Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FIST-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

2

Franklin

Equity

Income

Fund

6

Franklin

Floating

Rate

Daily

Access

Fund

11

Franklin

Long

Duration

Credit

Fund

28

Franklin

Low

Duration

Total

Return

Fund

39

Franklin

Low

Duration

U.S.

Government

Securities

Fund

130

Franklin

Managed

Income

Fund

133

Franklin

Total

Return

Fund

143

Notes

to

Schedules

of

Investments

246

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Convertible

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

1.0%

Metals

&

Mining

1.0%

a

Ivanhoe

Mines

Ltd.

,

A

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

Canada

2,024,109

$

26,458,462

Total

Common

Stocks

(Cost

$

14,592,664

)

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

26,458,462

Convertible

Preferred

Stocks

7.4%

Chemicals

1.8%

Albemarle

Corp.

,

7.25

%

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

United

States

1,063,200

47,546,304

Electric

Utilities

2.1%

a

NextEra

Energy,

Inc.

,

7.299

%

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

United

States

1,040,000

54,132,000

a

Financial

Services

2.3%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

910,000

61,880,000

Machinery

1.2%

RBC

Bearings,

Inc.

,

5

%

,

A

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

United

States

250,000

32,255,000

Total

Convertible

Preferred

Stocks

(Cost

$

174,360,000

)

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

195,813,304

Principal

Amount

*

Convertible

Bonds

89.4%

Aerospace

&

Defense

2.4%

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

45,000,000

63,324,676

Biotechnology

6.7%

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25

%

,

4/01/28

.........

Denmark

32,500,000

35,989,541

b

Immunocore

Holdings

plc

,

Senior

Note

,

144A,

2.5

%

,

2/01/30

...

United

Kingdom

20,000,000

17,590,588

Insmed,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/28

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

United

States

22,000,000

50,160,000

Mirum

Pharmaceuticals,

Inc.

,

Senior

Note

,

4

%

,

5/01/29

.......

United

States

16,500,000

24,892,545

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/26

..........

United

States

48,000,000

48,146,097

176,778,771

Broadline

Retail

4.1%

b

Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

144A,

0.5

%

,

6/01/31

.

China

54,000,000

54,359,777

Etsy,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/27

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

United

States

64,500,000

55,188,246

109,548,023

Communications

Equipment

0.8%

Viavi

Solutions,

Inc.

,

1.625

%

,

3/15/26

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

United

States

20,709,000

20,138,999

Construction

&

Engineering

1.8%

b

Fluor

Corp.

,

Senior

Note

,

144A,

1.125

%

,

8/15/29

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

United

States

39,000,000

47,901,750

Consumer

Staples

Distribution

&

Retail

0.9%

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

21,000,000

24,425,100

Electric

Utilities

3.3%

b

PG&E

Corp.

,

Senior

Secured

Note

,

144A,

4.25

%

,

12/01/27

....

United

States

52,000,000

53,703,000

b

PNM

Resources,

Inc.

,

Junior

Sub.

Bond

,

144A,

5.75

%

,

6/01/54

.

United

States

31,500,000

33,578,994

87,281,994

Energy

Equipment

&

Services

1.0%

Oil

States

International,

Inc.

,

Senior

Note

,

4.75

%

,

4/01/26

.....

United

States

28,000,000

27,692,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Financial

Services

5.2%

Block,

Inc.

,

Senior

Note

,

0.25

%

,

11/01/27

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

United

States

45,000,000

$

37,946,250

b

Global

Payments,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

3/01/31

.....

United

States

50,000,000

47,500,000

Shift4

Payments,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

19,000,000

20,634,000

Senior

Note

,

0.5

%

,

8/01/27

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

United

States

35,000,000

32,847,500

138,927,750

Food

Products

3.3%

Freshpet,

Inc.

,

Senior

Note

,

3

%

,

4/01/28

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

United

States

25,500,000

47,924,503

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

36,000,000

41,004,000

88,928,503

Ground

Transportation

4.0%

b

Lyft,

Inc.

,

Senior

Note

,

144A,

0.625

%

,

3/01/29

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

United

States

54,300,000

51,139,668

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

30,000,000

30,975,000

b

2028

,

Senior

Note

,

144A,

0.875

%

,

12/01/28

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

United

States

20,500,000

22,898,500

105,013,168

Health

Care

Equipment

&

Supplies

7.9%

Dexcom,

Inc.

,

Senior

Note

,

0.25

%

,

11/15/25

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

United

States

31,000,000

29,208,776

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

32,250,000

28,249,153

Haemonetics

Corp.

,

Senior

Note

,

Zero

Cpn.,

3/01/26

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

United

States

25,500,000

23,307,000

b

Senior

Note

,

144A,

2.5

%

,

6/01/29

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

United

States

31,000,000

31,899,000

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

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

United

States

50,000,000

54,112,500

Integer

Holdings

Corp.

,

Senior

Note

,

2.125

%

,

2/15/28

........

United

States

30,000,000

43,860,000

210,636,429

Health

Care

REITs

2.1%

b

Welltower

OP

LLC

,

Senior

Note

,

144A,

3.125

%

,

7/15/29

......

United

States

52,000,000

54,522,000

Hotel

&

Resort

REITs

0.9%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75

%

,

12/15/26

.......

United

States

26,000,000

23,257,000

Hotels,

Restaurants

&

Leisure

3.1%

Booking

Holdings,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/25

.........

United

States

19,000,000

37,489,469

Vail

Resorts,

Inc.

,

Senior

Note

,

Zero

Cpn.,

1/01/26

..........

United

States

48,000,000

44,370,000

81,859,469

Industrial

REITs

2.3%

b

Rexford

Industrial

Realty

LP

,

Senior

Note

,

144A,

4.375

%

,

3/15/27

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

United

States

20,000,000

20,360,000

Senior

Note

,

144A,

4.125

%

,

3/15/29

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

United

States

40,000,000

40,860,000

61,220,000

Interactive

Media

&

Services

1.0%

b

Snap,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

5/01/30

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

United

States

28,000,000

26,250,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

IT

Services

4.2%

Cloudflare,

Inc.

,

Senior

Note

,

Zero

Cpn.,

8/15/26

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

United

States

66,200,000

$

60,920,550

Okta,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/25

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

United

States

53,000,000

50,297,000

111,217,550

Leisure

Products

1.9%

b

Peloton

Interactive,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

12/01/29

...

United

States

49,000,000

50,773,649

Life

Sciences

Tools

&

Services

1.5%

b

Repligen

Corp.

,

Senior

Note

,

144A,

1

%

,

12/15/28

...........

United

States

36,000,000

39,041,937

Media

3.1%

b

Liberty

Broadband

Corp.

,

Senior

Bond

,

144A,

3.125

%

,

3/31/53

.

United

States

55,500,000

56,537,850

Liberty

Media

Corp.

,

Senior

Note

,

3.75

%

,

3/15/28

...........

United

States

23,000,000

24,495,000

81,032,850

Multi-Utilities

2.2%

b

CenterPoint

Energy,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

8/15/26

...

United

States

59,000,000

58,675,500

Pharmaceuticals

2.6%

Jazz

Investments

I

Ltd.

,

Senior

Note

,

1.5

%

,

8/15/24

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

United

States

14,750,000

14,735,879

Senior

Note

,

2

%

,

6/15/26

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

United

States

55,000,000

53,928,860

68,664,739

Real

Estate

Management

&

Development

1.2%

Zillow

Group,

Inc.

,

Senior

Note

,

2.75

%

,

5/15/25

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

United

States

31,500,000

32,426,100

Semiconductors

&

Semiconductor

Equipment

6.4%

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

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

United

States

31,000,000

40,664,532

b

Microchip

Technology,

Inc.

,

Senior

Note

,

144A,

0.75

%

,

6/01/30

.

United

States

52,500,000

52,864,875

b

MKS

Instruments,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

6/01/30

....

United

States

40,000,000

42,340,000

Wolfspeed,

Inc.

,

Senior

Note

,

0.25

%

,

2/15/28

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

United

States

29,900,000

16,011,450

Senior

Note

,

1.875

%

,

12/01/29

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

United

States

35,000,000

17,725,368

169,606,225

Software

9.3%

BILL

Holdings,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/01/25

........

United

States

37,500,000

34,931,250

BlackLine,

Inc.

,

Senior

Note

,

0.125

%

,

8/01/24

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

United

States

9,500,000

9,509,500

Envestnet,

Inc.

,

Senior

Note

,

0.75

%

,

8/15/25

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

United

States

4,900,000

4,809,350

Senior

Note

,

2.625

%

,

12/01/27

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

United

States

47,500,000

50,112,500

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

3/15/25

.......

United

States

44,000,000

59,334,000

HubSpot,

Inc.

,

Senior

Note

,

0.375

%

,

6/01/25

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

United

States

19,500,000

34,505,250

Workiva,

Inc.

,

Senior

Note

,

1.125

%

,

8/15/26

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

United

States

7,000,000

7,812,000

b

Senior

Note

,

144A,

1.25

%

,

8/15/28

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

United

States

49,000,000

44,271,500

245,285,350

Specialty

Retail

6.2%

Burlington

Stores,

Inc.

,

Senior

Note

,

2.25

%

,

4/15/25

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

United

States

3,000,000

3,748,500

b

Senior

Note

,

144A,

1.25

%

,

12/15/27

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

United

States

42,287,000

58,926,934

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

A

bbreviations

on

page

259

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Specialty

Retail

(continued)

RealReal,

Inc.

(The)

,

Senior

Note

,

1

%

,

3/01/28

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

United

States

30,000,000

$

14,793,000

RH

,

Senior

Note

,

Zero

Cpn.,

9/15/24

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

United

States

24,000,000

32,964,000

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

47,250,000

54,980,100

165,412,534

Total

Convertible

Bonds

(Cost

$

2,260,575,212

)

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

2,369,842,066

Total

Long

Term

Investments

(Cost

$

2,449,527,876

)

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

2,592,113,832

a

Short

Term

Investments

1.6%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

41,926,415

41,926,415

Total

Money

Market

Funds

(Cost

$

41,926,415

)

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

41,926,415

Total

Short

Term

Investments

(Cost

$

41,926,415

)

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

41,926,415

a

Total

Investments

(Cost

$

2,491,454,291

)

99.4

%

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

$2,634,040,247

Other

Assets,

less

Liabilities

0.6

%

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

15,896,271

Net

Assets

100.0%

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

$2,649,936,518

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$905,995,522,

representing

34.2%

of

net

assets.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Equity

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

86.1%

Aerospace

&

Defense

2.4%

L3Harris

Technologies,

Inc.

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

United

States

80,000

$

18,151,200

RTX

Corp.

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

United

States

661,500

77,719,635

95,870,835

Air

Freight

&

Logistics

1.5%

United

Parcel

Service,

Inc.

,

B

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

United

States

460,000

59,970,200

Banks

7.6%

Bank

of

America

Corp.

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

United

States

2,905,000

117,100,550

JPMorgan

Chase

&

Co.

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

United

States

895,000

190,456,000

307,556,550

Beverages

2.9%

Coca-Cola

Co.

(The)

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

United

States

780,000

52,057,200

PepsiCo,

Inc.

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

United

States

382,000

65,959,940

118,017,140

Capital

Markets

9.1%

Ares

Management

Corp.

,

A

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

United

States

407,500

62,429,000

BlackRock,

Inc.

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

United

States

57,500

50,398,750

Blackstone,

Inc.

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

United

States

365,000

51,884,750

Charles

Schwab

Corp.

(The)

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

United

States

947,500

61,767,525

Morgan

Stanley

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

United

States

1,361,500

140,520,415

367,000,440

Chemicals

2.1%

Corteva,

Inc.

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

United

States

377,500

21,177,750

Huntsman

Corp.

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

United

States

795,000

19,024,350

Linde

plc

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

United

States

100,000

45,350,000

85,552,100

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

A

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

United

States

50,000

9,716,000

Communications

Equipment

1.6%

Cisco

Systems,

Inc.

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

United

States

1,355,000

65,649,750

Consumer

Finance

1.2%

American

Express

Co.

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

United

States

185,000

46,812,400

Consumer

Staples

Distribution

&

Retail

2.7%

Casey's

General

Stores,

Inc.

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

United

States

57,500

22,300,800

Target

Corp.

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

United

States

118,600

17,838,626

Walmart,

Inc.

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

United

States

990,000

67,953,600

108,093,026

Electric

Utilities

4.8%

Duke

Energy

Corp.

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

United

States

840,000

91,786,800

Evergy,

Inc.

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

United

States

475,000

27,550,000

NextEra

Energy,

Inc.

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

United

States

440,000

33,611,600

PPL

Corp.

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

United

States

1,410,000

41,905,200

194,853,600

Electrical

Equipment

2.8%

Eaton

Corp.

plc

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

United

States

202,500

61,719,975

Emerson

Electric

Co.

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

United

States

157,000

18,386,270

Hubbell,

Inc.

,

B

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

United

States

77,500

30,662,875

110,769,120

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

1.6%

TE

Connectivity

Ltd.

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

United

States

420,000

$

64,818,600

Financial

Services

0.6%

Apollo

Global

Management,

Inc.

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

United

States

185,000

23,182,350

Food

Products

0.7%

Mondelez

International,

Inc.

,

A

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

United

States

422,500

28,877,875

Ground

Transportation

0.8%

Norfolk

Southern

Corp.

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

United

States

127,000

31,694,120

Health

Care

Equipment

&

Supplies

2.0%

a

Boston

Scientific

Corp.

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

United

States

405,000

29,921,400

Medtronic

plc

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

United

States

625,000

50,200,000

80,121,400

Health

Care

Providers

&

Services

4.4%

HCA

Healthcare,

Inc.

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

United

States

210,000

76,240,500

UnitedHealth

Group,

Inc.

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

United

States

175,000

100,828,000

177,068,500

Health

Care

REITs

1.2%

Ventas,

Inc.

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

United

States

912,500

49,676,500

Hotels,

Restaurants

&

Leisure

1.0%

McDonald's

Corp.

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

United

States

158,500

42,065,900

Household

Products

2.5%

Procter

&

Gamble

Co.

(The)

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

United

States

635,000

102,082,600

Industrial

REITs

1.0%

Prologis,

Inc.

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

United

States

311,500

39,264,575

Insurance

0.3%

Arthur

J

Gallagher

&

Co.

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

United

States

35,000

9,922,150

Interactive

Media

&

Services

0.7%

Alphabet,

Inc.

,

A

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

United

States

170,000

29,161,800

Life

Sciences

Tools

&

Services

2.3%

Danaher

Corp.

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

United

States

112,250

31,102,230

Thermo

Fisher

Scientific,

Inc.

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

United

States

102,500

62,867,350

93,969,580

Machinery

1.2%

Caterpillar,

Inc.

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

United

States

88,500

30,638,700

Illinois

Tool

Works,

Inc.

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

United

States

75,000

18,546,000

49,184,700

Media

1.1%

Comcast

Corp.

,

A

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

United

States

1,105,000

45,603,350

Oil,

Gas

&

Consumable

Fuels

9.3%

Canadian

Natural

Resources

Ltd.

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

Canada

1,070,000

37,963,600

Chevron

Corp.

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

United

States

820,000

131,585,400

EOG

Resources,

Inc.

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

United

States

535,000

67,838,000

Shell

plc

,

ADR

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

United

States

948,000

69,412,560

Suncor

Energy,

Inc.

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

Canada

1,680,000

67,065,600

373,865,160

Pharmaceuticals

5.9%

AstraZeneca

plc

,

ADR

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

United

Kingdom

727,500

57,581,625

Johnson

&

Johnson

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

United

States

715,000

112,862,750

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Pharmaceuticals

(continued)

Merck

&

Co.,

Inc.

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

United

States

612,500

$

69,292,125

239,736,500

Residential

REITs

1.3%

Mid-America

Apartment

Communities,

Inc.

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

United

States

367,500

51,365,475

Semiconductors

&

Semiconductor

Equipment

3.8%

Broadcom,

Inc.

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

United

States

527,500

84,758,700

Texas

Instruments,

Inc.

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

United

States

342,500

69,804,925

154,563,625

Software

2.6%

Oracle

Corp.

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

United

States

745,000

103,890,250

Specialty

Retail

2.2%

Lowe's

Cos.,

Inc.

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

United

States

240,000

58,922,400

Tractor

Supply

Co.

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

United

States

120,000

31,598,400

90,520,800

Trading

Companies

&

Distributors

0.7%

United

Rentals,

Inc.

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

United

States

39,500

29,905,450

Total

Common

Stocks

(Cost

$

2,232,623,190

)

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

3,480,402,421

Equity-Linked

Securities

9.8%

Capital

Markets

1.1%

b

Royal

Bank

of

Canada

into

Blackstone,

Inc.

,

144A,

9

%

,

8/30/24

.

United

States

186,500

22,783,422

b

Wells

Fargo

Bank

NA

into

Charles

Schwab

Corp.

(The)

,

144A,

7

%

,

12/09/24

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

United

States

348,500

22,103,431

44,886,853

Chemicals

0.5%

b

Wells

Fargo

Bank

NA

into

Huntsman

Corp.

,

144A,

8.5

%

,

6/03/25

United

States

785,000

18,855,926

Consumer

Finance

0.8%

b

Wells

Fargo

Bank

NA

into

American

Express

Co.

,

144A,

4

%

,

3/03/25

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

United

States

132,000

32,141,822

Consumer

Staples

Distribution

&

Retail

1.1%

b

Royal

Bank

of

Canada

into

Target

Corp.

,

144A,

7.5

%

,

12/13/24

.

United

States

174,500

25,430,603

b

UBS

AG

into

Casey's

General

Stores,

Inc.

,

144A,

5

%

,

4/23/25

..

United

States

50,500

17,525,221

42,955,824

Diversified

Telecommunication

Services

0.7%

b

Barclays

Bank

plc

into

Telenor

ASA

,

144A,

6

%

,

8/07/25

.......

Norway

170,000

26,154,155

Electrical

Equipment

0.7%

b

Merrill

Lynch

BV

into

Hubbell,

Inc.

,

144A,

6.5

%

,

7/10/25

......

United

States

72,000

27,810,524

Health

Care

Providers

&

Services

0.5%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

HCA

Healthcare,

Inc.

,

144A,

6

%

,

6/13/25

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

United

States

62,000

21,321,341

Industrial

REITs

0.6%

b

Barclays

Bank

plc

into

Prologis,

Inc.

,

144A,

7

%

,

1/17/25

......

United

States

199,500

25,489,083

Interactive

Media

&

Services

0.5%

b

Jefferies

Financial

Group,

Inc.

into

Alphabet,

Inc.

,

144A,

7.5

%

,

4/16/25

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

United

States

127,000

21,264,293

Life

Sciences

Tools

&

Services

1.3%

b

Mizuho

Markets

Cayman

LP

into

Danaher

Corp.

,

144A,

5

%

,

5/15/25

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

United

States

116,500

30,793,451

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Life

Sciences

Tools

&

Services

(continued)

b

Royal

Bank

of

Canada

into

Thermo

Fisher

Scientific,

Inc.

,

144A,

5.5

%

,

10/09/24

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

United

States

36,000

$

20,796,036

51,589,487

Machinery

0.7%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Caterpillar,

Inc.

,

144A,

8

%

,

11/01/24

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

United

States

95,000

29,383,648

Oil,

Gas

&

Consumable

Fuels

0.7%

b

Barclays

Bank

plc

into

Canadian

Natural

Resources

Ltd.

,

144A,

9

%

,

2/03/25

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

Canada

396,000

26,815,460

Trading

Companies

&

Distributors

0.6%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

United

Rentals,

Inc.

,

144A,

9

%

,

9/27/24

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

United

States

45,500

25,888,850

Total

Equity-Linked

Securities

(Cost

$

361,824,812

)

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

394,557,266

Convertible

Preferred

Stocks

2.9%

Electric

Utilities

1.4%

c

NextEra

Energy,

Inc.

,

6.926

%

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

United

States

1,302,500

57,518,400

Financial

Services

1.5%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

865,500

58,854,000

Total

Convertible

Preferred

Stocks

(Cost

$

102,603,055

)

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

116,372,400

Total

Long

Term

Investments

(Cost

$

2,697,051,057

)

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

3,991,332,087

a

Short

Term

Investments

1.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.1%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

42,958,633

42,958,633

Total

Money

Market

Funds

(Cost

$

42,958,633

)

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

42,958,633

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

14,030,000

14,030,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

14,030,000

)

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

14,030,000

Total

Short

Term

Investments

(Cost

$

56,988,633

)

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

56,988,633

a

Total

Investments

(Cost

$

2,754,039,690

)

100.2

%

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

$4,048,320,720

Other

Assets,

less

Liabilities

(

0.2

)

%

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

(8,325,467)

Net

Assets

100.0%

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

$4,039,995,253

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

See

Abbreviations

on

page

259

.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$394,557,266,

representing

9.8%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

July

31,

2024.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Floating

Rate

Daily

Access

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

1.5%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

287,830

$

53,536

Machinery

0.7%

b

UTEX

Industries,

Inc.

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

United

States

261,340

11,150,594

Oil,

Gas

&

Consumable

Fuels

0.8%

a

Talos

Energy,

Inc.

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

United

States

961,663

11,386,090

Total

Common

Stocks

(Cost

$

39,996,715

)

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

22,590,220

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

Invesco

Senior

Loan

ETF

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

United

States

615,695

12,929,595

Total

Management

Investment

Companies

(Cost

$

13,283,196

)

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

12,929,595

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

681,685

59,648

a

Total

Preferred

Stocks

(Cost

$

919,936

)

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

59,648

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b,c

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

634

60

Total

Warrants

(Cost

$

–

)

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

60

Principal

Amount

*

Corporate

Bonds

5.5%

Aerospace

&

Defense

0.1%

d

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/29

.

United

States

2,000,000

2,039,701

Air

Freight

&

Logistics

0.3%

d

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

..

United

States

5,050,000

4,997,668

Automobile

Components

0.3%

d

Tenneco,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

11/17/28

......

United

States

5,000,000

4,541,234

Capital

Markets

0.1%

d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

1,600,000

1,515,907

Chemicals

0.2%

d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

3,900,000

3,640,193

Commercial

Services

&

Supplies

0.5%

d

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

1,500,000

1,527,117

d

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

9.75

%

,

7/15/27

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

United

States

3,700,000

3,699,633

d

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29

%

,

4/15/29

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

United

States

2,100,000

2,058,449

7,285,199

Construction

Materials

0.3%

d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.......

Mexico

3,875,000

3,791,136

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

0.0%

†

d

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/15/27

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

United

States

694,000

$

717,098

Diversified

Telecommunication

Services

0.3%

d

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.125

%

,

7/15/29

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

France

2,000,000

1,404,700

Senior

Secured

Note

,

144A,

5.5

%

,

10/15/29

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

France

3,730,000

2,627,704

4,032,404

Entertainment

0.2%

d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,300,000

2,383,554

Ground

Transportation

0.0%

†

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

456,456

Health

Care

Equipment

&

Supplies

0.1%

d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

1,320,000

1,357,845

Health

Care

Providers

&

Services

0.6%

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

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

United

States

3,000,000

3,005,010

d

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

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

United

States

1,334,000

1,042,784

d

,e

Radiology

Partners,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

7.775

%

,

1/31/29

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

United

States

4,848,509

4,547,516

8,595,310

Hotels,

Restaurants

&

Leisure

0.4%

d

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

2/15/32

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

United

States

3,600,000

3,649,758

d

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

2,300,000

2,257,000

5,906,758

Independent

Power

and

Renewable

Electricity

Producers

0.3%

d

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

.....

United

States

4,400,000

4,217,718

Insurance

0.1%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

1,470,600

1,354,703

IT

Services

0.1%

d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

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

United

States

1,800,000

1,847,862

Media

0.3%

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

4,300,000

4,144,111

Oil,

Gas

&

Consumable

Fuels

0.2%

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

........

United

States

2,400,000

2,355,424

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Passenger

Airlines

0.9%

d

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/27

United

States

2,800,000

$

2,613,820

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

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

United

States

4,300,000

4,429,585

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

3,383,333

3,363,622

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

948,490

944,003

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

2,485,000

2,424,608

13,775,638

Personal

Care

Products

0.1%

d

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

..........

United

States

1,254,000

1,241,523

Wireless

Telecommunication

Services

0.1%

d

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

1,430,000

1,212,554

Total

Corporate

Bonds

(Cost

$

82,754,402

)

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

81,409,996

Senior

Floating

Rate

Interests

86.3%

Aerospace

&

Defense

0.7%

abc

abc

abc

abc

abc

abc

e

Alloy

Finco

Ltd.

,

First

Lien,

Term

Loan,

B

,

PIK,

14

%

,

3/08/28

...

United

Kingdom

8,642,408

8,426,348

f,g

Bleriot

US

Bidco,

Inc.

,

First

Lien,

2023

CME

Term

Loan

,

8.585

%

,

(

3-month

SOFR

+

3.25

%

),

10/31/30

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

United

States

267,182

268,876

f

Dynasty

Acquisition

Co.,

Inc.

,

First

Lien,

2024

Specified

Refinancing

CME

Term

Loan,

B1

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

8/24/28

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

United

States

1,578,935

1,588,148

First

Lien,

2024

Specified

Refinancing

CME

Term

Loan,

B2

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

8/24/28

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

United

States

608,797

612,350

10,895,722

a

a

a

a

a

a

f

Air

Freight

&

Logistics

1.2%

abc

abc

abc

abc

abc

abc

Clue

Opco

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.752

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

9,480,366

8,751,089

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.071

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

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

United

States

8,298,868

8,292,561

17,043,650

a

a

a

a

a

a

f

Automobile

Components

2.8%

Adient

US

LLC

,

First

Lien,

CME

Term

Loan,

B2

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

1/31/31

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

United

States

3,636,159

3,659,885

Clarios

Global

LP

,

First

Lien,

CME

Term

Loan,

B

,

8.344

%

,

(

1-month

SOFR

+

3

%

),

5/06/30

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

United

States

2,030,718

2,038,648

DexKo

Global,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.585

%

,

(

3-month

SOFR

+

4.25

%

),

10/04/28

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

United

States

1,571,053

1,572,035

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

9.346

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

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

United

States

4,560,699

4,549,958

abc

abc

abc

abc

abc

abc

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

10.514

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

7,562,947

7,526,304

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

10.514

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

11,732,837

11,688,839

Second

Lien,

2021

CME

Term

Loan

,

14.014

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

5,920,469

5,683,650

abc

abc

abc

abc

abc

abc

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.944

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

.........

United

States

615,604

619,165

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Automobile

Components

(continued)

abc

abc

abc

abc

abc

abc

Tenneco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.426

%

,

(

3-month

SOFR

+

5

%

),

11/17/28

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

United

States

2,221,466

$

2,122,300

TI

Group

Automotive

Systems

LLC

,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

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

United

States

1,355,380

1,361,031

40,821,815

a

a

a

a

a

a

f

Automobiles

0.4%

American

Trailer

World

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

4,639,039

4,544,147

Thor

Industries,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B3

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

11/15/30

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

United

States

866,400

869,649

5,413,796

a

a

a

a

a

a

Banks

0.1%

f,g

Chrysaor

Bidco

SARL

,

First

Lien,

CME

Term

Loan,

B

,

8.737

%

,

(

12-month

SOFR

+

3.5

%

),

5/15/31

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

Luxembourg

1,386,361

1,394,166

f

Beverages

0.8%

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.685

%

,

(

1-month

SOFR

+

3.25

%

),

1/24/29

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

United

States

5,815,540

5,196,534

Triton

Water

Holdings,

Inc.

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

9.335

%

,

(

3-month

SOFR

+

4

%

),

3/31/28

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

United

States

829,167

834,660

First

Lien,

Initial

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

5,118,714

5,140,110

11,171,304

a

a

a

a

a

a

Broadline

Retail

0.3%

abc

abc

abc

abc

abc

abc

f

Peer

Holding

III

BV

,

First

Lien,

CME

Term

Loan,

B5

,

8.228

%

,

(

12-month

SOFR

+

3

%

),

6/20/31

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

Netherlands

4,483,348

4,508,566

f

Building

Products

1.0%

AZZ,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

5/14/29

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

United

States

1,662,698

1,677,595

Cornerstone

Building

Brands,

Inc.

,

First

Lien,

CME

Term

Loan,

C

,

9.829

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

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

United

States

2,671,233

2,596,665

First

Lien,

New

CME

Term

Loan,

B

,

8.679

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

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

United

States

2,873,252

2,730,093

abc

abc

abc

abc

abc

abc

EMRLD

Borrower

LP

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

5/31/30

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

United

States

1,313,531

1,315,673

MIWD

Holdco

II

LLC

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

3/28/31

..........

United

States

1,796,407

1,804,428

Quikrete

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

4/14/31

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

United

States

1,719,960

1,727,390

First

Lien,

CME

Term

Loan,

B2

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

2,781,163

2,791,912

14,643,756

a

a

a

a

a

a

f

Capital

Markets

4.0%

abc

abc

abc

abc

abc

abc

AI

Aqua

Merger

Sub,

Inc.

,

First

Lien,

2023

Incremental

Delayed

Draw

Term

Loan,

B

,

9.591

%

,

(

1-month

SOFR

+

4.25

%

),

7/31/28

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

United

States

1,306,250

1,310,086

First

Lien,

CME

Term

Loan,

B

,

8.728

%

,

(

12-month

SOFR

+

3.5

%

),

7/31/28

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

United

States

1,826,114

1,833,218

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Capital

Markets

(continued)

AI

Aqua

Merger

Sub,

Inc.,

(continued)

First

Lien,

Initial

CME

Term

Loan,

B

,

8.843

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

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

United

States

6,131,345

$

6,155,196

abc

abc

abc

abc

abc

abc

g

Aretec

Group,

Inc.

,

First

Lien,

Term

Loan,

B2

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

8/09/30

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

United

States

7,665,188

7,551,015

Citadel

Securities

LP

,

First

Lien,

CME

Term

Loan

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

7/29/30

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

United

States

5,102,680

5,125,030

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

.........

United

States

5,292,846

5,299,144

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

4/07/28

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

United

States

7,161,589

7,176,879

First

Eagle

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

8.33

%

,

(

3-month

SOFR

+

3

%

),

2/22/29

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

United

States

4,486,154

4,456,209

GTCR

Everest

Borrower

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.262

%

,

(

12-month

SOFR

+

3.25

%

),

6/03/31

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

United

States

1,990,050

1,975,124

Jane

Street

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

7.958

%

,

(

1-month

SOFR

+

2.5

%

),

1/26/28

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

United

States

6,700,085

6,722,530

Russell

Investments

US

Institutional

Holdco,

Inc.

,

First

Lien,

2027

CME

Term

Loan

,

10.252

%

,

(

3-month

SOFR

+

5

%

),

5/28/27

..

United

States

8,108,976

7,220,705

WEC

US

Holdings

Ltd.

,

First

Lien,

Initial

CME

Term

Loan

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

1/27/31

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

United

States

4,114,286

4,127,637

58,952,773

a

a

a

a

a

a

f

Chemicals

4.1%

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.977

%

,

(

3-month

SOFR

+

4.5

%

),

3/15/29

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

United

States

10,150,031

10,090,197

Second

Lien,

Initial

CME

Term

Loan

,

12.881

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

8,343,023

7,633,866

abc

abc

abc

abc

abc

abc

INEOS

US

Finance

LLC

,

First

Lien,

2030

Dollar

CME

Term

Loan

,

8.597

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

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

Luxembourg

1,465,200

1,461,017

INEOS

US

Petrochem

LLC

,

First

Lien,

2030

Dollar

CME

Term

Loan,

B

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

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

United

States

1,721,739

1,722,453

First

Lien,

New

CME

Term

Loan,

B1

,

9.694

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

7,729,492

7,739,154

abc

abc

abc

abc

abc

abc

LSF11

A5

Holdco

LLC

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.........

United

States

6,004,247

6,023,010

Lummus

Technology

Holdings

V

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

12/31/29

.......

United

States

3,091,618

3,110,694

Nouryon

Finance

BV

,

First

Lien,

CME

Term

Loan,

B

,

8.826

%

,

(

3-month

SOFR

+

3.5

%

),

4/03/28

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

Netherlands

3,963,367

3,991,249

PMHC

II,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.704

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

13,073,844

12,810,602

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

8.755

%

,

(

3-month

SOFR

+

3.5

%

),

3/16/27

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

United

States

5,880,327

5,907,406

60,489,648

a

a

a

a

a

a

f

Commercial

Services

&

Supplies

5.1%

Allied

Universal

Holdco

LLC

,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

9,653,931

9,663,585

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

B3

,

9.35

%

,

(

1-month

SOFR

+

4

%

),

2/15/29

.....

United

States

4,412,463

4,431,458

APi

Group

DE,

Inc.

,

First

Lien,

Repriced

2021

Incremental

CME

Term

Loan

,

7.347

%

,

(

1-month

SOFR

+

2

%

),

1/03/29

.......

United

States

297,619

298,814

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)

f

Commercial

Services

&

Supplies

(continued)

abc

abc

abc

abc

abc

abc

APX

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.075

%

,

(

PRIME

+

1.75

%

),

7/07/28

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

United

States

3,292,373

$

3,302,398

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.335

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

5,384,591

5,395,253

Covanta

Holding

Corp.

,

First

Lien,

2024

Incremental

CME

Term

Loan,

B

,

8.079

%

,

(

1-month

SOFR

+

2.75

%

),

11/30/28

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

United

States

3,772,459

3,784,927

First

Lien,

CME

Term

Loan,

C

,

8.079

%

,

(

1-month

SOFR

+

2.75

%

),

11/30/28

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

United

States

206,145

206,827

abc

abc

abc

abc

abc

abc

Madison

IAQ

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.889

%

,

(

6-month

SOFR

+

2.75

%

),

6/21/28

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

United

States

7,068,766

7,089,654

g

Neptune

BidCo

US,

Inc.

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

10.404

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

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

United

States

11,565,959

10,915,374

PG

Investment

Co.

59

SARL

,

First

Lien,

Initial

CME

Term

Loan

,

8.835

%

,

(

3-month

SOFR

+

3.5

%

),

2/24/31

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

Luxembourg

2,982,681

3,006,915

Pitney

Bowes,

Inc.

,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

9.458

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

10,997,696

11,020,626

Prime

Security

Services

Borrower

LLC

,

First

Lien,

CME

Term

Loan

,

7.582

%

,

(

1-month

SOFR

+

2.25

%

),

10/11/30

........

United

States

4,851,948

4,870,142

Spin

Holdco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.6

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

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

United

States

12,875,177

10,650,218

74,636,191

a

a

a

a

a

a

f

Communications

Equipment

0.8%

CommScope,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

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

United

States

4,901,606

4,602,927

Delta

Topco,

Inc.

,

First

Lien,

Second

Amendment

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.5

%

),

11/30/29

.........

United

States

6,357,348

6,370,602

10,973,529

a

a

a

a

a

a

f

Construction

&

Engineering

1.3%

Artera

Services

LLC

,

First

Lien,

CME

Term

Loan,

C

,

9.835

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

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

United

States

2,720,455

2,733,635

Brand

Industrial

Services,

Inc.

,

First

Lien,

CME

Term

Loan,

C

,

9.748

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

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

United

States

3,147,451

3,154,942

Chromalloy

Corp.

,

First

Lien,

CME

Term

Loan

,

9.082

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

3,851,444

3,799,084

Radar

Bidco

SARL

,

First

Lien,

USD

CME

Term

Loan,

B

,

9.568

%

,

(

3-month

SOFR

+

4.25

%

),

3/27/31

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

Luxembourg

1,948,052

1,959,020

USIC

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.092

%

,

(

3-month

SOFR

+

3.5

%

),

5/14/28

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

United

States

6,771,876

6,582,264

Zekelman

Industries,

Inc.

,

First

Lien,

2024

CME

Term

Loan

,

7.6

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

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

United

States

1,358,574

1,364,028

19,592,973

a

a

a

a

a

a

Consumer

Finance

0.3%

f

Neon

Maple

US

Debt

Mergersub,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.153

%

,

(

12-month

SOFR

+

3

%

),

7/18/31

...........

United

States

4,535,637

4,527,133

f

Containers

&

Packaging

2.3%

Charter

Next

Generation,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.597

%

,

(

1-month

SOFR

+

3.25

%

),

12/01/27

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

United

States

5,729,896

5,762,728

Klockner

Pentaplast

of

America,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B

,

10.267

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

.....

Luxembourg

11,090,855

10,461,449

LC

Ahab

US

Bidco

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

5/01/31

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

United

States

1,094,092

1,100,471

Mauser

Packaging

Solutions

Holding

Co.

,

First

Lien,

Initial

CME

Term

Loan

,

8.842

%

,

(

1-month

SOFR

+

3.5

%

),

4/15/27

......

United

States

6,950,769

6,982,152

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Containers

&

Packaging

(continued)

abc

abc

abc

abc

abc

abc

ProAmpac

PG

Borrower

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

9.31

%

,

(

3-month

SOFR

+

4

%

),

9/15/28

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

United

States

4,794,485

$

4,816,971

SupplyOne,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.594

%

,

(

1-month

SOFR

+

4.25

%

),

4/21/31

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

United

States

4,973,250

5,006,397

34,130,168

a

a

a

a

a

a

f

Distributors

0.9%

AIP

RD

Buyer

Corp.

,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.844

%

,

(

1-month

SOFR

+

4.5

%

),

12/22/28

.........

United

States

1,400,000

1,407,581

BCPE

Empire

Holdings,

Inc.

,

First

Lien,

Amendment

No.

5

Refinancing

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

12/11/28

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

United

States

5,225,365

5,243,027

Core

&

Main

LP

,

First

Lien,

Term

Loan,

C

,

7.589

%

,

(

3-month

SOFR

+

2.25

%

),

2/10/31

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

United

States

1,745,614

1,753,251

Verde

Purchaser

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.835

%

,

(

3-month

SOFR

+

4.5

%

),

11/30/30

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

United

States

4,132,075

4,143,273

Windsor

Holdings

III

LLC

,

First

Lien,

2024

CME

Term

Loan

,

9.345

%

,

(

1-month

SOFR

+

4

%

),

8/01/30

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

United

States

497,500

502,070

13,049,202

a

a

a

a

a

a

f

Diversified

Consumer

Services

1.1%

KUEHG

Corp.

,

First

Lien,

CME

Term

Loan,

C

,

9.835

%

,

(

3-month

SOFR

+

4.5

%

),

6/12/30

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

United

States

7,181,470

7,226,355

Learning

Care

Group

US

No.

2,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.285

%

,

(

3-month

SOFR

+

4

%

),

8/11/28

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

United

States

1,697,504

1,709,387

Mavis

Tire

Express

Services

Topco

Corp.

,

First

Lien,

2024-2

Incremental

CME

Term

Loan

,

8.847

%

,

(

1-month

SOFR

+

3.5

%

),

5/04/28

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

United

States

1,034,483

1,038,222

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

12/07/28

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

United

States

1,412,788

1,414,943

Spring

Education

Group,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.335

%

,

(

3-month

SOFR

+

4

%

),

9/30/30

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

United

States

1,526,776

1,538,868

Wand

NewCo

3,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.097

%

,

(

1-month

SOFR

+

3.75

%

),

1/30/31

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

United

States

769,231

773,208

First

Lien,

Term

Loan,

B

,

8.305

%

,

(

12-month

SOFR

+

3.25

%

),

1/02/31

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

United

States

1,034,483

1,039,831

abc

abc

abc

abc

abc

abc

WW

International,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

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

United

States

4,681,981

1,789,406

16,530,220

a

a

a

a

a

a

f

Diversified

Telecommunication

Services

0.9%

Global

Tel*link

Corp.

,

First

Lien,

CME

Term

Loan

,

9.666

%

,

(

1-month

SOFR

+

4.25

%

),

11/29/25

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

United

States

4,380,000

4,204,800

Global

Tel*Link

Corp.

,

Second

Lien,

11/2018

CME

Term

Loan

,

15.444

%

,

(

1-month

SOFR

+

10

%

),

11/30/26

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

United

States

7,895,149

7,816,198

Zayo

Group

Holdings,

Inc.

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.458

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

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

United

States

1,755,569

1,573,736

13,594,734

a

a

a

a

a

a

Electric

Utilities

0.1%

f

Hamilton

Projects

Acquiror

LLC

,

First

Lien,

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

5/30/31

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

United

States

904,836

915,016

Electrical

Equipment

0.2%

f

Indicor

LLC

,

First

Lien,

Term

Loan,

C

,

8.585

%

,

(

3-month

SOFR

+

3.25

%

),

11/22/29

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

United

States

2,419,533

2,426,852

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)

Electronic

Equipment,

Instruments

&

Components

0.1%

abc

abc

abc

abc

abc

f

Coherent

Corp.

,

First

Lien,

CME

Term

Loan,

B1

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

7/02/29

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

United

States

1,311,193

$

1,316,766

f

Entertainment

0.4%

Banijay

Group

US

Holding,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B

,

8.587

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

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

France

1,913,926

1,922,003

Playtika

Holding

Corp.

,

First

Lien,

CME

Term

Loan,

B1

,

8.208

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

4,138,901

4,151,628

6,073,631

a

a

a

a

a

a

f

Financial

Services

2.0%

Belfor

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B1

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

11/01/30

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

United

States

471,053

473,997

Boost

Newco

Borrower

LLC

,

First

Lien,

CME

Term

Loan

,

7.728

%

,

(

12-month

SOFR

+

2.5

%

),

1/31/31

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

United

States

714,286

716,911

First

Lien,

Initial

USD

CME

Term

Loan

,

8.335

%

,

(

3-month

SOFR

+

3

%

),

1/31/31

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

United

States

14,097,826

14,149,635

abc

abc

abc

abc

abc

abc

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

8/02/28

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

United

States

7,938,662

7,965,972

g

Red

Planet

Borrower

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.944

%

,

(

1-month

SOFR

+

3.5

%

),

10/02/28

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

United

States

6,162,624

5,913,931

29,220,446

a

a

a

a

a

a

f

Food

Products

0.4%

Fiesta

Purchaser,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

2/12/31

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

United

States

2,538,071

2,556,967

Primary

Products

Finance

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.971

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

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

United

States

2,989,398

2,999,816

Simply

Good

Foods

USA,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.944

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

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

United

States

437,318

440,598

5,997,381

a

a

a

a

a

a

f

Ground

Transportation

1.5%

Albion

Financing

3

SARL

,

First

Lien,

2024

Amended

USD

CME

Term

Loan

,

9.826

%

,

(

3-month

SOFR

+

4.25

%

),

8/17/29

.....

Luxembourg

1,421,801

1,435,138

First

Student

Bidco,

Inc.

,

First

Lien,

2022

Incremental

CME

Term

Loan,

B

,

8.435

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

2,951,818

2,963,404

First

Lien,

Initial

CME

Term

Loan,

B

,

8.596

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

4,341,642

4,357,315

First

Lien,

Initial

CME

Term

Loan,

C

,

8.596

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

1,324,065

1,328,845

abc

abc

abc

abc

abc

abc

Kenan

Advantage

Group,

Inc.

(The)

,

First

Lien,

CME

Term

Loan,

B3

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

1/25/29

...........

United

States

7,499,465

7,529,463

Savage

Enterprises

LLC

,

First

Lien,

Initial

Term

Loan

,

8.329

%

,

(

1-month

SOFR

+

3

%

),

9/15/28

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

United

States

1,235,585

1,242,201

g

Worldwide

Express

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.846

%

,

(

3-month

SOFR

+

4.25

%

),

7/26/28

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

United

States

3,491,049

3,505,030

22,361,396

a

a

a

a

a

a

f

Health

Care

Equipment

&

Supplies

1.0%

Bausch

+

Lomb

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.695

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

2,969,697

2,921,454

Medline

Borrower

LP

,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

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

United

States

601,915

603,137

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)

f

Health

Care

Equipment

&

Supplies

(continued)

Medline

Borrower

LP,

(continued)

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

10/23/28

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

United

States

5,971,419

$

5,996,798

abc

abc

abc

abc

abc

abc

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

First

Lien,

CME

Term

Loan

,

10.036

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

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

United

States

5,152,229

5,167,377

14,688,766

a

a

a

a

a

a

f

Health

Care

Providers

&

Services

7.7%

ADMI

Corp.

,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.833

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

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

United

States

5,008,613

4,892,664

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

12/23/27

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

United

States

3,902,571

3,834,276

First

Lien,

CME

Term

Loan,

B5

,

11.094

%

,

(

1-month

SOFR

+

5.75

%

),

12/23/27

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

United

States

1,162,987

1,170,738

abc

abc

abc

abc

abc

abc

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

CME

Term

Loan

,

9.197

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

.........

United

States

2,090,475

2,006,856

Charlotte

Buyer,

Inc.

,

First

Lien,

First

Refinancing

CME

Term

Loan

,

10.076

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

........

United

States

8,861,972

8,917,802

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.752

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

5,005,680

5,032,686

Concentra

Health

Services,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.599

%

,

(

1-month

SOFR

+

2.25

%

),

7/28/31

.........

United

States

923,077

926,538

Dermatology

Intermediate

Holdings

III,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.502

%

,

(

3-month

SOFR

+

4.25

%

),

3/26/29

.....

United

States

4,480,955

4,349,327

eResearchTechnology,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.458

%

,

(

1-month

SOFR

+

4

%

),

2/04/27

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

United

States

2,897,963

2,917,887

e,g

Global

Medical

Response,

Inc.

,

First

Lien,

2024

Extended

CME

Term

Loan

,

PIK,

10.847

%

,

(

3-month

SOFR

+

5.5

%

),

10/31/28

United

States

5,582,406

5,459,593

LifePoint

Health,

Inc.

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

9.329

%

,

(

3-month

SOFR

+

4

%

),

5/19/31

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

United

States

3,273,381

3,288,112

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.602

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

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

United

States

4,789,348

3,838,327

MPH

Acquisition

Holdings

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.859

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

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

United

States

6,259,536

5,299,981

g

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.192

%

,

(

1-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

11,588,938

10,948,649

First

Lien,

Initial

CME

Term

Loan,

C

,

9.185

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

368,485

348,126

abc

abc

abc

abc

abc

abc

Pacific

Dental

Services

LLC

,

First

Lien,

CME

Term

Loan

,

8.585

%

,

(

1-month

SOFR

+

3.25

%

),

3/17/31

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

United

States

3,378,509

3,396,905

PAREXEL

International,

Inc.

,

First

Lien,

Fifth

Amendment

CME

Term

Loan

,

8.344

%

,

(

1-month

SOFR

+

3

%

),

11/15/28

.......

United

States

4,650,637

4,674,495

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

CME

Term

Loan

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

3/31/27

.....

United

States

9,195,370

7,255,423

Phoenix

Guarantor,

Inc.

,

First

Lien,

CME

Term

Loan,

B4

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

2/21/31

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

United

States

7,255,042

7,265,961

e

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

PIK,

10.588

%

,

(

3-month

SOFR

+

5

%

),

1/31/29

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

United

States

6,770,165

6,438,021

Star

Parent,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

9/27/30

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

United

States

5,669,125

5,685,225

Surgery

Center

Holdings,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.095

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

923,611

927,287

US

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.707

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

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

United

States

7,608,672

7,373,031

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Health

Care

Providers

&

Services

(continued)

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Waystar

Technologies,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

10/22/29

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

United

States

6,166,010

$

6,223,816

112,471,726

a

a

a

a

a

a

f

Health

Care

Technology

1.4%

athenahealth

Group,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

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

United

States

14,008,282

14,003,940

Cotiviti,

Inc.

,

First

Lien,

Initial

Floating

Rate

CME

Term

Loan

,

8.592

%

,

(

1-month

SOFR

+

3.25

%

),

5/01/31

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

United

States

6,412,500

6,442,574

20,446,514

a

a

a

a

a

a

f

Hotels,

Restaurants

&

Leisure

6.4%

e

24

Hour

Fitness

Worldwide,

Inc.

,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

10.571

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

...........

United

States

24,141,054

10,219,753

g

Bally's

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

8.794

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

11,726,403

11,255,998

Caesars

Entertainment,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

8.097

%

,

(

3-month

SOFR

+

2.75

%

),

2/06/30

...

United

States

4,738,453

4,762,145

Dave

&

Buster's,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

8.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

2,665,405

2,676,693

Entain

plc

,

First

Lien,

CME

Term

Loan,

B3

,

8.014

%

,

(

6-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

3,335,777

3,345,851

Fertitta

Entertainment

LLC

,

First

Lien,

Initial

CME

Term

Loan,

B

,

9.079

%

,

(

1-month

SOFR

+

3.75

%

),

1/29/29

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

United

States

6,153,492

6,175,614

Flutter

Entertainment

plc

,

First

Lien,

CME

Term

Loan,

B

,

7.585

%

,

(

3-month

SOFR

+

2.25

%

),

11/25/30

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

Ireland

4,477,953

4,490,089

Flynn

Restaurant

Group

LP

,

First

Lien,

CME

Term

Loan

,

9.708

%

,

(

1-month

SOFR

+

4.25

%

),

12/01/28

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

United

States

8,111,193

8,138,568

Hilton

Grand

Vacations

Borrower

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

..........

United

States

7,126,352

7,143,064

IRB

Holding

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

8.194

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

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

United

States

1,410,632

1,413,079

Light

&

Wonder

International,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

8.079

%

,

(

1-month

SOFR

+

2.75

%

),

4/16/29

...........

United

States

4,320,880

4,355,987

Ontario

Gaming

GTA

LP

,

First

Lien,

CME

Term

Loan,

B

,

9.585

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

4,288,458

4,312,259

Penn

National

Gaming,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.194

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

3,514,754

3,532,803

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.609

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

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

United

States

5,502,208

5,540,723

Scientific

Games

Holdings

LP

,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

8.318

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

8,138,466

8,135,414

SeaWorld

Parks

&

Entertainment,

Inc.

,

First

Lien,

Term

Loan,

B2

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/25/28

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

United

States

1,525,579

1,528,439

Whatabrands

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

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

United

States

7,122,470

7,136,822

94,163,301

a

a

a

a

a

a

Household

Durables

0.4%

f

Hunter

Douglas,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

8.836

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

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

Netherlands

5,730,926

5,684,362

Household

Products

0.1%

f

Energizer

Holdings,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.345

%

,

(

1-month

SOFR

+

2

%

),

12/22/27

...........

United

States

1,288,394

1,292,691

f

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Calpine

Construction

Finance

Co.

LP

,

First

Lien,

CME

Term

Loan,

B

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

7/31/30

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

United

States

3,184,000

3,185,719

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Independent

Power

and

Renewable

Electricity

Producers

(continued)

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Calpine

Corp.

,

First

Lien,

CME

Term

Loan

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

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

United

States

3,291,750

$

3,294,384

Talen

Energy

Supply

LLC

,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.827

%

,

(

3-month

SOFR

+

3.5

%

),

5/17/30

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

United

States

2,334,853

2,365,124

First

Lien,

Initial

CME

Term

Loan,

C

,

8.827

%

,

(

3-month

SOFR

+

3.5

%

),

5/17/30

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

United

States

497,355

503,803

9,349,030

a

a

a

a

a

a

f

Insurance

5.4%

abc

abc

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abc

abc

Acrisure

LLC

,

First

Lien,

Term

Loan,

B6

,

8.594

%

,

(

3-month

SOFR

+

3.25

%

),

11/06/30

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

United

States

9,883,922

9,886,541

Alliant

Holdings

Intermediate

LLC

,

First

Lien,

New

CME

Term

Loan,

B6

,

8.845

%

,

(

1-month

SOFR

+

3.5

%

),

11/06/30

......

United

States

6,229,385

6,262,868

AssuredPartners,

Inc.

,

First

Lien,

2024

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

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

United

States

5,549,643

5,574,644

Asurion

LLC

,

First

Lien,

New

CME

Term

Loan,

B11

,

9.694

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

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

United

States

1,021,552

1,018,906

First

Lien,

New

CME

Term

Loan,

B8

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

12/23/26

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

United

States

4,123,925

4,114,502

First

Lien,

New

CME

Term

Loan,

B9

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

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

United

States

8,188

8,127

Second

Lien,

New

CME

Term

Loan,

B3

,

10.708

%

,

(

1-month

SOFR

+

5.25

%

),

1/31/28

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

United

States

7,696,342

7,208,278

Second

Lien,

New

CME

Term

Loan,

B4

,

10.708

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

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

United

States

10,622,294

9,840,281

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abc

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abc

Broadstreet

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B4

,

8.494

%

,

(

12-month

SOFR

+

3.25

%

),

5/12/31

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

United

States

2,468,459

2,475,889

HUB

International

Ltd.

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

8.532

%

,

(

3-month

SOFR

+

3.25

%

),

6/20/30

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

United

States

7,522,444

7,540,310

First

Lien,

Term

Loan,

B

,

8.04

%

,

(

12-month

SOFR

+

3

%

),

6/20/30

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

United

States

578,512

579,886

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abc

abc

abc

abc

abc

g

Sedgwick

Claims

Management

Services,

Inc.

,

First

Lien,

2023

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

.

United

States

12,860,199

12,898,587

Truist

Insurance

Holdings

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.585

%

,

(

3-month

SOFR

+

3.25

%

),

5/06/31

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

United

States

5,170,297

5,192,917

USI,

Inc.

,

First

Lien,

2024

CME

Term

Loan

,

8.085

%

,

(

3-month

SOFR

+

2.75

%

),

9/27/30

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

United

States

5,985,000

6,001,578

78,603,314

a

a

a

a

a

a

f

IT

Services

2.0%

Amazon

Holdco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

7.305

%

,

(

12-month

SOFR

+

2.25

%

),

7/31/31

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

United

States

2,592,593

2,602,315

Barracuda

Networks,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.814

%

,

(

1-month

SOFR

+

4.5

%

),

8/15/29

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

United

States

4,579,164

4,440,759

Fortress

Intermediate

3,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.097

%

,

(

1-month

SOFR

+

3.75

%

),

6/27/31

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

United

States

6,513,351

6,525,563

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.435

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

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

United

States

5,382,088

4,803,514

Peraton

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

6,211,317

6,222,093

Sitel

Worldwide

Corp.

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

8/28/28

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

France

6,284,041

4,415,827

29,010,071

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.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Leisure

Products

0.0%

†

abc

abc

abc

abc

abc

f,g

Recess

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.752

%

,

(

3-month

SOFR

+

4.5

%

),

2/14/30

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

United

States

295,699

$

297,991

f

Machinery

2.0%

ASP

Blade

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.596

%

,

(

3-month

SOFR

+

4

%

),

10/13/28

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

United

States

8,227,929

6,168,890

g

CPM

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.842

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

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

United

States

5,984,962

5,903,926

Crosby

US

Acquisition

Corp.

,

First

Lien,

Amendment

No.

3

Replacement

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

8/16/29

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

United

States

2,911,789

2,929,755

Filtration

Group

Corp.

,

First

Lien,

2021

Incremental

CME

Term

Loan

,

3.5

%

,

(

1-month

SOFR

),

10/23/28

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

United

States

3,000,000

3,020,625

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.694

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

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

United

States

5,816,561

5,803,851

TK

Elevator

Midco

GmbH

,

First

Lien,

CME

Term

Loan,

C

,

8.588

%

,

(

6-month

SOFR

+

3.5

%

),

4/30/30

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

Germany

5,582,821

5,618,579

29,445,626

a

a

a

a

a

a

f

Media

3.7%

Cengage

Learning,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.538

%

,

(

6-month

SOFR

+

4.25

%

),

3/14/31

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

United

States

10,357,670

10,415,932

DIRECTV

Financing

LLC

,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

10.708

%

,

(

1-month

SOFR

+

5.25

%

),

8/02/29

......

United

States

734,615

734,729

g

Gray

Television,

Inc.

,

First

Lien,

CME

Term

Loan,

D

,

8.457

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

6,840,523

6,369,724

iHeartCommunications,

Inc.

,

g

First

Lien,

CME

Term

Loan

,

8.458

%

,

(

1-month

SOFR

+

3

%

),

5/01/26

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

United

States

7,067,897

5,967,320

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

5/01/26

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

United

States

700,000

585,665

abc

abc

abc

abc

abc

abc

McGraw-Hill

Education,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.346

%

,

(

3-month

SOFR

+

4.75

%

),

7/28/28

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

United

States

8,561,740

8,589,095

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

CME

Term

Loan

,

9.594

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

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

United

States

11,065,380

11,052,047

Nexstar

Media,

Inc.

,

First

Lien,

CME

Term

Loan,

B4

,

7.958

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

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

United

States

944,699

949,039

Univision

Communications,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

3,012,923

2,939,016

Virgin

Media

Bristol

LLC

,

First

Lien,

Advance

CME

Term

Loan,

Q

,

8.693

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

6,355,393

6,117,797

53,720,364

a

a

a

a

a

a

Metals

&

Mining

0.2%

f

Arsenal

AIC

Parent

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

8/19/30

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

United

States

2,170,339

2,181,733

Oil,

Gas

&

Consumable

Fuels

0.2%

f

UGI

Energy

Services

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

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

United

States

2,809,770

2,820,840

f

Passenger

Airlines

1.7%

AAdvantage

Loyalty

IP

Ltd.

,

First

Lien,

Initial

CME

Term

Loan

,

10.294

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

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

United

States

3,040,773

3,149,663

Air

Canada

,

First

Lien,

CME

Term

Loan

,

7.847

%

,

(

3-month

SOFR

+

2.5

%

),

3/21/31

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

Canada

2,618,730

2,630,606

American

Airlines,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.775

%

,

(

3-month

SOFR

+

2.5

%

),

6/04/29

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

United

States

7,066,667

7,041,933

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)

f

Passenger

Airlines

(continued)

abc

abc

abc

abc

abc

abc

United

Airlines,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.033

%

,

(

3-month

SOFR

+

2.75

%

),

2/22/31

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

United

States

3,491,250

$

3,509,335

WestJet

Loyalty

LP

,

First

Lien,

Initial

CME

Term

Loan

,

9.082

%

,

(

3-month

SOFR

+

3.75

%

),

2/14/31

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

Canada

8,891,468

8,914,852

25,246,389

a

a

a

a

a

a

f

Pharmaceuticals

1.1%

Endo

Finance

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.783

%

,

(

3-month

SOFR

+

4.5

%

),

4/09/31

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

United

States

1,231,527

1,235,887

Grifols

Worldwide

Operations

Ltd.

,

First

Lien,

CME

Term

Loan,

B

,

7.402

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

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

Spain

893,222

871,271

Jazz

Financing

Lux

SARL

,

First

Lien,

Dollar

CME

Term

Loan,

B1

,

8.458

%

,

(

1-month

SOFR

+

3

%

),

5/05/28

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

United

States

5,983,016

6,000,097

Organon

&

Co.

,

First

Lien,

Dollar

CME

Term

Loan

,

7.835

%

,

(

1-month

SOFR

+

2.5

%

),

5/19/31

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

United

States

2,842,657

2,858,647

Perrigo

Investments

LLC

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.694

%

,

(

1-month

SOFR

+

2.25

%

),

4/20/29

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

United

States

4,968,699

4,987,332

15,953,234

a

a

a

a

a

a

f

Professional

Services

2.2%

CHG

Healthcare

Services,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

9/30/28

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

United

States

922,195

924,648

First

Lien,

Initial

CME

Term

Loan

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

9/29/28

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

United

States

2,821,485

2,828,679

abc

abc

abc

abc

abc

abc

g

CoreLogic,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

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

United

States

8,178,974

8,074,202

Dun

&

Bradstreet

Corp.

(The)

,

First

Lien,

CME

Term

Loan,

B

,

8.097

%

,

(

1-month

SOFR

+

2.75

%

),

1/18/29

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

United

States

3,797,183

3,809,809

Grant

Thornton

LLP

,

First

Lien,

CME

Term

Loan,

B

,

8.597

%

,

(

3-month

SOFR

+

3.25

%

),

6/02/31

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

United

Kingdom

2,222,222

2,230,567

Ingenovis

Health,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.708

%

,

(

1-month

SOFR

+

4.25

%

),

3/06/28

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

United

States

2,670,256

2,379,866

Inizio

Group

Ltd.

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.685

%

,

(

3-month

SOFR

+

4.25

%

),

8/21/28

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

United

Kingdom

2,541,520

2,531,989

SS&C

Technologies,

Inc.

,

First

Lien,

CME

Term

Loan,

B8

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

5/09/31

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

United

States

5,669,533

5,696,945

TTF

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.237

%

,

(

12-month

SOFR

+

4

%

),

5/28/31

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

United

States

3,706,973

3,718,575

32,195,280

a

a

a

a

a

a

f

Real

Estate

Management

&

Development

0.5%

Cushman

&

Wakefield

US

Borrower

LLC

,

First

Lien,

2023

CME

Term

Loan,

B

,

8.344

%

,

(

1-month

SOFR

+

3

%

),

1/31/30

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

United

States

5,074,219

5,086,904

First

Lien,

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/30

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

United

States

625,285

628,411

abc

abc

abc

abc

abc

abc

Greystar

Real

Estate

Partners

LLC

,

First

Lien,

CME

Term

Loan,

B1

,

8.577

%

,

(

3-month

SOFR

+

3.25

%

),

8/21/30

...........

United

States

1,306,350

1,312,882

7,028,197

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.3%

f

MKS

Instruments,

Inc.

,

First

Lien,

2023

Rolled

CME

Term

Loan,

B

,

7.832

%

,

(

1-month

SOFR

+

2.5

%

),

8/17/29

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

United

States

3,571,383

3,590,364

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)

Semiconductors

&

Semiconductor

Equipment

(continued)

f

MKS

Instruments,

Inc.,

(continued)

First

Lien,

2024-1

Dollar

CME

Term

Loan,

B

,

7.597

%

,

(

1-month

SOFR

+

2.25

%

),

8/17/29

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

United

States

1,020,408

$

1,025,832

4,616,196

a

a

a

a

a

a

f

Software

10.6%

abc

abc

abc

abc

abc

abc

AppLovin

Corp.

,

First

Lien,

Amendment

No.

1

Replacement

CME

Term

Loan,

10-I

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

10/25/28

..........

United

States

3,990,000

4,009,551

First

Lien,

Delayed

Draw

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/15/30

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

United

States

3,570,863

3,583,415

abc

abc

abc

abc

abc

abc

Boxer

Parent

Co.,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.005

%

,

(

12-month

SOFR

+

3.75

%

),

7/02/31

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

United

States

16,000,000

15,946,720

g

Central

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.585

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

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

United

States

11,175,256

11,080,042

Cloud

Software

Group,

Inc.

,

First

Lien,

Initial

Dolla

CME

Term

Loan,

B

,

9.335

%

,

(

3-month

SOFR

+

4

%

),

3/30/29

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

United

States

11,300,129

11,309,113

g

First

Lien,

Third

Amendment

CME

Term

Loan

,

9.835

%

,

(

3-month

SOFR

+

4.5

%

),

3/20/31

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

United

States

1,363,636

1,370,802

abc

abc

abc

abc

abc

abc

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

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

United

States

4,530,694

4,411,764

ConnectWise

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.096

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

3,167,513

3,161,970

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

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

United

States

2,208,226

2,076,660

ECI

Macola/Max

Holding

LLC

,

First

Lien,

2024

Extending

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

5/31/30

.....

United

States

6,390,593

6,440,535

Epicor

Software

Corp.

,

First

Lien,

Term

Loan,

E

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

5/30/31

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

United

States

10,363,648

10,445,884

Flexera

Software

LLC

,

First

Lien,

CME

Term

Loan,

B2

,

8.826

%

,

(

3-month

SOFR

+

3.5

%

),

3/03/28

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

United

States

1,080,155

1,085,761

Genesys

Cloud

Services

Holdings

II

LLC

,

First

Lien,

2024

Incremental

Dollar

CME

Term

Loan

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

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

United

States

3,280,220

3,306,183

First

Lien,

Dollar

CME

Term

Loan,

B4

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

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

United

States

8,874,814

8,936,316

abc

abc

abc

abc

abc

abc

IGT

Holding

IV

AB

,

First

Lien,

CME

Term

Loan,

B2

,

4.162

%

,

(

1-

day

SOFR

+

3.4

%

),

3/31/28

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

Sweden

3,450,657

3,458,559

McAfee

Corp.

,

First

Lien,

Term

Loan,

B1

,

8.592

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/29

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

United

States

9,985,166

9,985,915

Mitchell

International,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

6/17/31

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

United

States

3,000,000

2,972,625

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.514

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

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

United

States

7,209,024

7,227,046

Project

Alpha

Intermediate

Holding,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

9.002

%

,

(

3-month

SOFR

+

3.75

%

),

10/28/30

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

United

States

5,937,948

5,970,102

Project

Boost

Purchaser

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.786

%

,

(

3-month

SOFR

+

3.5

%

),

7/16/31

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

United

States

6,920,251

6,943,330

Project

Ruby

Ultimate

Parent

Corp.

,

First

Lien,

CME

Term

Loan,

B1

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

3/10/28

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

United

States

1,548,358

1,555,713

Rocket

Software,

Inc.

,

First

Lien,

CME

Term

Loan

,

10.094

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

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

United

States

4,463,018

4,485,489

Severin

Acquisition

LLC

,

First

Lien,

CME

Term

Loan

,

8.252

%

,

(

3-month

SOFR

+

3

%

),

8/01/27

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

United

States

765,385

768,136

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)

f

Software

(continued)

abc

abc

abc

abc

abc

abc

Sovos

Compliance

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.958

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

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

United

States

7,055,808

$

7,056,266

Surf

Holdings

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

8.96

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

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

United

States

4,961,264

4,983,640

UKG,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.555

%

,

(

3-month

SOFR

+

3.25

%

),

2/10/31

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

United

States

8,651,264

8,687,167

Vision

Solutions,

Inc.

,

First

Lien,

New

CME

Term

Loan,

B

,

9.514

%

,

(

3-month

SOFR

+

4

%

),

4/24/28

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

United

States

2,895,864

2,811,580

VS

Buyer

LLC

,

First

Lien,

2024

Initial

CME

Term

Loan

,

8.579

%

,

(

1-month

SOFR

+

3.25

%

),

4/14/31

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

United

States

1,552,511

1,560,763

155,631,047

a

a

a

a

a

a

f

Specialty

Retail

3.4%

Evergreen

Acqco

1

LP

,

First

Lien,

Initial

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

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

United

States

4,874,277

4,909,323

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.444

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

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

United

States

16,213,611

11,754,868

Great

Outdoors

Group

LLC

,

First

Lien,

CME

Term

Loan,

B1

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

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

United

States

4,695,909

4,695,909

Michaels

Cos.,

Inc.

(The)

,

First

Lien,

CME

Term

Loan,

B

,

9.846

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

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

United

States

1,219,502

1,001,669

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.843

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

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

United

States

1,174,016

1,119,278

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

.........

United

States

11,720,028

10,860,540

RealTruck

Group,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

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

United

States

6,002,562

5,996,319

Restoration

Hardware,

Inc.

,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.694

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

2,110,774

2,028,982

White

Cap

Supply

Holdings

LLC

,

First

Lien,

Term

Loan,

C

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

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

United

States

3,791,948

3,774,561

Woof

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.346

%

,

(

3-month

SOFR

+

3.75

%

),

12/21/27

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

United

States

5,142,950

3,953,642

50,095,091

a

a

a

a

a

a

f

Textiles,

Apparel

&

Luxury

Goods

1.2%

ABG

Intermediate

Holdings

2

LLC

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.097

%

,

(

1-month

SOFR

+

2.75

%

),

12/21/28

United

States

1,701,513

1,710,233

Champ

Acquisition

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

11.096

%

,

(

3-month

SOFR

+

5.5

%

),

12/19/25

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

United

States

4,438,449

4,461,751

Flash

Charm,

Inc.

,

First

Lien,

Term

Loan,

B2

,

8.748

%

,

(

1-month

SOFR

+

3.5

%

),

3/02/28

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

United

States

4,920,474

4,899,021

Hanesbrands,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

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

United

States

5,657,035

5,683,567

Tory

Burch

LLC

,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

4/14/28

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

United

States

1,480,668

1,485,177

18,239,749

a

a

a

a

a

a

Trading

Companies

&

Distributors

0.4%

f,g

Foundation

Building

Materials,

Inc.

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

9.253

%

,

(

1-month

SOFR

+

4

%

),

1/29/31

...

United

States

6,090,750

6,046,592

Transportation

Infrastructure

0.7%

f,g

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.096

%

,

(

3-month

SOFR

+

4.5

%

),

5/08/28

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

United

States

12,877,636

10,092,847

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

259

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Wireless

Telecommunication

Services

0.3%

abc

abc

abc

abc

abc

f

Crown

Subsea

Communications

Holding,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.08

%

,

(

3-month

SOFR

+

4.75

%

),

1/26/31

...

United

States

3,870,968

$

3,901,935

Total

Senior

Floating

Rate

Interests

(Cost

$

1,282,029,730

)

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

1,263,903,720

Asset-Backed

Securities

0.5%

Financial

Services

0.5%

d

,f

Alinea

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

7.444

%

,

(

3-month

SOFR

+

2.162

%

),

7/20/31

.

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

United

States

7,000,000

7,018,631

Total

Asset-Backed

Securities

(Cost

$

7,000,000

)

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

7,018,631

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

$

1,425,983,979

)

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

1,387,911,870

a

Short

Term

Investments

6.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.0%

h,i

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

73,208,483

73,208,483

Total

Money

Market

Funds

(Cost

$

73,208,483

)

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

73,208,483

Principal

Amount

*

Repurchase

Agreements

1.3%

j

Joint

Repurchase

Agreement

,

5.292

%

,

8/01/24

(Maturity

Value

$

19,026,052

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$2,736,517)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$7,532,795)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$8,756,740)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

6.5%,

3/20/45

-

7/20/54;

and

U.S.

Treasury

Notes,

2.88%

-

3.75%,

8/15/28

-

12/31/28

(valued

at

$

19,406,460

)

.........

19,023,255

19,023,255

Total

Repurchase

Agreements

(Cost

$

19,023,255

)

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

19,023,255

Total

Short

Term

Investments

(Cost

$

92,231,738

)

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

92,231,738

a

Total

Investments

(Cost

$

1,518,215,717

)

101.0

%

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

$1,480,143,608

Other

Assets,

less

Liabilities

(

1.0

)

%

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

(14,991,492)

Net

Assets

100.0%

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

$1,465,152,116

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

5

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

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

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$86,073,203,

representing

5.9%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

j

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

July

31,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Long

Duration

Credit

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

94.2%

Aerospace

&

Defense

2.6%

a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.5

%

,

3/26/54

.........

United

Kingdom

200,000

$

200,397

Boeing

Co.

(The)

,

Senior

Bond

,

3.6

%

,

5/01/34

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

United

States

150,000

124,958

Senior

Bond

,

3.75

%

,

2/01/50

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

United

States

415,000

284,312

a

Senior

Bond

,

144A,

6.858

%

,

5/01/54

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

United

States

125,000

132,454

a

Senior

Bond

,

144A,

7.008

%

,

5/01/64

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

United

States

55,000

58,354

General

Dynamics

Corp.

,

Senior

Bond

,

2.85

%

,

6/01/41

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

United

States

125,000

92,581

Senior

Bond

,

3.6

%

,

11/15/42

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

United

States

180,000

146,663

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

5.95

%

,

2/01/37

.......

United

States

305,000

320,811

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07

%

,

12/15/42

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

United

States

390,000

339,097

Senior

Bond

,

2.8

%

,

6/15/50

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

United

States

50,000

32,944

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.03

%

,

10/15/47

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

United

States

400,000

326,525

Senior

Bond

,

4.95

%

,

3/15/53

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

United

States

270,000

251,080

2,310,176

Automobile

Components

0.2%

Aptiv

plc

,

Senior

Bond

,

3.1

%

,

12/01/51

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

United

States

345,000

215,213

Banks

5.6%

Bank

of

America

Corp.

,

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

150,000

153,437

Senior

Bond

,

2.676%

to

6/18/40,

FRN

thereafter

,

6/19/41

...

United

States

1,615,000

1,157,921

Citibank

NA

,

Senior

Bond

,

5.57

%

,

4/30/34

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

United

States

250,000

260,144

b

HSBC

Holdings

plc

,

Senior

Bond

,

FRN

,

6.332

%

,

(

SOFR

+

2.65

%

),

3/09/44

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

United

Kingdom

200,000

215,415

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

170,000

172,754

Senior

Bond

,

5.766%

to

4/21/34,

FRN

thereafter

,

4/22/35

...

United

States

200,000

209,692

Senior

Bond

,

5.294%

to

7/21/34,

FRN

thereafter

,

7/22/35

...

United

States

200,000

202,885

Senior

Bond

,

3.109%

to

4/21/40,

FRN

thereafter

,

4/22/41

...

United

States

480,000

369,450

Senior

Bond

,

2.525%

to

11/18/40,

FRN

thereafter

,

11/19/41

..

United

States

425,000

299,163

b

Mizuho

Financial

Group,

Inc.

,

Senior

Bond

,

FRN

,

5.594

%

,

(

1-year

CMT

T-Note

+

1.3

%

),

7/10/35

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

Japan

350,000

357,843

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.676%

to

1/21/34,

FRN

thereafter

,

1/22/35

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

United

States

310,000

319,802

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

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

United

States

250,000

245,360

US

Bancorp

,

Senior

Bond

,

5.678%

to

1/22/34,

FRN

thereafter

,

1/23/35

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

United

States

225,000

231,194

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.068%

to

4/29/40,

FRN

thereafter

,

4/30/41

...

United

States

220,000

166,177

Senior

Bond

,

3.9

%

,

5/01/45

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

United

States

365,000

299,104

Senior

Bond

,

4.611%

to

4/24/52,

FRN

thereafter

,

4/25/53

...

United

States

345,000

306,339

4,966,680

Beverages

2.5%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9

%

,

2/01/46

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

Belgium

1,305,000

1,236,341

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.375

%

,

4/15/38

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

Belgium

395,000

369,555

Coca-Cola

Co.

(The)

,

Senior

Bond

,

5.4

%

,

5/13/64

...........

United

States

380,000

386,699

Keurig

Dr

Pepper,

Inc.

,

Senior

Bond

,

3.35

%

,

3/15/51

.........

United

States

140,000

98,386

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Beverages

(continued)

PepsiCo,

Inc.

,

Senior

Bond

,

4.2

%

,

7/18/52

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

United

States

160,000

$

138,213

2,229,194

Biotechnology

3.2%

AbbVie,

Inc.

,

Senior

Bond

,

4.45

%

,

5/14/46

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

United

States

775,000

691,098

Senior

Bond

,

5.4

%

,

3/15/54

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

United

States

140,000

141,933

Amgen,

Inc.

,

Senior

Bond

,

3.15

%

,

2/21/40

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

United

States

335,000

257,092

Senior

Bond

,

5.6

%

,

3/02/43

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

United

States

455,000

459,646

Senior

Bond

,

5.65

%

,

3/02/53

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

United

States

480,000

484,001

a

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75

%

,

4/27/52

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

Australia

290,000

262,621

Senior

Bond

,

144A,

5.417

%

,

4/03/54

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

Australia

200,000

199,412

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8

%

,

9/15/50

.

United

States

560,000

354,749

2,850,552

Broadline

Retail

1.4%

Amazon.com,

Inc.

,

Senior

Bond

,

2.875

%

,

5/12/41

...........

United

States

1,590,000

1,212,225

Building

Products

0.8%

Carrier

Global

Corp.

,

Senior

Bond

,

3.377

%

,

4/05/40

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

United

States

180,000

143,604

Senior

Bond

,

3.577

%

,

4/05/50

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

United

States

210,000

158,469

Owens

Corning

,

Senior

Bond

,

4.3

%

,

7/15/47

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

United

States

85,000

70,279

Senior

Bond

,

5.95

%

,

6/15/54

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

United

States

290,000

298,523

670,875

Capital

Markets

4.1%

BlackRock

Funding,

Inc.

,

Senior

Bond

,

5.25

%

,

3/14/54

.......

United

States

235,000

233,416

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

3.102%

to

2/23/32,

FRN

thereafter

,

2/24/33

...

United

States

215,000

187,862

Senior

Bond

,

2.908%

to

7/20/41,

FRN

thereafter

,

7/21/42

...

United

States

310,000

224,448

Senior

Bond

,

3.436%

to

2/23/42,

FRN

thereafter

,

2/24/43

...

United

States

385,000

299,805

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

6.2

%

,

4/14/34

....

United

States

200,000

207,681

Moody's

Corp.

,

Senior

Bond

,

2.75

%

,

8/19/41

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

United

States

110,000

78,582

Morgan

Stanley

,

Senior

Bond

,

5.32%

to

7/18/34,

FRN

thereafter

,

7/19/35

....

United

States

120,000

121,036

b

Senior

Bond

,

FRN

,

3.971

%

,

7/22/38

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

United

States

925,000

812,192

Nasdaq,

Inc.

,

Senior

Bond

,

3.95

%

,

3/07/52

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

United

States

100,000

76,384

Senior

Bond

,

5.95

%

,

8/15/53

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

United

States

100,000

104,177

S&P

Global,

Inc.

,

Senior

Bond

,

3.9

%

,

3/01/62

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

United

States

165,000

127,875

a

,b

UBS

Group

AG

,

Senior

Bond

,

144A,

FRN

,

2.746

%

,

(

1-year

CMT

T-Note

+

1.1

%

),

2/11/33

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

Switzerland

1,350,000

1,135,024

3,608,482

Chemicals

0.3%

Albemarle

Corp.

,

Senior

Bond

,

5.65

%

,

6/01/52

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

United

States

40,000

34,661

Westlake

Corp.

,

Senior

Bond

,

2.875

%

,

8/15/41

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

United

States

205,000

142,206

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

Westlake

Corp.,

(continued)

Senior

Bond

,

3.125

%

,

8/15/51

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

United

States

110,000

$

71,382

248,249

Communications

Equipment

1.0%

Cisco

Systems,

Inc.

,

Senior

Bond

,

5.3

%

,

2/26/54

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

United

States

405,000

408,468

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5

%

,

9/01/44

.........

United

States

485,000

483,675

892,143

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

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

Ireland

580,000

510,889

Consumer

Staples

Distribution

&

Retail

0.7%

Dollar

Tree,

Inc.

,

Senior

Bond

,

3.375

%

,

12/01/51

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

United

States

130,000

86,233

Sysco

Corp.

,

Senior

Bond

,

3.3

%

,

2/15/50

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

United

States

225,000

159,109

Walmart,

Inc.

,

Senior

Bond

,

2.65

%

,

9/22/51

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

United

States

340,000

221,499

Senior

Bond

,

4.5

%

,

4/15/53

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

United

States

180,000

164,722

631,563

Containers

&

Packaging

0.3%

a

Smurfit

Kappa

Treasury

ULC

,

Senior

Bond

,

144A,

5.777

%

,

4/03/54

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

Ireland

220,000

224,875

Diversified

Consumer

Services

2.0%

Leland

Stanford

Junior

University

(The)

,

3.647

%

,

5/01/48

.....

United

States

895,000

748,648

Massachusetts

Institute

of

Technology

,

G

,

2.294

%

,

7/01/51

....

United

States

445,000

274,768

President

and

Fellows

of

Harvard

College

,

3.745

%

,

11/15/52

...

United

States

450,000

372,785

University

of

Miami

,

2022

,

Senior

Bond

,

4.063

%

,

4/01/52

.....

United

States

240,000

200,707

University

of

Southern

California

,

3.028

%

,

10/01/39

..........

United

States

150,000

124,189

1,721,097

Diversified

REITs

1.1%

Simon

Property

Group

LP

,

Senior

Bond

,

4.75

%

,

3/15/42

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

United

States

225,000

203,931

Senior

Bond

,

4.25

%

,

11/30/46

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

United

States

370,000

308,837

VICI

Properties

LP

,

Senior

Bond

,

5.75

%

,

4/01/34

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

United

States

210,000

213,332

a

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/30

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

United

States

230,000

213,527

939,627

Diversified

Telecommunication

Services

3.9%

AT&T,

Inc.

,

Senior

Bond

,

2.55

%

,

12/01/33

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

United

States

475,000

388,655

Senior

Bond

,

3.5

%

,

6/01/41

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

United

States

370,000

291,336

Senior

Bond

,

4.35

%

,

6/15/45

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

United

States

320,000

273,323

Senior

Bond

,

4.75

%

,

5/15/46

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

United

States

855,000

764,312

Senior

Bond

,

3.5

%

,

9/15/53

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

United

States

450,000

314,868

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.65

%

,

11/20/40

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

United

States

1,190,000

841,547

Senior

Bond

,

3.85

%

,

11/01/42

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

United

States

100,000

81,702

Senior

Bond

,

4.125

%

,

8/15/46

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

United

States

230,000

191,936

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

Verizon

Communications,

Inc.,

(continued)

Senior

Note

,

2.355

%

,

3/15/32

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

United

States

345,000

$

288,718

3,436,397

Electric

Utilities

9.5%

Alabama

Power

Co.

,

Senior

Bond

,

4.15

%

,

8/15/44

..........

United

States

375,000

318,078

Appalachian

Power

Co.

,

Senior

Bond

,

7

%

,

4/01/38

..........

United

States

175,000

198,555

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

6/01/52

..

United

States

225,000

194,792

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.125

%

,

3/15/51

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

United

States

60,000

40,678

Senior

Bond

,

3.85

%

,

3/15/52

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

United

States

265,000

204,787

DTE

Electric

Co.

,

B

,

Senior

Bond

,

3.65

%

,

3/01/52

...........

United

States

395,000

300,106

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95

%

,

3/15/48

....

United

States

915,000

728,616

Duke

Energy

Corp.

,

Senior

Bond

,

3.5

%

,

6/15/51

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

United

States

480,000

336,396

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4

%

,

10/01/46

......

United

States

380,000

275,556

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15

%

,

12/01/44

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

United

States

240,000

199,253

Senior

Bond

,

3.6

%

,

9/15/47

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

United

States

70,000

52,598

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1

%

,

6/15/41

.........

United

States

250,000

185,098

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05

%

,

6/01/42

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

United

States

825,000

706,109

Senior

Bond

,

3.95

%

,

3/01/48

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

United

States

70,000

57,191

Georgia

Power

Co.

,

Senior

Bond

,

5.125

%

,

5/15/52

..........

United

States

365,000

350,245

MidAmerican

Energy

Co.

,

Senior

Bond

,

3.95

%

,

8/01/47

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

United

States

180,000

144,636

Senior

Bond

,

3.15

%

,

4/15/50

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

United

States

925,000

641,195

Northern

States

Power

Co.

,

Senior

Bond

,

2.6

%

,

6/01/51

......

United

States

515,000

318,713

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.75

%

,

2/15/44

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

United

States

220,000

185,431

Senior

Bond

,

4

%

,

12/01/46

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

United

States

75,000

56,067

PacifiCorp

,

Senior

Bond

,

5.8

%

,

1/15/55

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

United

States

320,000

317,939

PECO

Energy

Co.

,

Senior

Bond

,

4.8

%

,

10/15/43

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

United

States

215,000

199,984

PG&E

Wildfire

Recovery

Funding

LLC

,

A-5

,

Senior

Secured

Bond

,

5.099

%

,

6/01/52

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

United

States

640,000

635,659

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95

%

,

6/01/47

......

United

States

345,000

282,466

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8

%

,

6/15/47

...

United

States

310,000

236,815

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.45

%

,

8/01/53

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

United

States

185,000

187,416

Senior

Secured

Bond

,

3

%

,

3/01/51

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

United

States

390,000

264,092

Southern

California

Edison

Co.

,

Senior

Bond

,

4

%

,

4/01/47

.....

United

States

335,000

265,934

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45

%

,

2/15/44

..

United

States

565,000

492,998

8,377,403

Entertainment

1.4%

Netflix,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

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

United

States

310,000

313,702

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8

%

,

5/13/60

..........

United

States

215,000

163,459

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/42

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

United

States

725,000

572,295

Senior

Bond

,

5.391

%

,

3/15/62

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

United

States

235,000

175,387

1,224,843

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Financial

Services

2.4%

Fiserv,

Inc.

,

Senior

Bond

,

4.4

%

,

7/01/49

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

United

States

520,000

$

436,148

Global

Payments,

Inc.

,

Senior

Bond

,

5.95

%

,

8/15/52

.........

United

States

355,000

350,299

Mastercard,

Inc.

,

Senior

Bond

,

3.65

%

,

6/01/49

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

United

States

300,000

236,484

Shell

International

Finance

BV

,

Senior

Bond

,

3

%

,

11/26/51

....

United

States

340,000

229,384

a

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875

%

,

3/11/41

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

Germany

715,000

537,238

Visa,

Inc.

,

Senior

Bond

,

4.3

%

,

12/14/45

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

United

States

350,000

312,974

2,102,527

Food

Products

1.9%

a

Cargill,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

4/22/52

...........

United

States

230,000

200,891

Conagra

Brands,

Inc.

,

Senior

Bond

,

5.3

%

,

11/01/38

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

United

States

160,000

155,939

Senior

Bond

,

5.4

%

,

11/01/48

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

United

States

170,000

161,594

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Bond

,

4.375

%

,

2/02/52

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

United

States

425,000

320,568

Senior

Bond

,

6.5

%

,

12/01/52

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

United

States

70,000

70,714

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

4.375

%

,

6/01/46

........

United

States

225,000

189,127

a

Mars,

Inc.

,

Senior

Bond

,

144A,

3.95

%

,

4/01/49

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

United

States

75,000

61,499

Senior

Bond

,

144A,

4.125

%

,

4/01/54

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

United

States

180,000

149,777

a

Nestle

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.7

%

,

1/15/53

......

United

States

385,000

358,450

1,668,559

Gas

Utilities

0.5%

Southern

California

Gas

Co.

,

Senior

Bond

,

6.35

%

,

11/15/52

...

United

States

370,000

412,708

Ground

Transportation

3.0%

a

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.55

%

,

5/30/33

.....

United

Kingdom

400,000

400,642

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75

%

,

5/01/40

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

United

States

1,205,000

1,266,064

Senior

Bond

,

4.15

%

,

4/01/45

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

United

States

175,000

149,489

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

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

United

States

175,000

154,260

Union

Pacific

Corp.

,

Senior

Bond

,

3.55

%

,

8/15/39

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

United

States

310,000

261,756

Senior

Bond

,

4.05

%

,

3/01/46

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

United

States

480,000

400,750

2,632,961

Health

Care

Equipment

&

Supplies

0.7%

Baxter

International,

Inc.

,

Senior

Bond

,

3.132

%

,

12/01/51

.....

United

States

365,000

236,819

Medtronic,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/45

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

United

States

200,000

185,319

a

Solventum

Corp.

,

Senior

Bond

,

144A,

5.6

%

,

3/23/34

.........

United

States

230,000

231,483

653,621

Health

Care

Providers

&

Services

6.7%

Ascension

Health

,

Senior

Bond

,

3.945

%

,

11/15/46

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

United

States

215,000

185,036

B

,

Senior

Bond

,

3.106

%

,

11/15/39

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

United

States

360,000

290,284

Cigna

Group

(The)

,

Senior

Bond

,

4.9

%

,

12/15/48

...........

United

States

225,000

202,318

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187

%

,

10/01/49

.

United

States

415,000

343,580

CVS

Health

Corp.

,

Senior

Bond

,

4.78

%

,

3/25/38

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

United

States

340,000

312,456

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

CVS

Health

Corp.,

(continued)

Senior

Bond

,

5.125

%

,

7/20/45

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

United

States

805,000

$

728,041

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

.........

United

States

805,000

724,707

HCA,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/52

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

United

States

705,000

582,656

a

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

Senior

Bond

,

144A,

5.875

%

,

6/15/54

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

United

States

355,000

357,529

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6

%

,

5/08/34

.

United

States

250,000

260,980

Kaiser

Foundation

Hospitals

,

2021

,

3.002

%

,

6/01/51

.........

United

States

435,000

302,182

Sutter

Health

,

5.547

%

,

8/15/53

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

United

States

125,000

133,420

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.5

%

,

8/15/39

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

United

States

110,000

91,023

Senior

Bond

,

3.95

%

,

10/15/42

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

United

States

200,000

169,132

Senior

Bond

,

6.05

%

,

2/15/63

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

United

States

580,000

623,678

Senior

Bond

,

5.75

%

,

7/15/64

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

United

States

225,000

231,269

UPMC

,

Secured

Bond

,

5.377

%

,

5/15/43

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

United

States

320,000

329,547

5,867,838

Health

Care

REITs

0.6%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

3.55

%

,

3/15/52

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

United

States

755,000

523,230

Hotels,

Restaurants

&

Leisure

0.4%

McDonald's

Corp.

