.UP.FTS.B,

23.5%,

12/09/26

..

13,050

12,930

L2217598.UP.FTS.B,

23.52%,

12/09/26

...

8,353

8,276

L2216754.UP.FTS.B,

23.73%,

12/09/26

...

12,056

3,434

L2218003.UP.FTS.B,

23.87%,

12/09/26

...

2,178

2,158

L2214776.UP.FTS.B,

24.04%,

12/09/26

...

9,929

2,843

FW2215962.UP.FTS.B,

24.1%,

12/09/26

..

4,360

4,320

FW2218127.UP.FTS.B,

24.14%,

12/09/26

.

8,720

8,640

L2216002.UP.FTS.B,

24.2%,

12/09/26

....

4,126

4,090

FW2214164.UP.FTS.B,

24.23%,

12/09/26

.

30,705

30,195

L2215396.UP.FTS.B,

24.34%,

12/09/26

...

3,745

3,716

FW2214689.UP.FTS.B,

24.38%,

12/09/26

.

7,858

7,787

L2216646.UP.FTS.B,

24.42%,

12/09/26

...

9,172

101

L2218752.UP.FTS.B,

24.44%,

12/09/26

...

1,469

1,456

FW2217399.UP.FTS.B,

24.73%,

12/09/26

.

6,256

6,206

L2217818.UP.FTS.B,

24.73%,

12/09/26

...

1,646

239

L2217516.UP.FTS.B,

24.76%,

12/09/26

...

1,302

1,291

FW2214209.UP.FTS.B,

24.78%,

12/09/26

.

3,542

2,095

L2218428.UP.FTS.B,

25.03%,

12/09/26

...

1,312

1,300

L2216782.UP.FTS.B,

25.06%,

12/09/26

...

3,056

3,008

L2215729.UP.FTS.B,

25.13%,

12/09/26

...

13,138

13,020

L2215091.UP.FTS.B,

25.15%,

12/09/26

...

2,936

844

L2214317.UP.FTS.B,

25.17%,

12/09/26

...

3,400

3,342

L2215559.UP.FTS.B,

25.19%,

12/09/26

...

1,305

1,284

FW2217651.UP.FTS.B,

25.2%,

12/09/26

..

3,669

30

L2217252.UP.FTS.B,

25.25%,

12/09/26

...

1,733

1,705

L2215557.UP.FTS.B,

25.29%,

12/09/26

...

2,014

1,995

FW2217958.UP.FTS.B,

25.35%,

12/09/26

.

3,941

3,906

L2215431.UP.FTS.B,

25.39%,

12/09/26

...

2,014

1,987

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

310

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2213659.UP.FTS.B,

25.4%,

12/09/26

....

$

3,329

$

3,299

L2217765.UP.FTS.B,

25.4%,

12/09/26

....

963

955

L2215136.UP.FTS.B,

25.42%,

12/09/26

...

4,340

4,272

L2216524.UP.FTS.B,

25.42%,

12/09/26

...

8,872

5,255

L2214897.UP.FTS.B,

25.44%,

12/09/26

...

14,365

14,235

L2214140.UP.FTS.B,

25.45%,

12/09/26

...

2,854

2,821

L2217964.UP.FTS.B,

25.45%,

12/09/26

...

5,606

5,555

L2213733.UP.FTS.B,

25.47%,

12/09/26

...

881

865

L2214064.UP.FTS.B,

25.48%,

12/09/26

...

4,293

4,254

L2216607.UP.FTS.B,

25.48%,

12/09/26

...

2,628

2,604

L2216927.UP.FTS.B,

25.5%,

12/09/26

....

1,226

1,215

L2214552.UP.FTS.B,

25.53%,

12/09/26

...

4,381

4,341

FW2216203.UP.FTS.B,

25.54%,

12/09/26

.

6,067

6,018

L2215071.UP.FTS.B,

25.57%,

12/09/26

...

3,983

3,950

L2214345.UP.FTS.B,

25.65%,

12/09/26

...

2,651

2,628

L2214388.UP.FTS.B,

25.7%,

12/09/26

....

3,279

3,252

L2218260.UP.FTS.B,

25.7%,

12/09/26

....

5,786

5,734

L2213909.UP.FTS.B,

25.76%,

12/09/26

...

4,950

23

FW2217031.UP.FTS.B,

25.82%,

12/09/26

.

5,425

3,220

L2218303.UP.FTS.B,

25.88%,

12/09/26

...

5,614

5,564

L2214062.UP.FTS.B,

25.9%,

12/09/26

....

3,505

1,003

L2216795.UP.FTS.B,

26.15%,

12/09/26

...

11,854

11,747

L2217875.UP.FTS.B,

26.21%,

12/09/26

...

6,996

6,941

FW2214935.UP.FTS.B,

26.5%,

12/09/26

..

639

181

FW2214103.UP.FTS.B,

26.54%,

12/09/26

.

26,383

26,147

FW2216892.UP.FTS.B,

26.56%,

12/09/26

.

1,461

103

L2218511.UP.FTS.B,

26.56%,

12/09/26

...

6,582

3,911

FW2214024.UP.FTS.B,

26.86%,

12/09/26

.

5,097

1,470

FW2215384.UP.FTS.B,

27.87%,

12/09/26

.

8,831

8,752

FW2214874.UP.FTS.B,

27.9%,

12/09/26

..

4,416

4,377

FW2214657.UP.FTS.B,

27.98%,

12/09/26

.

883

876

FW2215725.UP.FTS.B,

28.05%,

12/09/26

.

7,070

7,007

FW2217484.UP.FTS.B,

28.11%,

12/09/26

.

8,046

7,971

FW2216921.UP.FTS.B,

28.44%,

12/09/26

.

15,220

15,086

FW2215661.UP.FTS.B,

28.62%,

12/09/26

.

10,623

10,529

FW2216936.UP.FTS.B,

28.81%,

12/09/26

.

4,635

(34)

FW2217297.UP.FTS.B,

28.83%,

12/09/26

.

2,657

2,634

FW2215767.UP.FTS.B,

28.86%,

12/09/26

.

18,729

41

FW2216442.UP.FTS.B,

29.14%,

12/09/26

.

8,037

7,971

FW2216717.UP.FTS.B,

29.9%,

12/09/26

..

1,192

171

FW2216931.UP.FTS.B,

29.9%,

12/09/26

..

7,420

520

FW2218562.UP.FTS.B,

29.96%,

12/09/26

.

890

882

FW2218668.UP.FTS.B,

30.04%,

12/09/26

.

1,817

523

FW2216935.UP.FTS.B,

30.07%,

12/09/26

.

1,173

166

FW2216312.UP.FTS.B,

30.43%,

12/09/26

.

16,117

4,631

FW2215268.UP.FTS.B,

30.49%,

12/09/26

.

620

608

FW2217960.UP.FTS.B,

30.51%,

12/09/26

.

4,452

4,414

FW2217757.UP.FTS.B,

30.55%,

12/09/26

.

2,704

2,680

FW2216336.UP.FTS.B,

30.57%,

12/09/26

.

14,695

14,568

FW2215575.UP.FTS.B,

30.72%,

12/09/26

.

3,261

1,942

FW2218331.UP.FTS.B,

30.75%,

12/09/26

.

5,370

5,325

FW2214286.UP.FTS.B,

30.83%,

12/09/26

.

19,203

5,577

FW2216633.UP.FTS.B,

30.84%,

12/09/26

.

891

884

FW2216308.UP.FTS.B,

30.91%,

12/09/26

.

2,841

2,815

FW2213785.UP.FTS.B,

30.97%,

12/09/26

.

2,802

2,777

FW2205180.UP.FTS.B,

31.15%,

12/09/26

.

25,426

25,208

FW2216383.UP.FTS.B,

31.17%,

12/09/26

.

5,888

5,794

FW2216908.UP.FTS.B,

31.2%,

12/09/26

..

3,152

(50)

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2214022.UP.FTS.B,

31.21%,

12/09/26

.

$

4,283

$

4,246

FW2217843.UP.FTS.B,

31.21%,

12/09/26

.

1,160

690

FW2218521.UP.FTS.B,

31.24%,

12/09/26

.

3,077

99

FW2216011.UP.FTS.B,

31.3%,

12/09/26

..

1,964

1,947

FW2215916.UP.FTS.B,

31.42%,

12/09/26

.

1,518

1,505

FW2214674.UP.FTS.B,

31.47%,

12/09/26

.

2,392

342

FW2217430.UP.FTS.B,

31.5%,

12/09/26

..

3,804

3,774

FW2215821.UP.FTS.B,

31.64%,

12/09/26

.

7,147

7,086

FW2216725.UP.FTS.B,

31.78%,

12/09/26

.

5,280

767

FW2216867.UP.FTS.B,

31.83%,

12/09/26

.

4,601

4,563

FW2217138.UP.FTS.B,

32.58%,

12/09/26

.

6,437

6,383

FW2219336.UP.FTS.B,

7.29%,

12/10/26

..

8,131

8,066

L2221765.UP.FTS.B,

7.56%,

12/10/26

....

8,143

8,076

FW2218855.UP.FTS.B,

7.72%,

12/10/26

..

5,403

5,366

L2220935.UP.FTS.B,

8.04%,

12/10/26

....

8,977

8,904

L2220551.UP.FTS.B,

8.19%,

12/10/26

....