,

Senior

Bond

,

4.875

%

,

12/09/45

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

United

States

190,000

175,647

Senior

Bond

,

4.45

%

,

3/01/47

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

United

States

240,000

206,666

382,313

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5

%

,

10/01/53

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

United

States

335,000

369,128

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

,

Senior

Bond

,

5.25

%

,

3/01/54

....

United

States

520,000

516,141

Insurance

4.3%

American

International

Group,

Inc.

,

Senior

Bond

,

4.5

%

,

7/16/44

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

United

States

210,000

186,184

Senior

Bond

,

4.8

%

,

7/10/45

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

United

States

305,000

280,458

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635

%

,

6/30/50

.......

United

States

215,000

156,251

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144

%

,

11/01/43

...

United

States

245,000

230,454

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.5

%

,

5/20/51

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

United

States

105,000

74,634

Senior

Bond

,

3.05

%

,

3/09/52

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

United

States

745,000

473,612

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

2.85

%

,

10/15/50

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

United

States

80,000

53,474

Senior

Bond

,

3.85

%

,

3/15/52

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

United

States

515,000

412,282

Brown

&

Brown,

Inc.

,

Senior

Bond

,

4.95

%

,

3/17/52

..........

United

States

290,000

253,974

Chubb

INA

Holdings

LLC

,

Senior

Bond

,

3.05

%

,

12/15/61

......

United

States

185,000

120,829

Markel

Group,

Inc.

,

Senior

Bond

,

6

%

,

5/16/54

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

United

States

130,000

131,974

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9

%

,

3/15/49

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

United

States

190,000

175,835

Senior

Bond

,

5.45

%

,

3/15/53

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

United

States

160,000

160,358

a

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45

%

,

3/30/51

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

United

States

475,000

335,320

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125

%

,

4/15/47

......

United

States

430,000

$

364,493

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

5/30/47

.........

United

States

410,000

340,743

3,750,875

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75

%

,

5/15/63

..........

United

States

510,000

535,988

IT

Services

0.1%

IBM

International

Capital

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

2/05/54

.

United

States

100,000

96,305

Life

Sciences

Tools

&

Services

0.5%

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404

%

,

8/10/43

...

United

States

385,000

393,071

Machinery

0.2%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7

%

,

6/15/54

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

United

States

195,000

201,384

Media

3.9%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond

,

5.375

%

,

4/01/38

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

United

States

820,000

740,851

Senior

Secured

Bond

,

3.5

%

,

6/01/41

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

United

States

300,000

208,132

Senior

Secured

Bond

,

3.5

%

,

3/01/42

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

United

States

630,000

432,140

Senior

Secured

Bond

,

5.375

%

,

5/01/47

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

United

States

50,000

41,418

Comcast

Corp.

,

Senior

Bond

,

3.4

%

,

7/15/46

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

United

States

355,000

263,611

Senior

Bond

,

3.969

%

,

11/01/47

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

United

States

515,000

412,091

Senior

Bond

,

2.887

%

,

11/01/51

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

United

States

895,000

574,300

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

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

United

States

685,000

675,386

Paramount

Global

,

Senior

Bond

,

5.85

%

,

9/01/43

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

United

States

125,000

103,410

3,451,339

Metals

&

Mining

1.1%

a

Anglo

American

Capital

plc

,

Senior

Bond

,

144A,

4.75

%

,

3/16/52

South

Africa

200,000

170,274

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.4

%

,

11/14/34

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

United

States

175,000

174,818

Senior

Bond

,

5.45

%

,

3/15/43

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

United

States

165,000

158,375

a

Newmont

Corp.

/

Newcrest

Finance

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.2

%

,

5/13/50

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

United

States

205,000

171,730

Vale

Overseas

Ltd.

,

Senior

Bond

,

6.125

%

,

6/12/33

..........

Brazil

320,000

327,536

1,002,733

Multi-Utilities

1.4%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45

%

,

3/15/44

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

United

States

510,000

448,658

Consumers

Energy

Co.

,

Senior

Bond

,

4.05

%

,

5/15/48

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

United

States

150,000

125,321

Senior

Bond

,

4.35

%

,

4/15/49

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

United

States

330,000

287,218

Dominion

Energy,

Inc.

,

B

,

Senior

Bond

,

4.85

%

,

8/15/52

.......

United

States

425,000

377,356

1,238,553

Oil,

Gas

&

Consumable

Fuels

7.6%

a

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1

%

,

7/15/31

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

Norway

400,000

347,549

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06

%

,

6/17/41

.

United

States

695,000

523,185

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

5.85

%

,

2/01/35

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

Canada

340,000

347,148

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Canadian

Natural

Resources

Ltd.,

(continued)

Senior

Bond

,

4.95

%

,

6/01/47

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

Canada

80,000

$

71,363

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25

%

,

1/31/32

....

United

States

285,000

248,848

a

Cheniere

Energy,

Inc.

,

Senior

Bond

,

144A,

5.65

%

,

4/15/34

....

United

States

180,000

183,023

ConocoPhillips

Co.

,

Senior

Bond

,

3.8

%

,

3/15/52

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

United

States

605,000

466,690

Diamondback

Energy,

Inc.

,

Senior

Bond

,

4.4

%

,

3/24/51

.......

United

States

330,000

271,904

Energy

Transfer

LP

,

Senior

Bond

,

5.15

%

,

3/15/45

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

United

States

865,000

783,050

Senior

Bond

,

6.125

%

,

12/15/45

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

United

States

100,000

101,266

Senior

Bond

,

6

%

,

6/15/48

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

United

States

460,000

457,483

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

4.9

%

,

5/15/46

United

States

195,000

180,620

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

...........

United

States

555,000

413,966

Hess

Corp.

,

Senior

Bond

,

5.6

%

,

2/15/41

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

United

States

140,000

142,477

Senior

Bond

,

5.8

%

,

4/01/47

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

United

States

20,000

20,779

a

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25

%

,

2/15/30

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

United

States

390,000

362,262

Occidental

Petroleum

Corp.

,

Senior

Bond

,

5.55

%

,

10/01/34

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

United

States

125,000

125,762

Senior

Bond

,

6.05

%

,

10/01/54

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

United

States

90,000

90,539

Targa

Resources

Corp.

,

Senior

Bond

,

4.95

%

,

4/15/52

........

United

States

200,000

175,344

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4

%

,

1/15/32

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

United

States

540,000

492,321

TotalEnergies

Capital

SA

,

Senior

Bond

,

5.638

%

,

4/05/64

......

France

265,000

269,493

a

Var

Energi

ASA

,

Senior

Bond

,

144A,

8

%

,

11/15/32

..........

Norway

200,000

228,614

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1

%

,

9/15/45

........

United

States

430,000

397,654

6,701,340

Personal

Care

Products

0.6%

Haleon

US

Capital

LLC

,

Senior

Bond

,

4

%

,

3/24/52

..........

United

States

250,000

203,271

Kenvue,

Inc.

,

Senior

Bond

,

5.05

%

,

3/22/53

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

United

States

305,000

295,075

498,346

Pharmaceuticals

4.3%

a

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.875

%

,

6/25/48

.

Germany

565,000

463,267

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

5.5

%

,

2/22/44

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

United

States

100,000

101,837

Senior

Bond

,

4.35

%

,

11/15/47

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

United

States

130,000

111,691

Senior

Bond

,

2.55

%

,

11/13/50

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

United

States

185,000

112,619

Senior

Bond

,

3.7

%

,

3/15/52

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

United

States

145,000

109,616

Senior

Bond

,

5.55

%

,

2/22/54

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

United

States

380,000

385,263

Eli

Lilly

&

Co.

,

Senior

Bond

,

5

%

,

2/09/54

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

United

States

130,000

126,818

Senior

Bond

,

4.95

%

,

2/27/63

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

United

States

380,000

362,680

Merck

&

Co.,

Inc.

,

Senior

Bond

,

2.75

%

,

12/10/51

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

United

States

310,000

200,128

Novartis

Capital

Corp.

,

Senior

Bond

,

2.75

%

,

8/14/50

.........

Switzerland

240,000

161,184

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

5/19/53

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

United

States

725,000

716,488

a

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607

%

,

12/13/51

...

United

States

695,000

441,188

Royalty

Pharma

plc

,

Senior

Bond

,

3.35

%

,

9/02/51

...........

United

States

710,000

468,987

3,761,766

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Semiconductors

&

Semiconductor

Equipment

0.3%

Analog

Devices,

Inc.

,

Senior

Bond

,

2.95

%

,

10/01/51

.........

United

States

390,000

$

264,029

Software

3.4%

Intuit,

Inc.

,

Senior

Bond

,

5.5

%

,

9/15/53

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

United

States

230,000

237,388

Microsoft

Corp.

,

Senior

Bond

,

2.525

%

,

6/01/50

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

United

States

75,000

48,795

Senior

Bond

,

2.921

%

,

3/17/52

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

United

States

1,005,000

706,502

Oracle

Corp.

,

Senior

Bond

,

3.8

%

,

11/15/37

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

United

States

600,000

509,001

Senior

Bond

,

3.6

%

,

4/01/40

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

United

States

945,000

748,321

Senior

Bond

,

4

%

,

7/15/46

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

United

States

450,000

354,640

Salesforce,

Inc.

,

Senior

Bond

,

2.9

%

,

7/15/51

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

United

States

625,000

415,253

3,019,900

Specialized

REITs

0.3%

Crown

Castle,

Inc.

,

Senior

Bond

,

2.9

%

,

4/01/41

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

United

States

365,000

260,817

Specialty

Retail

1.2%

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

4.4

%

,

3/15/45

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

United

States

80,000

71,256

Senior

Bond

,

4.25

%

,

4/01/46

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

United

States

160,000

138,837

Senior

Bond

,

3.9

%

,

6/15/47

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

United

States

70,000

57,043

Senior

Bond

,

3.125

%

,

12/15/49

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

United

States

180,000

126,492

Senior

Bond

,

3.35

%

,

4/15/50

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

United

States

30,000

21,933

Senior

Bond

,

3.625

%

,

4/15/52

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

United

States

330,000

251,219

Senior

Bond

,

5.3

%

,

6/25/54

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

United

States

90,000

89,625

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

3.7

%

,

4/15/46

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

United

States

125,000

94,886

Senior

Bond

,

4.05

%

,

5/03/47

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

United

States

165,000

131,405

Senior

Bond

,

3

%

,

10/15/50

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

United

States

80,000

51,674

1,034,370

Technology

Hardware,

Storage

&

Peripherals

2.2%

Apple,

Inc.

,

Senior

Bond

,

3.85

%

,

5/04/43

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

United

States

1,745,000

1,512,720

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

3.375

%

,

12/15/41

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

United

States

510,000

385,227

1,897,947

Tobacco

1.5%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

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

United

States

450,000

373,763

Senior

Bond

,

3.4

%

,

2/04/41

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

United

States

140,000

104,322

BAT

Capital

Corp.

,

Senior

Bond

,

4.39

%

,

8/15/37

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

United

Kingdom

240,000

210,980

Senior

Bond

,

7.079

%

,

8/02/43

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

United

Kingdom

260,000

284,804

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875

%

,

8/21/42

..

United

States

450,000

364,002

1,337,871

Water

Utilities

0.4%

American

Water

Capital

Corp.

,

Senior

Bond

,

3.45

%

,

5/01/50

...

United

States

455,000

330,651

Wireless

Telecommunication

Services

1.9%

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3

%

,

2/15/41

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

United

States

420,000

309,523

Senior

Bond

,

3.4

%

,

10/15/52

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

United

States

885,000

621,058

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

Vodafone

Group

plc

,

Senior

Bond

,

6.15

%

,

2/27/37

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

United

Kingdom

257,000

$

278,540

Senior

Bond

,

5.75

%

,

6/28/54

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

United

Kingdom

250,000

248,295

Senior

Bond

,

5.875

%

,

6/28/64

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

United

Kingdom

235,000

232,045

1,689,461

Total

Corporate

Bonds

(Cost

$

78,606,846

)

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

82,866,255

Foreign

Government

and

Agency

Securities

3.0%

a

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375

%

,

8/20/50

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

United

States

200,000

139,900

Mexico

Government

Bond

,

Senior

Bond

,

4.75

%

,

3/08/44

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

Mexico

550,000

452,191

Senior

Bond

,

6.338

%

,

5/04/53

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

Mexico

945,000

907,891

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/29/47

....

Philippines

410,000

346,011

a

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

1/18/53

Saudi

Arabia

565,000

503,493

Uruguay

Government

Bond

,

Senior

Bond

,

5.1

%

,

6/18/50

......

Uruguay

300,000

289,019

Total

Foreign

Government

and

Agency

Securities

(Cost

$

2,561,860

)

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

2,638,505

U.S.

Government

and

Agency

Securities

1.2%

U.S.

Treasury

Bonds

,

Strip,

11/15/44

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

United

States

770,000

312,003

4.75

%,

11/15/53

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

United

States

50,000

53,383

4.25

%,

2/15/54

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

United

States

600,000

590,203

4.625

%,

5/15/54

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

United

States

90,000

94,261

Total

U.S.

Government

and

Agency

Securities

(Cost

$

1,025,456

)

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

1,049,850

Municipal

Bonds

0.3%

Texas

0.3%

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507

%

,

11/01/51

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

United

States

245,000

226,034

Total

Municipal

Bonds

(Cost

$

208,869

)

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

226,034

Total

Long

Term

Investments

(Cost

$

82,403,031

)

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

86,780,644

a

Short

Term

Investments

0.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.2%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

168,991

168,991

Total

Money

Market

Funds

(Cost

$

168,991

)

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

168,991

Total

Short

Term

Investments

(Cost

$

168,991

)

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

168,991

a

Total

Investments

(Cost

$

82,572,022

)

98.9

%

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

$86,949,635

Other

Assets,

less

Liabilities

1.1

%

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

1,018,517

Net

Assets

100.0%

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

$87,968,152

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

See

Abbreviations

on

page

259

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$8,070,793,

representing

9.2%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

,

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

†

Broadline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.

,

A

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

South

Africa

12,326,925

$

—

a,b,c

K2016470219

South

Africa

Ltd.

,

B

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

South

Africa

1,226,701

—

—

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

24,921

4,635

Machinery

0.0%

†

UTEX

Industries,

Inc.

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

United

States

9,228

393,731

Specialty

Retail

0.0%

a,b

Party

City

Holdco,

Inc.

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

United

States

23

—

Total

Common

Stocks

(Cost

$

788,801

)

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

398,366

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

59,023

5,165

b

Total

Preferred

Stocks

(Cost

$

885

)

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

5,165

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

791

75

Total

Warrants

(Cost

$

699

)

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

75

Principal

Amount

*

Corporate

Bonds

45.4%

Aerospace

&

Defense

0.9%

d

BAE

Systems

plc

,

Senior

Note

,

144A,

5

%

,

3/26/27

..........

United

Kingdom

3,300,000

3,316,968

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

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

United

States

10,400,000

9,900,786

General

Dynamics

Corp.

,

Senior

Note

,

3.25

%

,

4/01/25

.......

United

States

4,000,000

3,950,157

L3Harris

Technologies,

Inc.

,

Senior

Note

,

5.05

%

,

6/01/29

.....

United

States

850,000

860,040

18,027,951

Air

Freight

&

Logistics

0.1%

d

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.......

United

Arab

Emirates

1,700,000

1,700,000

Automobile

Components

0.1%

d

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

4.75

%

,

10/01/27

United

States

2,200,000

2,149,318

Automobiles

0.9%

d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.25

%

,

1/08/27

..

United

States

4,000,000

4,025,187

d

Mercedes-Benz

Finance

North

America

LLC

,

Senior

Note

,

144A,

4.95

%

,

3/30/25

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

Germany

7,100,000

7,086,809

d

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

5.4

%

,

3/20/26

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

Germany

6,700,000

6,736,542

17,848,538

Banks

11.7%

d

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

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

Netherlands

1,800,000

1,842,395

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Bank

of

America

Corp.

,

Senior

Note

,

2.015%

to

2/12/25,

FRN

thereafter

,

2/13/26

....

United

States

3,500,000

$

3,436,981

Senior

Note

,

3.384%

to

4/01/25,

FRN

thereafter

,

4/02/26

....

United

States

8,300,000

8,189,989

Senior

Note

,

4.376%

to

4/26/27,

FRN

thereafter

,

4/27/28

....

United

States

8,000,000

7,901,290

Bank

of

Montreal

,

H

,

Senior

Note

,

4.25

%

,

9/14/24

...........

Canada

9,850,000

9,830,746

Bank

of

Nova

Scotia

(The)

,

Senior

Note

,

2.951

%

,

3/11/27

.....

Canada

7,000,000

6,694,143

d

BNP

Paribas

SA

,

Senior

Non-Preferred

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

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

France

5,700,000

5,651,146

d

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.375

%

,

1/14/25

.

France

7,000,000

6,901,023

Citigroup,

Inc.

,

Senior

Note

,

3.29%

to

3/16/25,

FRN

thereafter

,

3/17/26

.....

United

States

8,200,000

8,087,419

Senior

Note

,

3.106%

to

4/07/25,

FRN

thereafter

,

4/08/26

....

United

States

6,500,000

6,397,172

Senior

Note

,

5.174%

to

2/12/29,

FRN

thereafter

,

2/13/30

....

United

States

4,100,000

4,146,118

Sub.

Bond

,

4.6

%

,

3/09/26

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

United

States

2,600,000

2,582,055

d

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

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

Denmark

5,300,000

5,422,780

HSBC

Holdings

plc

,

Senior

Note

,

4.18%

to

12/08/24,

FRN

thereafter

,

12/09/25

...

United

Kingdom

6,000,000

5,971,247

Senior

Note

,

2.013%

to

9/21/27,

FRN

thereafter

,

9/22/28

....

United

Kingdom

7,600,000

6,944,655

Huntington

National

Bank

(The)

,

Senior

Note

,

5.699%

to

11/17/24,

FRN

thereafter

,

11/18/25

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

United

States

5,700,000

5,699,002

d

Intesa

Sanpaolo

SpA

,

Senior

Preferred

Bond

,

144A,

4

%

,

9/23/29

Italy

5,700,000

5,375,850

JPMorgan

Chase

&

Co.

,

Senior

Note

,

2.083%

to

4/21/25,

FRN

thereafter

,

4/22/26

....

United

States

18,200,000

17,783,401

Senior

Note

,

5.012%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

3,600,000

3,630,609

Sub.

Bond

,

3.875

%

,

9/10/24

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

United

States

8,400,000

8,385,348

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

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

United

States

5,400,000

5,331,265

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4

%

,

11/21/25

United

States

7,900,000

7,937,667

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.063%

to

9/11/24,

FRN

thereafter

,

9/12/25

....

Japan

10,700,000

10,691,933

e

Senior

Note

,

FRN

,

5.719

%

,

(

1-year

CMT

T-Note

+

1.08

%

),

2/20/26

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

Japan

1,000,000

1,002,170

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

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

Japan

4,500,000

4,632,467

d

Nordea

Bank

Abp

,

Senior

Preferred

Note

,

144A,

4.75

%

,

9/22/25

Finland

3,800,000

3,793,477

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

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

United

States

2,000,000

2,018,654

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

5,900,000

5,526,010

d

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375

%

,

10/21/26

..

South

Korea

6,500,000

6,042,249

d

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

2.226%

to

1/20/25,

FRN

thereafter

,

1/21/26

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

France

6,600,000

6,491,499

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

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

France

3,900,000

3,644,884

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.285

%

,

9/13/24

...

Canada

13,900,000

13,877,218

Truist

Financial

Corp.

,

Senior

Note

,

5.9%

to

10/27/25,

FRN

thereafter

,

10/28/26

....

United

States

6,800,000

6,854,492

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

3,400,000

3,453,235

Wells

Fargo

&

Co.

,

Senior

Note

,

2.188%

to

4/29/25,

FRN

thereafter

,

4/30/26

....

United

States

13,400,000

13,085,331

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

4,000,000

4,212,591

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

2,550,000

2,581,613

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Wells

Fargo

&

Co.,

(continued)

Sub.

Bond

,

4.1

%

,

6/03/26

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

United

States

3,000,000

$

2,952,899

235,003,023

Beverages

0.2%

d

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5

%

,

1/15/27

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

United

Kingdom

4,400,000

4,071,695

Biotechnology

0.6%

AbbVie,

Inc.

,

Senior

Bond

,

3.6

%

,

5/14/25

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

United

States

810,000

799,972

Senior

Note

,

3.8

%

,

3/15/25

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

United

States

600,000

594,363

Senior

Note

,

2.95

%

,

11/21/26

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

United

States

500,000

482,551

Amgen,

Inc.

,

Senior

Note

,

5.15

%

,

3/02/28

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

United

States

10,200,000

10,342,209

12,219,095

Broadline

Retail

0.0%

a

,d

,f

,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

1,068,278

—

a

,d

,f

,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

470,581

—

—

Building

Products

0.4%

Carrier

Global

Corp.

,

Senior

Note

,

2.493

%

,

2/15/27

..........

United

States

5,000,000

4,746,406

Owens

Corning

,

Senior

Note

,

5.5

%

,

6/15/27

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

United

States

3,500,000

3,568,938

8,315,344

Capital

Markets

3.7%

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

5.224%

to

11/20/24,

FRN

thereafter

,

11/21/25

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

United

States

7,900,000

7,898,557

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

4.162

%

,

5/13/25

...

Germany

6,600,000

6,549,639

Goldman

Sachs

Bank

USA

,

Senior

Note

,

5.283%

to

3/17/26,

FRN

thereafter

,

3/18/27

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

United

States

6,800,000

6,828,859

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

3.75

%

,

2/25/26

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

United

States

6,500,000

6,391,199

Senior

Note

,

5.7

%

,

11/01/24

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

United

States

5,400,000

5,401,785

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

2,700,000

2,666,673

Senior

Note

,

2.64%

to

2/23/27,

FRN

thereafter

,

2/24/28

.....

United

States

5,500,000

5,193,241

Morgan

Stanley

,

Senior

Bond

,

3.7

%

,

10/23/24

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

United

States

1,400,000

1,393,987

Senior

Note

,

2.188%

to

4/27/25,

FRN

thereafter

,

4/28/26

....

United

States

3,800,000

3,711,201

Senior

Note

,

5.173%

to

1/15/29,

FRN

thereafter

,

1/16/30

....

United

States

5,500,000

5,566,353

Sub.

Bond

,

4.35

%

,

9/08/26

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

United

States

7,800,000

7,707,320

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25

%

,

4/01/29

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

United

States

1,800,000

1,829,766

UBS

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

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

Switzerland

5,100,000

5,057,742

d

Senior

Note

,

144A,

6.373%

to

7/14/25,

FRN

thereafter

,

7/15/26

Switzerland

500,000

504,487

d

Senior

Note

,

144A,

5.711%

to

1/11/26,

FRN

thereafter

,

1/12/27

Switzerland

6,500,000

6,543,787

73,244,596

Chemicals

0.2%

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

3,200,000

3,462,806

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Commercial

Services

&

Supplies

0.3%

Republic

Services,

Inc.

,

Senior

Note

,

4.875

%

,

4/01/29

........

United

States

4,000,000

$

4,042,779

d

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

.........

United

States

2,500,000

2,378,982

6,421,761

Communications

Equipment

0.0%

†

d

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

United

States

900,000

846,000

Consumer

Finance

1.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

6.1

%

,

1/15/27

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

Ireland

2,200,000

2,253,929

Senior

Note

,

3

%

,

10/29/28

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

Ireland

3,000,000

2,776,940

American

Express

Co.

,

Senior

Note

,

5.645%

to

4/22/26,

FRN

thereafter

,

4/23/27

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

United

States

6,700,000

6,777,164

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8

%

,

1/31/28

......

United

States

7,000,000

6,753,030

Caterpillar

Financial

Services

Corp.

,

Senior

Note

,

1.45

%

,

5/15/25

United

States

1,100,000

1,069,969

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.85

%

,

5/17/27

......

United

States

3,400,000

3,436,616

Toyota

Motor

Credit

Corp.

,

B

,

Senior

Note

,

5

%

,

3/19/27

.......

United

States

5,100,000

5,159,932

28,227,580

Consumer

Staples

Distribution

&

Retail

0.4%

d

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

Senior

Note

,

144A,

5.875

%

,

2/15/28

.......

United

States

600,000

595,585

d

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

.........

Chile

2,900,000

2,798,449

Sysco

Corp.

,

Senior

Note

,

5.75

%

,

1/17/29

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

United

States

3,900,000

4,059,920

7,453,954

Containers

&

Packaging

0.1%

d

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

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

United

States

3,200,000

1,860,320

Diversified

Consumer

Services

0.1%

Grand

Canyon

University

,

Secured

Note

,

4.125

%

,

10/01/24

....

United

States

1,900,000

1,883,999

Diversified

REITs

0.2%

d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

4,200,000

4,040,967

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

,

Senior

Note

,

1.65

%

,

2/01/28

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

United

States

7,000,000

6,322,156

Verizon

Communications,

Inc.

,

Senior

Note

,

1.45

%

,

3/20/26

...

United

States

15,700,000

14,925,843

21,247,999

Electric

Utilities

2.3%

Exelon

Corp.

,

Senior

Bond

,

3.4

%

,

4/15/26

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

United

States

7,000,000

6,839,871

Florida

Power

&

Light

Co.

,

Senior

Note

,

4.4

%

,

5/15/28

.......

United

States

3,150,000

3,137,909

d

Korea

East-West

Power

Co.

Ltd.

,

Senior

Note

,

144A,

1.75

%

,

5/06/25

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

South

Korea

8,500,000

8,292,927

Senior

Note

,

144A,

3.6

%

,

5/06/25

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

South

Korea

4,700,000

4,647,281

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

6.051

%

,

3/01/25

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

United

States

2,700,000

2,711,519

Senior

Note

,

5.749

%

,

9/01/25

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

United

States

5,800,000

5,841,652

Southern

Co.

(The)

,

Senior

Bond

,

3.25

%

,

7/01/26

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

United

States

6,850,000

6,663,795

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

5,400,000

5,573,394

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

d

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

United

States

3,400,000

$

3,210,739

46,919,087

Energy

Equipment

&

Services

0.1%

d

Schlumberger

Holdings

Corp.

,

Senior

Note

,

144A,

5

%

,

5/29/27

.

United

States

1,660,000

1,672,639

Entertainment

1.0%

d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,569,773

2,663,127

Netflix,

Inc.

,

Senior

Bond

,

4.375

%

,

11/15/26

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

United

States

3,100,000

3,082,012

d

Senior

Note

,

144A,

3.625

%

,

6/15/25

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

United

States

3,100,000

3,058,354

Walt

Disney

Co.

(The)

,

Senior

Note

,

1.75

%

,

1/13/26

.........

United

States

6,600,000

6,323,435

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755

%

,

3/15/27

....

United

States

5,000,000

4,763,780

19,890,708

Financial

Services

0.7%

a

,e

,g

Cia

Securitizadora

de

Creditos

Financeiros

Vert-Fintech

,

12

,

Senior

Secured

Note

,

FRN

,

14.9

%

,

(

BZDIOVRA

+

5.75

%

),

2/14/24

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

Brazil

7,676,000

BRL

—

d

EDP

Finance

BV

,

Senior

Note

,

144A,

1.71

%

,

1/24/28

........

Portugal

6,500,000

5,869,731

Fiserv,

Inc.

,

Senior

Note

,

2.25

%

,

6/01/27

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

United

States

5,200,000

4,864,512

d

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

........

Ireland

1,500,000

1,588,459

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

1,600,000

1,680,226

14,002,928

Food

Products

0.7%

Campbell

Soup

Co.

,

Senior

Note

,

5.2

%

,

3/19/27

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

United

States

3,300,000

3,348,737

Hershey

Co.

(The)

,

Senior

Note

,

4.25

%

,

5/04/28

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

United

States

2,800,000

2,792,604

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

2.5

%

,

1/15/27

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

United

States

2,800,000

2,629,547

Senior

Note

,

5.125

%

,

2/01/28

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

United

States

4,300,000

4,295,272

Senior

Note

,

3

%

,

2/02/29

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

United

States

900,000

815,740

13,881,900

Ground

Transportation

0.2%

d

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

5.35

%

,

3/30/29

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

United

States

4,000,000

4,066,183

Health

Care

Equipment

&

Supplies

0.4%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.....

United

States

300,000

294,030

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.55

%

,

11/15/24

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

United

States

2,800,000

2,799,036

Senior

Note

,

5.65

%

,

11/15/27

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

United

States

5,000,000

5,126,364

8,219,430

Health

Care

Providers

&

Services

1.3%

Centene

Corp.

,

Senior

Note

,

3.375

%

,

2/15/30

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

United

States

2,700,000

2,435,550

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

1/15/29

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

United

States

3,200,000

2,973,579

Cigna

Group

(The)

,

Senior

Note

,

1.25

%

,

3/15/26

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

United

States

3,451,000

3,258,800

CVS

Health

Corp.

,

Senior

Note

,

5

%

,

1/30/29

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

United

States

4,700,000

4,732,655

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101

%

,

3/01/28

.........

United

States

4,000,000

3,924,165

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809

%

,

5/08/27

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

United

States

4,700,000

$

4,795,498

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

700,000

648,457

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

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

United

States

15,000

14,275

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45

%

,

6/01/26

........

United

States

4,150,000

4,047,305

26,830,284

Health

Care

REITs

0.2%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

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

United

States

4,000,000

3,282,957

Health

Care

Technology

0.2%

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25

%

,

2/01/29

...........

United

States

3,300,000

3,450,216

Hotel

&

Resort

REITs

0.1%

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

4.5

%

,

2/15/29

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

United

States

1,200,000

1,137,808

Hotels,

Restaurants

&

Leisure

0.5%

d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

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

United

States

3,400,000

3,160,948

Marriott

International,

Inc.

,

Senior

Note

,

4.875

%

,

5/15/29

......

United

States

2,175,000

2,188,956

Sands

China

Ltd.

,

Senior

Note

,

2.3

%

,

3/08/27

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

Macau

3,400,000

3,123,739

d

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

6

%

,

7/15/25

.....

Macau

1,392,000

1,388,980

9,862,623

Household

Durables

0.2%

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

4,200,000

4,113,928

Industrial

REITs

0.4%

Prologis

LP

,

Senior

Note

,

4.875

%

,

6/15/28

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

United

States

7,800,000

7,879,782

Insurance

4.9%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

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

United

States

900,000

925,811

d

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5

%

,

4/16/27

..

Netherlands

7,000,000

7,030,916

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875

%

,

11/01/29

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

United

States

1,200,000

1,149,986

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/28

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

United

States

2,000,000

2,011,174

d

Athene

Global

Funding

,

Senior

Secured

Note

,

144A,

5.516

%

,

3/25/27

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

United

States

7,000,000

7,091,363

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

United

States

4,700,000

4,871,738

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

850,000

863,790

d

F&G

Global

Funding

,

Secured

Note

,

144A,

5.875

%

,

6/10/27

...

United

States

5,800,000

5,860,684

d

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

3.85

%

,

4/11/25

.

United

States

11,300,000

11,169,871

d

MassMutual

Global

Funding

II

,

Secured

Note

,

144A,

5.1

%

,

4/09/27

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

United

States

4,550,000

4,615,485

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

4.05

%

,

8/25/25

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

United

States

7,000,000

6,929,480

Secured

Note

,

144A,

5.05

%

,

1/06/28

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

United

States

4,100,000

4,167,472

d

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.35

%

,

4/09/27

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

United

States

6,700,000

6,765,526

d

New

York

Life

Global

Funding

,

Secured

Note

,

144A,

3.6

%

,

8/05/25

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

United

States

10,700,000

10,550,525

Senior

Secured

Note

,

144A,

4.9

%

,

4/02/27

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

United

States

6,700,000

6,757,312

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

d

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9

%

,

6/12/28

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

United

States

5,000,000

$

5,046,445

d

Pricoa

Global

Funding

I

,

Secured

Note

,

144A,

5.1

%

,

5/30/28

...

United

States

5,300,000

5,405,916

d

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

3.218

%

,

3/28/25

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

United

States

4,000,000

3,941,599

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.448

%

,

5/24/29

...

United

States

2,100,000

2,150,970

97,306,063

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

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

United

States

9,800,000

9,895,229

d

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81

%

,

1/26/26

.....

China

3,000,000

2,873,664

12,768,893

Life

Sciences

Tools

&

Services

0.2%

Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3

%

,

3/15/27

.......

United

States

900,000

862,749

Illumina,

Inc.

,

Senior

Note

,

5.8

%

,

12/12/25

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

United

States

4,000,000

4,028,506

4,891,255

Machinery

0.1%

d

Esab

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

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

United

States

500,000

507,692

Hillenbrand,

Inc.

,

Senior

Note

,

6.25

%

,

2/15/29

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

United

States

1,100,000

1,115,028

1,622,720

Media

0.5%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.908

%

,

7/23/25

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

United

States

1,844,000

1,832,067

Comcast

Corp.

,

Senior

Note

,

4.55

%

,

1/15/29

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

United

States

6,400,000

6,404,641

Fox

Corp.

,

Senior

Note

,

3.05

%

,

4/07/25

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

United

States

2,000,000

1,968,812

10,205,520

Metals

&

Mining

0.0%

†

d

Novelis

Corp.

,

Senior

Note

,

144A,

3.25

%

,

11/15/26

..........

United

States

1,000,000

952,479

Multi-Utilities

0.6%

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85

%

,

8/15/26

.......

United

States

1,300,000

1,248,991

DTE

Energy

Co.

,

Senior

Note

,

4.95

%

,

7/01/27

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

United

States

2,200,000

2,208,617

Senior

Note

,

4.875

%

,

6/01/28

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

United

States

5,000,000

5,003,033

d

Engie

SA

,

Senior

Note

,

144A,

5.25

%

,

4/10/29

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

France

4,000,000

4,058,992

12,519,633

Oil,

Gas

&

Consumable

Fuels

2.4%

d

Aker

BP

ASA

,

Senior

Note

,

144A,

2

%

,

7/15/26

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

Norway

3,296,000

3,108,459

BP

Capital

Markets

America,

Inc.

,

Senior

Note

,

3.41

%

,

2/11/26

.

United

States

7,000,000

6,863,181

Chevron

Corp.

,

Senior

Note

,

1.554

%

,

5/11/25

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

United

States

4,500,000

4,383,252

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375

%

,

6/15/26

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

United

States

3,400,000

3,404,284

d

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

2,000,000

2,019,970

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

...........

United

States

5,200,000

5,180,605

EnLink

Midstream

Partners

LP

,

Senior

Bond

,

4.85

%

,

7/15/26

...

United

States

3,900,000

3,856,092

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5

%

,

6/01/29

United

States

400,000

408,084

MPLX

LP

,

Senior

Note

,

4.875

%

,

12/01/24

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

United

States

6,800,000

6,781,779

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note

,

5.625

%

,

3/01/25

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

United

States

796,000

$

795,509

d

Sunoco

LP

,

Senior

Note

,

144A,

7

%

,

5/01/29

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

United

States

2,000,000

2,059,904

d

Var

Energi

ASA

,

Senior

Note

,

144A,

7.5

%

,

1/15/28

..........

Norway

4,000,000

4,242,101

d

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

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

United

States

2,000,000

2,084,125

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

9/15/25

.........

United

States

2,300,000

2,271,757

47,459,102

Passenger

Airlines

0.2%

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

758,333

753,916

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

1,918,750

1,909,673

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

526,364

513,572

3,177,161

Personal

Care

Products

0.9%

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Note

,

4.375

%

,

5/15/28

...

United

States

3,100,000

3,080,763

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/27

.......

United

States

7,700,000

7,448,505

Kenvue,

Inc.

,

Senior

Note

,

5.05

%

,

3/22/28

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

United

States

7,500,000

7,644,155

18,173,423

Pharmaceuticals

1.5%

AstraZeneca

plc

,

Senior

Note

,

0.7

%

,

4/08/26

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

United

Kingdom

6,300,000

5,903,871

d

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

.

Germany

4,600,000

4,531,482

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Note

,

4.45

%

,

5/19/28

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

United

States

8,800,000

8,780,531

Royalty

Pharma

plc

,

Senior

Note

,

1.75

%

,

9/02/27

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

United

States

700,000

638,425

Senior

Note

,

5.15

%

,

9/02/29

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

United

States

3,750,000

3,776,686

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

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

Israel

2,800,000

2,716,991

Viatris,

Inc.

,

Senior

Note

,

1.65

%

,

6/22/25

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

United

States

3,900,000

3,772,648

30,120,634

Semiconductors

&

Semiconductor

Equipment

0.5%

Analog

Devices,

Inc.

,

Senior

Note

,

3.45

%

,

6/15/27

..........

United

States

800,000

778,932

d

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

...........

South

Korea

9,900,000

9,396,084

10,175,016

Specialized

REITs

0.1%

Public

Storage

Operating

Co.

,

Senior

Note

,

5.125

%

,

1/15/29

...

United

States

1,300,000

1,332,191

Specialty

Retail

0.2%

O'Reilly

Automotive,

Inc.

,

Senior

Note

,

5.75

%

,

11/20/26

.......

United

States

5,000,000

5,099,198

Technology

Hardware,

Storage

&

Peripherals

0.3%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

5.9

%

,

10/01/24

..

United

States

5,690,000

5,690,905

Textiles,

Apparel

&

Luxury

Goods

0.4%

d

Hanesbrands,

Inc.

,

Senior

Bond

,

144A,

4.875

%

,

5/15/26

......

United

States

2,000,000

1,960,873

Tapestry,

Inc.

,

Senior

Note

,

7.05

%

,

11/27/25

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

United

States

1,400,000

1,428,814

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Tapestry,

Inc.,

(continued)

Senior

Note

,

7

%

,

11/27/26

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

United

States

4,000,000

$

4,136,480

7,526,167

Tobacco

0.6%

Altria

Group,

Inc.

,

Senior

Note

,

2.35

%

,

5/06/25

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

United

States

4,200,000

4,104,400

d

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

7/21/25

United

Kingdom

566,000

558,997

Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/28

..

United

States

7,700,000

7,755,832

12,419,229

Trading

Companies

&

Distributors

0.3%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

3,200,000

3,297,832

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

.

United

States

3,000,000

3,042,555

6,340,387

Wireless

Telecommunication

Services

0.4%

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

150,000

149,536

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.25

%

,

2/15/26

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

United

States

2,900,000

2,780,434

Senior

Note

,

4.95

%

,

3/15/28

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

United

States

4,200,000

4,231,267

7,161,237

Total

Corporate

Bonds

(Cost

$

919,241,850

)

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

908,176,632

Senior

Floating

Rate

Interests

2.2%

Aerospace

&

Defense

0.1%

abc

abc

abc

abc

abc

abc

f

Alloy

Finco

Ltd.

,

First

Lien,

Term

Loan,

B

,

PIK,

14

%

,

3/08/28

...

United

Kingdom

1,578,284

1,538,827

h

Air

Freight

&

Logistics

0.1%

Clue

Opco

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.752

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

520,000

479,999

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.071

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

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

United

States

692,748

692,222

1,172,221

a

a

a

a

a

a

h

Automobile

Components

0.1%

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

9.346

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

........

United

States

541,979

540,702

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

10.514

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

676,049

672,774

Second

Lien,

2021

CME

Term

Loan

,

14.014

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

565,911

543,274

abc

abc

abc

abc

abc

abc

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.944

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

.........

United

States

240,729

242,122

TI

Group

Automotive

Systems

LLC

,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

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

United

States

161,912

162,587

2,161,459

a

a

a

a

a

a

Automobiles

0.0%

†

h

American

Trailer

World

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

413,521

405,062

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Beverages

0.0%

†

abc

abc

abc

abc

abc

h

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

533,648

$

535,878

Broadline

Retail

0.0%

†

h

Peer

Holding

III

BV

,

First

Lien,

CME

Term

Loan,

B5

,

8.228

%

,

(

12-month

SOFR

+

3

%

),

6/20/31

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

Netherlands

222,032

223,281

h

Building

Products

0.1%

AZZ,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

5/14/29

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

United

States

339,317

342,357

EMRLD

Borrower

LP

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

5/31/30

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

United

States

170,759

171,037

First

Lien,

Term

Loan,

B

,

7.728

%

,

(

12-month

SOFR

+

2.5

%

),

6/18/31

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

United

States

103,550

103,702

abc

abc

abc

abc

abc

abc

Quikrete

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

223,899

224,765

Summit

Materials

LLC

,

First

Lien,

CME

Term

Loan,

B2

,

7.804

%

,

(

3-month

SOFR

+

2.5

%

),

1/12/29

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

United

States

102,017

102,719

944,580

a

a

a

a

a

a

h

Capital

Markets

0.1%

AAL

Delaware

Holdco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.847

%

,

(

12-month

SOFR

+

3.5

%

),

7/24/31

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

United

States

112,554

113,398

AI

Aqua

Merger

Sub,

Inc.

,

First

Lien,

2023

Incremental

Delayed

Draw

Term

Loan,

B

,

9.591

%

,

(

1-month

SOFR

+

4.25

%

),

7/31/28

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

United

States

89,602

89,866

First

Lien,

Initial

CME

Term

Loan,

B

,

8.843

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

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

United

States

226,723

227,605

abc

abc

abc

abc

abc

abc

Citadel

Securities

LP

,

First

Lien,

CME

Term

Loan

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

7/29/30

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

United

States

223,931

224,911

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

4/07/28

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

United

States

594,989

596,260

First

Eagle

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

8.33

%

,

(

3-month

SOFR

+

3

%

),

2/22/29

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

United

States

349,125

346,795

Jane

Street

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

7.958

%

,

(

1-month

SOFR

+

2.5

%

),

1/26/28

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

United

States

521,784

523,532

2,122,367

a

a

a

a

a

a

h

Chemicals

0.1%

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.977

%

,

(

3-month

SOFR

+

4.5

%

),

3/15/29

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

United

States

399,895

397,537

Second

Lien,

Initial

CME

Term

Loan

,

12.881

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

375,080

343,198

abc

abc

abc

abc

abc

abc

INEOS

US

Finance

LLC

,

First

Lien,

2030

Dollar

CME

Term

Loan

,

8.597

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

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

Luxembourg

442,982

441,718

INEOS

US

Petrochem

LLC

,

First

Lien,

New

CME

Term

Loan,

B1

,

9.694

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

221,586

221,863

LSF11

A5

Holdco

LLC

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.........

United

States

346,811

347,895

Nouryon

Finance

BV

,

First

Lien,

2024

Dollar

CME

Term

Loan,

B2

,

8.821

%

,

(

3-month

SOFR

+

3.5

%

),

4/03/28

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

Netherlands

274,251

276,138

PMHC

II,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.704

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

578,338

566,693

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Chemicals

(continued)

abc

abc

abc

abc

abc

abc

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

8.755

%

,

(

3-month

SOFR

+

3.5

%

),

3/16/27

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

United

States

222,879

$

223,905

2,818,947

a

a

a

a

a

a

h

Commercial

Services

&

Supplies

0.2%

Allied

Universal

Holdco

LLC

,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

351,418

351,770

APX

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.075

%

,

(

PRIME

+

1.75

%

),

7/07/28

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

United

States

282,389

283,249

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.335

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

518,342

519,369

PG

Investment

Co.

59

SARL

,

First

Lien,

Initial

CME

Term

Loan

,

8.835

%

,

(

3-month

SOFR

+

3.5

%

),

2/24/31

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

Luxembourg

176,395

177,828

Pitney

Bowes,

Inc.

,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

9.458

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

1,195,920

1,198,413

Spin

Holdco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.6

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

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

United

States

575,597

476,128

3,006,757

a

a

a

a

a

a

Communications

Equipment

0.0%

†

h

CommScope,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

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

United

States

242,472

227,697

Construction

&

Engineering

0.0%

†

h

Chromalloy

Corp.

,

First

Lien,

CME

Term

Loan

,

9.082

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

260,000

256,465

h

Consumer

Finance

0.0%

†

Neon

Maple

US

Debt

Mergersub,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.153

%

,

(

12-month

SOFR

+

3

%

),

7/18/31

...........

United

States

336,933

336,301

Nuvei

Technologies

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.444

%

,

(

1-month

SOFR

+

3

%

),

12/19/30

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

Canada

149,226

149,912

486,213

a

a

a

a

a

a

h

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC

,

First

Lien,

2024

Replacement

CME

Term

Loan

,

9.157

%

,

(

3-month

SOFR

+

3.75

%

),

5/09/31

.........

United

States

520,000

522,694

Charter

Next

Generation,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.597

%

,

(

1-month

SOFR

+

3.25

%

),

12/01/27

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

United

States

221,740

223,011

Klockner

Pentaplast

of

America,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B

,

10.267

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

.....

Luxembourg

772,700

728,849

Pactiv

Evergreen

Group

Holdings,

Inc.

,

First

Lien,

Term

Loan,

B4

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

9/25/28

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

United

States

155,420

155,922

1,630,476

a

a

a

a

a

a

Distributors

0.0%

†

h

Core

&

Main

LP

,

First

Lien,

CME

Term

Loan,

D

,

7.339

%

,

(

3-month

SOFR

+

2

%

),

7/27/28

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

United

States

370,954

372,035

Diversified

Consumer

Services

0.0%

†

h

WW

International,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

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

United

States

339,546

129,771

Diversified

Telecommunication

Services

0.0%

†

h

Altice

France

SA

,

First

Lien,

CME

Term

Loan,

B14

,

10.801

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

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

France

138,792

106,315

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

50

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Electrical

Equipment

0.0%

†

abc

abc

abc

abc

abc

h

Indicor

LLC

,

First

Lien,

Term

Loan,

C

,

8.585

%

,

(

3-month

SOFR

+

3.25

%

),

11/22/29

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

United

States

191,792

$

192,372

h

Entertainment

0.0%

†

Banijay

Group

US

Holding,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B

,

8.587

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

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

France

153,544

154,192

Playtika

Holding

Corp.

,

First

Lien,

CME

Term

Loan,

B1

,

8.208

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

230,674

231,383

385,575

a

a

a

a

a

a

h

Food

Products

0.0%

†

Fiesta

Purchaser,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

2/12/31

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

United

States

145,033

146,113

Primary

Products

Finance

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.971

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

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

United

States

213,455

214,199

Simply

Good

Foods

USA,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.944

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

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

United

States

37,901

38,185

398,497

a

a

a

a

a

a

h

Ground

Transportation

0.1%

Albion

Financing

3

SARL

,

First

Lien,

2024

Amended

USD

CME

Term

Loan

,

9.826

%

,

(

3-month

SOFR

+

4.25

%

),

8/17/29

.....

Luxembourg

61,611

62,189

Avis

Budget

Car

Rental

LLC

,

First

Lien,

New

CME

Term

Loan,

C

,

8.444

%

,

(

1-month

SOFR

+

3

%

),

3/16/29

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

United

States

518,890

520,515

First

Student

Bidco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.596

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

397,528

398,963

First

Lien,

Initial

CME

Term

Loan,

C

,

8.596

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

121,232

121,670

1,103,337

a

a

a

a

a

a

h

Health

Care

Equipment

&

Supplies

0.1%

abc

abc

abc

abc

abc

abc

Bausch

+

Lomb

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.695

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

517,360

508,956

Medline

Borrower

LP

,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

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

United

States

71,135

71,280

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

10/23/28

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

United

States

191,719

192,533

abc

abc

abc

abc

abc

abc

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

First

Lien,

CME

Term

Loan

,

10.036

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

..................................

United

States

209,038

209,653

982,422

a

a

a

a

a

a

h

Health

Care

Providers

&

Services

0.1%

ADMI

Corp.

,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.833

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

553,509

540,696

Charlotte

Buyer,

Inc.

,

First

Lien,

First

Refinancing

CME

Term

Loan

,

10.076

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

........

United

States

344,643

346,814

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.752

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.....................

United

States

147,109

147,902

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.602

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

.............

United

States

356,453

285,672

Pacific

Dental

Services

LLC

,

First

Lien,

CME

Term

Loan

,

8.585

%

,

(

1-month

SOFR

+

3.25

%

),

3/17/31

.....................

United

States

287,722

289,289

f

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

PIK,

10.588

%

,

(

3-month

SOFR

+

5

%

),

1/31/29

................

United

States

525,904

500,103

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Health

Care

Providers

&

Services

(continued)

abc

abc

abc

abc

abc

abc

Surgery

Center

Holdings,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.095

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

32,164

$

32,292

US

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.707

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

.............

United

States

542,883

526,070

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

10/22/29

.............

United

States

105,473

106,462

2,775,300

a

a

a

a

a

a

h

Hotels,

Restaurants

&

Leisure

0.1%

f

24

Hour

Fitness

Worldwide,

Inc.

,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

10.571

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

...........

United

States

1,288,095

545,296

Bally's

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

8.794

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

...........................

United

States

521,496

500,576

Dave

&

Buster's,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

8.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

228,440

229,408

Hilton

Grand

Vacations

Borrower

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

..........

United

States

200,433

200,904

Ontario

Gaming

GTA

LP

,

First

Lien,

CME

Term

Loan,

B

,

9.585

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

.....................

Canada

110,977

111,593

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.609

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

......................

United

States

298,765

300,856

Scientific

Games

Holdings

LP

,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

8.318

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

505,014

504,824

Whatabrands

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

.....................

United

States

122,915

123,162

2,516,619

a

a

a

a

a

a

Household

Durables

0.0%

†

h

Hunter

Douglas,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

8.836

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

......................

Netherlands

519,252

515,033

h

Insurance

0.2%

Acrisure

LLC

,

First

Lien,

Term

Loan,

B6

,

8.594

%

,

(

3-month

SOFR

+

3.25

%

),

11/06/30

.................................

United

States

156,042

156,083

AssuredPartners,

Inc.

,

First

Lien,

2024

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

......................

United

States

433,495

435,449

Asurion

LLC

,

First

Lien,

New

CME

Term

Loan,

B10

,

9.444

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

....................................

United

States

132,051

131,123

First

Lien,

New

CME

Term

Loan,

B11

,

9.694

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

.................................

United

States

515,807

514,471

Second

Lien,

New

CME

Term

Loan,

B4

,

10.708

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

............................

United

States

1,264,852

1,171,734

abc

abc

abc

abc

abc

abc

Broadstreet

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B4

,

8.494

%

,

(

12-month

SOFR

+

3.25

%

),

5/12/31

.............

United

States

517,622

519,180

Sedgwick

Claims

Management

Services,

Inc.

,

First

Lien,

2023

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

.

United

States

301,231

302,130

3,230,170

a

a

a

a

a

a

h

IT

Services

0.0%

†

Fortress

Intermediate

3,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.097

%

,

(

1-month

SOFR

+

3.75

%

),

6/27/31

..............

United

States

95,177

95,355

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.435

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

................

United

States

457,514

408,332

503,687

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

52

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Leisure

Products

0.0%

†

abc

abc

abc

abc

abc

19th

Holdings

Golf

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.682

%

,

(

1-month

SOFR

+

3.25

%

),

2/07/29

..............

United

States

497,462

$

490,003

GBT

US

III

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.279

%

,

(

12-month

SOFR

+

3.5

%

),

7/18/31

.....................

United

States

144,044

144,314

634,317

a

a

a

a

a

a

h

Machinery

0.0%

†

CPM

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.842

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

......................

United

States

518,697

511,674

Crosby

US

Acquisition

Corp.

,

First

Lien,

Amendment

No.

3

Replacement

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

8/16/29

.........................................

United

States

216,304

217,639

729,313

a

a

a

a

a

a

h

Media

0.1%

Cengage

Learning,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.538

%

,

(

6-month

SOFR

+

4.25

%

),

3/14/31

.....................

United

States

276,127

277,680

Gray

Television,

Inc.

,

First

Lien,

CME

Term

Loan,

D

,

8.457

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................

United

States

426,371

397,026

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

CME

Term

Loan

,

9.594

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

..............

United

States

518,504

517,880

1,192,586

a

a

a

a

a

a

Metals

&

Mining

0.0%

†

h

Arsenal

AIC

Parent

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

8/19/30

..............

United

States

129,907

130,589

h

Oil,

Gas

&

Consumable

Fuels

0.1%

Oryx

Midstream

Services

Permian

Basin

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.441

%

,

(

1-month

SOFR

+

3

%

),

10/05/28

..

United

States

497,500

499,968

UGI

Energy

Services

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

...............

United

States

365,270

366,709

866,677

a

a

a

a

a

a

h

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.

,

First

Lien,

Initial

CME

Term

Loan

,

10.294

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

.............

United

States

186,503

193,181

American

Airlines,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.775

%

,

(

3-month

SOFR

+

2.5

%

),

6/04/29

......................

United

States

339,546

338,358

United

Airlines,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.033

%

,

(

3-month

SOFR

+

2.75

%

),

2/22/31

.....................

United

States

270,737

272,140

WestJet

Loyalty

LP

,

First

Lien,

Initial

CME

Term

Loan

,

9.082

%

,

(

3-month

SOFR

+

3.75

%

),

2/14/31

.....................

Canada

518,700

520,064

1,323,743

a

a

a

a

a

a

h

Pharmaceuticals

0.0%

†

Jazz

Financing

Lux

SARL

,

First

Lien,

Dollar

CME

Term

Loan,

B1

,

8.458

%

,

(

1-month

SOFR

+

3

%

),

5/05/28

................

United

States

307,745

308,623

Organon

&

Co.

,

First

Lien,

Dollar

CME

Term

Loan

,

7.835

%

,

(

1-month

SOFR

+

2.5

%

),

5/19/31

......................

United

States

163,484

164,404

473,027

a

a

a

a

a

a

h

Professional

Services

0.1%

EAB

Global,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.25

%

),

8/16/28

............................

United

States

518,674

518,350

Maximus,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

5/30/31

...............................

United

States

196,375

196,989

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

53

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Professional

Services

(continued)

abc

abc

abc

abc

abc

abc

TTF

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.237

%

,

(

12-month

SOFR

+

4

%

),

5/28/31

......................

United

States

123,566

$

123,952

839,291

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

h

Cushman

&

Wakefield

US

Borrower

LLC

,

First

Lien,

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/30

.........

United

States

518,700

521,294

h

Software

0.1%

Adeia,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.345

%

,

(

1-month

SOFR

+

3

%

),

6/08/28

...............................

United

States

508,866

511,253

AppLovin

Corp.

,

First

Lien,

Delayed

Draw

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/15/30

...............

United

States

208,506

209,238

Genesys

Cloud

Services

Holdings

II

LLC

,

First

Lien,

Dollar

CME

Term

Loan,

B4

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

..

United

States

327,728

329,999

Ivanti

Software,

Inc.

,

First

Lien,

First

Amendment

CME

Term

Loan

,

9.569

%

,

(

3-month

SOFR

+

4

%

),

12/01/27

...........

United

States

68,886

57,643

McAfee

Corp.

,

First

Lien,

Term

Loan,

B1

,

8.592

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/29

............................

United

States

501,921

501,959

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.514

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

.......................

United

States

444,192

445,303

Rocket

Software,

Inc.

,

First

Lien,

CME

Term

Loan

,

10.094

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

....................

United

States

225,935

227,072

2,282,467

a

a

a

a

a

a

h

Specialty

Retail

0.2%

Evergreen

Acqco

1

LP

,

First

Lien,

Initial

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

232,880

234,555

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.444

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

......................

United

States

1,634,958

1,185,344

Great

Outdoors

Group

LLC

,

First

Lien,

CME

Term

Loan,

B1

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............

United

States

245,919

245,919

Johnstone

Supply

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3

%

),

5/16/31

................

United

States

430,939

432,555

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.843

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

.............

United

States

125,586

119,730

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

.........

United

States

520,000

481,866

RealTruck

Group,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

......................

United

States

343,540

343,182

Restoration

Hardware,

Inc.

,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.694

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

470,506

452,274

White

Cap

Supply

Holdings

LLC

,

First

Lien,

Term

Loan,

C

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

117,510

116,971

3,612,396

a

a

a

a

a

a

h

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Flash

Charm,

Inc.

,

First

Lien,

Term

Loan,

B2

,

8.748

%

,

(

1-month

SOFR

+

3.5

%

),

3/02/28

.............................

United

States

316,133

314,755

Hanesbrands,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

.....................

United

States

519,442

521,878

836,633

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Transportation

Infrastructure

0.0%

†

abc

abc

abc

abc

abc

h

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.096

%

,

(

3-month

SOFR

+

4.5

%

),

5/08/28

......................

United

States

372,411

$

291,877

Total

Senior

Floating

Rate

Interests

(Cost

$

44,628,714

)

........................

44,475,573

i

Marketplace

Loans

2.0%

a

Financial

Services

2.0%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

44,922,327

)

..................................

38,727,891

Foreign

Government

and

Agency

Securities

1.6%

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

......................................

Supranational

j

3,900,000

3,754,228

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

....

France

1,000,000

1,028,322

Equinor

ASA

,

Senior

Note

,

2.875

%

,

4/06/25

.........................

Norway

15,300,000

15,070,648

Senior

Note

,

1.75

%

,

1/22/26

.........................

Norway

5,400,000

5,176,981

Export-Import

Bank

of

Korea

,

Senior

Bond

,

2.875

%

,

1/21/25

...

South

Korea

2,000,000

1,980,290

d

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

South

Korea

2,800,000

2,823,776

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

800,000

694,618

Petroleos

Mexicanos

,

Senior

Note

,

6.875

%

,

10/16/25

........

Mexico

990,000

988,566

Total

Foreign

Government

and

Agency

Securities

(Cost

$

32,345,530

)

............

31,517,429

U.S.

Government

and

Agency

Securities

16.0%

U.S.

Treasury

Notes

,

1

%,

12/15/24

.....................................

United

States

94,000,000

92,583,028

0.25

%,

5/31/25

...................................

United

States

11,000,000

10,589,389

4.625

%,

6/30/25

...................................

United

States

41,000,000

40,946,926

0.25

%,

10/31/25

...................................

United

States

81,000,000

76,782,305

0.375

%,

11/30/25

..................................

United

States

13,000,000

12,305,566

k

Index

Linked,

0.125

%,

4/15/26

........................

United

States

23,400,000

26,871,788

0.75

%,

8/31/26

...................................

United

States

16,000,000

14,897,188

2

%,

11/15/26

.....................................

United

States

48,000,000

45,742,500

Total

U.S.

Government

and

Agency

Securities

(Cost

$

320,209,154

)

..............

320,718,690

Asset-Backed

Securities

19.6%

Banks

1.2%

abc

abc

abc

abc

abc

abc

Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49

%

,

5/15/27

.

.........................................

United

States

17,330,000

17,100,688

abc

abc

abc

abc

abc

abc

Chase

Issuance

Trust

,

2022-A1

,

A

,

3.97

%

,

9/15/27

.

..........

United

States

6,794,000

6,717,944

23,818,632

a

a

a

a

a

a

Consumer

Finance

5.5%

abc

abc

abc

abc

abc

abc

American

Express

Credit

Account

Master

Trust

,

2022-2

,

A

,

3.39

%

,

5/15/27

...........................

United

States

11,100,000

10,949,716

2022-3

,

A

,

3.75

%

,

8/15/27

...........................

United

States

18,235,000

18,006,853

2023-1

,

A

,

4.87

%

,

5/15/28

...........................

United

States

10,380,000

10,414,378

abc

abc

abc

abc

abc

abc

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56

%

,

7/15/27

.........................

United

States

18,930,000

18,661,650

2023-A2

,

A

,

4.93

%

,

6/15/28

..........................

United

States

10,380,000

10,425,761

abc

abc

abc

abc

abc

abc

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-4

,

A3

,

5.78

%

,

8/16/28

..........................

United

States

7,410,000

7,537,327

2024-1

,

A3

,

4.85

%

,

12/18/28

.........................

United

States

11,000,000

11,036,860

2024-2

,

A2A

,

5.33

%

,

3/16/27

.........................

United

States

2,400,000

2,401,996

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

55

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Consumer

Finance

(continued)

abc

abc

abc

abc

abc

abc

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48

%

,

4/17/28

..........................

United

States

3,550,000

$

3,576,869

2024-A

,

A3

,

4.99

%

,

2/15/29

..........................

United

States

3,520,000

3,541,088

abc

abc

abc

abc

abc

abc

Toyota

Auto

Receivables

Owner

Trust

,

2024-A

,

A3

,

4.83

%

,

10/16/28

.........................

United

States

6,670,000

6,684,737

2024-B

,

A3

,

5.33

%

,

1/16/29

..........................

United

States

7,770,000

7,881,330

111,118,565

a

a

a

a

a

a

Financial

Services

12.9%

abc

abc

abc

abc

abc

abc

d

American

Homes

4

Rent

Trust

,

2014-SFR3

,

A

,

144A,

3.678

%

,

12/17/36

.................

United

States

660,340

654,935

2015-SFR1

,

A

,

144A,

3.467

%

,

4/17/52

..................

United

States

5,050,853

4,973,821

abc

abc

abc

abc

abc

abc

d

,h

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

6.594

%

,

(

3-month

SOFR

+

1.312

%

),

4/20/34

.

...........................

United

States

19,306,000

19,330,781

abc

abc

abc

abc

abc

abc

BA

Credit

Card

Trust

,

2022-A1

,

A1

,

3.53

%

,

11/15/27

........................

United

States

3,870,000

3,817,454

2022-A2

,

A2

,

5

%

,

4/15/28

...........................

United

States

11,562,000

11,572,871

2023-A2

,

A2

,

4.98

%

,

11/15/28

........................

United

States

6,140,000

6,198,438

abc

abc

abc

abc

abc

abc

d

,h

Barings

CLO

Ltd.

,

2018-4A

,

A1R

,

144A,

FRN

,

6.451

%

,

(

3-month

SOFR

+

1.15

%

),

10/15/30

.

...........................

United

States

4,672,794

4,678,879

abc

abc

abc

abc

abc

abc

d

,h

BlueMountain

CLO

Ltd.

,

2016-3A

,

A1R2

,

144A,

FRN

,

6.522

%

,

(

3-month

SOFR

+

1.2

%

),

11/15/30

.

....................

United

States

10,282,250

10,297,487

abc

abc

abc

abc

abc

abc

d

,h

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1

,

144A,

FRN

,

6.691

%

,

(

3-month

SOFR

+

1.412

%

),

4/19/34

.

.............

United

States

3,130,000

3,134,225

abc

abc

abc

abc

abc

abc

d

,h

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2015-4A

,

A1RR

,

144A,

FRN

,

6.502

%

,

(

3-month

SOFR

+

1.22

%

),

7/20/32

...................................

United

States

9,950,000

9,980,758

2016-1A

,

A1R2

,

144A,

FRN

,

6.684

%

,

(

3-month

SOFR

+

1.402

%

),

4/20/34

..................................

United

States

2,000,000

2,002,376

abc

abc

abc

abc

abc

abc

d

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69

%

,

7/15/60

.

...

United

States

3,291,994

3,144,195

abc

abc

abc

abc

abc

abc

d

,l

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26

,

PT

,

144A,

FRN

,

11.51

%

,

8/15/44

...............

United

States

13,800

13,396

2019-31

,

PT

,

144A,

FRN

,

9.263

%

,

9/15/44

...............

United

States

20,427

16,238

2019-37

,

PT

,

144A,

FRN

,

10.031

%

,

10/17/44

.............

United

States

23,900

21,986

2019-42

,

PT

,

144A,

FRN

,

9.66

%

,

11/15/44

...............

United

States

20,585

18,232

2019-51

,

PT

,

144A,

FRN

,

11.418

%

,

1/15/45

..............

United

States

79,125

73,306

2019-52

,

PT

,

144A,

FRN

,

12.09

%

,

1/15/45

...............

United

States

85,509

78,746

2019-S2

,

PT

,

144A,

FRN

,

13.654

%

,

5/16/44

..............

United

States

2,497

2,403

2019-S3

,

PT

,

144A,

FRN

,

12.981

%

,

6/15/44

..............

United

States

729

680

2019-S4

,

PT

,

144A,

FRN

,

12.603

%

,

8/15/44

..............

United

States

3,795

3,727

2019-S5

,

PT

,

144A,

FRN

,

0.36

%

,

9/15/44

................

United

States

8,163

7,387

2019-S6

,

PT

,

144A,

FRN

,

4.972

%

,

10/17/44

..............

United

States

15,871

15,409

2019-S7

,

PT

,

144A,

FRN

,

4.8

%

,

12/15/44

................

United

States

24,155

22,798

2019-S8

,

PT

,

144A,

FRN

,

4.88

%

,

1/15/45

................

United

States

39,483

33,576

2020-2

,

PT

,

144A,

FRN

,

13.54

%

,

3/15/45

................

United

States

116,580

111,192

2020-7

,

PT

,

144A,

FRN

,

12.05

%

,

4/17/45

................

United

States

69,069

65,052

abc

abc

abc

abc

abc

abc

d

,h

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.667

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

...........................

United

States

1,000,000

1,000,391

abc

abc

abc

abc

abc

abc

h

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

6.214

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

.................................

United

States

24,052

24,052

abc

abc

abc

abc

abc

abc

d

,h

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

7.194

%

,

(

3-month

SOFR

+

1.912

%

),

7/20/30

.

...................

United

States

1,363,039

1,365,320

abc

abc

abc

abc

abc

abc

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

.

United

States

3,966,154

3,785,227

abc

abc

abc

abc

abc

abc

Ford

Credit

Auto

Owner

Trust

,

2024-A

,

A3

,

5.09

%

,

12/15/28

.

...

United

States

6,670,000

6,727,467

abc

abc

abc

abc

abc

abc

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d

,h

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

6.608

%

,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

...................

United

States

950,680

$

952,094

abc

abc

abc

abc

abc

abc

d

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.

.........................................

United

States

1,368,199

1,235,026

abc

abc

abc

abc

abc

abc

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41

%

,

2/18/28

..........................

United

States

8,070,000

8,126,982

2023-4

,

A3

,

5.67

%

,

6/21/28

..........................

United

States

7,010,000

7,119,120

2024-1

,

A2

,

5.36

%

,

9/15/26

..........................

United

States

6,510,000

6,509,247

abc

abc

abc

abc

abc

abc

d

,h

Madison

Park

Funding

XXIX

Ltd.

,

2018-29A

,

AR

,

144A,

FRN

,

6.459

%

,

(

3-month

SOFR

+

1.18

%

),

10/18/30

.

.............

United

States

9,599,127

9,609,058

abc

abc

abc

abc

abc

abc

d

,h

Magnetite

XXIX

Ltd.

,

2021-29A

,

A

,

144A,

FRN

,

6.553

%

,

(

3-month

SOFR

+

1.252

%

),

1/15/34

.

...........................

United

States

17,640,273

17,667,345

abc

abc

abc

abc

abc

abc

d

,h

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

6.944

%

,

(

3-month

SOFR

+

1.662

%

),

10/21/30

.

............

United

States

2,295,000

2,299,883

abc

abc

abc

abc

abc

abc

d

,h

Neuberger

Berman

CLO

XVI-S

Ltd.

,

2017-16SA

,

AR

,

144A,

FRN

,

6.603

%

,

(

3-month

SOFR

+

1.302

%

),

4/15/34

.

.............

United

States

15,000,000

15,020,406

abc

abc

abc

abc

abc

abc

d

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

..................................

United

States

13,870,000

12,574,098

abc

abc

abc

abc

abc

abc

Nissan

Auto

Receivables

Owner

Trust

,

2023-A

,

A3

,

4.91

%

,

11/15/27

.

........................................

United

States

14,386,000

14,374,615

abc

abc

abc

abc

abc

abc

d

,h

OCP

CLO

Ltd.

,

2014-6A

,

A1R2

,

144A,

FRN

,

6.436

%

,

(

3-month

SOFR

+

1.15

%

),

10/17/30

.

...........................

United

States

6,736,253

6,751,345

abc

abc

abc

abc

abc

abc

d

,h

Octagon

56

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

6.723

%

,

(

3-month

SOFR

+

1.422

%

),

10/15/34

.

..........................

United

States

15,000,000

15,039,023

abc

abc

abc

abc

abc

abc

d

,h

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

6.508

%

,

(

3-month

SOFR

+

1.222

%

),

4/16/31

.

........

United

States

630,429

631,196

abc

abc

abc

abc

abc

abc

d

,h

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

6.644

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

.............

United

States

2,000,000

2,002,641

abc

abc

abc

abc

abc

abc

d

,h

OHA

Credit

Partners

VII

Ltd.

,

2012-7A

,

AR3

,

144A,

FRN

,

6.657

%

,

(

3-month

SOFR

+

1.332

%

),

2/20/34

.

...................

United

States

17,876,000

17,903,525

abc

abc

abc

abc

abc

abc

d

,l

Prosper

Pass-Thru

Trust

III

,

2020-PT1

,

A

,

144A,

FRN

,

6.479

%

,

3/15/26

...............

United

States

52,451

45,380

2020-PT2

,

A

,

144A,

FRN

,

6.772

%

,

4/15/26

...............

United

States

71,679

65,438

2020-PT3

,

A

,

144A,

FRN

,

7.183

%

,

5/15/26

...............

United

States

23,148

19,382

abc

abc

abc

abc

abc

abc

h

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

6.164

%

,

(

1-month

SOFR

+

0.814

%

),

3/25/34

.

.................................

United

States

64,156

62,953

abc

abc

abc

abc

abc

abc

d

,h

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

6.683

%

,

(

3-month

SOFR

+

1.382

%

),

4/15/36

.

................................

United

States

23,418,000

23,465,600

abc

abc

abc

abc

abc

abc

d

,l

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1

,

A

,

144A,

FRN

,

8.399

%

,

6/15/25

...............

United

States

2,642

1,389

2019-PT2

,

A

,

144A,

FRN

,

19.25

%

,

2/15/26

...............

United

States

44,624

42,988

abc

abc

abc

abc

abc

abc

d

,h

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.813

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...........................

United

States

2,500,000

2,501,875

257,193,414

a

a

a

a

a

a

Passenger

Airlines

0.0%

†

abc

abc

abc

abc

abc

abc

American

Airlines

Pass-Through

Trust

,

2016-2

,

AA

,

3.2

%

,

6/15/28

.

.........................................

United

States

32,600

30,724

abc

abc

abc

abc

abc

abc

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

United

States

203,400

200,825

231,549

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

392,879,189

)

............................

392,362,160

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

2.2%

Financial

Services

2.2%

abc

abc

abc

abc

abc

abc

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705

%

,

9/15/48

...................................

United

States

100,000

$

97,793

abc

abc

abc

abc

abc

abc

d

,h

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

6.143

%

,

(

1-month

SOFR

+

0.814

%

),

9/15/36

.............

United

States

5,430,000

5,356,004

abc

abc

abc

abc

abc

abc

d

,h

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

6.133

%

,

(

1-month

SOFR

+

0.804

%

),

10/15/36

..........................

United

States

7,517,000

7,412,411

abc

abc

abc

abc

abc

abc

d

,h

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

6.82

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

7,231,091

7,217,916

abc

abc

abc

abc

abc

abc

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45

%

,

7/10/49

.........................................

United

States

1,250,750

1,199,644

abc

abc

abc

abc

abc

abc

CSAIL

Commercial

Mortgage

Trust

,

2015-C3

,

A4

,

3.718

%

,

8/15/48

.........................................

United

States

1,530,000

1,499,889

abc

abc

abc

abc

abc

abc

d

,h

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

8.5

%

,

(

PRIME

+

0

%

),

6/15/34

....................................

United

States

8,912,303

8,911,905

abc

abc

abc

abc

abc

abc

d

,l

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

...................................

United

States

2,005,000

1,930,016

abc

abc

abc

abc

abc

abc

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05

%

,

5/10/49

........................

United

States

890,000

857,243

2016-GS3

,

A4

,

2.85

%

,

10/10/49

.......................

United

States

600,000

570,359

2017-GS6

,

A3

,

3.433

%

,

5/10/50

.......................

United

States

2,000,000

1,896,432

abc

abc

abc

abc

abc

abc

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30

,

A5

,

3.822

%

,

7/15/48

.......................

United

States

1,500,000

1,455,557

2016-C1

,

A5

,

3.576

%

,

3/17/49

........................

United

States

4,417,000

4,291,589

abc

abc

abc

abc

abc

abc

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695

%

,

11/15/48

........................................

United

States

1,050,000

1,027,046

43,723,804

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

43,971,545

)

..............

43,723,804

Mortgage-Backed

Securities

1.3%

m

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

6.203

%

-

6.882

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.......

United

States

487,828

501,336

501,336

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.1%

FHLMC

Gold

Pool,

30

Year

,

5

%,

1/01/39

..................

United

States

40,078

40,663

FHLMC

Pool,

15

Year

,

3

%,

10/01/37

.....................

United

States

10,588,147

9,958,179

FHLMC

Pool,

15

Year

,

3.5

%,

10/01/37

....................

United

States

10,996,172

10,575,049

20,573,891

m

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.2%

FNMA

,

2.748

%

-

5.347

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

..................................

United

States

15,795

15,639

FNMA

,

4.436

%

-

5.834

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

................................

United

States

27,490

26,744

FNMA

,

6.047

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

.

United

States

13,090

13,080

FNMA

,

6.455

%

-

6.6

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

........

United

States

21,783

21,759

FNMA

,

5.675

%

-

7.305

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/27

-

8/01/37

United

States

315,162

314,332

FNMA

,

7.375

%,

(

6-month

H15BDI

+/-

MBS

Margin),

8/01/32

...

United

States

1,992

1,980

FNMA

,

4.645

%

-

7.595

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/26

-

4/01/40

..................................

United

States

599,656

610,439

FNMA

,

6.372

%

-

7.654

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.....................

United

States

100,586

101,085

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

m

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA

,

5.205

%

-

7.776

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

........

United

States

2,926,278

$

2,984,378

4,089,436

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

15

Year

,

3.5

%,

10/01/25

.........................

United

States

50,413

49,801

FNMA,

15

Year

,

4

%,

12/01/25

..........................

United

States

63,663

62,985

FNMA,

15

Year

,

4.5

%,

6/01/25

.........................

United

States

13,339

13,254

FNMA,

30

Year

,

5

%,

3/01/38

...........................

United

States

5,821

5,899

131,939

m

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II

,

3.625

%

-

4.875

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

..................................

United

States

2,611

2,594

2,594

Total

Mortgage-Backed

Securities

(Cost

$

25,209,846

)

..........................

25,299,196

Municipal

Bonds

0.9%

California

0.2%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

4,780,000

4,548,487

New

York

0.4%

New

York

State

Urban

Development

Corp.

,

Revenue

,

2019

B

,

2.25

%

,

3/15/26

.....................

United

States

1,920,000

1,845,050

Revenue

,

2019

B

,

ETM,

2.25

%

,

3/15/26

.................

United

States

6,830,000

6,587,975

8,433,025

Texas

0.3%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

...................................

United

States

4,825,000

4,652,150

Total

Municipal

Bonds

(Cost

$

18,133,206

)

....................................

17,633,662

Residential

Mortgage-Backed

Securities

4.2%

Capital

Markets

0.0%

†

abc

abc

abc

abc

abc

abc

h

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

6.204

%

,

(

1-month

SOFR

+

0.854

%

),

3/25/28

United

States

37,271

35,235

2003-E

,

A1

,

FRN

,

6.084

%

,

(

1-month

SOFR

+

0.734

%

),

10/25/28

........................................

United

States

117,721

111,479

146,714

a

a

a

a

a

a

Financial

Services

4.2%

abc

abc

abc

abc

abc

abc

h

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

7.704

%

,

(

6-month

SOFR

+

2.428

%

),

6/25/45

.............

United

States

103,218

102,341

abc

abc

abc

abc

abc

abc

d

,l

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

........................................

United

States

2,492,120

2,358,584

abc

abc

abc

abc

abc

abc

l

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

5.513

%

,

7/25/34

.........................................

United

States

490,303

457,968

abc

abc

abc

abc

abc

abc

d

,l

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

.........

United

States

69,332

65,692

abc

abc

abc

abc

abc

abc

d

,l

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

.........................................

United

States

2,625,563

2,591,010

abc

abc

abc

abc

abc

abc

d

,h

Connecticut

Avenue

Securities

Trust

,

2024-R02

,

1M1

,

144A,

FRN

,

6.447

%

,

(

30-day

SOFR

Average

+

1.1

%

),

2/25/44

....................................

United

States

3,258,329

3,261,047

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

d,h

Connecticut

Avenue

Securities

Trust,

(continued)

2024-R03

,

2M1

,

144A,

FRN

,

6.498

%

,

(

30-day

SOFR

Average

+

1.15

%

),

3/25/44

...................................

United

States

2,393,488

$

2,397,226

2024-R05

,

2M1

,

144A,

FRN

,

6.336

%

,

(

30-day

SOFR

Average

+

1

%

),

7/25/44

.....................................

United

States

2,535,000

2,536,873

abc

abc

abc

abc

abc

abc

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

..................................

Switzerland

101,777

59,620

abc

abc

abc

abc

abc

abc

d

,l

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5

%

,

7/25/44

......

United

States

287,715

266,109

abc

abc

abc

abc

abc

abc

h

FHLMC

STACR

Debt

Notes

,

2014-HQ2

,

M3

,

FRN

,

9.212

%

,

(

30-day

SOFR

Average

+

3.864

%

),

9/25/24

..................................

United

States

4,260,667

4,287,224

2016-DNA2

,

M3

,

FRN

,

10.112

%

,

(

30-day

SOFR

Average

+

4.764

%

),

10/25/28

.................................

United

States

4,599,678

4,850,298

2016-HQA2

,

M3

,

FRN

,

10.612

%

,

(

30-day

SOFR

Average

+

5.264

%

),

11/25/28

.................................

United

States

3,400,284

3,580,476

abc

abc

abc

abc

abc

abc

h

FNMA

Connecticut

Avenue

Securities

,

2015-C01

,

1M2

,

FRN

,

9.762

%

,

(

30-day

SOFR

Average

+

4.414

%

),

2/25/25

..................................

United

States

1,239,542

1,258,772

2015-C02

,

1M2

,

FRN

,

9.462

%

,

(

30-day

SOFR

Average

+

4.114

%

),

5/25/25

..................................

United

States

1,974,495

2,024,788

2015-C03

,

1M2

,

FRN

,

10.462

%

,

(

30-day

SOFR

Average

+

5.114

%

),

7/25/25

..................................

United

States

2,102,223

2,186,745

2016-C01

,

1M2

,

FRN

,

12.212

%

,

(

30-day

SOFR

Average

+

6.864

%

),

8/25/28

..................................

United

States

386,037

406,919

2016-C01

,

2M2

,

FRN

,

12.412

%

,

(

30-day

SOFR

Average

+

7.064

%

),

8/25/28

..................................

United

States

1,300,266

1,366,499

abc

abc

abc

abc

abc

abc

l

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

6.31

%

,

1/25/35

United

States

69,397

64,686

abc

abc

abc

abc

abc

abc

l

J.P.

Morgan

Mortgage

Trust

,

2004-A1

,

5A1

,

FRN

,

6.24

%

,

2/25/34

....................

United

States

15,828

15,780

d

2021-13

,

A4

,

144A,

FRN

,

2.5

%

,

4/25/52

.................

United

States

9,802,050

8,635,133

d

2021-15

,

A4

,

144A,

FRN

,

2.5

%

,

6/25/52

.................

United

States

1,944,642

1,703,973

abc

abc

abc

abc

abc

abc

d

,l

Mill

City

Mortgage

Loan

Trust

,

2018-1

,

A1

,

144A,

FRN

,

3.25

%

,

5/25/62

.................

United

States

2,159,994

2,105,134

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

.................

United

States

3,590,410

3,484,089

abc

abc

abc

abc

abc

abc

h

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

6.139

%

,

(

1-month

SOFR

+

0.789

%

),

2/25/36

...........................

United

States

35,553

34,428

abc

abc

abc

abc

abc

abc

d

OBX

Trust

,

h

2018-1

,

A2

,

144A,

FRN

,

6.114

%

,

(

1-month

SOFR

+

0.764

%

),

6/25/57

.........................................

United

States

632,172

616,064

l

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

................

United

States

1,661,086

1,461,963

abc

abc

abc

abc

abc

abc

d

,l

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

....................................

United

States

6,762,660

5,913,650

abc

abc

abc

abc

abc

abc

d

,l

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

.........

United

States

9,878,019

8,751,976

abc

abc

abc

abc

abc

abc

d

,h

Station

Place

Securitization

Trust

,

2024-2

,

A

,

144A,

FRN

,

6.247

%

,

(

1-month

SOFR

+

0.9

%

),

6/22/25

......................

United

States

5,000,000

4,976,448

abc

abc

abc

abc

abc

abc

h

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

6.204

%

,

(

1-month

SOFR

+

0.854

%

),

9/25/34

....................

United

States

216,705

198,114

abc

abc

abc

abc

abc

abc

d

,l

Towd

Point

Mortgage

Trust

,

2018-4

,

A1

,

144A,

FRN

,

3

%

,

6/25/58

...................

United

States

7,672,590

7,175,907

2019-1

,

A1

,

144A,

FRN

,

3.75

%

,

3/25/58

.................

United

States

5,558,795

5,368,605

84,564,141

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

91,946,606

)

...............

84,710,855

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

60,686

$

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

1,900,000

61,750

Total

Escrows

and

Litigation

Trusts

(Cost

$

1,838,967

)

.........................

61,750

Total

Long

Term

Investments

(Cost

$

1,936,117,319

)

...........................

1,907,811,248

a

Short

Term

Investments

3.8%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.0%

n,o

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

40,033,758

40,033,758

Total

Money

Market

Funds

(Cost

$

40,033,758

)

................................

40,033,758

Principal

Amount

*

Repurchase

Agreements

1.8%

p

Joint

Repurchase

Agreement

,

5.292

%

,

8/01/24

(Maturity

Value

$

36,380,727

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$5,232,640)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$14,403,857)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$16,744,230)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

6.5%,

3/20/45

-

7/20/54;

and

U.S.

Treasury

Notes,

2.88%

-

3.75%,

8/15/28

-

12/31/28

(valued

at

$

37,108,126

)

.........

36,375,380

36,375,380

Total

Repurchase

Agreements

(Cost

$

36,375,380

)

.............................

36,375,380

Total

Short

Term

Investments

(Cost

$

76,409,138

)

..............................

76,409,138

a

Total

Investments

(Cost

$

2,012,526,457

)

99.2

%

................................

$1,984,220,386

Other

Assets,

less

Liabilities

0.8

%

...........................................

16,513,435

Net

Assets

100.0%

.........................................................

$2,000,733,821

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$588,213,232,

representing

29.4%

of

net

assets.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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,

redemption

price

at

maturity,

and/or

coupon

payments

are

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

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

mortgag-

es

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

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

n

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

July

31,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

,

At

July

31,

2024,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

2.0%

Block,

Inc.

6460018.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

$

271

$

126

6462554.SQ.FTS.B

,

Zero

Cpn

,

9/03/24

...

8,722

6,377

6463733.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

1,255

40

6463889.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

16,330

6,630

6464362.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

4,169

136

6467627.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

2,331

2,086

6468533.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

1,249

1,016

6468636.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

10,598

191

6470083.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

83

79

6471840.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

755

637

6472795.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

2,434

1,832

6473813.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

5,828

4,820

6477840.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

3,007

115

6478752.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

2,553

97

6479093.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

1,140

826

6479843.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

2,419

1,708

6482925.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

4,629

658

6483587.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

7,509

5,179

6484618.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

4,554

1,881

6485016.SQ.FTS.B

,

Zero

Cpn

,

9/11/24

...

11,565

7,507

6485200.SQ.FTS.B

,

Zero

Cpn

,

9/11/24

...

6,526

213

6485862.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

13,536

1,841

6486219.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

389

151

6486317.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

138

84

6487145.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

5,278

3,700

6487587.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

1,298

20

6487981.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

1,310

20

6488459.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

3,116

2,253

6491762.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

328

232

6492212.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

11,554

285

6492780.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

14,716

1,253

6494041.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

2,210

54

6494237.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

1,702

1,260

6495065.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

817

659

6495262.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

584

493

6496439.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

667

595

6496902.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

6,581

4,590

6497094.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

1,592

1,040

6499048.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

6,776

5,068

6499389.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

2,389

1,515

6499996.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

487

206

6500866.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

4,974

214

6503847.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

4,894

4,132

6504715.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

2,724

779

6505793.SQ.FTS.B

,

Zero

Cpn

,

9/18/24

...

2,242

71

6506509.SQ.FTS.B

,

Zero

Cpn

,

9/19/24

...

102

73

6508171.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

4,228

3,722

6509738.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

944

374

6510179.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

24,604

774

6511300.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

1,509

1,270

6511415.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

3,594

2,428

6511726.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

531

410

6512222.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

2,610

74

6514021.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

3,142

2,242

6514372.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

689

565

6514949.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

6,188

299

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6515238.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

$

136

$

113

6516725.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

3,769

411

6519286.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

1,265

656

6520131.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

6,969

4,978

6521243.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

3,516

2,279

6524998.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

422

295

6525021.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

5,129

3,139

6525421.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

181

56

6526020.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

1,470

1,062

6526070.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

1,960

1,540

6526180.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

360

275

6526192.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

182

50

6526493.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

1,269

48

6526542.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

9,637

5,997

6526856.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

1,447

474

6527010.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

515

134

6529506.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

497

426

6532694.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

332

324

6533589.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

301

5

6533974.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

74

66

6535332.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

2,055

31

6536665.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

241

139

6537646.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

437

429

6537839.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

7,900

551

6540169.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

349

12

6544848.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

248

220

6545807.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

2,423

1,685

6546312.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

7,082

4,535

6546599.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

729

133

6547288.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

382

343

6547450.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

1,132

750

6548112.SQ.FTS.B

,

Zero

Cpn

,

10/02/24

..

3,856

236

6549985.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

129

51

6550689.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

2,079

1,611

6550814.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

4,948

96

6551421.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

5,448

4,010

6552648.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

1,024

939

6552779.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

929

594

6554172.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

370

219

6554182.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

1,783

1,217

6554904.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

925

861

6556061.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

223

178

6556234.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

2,502

1,969

6556561.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

10,300

8,078

6560556.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

607

395

6561534.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

335

310

6561666.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

147

91

6562377.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

3,019

2,505

6564281.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

2,210

1,767

6564615.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

12,798

10,779

6565688.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

2,001

1,483

6566576.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

10,172

6,425

6566878.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

1,335

835

6567114.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

1,756

38

6567237.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

18,447

445

6567779.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

5,256

168

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)

6570553.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

$

3,959

$

2,698

6570601.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

155

112

6571593.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

12,853

343

6574116.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

1,449

24

6577574.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

822

669

6577778.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

1,990

1,761

6578011.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

41

39

6579993.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

1,594

898

6580594.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

724

466

6581222.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

596

46

6582526.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

3,185

32

6584142.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

497

12

6584354.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

8,756

6,385

6585824.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

948

200

6585989.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

21,296

17,913

6586640.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

775

566

6586702.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

4,295

3,529

6586950.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

2,293

2,161

6587169.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

6,563

518

6587383.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

549

8

6587407.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

270

237

6587941.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

1,363

861

6589887.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

7,787

6,219

6590442.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

10,462

238

6591293.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

3,441

77

6591946.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

10,484

6,914

6594291.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

6,540

266

6598899.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

6,856

225

6600675.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

903

441

6601613.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

562

456

6602728.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

391

169

6602960.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

2,073

1,228

6603476.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

2,110

1,835

6604310.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

799

515

6604448.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

1,745

1,366

6604504.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

453

21

6605771.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

649

607

6607977.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

1,603

23

6608828.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

43,918

940

6609650.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

3,654

2,068

6609985.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

1,113

38

6611358.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

1,314

739

6611828.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

3,208

106

6614501.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

5,293

3,186

6614889.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

24

17

6614956.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

3,077

88

6617184.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

531

306

6618529.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

1,336

620

6619927.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

590

434

6620227.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

26,251

584

6620476.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

18,264

11,571

6621448.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

17,488

6,455

6621778.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

3,063

1,734

6624765.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

7,023

154

6624855.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

780

11

6624868.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

539

417

6624896.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

9,039

3,692

6625228.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

281

232

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6626390.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

$

10,527

$

645

6628718.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

5,279

1,773

6630658.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

2,095

1,412

6631472.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

3,298

53

6632572.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

4,959

99

6634349.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

318

254

6634481.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

3,060

48

6635700.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

33

25

6635881.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

7,943

7,384

6639552.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

249

70

6641178.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

3,481

1,559

6643477.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

98

86

6643579.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

7,884

5,809

6643825.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

678

586

6643893.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

2,142

1,566

6644138.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

1,010

20

6644613.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

3,664

3,363

6644920.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

6,145

4,862

6645397.SQ.FTS.B

,

Zero

Cpn

,

11/07/24

..

3,532

118

6646778.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

6,185

3,522

6647657.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

7,511

5,196

6648861.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

695

634

6649272.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

618

35

6649665.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

4,414

333

6649776.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

81

81

6650257.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

1,322

918

6650321.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

442

330

6650854.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

6,243

4,416

6651260.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

1,045

673

6653616.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,792

1,068

6659749.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

306

284

6660080.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

2,232

1,871

6661552.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

435

134

6661884.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

1,520

1,087

6662406.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

2,887

2,092

6662990.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

3,986

2,550

6665054.SQ.FTS.B

,

Zero

Cpn

,

11/13/24

..

4,567

3,328

6666123.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

575

536

6666962.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,002

924

6667860.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

3,182

2,235

6668833.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

4,327

78

6668965.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,636

1,432

6669152.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

25,018

511

6669469.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

479

439

6671137.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

3,947

1,207

6671669.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

976

735

6671850.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

317

260

6672511.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

1,639

1,071

6673873.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

160

148

6674075.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,822

1,619

6674450.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

18,581

340

6675615.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

2,303

498

6676101.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

519

390

6676189.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

6,753

4,606

6676382.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

3,456

775

6676531.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

741

481

6676632.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

3,018

2,799

6678791.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

2,789

2,072

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)

6680294.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

$

4,137

$

3,153

6681781.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

6,908

136

6682115.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

424

336

6682727.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

5,701

3,848

6685005.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

3,774

3,476

6685214.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

852

615

6685517.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

885

577

6686240.SQ.FTS.B

,

Zero

Cpn

,

11/21/24

..

1,229

847

6688197.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

5,403

71

6688428.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

12,630

12,443

6690132.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

148

53

6690218.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

754

506

6690981.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

390

356

6691020.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

1,590

1,513

6691756.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

6,543

1,752

6692484.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

219

216

6694527.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

6,422

4,061

6694630.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

224

222

6696188.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

5,514

3,945

6696314.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

4,176

1,368

6699794.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,512

1,395

6699920.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,128

966

6701036.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

667

563

6701550.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,306

650

6704732.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

4,381

2,601

6704916.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

873

769

6705288.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,013

25

6705352.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,104

937

6706359.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

3,713

2,669

6706486.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,318

45

6706540.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

5,215

1,471

6707571.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

3,839

2,156

6708020.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

1,890

1,367

6708125.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

1,147

16

6708420.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

3,961

2,592

6709200.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

2,318

127

6709223.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

588

527

6713470.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

4,482

4,267

6718091.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

504

470

6718991.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

828

766

6719031.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

128

91

6724467.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

15

13

6725901.SQ.FTS.B

,

Zero

Cpn

,

12/03/24

..

293

218

6726169.SQ.FTS.B

,

Zero

Cpn

,

12/04/24

..

1,167

917

6726480.SQ.FTS.B

,

Zero

Cpn

,

12/04/24

..

36

25

6728467.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

463

320

6728590.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

2,208

923

6728699.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

2,991

2,909

6729839.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

18,147

329

6731412.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

769

670

6731578.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

11,760

172

6731737.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

465

195

6733026.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

13,883

13,000

6733804.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

1,998

1,290

6736022.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

2,969

1,721

6736828.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

10,788

9,983

6740954.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

7,815

4,683

6742781.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

322

44

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6742798.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

$

2,819

$

2,540

6745196.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

26,832

23,448

6746997.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

2,873

2,849

6747609.SQ.FTS.B

,

Zero

Cpn

,

12/11/24

..

540

376

6747666.SQ.FTS.B

,

Zero

Cpn

,

12/11/24

..

486

194

6749060.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

13

13

6749086.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

2,697

2,276

6752687.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

1,283

1,239

6753268.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

327

326

6753526.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

5,887

441

6754482.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

10,679

8,362

6755029.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

5,400

4,256

6757880.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

912

865

6757994.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

371

363

6762066.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

2,676

2,413

6762927.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

1,084

168

6764204.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

387

340

6764422.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

842

496

6764876.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

4,050

3,097

6765340.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

8,673

6,178

6766577.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

438

143

6767251.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

441

317

6767536.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

17,548

8,539

6767980.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

6,752

4,133

6768384.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

1,262

898

6768404.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

8,593

7,267

6769991.SQ.FTS.B

,

Zero

Cpn

,

12/18/24

..

9,495

3,418

6770557.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

3,182

3,022

6771103.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

2,601

1,551

6771253.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

4,761

59

6772401.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

909

675

6773596.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

5,349

3,679

6774547.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

88

76

6776064.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

50,009

31,050

6777013.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,075

523

6777037.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,896

37

6777288.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

19,254

257

6777417.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,723

826

6777625.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

7,904

2,886

6779586.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

2,249

2,078

6780703.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

322

278

6781242.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,457

29

6781732.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

569

540

6782856.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,756

638

6785072.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,478

311

6785551.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,563

211

6786228.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

217

132

6786832.SQ.FTS.B

,

Zero

Cpn

,

12/25/24

..

3,549

1,250

6788053.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

1,148

798

6792201.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

9,834

6,305

6793520.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

671

627

6793965.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

3,118

1,689

6794934.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

121

113

6795958.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

2,450

1,931

6796712.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

326

238

6796725.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

13,083

7,056

6796927.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

3,535

2,522

6797012.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

212

179

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)

6797317.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

$

2,422

$

71

6797907.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

390

390

6800482.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

79

75

6802055.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

1,275

1,256

6805679.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

3,222

2,385

6806067.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

378

324

6808132.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

3,093

1,097

6808192.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

663

553

6808881.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

1,594

1,289

6808922.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

433

412

6809193.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,958

1,902

6809350.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

315

276

6809375.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

751

500

6809388.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

2,228

1,951

6809469.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,388

1,224

6809576.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

817

540

6811328.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

4,328

4,270

6812340.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

1,299

1,149

6813004.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

388

385

6813242.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

4,341

88

6813428.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

1,139

1,009

6813899.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

3,839

2,778

6815496.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

23,295

20,297

6816661.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

8,210

3,754

6819930.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

492

490

6820797.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

3,078

2,481

6821264.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

16,586

13,727

6822545.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

6,114

5,906

6823299.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

394

143

6825415.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

1,278

1,053

6826212.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

9,199

6,805

6826739.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

301

301

6826864.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

1,821

1,785

6826936.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

1,274

178

6826954.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

148

141

6827188.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

557

319

6828179.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

916

855

6828951.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

5,220

3,768

6829291.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

13,368

2,099

6830230.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

1,964

1,613

6832254.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

78

68

6832385.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

9,681

6,966

6832657.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

1,829

1,688

6835083.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

1,571

1,480

6839017.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

512

265

6839397.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

361

345

6842174.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

1,826

1,788

6842467.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

1,699

1,366

6842903.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

1,463

1,442

6844326.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

267

216

6844499.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

249

238

6847031.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

101

99

6849472.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

3,786

2,262

6850861.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

2,056

1,830

6850978.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

2,911

2,799

6852669.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

555

534

6852998.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

884

877

6853138.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

1,485

1,308

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6853678.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

$

4,528

$

41

6854061.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

1,548

30

6854113.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

243

198

6854255.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

169

161

6854334.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

569

506

6854785.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

3,792

3,051

6854897.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

1,739

1,489

6854996.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

2,791

2,158

6855299.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

11,096

10,463

6855976.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

544

542

6856361.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

61

55

6856451.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

3,256

2,606

6858854.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

8,486

2,823

6860713.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

4,164

47

6860765.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

6,489

1,180

6861610.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

11,452

7,164

6862726.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

3,303

891

6864433.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

2,498

2,263

6865330.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

1,520

960

6865580.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

1,529

1,064

6867081.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

656

653

6867593.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

527

505

6867756.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

1,352

134

6868199.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

345

309

6868681.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

975

240

6868707.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

959

20

6868733.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

555

536

6869320.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

369

360

6869416.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

2,790

2,226

6871309.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

1,693

36

6872268.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

2,407

1,789

6872995.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

91

85

6873357.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

521

485

6874546.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

1,890

1,585

6874599.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

1,262

1,255

6874785.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

2,702

466

6878099.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

2,207

2,014

6878988.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

31,652

400

6879546.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

670

385

6879563.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

90

90

6879790.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

4,028

3,074

6879981.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

1,711

1,678

6880076.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

259

257

6881428.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

1,872

1,418

6884806.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

382

162

6885061.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

13,984

315

6886565.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

1,083

1,065

6886999.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

714

169

6887251.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

720

717

6887861.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

2,571

1,069

6887999.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

717

709

6888509.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

2,816

60

6888564.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

3,048

2,524

6890477.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

298

297

6890590.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

1,921

1,553

6890782.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

10,637

5,955

6892586.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

764

704

6892716.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

15,393

3,011

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)

6893064.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

$

7,670

$

5,207

6893424.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

169

156

6893482.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

3,390

58

6893542.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

6,845

5,615

6893818.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

759

724

6894291.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

756

280

6895735.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

2,127

1,693

6897991.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

6,341

4,887

6901545.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

834

820

6901684.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

2,747

1,942

6903390.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

6,892

2,039

6903487.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

10,505

4,494

6905266.SQ.FTS.B

,

Zero

Cpn

,

2/06/25

...

3,942

3,696

6905534.SQ.FTS.B

,

Zero

Cpn

,

2/06/25

...

3,167

983

6906251.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

963

939

6906391.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

1,956

1,208

6906833.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

2,682

2,401

6906964.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

2,275

1,699

6907610.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

2,885

2,434

6909253.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,271

668

6910351.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

5,055

4,190

6910689.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

4,727

4,582

6911238.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

9,744

6,392

6912511.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

14,240

10,707

6913367.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

410

372

6914328.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

12,069

11,560

6916843.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

4,830

98

6916953.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

525

517

6917870.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

6,970

5,570

6918575.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

1,968

1,564

6918684.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

41,418

26,772

6919469.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

11,944

9,193

6919873.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

5,491

4,647

6920001.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

3,134

2,876

6920256.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

9,169

671

6920356.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

1,139

333

6922099.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

2,419

2,404

6922314.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

14,464

4,501

6922498.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

2,253

2,228

6923071.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

12,635

12,383

6933461.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,081

955

6933547.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

114

111

6933764.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,533

1,517

6935097.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,181

1,932

6935560.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,794

1,269

6936381.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,457

1,443

6936445.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

9,168

6,108

6936577.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

10,124

8,075

6936776.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,331

1,779

6936803.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,787

1,732

6937020.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,007

2,842

6937687.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

381

378

6938046.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,151

2,853

6938129.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

818

290

6938227.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,407

1,322

6938674.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,251

1,238

6939214.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

728

720

6939265.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,916

1,805

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6939388.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

$

1,384

$

1,215

6941002.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,172

1,116

6941070.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

542

339

6941280.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

1,029

16

6941294.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

4,003

275

6941360.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

1,046

1,035

6941439.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

4,417

3,538

6941545.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

3,472

73

6942187.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

2,732

92

6942465.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

3,023

2,129

6943108.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

2,626

1,385

6943225.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,262

1,235

6944003.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

2,951

2,582

6944071.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

4,840

2,255

6944390.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

2,510

539

6944466.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

887

818

6944504.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

13,026

11,051

6946056.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

8,097

7,819

6946823.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

3,106

2,117

6948222.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

16,460

15,819

6949328.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

5,721

97

6950351.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

12,854

12,551

6952811.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

6,742

6,147

6955514.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,695

1,490

6955588.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

1,369

1,108

6955667.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

1,822

1,424

6957156.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

681

169

6957334.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

596

220

6957595.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,541

42

6957679.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

6,927

6,804

6958313.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

723

720

6958559.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

20,008

9,803

6959245.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

4,535

4,494

6960597.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

927

409

6960629.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

3,615

3,178

6960759.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

3,595

3,433

6961528.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

1,135

800

6961761.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

4,845

3,334

6962075.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

391

178

6962083.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

10,414

9,008

6963451.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

1,876

502

6963666.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

4,420

4,291

6964024.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,200

1,140

6964280.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

451

445

6964622.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,530

717

6964669.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

205

195

6964955.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,048

753

6965159.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

7,508

135

6965565.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,631

3,381

6965888.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,011

1,321

6966676.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,519

2,323

6966807.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

14,201

6,822

6967002.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,951

2,874

6967265.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

25,733

13,872

6968625.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,299

1,290

6969213.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,468

1,327

6969623.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

258

238

6969701.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

11,360

3,309

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)

6970303.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

$

1,711

$

1,255

6970317.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

762

748

6971200.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,262

4,312

6971273.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,156

881

6971330.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

383

380

6971476.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

457

455

6972507.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

858

850

6972626.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,236

1,226

6973287.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,241

1,195

6973457.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

383

251

6973499.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

495

452

6973530.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,364

818

6973782.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,373

4,141

6974095.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,992

1,972

6977593.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,013

929

6977822.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

861

855

6977932.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,435

30

6979187.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

22,254

21,647

6979980.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

592

590

6980139.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,062

2,425

6980213.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

666

646

6981429.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

2,148

2,115

6982274.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

1,804

1,773

6982590.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

1,013

1,006

6982903.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

3,122

2,541

6983671.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

5,611

64

6983938.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

7,397

7,002

6984186.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

432

269

6985204.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

527

502

6985220.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

458

96

6985229.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

620

469

6985273.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

2,967

1,056

6985777.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

755

28

6985787.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

2,676

2,590

6985983.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

66

66

6986211.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

2,111

1,211

6986260.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

1,392

1,145

6986732.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

1,374

1,244

6986779.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

3,920

3,051

6986883.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

1,333

1,320

6987193.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

1,510

1,477

6987677.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

386

229

6988972.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

1,641

1,323

6989032.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

3,155

3,083

6989985.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

419

369

6990296.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

6,478

3,958

6990348.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

1,899

1,532

6990727.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

7,720

7,531

6991196.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

8,279

132

6991595.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

5,054

90

6992374.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

1,631

1,358

6992507.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,320

2,097

6992564.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

4,136

3,931

6993196.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,890

2,105

6993734.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

1,583

1,569

6995631.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

1,316

1,298

6996992.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

26,963

6,321

6997764.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

5,291

5,238

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7000454.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

$

884

$

855

7000476.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

921

816

7001929.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

20,167

13,461

7002308.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

511

497

7002426.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

1,026

632

7002443.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

1,721

1,476

7002610.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

17,254

3,360

7003146.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

566

562

7003256.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

1,346

1,317

7004443.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

982

533

7005046.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

923

916

7005245.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

3,281

2,680

7005431.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

933

897

7005506.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

18,115

16,424

7005940.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

2,725

2,312

7006546.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

11,760

11,565

7007162.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

497

495

7007244.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

819

731

7007402.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

2,262

1,776

7007456.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

16,546

16,339

7008617.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

4,160

2,601

7009259.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

3,012

1,231

7010131.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

29,663

23,538

7010951.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

21,295

18,547

7012037.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

825

729

7012805.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

874

635

7016317.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

5,037

4,771

7016598.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

3,876

3,841

7019301.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

768

760

7019673.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

1,295

28

7019693.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

191

141

7020860.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,218

1,203

7021474.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

713

629

7021510.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

168

168

7021905.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

365

355

7023175.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,190

687

7024235.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

4,248

2,615

7024365.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

2,164

1,982

7024434.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

167

166

7025072.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

719

494

7025079.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

691

681

7025111.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

513

376

7025124.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

3,975

1,854

7025788.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

11,440

194

7025888.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

721

466

7026048.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

668

444

7026063.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

1,036

887

7027254.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,254

1,773

7027442.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,340

800

7027686.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,326

810

7027959.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

4,123

4,057

7028322.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,866

3,562

7028557.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,567

1,360

7028576.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

130

115

7028614.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

78

61

7029748.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,169

2,102

7029856.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,028

956

7030349.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,678

1,640

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)

7030550.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

$

3,923

$

3,875

7032162.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

565

440

7033335.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

1,321

1,308

7034088.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

5,196

5,099

7034276.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

385

124

7035045.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

9,877

9,002

7035507.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

385

383

7036374.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

4,086

3,691

7039769.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

4,286

2,754

7039863.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

1,817

1,737

7039967.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

1,520

1,152

7040021.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

1,191

1,147

7040905.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

22,019

6,554

7041652.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

12,656

11,937

7042479.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

1,100

1,074

7042748.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

17,163

16,704

7043668.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

10,216

7,594

7044438.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

222

218

7047114.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

740

731

7047140.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

2,597

41

7047161.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

14,341

12,890

7047886.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

833

594

7047898.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

1,910

1,540

7048508.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

1,008

998

7048591.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

3,148

2,417

7048733.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

1,501

1,183

7049398.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

795

769

7049929.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

387

329

7049941.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,282

1,267

7050019.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,198

2,480

7050136.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,652

58

7050168.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

13,123

9,651

7050530.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

4,929

3,532

7050581.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

9,586

1,706

7050736.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,713

3,311

7050801.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

839

831

7050837.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

7,078

6,945

7051062.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,151

2,136

7051266.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,285

1,259

7051978.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,835

1,525

7052418.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,138

771

7052508.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

77

73

7052626.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,534

1,525

7052702.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

507

485

7053706.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,372

1,715

7053759.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

4,623

4,199

7054172.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

309

223

7054573.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

14,644

2,636

7055827.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

854

846

7055970.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

952

906

7056009.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

482

454

7056063.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,238

2,197

7056271.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,380

1,275

7056980.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,729

2,698

7057540.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

64

64

7057586.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

937

927

7057625.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

523

388

7057637.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

17,279

11,089

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7058391.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

$

3,387

$

2,783

7058708.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

405

88

7058841.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,052

2,945

7060912.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

2,784

2,747

7062654.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

1,270

223

7062676.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

5,855

5,092

7063234.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

1,515

1,490

7064997.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

2,134

159

7065185.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

1,422

1,078

7066194.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

28,131

15,187

7067058.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

7,522

7,392

7068868.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

1,970

31

7068924.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

2,119

2,028

7069196.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

461

357

7069211.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

319

318

7069451.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

12,520

12,263

7071249.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

7,885

5,105

7071928.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

6,631

3,561

7072004.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

127

127

7073547.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

423

412

7073679.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

1,229

1,060

7073998.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

225

206

7074737.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

2,836

2,806

7075884.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

4,566

827

7076262.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

9,774

9,660

7076994.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

1,477

1,306

7077380.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

5,700

4,493

7077757.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

1,699

457

7078191.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

419

385

7078506.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

5,998

5,523

7078893.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

14,190

6,187

7085122.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

2,518

514

7085359.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

5,406

5,335

7086337.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

5,900

5,804

7087117.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

2,419

2,384

7087310.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

1,241

1,231

7088413.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

185

174

7088428.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

3,131

3,042

7088934.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

1,306

1,289

7089056.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

527

510

7091702.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

2,216

2,188

7091954.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

2,653

2,575

7092138.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

5,761

757

7093323.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

1,201

240

7093679.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

290

277

7094271.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

3,675

3,136

7094575.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

22,651

20,478

7096392.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

1,745

1,699

7097219.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

77

76

7097310.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

569

564

7097479.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

9,363

430

7098174.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

4,198

4,129

7098533.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

578

569

7099846.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

17,956

11,089

7101561.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

27,006

24,577

7102472.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

2,821

2,311

7102574.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

7,673

7,590

7102906.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

668

616

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)

7102927.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

$

2,099

$

2,082

7105417.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

5,812

1,520

7105598.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,416

1,245

7105896.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,549

2,533

7106601.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,256

1,239

7106837.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,894

1,846

7106931.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

3,978

2,433

7107564.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,739

1,573

7107658.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

13,001

12,793

7108325.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

87

80

7108425.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,558

1,279

7108520.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

4,127

4,015

7108768.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

14,814

12,610

7109414.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

3,357

2,970

7109653.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

1,190

1,174

7112020.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

29,313

23,102

7112700.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

441

311

7112766.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

1,342

1,310

7113063.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

483

473

7113346.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,040

597

7113376.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

851

714

7113468.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

2,203

2,189

7115113.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

2,189

2,108

7115546.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

38,929

22,445

7117807.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

579

566

7118185.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

5,462

103

7118456.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

4,423

4,375

7119683.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

8,854

8,696

7120915.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,163

1,518

7121348.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,529

835

7122850.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

4,021

3,257

7124204.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

545

372

7124599.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

40,417

33,206

7126036.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

1,517

1,465

7128660.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,959

1,268

7128857.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

768

747

7132566.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

43

43

7132621.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

762

744

7132655.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

2,046

2,002

7132843.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

19,544

6,461

7133597.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

9,909

2,111

7134183.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,469

1,441

7134657.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,262

1,243

7134867.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

615

521

7135072.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

286

282

7135103.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,399

856

7135136.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,221

1,191

7135175.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,459

1,437

7135686.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

376

79

7135696.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

412

280

7135706.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

608

8

7135840.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

6,844

6,618

7136322.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

2,970

2,299

7137130.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

11,335

11,065

7139430.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

628

607

7139448.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

4,653

4,567

7140246.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

1,662

1,185

7140398.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

27

20

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7141269.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

$

1,651

$

1,632

7141569.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

880

560

7141603.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

4,650

3,719

7142503.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

2,212

2,179

7142762.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

719

709

7142950.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

579

310

7144408.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

484

314

7144447.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

4,042

4,018

7146101.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

5,947

3,866

7146290.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

125

123

7146302.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

143

141

7147299.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

12,972

137

7150208.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

4,100

4,040

7150471.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

1,208

1,201

7151351.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

1,241

874

7152583.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

3,177

3,111

7152656.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

8,379

8,283

7153121.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

4,671

4,516

7153341.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

6,870

5,410

7153714.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

1,787

1,710

7154002.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

851

408

7154213.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

1,174

1,161

7154481.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

5,395

5,211

7158377.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

534

527

7160663.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

218

215

7160698.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

223

219

7160707.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

976

967

7160912.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,361

944

7161053.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,288

1,264

7161201.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

642

636

7161885.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

6,766

4,636

7162414.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,766

1,003

7162476.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,634

1,610

7163056.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

3,263

3,201

7163206.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

925

846

7163923.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

377

369

7163945.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

3,120

1,529

7164232.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

1,190

745

7164418.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

356

354

7164679.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

1,791

1,751

7164732.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

3,044

700

7165410.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

609

605

7165856.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

1,839

1,788

7165960.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

1,062

587

7165990.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

199

192

7167089.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,363

2,856

7167309.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

1,464

1,459

7168208.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,042

2,996

7168497.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

632

314

7168708.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

5,419

5,347

7169411.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

639

594

7169613.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,109

1,459

7169801.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

6,412

6,097

7170354.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

8,610

7,142

7170746.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

4,827

4,749

7171401.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

725

716

7171590.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,646

3,600

7172354.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,172

2,686

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)

7172761.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

$

12,133

$

9,135

7173037.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

4,277

1,912

7173178.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

707

699

7173243.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

1,824

1,791

7173849.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,572

1,542

7173911.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,409

1,385

7174148.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

2,598

2,566

7174387.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

13,264

10,550

7175646.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

548

343

7175676.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

697

693

7176021.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

2,348

2,271

7176315.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

3,351

3,283

7176474.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

114

111

7179463.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,746

1,736

7180016.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

3,056

3,029

7180248.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

12,879

7,061

7180499.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,344

2,312

7180861.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,147

2,118

7181082.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,606

1,557

7181282.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

4,932

4,858

7183334.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,517

1,499

7183441.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

308

305

7183926.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,501

1,789

7184149.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

14,563

8,480

7184602.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

131

129

7185609.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

4,100

2,293

7185739.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

5,104

5,039

7186050.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

3,269

2,030

7186105.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

5,102

4,975

7186338.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,015

244

7186487.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

1,193

1,179

7186653.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,665

2,573

7186988.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

3,100

3,058

7187139.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,651

1,567

7187186.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

11,026

10,843

7187603.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

2,514

2,000

7187712.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

322

319

7188015.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

2,620

44

7188348.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

9,484

3,919

7188666.SQ.FTS.B

,

Zero

Cpn

,

5/05/25

...

3,636

3,016

7188832.SQ.FTS.B

,

Zero

Cpn

,

5/05/25

...

4,453

4,279

7189514.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

3,714

2,521

7190282.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

478

362

7190392.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,932

1,907

7191074.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

4,658

3,113

7191789.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

3,486

2,628

7191893.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

6,889

6,701

7192505.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

925

575

7193529.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

6,512

6,353

7193855.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

5,680

5,611

7196193.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

4,306

3,041

7196321.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

2,618

1,961

7196450.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

2,369

2,355

7196817.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

1,607

1,596

7197646.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

285

282

7197712.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

4,332

40

7198707.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

6,033

4,955

7199286.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

19,923

15,412

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7199800.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

$

3,105

$

2,973

7199888.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,163

1,113

7199954.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

150

149

7199987.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

402

386

7200014.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,045

871

7200512.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

6,125

5,911

7201082.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,110

777

7201182.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

896

522

7203363.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

8,775

6,346

7203571.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,117

1,067

7203639.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,394

1,375

7203769.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,928

1,889

7204759.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,019

658

7204855.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

7,574

7,485

7205388.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

5,770

4,003

7205585.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

4,912

3,593

7205732.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

19,750

10,339

7206278.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

5,765

5,505

7206714.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

2,369

2,091

7207237.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,271

1,262

7208874.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

3,686

3,655

7209204.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

964

910

7209546.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

5,518

5,418

7210051.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

2,224

1,109

7210099.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

907

888

7210140.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

3,542

3,514

7210744.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

588

571

7210899.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

26,310

1,864

7211440.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

488

480

7211509.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

2,171

2,142

7211854.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

5,096

4,937

7212155.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

5,542

4,668

7212385.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

2,628

2,291

7212545.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

1,868

1,848

7212719.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

8,978

5,828

7214977.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

4,434

4,349

7215502.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

4,351

4,277

7215977.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

1,341

1,312

7216980.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

2,968

2,825

7217292.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,541

1,522

7217938.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

4,138

3,169

7218388.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

11,900

11,502

7218725.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

148

148

7218918.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

3,987

3,928

7219057.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

7,349

6,300

7219184.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

6,746

4,993

7219666.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

3,640

656

7220506.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

170

169

7220564.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,109

16

7220676.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,149

240

7220697.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,301

990

7221007.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

22,150

21,209

7221726.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

5,336

3,837

7222126.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

10,174

6,451

7222571.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,606

1,494

7222768.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,980

1,953

7222995.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

11,278

11,034

7223561.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

4,530

4,460

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)

7224292.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

$

914

$

628

7224733.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

572

421

7226874.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,673

1,652

7227056.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,467

2,149

7227109.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,970

807

7227133.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,733

2,702

7227310.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,699

2,664

7227550.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,535

1,510

7227807.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

860

846

7227847.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,591

2,540

7228237.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

362

356

7228636.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

522

505

7229547.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,963

1,898

7229617.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

4,248

2,893

7229709.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

10,928

10,649

7230169.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,939

2,900

7230451.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

4,858

4,734

7231172.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

5,857

5,212

7232291.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,985

1,610

7232394.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,318

1,304

7232579.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,012

785

7233795.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,167

1,142

7234525.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,076

1,058

7234701.SQ.FTS.B

,

Zero

Cpn

,

5/18/25

...

1,017

983

7234756.SQ.FTS.B

,

Zero

Cpn

,

5/18/25

...

11,708

11,331

7235832.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

1,580

1,550

7236299.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

2,152

2,116

7237644.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

4,560

3,811

7237979.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

3,174

3,028

7238134.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

2,158

82

7238779.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

6,540

6,246

7239092.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

4,206

4,079

7239295.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

2,323

2,230

7239379.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

930

918

7239842.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

9,489

7,296

7240071.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

840

663

7240370.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

1,722

1,688

7240436.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

306

305

7241892.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

6,223

6,140

7242275.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,045

1,018

7242424.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,124

1,112

7242516.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,080

1,067

7242591.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,748

1,214

7243209.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

3,922

3,844

7243291.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,048

1,609

7243317.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

13,030

12,387

7243596.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

3,400

2,303

7244055.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,864

1,516

7244193.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,832

2,608

7244482.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

347

243

7247398.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

3,956

3,890

7247585.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

13,923

13,698

7248381.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

2,094

1,010

7248460.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,326

1,299

7248507.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

3,663

3,483

7248634.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

2,120

2,089

7249019.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

11,573

269

7251025.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

2,321

2,250

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7251106.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

$

532

$

506

7251262.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,233

1,152

7251320.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

42

39

7251323.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

1,751

1,614

7251351.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

3,940

3,866

7251459.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

2,125

2,114

7251636.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

669

657

7251674.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

4,086

4,023

7251821.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

2,494

1,638

7251855.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

3,231

3,123

7251914.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

4,864

3,657

7251966.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

3,315

3,266

7253093.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

4,550

4,504

7254728.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

21,555

20,457

7254997.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

573

553

7255008.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

8,571

8,173

7255099.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

561

542

7255114.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

5,968

4,771

7255586.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

892

879

7255679.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

5,025

4,915

7255752.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

5,484

5,440

7256081.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

3,700

3,636

7256365.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,898

1,305

7256395.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,888

2,637

7256470.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

857

580

7256484.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

3,994

3,931

7256609.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

924

382

7256638.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

3,121

2,987

7256696.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,515

1,035

7256709.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,400

2,332

7256856.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,943

1,917

7257411.SQ.FTS.B

,

Zero

Cpn

,

5/27/25

...

1,333

1,061

7257484.SQ.FTS.B

,

Zero

Cpn

,

5/27/25

...

368

342

7259122.SQ.FTS.B

,

Zero

Cpn

,

5/27/25

...

143

119

7260895.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

15,707

15,556

7262080.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

56,215

14,281

7262799.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

1,610

1,590

7263021.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

12,948

12,782

7264613.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

1,535

1,507

7264673.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

1,491

1,463

7264843.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

3,529

2,302

7265783.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

2,268

2,242

7265889.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

3,042

2,991

7266011.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

743

738

7266049.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

15,306

15,149

7267389.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

814

723

7269871.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

1,829

1,567

7269980.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

13,957

144

7270240.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

399

396

7272784.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

11,279

11,140

7273825.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

3,599

3,565

7275203.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

5,198

3,451

7275386.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

879

869

7275459.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

2,268

2,218

7275797.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

6,184

5,743

7275984.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

2,103

2,063

7276109.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

1,446

1,069

7276979.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

2,841

2,794

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)

7277155.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

$

4,124

$

4,039

7277848.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,693

1,609

7277957.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

2,980

2,395

7278188.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

440

402

7278214.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,586

426

7278241.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,020

873

7278277.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,212

1,197

7278347.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

3,765

3,692

7278613.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,252

1,212

7278667.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

644

552

7278686.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

3,253

3,197

7278809.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

574

555

7278943.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

13,355

11,402

7279343.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,888

1,866

7280181.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

7,169

7,067

7281575.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

11,685

10,715

7282030.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

482

478

7282476.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

10,986

10,711

7282840.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

812

537

7282904.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

4,064

4,038

7283437.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

18,790

18,141

7284014.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,782

1,748

7284188.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,577

3,538

7284416.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,381

3,082

7284558.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

5,496

4,711

7285781.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,069

900

7285848.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,808

1,719

7285927.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,306

1,265

7286106.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,092

2,996

7286211.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,827

3,757

7286404.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

12,390

6,030

7286601.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

71

71

7286713.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,664

2,404

7286755.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

4,776

4,722

7287670.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,683

1,666

7287857.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,711

2,660

7288280.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

11,530

10,550

7289140.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,433

2,389

7289262.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,386

2,050

7289318.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,552

2,422

7289660.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

16,287

15,961

7290136.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,534

2,482

7290368.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

9,012

8,834

7290826.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,082

1,790

7290873.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,697

2,156

7290948.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

5,277

5,147

7293971.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

6,372

6,169

7294453.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,053

1,037

7294568.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

728

573

7294878.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,068

2,037

7295038.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,904

3,786

7295325.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,231

1,207

7295422.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

5,693

5,457

7295648.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,669

3,551

7296418.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,523

1,444

7296480.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,112

1,084

7296575.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

5,163

2,403

7296922.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,791

1,764

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7297029.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

$

1,894

$

1,466

7297291.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

178

177

7297372.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

8,653

8,542

7297931.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

125

114

7298009.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

2,987

2,451

7298093.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

778

766

7298159.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

5,456

5,330

7299448.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

4,027

3,354

7299523.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

1,532

1,486

7299590.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

1,245

1,208

7299622.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

5,883

5,810

7301207.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

7,066

4,519

7301343.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

9,138

7,857

7301957.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

341

316

7302072.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

7,125

6,972

7302387.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,233

1,220

7302463.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,380

1,361

7302568.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

8,285

8,180

7303557.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

896

828

7303607.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

10,708

10,539

7305248.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

6,431

6,242

7305713.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

1,687

413

7305795.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

390

376

7306020.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

701

673

7306315.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

2,675

2,578

7306467.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

3,120

2,687

7306561.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

2,114

2,077

7306657.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

12,522

5,318

7307148.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

28,024

25,653

7308060.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

101

100

7308144.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,784

2,719

7308334.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

835

801

7308620.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,450

2,404

7308932.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

419

164

7309149.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

17,102

182

7309809.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,229

2,204

7309926.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

7,558

7,442

7313394.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

6,976

6,815

7313686.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

6,881

6,580

7313855.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,861

2,762

7313947.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

933

546

7313955.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

521

505

7313971.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

1,734

1,266

7314028.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

12,817

11,873

7314476.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

11,116

10,753

7314877.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

15,166

14,898

7315747.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

15,122

14,615

7316221.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,577

1,546

7316316.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

7,722

1,486

7316538.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

20,445

20,011

7317112.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

5,367

4,907

7317239.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

511

506

7317253.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

4,923

4,826

7317533.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

4,564

4,354

7317637.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

2,085

2,044

7317759.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,102

1,048

7320315.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

1,535

1,517

7320441.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

6,441

6,244

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)

7321333.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

$

3,880

$

3,781

7321573.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

5,609

5,539

7322018.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

2,147

2,089

7322141.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

3,068

3,011

7322434.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

1,284

1,273

7324336.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

3,279

3,229

7324592.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

4,353

4,292

7324907.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

13,812

13,594

7326086.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

1,204

1,195

7326325.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

981

907

7326416.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

7,143

6,823

7326642.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

6,047

5,904

7326891.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

2,906

2,514

7326968.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

291

286

7327011.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

4,808

717

7327081.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

35,593

35,048

7328194.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

6,845

6,656

7328548.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

10,489

10,305

7329450.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

2,071

2,038

7329576.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

1,098

1,078

7329634.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

602

594

7329684.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

3,440

2,618

7329986.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

2,547

2,512

7330643.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

1,200

946

7330730.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

2,709

2,671

7331267.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

4,601

4,374

7332055.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

9,172

8,007

7332388.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

8,984

8,782

7332779.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

2,462

2,440

7332985.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

7,912

7,778

7333444.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

4,834

3,422

7333741.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

2,241

2,213

7334049.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

3,079

2,977

7334250.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

823

428

7334268.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

8,404

7,779

7334439.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

5,698

5,627

7334864.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

8,830

8,577

7335226.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,850

1,817

7335334.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,155

2,897

7335574.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,736

2,683

7335741.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,478

1,449

7335796.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,361

3,231

7335898.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,418

1,370

7335968.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

7,165

6,250

7336217.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

11,711

10,998

7336451.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,152

1,134

7336505.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,810

808

7336525.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

7,254

7,022

7336669.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,400

1,381

7336967.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

4,561

1,449

7337186.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,175

3,129

7337304.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,352

974

7337979.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

207

169

7338324.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

7,702

7,501

7338610.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

470

458

7338630.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,612

1,585

7338898.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

8,430

7,666

7339230.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

5,085

4,980

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7339564.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

$

5,824

$

5,753

7340047.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,427

1,350

7340109.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

5,904

5,705

7340194.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

427

417

7340517.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

5,850

5,218

7340589.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

8

8

7340600.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

657

594

7340626.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

2,275

868

7340672.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

21,574

17,566

7344537.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

3,084

3,036

7344965.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

6,739

5,022

7345117.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,978

2,885

7345235.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,112

2,052

7345390.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,172

1,143

7345466.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

4,951

4,818

7345593.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

301

287

7345866.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

7,307

7,152

7346076.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

6,173

6,050

7346353.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

19,691

19,386

7347201.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,409

1,210

7347245.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,542

1,506

7347359.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

5,686

5,550

7347664.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

690

565

7347685.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,443

1,432

7348325.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

891

879

7348507.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

4,835

2,732

7348587.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

8,779

8,599

7350446.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

1,212

1,182

7350516.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

4,254

4,175

7351055.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

3,537

3,455

7351596.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,395

1,293

7351615.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,157

1,004

7351639.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

3,152

1,914

7351727.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,396

1,381

7351847.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

9,404

4,721

7351945.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

2,998

2,859

7352007.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

811

698

7352057.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

10,780

9,922

7352220.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

8,196

8,102

7352474.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

827

541

7352488.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

3,711

3,634

7352573.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

9,252

9,138

7352913.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

15,305

14,651

7353146.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

15

14

7353157.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

2,981

2,934

7353226.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

7,704

6,298

7353341.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

107

103

7353412.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

370

315

7353466.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

3,492

3,401

7353529.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,275

411

7353547.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

3,151

3,064

7353656.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

877

863

7353660.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

2,164

2,125

7353683.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,702

1,414

7353909.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

486

472

7358620.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

4,929

4,531

7358768.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

588

353

7358791.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

3,015

2,937

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)

7359329.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

$

6,226

$

6,097

7359607.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

30,147

29,521

7360226.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

17,602

13,022

7360339.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

2,481

2,433

7360466.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

3,313

3,177

7361012.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

170

168

7361057.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,439

1,255

7361103.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,621

1,569

7364596.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

10,057

9,815

7365025.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

5,640

4,125

7365182.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

368

362

7365220.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

8,688

8,451

7365667.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

4,674

4,567

7365834.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

2,972

2,893

7366056.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

6,534

6,409

7366336.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

14,259

13,705

7366742.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

10,769

10,432

7367489.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

1,709

1,497

7367630.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

2,706

2,668

7367820.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

4,823

4,737

7368106.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

12,145

11,746

7368877.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

2,009

1,934

7369105.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

1,067

1,042

7369158.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

99

98

7370363.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

1,742

1,711

7370441.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

9,362

8,008

7370806.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

595

464

7370816.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

3,152

1,191

7370878.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

1,551

1,540

7371024.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

6,514

6,377

7371305.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

1,642

1,613

7371526.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

1,876

1,852

7371611.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

843

754

7371639.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

3,153

1,739

7371738.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

6,234

5,317

7371929.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

8,140

7,016

7372112.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

4,946

76

7372172.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

2,145

2,081

7372242.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

13,864

9,326

7372906.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

11,922

10,879

7373979.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

594

562

7374077.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

24,919

24,492

7375081.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

2,490

2,434

7375414.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

7,864

7,706

7375768.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

1,055

1,029

7375980.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

5,729

5,689

7376708.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

4,073

3,998

7376991.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

626

616

7377027.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

8,610

8,376

7377280.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

3,076

2,951

7377362.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

19,579

15,248

7378050.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

472

381

7378054.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

2,314

1,250

7378079.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

3,324

3,234

7378207.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

9,549

282

7378717.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,699

1,680

7378849.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

4,154

4,022

7380824.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,279

14

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7381117.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

$

10,590

$

8,813

7381436.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

22,378

21,313

7382469.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

8,828

8,597

7382818.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

470

451

7382858.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

6,067

4,363

7383018.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

2,442

2,305

7383092.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

6,541

5,138

7383465.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

13,569

13,195

7384366.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

2,246

138

7384447.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

9,338

9,152

7385182.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

1,320

1,294

7385292.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

1,389

1,346

7385342.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

2,316

2,270

7385423.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

1,828

141

7385467.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

17,107

16,836

7386345.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

3,208

3,122

7386407.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

13,071

11,513

7386932.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

1,764

1,743

7387021.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

5,349

5,195

7387077.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

1,277

1,258

7387131.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

5,141

5,016

7387308.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

1,258

1,183

7387327.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

2,548

2,509

7387507.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

928

883

7387770.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

77

77

7387880.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

787

748

7387906.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

20,677

19,924

7388320.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

1,467

1,432

7388591.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

1,242

1,223

7388953.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

1,887

1,847

7389108.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

2,275

1,684

7389557.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

2,192

2,060

7389667.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

3,324

3,224

7389815.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

11,282

11,024

7390221.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

8,599

8,492

7390541.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

889

880

7390664.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

10,504

1,034

7390815.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

858

806

7392105.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

2,894

2,792

7392170.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

51

50

7393162.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

5,495

5,358

7393376.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

1,529

1,500

7393438.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

1,508

1,474

7393476.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

30,031

29,531

7394529.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

3,902

3,824

7394876.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

1,499

1,476

7394965.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

1,914

1,061

7395004.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

2,704

2,619

7395237.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

1,760

1,725

7395317.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

3,759

3,396

7395521.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

1,232

1,210

7395685.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

541

526

7395696.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

4,672

4,026

7395779.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

12,121

101

7395927.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

3,631

3,483

7396161.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

12,311

11,939

7396435.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

8,476

8,250

7396701.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

11,769

11,416

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)

7397100.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

$

1,403

$

1,381

7400655.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

7,466

7,271

7400938.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

9,766

9,624

7401601.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

11,172

7,979

7401930.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

17,629

15,029

7402428.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

6,658

6,524

7402923.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

3,626

3,513

7403055.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

1,696

1,655

7403168.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

7,909

4,319

7403278.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

899

776

7403313.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

8,860

7,408

7403589.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,176

1,106

7403801.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

7,193

7,088

7404329.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

375

341

7404434.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

2,008

1,978

7404563.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

5,332

5,207

7404801.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

11,217

10,999

7405310.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

10,363

10,063

7405711.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

561

552

7405777.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

2,924

2,814

7406047.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,144

495

7406065.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,099

954

7406146.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

830

825

7406571.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

1,677

1,647

7406606.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

2,672

2,561

7406764.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

710

696

7407168.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

344

339

7407187.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

1,950

1,923

7407249.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

8,459

8,280

7407481.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

4,322

4,045

7407566.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

1,780

1,719

7407877.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

3,502

2,701

7407951.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

3,077

2,999

7408049.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

1,743

1,396

7408102.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

9,186

8,992

7408322.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

8,489

4,312

7408433.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

6,759

6,437

7408612.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

9,729

9,020

7408819.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

20,228

19,555

7409769.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

1,416

1,374

7410045.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

1,312

1,251

7410237.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

27,731

27,198

7410973.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

537

472

7410978.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

1,609

155

7411067.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

4,685

4,605

7411216.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

259

250

7412043.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

670

664

7412311.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

7,401

7,225

7413087.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

851

843

7414306.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

4,005

3,964

7416088.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

375

371

7416169.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

573

451

7416200.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

2,661

2,627

7416369.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

797

773

7416426.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

12,779

12,464

7417471.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

14,465

14,068

7419010.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

2,447

2,415

7419185.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

880

838

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7419216.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

$

1,036

$

977

7419424.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

516

287

7419461.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

3,822

3,769

7420014.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

4,819

4,741

7420525.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

4,986

4,850

7420694.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

1,183

1,152

7420730.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

4,207

4,101

7420849.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

2,526

1,814

7421393.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

1,118

1,082

7421564.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

1,233

1,193

7421734.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

3,877

3,807

7421867.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

10,411

10,138

7422477.SQ.FTS.B

,

Zero

Cpn

,

7/20/25

...

31,881

30,301

7423222.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

1,156

1,132

7423252.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

3,914

3,817

7423331.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

1,146

916

7423506.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

3,002

2,956

7423619.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

5,361

3,947

7423709.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

22,019

9,325

7424760.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

3,132

2,999

7425251.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

11,683

10,809

7425552.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

13,709

13,363

7425958.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

2,780

2,719

7426034.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

153

145

7426063.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

11,943

11,703

7426568.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

551

523

7427455.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

14,090

13,492

7428018.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

781

762

7428131.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

7,812

7,596

7428719.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

3,101

2,928

7428795.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

2,903

2,810

7428908.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

803

799

7429134.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

2,833

2,789

7429225.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

139

138

7429278.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

1,168

1,144

7429325.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

35,662

34,670

7430230.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

6,563

6,432

7430454.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

9,701

9,324

7430607.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

742

486

7430709.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

5,090

4,956

7432156.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

2,193

2,146

7432354.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

1,452

1,430

7432388.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

34,292

31,528

7433027.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

2,587

2,454

7433191.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

4,645

4,479

7433364.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

8,479

8,257

7435620.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

9,646

9,309

7436008.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

3,699

3,372

7436254.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

1,547

1,512

7436351.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

12,539

9,292

7436900.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

2,146

2,105

7437084.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

8,516

8,178

7437649.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

1,373

1,324

7437691.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

2,269

2,219

7437785.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

273

223

7437813.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

9,651

9,418

7438889.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

5,734

5,620

7439178.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

520

513

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)

7439197.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

$

1,080

$

1,056

7439544.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

699

626

7439576.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

2,124

2,072

7439758.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

8,156

7,769

7440281.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

25,917

25,356

7441191.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,275

1,025

7441240.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

3,742

2,710

7441808.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

475

462

7441907.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

10,631

10,502

7442087.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

774

90

7442111.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

1,849

1,789

7442139.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

4,604

4,452

7442207.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

1,015

846

7442245.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

725

692

7442292.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

1,274

1,147

7442447.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

184

182

7442460.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

1,172

1,164

7442721.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

8,008

7,791

7442977.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

775

764

7443004.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

3,239

3,159

7443159.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

5,673

5,529

7443306.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

583

450

7443370.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

326

322

7443562.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

548

538

7443603.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

5,077

4,976

7444503.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

638

456

7444720.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

6,426

6,291

7445467.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

6,093

5,853

7445933.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

10,201

9,855

7446295.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

4,065

3,865

7446478.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

2,519

2,490

7446615.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

535

528

7446642.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

11,475

11,253

7447150.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

3,933

3,466

7447224.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

6,153

6,019

7447709.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

1,748

1,736

7447914.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

149

149

7448498.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

1,923

1,863

7449437.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

2,066

2,016

7449478.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

13,910

13,483

7449786.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

34,559

32,227

7450900.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

5,045

1,967

7451025.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

1,546

1,519

7451086.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

2,166

2,117

7451193.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

624

615

7451207.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

801

789

7451494.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

12,149

10,968

7452172.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

1,118

1,107

7452521.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

3,582

3,508

7452636.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

951

935

7456372.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

316

313

7456414.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

6,642

6,489

7456651.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

7,273

7,077

7457006.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

2,980

2,942

7457742.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

5,753

5,635

7457932.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

6,292

6,160

7458239.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

204

200

7458333.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

14,668

14,425

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7458973.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

$

14,709

$

14,277

7459404.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

6,823

6,329

7459742.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

1,712

1,669

7459990.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

1,451

1,417

7460066.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

362

291

7460081.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

1,220

1,201

7460161.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

15,479

13,656

7461251.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

7,286

7,054

7461411.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

349

335

7461437.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,334

2,300

7461507.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

24,377

20,740

7461769.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

583

579

7461887.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,027

1,977

7462231.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,303

2,244

7462674.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

413

408

7462684.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,643

2,597

7462730.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

4,467

4,343

7462964.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

996

948

7463009.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

2,511

2,463

7463064.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

1,878

1,423

7463125.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

6,845

6,719

7463345.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

5,643

5,464

7463461.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

901

881

7463487.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

5,207

5,052

7463610.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

1,106

1,092

7463655.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

1,412

1,387

7463709.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

799

708

7463744.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

4,264

2,844

7463823.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

16,176

15,711

7464167.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

3,723

3,646

7464267.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

11,262

11,003

7464879.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

695

687

7464941.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

2,720

2,674

7465040.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

9,495

8,982

7466589.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

7,091

2,468

7466750.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

5,095

4,898

7466901.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

8,111

4,504

7467005.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,903

1,881

7467062.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

326

316

7467089.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,145

1,111

7467158.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

12,054

11,811

7467621.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

5,263

4,242

7467729.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

14,359

11,980

7468399.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,437

1,415

7468449.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

993

647

7468541.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

259

258

7468664.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

1,270

1,249

7468744.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

2,172

2,075

7468818.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

1,174

1,157

7468884.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

12,771

12,331

7469468.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

1,046

1,031

7469581.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

6,280

6,019

7469860.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

5,369

4,065

7470082.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

1,799

1,651

7470150.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

3,379

3,266

7470464.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

3,313

3,261

7471835.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

5,921

5,767

7472249.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

2,703

2,618

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)

7472376.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

$

3,830

$

3,400

7472512.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

2,799

2,658

7472610.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

20,719

20,039

7473166.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

766

743

7473221.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

32,311

31,048

7474077.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

2,570

2,293

7474120.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

1,607

1,568

7474154.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

7,838

7,641

7474374.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

6,139

6,025

7477274.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

1,933

1,888

7477440.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

5,875

5,804

7478039.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

1,519

1,475

7478124.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

827

817

7478174.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

5,773

5,339

7478333.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

5,356

4,545

7478441.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

2,182

2,047

7478475.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

4,623

4,497

7478694.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

8,289

4,619

7478989.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

1,616

1,422

7479216.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

2,329

2,197

7479263.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

2,331

2,277

7479344.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

21,060

20,521

7480144.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

3,626

3,479

7480372.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

3,087

2,858

7480498.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

4,211

4,181

7481211.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

12,664

12,337

7481878.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

3,257

2,731

7481933.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

3,714

3,385

7481987.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

761

718

7482085.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

11,954

11,848

7483153.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

1,186

922

7483176.SQ.FTS.B

,

Zero

Cpn

,

8/10/25

...

5,713

3,454

7483263.SQ.FTS.B

,

Zero

Cpn

,

8/10/25

...

3,801

3,697

7483381.SQ.FTS.B

,

Zero

Cpn

,

8/10/25

...

7,758

7,607

7483561.SQ.FTS.B

,

Zero

Cpn

,

8/10/25

...

2,252

2,225

7483780.SQ.FTS.B

,

Zero

Cpn

,

8/10/25

...

9,285

8,943

7484036.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

2,329

2,252

7484075.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

4,900

4,496

7484169.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

9,733

5,134

7484284.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

1,320

1,294

7484424.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

5,603

5,378

7484541.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

819

452

7484552.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

2,908

2,664

7484605.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

3,161

2,291

7485016.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

4,817

4,682

7485234.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

3,416

3,333

7485513.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

2,426

2,372

7485666.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

9,506

9,219

7486242.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

3,578

2,950

7486336.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

2,290

2,226

7486613.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

1,713

1,671

7486722.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

18,588

18,069

7487324.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

2,112

1,504

7487387.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

5,235

2,942

7487544.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

2,747

2,437

7487594.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

20,488

19,724

7488106.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

3,797

3,545

7488183.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

19,509

18,747

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7489538.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

$

3,303

$

3,243

7489754.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

14,327

10,723

7490122.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

4,369

4,280

7490224.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

24,149

23,698

7490950.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

12,756

11,820

7491300.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

4,041

3,901

7491476.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

24,581

24,221

7492025.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

13,087

12,569

7492661.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

5,458

5,338

7493488.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

3,923

3,744

7493584.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

697

666

7493697.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

5,267

4,678

7493814.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

26,739

26,032

7494567.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

4,504

3,830

7494667.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

26,722

26,388

7500308.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,003

758

7500332.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,083

1,057

7500402.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

11,976

11,672

7500859.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

2,078

2,032

7501008.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

3,972

1,420

7501192.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,421

1,308

7501281.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

8,293

8,105

7502011.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

980

965

7502042.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

3,224

3,160

7502165.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

6,211

6,168

7502684.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

683

679

7502810.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

6,425

6,339

7503000.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

5,999

5,717

7503147.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

3,969

3,887

7503466.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,181

1,167

7503521.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

8,042

7,847

7503865.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

943

374

7504027.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

4,058

3,691

7504105.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,010

994

7504169.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

3,402

3,312

7504276.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

7,429

7,207

7505700.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

12,324

11,835

7506294.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

497

446

7506333.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

591

389

7506378.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

1,927

1,893

7506448.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

7,391

7,067

7506796.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

6,570

5,846

7507080.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

23,898

23,156

7507904.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

4,207

3,846

7507982.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

1,727

1,700

7508014.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

4,893

4,816

7508519.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

1,708

791

7508579.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

24,289

20,163

7508848.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

241

225

7508908.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

16,800

16,192

7509291.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

1,679

1,375

7509314.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

1,395

1,247

7509337.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

7,510

7,444

7509746.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

1,029

91

7509762.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

4,628

4,525

7509888.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

4,316

4,287

7510205.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

8,194

7,873

7510363.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

13,926

13,573

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)

7510776.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

$

5,912

$

5,108

7510938.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

200

197

7510974.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

7,090

6,828

7511163.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

2,241

2,156

7511595.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

3,255

3,177

7511651.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

13,414

13,170

7511957.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

33,836

15,477

7512359.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

1,328

1,302

7512543.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

434

421

7512563.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

552

541

7512925.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

31,961

31,371

7514156.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

36,701

35,343

7514871.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

21,756

21,132

7515364.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

2,838

2,472

7515412.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

2,203

2,154

7515523.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

6,311

5,577

7515624.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

3,252

3,210

7515749.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

10,624

10,432

7516201.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

3,201

3,071

7516400.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

12,240

10,649

7516578.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

2,396

2,307

7516624.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

1,678

1,468

7516689.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

9,053

8,885

7516976.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

1,999

1,961

7517203.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

7,042

6,799

7517496.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

7,515

6,626

7517851.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

1,191

938

7517882.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

13,019

12,532

7518333.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

4,895

4,736

7518420.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

11,351

11,114

7518814.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

6,240

4,824

7519122.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

7,812

7,209

7519288.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

3,733

3,681

7519415.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

26,265

24,736

7519904.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

16,761

16,286

7522073.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

3,531

3,430

7522198.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

14,337

14,053

7523372.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

7,699

7,530

7524452.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

50,096

48,867

7525992.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

3,116

3,029

7526371.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

942

865

7526405.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

7,479

7,028

7526695.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

4,097

3,957

7526858.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

4,274

4,218

7527291.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

2,958

2,808

7527457.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

1,701

1,350

7527495.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

3,680

3,589

7527927.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

6,729

6,078

7528115.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

18,358

17,457

7528848.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

11,771

11,366

7529363.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

6,121

5,898

7529550.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

5,060

4,628

7529694.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

4,265

4,062

7529795.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

3,446

3,354

7529889.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

8,803

7,796

7530003.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

1,486

1,459

7530054.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

958

933

7530073.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

3,686

2,946

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7530134.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

$

3,805

$

3,645

7530208.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

4,758

4,644

7530311.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

969

961

7530363.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

945

923

7530538.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

5,711

5,441

7530623.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

3,820

3,753

7530748.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

10,274

9,876

7530913.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

1,252

1,224

7530940.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

1,322

487

7531063.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

5,146

5,003

7531188.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

1,132

1,100

7531218.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

400

384

7531240.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

1,844

963

7531544.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

919

896

7531625.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,800

1,762

7531797.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

694

674

7531841.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

7,778

6,649

7532175.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

9,506

9,321

7532901.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,055

991

7533028.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

10,378

10,253

7533601.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,114

1,068

7533614.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

2,211

2,152

7533796.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

754

730

7533832.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

2,841

2,771

7533947.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

4,866

4,673

7534053.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

2,539

1,994

7534142.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

17,119

16,728

7534642.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

3,827

3,788

7534898.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,297

1,256

7534950.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,094

1,071

7535079.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

6,922

6,742

7535209.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

4,407

4,207

7535457.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

329

321

7535471.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

6,240

6,073

7535638.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

3,725

3,642

7535706.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

5,533

5,082

7535771.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

12,789

12,137

7536198.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

4,661

4,446

7536316.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,876

1,833

7536558.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

4,919

4,789

7537473.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

2,764

2,287

7537561.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

3,080

2,673

7537696.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,524

1,403

7537888.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,038

869

7537945.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

5,467

4,799

7538057.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

836

819

7538075.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

2,377

2,143

7538139.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

2,326

1,976

7538225.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

21,106

20,431

7538687.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

3,246

3,077

7538804.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,054

998

7538960.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

5,681

5,470

7539106.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

8,704

8,456

7539273.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

2,122

2,036

7539381.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

5,052

4,872

7539593.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,065

591

7539605.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

3,141

2,995

7539707.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

5,649

666

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7539954.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

$

10,492

$

10,070

7540529.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

4,259

4,084

7540704.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

2,684

2,593

7540822.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

5,389

5,223

7541039.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

6,502

6,375

7541318.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

3,591

3,380

7541403.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

2,417

2,229

7541633.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

3,906

3,800

7541787.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

2,007

1,963

7541816.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

1,226

1,185

7542083.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

9,824

9,562

7542507.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

4,650

4,586

7542827.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

35,515

34,125

7546093.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

499

452

7546150.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

43,132

41,727

7548015.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

5,010

4,831

7548184.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

18,226

17,437

7548730.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

4,028

3,911

7548813.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

6,364

4,201

7548960.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

30,137

17,648

7549604.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

29,509

28,490

7550399.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

3,362

3,280

7550626.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

2,724

2,650

7550754.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

2,935

2,865

7550886.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

10,635

10,359

7551427.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

1,596

1,542

7551529.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

2,302

2,276

7551820.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

5,844

5,632

7552043.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

19,515

18,723

7552634.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

11,343

9,305

7552871.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

14,836

14,150

7553272.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

328

303

7553281.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

1,177

1,142

7553328.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

1,719

1,658

7553564.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

8,774

8,508

7553731.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

182

181

7554049.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

8,401

7,452

7554280.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

8,530

7,705

7554503.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

613

601

7554540.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

14,730

14,261

7554908.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

3,139

2,556

7554991.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

8,014

7,695

7555230.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

199

185

7555241.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

3,493

3,402

7555354.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

1,349

1,168

7555392.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

3,638

3,547

7555538.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

1,703

1,665

7555608.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

1,210

1,186

7556004.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

1,644

1,606

7556089.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

9,573

9,375

7556459.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

3,054

3,002

7556670.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

3,291

3,186

7556836.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

120

114

7556846.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

2,380

2,130

7556967.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,497

1,455

7557050.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

5,487

5,336

7557204.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

15,110

14,584

7559929.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

16,113

13,103

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7560316.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

$

8,578

$

8,185

7560714.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

3,588

3,269

7560827.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,238

999

7560908.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,706

1,655

7560989.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

2,132

2,093

7561084.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

11,956

9,290

7561365.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

8,668

8,500

7561913.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

5,639

5,514

7562161.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

10,424

10,176

7562735.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

9,223

9,013

7562968.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

11,715

11,525

7563692.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

3,605

3,437

7563965.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,957

1,876

7564071.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

11,120

9,417

7564228.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

19,317

18,848

7564822.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

938

892

7564854.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,547

1,414

7564905.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,505

1,406

7564966.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,190

1,148

7565015.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

930

842

7565048.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,480

1,445

7565129.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

3,071

2,975

7565344.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

2,696

2,477

7565397.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

13,828

12,156

7565726.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

2,448

2,387

7565789.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

5,354

5,194

7565959.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,586

1,572

7566126.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,974

1,906

7566244.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

354

296

7566256.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,324

1,284

7566494.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

6,519

6,266

7566716.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

3,278

2,374

7566782.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

8,314

5,670

7566884.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

2,878

2,738

7566952.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

10,676

8,589

7567130.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

6,182

5,922

7567206.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

31,450

30,251

7567934.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

2,297

2,234

7568123.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

6,581

6,389

7568291.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

2,852

2,506

7568365.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

4,167

4,062

7568497.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

2,234

1,941

7568551.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

10,981

10,660

7570942.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

15,848

14,939

7571410.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

535

525

7571462.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

1,768

1,757

7571573.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

3,017

2,946

7571608.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

1,762

1,695

7571635.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

7,183

1,884

7572492.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

6,314

5,319

7572648.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

7,562

7,300

7573103.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

3,840

3,783

7573216.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

3,908

3,769

7573307.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

679

668

7573345.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

599

586

7573382.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

2,213

2,133

7573399.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

2,783

2,708

7573674.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

11,190

9,756

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.

80

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7573835.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

$

2,828

$

2,796

7573919.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

36,514

34,974

7574758.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

4,226

4,093

7574849.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

1,031

406

7574854.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

1,472

1,353

7574871.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

2,307

2,251

7574981.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

4,174

3,265

7575053.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

3,161

3,098

7575187.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

1,501

1,434

7575279.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

549

540

7575416.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

1,622

1,310

7575454.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

1,901

1,709

7575552.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

2,900

2,792

7575667.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

748

702

7575710.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

887

853

7575770.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

2,493

2,272

7575980.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

3,266

3,187

7576125.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

26,715

24,067

7576761.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

4,034

3,907

7576839.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

55,366

46,383

7577642.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

540

529

7577672.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

10,517

10,091

7577879.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

11,105

10,937

7578229.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

3,803

3,657

7578336.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

875

834

7578838.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

9,754

5,957

7578995.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

2,558

2,515

7579091.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

4,198

3,823

7579196.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

1,682

1,624

7579230.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

9,425

9,149

7579458.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

2,724

2,644

7579527.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

20,588

17,066

7579966.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

817

788

7580002.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

878

857

7580077.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

845

754

7580105.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

2,709

2,588

7580167.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

990

962

7580692.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

10,762

10,380

7581601.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

11,099

10,744

7583034.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

1,846

1,685

7583167.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

4,159

4,032

7583337.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

4,968

4,586

7583607.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

626

605

7583634.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

9,366

7,360

7583783.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

1,195

1,160

7583811.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

3,316

2,823

7584361.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

3,698

3,659

7584765.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

10,103

9,344

7585159.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

385

372

7585190.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

12,455

11,675

7585646.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,998

260

7585675.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

351

349

7585778.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

1,815

126

7585808.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,130

2,032

7585847.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

3,244

3,048

7585960.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

9,811

9,284

7586174.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

3,408

2,589

7586600.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

3,449

3,224

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7586676.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

$

5,832

$

5,652

7586777.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,469

2,278

7586796.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

367

362

7586805.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

29,889

29,037

7587518.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,810

2,744

7587601.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

29,342

28,645

7588137.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,166

1,121

7588178.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

11,804

11,233

7588636.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

3,921

3,789

7588993.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,371

1,283

7589045.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,836

1,718

7589106.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

11,210

9,949

7589365.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

542

500

7589422.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

7,112

6,889

7590253.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

929

900

7590270.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,945

1,923

7590307.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

38,338

34,015

7590662.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

2,577

2,508

7590709.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

8,283

7,283

7590786.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,821

1,609

7590808.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

983

423

7590818.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

3,223

2,099

7590864.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

2,608

2,486

7593157.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

346

343

7593321.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

3,989

1,134

7593355.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

5,901

5,643

7593404.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

1,456

7

7593413.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

442

407

7593425.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

9,126

8,918

7593660.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

1,662

1,622

7593755.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

5,633

5,024

7593887.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

661

642

7593976.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

4,447

4,336

7594217.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

2,639

2,269

7594499.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

16,706

16,248

7595062.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

3,407

3,328

7595156.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

49,661

44,228

7595843.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

6,183

6,013

7596091.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

447

444

7596125.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

1,520

813

7596132.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

15,381

603

7596310.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

10,886

10,417

7596510.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

1,975

1,916

7596607.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

16,341

14,778

7597086.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

8,110

7,872

7597390.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

4,243

4,095

7597558.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

4,689

4,446

7597755.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

2,527

2,400

7597946.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

10,690

10,170

7598300.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

49,272

47,135

7599078.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

20,267

19,590

7599889.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

5,671

5,501

7599943.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

4,026

3,901

7600042.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

10,087

8,690

7600156.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

1,015

988

7600189.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

1,734

1,679

7600224.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

3,910

3,807

7600284.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

3,281

3,216

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)

7600364.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

$

1,517

$

1,498

7600408.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

2,567

2,459

7600455.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

4,053

3,947

7600522.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

4,292

4,166

7600620.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

4,675

4,457

7600673.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

10,031

9,671

7600890.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

3,306

3,235

7600963.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

4,304

91

7601018.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

6,549

6,424

7601149.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

5,123

5,033

7601324.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

2,444

2,051

7601361.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

3,771

3,646

7601522.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

5,343

5,222

7602145.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,270

1,239

7602169.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,297

1,245

7602291.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

26,123

16,083

7603372.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,545

1,509

7603488.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

4,539

4,427

7603633.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

10,061

9,375

7603874.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

3,679

3,626

7603998.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,068

1,030

7604166.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

5

5

7604214.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

2,699

2,583

7604274.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

821

762

7604303.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

896

841

7604328.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

306

297

7604356.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

4,380

2,118

7604490.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

3,880

3,780

7604540.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

3,104

3,039

7604677.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,395

1,054

7604748.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

977

918

7605855.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

993

950

7605951.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

3,702

2,641

7606346.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

497

344

7606367.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

9,632

9,412

7607120.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,071

3,903

7607281.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

5,362

2,767

7607443.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

18,713

18,032

7607760.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

6,787

6,603

7607900.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,721

4,513

7607988.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,416

4,364

7608176.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

2,764

2,640

7608378.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

16,637

16,072

7608779.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

1,664

1,582

7608808.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,150

4,079

7608878.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

19,212

7,114

7609970.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

4,029

3,907

7610241.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

13,094

12,004

7610531.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

4,695

4,535

7610672.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,441

927

7610836.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

17,576

16,458

7611074.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

5,113

5,080

7611475.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,401

1,374

7611521.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,761

1,695

7611542.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,593

1,553

7611682.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

7,184

7,008

7611808.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

5,301

4,062

7611882.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

3,520

3,431

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7611930.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

$

12,811

$

12,211

7612091.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

3,212

3,054

7612139.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

2,709

2,588

7612178.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

2,689

895

7612229.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

3,451

3,241

7612330.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

6,325

6,152

7614483.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,030

2,954

7614673.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

2,132

2,089

7614809.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,370

3,276

7614965.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,113

1,087

7615284.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,062

2,596

7615424.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

5,361

5,029

7615580.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,642

1,615

7615639.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

933

340

7615676.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

2,060

1,959

7615774.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,272

3,158

7615928.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

2,933

2,833

7615986.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

417

49

7616000.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,452

1,435

7616218.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,554

1,505

7616281.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

2,643

2,574

7616318.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

2,926

2,852

7616394.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

14,606

14,153

7616689.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

25,869

24,603

7617208.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

501

486

7617243.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

8,457

7,934

7617357.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

308

302

7617380.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

4,091

3,840

7617506.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

16,662

16,223

7617834.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

12,604

12,228

7618074.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,851

1,828

7618103.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

3,378

3,170

7618230.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,130

1,066

7618414.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,485

1,422

7618459.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

7,030

3,856

7618682.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

180

170

7618716.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

2,221

385

7618758.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,866

1,810

7618821.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

862

829

7618925.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,133

957

7618963.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

5,161

4,972

7619187.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

4,265

4,093

7619349.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,504

1,452

7619568.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

7,918

7,653

7619821.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

3,858

3,822

7620286.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

2,969

2,373

7620455.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

2,140

1,948

7620513.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

12,300

10,977

7620736.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

3,397

2,098

7620775.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,709

1,657

7620790.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

35,429

33,999

7621255.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

6,449

6,226

7621469.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

764

590

7621482.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

687

645

7621511.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

2,925

2,829

7621567.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

741

729

7621586.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,424

1,370

7621607.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,230

1,030

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7621636.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

$

845

$

779

7621644.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,611

1,567

7621662.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

3,740

3,592

7621728.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,006

920

7621744.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

3,488

3,238

7621792.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

2,127

1,964

7621824.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,095

917

7621850.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

3,810

3,724

7621909.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

3,058

2,973

7622010.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

4,837

4,528

7622087.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,898

1,849

7622130.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,280

1,223

7622152.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

1,747

1,632

7622338.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

4,101

4,007

7622452.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

1,695

1,667

7622540.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

1,897

1,668

7622568.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

2,474

2,181

7622606.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

4,629

4,390

7622698.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

6,103

5,923

7622855.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

1,530

1,498

7622967.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

1,731

1,630

7623000.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

849

809

7623305.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

3,411

3,261

7623486.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

1,071

922

7623635.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

25,751

24,529

7624451.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

7,016

6,628

7625674.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

3,239

3,126

7625779.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

1,370

1,319

7625930.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

5,269

5,075

7626135.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

2,727

2,673

7626246.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

7,733

6,811

7626473.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

656

638

7626517.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

1,120

1,068

7626547.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

28,286

26,867

7627357.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

15,969

15,490

7628012.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

671

655

7628032.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

1,494

1,458

7628124.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

4,979

4,816

7628218.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

4,814

4,749

7628360.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

3,827

3,712

7628436.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

12,806

12,354

7628763.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

13,325

12,689

7628960.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

1,654

1,576

7628978.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

22,561

21,653

7629364.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

3,655

3,540

7629468.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

444

428

7629601.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

11,650

10,480

7629927.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

359

351

7629951.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

2,215

2,150

7630036.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

8,542

8,289

7630264.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

3,686

3,507

7630310.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

2,423

2,377

7630413.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

1,460

1,378

7630437.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

5,214

5,090

7630727.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

943

817

7630761.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

5,672

5,455

7631043.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

8,678

8,291

7631309.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

1,868

1,795

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7631341.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

$

4,005

$

1,963

7631466.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

743

688

7631476.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

3,054

2,987

7631661.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

8,262

8,013

7632309.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

7,856

7,589

7632418.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

10,436

10,137

7632577.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

537

516

7632590.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

5,462

5,282

7632735.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

1,700

1,638

7632786.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

9,953

9,628

7633003.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

1,337

1,261

7633024.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

1,588

1,435

7633051.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

5,977

5,796

7633194.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

3,661

3,420

7633243.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

510

492

7633336.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

50,375

46,420

7635770.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

6,028

5,870

7635987.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

7,028

6,842

7636234.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

7,288

6,995

7636576.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

685

297

7636598.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

11,565

10,951

7637040.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

888

880

7637109.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

2,553

2,468

7637218.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

4,772

4,643

7637396.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

17,809

16,227

7637893.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,272

1,237

7637918.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

344

333

7637924.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

2,725

2,621

7637976.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,668

1,541

7638088.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

46,736

44,600

7639142.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

10,577

10,346

7639546.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

5,780

5,551

7639738.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

1,110

1,079

7640033.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

2,669

2,422

7640139.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

6,346

6,140

7640475.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

867

827

7640597.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,467

3,348

7640803.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

9,100

8,725

7641160.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

9,119

7,864

7641334.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,448

3,292

7641451.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,460

3,386

7641526.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

46,302

45,338

7642843.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

10,132

9,700

7643410.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,159

3,032

7643463.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,616

1,465

7643527.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

3,695

3,545

7643601.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

3,318

2,952

7643661.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

2,973

2,795

7643728.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

717

683

7643746.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,708

1,442

7643773.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

6,690

4,415

7644051.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

8,209

7,952

7644282.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

6,836

5,005

7644464.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

2,218

2,156

7644529.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,153

1,127

7644555.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,245

1,169

7644585.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

947

684

7644603.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,045

1,033

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7644653.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

$

11,832

$

11,455

7644916.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

17,621

17,198

7645578.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

3,615

3,541

7645742.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

1,188

902

7645837.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

3,392

3,295

7646187.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

2,689

2,642

7646393.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

1,261

1,233

7646434.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

4,893

4,707

7646577.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

17,459

14,621

7647423.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

6,587

6,368

7647604.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

765

170

7647610.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

1,196

1,164

7647640.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

5,613

3,945

7647771.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

9,549

8,559

7648029.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

1,264

1,228

7648074.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

5,601

4,960

7648334.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

1,068

1,023

7648382.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

5,078

4,892

7648497.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

6,257

6,066

7648714.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

11,574

10,784

7649087.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

12,368

9,128

7649633.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

838

742

7649660.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

5,651

5,470

7649954.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

8,800

7,863

7650285.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

3,497

3,262

7650417.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

1,455

1,362

7650544.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

592

344

7650571.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

373

255

7650602.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

17,565

16,692

7651364.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

7,439

7,210

7651638.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

7,513

7,222

7651981.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

7,784

7,221

7652270.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

4,968

4,802

7652433.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

33,294

31,131

7653462.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

1,554

1,531

7653541.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

5,439

5,252

7653704.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

909

849

7653745.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

11,959

11,688

7653897.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

32,904

31,853

7655526.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

8,691

8,388

7655618.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

460

444

7655626.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,983

4,807

7655822.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

1,932

1,843

7655878.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,322

4,114

7656031.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,073

3,878

7656108.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

3,948

3,884

7656279.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

28,990

23,288

7656835.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

12,335

8,613

7657031.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

551

497

7657073.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

7,264

6,950

7657210.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

3,066

2,948

7657303.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

3,205

3,107

7657387.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,672

4,415

7657535.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

13,801

13,124

7659758.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

8,970

8,605

7660334.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

6,279

6,142

7660551.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,292

2,198

7660650.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

6,210

6,060

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7661033.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

$

3,103

$

2,950

7661117.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

1,567

1,535

7661178.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

1,834

1,785

7661244.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,091

2,024

7661332.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

17,284

15,681

7661952.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

3,204

3,136

7662064.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,663

2,554

7662128.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

9,562

9,004

7662351.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

7,665

7,535

7662648.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

3,951

3,784

7662720.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

1,409

1,382

7662812.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

1,272

1,257

7662887.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,145

1,440

7662951.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,183

2,084

7663011.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

4,592

4,468

7663168.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

32,973

31,275

7663719.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

830

806

7663730.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

6,741

6,452

7663910.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

6,924

6,598

7664056.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

5,743

5,517

7664116.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,665

3,381

7664265.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,714

3,578

7664385.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

6,971

5,399

7664553.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

4,897

4,791

7664806.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

1,256

1,185

7664952.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

6,757

6,578

7665229.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

876

672

7665249.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

1,936

1,816

7665308.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,395

3,359

7665593.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

12,296

11,904

7666023.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,131

3,023

7666093.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

2,770

2,349

7666180.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

2,768

2,616

7666268.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

31,115

29,304

7666862.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

2,367

2,311

7666930.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

21,722

21,305

7667633.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,530

3,406

7667727.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

2,382

2,209

7667755.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

1,660

907

7667780.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

2,811

2,614

7667844.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

1,918

1,686

7667871.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

138

136

7667970.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

1,919

1,805

7668006.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

1,353

654

7668021.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

3,504

3,427

7668197.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

643

622

7668218.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

7,391

6,572

7668587.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

823

811

7668638.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

1,296

1,277

7668700.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

1,899

1,656

7668756.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

2,594

2,200

7668805.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

7,050

6,854

7669006.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

1,481

1,252

7669032.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

1,653

1,608

7669106.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

1,643

1,585

7669149.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

984

959

7669190.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

595

583

7669222.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

1,496

1,427

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.

84

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7669274.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

$

2,284

$

2,206

7669335.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

7,207

6,931

7669479.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

5,174

4,790

7669597.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

11,097

10,689

7670325.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

1,732

1,682

7670432.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

690

675

7670565.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

4,213

4,029

7670835.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

6,415

6,159

7671146.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

19,918

17,626

7671674.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

6,960

6,764

7671877.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

6,097

5,904

7672063.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

1,125

1,023

7672082.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

6,063

5,937

7672283.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

17,420

17,076

7672965.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

3,196

3,118

7673043.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

1,927

1,807

7673560.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

2,032

633

7673595.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

6,992

6,844

7673962.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

8,078

7,776

7674174.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,511

1,312

7674236.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

4,511

4,404

7674435.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

875

824

7674465.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

13,236

12,978

7675084.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

3,097

3,018

7675227.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

33,955

32,350

7675858.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

13,134

12,660

7676242.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

12,778

12,339

7676659.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

4,401

4,262

7676761.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

3,321

3,218

7676834.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,451

1,367

7676891.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

3,075

2,993

7676971.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

29,149

27,859

7677328.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

15,913

15,348

7677953.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

915

871

7678020.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

6,279

4,466

7678212.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

1,115

1,103

7678325.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

5,632

5,480

7678476.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

1,206

1,192

7678551.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

30,089

29,156

7679023.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

466

459

7679039.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

1,276

1,240

7679072.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

623

609

7679109.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

705

686

7679132.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

9,238

8,761

7679301.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

3,928

3,830

7679386.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

4,537

4,426

7679500.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

9,422

9,079

7679735.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

740

707

7679824.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

1,787

1,722

7679904.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

264

254

7679932.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

20,726

13,695

7680177.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

721

706

7680242.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

16,681

6,653

7682349.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

12,536

12,353

7683137.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

4,344

4,207

7683330.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

798

481

7683362.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

347

344

7683420.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

14,614

14,128

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7683918.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

$

2,271

$

2,192

7683968.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

8,724

8,430

7684077.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

1,611

1,575

7684114.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

4,598

4,351

7684208.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

1,004

947

7684244.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

23,715

21,898

7684714.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

1,380

1,331

7684768.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

48,378

46,328

7685756.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

2,184

2,122

7685832.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

3,686

3,573

7685965.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

2,250

2,163

7686011.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

25,506

24,949

7686046.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

2,873

2,752

7686225.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

1,808

1,757

7686363.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

8,416

8,136

7686699.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

4,665

4,455

7687046.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

9,099

8,403

7687478.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

45,259

43,784

7688769.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

4,255

4,164

7688969.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

12,578

12,171

7689288.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

2,622

2,434

7689360.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

1,646

457

7689383.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

197

194

7689406.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

4,436

4,277

7689528.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

1,015

992

7689554.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

2,494

2,415

7689594.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

6,686

6,515

7689723.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

5,280

653

7689823.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

2,696

2,598

7689881.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

15,807

15,007

7690173.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

3,579

2,977

7690244.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

1,300

1,270

7690284.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

554

535

7690305.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

3,467

3,326

7690350.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

260

252

7690365.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

14,950

12,748

7690576.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

4,256

4,038

7690639.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

285

280

7690708.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

13,381

13,063

7691188.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

18,949

16,645

7691820.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

12,476

11,972

7692257.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

3,256

2,652

7692327.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

2,276

2,194

7692413.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

3,211

2,483

7692497.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

1,663

1,591

7692514.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

7,308

6,553

7692644.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

12,246

11,718

7692901.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

36,592

32,201

7693481.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

1,612

1,595

7693629.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

22,546

22,171

7694203.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

1,390

1,345

7694251.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

29,286

27,907

7694579.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

1,347

1,204

7694647.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

1,718

1,680

7694877.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

6,957

6,345

7695167.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

9,600

9,351

7695580.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

25,000

24,104

7696246.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

43,042

41,186

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7697053.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

$

3,499

$

2,944

7697100.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

36,478

35,185

7697586.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

3,298

3,153

7697760.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

13,140

11,069

7698114.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

7,046

6,801

7698469.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

3,650

3,497

7698543.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

303

296

7698550.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

10,851

10,524

7698851.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

4,767

4,652

7698956.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

38,245

36,413

7699571.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

4,366

4,247

7699678.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

60,103

50,625

7701604.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

19,103

18,355

7702770.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

10,225

10,104

7703272.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

3,504

3,418

7703342.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

4,321

3,590

7703447.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

5,857

5,227

7703659.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

116

115

7703690.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

2,963

2,691

7703768.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

6,730

6,085

7703931.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

4,154

3,432

7704025.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

3,648

3,492

7704108.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

22,815

22,278

7704446.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

23,407

22,605

7705636.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

955

653

7705658.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

5,725

5,442

7706046.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

20,034

19,481

7706641.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

4,290

4,230

7706760.SQ.FTS.B

,

Zero

Cpn

,

10/20/25

..

622

613

7706800.SQ.FTS.B

,

Zero

Cpn

,

10/20/25

..

31,136

25,215

7707236.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

1,185

842

7707263.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

11,690

5,690

7707433.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

659

627

7707465.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

2,632

2,588

7707523.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

6,636

6,168

7707639.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

2,070

1,935

7707699.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

2,952

2,902

7708047.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

403

380

7708335.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

2,916

2,863

7708527.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

1,285

1,268

7708559.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

8,818

8,614

7708698.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

15,668

15,078

7708913.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

2,472

2,399

7708954.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

1,307

1,226

7708968.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

3,493

3,409

7709065.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

8,949

8,677

7709339.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

992

880

7709358.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

8,774

7,785

7709659.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

29,057

27,752

7709732.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

4,827

2,316

7709871.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

7,012

6,807

7710153.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

4,064

3,753

7710290.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

6,177

6,107

7710649.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

223

218

7710660.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

5,307

5,153

7710838.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

616

598

7710864.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

18,129

17,131

7712558.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

1,293

1,257

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7712804.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

$

6,145

$

5,999

7713605.SQ.FTS.B

,

Zero

Cpn

,

10/24/25

..

3,970

3,203

7716286.SQ.FTS.B

,

Zero

Cpn

,

10/24/25

..