1,797

1,782

L2222014.UP.FTS.B,

9.11%,

12/10/26

....

20,505

20,340

L2220654.UP.FTS.B,

9.13%,

12/10/26

....

20,126

19,965

L2220216.UP.FTS.B,

9.67%,

12/10/26

....

16,000

15,855

L2221664.UP.FTS.B,

9.98%,

12/10/26

....

7,022

6,937

FW2219804.UP.FTS.B,

10.44%,

12/10/26

.

8,252

8,165

L2219088.UP.FTS.B,

10.44%,

12/10/26

...

17,675

17,495

FW2222412.UP.FTS.B,

10.49%,

12/10/26

.

825

819

L2220336.UP.FTS.B,

11.03%,

12/10/26

...

4,686

4,636

L2220236.UP.FTS.B,

11.73%,

12/10/26

...

17,849

17,664

L2222184.UP.FTS.B,

12.02%,

12/10/26

...

6,982

6,910

L2220985.UP.FTS.B,

12.19%,

12/10/26

...

1,723

435

L2220260.UP.FTS.B,

12.23%,

12/10/26

...

41,596

41,166

L2218865.UP.FTS.B,

12.56%,

12/10/26

...

2,536

1,341

L2221618.UP.FTS.B,

12.8%,

12/10/26

....

4,688

4,637

L2221708.UP.FTS.B,

13%,

12/10/26

.....

4,027

3,982

FW2220027.UP.FTS.B,

13.09%,

12/10/26

.

8,350

8,265

FW2220942.UP.FTS.B,

13.11%,

12/10/26

.

3,759

3,720

L2221352.UP.FTS.B,

13.11%,

12/10/26

...

824

816

L2221255.UP.FTS.B,

13.17%,

12/10/26

...

6,293

6,230

L2220245.UP.FTS.B,

13.24%,

12/10/26

...

22,227

22,000

L2220618.UP.FTS.B,

13.32%,

12/10/26

...

35,776

35,411

L2221709.UP.FTS.B,

13.43%,

12/10/26

...

13,296

13,161

L2218875.UP.FTS.B,

13.44%,

12/10/26

...

10,035

9,933

L2221936.UP.FTS.B,

13.59%,

12/10/26

...

5,380

5,326

L2220922.UP.FTS.B,

13.6%,

12/10/26

....

5,858

5,799

L2222570.UP.FTS.B,

13.7%,

12/10/26

....

4,196

4,154

L2194347.UP.FTS.B,

13.85%,

12/10/26

...

5,241

710

L2211103.UP.FTS.B,

13.86%,

12/10/26

...

10,931

10,821

L2222515.UP.FTS.B,

14.14%,

12/10/26

...

5,844

5,787

L2221071.UP.FTS.B,

14.15%,

12/10/26

...

6,573

6,501

FW2219337.UP.FTS.B,

14.64%,

12/10/26

.

5,043

4,993

L2219179.UP.FTS.B,

14.67%,

12/10/26

...

3,429

870

L2221548.UP.FTS.B,

14.74%,

12/10/26

...

841

833

L2220695.UP.FTS.B,

14.81%,

12/10/26

...

4,213

2,237

FW2222326.UP.FTS.B,

14.82%,

12/10/26

.

14,721

14,574

L2221125.UP.FTS.B,

15.5%,

12/10/26

....

1,687

1,670

L2219252.UP.FTS.B,

15.58%,

12/10/26

...

4,466

4,395

L2218671.UP.FTS.B,

15.6%,

12/10/26

....

4,220

4,161

L2219311.UP.FTS.B,

15.7%,

12/10/26

....

16,549

16,316

L2194261.UP.FTS.B,

15.71%,

12/10/26

...

9,858

9,722

FW2219230.UP.FTS.B,

15.75%,

12/10/26

.

9,370

9,241

L2220760.UP.FTS.B,

15.79%,

12/10/26

...

2,913

411

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

311

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2219293.UP.FTS.B,

15.87%,

12/10/26

...

$

12,675

$

12,549

L2220004.UP.FTS.B,

15.97%,

12/10/26

...

4,603

624

L2222083.UP.FTS.B,

16.07%,

12/10/26

...

1,275

1,263

L2219654.UP.FTS.B,

16.29%,

12/10/26

...

2,625

2,588

FW2221540.UP.FTS.B,

16.4%,

12/10/26

..

893

876

L2219994.UP.FTS.B,

16.63%,

12/10/26

...

6,364

455

FW2221359.UP.FTS.B,

17.28%,

12/10/26

.

2,889

2,849

L2219369.UP.FTS.B,

17.34%,

12/10/26

...

8,500

8,417

FW2221538.UP.FTS.B,

17.36%,

12/10/26

.

13,601

13,412

L2219356.UP.FTS.B,

17.56%,

12/10/26

...

9,103

8,977

L2183750.UP.FTS.B,

17.62%,

12/10/26

...

6,809

6,714

L2220037.UP.FTS.B,

17.77%,

12/10/26

...

2,725

2,687

L2220747.UP.FTS.B,

18.08%,

12/10/26

...

8,666

4,808

L2219692.UP.FTS.B,

18.1%,

12/10/26

....

2,728

2,691

L2222111.UP.FTS.B,

18.1%,

12/10/26

....

4,689

4,624

FW2217304.UP.FTS.B,

18.29%,

12/10/26

.

828

814

L2219741.UP.FTS.B,

18.33%,

12/10/26

...

4,608

4,531

FW2219267.UP.FTS.B,

18.39%,

12/10/26

.

6,872

6,759

L2218279.UP.FTS.B,

18.41%,

12/10/26

...

4,272

4,201

L2220278.UP.FTS.B,

18.47%,

12/10/26

...

5,123

5,052

L2221746.UP.FTS.B,

18.66%,

12/10/26

...

4,814

350

L2221646.UP.FTS.B,

18.79%,

12/10/26

...

8,584

8,442

L2211401.UP.FTS.B,

18.86%,

12/10/26

...

26,485

15,185

L2206502.UP.FTS.B,

18.87%,

12/10/26

...

1,539

1,518

L2219245.UP.FTS.B,

18.95%,

12/10/26

...

926

66

L2210120.UP.FTS.B,

18.97%,

12/10/26

...

2,909

2,860

FW2219505.UP.FTS.B,

19.04%,

12/10/26

.

19,706

19,377

L2219936.UP.FTS.B,

19.32%,

12/10/26

...

9,857

9,722

FW2219062.UP.FTS.B,

19.4%,

12/10/26

..

5,141

5,055

L2221797.UP.FTS.B,

19.44%,

12/10/26

...

14,629

14,388

L2221701.UP.FTS.B,

19.55%,

12/10/26

...

6,184

3,441

L2221919.UP.FTS.B,

19.66%,

12/10/26

...

4,804

4,723

L2220257.UP.FTS.B,

19.73%,

12/10/26

...

4,290

4,232

L2221739.UP.FTS.B,

19.78%,

12/10/26

...

7,723

7,653

L2221097.UP.FTS.B,

19.86%,

12/10/26

...

2,064

2,030

L2222299.UP.FTS.B,

20.17%,

12/10/26

...

5,157

5,086

L2220113.UP.FTS.B,

20.52%,

12/10/26

...

4,301

4,268

L2219823.UP.FTS.B,

20.59%,

12/10/26

...

4,870

4,806

L2221612.UP.FTS.B,

20.59%,

12/10/26

...

10,344

10,251

L2219928.UP.FTS.B,

20.9%,

12/10/26

....

2,356

2,306

L2222005.UP.FTS.B,

20.98%,

12/10/26

...

12,488

12,319

L2221600.UP.FTS.B,

21.39%,

12/10/26

...

8,289

8,177

FW2219568.UP.FTS.B,

21.42%,

12/10/26

.

605

594

L2222012.UP.FTS.B,

21.64%,

12/10/26

...

3,037

3,010

FW2219145.UP.FTS.B,

21.86%,

12/10/26

.

14,531

14,400

L2221488.UP.FTS.B,

22.09%,

12/10/26

...

1,405

74

FW2220653.UP.FTS.B,

22.15%,

12/10/26

.

5,236

5,192

FW2220221.UP.FTS.B,

22.46%,

12/10/26

.

6,067

6,013

L2217989.UP.FTS.B,

22.68%,

12/10/26

...

4,101

295

L2219015.UP.FTS.B,

22.73%,

12/10/26

...

6,073

6,019

FW2220294.UP.FTS.B,

22.87%,

12/10/26

.

17,387

17,234

L2219342.UP.FTS.B,

22.94%,

12/10/26

...

2,737

786

L2222328.UP.FTS.B,

22.95%,

12/10/26

...

17,366

17,212

L2219249.UP.FTS.B,

23.16%,

12/10/26

...

4,642

4,585

L2221493.UP.FTS.B,

23.3%,

12/10/26

....

3,576

1,022

L2220687.UP.FTS.B,

23.72%,

12/10/26

...

2,606

2,586

FW2220079.UP.FTS.B,

23.76%,

12/10/26

.

2,574

2,535

FW2221047.UP.FTS.B,

23.77%,

12/10/26

.

4,155

606

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2222165.UP.FTS.B,

23.77%,

12/10/26

...

$

5,650

$

5,608

L2222062.UP.FTS.B,

23.82%,

12/10/26

...