8,356

8,105

7721341.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

4,900

3,882

7721658.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

18,192

17,168

7722216.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,017

2,977

7722327.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,483

3,102

7722377.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,509

1,406

7722407.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,486

1,431

7722451.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

34,442

27,641

7722939.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

4,013

3,822

7723018.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

2,941

2,869

7723060.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

7,540

6,846

7723151.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,614

1,489

7723191.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,667

1,297

7723215.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,039

1,002

7723243.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

6,547

6,392

7723359.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,097

2,995

7723453.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

4,363

4,145

7723529.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

241

239

7723554.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

7,281

5,717

7723645.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

6,641

6,421

7723735.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

7,544

7,218

7723818.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

806

796

7723857.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

900

230

7723871.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

46,304

42,777

7724732.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,184

3,934

7724859.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,995

5,370

7724975.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

7,739

7,491

7725121.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

982

830

7725135.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,243

2,177

7725188.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

8,957

8,525

7725405.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,976

4,643

7725475.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,021

966

7725502.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

766

747

7725539.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

878

859

7725551.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

15,603

12,129

7725788.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

10,893

9,117

7725971.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,655

2,148

7726054.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,059

643

7726083.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

928

858

7726120.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,705

3,524

7726549.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

9,041

8,713

7726661.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

6,583

6,386

7726761.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,530

1,493

7726791.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,856

2,658

7726829.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,314

1,279

7726860.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,574

2,474

7726899.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,110

1,063

7726919.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,332

3,173

7727004.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,770

5,445

7727081.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

924

856

7727098.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

8,020

7,692

7727314.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

7,750

7,533

7727480.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

18,853

16,536

7728006.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

606

599

7728035.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

21,855

21,128

7728384.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,742

2,716

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7728496.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

$

428

$

414

7728508.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

6,449

5,876

7728592.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,400

4,119

7728653.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,876

1,701

7728688.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

25,501

23,300

7729101.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,272

1,222

7729120.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

160

158

7729127.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,076

4,008

7729214.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,684

1,538

7729313.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,023

1,799

7729339.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,030

1,745

7729363.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

12,842

11,518

7729519.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,414

1,198

7729585.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,672

1,595

7729611.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

9,942

9,071

7729708.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,857

1,759

7729745.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,180

2,936

7729833.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

493

484

7729867.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

7,767

6,990

7729980.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,319

1,232

7729995.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

11,037

10,597

7730144.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,086

1,047

7730170.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,266

4,088

7730235.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

8,118

7,848

7730370.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

29,120

28,222

7730548.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

2,086

1,979

7730584.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

5,605

5,378

7730639.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

2,496

2,419

7730662.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

3,295

3,145

7730686.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

671

648

7730699.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

1,034

1,014

7730736.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

1,921

1,742

7730750.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

41,400

40,468

7733070.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

4,109

3,920

7733199.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

6,568

6,326

7733690.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

3,346

3,228

7733816.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,590

689

7733869.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

27,195

26,219

7736276.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

3,065

2,954

7736401.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,588

735

7736449.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,059

718

7736486.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,678

1,568

7736522.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

2,913

2,806

7736769.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

2,773

2,707

7736833.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

12,460

10,189

7737408.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

3,564

3,451

7737594.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

2,520

2,346

7737788.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

2,665

2,451

7738059.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

7,143

6,676

7738264.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

3,388

2,765

7738354.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

56,723

53,228

7740168.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

5,816

5,621

7740354.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

2,411

2,263

7740420.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

6,346

6,123

7740625.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

6,828

6,531

7740805.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

1,927

1,747

7740890.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

2,991

2,875

7741044.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

3,894

3,706

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7741105.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

$

2,262

$

2,134

7741158.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

1,606

1,322

7741182.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

4,138

4,022

7741295.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

3,709

2,763

7741355.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

28,659

27,152

7741956.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

23,138

22,193

7742470.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

4,230

4,081

7742610.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

524

457

7742637.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

5,179

3,272

7742672.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

872

845

7742729.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

7,424

7,175

7743007.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

5,622

5,420

7743177.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

14,919

13,831

7743718.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

12,193

11,724

7744135.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

34,185

32,808

7745098.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

12,990

12,369

7745293.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

1,297

1,197

7745323.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

615

597

7745347.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,099

1,946

7745388.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

4,492

4,294

7745464.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

9,687

9,265

7745686.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

13,614

12,554

7745917.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

11,661

11,241

7746156.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

4,694

4,484

7746271.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

3,344

3,212

7746353.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

1,120

1,053

7746389.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

12,910

11,917

7746620.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

1,838

1,726

7746640.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,559

2,144

7746681.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,584

2,482

7749213.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

1,960

1,716

7749370.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

5,031

4,843

7749545.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

2,209

2,108

7749662.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,930

3,763

7750009.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

9,198

8,882

7750529.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

4,082

3,866

7750657.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

8,579

8,219

7750847.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,856

3,706

7750975.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

2,898

2,799

7751057.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

1,702

1,630

7751116.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

780

736

7751149.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

2,142

1,921

7751202.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

5,223

5,024

7751348.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

4,562

4,133

7751468.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

6,560

6,385

7751628.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

47,994

44,795

7752414.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

971

879

7752431.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

23,922

22,738

7752857.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

7,048

6,593

7753005.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

19,157

18,096

7753500.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

5,186

4,875

7753708.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

870

698

7753723.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

5,202

4,588

7753880.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

6,263

5,998

7754188.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

5,011

4,582

7754457.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

19,245

18,437

7754915.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

3,959

3,824

7754983.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

4,303

4,118

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7755082.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

$

6,070

$

5,596

7755296.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

2,813

2,563

7755376.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

57,061

48,202

7756459.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

34,340

33,294

7757548.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

1,346

1,256

7757597.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

5,360

5,113

7757738.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

8,831

8,471

7758010.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

2,389

2,294

7758085.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

6,308

6,044

7758233.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

3,321

3,026

7758320.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

10,096

9,688

7758588.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

682

508

7758603.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

9,245

8,959

7758898.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

2,584

1,985

7758987.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

6,622

6,304

7759155.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

1,505

1,423

7759203.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

1,497

1,436

7759285.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

4,861

4,450

7759390.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

459

438

7759395.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

2,947

2,734

7759517.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

5,915

5,677

7759674.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

3,535

3,360

7759786.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

3,210

3,072

7760116.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

20,454

19,519

7761030.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

8,910

8,552

7761883.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

1,880

1,801

7761917.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

4,615

4,384

7762026.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

13,565

12,954

7762403.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

618

513

7762412.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

16,593

15,667

7762756.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

1,490

1,443

7762809.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

26,288

25,098

7763832.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

4,782

4,587

7764341.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

1,004

972

7764401.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

8,344

7,859

7764704.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

441

427

7764731.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

8,907

8,451

7764994.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

6,066

5,786

7765288.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

25,429

22,380

7765928.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

8,660

8,229

7766084.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

2,878

2,761

7766132.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

13,274

12,621

7766378.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

4,921

4,554

7766482.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

14,578

14,079

7766859.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

7,715

7,398

7767028.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

2,329

2,260

7767084.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

7,539

7,098

7767244.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

1,768

1,700

7767303.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

5,894

5,435

7767426.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

2,030

931

7767493.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

3,768

3,620

7767625.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

5,648

5,366

7767768.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

10,288

9,397

7767967.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

15,677

15,061

7768023.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

3,994

3,514

7768119.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

7,391

6,757

7768257.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

14,037

13,442

7768772.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

26,997

25,822

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7769585.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

$

23,786

$

22,825

7770236.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

3,616

3,488

7770331.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

3,189

3,061

7770375.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

6,245

6,005

7770493.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

7,464

7,168

7770616.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

9,684

9,010

7770795.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

2,936

2,790

7770825.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

14,846

14,328

7771118.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

13,005

12,000

7771294.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

1,951

1,857

7771331.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

2,230

2,068

7771380.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

7,097

5,830

7771470.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

5,665

4,572

7773802.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

4,991

4,776

7773938.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

28,072

26,972

7774857.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

6,591

5,780

7775082.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,558

1,065

7775162.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

7,067

6,461

7775404.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,817

1,736

7775502.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

10,114

9,702

7775734.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

6,173

5,932

7775864.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

2,427

1,488

7775895.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,252

1,203

7775920.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

3,799

3,621

7776001.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

14,897

14,153

7776286.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

40,817

38,076

7777130.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

6,909

3,312

7777276.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

12,966

12,431

7777602.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

4,217

3,828

7777802.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

8,291

7,302

7777980.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

4,106

3,974

7778143.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

1,767

1,714

7778235.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

10,366

9,859

7778609.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

9,731

7,910

7779023.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

9,510

9,093

7779305.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

33,736

27,717

7779799.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

8,703

8,111

7780015.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

12,204

11,625

7780294.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

4,146

3,660

7780399.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

8,467

7,978

7780582.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

1,743

1,605

7780603.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

7,571

7,268

7780689.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

5,019

4,804

7780784.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

4,537

4,261

7780941.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

5,867

5,566

7781152.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

10,708

10,168

7781316.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

3,190

3,064

7781366.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

11,627

8,655

7781489.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

3,125

2,297

7781532.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

3,752

3,521

7781571.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

31,883

30,499

7781644.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

6,310

6,056

7781764.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

2,514

2,423

7781827.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,447

1,372

7781853.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,705

1,603

7781897.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

5,293

5,063

7781988.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,927

1,743

7782030.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

2,597

2,485

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7782090.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

$

7,230

$

6,923

7782281.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

2,788

1,347

7782322.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,840

1,702

7782362.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

197

191

7782369.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

15,016

14,082

7782728.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

16,010

12,451

7783055.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

2,898

2,792

7783136.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

5,840

5,604

7783288.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

3,961

3,765

7783413.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

19,920

19,159

7784162.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

975

921

7784233.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

24,947

23,696

7785541.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,055

3,393

7785624.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

22,776

21,984

7786454.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,613

4,427

7786619.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,392

2,197

7786749.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

6,211

5,940

7786914.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

1,872

1,768

7786961.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

14,449

13,884

7787346.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

6,462

6,275

7787534.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,930

4,693

7787628.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

767

731

7787653.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

565

478

7787680.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

1,885

1,720

7787720.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

913

878

7787828.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

15,738

14,714

7788283.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,367

1,240

7788335.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,749

1,673

7788373.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,930

1,851

7788398.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,525

3,242

7788501.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,419

1,355

7788537.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,291

2,977

7788698.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

5,014

4,615

7788925.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

715

691

7789035.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

878

843

7789078.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,204

2,725

7789413.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

12,913

12,141

7789741.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

2,030

1,936

7789785.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

15,310

12,707

7790074.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

7,361

7,012

7790216.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

13,085

11,185

7790447.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

2,460

2,316

7790482.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,673

3,529

7790551.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

601

572

7790572.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,113

2,866

7790588.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,169

1,104

7790606.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,229

1,165

7790611.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

2,153

2,046

7790637.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

4,232

3,851

7790688.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

2,500

2,405

7790719.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

18,547

17,329

7790899.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

27,145

26,148

7791218.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

4,160

3,992

7791283.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

4,462

4,270

7791367.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,930

3,747

7791450.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

906

837

7791472.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

824

773

7791489.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

11,772

11,217

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7792563.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

$

14,265

$

13,349

7792991.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

4,980

4,778

7793222.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

8,956

8,598

7793414.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,945

3,769

7793478.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

7,137

6,825

7793619.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

7,822

7,572

7793748.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

1,558

1,473

7793776.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

2,719

2,612

7793801.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

56,457

53,721

7794988.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,180

2,782

7795060.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

994

911

7795074.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

10,647

9,751

7797027.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

11,776

10,003

7797336.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

25,469

24,173

7798084.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

17,531

16,756

7798391.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

3,000

2,646

7798442.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

2,633

2,528

7798489.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

38,467

36,333

7799199.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

5,468

5,227

7799266.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

13,521

12,811

7799705.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

5,064

4,671

7799914.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

13,464

12,048

7800202.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

10,496

8,952

7800651.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

12,897

12,452

7800855.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

9,672

9,206

7801003.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

5,555

5,224

7801213.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

1,855

1,739

7801290.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

8,788

8,399

7801628.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

1,394

1,287

7801676.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

25,548

24,422

7802236.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

3,719

3,532

7802297.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

19,306

17,654

7802711.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

4,956

4,790

7802847.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

6,296

6,060

7802938.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

4,656

4,464

7803043.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

14,231

13,523

7803396.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

4,878

4,644

7803499.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

282

272

7803531.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

4,197

4,011

7803580.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

49,762

47,583

7803963.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

7,456

7,103

7804079.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

2,791

2,603

7804119.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

10,423

9,703

7804292.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

28,110

26,443

7804767.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

1,662

1,569

7804801.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

17,812

10,863

7805006.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

3,599

3,394

7805062.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

2,755

2,633

7805105.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

6,639

5,894

7805193.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

24,584

22,560

7805532.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

5,555

5,214

7805778.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,336

1,282

7805819.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

6,255

5,957

7806145.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,684

1,181

7806254.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

6,165

5,643

7806613.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,042

1,930

7806681.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,764

2,613

7806813.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

6,366

6,130

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7807000.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

$

2,178

$

1,986

7807193.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,069

1,949

7807251.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

5,411

5,084

7807399.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

3,735

3,459

7807492.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

5,056

4,831

7807568.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

11,300

6,187

7807761.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

4,607

4,402

7807859.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,080

1,947

7807891.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

56,053

51,824

7808915.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

11,839

10,837

7809178.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,294

1,239

7809224.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

7,726

7,080

7809529.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

7,480

7,207

7810113.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

1,849

1,798

7810517.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

736

701

7810559.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

4,124

3,643

7810661.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

11,114

10,728

7811180.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

4,308

4,069

7811277.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

5,846

5,602

7811381.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

9,116

7,783

7811613.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

2,346

1,385

7811669.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

5,294

5,111

7811831.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

7,287

7,034

7811989.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

543

440

7812005.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

840

654

7812032.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

3,089

2,943

7812133.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

2,582

2,470

7812210.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

17,660

16,842

7812609.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

15,806

15,028

7812847.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

1,001

910

7812863.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

11,750

11,160

7813084.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

27,429

26,121

7813267.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

751

705

7813348.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

7,150

6,831

7813604.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

26,463

25,064

7814712.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

7,567

7,262

7814928.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

13,451

12,708

7815211.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

25,880

24,923

7815748.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

1,351

1,296

7815779.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

5,908

5,566

7815881.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

6,842

6,562

7816062.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

17,725

16,230

7816313.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

2,849

2,708

7816346.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

7,054

6,758

7816500.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

4,981

2,435

7816608.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

3,611

2,885

7816657.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

34,936

33,004

7821094.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

4,236

4,067

7821229.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

15,163

13,893

7821545.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

6,511

5,908

7821733.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

22,160

21,191

7822550.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

1,018

922

7822581.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

689

661

7822620.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

921

824

7822641.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

2,217

2,017

7822709.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

2,957

2,852

7822986.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

47,243

45,472

7823822.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

285

275

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7824128.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

$

7,862

$

7,517

7824300.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

9,468

8,859

7824492.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

919

866

7824520.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

1,376

1,283

7824557.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

74,997

71,816

7825434.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

5,865

5,157

7825597.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,037

2,157

7825664.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,218

2,114

7825732.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

1,555

1,467

7825753.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,183

2,067

7825801.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

8,102

7,731

7825957.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

7,536

6,912

7826090.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

8,506

7,300

7826231.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

1,965

1,808

7826265.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

4,142

3,761

7826405.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,732

3,551

7826584.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

4,735

1,939

7826809.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

6,324

6,034

7826919.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

8,302

7,862

7827147.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

4,540

4,185

7827287.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,636

3,460

7827375.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,481

1,610

7827451.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

16,846

16,032

7827852.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

6,999

6,777

7828089.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,296

3,202

7828256.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

5,756

5,506

7828403.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

9,992

9,512

7828584.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,384

2,293

7828659.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

4,900

4,055

7828799.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,744

2,544

7828872.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

13,077

12,372

7829280.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,468

2,377

7829323.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

2,917

2,767

7829413.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

2,215

2,130

7829456.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

4,313

2,623

7829547.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

12,288

11,734

7829786.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

12,418

11,779

7830057.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

2,177

2,043

7830149.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

5,907

5,661

7830288.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

24,495

22,776

7830987.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

814

735

7831008.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

2,039

1,904

7831043.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

35,127

33,370

7831985.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

2,320

2,204

7832019.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

1,359

768

7832046.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

2,011

1,844

7832097.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

4,378

4,152

7832167.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

42,189

40,121

7833584.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

20,967

19,894

7834321.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

12,977

12,146

7834639.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

5,608

5,403

7834882.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

22,819

21,875

7835568.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

11,343

10,795

7835805.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

2,185

2,092

7835872.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

19,580

16,908

7836366.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

16,679

15,572

7836632.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

5,334

5,027

7836710.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

3,627

3,449

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7836809.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

$

3,639

$

3,350

7836917.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

938

896

7836937.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

8,614

8,172

7837221.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

39,406

36,327

7838178.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

699

623

7838369.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

1,956

1,881

7838403.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

2,404

2,261

7838425.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

11,788

11,066

7838604.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

3,557

3,389

7838671.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

1,821

1,703

7838689.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

50,489

41,780

7839369.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

2,664

2,542

7839418.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

317

306

7839423.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

17,474

16,633

7839709.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

1,876

1,575

7839740.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

2,165

2,074

7839773.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

16,836

16,091

7840042.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

1,825

1,275

7840060.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

7,551

6,947

7842353.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

6,199

5,955

7842544.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,938

2,824

7842602.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

9,337

8,788

7842809.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

716

675

7842830.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,465

4,247

7842907.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

592

486

7842933.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

9,240

8,833

7843231.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

21,519

20,637

7843944.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,297

4,119

7844035.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

357

346

7844065.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

15,831

15,027

7844495.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

7,287

6,970

7844665.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

6,629

6,344

7844795.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,103

1,067

7844828.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

7,943

6,743

7844988.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,924

2,802

7845051.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

76,633

73,388

7846326.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

12,730

12,140

7846511.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

12,261

11,619

7846525.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,996

2,786

7846643.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

11,982

11,483

7846983.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,136

2,023

7847052.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

11,304

10,803

7847450.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,410

1,330

7847473.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

25,424

24,166

7848246.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

896

851

7848275.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,642

4,456

7848339.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,440

2,323

7848375.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

14,941

14,215

7848645.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

7,305

7,016

7848752.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

8,278

7,974

7848851.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

908

788

7848873.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

937

818

7848896.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,781

1,730

7848970.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,522

4,285

7849083.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

77,611

67,115

7850177.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,452

3,275

7850294.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

873

777

7850320.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,766

1,699

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7850414.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

$

909

$

850

7850456.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

1,515

1,380

7850480.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

3,546

3,358

7850543.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

2,408

2,254

7850583.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

25,926

24,371

7850990.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

10,941

10,451

7851139.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

2,914

2,789

7851179.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

4,256

3,957

7851245.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

493

469

7851253.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

960

924

7851273.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

23,323

22,269

7851656.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

1,519

1,362

7851686.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

7,096

6,703

7851807.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

7,947

7,674

7851973.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

945

871

7851995.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

7,700

7,331

7852149.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

4,935

4,713

7852271.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

1,043

953

7852294.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

15,257

14,202

7852856.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,878

2,750

7852973.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,133

2,068

7853249.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

1,561

1,504

7853359.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

3,541

3,386

7853534.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,888

2,769

7853646.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

50,487

47,615

7854548.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

4,042

3,865

7854629.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

17,746

15,842

7854917.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

58,772

56,224

7856319.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,006

1,920

7856395.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

918

889

7856445.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

15,247

14,504

7856667.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

5,004

4,764

7856844.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

3,055

2,867

7856900.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

9,728

9,259

7857130.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,465

1,402

7857160.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,458

1,378

7857244.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

30,762

29,315

7858107.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

3,639

3,468

7858166.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

11,044

10,444

7858474.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

8,164

7,735

7858654.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

26,716

25,637

7859130.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

7,119

6,815

7859211.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

2,297

2,197

7859237.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

5,673

5,435

7859357.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

11,887

11,390

7859518.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

2,619

2,522

7859573.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

27,244

26,160

7860080.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

8,923

8,549

7860273.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

4,193

3,985

7860342.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

6,553

6,251

7860498.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

480

461

7860520.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

814

744

7860566.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

2,471

2,330

7860603.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

3,530

2,856

7860683.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

1,654

1,477

7860764.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

13,877

13,017

7861082.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

815

752

7861101.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

10,689

10,096

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7861293.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

$

14,121

$

13,522

7861729.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

3,797

3,619

7861808.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

1,915

1,815

7861838.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

43,141

41,304

7862527.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

9,027

8,649

7862649.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

31,405

30,228

7863141.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

2,291

2,045

7863179.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

688

662

7863191.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

4,152

3,955

7863225.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

6,419

6,086

7863344.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

1,905

1,772

7863392.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

25,283

23,306

7863709.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

2,944

2,563

7863751.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

1,351

1,278

7863771.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

3,403

3,131

7863840.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

1,229

1,192

7863894.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

6,274

5,969

7864075.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

2,720

2,591

7864127.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

21,077

20,042

7866420.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

4,826

4,169

7866530.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

754

729

7866547.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

6,252

6,000

7866692.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

4,312

4,089

7866803.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

23,907

22,039

7867439.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

30,208

28,874

7868157.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

9,356

6,790

7868265.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

9,378

8,727

7868430.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

5,416

5,125

7868506.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

1,919

1,771

7868524.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

11,709

11,081

7868727.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

5,688

5,423

7868834.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

3,378

3,261

7868920.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

1,920

1,817

7868980.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

1,099

1,031

7869066.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

1,629

1,415

7869107.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

3,411

3,255

7869166.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

806

764

7869191.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

5,483

5,240

7869279.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

617

584

7869294.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

3,784

3,620

7869347.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

4,045

3,718

7869425.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

2,027

1,783

7869449.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

5,263

5,004

7869522.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

9,609

9,143

7869645.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

28,075

27,110

7870287.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,154

1,053

7870343.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

2,141

2,054

7870377.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

10,397

9,929

7870583.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

9,449

8,996

7870837.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

23,301

21,979

7871556.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

15,620

14,907

7871915.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

7,141

6,772

7872068.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

92,079

87,229

7873308.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,849

1,664

7873357.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

9,368

8,866

7873479.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,193

1,090

7873523.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

47,766

45,659

7873942.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

871

832

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7873983.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

$

1,089

$

1,032

7874044.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

9,103

7,969

7874157.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

5,090

4,695

7874211.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

910

828

7874225.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

8,913

8,220

7874324.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

8,162

7,765

7874444.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

2,315

2,173

7874482.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

26,985

25,711

7874823.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

2,237

2,123

7874858.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

5,821

5,548

7874931.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

6,460

6,132

7875013.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

3,149

3,042

7875074.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

6,706

6,447

7875192.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

12,763

12,126

7875342.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

15,432

14,786

7875615.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

13,908

13,198

7875793.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

1,553

1,467

7875826.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

26,662

25,255

7876689.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

6,834

6,404

7876887.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

39,343

37,547

7877672.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

711

674

7877689.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

5,698

5,302

7877777.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

6,046

5,679

7877874.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

19,612

18,751

7878236.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

920

878

7878256.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

2,783

2,636

7878318.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

23,512

21,678

7878736.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

13,943

13,321

7878970.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

25,633

24,460

7879492.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

7,840

7,498

7879821.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

23,524

22,385

7880555.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

3,102

2,964

7880710.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

5,872

5,284

7880884.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,674

2,563

7880946.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

5,828

5,569

7881091.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,972

1,883

7881129.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

4,432

4,206

7881236.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,253

2,173

7881287.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

5,187

5,003

7881395.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

20,509

19,175

7881673.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

3,312

3,175

7881726.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,755

1,635

7881745.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,726

2,412

7881786.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

6,260

5,981

7881933.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

3,859

3,653

7881969.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,185

2,112

7882010.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,909

2,775

7882055.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,408

1,361

7882095.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

5,594

4,612

7882143.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

29,044

27,723

7882477.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

4,115

3,922

7882517.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

3,325

3,174

7882586.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,242

2,111

7882623.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,855

1,774

7882679.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

8,721

8,289

7882803.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

9,118

8,810

7883010.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

9,147

8,667

7883172.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

16,453

15,665

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7883436.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

$

2,658

$

2,546

7883541.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

21,729

20,312

7884000.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

18,938

18,093

7884554.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

339

324

7884561.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

445

424

7884579.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

2,030

1,922

7884621.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

3,458

3,274

7884719.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

5,064

4,818

7884810.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

1,118

1,058

7884842.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

3,490

3,311

7884895.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

6,739

6,437

7885002.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

4,935

4,712

7885118.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

5,780

5,518

7885251.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

15,801

10,962

7885476.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

13,871

12,997

7885691.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

2,046

1,937

7885722.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

1,187

1,095

7885748.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

82,201

78,550

7889231.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

13,005

12,151

7889618.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

6,910

6,230

7889784.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

4,269

3,999

7889924.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

2,703

2,562

7890018.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

14,215

13,367

7890486.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

8,390

8,089

7890802.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

2,382

2,274

7890869.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

16,403

15,511

7891139.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

9,576

9,150

7891273.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

34,416

32,827

7891840.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

3,338

3,077

7891927.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

1,180

822

7891930.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

1,104

1,065

7891937.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

85,017

80,089

7893069.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

8,150

7,706

7893383.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

3,360

3,203

7893510.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

17,187

16,368

7894105.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

32,232

30,742

7894837.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

85,485

81,629

7896021.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

14,505

13,838

7896256.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

7,780

7,443

7896415.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

982

946

7896426.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

4,766

4,467

7896475.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

2,016

1,943

7896532.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

12,610

11,970

7898685.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

12,818

12,106

7898837.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

4,520

4,309

7898887.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

6,543

6,126

7898972.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

20,086

18,551

7899187.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

843

802

7899199.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

22,722

21,811

7899617.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

12,877

12,281

7899760.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

1,962

1,672

7899783.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

5,657

5,392

7899837.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

5,975

4,223

7899916.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

12,813

11,208

7900047.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

4,233

4,004

7900097.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

6,803

6,499

7900188.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

10,597

10,137

7900343.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

13,030

12,492

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7900527.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

$

22,264

$

21,212

7900911.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,964

1,891

7901004.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

4,577

4,330

7901165.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

638

614

7901201.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

3,474

3,318

7901308.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,638

1,587

7901423.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

8,479

8,067

7901578.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

2,844

2,718

7901622.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,823

1,739

7901658.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

7,320

6,924

7901794.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

4,994

4,758

7901904.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,862

1,790

7901953.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,343

1,298

7902004.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

8,371

7,979

7902100.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

21,266

20,320

7902446.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

47,701

45,066

7902988.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,877

1,789

7903013.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

3,325

3,122

7903036.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

7,624

7,260

7903101.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

7,218

6,883

7903181.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

13,030

12,357

7903379.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

12,442

11,899

7903499.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

22,604

21,609

7904013.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,938

1,852

7904061.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

4,037

3,841

7904101.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

7,296

6,866

7904230.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

10,335

9,866

7904278.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,507

1,444

7904350.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,724

1,615

7904369.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

2,822

2,358

7904429.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

608

558

7904436.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,316

1,239

7904471.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

19,249

18,351

7904885.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

2,829

2,703

7904970.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

8,610

8,146

7905223.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

21,516

20,400

7905740.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

5,090

4,897

7905850.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

7,718

7,417

7906057.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

31,505

30,149

7906477.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

4,031

3,834

7906550.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

15,240

14,436

7906714.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

885

846

7906733.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,503

1,425

7906770.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,077

1,021

7906791.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

9,557

8,879

7906934.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

18,377

16,196

7907288.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

38,401

36,538

7909845.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

2,131

1,992

7909893.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

11,108

10,609

7910011.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

1,234

1,165

7910033.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

20,794

19,882

7910287.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

2,865

2,725

7910334.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

2,516

2,398

7910362.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

23,683

22,520

7910576.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

5,094

4,888

7910625.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

74,788

71,365

7911348.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

4,062

3,570

7911444.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,024

2,896

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

93

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7911549.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

$

507

$

485

7911568.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

5,682

5,265

7911707.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

992

950

7911767.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,112

2,943

7911932.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

2,528

2,167

7912042.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

6,799

6,488

7912230.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,778

3,592

7912333.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

2,056

1,950

7912392.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

1,019

944

7912416.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

2,596

2,433

7912510.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

1,915

1,831

7912539.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

20,381

19,504

7913035.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

61,180

57,885

7913815.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

10,403

9,964

7913993.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

33,871

31,447

7914492.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,862

3,635

7914520.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

1,700

1,611

7914538.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

6,878

6,358

7914664.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

1,981

1,828

7914722.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,756

3,591

7914814.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

1,044

821

7914832.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,812

3,644

7914874.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

1,513

1,369

7914971.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

20,976

19,650

7915612.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

505

436

7915632.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

4,901

4,634

7915810.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

1,058

1,009

7915836.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

6,047

5,718

7915936.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

10,340

9,946

7916231.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

28,298

26,849

7916594.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

2,019

1,914

7916642.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

47,713

45,591

7917771.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

26,493

24,540

7918094.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

10,257

9,809

7918381.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

4,815

4,502

7918484.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

4,327

3,915

7918548.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

8,054

7,671

7918697.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

19,942

18,861

7918861.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

34,063

32,567

7919249.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

3,428

3,146

7919297.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

4,032

3,727

7919350.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,940

2,704

7919391.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,717

2,342

7919425.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

4,247

2,975

7919475.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,405

2,252

7919669.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

3,048

2,891

7919724.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

3,495

3,202

7919768.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

1,784

1,712

7919800.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

3,169

3,015

7919848.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

25,529

24,321

7920284.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

3,226

2,993

7920315.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

2,551

2,437

7920351.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

1,362

1,310

7920382.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

3,906

3,723

7920439.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

3,908

3,731

7920505.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

20,984

20,185

7921137.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

2,217

2,098

7921164.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

4,510

4,240

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7921388.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

$

3,553

$

3,351

7921552.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

624

603

7921605.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

1,046

998

7921646.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

2,601

2,467

7921805.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

2,822

2,669

7921882.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

7,920

7,568

7922066.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

393

370

7922081.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

20,480

18,172

7922459.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

9,795

9,361

7922648.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

4,565

4,322

7922728.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

3,182

3,053

7922798.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

4,837

4,579

7922868.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

10,985

10,458

7923054.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

1,909

1,769

7923100.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

4,407

4,156

7923176.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

2,606

2,457

7923259.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

5,126

4,889

7923345.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

9,631

9,140

7923570.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

15,663

14,998

7923879.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

5,923

5,729

7923992.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

3,252

3,101

7924093.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

35,414

33,675

7924598.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

14,731

13,705

7924882.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,948

3,589

7924966.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

1,280

1,231

7925005.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

5,266

5,002

7925107.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

727

688

7925121.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

51,314

48,461

7926346.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

1,442

1,311

7926390.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

4,488

4,239

7926487.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

2,892

2,764

7926507.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,274

3,016

7926527.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

1,296

1,159

7926539.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

20,175

19,109

7926785.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

41,937

39,959

7927281.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

6,501

6,228

7927377.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

13,930

12,474

7927521.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

10,350

9,812

7927646.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

9,533

9,133

7927767.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

9,960

9,518

7927903.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,749

3,572

7927969.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

5,972

5,695

7928071.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

10,613

10,093

7928259.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

908

860

7928272.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

16,590

14,831

7928332.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,631

1,461

7928391.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

3,746

3,544

7928426.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

5,102

4,875

7928475.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

526

498

7928487.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

10,134

9,675

7928677.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

981

937

7928701.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

2,743

2,464

7928754.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

5,003

4,716

7928883.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,254

1,199

7928897.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

5,589

5,338

7929049.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

33,772

31,421

7929817.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,148

900

7929832.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

5,056

4,767

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

94

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7930172.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

$

37

$

36

7930187.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

7,464

7,076

7930304.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

11,380

10,859

7930430.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,930

1,831

7930444.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

2,057

1,941

7930459.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

19,500

18,712

7930670.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

8,384

7,801

7930752.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

31,704

29,421

7931206.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

901

866

7931223.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

4,486

4,221

7931303.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

4,694

4,451

7931362.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,071

887

7931389.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

3,205

3,065

7931440.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

32,454

30,884

7931938.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,674

1,546

7934183.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

7,837

7,281

7934374.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

2,143

1,955

7934417.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

7,095

6,572

7934586.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,382

4,046

7934671.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,263

1,146

7934703.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,345

1,224

7934742.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

8,886

8,293

7935181.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,554

4,177

7935378.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,108

1,026

7935404.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

3,216

3,012

7935542.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

23,925

22,399

7936014.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

21,409

19,737

7936395.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

9,230

8,520

7936515.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

24,061

22,187

7936873.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

2,341

2,177

7936898.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

853

783

7936911.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,940

4,616

7936956.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

11,572

10,839

7937067.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

2,552

2,387

7937127.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

9,377

8,777

7937401.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,964

1,806

7937473.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,187

1,105

7937495.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

48,698

45,203

7938152.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

418

365

7938224.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

10,017

9,358

7938565.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

4,995

4,562

7938737.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

5,021

4,696

7938895.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

8,624

8,070

7939399.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

5,577

5,216

7939584.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

869

792

7939609.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

2,818

2,608

7939678.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

8,131

7,438

7939780.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

3,432

3,212

7939839.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

2,121

1,985

7939857.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

10,273

9,234

7940147.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

18,409

17,039

7940500.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

1,318

1,215

7940549.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

44,511

41,319

7941308.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

18,945

17,726

7941596.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

2,481

2,273

7941667.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

4,129

3,818

7941728.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

1,405

1,275

7941756.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

35,662

33,118

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7941859.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

$

13,656

$

12,508

7942160.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

9,667

8,833

7942328.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

3,021

2,821

7942380.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

8,462

7,811

7942549.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

20,115

18,825

7942913.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

1,477

1,356

7942938.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

3,151

2,944

7942994.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

531

470

7943009.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

3,760

3,478

7943083.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

681

630

7943096.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

13,126

12,024

7943343.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

24,079

22,539

7943734.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

5,453

5,044

7944011.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

4,685

4,384

7944099.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

11,501

10,764

7944689.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

938

844

7944826.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

2,217

2,076

7944923.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

1,322

1,220

7944951.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

1,127

1,027

7944989.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

1,508

1,380

7945051.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

3,399

3,172

7945146.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

5,944

5,425

7945338.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

20,783

19,454

7945780.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

5,418

5,050

7945903.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

17,222

15,898

7946210.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

5,830

5,373

7946336.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

3,784

3,530

7946424.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

3,723

3,484

7946512.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

3,907

3,656

7946604.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

10,198

9,454

7946818.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

3,029

2,833

7946894.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

1,636

1,495

7946958.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

7,132

6,642

7947078.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

14,058

13,099

7947396.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

7,899

7,360

7947566.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

3,260

3,009

7947625.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

11,110

10,202

7949401.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,648

1,504

7949460.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,180

1,081

7949484.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

25,320

23,239

7949989.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

2,263

2,081

7950028.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

6,725

6,289

7950289.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

904

835

7950331.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,867

4,453

7950429.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

3,151

2,948

7950492.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

5,117

4,688

7950622.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

3,706

3,467

7950714.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

5,377

4,912

7950874.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,211

3,939

7950965.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,007

3,750

7951002.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

732

685

7951022.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

3,957

3,668

7951078.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

9,069

8,413

7951189.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

5,955

5,462

7951311.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

942

877

7951324.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,831

4,474

7951412.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,712

1,575

7951448.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,461

4,099

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7951521.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

$

2,991

$

2,720

7951544.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

6,219

5,657

7951610.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

2,078

1,926

7951622.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,508

1,389

7951649.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

2,415

2,235

7951667.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

11,679

10,779

7951787.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

997

925

7951798.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,677

1,439

7951847.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

53,625

49,945

7952600.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

7,775

7,219

7952717.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,347

4,004

7952835.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

2,708

2,497

7952921.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

7,639

7,116

7955042.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

7,869

7,362

7955280.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,344

4,063

7955411.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

3,190

2,985

7955497.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

2,442

2,254

7955555.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

5,275

4,933

7955770.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

39,290

36,742

7956791.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

19,094

17,511

7957022.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,431

1,321

7957045.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,092

1,004

7957062.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,706

4,384

7957118.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

7,012

6,536

7957198.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

547

506

7957207.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,266

3,990

7957265.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

5,919

5,451

7957359.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

12,724

11,902

7957626.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

787

716

7957639.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

5,648

5,225

7957773.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

10,900

10,030

7957906.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

2,819

2,634

7957938.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,136

1,062

7957948.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

18,823

17,463

7958168.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

3,089

2,855

7958189.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

27,837

25,772

7958584.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

17,322

16,082

7958842.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

64,275

60,104

7959577.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

6,600

6,173

7959625.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

1,297

1,199

7959636.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

15,727

14,461

7959746.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

2,753

2,544

7959768.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

16,915

15,817

7960195.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

3,112

2,801

7960320.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

2,002

1,857

7960384.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

1,530

1,386

7960458.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

8,094

7,422

7960740.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

86,037

80,494

7962097.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

12,710

11,812

7962273.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

3,523

3,203

7962334.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

8,923

8,202

7962473.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

14,997

14,027

7962882.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

3,010

2,781

7962945.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

9,472

8,791

7963125.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

7,120

6,657

7963176.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

4,903

4,539

7963289.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

3,932

3,635

7963332.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

2,586

2,352

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7963365.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

$

675

$

626

7963378.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

2,397

2,183

7963433.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

3,101

2,869

7963478.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

10,599

9,805

7963684.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

825

753

7963702.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

9,871

9,234

7963896.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

1,762

1,620

7963940.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

11,858

10,945

7964158.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

9,099

8,472

7964315.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

8,069

7,545

7964480.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

1,626

1,521

7964513.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

18,950

17,651

7964871.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

3,682

3,371

7964940.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

6,225

5,778

7965315.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,395

2,241

7965397.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

3,226

2,950

7965554.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

10,855

9,991

7966076.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

21,182

19,737

7966492.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

1,577

1,444

7966544.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

5,214

4,874

7966654.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,241

2,072

7966727.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

6,069

5,634

7966867.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

775

723

7966896.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

4,130

3,756

7967005.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

9,020

8,436

7967183.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

3,775

3,466

7967288.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

3,172

2,966

7967351.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

1,771

1,635

7967401.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,019

1,847

7967481.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

1,926

1,788

7967525.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

4,157

3,811

7967637.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

8,504

7,866

7967885.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

1,198

1,112

7967909.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

3,053

2,821

7967979.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

1,462

1,340

7967990.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

10,773

9,922

7968197.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

5,352

4,925

7968337.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,938

2,604

7968480.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

10,750

9,854

7968630.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

3,296

3,084

7968772.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

3,280

3,032

7968880.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

1,236

1,142

7968910.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

4,337

3,962

7969057.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

1,402

1,299

7969098.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

26,150

24,247

7969797.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

3,477

3,252

7969842.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

9,557

8,937

7970044.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

52,861

49,210

7970767.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

2,389

2,174

7970793.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

7,013

6,558

7970899.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

9,812

9,081

7971036.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

770

705

7971048.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

1,691

1,559

7971074.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

19,943

18,197

7971409.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

5,833

5,411

7971489.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

5,197

4,765

7971514.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

3,722

3,391

7971581.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

52,449

49,026

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7971991.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

$

1,046

$

960

7972053.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

13,445

12,571

7972368.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

7,328

6,852

7972617.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

2,046

1,856

7972684.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

2,093

1,913

7972739.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

2,092

1,916

7972819.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

3,562

3,306

7972965.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

939

863

7972988.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

2,949

2,693

7973099.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

45,343

41,999

7973617.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

24,328

22,649

7974030.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

26,573

24,725

7974286.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

19,230

17,979

7974517.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

1,835

1,679

7974543.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

3,207

2,998

7974597.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

13,073

12,223

7974765.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

27,678

25,592

7977110.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

4,506

4,114

7977253.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

8,728

8,123

7977493.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

18,463

16,815

7977984.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

33,767

31,559

7978787.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

1,392

1,276

7978805.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

3,228

2,969

7978827.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

12,950

11,976

7979009.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

11,259

10,415

7979228.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

1,138

1,035

7979256.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

2,400

2,189

7979279.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

56,819

53,113

7980290.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

54,330

50,365

7980822.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

5,814

5,306

7981039.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

4,238

3,876

7981172.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

4,536

4,148

7981280.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

6,595

6,165

7981527.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

5,450

4,993

7981724.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

9,351

8,702

7981977.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

3,381

3,106

7982077.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

3,373

3,126

7982134.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

5,103

4,646

7982190.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

17,004

15,814

7982517.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

27,235

24,948

7983111.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

13,176

12,160

7983412.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

2,217

2,042

7983450.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

48,517

45,117

7984094.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

5,944

5,556

7984186.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

2,394

2,198

7984217.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

2,776

2,531

7984257.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

5,987

5,594

7984315.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

5,450

5,044

7984380.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

3,590

3,267

7984415.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

35,268

32,695

7984867.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

7,472

6,980

7984973.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

3,033

2,821

7985005.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

21,526

19,978

7985233.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

1,342

1,221

7985251.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

9,297

8,691

7985368.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

5,054

4,676

7985425.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

1,072

993

7985441.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

9,203

8,549

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7985552.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

$

2,215

$

2,037

7985580.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

619

577

7985586.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

18,403

16,933

7985809.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

7,811

7,109

7986155.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

7,414

6,855

7986398.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

17,821

16,235

7986917.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

546

504

7986925.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

9,716

8,963

7987075.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

7,849

7,281

7987241.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

2,208

2,042

7987273.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,122

2,893

7987332.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,652

3,338

7987427.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

17,666

16,308

7987641.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,311

3,082

7987679.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,665

3,401

7987751.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,007

2,756

7987773.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

1,737

1,593

7987790.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

4,429

4,139

7987855.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

2,215

2,065

7987904.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,592

3,278

7987955.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

22,289

20,825

7988242.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

17,569

16,332

7988496.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

5,518

5,135

7988572.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

761

703

7988581.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

1,323

1,203

7988602.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

1,252

1,148

7988632.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

19,923

18,490

7988883.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

22,443

20,873

7989229.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

5,577

5,184

7989345.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

16,288

15,223

7989581.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

1,360

1,268

7989614.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

17,804

16,582

7989697.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

2,541

2,325

7989799.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

1,412

1,314

7989830.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

76,393

71,365

7991526.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

12,539

11,650

7991624.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

2,271

2,099

7991635.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

5,489

5,040

7991684.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

3,067

2,868

7991773.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

12,517

11,637

7991946.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

8,679

8,111

7992062.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

38,005

34,794

7992594.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

7,180

6,710

7992685.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

2,348

2,178

7992697.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

1,806

1,659

7992738.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

648

604

7992743.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

1,812

1,655

7992779.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

1,340

1,227

7992794.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

1,717

1,589

7992809.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

47,593

44,268

7993231.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

4,333

4,015

7993393.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,327

1,212

7993465.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

7,030

6,428

7993687.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,586

1,480

7993734.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,123

1,030

7993784.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

10,175

9,317

7994098.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

7,274

6,796

7994263.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,946

2,723

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)

Block,

Inc.

(continued)

7994306.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

$

14,066

$

13,148

7994568.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

6,831

6,354

7996991.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

3,001

2,794

7998328.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

3,247

3,035

7999287.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

12,115

11,073

7999473.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,725

1,606

7999493.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,211

1,110

7999509.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,297

2,136

7999545.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

15,785

14,702

7999804.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

3,771

3,480

7999944.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

941

854

7999961.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

24,614

22,688

8000369.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

33,069

30,897

8000877.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

551

509

8000882.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

36,560

33,605

8002810.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

4,975

4,575

8003024.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

9,392

8,598

8003268.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

7,883

7,307

8003474.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

4,696

4,366

8003598.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

27,979

26,015

8004401.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

1,875

1,744

8004447.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

2,124

1,936

8004518.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

7,011

6,460

8004630.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

994

928

8004637.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

2,467

2,262

8004701.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

1,802

1,683

8004749.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

989

919

8004787.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

1,920

1,766

8004901.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

4,008

3,716

8004961.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

13,607

12,478

8005076.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

10,488

9,756

8005176.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

33,951

31,711

8005737.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

21,774

19,871

8006077.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

56,546

52,249

8006609.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

1,059

966

8006660.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

1,673

1,563

8006699.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

2,754

2,572

8006763.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

8,037

7,330

8006973.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

5,248

4,835

8007108.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

752

700

8007128.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

16,867

15,755

8007705.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

2,733

2,504

8007766.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

10,357

9,631

8007977.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

1,992

1,826

8008015.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

2,728

2,547

8008058.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

10,555

9,626

8008260.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

1,114

1,014

8008273.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

66,883

62,190

8009416.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

2,448

2,257

8009468.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

7,430

6,939

8009647.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

30,422

28,037

8009822.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

5,647

5,274

8009899.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

3,633

3,325

8009922.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

1,441

1,320

8009940.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

6,050

5,627

8010012.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

2,998

2,764

8010051.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

3,223

2,979

8010097.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

13,625

12,723

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8010248.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

$

1,894

$

1,751

8010268.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

2,441

2,280

8010303.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

1,646

1,521

8010319.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

3,439

3,177

8010357.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

5,586

5,216

8010430.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

32,622

30,228

8010801.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

5,135

4,745

8010882.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

6,755

6,210

8010965.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

1,738

1,588

8010998.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

9,562

8,890

8011134.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

1,578

1,474

8011152.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

2,734

2,505

8011189.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

8,507

7,900

8011300.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

7,477

6,982

8011407.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

880

800

8011419.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

7,145

6,620

8011769.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

13,429

12,485

8012127.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

3,585

3,312

8012223.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

10,763

10,050

8012570.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

22,629

20,671

8013138.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

7,516

6,883

8013210.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

1,867

1,735

8013233.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

4,633

4,327

8013310.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

91,394

84,237

8014574.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

12,484

11,469

8014750.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

3,280

3,025

8014770.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

29,402

27,455

8015248.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

18,082

16,753

8015959.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

5,768

5,387

8016211.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

2,884

2,656

8016304.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

1,079

987

8016338.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

2,297

2,121

8016409.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

19,720

18,318

8016797.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

4,279

3,995

8016861.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

1,923

1,775

8016886.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

14,052

12,857

8017116.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

14,814

13,773

8017311.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

2,049

1,867

8017327.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

2,286

2,119

8017353.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

20,147

18,812

8017635.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

3,332

3,097

8017696.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

17,999

16,478

8018040.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

31,907

29,796

8018498.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

3,692

3,448

8018526.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

14,029

12,803

8018750.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

8,503

7,856

8018927.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

10,148

9,475

8019213.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

10,757

9,847

8019564.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

10,044

9,334

8019749.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

5,424

4,987

8019817.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

6,665

6,157

8019958.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

6,288

5,776

8020108.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

42,625

39,380

8020801.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

12,079

11,228

8020971.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

54,514

50,890

8021682.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

3,022

2,822

8021721.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

14,123

13,185

8023972.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,948

3,669

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)

Block,

Inc.

(continued)

8024088.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

$

4,729

$

4,362

8024191.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,956

3,616

8024257.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,990

3,666

8024369.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

1,340

1,221

8024400.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

5,828

5,439

8024559.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

23,128

21,581

8025117.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,210

2,015

8025174.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,941

2,746

8025260.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

874

816

8025287.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

6,821

6,366

8025465.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,876

3,589

8025582.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

14,768

13,784

8025864.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,007

2,760

8025945.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

15,517

14,209

8026166.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

73,650

68,741

8026980.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

12,858

11,949

8027184.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

40,391

37,536

8027682.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

10,878

10,074

8027811.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,567

2,396

8027827.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

2,397

2,216

8027887.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

6,366

5,895

8028072.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

26,242

24,490

8028916.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

5,072

4,644

8029040.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

1,198

1,107

8029056.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

7,702

7,156

8029210.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

1,413

1,294

8029246.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

43,515

40,593

8029887.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

7,042

6,520

8030000.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

74,165

68,911

3210332.SQ.FTS.B

,

Zero

Cpn

,

3/18/32

...

4,369

–

3212181.SQ.FTS.B

,

Zero

Cpn

,

3/18/32

...

380

–

3232249.SQ.FTS.B

,

Zero

Cpn

,

3/25/32

...

828

–

3233993.SQ.FTS.B

,

Zero

Cpn

,

3/26/32

...

428

–

3234758.SQ.FTS.B

,

Zero

Cpn

,

3/28/32

...

637

–

3238373.SQ.FTS.B

,

Zero

Cpn

,

3/29/32

...

870

–

3255010.SQ.FTS.B

,

Zero

Cpn

,

4/07/32

...

1,659

–

3260194.SQ.FTS.B

,

Zero

Cpn

,

4/09/32

...

204

–

3297660.SQ.FTS.B

,

Zero

Cpn

,

4/24/32

...

556

–

3311752.SQ.FTS.B

,

Zero

Cpn

,

4/30/32

...

252

–

3320535.SQ.FTS.B

,

Zero

Cpn

,

5/05/32

...

13,177

–

3336181.SQ.FTS.B

,

Zero

Cpn

,

5/12/32

...

7,935

–

3336690.SQ.FTS.B

,

Zero

Cpn

,

5/12/32

...

486

–

3344944.SQ.FTS.B

,

Zero

Cpn

,

5/17/32

...

877

–

3361155.SQ.FTS.B

,

Zero

Cpn

,

5/19/32

...

1,466

–

3365511.SQ.FTS.B

,

Zero

Cpn

,

5/20/32

...

243

–

3366564.SQ.FTS.B

,

Zero

Cpn

,

5/20/32

...

120

–

3371556.SQ.FTS.B

,

Zero

Cpn

,

5/23/32

...

698

–

3401486.SQ.FTS.B

,

Zero

Cpn

,

6/02/32

...

263

–

3407926.SQ.FTS.B

,

Zero

Cpn

,

6/03/32

...

1,511

–

3411766.SQ.FTS.B

,

Zero

Cpn

,

6/04/32

...

5,695

1

3414237.SQ.FTS.B

,

Zero

Cpn

,

6/05/32

...

2,276

–

3415734.SQ.FTS.B

,

Zero

Cpn

,

6/07/32

...

4,366

–

3419699.SQ.FTS.B

,

Zero

Cpn

,

6/08/32

...

10,480

–

3425756.SQ.FTS.B

,

Zero

Cpn

,

6/10/32

...

821

–

3428606.SQ.FTS.B

,

Zero

Cpn

,

6/11/32

...

2,028

–

3432767.SQ.FTS.B

,

Zero

Cpn

,

6/14/32

...

1,841

–

3433089.SQ.FTS.B

,

Zero

Cpn

,

6/14/32

...

396

–

3434383.SQ.FTS.B

,

Zero

Cpn

,

6/14/32

...

11,741

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

3435958.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

$

2,155

$

–

3436460.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

585

–

3436486.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

376

–

3437194.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

1,490

–

3437850.SQ.FTS.B

,

Zero

Cpn

,

6/16/32

...

4,084

–

3452149.SQ.FTS.B

,

Zero

Cpn

,

6/21/32

...

969

–

3463095.SQ.FTS.B

,

Zero

Cpn

,

6/23/32

...

11,405

–

3472489.SQ.FTS.B

,

Zero

Cpn

,

6/26/32

...

2,604

–

3487584.SQ.FTS.B

,

Zero

Cpn

,

6/30/32

...

2,184

–

3510070.SQ.FTS.B

,

Zero

Cpn

,

7/06/32

...

25,800

–

3513483.SQ.FTS.B

,

Zero

Cpn

,

7/07/32

...

4,792

–

3516078.SQ.FTS.B

,

Zero

Cpn

,

7/08/32

...

8,033

–

3521469.SQ.FTS.B

,

Zero

Cpn

,

7/08/32

...

3,422

–

3559884.SQ.FTS.B

,

Zero

Cpn

,

7/19/32

...

616

–

3566831.SQ.FTS.B

,

Zero

Cpn

,

7/20/32

...

2,799

–

3572652.SQ.FTS.B

,

Zero

Cpn

,

7/21/32

...

758

–

3573904.SQ.FTS.B

,

Zero

Cpn

,

7/21/32

...

2,469

–

3612013.SQ.FTS.B

,

Zero

Cpn

,

7/29/32

...

3,513

–

3612313.SQ.FTS.B

,

Zero

Cpn

,

7/30/32

...

3,994

–

3616837.SQ.FTS.B

,

Zero

Cpn

,

8/01/32

...

1,256

–

3622745.SQ.FTS.B

,

Zero

Cpn

,

8/03/32

...

5,722

–

3629212.SQ.FTS.B

,

Zero

Cpn

,

8/05/32

...

316

–

3631012.SQ.FTS.B

,

Zero

Cpn

,

8/07/32

...

702

–

3693768.SQ.FTS.B

,

Zero

Cpn

,

8/20/32

...

1,735

–

3700150.SQ.FTS.B

,

Zero

Cpn

,

8/22/32

...

3,008

–

3760407.SQ.FTS.B

,

Zero

Cpn

,

9/01/32

...

3,543

–

3842781.SQ.FTS.B

,

Zero

Cpn

,

9/11/32

...

10,067

1

3849054.SQ.FTS.B

,

Zero

Cpn

,

9/12/32

...

679

–

3849313.SQ.FTS.B

,

Zero

Cpn

,

9/12/32

...

204

–

3849333.SQ.FTS.B

,

Zero

Cpn

,

9/12/32

...

8,085

–

3869455.SQ.FTS.B

,

Zero

Cpn

,

9/17/32

...

7,514

–

3877914.SQ.FTS.B

,

Zero

Cpn

,

9/18/32

...

1,608

–

3908447.SQ.FTS.B

,

Zero

Cpn

,

9/24/32

...

608

–

3944713.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

16,717

–

3948363.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

386

–

3953673.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

673

–

3953788.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

6,116

–

3988483.SQ.FTS.B

,

Zero

Cpn

,

10/06/32

..

6,804

–

3995187.SQ.FTS.B

,

Zero

Cpn

,

10/07/32

..

966

–

4006108.SQ.FTS.B

,

Zero

Cpn

,

10/08/32

..

3,609

–

4012864.SQ.FTS.B

,

Zero

Cpn

,

10/08/32

..

418

–

4027848.SQ.FTS.B

,

Zero

Cpn

,

10/13/32

..

13,882

–

4030312.SQ.FTS.B

,

Zero

Cpn

,

10/13/32

..

596

–

4039216.SQ.FTS.B

,

Zero

Cpn

,

10/15/32

..

645

–

4042564.SQ.FTS.B

,

Zero

Cpn

,

10/15/32

..

379

–

4044447.SQ.FTS.B

,

Zero

Cpn

,

10/16/32

..

14,344

–

4077814.SQ.FTS.B

,

Zero

Cpn

,

10/23/32

..

2,357

–

4079086.SQ.FTS.B

,

Zero

Cpn

,

10/23/32

..

3,779

–

4079838.SQ.FTS.B

,

Zero

Cpn

,

10/23/32

..

6,825

–

4080547.SQ.FTS.B

,

Zero

Cpn

,

10/24/32

..

1,952

–

4095538.SQ.FTS.B

,

Zero

Cpn

,

10/28/32

..

3,487

–

4125734.SQ.FTS.B

,

Zero

Cpn

,

11/05/32

..

4,285

–

4138127.SQ.FTS.B

,

Zero

Cpn

,

11/09/32

..

2,987

–

4142060.SQ.FTS.B

,

Zero

Cpn

,

11/10/32

..

1,222

–

4147030.SQ.FTS.B

,

Zero

Cpn

,

11/11/32

..

346

–

4163065.SQ.FTS.B

,

Zero

Cpn

,

11/14/32

..

1,168

–

4171680.SQ.FTS.B

,

Zero

Cpn

,

11/17/32

..

3,222

–

4171907.SQ.FTS.B

,

Zero

Cpn

,

11/17/32

..

4,783

–

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)

Block,

Inc.

(continued)

4186988.SQ.FTS.B

,

Zero

Cpn

,

11/20/32

..

$

375

$

–

4189414.SQ.FTS.B

,

Zero

Cpn

,

11/20/32

..

259

–

4197129.SQ.FTS.B

,

Zero

Cpn

,

11/21/32

..

38

–

4200379.SQ.FTS.B

,

Zero

Cpn

,

11/23/32

..

1,060

–

4207561.SQ.FTS.B

,

Zero

Cpn

,

11/25/32

..

1,742

–

4229796.SQ.FTS.B

,

Zero

Cpn

,

11/27/32

..

2,213

–

4267608.SQ.FTS.B

,

Zero

Cpn

,

12/04/32

..

4,641

–

4271659.SQ.FTS.B

,

Zero

Cpn

,

12/04/32

..

970

–

4280865.SQ.FTS.B

,

Zero

Cpn

,

12/07/32

..

7,930

–

4309215.SQ.FTS.B

,

Zero

Cpn

,

12/10/32

..

2,829

–

4314394.SQ.FTS.B

,

Zero

Cpn

,

12/11/32

..

4,763

–

4315019.SQ.FTS.B

,

Zero

Cpn

,

12/11/32

..

1,296

–

4315085.SQ.FTS.B

,

Zero

Cpn

,

12/11/32

..

753

–

4333949.SQ.FTS.B

,

Zero

Cpn

,

12/17/32

..

1,348

–

4342268.SQ.FTS.B

,

Zero

Cpn

,

12/20/32

..

3,769

–

4345972.SQ.FTS.B

,

Zero

Cpn

,

12/21/32

..

457

–

4352084.SQ.FTS.B

,

Zero

Cpn

,

12/22/32

..

1,688

–

4352239.SQ.FTS.B

,

Zero

Cpn

,

12/22/32

..

620

1

4383604.SQ.FTS.B

,

Zero

Cpn

,

12/30/32

..

2,916

–

4390373.SQ.FTS.B

,

Zero

Cpn

,

1/02/33

...

527

–

4390406.SQ.FTS.B

,

Zero

Cpn

,

1/02/33

...

834

–

4394687.SQ.FTS.B

,

Zero

Cpn

,

1/06/33

...

832

–

4413064.SQ.FTS.B

,

Zero

Cpn

,

1/15/33

...

661

–

4413957.SQ.FTS.B

,

Zero

Cpn

,

1/16/33

...

356

–

4430691.SQ.FTS.B

,

Zero

Cpn

,

1/22/33

...

968

–

4431496.SQ.FTS.B

,

Zero

Cpn

,

1/22/33

...

432

–

4438299.SQ.FTS.B

,

Zero

Cpn

,

1/27/33

...

2,530

–

4438563.SQ.FTS.B

,

Zero

Cpn

,

1/27/33

...

14,155

–

4452962.SQ.FTS.B

,

Zero

Cpn

,

2/03/33

...

8,915

–

4455128.SQ.FTS.B

,

Zero

Cpn

,

2/04/33

...

2,253

–

4457642.SQ.FTS.B

,

Zero

Cpn

,

2/05/33

...

3,469

–

4463189.SQ.FTS.B

,

Zero

Cpn

,

2/09/33

...

2,140

–

4465207.SQ.FTS.B

,

Zero

Cpn

,

2/10/33

...

3,432

–

4481855.SQ.FTS.B

,

Zero

Cpn

,

2/19/33

...

1,079

–

4481874.SQ.FTS.B

,

Zero

Cpn

,

2/19/33

...

1,551

–

4484475.SQ.FTS.B

,

Zero

Cpn

,

2/20/33

...

3,439

–

4484542.SQ.FTS.B

,

Zero

Cpn

,

2/20/33

...

6,016

–

4488928.SQ.FTS.B

,

Zero

Cpn

,

2/23/33

...

703

–

4489974.SQ.FTS.B

,

Zero

Cpn

,

2/24/33

...

4,041

–

4499783.SQ.FTS.B

,

Zero

Cpn

,

2/28/33

...

1,879

–

4508723.SQ.FTS.B

,

Zero

Cpn

,

3/02/33

...

6,372

–

4510936.SQ.FTS.B

,

Zero

Cpn

,

3/03/33

...

3,094

–

4513287.SQ.FTS.B

,

Zero

Cpn

,

3/04/33

...

12,361

1

4514072.SQ.FTS.B

,

Zero

Cpn

,

3/05/33

...

1,866

–

4516974.SQ.FTS.B

,

Zero

Cpn

,

3/07/33

...

88

–

4519611.SQ.FTS.B

,

Zero

Cpn

,

3/08/33

...

12,933

–

4532929.SQ.FTS.B

,

Zero

Cpn

,

3/14/33

...

2,327

–

4534513.SQ.FTS.B

,

Zero

Cpn

,

3/15/33

...

304

–

4535094.SQ.FTS.B

,

Zero

Cpn

,

3/15/33

...

3,360

–

4540937.SQ.FTS.B

,

Zero

Cpn

,

3/17/33

...

6,282

–

4546342.SQ.FTS.B

,

Zero

Cpn

,

3/20/33

...

3,208

–

4548999.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

4,823

–

4549725.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

3,736

1

4549873.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

201

–

4549880.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

3,819

–

4550163.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

1,397

–

4550265.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

545

–

4555245.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

4,885

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4556429.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

$

3,512

$

–

4556489.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

2,476

–

4556569.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

18,356

–

4557410.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

5,012

–

4558347.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

1,070

–

4561168.SQ.FTS.B

,

Zero

Cpn

,

3/24/33

...

715

–

4561751.SQ.FTS.B

,

Zero

Cpn

,

3/25/33

...

3,074

–

4562273.SQ.FTS.B

,

Zero

Cpn

,

3/26/33

...

3,405

–

4563389.SQ.FTS.B

,

Zero

Cpn

,

3/27/33

...

3,392

–

4565857.SQ.FTS.B

,

Zero

Cpn

,

3/27/33

...

14,859

1

4579623.SQ.FTS.B

,

Zero

Cpn

,

4/01/33

...

30,289

1

4581333.SQ.FTS.B

,

Zero

Cpn

,

4/02/33

...

3,759

1

4581555.SQ.FTS.B

,

Zero

Cpn

,

4/02/33

...

12,644

–

4582331.SQ.FTS.B

,

Zero

Cpn

,

4/03/33

...

5,425

–

4585539.SQ.FTS.B

,

Zero

Cpn

,

4/04/33

...

643

–

4586510.SQ.FTS.B

,

Zero

Cpn

,

4/04/33

...

6,337

–

4589242.SQ.FTS.B

,

Zero

Cpn

,

4/05/33

...

488

–

4600950.SQ.FTS.B

,

Zero

Cpn

,

4/07/33

...

936

–

4601418.SQ.FTS.B

,

Zero

Cpn

,

4/08/33

...

4,582

–

4601908.SQ.FTS.B

,

Zero

Cpn

,

4/08/33

...

835

–

4603785.SQ.FTS.B

,

Zero

Cpn

,

4/08/33

...

2,545

–

4604781.SQ.FTS.B

,

Zero

Cpn

,

4/09/33

...

302

1

4606149.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

2,129

–

4606526.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

462

–

4607817.SQ.FTS.B

,

Zero

Cpn

,

4/12/33

...

768

–

4609191.SQ.FTS.B

,

Zero

Cpn

,

4/12/33

...

3,661

–

4612864.SQ.FTS.B

,

Zero

Cpn

,

4/13/33

...

831

–

4612909.SQ.FTS.B

,

Zero

Cpn

,

4/13/33

...

2,565

1

4618545.SQ.FTS.B

,

Zero

Cpn

,

4/14/33

...

2,720

–

4618572.SQ.FTS.B

,

Zero

Cpn

,

4/14/33

...

927

–

4620208.SQ.FTS.B

,

Zero

Cpn

,

4/14/33

...

2,314

–

4622912.SQ.FTS.B

,

Zero

Cpn

,

4/15/33

...

12,026

–

4623698.SQ.FTS.B

,

Zero

Cpn

,

4/15/33

...

4,549

–

4625409.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

1,903

–

4626052.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

3,539

–

4626904.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

4,667

–

4627946.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

189

–

4630150.SQ.FTS.B

,

Zero

Cpn

,

4/19/33

...

319

–

4630473.SQ.FTS.B

,

Zero

Cpn

,

4/19/33

...

336

–

4631665.SQ.FTS.B

,

Zero

Cpn

,

4/20/33

...

4,254

–

4637259.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

146

–

4639123.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

1,166

–

4639291.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

2,606

–

4641955.SQ.FTS.B

,

Zero

Cpn

,

4/25/33

...

13,703

–

4645672.SQ.FTS.B

,

Zero

Cpn

,

4/26/33

...

10,185

–

4646107.SQ.FTS.B

,

Zero

Cpn

,

4/26/33

...

2,393

–

4646691.SQ.FTS.B

,

Zero

Cpn

,

4/26/33

...

582

–

4650952.SQ.FTS.B

,

Zero

Cpn

,

4/28/33

...

2,708

1

4652170.SQ.FTS.B

,

Zero

Cpn

,

4/28/33

...

3,326

–

4654724.SQ.FTS.B

,

Zero

Cpn

,

4/29/33

...

439

–

4655105.SQ.FTS.B

,

Zero

Cpn

,

4/29/33

...

1,842

–

4656767.SQ.FTS.B

,

Zero

Cpn

,

4/30/33

...

2,269

–

4660577.SQ.FTS.B

,

Zero

Cpn

,

5/01/33

...

5,607

–

4660611.SQ.FTS.B

,

Zero

Cpn

,

5/01/33

...

1,867

–

4662056.SQ.FTS.B

,

Zero

Cpn

,

5/02/33

...

40,082

–

4665723.SQ.FTS.B

,

Zero

Cpn

,

5/03/33

...

813

–

4668525.SQ.FTS.B

,

Zero

Cpn

,

5/04/33

...

412

–

4669203.SQ.FTS.B

,

Zero

Cpn

,

5/04/33

...

309

–

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)

Block,

Inc.

(continued)

4669930.SQ.FTS.B

,

Zero

Cpn

,

5/04/33

...

$

1,076

$

–

4679063.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

2,470

–

4681090.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

1,211

–

4682306.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

19,587

–

4684103.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

761

–

4684220.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

332

–

4704761.SQ.FTS.B

,

Zero

Cpn

,

5/10/33

...

1,417

–

4706260.SQ.FTS.B

,

Zero

Cpn

,

5/10/33

...

3,411

–

4710517.SQ.FTS.B

,

Zero

Cpn

,

5/12/33

...

3,151

–

4717011.SQ.FTS.B

,

Zero

Cpn

,

5/15/33

...

8,731

–

4719485.SQ.FTS.B

,

Zero

Cpn

,

5/15/33

...

1,259

–

4723323.SQ.FTS.B

,

Zero

Cpn

,

5/16/33

...

239

–

4746441.SQ.FTS.B

,

Zero

Cpn

,

5/19/33

...

1,214

–

4761481.SQ.FTS.B

,

Zero

Cpn

,

5/23/33

...

4,254

–

4763575.SQ.FTS.B

,

Zero

Cpn

,

5/23/33

...

1,338

–

4773719.SQ.FTS.B

,

Zero

Cpn

,

5/24/33

...

1,216

–

4789346.SQ.FTS.B

,

Zero

Cpn

,

5/29/33

...

6,004

–

4790074.SQ.FTS.B

,

Zero

Cpn

,

5/29/33

...

1,864

–

4794467.SQ.FTS.B

,

Zero

Cpn

,

5/30/33

...

116

–

4796271.SQ.FTS.B

,

Zero

Cpn

,

5/30/33

...

1,575

–

4799750.SQ.FTS.B

,

Zero

Cpn

,

6/01/33

...

3,222

–

4810478.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

13,210

–

4812628.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

7,404

–

4814186.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

3,604

–

4819764.SQ.FTS.B

,

Zero

Cpn

,

6/07/33

...

1,187

–

4829812.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

291

–

4829826.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

2,529

–

4831455.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

1,012

–

4832246.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

58

–

4839177.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,366

–

4839467.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,586

–

4840100.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,543

–

4860368.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

989

–

4862382.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

5,131

–

4862453.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

264

–

4862500.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

1,169

–

4863679.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

16,205

–

4864955.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

7,319

–

4866679.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

1,660

–

4867627.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

2,052

–

4867691.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

43

–

4868123.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

533

–

4868930.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

1,648

–

4871945.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

5,985

–

4872471.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

1,391

–

4872677.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

3,275

–

4873083.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

9,479

–

4873268.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

6,701

–

4873945.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

3,094

–

4874117.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

4,054

–

4877302.SQ.FTS.B

,

Zero

Cpn

,

6/25/33

...

624

–

4877319.SQ.FTS.B

,

Zero

Cpn

,

6/25/33

...

1,558

–

4877812.SQ.FTS.B

,

Zero

Cpn

,

6/26/33

...

2,156

–

4878164.SQ.FTS.B

,

Zero

Cpn

,

6/27/33

...

1,101

–

4880047.SQ.FTS.B

,

Zero

Cpn

,

6/27/33

...

132

–

4880109.SQ.FTS.B

,

Zero

Cpn

,

6/27/33

...

10,497

–

4880571.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

14,651

–

4881617.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

1,646

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4881988.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

$

41,908

$

3

4882604.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

4,323

–

4886936.SQ.FTS.B

,

Zero

Cpn

,

6/30/33

...

29,822

–

4889578.SQ.FTS.B

,

Zero

Cpn

,

7/01/33

...

6,235

–

4891549.SQ.FTS.B

,

Zero

Cpn

,

7/03/33

...

3,445

–

4893163.SQ.FTS.B

,

Zero

Cpn

,

7/04/33

...

12,426

–

4901122.SQ.FTS.B

,

Zero

Cpn

,

7/07/33

...

611

–

4905832.SQ.FTS.B

,

Zero

Cpn

,

7/10/33

...

6,058

–

4907500.SQ.FTS.B

,

Zero

Cpn

,

7/11/33

...

4,190

–

4908035.SQ.FTS.B

,

Zero

Cpn

,

7/11/33

...

5,837

–

4923842.SQ.FTS.B

,

Zero

Cpn

,

7/16/33

...

1,929

–

4924187.SQ.FTS.B

,

Zero

Cpn

,

7/17/33

...

357

–

4925184.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

2,723

–

4925548.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

16,715

–

4925972.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

7,444

1

4926169.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

261

–

4927104.SQ.FTS.B

,

Zero

Cpn

,

7/19/33

...

7,625

1

4937358.SQ.FTS.B

,

Zero

Cpn

,

7/24/33

...

640

–

4938983.SQ.FTS.B

,

Zero

Cpn

,

7/25/33

...

1,318

–

4942412.SQ.FTS.B

,

Zero

Cpn

,

7/26/33

...

13,011

1

4955556.SQ.FTS.B

,

Zero

Cpn

,

7/29/33

...

1,340

–

4960204.SQ.FTS.B

,

Zero

Cpn

,

7/31/33

...

361

–

4967772.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

6,680

–

4968011.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

732

–

4968065.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

9,113

–

4975394.SQ.FTS.B

,

Zero

Cpn

,

8/05/33

...

1,503

–

4981564.SQ.FTS.B

,

Zero

Cpn

,

8/09/33

...

474

–

4981810.SQ.FTS.B

,

Zero

Cpn

,

8/09/33

...

913

–

4989575.SQ.FTS.B

,

Zero

Cpn

,

8/11/33

...

1,283

–

4990427.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

646

–

4990812.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

3,319

–

4991412.SQ.FTS.B

,

Zero

Cpn

,

8/13/33

...

1,244

–

4992493.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

1,237

–

4993580.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

600

–

5006802.SQ.FTS.B

,

Zero

Cpn

,

8/16/33

...

7,127

1

5019192.SQ.FTS.B

,

Zero

Cpn

,

8/17/33

...

10,195

1

5026306.SQ.FTS.B

,

Zero

Cpn

,

8/19/33

...

5,011

–

5027172.SQ.FTS.B

,

Zero

Cpn

,

8/21/33

...

156

–

5042184.SQ.FTS.B

,

Zero

Cpn

,

8/25/33

...

127

3

5044278.SQ.FTS.B

,

Zero

Cpn

,

8/27/33

...

4,435

1

5047301.SQ.FTS.B

,

Zero

Cpn

,

8/28/33

...

4,140

1

5053049.SQ.FTS.B

,

Zero

Cpn

,

9/02/33

...

110

–

5058089.SQ.FTS.B

,

Zero

Cpn

,

9/03/33

...

14,656

6

5062108.SQ.FTS.B

,

Zero

Cpn

,

9/05/33

...

2,002

–

5065553.SQ.FTS.B

,

Zero

Cpn

,

9/07/33

...

11,144

3

5075271.SQ.FTS.B

,

Zero

Cpn

,

9/10/33

...

1,219

–

5075710.SQ.FTS.B

,

Zero

Cpn

,

9/11/33

...

2,580

–

5075922.SQ.FTS.B

,

Zero

Cpn

,

9/11/33

...

309

–

5090985.SQ.FTS.B

,

Zero

Cpn

,

9/17/33

...

383

–

5096024.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

9,361

7

5096286.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

250

–

5099070.SQ.FTS.B

,

Zero

Cpn

,

9/22/33

...

659

–

5102362.SQ.FTS.B

,

Zero

Cpn

,

9/23/33

...

26,662

8

5109707.SQ.FTS.B

,

Zero

Cpn

,

9/25/33

...

478

–

5110232.SQ.FTS.B

,

Zero

Cpn

,

9/26/33

...

4,917

2

5110450.SQ.FTS.B

,

Zero

Cpn

,

9/26/33

...

4,298

2

5114631.SQ.FTS.B

,

Zero

Cpn

,

9/29/33

...

2,038

3

5118658.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

879

–

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)

Block,

Inc.

(continued)

5122398.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

$

5,431

$

4

5123250.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

2,209

1

5123870.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

461

–

5130538.SQ.FTS.B

,

Zero

Cpn

,

10/04/33

..

2,193

1

5132890.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

30,012

30

5134488.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

1,144

3

5135982.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

11,822

8

5138301.SQ.FTS.B

,

Zero

Cpn

,

10/06/33

..

2,419

7

5142732.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

163

12

5144732.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

2,684

1

5146188.SQ.FTS.B

,

Zero

Cpn

,

10/08/33

..

6,760

416

5154060.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

494

1

5155680.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

521

–

5156338.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

2,755

6

5156676.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

1,284

1

5160593.SQ.FTS.B

,

Zero

Cpn

,

10/13/33

..

14,723

22

5162594.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

508

1

5163731.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

7,221

13

5172784.SQ.FTS.B

,

Zero

Cpn

,

10/17/33

..

6,176

4

5179416.SQ.FTS.B

,

Zero

Cpn

,

10/18/33

..

2,654

3

5181201.SQ.FTS.B

,

Zero

Cpn

,

10/19/33

..

6,478

8

5183474.SQ.FTS.B

,

Zero

Cpn

,

10/19/33

..

575

1

5210392.SQ.FTS.B

,

Zero

Cpn

,

10/23/33

..

2,424

2

5220660.SQ.FTS.B

,

Zero

Cpn

,

10/26/33

..

1,536

3

5241436.SQ.FTS.B

,

Zero

Cpn

,

11/01/33

..

3,502

283

5243505.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

20,719

36

5244949.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

2,287

1

5245623.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

4,046

17

5250706.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

1,023

2

5250769.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

1,742

1

5254554.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

5,092

6

5254769.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

1,097

4

5255302.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

19,141

14

5262459.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

220

–

5266476.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

4,839

5

5266837.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

3,783

8

5281103.SQ.FTS.B

,

Zero

Cpn

,

11/10/33

..

8,490

16

5293954.SQ.FTS.B

,

Zero

Cpn

,

11/14/33

..

344

1

5296287.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

207

–

5305068.SQ.FTS.B

,

Zero

Cpn

,

11/17/33

..

77,744

52

5313405.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

546

3

5316290.SQ.FTS.B

,

Zero

Cpn

,

11/19/33

..

884

1

5322693.SQ.FTS.B

,

Zero

Cpn

,

11/20/33

..

874

1

5325004.SQ.FTS.B

,

Zero

Cpn

,

11/22/33

..

1,379

3

5328895.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

2,371

3

5329785.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

1,629

3

5330101.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

3,291

426

5363132.SQ.FTS.B

,

Zero

Cpn

,

11/26/33

..

7,301

14

5372948.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

7,104

30

5374200.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

7,532

15

5380422.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

12,758

17

5381740.SQ.FTS.B

,

Zero

Cpn

,

11/29/33

..

733

1

5394107.SQ.FTS.B

,

Zero

Cpn

,

11/30/33

..

101

–

5400388.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

2,133

4

5411337.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

839

2

5414116.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

15,698

36

5414769.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

2,336

2

5462926.SQ.FTS.B

,

Zero

Cpn

,

12/03/33

..

3,148

3

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5473313.SQ.FTS.B

,

Zero

Cpn

,

12/04/33

..

$

665

$

1

5474055.SQ.FTS.B

,

Zero

Cpn

,

12/05/33

..

1,008

5

5507161.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

8,476

18

5518301.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

22,861

44

5528209.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

9,462

49

5532399.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

1,906

5

5534237.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

6,220

15

5537587.SQ.FTS.B

,

Zero

Cpn

,

12/10/33

..

2,687

5

5540468.SQ.FTS.B

,

Zero

Cpn

,

12/11/33

..

1,805

4

5550397.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

15,348

83

5554806.SQ.FTS.B

,

Zero

Cpn

,

12/15/33

..

1,418

5

5557572.SQ.FTS.B

,

Zero

Cpn

,

12/15/33

..

1,381

2

5565100.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

1,552

4

5565348.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

8,568

33

5568047.SQ.FTS.B

,

Zero

Cpn

,

12/18/33

..

25,893

80

5568680.SQ.FTS.B

,

Zero

Cpn

,

12/18/33

..

302

1

5571589.SQ.FTS.B

,

Zero

Cpn

,

12/20/33

..

1,376

8

5575033.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

1,017

3

5577616.SQ.FTS.B

,

Zero

Cpn

,

12/22/33

..

314

1

5584916.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

3,248

20

5588007.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

16,177

55

5588372.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

8,728

47

5588652.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

419

63

5588819.SQ.FTS.B

,

Zero

Cpn

,

12/26/33

..

1,320

4

5594146.SQ.FTS.B

,

Zero

Cpn

,

12/28/33

..

3,596

10

5595419.SQ.FTS.B

,

Zero

Cpn

,

12/28/33

..

1,222

2

5597324.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

359

31

5598446.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

607

1

5600497.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

130

1

5600512.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

8,322

44

5610840.SQ.FTS.B

,

Zero

Cpn

,

12/30/33

..

7,751

524

5615484.SQ.FTS.B

,

Zero

Cpn

,

1/01/34

...

9,295

23

5618906.SQ.FTS.B

,

Zero

Cpn

,

1/03/34

...

2,590

4

5622466.SQ.FTS.B

,

Zero

Cpn

,

1/05/34

...

1,396

3

5624747.SQ.FTS.B

,

Zero

Cpn

,

1/05/34

...

1,208

7

5627076.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

7,284

51

5627773.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

1,198

3

5628952.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

4,403

13

5641349.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

1,084

3

5662108.SQ.FTS.B

,

Zero

Cpn

,

1/11/34

...

6,816

15

5662396.SQ.FTS.B

,

Zero

Cpn

,

1/11/34

...

879

2

5667327.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

22,164

86

5694516.SQ.FTS.B

,

Zero

Cpn

,

1/14/34

...

5,260

1,569

5718687.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

326

55

5719839.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

7,877

28

5729235.SQ.FTS.B

,

Zero

Cpn

,

1/21/34

...

3,033

12

5732468.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

186

1

5734498.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

1,621

5

5738195.SQ.FTS.B

,

Zero

Cpn

,

1/25/34

...

854

7

5739159.SQ.FTS.B

,

Zero

Cpn

,

1/25/34

...

13,484

58

5740833.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

110

10

5741356.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

1,619

7

5742284.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

5,681

1,314

5744108.SQ.FTS.B

,

Zero

Cpn

,

1/27/34

...

995

3

5754537.SQ.FTS.B

,

Zero

Cpn

,

1/29/34

...

930

4

5754674.SQ.FTS.B

,

Zero

Cpn

,

1/29/34

...

2,696

7

5762467.SQ.FTS.B

,

Zero

Cpn

,

2/01/34

...

2,052

8

5768898.SQ.FTS.B

,

Zero

Cpn

,

2/03/34

...

1,889

8

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5774005.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

$

1,473

$

3

5774288.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

779

4

5779587.SQ.FTS.B

,

Zero

Cpn

,

2/06/34

...

969

3

5779612.SQ.FTS.B

,

Zero

Cpn

,

2/06/34

...

3,348

18

5784284.SQ.FTS.B

,

Zero

Cpn

,

2/08/34

...

5,640

23

5787095.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

491

3

5790156.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

1,282

13

5790251.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

2,713

4

5801823.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

903

4

5802372.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

5,979

58

5803772.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

752

3

5806812.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

369

5

5807048.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

412

4

5807339.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

7,842

45

5813279.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

2,311

14

5813539.SQ.FTS.B

,

Zero

Cpn

,

2/13/34

...

2,195

10

5820502.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

2,422

13

5820697.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

1,220

3

5821573.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

1,346

3

5830235.SQ.FTS.B

,

Zero

Cpn

,

2/18/34

...

10,562

72

5833277.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

1,687

16

5833649.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

7,646

895

5833923.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

3,357

27

5834289.SQ.FTS.B

,

Zero

Cpn

,

2/20/34

...

378

121

5836241.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

4,473

30

5837692.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

1,461

326

5837836.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

4,096

24

5842217.SQ.FTS.B

,

Zero

Cpn

,

2/23/34

...

755

3

5843755.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

5,701

62

5845026.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

716

3

5845038.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

533

76

5848518.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

389

53

5851164.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

26,208

181

5852732.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

6,024

28

5854302.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

3,611

27

5855717.SQ.FTS.B

,

Zero

Cpn

,

2/27/34

...

1,319

11

5856105.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

78

9

5861074.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

2,179

11

5861387.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

347

3

5862719.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

4,110

22

5867284.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

4,758

25

5871974.SQ.FTS.B

,

Zero

Cpn

,

3/01/34

...

354

3

5876337.SQ.FTS.B

,

Zero

Cpn

,

3/02/34

...

2,139

6

5877622.SQ.FTS.B

,

Zero

Cpn

,

3/03/34

...

1,737

12

5881097.SQ.FTS.B

,

Zero

Cpn

,

3/06/34

...

1,672

347

5889950.SQ.FTS.B

,

Zero

Cpn

,

3/08/34

...

2,001

21

5890652.SQ.FTS.B

,

Zero

Cpn

,

3/08/34

...

2,944

31

5894262.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

6,335

37

5894989.SQ.FTS.B

,

Zero

Cpn

,

3/10/34

...

1,832

11

5901096.SQ.FTS.B

,

Zero

Cpn

,

3/13/34

...

8,515

76

5901715.SQ.FTS.B

,

Zero

Cpn

,

3/13/34

...

491

3

5912773.SQ.FTS.B

,

Zero

Cpn

,

3/16/34

...

13,179

122

5914110.SQ.FTS.B

,

Zero

Cpn

,

3/18/34

...

1,460

20

5918667.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

495

118

5922874.SQ.FTS.B

,

Zero

Cpn

,

3/21/34

...

9,877

151

5924210.SQ.FTS.B

,

Zero

Cpn

,

3/21/34

...

11,933

161

5925246.SQ.FTS.B

,

Zero

Cpn

,

3/21/34

...

3,145

25

5929107.SQ.FTS.B

,

Zero

Cpn

,

3/22/34

...

4,507

52

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5930081.SQ.FTS.B

,

Zero

Cpn

,

3/22/34

...

$

1,383

$

12

5934510.SQ.FTS.B

,

Zero

Cpn

,

3/24/34

...

877

6

5937710.SQ.FTS.B

,

Zero

Cpn

,

3/26/34

...

9,403

114

5938544.SQ.FTS.B

,

Zero

Cpn

,

3/26/34

...

8,920

114

5941408.SQ.FTS.B

,

Zero

Cpn

,

3/27/34

...

4,263

729

5949113.SQ.FTS.B

,

Zero

Cpn

,

3/29/34

...

316

129

5949246.SQ.FTS.B

,

Zero

Cpn

,

3/29/34

...

2,143

27

5950325.SQ.FTS.B

,

Zero

Cpn

,

3/29/34

...

1,266

6

5951713.SQ.FTS.B

,

Zero

Cpn

,

3/29/34

...

1,791

245

5951743.SQ.FTS.B

,

Zero

Cpn

,

3/29/34

...

8,659

3,211

5954057.SQ.FTS.B

,

Zero

Cpn

,

3/30/34

...

10,357

148

5956156.SQ.FTS.B

,

Zero

Cpn

,

4/01/34

...

4,565

53

5956226.SQ.FTS.B

,

Zero

Cpn

,

4/02/34

...

5,662

134

5965480.SQ.FTS.B

,

Zero

Cpn

,

4/05/34

...

1,017

466

5966004.SQ.FTS.B

,

Zero

Cpn

,

4/05/34

...

25,979

368

5966970.SQ.FTS.B

,

Zero

Cpn

,

4/05/34

...

6,042

157

5972193.SQ.FTS.B

,

Zero

Cpn

,

4/06/34

...

2,834

71

5972346.SQ.FTS.B

,

Zero

Cpn

,

4/06/34

...

594

132

5974110.SQ.FTS.B

,

Zero

Cpn

,

4/06/34

...

760

9

5977756.SQ.FTS.B

,

Zero

Cpn

,

4/07/34

...

10,251

136

5978395.SQ.FTS.B

,

Zero

Cpn

,

4/08/34

...

5,654

74

5980004.SQ.FTS.B

,

Zero

Cpn

,

4/10/34

...

14,671

116

5980834.SQ.FTS.B

,

Zero

Cpn

,

4/10/34

...

2,059

11

5983711.SQ.FTS.B

,

Zero

Cpn

,

4/11/34

...

170

2

5984682.SQ.FTS.B

,

Zero

Cpn

,

4/12/34

...

390

78

5986413.SQ.FTS.B

,

Zero

Cpn

,

4/12/34

...

2,347

11

5989761.SQ.FTS.B

,

Zero

Cpn

,

4/13/34

...

125

1

5991501.SQ.FTS.B

,

Zero

Cpn

,

4/13/34

...

1,416

11

5991559.SQ.FTS.B

,

Zero

Cpn

,

4/13/34

...

2,551

43

5996138.SQ.FTS.B

,

Zero

Cpn

,

4/14/34

...

2,468

26

5996458.SQ.FTS.B

,

Zero

Cpn

,

4/15/34

...

5,187

2,409

5997621.SQ.FTS.B

,

Zero

Cpn

,

4/16/34

...

2,321

17

6000204.SQ.FTS.B

,

Zero

Cpn

,

4/17/34

...

175

2

6003010.SQ.FTS.B

,

Zero

Cpn

,

4/18/34

...

1,626

21

6003035.SQ.FTS.B

,

Zero

Cpn

,

4/18/34

...

40,734

1,053

6005126.SQ.FTS.B

,

Zero

Cpn

,

4/19/34

...

1,515

672

6005761.SQ.FTS.B

,

Zero

Cpn

,

4/19/34

...

207

103

6006837.SQ.FTS.B

,

Zero

Cpn

,

4/19/34

...

11,360

103

6007073.SQ.FTS.B

,

Zero

Cpn

,

4/19/34

...

72

1

6007679.SQ.FTS.B

,

Zero

Cpn

,

4/19/34

...

2,522

24

6010152.SQ.FTS.B

,

Zero

Cpn

,

4/20/34

...

1,618

596

6013787.SQ.FTS.B

,

Zero

Cpn

,

4/21/34

...

291

5

6014176.SQ.FTS.B

,

Zero

Cpn

,

4/21/34

...

76

20

6015922.SQ.FTS.B

,

Zero

Cpn

,

4/22/34

...

2,381

34

6017671.SQ.FTS.B

,

Zero

Cpn

,

4/24/34

...

1,081

21

6020766.SQ.FTS.B

,

Zero

Cpn

,

4/24/34

...

1,785

15

6021277.SQ.FTS.B

,

Zero

Cpn

,

4/25/34

...

4,902

76

6022726.SQ.FTS.B

,

Zero

Cpn

,

4/25/34

...

440

97

6025558.SQ.FTS.B

,

Zero

Cpn

,

4/26/34

...

833

16

6026398.SQ.FTS.B

,

Zero

Cpn

,

4/26/34

...

2,245

37

6032149.SQ.FTS.B

,

Zero

Cpn

,

4/27/34

...

1,557

274

6033308.SQ.FTS.B

,

Zero

Cpn

,

4/28/34

...

2,943

46

6035132.SQ.FTS.B

,

Zero

Cpn

,

4/28/34

...

17

8

6038307.SQ.FTS.B

,

Zero

Cpn

,

4/30/34

...

11,023

83

6041701.SQ.FTS.B

,

Zero

Cpn

,

4/30/34

...

6,983

46

6041983.SQ.FTS.B

,

Zero

Cpn

,

5/01/34

...

40,970

676

6046321.SQ.FTS.B

,

Zero

Cpn

,

5/02/34

...

4,007

36

6046375.SQ.FTS.B

,

Zero

Cpn

,

5/02/34

...

3,159

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

103

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6047820.SQ.FTS.B

,

Zero

Cpn

,

5/02/34

...

$

649

$

123

6056014.SQ.FTS.B

,

Zero

Cpn

,

5/04/34

...

5,626

2,674

6057856.SQ.FTS.B

,

Zero

Cpn

,

5/04/34

...

4,257

63

6059813.SQ.FTS.B

,

Zero

Cpn

,

5/06/34

...

6,787

93

6063093.SQ.FTS.B

,

Zero

Cpn

,

5/07/34

...

3,406

56

6120756.SQ.FTS.B

,

Zero

Cpn

,

5/09/34

...

192

3

6120938.SQ.FTS.B

,

Zero

Cpn

,

5/09/34

...

18,006

2,562

6122715.SQ.FTS.B

,

Zero

Cpn

,

5/10/34

...

45,745

1,580

6123680.SQ.FTS.B

,

Zero

Cpn

,

5/10/34

...

16,685

8,616

6126608.SQ.FTS.B

,

Zero

Cpn

,

5/12/34

...

4,440

84

6127192.SQ.FTS.B

,

Zero

Cpn

,

5/13/34

...

2,501

30

6127374.SQ.FTS.B

,

Zero

Cpn

,

5/13/34

...

2,574

22

6133707.SQ.FTS.B

,

Zero

Cpn

,

5/15/34

...

11,499

112

6134623.SQ.FTS.B

,

Zero

Cpn

,

5/15/34

...

17,381

734

6135022.SQ.FTS.B

,

Zero

Cpn

,

5/16/34

...

3,251

86

6135248.SQ.FTS.B

,

Zero

Cpn

,

5/16/34

...

8,060

109

6136481.SQ.FTS.B

,

Zero

Cpn

,

5/16/34

...

4,428

57

6139899.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

5,390

168

6141598.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

3,417

485

6141840.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

3,171

68

6144839.SQ.FTS.B

,

Zero

Cpn

,

5/18/34

...

3,373

2,108

6145876.SQ.FTS.B

,

Zero

Cpn

,

5/18/34

...

2,747

28

6147217.SQ.FTS.B

,

Zero

Cpn

,

5/19/34

...

462

10

6147492.SQ.FTS.B

,

Zero

Cpn

,

5/19/34

...

224

57

6149785.SQ.FTS.B

,

Zero

Cpn

,

5/21/34

...

1,256

27

6151254.SQ.FTS.B

,

Zero

Cpn

,

5/21/34

...

33,491

862

6153219.SQ.FTS.B

,

Zero

Cpn

,

5/22/34

...

2,899

81

6153275.SQ.FTS.B

,

Zero

Cpn

,

5/22/34

...

624

334

6155930.SQ.FTS.B

,

Zero

Cpn

,

5/22/34

...

9,003

92

6157661.SQ.FTS.B

,

Zero

Cpn

,

5/23/34

...

955

19

6157670.SQ.FTS.B

,

Zero

Cpn

,

5/23/34

...

895

251

6158976.SQ.FTS.B

,

Zero

Cpn

,

5/23/34

...

478

7

6161004.SQ.FTS.B

,

Zero

Cpn

,

5/24/34

...

1,742

44

6161916.SQ.FTS.B

,

Zero

Cpn

,

5/25/34

...

3,028

52

6163115.SQ.FTS.B

,

Zero

Cpn

,

5/25/34

...

9,867

323

6163558.SQ.FTS.B

,

Zero

Cpn

,

5/25/34

...

738

11

6165678.SQ.FTS.B

,

Zero

Cpn

,

5/27/34

...

4,327

46

6169587.SQ.FTS.B

,

Zero

Cpn

,

5/28/34

...

3,516

125

6171294.SQ.FTS.B

,

Zero

Cpn

,

5/29/34

...

607

385

6173147.SQ.FTS.B

,

Zero

Cpn

,

5/29/34

...

912

555

6173987.SQ.FTS.B

,

Zero

Cpn

,

5/30/34

...

870

568

6174099.SQ.FTS.B

,

Zero

Cpn

,

5/30/34

...

186

122

6174665.SQ.FTS.B

,

Zero

Cpn

,

5/30/34

...

517

280

6180164.SQ.FTS.B

,

Zero

Cpn

,

6/01/34

...

168

94

6181401.SQ.FTS.B

,

Zero

Cpn

,

6/01/34

...

341

84

6182359.SQ.FTS.B

,

Zero

Cpn

,

6/02/34

...

1,794

986

6183669.SQ.FTS.B

,

Zero

Cpn

,

6/02/34

...

1,808

1,195

6184876.SQ.FTS.B

,

Zero

Cpn

,

6/02/34

...

391

259

6185855.SQ.FTS.B

,

Zero

Cpn

,

6/03/34

...

1,140

744

6186999.SQ.FTS.B

,

Zero

Cpn

,

6/04/34

...

1,497

819

6190102.SQ.FTS.B

,

Zero

Cpn

,

6/05/34

...

264

162

6190783.SQ.FTS.B

,

Zero

Cpn

,

6/05/34

...

1,090

6

6192067.SQ.FTS.B

,

Zero

Cpn

,

6/06/34

...

497

9

6194735.SQ.FTS.B

,

Zero

Cpn

,

6/06/34

...

908

591

6194754.SQ.FTS.B

,

Zero

Cpn

,

6/06/34

...

299

199

6196734.SQ.FTS.B

,

Zero

Cpn

,

6/07/34

...

1,042

18

6196936.SQ.FTS.B

,

Zero

Cpn

,

6/07/34

...

1,154

21

6200609.SQ.FTS.B

,

Zero

Cpn

,

6/07/34

...

1,061

17

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6204820.SQ.FTS.B

,

Zero

Cpn

,

6/08/34

...

$

1,654

$

41

6206838.SQ.FTS.B

,

Zero

Cpn

,

6/09/34

...

339

188

6207369.SQ.FTS.B

,

Zero

Cpn

,

6/09/34

...

618

132

6207861.SQ.FTS.B

,

Zero

Cpn

,

6/09/34

...

37,929

241

6213794.SQ.FTS.B

,

Zero

Cpn

,

6/12/34

...

3,389

41

6215032.SQ.FTS.B

,

Zero

Cpn

,

6/13/34

...

3,341

57

6216579.SQ.FTS.B

,

Zero

Cpn

,

6/13/34

...

580

10

6216601.SQ.FTS.B

,

Zero

Cpn

,

6/13/34

...

2,272

82

6219277.SQ.FTS.B

,

Zero

Cpn

,

6/14/34

...

74

46

6220076.SQ.FTS.B

,

Zero

Cpn

,

6/14/34

...

3,725

36

6220695.SQ.FTS.B

,

Zero

Cpn

,

6/14/34

...

23,011

877

6225147.SQ.FTS.B

,

Zero

Cpn

,

6/15/34

...

973

665

6226503.SQ.FTS.B

,

Zero

Cpn

,

6/15/34

...