10,821

10,652

L2220670.UP.FTS.B,

23.96%,

12/10/26

...

2,771

2,737

FW2214196.UP.FTS.B,

23.98%,

12/10/26

.

5,254

5,209

L2222118.UP.FTS.B,

24.15%,

12/10/26

...

2,616

2,593

FW2220266.UP.FTS.B,

24.3%,

12/10/26

..

3,321

237

L2219719.UP.FTS.B,

24.34%,

12/10/26

...

1,309

1,298

FW2220794.UP.FTS.B,

24.46%,

12/10/26

.

4,588

4,551

L2222302.UP.FTS.B,

24.68%,

12/10/26

...

4,369

4,331

L2221940.UP.FTS.B,

24.71%,

12/10/26

...

4,805

4,763

L2220990.UP.FTS.B,

24.8%,

12/10/26

....

4,425

4,384

L2218904.UP.FTS.B,

24.83%,

12/10/26

...

17,913

5,128

L2220582.UP.FTS.B,

24.94%,

12/10/26

...

7,743

42

FW2222025.UP.FTS.B,

24.95%,

12/10/26

.

8,746

8,669

L2221318.UP.FTS.B,

24.95%,

12/10/26

...

2,099

2,080

FW2221001.UP.FTS.B,

24.99%,

12/10/26

.

4,373

4,334

L2221560.UP.FTS.B,

25.03%,

12/10/26

...

2,088

2,072

L2220844.UP.FTS.B,

25.09%,

12/10/26

...

2,275

2,255

L2222466.UP.FTS.B,

25.12%,

12/10/26

...

9,188

9,107

FW2219598.UP.FTS.B,

25.14%,

12/10/26

.

1,808

263

FW2220337.UP.FTS.B,

25.2%,

12/10/26

..

3,528

3,499

FW2219626.UP.FTS.B,

25.21%,

12/10/26

.

4,726

4,685

L2219105.UP.FTS.B,

25.3%,

12/10/26

....

9,956

2,852

L2209708.UP.FTS.B,

25.32%,

12/10/26

...

1,313

1,302

L2219458.UP.FTS.B,

25.35%,

12/10/26

...

1,927

13

L2222460.UP.FTS.B,

25.39%,

12/10/26

...

2,857

2,832

FW2218886.UP.FTS.B,

25.43%,

12/10/26

.

7,573

347

FW2220401.UP.FTS.B,

25.43%,

12/10/26

.

2,782

198

L2221428.UP.FTS.B,

25.43%,

12/10/26

...

8,626

68

L2219496.UP.FTS.B,

25.44%,

12/10/26

...

1,113

79

L2219737.UP.FTS.B,

25.45%,

12/10/26

...

2,015

1,997

L2218573.UP.FTS.B,

25.46%,

12/10/26

...

4,406

647

L2222516.UP.FTS.B,

25.46%,

12/10/26

...

942

930

L2218665.UP.FTS.B,

25.47%,

12/10/26

...

2,109

2,091

L2181395.UP.FTS.B,

25.48%,

12/10/26

...

4,451

317

L2222196.UP.FTS.B,

25.5%,

12/10/26

....

2,103

2,084

L2222524.UP.FTS.B,

25.5%,

12/10/26

....

2,365

2,345

L2219005.UP.FTS.B,

25.75%,

12/10/26

...

3,157

3,129

L2219909.UP.FTS.B,

25.83%,

12/10/26

...

2,632

2,609

L2218850.UP.FTS.B,

25.86%,

12/10/26

...

8,515

8,448

L2215001.UP.FTS.B,

25.92%,

12/10/26

...

3,427

3,377

FW2221345.UP.FTS.B,

26.17%,

12/10/26

.

2,570

2,549

FW2217975.UP.FTS.B,

26.18%,

12/10/26

.

32,492

32,211

FW2221416.UP.FTS.B,

26.49%,

12/10/26

.

3,516

3,486

L2220148.UP.FTS.B,

26.68%,

12/10/26

...

4,838

4,760

FW2216682.UP.FTS.B,

26.9%,

12/10/26

..

5,281

5,236

FW2221698.UP.FTS.B,

26.97%,

12/10/26

.

7,081

7,022

FW2220970.UP.FTS.B,

26.98%,

12/10/26

.

814

805

FW2220451.UP.FTS.B,

27.06%,

12/10/26

.

29,822

2,136

FW2219378.UP.FTS.B,

27.07%,

12/10/26

.

10,569

10,478

FW2221051.UP.FTS.B,

27.18%,

12/10/26

.

9,920

2,851

FW2219807.UP.FTS.B,

27.31%,

12/10/26

.

5,221

5,181

FW2221994.UP.FTS.B,

27.39%,

12/10/26

.

2,292

2,273

FW2220411.UP.FTS.B,

27.41%,

12/10/26

.

5,357

5,309

FW2220729.UP.FTS.B,

27.41%,

12/10/26

.

7,759

7,693

FW2220416.UP.FTS.B,

27.46%,

12/10/26

.

2,645

2,623

FW2218817.UP.FTS.B,

27.5%,

12/10/26

..

4,623

4,580

FW2221398.UP.FTS.B,

27.53%,

12/10/26

.

4,637

4,600

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

312

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2219250.UP.FTS.B,

27.55%,

12/10/26

...

$

21,875

$

21,688

FW2221651.UP.FTS.B,

27.6%,

12/10/26

..

8,823

8,748

FW2220064.UP.FTS.B,

27.61%,

12/10/26

.

2,103

2,087

FW2215062.UP.FTS.B,

27.89%,

12/10/26

.

2,283

2,266

FW2219635.UP.FTS.B,

27.99%,

12/10/26

.

8,518

8,443

FW2219847.UP.FTS.B,

28.03%,

12/10/26

.

5,293

5,255

FW2220128.UP.FTS.B,

28.06%,

12/10/26

.

4,418

4,381

FW2217890.UP.FTS.B,

28.41%,

12/10/26

.

1,592

1,579

FW2219819.UP.FTS.B,

28.69%,

12/10/26

.

17,454

2,530

FW2221547.UP.FTS.B,

28.78%,

12/10/26

.

3,100

3,074

FW2221253.UP.FTS.B,

28.97%,

12/10/26

.

6,203

6,151

FW2222054.UP.FTS.B,

29.08%,

12/10/26

.

7,092

7,032

FW2219596.UP.FTS.B,

29.28%,

12/10/26

.

4,813

699

FW2219042.UP.FTS.B,

29.37%,

12/10/26

.

6,686

6,635

FW2218160.UP.FTS.B,

29.47%,

12/10/26

.

4,260

4,225

FW2219414.UP.FTS.B,

29.72%,

12/10/26

.

5,145

5,102

FW2218780.UP.FTS.B,

29.8%,

12/10/26

..

4,792

4,759

FW2220353.UP.FTS.B,

29.92%,

12/10/26

.

2,675

2,653

FW2221075.UP.FTS.B,

30.26%,

12/10/26

.

3,114

3,088

FW2221564.UP.FTS.B,

30.28%,

12/10/26

.

3,381

3,353

FW2217065.UP.FTS.B,

30.33%,

12/10/26

.

4,004

3,971

FW2221531.UP.FTS.B,

30.36%,

12/10/26

.

3,115

3,089

FW2220084.UP.FTS.B,

30.41%,

12/10/26

.

1,780

1,765

FW2221439.UP.FTS.B,

30.5%,

12/10/26

..

1,959

1,943

FW2221679.UP.FTS.B,

30.52%,

12/10/26

.

2,824

2,792

FW2218883.UP.FTS.B,

30.53%,

12/10/26

.

6,854

6,794

FW2219455.UP.FTS.B,

30.53%,

12/10/26

.

1,402

98

FW2219854.UP.FTS.B,

30.55%,

12/10/26

.

3,277

229

FW2220470.UP.FTS.B,

30.6%,

12/10/26

..

3,680

257

FW2219637.UP.FTS.B,

30.65%,

12/10/26

.

2,673

2,651

FW2219219.UP.FTS.B,

30.68%,

12/10/26

.

3,098

3,051

FW2221500.UP.FTS.B,

30.88%,

12/10/26

.

1,511

3

FW2222124.UP.FTS.B,

30.9%,

12/10/26

..

600

590

FW2215534.UP.FTS.B,

30.92%,

12/10/26

.

892

884

FW2221902.UP.FTS.B,

30.92%,

12/10/26

.

1,577

110

FW2219745.UP.FTS.B,

31.03%,

12/10/26

.

2,051

2,034

FW2220020.UP.FTS.B,

31.12%,

12/10/26

.

1,022

(14)

FW2218821.UP.FTS.B,

31.13%,

12/10/26

.

2,141

2,123

FW2221543.UP.FTS.B,

31.13%,

12/10/26

.

4,284

4,249

FW2216231.UP.FTS.B,

31.22%,

12/10/26

.

3,123

3,098

FW2221322.UP.FTS.B,

31.23%,

12/10/26

.

2,894

842

FW2219222.UP.FTS.B,

31.25%,

12/10/26

.

3,359

3,336

FW2218939.UP.FTS.B,

31.36%,

12/10/26

.

3,571

3,541

FW2219989.UP.FTS.B,

31.38%,

12/10/26

.

3,543

3,517

FW2221748.UP.FTS.B,

31.55%,

12/10/26

.

4,310

4,276

FW2219361.UP.FTS.B,

31.69%,

12/10/26

.

13,136

13,029

FW2222019.UP.FTS.B,

31.71%,

12/10/26

.

6,287

6,238

FW2219266.UP.FTS.B,

31.97%,

12/10/26

.

31,214

30,959

FW2220480.UP.FTS.B,

32.04%,

12/10/26

.

5,398

382

FW2219137.UP.FTS.B,

32.32%,

12/10/26

.

6,538

6,485

FW2220958.UP.FTS.B,

32.58%,

12/10/26

.

6,723

6,669

L1612765.UP.FTS.B,

17.19%,

1/23/27

....

13,829

13,026

L1611337.UP.FTS.B,

22.25%,

1/23/27

....

16,060

15,968

FW1612108.UP.FTS.B,

27.61%,

1/23/27

..

3,052

214

FW1612668.UP.FTS.B,

29.21%,

1/23/27

..

9,324

651

L1599969.UP.FTS.B,

14.68%,

1/24/27

....

6,192

6,130

L1617302.UP.FTS.B,

20.41%,

1/24/27

....

6,528

6,189

L1616828.UP.FTS.B,

23.14%,

1/24/27

....

6,548

468

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1616362.UP.FTS.B,

23.47%,

1/24/27

....

$

5,365

$

5,341

L1616231.UP.FTS.B,

24.63%,

1/24/27

....

9,518

1,443

L1613119.UP.FTS.B,

24.86%,

1/24/27

....

11,282

10,636

FW1603076.UP.FTS.B,

25.34%,

1/24/27

..

28,937

8,382

FW1614982.UP.FTS.B,

25.4%,

1/24/27

...

8,399

(357)

L1616175.UP.FTS.B,

25.43%,

1/24/27

....

3,718

3,695

FW1615292.UP.FTS.B,

25.84%,

1/24/27

..

9,074

9,050

L1597917.UP.FTS.B,

26.39%,

1/24/27

....

3,004

(1)

FW1613124.UP.FTS.B,

26.6%,

1/24/27

...

14,171

14,129

FW1605600.UP.FTS.B,

29.46%,

1/24/27

..

6,852

6,528

FW1616426.UP.FTS.B,

30.21%,

1/24/27

..

1,668

1,665

L1620110.UP.FTS.B,

16.48%,

1/25/27

....

14,362

1,044

L1617912.UP.FTS.B,

17.57%,

1/25/27

....

5,366

5,295

L1619285.UP.FTS.B,

19.51%,

1/25/27

....

22,490

6,375

L1618519.UP.FTS.B,

22.51%,

1/25/27

....

26,307

26,201

L1618701.UP.FTS.B,

22.67%,

1/25/27

....

2,588

755

FW1618334.UP.FTS.B,

28.78%,

1/25/27

..

15,682

15,670

FW1620982.UP.FTS.B,

29.78%,

1/25/27

..

26,662

26,552

L1705631.UP.FTS.B,

14.99%,

2/13/27

....

13,625

13,448

L1704821.UP.FTS.B,

15.71%,

2/13/27

....

4,400

1,174

FW1706011.UP.FTS.B,

20.18%,

2/13/27

..

6,268

6,251

L1706676.UP.FTS.B,

24.2%,

2/13/27

....

13,544

13,405

L1705353.UP.FTS.B,

25.94%,

2/13/27

....

3,089

3,078

L1706613.UP.FTS.B,

27.15%,

2/13/27

....

6,353

6,312

FW1705686.UP.FTS.B,

30.68%,

2/13/27

..

3,637

3,602

L1879662.UP.FTS.B,

19.3%,

3/19/27

....

18,068

18,011

FW1880786.UP.FTS.B,

24.67%,

3/19/27

..

5,100

5,058

FW1879017.UP.FTS.B,

25.45%,

3/19/27

..

18,439

18,311

L1878619.UP.FTS.B,

25.7%,

3/19/27

....

11,598

11,246

FW1876421.UP.FTS.B,

26.08%,

3/19/27

..

5,146

5,105

FW1877902.UP.FTS.B,

26.21%,

3/19/27

..

17,436

16,536

FW1878650.UP.FTS.B,

27.3%,

3/19/27

...

4,823

(434)

FW1878560.UP.FTS.B,

28.77%,

3/19/27

..

4,488

4,465

FW1880356.UP.FTS.B,

28.86%,

3/19/27

..

2,283

2,168

FW1876796.UP.FTS.B,

29.31%,

3/19/27

..

19,004

5,495

FW1878756.UP.FTS.B,

30.15%,

3/19/27

..

6,096

425

FW1876680.UP.FTS.B,

30.74%,

3/19/27

..

2,921

2,907

FW1879069.UP.FTS.B,

31.2%,

3/19/27

...

9,113

2,580

FW1879978.UP.FTS.B,

31.48%,

3/19/27

..

26,941

3,938

FW1880615.UP.FTS.B,

31.56%,

3/19/27

..

5,773

822

FW1877469.UP.FTS.B,

31.71%,

3/19/27

..

5,764

400

L1998298.UP.FTS.B,

13.53%,

4/08/27

....

3,912

3,869

FW1995179.UP.FTS.B,

16.42%,

4/08/27

..

1,397

768

L1993881.UP.FTS.B,

16.54%,

4/08/27

....

18,218

9,551

L1993514.UP.FTS.B,

16.68%,

4/08/27

....

2,886

2,842

L1990886.UP.FTS.B,

17.65%,

4/08/27

....

5,770

5,682

L1999227.UP.FTS.B,

17.88%,

4/08/27

....

15,044

14,762

L1993950.UP.FTS.B,

18.43%,

4/08/27

....

3,854

2,186

L1989102.UP.FTS.B,

19.31%,

4/08/27

....

8,921

8,754

L1990660.UP.FTS.B,

20.07%,

4/08/27

....

9,336

5,312

FW1995784.UP.FTS.B,

21.66%,

4/08/27

..

14,883

147

FW1995724.UP.FTS.B,

22.43%,

4/08/27

..

11,535

11,341

FW1990668.UP.FTS.B,

22.76%,

4/08/27

..

6,227

6,158

L1999670.UP.FTS.B,

24.18%,

4/08/27

....

2,363

670

L1990332.UP.FTS.B,

24.87%,

4/08/27

....

10,160

10,019

FW1990135.UP.FTS.B,

25.6%,

4/08/27

...

4,634

1,316

FW1995970.UP.FTS.B,

26.64%,

4/08/27

..

2,152

2,130

FW1993453.UP.FTS.B,

28.76%,

4/08/27

..

11,423

11,302

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

313

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1996092.UP.FTS.B,

29.72%,

4/08/27

..

$

2,751

$

390

FW1991447.UP.FTS.B,

30.68%,

4/08/27

..

2,792

389

FW1993671.UP.FTS.B,

30.7%,

4/08/27

...

256

252

FW1988366.UP.FTS.B,

30.88%,

4/08/27

..

4,640

2,752

FW1995947.UP.FTS.B,

31.02%,

4/08/27

..

3,522

3,487

FW1995078.UP.FTS.B,

31.18%,

4/08/27

..

1,510

214

FW1989153.UP.FTS.B,

31.22%,

4/08/27

..

12,747

(621)

FW2070599.UP.FTS.B,

13.28%,

4/18/27

..

4,553

1,160

L2071747.UP.FTS.B,

16.81%,

4/18/27

....

5,085

5,026

L2074108.UP.FTS.B,

16.87%,

4/18/27

....

2,619

2,584

L2070593.UP.FTS.B,

17.59%,

4/18/27

....

17,297

17,137

L2074593.UP.FTS.B,

18.9%,

4/18/27

....

1,429

1,410

FW2071863.UP.FTS.B,

19.94%,

4/18/27

..

39,123

38,496

L2074730.UP.FTS.B,

20.02%,

4/18/27

....

4,249

4,189

L2069760.UP.FTS.B,

20.2%,

4/18/27

....

21,538

21,249

L2074432.UP.FTS.B,

21.97%,

4/18/27

....

2,348

2,226

L2070410.UP.FTS.B,

21.99%,

4/18/27

....

3,763

(11)

FW2071024.UP.FTS.B,

22.22%,

4/18/27

..

18,621

18,551

FW2075442.UP.FTS.B,

22.23%,

4/18/27

..

6,220

6,124

FW2073821.UP.FTS.B,

23.18%,

4/18/27

..

6,266

6,228

L2070496.UP.FTS.B,

23.39%,

4/18/27

....

9,226

660

FW2073884.UP.FTS.B,

24.56%,

4/18/27

..

2,191

2,081

FW2074090.UP.FTS.B,

24.77%,

4/18/27

..

2,571

(7)

FW2074811.UP.FTS.B,

25.21%,

4/18/27

..

5,285

376

L2072180.UP.FTS.B,

25.94%,

4/18/27

....

17,621

17,503

FW2075168.UP.FTS.B,

30.19%,

4/18/27

..

4,138

4,113

FW2075547.UP.FTS.B,

30.66%,

4/18/27

..

1,113

1,107

FW2074496.UP.FTS.B,

30.71%,

4/18/27

..

2,902

2,888

FW2072505.UP.FTS.B,

31.14%,

4/18/27

..

2,267

2,184

FW2075135.UP.FTS.B,

32.07%,

4/18/27

..

2,786

2,774

L2214144.UP.FTS.B,

11.27%,

5/09/27

....