3,035

63

6228415.SQ.FTS.B

,

Zero

Cpn

,

6/16/34

...

125

60

6229129.SQ.FTS.B

,

Zero

Cpn

,

6/16/34

...

44,876

1,489

6234555.SQ.FTS.B

,

Zero

Cpn

,

6/16/34

...

1,536

52

6235160.SQ.FTS.B

,

Zero

Cpn

,

6/17/34

...

6,431

70

6235489.SQ.FTS.B

,

Zero

Cpn

,

6/17/34

...

2,967

1,766

6235797.SQ.FTS.B

,

Zero

Cpn

,

6/17/34

...

5,020

33

6235824.SQ.FTS.B

,

Zero

Cpn

,

6/17/34

...

1,663

37

6236427.SQ.FTS.B

,

Zero

Cpn

,

6/18/34

...

10,363

208

6240143.SQ.FTS.B

,

Zero

Cpn

,

6/19/34

...

3,654

49

6240208.SQ.FTS.B

,

Zero

Cpn

,

6/20/34

...

5,830

118

6241838.SQ.FTS.B

,

Zero

Cpn

,

6/20/34

...

3,284

1,883

6243216.SQ.FTS.B

,

Zero

Cpn

,

6/20/34

...

2,455

1,692

6244041.SQ.FTS.B

,

Zero

Cpn

,

6/21/34

...

154

56

6244975.SQ.FTS.B

,

Zero

Cpn

,

6/21/34

...

205

135

6245007.SQ.FTS.B

,

Zero

Cpn

,

6/21/34

...

832

25

6245977.SQ.FTS.B

,

Zero

Cpn

,

6/21/34

...

126

75

6250117.SQ.FTS.B

,

Zero

Cpn

,

6/22/34

...

233

153

6250307.SQ.FTS.B

,

Zero

Cpn

,

6/22/34

...

170

120

6255542.SQ.FTS.B

,

Zero

Cpn

,

6/24/34

...

593

19

6255617.SQ.FTS.B

,

Zero

Cpn

,

6/24/34

...

521

330

6255909.SQ.FTS.B

,

Zero

Cpn

,

6/25/34

...

975

16

6255997.SQ.FTS.B

,

Zero

Cpn

,

6/25/34

...

1,357

13

6256740.SQ.FTS.B

,

Zero

Cpn

,

6/26/34

...

688

25

6261747.SQ.FTS.B

,

Zero

Cpn

,

6/28/34

...

1,076

718

6262497.SQ.FTS.B

,

Zero

Cpn

,

6/28/34

...

8,184

285

6265155.SQ.FTS.B

,

Zero

Cpn

,

6/29/34

...

6,047

143

6266047.SQ.FTS.B

,

Zero

Cpn

,

6/29/34

...

1,221

758

6268655.SQ.FTS.B

,

Zero

Cpn

,

6/30/34

...

465

276

6270473.SQ.FTS.B

,

Zero

Cpn

,

6/30/34

...

3,312

25

6271872.SQ.FTS.B

,

Zero

Cpn

,

7/02/34

...

829

558

6276763.SQ.FTS.B

,

Zero

Cpn

,

7/04/34

...

2,289

58

6276874.SQ.FTS.B

,

Zero

Cpn

,

7/04/34

...

1,221

654

6277246.SQ.FTS.B

,

Zero

Cpn

,

7/04/34

...

349

91

6279862.SQ.FTS.B

,

Zero

Cpn

,

7/05/34

...

16,989

539

6280869.SQ.FTS.B

,

Zero

Cpn

,

7/05/34

...

4,517

158

6282086.SQ.FTS.B

,

Zero

Cpn

,

7/05/34

...

245

165

6284870.SQ.FTS.B

,

Zero

Cpn

,

7/06/34

...

4,604

3,264

6286798.SQ.FTS.B

,

Zero

Cpn

,

7/09/34

...

3,737

195

6290930.SQ.FTS.B

,

Zero

Cpn

,

7/10/34

...

741

376

6290969.SQ.FTS.B

,

Zero

Cpn

,

7/10/34

...

1,070

376

6291374.SQ.FTS.B

,

Zero

Cpn

,

7/10/34

...

3,201

2,289

6304502.SQ.FTS.B

,

Zero

Cpn

,

7/15/34

...

11,736

274

6304870.SQ.FTS.B

,

Zero

Cpn

,

7/15/34

...

15,082

815

6305807.SQ.FTS.B

,

Zero

Cpn

,

7/16/34

...

412

255

6306494.SQ.FTS.B

,

Zero

Cpn

,

7/17/34

...

12,186

642

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)

Block,

Inc.

(continued)

6308429.SQ.FTS.B

,

Zero

Cpn

,

7/17/34

...

$

2,315

$

957

6308611.SQ.FTS.B

,

Zero

Cpn

,

7/18/34

...

3,656

2,605

6308976.SQ.FTS.B

,

Zero

Cpn

,

7/18/34

...

3,197

55

6314524.SQ.FTS.B

,

Zero

Cpn

,

7/19/34

...

5,851

4,028

6314730.SQ.FTS.B

,

Zero

Cpn

,

7/19/34

...

3,074

99

6315256.SQ.FTS.B

,

Zero

Cpn

,

7/19/34

...

3,856

70

6319060.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

2,763

1,702

6319630.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

308

190

6319919.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

843

431

6319933.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

14,196

419

6320178.SQ.FTS.B

,

Zero

Cpn

,

7/22/34

...

3,234

109

6321758.SQ.FTS.B

,

Zero

Cpn

,

7/23/34

...

4,486

3,174

6328384.SQ.FTS.B

,

Zero

Cpn

,

7/23/34

...

288

111

6352903.SQ.FTS.B

,

Zero

Cpn

,

7/24/34

...

2,446

1,108

6353710.SQ.FTS.B

,

Zero

Cpn

,

7/24/34

...

4,027

132

6353899.SQ.FTS.B

,

Zero

Cpn

,

7/24/34

...

4,541

2,956

6355005.SQ.FTS.B

,

Zero

Cpn

,

7/25/34

...

11,762

535

6355353.SQ.FTS.B

,

Zero

Cpn

,

7/25/34

...

4,215

2,724

6359467.SQ.FTS.B

,

Zero

Cpn

,

7/26/34

...

39,136

27,896

6362699.SQ.FTS.B

,

Zero

Cpn

,

7/27/34

...

42,087

1,753

6363683.SQ.FTS.B

,

Zero

Cpn

,

7/27/34

...

1,459

976

6364953.SQ.FTS.B

,

Zero

Cpn

,

7/27/34

...

4,175

284

6369186.SQ.FTS.B

,

Zero

Cpn

,

7/30/34

...

158

84

6373846.SQ.FTS.B

,

Zero

Cpn

,

7/31/34

...

4,529

163

6378691.SQ.FTS.B

,

Zero

Cpn

,

8/02/34

...

21,929

14,993

6382458.SQ.FTS.B

,

Zero

Cpn

,

8/03/34

...

5,373

3,647

6383269.SQ.FTS.B

,

Zero

Cpn

,

8/03/34

...

1,505

998

6385666.SQ.FTS.B

,

Zero

Cpn

,

8/04/34

...

1,880

69

6385845.SQ.FTS.B

,

Zero

Cpn

,

8/04/34

...

326

6

6386508.SQ.FTS.B

,

Zero

Cpn

,

8/05/34

...

437

290

6390336.SQ.FTS.B

,

Zero

Cpn

,

8/07/34

...

643

520

6390840.SQ.FTS.B

,

Zero

Cpn

,

8/07/34

...

3,830

119

6391712.SQ.FTS.B

,

Zero

Cpn

,

8/07/34

...

415

322

6393406.SQ.FTS.B

,

Zero

Cpn

,

8/08/34

...

2,678

2,147

6394386.SQ.FTS.B

,

Zero

Cpn

,

8/08/34

...

816

26

6395219.SQ.FTS.B

,

Zero

Cpn

,

8/08/34

...

744

562

6401953.SQ.FTS.B

,

Zero

Cpn

,

8/10/34

...

876

21

6401970.SQ.FTS.B

,

Zero

Cpn

,

8/10/34

...

1,665

53

6403479.SQ.FTS.B

,

Zero

Cpn

,

8/10/34

...

3,208

2,055

6404445.SQ.FTS.B

,

Zero

Cpn

,

8/11/34

...

1,220

683

6405166.SQ.FTS.B

,

Zero

Cpn

,

8/12/34

...

19,913

953

6405910.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

3,272

2,233

6406598.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

529

362

6406724.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

1,200

907

6406838.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

114

97

6407824.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

460

13

6408129.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

246

203

6408523.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

5,951

3,752

6409863.SQ.FTS.B

,

Zero

Cpn

,

8/14/34

...

1,085

825

6411150.SQ.FTS.B

,

Zero

Cpn

,

8/14/34

...

2,180

128

6412243.SQ.FTS.B

,

Zero

Cpn

,

8/15/34

...

3,523

2,204

6413000.SQ.FTS.B

,

Zero

Cpn

,

8/15/34

...

1,544

990

6414098.SQ.FTS.B

,

Zero

Cpn

,

8/15/34

...

3,987

96

6414405.SQ.FTS.B

,

Zero

Cpn

,

8/15/34

...

1,715

32

6420149.SQ.FTS.B

,

Zero

Cpn

,

8/16/34

...

12,660

616

6421844.SQ.FTS.B

,

Zero

Cpn

,

8/17/34

...

1,749

1,230

6423702.SQ.FTS.B

,

Zero

Cpn

,

8/17/34

...

19,955

455

6424082.SQ.FTS.B

,

Zero

Cpn

,

8/17/34

...

2,329

1,661

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6424267.SQ.FTS.B

,

Zero

Cpn

,

8/18/34

...

$

8,687

$

4,627

6425248.SQ.FTS.B

,

Zero

Cpn

,

8/19/34

...

2,879

2,246

6425796.SQ.FTS.B

,

Zero

Cpn

,

8/20/34

...

1,909

1,231

6426793.SQ.FTS.B

,

Zero

Cpn

,

8/20/34

...

568

14

6427509.SQ.FTS.B

,

Zero

Cpn

,

8/21/34

...

4,726

178

6428249.SQ.FTS.B

,

Zero

Cpn

,

8/21/34

...

4,441

3,347

6428407.SQ.FTS.B

,

Zero

Cpn

,

8/21/34

...

7,388

142

6429640.SQ.FTS.B

,

Zero

Cpn

,

8/21/34

...

5,813

181

6430566.SQ.FTS.B

,

Zero

Cpn

,

8/22/34

...

8,492

6,192

6435568.SQ.FTS.B

,

Zero

Cpn

,

8/23/34

...

44

29

6436495.SQ.FTS.B

,

Zero

Cpn

,

8/23/34

...

20,201

10,952

6439293.SQ.FTS.B

,

Zero

Cpn

,

8/23/34

...

7,365

507

6439475.SQ.FTS.B

,

Zero

Cpn

,

8/23/34

...

709

441

6441111.SQ.FTS.B

,

Zero

Cpn

,

8/24/34

...

680

114

6441614.SQ.FTS.B

,

Zero

Cpn

,

8/24/34

...

8,386

5,367

6443707.SQ.FTS.B

,

Zero

Cpn

,

8/24/34

...

35,282

1,510

6445162.SQ.FTS.B

,

Zero

Cpn

,

8/26/34

...

4,917

3,529

6447179.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

201

148

6447640.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

2,396

125

6447919.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

276

9

6448059.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

5,140

201

6448205.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

7,623

206

6448382.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

5,267

2,205

6448554.SQ.FTS.B

,

Zero

Cpn

,

8/27/34

...

2,059

1,173

6449422.SQ.FTS.B

,

Zero

Cpn

,

8/28/34

...

285

206

6452425.SQ.FTS.B

,

Zero

Cpn

,

8/28/34

...

233

214

6452451.SQ.FTS.B

,

Zero

Cpn

,

8/28/34

...

3,082

182

23,964,038

Freedom

Financial

Asset

Management

LLC

APP-17218556.FP.FTS.B

,

5

.99

%

,

9/09/24

.

530

530

APP-17230704.FP.FTS.B

,

5

.99

%

,

9/23/24

.

467

468

APP-10830803.FP.FTS.B

,

23

.49

%

,

11/30/24

2,048

2,101

APP-11673054.FP.FTS.B

,

18

.99

%

,

12/16/24

3,988

423

APP-11740833.FP.FTS.B

,

23

.99

%

,

12/22/24

3,279

3,351

APP-12331634.FP.FTS.B

,

7

.74

%

,

2/04/25

.

3,499

3,515

APP-11751656.FP.FTS.B

,

9

.74

%

,

2/05/25

.

2,588

2,594

APP-11912407.FP.FTS.B

,

15

.99

%

,

2/15/25

4,448

4,489

APP-12050640.FP.FTS.B

,

12

.24

%

,

3/15/25

6,571

6,612

APP-12033288.FP.FTS.B

,

14

.49

%

,

3/15/25

4,679

4,722

APP-11872506.FP.FTS.B

,

19

.49

%

,

3/15/25

4,539

4,600

APP-12270565.FP.FTS.B

,

16

.49

%

,

3/17/25

7,219

7,328

APP-12351684.FP.FTS.B

,

7

.49

%

,

3/18/25

.

3,029

3,043

APP-12270708.FP.FTS.B

,

9

.49

%

,

3/20/25

.

4,182

4,204

APP-12420138.FP.FTS.B

,

17

.99

%

,

3/20/25

2,473

2,501

APP-12287521.FP.FTS.B

,

16

.49

%

,

3/22/25

3,397

3,437

APP-13752242.FP.FTS.B

,

10

.09

%

,

4/01/25

1,741

1,742

APP-14058368.FP.FTS.B

,

12

.49

%

,

5/01/25

6,762

6,794

APP-14113024.FP.FTS.B

,

11

.59

%

,

5/03/25

3,473

3,493

APP-14094552.FP.FTS.B

,

17

.74

%

,

5/03/25

6,973

6,957

APP-14304933.FP.FTS.B

,

14

.99

%

,

5/12/25

4,251

2,761

APP-13745262.FP.FTS.B

,

12

.84

%

,

5/16/25

15,808

15,934

APP-13550190.FP.FTS.B

,

24

.99

%

,

5/16/25

5,201

5,295

APP-13512883.FP.FTS.B

,

9

.84

%

,

5/20/25

.

11,323

11,411

APP-13957398.FP.FTS.B

,

14

.49

%

,

6/01/25

6,854

6,891

APP-13914811.FP.FTS.B

,

15

.09

%

,

6/03/25

2,899

2,914

APP-13821733.FP.FTS.B

,

22

.99

%

,

6/03/25

6,624

1,597

APP-13609952.FP.FTS.B

,

10

.09

%

,

6/04/25

13,104

13,186

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13818738.FP.FTS.B

,

10

.84

%

,

6/04/25

$

14,086

$

14,175

APP-14179362.FP.FTS.B

,

17

.49

%

,

6/05/25

2,928

2,943

APP-15039073.FP.FTS.B

,

23

.49

%

,

6/05/25

4,742

1,042

APP-13901500.FP.FTS.B

,

19

.49

%

,

6/07/25

5,150

5,191

APP-13913960.FP.FTS.B

,

25

.49

%

,

6/07/25

3,380

3,411

APP-14166988.FP.FTS.B

,

17

.49

%

,

6/09/25

3,346

3,368

APP-14165903.FP.FTS.B

,

19

.24

%

,

6/12/25

17,108

17,289

APP-14058139.FP.FTS.B

,

11

.84

%

,

6/15/25

4,195

4,226

APP-14058182.FP.FTS.B

,

18

.49

%

,

6/15/25

2,616

2,643

APP-13968504.FP.FTS.B

,

19

.49

%

,

6/15/25

5,253

5,319

APP-14319615.FP.FTS.B

,

18

.49

%

,

6/16/25

7,438

7,521

APP-13822936.FP.FTS.B

,

9

.34

%

,

6/17/25

.

9,373

9,445

APP-14176007.FP.FTS.B

,

7

.84

%

,

6/18/25

.

7,631

7,689

APP-14182518.FP.FTS.B

,

7

.84

%

,

6/18/25

.

6,679

6,730

APP-14189826.FP.FTS.B

,

9

.34

%

,

6/18/25

.

9,186

9,262

APP-14147815.FP.FTS.B

,

19

.99

%

,

6/18/25

3,349

3,368

APP-14118175.FP.FTS.B

,

10

.09

%

,

6/19/25

5,655

5,700

APP-14058272.FP.FTS.B

,

12

.59

%

,

6/19/25

8,904

8,981

APP-14181617.FP.FTS.B

,

18

.49

%

,

6/19/25

5,484

5,553

APP-14057653.FP.FTS.B

,

10

.09

%

,

6/20/25

5,613

5,659

APP-14349793.FP.FTS.B

,

16

.24

%

,

6/26/25

9,496

9,657

APP-14107541.FP.FTS.B

,

10

.09

%

,

6/28/25

2,246

2,254

APP-14145063.FP.FTS.B

,

20

.49

%

,

6/28/25

2,522

2,569

APP-15705647.FP.FTS.B

,

18

.74

%

,

6/30/25

5,526

5,609

APP-15754423.FP.FTS.B

,

25

.49

%

,

7/04/25

4,786

4,855

APP-14867025.FP.FTS.B

,

8

.24

%

,

7/06/25

.

7,768

7,818

APP-14907939.FP.FTS.B

,

17

.49

%

,

7/07/25

8,751

5,814

APP-15017105.FP.FTS.B

,

22

.49

%

,

7/11/25

2,164

2,162

APP-15043725.FP.FTS.B

,

12

.74

%

,

7/15/25

4,898

4,933

APP-14887227.FP.FTS.B

,

17

.49

%

,

7/15/25

4,418

4,460

APP-14890683.FP.FTS.B

,

17

.49

%

,

7/15/25

1,640

1,648

APP-14134773.FP.FTS.B

,

21

.99

%

,

7/15/25

4,034

4,087

APP-14748673.FP.FTS.B

,

10

.74

%

,

7/17/25

5,166

5,208

APP-14866669.FP.FTS.B

,

17

.49

%

,

7/17/25

5,124

5,180

APP-16047052.FP.FTS.B

,

20

.74

%

,

7/17/25

16,263

16,436

APP-14854614.FP.FTS.B

,

14

.99

%

,

7/21/25

6,106

6,167

APP-14909153.FP.FTS.B

,

16

.74

%

,

7/21/25

11,814

11,961

APP-14920948.FP.FTS.B

,

10

.49

%

,

7/22/25

4,743

4,769

APP-15015830.FP.FTS.B

,

25

.49

%

,

7/22/25

3,999

4,065

APP-15036503.FP.FTS.B

,

25

.49

%

,

7/22/25

5,678

5,773

APP-15038725.FP.FTS.B

,

23

.49

%

,

7/24/25

4,328

4,403

APP-17010427.FP.FTS.B

,

8

.74

%

,

7/25/25

.

5,669

5,720

APP-11741918.FP.FTS.B

,

16

.49

%

,

7/25/25

2,280

2,295

APP-14192654.FP.FTS.B

,

19

.49

%

,

7/25/25

2,568

2,579

APP-14867189.FP.FTS.B

,

17

.49

%

,

7/26/25

5,778

5,854

APP-15050243.FP.FTS.B

,

18

.99

%

,

7/26/25

3,791

3,842

APP-17491589.FP.FTS.B

,

11

.49

%

,

8/03/25

9,459

9,498

APP-15593139.FP.FTS.B

,

25

.49

%

,

8/04/25

6,367

6,386

APP-16899367.FP.FTS.B

,

25

.49

%

,

8/04/25

4,031

4,102

APP-15739609.FP.FTS.B

,

8

.74

%

,

8/07/25

.

10,709

10,777

APP-17496469.FP.FTS.B

,

14

.99

%

,

8/10/25

6,378

6,419

APP-15025145.FP.FTS.B

,

25

.49

%

,

8/12/25

5,457

1,313

APP-15537240.FP.FTS.B

,

25

.49

%

,

8/12/25

5,488

5,542

APP-15235015.FP.FTS.B

,

8

.74

%

,

8/15/25

.

3,097

3,102

APP-13337231.FP.FTS.B

,

8

.99

%

,

8/15/25

.

6,302

6,351

APP-10173660.FP.FTS.B

,

14

.49

%

,

8/19/25

17,531

17,780

APP-15744848.FP.FTS.B

,

25

.49

%

,

8/20/25

6,436

2,447

APP-15705051.FP.FTS.B

,

11

.74

%

,

8/21/25

16,629

16,774

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14371156.FP.FTS.B

,

20

.49

%

,

8/22/25

$

3,323

$

3,371

APP-15524582.FP.FTS.B

,

10

.49

%

,

8/25/25

5,593

5,646

APP-16069326.FP.FTS.B

,

25

.49

%

,

8/27/25

603

603

APP-16077556.FP.FTS.B

,

14

.99

%

,

8/28/25

15,986

16,171

APP-15532550.FP.FTS.B

,

5

.99

%

,

8/30/25

.

1,249

1,254

APP-15032228.FP.FTS.B

,

23

.49

%

,

9/12/25

4,782

4,796

APP-15033224.FP.FTS.B

,

25

.49

%

,

9/12/25

3,779

3,246

APP-16638019.FP.FTS.B

,

15

.24

%

,

9/13/25

5,767

5,811

APP-16609197.FP.FTS.B

,

12

.99

%

,

9/15/25

5,349

5,379

APP-17493794.FP.FTS.B

,

19

.99

%

,

9/15/25

5,151

1,875

APP-16928712.FP.FTS.B

,

17

.99

%

,

9/17/25

6,563

6,634

APP-16931630.FP.FTS.B

,

17

.99

%

,

9/17/25

8,504

8,589

APP-17510658.FP.FTS.B

,

16

.24

%

,

9/18/25

5,822

5,860

APP-17058236.FP.FTS.B

,

9

.74

%

,

9/19/25

.

6,379

6,434

APP-13608599.FP.FTS.B

,

11

.49

%

,

9/23/25

13,424

13,555

APP-15010755.FP.FTS.B

,

25

.49

%

,

9/23/25

11,098

11,220

APP-16554677.FP.FTS.B

,

13

.24

%

,

9/25/25

16,486

16,651

APP-16062858.FP.FTS.B

,

23

.99

%

,

10/14/25

1,420

1,430

APP-10846360.FP.FTS.B

,

11

.49

%

,

11/30/25

12,192

12,376

APP-11672772.FP.FTS.B

,

13

.99

%

,

12/01/25

12,215

12,382

APP-16065337.FP.FTS.B

,

23

.49

%

,

12/14/25

2,455

2,449

APP-11733135.FP.FTS.B

,

20

.99

%

,

12/22/25

4,512

4,703

APP-11461331.FP.FTS.B

,

8

.99

%

,

12/25/25

12,200

12,362

APP-14959860.FP.FTS.B

,

19

.74

%

,

1/03/26

9,879

9,842

APP-10224409.FP.FTS.B

,

10

.24

%

,

1/04/26

5,765

5,835

APP-11461158.FP.FTS.B

,

7

.99

%

,

1/26/26

.

19,761

2,441

APP-11727451.FP.FTS.B

,

19

.49

%

,

2/01/26

3,797

3,905

APP-11740312.FP.FTS.B

,

20

.49

%

,

2/03/26

9,272

9,666

APP-12270370.FP.FTS.B

,

8

.99

%

,

2/04/26

.

21,890

22,169

APP-11750555.FP.FTS.B

,

19

.49

%

,

2/06/26

5,320

5,549

APP-11872702.FP.FTS.B

,

7

.99

%

,

2/20/26

.

9,519

9,653

APP-12409087.FP.FTS.B

,

7

.99

%

,

3/08/26

.

10,855

11,001

APP-12287223.FP.FTS.B

,

19

.99

%

,

3/08/26

8,310

8,662

APP-12410099.FP.FTS.B

,

10

.24

%

,

3/15/26

7,387

7,492

APP-12417109.FP.FTS.B

,

15

.49

%

,

3/21/26

4,571

4,657

APP-13754165.FP.FTS.B

,

8

.34

%

,

5/16/26

.

16,409

16,633

APP-12270410.FP.FTS.B

,

8

.34

%

,

5/20/26

.

12,754

12,966

APP-12032996.FP.FTS.B

,

12

.34

%

,

5/22/26

6,048

6,152

APP-13485505.FP.FTS.B

,

15

.74

%

,

5/22/26

16,158

16,636

APP-14153218.FP.FTS.B

,

17

.99

%

,

6/01/26

15,970

16,342

APP-13826786.FP.FTS.B

,

16

.49

%

,

6/03/26

2,697

2,708

APP-13823472.FP.FTS.B

,

17

.24

%

,

6/03/26

21,009

21,573

APP-14175261.FP.FTS.B

,

20

.49

%

,

6/05/26

17,615

18,349

APP-14058279.FP.FTS.B

,

21

.74

%

,

6/10/26

11,578

12,058

APP-14297747.FP.FTS.B

,

22

.99

%

,

6/12/26

6,523

642

APP-14338698.FP.FTS.B

,

14

.74

%

,

6/13/26

25,235

13,986

APP-14057255.FP.FTS.B

,

12

.34

%

,

6/15/26

7,263

7,382

APP-14174847.FP.FTS.B

,

16

.49

%

,

6/15/26

4,866

4,885

APP-14057971.FP.FTS.B

,

17

.99

%

,

6/15/26

8,315

8,628

APP-14185776.FP.FTS.B

,

18

.49

%

,

6/16/26

7,193

7,413

APP-14181485.FP.FTS.B

,

11

.34

%

,

6/17/26

25,965

26,372

APP-14057334.FP.FTS.B

,

17

.49

%

,

6/18/26

12,689

13,087

APP-14192027.FP.FTS.B

,

9

.84

%

,

6/19/26

.

15,496

15,744

APP-07740556.FP.FTS.B

,

12

.59

%

,

6/19/26

13,098

13,329

APP-13767318.FP.FTS.B

,

13

.34

%

,

6/19/26

22,496

22,892

APP-13963648.FP.FTS.B

,

17

.24

%

,

6/19/26

17,888

18,456

APP-14193365.FP.FTS.B

,

21

.49

%

,

6/20/26

10,396

10,870

APP-11934555.FP.FTS.B

,

19

.49

%

,

6/22/26

9,902

2,066

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15602395.FP.FTS.B

,

17

.24

%

,

6/24/26

$

12,480

$

12,868

APP-14329001.FP.FTS.B

,

23

.49

%

,

6/24/26

4,402

4,599

APP-14280430.FP.FTS.B

,

20

.49

%

,

6/25/26

10,026

10,474

APP-14214629.FP.FTS.B

,

10

.34

%

,

6/26/26

14,588

14,825

APP-15479960.FP.FTS.B

,

24

.74

%

,

6/29/26

6,227

6,501

APP-14548332.FP.FTS.B

,

16

.49

%

,

7/05/26

14,550

14,940

APP-15676938.FP.FTS.B

,

14

.49

%

,

7/06/26

5,715

5,793

APP-14801281.FP.FTS.B

,

14

.99

%

,

7/08/26

8,706

8,856

APP-14689091.FP.FTS.B

,

17

.49

%

,

7/09/26

1,555

1,554

APP-16070360.FP.FTS.B

,

20

.74

%

,

7/10/26

25,283

25,956

APP-15869429.FP.FTS.B

,

21

.99

%

,

7/10/26

5,440

5,632

APP-15054747.FP.FTS.B

,

21

.49

%

,

7/12/26

15,378

15,999

APP-16085008.FP.FTS.B

,

18

.49

%

,

7/14/26

11,237

11,500

APP-14058114.FP.FTS.B

,

16

.99

%

,

7/15/26

10,944

11,144

APP-14920803.FP.FTS.B

,

16

.99

%

,

7/15/26

8,869

9,034

APP-14921360.FP.FTS.B

,

16

.99

%

,

7/15/26

8,178

8,331

APP-14865932.FP.FTS.B

,

17

.49

%

,

7/15/26

15,406

15,896

APP-14882473.FP.FTS.B

,

12

.99

%

,

7/17/26

22,523

22,872

APP-14688569.FP.FTS.B

,

17

.74

%

,

7/17/26

20,525

21,127

APP-14816252.FP.FTS.B

,

10

.74

%

,

7/18/26

11,332

11,510

APP-14688717.FP.FTS.B

,

10

.99

%

,

7/18/26

6,842

6,950

APP-14870900.FP.FTS.B

,

17

.49

%

,

7/19/26

11,324

11,553

APP-14905708.FP.FTS.B

,

16

.99

%

,

7/20/26

7,147

7,294

APP-14820629.FP.FTS.B

,

17

.24

%

,

7/20/26

22,927

23,825

APP-14902088.FP.FTS.B

,

11

.24

%

,

7/22/26

8,484

8,626

APP-14865904.FP.FTS.B

,

15

.74

%

,

7/23/26

22,428

22,901

APP-14980679.FP.FTS.B

,

17

.99

%

,

7/23/26

2,980

2,174

APP-14964964.FP.FTS.B

,

18

.99

%

,

7/23/26

15,018

15,680

APP-13767438.FP.FTS.B

,

10

.74

%

,

7/25/26

18,616

18,927

APP-15048537.FP.FTS.B

,

20

.99

%

,

7/25/26

14,828

15,479

APP-16811535.FP.FTS.B

,

21

.74

%

,

8/03/26

25,022

25,787

APP-17117415.FP.FTS.B

,

11

.24

%

,

8/06/26

16,881

17,108

APP-15589148.FP.FTS.B

,

14

.49

%

,

8/08/26

6,113

6,205

APP-14522661.FP.FTS.B

,

15

.99

%

,

8/10/26

15,529

15,782

APP-10219598.FP.FTS.B

,

15

.49

%

,

8/11/26

8,472

4,888

APP-16036383.FP.FTS.B

,

20

.24

%

,

8/13/26

7,188

7,391

APP-15327014.FP.FTS.B

,

9

.24

%

,

8/14/26

.

18,784

19,090

APP-15585646.FP.FTS.B

,

9

.49

%

,

8/14/26

.

7,596

7,713

APP-15594751.FP.FTS.B

,

10

.74

%

,

8/14/26

17,642

17,920

APP-15585110.FP.FTS.B

,

11

.49

%

,

8/14/26

9,827

9,973

APP-15449600.FP.FTS.B

,

20

.74

%

,

8/15/26

15,041

15,506

APP-15763520.FP.FTS.B

,

20

.74

%

,

8/15/26

13,045

13,356

APP-16072518.FP.FTS.B

,

12

.49

%

,

8/16/26

28,155

28,564

APP-11443413.FP.FTS.B

,

10

.59

%

,

8/17/26

20,798

21,127

APP-14176550.FP.FTS.B

,

10

.34

%

,

8/18/26

17,093

17,363

APP-13768424.FP.FTS.B

,

17

.49

%

,

8/19/26

15,648

16,092

APP-10235724.FP.FTS.B

,

15

.49

%

,

8/20/26

8,486

8,528

APP-15493477.FP.FTS.B

,

16

.74

%

,

8/20/26

11,200

11,428

APP-15602180.FP.FTS.B

,

18

.74

%

,

8/20/26

9,128

9,319

APP-15747887.FP.FTS.B

,

18

.74

%

,

8/20/26

2,259

2,268

APP-15743821.FP.FTS.B

,

26

.49

%

,

8/20/26

7,093

7,407

APP-15757972.FP.FTS.B

,

18

.24

%

,

8/21/26

9,314

9,511

APP-15750146.FP.FTS.B

,

19

.24

%

,

8/21/26

7,268

7,474

APP-15467456.FP.FTS.B

,

26

.49

%

,

8/21/26

6,825

7,117

APP-12414817.FP.FTS.B

,

15

.24

%

,

8/26/26

11,317

11,508

APP-12674952.FP.FTS.B

,

15

.24

%

,

8/26/26

9,470

9,581

APP-16078255.FP.FTS.B

,

19

.24

%

,

8/26/26

16,026

16,495

APP-15951898.FP.FTS.B

,

16

.49

%

,

8/28/26

18,676

18,987

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16947974.FP.FTS.B

,

13

.24

%

,

9/06/26

$

10,525

$

10,763

APP-17143594.FP.FTS.B

,

9

.99

%

,

9/07/26

.

8,994

9,125

APP-17156366.FP.FTS.B

,

11

.24

%

,

9/07/26

12,620

12,763

APP-16728029.FP.FTS.B

,

26

.49

%

,

9/09/26

5,233

5,406

APP-17115080.FP.FTS.B

,

15

.24

%

,

9/13/26

6,670

6,760

APP-16050065.FP.FTS.B

,

23

.99

%

,

9/14/26

5,438

5,612

APP-15872822.FP.FTS.B

,

19

.24

%

,

9/15/26

9,177

853

APP-16681815.FP.FTS.B

,

8

.24

%

,

9/16/26

.

14,836

15,055

APP-16640720.FP.FTS.B

,

9

.99

%

,

9/18/26

.

28,680

29,119

APP-16637870.FP.FTS.B

,

12

.49

%

,

9/18/26

9,422

9,579

APP-17100593.FP.FTS.B

,

9

.49

%

,

9/20/26

.

11,373

11,550

APP-17124398.FP.FTS.B

,

9

.74

%

,

9/20/26

.

28,630

29,104

APP-17439783.FP.FTS.B

,

10

.74

%

,

9/25/26

3,461

3,517

APP-17331723.FP.FTS.B

,

16

.99

%

,

9/25/26

13,830

14,085

APP-14329008.FP.FTS.B

,

19

.49

%

,

10/17/26

17,200

17,617

APP-11742538.FP.FTS.B

,

16

.49

%

,

12/15/26

15,085

15,389

APP-11603796.FP.FTS.B

,

20

.99

%

,

12/15/26

9,126

9,617

APP-11741994.FP.FTS.B

,

18

.99

%

,

12/16/26

10,091

10,454

APP-11695022.FP.FTS.B

,

16

.49

%

,

12/17/26

13,650

13,934

APP-11737893.FP.FTS.B

,

25

.49

%

,

12/18/26

6,839

7,170

APP-11743333.FP.FTS.B

,

16

.49

%

,

12/19/26

8,766

8,957

APP-11694428.FP.FTS.B

,

14

.49

%

,

12/22/26

2,519

2,537

APP-11739845.FP.FTS.B

,

19

.99

%

,

12/22/26

8,119

8,520

APP-11751120.FP.FTS.B

,

8

.99

%

,

12/23/26

21,422

21,805

APP-11694004.FP.FTS.B

,

11

.74

%

,

12/23/26

27,499

27,986

APP-11708423.FP.FTS.B

,

20

.99

%

,

12/23/26

22,005

22,914

APP-11743539.FP.FTS.B

,

21

.74

%

,

12/23/26

14,566

15,263

APP-11752109.FP.FTS.B

,

22

.49

%

,

12/23/26

7,788

1,179

APP-10229823.FP.FTS.B

,

25

.49

%

,

12/26/26

6,456

6,774

APP-11890774.FP.FTS.B

,

8

.99

%

,

1/06/27

.

22,173

22,520

APP-11920032.FP.FTS.B

,

19

.99

%

,

1/07/27

16,158

9,764

APP-11939491.FP.FTS.B

,

15

.49

%

,

1/08/27

9,198

9,475

APP-11795112.FP.FTS.B

,

19

.99

%

,

1/08/27

3,366

3,373

APP-11929275.FP.FTS.B

,

19

.99

%

,

1/08/27

3,054

3,075

APP-11749683.FP.FTS.B

,

16

.74

%

,

1/25/27

15,493

15,970

APP-11704729.FP.FTS.B

,

16

.99

%

,

1/25/27

12,775

1,373

APP-12268807.FP.FTS.B

,

10

.99

%

,

2/01/27

15,539

15,766

APP-11022562.FP.FTS.B

,

11

.74

%

,

2/01/27

4,760

4,810

APP-12396734.FP.FTS.B

,

11

.74

%

,

2/03/27

29,332

29,772

APP-11712261.FP.FTS.B

,

18

.49

%

,

2/03/27

9,293

9,578

APP-11745377.FP.FTS.B

,

21

.49

%

,

2/04/27

10,124

10,529

APP-12293217.FP.FTS.B

,

17

.49

%

,

2/05/27

15,514

15,948

APP-11742593.FP.FTS.B

,

17

.99

%

,

2/05/27

6,210

6,410

APP-11703116.FP.FTS.B

,

19

.49

%

,

2/05/27

7,550

7,814

APP-11922307.FP.FTS.B

,

20

.49

%

,

2/15/27

7,278

7,607

APP-11919163.FP.FTS.B

,

10

.99

%

,

2/17/27

15,820

16,096

APP-11904406.FP.FTS.B

,

11

.24

%

,

2/19/27

10,942

11,139

APP-11942494.FP.FTS.B

,

18

.99

%

,

2/19/27

11,793

12,215

APP-11940530.FP.FTS.B

,

13

.49

%

,

2/20/27

10,911

11,131

APP-11944817.FP.FTS.B

,

20

.49

%

,

2/20/27

1,818

1,818

APP-11928189.FP.FTS.B

,

18

.49

%

,

2/21/27

662

660

APP-11939575.FP.FTS.B

,

22

.49

%

,

2/21/27

5,194

5,388

APP-11927887.FP.FTS.B

,

9

.24

%

,

2/22/27

.

6,538

6,649

APP-11861145.FP.FTS.B

,

13

.24

%

,

2/22/27

12,147

12,367

APP-11941579.FP.FTS.B

,

16

.49

%

,

2/22/27

12,038

12,277

APP-11612708.FP.FTS.B

,

22

.99

%

,

3/04/27

10,929

11,382

APP-12361627.FP.FTS.B

,

8

.99

%

,

3/07/27

.

14,285

14,515

APP-12389833.FP.FTS.B

,

16

.49

%

,

3/07/27

7,395

7,629

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12410874.FP.FTS.B

,

10

.99

%

,

3/08/27

$

14,606

$

14,844

APP-12418857.FP.FTS.B

,

11

.24

%

,

3/08/27

8,201

8,334

APP-12405015.FP.FTS.B

,

13

.24

%

,

3/08/27

13,738

1,377

APP-12415944.FP.FTS.B

,

13

.24

%

,

3/08/27

15,353

15,677

APP-12032886.FP.FTS.B

,

16

.99

%

,

3/16/27

6,668

6,876

APP-12384050.FP.FTS.B

,

13

.74

%

,

3/17/27

16,514

16,840

APP-12408565.FP.FTS.B

,

17

.99

%

,

3/19/27

14,670

15,232

APP-12270281.FP.FTS.B

,

10

.99

%

,

3/20/27

11,962

12,185

APP-12402081.FP.FTS.B

,

18

.49

%

,

3/21/27

18,283

19,083

APP-11940575.FP.FTS.B

,

25

.49

%

,

3/21/27

5,889

6,180

APP-12412441.FP.FTS.B

,

11

.24

%

,

3/22/27

23,654

24,144

APP-11877626.FP.FTS.B

,

13

.59

%

,

4/14/27

25,269

25,738

APP-13682302.FP.FTS.B

,

18

.49

%

,

4/15/27

6,763

6,984

APP-13744711.FP.FTS.B

,

26

.49

%

,

4/15/27

5,896

6,098

APP-12119826.FP.FTS.B

,

12

.09

%

,

4/16/27

30,956

31,440

APP-13767273.FP.FTS.B

,

11

.59

%

,

4/18/27

10,235

10,412

APP-12397582.FP.FTS.B

,

19

.99

%

,

4/18/27

18,950

1,936

APP-13929153.FP.FTS.B

,

9

.59

%

,

4/20/27

.

8,286

8,428

APP-11872292.FP.FTS.B

,

19

.99

%

,

4/22/27

9,616

9,980

APP-14057284.FP.FTS.B

,

13

.59

%

,

4/23/27

24,668

25,101

APP-13920277.FP.FTS.B

,

17

.99

%

,

4/24/27

14,263

1,528

APP-14099769.FP.FTS.B

,

20

.49

%

,

4/30/27

13,326

13,955

APP-14199304.FP.FTS.B

,

13

.59

%

,

5/01/27

22,599

22,960

APP-14146465.FP.FTS.B

,

17

.99

%

,

5/01/27

1,036

636

APP-14187476.FP.FTS.B

,

17

.99

%

,

5/01/27

17,878

18,315

APP-14087177.FP.FTS.B

,

18

.99

%

,

5/02/27

11,509

6,918

APP-14289803.FP.FTS.B

,

22

.49

%

,

5/02/27

6,537

6,712

APP-14041540.FP.FTS.B

,

11

.59

%

,

5/03/27

13,384

13,609

APP-14129708.FP.FTS.B

,

11

.34

%

,

5/05/27

21,478

21,834

APP-14263477.FP.FTS.B

,

21

.99

%

,

5/10/27

6,188

6,212

APP-13720484.FP.FTS.B

,

11

.34

%

,

5/15/27

24,760

25,172

APP-14330285.FP.FTS.B

,

11

.74

%

,

5/15/27

17,732

5,093

APP-13483981.FP.FTS.B

,

16

.99

%

,

5/15/27

8,299

8,565

APP-13485148.FP.FTS.B

,

18

.49

%

,

5/15/27

19,731

20,465

APP-13725984.FP.FTS.B

,

13

.59

%

,

5/17/27

19,330

19,690

APP-13302047.FP.FTS.B

,

13

.74

%

,

5/17/27

6,783

6,900

APP-13417402.FP.FTS.B

,

17

.99

%

,

5/18/27

9,853

10,251

APP-12287013.FP.FTS.B

,

18

.24

%

,

5/18/27

17,332

17,815

APP-13849753.FP.FTS.B

,

9

.34

%

,

5/20/27

.

19,936

20,277

APP-13800465.FP.FTS.B

,

18

.49

%

,

5/20/27

7,925

8,240

APP-13529032.FP.FTS.B

,

18

.74

%

,

5/20/27

23,539

24,364

APP-13705972.FP.FTS.B

,

26

.49

%

,

5/20/27

7,332

7,600

APP-13542298.FP.FTS.B

,

11

.34

%

,

5/21/27

16,008

16,328

APP-13811007.FP.FTS.B

,

11

.34

%

,

5/21/27

16,298

16,583

APP-13848454.FP.FTS.B

,

16

.09

%

,

5/21/27

7,402

7,542

APP-13767415.FP.FTS.B

,

19

.49

%

,

5/21/27

12,775

13,197

APP-13826410.FP.FTS.B

,

20

.49

%

,

5/21/27

13,587

14,144

APP-13838022.FP.FTS.B

,

22

.49

%

,

5/21/27

5,468

5,664

APP-13840262.FP.FTS.B

,

23

.49

%

,

5/21/27

8,834

9,196

APP-11743712.FP.FTS.B

,

21

.49

%

,

5/22/27

10,551

10,990

APP-13921670.FP.FTS.B

,

18

.49

%

,

5/24/27

601

601

APP-13628676.FP.FTS.B

,

16

.99

%

,

5/27/27

8,242

8,450

APP-13485109.FP.FTS.B

,

20

.49

%

,

5/27/27

8,205

8,577

APP-13724215.FP.FTS.B

,

10

.09

%

,

5/28/27

29,415

29,995

APP-13751462.FP.FTS.B

,

11

.59

%

,

5/28/27

23,690

24,202

APP-13899643.FP.FTS.B

,

12

.09

%

,

5/28/27

31,786

32,319

APP-13574037.FP.FTS.B

,

15

.24

%

,

5/28/27

30,321

31,046

APP-13628755.FP.FTS.B

,

19

.49

%

,

5/28/27

7,138

7,394

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13521024.FP.FTS.B

,

20

.99

%

,

5/28/27

$

11,008

$

11,515

APP-13696300.FP.FTS.B

,

13

.84

%

,

5/29/27

9,613

9,829

APP-13932583.FP.FTS.B

,

15

.49

%

,

5/30/27

1,983

1,989

APP-13836108.FP.FTS.B

,

13

.59

%

,

5/31/27

25,487

26,079

APP-13852222.FP.FTS.B

,

26

.49

%

,

5/31/27

6,019

6,221

APP-14965459.FP.FTS.B

,

17

.24

%

,

6/01/27

20,353

20,679

APP-15037607.FP.FTS.B

,

20

.99

%

,

6/01/27

7,855

8,022

APP-13623936.FP.FTS.B

,

9

.34

%

,

6/03/27

.

25,092

25,510

APP-13816811.FP.FTS.B

,

18

.99

%

,

6/03/27

13,777

14,152

APP-14795053.FP.FTS.B

,

26

.99

%

,

6/03/27

7,033

667

APP-13628843.FP.FTS.B

,

16

.99

%

,

6/04/27

8,510

8,658

APP-14688354.FP.FTS.B

,

17

.49

%

,

6/04/27

17,566

17,873

APP-14190918.FP.FTS.B

,

9

.59

%

,

6/06/27

.

3,643

3,658

APP-14191584.FP.FTS.B

,

11

.34

%

,

6/06/27

23,794

24,209

APP-14200239.FP.FTS.B

,

11

.34

%

,

6/06/27

25,055

25,460

APP-14177752.FP.FTS.B

,

11

.59

%

,

6/06/27

16,488

16,763

APP-14165096.FP.FTS.B

,

14

.74

%

,

6/06/27

19,801

20,195

APP-14192451.FP.FTS.B

,

17

.99

%

,

6/06/27

19,859

20,343

APP-14083608.FP.FTS.B

,

20

.49

%

,

6/06/27

7,051

7,136

APP-13961157.FP.FTS.B

,

12

.09

%

,

6/07/27

31,436

31,926

APP-14225512.FP.FTS.B

,

20

.49

%

,

6/07/27

6,859

7,047

APP-14212766.FP.FTS.B

,

26

.49

%

,

6/07/27

1,920

1,905

APP-13914635.FP.FTS.B

,

20

.99

%

,

6/10/27

13,903

14,378

APP-14179267.FP.FTS.B

,

17

.24

%

,

6/11/27

32,474

33,078

APP-14324970.FP.FTS.B

,

24

.74

%

,

6/12/27

10,064

10,485

APP-14189919.FP.FTS.B

,

20

.49

%

,

6/13/27

10,956

11,342

APP-14176860.FP.FTS.B

,

20

.24

%

,

6/15/27

20,797

21,491

APP-14227617.FP.FTS.B

,

20

.99

%

,

6/15/27

6,924

7,170

APP-14219059.FP.FTS.B

,

11

.34

%

,

6/16/27

12,312

12,523

APP-15597460.FP.FTS.B

,

16

.49

%

,

6/16/27

21,212

21,576

APP-14301553.FP.FTS.B

,

22

.49

%

,

6/16/27

12,568

13,028

APP-14046117.FP.FTS.B

,

9

.59

%

,

6/17/27

.

10,251

10,436

APP-14151947.FP.FTS.B

,

10

.84

%

,

6/17/27

20,028

5,766

APP-14138938.FP.FTS.B

,

11

.59

%

,

6/17/27

10,724

10,920

APP-14104736.FP.FTS.B

,

15

.49

%

,

6/17/27

1,098

1,097

APP-14188906.FP.FTS.B

,

16

.99

%

,

6/17/27

13,497

13,800

APP-14200894.FP.FTS.B

,

23

.49

%

,

6/17/27

9,649

10,043

APP-14243912.FP.FTS.B

,

26

.49

%

,

6/17/27

6,168

6,405

APP-14301044.FP.FTS.B

,

26

.49

%

,

6/17/27

7,220

678

APP-14057201.FP.FTS.B

,

15

.99

%

,

6/18/27

8,068

8,314

APP-14108165.FP.FTS.B

,

20

.49

%

,

6/18/27

12,700

13,122

APP-14066107.FP.FTS.B

,

9

.34

%

,

6/19/27

.

25,093

25,556

APP-14157257.FP.FTS.B

,

11

.34

%

,

6/19/27

14,190

1,670

APP-13484916.FP.FTS.B

,

14

.99

%

,

6/19/27

14,063

14,373

APP-14165192.FP.FTS.B

,

17

.99

%

,

6/19/27

12,590

12,967

APP-14159215.FP.FTS.B

,

18

.49

%

,

6/19/27

8,641

1,071

APP-14195378.FP.FTS.B

,

19

.49

%

,

6/19/27

18,853

19,465

APP-14025039.FP.FTS.B

,

20

.49

%

,

6/19/27

8,919

9,289

APP-14034800.FP.FTS.B

,

22

.24

%

,

6/19/27

6,525

1,050

APP-14194801.FP.FTS.B

,

11

.34

%

,

6/20/27

12,811

13,057

APP-14202174.FP.FTS.B

,

11

.59

%

,

6/20/27

8,349

8,509

APP-14202404.FP.FTS.B

,

12

.09

%

,

6/20/27

32,270

32,896

APP-14077334.FP.FTS.B

,

13

.59

%

,

6/20/27

17,576

17,889

APP-14188625.FP.FTS.B

,

13

.59

%

,

6/20/27

13,072

13,332

APP-14057492.FP.FTS.B

,

16

.99

%

,

6/20/27

10,378

3,002

APP-14194952.FP.FTS.B

,

17

.99

%

,

6/20/27

13,645

14,077

APP-14198467.FP.FTS.B

,

18

.99

%

,

6/20/27

20,458

2,456

APP-14221223.FP.FTS.B

,

19

.24

%

,

6/20/27

12,963

13,029

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14172834.FP.FTS.B

,

20

.99

%

,

6/20/27

$

8,388

$

2,819

APP-14159440.FP.FTS.B

,

21

.99

%

,

6/20/27

11,767

2,653

APP-14199815.FP.FTS.B

,

22

.49

%

,

6/20/27

7,946

8,213

APP-08640096.FP.FTS.B

,

11

.34

%

,

6/21/27

17,876

18,207

APP-14278564.FP.FTS.B

,

20

.49

%

,

6/24/27

4,125

4,170

APP-14292674.FP.FTS.B

,

21

.99

%

,

6/25/27

12,169

12,722

APP-14215379.FP.FTS.B

,

17

.49

%

,

6/26/27

12,155

12,455

APP-14178588.FP.FTS.B

,

22

.99

%

,

6/26/27

270

269

APP-13787332.FP.FTS.B

,

11

.34

%

,

6/27/27

16,335

16,661

APP-14341730.FP.FTS.B

,

20

.99

%

,

6/27/27

10,181

10,623

APP-13695730.FP.FTS.B

,

26

.49

%

,

6/28/27

5,424

5,677

APP-15748724.FP.FTS.B

,

12

.49

%

,

7/01/27

16,086

16,333

APP-15753390.FP.FTS.B

,

26

.99

%

,

7/01/27

7,583

7,849

APP-15425472.FP.FTS.B

,

18

.99

%

,

7/02/27

23,145

7,094

APP-15718781.FP.FTS.B

,

26

.74

%

,

7/03/27

1,048

1,032

APP-15653357.FP.FTS.B

,

21

.24

%

,

7/04/27

5,740

5,870

APP-14163190.FP.FTS.B

,

18

.74

%

,

7/05/27

26,799

2,938

APP-14883847.FP.FTS.B

,

17

.24

%

,

7/06/27

5,123

5,209

APP-14197811.FP.FTS.B

,

20

.49

%

,

7/06/27

14,436

2,968

APP-15556990.FP.FTS.B

,

21

.24

%

,

7/06/27

7,192

7,363

APP-14902078.FP.FTS.B

,

11

.74

%

,

7/07/27

16,282

16,544

APP-14904704.FP.FTS.B

,

13

.99

%

,

7/07/27

25,296

25,707

APP-15744265.FP.FTS.B

,

14

.49

%

,

7/07/27

4,856

4,866

APP-14143499.FP.FTS.B

,

17

.24

%

,

7/07/27

23,177

23,748

APP-14923950.FP.FTS.B

,

13

.74

%

,

7/08/27

8,608

8,758

APP-14917832.FP.FTS.B

,

16

.49

%

,

7/08/27

2,208

2,199

APP-14840263.FP.FTS.B

,

17

.49

%

,

7/08/27

18,488

18,847

APP-14994439.FP.FTS.B

,

19

.99

%

,

7/10/27

12,747

13,152

APP-15045243.FP.FTS.B

,

21

.49

%

,

7/10/27

13,758

14,149

APP-15007157.FP.FTS.B

,

20

.99

%

,

7/11/27

8,427

8,704

APP-14868239.FP.FTS.B

,

11

.99

%

,

7/12/27

7,925

8,058

APP-14709072.FP.FTS.B

,

17

.49

%

,

7/12/27

14,288

14,617

APP-15042638.FP.FTS.B

,

26

.99

%

,

7/12/27

7,337

7,590

APP-14930206.FP.FTS.B

,

14

.49

%

,

7/14/27

7,639

7,774

APP-14689546.FP.FTS.B

,

11

.74

%

,

7/15/27

18,181

18,484

APP-14818480.FP.FTS.B

,

11

.74

%

,

7/15/27

26,246

26,707

APP-14821859.FP.FTS.B

,

11

.74

%

,

7/15/27

13,078

13,295

APP-14914496.FP.FTS.B

,

11

.74

%

,

7/15/27

26,246

26,707

APP-13767685.FP.FTS.B

,

11

.99

%

,

7/15/27

3,708

3,717

APP-15137192.FP.FTS.B

,

11

.99

%

,

7/15/27

11,516

11,706

APP-15039028.FP.FTS.B

,

22

.99

%

,

7/16/27

5,740

5,906

APP-14843307.FP.FTS.B

,

11

.99

%

,

7/17/27

9,878

10,057

APP-14866235.FP.FTS.B

,

12

.74

%

,

7/17/27

32,670

33,256

APP-14906097.FP.FTS.B

,

16

.74

%

,

7/18/27

32,607

33,513

APP-14882502.FP.FTS.B

,

11

.74

%

,

7/19/27

15,787

16,081

APP-14811744.FP.FTS.B

,

13

.99

%

,

7/19/27

23,513

23,987

APP-14688586.FP.FTS.B

,

17

.49

%

,

7/19/27

18,649

19,068

APP-14191093.FP.FTS.B

,

18

.99

%

,

7/19/27

14,351

14,778

APP-14174912.FP.FTS.B

,

22

.99

%

,

7/19/27

22,647

23,620

APP-14160424.FP.FTS.B

,

23

.99

%

,

7/19/27

12,466

13,025

APP-14057681.FP.FTS.B

,

11

.99

%

,

7/20/27

8,239

2,374

APP-13547748.FP.FTS.B

,

12

.09

%

,

7/20/27

33,983

34,638

APP-14766983.FP.FTS.B

,

13

.99

%

,

7/20/27

26,891

27,442

APP-14911982.FP.FTS.B

,

15

.99

%

,

7/20/27

1,586

1,588

APP-14902830.FP.FTS.B

,

16

.24

%

,

7/20/27

27,449

28,249

APP-15056862.FP.FTS.B

,

22

.99

%

,

7/20/27

14,429

14,950

APP-14865961.FP.FTS.B

,

11

.74

%

,

7/21/27

23,578

24,030

APP-14937680.FP.FTS.B

,

11

.99

%

,

7/21/27

10,348

10,521

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14938376.FP.FTS.B

,

11

.99

%

,

7/21/27

$

9,905

$

10,095

APP-14881643.FP.FTS.B

,

17

.49

%

,

7/21/27

15,073

15,425

APP-14877061.FP.FTS.B

,

9

.99

%

,

7/22/27

.

10,683

10,884

APP-14728435.FP.FTS.B

,

11

.99

%

,

7/22/27

8,588

8,755

APP-15030718.FP.FTS.B

,

18

.24

%

,

7/22/27

28,105

28,914

APP-14529813.FP.FTS.B

,

18

.24

%

,

7/23/27

26,572

27,401

APP-14314279.FP.FTS.B

,

23

.49

%

,

7/25/27

5,520

5,733

APP-14335800.FP.FTS.B

,

19

.99

%

,

7/27/27

10,591

10,936

APP-15053109.FP.FTS.B

,

11

.74

%

,

7/29/27

13,172

13,439

APP-16318783.FP.FTS.B

,

18

.99

%

,

7/30/27

9,681

9,860

APP-15576948.FP.FTS.B

,

12

.24

%

,

8/01/27

23,513

23,861

APP-16690743.FP.FTS.B

,

18

.49

%

,

8/01/27

5,742

5,827

APP-15361603.FP.FTS.B

,

19

.74

%

,

8/01/27

13,047

13,323

APP-15584134.FP.FTS.B

,

12

.99

%

,

8/03/27

17,803

18,088

APP-16724945.FP.FTS.B

,

13

.99

%

,

8/03/27

37,517

6,746

APP-16827842.FP.FTS.B

,

16

.24

%

,

8/03/27

16,953

17,209

APP-16934495.FP.FTS.B

,

13

.99

%

,

8/05/27

10,976

11,214

APP-17031491.FP.FTS.B

,

13

.99

%

,

8/05/27

34,954

35,499

APP-17272402.FP.FTS.B

,

21

.24

%

,

8/05/27

23,212

23,705

APP-15713621.FP.FTS.B

,

12

.49

%

,

8/06/27

11,610

11,786

APP-15751991.FP.FTS.B

,

12

.49

%

,

8/07/27

10,385

10,545

APP-14911217.FP.FTS.B

,

13

.99

%

,

8/07/27

17,088

17,370

APP-15763190.FP.FTS.B

,

22

.24

%

,

8/08/27

19,829

2,016

APP-17457181.FP.FTS.B

,

16

.24

%

,

8/12/27

7,063

7,168

APP-15231441.FP.FTS.B

,

16

.99

%

,

8/12/27

32,989

33,687

APP-15558741.FP.FTS.B

,

19

.49

%

,

8/12/27

29,023

9,051

APP-14221142.FP.FTS.B

,

24

.24

%

,

8/12/27

19,373

1,736

APP-15302717.FP.FTS.B

,

20

.24

%

,

8/13/27

16,945

1,754

APP-15437840.FP.FTS.B

,

20

.24

%

,

8/13/27

11,442

11,802

APP-16055829.FP.FTS.B

,

12

.99

%

,

8/14/27

8,108

8,258

APP-15595170.FP.FTS.B

,

15

.24

%

,

8/14/27

36,027

18,901

APP-15805332.FP.FTS.B

,

18

.74

%

,

8/14/27

19,557

3,716

APP-16079598.FP.FTS.B

,

20

.49

%

,

8/14/27

14,333

14,677

APP-15638158.FP.FTS.B

,

21

.24

%

,

8/14/27

7,089

4,021

APP-15526033.FP.FTS.B

,

21

.74

%

,

8/14/27

15,288

15,686

APP-14058523.FP.FTS.B

,

21

.99

%

,

8/14/27

24,158

24,866

APP-15802156.FP.FTS.B

,

22

.24

%

,

8/14/27

10,818

11,145

APP-15578534.FP.FTS.B

,

11

.74

%

,

8/15/27

21,397

6,119

APP-15398960.FP.FTS.B

,

12

.99

%

,

8/15/27

29,222

29,774

APP-15709743.FP.FTS.B

,

14

.49

%

,

8/15/27

27,529

28,047

APP-15299307.FP.FTS.B

,

14

.99

%

,

8/15/27

20,554

20,970

APP-11750409.FP.FTS.B

,

17

.99

%

,

8/15/27

12,788

13,185

APP-15544956.FP.FTS.B

,

18

.74

%

,

8/15/27

11,118

11,368

APP-15710954.FP.FTS.B

,

18

.99

%

,

8/15/27

24,795

2,974

APP-15574568.FP.FTS.B

,

20

.24

%

,

8/15/27

21,999

22,618

APP-15702332.FP.FTS.B

,

20

.24

%

,

8/15/27

7,214

7,365

APP-15585228.FP.FTS.B

,

22

.24

%

,

8/15/27

18,214

1,932

APP-15600789.FP.FTS.B

,

22

.24

%

,

8/15/27

5,523

5,681

APP-16074588.FP.FTS.B

,

23

.49

%

,

8/15/27

11,003

11,336

APP-15763149.FP.FTS.B

,

26

.99

%

,

8/15/27

7,893

8,160

APP-15868809.FP.FTS.B

,

12

.99

%

,

8/16/27

23,251

23,640

APP-13337190.FP.FTS.B

,

18

.99

%

,

8/16/27

10,373

10,572

APP-15602475.FP.FTS.B

,

12

.49

%

,

8/19/27

12,022

12,247

APP-15591313.FP.FTS.B

,

20

.74

%

,

8/19/27

10,015

10,288

APP-15601188.FP.FTS.B

,

21

.24

%

,

8/19/27

35,279

36,233

APP-15697643.FP.FTS.B

,

19

.24

%

,

8/20/27

14,438

14,854

APP-15811836.FP.FTS.B

,

19

.74

%

,

8/20/27

17,930

18,420

APP-15741986.FP.FTS.B

,

12

.49

%

,

8/21/27

21,319

21,752

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15602128.FP.FTS.B

,

21

.74

%

,

8/21/27

$

9,853

$

10,181

APP-15663958.FP.FTS.B

,

22

.24

%

,

8/21/27

10,336

10,681

APP-15745269.FP.FTS.B

,

22

.24

%

,

8/21/27

11,442

11,853

APP-16024812.FP.FTS.B

,

12

.99

%

,

8/22/27

8,152

8,311

APP-15006613.FP.FTS.B

,

23

.49

%

,

8/25/27

3,784

3,798

APP-15635946.FP.FTS.B

,

24

.74

%

,

8/25/27

12,725

13,026

APP-14178173.FP.FTS.B

,

15

.24

%

,

8/26/27

14,937

15,256

APP-15871509.FP.FTS.B

,

20

.49

%

,

8/26/27

13,144

13,572

APP-16063371.FP.FTS.B

,

20

.99

%

,

8/26/27

18,123

18,637

APP-16071674.FP.FTS.B

,

22

.49

%

,

8/26/27

7,748

7,990

APP-15043328.FP.FTS.B

,

22

.74

%

,

8/26/27

9,801

10,198

APP-14920951.FP.FTS.B

,

23

.49

%

,

8/26/27

5,677

5,907

APP-16053754.FP.FTS.B

,

10

.99

%

,

8/27/27

21,977

22,405

APP-15234987.FP.FTS.B

,

16

.74

%

,

8/27/27

20,598

21,086

APP-14346063.FP.FTS.B

,

18

.49

%

,

8/27/27

18,599

19,114

APP-16061296.FP.FTS.B

,

23

.49

%

,

8/27/27

10,426

10,786

APP-12674078.FP.FTS.B

,

20

.24

%

,

8/28/27

22,172

22,880

APP-16019364.FP.FTS.B

,

20

.99

%

,

8/28/27

21,087

21,764

APP-15594246.FP.FTS.B

,

25

.49

%

,

8/30/27

19,909

20,766

APP-16813915.FP.FTS.B

,

19

.99

%

,

9/04/27

14,567

14,799

APP-17103722.FP.FTS.B

,

9

.74

%

,

9/06/27

.

3,361

3,412

APP-17244225.FP.FTS.B

,

9

.49

%

,

9/09/27

.

14,133

14,348

APP-17250115.FP.FTS.B

,

9

.74

%

,

9/09/27

.

5,046

5,123

APP-17398424.FP.FTS.B

,

18

.24

%

,

9/12/27

7,097

7,238

APP-17433516.FP.FTS.B

,

20

.49

%

,

9/12/27

18,188

18,595

APP-17430483.FP.FTS.B

,

12

.99

%

,

9/13/27

18,237

18,521

APP-17450366.FP.FTS.B

,

21

.24

%

,

9/13/27

8,696

8,901

APP-16817244.FP.FTS.B

,

18

.24

%

,

9/14/27

36,277

37,016

APP-16652517.FP.FTS.B

,

14

.24

%

,

9/15/27

14,023

14,269

APP-16847088.FP.FTS.B

,

18

.24

%

,

9/15/27

7,262

7,450

APP-15040717.FP.FTS.B

,

20

.99

%

,

9/15/27

7,332

1,488

APP-15593379.FP.FTS.B

,

24

.74

%

,

9/15/27

6,100

6,280

APP-15584156.FP.FTS.B

,

26

.99

%

,

9/15/27

3,268

3,264

APP-17507239.FP.FTS.B

,

16

.24

%

,

9/16/27

3,801

3,805

APP-16896117.FP.FTS.B

,

23

.99

%

,

9/16/27

2,388

2,382

APP-16906029.FP.FTS.B

,

17

.74

%

,

9/17/27

7,621

7,778

APP-16901085.FP.FTS.B

,

22

.49

%

,

9/17/27

12,969

13,333

APP-16599721.FP.FTS.B

,

13

.49

%

,

9/19/27

13,512

13,762

APP-16335329.FP.FTS.B

,

11

.24

%

,

9/20/27

12,789

13,020

APP-17455190.FP.FTS.B

,

12

.74

%

,

9/20/27

34,519

35,094

APP-17023882.FP.FTS.B

,

13

.24

%

,

9/20/27

10,583

1,940

APP-15742698.FP.FTS.B

,

20

.74

%

,

9/20/27

14,724

15,210

APP-15738048.FP.FTS.B

,

24

.99

%

,

9/20/27

13,977

14,411

APP-15718443.FP.FTS.B

,

26

.99

%

,

9/20/27

19,152

19,792

APP-17104731.FP.FTS.B

,

13

.49

%

,

9/21/27

13,282

13,543

APP-15723564.FP.FTS.B

,

26

.99

%

,

9/21/27

6,129

6,339

APP-15758289.FP.FTS.B

,

26

.99

%

,

9/21/27

8,045

8,320

APP-17193229.FP.FTS.B

,

11

.99

%

,

9/22/27

10,358

10,561

APP-17221012.FP.FTS.B

,

15

.24

%

,

9/22/27

17,966

18,302

APP-13628761.FP.FTS.B

,

20

.99

%

,

9/23/27

5,654

5,675

APP-15037668.FP.FTS.B

,

26

.99

%

,

9/23/27

8,257

8,513

APP-17458369.FP.FTS.B

,

14

.49

%

,

9/25/27

6,560

6,682

APP-17362213.FP.FTS.B

,

18

.49

%

,

9/25/27

14,539

14,928

APP-17450170.FP.FTS.B

,

20

.24

%

,

9/25/27

32,198

33,111

APP-17493809.FP.FTS.B

,

20

.49

%

,

9/25/27

13,138

13,419

APP-17329208.FP.FTS.B

,

20

.99

%

,

9/25/27

12,861

13,230

APP-17418426.FP.FTS.B

,

18

.99

%

,

9/26/27

18,083

18,579

APP-17489430.FP.FTS.B

,

8

.49

%

,

9/27/27

.

17,604

17,926

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15069494.FP.FTS.B

,

11

.99

%

,

9/27/27

$

11,224

$

11,441

APP-17458150.FP.FTS.B

,

18

.99

%

,

9/27/27

30,923

5,991

APP-17422584.FP.FTS.B

,

18

.49

%

,

10/12/27

15,475

15,715

APP-15307313.FP.FTS.B

,

22

.24

%

,

10/12/27

12,756

12,986

APP-15589159.FP.FTS.B

,

26

.74

%

,

10/14/27

12,639

13,040

APP-15684113.FP.FTS.B

,

20

.74

%

,

10/18/27

17,643

17,921

APP-16893024.FP.FTS.B

,

19

.99

%

,

11/11/27

12,796

6,715

APP-15651111.FP.FTS.B

,

24

.99

%

,

11/18/27

19,178

19,601

APP-14122876.FP.FTS.B

,

23

.49

%

,

11/20/27

27,893

28,544

APP-15757316.FP.FTS.B

,

24

.99

%

,

11/24/27

17,319

17,644

APP-14996949.FP.FTS.B

,

11

.99

%

,

12/15/27

9,010

5,661

6,462,024

LendingClub

Corp.

155246628.LC.FTS.B

,

17

.74

%

,

8/30/24

...

160

160

158081866.LC.FTS.B

,

16

.12

%

,

9/05/24

...

1,338

1,337

158175447.LC.FTS.B

,

17

.74

%

,

9/10/24

...

1,729

1,730

157912310.LC.FTS.B

,

17

.74

%

,

9/16/24

...

951

950

159010378.LC.FTS.B

,

17

.74

%

,

9/19/24

...

4,547

427

157396742.LC.FTS.B

,

15

.24

%

,

9/23/24

...

1,825

1,825

160079994.LC.FTS.B

,

13

.08

%

,

10/17/24

..

2,064

2,052

160529999.LC.FTS.B

,

16

.95

%

,

10/22/24

..

866

865

160490410.LC.FTS.B

,

15

.24

%

,

10/25/24

..

2,798

2,805

161573592.LC.FTS.B

,

12

.4

%

,

11/07/24

...

1,794

1,782

161593900.LC.FTS.B

,

13

.08

%

,

11/12/24

..

1,202

–

161740410.LC.FTS.B

,

17

.74

%

,

11/14/24

..

1,951

1,949

158052058.LC.FTS.B

,

14

.3

%

,

11/18/24

...

1,460

1,453

162085568.LC.FTS.B

,

16

.95

%

,

11/19/24

..

1,920

1,915

162329802.LC.FTS.B

,

20

.55

%

,

11/26/24

..

1,541

1,555

162054102.LC.FTS.B

,

14

.3

%

,

11/30/24

...

2,785

2,775

158914371.LC.FTS.B

,

16

.12

%

,

11/30/24

..

4,474

4,456

162767538.LC.FTS.B

,

12

.4

%

,

12/04/24

...

1,632

1,619

162981224.LC.FTS.B

,

20

.55

%

,

12/10/24

..

1,783

1,790

163112532.LC.FTS.B

,

14

.3

%

,

12/16/24

...

1,854

1,847

163046946.LC.FTS.B

,

15

.24

%

,

12/16/24

..

2,302

2,299

163060788.LC.FTS.B

,

13

.08

%

,

12/17/24

..

2,248

2,229

163583417.LC.FTS.B

,

20

.55

%

,

12/23/24

..

435

435

164220289.LC.FTS.B

,

16

.95

%

,

1/02/25

...

2,494

2,478

164731071.LC.FTS.B

,

18

.62

%

,

1/13/25

...

1,463

1,471

165397300.LC.FTS.B

,

14

.3

%

,

1/22/25

...

1,432

1,430

165808132.LC.FTS.B

,

20

.55

%

,

1/29/25

...

1,029

1,033

165938778.LC.FTS.B

,

20

.55

%

,

2/03/25

...

2,104

2,107

165780834.LC.FTS.B

,

13

.08

%

,

2/05/25

...

2,197

2,172

166781902.LC.FTS.B

,

13

.08

%

,

2/18/25

...

2,292

2,267

166943124.LC.FTS.B

,

15

.24

%

,

2/20/25

...

1,516

1,510

165810247.LC.FTS.B

,

18

.62

%

,

2/24/25

...

2,658

2,653

166773880.LC.FTS.B

,

10

.33

%

,

2/28/25

...

2,986

2,952

167785877.LC.FTS.B

,

15

.24

%

,

3/04/25

...

5,427

5,368

168256441.LC.FTS.B

,

17

.74

%

,

3/13/25

...

5,676

5,639

167908793.LC.FTS.B

,

14

.3

%

,

3/16/25

...

2,083

2,068

168305153.LC.FTS.B

,

Zero

Cpn

,

3/20/25

.

8,538

–

162782888.LC.FTS.B

,

16

.95

%

,

5/25/25

...

7,450

7,384

159782705.LC.FTS.B

,

17

.74

%

,

1/13/26

...

14,205

–

166624371.LC.FTS.B

,

17

.74

%

,

3/04/33

...

11,105

–

140103085.LC.FTS.B

,

Zero

Cpn

,

10/05/33

1,819

–

142083793.LC.FTS.B

,

24

.37

%

,

10/18/33

..

1,046

1,050

144940694.LC.FTS.B

,

11

.8

%

,

12/13/33

...

1,627

1,616

145998409.LC.FTS.B

,

12

.98

%

,

1/14/34

...

1,486

1,474

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)

LendingClub

Corp.

(continued)

148711863.LC.FTS.B

,

16

.4

%

,

3/12/34

....

$

628

$

628

148849654.LC.FTS.B

,

17

.19

%

,

3/15/34

...

1,227

1,224

148932528.LC.FTS.B

,

17

.19

%

,

3/25/34

...

4,389

412

149957207.LC.FTS.B

,

17

.19

%

,

4/09/34

...

6,138

6,067

149399946.LC.FTS.B

,

20

%

,

4/09/34

.....

14,563

–

150241560.LC.FTS.B

,

20

%

,

4/16/34

.....

697

697

148165215.LC.FTS.B

,

15

.57

%

,

5/15/34

...

5,250

–

154841821.LC.FTS.B

,

16

.12

%

,

7/08/34

...

2,053

2,050

154797502.LC.FTS.B

,

16

.12

%

,

7/09/34

...

1,291

1,288

155027113.LC.FTS.B

,

17

.97

%

,

7/10/34

...

2,951

2,951

155360790.LC.FTS.B

,

15

.24

%

,

7/16/34

...

2,103

–

155823373.LC.FTS.B

,

15

.24

%

,

7/31/34

...

713

712

147890443.LC.FTS.B

,

11

.02

%

,

8/05/34

...

263

262

157328472.LC.FTS.B

,

14

.3

%

,

8/07/34

...

1,123

1,120

150616815.LC.FTS.B

,

17

.97

%

,

8/09/34

...

666

666

154267934.LC.FTS.B

,

14

.3

%

,

8/15/34

...

416

416

150328755.LC.FTS.B

,

13

.08

%

,

8/17/34

...

326

326

155164991.LC.FTS.B

,

15

.24

%

,

8/18/34

...

25

25

157178824.LC.FTS.B

,

16

.12

%

,

8/20/34

...

288

289

156805347.LC.FTS.B

,

17

.74

%

,

8/26/34

...

482

482

157742410.LC.FTS.B

,

6

%

,

8/27/34

......

461

458

157148290.LC.FTS.B

,

14

.3

%

,

8/29/34

...

816

819

151707588.LC.FTS.B

,

14

.74

%

,

8/29/34

...

781

784

104,603

LendingClub

Corp.

-

LCX

158294506.LC.FTS.B

,

16

.12

%

,

9/09/24

...

573

574

158749928.LC.FTS.B

,

15

.24

%

,

9/24/24

...

541

543

158302406.LC.FTS.B

,

17

.74

%

,

9/25/24

...

1,230

1,237

158297432.LC.FTS.B

,

15

.24

%

,

11/09/24

..

2,899

2,899

165130966.LC.FTS.B

,

20

.55

%

,

1/21/25

...

757

765

165148027.LC.FTS.B

,

20

.55

%

,

1/21/25

...

3,027

3,057

165276233.LC.FTS.B

,

20

.55

%

,

1/21/25

...

3,188

3,211

164300242.LC.FTS.B

,

16

.12

%

,

1/31/25

...

6,004

5,964

165905919.LC.FTS.B

,

16

.12

%

,

2/03/25

...

4,482

4,454

166100453.LC.FTS.B

,

14

.3

%

,

2/05/25

...

6,256

6,221

167192844.LC.FTS.B

,

23

.05

%

,

2/24/25

...

4,356

4,346

167466474.LC.FTS.B

,

11

.02

%

,

2/27/25

...

3,377

3,284

163582275.LC.FTS.B

,

16

.12

%

,

2/28/25

...

4,549

4,325

168273324.LC.FTS.B

,

18

.62

%

,

3/17/25

...

3,065

3,007

164935272.LC.FTS.B

,

20

.55

%

,

3/21/25

...

8,780

8,819

168585809.LC.FTS.B

,

15

.24

%

,

3/24/25

...

1,921

1,866

165378648.LC.FTS.B

,

11

.02

%

,

3/31/25

...

8,070

7,941

167808300.LC.FTS.B

,

13

.08

%

,

4/14/25

...

2,527

2,419

155128973.LC.FTS.B

,

15

.24

%

,

7/25/34

...

11,417

8,933

154670467.LC.FTS.B

,

16

.12

%

,

7/25/34

...

2,191

2,189

153882991.LC.FTS.B

,

14

.3

%

,

7/31/34

...

532

534

155970724.LC.FTS.B

,

16

.95

%

,

7/31/34

...

356

358

155983239.LC.FTS.B

,

14

.3

%

,

8/09/34

...

10,557

10,391

151286105.LC.FTS.B

,

11

.71

%

,

8/10/34

...

1,306

67

87,404

LendingClub

Corp.

-

LCX

PM

188248955.LC.FTS.B

,

19

.49

%

,

4/12/25

...

8,103

1,518

188396824.LC.FTS.B

,

23

.99

%

,

4/18/25

...

4,905

–

188336152.LC.FTS.B

,

23

.99

%

,

4/19/25

...

10,170

938

187760587.LC.FTS.B

,

15

.99

%

,

4/21/25

...

3,852

3,853

188588570.LC.FTS.B

,

16

.29

%

,

4/21/25

...

1,337

1,332

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

188585972.LC.FTS.B

,

19

.44

%

,

4/21/25

...

$

7,939

$

971

188593902.LC.FTS.B

,

21

.49

%

,

4/21/25

...

6,253

6,330

188631141.LC.FTS.B

,

18

.19

%

,

4/22/25

...

12,112

12,136

188664382.LC.FTS.B

,

21

.49

%

,

4/22/25

...

3,464

3,502

188534183.LC.FTS.B

,

22

.99

%

,

4/22/25

...

1,117

1,140

188686293.LC.FTS.B

,

23

.99

%

,

4/22/25

...

4,587

3,740

188654930.LC.FTS.B

,

24

.79

%

,

4/22/25

...

1,935

1,992

188635054.LC.FTS.B

,

16

.99

%

,

4/24/25

...

3,206

3,207

188123636.LC.FTS.B

,

5

%

,

4/01/26

......

7,557

7,525

188037917.LC.FTS.B

,

22

.49

%

,

3/28/27

...

9,948

931

188053341.LC.FTS.B

,

6

%

,

4/08/27

......

3,851

3,824

187991007.LC.FTS.B

,

17

.19

%

,

4/08/27

...

3,915

3,816

188072484.LC.FTS.B

,

22

.49

%

,

4/08/27

...

5,651

–

187514926.LC.FTS.B

,

23

.49

%

,

4/11/27

...

5,415

5,412

188256153.LC.FTS.B

,

18

.99

%

,

4/12/27

...

4,307

780

188268197.LC.FTS.B

,

Zero

Cpn

,

4/13/27

.

5,060

–

188277181.LC.FTS.B

,

23

.49

%

,

4/13/27

...

24,058

23,634

188110736.LC.FTS.B

,

23

.99

%

,

4/13/27

...

7,047

2,708

188308390.LC.FTS.B

,

25

.99

%

,

4/14/27

...

4,204

4,212

188316633.LC.FTS.B

,

25

.99

%

,

4/14/27

...

7,685

–

188149297.LC.FTS.B

,

27

.79

%

,

4/14/27

...

6,348

766

188225211.LC.FTS.B

,

20

.99

%

,

4/18/27

...

10,107

9,667

188142269.LC.FTS.B

,

27

.79

%

,

4/18/27

...

6,635

2,638

188575003.LC.FTS.B

,

22

.49

%

,

4/20/27

...

4,621

4,616

188450442.LC.FTS.B

,

15

.19

%

,

4/21/27

...

17,952

16,895

188615522.LC.FTS.B

,

16

.19

%

,

4/21/27

...

10,350

10,059

188223031.LC.FTS.B

,

18

.99

%

,

4/21/27

...

21,774

2,782

188623242.LC.FTS.B

,

19

.41

%

,

4/21/27

...

13,228

629

188593509.LC.FTS.B

,

19

.44

%

,

4/21/27

...

4,790

4,768

188582913.LC.FTS.B

,

20

.49

%

,

4/21/27

...

15,550

1,913

188303635.LC.FTS.B

,

20

.99

%

,

4/21/27

...

7,351

7,260

188594404.LC.FTS.B

,

20

.99

%

,

4/21/27

...

20,833

16,409

188494026.LC.FTS.B

,

21

.99

%

,

4/21/27

...

14,413

–

188619005.LC.FTS.B

,

23

.99

%

,

4/21/27

...

2,730

257

188633218.LC.FTS.B

,

28

.99

%

,

4/21/27

...

8,593

8,780

188476890.LC.FTS.B

,

17

.49

%

,

4/22/27

...

5,234

5,152

188630360.LC.FTS.B

,

20

.49

%

,

4/22/27

...

14,763

14,653

188277503.LC.FTS.B

,

23

.19

%

,

4/22/27

...

6,901

6,831

188087453.LC.FTS.B

,

23

.99

%

,

4/22/27

...

5,769

4,613

187548960.LC.FTS.B

,

20

.49

%

,

4/25/27

...

12,596

11,942

187548690.LC.FTS.B

,

23

.49

%

,

4/25/27

...

10,250

10,271

188528665.LC.FTS.B

,

23

.99

%

,

4/25/27

...

4,877

4,831

188400206.LC.FTS.B

,

23

.19

%

,

4/27/27

...

9,149

9,130

188048788.LC.FTS.B

,

25

.99

%

,

4/28/27

...

17,780

17,492

187899660.LC.FTS.B

,

23

.99

%

,

4/29/27

...

14,265

14,087

188557045.LC.FTS.B

,

18

.99

%

,

4/30/27

...

17,681

17,080

188352447.LC.FTS.B

,

21

.49

%

,

4/30/27

...

6,427

–

188575150.LC.FTS.B

,

22

.99

%

,

4/30/27

...

18,122

–

188535698.LC.FTS.B

,

21

.99

%

,

8/20/27

...

11,607

11,268

188574271.LC.FTS.B

,

15

%

,

9/30/27

.....

20,988

16,839

188352437.LC.FTS.B

,

23

.99

%

,

10/30/27

..

24,883

2,331

188186124.LC.FTS.B

,

21

.49

%

,

11/12/27

..

5,388

5,131

188415292.LC.FTS.B

,

22

.99

%

,

7/20/28

...

23,672

22,765

355,356

Prosper

Funding

LLC

1648237.PS.FTS.B

,

15

.1

%

,

10/26/24

....

678

681

1657446.PS.FTS.B

,

14

.79

%

,

10/29/24

...

2,683

2,684

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)

Prosper

Funding

LLC

(continued)

1651390.PS.FTS.B

,

12

%

,

11/01/24

......

$

647

$

643

1648712.PS.FTS.B

,

12

.4

%

,

11/02/24

....

1,560

1,550

1660875.PS.FTS.B

,

12

%

,

11/05/24

......

259

257

1657975.PS.FTS.B

,

13

.05

%

,

11/08/24

....

2,638

2,617

1653485.PS.FTS.B

,

10

.8

%

,

11/09/24

....

329

327

1667316.PS.FTS.B

,

15

.4

%

,

11/10/24

....

1,320

1,317

1686279.PS.FTS.B

,

10

.8

%

,

12/15/24

....

724

719

1686276.PS.FTS.B

,

13

.9

%

,

12/15/24

....

989

987

1686264.PS.FTS.B

,

14

.11

%

,

12/15/24

....

3,459

3,439

1686630.PS.FTS.B

,

15

.1

%

,

12/16/24

....

1,003

1,001

1680844.PS.FTS.B

,

15

.29

%

,

12/17/24

...

2,763

397

1687224.PS.FTS.B

,

19

.6

%

,

12/17/24

....

1,175

1,063

1674899.PS.FTS.B

,

13

.8

%

,

12/20/24

....

4,116

4,099

1676741.PS.FTS.B

,

21

.45

%

,

12/22/24

...

1,878

1,891

1679401.PS.FTS.B

,

18

.11

%

,

12/24/24

....

355

353

1683619.PS.FTS.B

,

12

.33

%

,

12/30/24

...

6,847

6,904

1649773.PS.FTS.B

,

15

.1

%

,

12/31/24

....

1,030

1,031

1701024.PS.FTS.B

,

15

.1

%

,

1/12/25

.....

2,985

2,972

1695016.PS.FTS.B

,

12

.2

%

,

1/13/25

.....

3,660

3,633

1688477.PS.FTS.B

,

17

.59

%

,

1/13/25

....

628

624

1701786.PS.FTS.B

,

20

.01

%

,

1/13/25

....

630

631

1689320.PS.FTS.B

,

12

%

,

1/14/25

.......

3,841

3,814

1689317.PS.FTS.B

,

13

.4

%

,

1/14/25

.....

4,412

4,382

1695337.PS.FTS.B

,

13

.6

%

,

1/14/25

.....

390

387

1695322.PS.FTS.B

,

13

.7

%

,

1/14/25

.....

686

681

1689350.PS.FTS.B

,

14

.89

%

,

1/14/25

....

993

989

1695730.PS.FTS.B

,

16

.6

%

,

1/14/25

.....

1,882

1,866

1686609.PS.FTS.B

,

11

.16

%

,

1/15/25

....

1,281

1,273

1696453.PS.FTS.B

,

14

.39

%

,

1/18/25

....

1,181

1,178

1704912.PS.FTS.B

,

12

.3

%

,

1/19/25

.....

1,928

1,917

1705407.PS.FTS.B

,

13

.5

%

,

1/20/25

.....

1,916

1,912

1706154.PS.FTS.B

,

15

.29

%

,

1/20/25

....

3,002

2,980

1695325.PS.FTS.B

,

18

.09

%

,

1/20/25

....

2,083

2,082

1693714.PS.FTS.B

,

22

.6

%

,

1/20/25

.....

1,579

1,578

1698682.PS.FTS.B

,

22

.6

%

,

1/20/25

.....

1,295

1,308

1693753.PS.FTS.B

,

24

.4

%

,

1/21/25

.....

598

599

1695349.PS.FTS.B

,

14

.39

%

,

1/25/25

....

1,746

1,736

1702114.PS.FTS.B

,

16

%

,

1/25/25

.......

313

312

1700610.PS.FTS.B

,

22

.6

%

,

1/26/25

.....

1,120

1,124

1706943.PS.FTS.B

,

17

.7

%

,

2/01/25

.....

4,770

4,790

1693775.PS.FTS.B

,

22

.6

%

,

2/01/25

.....

1,315

1,327

1702146.PS.FTS.B

,

13

.2

%

,

2/09/25

.....

943

933

1708013.PS.FTS.B

,

11

.7

%

,

2/15/25

.....

1,555

1,542

1721415.PS.FTS.B

,

11

.7

%

,

2/15/25

.....

2,111

2,093

1715365.PS.FTS.B

,

11

.79

%

,

2/15/25

....

2,146

2,127

1708001.PS.FTS.B

,

11

.89

%

,

2/15/25

....

2,226

2,208

1721412.PS.FTS.B

,

13

.9

%

,

2/15/25

.....

2,275

2,256

1721856.PS.FTS.B

,

14

.6

%

,

2/15/25

.....

2,636

2,623

1720959.PS.FTS.B

,

16

.6

%

,

2/15/25

.....

2,341

2,330

1720995.PS.FTS.B

,

25

.4

%

,

2/15/25

.....

1,023

1,031

1722456.PS.FTS.B

,

14

.09

%

,

2/16/25

....

1,254

1,248

1715869.PS.FTS.B

,

23

.13

%

,

2/16/25

....

1,251

1,255

1721859.PS.FTS.B

,

15

.4

%

,

2/17/25

.....

4,197

4,176

1716898.PS.FTS.B

,

21

%

,

2/17/25

.......

3,781

–

1708025.PS.FTS.B

,

12

.3

%

,

2/21/25

.....

289

287

1708019.PS.FTS.B

,

14

.2

%

,

2/23/25

.....

1,097

1,091

1712990.PS.FTS.B

,

17

%

,

2/23/25

.......

1,293

1,302

1720297.PS.FTS.B

,

18

.6

%

,

2/23/25

.....

1,717

1,750

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1721877.PS.FTS.B

,

14

.39

%

,

2/28/25

....

$

2,592

$

2,579

1720956.PS.FTS.B

,

15

.1

%

,

2/28/25

.....

3,408

3,383

1702474.PS.FTS.B

,

22

%

,

2/28/25

.......

9,799

334

1742756.PS.FTS.B

,

18

.6

%

,

4/05/25

.....

1,218

1,209

1749733.PS.FTS.B

,

13

.9

%

,

4/06/25

.....

1,743

1,717

1753725.PS.FTS.B

,

14

.6

%

,

4/07/25

.....

1,225

1,210

1743983.PS.FTS.B

,

15

.86

%

,

4/07/25

....

1,276

1,258

1744487.PS.FTS.B

,

18

.09

%

,

4/07/25

....

6,150

6,112

1744493.PS.FTS.B

,

19

.3

%

,

4/07/25

.....

6,132

6,094

1743971.PS.FTS.B

,

22

.9

%

,

4/07/25

.....

4,786

4,780

1744373.PS.FTS.B

,

23

.13

%

,

4/07/25

....

1,293

1,285

1745288.PS.FTS.B

,

15

.9

%

,

4/08/25

.....