7,509

7,428

L2218540.UP.FTS.B,

15.26%,

5/09/27

....

5,717

764

L1410942.UP.FTS.B,

18.88%,

5/09/27

....

8,106

7,938

L2218508.UP.FTS.B,

20.09%,

5/09/27

....

4,983

4,928

L2217932.UP.FTS.B,

21.91%,

5/09/27

....

12,236

12,034

FW2216167.UP.FTS.B,

23.76%,

5/09/27

..

5,484

5,427

L2198465.UP.FTS.B,

24.17%,

5/09/27

....

4,390

4,351

L2218678.UP.FTS.B,

25.2%,

5/09/27

....

1,973

1,958

FW2214150.UP.FTS.B,

26.84%,

5/09/27

..

1,959

1,942

FW2215801.UP.FTS.B,

28.45%,

5/09/27

..

7,160

4,234

FW2215497.UP.FTS.B,

28.74%,

5/09/27

..

21,157

(593)

FW1410803.UP.FTS.B,

28.82%,

5/09/27

..

5,499

5,421

FW2214667.UP.FTS.B,

30.92%,

5/09/27

..

4,865

4,806

FW2218340.UP.FTS.B,

31.07%,

5/09/27

..

7,582

7,519

FW2217014.UP.FTS.B,

31.19%,

5/09/27

..

2,982

1,759

L2219210.UP.FTS.B,

12.38%,

5/10/27

....

4,154

4,111

L2211511.UP.FTS.B,

12.64%,

5/10/27

....

44,869

44,401

FW2219474.UP.FTS.B,

13.95%,

5/10/27

..

8,988

8,898

L2221648.UP.FTS.B,

14.47%,

5/10/27

....

10,730

5,612

FW2218896.UP.FTS.B,

19.03%,

5/10/27

..

7,131

7,004

L2220633.UP.FTS.B,

20.25%,

5/10/27

....

11,994

7,067

L2219971.UP.FTS.B,

21.13%,

5/10/27

....

7,367

1,967

L2220292.UP.FTS.B,

21.61%,

5/10/27

....

9,127

9,027

L2221609.UP.FTS.B,

22.8%,

5/10/27

....

7,777

(61)

L2221731.UP.FTS.B,

23.05%,

5/10/27

....

5,475

5,423

FW2212786.UP.FTS.B,

23.27%,

5/10/27

..

1,809

1,068

L2222173.UP.FTS.B,

23.88%,

5/10/27

....

12,367

12,244

L2219046.UP.FTS.B,

24.89%,

5/10/27

....

5,614

5,560

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2222197.UP.FTS.B,

25.16%,

5/10/27

....

$

2,418

$

2,389

FW2222378.UP.FTS.B,

26.49%,

5/10/27

..

5,871

417

FW2219943.UP.FTS.B,

28.3%,

5/10/27

...

9,868

9,761

FW2221942.UP.FTS.B,

29.08%,

5/10/27

..

16,999

16,887

FW2222345.UP.FTS.B,

30.23%,

5/10/27

..

6,368

6,304

FW2219236.UP.FTS.B,

30.82%,

5/10/27

..

2,160

2,139

FW2216510.UP.FTS.B,

30.91%,

5/10/27

..

6,236

6,171

FW2219211.UP.FTS.B,

31.11%,

5/10/27

..

4,058

4,020

FW2215261.UP.FTS.B,

31.21%,

5/10/27

..

1,641

1,624

FW2218934.UP.FTS.B,

31.41%,

5/10/27

..

7,330

519

FW1613781.UP.FTS.B,

20.91%,

6/24/27

..

167

165

L1617729.UP.FTS.B,

24.84%,

6/24/27

....

2,272

2,154

FW1614430.UP.FTS.B,

26.68%,

6/24/27

..

9,208

656

FW1620587.UP.FTS.B,

20.68%,

6/25/27

..

45,069

6,662

FW1705037.UP.FTS.B,

26.99%,

7/13/27

..

1,666

1,645

FW1880689.UP.FTS.B,

25.33%,

8/19/27

..

10,450

9,926

FW1876930.UP.FTS.B,

28.99%,

8/19/27

..

11,302

3,337

FW1991443.UP.FTS.B,

26.55%,

9/08/27

..

33,218

5,362

FW1989679.UP.FTS.B,

31.11%,

9/08/27

..

10,343

734

L2074857.UP.FTS.B,

16.11%,

9/18/27

....

16,974

16,820

FW2072528.UP.FTS.B,

30.61%,

9/18/27

..

1,622

1,601

L2217220.UP.FTS.B,

24.27%,

10/09/27

...

4,602

4,540

FW2218106.UP.FTS.B,

26.79%,

10/09/27

.

6,047

433

FW2217284.UP.FTS.B,

26.82%,

10/09/27

.

4,176

4,127

L2221415.UP.FTS.B,

11.88%,

10/10/27

...

5,008

4,953

FW2221749.UP.FTS.B,

30.5%,

10/10/27

..

1,042

1,034

FW2219559.UP.FTS.B,

31.14%,

10/10/27

.

2,676

(285)

L1700175.UP.FTS.B,

15.87%,

9/13/28

....

13,259

13,194

L1703901.UP.FTS.B,

26.94%,

9/13/28

....

8,887

8,869

L2074618.UP.FTS.B,

27.13%,

11/18/28

...

3,309

3,290

11,095,717

Total

Marketplace

Loans

(Cost

$83,934,721)

....

$76,199,677

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

314

At

J

anuary

31,

2023

,

the

Fund

had

the

following futures

contracts

outstanding.

At

J

anuary

31,

202

3

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

30-day

Federal

Funds

.........................

Short

1,800

$

715,894,767

12/29/23

$

561,929

U.S.

Treasury

10

Year

Notes

....................

Long

200

22,903,125

3/22/23

296,601

U.S.

Treasury

2

Year

Notes

.....................

Long

642

132,026,297

3/31/23

458,203

U.S.

Treasury

5

Year

Notes

.....................

Long

2,466

269,391,236

3/31/23

2,651,820

U.S.

Treasury

Long

Bonds

.....................

Long

260

33,767,500

3/22/23

694,318

Total

Futures

Contracts

......................................................................

$4,662,871

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

.............

JPHQ

Sell

2,990,000

3,169,614

4/11/23

$

—

$

(94,984)

Japanese

Yen

......

JPHQ

Buy

1,145,000,000

8,705,133

4/11/23

175,890

—

Euro

.............

JPHQ

Sell

122,279,789

130,369,820

5/30/23

—

(3,488,571)

Total

Forward

Exchange

Contracts

...................................................

$175,890

$(3,583,555)

Net

unrealized

appreciation

(depreciation)

............................................

$(3,407,665)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

315

At

January

31,

2023,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CDX.NA.EM.38

.

(1.00)%

Quarterly

12/20/27

38,875,000

$

1,939,598

$

3,031,589

$

(1,091,991)

CDX.NA.HY.39

.

(5.00)%

Quarterly

12/20/27

245,835,000

(8,251,758)

4,810,310

(13,062,068)

Total

Centrally

Cleared

Swap

Contracts

.....................................

$(6,312,160)

$7,841,899

$(14,154,059)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Single

Name

Avon

Products,

Inc.

.......

(5.00)%

Quarterly

CITI

3/20/23

8,800,000

(103,506)

(32,990)

(70,516)

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Air

France-KLM

.

5.00%

Quarterly

BOFA

6/20/26

1,170,000

EUR

(2,339)

16,539

(18,878)

NR

Air

France-KLM

.

5.00%

Quarterly

JPHQ

6/20/26

2,780,000

EUR

(5,557)

34,319

(39,876)

NR

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

12,580,000

(3,277,151)

(1,998,077)

(1,279,074)

B-

Traded

Index

(e)

BNP

Paribas

Bespoke

Haverhill

Index,

Mezzanine

Tranche

5-10%

4.10%

Quarterly

BNDP

12/20/23

4,250,000

EUR

48,959

—

48,959

Non-

Investment

Grade

CDX.NA.HY.31

.

5.00%

Quarterly

CITI

12/20/23

40,000,000

1,533,708

(988,760)

2,522,468

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kenai

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/23

28,800,000

(7,392,867)

(3,899,805)

(3,493,062)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Rotorua

Index,

Mezzanine

Tranche

5-10%

3.60%

Quarterly

CITI

12/20/23

8,300,000

74,497

—

74,497

Non-

Investment

Grade

MCDX.

NA.MAIN.31

.

1.00%

Quarterly

CITI

12/20/23

2,325,000

13,421

4,152

9,269

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(9,110,835)

$(6,864,622)

$(2,246,213)

Total

Credit

Default

Swap

Contracts

....................................

$(15,422,995)

$

977,277

$(16,400,272)

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

(e)

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

316

At

J

anuary

31,

202

3

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

At

January

31,

2023,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

A

bbreviations

on

page

331

.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

............

Annual

Pay

Fixed

1.924%

...

Annual

8/12/27

34,300,000

$

2,396,936

$

2,557

$

2,394,379

Total

Interest

Rate

Swap

Contracts

...............................

$2,396,936

$

2,557

$2,394,379

*

In

U.S.

dollars

unless

otherwise

indicated.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Short

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BNDP

3/20/23

2,175,000

$

(131,613)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BNDP

3/20/23

6,595,000

(380,883)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BZWS

3/20/23

16,480,000

(901,540)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

MSCO

3/20/23

10,600,000

(547,748)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

MSCO

6/20/23

17,625,000

(700,629)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

MSCO

6/20/23

17,625,000

(586,337)

Total

Return

Swap

Contracts

....................................................................

$(3,248,750)

*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Investors

Securities

Trust

317

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Investors

Securities

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of seven

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Effective

March

1,

2022,

Franklin

Adjustable

U.S.

Government

Securities

was

renamed

Franklin

Low

Duration

U.S.

Government

Securities

Fund.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

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

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

318

Quarterly

Schedules

of

Investments

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

January

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.

3.

Restricted

Securities

At

January

31,

2023,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933

Act,

were

as

follows:

4.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

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

$

221,4

69

$

—

2,862,311

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

2,125

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$223,594

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$

0

as

of

January

31,

2023

.

2. Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

319

Quarterly

Schedules

of

Investments

At

January

31,

2023,

unfunded

commitments

were

as

follows:

5.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

January

31,

2023,

investments

in

“affiliated

companies”

were

as

follows: 

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

athenahealth

Group,

Inc.

$

1,619,052

Thrasio

,

LLC

2,500,000

$

4,119,052

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Warrants/

Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

NiSource

,

Inc

.,

7.75%

..

$

45,886,500

$

—

$

—

$

—

$

1,611,000

$

47,497,500

450,000

$

871,875

Total

Affiliated

Securities

(Value

is

1.6%

of

Net

Assets)

..........

$45,886,500

$—

$—

$

—

$

1,611,000

$47,497,500

$871,875

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Quarternorth

Energy

Holding

,

Inc

.......

45,425,981

—

—

—

6,048,638

51,474,619

370,321

1,474,384

Quarternorth

Energy

Holding,

Inc.,

2/01/49

12,932,116

—

—

—

1,721,959

14,654,075

105,425

—

UTEX

Industries

,

Inc

..

17,901,790

—

—

—

(653,350)

17,248,440

261,340

—

UTEX

Industries,

Inc.,

2/20/49

..........

6,469

—

—

—

(3,07

9

)

3,390

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)

—

a

—

334,086

Total

Affiliated

Securities

(Value

is

6.5%

of

Net

Assets)

..........

$89,944,353

$—

$(13,706,542)

$13,706,542

$(6,563,829)

$83,380,524

$1,808,470

a

As

of

January

31,

2023,

no

longer

held

by

the

fund.

4.

Unfunded

Loan

Commitments  

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

320

Quarterly

Schedules

of

Investments

6.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

January

31,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Adjustable

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

22,050,458

$

49,128,414

$

(60,588,173)

$

—

$

—

$

10,590,699

10,590,699

$

121,167

Total

Affiliated

Securities

...

$22,050,458

$49,128,414

$(60,588,173)

$—

$—

$10,590,699

$121,167

Franklin

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

32,225,199

$

364,270,365

$

(289,970,009)

$

—

$

—

$

106,525,555

106,525,555

$

482,041

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$16,573,000

$42,599,000

$(38,225,000)

$—

$—

$20,947,000

20,947,000

$159,102

Total

Affiliated

Securities

...

$48,798,199

$406,869,365

$(328,195,009)

$—

$—

$127,472,555

$641,143

Franklin

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$130,310,388

$163,716,956

$(167,928,328)

$—

$—

$126,099,016

126,099,016

$1,135,308

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$—

$2,000

$(2,000)

$—

$—

$—

—

$5

Total

Affiliated

Securities

...

$130,310,388

$163,718,956

$(167,930,328)

$—

$—

$126,099,016

$1,135,313

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

321

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$34,911,058

$—

$—

$—

$1,111,228

$36,022,286

4,630,114

$747,762

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

50,484,450

106,041,717

(101,679,077)

—

—

54,847,090

54,847,090

368,121

Total

Non-Controlled

Affiliates

$85,395,508

$106,041,717

$(101,679,077)

$

—

$

1,111,22

8

$90,869,376

$

1,115,883

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$18,000

$24,178,000

$(24,196,000)

$—

$—

$—

—

$28,160

Total

Affiliated

Securities

...

$85,413,508

$130,219,717

$(125,875,077)

$—

$1,111,228

$90,869,376

$1,144,043

Franklin

Low

Duration

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$125,894,626

$—

$—

$—

$4,007,256

$129,901,882

16,696,900

$2,696,543

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

15,610,140

105,016,472

(74,420,888)

—

—

46,205,724

46,205,724

346,437

Total

Affiliated

Securities

...

$141,504,766

$105,016,472

$(74,420,888)

$—

$4,007,256

$176,107,606

$3,042,980

Franklin

Managed

Income

Fund

Controlled

Affiliates

Dividends

Franklin

U.S.

Low

Volatility

ETF

$

39,259,172

$

—

$

(470,814)

$

104,739

$

1,607,703

$

40,500,800

850,000

$

231,291

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

—

(2,634,462)

(552,726)

10,303

22,109,115

1,050,000

515,592

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

7,831,637

368,045,899

(355,105,775)

—

—

20,771,761

20,771,761

403,804

Western

Asset

Diversified

Income

Fund

.............

3,105,000

3,317,407

—

—

665,399

7,087,806

500,905

159,366

Total

Non-Controlled

Affiliates

$62,466,387

$371,363,306

$(384,439,250)

$

(1,685,588)

$

2,263,827

$49,968,682

$

1,078,762

6.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

322

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Managed

Income

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$9,298,000

$17,207,000

$(22,503,000)

$—

$—

$4,002,000

4,002,000

$34,872

Total

Affiliated

Securities

...

$111,023,559

$388,570,306

$(407,413,064)

$(1,580,849)

$3,871,530

$94,471,482

$1,344,925

Franklin

Total

Return

Fund

Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$133,533,045

$—

$—

$—

$4,250,389

$137,783,434

17,709,953

$2,860,150

Franklin

Investment

Grade

Corporate

ETF

...........

322,806,000

—

—

—

27,141,400

349,947,400

16,060,000

2,644,070

Total

Controlled

Affiliates

...

$456,339,045

$—

$—

$

—

$

31,391,789

$487,730,834

$

5,504,220

Non-Controlled

Affiliates

Dividends

Franklin

Senior

Loan

ETF

....

$40,168,688

$—

$—

$—

$1,415,981

$41,584,669

1,737,400

$793,347

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

44,800,650

235,985,728

(251,884,311)

—

—

28,902,067

28,902,067

617,750

Total

Non-Controlled

Affiliates

$84,969,338

$235,985,728

$(251,884,311)

$

—

$

1,415,981

$70,486,736

$

1,411,097

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$2,006,000

$3,321,000

$(5,168,000)

$—

$—

$159,000

159,000

$6,065

Total

Affiliated

Securities

...

$543,314,383

$239,306,728

$(257,052,311)

$—

$32,807,770

$558,376,570

$6,921,382

6.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

323

Quarterly

Schedules

of

Investments

7. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

January

31,

2023,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Adjustable

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

a

Commercial

Mortgage-Backed

Securities

......

$

—

$

117,272,619

$

—

$

117,272,619

Mortgage-Backed

Securities

................

—

379,161,866

—

379,161,866

Short

Term

Investments

...................

10,590,699

—

—

10,590,699

Total

Investments

in

Securities

...........

$10,590,699

$496,434,485

$—

$507,025,184

Franklin

Convertible

Securities

Fund

Assets:

Investments

in

Securities:

Convertible

Preferred

Stocks

:

Auto

Components

......................

66,774,700

—

—

66,774,700

Capital

Markets

........................

64,857,600

—

—

64,857,600

Electric

Utilities

........................

146,600,800

—

—

146,600,800

Life

Sciences

Tools

&

Services

............

18,876,480

—

—

18,876,480

Machinery

............................

29,362,500

—

—

29,362,500

Multi-Utilities

..........................

47,497,500

—

—

47,497,500

Wireless

Telecommunication

Services

.......

—

58,014,720

—

58,014,720

Convertible

Bonds

.......................

—

2,483,018,333

—

2,483,018,333

Short

Term

Investments

...................

127,472,555

—

—

127,472,555

Total

Investments

in

Securities

...........

$501,442,135

$2,541,033,053

$—

$3,042,475,188

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

134,333,392

—

—

134,333,392

Air

Freight

&

Logistics

...................

92,892,845

—

—

92,892,845

Banks

...............................

275,063,400

—

—

275,063,400

Beverages

...........................

133,408,840

—

—

133,408,840

Capital

Markets

........................

250,497,275

—

—

250,497,275

Chemicals

...........................

28,837,900

26,088,829

—

54,926,729

Commercial

Services

&

Supplies

...........

15,103,220

—

—

15,103,220

Communications

Equipment

..............

76,655,250

—

—

76,655,250

Consumer

Finance

.....................

17,143,140

—

—

17,143,140

Diversified

Financial

Services

.............

74,708,290

—

—

74,708,290

Diversified

Telecommunication

Services

.....

9,890,665

—

—

9,890,665

Electric

Utilities

........................

212,927,425

—

—

212,927,425

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

324

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Equity

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Electrical

Equipment

....................

$

76,890,700

$

—

$

—

$

76,890,700

Equity

Real

Estate

Investment

Trusts

(REITs)

.

92,895,990

—

—

92,895,990

Food

&

Staples

Retailing

.................