593

584

1755081.PS.FTS.B

,

16

.06

%

,

4/08/25

....

1,582

1,563

1745372.PS.FTS.B

,

18

.41

%

,

4/08/25

....

1,398

1,378

1752910.PS.FTS.B

,

10

.5

%

,

4/11/25

.....

5,471

454

1757928.PS.FTS.B

,

22

.6

%

,

4/13/25

.....

1,266

1,269

1757065.PS.FTS.B

,

22

.06

%

,

4/15/25

....

3,779

3,792

1750469.PS.FTS.B

,

19

.5

%

,

4/17/25

.....

1,606

1,607

1745342.PS.FTS.B

,

13

.9

%

,

4/20/25

.....

4,284

4,230

1755967.PS.FTS.B

,

22

.6

%

,

4/26/25

.....

844

848

1647314.PS.FTS.B

,

20

.01

%

,

4/29/25

....

4,277

4,242

1744502.PS.FTS.B

,

20

.46

%

,

4/30/25

....

2,488

2,472

1757895.PS.FTS.B

,

24

.4

%

,

5/12/25

.....

4,574

647

1721664.PS.FTS.B

,

11

.4

%

,

8/15/25

.....

2,785

2,727

1659661.PS.FTS.B

,

18

.6

%

,

9/26/25

.....

3,206

2,194

1752838.PS.FTS.B

,

14

.6

%

,

10/11/25

....

2,235

2,182

1700571.PS.FTS.B

,

18

.11

%

,

12/25/25

....

6,512

6,298

1751899.PS.FTS.B

,

22

.6

%

,

1/20/26

.....

4,360

4,299

1655640.PS.FTS.B

,

16

.33

%

,

10/27/26

...

12,037

11,898

1655235.PS.FTS.B

,

24

.03

%

,

10/27/26

...

8,344

8,679

1649857.PS.FTS.B

,

10

.5

%

,

10/28/26

....

7,758

7,615

1656498.PS.FTS.B

,

10

.9

%

,

10/28/26

....

3,881

3,809

1649350.PS.FTS.B

,

18

.78

%

,

10/28/26

...

7,629

7,743

1657464.PS.FTS.B

,

10

.5

%

,

10/29/26

....

4,375

4,304

1646555.PS.FTS.B

,

10

.9

%

,

10/29/26

....

13,357

13,114

1646915.PS.FTS.B

,

16

.1

%

,

10/29/26

....

8,489

8,623

1656576.PS.FTS.B

,

16

.18

%

,

10/29/26

...

19,824

19,571

1648681.PS.FTS.B

,

12

.21

%

,

11/01/26

....

3,126

3,071

1658775.PS.FTS.B

,

12

.5

%

,

11/02/26

....

17,860

17,437

1651286.PS.FTS.B

,

24

.33

%

,

11/05/26

....

9,249

9,498

1665042.PS.FTS.B

,

14

.68

%

,

11/08/26

....

8,354

8,165

1658917.PS.FTS.B

,

10

.7

%

,

11/09/26

....

7,459

7,294

1666464.PS.FTS.B

,

15

.29

%

,

11/09/26

....

5,606

5,503

1654475.PS.FTS.B

,

10

.8

%

,

11/10/26

....

8,001

7,826

1660093.PS.FTS.B

,

10

.9

%

,

11/10/26

....

2,227

2,179

1654034.PS.FTS.B

,

13

.6

%

,

11/10/26

....

5,504

5,406

1654907.PS.FTS.B

,

16

%

,

11/12/26

......

5,611

5,660

1665225.PS.FTS.B

,

19

.53

%

,

11/14/26

....

4,128

4,144

1667685.PS.FTS.B

,

17

.1

%

,

11/15/26

....

14,330

14,419

1673249.PS.FTS.B

,

10

.7

%

,

12/15/26

....

8,594

8,407

1679392.PS.FTS.B

,

13

.8

%

,

12/15/26

....

3,979

3,901

1686612.PS.FTS.B

,

16

.8

%

,

12/16/26

....

14,510

14,249

1679746.PS.FTS.B

,

16

.93

%

,

12/16/26

...

8,809

8,652

1673612.PS.FTS.B

,

19

.3

%

,

12/16/26

....

3,607

3,639

1674065.PS.FTS.B

,

27

.18

%

,

12/16/26

...

9,693

10,026

1674635.PS.FTS.B

,

13

.77

%

,

12/17/26

...

9,661

9,496

1681423.PS.FTS.B

,

10

.08

%

,

12/20/26

...

8,206

8,023

1688043.PS.FTS.B

,

10

.5

%

,

12/20/26

....

6,581

6,442

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)

Prosper

Funding

LLC

(continued)

1681000.PS.FTS.B

,

11

.6

%

,

12/20/26

....

$

7,201

$

6,277

1681408.PS.FTS.B

,

14

.7

%

,

12/20/26

....

5,723

5,630

1676714.PS.FTS.B

,

12

.62

%

,

12/21/26

...

19,646

19,234

1673600.PS.FTS.B

,

11

.6

%

,

12/25/26

....

5,580

5,450

1681444.PS.FTS.B

,

9

.81

%

,

12/27/26

....

12,254

2,628

1675322.PS.FTS.B

,

21

.09

%

,

12/30/26

...

9,494

9,985

1687683.PS.FTS.B

,

11

.61

%

,

1/02/27

....

11,838

–

1660267.PS.FTS.B

,

14

%

,

1/06/27

.......

16,449

16,070

1687826.PS.FTS.B

,

12

.6

%

,

1/12/27

.....

6,929

6,761

1688201.PS.FTS.B

,

24

.03

%

,

1/12/27

....

6,437

6,642

1686624.PS.FTS.B

,

11

.2

%

,

1/13/27

.....

2,151

2,109

1694575.PS.FTS.B

,

11

.99

%

,

1/13/27

....

12,049

11,761

1688543.PS.FTS.B

,

16

.18

%

,

1/13/27

....

9,007

8,808

1695334.PS.FTS.B

,

15

.1

%

,

1/14/27

.....

6,515

6,388

1702050.PS.FTS.B

,

18

.78

%

,

1/14/27

....

6,139

6,178

1689323.PS.FTS.B

,

26

.88

%

,

1/14/27

....

1,978

2,042

1689608.PS.FTS.B

,

28

.23

%

,

1/14/27

....

10,000

10,320

1691645.PS.FTS.B

,

22

.9

%

,

1/19/27

.....

1,403

1,241

1705371.PS.FTS.B

,

12

.62

%

,

1/20/27

....

17,326

16,937

1692635.PS.FTS.B

,

14

.7

%

,

1/20/27

.....

14,749

14,490

1700562.PS.FTS.B

,

15

.18

%

,

1/20/27

....

12,478

12,182

1705833.PS.FTS.B

,

18

.48

%

,

1/20/27

....

2,449

2,472

1693711.PS.FTS.B

,

21

.63

%

,

1/25/27

....

6,402

6,593

1688975.PS.FTS.B

,

12

.4

%

,

1/27/27

.....

12,805

12,483

1689314.PS.FTS.B

,

10

.26

%

,

1/28/27

....

19,945

19,451

1689341.PS.FTS.B

,

11

.7

%

,

1/28/27

.....

8,659

8,444

1704399.PS.FTS.B

,

13

.8

%

,

2/03/27

.....

21,419

20,965

1688138.PS.FTS.B

,

13

.6

%

,

2/05/27

.....

21,215

20,712

1689626.PS.FTS.B

,

19

%

,

2/07/27

.......

6,117

6,158

1715428.PS.FTS.B

,

9

.99

%

,

2/15/27

.....

2,889

2,820

1714702.PS.FTS.B

,

11

.6

%

,

2/15/27

.....

2,056

2,007

1720965.PS.FTS.B

,

11

.7

%

,

2/15/27

.....

14,702

14,347

1708892.PS.FTS.B

,

11

.79

%

,

2/15/27

....

11,824

11,522

1708910.PS.FTS.B

,

12

.5

%

,

2/15/27

.....

2,114

2,078

1708442.PS.FTS.B

,

13

.5

%

,

2/15/27

.....

2,782

2,738

1714684.PS.FTS.B

,

14

.53

%

,

2/15/27

....

9,040

8,821

1720971.PS.FTS.B

,

14

.7

%

,

2/15/27

.....

12,298

12,052

1720962.PS.FTS.B

,

15

.1

%

,

2/15/27

.....

5,727

5,608

1708445.PS.FTS.B

,

16

.63

%

,

2/15/27

....

929

928

1715575.PS.FTS.B

,

18

.59

%

,

2/15/27

....

6,052

6,080

1708043.PS.FTS.B

,

19

%

,

2/15/27

.......

504

499

1715140.PS.FTS.B

,

24

.03

%

,

2/15/27

....

681

678

1702128.PS.FTS.B

,

13

.4

%

,

2/16/27

.....

9,321

9,061

1709420.PS.FTS.B

,

21

.18

%

,

2/16/27

....

7,007

7,051

1709807.PS.FTS.B

,

15

.1

%

,

2/17/27

.....

10,955

10,739

1696093.PS.FTS.B

,

16

%

,

2/17/27

.......

9,384

9,429

1711007.PS.FTS.B

,

18

.78

%

,

2/18/27

....

10,573

10,654

1710686.PS.FTS.B

,

19

%

,

2/18/27

.......

6,306

6,354

1716991.PS.FTS.B

,

13

.7

%

,

2/22/27

.....

15,028

14,708

1721862.PS.FTS.B

,

12

.3

%

,

2/28/27

.....

6,129

5,974

1715572.PS.FTS.B

,

21

.5

%

,

2/28/27

.....

10,670

1,561

1725226.PS.FTS.B

,

11

.5

%

,

3/03/27

.....

6,041

5,862

1708439.PS.FTS.B

,

16

.7

%

,

3/09/27

.....

3,845

3,851

1720876.PS.FTS.B

,

18

.4

%

,

3/22/27

.....

13,559

–

1710332.PS.FTS.B

,

16

.18

%

,

3/24/27

....

11,620

463

1749361.PS.FTS.B

,

10

.5

%

,

4/05/27

.....

8,596

8,336

1742753.PS.FTS.B

,

11

.7

%

,

4/05/27

.....

8,696

8,432

1749355.PS.FTS.B

,

12

.7

%

,

4/05/27

.....

27,690

5,810

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1742750.PS.FTS.B

,

16

.18

%

,

4/05/27

....

$

5,501

$

5,340

1752456.PS.FTS.B

,

16

.18

%

,

4/05/27

....

4,058

2,160

1752438.PS.FTS.B

,

18

.13

%

,

4/05/27

....

6,584

6,389

1749730.PS.FTS.B

,

11

.6

%

,

4/06/27

.....

9,311

9,031

1752882.PS.FTS.B

,

12

.4

%

,

4/06/27

.....

3,126

3,032

1752861.PS.FTS.B

,

12

.5

%

,

4/06/27

.....

6,258

6,070

1750048.PS.FTS.B

,

13

.13

%

,

4/06/27

....

9,443

9,173

1750153.PS.FTS.B

,

16

.9

%

,

4/06/27

.....

5,862

5,827

1744484.PS.FTS.B

,

11

.2

%

,

4/07/27

.....

21,636

20,990

1754274.PS.FTS.B

,

11

.6

%

,

4/07/27

.....

2,172

2,107

1754268.PS.FTS.B

,

13

.4

%

,

4/07/27

.....

172

170

1751020.PS.FTS.B

,

14

.49

%

,

4/07/27

....

3,688

3,590

1753719.PS.FTS.B

,

14

.68

%

,

4/07/27

....

10,210

9,916

1744412.PS.FTS.B

,

19

%

,

4/07/27

.......

8,622

8,571

1745348.PS.FTS.B

,

10

.4

%

,

4/08/27

.....

18,402

17,858

1745378.PS.FTS.B

,

12

.2

%

,

4/08/27

.....

9,361

9,083

1749376.PS.FTS.B

,

19

.06

%

,

4/10/27

....

3,671

3,646

1755504.PS.FTS.B

,

10

.29

%

,

4/11/27

....

5,515

5,355

1745708.PS.FTS.B

,

11

.79

%

,

4/11/27

.....

1,834

930

1752913.PS.FTS.B

,

15

.5

%

,

4/11/27

.....

6,433

6,259

1754277.PS.FTS.B

,

25

.9

%

,

4/11/27

.....

2,451

7

1756335.PS.FTS.B

,

18

.33

%

,

4/12/27

....

15,498

15,447

1755102.PS.FTS.B

,

15

.29

%

,

4/13/27

....

19,329

18,787

1759314.PS.FTS.B

,

10

.8

%

,

4/14/27

.....

6,158

5,983

1742747.PS.FTS.B

,

14

.38

%

,

4/15/27

....

6,738

6,533

1742765.PS.FTS.B

,

18

%

,

4/15/27

.......

3,984

3,958

1762938.PS.FTS.B

,

16

.83

%

,

4/20/27

....

29

29

1755513.PS.FTS.B

,

21

%

,

4/20/27

.......

4,077

4,177

1760241.PS.FTS.B

,

15

%

,

4/28/27

.......

9,697

9,449

1686267.PS.FTS.B

,

21

.18

%

,

6/15/27

....

7,871

1,962

1693040.PS.FTS.B

,

15

.29

%

,

9/12/27

....

11,759

11,351

1750289.PS.FTS.B

,

15

%

,

10/22/27

......

14,640

14,089

1693289.PS.FTS.B

,

12

.9

%

,

12/21/27

....

6,472

6,283

1744499.PS.FTS.B

,

18

.48

%

,

1/31/28

....

6,993

6,746

1743968.PS.FTS.B

,

11

.2

%

,

3/15/28

.....

13,091

2,730

1,113,749

Upgrade,

Inc.

22753947.UG.FTS.B

,

28

.99

%

,

9/16/24

...

1,193

1,209

22724262.UG.FTS.B

,

29

.69

%

,

9/17/24

...

1,531

1,553

23038391.UG.FTS.B

,

26

.77

%

,

9/26/24

...

735

746

22732959.UG.FTS.B

,

28

.71

%

,

10/03/24

..

2,258

2,286

23786228.UG.FTS.B

,

29

.69

%

,

10/28/24

..

1,238

1,273

24184289.UG.FTS.B

,

27

.74

%

,

11/06/24

..

247

247

24800940.UG.FTS.B

,

25

.82

%

,

11/27/24

..

3,395

3,478

24350329.UG.FTS.B

,

27

.74

%

,

11/29/24

..

1,416

1,454

24938220.UG.FTS.B

,

26

.77

%

,

12/03/24

..

2,795

2,849

24763225.UG.FTS.B

,

27

.74

%

,

12/24/24

..

7,487

7,780

25561593.UG.FTS.B

,

Zero

Cpn

,

12/27/24

.

5,422

418

23,293

Upgrade,

Inc.

-

Card

991819588.UG.FTS.B

,

29

.49

%

,

12/12/24

.

245

252

991342732.UG.FTS.B

,

29

.49

%

,

12/23/24

.

72

74

991740852.UG.FTS.B

,

15

.97

%

,

2/08/25

..

37

22

991735248.UG.FTS.B

,

17

.99

%

,

2/08/25

..

124

9

991732442.UG.FTS.B

,

14

.98

%

,

2/10/25

..

204

207

991733275.UG.FTS.B

,

14

.98

%

,

2/10/25

..

91

92

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)

Upgrade,

Inc.

-

Card

(continued)

991776139.UG.FTS.B

,

15

.97

%

,

2/10/25

..

$

267

$

271

991839233.UG.FTS.B

,

15

.97

%

,

2/10/25

..

33

33

991758232.UG.FTS.B

,

16

.99

%

,

2/10/25

..

93

95

991771576.UG.FTS.B

,

16

.99

%

,

2/10/25

..

117

118

991767919.UG.FTS.B

,

17

.99

%

,

2/10/25

..

24

24

991802234.UG.FTS.B

,

17

.99

%

,

2/10/25

..

1,199

1,219

991761364.UG.FTS.B

,

28

.98

%

,

2/10/25

..

93

96

991827179.UG.FTS.B

,

28

.98

%

,

2/10/25

..

75

77

991740362.UG.FTS.B

,

16

.99

%

,

2/11/25

..

355

361

991747996.UG.FTS.B

,

16

.99

%

,

2/11/25

..

181

184

991755840.UG.FTS.B

,

16

.99

%

,

2/11/25

..

62

63

991851331.UG.FTS.B

,

28

.98

%

,

2/11/25

..

493

502

991745632.UG.FTS.B

,

29

.49

%

,

2/11/25

..

41

15

991815191.UG.FTS.B

,

29

.49

%

,

2/11/25

..

6

6

991815738.UG.FTS.B

,

29

.49

%

,

2/11/25

..

31

32

991829840.UG.FTS.B

,

29

.49

%

,

2/11/25

..

97

99

991898060.UG.FTS.B

,

15

.97

%

,

2/12/25

..

48

48

991758319.UG.FTS.B

,

16

.99

%

,

2/12/25

..

65

65

991807436.UG.FTS.B

,

17

.99

%

,

2/12/25

..

94

96

991827757.UG.FTS.B

,

18

.97

%

,

2/12/25

..

51

52

991872148.UG.FTS.B

,

18

.97

%

,

2/12/25

..

1,220

1,240

991816619.UG.FTS.B

,

19

.21

%

,

2/12/25

..

213

217

991864191.UG.FTS.B

,

19

.21

%

,

2/12/25

..

355

362

991840163.UG.FTS.B

,

19

.8

%

,

2/12/25

...

172

174

991760875.UG.FTS.B

,

19

.99

%

,

2/12/25

..

29

30

991826760.UG.FTS.B

,

19

.99

%

,

2/12/25

..

30

31

991752839.UG.FTS.B

,

20

.46

%

,

2/12/25

..

23

23

992003412.UG.FTS.B

,

20

.46

%

,

2/12/25

..

120

8

991957028.UG.FTS.B

,

20

.97

%

,

2/12/25

..

17

17

991863804.UG.FTS.B

,

21

.98

%

,

2/12/25

..

349

357

991820674.UG.FTS.B

,

23

.95

%

,

2/12/25

..

60

62

991849884.UG.FTS.B

,

27

.99

%

,

2/12/25

..

40

40

991753187.UG.FTS.B

,

28

.98

%

,

2/12/25

..

95

37

991801416.UG.FTS.B

,

28

.98

%

,

2/12/25

..

188

194

991803393.UG.FTS.B

,

28

.98

%

,

2/12/25

..

22

22

991804110.UG.FTS.B

,

28

.98

%

,

2/12/25

..

46

47

991806309.UG.FTS.B

,

28

.98

%

,

2/12/25

..

70

5

991812552.UG.FTS.B

,

28

.98

%

,

2/12/25

..

11

11

991817728.UG.FTS.B

,

28

.98

%

,

2/12/25

..

92

–

991818557.UG.FTS.B

,

28

.98

%

,

2/12/25

..

14

14

991829022.UG.FTS.B

,

28

.98

%

,

2/12/25

..

33

–

991832753.UG.FTS.B

,

28

.98

%

,

2/12/25

..

137

140

991836990.UG.FTS.B

,

28

.98

%

,

2/12/25

..

33

34

991838703.UG.FTS.B

,

28

.98

%

,

2/12/25

..

34

35

991843868.UG.FTS.B

,

28

.98

%

,

2/12/25

..

76

78

991807146.UG.FTS.B

,

29

.46

%

,

2/12/25

..

99

102

991753952.UG.FTS.B

,

29

.49

%

,

2/12/25

..

169

172

991762228.UG.FTS.B

,

29

.49

%

,

2/12/25

..

47

17

991790482.UG.FTS.B

,

29

.49

%

,

2/12/25

..

66

67

991798251.UG.FTS.B

,

29

.49

%

,

2/12/25

..

39

40

991803191.UG.FTS.B

,

29

.49

%

,

2/12/25

..

84

87

991806948.UG.FTS.B

,

29

.49

%

,

2/12/25

..

48

49

991809346.UG.FTS.B

,

29

.49

%

,

2/12/25

..

62

26

991811105.UG.FTS.B

,

29

.49

%

,

2/12/25

..

8

8

991828550.UG.FTS.B

,

29

.49

%

,

2/12/25

..

136

139

991829556.UG.FTS.B

,

29

.49

%

,

2/12/25

..

4

–

991837472.UG.FTS.B

,

29

.49

%

,

2/12/25

..

48

50

991846043.UG.FTS.B

,

29

.49

%

,

2/12/25

..

38

39

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991849938.UG.FTS.B

,

29

.49

%

,

2/12/25

..

$

41

$

42

991853347.UG.FTS.B

,

29

.49

%

,

2/12/25

..

826

851

991854668.UG.FTS.B

,

29

.49

%

,

2/12/25

..

660

681

991838768.UG.FTS.B

,

15

%

,

2/13/25

.....

102

103

991900934.UG.FTS.B

,

15

.97

%

,

2/13/25

..

65

66

991995168.UG.FTS.B

,

15

.97

%

,

2/13/25

..

35

35

991772971.UG.FTS.B

,

16

.99

%

,

2/13/25

..

491

36

991789526.UG.FTS.B

,

16

.99

%

,

2/13/25

..

210

214

991851687.UG.FTS.B

,

16

.99

%

,

2/13/25

..

10

10

991863444.UG.FTS.B

,

16

.99

%

,

2/13/25

..

62

–

991898765.UG.FTS.B

,

16

.99

%

,

2/13/25

..

1,423

1,445

991964092.UG.FTS.B

,

16

.99

%

,

2/13/25

..

385

390

991764232.UG.FTS.B

,

17

.99

%

,

2/13/25

..

41

41

991770734.UG.FTS.B

,

17

.99

%

,

2/13/25

..

57

57

991860430.UG.FTS.B

,

18

.97

%

,

2/13/25

..

8

8

991888359.UG.FTS.B

,

19

.21

%

,

2/13/25

..

16

16

991994001.UG.FTS.B

,

19

.21

%

,

2/13/25

..

168

171

991804993.UG.FTS.B

,

19

.99

%

,

2/13/25

..

209

–

991815843.UG.FTS.B

,

19

.99

%

,

2/13/25

..

185

187

991831745.UG.FTS.B

,

19

.99

%

,

2/13/25

..

84

86

991834564.UG.FTS.B

,

19

.99

%

,

2/13/25

..

651

668

991835719.UG.FTS.B

,

20

.46

%

,

2/13/25

..

801

815

991851215.UG.FTS.B

,

20

.46

%

,

2/13/25

..

6

6

991826312.UG.FTS.B

,

21

.46

%

,

2/13/25

..

224

226

991867322.UG.FTS.B

,

21

.46

%

,

2/13/25

..

88

35

991838484.UG.FTS.B

,

21

.98

%

,

2/13/25

..

113

114

991884233.UG.FTS.B

,

21

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%

,

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..

35

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,

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,

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..

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,

27

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,

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..

141

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991773511.UG.FTS.B

,

28

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,

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..

50

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991777156.UG.FTS.B

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,

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..

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991794293.UG.FTS.B

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..

46

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28

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,

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..

155

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991808321.UG.FTS.B

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28

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,

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..

251

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,

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..

57

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991808933.UG.FTS.B

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..

74

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,

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..

197

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991811977.UG.FTS.B

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..

74

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991817001.UG.FTS.B

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..

231

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36

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..

48

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59

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113

116

991845546.UG.FTS.B

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33

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,

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..

31

32

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,

29

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,

2/13/25

..

165

170

991813160.UG.FTS.B

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29

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,

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..

39

16

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29

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,

2/13/25

..

8

8

991816392.UG.FTS.B

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29

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,

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..

37

14

991820548.UG.FTS.B

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29

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,

2/13/25

..

26

26

991825720.UG.FTS.B

,

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,

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..

386

393

991857606.UG.FTS.B

,

29

.49

%

,

2/13/25

..

63

22

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)

Upgrade,

Inc.

-

Card

(continued)

991773058.UG.FTS.B

,

15

.97

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,

2/14/25

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$

1

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208

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,

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17

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,

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..

109

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991814585.UG.FTS.B

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28

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,

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..

247

253

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28

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,

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..

68

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,

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..

28

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,

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..

216

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991823151.UG.FTS.B

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133

9

991824915.UG.FTS.B

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,

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..

39

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,

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..

54

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991835935.UG.FTS.B

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28

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,

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..

120

123

991841496.UG.FTS.B

,

28

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,

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..

39

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991803107.UG.FTS.B

,

29

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,

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..

53

55

991805019.UG.FTS.B

,

29

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,

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..

33

13

991808473.UG.FTS.B

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29

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,

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..

452

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..

16

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,

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..

189

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991815619.UG.FTS.B

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..

11

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..

354

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991826813.UG.FTS.B

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..

1

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,

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..

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..

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,

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..

24

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,

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..

23

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,

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..

47

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,

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..

32

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,

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787

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..

39

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,

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279

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991851600.UG.FTS.B

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97

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991781788.UG.FTS.B

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,

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152

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255

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..

270

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19

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..

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19

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,

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,

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..

38

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,

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..

172

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..

125

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991946872.UG.FTS.B

,

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,

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..

113

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991807279.UG.FTS.B

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,

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..

51

53

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991779814.UG.FTS.B

,

28

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%

,

2/15/25

..

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..

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..

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..

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,

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..

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..

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..

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..

31

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,

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..

216

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991825953.UG.FTS.B

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..

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,

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..

12

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991830568.UG.FTS.B

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,

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..

87

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..

22

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..

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..

26

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..

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..

96

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101

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..

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..

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..

195

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..

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,

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742

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..

11

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,

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..

193

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..

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..

30

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,

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..

242

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991921494.UG.FTS.B

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..

1,384

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..

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,

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..

249

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..

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35

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..

70

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29

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..

71

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29

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..

56

57

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,

19

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,

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...

49

50

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,

17

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%

,

5/12/25

..

130

131

991871804.UG.FTS.B

,

20

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,

5/12/25

..

193

61

991844908.UG.FTS.B

,

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,

5/13/25

..

1,014

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,

29

.49

%

,

5/13/25

..

96

81

991847760.UG.FTS.B

,

28

.98

%

,

5/14/25

..

58

8

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)

Upgrade,

Inc.

-

Card

(continued)

991825101.UG.FTS.B

,

29

.49

%

,

5/14/25

..

$

530

$

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991902815.UG.FTS.B

,

16

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,

5/16/25

..

71

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29

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,

6/15/25

..

141

148

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29

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6/17/25

..

128

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132

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,

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,

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459

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,

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,

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..

39

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,

16

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,

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..

175

178

991809713.UG.FTS.B

,

29

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,

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..

85

90

991808149.UG.FTS.B

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29

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,

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.

70

73

991854422.UG.FTS.B

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,

10/17/25

.

431

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,

4/15/26

..

204

213

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28

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..

10

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991837288.UG.FTS.B

,

15

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,

8/13/29

.....

4

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,

8/13/29

..

3

3

35,153

Upstart

Network,

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L1715024.UP.FTS.B

,

9

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%

,

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.....

185

184

L1717347.UP.FTS.B

,

10

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%

,

9/15/24

....

297

296

L1716025.UP.FTS.B

,

10

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%

,

9/15/24

....

321

320

L1717926.UP.FTS.B

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11

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%

,

9/15/24

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295

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L1716380.UP.FTS.B

,

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,

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133

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126

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,

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,

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209

209

L1716020.UP.FTS.B

,

23

.35

%

,

9/15/24

....

135

135

L1715151.UP.FTS.B

,

23

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%

,

9/15/24

....

143

143

L1717684.UP.FTS.B

,

25

.05

%

,

9/15/24

....

148

148

FW1715798.UP.FTS.B

,

29

.92

%

,

9/15/24

..

114

114

L1717607.UP.FTS.B

,

13

.74

%

,

9/28/24

....

672

669

L1886505.UP.FTS.B

,

13

.79

%

,

10/20/24

...

100

100

L1887864.UP.FTS.B

,

14

.09

%

,

10/20/24

...

201

200

L1887716.UP.FTS.B

,

16

.64

%

,

10/20/24

...

561

550

L1889126.UP.FTS.B

,

20

.94

%

,

10/20/24

...

1,784

673

L1889255.UP.FTS.B

,

22

.61

%

,

10/20/24

...

824

59

FW1885395.UP.FTS.B

,

26

.24

%

,

10/20/24

.

348

350

FW1880410.UP.FTS.B

,

27

.93

%

,

10/20/24

.

474

476

FW1886414.UP.FTS.B

,

28

.39

%

,

10/20/24

.

250

252

L2037773.UP.FTS.B

,

5

.25

%

,

11/15/24

....

1,835

139

L2046679.UP.FTS.B

,

6

.86

%

,

11/15/24

....

1,221

1,212

L2047798.UP.FTS.B

,

7

.62

%

,

11/15/24

....

619

616

L2049330.UP.FTS.B

,

8

.87

%

,

11/15/24

....

588

584

L2048001.UP.FTS.B

,

10

.35

%

,

11/15/24

...

634

632

L2047620.UP.FTS.B

,

10

.51

%

,

11/15/24

...

937

68

L2047014.UP.FTS.B

,

11

.93

%

,

11/15/24

...

1,142

1,140

L2048784.UP.FTS.B

,

13

.49

%

,

11/15/24

...

395

394

L2047716.UP.FTS.B

,

15

.83

%

,

11/15/24

...

1,129

1,134

FW2047086.UP.FTS.B

,

16

.6

%

,

11/15/24

..

546

549

L2047759.UP.FTS.B

,

17

.02

%

,

11/15/24

...

151

151

L2032354.UP.FTS.B

,

18

.46

%

,

11/15/24

...

233

234

L2048756.UP.FTS.B

,

19

.75

%

,

11/15/24

...

850

854

FW2047688.UP.FTS.B

,

20

.13

%

,

11/15/24

.

916

921

L2047733.UP.FTS.B

,

21

.64

%

,

11/15/24

...

985

162

L2046773.UP.FTS.B

,

21

.75

%

,

11/15/24

...

425

35

L2094775.UP.FTS.B

,

7

.57

%

,

11/22/24

....

612

611

L2095323.UP.FTS.B

,

10

.22

%

,

11/22/24

...

190

190

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2096413.UP.FTS.B

,

11

.37

%

,

11/22/24

...

$

2,567

$

2,562

L2094380.UP.FTS.B

,

14

.25

%

,

11/22/24

...

375

376

L2096824.UP.FTS.B

,

14

.34

%

,

11/22/24

...

1,332

1,304

L2095963.UP.FTS.B

,

14

.96

%

,

11/22/24

...

265

265

L2095754.UP.FTS.B

,

16

.91

%

,

11/22/24

...

660

664

FW2096312.UP.FTS.B

,

17

.78

%

,

11/22/24

.

914

152

L2094961.UP.FTS.B

,

18

.66

%

,

11/22/24

...

140

141

FW2091484.UP.FTS.B

,

19

.01

%

,

11/22/24

.

1,076

378

FW2094863.UP.FTS.B

,

19

.11

%

,

11/22/24

.

141

142

FW2095652.UP.FTS.B

,

28

.05

%

,

11/22/24

.

2,780

425

FW2094168.UP.FTS.B

,

28

.88

%

,

11/22/24

.

346

348

L2047831.UP.FTS.B

,

20

.33

%

,

11/23/24

...

1,164

1,133

L2292994.UP.FTS.B

,

5

.09

%

,

12/21/24

....

292

290

L2294913.UP.FTS.B

,

5

.24

%

,

12/21/24

....

327

324

FW2294665.UP.FTS.B

,

5

.75

%

,

12/21/24

..

177

176

L2295367.UP.FTS.B

,

5

.78

%

,

12/21/24

....

329

327

L2295100.UP.FTS.B

,

7

.19

%

,

12/21/24

....

163

162

FW2294439.UP.FTS.B

,

7

.72

%

,

12/21/24

..

1,629

1,625

L2294814.UP.FTS.B

,

7

.77

%

,

12/21/24

....

1,493

110

L2294775.UP.FTS.B

,

8

.85

%

,

12/21/24

....

444

443

L2294851.UP.FTS.B

,

13

.12

%

,

12/21/24

...

330

330

L2296216.UP.FTS.B

,

13

.69

%

,

12/21/24

...

436

435

L2295222.UP.FTS.B

,

15

.07

%

,

12/21/24

...

585

589

FW2295530.UP.FTS.B

,

15

.84

%

,

12/21/24

.

1,037

1,045

L2293609.UP.FTS.B

,

16

.79

%

,

12/21/24

...

871

877

L2294084.UP.FTS.B

,

17

.86

%

,

12/21/24

...

259

261

L2294351.UP.FTS.B

,

19

.21

%

,

12/21/24

...

574

559

L2285455.UP.FTS.B

,

19

.28

%

,

12/21/24

...

351

354

L2295474.UP.FTS.B

,

19

.79

%

,

12/21/24

...

705

711

FW2296126.UP.FTS.B

,

21

.1

%

,

12/21/24

..

188

189

L2295046.UP.FTS.B

,

21

.11

%

,

12/21/24

...

894

903

L2295180.UP.FTS.B

,

22

.24

%

,

12/21/24

...

815

823

FW2294007.UP.FTS.B

,

24

.91

%

,

12/21/24

.

67

67

FW2295751.UP.FTS.B

,

26

.57

%

,

12/21/24

.

1,128

1,101

FW2294187.UP.FTS.B

,

27

.27

%

,

12/21/24

.

849

820

L2296625.UP.FTS.B

,

5

.45

%

,

12/22/24

....

744

739

L2297554.UP.FTS.B

,

5

.64

%

,

12/22/24

....

820

815

L2296988.UP.FTS.B

,

5

.71

%

,

12/22/24

....

1,043

1,037

L2297459.UP.FTS.B

,

6

.46

%

,

12/22/24

....

746

742

L2297555.UP.FTS.B

,

6

.86

%

,

12/22/24

....

605

602

L2297930.UP.FTS.B

,

7

.09

%

,

12/22/24

....

400

397

L2299053.UP.FTS.B

,

7

.5

%

,

12/22/24

....

916

915

L2298344.UP.FTS.B

,

7

.65

%

,

12/22/24

....

1,169

1,167

L2298178.UP.FTS.B

,

7

.89

%

,

12/22/24

....

921

918

L2294325.UP.FTS.B

,

9

.41

%

,

12/22/24

....

927

926

L2298627.UP.FTS.B

,

10

.13

%

,

12/22/24

...

788

786

L2298051.UP.FTS.B

,

10

.22

%

,

12/22/24

...

778

776

L2298036.UP.FTS.B

,

10

.46

%

,

12/22/24

...

1,108

1,105

L2296736.UP.FTS.B

,

10

.73

%

,

12/22/24

...

397

396

L2298636.UP.FTS.B

,

11

.78

%

,

12/22/24

...

563

563

L2289317.UP.FTS.B

,

12

.5

%

,

12/22/24

....

1,131

1,132

L2297999.UP.FTS.B

,

13

.52

%

,

12/22/24

...

164

164

L2296920.UP.FTS.B

,

13

.62

%

,

12/22/24

...

1,155

1,155

L2298784.UP.FTS.B

,

14

.44

%

,

12/22/24

...

1,658

1,673

L2299210.UP.FTS.B

,

16

.21

%

,

12/22/24

...

183

184

L2297197.UP.FTS.B

,

17

.21

%

,

12/22/24

...

343

345

L2300066.UP.FTS.B

,

17

.65

%

,

12/22/24

...

329

332

L2300339.UP.FTS.B

,

18

.46

%

,

12/22/24

...

173

175

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)

L2298393.UP.FTS.B

,

19

.2

%

,

12/22/24

....

$

1,737

$

1,695

L2286362.UP.FTS.B

,

19

.22

%

,

12/22/24

...

1,336

1,346

FW2298373.UP.FTS.B

,

19

.34

%

,

12/22/24

.

526

531

FW2299910.UP.FTS.B

,

19

.59

%

,

12/22/24

.

849

856

L2296192.UP.FTS.B

,

20

.3

%

,

12/22/24

....

174

175

FW2300328.UP.FTS.B

,

21

.6

%

,

12/22/24

..

3,522

3,552

L2297511.UP.FTS.B

,

21

.76

%

,

12/22/24

...

1,803

1,821

FW2299932.UP.FTS.B

,

21

.85

%

,

12/22/24

.

1,994

2,008

L2299865.UP.FTS.B

,

22

.56

%

,

12/22/24

...

188

189

L2296417.UP.FTS.B

,

22

.8

%

,

12/22/24

....

1,949

1,967

L2296476.UP.FTS.B

,

22

.83

%

,

12/22/24

...

1,456

1,423

L2299850.UP.FTS.B

,

23

.44

%

,

12/22/24

...

865

872

L2299432.UP.FTS.B

,

24

.17

%

,

12/22/24

...

635

639

FW2296692.UP.FTS.B

,

24

.93

%

,

12/22/24

.

280

283

FW2296914.UP.FTS.B

,

26

.15

%

,

12/22/24

.

208

210

L2294199.UP.FTS.B

,

20

.47

%

,

1/01/25

....

645

650

FW2300114.UP.FTS.B

,

21

.91

%

,

1/01/25

..

1,079

1,091

L2298428.UP.FTS.B

,

8

.15

%

,

1/06/25

....

1,177

1,175

L2424056.UP.FTS.B

,

5

.61

%

,

1/13/25

....

831

564

L2423394.UP.FTS.B

,

6

.27

%

,

1/13/25

....

1,798

1,786

L2425497.UP.FTS.B

,

7

.24

%

,

1/13/25

....

3,657

3,631

L2425262.UP.FTS.B

,

8

.32

%

,

1/13/25

....

1,197

1,194

L2425211.UP.FTS.B

,

8

.5

%

,

1/13/25

......

2,550

187

FW2428576.UP.FTS.B

,

10

.33

%

,

1/13/25

..

1,496

1,491

L2423475.UP.FTS.B

,

10

.43

%

,

1/13/25

....

661

659

L2427021.UP.FTS.B

,

11

.18

%

,

1/13/25

....

951

950

L2398504.UP.FTS.B

,

11

.71

%

,

1/13/25

....

192

192

L2428568.UP.FTS.B

,

12

.86

%

,

1/13/25

....

1,358

1,358

FW2419292.UP.FTS.B

,

13

.72

%

,

1/13/25

..

579

82

L2423989.UP.FTS.B

,

13

.92

%

,

1/13/25

....

609

613

L2426394.UP.FTS.B

,

14

.04

%

,

1/13/25

....

2,296

121

L2416454.UP.FTS.B

,

20

%

,

1/13/25

......

1,253

1,263

L2426497.UP.FTS.B

,

20

.53

%

,

1/13/25

....

1,400

1,407

L2424244.UP.FTS.B

,

21

.43

%

,

1/13/25

....

1,406

1,415

FW2423092.UP.FTS.B

,

22

.82

%

,

1/13/25

..

2,033

2,048

FW2422846.UP.FTS.B

,

26

.62

%

,

1/13/25

..

1,425

1,436

FW2423280.UP.FTS.B

,

26

.88

%

,

1/13/25

..

2,421

357

L2434116.UP.FTS.B

,

4

.81

%

,

1/14/25

.....

1,149

1,142

L2418575.UP.FTS.B

,

5

.02

%

,

1/14/25

....

7,056

7,011

FW2435057.UP.FTS.B

,

5

.13

%

,

1/14/25

...

584

580

L2434822.UP.FTS.B

,

5

.8

%

,

1/14/25

.....

948

942

L2435457.UP.FTS.B

,

5

.9

%

,

1/14/25

.....

448

445

L2421481.UP.FTS.B

,

5

.96

%

,

1/14/25

....

448

445

L2428662.UP.FTS.B

,

6

.19

%

,

1/14/25

....

360

357

L2428904.UP.FTS.B

,

6

.39

%

,

1/14/25

....

900

894

L2434626.UP.FTS.B

,

6

.42

%

,

1/14/25

....

2,841

2,822

FW2432338.UP.FTS.B

,

6

.53

%

,

1/14/25

...

2,156

2,143

L2430005.UP.FTS.B

,

6

.62

%

,

1/14/25

....

361

359

L2432222.UP.FTS.B

,

7

.3

%

,

1/14/25

.....

910

908

L2432554.UP.FTS.B

,

7

.39

%

,

1/14/25

....

3,864

1,246

L2429588.UP.FTS.B

,

8

.57

%

,

1/14/25

....

4,064

4,057

FW2428881.UP.FTS.B

,

8

.87

%

,

1/14/25

...

2,455

788

L2432996.UP.FTS.B

,

11

.65

%

,

1/14/25

....

1,518

1,519

L2432213.UP.FTS.B

,

12

.69

%

,

1/14/25

....

600

601

FW2428995.UP.FTS.B

,

13

.01

%

,

1/14/25

..

777

778

L2429660.UP.FTS.B

,

15

.34

%

,

1/14/25

....

281

41

L2433771.UP.FTS.B

,

16

.58

%

,

1/14/25

....

1,967

1,981

L2432759.UP.FTS.B

,

18

.08

%

,

1/14/25

....

288

290

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2435184.UP.FTS.B

,

18

.26

%

,

1/14/25

....

$

2,060

$

2,076

FW2435471.UP.FTS.B

,

19

.27

%

,

1/14/25

..

417

420

L2406011.UP.FTS.B

,

20

.17

%

,

1/14/25

....

1,156

1,165

L2435303.UP.FTS.B

,

22

.6

%

,

1/14/25

....

3,165

229

L2435145.UP.FTS.B

,

23

.16

%

,

1/14/25

....

1,085

1,094

FW2423306.UP.FTS.B

,

29

.18

%

,

1/15/25

..

1,518

1,530

L2436421.UP.FTS.B

,

5

.98

%

,

1/18/25

....

1,233

1,225

FW2437692.UP.FTS.B

,

6

.91

%

,

1/18/25

...

1,087

1,080

FW2439168.UP.FTS.B

,

8

.76

%

,

1/18/25

...

921

920

L2436781.UP.FTS.B

,

9

.67

%

,

1/18/25

....

1,870

1,867

L2438341.UP.FTS.B

,

10

.14

%

,

1/18/25

....

282

282

L2436150.UP.FTS.B

,

10

.72

%

,

1/18/25

....

852

852

L2406128.UP.FTS.B

,

11

.74

%

,

1/18/25

....

450

434

FW2436511.UP.FTS.B

,

13

.11

%

,

1/18/25

..

778

779

FW2438258.UP.FTS.B

,

13

.5

%

,

1/18/25

...

581

581

L2436007.UP.FTS.B

,

16

.06

%

,

1/18/25

....

286

288

FW2439200.UP.FTS.B

,

18

.01

%

,

1/18/25

..

411

414

L2438734.UP.FTS.B

,

18

.88

%

,

1/18/25

....

1,034

1,043

FW2436576.UP.FTS.B

,

19

.32

%

,

1/18/25

..

833

840

L2437623.UP.FTS.B

,

21

.63

%

,

1/18/25

....

599

603

L2435694.UP.FTS.B

,

23

.43

%

,

1/18/25

....

300

302

L2428185.UP.FTS.B

,

9

.7

%

,

1/28/25

.....

1,880

1,876

L2608076.UP.FTS.B

,

6

.4

%

,

2/10/25

.....

773

767

L2603419.UP.FTS.B

,

6

.97

%

,

2/10/25

....

1,727

563

L2605161.UP.FTS.B

,

8

.41

%

,

2/10/25

....

429

428

L2602588.UP.FTS.B

,

8

.74

%

,

2/10/25

....

2,130

2,126

L2604174.UP.FTS.B

,

9

.25

%

,

2/10/25

....

1,181

1,177

FW2602705.UP.FTS.B

,

10

.63

%

,

2/10/25

..

583

581

FW2604002.UP.FTS.B

,

11

.31

%

,

2/10/25

..

7,192

7,184

FW2607521.UP.FTS.B

,

11

.42

%

,

2/10/25

..

410

409

L2607713.UP.FTS.B

,

11

.85

%

,

2/10/25

....

1,097

1,096

FW2604412.UP.FTS.B

,

12

.03

%

,

2/10/25

..

446

446

L2605799.UP.FTS.B

,

15

.28

%

,

2/10/25

....

1,128

1,135

L2607677.UP.FTS.B

,

18

.39

%

,

2/10/25

....

6,774

965

FW2606706.UP.FTS.B

,

19

.04

%

,

2/10/25

..

360

363

FW2607831.UP.FTS.B

,

19

.55

%

,

2/10/25

..

241

243

L2606380.UP.FTS.B

,

21

.09

%

,

2/10/25

....

1,227

1,236

FW2604398.UP.FTS.B

,

25

.04

%

,

2/10/25

..

255

257

FW2608083.UP.FTS.B

,

29

.04

%

,

2/10/25

..

1,027

1,032

L2559948.UP.FTS.B

,

6

.36

%

,

2/11/25

.....

10,568

10,491

FW2610553.UP.FTS.B

,

7

.05

%

,

2/11/25

...

1,266

1,257

L2611637.UP.FTS.B

,

7

.21

%

,

2/11/25

.....

1,365

1,356

L2613730.UP.FTS.B

,

7

.75

%

,

2/11/25

.....

4,917

4,901

FW2615331.UP.FTS.B

,

10

.38

%

,

2/11/25

..

328

328

FW2609609.UP.FTS.B

,

11

.5

%

,

2/11/25

...

665

665

L2612036.UP.FTS.B

,

13

.32

%

,

2/11/25

....

1,221

1,221

L2607238.UP.FTS.B

,

13

.47

%

,

2/11/25

....

679

684

L2614740.UP.FTS.B

,

14

.28

%

,

2/11/25

....

2,489

2,508

FW2610423.UP.FTS.B

,

17

.65

%

,

2/11/25

..

946

953

L2615349.UP.FTS.B

,

17

.97

%

,

2/11/25

....

554

79

L2614223.UP.FTS.B

,

18

.74

%

,

2/11/25

....

1,077

1,085

L2612860.UP.FTS.B

,

19

.65

%

,

2/11/25

....

1,441

1,447

L2611111.UP.FTS.B

,

20

.83

%

,

2/11/25

....

206

204

L2610485.UP.FTS.B

,

21

.72

%

,

2/11/25

....

2,480

2,498

FW2613906.UP.FTS.B

,

22

.85

%

,

2/11/25

..

249

251

L2613386.UP.FTS.B

,

22

.9

%

,

2/11/25

.....

1,875

1,882

L2615495.UP.FTS.B

,

24

.65

%

,

2/11/25

....

2,075

2,088

FW2611527.UP.FTS.B

,

26

.67

%

,

2/11/25

..

5,176

5,213

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)

FW2610708.UP.FTS.B

,

31

.36

%

,

2/11/25

..

$

902

$

906

L2608607.UP.FTS.B

,

7

.29

%

,

2/12/25

....

2,118

2,104

L2617531.UP.FTS.B

,

9

.41

%

,

2/14/25

....

2,780

2,775

L2618393.UP.FTS.B

,

12

.87

%

,

2/14/25

....

1,106

1,106

FW2616160.UP.FTS.B

,

13

.5

%

,

2/14/25

...

361

360

L2616391.UP.FTS.B

,

13

.87

%

,

2/14/25

....

568

569

L2617246.UP.FTS.B

,

16

.8

%

,

2/14/25

....

2,228

2,224

FW2616262.UP.FTS.B

,

17

.76

%

,

2/14/25

..

539

39

L2584870.UP.FTS.B

,

18

.22

%

,

2/14/25

....

472

475

L2616222.UP.FTS.B

,

19

.49

%

,

2/14/25

....

413

415

L2617430.UP.FTS.B

,

20

.47

%

,

2/14/25

....

3,929

3,947

L2615004.UP.FTS.B

,

20

.75

%

,

2/14/25

....

489

492

FW2615790.UP.FTS.B

,

25

.6

%

,

2/14/25

...

641

646

FW2617005.UP.FTS.B

,

25

.65

%

,

2/14/25

..

513

517

FW2617024.UP.FTS.B

,

28

.53

%

,

2/14/25

..

1,318

1,328

L1715704.UP.FTS.B

,

11

.53

%

,

2/15/25

....

2,488

2,485

L1715893.UP.FTS.B

,

19

.55

%

,

2/15/25

....

822

275

L1888732.UP.FTS.B

,

18

.47

%

,

3/20/25

....

1,317

1,276

L2950073.UP.FTS.B

,

6

.9

%

,

4/14/25

.....

2,571

2,552

L2949006.UP.FTS.B

,

7

.34

%

,

4/14/25

....

2,006

1,991

FW2950302.UP.FTS.B

,

8

.61

%

,

4/14/25

...

177

176

L2949710.UP.FTS.B

,

9

.46

%

,

4/14/25

....

2,366

2,360

L2950058.UP.FTS.B

,

9

.46

%

,

4/14/25

....

602

601

FW2950661.UP.FTS.B

,

9

.55

%

,

4/14/25

...

967

966

L2950499.UP.FTS.B

,

10

.1

%

,

4/14/25

....

325

322

L2949804.UP.FTS.B

,

11

.24

%

,

4/14/25

....

530

529

L2950816.UP.FTS.B

,

11

.31

%

,

4/14/25

....

480

479

L2949385.UP.FTS.B

,

11

.88

%

,

4/14/25

....

3,043

3,035

L2951900.UP.FTS.B

,

12

.02

%

,

4/14/25

....

1,991

1,992

L2950678.UP.FTS.B

,

12

.4

%

,

4/14/25

....

618

618

L2951520.UP.FTS.B

,

13

.5

%

,

4/14/25

....

1,156

1,155

L2950266.UP.FTS.B

,

13

.94

%

,

4/14/25

....

640

639

L2949379.UP.FTS.B

,

14

.06

%

,

4/14/25

....

420

420

L2950382.UP.FTS.B

,

15

.7

%

,

4/14/25

....

293

296

L2951331.UP.FTS.B

,

16

.4

%

,

4/14/25

....

256

257

L2951781.UP.FTS.B

,

16

.49

%

,

4/14/25

....

1,308

1,318

L2950169.UP.FTS.B

,

16

.64

%

,

4/14/25

....

5,971

6,005

L2942398.UP.FTS.B

,

18

.94

%

,

4/14/25

....

1,819

132

FW2949345.UP.FTS.B

,

19

.25

%

,

4/14/25

..

873

873

L2949677.UP.FTS.B

,

21

.51

%

,

4/14/25

....

4,820

1,434

L2950045.UP.FTS.B

,

22

.15

%

,

4/14/25

....

104

103

L2950329.UP.FTS.B

,

23

.25

%

,

4/14/25

....

888

63

L2951079.UP.FTS.B

,

23

.91

%

,

4/14/25

....

1,217

1,222

FW2950219.UP.FTS.B

,

25

.83

%

,

4/14/25

..

794

800

FW2951404.UP.FTS.B

,

29

.21

%

,

4/14/25

..

506

329

L2047834.UP.FTS.B

,

9

.02

%

,

4/15/25

....

748

746

FW2951691.UP.FTS.B

,

20

.36

%

,

4/28/25

..

1,890

1,906

L2294127.UP.FTS.B

,

16

.18

%

,

5/21/25

....

1,321

1,331

FW2295991.UP.FTS.B

,

29

.39

%

,

5/21/25

..

1,681

247

FW2298854.UP.FTS.B

,

8

.03

%

,

5/22/25

...

592

592

L2298269.UP.FTS.B

,

8

.91

%

,

5/22/25

....

7,174

2,100

FW2298127.UP.FTS.B

,

18

.19

%

,

5/22/25

..

609

615

FW2296618.UP.FTS.B

,

19

.77

%

,

5/22/25

..

269

271

L2299568.UP.FTS.B

,

21

.13

%

,

5/22/25

....

4,351

4,389

L2294977.UP.FTS.B

,

13

.32

%

,

5/27/25

....

1,942

1,939

L2299094.UP.FTS.B

,

19

.48

%

,

6/01/25

....

447

450

L2394315.UP.FTS.B

,

7

.03

%

,

6/13/25

....

1,372

1,362

L2427527.UP.FTS.B

,

22

.56

%

,

6/13/25

....

813

16

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2423658.UP.FTS.B

,

27

.05

%

,

6/13/25

..

$

737

$

108

L2435242.UP.FTS.B

,

10

.25

%

,

6/14/25

....

1,108

81

L2436629.UP.FTS.B

,

13

.84

%

,

6/18/25

....

245

245

FW2603194.UP.FTS.B

,

9

.76

%

,

7/10/25

...

1,582

1,577

L2602759.UP.FTS.B

,

17

.08

%

,

7/10/25

....

4,215

4,243

FW2607955.UP.FTS.B

,

23

.75

%

,

7/10/25

..

1,514

1,516

L2616546.UP.FTS.B

,

9

.84

%

,

7/14/25

....

3,822

3,810

L1716921.UP.FTS.B

,

23

.03

%

,

7/15/25

....

1,349

1,358

FW2605911.UP.FTS.B

,

17

.81

%

,

7/25/25

..

2,151

644

L2950494.UP.FTS.B

,

7

.36

%

,

9/14/25

....

543

539

FW2951887.UP.FTS.B

,

13

.49

%

,

9/14/25

..

588

587

L2951348.UP.FTS.B

,

13

.94

%

,

9/14/25

....

947

946

FW2951735.UP.FTS.B

,

15

.61

%

,

9/14/25

..

2,487

2,499

L2048994.UP.FTS.B

,

24

.16

%

,

9/15/25

....

891

892

L2297395.UP.FTS.B

,

17

.85

%

,

10/22/25

...

3,318

3,348

L2437139.UP.FTS.B

,

5

.87

%

,

11/18/25

....

380

377

L2436181.UP.FTS.B

,

20

.04

%

,

11/18/25

...

2,951

824

L2439081.UP.FTS.B

,

9

.27

%

,

11/27/25

....

2,509

2,503

FW2428997.UP.FTS.B

,

8

.05

%

,

11/28/25

..

1,227

1,223

L1714660.UP.FTS.B

,

8

.12

%

,

9/15/26

....

17,206

16,262

L1717453.UP.FTS.B

,

9

.3

%

,

9/15/26

.....

24,518

24,407

FW1716114.UP.FTS.B

,

10

.5

%

,

9/15/26

...

493

491

L1712309.UP.FTS.B

,

10

.63

%

,

9/15/26

....

1,994

1,991

L1714525.UP.FTS.B

,

12

.1

%

,

9/15/26

....

29,575

2,142

L1716286.UP.FTS.B

,

13

.58

%

,

9/15/26

....

7,747

7,739

L1718329.UP.FTS.B

,

15

.98

%

,

9/15/26

....

2,125

2,133

L1714475.UP.FTS.B

,

16

.18

%

,

9/15/26

....

3,194

3,184

L1716175.UP.FTS.B

,

19

.72

%

,

9/15/26

....

5,532

5,570

L1714787.UP.FTS.B

,

19

.9

%

,

9/15/26

....

989

1,000

L1716305.UP.FTS.B

,

19

.95

%

,

9/15/26

....

2,716

2,732

L1713636.UP.FTS.B

,

22

.84

%

,

9/15/26

....

2,402

2,430

L1717659.UP.FTS.B

,

24

.51

%

,

9/15/26

....

1,749

1,758

L1716148.UP.FTS.B

,

25

%

,

9/15/26

......

701

704

L1714798.UP.FTS.B

,

25

.5

%

,

9/15/26

....

2,994

3,042

L1717974.UP.FTS.B

,

25

.5

%

,

9/15/26

....

1,644

1,670

L1715574.UP.FTS.B

,

25

.72

%

,

9/15/26

....

3,999

4,063

L1713640.UP.FTS.B

,

26

.25

%

,

9/15/26

....

2,492

2,527

L1705442.UP.FTS.B

,

26

.69

%

,

9/15/26

....

4,160

4,227

FW1718296.UP.FTS.B

,

26

.73

%

,

9/15/26

..

4,356

4,418

FW1714570.UP.FTS.B

,

27

.72

%

,

9/15/26

..

4,790

4,868

FW1714502.UP.FTS.B

,

28

.45

%

,

9/15/26

..

5,011

5,091

FW1718304.UP.FTS.B

,

30

.56

%

,

9/15/26

..

1,723

1,750

FW1708223.UP.FTS.B

,

31

.43

%

,

9/15/26

..

2,358

2,396

FW1712750.UP.FTS.B

,

31

.43

%

,

9/15/26

..

11,199

11,358

FW1718952.UP.FTS.B

,

31

.98

%

,

9/15/26

..

4,859

4,937

FW1718497.UP.FTS.B

,

32

.01

%

,

9/15/26

..

1,433

1,457

FW1886121.UP.FTS.B

,

7

.36

%

,

10/20/26

..

1,980

1,966

L1888552.UP.FTS.B

,

7

.94

%

,

10/20/26

....

14,975

14,902

L1888883.UP.FTS.B

,

8

.11

%

,

10/20/26

....

6,426

6,398

L1882812.UP.FTS.B

,

8

.28

%

,

10/20/26

....

15,038

14,965

L1886838.UP.FTS.B

,

9

.58

%

,

10/20/26

....

4,884

1,239

L1885593.UP.FTS.B

,

10

.23

%

,

10/20/26

...

22,891

22,849

FW1885766.UP.FTS.B

,

12

.47

%

,

10/20/26

.

16,802

16,789

L1885346.UP.FTS.B

,

12

.58

%

,

10/20/26

...

1,562

1,561

L1885846.UP.FTS.B

,

13

.96

%

,

10/20/26

...

13,399

13,391

L1888251.UP.FTS.B

,

14

.9

%

,

10/20/26

....

1,702

1,625

L1883791.UP.FTS.B

,

16

%

,

10/20/26

.....

6,052

6,071

L1887062.UP.FTS.B

,

16

.6

%

,

10/20/26

....

2,747

2,767

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1887343.UP.FTS.B

,

17

.02

%

,

10/20/26

.

$

1,260

$

1,258

L1882034.UP.FTS.B

,

17

.06

%

,

10/20/26

...

2,774

2,794

FW1886267.UP.FTS.B

,

17

.53

%

,

10/20/26

.

5,799

5,831

L1884411.UP.FTS.B

,

17

.65

%

,

10/20/26

...

3,573

3,592

FW1885177.UP.FTS.B

,

19

.83

%

,

10/20/26

.

3,427

3,485

L1888979.UP.FTS.B

,

20

.2

%

,

10/20/26

....

10,324

10,477

L1886466.UP.FTS.B

,

20

.85

%

,

10/20/26

...

8,024

8,157

L1889370.UP.FTS.B

,

21

.62

%

,

10/20/26

...

5,820

5,852

L1886870.UP.FTS.B

,

21

.7

%

,

10/20/26

....

9,897

10,066

L1887570.UP.FTS.B

,

22

.24

%

,

10/20/26

...

1,874

1,901

L1887186.UP.FTS.B

,

23

.15

%

,

10/20/26

...

1,181

1,199

FW1888999.UP.FTS.B

,

23

.52

%

,

10/20/26

.

2,779

2,818

L1886386.UP.FTS.B

,

23

.7

%

,

10/20/26

....

3,207

3,255

L1882558.UP.FTS.B

,

25

.08

%

,

10/20/26

...

965

980

FW1887450.UP.FTS.B

,

25

.16

%

,

10/20/26

.

9,036

9,171

FW1885417.UP.FTS.B

,

25

.25

%

,

10/20/26

.

3,015

3,060

L1888117.UP.FTS.B

,

25

.32

%

,

10/20/26

...

2,474

2,511

L1865153.UP.FTS.B

,

25

.42

%

,

10/20/26

...

4,407

4,483

L1885219.UP.FTS.B

,

25

.47

%

,

10/20/26

...

653

98

L1888296.UP.FTS.B

,

25

.48

%

,

10/20/26

...

5,196

5,274

L1888453.UP.FTS.B

,

25

.56

%

,

10/20/26

...

9,630

9,794

L1885428.UP.FTS.B

,

25

.94

%

,

10/20/26

...

8,675

8,824

L1862311.UP.FTS.B

,

26

.09

%

,

10/20/26

...

4,858

4,941

FW1886962.UP.FTS.B

,

27

.78

%

,

10/20/26

.

6,171

6,277

FW1885184.UP.FTS.B

,

29

.51

%

,

10/20/26

.

8,400

8,545

FW1884150.UP.FTS.B

,

30

.85

%

,

10/20/26

.

716

719

FW1886189.UP.FTS.B

,

30

.94

%

,

10/20/26

.

2,227

2,260

FW1888248.UP.FTS.B

,

31

.19

%

,

10/20/26

.

8,067

8,166

FW1888517.UP.FTS.B

,

31

.21

%

,

10/20/26

.

1,273

1,295

FW1886674.UP.FTS.B

,

31

.35

%

,

10/20/26

.

2,923

2,966

FW1888130.UP.FTS.B

,

31

.35

%

,

10/20/26

.

828

841

L2047884.UP.FTS.B

,

7

.92

%

,

11/15/26

....

7,738

7,695

L2049043.UP.FTS.B

,

8

.02

%

,

11/15/26

....

8,770

8,726

L2048411.UP.FTS.B

,

8

.56

%

,

11/15/26

....

2,064

2,054

L2047237.UP.FTS.B

,

9

.32

%

,

11/15/26

....

3,669

3,651

FW2046704.UP.FTS.B

,

9

.53

%

,

11/15/26

..

7,883

7,844

L2048415.UP.FTS.B

,

9

.54

%

,

11/15/26

....

8,409

8,367

L2039266.UP.FTS.B

,

10

.56

%

,

11/15/26

...

2,028

2,017

L2047893.UP.FTS.B

,

10

.71

%

,

11/15/26

...

2,662

2,656

L2047021.UP.FTS.B

,

10

.99

%

,

11/15/26

...

19,884

19,842

L2047044.UP.FTS.B

,

11

.1

%

,

11/15/26

....

9,496

694

L2047288.UP.FTS.B

,

11

.81

%

,

11/15/26

...

701

698

FW2047068.UP.FTS.B

,

12

.14

%

,

11/15/26

.

565

562

L2048156.UP.FTS.B

,

13

.55

%

,

11/15/26

...

3,732

3,536

L2046597.UP.FTS.B

,

14

.02

%

,

11/15/26

...

11,055

11,032

L2047243.UP.FTS.B

,

14

.23

%

,

11/15/26

...

9,975

9,954

FW2047393.UP.FTS.B

,

14

.85

%

,

11/15/26

.

5,577

5,591

L2048500.UP.FTS.B

,

14

.96

%

,

11/15/26

...

14,075

14,036

FW2049034.UP.FTS.B

,

15

.15

%

,

11/15/26

.

3,601

3,609

L2048596.UP.FTS.B

,

15

.55

%

,

11/15/26

...

3,369

3,362

L2048855.UP.FTS.B

,

15

.99

%

,

11/15/26

...

5,281

5,284

FW2047282.UP.FTS.B

,

16

.13

%

,

11/15/26

.

1,861

1,848

L2045526.UP.FTS.B

,

16

.56

%

,

11/15/26

...

11,359

11,412

L2048386.UP.FTS.B

,

16

.67

%

,

11/15/26

...

5,783

5,790

L2048811.UP.FTS.B

,

16

.74

%

,

11/15/26

...

461

459

L2046948.UP.FTS.B

,

17

.39

%

,

11/15/26

...

8,598

8,619

L2046932.UP.FTS.B

,

17

.96

%

,

11/15/26

...

11,509

11,487

L2048349.UP.FTS.B

,

19

.37

%

,

11/15/26

...

5,141

754

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2049268.UP.FTS.B

,

19

.7

%

,

11/15/26

....

$

4,106

$

4,125

L2047722.UP.FTS.B

,

19

.71

%

,

11/15/26

...

5,815

5,827

L2049153.UP.FTS.B

,

19

.94

%

,

11/15/26

...

5,881

5,963

L2047238.UP.FTS.B

,

20

.7

%

,

11/15/26

....

6,033

6,053

FW2047226.UP.FTS.B

,

20

.73

%

,

11/15/26

.

2,964

2,978

L2047279.UP.FTS.B

,

20

.87

%

,

11/15/26

...

5,342

5,416

L2047474.UP.FTS.B

,

21

.16

%

,

11/15/26

...

7,115

7,212

L2048606.UP.FTS.B

,

21

.48

%

,

11/15/26

...

6,039

6,112

L2047175.UP.FTS.B

,

21

.59

%

,

11/15/26

...

728

737

L2047532.UP.FTS.B

,

21

.84

%

,

11/15/26

...

2,996

3,037

L2047358.UP.FTS.B

,

21

.89

%

,

11/15/26

...

2,996

3,038

L2047197.UP.FTS.B

,

21

.93

%

,

11/15/26

...

6,536

6,566

FW2047187.UP.FTS.B

,

22

.1

%

,

11/15/26

..

9,608

9,741

FW2049063.UP.FTS.B

,

22

.49

%

,

11/15/26

.

16,886

16,962

FW2047777.UP.FTS.B

,

22

.57

%

,

11/15/26

.

2,161

614

L2047210.UP.FTS.B

,

23

.31

%

,

11/15/26

...

5,467

5,542

L2048190.UP.FTS.B

,

23

.66

%

,

11/15/26

...

8,008

8,106

FW2047866.UP.FTS.B

,

23

.86

%

,

11/15/26

.

3,387

3,228

L2046912.UP.FTS.B

,

23

.87

%

,

11/15/26

...

2,043

1,971

L2048336.UP.FTS.B

,

24

.12

%

,

11/15/26

...

2,439

2,471

FW2034466.UP.FTS.B

,

24

.37

%

,

11/15/26

.

1,718

1,742

L2047240.UP.FTS.B

,

24

.44

%

,

11/15/26

...

4,231

4,253

L2047586.UP.FTS.B

,

24

.7

%

,

11/15/26

....

1,416

1,435

L2019591.UP.FTS.B

,

24

.92

%

,

11/15/26

...

5,598

5,613

L2047926.UP.FTS.B

,

25

.21

%

,

11/15/26

...

9,710

696

L2047674.UP.FTS.B

,

25

.3

%

,

11/15/26

....

2,445

2,477

L2048978.UP.FTS.B

,

25

.37

%

,

11/15/26

...

6,191

6,276

L2049419.UP.FTS.B

,

25

.38

%

,

11/15/26

...

675

679

L2048909.UP.FTS.B

,

25

.5

%

,

11/15/26

....

1,612

1,634

L2043947.UP.FTS.B

,

25

.57

%

,

11/15/26

...

1,489

1,509

FW2027220.UP.FTS.B

,

25

.94

%

,

11/15/26

.

1,058

1,073

FW2047100.UP.FTS.B

,

26

.77

%

,

11/15/26

.

1,881

1,907

FW2045584.UP.FTS.B

,

27

.07

%

,

11/15/26

.

3,999

4,050

FW2048599.UP.FTS.B

,

28

.16

%

,

11/15/26

.

619

611

FW2047988.UP.FTS.B

,

29

.5

%

,

11/15/26

..

5,341

5,412

FW2047468.UP.FTS.B

,

30

.8

%

,

11/15/26

..

1,214

1,216

FW2049349.UP.FTS.B

,

30

.81

%

,

11/15/26

.

1,039

1,053

FW2049409.UP.FTS.B

,

31

.09

%

,

11/15/26

.

6,621

6,702

FW1979816.UP.FTS.B

,

31

.12

%

,

11/15/26

.

1,838

1,860

FW2046950.UP.FTS.B

,

31

.12

%

,

11/15/26

.

4,882

4,949

FW2048800.UP.FTS.B

,

31

.12

%

,

11/15/26

.

1,986

2,011

FW2048749.UP.FTS.B

,

31

.13

%

,

11/15/26

.

1,672

1,694

FW2047818.UP.FTS.B

,

31

.21

%

,

11/15/26

.

2,089

2,113

FW2047594.UP.FTS.B

,

31

.24

%

,

11/15/26

.

948

954

FW2048610.UP.FTS.B

,

31

.92

%

,

11/15/26

.

4,258

4,316

FW2096102.UP.FTS.B

,

7

.51

%

,

11/22/26

..

4,347

4,328

L2094764.UP.FTS.B

,

11

.93

%

,

11/22/26

...

1,585

1,583

FW2094906.UP.FTS.B

,

12

.24

%

,

11/22/26

.

1,509

1,432

FW2083090.UP.FTS.B

,

12

.64

%

,

11/22/26

.

515

514

L2094888.UP.FTS.B

,

12

.99

%

,

11/22/26

...

820

819

L2095193.UP.FTS.B

,

13

.04

%

,

11/22/26

...

3,938

3,737

L2095349.UP.FTS.B

,

13

.57

%

,

11/22/26

...

2,450

636

L2094766.UP.FTS.B

,

16

.38

%

,

11/22/26

...

2,268

2,278

FW2095326.UP.FTS.B

,

16

.9

%

,

11/22/26

..

2,851

2,863

L2095105.UP.FTS.B

,

17

.31

%

,

11/22/26

...

12,691

12,118

FW2094890.UP.FTS.B

,

17

.34

%

,

11/22/26

.

8,590

8,626

FW2096292.UP.FTS.B

,

18

.39

%

,

11/22/26

.

4,978

5,012

L2094851.UP.FTS.B

,

18

.61

%

,

11/22/26

...

26,500

26,606

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)

FW2096280.UP.FTS.B

,

19

.26

%

,

11/22/26

.

$

5,779

$

5,871

L2096899.UP.FTS.B

,

19

.33

%

,

11/22/26

...

9,347

9,163

L2096144.UP.FTS.B

,

19

.54

%

,

11/22/26

...

8,721

8,778

L2095820.UP.FTS.B

,

19

.69

%

,

11/22/26

...

6,382

6,423

FW2094159.UP.FTS.B

,

20

.44

%

,

11/22/26

.

5,554

5,592

FW2096571.UP.FTS.B

,

21

.28

%

,

11/22/26

.

1,978

116

L2095646.UP.FTS.B

,

21

.32

%

,

11/22/26

...

883

887

L2096760.UP.FTS.B

,

21

.84

%

,

11/22/26

...

6,589

6,698

L2094894.UP.FTS.B

,

22

.2

%

,

11/22/26

....

796

795

FW2095395.UP.FTS.B

,

22

.89

%

,

11/22/26

.

1,090

1,098

FW2096115.UP.FTS.B

,

23

.24

%

,

11/22/26

.

1,943

1,975

FW2024402.UP.FTS.B

,

24

.5

%

,

11/22/26

..

7,370

7,492

L2094789.UP.FTS.B

,

24

.85

%

,

11/22/26

...

12,238

12,436

L2094507.UP.FTS.B

,

25

.13

%

,

11/22/26

...

804

809

L2094312.UP.FTS.B

,

25

.16

%

,

11/22/26

...

18,659

18,967

L2096356.UP.FTS.B

,

25

.27

%

,

11/22/26

...

619

629

L2093956.UP.FTS.B

,

25

.33

%

,

11/22/26

...

2,136

2,071

FW2095277.UP.FTS.B

,

25

.75

%

,

11/22/26

.

9,319

9,473

L2094270.UP.FTS.B

,

25

.87

%

,

11/22/26

...

1,990

2,023

FW2096631.UP.FTS.B

,

26

.76

%

,

11/22/26

.

2,382

2,416

FW2095637.UP.FTS.B

,

26

.8

%

,

11/22/26

..

2,382

2,415

FW2094585.UP.FTS.B

,

27

.16

%

,

11/22/26

.

3,290

3,183

FW2094718.UP.FTS.B

,

27

.18

%

,

11/22/26

.

7,207

513

FW2073665.UP.FTS.B

,

27

.21

%

,

11/22/26

.

2,918

208

L2096054.UP.FTS.B

,

27

.38

%

,

11/22/26

...

2,081

2,115

L2096384.UP.FTS.B

,

27

.83

%

,

11/22/26

...

5,822

5,919

FW2096342.UP.FTS.B

,

28

.48

%

,

11/22/26

.

3,273

3,165

FW2094402.UP.FTS.B

,

28

.65

%

,

11/22/26

.

2,254

2,179

FW2096376.UP.FTS.B

,

29

.09

%

,

11/22/26

.

3,557

3,614

FW2095953.UP.FTS.B

,

29

.33

%

,

11/22/26

.

25

25

FW2094834.UP.FTS.B

,

29

.86

%

,

11/22/26

.

3,220

3,273

FW2096279.UP.FTS.B

,

30

.8

%

,

11/22/26

..

779

792

FW2094660.UP.FTS.B

,

31

.22

%

,

11/22/26

.

7,043

7,157

FW2096663.UP.FTS.B

,

31

.48

%

,

11/22/26

.

3,271

3,318

FW2089645.UP.FTS.B

,

31

.75

%

,

11/22/26

.

6,215

6,317

L2046907.UP.FTS.B

,

21

.17

%

,

11/28/26

...

2,205

2,211

L2096773.UP.FTS.B

,

24

.83

%

,

12/03/26

...

1,840

1,869

L2096134.UP.FTS.B

,

22

.43

%

,

12/06/26

...

4,060

4,074

FW2295931.UP.FTS.B

,

5

.9

%

,

12/21/26

...

7,814

7,757

FW2293082.UP.FTS.B

,

6

.16

%

,

12/21/26

..

2,342

2,325

FW2293764.UP.FTS.B

,

6

.23

%

,

12/21/26

..

11,871

11,175

L2296513.UP.FTS.B

,

7

.11

%

,

12/21/26

....

2,142

288

FW2293501.UP.FTS.B

,

7

.39

%

,

12/21/26

..

3,916

3,897

L2292686.UP.FTS.B

,

7

.74

%

,

12/21/26

....

1,595

1,587

L2295874.UP.FTS.B

,

7

.93

%

,

12/21/26

....

3,801

3,782

L2293167.UP.FTS.B

,

8

.19

%

,

12/21/26

....

4,273

4,253

L2295697.UP.FTS.B

,

8

.34

%

,

12/21/26

....

642

639

FW2294735.UP.FTS.B

,

8

.57

%

,

12/21/26

..

2,358

180

L2295880.UP.FTS.B

,

8

.72

%

,

12/21/26

....

1,612

1,605

L2295310.UP.FTS.B

,

9

.3

%

,

12/21/26

....

4,132

4,112

L2294640.UP.FTS.B

,

9

.73

%

,

12/21/26

....

1,626

1,621

L2294345.UP.FTS.B

,

12

.41

%

,

12/21/26

...

4,759

4,752

L2288385.UP.FTS.B

,

12

.86

%

,

12/21/26

...

2,817

2,809

L2295080.UP.FTS.B

,

13

.33

%

,

12/21/26

...

3,047

3,030

L2294220.UP.FTS.B

,

13

.69

%

,

12/21/26

...

3,506

3,321

L2294373.UP.FTS.B

,

13

.7

%

,

12/21/26

....

3,009

3,004

L2294790.UP.FTS.B

,

13

.78

%

,

12/21/26

...

3,505

3,496

FW2293923.UP.FTS.B

,

16

.04

%

,

12/21/26

.

1,996

1,987

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2294540.UP.FTS.B

,

16

.91

%

,

12/21/26

...

$

1,197

$

86

FW2293821.UP.FTS.B

,

17

.3

%

,

12/21/26

..

868

864

L2296049.UP.FTS.B

,

17

.33

%

,

12/21/26

...

2,948

2,957

L2293602.UP.FTS.B

,

17

.68

%

,

12/21/26

...

6,193

6,212

L2295430.UP.FTS.B

,

18

.6

%

,

12/21/26

....

9,108

8,710

L2295608.UP.FTS.B

,

18

.98

%

,

12/21/26

...

5,987

6,019

FW2293617.UP.FTS.B

,

19

.06

%

,

12/21/26

.

4,197

4,210

FW2294886.UP.FTS.B

,

19

.07

%

,

12/21/26

.

1,180

1,183

FW2293806.UP.FTS.B

,

19

.41

%

,

12/21/26

.

4,765

4,778

L2296294.UP.FTS.B

,

19

.65

%

,

12/21/26

...

999

978

FW2289691.UP.FTS.B

,

20

.05

%

,

12/21/26

.

3,027

3,073

L2293347.UP.FTS.B

,

20

.07

%

,

12/21/26

...

18,164

18,262

L2293707.UP.FTS.B

,

21

.03

%

,

12/21/26

...

4,584

4,609

L2295159.UP.FTS.B

,

21

.2

%

,

12/21/26

....

2,020

2,050

L2294842.UP.FTS.B

,

21

.22

%

,

12/21/26

...

3,061

3,108

L2296434.UP.FTS.B

,

21

.52

%

,

12/21/26

...

1,535

1,543

FW2296031.UP.FTS.B

,

22

.11

%

,

12/21/26

.

3,252

233

L2296037.UP.FTS.B

,

22

.38

%

,

12/21/26

...

3,025

3,067

L2286942.UP.FTS.B

,

22

.51

%

,

12/21/26

...

1,390

1,409

L2293386.UP.FTS.B

,

22

.55

%

,

12/21/26

...

4,959

5,034

L2294767.UP.FTS.B

,

23

.15

%

,

12/21/26

...

1,630

1,652

FW2296289.UP.FTS.B

,

23

.69

%

,

12/21/26

.

4,204

4,156

L2296095.UP.FTS.B

,

23

.73

%

,

12/21/26

...

6,209

6,300

FW2295460.UP.FTS.B

,

23

.88

%

,

12/21/26

.

17,394

16,628

L2295502.UP.FTS.B

,

23

.94

%

,

12/21/26

...

6,759

134

L2295515.UP.FTS.B

,

24

.19

%

,

12/21/26

...

9,438

9,581

L2295990.UP.FTS.B

,

24

.34

%

,

12/21/26

...

2,703

2,740

L2293012.UP.FTS.B

,

24

.54

%

,

12/21/26

...

1,894

1,904

L2293989.UP.FTS.B

,

24

.69

%

,

12/21/26

...

1,896

1,924

L2294601.UP.FTS.B

,

24

.7

%

,

12/21/26

....

31,598

32,075

FW2296310.UP.FTS.B

,

24

.81

%

,

12/21/26

.

2,302

163

L2246443.UP.FTS.B

,

25

.23

%

,

12/21/26

...

703

712

L2295322.UP.FTS.B

,

25

.28

%

,

12/21/26

...

2,749

2,788

L2296171.UP.FTS.B

,

25

.41

%

,

12/21/26

...

1,463

1,485

L2294392.UP.FTS.B

,

25

.44

%

,

12/21/26

...

12,297

12,455

L2287500.UP.FTS.B

,

25

.45

%

,

12/21/26

...

4,116

4,177

L2292073.UP.FTS.B

,

25

.46

%

,

12/21/26

...

1,909

1,938

L2295101.UP.FTS.B

,

25

.65

%

,

12/21/26

...

1,668

1,648

FW2296329.UP.FTS.B

,

27

.9

%

,

12/21/26

..

2,361

2,395

FW2294924.UP.FTS.B

,

28

.38

%

,

12/21/26

.

3,784

3,841

L2296578.UP.FTS.B

,

28

.56

%

,

12/21/26

...

3,630

254

FW2294602.UP.FTS.B

,

28

.58

%

,

12/21/26

.

484

34

FW2295693.UP.FTS.B

,

29

.44

%

,

12/21/26

.

862

–

FW2294300.UP.FTS.B

,

29

.67

%

,

12/21/26

.

3,303

3,346

FW2293867.UP.FTS.B

,

30

.1

%

,

12/21/26

..

7,507

522

FW2293261.UP.FTS.B

,

30

.26

%

,

12/21/26

.

729

740

FW2295156.UP.FTS.B

,

30

.61

%

,

12/21/26

.

1,452

1,403

FW2296110.UP.FTS.B

,

30

.89

%

,

12/21/26

.

737

747

FW2294105.UP.FTS.B

,

30

.94

%

,

12/21/26

.

8,471

8,583

FW2295248.UP.FTS.B

,

30

.94

%

,

12/21/26

.

2,553

2,587

FW2293727.UP.FTS.B

,

31

.05

%

,

12/21/26

.

985

999

FW2293310.UP.FTS.B

,

31

.11

%

,

12/21/26

.

1,201

1,219

FW2295496.UP.FTS.B

,

31

.18

%

,

12/21/26

.

1,803

1,830

FW2293684.UP.FTS.B

,

31

.29

%

,

12/21/26

.

2,005

2,035

L2298042.UP.FTS.B

,

5

.42

%

,

12/22/26

....

5,171

5,135

FW2296838.UP.FTS.B

,

5

.56

%

,

12/22/26

..

7,545

554

L2300162.UP.FTS.B

,

5

.78

%

,

12/22/26

....

779

774

L2298149.UP.FTS.B

,

5

.81

%

,

12/22/26

....

24,418

24,244

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)

L2298867.UP.FTS.B

,

6

.47

%

,

12/22/26

....

$

7,598

$

7,544

L2298677.UP.FTS.B

,

6

.71

%

,

12/22/26

....

1,834

1,821

FW2298647.UP.FTS.B

,

6

.85

%

,

12/22/26

..

26,291

26,114

L2296512.UP.FTS.B

,

6

.86

%

,

12/22/26

....

15,779

15,673

FW2299026.UP.FTS.B

,

7

.03

%

,

12/22/26

..

2,635

2,622

L2299006.UP.FTS.B

,

7

.25

%

,

12/22/26

....

8,411

8,369

L2298624.UP.FTS.B

,

7

.52

%

,

12/22/26

....

18,517

18,436

L2300059.UP.FTS.B

,

7

.96

%

,

12/22/26

....

2,654

2,642

FW2297741.UP.FTS.B

,

8

.43

%

,

12/22/26

..

3,214

3,200

L2296751.UP.FTS.B

,

9

.09

%

,

12/22/26

....

3,238

3,224

FW2300319.UP.FTS.B

,

9

.33

%

,

12/22/26

..

2,273

2,262

L2275171.UP.FTS.B

,

9

.45

%

,

12/22/26

....

1,354

1,349

FW2275119.UP.FTS.B

,

10

.09

%

,

12/22/26

.

16,374

16,306

L2261699.UP.FTS.B

,

10

.41

%

,

12/22/26

...

2,191

2,182

L2299578.UP.FTS.B

,

10

.73

%

,

12/22/26

...

2,418

2,415

L2296896.UP.FTS.B

,

10

.8

%

,

12/22/26

....

1,651

1,647

L2296884.UP.FTS.B

,

10

.85

%

,

12/22/26

...

5,505

5,499

FW2300491.UP.FTS.B

,

11

.05

%

,

12/22/26

.

1,539

1,537

L2300049.UP.FTS.B

,

11

.22

%

,

12/22/26

...

13,817

13,801

L2299162.UP.FTS.B

,

11

.99

%

,

12/22/26

...

6,620

6,611

L2296860.UP.FTS.B

,

12

.01

%

,

12/22/26

...

4,153

4,119

L2288091.UP.FTS.B

,

12

.04

%

,

12/22/26

...

5,577

5,571

L2296913.UP.FTS.B

,

12

.48

%

,

12/22/26

...

5,901

5,736

FW2296819.UP.FTS.B

,

12

.8

%

,

12/22/26

..

562

562

L2297301.UP.FTS.B

,

13

.19

%

,

12/22/26

...

2,796

2,792

L2297394.UP.FTS.B

,

13

.43

%

,

12/22/26

...

2,264

2,262

FW2295002.UP.FTS.B

,

13

.45

%

,

12/22/26

.

963

962

L2298273.UP.FTS.B

,

13

.81

%

,

12/22/26

...

17,621

1,267

FW2297621.UP.FTS.B

,

13

.91

%

,

12/22/26

.

1,322

1,285

L2297583.UP.FTS.B

,

14

.22

%

,

12/22/26

...

10,692

10,671

FW2296544.UP.FTS.B

,

14

.31

%

,

12/22/26

.

2,858

2,852

L2296608.UP.FTS.B

,

15

.19

%

,

12/22/26

...

9,745

9,736

L2298101.UP.FTS.B

,

15

.46

%

,

12/22/26

...

2,446

2,441

FW2298689.UP.FTS.B

,

15

.52

%

,

12/22/26

.

10,128

10,166

FW2298989.UP.FTS.B

,

15

.65

%

,

12/22/26

.

4,353

4,362

L2300266.UP.FTS.B

,

15

.81

%

,

12/22/26

...

12,593

12,582

L2297545.UP.FTS.B

,

16

.01

%

,

12/22/26

...

2,526

355

L2297702.UP.FTS.B

,

16

.54

%

,

12/22/26

...

835

837

FW2296844.UP.FTS.B

,

16

.78

%

,

12/22/26

.

1,423

1,428

FW2242642.UP.FTS.B

,

17

.23

%

,

12/22/26

.

4,087

4,102

L2297622.UP.FTS.B

,

17

.73

%

,

12/22/26

...

3,311

3,304

FW2298313.UP.FTS.B

,

17

.76

%

,

12/22/26

.

8,999

9,034

L2297195.UP.FTS.B

,

18

.28

%

,

12/22/26

...

17,919

1,280

L2297949.UP.FTS.B

,

18

.76

%

,

12/22/26

...

2,391

2,407

FW2298046.UP.FTS.B

,

19

.21

%

,

12/22/26

.

6,007

6,045

FW2299900.UP.FTS.B

,

19

.29

%

,

12/22/26

.

29,606

28,980

L2296627.UP.FTS.B

,

19

.74

%

,

12/22/26

...

3,021

3,027

L2298737.UP.FTS.B

,

20

.98

%

,

12/22/26

...

3,054

3,074

L2300374.UP.FTS.B

,

21

.31

%

,

12/22/26

...

1,818

1,846

L2296777.UP.FTS.B

,

21

.4

%

,

12/22/26

....

6,135

6,220

FW2298033.UP.FTS.B

,

21

.61

%

,

12/22/26

.

10,139

10,203

L2299056.UP.FTS.B

,

22

%

,

12/22/26

.....

3,577

3,635

L2298829.UP.FTS.B

,

22

.17

%

,

12/22/26

...

3,666

3,678

FW2297460.UP.FTS.B

,

22

.74

%

,

12/22/26

.

32,151

31,089

L2300367.UP.FTS.B

,

22

.94

%

,

12/22/26

...

1,244

1,252

L2296515.UP.FTS.B

,

22

.98

%

,

12/22/26

...

1,867

1,897

L2298974.UP.FTS.B

,

23

.47

%

,

12/22/26

...

1,125

1,132

FW2300425.UP.FTS.B

,

23

.57

%

,

12/22/26

.

6,257

6,358

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2296775.UP.FTS.B

,

23

.9

%

,

12/22/26

....

$

2,824

$

2,870

L2298860.UP.FTS.B

,

23

.92

%

,

12/22/26

...

9,413

9,565

L2296638.UP.FTS.B

,

23

.96

%

,

12/22/26

...

620

629

L2297604.UP.FTS.B

,

24

.33

%

,

12/22/26

...

945

960

L2299447.UP.FTS.B

,

24

.64

%

,

12/22/26

...

1,264

1,282

FW2295512.UP.FTS.B

,

25

.12

%

,

12/22/26

.

4,768

4,759

L2282956.UP.FTS.B

,

25

.27

%

,

12/22/26

...

317

315

L2292373.UP.FTS.B

,

25

.33

%

,

12/22/26

...

1,080

1,087

L2297988.UP.FTS.B

,

25

.38

%

,

12/22/26

...

513

514

L2296962.UP.FTS.B

,

25

.46

%

,

12/22/26

...

2,171

2,202

L2298544.UP.FTS.B

,

25

.47

%

,

12/22/26

...

3,142

3,192

L2298179.UP.FTS.B

,

25

.49

%

,

12/22/26

...

2,927

2,975

L2297795.UP.FTS.B

,

26

.01

%

,

12/22/26

...

8,185

8,318

L2296379.UP.FTS.B

,

26

.17

%

,

12/22/26

...

6,403

6,507

FW2299410.UP.FTS.B

,

26

.2

%

,

12/22/26

..

4,178

1,221

FW2298545.UP.FTS.B

,

26

.68

%

,

12/22/26

.

8,747

8,889

FW2298735.UP.FTS.B

,

26

.94

%

,

12/22/26

.

9,271

9,313

FW2299436.UP.FTS.B

,

27

.39

%

,

12/22/26

.

2,674

2,715

FW2296934.UP.FTS.B

,

28

.08

%

,

12/22/26

.

3,709

3,770

FW2297196.UP.FTS.B

,

28

.3

%

,

12/22/26

..

7,273

509

FW2298568.UP.FTS.B

,

28

.54

%

,

12/22/26

.

4,967

5,048

FW2297886.UP.FTS.B

,

29

.13

%

,

12/22/26

.

2,219

6

FW2297392.UP.FTS.B

,

29

.67

%

,

12/22/26

.

1,223

1,234

FW2298522.UP.FTS.B

,

29

.71

%

,

12/22/26

.

2,312

2,344

FW2296795.UP.FTS.B

,

30

.46

%

,

12/22/26

.

996

1,012

FW2299169.UP.FTS.B

,

30

.82

%

,

12/22/26

.