43,232,935

—

—

43,232,935

Food

Products

........................

32,883,600

—

—

32,883,600

Health

Care

Equipment

&

Supplies

.........

103,035,850

—

—

103,035,850

Health

Care

Providers

&

Services

..........

134,257,315

—

—

134,257,315

Hotels,

Restaurants

&

Leisure

.............

41,447,000

—

—

41,447,000

Household

Products

....................

101,089,800

—

—

101,089,800

Insurance

............................

16,929,780

—

—

16,929,780

Life

Sciences

Tools

&

Services

............

44,770,905

—

—

44,770,905

Machinery

............................

31,819,260

—

—

31,819,260

Media

...............................

21,052,250

—

—

21,052,250

Multiline

Retail

........................

63,691,800

—

—

63,691,800

Oil,

Gas

&

Consumable

Fuels

.............

347,599,815

—

—

347,599,815

Pharmaceuticals

.......................

209,160,305

—

—

209,160,305

Road

&

Rail

..........................

52,849,150

—

—

52,849,150

Semiconductors

&

Semiconductor

Equipment

.

121,951,945

—

—

121,951,945

Software

.............................

92,883,000

—

—

92,883,000

Specialty

Retail

........................

63,912,100

—

—

63,912,100

Water

Utilities

.........................

29,967,669

—

—

29,967,669

Equity-Linked

Securities

...................

—

348,504,342

—

348,504,342

Convertible

Preferred

Stocks

................

216,960,975

—

—

216,960,975

Short

Term

Investments

...................

126,099,016

—

—

126,099,016

Total

Investments

in

Securities

...........

$3,386,842,802

$374,593,171

b

$—

$3,761,435,973

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

74,548

—

74,548

Machinery

............................

—

17,248,440

—

17,248,440

Oil,

Gas

&

Consumable

Fuels

.............

—

51,474,619

—

51,474,619

Road

&

Rail

..........................

—

—

1,795,675

1,795,675

Management

Investment

Companies

:

Capital

Markets

........................

5,919,582

36,022,286

—

41,941,868

Preferred

Stocks

.........................

—

10,225

—

10,225

Warrants

:

Machinery

............................

—

—

3,390

3,390

Oil,

Gas

&

Consumable

Fuels

.............

—

14,654,075

—

14,654,075

Corporate

Bonds

:

Airlines

..............................

—

13,490,405

—

13,490,405

Capital

Markets

........................

—

1,430,557

—

1,430,557

Chemicals

...........................

—

5,097,584

—

5,097,584

Commercial

Services

&

Supplies

...........

—

2,909,558

—

2,909,558

Communications

Equipment

..............

—

1,683,286

—

1,683,286

Construction

Materials

..................

—

3,628,908

—

3,628,908

Containers

&

Packaging

.................

—

7,422,419

—

7,422,419

Diversified

Consumer

Services

............

—

1,868,992

—

1,868,992

Diversified

Telecommunication

Services

.....

—

4,526,415

—

4,526,415

Energy

Equipment

&

Services

.............

—

711,500

—

711,500

Entertainment

.........................

—

1,835,856

—

1,835,856

Health

Care

Providers

&

Services

..........

—

1,109,208

—

1,109,208

Hotels,

Restaurants

&

Leisure

.............

—

2,210,197

—

2,210,197

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

325

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Independent

Power

and

Renewable

Electricity

Producers

..........................

$

—

$

4,066,569

$

—

$

4,066,569

Insurance

............................

—

1,223,186

—

1,223,186

Media

...............................

—

6,646,663

—

6,646,663

Oil,

Gas

&

Consumable

Fuels

.............

—

2,288,172

—

2,288,172

Road

&

Rail

..........................

—

416,952

22,672,991

23,089,943

Specialty

Retail

........................

—

1,172,423

—

1,172,423

Wireless

Telecommunication

Services

.......

—

1,195,995

—

1,195,995

Senior

Floating

Rate

Interests

...............

—

996,168,513

—

996,168,513

Asset-Backed

Securities

...................

—

9,152,887

—

9,152,887

Escrows

and

Litigation

Trusts

...............

—

—

—

c

—

Short

Term

Investments

...................

54,847,090

—

—

54,847,090

Total

Investments

in

Securities

...........

$60,766,672

$1,189,740,438

$24,472,056

$1,274,979,166

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$

—

$

366,941

$

—

$

366,941

Total

Other

Financial

Instruments

.........

$—

$366,941

$—

$366,941

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

.........................

—

—

—

c

—

Management

Investment

Companies

.........

—

129,901,882

—

129,901,882

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

15,022,849

—

15,022,849

Air

Freight

&

Logistics

...................

—

1,605,897

—

1,605,897

Airlines

..............................

—

5,729,883

—

5,729,883

Banks

...............................

—

243,049,940

—

243,049,940

Beverages

...........................

—

11,712,933

—

11,712,933

Biotechnology

.........................

—

1,852,023

—

1,852,023

Capital

Markets

........................

—

89,416,984

—

89,416,984

Communications

Equipment

..............

—

853,353

—

853,353

Consumer

Finance

.....................

—

3,675,284

—

3,675,284

Containers

&

Packaging

.................

—

296,192

—

296,192

Diversified

Consumer

Services

............

—

1,810,814

—

1,810,814

Diversified

Financial

Services

.............

—

5,545,097

985,762

6,530,859

Diversified

Telecommunication

Services

.....

—

16,700,712

—

16,700,712

Electric

Utilities

........................

—

30,477,443

—

30,477,443

Entertainment

.........................

—

18,613,518

—

18,613,518

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

5,841,264

—

5,841,264

Food

&

Staples

Retailing

.................

—

2,801,719

—

2,801,719

Food

Products

........................

—

3,300,085

—

3,300,085

Health

Care

Equipment

&

Supplies

.........

—

3,119,881

—

3,119,881

Health

Care

Providers

&

Services

..........

—

13,870,059

—

13,870,059

Hotels,

Restaurants

&

Leisure

.............

—

6,952,179

—

6,952,179

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

1,898,079

—

1,898,079

Insurance

............................

—

36,235,764

—

36,235,764

Interactive

Media

&

Services

..............

—

2,756,484

—

2,756,484

Internet

&

Direct

Marketing

Retail

..........

—

2,546,692

—

2,546,692

IT

Services

...........................

—

4,734,759

—

4,734,759

Life

Sciences

Tools

&

Services

............

—

4,931,963

—

4,931,963

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

326

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Machinery

............................

$

—

$

5,804,278

$

—

$

5,804,278

Media

...............................

—

16,866,468

—

16,866,468

Metals

&

Mining

.......................

—

906,665

—

906,665

Multiline

Retail

........................

—

—

—

c

—

Multi-Utilities

..........................

—

1,218,714

—

1,218,714

Oil,

Gas

&

Consumable

Fuels

.............

—

43,776,692

—

43,776,692

Personal

Products

.....................

—

3,884,638

—

3,884,638

Pharmaceuticals

.......................

—

21,021,174

—

21,021,174

Real

Estate

Management

&

Development

....

—

643,726

—

643,726

Semiconductors

&

Semiconductor

Equipment

.

—

9,499,746

—

9,499,746

Specialty

Retail

........................

—

67,907

—

67,907

Thrifts

&

Mortgage

Finance

...............

—

6,601,492

—

6,601,492

Tobacco

.............................

—

9,997,246

—

9,997,246

Wireless

Telecommunication

Services

.......

—

3,138,450

—

3,138,450

Marketplace

Loans

.......................

—

—

70,765,328

70,765,328

Foreign

Government

and

Agency

Securities

....

—

67,862,212

—

67,862,212

U.S.

Government

and

Agency

Securities

.......

—

896,913,654

—

896,913,654

Asset-Backed

Securities

...................

—

412,160,880

—

412,160,880

Commercial

Mortgage-Backed

Securities

......

—

58,391,089

—

58,391,089

Mortgage-Backed

Securities

................

—

31,664,030

—

31,664,030

Municipal

Bonds

.........................

—

36,851,626

—

36,851,626

Residential

Mortgage-Backed

Securities

.......

—

113,916,946

—

113,916,946

Escrows

and

Litigation

Trusts

...............

—

21,375

—

c

21,375

Short

Term

Investments

...................

46,205,724

50,319,577

—

96,525,301

Total

Investments

in

Securities

...........

$46,205,724

$2,456,782,317

$71,751,090

$2,574,739,131

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$

—

$

6,496

$

—

$

6,496

Futures

contracts

........................

2,380,936

—

—

2,380,936

Swap

contracts

.........................

—

1,435,936

—

1,435,936

Total

Other

Financial

Instruments

.........

$2,380,936

$1,442,432

$—

$3,823,368

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$—

$3,142,346

$—

$3,142,346

Futures

contracts

........................

851,640

—

—

851,640

Swap

contracts

..........................

—

6,973,646

—

6,973,646

Total

Other

Financial

Instruments

.........

$851,640

$10,115,992

$—

$10,967,632

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

1,097,256,619

—

—

1,097,256,619

Management

Investment

Companies

.........

69,697,721

—

—

69,697,721

Equity-Linked

Securities

...................

—

391,203,240

—

391,203,240

Convertible

Preferred

Stocks

................

57,166,000

—

—

57,166,000

Corporate

Bonds

........................

—

1,958,990,150

—

1,958,990,150

U.S.