2,732

2,771

FW2281021.UP.FTS.B

,

30

.86

%

,

12/22/26

.

3,737

3,790

FW2299939.UP.FTS.B

,

30

.93

%

,

12/22/26

.

733

745

FW2297499.UP.FTS.B

,

30

.95

%

,

12/22/26

.

733

745

FW2300108.UP.FTS.B

,

31

.04

%

,

12/22/26

.

867

881

FW2298345.UP.FTS.B

,

31

.12

%

,

12/22/26

.

425

423

FW2298159.UP.FTS.B

,

31

.15

%

,

12/22/26

.

1,936

1,967

FW2296911.UP.FTS.B

,

31

.17

%

,

12/22/26

.

785

794

FW2299655.UP.FTS.B

,

31

.17

%

,

12/22/26

.

2,850

845

FW2294359.UP.FTS.B

,

31

.33

%

,

12/22/26

.

34,246

33,101

FW2300018.UP.FTS.B

,

31

.65

%

,

12/22/26

.

3,686

3,746

L2293224.UP.FTS.B

,

25

.74

%

,

1/05/27

....

1,169

1,184

L2297168.UP.FTS.B

,

9

.21

%

,

1/06/27

....

2,795

2,782

L2424153.UP.FTS.B

,

4

.86

%

,

1/13/27

....

26,041

25,852

L2426247.UP.FTS.B

,

4

.87

%

,

1/13/27

....

8,277

8,215

L2424670.UP.FTS.B

,

5

.86

%

,

1/13/27

....

5,094

5,058

L2425940.UP.FTS.B

,

5

.96

%

,

1/13/27

....

10,700

10,624

L2427954.UP.FTS.B

,

5

.98

%

,

1/13/27

....

16,112

15,998

FW2418004.UP.FTS.B

,

6

.27

%

,

1/13/27

...

16,007

15,893

FW2426682.UP.FTS.B

,

6

.38

%

,

1/13/27

...

8,406

4,415

L2424813.UP.FTS.B

,

6

.62

%

,

1/13/27

....

9,738

9,669

L2426387.UP.FTS.B

,

7

.28

%

,

1/13/27

....

2,453

2,436

FW2427607.UP.FTS.B

,

7

.35

%

,

1/13/27

...

8,675

8,630

L2425992.UP.FTS.B

,

7

.55

%

,

1/13/27

....

2,898

2,878

L2426489.UP.FTS.B

,

7

.81

%

,

1/13/27

....

6,580

6,546

L2427644.UP.FTS.B

,

7

.93

%

,

1/13/27

....

1,372

1,365

FW2427445.UP.FTS.B

,

7

.98

%

,

1/13/27

...

4,395

4,372

L2424761.UP.FTS.B

,

8

.01

%

,

1/13/27

....

3,059

3,041

L2426445.UP.FTS.B

,

8

.42

%

,

1/13/27

....

1,572

1,563

FW2426523.UP.FTS.B

,

8

.45

%

,

1/13/27

...

2,232

2,217

L2427091.UP.FTS.B

,

8

.49

%

,

1/13/27

....

3,867

3,847

L2400286.UP.FTS.B

,

8

.75

%

,

1/13/27

....

4,078

4,057

L2424441.UP.FTS.B

,

8

.96

%

,

1/13/27

....

623

618

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)

FW2426991.UP.FTS.B

,

9

.24

%

,

1/13/27

...

$

3,342

$

3,326

L2427076.UP.FTS.B

,

9

.69

%

,

1/13/27

....

4,711

4,684

L2427657.UP.FTS.B

,

9

.7

%

,

1/13/27

.....

847

839

L2425208.UP.FTS.B

,

9

.97

%

,

1/13/27

....

3,930

3,910

L2428214.UP.FTS.B

,

10

.52

%

,

1/13/27

....

1,526

1,518

L2423014.UP.FTS.B

,

10

.64

%

,

1/13/27

....

15,266

15,191

FW2425681.UP.FTS.B

,

11

.84

%

,

1/13/27

..

17,489

17,440

L2423675.UP.FTS.B

,

12

.15

%

,

1/13/27

....

3,589

3,578

L2426346.UP.FTS.B

,

13

.31

%

,

1/13/27

....

2,507

2,486

FW2426488.UP.FTS.B

,

14

.89

%

,

1/13/27

..

4,100

4,089

L2428411.UP.FTS.B

,

15

.14

%

,

1/13/27

....

2,843

2,847

FW2398372.UP.FTS.B

,

15

.37

%

,

1/13/27

..

7,005

7,013

FW2412323.UP.FTS.B

,

15

.91

%

,

1/13/27

..

6,008

5,989

L2406518.UP.FTS.B

,

16

%

,

1/13/27

......

2,988

2,991

L2426798.UP.FTS.B

,

16

.24

%

,

1/13/27

....

9,583

9,561

L2428444.UP.FTS.B

,

16

.71

%

,

1/13/27

....

3,610

3,614

FW2428748.UP.FTS.B

,

17

.09

%

,

1/13/27

..

6,038

6,045

L2425118.UP.FTS.B

,

17

.11

%

,

1/13/27

....

4,228

4,240

FW2423151.UP.FTS.B

,

17

.2

%

,

1/13/27

...

2,660

2,668

L2428394.UP.FTS.B

,

17

.4

%

,

1/13/27

....

3,430

3,428

FW2425055.UP.FTS.B

,

17

.43

%

,

1/13/27

..

9,937

9,966

L2423964.UP.FTS.B

,

18

.15

%

,

1/13/27

....

4,270

4,282

L2428498.UP.FTS.B

,

18

.5

%

,

1/13/27

....

3,480

196

L2428454.UP.FTS.B

,

18

.63

%

,

1/13/27

....

4,615

4,619

L2422983.UP.FTS.B

,

19

.45

%

,

1/13/27

....

17,879

10,098

L2424684.UP.FTS.B

,

20

.1

%

,

1/13/27

....

3,685

3,728

L2426770.UP.FTS.B

,

20

.84

%

,

1/13/27

....

9,382

9,498

L2427912.UP.FTS.B

,

21

.34

%

,

1/13/27

....

629

636

FW2427047.UP.FTS.B

,

22

.2

%

,

1/13/27

...

13,807

13,978

L2428658.UP.FTS.B

,

22

.41

%

,

1/13/27

....

7,146

4,221

L2395761.UP.FTS.B

,

22

.53

%

,

1/13/27

....

19,055

19,292

L2425900.UP.FTS.B

,

23

.2

%

,

1/13/27

....

5,966

1,692

L2422984.UP.FTS.B

,

23

.24

%

,

1/13/27

....

8,379

8,461

L2425886.UP.FTS.B

,

24

.76

%

,

1/13/27

....

3,392

968

L2404751.UP.FTS.B

,

24

.81

%

,

1/13/27

....

11,662

11,807

L2422250.UP.FTS.B

,

25

.13

%

,

1/13/27

....

2,014

2,039

L2423497.UP.FTS.B

,

25

.16

%

,

1/13/27

....

1,039

1,052

L2399706.UP.FTS.B

,

25

.18

%

,

1/13/27

....

9,733

5,758

FW2428740.UP.FTS.B

,

25

.25

%

,

1/13/27

..

2,600

2,633

L2427874.UP.FTS.B

,

25

.33

%

,

1/13/27

....

483

479

L2425077.UP.FTS.B

,

25

.43

%

,

1/13/27

....

2,971

2,951

L2424771.UP.FTS.B

,

25

.96

%

,

1/13/27

....

1,439

1,457

FW2424834.UP.FTS.B

,

26

.08

%

,

1/13/27

..

3,536

3,580

FW2425245.UP.FTS.B

,

26

.25

%

,

1/13/27

..

1,049

1,062

FW2426259.UP.FTS.B

,

26

.65

%

,

1/13/27

..

3,291

3,332

FW2428725.UP.FTS.B

,

26

.68

%

,

1/13/27

..

560

555

FW2425948.UP.FTS.B

,

27

.28

%

,

1/13/27

..

4,629

4,687

FW2424326.UP.FTS.B

,

27

.8

%

,

1/13/27

...

6,754

1,927

FW2422977.UP.FTS.B

,

28

.17

%

,

1/13/27

..

13,081

13,231

FW2425791.UP.FTS.B

,

29

.41

%

,

1/13/27

..

2,120

2,138

FW2426907.UP.FTS.B

,

29

.43

%

,

1/13/27

..

26,575

26,803

FW2423451.UP.FTS.B

,

30

.19

%

,

1/13/27

..

677

685

FW2426985.UP.FTS.B

,

30

.26

%

,

1/13/27

..

22,288

22,540

FW2427875.UP.FTS.B

,

30

.3

%

,

1/13/27

...

635

641

FW2423548.UP.FTS.B

,

30

.41

%

,

1/13/27

..

1,762

1,784

FW2425371.UP.FTS.B

,

30

.51

%

,

1/13/27

..

1,357

1,374

FW2423407.UP.FTS.B

,

30

.57

%

,

1/13/27

..

1,483

1,498

FW2425795.UP.FTS.B

,

30

.94

%

,

1/13/27

..

2,778

2,811

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2425961.UP.FTS.B

,

31

.09

%

,

1/13/27

..

$

749

$

759

FW2423715.UP.FTS.B

,

32

.57

%

,

1/13/27

..

689

698

FW2432124.UP.FTS.B

,

5

.02

%

,

1/14/27

...

26,558

26,368

L2429437.UP.FTS.B

,

5

.17

%

,

1/14/27

....

6,250

6,204

L2435082.UP.FTS.B

,

5

.24

%

,

1/14/27

....

14,432

14,329

L2435136.UP.FTS.B

,

5

.4

%

,

1/14/27

.....

5,601

5,561

L2435334.UP.FTS.B

,

5

.79

%

,

1/14/27

....

1,661

1,650

L2428794.UP.FTS.B

,

5

.98

%

,

1/14/27

....

8,055

7,998

FW2431037.UP.FTS.B

,

6

.01

%

,

1/14/27

...

2,149

2,134

FW2434481.UP.FTS.B

,

6

.18

%

,

1/14/27

...

5,113

5,077

L2434868.UP.FTS.B

,

6

.25

%

,

1/14/27

....

5,926

5,884

L2433278.UP.FTS.B

,

6

.42

%

,

1/14/27

....

7,555

7,502

L2434814.UP.FTS.B

,

6

.49

%

,

1/14/27

....

1,404

1,395

L2432301.UP.FTS.B

,

6

.51

%

,

1/14/27

....

2,702

2,683

L2431798.UP.FTS.B

,

6

.68

%

,

1/14/27

....

7,496

7,442

FW2429354.UP.FTS.B

,

6

.79

%

,

1/14/27

...

26,616

26,428

FW2430872.UP.FTS.B

,

6

.87

%

,

1/14/27

...

2,186

159

L2432901.UP.FTS.B

,

6

.93

%

,

1/14/27

....

10,303

10,231

FW2430681.UP.FTS.B

,

7

.21

%

,

1/14/27

...

17,410

17,289

L2429292.UP.FTS.B

,

7

.41

%

,

1/14/27

....

6,550

6,517

L2430454.UP.FTS.B

,

7

.62

%

,

1/14/27

....

7,504

7,465

L2433097.UP.FTS.B

,

7

.62

%

,

1/14/27

....

20,907

20,798

L2434635.UP.FTS.B

,

7

.74

%

,

1/14/27

....

11,613

11,554

L2433991.UP.FTS.B

,

7

.94

%

,

1/14/27

....

3,679

3,659

L2429715.UP.FTS.B

,

8

.3

%

,

1/14/27

.....

2,205

2,194

L2434529.UP.FTS.B

,

8

.37

%

,

1/14/27

....

3,862

3,842

L2430462.UP.FTS.B

,

8

.4

%

,

1/14/27

.....

13,800

13,731

L2435208.UP.FTS.B

,

8

.4

%

,

1/14/27

.....

24,765

24,640

L2429477.UP.FTS.B

,

8

.93

%

,

1/14/27

....

7,715

7,677

L2429964.UP.FTS.B

,

9

.01

%

,

1/14/27

....

2,778

2,764

L2429979.UP.FTS.B

,

9

.08

%

,

1/14/27

....

1,668

1,660

L2432514.UP.FTS.B

,

9

.62

%

,

1/14/27

....

19,576

19,480

L2434796.UP.FTS.B

,

9

.68

%

,

1/14/27

....

13,990

13,921

L2434345.UP.FTS.B

,

9

.69

%

,

1/14/27

....

4,978

4,948

L2435560.UP.FTS.B

,

10

.15

%

,

1/14/27

....

14,889

14,813

FW2433055.UP.FTS.B

,

10

.82

%

,

1/14/27

..

1,985

1,978

L2430601.UP.FTS.B

,

11

.3

%

,

1/14/27

.....

9,968

9,943

FW2433199.UP.FTS.B

,

12

.56

%

,

1/14/27

..

1,731

1,727

L2431067.UP.FTS.B

,

12

.57

%

,

1/14/27

....

3,454

3,446

L2429992.UP.FTS.B

,

12

.6

%

,

1/14/27

....

3,120

1,703

L2434462.UP.FTS.B

,

12

.63

%

,

1/14/27

....

1,162

1,158

FW2432090.UP.FTS.B

,

12

.83

%

,

1/14/27

..

3,761

3,752

L2435380.UP.FTS.B

,

12

.98

%

,

1/14/27

....

3,153

3,144

FW2430692.UP.FTS.B

,

13

.13

%

,

1/14/27

..

5,224

5,211

L2434354.UP.FTS.B

,

13

.48

%

,

1/14/27

....

2,913

2,906

L2433923.UP.FTS.B

,

13

.81

%

,

1/14/27

....

5,792

5,777

FW2429622.UP.FTS.B

,

15

.13

%

,

1/14/27

..

2,939

2,932

L2434928.UP.FTS.B

,

15

.16

%

,

1/14/27

....

2,962

2,956

FW2435291.UP.FTS.B

,

16

.08

%

,

1/14/27

..

30,815

2,221

L2429267.UP.FTS.B

,

16

.52

%

,

1/14/27

....

6,041

6,041

FW2435527.UP.FTS.B

,

16

.65

%

,

1/14/27

..

11,013

11,013

L2429626.UP.FTS.B

,

16

.81

%

,

1/14/27

....

2,409

2,413

L2434502.UP.FTS.B

,

17

.17

%

,

1/14/27

....

11,275

818

L2426379.UP.FTS.B

,

19

.1

%

,

1/14/27

....

3,386

3,391

L2429755.UP.FTS.B

,

19

.15

%

,

1/14/27

....

9,237

9,355

FW2430438.UP.FTS.B

,

20

.15

%

,

1/14/27

..

2,431

2,434

L2430606.UP.FTS.B

,

20

.16

%

,

1/14/27

....

4,175

4,134

L2430735.UP.FTS.B

,

20

.49

%

,

1/14/27

....

4,373

4,419

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)

L2431627.UP.FTS.B

,

21

.05

%

,

1/14/27

....

$

6,267

$

6,277

L2434159.UP.FTS.B

,

21

.72

%

,

1/14/27

....

973

575

L2432761.UP.FTS.B

,

21

.77

%

,

1/14/27

....

1,500

1,500

L2434330.UP.FTS.B

,

21

.77

%

,

1/14/27

....

5,677

5,686

L2432647.UP.FTS.B

,

21

.91

%

,

1/14/27

....

2,338

1,350

L2433930.UP.FTS.B

,

22

.17

%

,

1/14/27

....

6,836

6,923

L2433884.UP.FTS.B

,

22

.52

%

,

1/14/27

....

3,177

3,187

FW2434152.UP.FTS.B

,

22

.94

%

,

1/14/27

..

10,260

10,391

L2430627.UP.FTS.B

,

24

.59

%

,

1/14/27

....

6,792

1,938

L2435514.UP.FTS.B

,

24

.62

%

,

1/14/27

....

6,744

3,996

L2429892.UP.FTS.B

,

24

.74

%

,

1/14/27

....

1,230

1,246

L2430498.UP.FTS.B

,

25

.11

%

,

1/14/27

....

720

728

L2432911.UP.FTS.B

,

25

.19

%

,

1/14/27

....

3,421

3,460

L2431333.UP.FTS.B

,

25

.27

%

,

1/14/27

....

838

60

L2432337.UP.FTS.B

,

25

.36

%

,

1/14/27

....

8,309

8,315

L2428819.UP.FTS.B

,

25

.51

%

,

1/14/27

....

6,061

6,139

L2430801.UP.FTS.B

,

25

.58

%

,

1/14/27

....

201

14

L2430189.UP.FTS.B

,

25

.96

%

,

1/14/27

....

4,042

4,085

FW2427919.UP.FTS.B

,

26

.2

%

,

1/14/27

...

6,553

6,637

FW2433321.UP.FTS.B

,

26

.46

%

,

1/14/27

..

1,314

1,330

FW2430722.UP.FTS.B

,

26

.47

%

,

1/14/27

..

7,754

7,854

FW2434298.UP.FTS.B

,

26

.5

%

,

1/14/27

...

2,175

2,199

FW2428882.UP.FTS.B

,

27

.27

%

,

1/14/27

..

3,956

4,007

FW2435389.UP.FTS.B

,

28

.43

%

,

1/14/27

..

668

677

FW2435458.UP.FTS.B

,

28

.74

%

,

1/14/27

..

3,252

3,289

FW2429972.UP.FTS.B

,

28

.92

%

,

1/14/27

..

1,340

1,358

FW2432969.UP.FTS.B

,

29

.06

%

,

1/14/27

..

6,708

6,794

FW2431137.UP.FTS.B

,

29

.79

%

,

1/14/27

..

3,668

1,064

FW2429314.UP.FTS.B

,

30

.55

%

,

1/14/27

..

997

1,006

FW2432136.UP.FTS.B

,

30

.97

%

,

1/14/27

..

793

801

FW2431224.UP.FTS.B

,

31

.01

%

,

1/14/27

..

614

609

FW2434725.UP.FTS.B

,

31

.06

%

,

1/14/27

..

2,186

2,210

FW2431217.UP.FTS.B

,

31

.18

%

,

1/14/27

..

4,027

4,079

FW2434302.UP.FTS.B

,

31

.74

%

,

1/14/27

..

2,397

2,428

FW2430067.UP.FTS.B

,

32

.35

%

,

1/14/27

..

3,371

3,415

FW2433366.UP.FTS.B

,

32

.7

%

,

1/14/27

...

949

948

FW2429192.UP.FTS.B

,

34

.62

%

,

1/14/27

..

4,615

4,675

L2434046.UP.FTS.B

,

17

.57

%

,

1/15/27

....

5,767

5,755

L2426521.UP.FTS.B

,

25

.33

%

,

1/16/27

....

2,283

2,312

L2435572.UP.FTS.B

,

5

.11

%

,

1/18/27

.....

4,254

4,223

L2437289.UP.FTS.B

,

5

.21

%

,

1/18/27

....

10,644

10,568

L2438850.UP.FTS.B

,

5

.32

%

,

1/18/27

....

2,816

2,791

L2435960.UP.FTS.B

,

5

.66

%

,

1/18/27

....

2,263

576

L2437744.UP.FTS.B

,

5

.82

%

,

1/18/27

....

1,871

1,858

L2436314.UP.FTS.B

,

6

.73

%

,

1/18/27

....

4,738

4,460

L2437712.UP.FTS.B

,

7

.07

%

,

1/18/27

....

2,779

2,757

L2436166.UP.FTS.B

,

7

.3

%

,

1/18/27

.....

5,451

5,413

L2437375.UP.FTS.B

,

7

.41

%

,

1/18/27

....

8,187

8,129

FW2435037.UP.FTS.B

,

7

.47

%

,

1/18/27

...

7,815

7,375

L2437526.UP.FTS.B

,

8

.11

%

,

1/18/27

.....

2,971

2,956

L2435968.UP.FTS.B

,

8

.28

%

,

1/18/27

....

27,558

27,418

L2437670.UP.FTS.B

,

8

.31

%

,

1/18/27

....

2,752

2,738

L2435758.UP.FTS.B

,

8

.38

%

,

1/18/27

....

3,906

530

L2438360.UP.FTS.B

,

8

.62

%

,

1/18/27

....

9,418

9,365

FW2436679.UP.FTS.B

,

8

.8

%

,

1/18/27

....

2,771

2,758

L2436019.UP.FTS.B

,

8

.91

%

,

1/18/27

....

3,053

3,037

FW2436236.UP.FTS.B

,

9

.07

%

,

1/18/27

...

1,279

1,272

L2436597.UP.FTS.B

,

9

.15

%

,

1/18/27

....

2,782

2,768

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2439024.UP.FTS.B

,

9

.19

%

,

1/18/27

....

$

27,680

$

27,539

FW2437428.UP.FTS.B

,

9

.23

%

,

1/18/27

...

2,287

2,275

L2439293.UP.FTS.B

,

9

.38

%

,

1/18/27

....

2,789

2,775

L2435641.UP.FTS.B

,

9

.42

%

,

1/18/27

....

8,365

8,323

FW2437343.UP.FTS.B

,

9

.49

%

,

1/18/27

...

3,351

3,335

L2438805.UP.FTS.B

,

9

.71

%

,

1/18/27

....

6,440

6,408

L2438298.UP.FTS.B

,

9

.72

%

,

1/18/27

....

8,675

8,184

L2435766.UP.FTS.B

,

10

.44

%

,

1/18/27

....

6,488

6,456

L2435811.UP.FTS.B

,

10

.45

%

,

1/18/27

....

23,399

22,076

L2437164.UP.FTS.B

,

11

.6

%

,

1/18/27

.....

3,275

3,264

L2437916.UP.FTS.B

,

11

.63

%

,

1/18/27

....

2,858

2,851

L2435975.UP.FTS.B

,

12

.06

%

,

1/18/27

....

3,756

521

FW2436712.UP.FTS.B

,

13

.19

%

,

1/18/27

..

19,035

1,382

L2436053.UP.FTS.B

,

13

.19

%

,

1/18/27

....

26,134

26,070

L2435800.UP.FTS.B

,

13

.45

%

,

1/18/27

....

619

613

FW2438200.UP.FTS.B

,

13

.65

%

,

1/18/27

..

338

335

L2436944.UP.FTS.B

,

13

.68

%

,

1/18/27

....

17,519

17,476

L2438233.UP.FTS.B

,

13

.97

%

,

1/18/27

....

29,277

29,207

FW2435953.UP.FTS.B

,

14

.04

%

,

1/18/27

..

2,050

2,045

FW2386556.UP.FTS.B

,

14

.67

%

,

1/18/27

..

15,860

15,822

L2435828.UP.FTS.B

,

15

.11

%

,

1/18/27

....

5,923

5,908

L2436120.UP.FTS.B

,

16

.49

%

,

1/18/27

....

1,801

1,804

FW2437419.UP.FTS.B

,

16

.93

%

,

1/18/27

..

9,043

9,021

L2436235.UP.FTS.B

,

19

.1

%

,

1/18/27

....

2,773

2,783

FW2433283.UP.FTS.B

,

19

.48

%

,

1/18/27

..

3,076

3,081

L2437522.UP.FTS.B

,

20

.01

%

,

1/18/27

....

931

934

L2436835.UP.FTS.B

,

20

.74

%

,

1/18/27

....

9,374

9,497

L2438751.UP.FTS.B

,

22

.96

%

,

1/18/27

....

3,795

3,843

L2436458.UP.FTS.B

,

23

.16

%

,

1/18/27

....

1,262

1,277

FW2436112.UP.FTS.B

,

23

.4

%

,

1/18/27

...

2,242

2,271

L2435765.UP.FTS.B

,

24

.15

%

,

1/18/27

....

1,030

1,044

L2438451.UP.FTS.B

,

24

.73

%

,

1/18/27

....

4,458

4,499

L2436225.UP.FTS.B

,

25

.02

%

,

1/18/27

....

877

884

L2437383.UP.FTS.B

,

25

.04

%

,

1/18/27

....

7,787

7,889

L2435949.UP.FTS.B

,

25

.18

%

,

1/18/27

....

750

54

L2438923.UP.FTS.B

,

25

.2

%

,

1/18/27

....

1,300

1,317

FW2437643.UP.FTS.B

,

25

.44

%

,

1/18/27

..

11,677

11,826

L2435585.UP.FTS.B

,

25

.45

%

,

1/18/27

....

436

434

L2435644.UP.FTS.B

,

25

.47

%

,

1/18/27

....

8,187

8,292

L2435936.UP.FTS.B

,

25

.47

%

,

1/18/27

....

1,303

1,319

L2436279.UP.FTS.B

,

25

.97

%

,

1/18/27

....

2,779

418

L2436823.UP.FTS.B

,

26

.4

%

,

1/18/27

....

2,560

2,594

FW2438660.UP.FTS.B

,

27

.49

%

,

1/18/27

..

2,651

2,685

FW2437301.UP.FTS.B

,

28

.28

%

,

1/18/27

..

18,258

18,417

FW2436660.UP.FTS.B

,

28

.46

%

,

1/18/27

..

2,657

2,691

FW2435922.UP.FTS.B

,

28

.48

%

,

1/18/27

..

2,672

2,706

FW2438088.UP.FTS.B

,

28

.61

%

,

1/18/27

..

3,553

1,036

FW2438349.UP.FTS.B

,

30

.51

%

,

1/18/27

..

974

980

FW2436417.UP.FTS.B

,

30

.84

%

,

1/18/27

..

4,453

–

FW2437637.UP.FTS.B

,

31

.11

%

,

1/18/27

..

1,159

1,174

FW2424349.UP.FTS.B

,

31

.49

%

,

1/18/27

..

2,261

652

FW2438118.UP.FTS.B

,

31

.57

%

,

1/18/27

..

5,609

5,680

FW2438330.UP.FTS.B

,

31

.74

%

,

1/18/27

..

2,465

2,497

L2432353.UP.FTS.B

,

7

.41

%

,

1/20/27

....

10,932

10,870

FW2426856.UP.FTS.B

,

16

.14

%

,

1/21/27

..

6,006

6,014

FW2423642.UP.FTS.B

,

28

.44

%

,

1/22/27

..

2,691

2,720

L2433080.UP.FTS.B

,

22

.02

%

,

1/24/27

....

10,053

10,184

L2426699.UP.FTS.B

,

13

.25

%

,

1/25/27

....

6,994

6,976

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)

L2403095.UP.FTS.B

,

10

.86

%

,

1/28/27

....

$

4,832

$

4,820

L2438087.UP.FTS.B

,

9

.91

%

,

2/01/27

....

27,242

27,095

FW2437462.UP.FTS.B

,

26

.24

%

,

2/01/27

..

33,883

34,283

FW2437431.UP.FTS.B

,

30

.95

%

,

2/01/27

..

1,264

1,278

L2431623.UP.FTS.B

,

19

.58

%

,

2/02/27

....

24,679

24,692

L2604537.UP.FTS.B

,

4

.81

%

,

2/10/27

....

11,912

11,824

FW2607187.UP.FTS.B

,

7

.26

%

,

2/10/27

...

22,454

22,326

L2528315.UP.FTS.B

,

7

.51

%

,

2/10/27

....

6,472

6,435

L2604772.UP.FTS.B

,

7

.89

%

,

2/10/27

....

15,316

15,229

FW2594995.UP.FTS.B

,

9

.66

%

,

2/10/27

...

16,699

16,606

L2607571.UP.FTS.B

,

9

.71

%

,

2/10/27

....

11,524

11,460

L2604523.UP.FTS.B

,

10

.02

%

,

2/10/27

....

10,107

10,051

L2606699.UP.FTS.B

,

11

.87

%

,

2/10/27

....

14,133

14,081

L2608120.UP.FTS.B

,

12

.12

%

,

2/10/27

....

15,885

15,826

L2606144.UP.FTS.B

,

12

.19

%

,

2/10/27

....

2,354

2,335

L2602160.UP.FTS.B

,

13

.05

%

,

2/10/27

....

5,065

5,047

L2606798.UP.FTS.B

,

13

.38

%

,

2/10/27

....

5,980

5,958

L2605310.UP.FTS.B

,

13

.4

%

,

2/10/27

....

4,033

4,015

L2604725.UP.FTS.B

,

13

.41

%

,

2/10/27

....

1,976

1,967

L2608712.UP.FTS.B

,

13

.54

%

,

2/10/27

....

2,396

2,387

L2607120.UP.FTS.B

,

13

.67

%

,

2/10/27

....

10,222

10,176

L2607960.UP.FTS.B

,

13

.74

%

,

2/10/27

....

4,500

4,484

FW2604743.UP.FTS.B

,

13

.75

%

,

2/10/27

..

7,813

7,777

FW2606882.UP.FTS.B

,

13

.95

%

,

2/10/27

..

4,810

4,793

FW2605016.UP.FTS.B

,

14

.07

%

,

2/10/27

..

4,425

319

L2560503.UP.FTS.B

,

14

.15

%

,

2/10/27

....

17,032

1,227

L2607639.UP.FTS.B

,

14

.65

%

,

2/10/27

....

19,312

19,243

L2603034.UP.FTS.B

,

14

.68

%

,

2/10/27

....

6,297

6,293

FW2606203.UP.FTS.B

,

14

.78

%

,

2/10/27

..

1,940

1,933

FW2602616.UP.FTS.B

,

14

.79

%

,

2/10/27

..

30,357

30,218

FW2608870.UP.FTS.B

,

15

.02

%

,

2/10/27

..

9,061

9,028

FW2602511.UP.FTS.B

,

15

.19

%

,

2/10/27

..

17,161

17,100

L2605446.UP.FTS.B

,

15

.44

%

,

2/10/27

....

2,629

2,626

L2606023.UP.FTS.B

,

15

.7

%

,

2/10/27

....

2,636

358

L2602901.UP.FTS.B

,

15

.85

%

,

2/10/27

....

4,194

4,176

L2603136.UP.FTS.B

,

17

.13

%

,

2/10/27

....

13,060

3,483

FW2609494.UP.FTS.B

,

18

.3

%

,

2/10/27

...

3,133

3,131

FW2607843.UP.FTS.B

,

18

.35

%

,

2/10/27

..

4,625

4,612

FW2603450.UP.FTS.B

,

19

.07

%

,

2/10/27

..

7,507

7,502

L2608142.UP.FTS.B

,

19

.78

%

,

2/10/27

....

5,522

5,578

L2609196.UP.FTS.B

,

20

.26

%

,

2/10/27

....

3,826

3,829

L2607782.UP.FTS.B

,

20

.62

%

,

2/10/27

....

1,949

1,962

L2607501.UP.FTS.B

,

20

.9

%

,

2/10/27

....

3,847

3,886

L2580476.UP.FTS.B

,

20

.98

%

,

2/10/27

....

346

340

FW2607597.UP.FTS.B

,

21

.25

%

,

2/10/27

..

1,415

1,415

FW2601053.UP.FTS.B

,

21

.37

%

,

2/10/27

..

954

954

L2609346.UP.FTS.B

,

21

.52

%

,

2/10/27

....

13,687

13,675

L2603922.UP.FTS.B

,

21

.73

%

,

2/10/27

....

3,552

3,587

L2608576.UP.FTS.B

,

21

.77

%

,

2/10/27

....

2,713

2,740

L2608126.UP.FTS.B

,

22

.06

%

,

2/10/27

....

3,044

3,066

FW2607078.UP.FTS.B

,

22

.55

%

,

2/10/27

..

2,015

2,035

FW2608208.UP.FTS.B

,

22

.58

%

,

2/10/27

..

7,157

7,229

L2602456.UP.FTS.B

,

22

.85

%

,

2/10/27

....

5,215

5,267

L2608552.UP.FTS.B

,

22

.9

%

,

2/10/27

....

1,979

1,996

L2608111.UP.FTS.B

,

23

.17

%

,

2/10/27

....

10,524

10,628

L2605681.UP.FTS.B

,

23

.22

%

,

2/10/27

....

3,120

3,144

L2603641.UP.FTS.B

,

23

.37

%

,

2/10/27

....

2,488

2,513

L2606964.UP.FTS.B

,

23

.53

%

,

2/10/27

....

656

662

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2606747.UP.FTS.B

,

23

.7

%

,

2/10/27

....

$

6,463

$

6,522

L2604424.UP.FTS.B

,

24

.29

%

,

2/10/27

....

6,325

6,381

L2604262.UP.FTS.B

,

24

.39

%

,

2/10/27

....

3,302

3,334

L2601898.UP.FTS.B

,

24

.69

%

,

2/10/27

....

927

936

L2608693.UP.FTS.B

,

24

.99

%

,

2/10/27

....

1,180

172

L2608510.UP.FTS.B

,

25

%

,

2/10/27

......

1,327

1,340

L2605594.UP.FTS.B

,

25

.02

%

,

2/10/27

....

1,858

1,877

L2604053.UP.FTS.B

,

25

.25

%

,

2/10/27

....

1,264

1,276

L2606928.UP.FTS.B

,

25

.27

%

,

2/10/27

....

1,399

1,400

L2607974.UP.FTS.B

,

25

.3

%

,

2/10/27

....

6,186

6,248

L2609551.UP.FTS.B

,

25

.3

%

,

2/10/27

....

1,730

1,747

FW2609019.UP.FTS.B

,

25

.41

%

,

2/10/27

..

3,553

3,584

L2572476.UP.FTS.B

,

25

.45

%

,

2/10/27

....

9,371

9,463

L2608348.UP.FTS.B

,

25

.54

%

,

2/10/27

....

4,001

4,041

L2603713.UP.FTS.B

,

25

.81

%

,

2/10/27

....

2,303

2,323

FW2604813.UP.FTS.B

,

25

.83

%

,

2/10/27

..

4,676

4,722

L2586417.UP.FTS.B

,

25

.9

%

,

2/10/27

....

6,633

476

FW2606426.UP.FTS.B

,

26

.19

%

,

2/10/27

..

2,316

2,337

FW2604860.UP.FTS.B

,

26

.47

%

,

2/10/27

..

3,692

3,729

FW2607306.UP.FTS.B

,

26

.66

%

,

2/10/27

..

1,924

1,938

FW2607888.UP.FTS.B

,

27

.06

%

,

2/10/27

..

9,637

681

L2604862.UP.FTS.B

,

27

.57

%

,

2/10/27

....

6,907

6,975

FW2603425.UP.FTS.B

,

27

.81

%

,

2/10/27

..

2,324

2,345

FW2607049.UP.FTS.B

,

28

.08

%

,

2/10/27

..

1,487

121

FW2608113.UP.FTS.B

,

28

.22

%

,

2/10/27

..

2,061

2,064

FW2605555.UP.FTS.B

,

29

.52

%

,

2/10/27

..

1,581

1,597

FW2607282.UP.FTS.B

,

30

.52

%

,

2/10/27

..

4,305

4,337

FW2606754.UP.FTS.B

,

31

.29

%

,

2/10/27

..

2,646

2,672

FW2607854.UP.FTS.B

,

31

.49

%

,

2/10/27

..

4,187

4,228

FW2604730.UP.FTS.B

,

31

.73

%

,

2/10/27

..

5,413

5,456

L2610465.UP.FTS.B

,

5

.18

%

,

2/11/27

.....

13,384

13,285

L2570795.UP.FTS.B

,

6

.48

%

,

2/11/27

.....

5,553

5,512

L2610259.UP.FTS.B

,

6

.78

%

,

2/11/27

.....

3,462

3,437

FW2614143.UP.FTS.B

,

6

.93

%

,

2/11/27

...

2,237

2,221

L2588879.UP.FTS.B

,

7

.55

%

,

2/11/27

.....

845

839

L2610842.UP.FTS.B

,

9

.27

%

,

2/11/27

.....

6,423

6,388

L2613434.UP.FTS.B

,

9

.37

%

,

2/11/27

.....

8,383

8,335

FW2610585.UP.FTS.B

,

9

.75

%

,

2/11/27

...

14,347

14,267

L2611172.UP.FTS.B

,

10

.14

%

,

2/11/27

....

1,736

1,730

L2611011.UP.FTS.B

,

11

.03

%

,

2/11/27

....

9,458

9,425

FW2613043.UP.FTS.B

,

11

.2

%

,

2/11/27

...

7,487

7,461

L2610880.UP.FTS.B

,

11

.35

%

,

2/11/27

....

6,022

3,271

L2615397.UP.FTS.B

,

11

.54

%

,

2/11/27

....

4,109

4,094

L2615183.UP.FTS.B

,

12

.14

%

,

2/11/27

....

7,090

7,065

L2615652.UP.FTS.B

,

12

.4

%

,

2/11/27

.....

2,487

2,479

FW2612477.UP.FTS.B

,

12

.41

%

,

2/11/27

..

8,884

8,853

FW2604554.UP.FTS.B

,

13

.07

%

,

2/11/27

..

12,007

11,955

FW2615345.UP.FTS.B

,

13

.1

%

,

2/11/27

...

5,843

5,812

L2615756.UP.FTS.B

,

13

.21

%

,

2/11/27

....

2,716

2,704

L2614367.UP.FTS.B

,

13

.3

%

,

2/11/27

.....

3,826

3,813

L2612579.UP.FTS.B

,

13

.46

%

,

2/11/27

....

2,975

2,965

L2612166.UP.FTS.B

,

13

.67

%

,

2/11/27

....

3,465

3,443

L2615304.UP.FTS.B

,

13

.86

%

,

2/11/27

....

22,790

22,689

L2614922.UP.FTS.B

,

13

.97

%

,

2/11/27

....

6,639

6,609

FW2612651.UP.FTS.B

,

14

.21

%

,

2/11/27

..

14,652

14,595

L2612964.UP.FTS.B

,

14

.24

%

,

2/11/27

....

7,236

7,211

L2614986.UP.FTS.B

,

14

.63

%

,

2/11/27

....

1,137

1,125

L2613480.UP.FTS.B

,

14

.65

%

,

2/11/27

....

6,836

6,805

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)

L2615636.UP.FTS.B

,

14

.73

%

,

2/11/27

....

$

16,828

$

16,803

L2612790.UP.FTS.B

,

14

.98

%

,

2/11/27

....

9,065

9,026

L2612114.UP.FTS.B

,

14

.99

%

,

2/11/27

....

5,224

5,206

L2614045.UP.FTS.B

,

15

.28

%

,

2/11/27

....

3,654

3,642

L2615153.UP.FTS.B

,

15

.28

%

,

2/11/27

....

7,360

7,347

L2610220.UP.FTS.B

,

15

.29

%

,

2/11/27

....

4,873

4,871

L2610243.UP.FTS.B

,

15

.41

%

,

2/11/27

....

5,481

5,479

L2539854.UP.FTS.B

,

15

.78

%

,

2/11/27

....

2,754

2,753

L2614929.UP.FTS.B

,

16

.21

%

,

2/11/27

....

2,766

2,756

FW2612990.UP.FTS.B

,

16

.24

%

,

2/11/27

..

1,703

1,682

L2611366.UP.FTS.B

,

16

.4

%

,

2/11/27

.....

3,078

3,076

L2611260.UP.FTS.B

,

17

.12

%

,

2/11/27

....

14,715

1,057

L2612163.UP.FTS.B

,

17

.53

%

,

2/11/27

....

2,079

2,076

FW2611103.UP.FTS.B

,

17

.75

%

,

2/11/27

..

3,001

2,997

L2615159.UP.FTS.B

,

17

.82

%

,

2/11/27

....

3,431

3,434

L2611326.UP.FTS.B

,

18

.28

%

,

2/11/27

....

6,247

6,252

L2613884.UP.FTS.B

,

18

.39

%

,

2/11/27

....

2,508

2,510

FW2614597.UP.FTS.B

,

18

.7

%

,

2/11/27

...

6,951

254

FW2610980.UP.FTS.B

,

18

.94

%

,

2/11/27

..

6,301

6,298

L2614124.UP.FTS.B

,

18

.99

%

,

2/11/27

....

4,529

4,518

L2601501.UP.FTS.B

,

19

.21

%

,

2/11/27

....

3,095

3,098

L2614334.UP.FTS.B

,

19

.21

%

,

2/11/27

....

11,053

11,168

L2609505.UP.FTS.B

,

19

.3

%

,

2/11/27

.....

1,201

1,197

L2611253.UP.FTS.B

,

19

.34

%

,

2/11/27

....

6,323

6,321

FW2611297.UP.FTS.B

,

19

.83

%

,

2/11/27

..

9,677

9,662

L2612449.UP.FTS.B

,

20

.03

%

,

2/11/27

....

6,354

6,359

FW2614605.UP.FTS.B

,

20

.34

%

,

2/11/27

..

2,839

2,866

L2609761.UP.FTS.B

,

20

.76

%

,

2/11/27

....

3,201

3,234

L2615540.UP.FTS.B

,

20

.79

%

,

2/11/27

....

3,844

3,848

L2610020.UP.FTS.B

,

20

.86

%

,

2/11/27

....

3,845

3,885

L2612113.UP.FTS.B

,

20

.93

%

,

2/11/27

....

5,452

5,455

FW2612937.UP.FTS.B

,

21

.48

%

,

2/11/27

..

16,125

16,293

L2611316.UP.FTS.B

,

21

.54

%

,

2/11/27

....

12,899

13,033

L2615221.UP.FTS.B

,

21

.7

%

,

2/11/27

.....

6,456

6,522

L2612478.UP.FTS.B

,

22

.55

%

,

2/11/27

....

1,047

1,056

L2610047.UP.FTS.B

,

22

.57

%

,

2/11/27

....

2,081

2,102

L2612720.UP.FTS.B

,

23

.21

%

,

2/11/27

....

654

654

FW2613747.UP.FTS.B

,

23

.43

%

,

2/11/27

..

6,624

6,681

L2611969.UP.FTS.B

,

23

.47

%

,

2/11/27

....

2,635

2,657

L2610518.UP.FTS.B

,

23

.54

%

,

2/11/27

....

19,999

20,205

L2611149.UP.FTS.B

,

23

.94

%

,

2/11/27

....

13,156

13,291

L2615317.UP.FTS.B

,

24

.12

%

,

2/11/27

....

4,943

4,941

L2614419.UP.FTS.B

,

24

.18

%

,

2/11/27

....

1,846

1,865

L2612809.UP.FTS.B

,

24

.27

%

,

2/11/27

....

924

933

L2613285.UP.FTS.B

,

24

.59

%

,

2/11/27

....

3,789

3,783

L2613569.UP.FTS.B

,

25

.13

%

,

2/11/27

....

709

103

FW2613750.UP.FTS.B

,

25

.19

%

,

2/11/27

..

1,728

1,729

L2613208.UP.FTS.B

,

25

.22

%

,

2/11/27

....

997

1,007

L2612096.UP.FTS.B

,

25

.23

%

,

2/11/27

....

1,329

1,343

L2613943.UP.FTS.B

,

25

.28

%

,

2/11/27

....

2,354

2,368

L2608705.UP.FTS.B

,

25

.34

%

,

2/11/27

....

8,023

2,273

FW2614897.UP.FTS.B

,

25

.36

%

,

2/11/27

..

2,263

2,286

L2611708.UP.FTS.B

,

25

.41

%

,

2/11/27

....

4,966

2,944

L2612279.UP.FTS.B

,

25

.43

%

,

2/11/27

....

8,342

8,424

L2613393.UP.FTS.B

,

25

.43

%

,

2/11/27

....

999

1,009

L2611698.UP.FTS.B

,

25

.48

%

,

2/11/27

....

995

144

L2613952.UP.FTS.B

,

25

.83

%

,

2/11/27

....

3,603

258

FW2612923.UP.FTS.B

,

26

.13

%

,

2/11/27

..

3,347

3,382

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2611604.UP.FTS.B

,

26

.15

%

,

2/11/27

....

$

3,348

$

3,383

L2611375.UP.FTS.B

,

26

.37

%

,

2/11/27

....

732

5

FW2611559.UP.FTS.B

,

26

.48

%

,

2/11/27

..

2,362

2,381

FW2610030.UP.FTS.B

,

27

.01

%

,

2/11/27

..

2,431

1,429

FW2611293.UP.FTS.B

,

27

.26

%

,

2/11/27

..

3,308

3,338

FW2609816.UP.FTS.B

,

27

.78

%

,

2/11/27

..

10,033

10,126

FW2612642.UP.FTS.B

,

27

.88

%

,

2/11/27

..

1,366

1,375

FW2613189.UP.FTS.B

,

27

.88

%

,

2/11/27

..

20,830

12,260

FW2608240.UP.FTS.B

,

28

.43

%

,

2/11/27

..

7,499

7,576

FW2614134.UP.FTS.B

,

28

.75

%

,

2/11/27

..

6,834

6,903

FW2615423.UP.FTS.B

,

28

.85

%

,

2/11/27

..

10,268

10,373

FW2614677.UP.FTS.B

,

28

.98

%

,

2/11/27

..

3,787

3,826

FW2612243.UP.FTS.B

,

29

.25

%

,

2/11/27

..

1,223

1,235

FW2611548.UP.FTS.B

,

30

.39

%

,

2/11/27

..

969

978

FW2612001.UP.FTS.B

,

30

.9

%

,

2/11/27

...

1,722

1,739

FW2609619.UP.FTS.B

,

30

.92

%

,

2/11/27

..

1,966

1,983

FW2610795.UP.FTS.B

,

30

.98

%

,

2/11/27

..

724

730

FW2611533.UP.FTS.B

,

31

.12

%

,

2/11/27

..

2,822

2,837

FW2610773.UP.FTS.B

,

31

.41

%

,

2/11/27

..

10,034

10,136

FW2610510.UP.FTS.B

,

33

.6

%

,

2/11/27

...

1,204

1,216

FW2614310.UP.FTS.B

,

33

.97

%

,

2/11/27

..

1,632

964

FW2610903.UP.FTS.B

,

34

.14

%

,

2/11/27

..

15,316

15,449

L2611816.UP.FTS.B

,

21

.62

%

,

2/12/27

....

1,937

1,953

FW2613609.UP.FTS.B

,

25

.31

%

,

2/12/27

..

6,664

6,670

L2617298.UP.FTS.B

,

5

.1

%

,

2/14/27

.....

6,029

5,985

L2617141.UP.FTS.B

,

5

.84

%

,

2/14/27

....

4,124

4,094

L2616590.UP.FTS.B

,

7

.87

%

,

2/14/27

....

14,930

14,846

L2616809.UP.FTS.B

,

11

.55

%

,

2/14/27

....

3,513

3,500

L2617640.UP.FTS.B

,

13

%

,

2/14/27

......

9,628

399

FW2616181.UP.FTS.B

,

13

.1

%

,

2/14/27

...

4,042

2,201

L2616333.UP.FTS.B

,

13

.75

%

,

2/14/27

....

20,994

20,922

L2617800.UP.FTS.B

,

13

.82

%

,

2/14/27

....

3,199

3,185

L2615653.UP.FTS.B

,

14

.07

%

,

2/14/27

....

1,797

1,791

FW2616422.UP.FTS.B

,

14

.55

%

,

2/14/27

..

3,266

3,255

L2616226.UP.FTS.B

,

14

.8

%

,

2/14/27

....

3,639

3,639

L2616432.UP.FTS.B

,

16

.81

%

,

2/14/27

....

4,944

4,943

FW2616510.UP.FTS.B

,

17

.3

%

,

2/14/27

...

3,162

138

FW2616193.UP.FTS.B

,

17

.47

%

,

2/14/27

..

933

932

L2617103.UP.FTS.B

,

18

.14

%

,

2/14/27

....

4,692

4,698

L2616245.UP.FTS.B

,

18

.36

%

,

2/14/27

....

12,470

12,464

L2616269.UP.FTS.B

,

19

.1

%

,

2/14/27

....

15,506

15,515

L2612816.UP.FTS.B

,

19

.36

%

,

2/14/27

....

12,678

12,691

L2616072.UP.FTS.B

,

19

.58

%

,

2/14/27

....

2,598

2,601

L2616722.UP.FTS.B

,

19

.8

%

,

2/14/27

....

3,682

3,722

L2616174.UP.FTS.B

,

20

.55

%

,

2/14/27

....

895

896

FW2615937.UP.FTS.B

,

21

.82

%

,

2/14/27

..

6,354

6,418

FW2617069.UP.FTS.B

,

23

.16

%

,

2/14/27

..

19,714

19,883

L2616368.UP.FTS.B

,

24

.5

%

,

2/14/27

....

6,994

7,062

L2617237.UP.FTS.B

,

25

.14

%

,

2/14/27

....

3,056

3,059

L2616717.UP.FTS.B

,

25

.42

%

,

2/14/27

....

1,678

1,693

L2617627.UP.FTS.B

,

25

.47

%

,

2/14/27

....

1,132

1,144

L2615878.UP.FTS.B

,

25

.5

%

,

2/14/27

....

5,682

5,733

L2617283.UP.FTS.B

,

25

.65

%

,

2/14/27

....

3,737

3,776

FW2617973.UP.FTS.B

,

26

.17

%

,

2/14/27

..

5,091

5,144

FW2616127.UP.FTS.B

,

27

.61

%

,

2/14/27

..

2,710

2,738

FW2616788.UP.FTS.B

,

28

.08

%

,

2/14/27

..

8,327

8,396

FW2617614.UP.FTS.B

,

28

.35

%

,

2/14/27

..

15,228

4,404

FW2616093.UP.FTS.B

,

29

.88

%

,

2/14/27

..

5,084

3,007

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

125

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2617595.UP.FTS.B

,

30

.34

%

,

2/14/27

..

$

1,452

$

861

FW2618539.UP.FTS.B

,

30

.94

%

,

2/14/27

..

4,196

4,231

FW2616908.UP.FTS.B

,

31

.23

%

,

2/14/27

..

3,568

3,601

FW2618241.UP.FTS.B

,

31

.49

%

,

2/14/27

..

6,276

6,339

L1715513.UP.FTS.B

,

13

.27

%

,

2/15/27

....

20,773

20,712

L1694887.UP.FTS.B

,

15

.52

%

,

2/15/27

....

3,613

3,599

L1715815.UP.FTS.B

,

21

.76

%

,

2/15/27

....

26,350

1,907

L1692458.UP.FTS.B

,

22

.21

%

,

2/15/27

....

2,618

2,650

L2605322.UP.FTS.B

,

26

.41

%

,

2/15/27

....

12,204

12,328

FW1717121.UP.FTS.B

,

26

.43

%

,

2/15/27

..

1,777

1,800

L1715518.UP.FTS.B

,

26

.49

%

,

2/15/27

....

5,650

5,720

FW1717776.UP.FTS.B

,

30

.58

%

,

2/15/27

..

1,879

–

FW2613392.UP.FTS.B

,

27

.98

%

,

2/18/27

..

8,205

8,292

L2608264.UP.FTS.B

,

15

.55

%

,

2/20/27

....

15,816

15,037

L2616168.UP.FTS.B

,

18

.99

%

,

2/20/27

....

10,134

735

FW2607135.UP.FTS.B

,

30

.71

%

,

2/20/27

..

1,872

1,891

FW2615716.UP.FTS.B

,

30

.71

%

,

2/21/27

..

1,890

1,910

FW2612944.UP.FTS.B

,

29

.57

%

,

2/24/27

..

5,148

5,203

L2604751.UP.FTS.B

,

17

.73

%

,

2/25/27

....

545

542

FW2604033.UP.FTS.B

,

19

.37

%

,

2/25/27

..

6,246

6,252

L2618109.UP.FTS.B

,

12

.08

%

,

2/27/27

....

19,929

19,841

L2610061.UP.FTS.B

,

14

.43

%

,

2/28/27

....

15,105

15,053

L2616852.UP.FTS.B

,

19

.82

%

,

2/28/27

....

4,606

4,596

L2617672.UP.FTS.B

,

23

.43

%

,

2/28/27

....

5,856

875

L1886082.UP.FTS.B

,

11

.37

%

,

3/20/27

....

26,704

26,613

FW1887715.UP.FTS.B

,

13

.02

%

,

3/20/27

..

5,489

5,196

L1884412.UP.FTS.B

,

17

.98

%

,

3/20/27

....

4,040

4,057

FW1884837.UP.FTS.B

,

25

.6

%

,

3/20/27

...

30,065

2,154

FW1886975.UP.FTS.B

,

25

.84

%

,

3/20/27

..

1,687

1,715

FW1884398.UP.FTS.B

,

30

.02

%

,

3/20/27

..

4,321

640

FW2949972.UP.FTS.B

,

5

.25

%

,

4/14/27

...

3,494

3,469

L2949814.UP.FTS.B

,

5

.88

%

,

4/14/27

....

4,289

4,256

L2949121.UP.FTS.B

,

6

.79

%

,

4/14/27

....

9,719

9,651

L2950010.UP.FTS.B

,

6

.8

%

,

4/14/27

.....

4,142

4,112

L2949215.UP.FTS.B

,

6

.84

%

,

4/14/27

....

11,423

11,345

L2951687.UP.FTS.B

,

7

.49

%

,

4/14/27

....

7,288

7,235

L2951012.UP.FTS.B

,

7

.81

%

,

4/14/27

....

6,928

6,880

L2951121.UP.FTS.B

,

7

.86

%

,

4/14/27

.....

9,653

9,599

L2950930.UP.FTS.B

,

9

.09

%

,

4/14/27

....

3,978

2,102

L2949685.UP.FTS.B

,

9

.14

%

,

4/14/27

....

2,423

2,408

L2949220.UP.FTS.B

,

9

.21

%

,

4/14/27

....

4,916

4,886

L2949833.UP.FTS.B

,

9

.25

%

,

4/14/27

....

13,158

13,086

L2949108.UP.FTS.B

,

9

.33

%

,

4/14/27

....

9,767

9,714

L2951245.UP.FTS.B

,

9

.94

%

,

4/14/27

....

6,106

6,069

L2949486.UP.FTS.B

,

10

.53

%

,

4/14/27

....

15,379

15,288

L2934626.UP.FTS.B

,

10

.81

%

,

4/14/27

....

4,292

4,275

L2948956.UP.FTS.B

,

10

.94

%

,

4/14/27

....

16,461

16,380

L2951595.UP.FTS.B

,

10

.95

%

,

4/14/27

....

3,947

3,928

L2950964.UP.FTS.B

,

11

.19

%

,

4/14/27

....

6,156

6,131

L2950306.UP.FTS.B

,

11

.59

%

,

4/14/27

....

14,864

14,798

L2928558.UP.FTS.B

,

11

.88

%

,

4/14/27

....

6,654

6,628

FW2950525.UP.FTS.B

,

11

.91

%

,

4/14/27

..

31,130

30,980

L2944042.UP.FTS.B

,

12

.19

%

,

4/14/27

....

11,481

11,425

L2942764.UP.FTS.B

,

12

.22

%

,

4/14/27

....

8,424

8,383

L2950992.UP.FTS.B

,

12

.3

%

,

4/14/27

....

7,855

7,813

L2950027.UP.FTS.B

,

12

.33

%

,

4/14/27

....

30,212

2,188

L2950333.UP.FTS.B

,

12

.69

%

,

4/14/27

....

2,508

2,496

FW2951712.UP.FTS.B

,

12

.87

%

,

4/14/27

..

3,009

2,985

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2949635.UP.FTS.B

,

13

.18

%

,

4/14/27

....

$

2,456

$

2,444

L2948733.UP.FTS.B

,

13

.2

%

,

4/14/27

....

4,430

4,409

FW2949810.UP.FTS.B

,

13

.53

%

,

4/14/27

..

8,023

7,985

FW2949125.UP.FTS.B

,

13

.6

%

,

4/14/27

...

2,718

2,706

L2951842.UP.FTS.B

,

13

.62

%

,

4/14/27

....

28,259

28,126

L2950742.UP.FTS.B

,

13

.63

%

,

4/14/27

....

6,323

6,293

FW2951854.UP.FTS.B

,

14

.02

%

,

4/14/27

..

12,058

12,002

L2949763.UP.FTS.B

,

14

.31

%

,

4/14/27

....

4,114

4,099

FW2951175.UP.FTS.B

,

14

.6

%

,

4/14/27

...

1,403

1,397

FW2949070.UP.FTS.B

,

14

.69

%

,

4/14/27

..

16,999

16,933

L2949907.UP.FTS.B

,

14

.84

%

,

4/14/27

....

2,429

2,418

FW2949368.UP.FTS.B

,

15

%

,

4/14/27

....

1,793

1,788

L2949507.UP.FTS.B

,

15

.04

%

,

4/14/27

....

7,086

7,054

L2948932.UP.FTS.B

,

15

.2

%

,

4/14/27

....

962

958

L2951339.UP.FTS.B

,

15

.29

%

,

4/14/27

....

11,140

11,091

FW2950466.UP.FTS.B

,

15

.31

%

,

4/14/27

..

870

864

L2951714.UP.FTS.B

,

15

.35

%

,

4/14/27

....

8,929

8,888

L2950927.UP.FTS.B

,

15

.36

%

,

4/14/27

....

2,441

2,430

L2949017.UP.FTS.B

,

15

.76

%

,

4/14/27

....

1,551

1,544

L2950042.UP.FTS.B

,

16

.06

%

,

4/14/27

....

1,099

1,095

L2949733.UP.FTS.B

,

16

.07

%

,

4/14/27

....

2,002

1,994

FW2946278.UP.FTS.B

,

16

.33

%

,

4/14/27

..

8,964

8,950

L2949916.UP.FTS.B

,

16

.64

%

,

4/14/27

....

16,242

16,169

L2951791.UP.FTS.B

,

16

.65

%

,

4/14/27

....

5,186

5,162

L2948755.UP.FTS.B

,

16

.72

%

,

4/14/27

....

5,657

5,641

FW2950896.UP.FTS.B

,

16

.97

%

,

4/14/27

..

6,825

3,706

FW2951535.UP.FTS.B

,

17

.04

%

,

4/14/27

..

13,172

13,135

L2951449.UP.FTS.B

,

17

.19

%

,

4/14/27

....

19,124

19,052

FW2948748.UP.FTS.B

,

17

.23

%

,

4/14/27

..

3,119

3,111

L2948803.UP.FTS.B

,

17

.33

%

,

4/14/27

....

2,840

2,836

L2949925.UP.FTS.B

,

17

.43

%

,

4/14/27

....

6,545

6,526

L2951584.UP.FTS.B

,

17

.47

%

,

4/14/27

....

2,751

2,721

L2951624.UP.FTS.B

,

17

.77

%

,

4/14/27

....

14,917

4,034

FW2949561.UP.FTS.B

,

17

.84

%

,

4/14/27

..

13,787

13,755

L2951172.UP.FTS.B

,

17

.98

%

,

4/14/27

....

7,887

7,869

L2950280.UP.FTS.B

,

18

.73

%

,

4/14/27

....

2,877

2,873

FW2950372.UP.FTS.B

,

18

.88

%

,

4/14/27

..

6,028

6,011

L2950089.UP.FTS.B

,

19

.5

%

,

4/14/27

....

9,238

670

L2949923.UP.FTS.B

,

19

.64

%

,

4/14/27

....

667

665

L2948840.UP.FTS.B

,

19

.72

%

,

4/14/27

....

9,977

9,975

L2951216.UP.FTS.B

,

19

.73

%

,

4/14/27

....

1,534

1,531

L2949824.UP.FTS.B

,

20

.3

%

,

4/14/27

....

1,474

1,471

L2947365.UP.FTS.B

,

20

.51

%

,

4/14/27

....

13,159

13,124

L2950858.UP.FTS.B

,

20

.56

%

,

4/14/27

....

3,341

3,330

L2951820.UP.FTS.B

,

20

.59

%

,

4/14/27

....

21,634

21,576

FW2949268.UP.FTS.B

,

20

.97

%

,

4/14/27

..

2,965

2,959

L2951142.UP.FTS.B

,

21

.23

%

,

4/14/27

....

5,820

420

FW2950781.UP.FTS.B

,

21

.26

%

,

4/14/27

..

7,429

7,414

L2950447.UP.FTS.B

,

21

.39

%

,

4/14/27

....

9,109

2,521

FW2948170.UP.FTS.B

,

21

.44

%

,

4/14/27

..

5,321

5,305

FW2951375.UP.FTS.B

,

22

.32

%

,

4/14/27

..

2,249

2,265

FW2949464.UP.FTS.B

,

22

.55

%

,

4/14/27

..

2,253

2,270

FW2950348.UP.FTS.B

,

22

.92

%

,

4/14/27

..

11,568

11,662

FW2948734.UP.FTS.B

,

22

.93

%

,

4/14/27

..

4,784

4,743

FW2946360.UP.FTS.B

,

23

.4

%

,

4/14/27

...

5,154

5,192

L2951812.UP.FTS.B

,

23

.47

%

,

4/14/27

....

1,925

1,939

FW2950779.UP.FTS.B

,

23

.54

%

,

4/14/27

..

2,270

2,287

L2951427.UP.FTS.B

,

23

.72

%

,

4/14/27

....

4,547

4,580

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)

FW2950242.UP.FTS.B

,

24

.53

%

,

4/14/27

..

$

1,939

$

1,958

L2948992.UP.FTS.B

,

24

.59

%

,

4/14/27

....

21,332

21,472

L2950134.UP.FTS.B

,

24

.82

%

,

4/14/27

....

985

982

L2949079.UP.FTS.B

,

24

.97

%

,

4/14/27

....

8,697

8,678

L2950895.UP.FTS.B

,

25

.02

%

,

4/14/27

....

696

701

L2950602.UP.FTS.B

,

25

.04

%

,

4/14/27

....

1,183

1,192

L2950811.UP.FTS.B

,

25

.09

%

,

4/14/27

....

769

774

L2951247.UP.FTS.B

,

25

.15

%

,

4/14/27

....

766

765

FW2951030.UP.FTS.B

,

25

.2

%

,

4/14/27

...

2,649

2,669

L2942965.UP.FTS.B

,

25

.22

%

,

4/14/27

....

6,971

7,023

L2949738.UP.FTS.B

,

25

.23

%

,

4/14/27

....

1,394

1,405

L2951261.UP.FTS.B

,

25

.24

%

,

4/14/27

....

1,255

1,252

L2951170.UP.FTS.B

,

25

.33

%

,

4/14/27

....

1,000

285

L2950776.UP.FTS.B

,

25

.38

%

,

4/14/27

....

2,545

2,565

L2951160.UP.FTS.B

,

25

.41

%

,

4/14/27

....

1,834

1,831

L2951384.UP.FTS.B

,

25

.41

%

,

4/14/27

....

1,837

1,852

L2950090.UP.FTS.B

,

25

.42

%

,

4/14/27

....

1,047

1,045

L2949492.UP.FTS.B

,

25

.47

%

,

4/14/27

....

3,213

3,237

L2951548.UP.FTS.B

,

25

.47

%

,

4/14/27

....

1,746

1,742

L2950216.UP.FTS.B

,

25

.49

%

,

4/14/27

....

3,845

3,873

L2951869.UP.FTS.B

,

25

.5

%

,

4/14/27

....

5,370

381

FW2950277.UP.FTS.B

,

25

.52

%

,

4/14/27

..

2,306

2,324

L2951153.UP.FTS.B

,

25

.85

%

,

4/14/27

....

1,731

1,735

FW2950220.UP.FTS.B

,

26

.02

%

,

4/14/27

..

1,403

1,413

L2951255.UP.FTS.B

,

26

.02

%

,

4/14/27

....

5,820

5,863

FW2951228.UP.FTS.B

,

26

.2

%

,

4/14/27

...

2,548

2,568

FW2944032.UP.FTS.B

,

26

.21

%

,

4/14/27

..

2,459

2,477

L2949711.UP.FTS.B

,

27

.49

%

,

4/14/27

....

1,769

1,786

FW2948773.UP.FTS.B

,

27

.56

%

,

4/14/27

..

3,273

3,298

FW2948716.UP.FTS.B

,

27

.71

%

,

4/14/27

..

6,391

6,439

FW2951423.UP.FTS.B

,

27

.85

%

,

4/14/27

..

3,128

3,153

FW2949765.UP.FTS.B

,

28

.19

%

,

4/14/27

..

7,129

7,183

FW2948843.UP.FTS.B

,

28

.64

%

,

4/14/27

..

7,149

7,203

FW2950464.UP.FTS.B

,

29

.27

%

,

4/14/27

..

2,816

2,840

FW2950412.UP.FTS.B

,

30

.37

%

,

4/14/27

..

676

674

FW2951435.UP.FTS.B

,

30

.37

%

,

4/14/27

..

1,422

1,434

FW2950357.UP.FTS.B

,

30

.48

%

,

4/14/27

..

8,051

8,118

FW2949044.UP.FTS.B

,

30

.94

%

,

4/14/27

..

3,252

3,279

FW2950648.UP.FTS.B

,

30

.95

%

,

4/14/27

..

876

884

FW2949727.UP.FTS.B

,

30

.99

%

,

4/14/27

..

1,453

1,465

FW2950633.UP.FTS.B

,

31

.02

%

,

4/14/27

..

11,013

1,659

FW2950575.UP.FTS.B

,

31

.06

%

,

4/14/27

..

1,964

1,979

FW2949627.UP.FTS.B

,

31

.09

%

,

4/14/27

..

1,209

85

FW2949803.UP.FTS.B

,

31

.16

%

,

4/14/27

..

1,827

127

FW2950561.UP.FTS.B

,

31

.2

%

,

4/14/27

...

1,092

1,100

FW2949894.UP.FTS.B

,

31

.82

%

,

4/14/27

..

2,707

2,728

FW2949051.UP.FTS.B

,

32

.15

%

,

4/14/27

..

3,552

3,578

FW2950185.UP.FTS.B

,

32

.24

%

,

4/14/27

..

3,910

3,932

FW2950232.UP.FTS.B

,

32

.3

%

,

4/14/27

...

7,674

7,584

L2048072.UP.FTS.B

,

11

.58

%

,

4/15/27

....

7,469

7,430

L2048360.UP.FTS.B

,

14

.07

%

,

4/15/27

....

4,107

3,877

FW2046887.UP.FTS.B

,

17

.65

%

,

4/15/27

..

8,227

7,812

L2046952.UP.FTS.B

,

18

.41

%

,

4/15/27

....

1,983

1,978

L2049386.UP.FTS.B

,

19

.96

%

,

4/15/27

....

3,836

3,825

FW2048990.UP.FTS.B

,

20

.89

%

,

4/15/27

..

2,305

2,190

FW2047914.UP.FTS.B

,

21

.49

%

,

4/15/27

..

18,006

2,543

FW2049296.UP.FTS.B

,

30

.21

%

,

4/15/27

..

5,987

894

L2951305.UP.FTS.B

,

20

.52

%

,

4/16/27

....

2,487

2,487

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2949973.UP.FTS.B

,

20

.99

%

,

4/16/27

....

$

4,048

$

4,048

L2950367.UP.FTS.B

,

22

.21

%

,

4/16/27

....

7,428

7,422

FW2932125.UP.FTS.B

,

30

.95

%

,

4/18/27

..

6,613

6,681

L2949050.UP.FTS.B

,

24

.74

%

,

4/20/27

....

10,455

10,558

L2047847.UP.FTS.B

,

25

.96

%

,

4/20/27

....

5,259

5,311

L2096414.UP.FTS.B

,

14

.36

%

,

4/22/27

....

3,488

3,480

L2094403.UP.FTS.B

,

16

.85

%

,

4/22/27

....

4,812

346

L2095546.UP.FTS.B

,

17

.27

%

,

4/22/27

....

2,167

185

L2950334.UP.FTS.B

,

20

.22

%

,

4/22/27

....

2,954

2,951

L2088829.UP.FTS.B

,

21

.32

%

,

4/22/27

....

7,775

7,409

L2096857.UP.FTS.B

,

21

.9

%

,

4/22/27

....

25,339

25,327

L2094965.UP.FTS.B

,

25

.66

%

,

4/22/27

....

3,336

3,231

FW2094908.UP.FTS.B

,

29

.15

%

,

4/22/27

..

35,944

36,338

FW2083347.UP.FTS.B

,

31

.08

%

,

4/22/27

..

10,415

10,070

L2950021.UP.FTS.B

,

11

.97

%

,

4/28/27

....

6,254

6,231

L2951862.UP.FTS.B

,

25

.21

%

,

4/28/27

....

1,159

1,169

FW2951725.UP.FTS.B

,

27

.54

%

,

4/28/27

..

2,865

2,895

FW2295879.UP.FTS.B

,

25

.12

%

,

5/21/27

..

17,272

1,237

L2293969.UP.FTS.B

,

25

.41

%

,

5/21/27

....

8,949

9,033

L2295630.UP.FTS.B

,

25

.47

%

,

5/21/27

....

6,022

5,810

FW2296510.UP.FTS.B

,

28

.63

%

,

5/21/27

..

4,931

4,977

FW2294827.UP.FTS.B

,

31

.11

%

,

5/21/27

..

1,679

1,693

L2298796.UP.FTS.B

,

7

.68

%

,

5/22/27

....

1,183

1,175

FW2297226.UP.FTS.B

,

17

.41

%

,

5/22/27

..

9,639

1,379

L2296567.UP.FTS.B

,

21

.87

%

,

5/22/27

....

1,326

1,343

L2298303.UP.FTS.B

,

22

.22

%

,

5/22/27

....

4,724

336

FW2297374.UP.FTS.B

,

23

.21

%

,

5/22/27

..

1,549

1,565

FW2296565.UP.FTS.B

,

24

.56

%

,

5/22/27

..

1,559

449

L2300368.UP.FTS.B

,

25

.11

%

,

5/22/27

....

1,830

282

FW2297812.UP.FTS.B

,

27

.74

%

,

5/22/27

..

3,320

3,347

FW2299110.UP.FTS.B

,

28

.13

%

,

5/22/27

..

12,373

1,886

FW2296256.UP.FTS.B

,

30

.68

%

,

5/22/27

..

2,468

2,383

L2292250.UP.FTS.B

,

12

.42

%

,

5/26/27

....

7,177

7,126

L2300474.UP.FTS.B

,

25

.38

%

,

5/27/27

....

1,913

1,930

FW2294223.UP.FTS.B

,

31

.19

%

,

6/05/27

..

19,711

5,618

L2275604.UP.FTS.B

,

8

%

,

6/06/27

.......

6,362

863

FW2296458.UP.FTS.B

,

30

.75

%

,

6/06/27

..

6,181

6,241

L2425627.UP.FTS.B

,

6

.24

%

,

6/13/27

....

15,571

15,452

L2428326.UP.FTS.B

,

7

.87

%

,

6/13/27

....

6,593

382

FW2423719.UP.FTS.B

,

8

.04

%

,

6/13/27

...

9,454

9,387

L2427221.UP.FTS.B

,

9

.21

%

,

6/13/27

....

2,122

2,107

FW2427741.UP.FTS.B

,

9

.76

%

,

6/13/27

...

4,854

4,822

L2423738.UP.FTS.B

,

10

.57

%

,

6/13/27

....

2,125

291

L2422943.UP.FTS.B

,

17

.4

%

,

6/13/27

....

5,396

477

L2426279.UP.FTS.B

,

17

.73

%

,

6/13/27

....

2,677

2,664

FW2427001.UP.FTS.B

,

25

.82

%

,

6/13/27

..

7,298

7,329

FW2423361.UP.FTS.B

,

26

.6

%

,

6/13/27

...

2,507

2,522

FW2425746.UP.FTS.B

,

27

.06

%

,

6/13/27

..

7,667

–

FW2425689.UP.FTS.B

,

27

.43

%

,

6/13/27

..

8,830

2,501

FW2424974.UP.FTS.B

,

28

.61

%

,

6/13/27

..

11,667

11,800

FW2425524.UP.FTS.B

,

29

.54

%

,

6/13/27

..

17,958

60

FW2427523.UP.FTS.B

,

29

.85

%

,

6/13/27

..

2,801

813

FW2424580.UP.FTS.B

,

31

.2

%

,

6/13/27

...

14,775

14,890

L2432199.UP.FTS.B

,

7

.42

%

,

6/14/27

....

2,630

2,610

FW2429579.UP.FTS.B

,

8

.83

%

,

6/14/27

...

3,805

3,780

L2432951.UP.FTS.B

,

9

.1

%

,

6/14/27

.....

12,213

833

L2433061.UP.FTS.B

,

9

.38

%

,

6/14/27

....

5,702

772

L2432731.UP.FTS.B

,

13

.82

%

,

6/14/27

....

18,624

1,352

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

127

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2435410.UP.FTS.B

,

17

.3

%

,

6/14/27

....

$

8,286

$

8,255

L2428990.UP.FTS.B

,

21

.05

%

,

6/14/27

....

14,229

14,357

L2429021.UP.FTS.B

,

22

.9

%

,

6/14/27

....

5,341

–

L2429502.UP.FTS.B

,

23

.45

%

,

6/14/27

....

1,538

1,549

FW2432066.UP.FTS.B

,

25

.64

%

,

6/14/27

..

11,593

831

FW2434573.UP.FTS.B

,

26

.92

%

,

6/14/27

..

8,665

620

FW2431660.UP.FTS.B

,

30

.55

%

,

6/14/27

..

8,576

1,226

FW2429288.UP.FTS.B

,

33

.13

%

,

6/14/27

..

1,178

699

L2434966.UP.FTS.B

,

13

.37

%

,

6/15/27

....

7,069

6,668

L2438839.UP.FTS.B

,

7

.09

%

,

6/18/27

....

14,809

1,975

FW2435774.UP.FTS.B

,

7

.71

%

,

6/18/27

...

1,866

1,756

L2437345.UP.FTS.B

,

17

.3

%

,

6/18/27

....

8,034

582

L2437879.UP.FTS.B

,

24

.72

%

,

6/18/27

....

1,226

88

FW2435640.UP.FTS.B

,

28

.51

%

,

6/18/27

..

4,318

1,232

L2437642.UP.FTS.B

,

9

.64

%

,

6/20/27

....

664

660

L2422890.UP.FTS.B

,

23

.18

%

,

6/23/27

....

2,882

430

FW2438645.UP.FTS.B

,

31

.19

%

,

6/26/27

..

2,566

2,577

L2431725.UP.FTS.B

,

12

.26

%

,

6/28/27

....

25,315

25,166

L2581968.UP.FTS.B

,

13

.8

%

,

7/10/27

....

7,028

6,967

L2607609.UP.FTS.B

,

15

.09

%

,

7/10/27

....

2,216

2,200

L2607076.UP.FTS.B

,

16

.42

%

,

7/10/27

....

17,409

17,278

FW2602895.UP.FTS.B

,

17

.44

%

,

7/10/27

..

7,798

7,745

L2608553.UP.FTS.B

,

23

.5

%

,

7/10/27

....

7,612

7,664

FW2605866.UP.FTS.B

,

29

.72

%

,

7/10/27

..

366

363

FW2603700.UP.FTS.B

,

31

.08

%

,

7/10/27

..

1,831

1,846

FW2602032.UP.FTS.B

,

31

.57

%

,

7/10/27

..

4,612

4,650

L2615143.UP.FTS.B

,

13

.89

%

,

7/11/27

....

2,722

2,708

L2611504.UP.FTS.B

,

16

.36

%

,

7/11/27

....

4,092

4,061

FW2609511.UP.FTS.B

,

18

.92

%

,

7/11/27

..

10,597

10,572

L2612995.UP.FTS.B

,

19

.69

%

,

7/11/27

....

7,995

576

L2613825.UP.FTS.B

,

20

.6

%

,

7/11/27

.....

1,800

1,784

L2612062.UP.FTS.B

,

21

.51

%

,

7/11/27

....

1,398

199

L2605257.UP.FTS.B

,

21

.7

%

,

7/11/27

.....

744

748

FW2610184.UP.FTS.B

,

23

.94

%

,

7/11/27

..

15,900

15,923

L2614217.UP.FTS.B

,

24

.23

%

,

7/11/27

....

1,793

1,805

FW2613347.UP.FTS.B

,

26

.68

%

,

7/11/27

..

1,047

1,054

FW2613777.UP.FTS.B

,

27

.07

%

,

7/11/27

..

1,432

1,438

FW2614513.UP.FTS.B

,

28

.27

%

,

7/11/27

..

1,116

1,117

FW2610223.UP.FTS.B

,

30

.62

%

,

7/11/27

..

2,818

2,845

FW2610193.UP.FTS.B

,

30

.94

%

,

7/11/27

..

9,413

657

FW2611798.UP.FTS.B

,

31

.65

%

,

7/11/27

..

7,936

–

L2618980.UP.FTS.B

,

12

.97

%

,

7/14/27

....

12,004

11,929

L2615821.UP.FTS.B

,

16

.82

%

,

7/14/27

....

3,419

248

L2615913.UP.FTS.B

,

19

.56

%

,

7/14/27

....

4,399

4,374

L2616155.UP.FTS.B

,

19

.61

%

,

7/14/27

....

4,492

321

L2614826.UP.FTS.B

,

22

.6

%

,

7/14/27

....

4,328

4,355

L2618649.UP.FTS.B

,

24

.27

%

,

7/14/27

....

7,947

7,979

FW2618197.UP.FTS.B

,

27

.81

%

,

7/14/27

..

16,246

16,385

L1716174.UP.FTS.B

,

24

.2

%

,

7/15/27

....

12,121

12,248

FW1716481.UP.FTS.B

,

26

.69

%

,

7/15/27

..

17,342

17,321

FW2617490.UP.FTS.B

,

27

.91

%

,

7/21/27

..

23,810

23,900

FW2603295.UP.FTS.B

,

23

.18

%

,

7/24/27

..

7,097

7,118

L2603677.UP.FTS.B

,

14

.69

%

,

7/25/27

....

12,759

1,111

FW2608779.UP.FTS.B

,

24

.99

%

,

7/25/27

..

8,979

9,037

FW1882891.UP.FTS.B

,

25

.65

%

,

8/20/27

..

1,437

1,438

FW2951315.UP.FTS.B

,

9

.91

%

,

9/14/27

...

4,129

4,095

L2949275.UP.FTS.B

,

14

.68

%

,

9/14/27

....

2,748

1,474

L2949405.UP.FTS.B

,

16

.41

%

,

9/14/27

....

15,382

15,276

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2950883.UP.FTS.B

,

17

.71

%

,

9/14/27

....

$

11,691

$

839

FW2951370.UP.FTS.B

,

20

.97

%

,

9/14/27

..

7,669

7,592

L2951029.UP.FTS.B

,

21

.05

%

,

9/14/27

....

16,308

4,512

L2951265.UP.FTS.B

,

22

.27

%

,

9/14/27

....

14,150

14,052

L2951399.UP.FTS.B

,

22

.65

%

,

9/14/27

....

9,371

9,331

L2949419.UP.FTS.B

,

23

.06

%

,

9/14/27

....

2,356

2,371

FW2951123.UP.FTS.B

,

24

.74

%

,

9/14/27

..

16,323

16,420

L2949682.UP.FTS.B

,

25

.05

%

,

9/14/27

....

1,087

1,081

L2949947.UP.FTS.B

,

25

.29

%

,

9/14/27

....

1,624

1,628

L2949603.UP.FTS.B

,

25

.51

%

,

9/14/27

....

4,524

2,679

FW2949299.UP.FTS.B

,

28

.46

%

,

9/14/27

..

3,602

16

FW2950395.UP.FTS.B

,

28

.88

%

,

9/14/27

..

13,762

13,817

FW2948974.UP.FTS.B

,

29

.39

%

,

9/14/27

..

7,740

–

FW2951059.UP.FTS.B

,

31

.12

%

,

9/14/27

..

16,766

1,185

L2047067.UP.FTS.B

,

21

.22

%

,

9/15/27

....

13,696

13,649

FW2049311.UP.FTS.B

,

21

.75

%

,

9/15/27

..

3,680

3,682

L2949815.UP.FTS.B

,

25

.48

%

,

9/15/27

....

8,852

8,932

L2293030.UP.FTS.B

,

8

.8

%

,

10/21/27

....

1,788

456

FW2292945.UP.FTS.B

,

31

.23

%

,

10/21/27

.

1,980

302

L2300702.UP.FTS.B

,

15

.45

%

,

10/22/27

...

27,645

26,056

L2300131.UP.FTS.B

,

24

.08

%

,

10/22/27

...

10,275

10,296

L2421701.UP.FTS.B

,

5

.91

%

,

11/13/27

....

14,341

14,230

FW2424710.UP.FTS.B

,

21

.52

%

,

11/13/27

.

11,859

11,696

FW2430164.UP.FTS.B

,

9

.11

%

,

11/14/27

..

3,881

3,846

FW2431901.UP.FTS.B

,

9

.92

%

,

11/14/27

..

7,006

3,817

L2435424.UP.FTS.B

,

10

.13

%

,

11/21/27

...

3,197

3,179

L2607851.UP.FTS.B

,

13

.68

%

,

12/10/27

...

28,388

15,123

FW2606361.UP.FTS.B

,

25

.37

%

,

12/10/27

.

10,218

284

FW2605935.UP.FTS.B

,

31

.23

%

,

12/10/27

.

4,921

4,897

L2611597.UP.FTS.B

,

25

.33

%

,

12/11/27

...

10,007

9,943

L2611511.UP.FTS.B

,

25

.43

%

,

12/11/27

...

4,934

354

FW2617504.UP.FTS.B

,

30

.27

%

,

12/14/27

.

16,382

16,317

FW2609734.UP.FTS.B

,

31

%

,

12/16/27

...

1,000

994

FW2613645.UP.FTS.B

,

31

.4

%

,

12/23/27

..

1,552

1,543

FW2951084.UP.FTS.B

,

30

.63

%

,

2/14/28

..

13,051

13,007

L1718966.UP.FTS.B

,

18

.89

%

,

9/15/28

....

7,413

7,434

L1718702.UP.FTS.B

,

26

.02

%

,

9/15/28

....

3,936

4,020

L1886617.UP.FTS.B

,

19

.5

%

,

10/20/28

....

7,660

7,331

L1887293.UP.FTS.B

,

25

.85

%

,

10/20/28

...

8,590

8,674

L2608032.UP.FTS.B

,

17

.27

%

,

2/10/29

....

3,344

3,345

L2605139.UP.FTS.B

,

28

.33

%

,

2/10/29

....

2,117

2,144

L1718819.UP.FTS.B

,

23

.98

%

,

2/15/29

....

2,524

2,538

L2607986.UP.FTS.B

,

25

.66

%

,

7/10/29

....

18,997

19,049

6,582,271

Total

Marketplace

Loans

(Cost

$

44,922,327

)

.....

$38,727,891

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

At

July

31,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

At

July

31,

2024

,

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

U.S.

Treasury

10

Year

Notes

....................

Short

321

$

35,891,812

9/19/24

$

(

1,063,768

)

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

58

6,703,531

9/19/24

(

223,583

)

U.S.

Treasury

2

Year

Notes

.....................

Long

3,930

807,093,049

9/30/24

7,557,206

U.S.

Treasury

5

Year

Notes

.....................

Short

1,148

123,858,438

9/30/24

(

2,308,643

)

Total

Futures

Contracts

......................................................................

$3,961,212

*

As

of

period

end.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CDX.NA.HY.41

.

5.00%

Quarterly

12/20/28

1,600,000

$

117,047

$

(

16,242

)

$

133,289

Non-

Investment

Grade

CDX.NA.HY.42

.

5.00%

Quarterly

6/20/29

4,100,000

302,741

208,486

94,255

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$419,788

$192,244

$227,544

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

2,080,000

(

10,789

)

(

217,422

)

206,633

BB

Traded

Index

CDX.NA.HY.33

.

5.00%

Quarterly

CITI

12/20/24

12,600,000

320,616

(

57,992

)

378,608

Non-

Investment

Grade

CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

5,500,000

449,059

262,728

186,331

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

12,100,000

(

373,585

)

(

355,033

)

(

18,552

)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$385,301

$(367,719)

$753,020

Total

Credit

Default

Swap

Contracts

....................................

$805,089

$

(

175,475

)

$980,564

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

See

A

bbreviations

on

page

259

.

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

16.4%

U.S.

Treasury

Notes

,

2.625

%,

1/31/26

...................................................

$

10,000,000

$

9,735,547

2.5

%,

2/28/26

....................................................

10,162,000

9,863,888

4.875

%,

4/30/26

...................................................

23,238,000

23,434,071

4.25

%,

3/15/27

...................................................

11,000,000

11,036,738

4.5

%,

4/15/27

....................................................

15,000,000

15,146,777

Total

U.S.

Government

and

Agency

Securities

(Cost

$

68,848,343

)

.................

69,217,021

Mortgage-Backed

Securities

57.9%

a

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

18.2%

FHLMC

,

6.118

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/43

..................................................

1,858,065

1,902,255

FHLMC

,

6.17

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

4,882,466

5,037,239

FHLMC

,

6.2

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

3,729,957

3,825,275

FHLMC

,

6.283

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

4,274,437

4,414,555

FHLMC

,

6.309

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

5,191,797

5,340,607

FHLMC

,

6.331

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

1/01/44

...................................................

1,918,115

1,985,508

FHLMC

,

6.336

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/43

...................................................

2,055,216

2,130,660

FHLMC

,

6.367

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

5,315,618

5,463,449

FHLMC

,

6.401

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

7,653,839

7,872,925

FHLMC

,

6.411

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

3,981,284

4,112,302

FHLMC

,

6.592

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/43

...................................................

1,880,605

1,939,606

FHLMC

,

6.882

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/37

...................................................

1,996,986

2,067,964

FHLMC

,

7.12

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/40

..................................................

1,769,288

1,840,673

FHLMC

,

6.079

%

-

7.139

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

261,548

261,451

FHLMC

,

5.621

%

-

7.601

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

21,221,527

21,662,091

FHLMC

,

6.374

%

-

7.872

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

6,469,809

6,684,477

76,541,037

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year

,

6

%,

5/01/53

......................................

2,122,957

2,156,199

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

34.4%

FNMA

,

4.517

%,

(

COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

4,553,456

4,415,670

FNMA

,

3.059

%

-

5.348

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

1/01/26

-

7/01/34

...

58,077

57,799

FNMA

,

4.436

%

-

5.498

%,

(

COFI

11th

District

+/-

MBS

Margin),

1/01/25

-

12/01/37

...

2,152,873

2,095,243

FNMA

,

3.564

%

-

6.047

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

22,041

21,968

FNMA

,

6.337

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

6,745,401

6,981,667

FNMA

,

6.373

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

3/01/35

...................................................

2,175,638

2,238,839

FNMA

,

6.482

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

43,947

43,754

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA

,

6.522

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

...................................................

$

17,240,876

$

17,801,608

FNMA

,

6.524

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

2,636,181

2,727,709

FNMA

,

6.564

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

9,953,198

10,334,735

FNMA

,

6.567

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

2,611,675

2,707,449

FNMA

,

6.754

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

4,245,184

4,372,436

FNMA

,

6.812

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

.................

4,538,768

4,704,828

FNMA

,

6.814

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

2,455,905

2,542,225

FNMA

,

7.209

%,

(

6-month

H15BDI

+/-

MBS

Margin),

11/01/34

..................

42,052

42,196

FNMA

,

5.615

%

-

7.766

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

-

12/01/37

......................................

10,966,231

11,046,635

FNMA

,

3.925

%

-

7.939

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/01/24

-

12/01/40

..

15,157,424

15,517,356

FNMA

,

5.483

%

-

8.308

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

53,108,651

54,086,391

FNMA

,

5.873

%

-

8.325

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

12/01/26

-

11/01/44

................................................

2,833,782

2,858,176

144,596,684

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

4.7%

FNMA,

30

Year

,

5.5

%,

4/01/53

.........................................

12,841,968

12,874,723

FNMA,

30

Year

,

5.5

%,

3/01/54

.........................................

2,142,984

2,146,527

FNMA,

30

Year

,

6

%,

7/01/53

...........................................

4,823,391

4,895,685

19,916,935

a

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.1%

GNMA

II

,

3.625

%

-

4.875

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

.

261,713

261,561

261,561

Total

Mortgage-Backed

Securities

(Cost

$

248,455,594

)

...........................

243,472,416

Agency

Commercial

Mortgage-Backed

Securities

20.4%

Financial

Services

20.4%

b

FHLMC

,

4988

,

AF

,

FRN

,

5.789

%

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

..........

3,897,267

3,871,694

4891

,

AF

,

FRN

,

5.839

%

,

(

30-day

SOFR

Average

+

0.514

%

),

7/15/42

...........

6,024,498

6,111,401

343

,

F4

,

FRN

,

5.789

%

,

Strip

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

.......

3,653,993

3,605,491

4989

,

FA

,

FRN

,

5.789

%

,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/40

...........

4,957,788

4,984,000

4915

,

FE

,

FRN

,

5.839

%

,

(

30-day

SOFR

Average

+

0.514

%

),

2/15/38

...........