Government

and

Agency

Securities

.......

—

232,337,304

—

232,337,304

Asset-Backed

Securities

...................

—

16,114,729

—

16,114,729

Mortgage-Backed

Securities

................

—

1,090,056

—

1,090,056

Short

Term

Investments

...................

24,773,761

—

—

24,773,761

Total

Investments

in

Securities

...........

$1,248,894,101

$2,599,735,479

$—

$3,848,629,580

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

327

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Managed

Income

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Futures

contracts

........................

$

1,300,470

$

—

$

—

$

1,300,470

Total

Other

Financial

Instruments

.........

$1,300,470

$—

$—

$1,300,470

Liabilities:

Other

Financial

Instruments:

Options

written

..........................

$

5,528,575

$

—

$

—

$

5,528,575

Total

Other

Financial

Instruments

.........

$5,528,575

$—

$—

$5,528,575

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Energy

Equipment

&

Services

.............

2,116,941

—

—

2,116,941

Multiline

Retail

........................

—

—

—

c

—

Management

Investment

Companies

:

Capital

Markets

........................

391,532,069

137,783,434

—

529,315,503

Preferred

Stocks

.........................

2,670,960

—

—

2,670,960

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

17,287,022

—

17,287,022

Air

Freight

&

Logistics

...................

—

3,117,329

—

3,117,329

Airlines

..............................

—

12,785,215

—

12,785,215

Banks

...............................

—

156,150,721

—

156,150,721

Beverages

...........................

—

5,108,404

—

5,108,404

Biotechnology

.........................

—

8,922,553

—

8,922,553

Capital

Markets

........................

—

55,643,465

—

55,643,465

Chemicals

...........................

—

6,901,344

—

6,901,344

Consumer

Finance

.....................

—

12,045,326

—

12,045,326

Containers

&

Packaging

.................

—

6,053,023

—

6,053,023

Diversified

Financial

Services

.............

—

1,645,436

—

1,645,436

Electric

Utilities

........................

—

35,521,595

—

35,521,595

Electrical

Equipment

....................

—

2,323,483

—

2,323,483

Electronic

Equipment,

Instruments

&

Components

........................

—

7,358,074

—

7,358,074

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

981,957

—

981,957

Food

Products

........................

—

15,103,501

—

15,103,501

Health

Care

Equipment

&

Supplies

.........

—

7,854,407

—

7,854,407

Health

Care

Providers

&

Services

..........

—

27,042,717

—

27,042,717

Hotels,

Restaurants

&

Leisure

.............

—

12,372,991

—

12,372,991

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

9,227,794

—

9,227,794

Insurance

............................

—

14,150,315

—

14,150,315

Interactive

Media

&

Services

..............

—

8,426,316

—

8,426,316

IT

Services

...........................

—

7,940,566

—

7,940,566

Life

Sciences

Tools

&

Services

............

—

1,459,951

—

1,459,951

Media

...............................

—

20,747,286

—

20,747,286

Multiline

Retail

........................

—

—

—

c

—

Multi-Utilities

..........................

—

6,969,090

—

6,969,090

Oil,

Gas

&

Consumable

Fuels

.............

—

50,873,775

—

50,873,775

Paper

&

Forest

Products

.................

—

1,831,467

—

1,831,467

Personal

Products

.....................

—

1,648,400

—

1,648,400

Pharmaceuticals

.......................

—

11,233,327

—

11,233,327

Real

Estate

Management

&

Development

....

—

4,019,334

—

4,019,334

Road

&

Rail

..........................

—

1,610,438

—

1,610,438

Technology

Hardware,

Storage

&

Peripherals

.

—

2,135,939

—

2,135,939

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

328

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At

January

31,

2023,

the

reconciliations

are

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Thrifts

&

Mortgage

Finance

...............

$

—

$

8,410,696

$

—

$

8,410,696

Tobacco

.............................

—

17,169,642

—

17,169,642

Wireless

Telecommunication

Services

.......

—

9,371,390

—

9,371,390

Marketplace

Loans

.......................

—

—

76,199,677

76,199,677

Foreign

Government

and

Agency

Securities

....

—

87,556,844

—

87,556,844

U.S.

Government

and

Agency

Securities

.......

—

985,576,505

—

985,576,505

Asset-Backed

Securities

...................

—

421,204,194

—

421,204,194

Commercial

Mortgage-Backed

Securities

:

Diversified

Financial

Services

.............

—

46,450,423

—

46,450,423

Thrifts

&

Mortgage

Finance

...............

—

372,576

2,111

374,687

Mortgage-Backed

Securities

................

—

734,935,499

—

734,935,499

Municipal

Bonds

.........................

—

133,548,495

—

133,548,495

Residential

Mortgage-Backed

Securities

.......

—

149,847,053

—

149,847,053

Escrows

and

Litigation

Trusts

...............

—

33,750

—

c

33,750

Options

purchased

.......................

—

3,141,940

—

3,141,940

Short

Term

Investments

...................

29,061,067

—

—

29,061,067

Total

Investments

in

Securities

...........

$425,381,037

$3,271,895,002

$76,201,788

$3,773,477,827

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$

—

$

175,890

$

—

$

175,890

Futures

contracts

........................

4,662,871

—

—

4,662,871

Swap

contracts

.........................

—

5,049,572

—

5,049,572

Total

Other

Financial

Instruments

.........

$4,662,871

$5,225,462

$—

$9,888,333

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$

—

$

3,583,555

$

—

$

3,583,555

Swap

contracts

..........................

—

22,304,215

—

22,304,215

Total

Other

Financial

Instruments

.........

$—

$25,887,770

$—

$25,887,770

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$26,088,829,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

financial

instruments

determined

to

have

no

value

at

January

31,

2023.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

A

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Road

&

Rail

.......

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

1,795,675

$

1,795,675

$

1,795,675

Warrants

:

Machinery

.........

6,469

—

—

—

—

—

—

(3,079)

3,390

(3,079)

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

329

Quarterly

Schedules

of

Investments

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

A

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Assets:

Investments

in

Securities:

Corporate

Bonds

:

Road

&

Rail

.......

$

20,853,651

$

—

$

—

$

—

$

—

$

564,171

$

—

$

1,255,169

$

22,672,991

$

1,255,169

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$20,860,120

$—

$—

$—

$—

$564,171

$—

$3,047,765

$24,472,056

$3,047,765

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Corporate

Bonds

:

Diversified

Financial

Services

........

1,069,108

—

—

—

—

(3,408)

—

(79,938)

985,762

(79,938)

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Diversified

Financial

Services

........

72,551,959

8,338,666

(8,808,333)

—

—

—

(347,437)

(969,527)

70,765,328

(1,154,586)

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$73,621,067

$8,338,666

$(8,808,333)

$—

$—

$(3,408)

$(347,437)

$(1,049,465)

$71,751,090

$(1,234,524)

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Corporate

Bonds

:

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Diversified

Financial

Services

........

92,473,987

1,320,179

(16,862,224)

—

—

—

(895,074)

162,809

76,199,677

(1,108,137)

Commercial

Mortgage-

Backed

Securities

:

Thrifts

&

Mortgage

Finance

........

2,790

—

(67

9

)

—

—

—

31

(31)

2,11

1

—

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$92,476,777

$1,320,179

$(16,862,903)

$—

$—

$—

$(895,043)

$162,778

$76,201,788

$(1,108,137)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

330

Quarterly

Schedules

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

January

31,

2023,

are

as

follows:

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

Road

&

Rail

.............

$22,672,991

Discounted

cash

flow

Discount

rate

16.6%

Decrease

Recovery

value

107.5%

Increase

All

other

Investments

1,799,065

c,d

Total

.......................

$24,472,056

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services

$63,206,051

Discounted

cash

flow

Loss-adjusted

discount

rate

6.5%

-

10.9%

(9.4%)

Decrease

Projected

loss

rate

9.1%

-

29.8%

(17.6%)

Decrease

All

other

investments

..........

8,545,039

c,d

Total

.......................

$71,751,090

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services

$28,943,141

Discounted

cash

flow

Loss-adjusted

discount

rate

10.0%

Decrease

Projected

loss

rate

8.9%

Decrease

All

other

investments

..........

47,258,647

c,d

Total

.......................

$76,201,788

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

at

January

31,

2023.

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

331

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

GSCO

Goldman

Sachs

Group,

Inc.

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

Currency

BRL

Brazilian

Real

DOP

Dominican

Peso

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

Index

CDX.NA.EM.

Series

number

CDX

North

America

Emerging

Markets

Index

CDX.NA.HY.

Series

Number

CDX

North

America

High

Yield

Index

MCDX.NA.

Series

number

MCDX

North

America

Index

Selected

Portfolio

ADR

American

Depositary

Receipt

AGMC

Assured

Guaranty

Municipal

Corp.

BZDIOVRA

Brazil

Inter-Bank

Deposit

Rate

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

COFI

Cost

of

Funds

Index

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Inter-Bank

Offer

Rate

FFCB

Federal

Farm

Credit

Banks

Funding

Corp.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

H15BDI

U.S.

Treasury

Bill

Auction

High

Discount

Rate

LIBOR

London

Inter-Bank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

SOFR

Secured

Overnight

Financing

Rate

TBA

To-Be-Announced

TBD

To

Be

Determined

T-Note

Treasury

Note

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.