7,538,581

7,606,002

4895

,

GF

,

FRN

,

5.839

%

,

(

30-day

SOFR

Average

+

0.514

%

),

11/15/43

..........

5,672,473

5,595,375

4197

,

KF

,

FRN

,

5.739

%

,

(

30-day

SOFR

Average

+

0.414

%

),

9/15/37

...........

2,015,376

1,937,233

4107

,

KF

,

FRN

,

5.829

%

,

(

30-day

SOFR

Average

+

0.504

%

),

6/15/38

...........

1,741,864

1,713,652

4215

,

KF

,

FRN

,

5.739

%

,

(

30-day

SOFR

Average

+

0.414

%

),

2/15/40

...........

1,312,483

1,270,130

4730

,

WF

,

FRN

,

5.789

%

,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/38

...........

3,395,992

3,348,065

4794

,

WF

,

FRN

,

5.789

%

,

(

30-day

SOFR

Average

+

0.464

%

),

3/15/43

...........

3,642,294

3,624,962

b

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KF160

,

AS

,

FRN

,

6.036

%

,

(

30-day

SOFR

Average

+

0.7

%

),

10/25/30

...........

3,625,372

3,645,098

KF163

,

AS

,

FRN

,

5.916

%

,

(

30-day

SOFR

Average

+

0.58

%

),

4/25/34

...........

2,950,000

2,947,361

b

FNMA

,

2019-38

,

AF

,

FRN

,

5.839

%

,

(

30-day

SOFR

Average

+

0.514

%

),

7/25/49

.........

4,172,536

4,107,688

2019-59

,

BF

,

FRN

,

5.839

%

,

(

30-day

SOFR

Average

+

0.514

%

),

10/25/49

........

5,959,194

6,082,478

2019-38

,

CF

,

FRN

,

5.912

%

,

(

30-day

SOFR

Average

+

0.564

%

),

7/25/49

.........

1,332,833

1,309,298

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

At

July

31,

2024,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

259

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b

FNMA,

(continued)

2021-44

,

FA

,

FRN

,

5.525

%

,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/45

...........

$

4,779,048

$

4,884,801

2020-54

,

WF

,

FRN

,

3.622

%

,

(

30-day

SOFR

Average

+

0.564

%

),

8/25/50

........

3,661,437

3,533,137

2021-8

,

YF

,

FRN

,

5.525

%

,

(

30-day

SOFR

Average

+

0.2

%

),

3/25/61

............

10,000,262

10,010,690

2021-36

,

YF

,

FRN

,

5.525

%

,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/61

...........

4,920,328

4,962,693

b

GNMA

,

2010-12

,

FD

,

FRN

,

6.042

%

,

(

1-month

SOFR

+

0.714

%

),

1/16/40

..........

525,291

524,507

85,675,756

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

85,897,399

)

.........

85,675,756

Total

Long

Term

Investments

(Cost

$

403,201,336

)

...............................

398,365,193

a

a

a

a

a

Short

Term

Investments

4.1%

Shares

a

Money

Market

Funds

4.1%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..................

17,276,433

17,276,433

Total

Money

Market

Funds

(Cost

$

17,276,433

)

..................................

17,276,433

Total

Short

Term

Investments

(Cost

$

17,276,433

)

................................

17,276,433

a

Total

Investments

(Cost

$

420,477,769

)

98.8

%

...................................

$415,641,626

Other

Assets,

less

Liabilities

1.2

%

.............................................

4,941,119

Net

Assets

100.0%

...........................................................

$420,582,745

a

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

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).

b

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

80

$

9,246,250

9/19/24

$

(

308,390

)

U.S.

Treasury

2

Year

Notes

.....................

Long

547

112,335,852

9/30/24

1,060,147

U.S.

Treasury

5

Year

Notes

.....................

Short

52

5,610,312

9/30/24

(

119,739

)

Total

Futures

Contracts

......................................................................

$632,018

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Managed

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

33.3%

Aerospace

&

Defense

1.7%

a

Lockheed

Martin

Corp.

...............................

United

States

75,000

$

40,644,000

RTX

Corp.

........................................

United

States

155,000

18,210,950

58,854,950

Banks

3.1%

Bank

of

America

Corp.

...............................

United

States

750,000

30,232,500

Fifth

Third

Bancorp

..................................

United

States

300,000

12,702,000

JPMorgan

Chase

&

Co.

...............................

United

States

185,000

39,368,000

Truist

Financial

Corp.

................................

United

States

350,000

15,641,500

US

Bancorp

.......................................

United

States

250,000

11,220,000

109,164,000

Beverages

0.7%

Coca-Cola

Co.

(The)

.................................

United

States

125,000

8,342,500

PepsiCo,

Inc.

......................................

United

States

100,000

17,267,000

25,609,500

Biotechnology

1.0%

a

AbbVie,

Inc.

.......................................

United

States

200,000

37,064,000

Building

Products

0.4%

Johnson

Controls

International

plc

.......................

United

States

200,000

14,308,000

Capital

Markets

1.7%

a

Charles

Schwab

Corp.

(The)

...........................

United

States

199,900

13,031,481

Morgan

Stanley

.....................................

United

States

450,000

46,444,500

59,475,981

Chemicals

1.4%

Air

Products

and

Chemicals,

Inc.

........................

United

States

100,000

26,385,000

a

Albemarle

Corp.

....................................

United

States

100,000

9,367,000

a

LyondellBasell

Industries

NV

,

A

.........................

United

States

150,000

14,919,000

50,671,000

Communications

Equipment

1.1%

Cisco

Systems,

Inc.

.................................

United

States

800,000

38,760,000

Consumer

Staples

Distribution

&

Retail

0.4%

a

Target

Corp.

.......................................

United

States

100,000

15,041,000

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

..........................

United

States

100,000

4,052,000

Electric

Utilities

3.8%

Duke

Energy

Corp.

..................................

United

States

400,000

43,708,000

Edison

International

.................................

United

States

350,000

28,003,500

NextEra

Energy,

Inc.

.................................

United

States

275,000

21,007,250

Southern

Co.

(The)

..................................

United

States

500,000

41,760,000

134,478,750

Ground

Transportation

0.6%

Union

Pacific

Corp.

..................................

United

States

85,000

20,972,050

Health

Care

Providers

&

Services

1.2%

CVS

Health

Corp.

...................................

United

States

200,000

12,066,000

UnitedHealth

Group,

Inc.

..............................

United

States

50,000

28,808,000

40,874,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

0.5%

a

Starbucks

Corp.

....................................

United

States

250,000

$

19,487,500

Household

Products

0.9%

Procter

&

Gamble

Co.

(The)

...........................

United

States

200,000

32,152,000

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

...........................

United

States

100,000

20,475,000

IT

Services

0.3%

International

Business

Machines

Corp.

...................

United

States

50,000

9,607,000

Media

0.9%

Comcast

Corp.

,

A

...................................

United

States

760,000

31,365,200

Metals

&

Mining

0.7%

Rio

Tinto

plc

,

ADR

...................................

Australia

400,000

26,064,000

Multi-Utilities

1.1%

DTE

Energy

Co.

....................................

United

States

150,000

18,079,500

Sempra

...........................................

United

States

250,000

20,015,000

38,094,500

Oil,

Gas

&

Consumable

Fuels

4.6%

a

Chevron

Corp.

.....................................

United

States

500,000

80,235,000

ConocoPhillips

.....................................

United

States

200,000

22,240,000

Exxon

Mobil

Corp.

...................................

United

States

500,000

59,295,000

161,770,000

Pharmaceuticals

2.4%

AstraZeneca

plc

,

ADR

................................

United

Kingdom

250,000

19,787,500

Johnson

&

Johnson

.................................

United

States

300,000

47,355,000

Merck

&

Co.,

Inc.

...................................

United

States

150,000

16,969,500

84,112,000

Semiconductors

&

Semiconductor

Equipment

1.9%

a

Analog

Devices,

Inc.

.................................

United

States

200,000

46,276,000

Texas

Instruments,

Inc.

...............................

United

States

100,000

20,381,000

66,657,000

Specialty

Retail

1.6%

Home

Depot,

Inc.

(The)

...............................

United

States

150,000

55,224,000

Tobacco

0.6%

Philip

Morris

International,

Inc.

.........................

United

States

200,000

23,032,000

Total

Common

Stocks

(Cost

$

888,700,633

)

...................................

1,177,365,431

Equity-Linked

Securities

8.8%

Aerospace

&

Defense

1.6%

b

BNP

Paribas

Issuance

BV

into

Northrop

Grumman

Corp.

,

144A,

7.5

%

,

9/10/24

....................................

United

States

54,000

23,482,093

b

Merrill

Lynch

International

&

Co.

CV

into

RTX

Corp.

,

144A,

7.5

%

,

10/02/24

........................................

United

States

295,700

25,330,314

b

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

9

%

,

6/17/25

United

States

50,000

9,093,962

57,906,369

Air

Freight

&

Logistics

0.5%

b

Merrill

Lynch

International

&

Co.

CV

into

United

Parcel

Service,

Inc.

,

144A,

8.5

%

,

10/02/24

...........................

United

States

143,650

18,783,970

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Banks

0.5%

b

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.

,

144A,

8.5

%

,

2/26/25

....................................

United

States

250,000

$

9,061,817

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Bank

of

America

Corp.

,

144A,

8

%

,

8/16/24

............................

United

States

200,000

7,203,820

16,265,637

Broadline

Retail

0.4%

b

Goldman

Sachs

International

Bank

into

Amazon.com,

Inc.

,

144A,

9

%

,

11/20/24

.....................................

United

States

98,000

12,894,481

Consumer

Staples

Distribution

&

Retail

0.5%

b

Barclays

Bank

plc

into

Target

Corp.

,

144A,

8.5

%

,

10/08/24

....

United

States

135,000

19,031,512

Interactive

Media

&

Services

0.3%

b

JPMorgan

Chase

Bank

NA

into

Alphabet,

Inc.

,

144A,

8

%

,

3/28/25

United

States

75,000

11,558,795

IT

Services

0.4%

b

Barclays

Bank

plc

into

International

Business

Machines

Corp.

,

144A,

8.5

%

,

6/09/25

...............................

United

States

80,000

14,594,112

Metals

&

Mining

0.7%

b

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

8/12/25

.....................................

United

States

525,000

23,645,028

Oil,

Gas

&

Consumable

Fuels

0.4%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.

,

144A,

9

%

,

3/12/25

.................................

United

States

115,000

12,642,920

Pharmaceuticals

0.7%

b

National

Bank

of

Canada

into

Bristol-Myers

Squibb

Co.

,

144A,

8

%

,

9/05/24

......................................

United

States

530,000

25,444,833

Semiconductors

&

Semiconductor

Equipment

1.4%

b

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

11/12/24

...............................

United

States

150,000

12,667,752

b

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8

%

,

6/11/25

.........................................

United

States

175,000

35,626,285

48,294,037

Software

1.4%

b

Societe

Generale

SA

into

Workday,

Inc.

,

144A,

9

%

,

11/13/24

...

United

States

115,000

25,489,369

b

UBS

AG

into

Oracle

Corp.

,

144A,

9

%

,

6/10/25

..............

United

States

185,000

24,110,326

49,599,695

Total

Equity-Linked

Securities

(Cost

$

305,171,790

)

............................

310,661,389

Convertible

Preferred

Stocks

0.9%

Chemicals

0.3%

Albemarle

Corp.

,

7.25

%

..............................

United

States

240,000

10,732,800

Electric

Utilities

0.6%

c

NextEra

Energy,

Inc.

,

6.926

%

..........................

United

States

500,000

22,080,000

Total

Convertible

Preferred

Stocks

(Cost

$

34,220,190

)

.........................

32,812,800

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

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

44.8%

Aerospace

&

Defense

0.9%

Boeing

Co.

(The)

,

Senior

Bond

,

3.2

%

,

3/01/29

..........................

United

States

15,000,000

$

13,614,662

Senior

Note

,

5.04

%

,

5/01/27

.........................

United

States

5,000,000

4,966,625

Senior

Note

,

5.15

%

,

5/01/30

.........................

United

States

15,000,000

14,777,884

33,359,171

Automobiles

0.4%

c

General

Motors

Co.

,

Senior

Bond

,

5.6

%

,

10/15/32

...........

United

States

15,000,000

15,306,827

Banks

6.0%

Bank

of

America

Corp.

,

Senior

Bond

,

3.419%

to

12/19/27,

FRN

thereafter

,

12/20/28

.

United

States

20,000,000

19,118,095

Senior

Bond

,

5.872%

to

9/14/33,

FRN

thereafter

,

9/15/34

...

United

States

15,000,000

15,747,685

Barclays

plc

,

Senior

Bond

,

4.337

%

,

1/10/28

........................

United

Kingdom

15,000,000

14,674,190

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

10,000,000

10,235,731

Senior

Note

,

7.385%

to

11/01/27,

FRN

thereafter

,

11/02/28

..

United

Kingdom

15,000,000

15,996,254

Citigroup,

Inc.

,

Senior

Bond

,

3.668%

to

7/23/27,

FRN

thereafter

,

7/24/28

...

United

States

20,000,000

19,325,377

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

10,000,000

10,715,272

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

.................................

United

States

10,000,000

10,424,684

JPMorgan

Chase

&

Co.

,

d

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,000,000

10,357,534

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

10,000,000

10,829,239

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

10,000,000

10,540,222

Truist

Bank

,

Sub.

Bond

,

2.636%

to

9/16/24,

FRN

thereafter

,

9/17/29

.........................................

United

States

10,000,000

9,866,563

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

.................................

United

States

10,000,000

9,814,404

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

..

United

States

10,000,000

10,385,132

Senior

Note

,

4.548%

to

7/21/27,

FRN

thereafter

,

7/22/28

....

United

States

10,000,000

9,902,604

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

.................................

United

States

25,000,000

25,301,100

213,234,086

Biotechnology

0.8%

AbbVie,

Inc.

,

Senior

Bond

,

4.55

%

,

3/15/35

................

United

States

15,000,000

14,616,208

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

.................

United

States

15,000,000

15,251,625

29,867,833

Building

Products

0.6%

Carrier

Global

Corp.

,

Senior

Bond

,

5.9

%

,

3/15/34

...........

United

States

20,000,000

21,410,090

Capital

Markets

2.1%

Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

.............................

United

States

10,000,000

10,378,028

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

12,779,047

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

10,000,000

10,998,453

Morgan

Stanley

,

Senior

Bond

,

2.699%

to

1/21/30,

FRN

thereafter

,

1/22/31

...

United

States

10,000,000

8,943,289

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

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Morgan

Stanley,

(continued)

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

15,000,000

$

16,243,757

Senior

Bond

,

5.424%

to

7/20/33,

FRN

thereafter

,

7/21/34

...

United

States

15,000,000

15,231,443

74,574,017

Chemicals

1.4%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.....

United

States

20,000,000

20,938,509

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3

%

,

3/15/33

........

United

States

10,000,000

10,796,100

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

20,000,000

19,297,732

51,032,341

Consumer

Finance

3.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

..........................

Ireland

20,000,000

17,616,866

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

10,000,000

9,864,514

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

10,000,000

10,374,165

Senior

Note

,

3.273%

to

2/28/29,

FRN

thereafter

,

3/01/30

....

United

States

15,000,000

13,819,400

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

7.35

%

,

11/04/27

........................

United

States

15,000,000

15,807,072

Senior

Note

,

3.625

%

,

6/17/31

........................

United

States

15,000,000

13,143,912

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6

%

,

6/21/30

..........................

United

States

20,000,000

18,394,761

Senior

Bond

,

6.4

%

,

1/09/33

..........................

United

States

10,000,000

10,573,131

109,593,821

Diversified

REITs

0.5%

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625

%

,

12/01/29

..................................

United

States

20,000,000

19,276,742

Diversified

Telecommunication

Services

0.5%

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

..

United

States

20,000,000

16,737,278

Electric

Utilities

3.3%

Edison

International

,

Senior

Note

,

6.95

%

,

11/15/29

..........

United

States

20,000,000

21,669,982

b

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

7

%

,

3/15/33

...

United

States

10,000,000

10,733,210

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

7/01/30

.........................

United

States

25,000,000

24,205,600

Senior

Bond

,

6.15

%

,

1/15/33

.........................

United

States

10,000,000

10,422,241

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

10/15/32

...........

United

States

15,000,000

15,698,573

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

.........................................

United

States

36,000,000

34,605,187

117,334,793

Electrical

Equipment

0.6%

Regal

Rexnord

Corp.

,

Senior

Note

,

6.05

%

,

4/15/28

..........

United

States

20,000,000

20,502,680

Electronic

Equipment,

Instruments

&

Components

1.3%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

........................

United

States

20,000,000

19,722,379

Senior

Note

,

6

%

,

1/15/28

...........................

United

States

10,000,000

10,292,360

Jabil,

Inc.

,

Senior

Bond

,

3

%

,

1/15/31

.....................

United

States

20,000,000

17,391,982

47,406,721

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)

Food

Products

1.4%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

b

Senior

Bond

,

144A,

6.75

%

,

3/15/34

....................

United

States

15,000,000

$

16,061,565

Senior

Note

,

5.5

%

,

1/15/30

..........................

United

States

10,000,000

9,971,456

Senior

Note

,

3.75

%

,

12/01/31

........................

United

States

5,000,000

4,444,699

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25

%

,

4/15/31

..........

United

States

21,000,000

19,502,074

49,979,794

Ground

Transportation

0.7%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

8/11/32

.....................

United

Kingdom

15,000,000

14,998,730

Senior

Bond

,

144A,

5.95

%

,

10/15/33

...................

United

Kingdom

10,000,000

10,277,266

25,275,996

Health

Care

Equipment

&

Supplies

0.5%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905

%

,

11/22/32

United

States

15,000,000

15,806,205

Health

Care

Providers

&

Services

2.6%

Centene

Corp.

,

Senior

Note

,

4.625

%

,

12/15/29

.............

United

States

25,000,000

24,080,768

CVS

Health

Corp.

,

Senior

Bond

,

3.25

%

,

8/15/29

............

United

States

10,000,000

9,263,974

b

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

3

%

,

12/01/31

.....................................

Germany

20,000,000

16,707,207

HCA,

Inc.

,

Senior

Bond

,

4.125

%

,

6/15/29

........................

United

States

10,000,000

9,650,510

Senior

Bond

,

5.5

%

,

6/01/33

..........................

United

States

15,000,000

15,188,705

Humana,

Inc.

,

Senior

Bond

,

5.875

%

,

3/01/33

...............

United

States

15,000,000

15,588,904

90,480,068

Health

Care

REITs

0.6%

Healthpeak

OP

LLC

,

Senior

Note

,

5.25

%

,

12/15/32

..........

United

States

20,000,000

20,150,476

Hotels,

Restaurants

&

Leisure

0.7%

Expedia

Group,

Inc.

,

Senior

Bond

,

3.8

%

,

2/15/28

..........................

United

States

15,000,000

14,490,695

Senior

Note

,

5

%

,

2/15/26

...........................

United

States

10,000,000

10,002,120

24,492,815

Household

Durables

0.3%

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

10,000,000

9,795,067

Insurance

1.3%

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375

%

,

3/15/31

.........

United

States

31,000,000

26,094,655

b

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

.........................................

United

States

10,000,000

10,443,368

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4

%

,

12/15/36

.............

United

States

10,000,000

10,215,690

46,753,713

Machinery

0.6%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7

%

,

8/14/33

............

United

States

20,000,000

20,977,014

Metals

&

Mining

2.1%

ArcelorMittal

SA

,

Senior

Bond

,

4.25

%

,

7/16/29

.........................

Luxembourg

7,700,000

7,476,803

Senior

Note

,

6.55

%

,

11/29/27

........................

Luxembourg

25,000,000

26,124,073

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)

Metals

&

Mining

(continued)

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625

%

,

8/01/30

......

United

States

26,000,000

$

25,348,284

b

,c

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

4.875

%

,

3/12/29

...

Australia

15,000,000

15,013,641

73,962,801

Multi-Utilities

0.8%

Dominion

Energy,

Inc.

,

A

,

Senior

Note

,

4.35

%

,

8/15/32

.......

United

States

15,000,000

14,348,447

Sempra

,

Senior

Bond

,

5.5

%

,

8/01/33

.....................

United

States

15,000,000

15,360,586

29,709,033

Oil,

Gas

&

Consumable

Fuels

1.6%

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7

%

,

11/15/29

....................................

United

States

10,000,000

9,464,544

Energy

Transfer

LP

,

Senior

Bond

,

5.75

%

,

2/15/33

...........

United

States

15,000,000

15,380,340

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375

%

,

9/01/28

....

United

States

10,000,000

10,425,630

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65

%

,

3/15/33

.......

United

States

20,000,000

20,666,617

55,937,131

Passenger

Airlines

1.0%

b

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

..............................

United

States

25,000,000

24,756,774

b

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.....

United

States

9,000,000

9,087,399

33,844,173

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.......

United

States

15,000,000

13,780,828

Pharmaceuticals

1.0%

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

...........

United

States

20,000,000

16,549,347

Viatris,

Inc.

,

Senior

Note

,

2.7

%

,

6/22/30

...................

United

States

20,000,000

17,423,899

33,973,246

Semiconductors

&

Semiconductor

Equipment

1.6%

Broadcom,

Inc.

,

Senior

Bond

,

4.3

%

,

11/15/32

.........................

United

States

20,000,000

19,097,189

b

Senior

Bond

,

144A,

3.469

%

,

4/15/34

...................

United

States

20,000,000

17,476,263

Micron

Technology,

Inc.

,

Senior

Bond

,

4.663

%

,

2/15/30

........................

United

States

15,000,000

14,825,516

Senior

Bond

,

5.875

%

,

2/09/33

........................

United

States

5,000,000

5,218,011

56,616,979

Software

0.8%

Oracle

Corp.

,

Senior

Bond

,

6.25

%

,

11/09/32

........................

United

States

10,000,000

10,800,123

Senior

Bond

,

3.9

%

,

5/15/35

..........................

United

States

20,000,000

17,805,530

28,605,653

Specialized

REITs

1.0%

American

Tower

Corp.

,

Senior

Bond

,

3.8

%

,

8/15/29

..........................

United

States

15,000,000

14,292,689

Senior

Bond

,

5.9

%

,

11/15/33

.........................

United

States

10,000,000

10,514,482

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1

%

,

5/01/33

.............

United

States

10,000,000

9,960,496

34,767,667

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)

Specialty

Retail

0.6%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5

%

,

4/15/33

...............

United

States

20,000,000

$

20,095,117

Technology

Hardware,

Storage

&

Peripherals

0.7%

HP,

Inc.

,

c

Senior

Bond

,

5.5

%

,

1/15/33

..........................

United

States

15,000,000

15,432,166

Senior

Note

,

2.65

%

,

6/17/31

.........................

United

States

10,000,000

8,651,549

24,083,715

Tobacco

1.6%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

.............

United

States

15,000,000

12,458,769

BAT

Capital

Corp.

,

Senior

Bond

,

4.742

%

,

3/16/32

........................

United

Kingdom

15,000,000

14,577,404

Senior

Bond

,

7.75

%

,

10/19/32

........................

United

Kingdom

25,000,000

28,847,680

55,883,853

Trading

Companies

&

Distributors

0.7%

b

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

.....................................

United

States

22,500,000

22,847,378

Wireless

Telecommunication

Services

0.7%

Sprint

LLC

,

Senior

Note

,

7.625

%

,

2/15/25

.................

United

States

10,000,000

10,059,470

b

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

1,406,250

1,401,902

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3.5

%

,

4/15/31

............

United

States

15,000,000

13,745,660

25,207,032

Total

Corporate

Bonds

(Cost

$

1,500,167,399

)

.................................

1,582,662,154

U.S.

Government

and

Agency

Securities

4.9%

U.S.

Treasury

Bonds

,

4.125

%,

8/15/53

...................

United

States

87,500,000

84,174,317

U.S.

Treasury

Notes

,

4.125

%,

8/31/30

...................................

United

States

30,000,000

30,263,672

3.875

%,

8/15/33

...................................

United

States

60,000,000

59,227,734

Total

U.S.

Government

and

Agency

Securities

(Cost

$

170,517,602

)

..............

173,665,723

Asset-Backed

Securities

0.3%

Passenger

Airlines

0.3%

abc

abc

abc

abc

abc

abc

United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875

%

,

10/15/27

.........................

United

States

5,029,458

5,092,717

2020-1

,

B

,

4.875

%

,

7/15/27

..........................

United

States

5,424,000

5,355,343

10,448,060

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

10,453,458

)

.............................

10,448,060

Mortgage-Backed

Securities

5.0%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.1%

FHLMC

Pool,

30

Year

,

5

%,

5/01/53

......................

United

States

16,797,595

16,546,186

FHLMC

Pool,

30

Year

,

5.5

%,

7/01/53

.....................

United

States

48,286,019

48,379,598

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/53

....................

United

States

8,470,049

8,484,949

73,410,733

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

2.9%

FNMA,

30

Year

,

4

%,

8/01/49

...........................

United

States

964,313

924,010

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

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year

,

5

%,

5/01/53

...........................

United

States

16,860,303

$

16,613,879

FNMA,

30

Year

,

5

%,

11/01/53

..........................

United

States

40,722,364

40,113,207

FNMA,

30

Year

,

6

%,

5/01/53

...........................

United

States

44,002,854

44,697,552

102,348,648

Total

Mortgage-Backed

Securities

(Cost

$

173,535,652

)

.........................

175,759,381

Total

Long

Term

Investments

(Cost

$

3,082,766,724

)

...........................

3,463,374,938

a

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.3%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

44,706,093

44,706,093

Total

Money

Market

Funds

(Cost

$

44,706,093

)

................................

44,706,093

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Money

Market

Funds

0.4%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

14,686,000

14,686,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

14,686,000

)

.........................................................

14,686,000

Total

Short

Term

Investments

(Cost

$

59,392,093

)

..............................

59,392,093

a

Total

Investments

(Cost

$

3,142,158,817

)

99.7

%

................................

$3,522,767,031

Options

Written

(

0.2

)

%

.....................................................

(6,775,500)

Other

Assets,

less

Liabilities

0.5

%

...........................................

16,948,554

Net

Assets

100.0%

.........................................................

$3,532,940,085

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.2)%

Calls

-

Exchange-Traded

Equity

Options

AbbVie,

Inc.

,

August

Strike

Price

$

180.00

,

Expires

8/16/24

....

1,000

18,532,000

(

645,000

)

Albemarle

Corp.

,

August

Strike

Price

$

120.00

,

Expires

8/16/24

.

1,000

9,367,000

(

22,000

)

Analog

Devices,

Inc.

,

August

Strike

Price

$

240.00

,

Expires

8/16/24

.........................................

2,000

46,276,000

(

500,000

)

Charles

Schwab

Corp.

(The)

,

August

Strike

Price

$

77.50

,

Expires

8/16/24

.........................................

1,000

6,519,000

(

1,000

)

Chevron

Corp.

,

September

Strike

Price

$

170.00

,

Expires

9/20/24

2,000

32,094,000

(

320,000

)

Lockheed

Martin

Corp.

,

August

Strike

Price

$

485.00

,

Expires

8/16/24

.........................................

750

40,644,000

(

4,522,500

)

LyondellBasell

Industries

NV

,

August

Strike

Price

$

100.00

,

Expires

8/16/24

...................................

1,500

14,919,000

(

337,500

)

Starbucks

Corp.

,

August

Strike

Price

$

85.00

,

Expires

8/16/24

..

2,500

19,487,500

(

27,500

)

Target

Corp.

,

September

Strike

Price

$

165.00

,

Expires

9/20/24

.

1,000

15,041,000

(

310,000

)

(

6,685,500

)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

At

July

31,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

259

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

Puts

-

Exchange-Traded

Equity

Options

Target

Corp.

,

September

Strike

Price

$

125.00

,

Expires

9/20/24

.

1,000

15,041,000

$

(

90,000

)

(

90,000

)

Total

Options

Written

(Premiums

received

$

2,446,739

)

.........................

$

(

6,775,500

)

#

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

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$534,348,021,

representing

15.1%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

July

31,

2024.

d

Perpetual

security

with

no

stated

maturity

date.

e

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

Ultra

Bonds

......................

Long

700

$

89,578,125

9/19/24

$

2,822,030

Total

Futures

Contracts

......................................................................

$2,822,030

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

†

Broadline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.

,

A

.......................

South

Africa

28,762,824

$

—

a,b,c

K2016470219

South

Africa

Ltd.

,

B

.......................

South

Africa

2,862,311

—

—

Energy

Equipment

&

Services

0.0%

†

b

Valaris

Ltd.

........................................

United

States

2,435

191,367

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

13,078

2,432

Machinery

0.0%

†

UTEX

Industries,

Inc.

................................

United

States

4,843

206,636

Total

Common

Stocks

(Cost

$

1,220,202

)

.....................................

400,435

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII

,

11.887

%

.........................

United

States

93,000

2,712,810

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

30,975

2,710

b

Total

Preferred

Stocks

(Cost

$

2,325,465

)

.....................................

2,715,520

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

,

2/20/49

..........................

United

States

415

40

Total

Warrants

(Cost

$

366

)

.................................................

40

Principal

Amount

*

Corporate

Bonds

39.0%

Aerospace

&

Defense

0.9%

Boeing

Co.

(The)

,

Senior

Bond

,

3.625

%

,

2/01/31

........................

United

States

6,500,000

5,834,795

Senior

Note

,

5.15

%

,

5/01/30

.........................

United

States

13,500,000

13,300,095

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.09

%

,

9/15/52

........

United

States

5,000,000

4,154,411

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.03

%

,

10/15/47

........................

United

States

3,000,000

2,448,942

Senior

Bond

,

5.25

%

,

5/01/50

.........................

United

States

3,500,000

3,411,855

29,150,098

Air

Freight

&

Logistics

0.1%

d

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.......

United

Arab

Emirates

3,300,000

3,300,000

Automobiles

0.1%

d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35

%

,

3/19/29

..

United

States

1,600,000

1,625,339

Banks

7.3%

d

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

2,500,000

2,558,882

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

.........

Spain

3,600,000

3,094,938

Bank

of

America

Corp.

,

Senior

Bond

,

2.592%

to

4/28/30,

FRN

thereafter

,

4/29/31

...

United

States

6,700,000

5,922,895

Senior

Bond

,

1.922%

to

10/23/30,

FRN

thereafter

,

10/24/31

.

United

States

5,300,000

4,442,792

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Bank

of

America

Corp.,

(continued)

Senior

Bond

,

2.972%

to

2/03/32,

FRN

thereafter

,

2/04/33

...

United

States

7,500,000

$

6,504,819

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

10,000,000

10,229,111

d

BNP

Paribas

SA

,

Senior

Non-Preferred

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

.....................

France

3,200,000

3,172,573

d

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

................................

France

9,500,000

8,851,187

e

Senior

Non-Preferred

Note

,

144A,

FRN

,

5.716

%

,

(

1-year

CMT

T-Note

+

1.959

%

),

1/18/30

..........................

France

7,000,000

7,116,990

Citigroup,

Inc.

,

Senior

Bond

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

...

United

States

8,000,000

7,030,136

Senior

Bond

,

3.057%

to

1/24/32,

FRN

thereafter

,

1/25/33

...

United

States

16,100,000

13,990,356

d

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

......................

Denmark

6,800,000

6,957,529

e

HSBC

Holdings

plc

,

Senior

Bond

,

FRN

,

3.973

%

,

(

3-month

SOFR

+

1.872

%

),

5/22/30

................................

United

Kingdom

6,500,000

6,194,840

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

4.493%

to

3/23/30,

FRN

thereafter

,

3/24/31

...

United

States

17,100,000

16,826,992

Senior

Bond

,

2.58%

to

4/21/31,

FRN

thereafter

,

4/22/32

....

United

States

1,700,000

1,467,002

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

9,300,000

9,450,663

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

................

United

States

6,200,000

6,121,082

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.063%

to

9/11/24,

FRN

thereafter

,

9/12/25

.......................

Japan

11,100,000

11,091,632

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

.............................

Japan

6,000,000

6,176,623

d

Nordea

Bank

Abp

,

Senior

Preferred

Note

,

144A,

4.75

%

,

9/22/25

Finland

5,200,000

5,191,074

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

3,800,000

3,835,442

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

6,500,000

6,087,977

d

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.................................

France

10,800,000

10,093,524

e

Senior

Non-Preferred

Note

,

144A,

FRN

,

6.446

%

,

(

1-year

CMT

T-Note

+

2.55

%

),

1/10/29

...........................

France

6,500,000

6,696,658

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693

%

,

9/15/27

...

Canada

12,000,000

11,996,999

Truist

Financial

Corp.

,

Senior

Note

,

7.161%

to

10/29/28,

FRN

thereafter

,

10/30/29

..

United

States

4,950,000

5,333,123

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

4,400,000

4,468,892

US

Bancorp

,

Senior

Note

,

5.727%

to

10/20/25,

FRN

thereafter

,

10/21/26

........................................

United

States

4,300,000

4,331,394

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.35%

to

3/01/32,

FRN

thereafter

,

3/02/33

....

United

States

9,000,000

7,984,802

Senior

Bond

,

5.499%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

17,500,000

17,845,376

Senior

Note

,

4.54%

to

8/14/25,

FRN

thereafter

,

8/15/26

.....

United

States

4,000,000

3,969,878

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

5,200,000

5,264,466

230,300,647

Beverages

0.2%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.7

%

,

2/01/36

..........................

Belgium

1,800,000

1,759,550

Senior

Bond

,

4.9

%

,

2/01/46

..........................

Belgium

3,400,000

3,221,120

4,980,670

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Biotechnology

1.4%

AbbVie,

Inc.

,

Senior

Bond

,

4.05

%

,

11/21/39

........................

United

States

5,000,000

$

4,468,861

Senior

Bond

,

4.7

%

,

5/14/45

..........................

United

States

3,200,000

2,979,530

Senior

Note

,

3.2

%

,

11/21/29

.........................

United

States

3,000,000

2,815,522

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

.................

United

States

14,300,000

14,539,883

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

.................

United

States

6,900,000

6,009,088

d

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

4/27/32

........

Australia

6,500,000

6,257,808

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75

%

,

9/15/30

United

States

7,500,000

6,342,446

43,413,138

Broadline

Retail

0.0%

a

,d

,f

,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.....................................

South

Africa

2,492,650

—

a

,d

,f

,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

....................................

South

Africa

1,098,025

—

—

Building

Products

0.6%

Carrier

Global

Corp.

,

Senior

Bond

,

5.9

%

,

3/15/34

...........

United

States

6,500,000

6,958,279

d

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

2,600,000

2,639,578

Owens

Corning

,

Senior

Bond

,

3.875

%

,

6/01/30

........................

United

States

6,500,000

6,166,074

Senior

Bond

,

5.7

%

,

6/15/34

..........................

United

States

2,500,000

2,586,526

18,350,457

Capital

Markets

2.4%

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371

%

,

9/09/27

...

Germany

9,500,000

9,643,745

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

12,779,046

Senior

Bond

,

3.102%

to

2/23/32,

FRN

thereafter

,

2/24/33

...

United

States

6,500,000

5,679,533

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

9,700,000

9,078,228

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/27/31,

FRN

thereafter

,

4/28/32

...

United

States

15,200,000

12,506,429

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

8,650,000

8,806,517

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25

%

,

4/01/29

...................................

United

States

2,500,000

2,541,342

d

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

3/01/31

United

States

2,100,000

2,187,417

UBS

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

.........................

Switzerland

3,400,000

3,371,828

d

Senior

Note

,

144A,

2.193%

to

6/04/25,

FRN

thereafter

,

6/05/26

Switzerland

1,000,000

973,661

d

Senior

Note

,

144A,

6.373%

to

7/14/25,

FRN

thereafter

,

7/15/26

Switzerland

2,300,000

2,320,640

d,e

Senior

Note

,

144A,

FRN

,

5.428

%

,

(

1-year

CMT

T-Note

+

1.52

%

),

2/08/30

..................................

Switzerland

6,500,000

6,600,857

76,489,243

Chemicals

0.3%

d

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

.........................................

Mexico

4,300,000

3,259,033

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

6,500,000

7,033,826

10,292,859

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

Senior

Bond

,

5

%

,

4/01/34

...........

United

States

6,500,000

6,534,944

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Communications

Equipment

0.5%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.75

%

,

5/24/31

........

United

States

16,800,000

$

14,649,683

Consumer

Finance

0.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.........................

Ireland

22,600,000

19,523,935

d

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

4,800,000

4,860,552

24,384,487

Consumer

Staples

Distribution

&

Retail

0.6%

Dollar

Tree,

Inc.

,

Senior

Bond

,

4.2

%

,

5/15/28

..........................

United

States

8,000,000

7,821,866

Senior

Bond

,

2.65

%

,

12/01/31

........................

United

States

7,500,000

6,375,068

Sysco

Corp.

,

Senior

Bond

,

6

%

,

1/17/34

...................

United

States

2,300,000

2,469,694

Target

Corp.

,

Senior

Bond

,

2.95

%

,

1/15/52

................

United

States

1,600,000

1,065,129

17,731,757

Containers

&

Packaging

0.2%

d

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

......

United

States

2,300,000

2,174,960

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

..................

United

States

4,700,000

4,042,391

6,217,351

Diversified

REITs

0.1%

Simon

Property

Group

LP

,

Senior

Bond

,

3.25

%

,

9/13/49

......

United

States

2,400,000

1,660,677

d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.5

%

,

9/01/26

.........................................

United

States

2,000,000

1,965,277

3,625,954

Diversified

Telecommunication

Services

1.2%

AT&T,

Inc.

,

Senior

Bond

,

2.55

%

,

12/01/33

........................

United

States

21,000,000

17,182,643

Senior

Bond

,

5.4

%

,

2/15/34

..........................

United

States

6,500,000

6,643,927

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.05

%

,

5/09/33

.........................

United

States

6,500,000

6,551,565

Senior

Note

,

2.355

%

,

3/15/32

........................

United

States

9,000,000

7,531,775

37,909,910

Electric

Utilities

1.7%

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45

%

,

1/15/38

.....

United

States

700,000

782,247

Duke

Energy

Corp.

,

Senior

Bond

,

2.45

%

,

6/01/30

.........................

United

States

2,900,000

2,558,459

Senior

Bond

,

5.75

%

,

9/15/33

.........................

United

States

6,500,000

6,775,246

Senior

Bond

,

3.75

%

,

9/01/46

.........................

United

States

2,000,000

1,509,579

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4

%

,

6/15/38

.......

United

States

1,300,000

1,437,178

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25

%

,

4/01/33

........

United

States

1,300,000

1,327,750

d

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8

%

,

9/15/37

Italy

3,000,000

3,306,425

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

................

United

States

8,400,000

8,088,804

Georgia

Power

Co.

,

Senior

Bond

,

4.3

%

,

3/15/42

............

United

States

9,000,000

7,870,498

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

6.051

%

,

3/01/25

.........................................

United

States

3,700,000

3,715,785

Southern

Co.

(The)

,

Senior

Bond

,

4.4

%

,

7/01/46

..........................

United

States

2,000,000

1,723,823

A

,

Senior

Bond

,

3.7

%

,

4/30/30

.......................

United

States

10,500,000

9,905,737

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)

Electric

Utilities

(continued)

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35

%

,

11/30/37

.

United

States

520,000

$

568,057

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.45

%

,

8/15/33

.............

United

States

5,500,000

5,577,293

55,146,881

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15

%

,

3/15/33

.................

United

States

2,400,000

2,302,061

Electronic

Equipment,

Instruments

&

Components

0.2%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

..................

United

States

7,500,000

7,395,892

Energy

Equipment

&

Services

0.2%

d

Schlumberger

Holdings

Corp.

,

Senior

Note

,

144A,

5

%

,

11/15/29

United

States

7,680,000

7,775,966

Entertainment

0.3%

Netflix,

Inc.

,

Senior

Bond

,

4.9

%

,

8/15/34

..................

United

States

3,400,000

3,420,189

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.5

%

,

5/13/40

..........

United

States

9,000,000

7,351,557

10,771,746

Financial

Services

0.9%

d

Corebridge

Financial,

Inc.

,

Senior

Bond

,

144A,

6.05

%

,

9/15/33

.

United

States

6,000,000

6,319,868

Fiserv,

Inc.

,

Senior

Bond

,

3.5

%

,

7/01/29

..........................

United

States

1,200,000

1,135,571

Senior

Bond

,

2.65

%

,

6/01/30

.........................

United

States

9,100,000

8,130,153

Senior

Bond

,

5.625

%

,

8/21/33

........................

United

States

6,500,000

6,733,772

d

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

........

Ireland

2,500,000

2,647,433

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

3,200,000

3,360,451

Shell

International

Finance

BV

,

Senior

Bond

,

4.55

%

,

8/12/43

...

United

States

1,700,000

1,560,356

29,887,604

Food

Products

0.9%

General

Mills,

Inc.

,

Senior

Note

,

5.241

%

,

11/18/25

...........

United

States

1,900,000

1,900,235

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

2.5

%

,

1/15/27

..........................

United

States

6,200,000

5,822,567

Senior

Note

,

3

%

,

2/02/29

...........................

United

States

2,000,000

1,812,756

Senior

Note

,

3.625

%

,

1/15/32

........................

United

States

2,500,000

2,186,313

Senior

Note

,

5.75

%

,

4/01/33

.........................

United

States

6,500,000

6,535,557

Kraft

Heinz

Foods

Co.

,

Senior

Note

,

3.75

%

,

4/01/30

.........

United

States

4,000,000

3,812,148

McCormick

&

Co.,

Inc.

,

Senior

Bond

,

4.95

%

,

4/15/33

.........

United

States

7,000,000

7,026,468

29,096,044

Ground

Transportation

0.6%

d

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.8

%

,

4/15/34

......

United

Kingdom

900,000

916,283

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

6.15

%

,

5/01/37

.........................

United

States

6,000,000

6,664,059

Senior

Bond

,

4.9

%

,

4/01/44

..........................

United

States

1,600,000

1,526,541

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

..................

United

States

6,000,000

5,288,912

Union

Pacific

Corp.

,

Senior

Bond

,

3.2

%

,

5/20/41

............

United

States

5,000,000

3,896,127

18,291,922

Health

Care

Equipment

&

Supplies

0.8%

Baxter

International,

Inc.

,

Senior

Bond

,

2.539

%

,

2/01/32

......

United

States

7,500,000

6,318,152

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65

%

,

6/01/30

........

United

States

6,000,000

5,395,355

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)

Health

Care

Equipment

&

Supplies

(continued)

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.6

%

,

11/15/25

.........................

United

States

5,700,000

$

5,734,250

Senior

Note

,

5.905

%

,

11/22/32

.......................

United

States

6,500,000

6,849,356

STERIS

Irish

FinCo.

UnLtd.

Co.

,

Senior

Note

,

2.7

%

,

3/15/31

...

United

States

2,400,000

2,070,270

26,367,383

Health

Care

Providers

&

Services

2.0%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

................

United

States

2,500,000

2,187,915

Cigna

Group

(The)

,

Senior

Bond

,

5.25

%

,

2/15/34

...........

United

States

6,500,000

6,570,123

CVS

Health

Corp.

,

Senior

Bond

,

5.3

%

,

6/01/33

..........................

United

States

5,000,000

4,993,231

Senior

Bond

,

4.78

%

,

3/25/38

.........................

United

States

3,200,000

2,940,767

Senior

Bond

,

2.7

%

,

8/21/40

..........................

United

States

2,000,000

1,370,289

d

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

...........

United

States

1,900,000

1,741,540

Elevance

Health,

Inc.

,

Senior

Bond

,

4.75

%

,

2/15/33

.........................

United

States

7,000,000

6,917,001

Senior

Bond

,

4.65

%

,

1/15/43

.........................

United

States

3,100,000

2,790,798

HCA,

Inc.

,

Senior

Note

,

3.625

%

,

3/15/32

..................

United

States

9,000,000

8,106,241

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6

%

,

5/08/34

.

United

States

500,000

521,959

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266

%

,

11/01/49

........................................

United

States

11,270,000

8,348,638

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

1,100,000

1,019,004

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

........................................

United

States

8,875,000

8,446,121

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.05

%

,

5/15/41

.......

United

States

8,000,000

6,056,017

62,009,644

Health

Care

REITs

0.3%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

4.75

%

,

4/15/35

.........................

United

States

6,500,000

6,174,417

Senior

Bond

,

5.25

%

,

5/15/36

.........................

United

States

2,600,000

2,570,340

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5

%

,

3/15/31

...............................

United

States

1,400,000

921,360

9,666,117

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25

%

,

2/01/29

...........

United

States

4,300,000

4,495,736

Hotel

&

Resort

REITs

0.2%

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/32

...............................

United

States

5,900,000

5,970,393

Hotels,

Restaurants

&

Leisure

0.5%

d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

........................................

United

States

6,500,000

6,042,988

Marriott

International,

Inc.

,

Senior

Bond

,

5.3

%

,

5/15/34

.......

United

States

2,600,000

2,621,749

d

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

5/01/32

.............

United

States

4,200,000

4,315,340

Starbucks

Corp.

,

Senior

Bond

,

2.55

%

,

11/15/30

.............

United

States

2,500,000

2,208,928

15,189,005

Household

Durables

0.2%

PulteGroup,

Inc.

,

Senior

Bond

,

6

%

,

2/15/35

................

United

States

6,500,000

6,864,706

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)

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

.........................................

United

States

8,950,000

$

9,555,779

Insurance

2.3%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

.....................

United

States

1,600,000

1,645,886

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

.............

United

States

3,800,000

3,859,235

d

AIA

Group

Ltd.

,

Senior

Bond

,

144A,

4.95

%

,

4/04/33

.........

Hong

Kong

3,900,000

3,930,057

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

................

United

States

6,500,000

6,621,283

CNA

Financial

Corp.

,

Senior

Bond

,

5.125

%

,

2/15/34

.........

United

States

6,500,000

6,464,635

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

United

States

3,400,000

3,524,236

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

2,600,000

2,642,180

d

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85

%

,

5/15/30

United

States

3,000,000

2,715,243

d

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

.........................................

United

States

6,500,000

6,788,189

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9

%

,

3/15/49

....

United

States

5,000,000

4,627,233

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05

%

,

1/06/28

...................

United

States

10,300,000

10,469,503

Secured

Note

,

144A,

4.3

%

,

8/25/29

....................

United

States

3,700,000

3,629,778

Progressive

Corp.

(The)

,

Senior

Bond

,

3.7

%

,

3/15/52

........

United

States

6,000,000

4,589,519

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5

%

,

1/11/31

.....

United

States

6,900,000

7,062,935

d

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875

%

,

4/15/34

.........................................

United

States

4,400,000

4,577,065

73,146,977

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Bond

,

4.95

%

,

5/15/33

..........

United

States

10,100,000

10,314,082

d

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

2.39

%

,

6/03/30

.....

China

10,000,000

8,819,100

19,133,182

Life

Sciences

Tools

&

Services

0.0%

†

Revvity,

Inc.

,

Senior

Bond

,

2.25

%

,

9/15/31

................

United

States

1,800,000

1,498,516

Machinery

0.1%

d

Esab

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

.............

United

States

800,000

812,308

Hillenbrand,

Inc.

,

Senior

Note

,

6.25

%

,

2/15/29

..............

United

States

2,300,000

2,331,421

3,143,729

Media

1.3%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

....................................

United

States

12,500,000

10,494,124

d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

..............................

United

States

3,600,000

3,666,060

Comcast

Corp.

,

Senior

Bond

,

1.5

%

,

2/15/31

..........................

United

States

4,000,000

3,280,752

Senior

Bond

,

4.8

%

,

5/15/33

..........................

United

States

14,700,000

14,636,690

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

.................

United

States

4,800,000

4,732,635

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55

%

,

5/01/37

United

States

5,700,000

5,589,885

42,400,146

Metals

&

Mining

0.2%

BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.25

%

,

9/08/33

...

Australia

6,500,000

6,656,549

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)

Metals

&

Mining

(continued)

d

Constellium

SE

,

Senior

Note

,

144A,

6.375

%

,

8/15/32

........

United

States

800,000

$

799,613

7,456,162

Multi-Utilities

0.4%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125

%

,

4/01/36

United

States

2,700,000

2,914,147

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375

%

,

4/01/30

......

United

States

4,351,000

4,012,760

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

.............

United

States

6,700,000

6,704,064

13,630,971

Oil,

Gas

&

Consumable

Fuels

3.1%

d

Aker

BP

ASA

,

Senior

Bond

,

144A,

4

%

,

1/15/31

.............

Norway

5,400,000

4,996,928

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4

%

,

2/15/31

.........

United

States

6,275,000

5,614,502

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.812

%

,

2/13/33

........................

United

States

6,000,000

5,945,135

Senior

Bond

,

4.989

%

,

4/10/34

........................

United

States

6,500,000

6,502,547

Cheniere

Energy,

Inc.

,

d

Senior

Bond

,

144A,

5.65

%

,

4/15/34

....................

United

States

1,700,000

1,728,550

Senior

Note

,

4.625

%

,

10/15/28

.......................

United

States

1,700,000

1,668,425

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375

%

,

6/15/26

............

United

States

3,000,000

3,003,780

Senior

Secured

Note

,

144A,

8.375

%

,

1/15/29

............

United

States

5,800,000

6,048,513

ConocoPhillips

Co.

,

Senior

Bond

,

5.05

%

,

9/15/33

...........

United

States

2,500,000

2,534,766

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

.........................

United

States

4,500,000

4,483,216

Senior

Bond

,

5.55

%

,

5/15/34

.........................

United

States

9,500,000

9,592,368

Senior

Note

,

6.4

%

,

12/01/30

.........................

United

States

4,000,000

4,287,790

d

Senior

Note

,

144A,

6

%

,

2/01/29

......................

United

States

2,000,000

2,031,658

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125

%

,

7/31/29

.........................................

United

States

2,000,000

1,867,366

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

...........

United

States

2,000,000

1,491,770

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5

%

,

6/01/29

United

States

700,000

714,147

d

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

....

United

States

3,000,000

3,017,219

MPLX

LP

,

Senior

Bond

,

5.5

%

,

6/01/34

..........................

United

States

4,600,000

4,635,677

Senior

Note

,

4.875

%

,

6/01/25

........................

United

States

4,500,000

4,478,846

d

Sunoco

LP

,

Senior

Note

,

144A,

7.25

%

,

5/01/32

.............

United

States

1,800,000

1,872,319

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25

%

,

5/15/28

....

Canada

3,400,000

3,330,818

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

3.25

%

,

5/15/30

.........................................

United

States

4,500,000

4,146,268

d

Var

Energi

ASA

,

Senior

Bond

,

144A,

8

%

,

11/15/32

..........

Norway

6,500,000

7,429,947

d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125

%

,

8/15/31

............

United

States

2,000,000

1,819,479

Senior

Secured

Note

,

144A,

3.875

%

,

8/15/29

............

United

States

500,000

462,633

d

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875

%

,

4/15/32

.......

United

States

1,400,000

1,424,906

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/15/30

.......

United

States

3,200,000

2,968,601

98,098,174

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

DM3N

,

Senior

Bond

,

3.125

%

,

1/15/32

..

Brazil

2,300,000

1,906,872

Passenger

Airlines

0.4%

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

...................

United

States

1,600,000

1,565,062

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)

Passenger

Airlines

(continued)

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.............

United

States

5,166,250

$

5,141,811

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

............

United

States

6,500,000

6,436,761

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

118,793

115,906

13,259,540

Personal

Care

Products

0.4%

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

5/15/33

...

United

States

10,700,000

10,558,754

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.......

United

States

2,500,000

2,296,804

12,855,558

Pharmaceuticals

1.2%

d

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.375

%

,

11/21/30

..

Germany

10,000,000

10,475,203

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

2.55

%

,

11/13/50

......

United

States

9,700,000

5,904,897

d

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

300,000

316,551

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................................

United

States

4,100,000

4,088,462

Pfizer,

Inc.

,

Senior

Bond

,

2.55

%

,

5/28/40

..................

United

States

5,500,000

3,945,141

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

...........

United

States

11,800,000

9,764,115

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

...................................

Israel

2,000,000

1,943,020

36,437,389

Software

0.2%

d

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

6,500,000

6,067,307

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

Senior

Bond

,

2.65

%

,

5/11/50

..................

United

States

3,000,000

1,986,372

Textiles,

Apparel

&

Luxury

Goods

0.6%

d

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

900,000

953,291

Tapestry,

Inc.

,

Senior

Bond

,

7.85

%

,

11/27/33

........................

United

States

6,500,000

6,935,023

Senior

Note

,

7.05

%

,

11/27/25

........................

United

States

10,000,000

10,205,819

18,094,133

Tobacco

0.7%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4

%

,

5/06/30

..............

United

States

15,000,000

13,884,765

d

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

7/21/25

United

Kingdom

412,000

406,902

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375

%

,

2/15/33

..

United

States

8,800,000

8,979,366

23,271,033

Trading

Companies

&

Distributors

0.5%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

6,500,000

6,698,722

d

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

1,200,000

1,207,157

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/15/32

.

United

States

6,300,000

6,425,558

14,331,437

Wireless

Telecommunication

Services

0.6%

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.15

%

,

4/15/34

.........................

United

States

6,500,000

6,550,838

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note

,

3.875

%

,

4/15/30

........................

United

States

12,000,000

$

11,447,588

17,998,426

Total

Corporate

Bonds

(Cost

$

1,261,413,297

)

.................................

1,234,459,340

Senior

Floating

Rate

Interests

1.5%

Aerospace

&

Defense

0.1%

abc

abc

abc

abc

abc

abc

f

Alloy

Finco

Ltd.

,

First

Lien,

Term

Loan,

B

,

PIK,

14

%

,

3/08/28

...

United

Kingdom

828,266

807,559

h

Cobham

Ultra

SeniorCo

SARL

,

First

Lien,

USD

CME

Term

Loan,

B

,

9.262

%

,

(

6-month

SOFR

+

3.75

%

),

8/03/29

............

Luxembourg

538,650

525,857

1,333,416

a

a

a

a

a

a

h

Air

Freight

&

Logistics

0.0%

†

Clue

Opco

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.752

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

............................

United

States

540,000

498,461

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.071

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

.....................

United

States

562,540

562,112

1,060,573

a

a

a

a

a

a

h

Automobile

Components

0.1%

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

9.346

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

........

United

States

549,393

548,099

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

10.514

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

.....................................

United

States

354,783

353,064

Second

Lien,

2021

CME

Term

Loan

,

14.014

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

..................................

United

States

296,984

285,105

abc

abc

abc

abc

abc

abc

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.944

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

.........

United

States

126,331

127,062

TI

Group

Automotive

Systems

LLC

,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

........................................

United

States

84,969

85,323

1,398,653

a

a

a

a

a

a

Automobiles

0.0%

†

h

American

Trailer

World

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

..............

United

States

217,011

212,572

Beverages

0.0%

†

h

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

..............

United

States

552,697

555,008

Broadline

Retail

0.0%

†

h

Peer

Holding

III

BV

,

First

Lien,

CME

Term

Loan,

B5

,

8.228

%

,

(

12-month

SOFR

+

3

%

),

6/20/31

......................

Netherlands

230,572

231,869

h

Building

Products

0.0%

†

AZZ,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

5/14/29

............................

United

States

178,070

179,666

EMRLD

Borrower

LP

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

5/31/30

....................................

United

States

177,327

177,616

First

Lien,

Term

Loan,

B

,

7.728

%

,

(

12-month

SOFR

+

2.5

%

),

6/18/31

.........................................

United

States

103,550

103,701

abc

abc

abc

abc

abc

abc

MIWD

Holdco

II

LLC

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

3/28/31

..........

United

States

80,838

81,199

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

Senior

Floating

Rate

Interests

(continued)

h

Building

Products

(continued)

abc

abc

abc

abc

abc

abc

Quikrete

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

.....................

United

States

117,500

$

117,954

Summit

Materials

LLC

,

First

Lien,

CME

Term

Loan,

B2

,

7.804

%

,

(

3-month

SOFR

+

2.5

%

),

1/12/29

......................

United

States

53,537

53,905

714,041

a

a

a

a

a

a

h

Capital

Markets

0.1%

AAL

Delaware

Holdco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.847

%

,

(

12-month

SOFR

+

3.5

%

),

7/24/31

..............

United

States

116,883

117,760

AI

Aqua

Merger

Sub,

Inc.

,

First

Lien,

2023

Incremental

Delayed

Draw

Term

Loan,

B

,

9.591

%

,

(

1-month

SOFR

+

4.25

%

),

7/31/28

..............

United

States

47,022

47,160

First

Lien,

Initial

CME

Term

Loan,

B

,

8.843

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

....................................

United

States

118,982

119,445

abc

abc

abc

abc

abc

abc

Aretec

Group,

Inc.

,

First

Lien,

Term

Loan,

B2

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

8/09/30

...............................

United

States

90,306

88,961

Citadel

Securities

LP

,

First

Lien,

CME

Term

Loan

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

7/29/30

.....................

United

States

117,516

118,031

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

4/07/28

...................................

United

States

610,076

611,378

First

Eagle

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

8.33

%

,

(

3-month

SOFR

+

3

%

),

2/22/29

.......................

United

States

538,338

534,745

Jane

Street

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

7.958

%

,

(

1-month

SOFR

+

2.5

%

),

1/26/28

...............

United

States

535,037

536,829

2,174,309

a

a

a

a

a

a

h

Chemicals

0.1%

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.977

%

,

(

3-month

SOFR

+

4.5

%

),

3/15/29

....................................

United

States

558,084

554,794

Second

Lien,

Initial

CME

Term

Loan

,

12.881

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

................................

United

States

196,838

180,107

abc

abc

abc

abc

abc

abc

INEOS

US

Finance

LLC

,

First

Lien,

2030

Dollar

CME

Term

Loan

,

8.597

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

..............

Luxembourg

232,472

231,808

INEOS

US

Petrochem

LLC

,

First

Lien,

2030

Dollar

CME

Term

Loan,

B

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

............................

United

States

418,942

419,116

First

Lien,

New

CME

Term

Loan,

B1

,

9.694

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

...................................

United

States

116,286

116,431

abc

abc

abc

abc

abc

abc

LSF11

A5

Holdco

LLC

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.........

United

States

182,003

182,572

Nouryon

Finance

BV

,

First

Lien,

2024

Dollar

CME

Term

Loan,

B2

,

8.821

%

,

(

3-month

SOFR

+

3.5

%

),

4/03/28

...............

Netherlands

143,923

144,914

PMHC

II,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.704

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

.....................

United

States

303,505

297,394

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

8.755

%

,

(

3-month

SOFR

+

3.5

%

),

3/16/27

............

United

States

655,271

658,288

2,785,424

a

a

a

a

a

a

h

Commercial

Services

&

Supplies

0.1%

Allied

Universal

Holdco

LLC

,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

9.194

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

184,421

184,605

APi

Group

DE,

Inc.

,

First

Lien,

Repriced

2021

Incremental

CME

Term

Loan

,

7.347

%

,

(

1-month

SOFR

+

2

%

),

1/03/29

.......

United

States

96,088

96,474

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

Senior

Floating

Rate

Interests

(continued)

h

Commercial

Services

&

Supplies

(continued)

abc

abc

abc

abc

abc

abc

APX

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.075

%

,

(

PRIME

+

1.75

%

),

7/07/28

...................................

United

States

178,884

$

179,429

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.335

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

......................

United

States

539,153

540,220

Covanta

Holding

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

...................................

United

States

500,376

501,730

First

Lien,

Initial

CME

Term

Loan,

C

,

7.588

%

,

(

6-month

SOFR

+

2.5

%

),

11/30/28

...................................

United

States

38,344

38,448

abc

abc

abc

abc

abc

abc

PG

Investment

Co.

59

SARL

,

First

Lien,

Initial

CME

Term

Loan

,

8.835

%

,

(

3-month

SOFR

+

3.5

%

),

2/24/31

...............

Luxembourg

186,017

187,528

Pitney

Bowes,

Inc.

,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

9.458

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

................

United

States

627,606

628,914

Spin

Holdco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.6

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

.......................

United

States

302,067

249,867

2,607,215

a

a

a

a

a

a

h

Communications

Equipment

0.0%

†

CommScope,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.708

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

.....................

United

States

127,247

119,493

Delta

Topco,

Inc.

,

First

Lien,

Second

Amendment

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.5

%

),

11/30/29

.........

United

States

303,636

304,269

423,762

a

a

a

a

a

a

h

Construction

&

Engineering

0.1%

Chromalloy

Corp.

,

First

Lien,

CME

Term

Loan

,

9.082

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

............................

United

States

559,972

552,359

Radar

Bidco

SARL

,

First

Lien,

USD

CME

Term

Loan,

B

,

9.568

%

,

(

3-month

SOFR

+

4.25

%

),

3/27/31

.....................

Luxembourg

175,325

176,312

Zekelman

Industries,

Inc.

,

First

Lien,

2024

CME

Term

Loan

,

7.6

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

.....................

United

States

538,650

540,813

1,269,484

a

a

a

a

a

a

h

Consumer

Finance

0.0%

†

Neon

Maple

US

Debt

Mergersub,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.153

%

,

(

12-month

SOFR

+

3

%

),

7/18/31

...........

United

States

349,892

349,236

Nuvei

Technologies

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.444

%

,

(

1-month

SOFR

+

3

%

),

12/19/30

................

Canada

78,312

78,672

427,908

a

a

a

a

a

a

h

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC

,

First

Lien,

2024

Replacement

CME

Term

Loan

,

9.157

%

,

(

3-month

SOFR

+

3.75

%

),

5/09/31

.........

United

States

540,000

542,797

Charter

Next

Generation,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.597

%

,

(

1-month

SOFR

+

3.25

%

),

12/01/27

.............

United

States

116,367

117,034

Klockner

Pentaplast

of

America,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B

,

10.267

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

.....

Luxembourg

405,504

382,492

LC

Ahab

US

Bidco

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

5/01/31

...............

United

States

118,162

118,851

Pactiv

Evergreen

Group

Holdings,

Inc.

,

First

Lien,

Term

Loan,

B4

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

9/25/28

...............

United

States

81,563

81,826

SupplyOne,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.594

%

,

(

1-month

SOFR

+

4.25

%

),

4/21/31

............................

United

States

538,650

542,240

1,785,240

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Distributors

0.0%

†

abc

abc

abc

abc

abc

h

Core

&

Main

LP

,

First

Lien,

CME

Term

Loan,

D

,

7.339

%

,

(

3-month

SOFR

+

2

%

),

7/27/28

...............................

United

States

385,222

$

386,345

Diversified

Consumer

Services

0.0%

†

h

WW

International,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

......................

United

States

178,190

68,102

Diversified

Telecommunication

Services

0.0%

†

h

Altice

France

SA

,

First

Lien,

CME

Term

Loan,

B14

,

10.801

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

......................

France

72,836

55,793

Electric

Utilities

0.0%

†

h

NRG

Energy,

Inc.

,

First

Lien,

2024

New

CME

Term

Loan

,

7.264

%

,

(

3-month

SOFR

+

2

%

),

3/27/31

.......................

United

States

538,650

541,343

Electrical

Equipment

0.0%

†

h

Indicor

LLC

,

First

Lien,

Term

Loan,

C

,

8.585

%

,

(

3-month

SOFR

+

3.25

%

),

11/22/29

..................................

United

States

100,650

100,955

h

Entertainment

0.0%

†

Banijay

Group

US

Holding,

Inc.

,

First

Lien,

USD

CME

Term

Loan,

B

,

8.587

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

............

France

153,544

154,191

Playtika

Holding

Corp.

,

First

Lien,

CME

Term

Loan,

B1

,

8.208

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................

United

States

121,055

121,428

275,619

a

a

a

a

a

a

h

Food

Products

0.0%

†

Fiesta

Purchaser,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

2/12/31

.......................

United

States

145,033

146,112

Primary

Products

Finance

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.971

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

...............

United

States

221,665

222,438

Simply

Good

Foods

USA,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.944

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

...............

United

States

39,359

39,654

408,204

a

a

a

a

a

a

h

Ground

Transportation

0.1%

Albion

Financing

3

SARL

,

First

Lien,

2024

Amended

USD

CME

Term

Loan

,

9.826

%

,

(

3-month

SOFR

+

4.25

%

),

8/17/29

.....

Luxembourg

63,981

64,581

Avis

Budget

Car

Rental

LLC

,

First

Lien,

New

CME

Term

Loan,

C

,

8.444

%

,

(

1-month

SOFR

+

3

%

),

3/16/29

................

United

States

534,213

535,885

First

Student

Bidco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.596

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

.....................................

United

States

411,458

412,944

First

Lien,

Initial

CME

Term

Loan,

C

,

8.596

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

.....................................

United

States

125,490

125,943

abc

abc

abc

abc

abc

abc

Savage

Enterprises

LLC

,

First

Lien,

Initial

Term

Loan

,

8.329

%

,

(

1-month

SOFR

+

3

%

),

9/15/28

.......................

United

States

133,443

134,158

1,273,511

a

a

a

a

a

a

h

Health

Care

Equipment

&

Supplies

0.0%

†

Bausch

+

Lomb

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.695

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

.....................

United

States

537,259

528,531

Medline

Borrower

LP

,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

7.594

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

....................

United

States

73,871

74,021

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

10/23/28

...................................

United

States

100,612

101,040

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

Senior

Floating

Rate

Interests

(continued)

h

Health

Care

Equipment

&

Supplies

(continued)

abc

abc

abc

abc

abc

abc

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

First

Lien,

CME

Term

Loan

,

10.036

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

..................................

United

States

109,700

$

110,023

813,615

a

a

a

a

a

a

h

Health

Care

Providers

&

Services

0.1%

ADMI

Corp.

,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.833

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

588,933

575,300

Charlotte

Buyer,

Inc.

,

First

Lien,

First

Refinancing

CME

Term

Loan

,

10.076

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

........

United

States

180,865

182,004

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.752

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.....................

United

States

77,201

77,618

DaVita,

Inc.

,

First

Lien,

Extended

CME

Term

Loan,

B1

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

4/25/31

.......................

United

States

540,000

540,062

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.602

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

.............

United

States

187,062

149,917

Pacific

Dental

Services

LLC

,

First

Lien,

CME

Term

Loan

,

8.585

%

,

(

1-month

SOFR

+

3.25

%

),

3/17/31

.....................

United

States

209,637

210,778

f

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

PIK,

10.588

%

,

(

3-month

SOFR

+

5

%

),

1/31/29

................

United

States

275,989

262,449

Star

Parent,

Inc.

,

First

Lien,

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

9/27/30

............................

United

States

74,060

74,271

Surgery

Center

Holdings,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.095

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

16,880

16,947

US

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.707

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

.............

United

States

563,467

546,016

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

10/22/29

.............

United

States

55,351

55,870

2,691,232

a

a

a

a

a

a

Health

Care

Technology

0.0%

†

h

athenahealth

Group,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

..............

United

States

538,626

538,459

h

Hotels,

Restaurants

&

Leisure

0.1%

f

24

Hour

Fitness

Worldwide,

Inc.

,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

10.571

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

...........

United

States

675,978

286,165

Aramark

Services,

Inc.

,

First

Lien,

CME

Term

Loan,

B7

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

4/06/28

.......................

United

States

540,000

542,093

Bally's

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

8.794

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

...........................

United

States

494,087

474,267

Dave

&

Buster's,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

8.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

119,883

120,390

Entain

plc

,

First

Lien,

CME

Term

Loan,

B3

,

8.014

%

,

(

6-month

SOFR

+

2.75

%

),

10/31/29

...........................

United

Kingdom

277,126

277,963

Flutter

Entertainment

plc

,

First

Lien,

CME

Term

Loan,

B

,

7.585

%

,

(

3-month

SOFR

+

2.25

%

),

11/25/30

....................

Ireland

538,647

540,106

Hilton

Grand

Vacations

Borrower

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

..........

United

States

105,185

105,432

Ontario

Gaming

GTA

LP

,

First

Lien,

CME

Term

Loan,

B

,

9.585

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

.....................

Canada

58,239

58,563

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.609

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

......................

United

States

156,788

157,886

Scientific

Games

Holdings

LP

,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

8.318

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

531,350

531,150

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

Senior

Floating

Rate

Interests

(continued)

h

Hotels,

Restaurants

&

Leisure

(continued)

abc

abc

abc

abc

abc

abc

Whatabrands

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

8.094

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

.....................

United

States

127,642

$

127,899

3,221,914

a

a

a

a

a

a

Household

Durables

0.0%

†

h

Hunter

Douglas,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

8.836

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

......................

Netherlands

535,989

531,634

h

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Construction

Finance

Co.

LP

,

First

Lien,

CME

Term

Loan,

B

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

7/31/30

..............

United

States

540,000

540,292

Calpine

Corp.

,

First

Lien,

CME

Term

Loan

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

...............................

United

States

538,650

539,081

1,079,373

a

a

a

a

a

a

h

Insurance

0.1%

Acrisure

LLC

,

First

Lien,

Term

Loan,

B6

,

8.594

%

,

(

3-month

SOFR

+

3.25

%

),

11/06/30

.................................

United

States

81,889

81,910

AssuredPartners,

Inc.

,

First

Lien,

2024

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

......................

United

States

227,494

228,518

Asurion

LLC

,

First

Lien,

New

CME

Term

Loan,

B10

,

9.444

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

....................................

United

States

69,299

68,812

First

Lien,

New

CME

Term

Loan,

B11

,

9.694

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

.................................

United

States

542,662

541,257

Second

Lien,

New

CME

Term

Loan,

B4

,

10.708

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

............................

United

States

663,780

614,913

abc

abc

abc

abc

abc

abc

Broadstreet

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B4

,

8.494

%

,

(

12-month

SOFR

+

3.25

%

),

5/12/31

.............

United

States

548,108

549,757

Sedgwick

Claims

Management

Services,

Inc.

,

First

Lien,

2023

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

.

United

States

312,817

313,751

2,398,918

a

a

a

a

a

a

h

IT

Services

0.0%

†

Fortress

Intermediate

3,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.097

%

,

(

1-month

SOFR

+

3.75

%

),

6/27/31

..............

United

States

98,837

99,023

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.435

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

................

United

States

240,099

214,288

313,311

a

a

a

a

a

a

h

Leisure

Products

0.0%

†

19th

Holdings

Golf

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.682

%

,

(

1-month

SOFR

+

3.25

%

),

2/07/29

..............

United

States

497,462

490,002

GBT

US

III

LLC

,

First

Lien,

CME

Term

Loan,

B

,

8.279

%

,

(

12-month

SOFR

+

3.5

%

),

7/18/31

.....................

United

States

149,584

149,865

Topgolf

Callaway

Brands

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.344

%

,

(

1-month

SOFR

+

3

%

),

3/18/30

................

United

States

477,330

479,674

1,119,541

a

a

a

a

a

a

h

Machinery

0.0%

†

CPM

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.842

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

......................

United

States

538,647

531,353

Crosby

US

Acquisition

Corp.

,

First

Lien,

Amendment

No.

3

Replacement

CME

Term

Loan

,

9.344

%

,

(

1-month

SOFR

+

4

%

),

8/16/29

.........................................

United

States

224,624

226,010

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

Senior

Floating

Rate

Interests

(continued)

h

Machinery

(continued)

abc

abc

abc

abc

abc

abc

SunSource

Borrower,

Inc.

,

First

Lien,

First

Refinancing

CME

Term

Loan

,

9.444

%

,

(

1-month

SOFR

+

4

%

),

3/25/31

............

United

States

309,569

$

311,117

1,068,480

a

a

a

a

a

a

h

Media

0.0%

†

Cengage

Learning,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.538

%

,

(

6-month

SOFR

+

4.25

%

),

3/14/31

.....................

United

States

148,421

149,256

Gray

Television,

Inc.

,

First

Lien,

CME

Term

Loan,

D

,

8.457

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................

United

States

223,754

208,354

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

CME

Term

Loan

,

9.594

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

..............

United

States

541,326

540,674

898,284

a

a

a

a

a

a

Metals

&

Mining

0.0%

†

h

Arsenal

AIC

Parent

LLC

,

First

Lien,

2024

CME

Term

Loan,

B

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

8/19/30

..............

United

States

68,173

68,531

h

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Oryx

Midstream

Services

Permian

Basin

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.441

%

,

(

1-month

SOFR

+

3

%

),

10/05/28

..

United

States

497,500

499,968

UGI

Energy

Services

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

...............

United

States

379,319

380,813

880,781

a

a

a

a

a

a

h

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.

,

First

Lien,

Initial

CME

Term

Loan

,

10.294

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

.............

United

States

97,874

101,379

Air

Canada

,

First

Lien,

CME

Term

Loan

,

7.847

%

,

(

3-month

SOFR

+

2.5

%

),

3/21/31

..................................

Canada

88,723

89,125

American

Airlines,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.775

%

,

(

3-month

SOFR

+

2.5

%

),

6/04/29

......................

United

States

578,190

576,166

United

Airlines,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.033

%

,

(

3-month

SOFR

+

2.75

%

),

2/22/31

.....................

United

States

223,834

224,994

WestJet

Loyalty

LP

,

First

Lien,

Initial

CME

Term

Loan

,

9.082

%

,

(

3-month

SOFR

+

3.75

%

),

2/14/31

.....................

Canada

538,650

540,067

1,531,731

a

a

a

a

a

a

h

Pharmaceuticals

0.0%

†

Endo

Finance

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.783

%

,

(

3-month

SOFR

+

4.5

%

),

4/09/31

...............

United

States

166,256

166,845

Jazz

Financing

Lux

SARL

,

First

Lien,

Dollar

CME

Term

Loan,

B1

,

8.458

%

,

(

1-month

SOFR

+

3

%

),

5/05/28

................

United

States

161,501

161,962

Organon

&

Co.

,

First

Lien,

Dollar

CME

Term

Loan

,

7.835

%

,

(

1-month

SOFR

+

2.5

%

),

5/19/31

......................

United

States

85,795

86,277

415,084

a

a

a

a

a

a

h

Professional

Services

0.1%

CoreLogic,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

538,615

531,716

EAB

Global,

Inc.

,

First

Lien,

CME

Term

Loan

,

8.844

%

,

(

1-month

SOFR

+

3.25

%

),

8/16/28

............................

United

States

538,623

538,286

Maximus,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

7.344

%

,

(

1-month

SOFR

+

2

%

),

5/30/31

...............................

United

States

203,927

204,566

TTF

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.237

%

,

(

12-month

SOFR

+

4

%

),

5/28/31

......................

United

States

123,566

123,952

1,398,520

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Real

Estate

Management

&

Development

0.0%

†

abc

abc

abc

abc

abc

h

Cushman

&

Wakefield

US

Borrower

LLC

,

First

Lien,

CME

Term

Loan

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/30

.........

United

States

538,650

$

541,343

h

Software

0.1%

Adeia,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

8.345

%

,

(

1-month

SOFR

+

3

%

),

6/08/28

...............................

United

States

528,438

530,917

AppLovin

Corp.

,

First

Lien,

Delayed

Draw

CME

Term

Loan,

B

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

8/15/30

...............

United

States

301,974

303,035

Flexera

Software

LLC

,

First

Lien,

CME

Term

Loan,

B2

,

8.826

%

,

(

3-month

SOFR

+

3.5

%

),

3/03/28

......................

United

States

50,720

50,983

Genesys

Cloud

Services

Holdings

II

LLC

,

First

Lien,

Dollar

CME

Term

Loan,

B4

,

8.844

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

..

United

States

171,987

173,179

IGT

Holding

IV

AB

,

First

Lien,

CME

Term

Loan,

B2

,

4.162

%

,

(

1-

day

SOFR

+

3.4

%

),

3/31/28

..........................

Sweden

538,608

539,842

Ivanti

Software,

Inc.

,

First

Lien,

First

Amendment

CME

Term

Loan

,

9.569

%

,

(

3-month

SOFR

+

4

%

),

12/01/27

...........

United

States

36,150

30,250

McAfee

Corp.

,

First

Lien,

Term

Loan,

B1

,

8.592

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/29

............................

United

States

533,996

534,036

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.514

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

.......................

United

States

233,108

233,690

Rocket

Software,

Inc.

,

First

Lien,

CME

Term

Loan

,

10.094

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

....................

United

States

118,568

119,165

Sovos

Compliance

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.958

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

...............

United

States

458,824

458,854

VS

Buyer

LLC

,

First

Lien,

2024

Initial

CME

Term

Loan

,

8.579

%

,

(

1-month

SOFR

+

3.25

%

),

4/14/31

.....................

United

States

123,288

123,943

3,097,894

a

a

a

a

a

a

h

Specialty

Retail

0.1%

Evergreen

Acqco

1

LP

,

First

Lien,

Initial

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

122,213

123,092

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.444

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

......................

United

States

858,008

622,056

Great

Outdoors

Group

LLC

,

First

Lien,

CME

Term

Loan,

B1

,

9.208

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............

United

States

129,055

129,055

Johnstone

Supply

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3

%

),

5/16/31

................

United

States

447,514

449,192

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.843

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

.............

United

States

65,905

62,832

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.846

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

.........

United

States

540,000

500,399

RealTruck

Group,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.958

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

......................

United

States

180,285

180,098

Restoration

Hardware,

Inc.

,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.694

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

246,916

237,348

White

Cap

Supply

Holdings

LLC

,

First

Lien,

Term

Loan,

C

,

8.594

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

61,668

61,385

2,365,457

a

a

a

a

a

a

h

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Flash

Charm,

Inc.

,

First

Lien,

Term

Loan,

B2

,

8.748

%

,

(

1-month

SOFR

+

3.5

%

),

3/02/28

.............................

United

States

534,952

532,620

Hanesbrands,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

9.094

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

.....................

United

States

534,186

536,691

1,069,311

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Transportation

Infrastructure

0.0%

†

abc

abc

abc

abc

abc

h

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.096

%

,

(

3-month

SOFR

+

4.5

%

),

5/08/28

......................

United

States

195,437

$

153,174

Total

Senior

Floating

Rate

Interests

(Cost

$

46,385,112

)

........................

46,285,933

i

Marketplace

Loans

1.2%

a

Financial

Services

1.2%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

42,902,608

)

..................................

36,872,388

Foreign

Government

and

Agency

Securities

1.4%

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

......................................

Supranational

j

10,700,000

10,300,061

Colombia

Government

Bond

,

Senior

Bond

,

5

%

,

6/15/45

......

Colombia

8,800,000

6,309,178

d

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75

%

,

1/15/31

.........................................

Chile

6,500,000

5,904,353

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

....

France

2,100,000

2,159,475

d

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

South

Korea

3,900,000

3,933,117

d

Panama

Government

Bond

,

Senior

Note

,

144A,

3.75

%

,

4/17/26

Panama

5,700,000

5,369,685

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

8,000,000

6,946,186

Petroleos

Mexicanos

,

Senior

Bond

,

6.625

%

,

6/15/35

.........

Mexico

6,000,000

4,663,034

Total

Foreign

Government

and

Agency

Securities

(Cost

$

53,334,753

)

............

45,585,089

U.S.

Government

and

Agency

Securities

22.2%

FFCB

,

2.1

%,

2/25/36

.................................

United

States

9,300,000

7,200,777

U.S.

Treasury

Bonds

,

1.125

%,

5/15/40

...................................

United

States

4,000,000

2,557,266

1.75

%,

8/15/41

...................................

United

States

73,200,000

50,183,461

3.875

%,

2/15/43

...................................

United

States

12,800,000

11,935,750

2.5

%,

5/15/46

....................................

United

States

27,000,000

19,631,953

2.25

%,

8/15/46

...................................

United

States

45,800,000

31,602,000

2.75

%,

11/15/47

...................................

United

States

25,500,000

19,165,840

3.125

%,

5/15/48

...................................

United

States

16,500,000

13,247,695

2.875

%,

5/15/49

...................................

United

States

21,250,000

16,213,086

2.25

%,

8/15/49

...................................

United

States

39,000,000

26,073,633

1.25

%,

5/15/50

...................................

United

States

47,800,000

24,560,051

1.875

%,

11/15/51

..................................

United

States

83,850,000

50,342,753

3.625

%,

5/15/53

...................................

United

States

10,300,000

9,054,344

U.S.

Treasury

Notes

,

0.25

%,

9/30/25

...................................

United

States

38,500,000

36,604,326

0.375

%,

11/30/25

..................................

United

States

128,000,000

121,162,500

0.375

%,

12/31/25

..................................

United

States

41,000,000

38,700,957

k

Index

Linked,

0.625

%,

1/15/26

........................

United

States

35,400,000

45,391,140

0.75

%,

5/31/26

...................................

United

States

2,000,000

1,875,117

1.875

%,

2/28/27

...................................

United

States

27,900,000

26,374,764

2.75

%,

4/30/27

...................................

United

States

138,300,000

133,489,212

3.25

%,

6/30/27

...................................

United

States

18,100,000

17,702,295

Total

U.S.

Government

and

Agency

Securities

(Cost

$

771,320,826

)

..............

703,068,920

Asset-Backed

Securities

6.9%

Financial

Services

6.9%

abc

abc

abc

abc

abc

abc

d

,h

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

7.194

%

,

(

3-month

SOFR

+

1.912

%

),

4/20/31

.

...........................

United

States

12,900,000

12,908,358

abc

abc

abc

abc

abc

abc

d

,h

Barings

CLO

Ltd.

,

2018-4A

,

A1R

,

144A,

FRN

,

6.451

%

,

(

3-month

SOFR

+

1.15

%

),

10/15/30

.

...........................

United

States

15,065,088

15,084,705

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

abc

abc

abc

abc

abc

abc

d

,h

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A

,

A1R2

,

144A,

FRN

,

6.517

%

,

(

3-month

SOFR

+

1.232

%

),

4/17/31

..................................

United

States

377,566

$

377,664

2014-1A

,

A2R2

,

144A,

FRN

,

6.677

%

,

(

3-month

SOFR

+

1.392

%

),

4/17/31

..................................

United

States

6,300,000

6,317,139

2015-4A

,

A1RR

,

144A,

FRN

,

6.502

%

,

(

3-month

SOFR

+

1.22

%

),

7/20/32

...................................

United

States

15,290,000

15,337,265

abc

abc

abc

abc

abc

abc

d

,h

CIFC

Funding

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

6.599

%

,

(

3-month

SOFR

+

1.32

%

),

4/19/35

.........................................

United

States

23,690,000

23,756,010

2024-2A

,

A1

,

144A,

FRN

,

6.848

%

,

(

3-month

SOFR

+

1.52

%

),

4/22/37

.........................................

United

States

7,200,000

7,203,267

abc

abc

abc

abc

abc

abc

d

,l

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26

,

PT

,

144A,

FRN

,

11.51

%

,

8/15/44

...............

United

States

40,249

39,073

2019-31

,

PT

,

144A,

FRN

,

9.263

%

,

9/15/44

...............

United

States

59,580

47,359

2019-37

,

PT

,

144A,

FRN

,

10.031

%

,

10/17/44

.............

United

States

80,390

73,955

2019-42

,

PT

,

144A,

FRN

,

9.66

%

,

11/15/44

...............

United

States

80,282

71,106

2019-51

,

PT

,

144A,

FRN

,

11.418

%

,

1/15/45

..............

United

States

145,756

135,037

2019-52

,

PT

,

144A,

FRN

,

12.09

%

,

1/15/45

...............

United

States

127,129

117,073

2019-S2

,

PT

,

144A,

FRN

,

13.654

%

,

5/16/44

..............

United

States

7,491

7,210

2019-S3

,

PT

,

144A,

FRN

,

12.981

%

,

6/15/44

..............

United

States

4,374

4,078

2019-S4

,

PT

,

144A,

FRN

,

12.603

%

,

8/15/44

..............

United

States

12,074

11,859

2019-S5

,

PT

,

144A,

FRN

,

0.36

%

,

9/15/44

................

United

States

26,715

24,175

2019-S6

,

PT

,

144A,

FRN

,

4.972

%

,

10/17/44

..............

United

States

51,943

50,430

2019-S7

,

PT

,

144A,

FRN

,

4.8

%

,

12/15/44

................

United

States

43,478

41,036

2019-S8

,

PT

,

144A,

FRN

,

4.88

%

,

1/15/45

................

United

States

72,732

61,850

2020-2

,

PT

,

144A,

FRN

,

13.54

%

,

3/15/45

................

United

States

161,507

154,042

2020-7

,

PT

,

144A,

FRN

,

12.05

%

,

4/17/45

................

United

States

118,733

111,828

abc

abc

abc

abc

abc

abc

d

,h

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.667

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

...........................

United

States

6,000,000

6,002,347

abc

abc

abc

abc

abc

abc

h

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

6.214

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

.................................

United

States

129,821

129,822

abc

abc

abc

abc

abc

abc

d

,h

Dryden

97

CLO

Ltd.

,

2022-97A

,

A

,

144A,

FRN

,

6.582

%

,

(

3-month

SOFR

+

1.3

%

),

4/20/35

.

.............................

United

States

17,750,000

17,799,597

abc

abc

abc

abc

abc

abc

d

,h

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

7.194

%

,

(

3-month

SOFR

+

1.912

%

),

7/20/30

.........................................

United

States

1,887,285

1,890,443

2018-3A

,

A2R

,

144A,

FRN

,

7.294

%

,

(

3-month

SOFR

+

2.012

%

),

7/20/30

..................................

United

States

3,494,972

3,499,727

abc

abc

abc

abc

abc

abc

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

.

United

States

10,885,826

10,389,240

abc

abc

abc

abc

abc

abc

d

,h

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

6.608

%

,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

...................

United

States

633,787

634,730

abc

abc

abc

abc

abc

abc

d

Home

Partners

of

America

Trust

,

2021-2

,

B

,

144A,

2.302

%

,

12/17/26

....................

United

States

15,249,331

14,214,193

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.....................

United

States

5,789,305

5,225,808

abc

abc

abc

abc

abc

abc

d

,h

Madison

Park

Funding

XXIX

Ltd.

,

2018-29A

,

AR

,

144A,

FRN

,

6.459

%

,

(

3-month

SOFR

+

1.18

%

),

10/18/30

.

.............

United

States

14,743,514

14,758,767

abc

abc

abc

abc

abc

abc

d

,h

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

6.944

%

,

(

3-month

SOFR

+

1.662

%

),

10/21/30

.

............

United

States

1,700,000

1,703,617

abc

abc

abc

abc

abc

abc

d

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

..................................

United

States

19,400,000

17,587,419

abc

abc

abc

abc

abc

abc

d

,h

OCP

CLO

Ltd.

,

2014-6A

,

A1R2

,

144A,

FRN

,

6.436

%

,

(

3-month

SOFR

+

1.15

%

),

10/17/30

.

...........................

United

States

10,346,362

10,369,541

abc

abc

abc

abc

abc

abc

d

,h

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

6.644

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

.............

United

States

3,325,000

3,329,391

abc

abc

abc

abc

abc

abc

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d

,h

Octagon

Investment

Partners

36

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

6.533

%

,

(

3-month

SOFR

+

1.232

%

),

4/15/31

.........................................

United

States

14,222,487

$

14,240,011

2018-1A

,

A2

,

144A,

FRN

,

6.763

%

,

(

3-month

SOFR

+

1.462

%

),

4/15/31

.........................................

United

States

8,500,000

8,517,787

abc

abc

abc

abc

abc

abc

d

,h

Pikes

Peak

CLO

6

,

2020-6A

,

AR2

,

144A,

FRN

,

6.757

%

,

(

3-month

SOFR

+

1.432

%

),

5/18/34

.

...........................

United

States

4,500,000

4,506,199

abc

abc

abc

abc

abc

abc

d

,l

Prosper

Pass-Thru

Trust

III

,

2020-PT1

,

A

,

144A,

FRN

,

6.479

%

,

3/15/26

...............

United

States

82,906

71,730

2020-PT2

,

A

,

144A,

FRN

,

6.772

%

,

4/15/26

...............

United

States

119,242

108,860

2020-PT3

,

A

,

144A,

FRN

,

7.183

%

,

5/15/26

...............

United

States

40,664

34,047

abc

abc

abc

abc

abc

abc

d

,l

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1

,

A

,

144A,

FRN

,

8.399

%

,

6/15/25

...............

United

States

7,927

4,168

2019-PT2

,

A

,

144A,

FRN

,

19.25

%

,

2/15/26

...............

United

States

64,026

61,678

abc

abc

abc

abc

abc

abc

d

,h

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.813

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...........................

United

States

1,500,000

1,501,125

218,514,766

a

a

a

a

a

a

Ground

Transportation

0.0%

†

abc

abc

abc

abc

abc

abc

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

2005-1

,

5.082

%

,

1/02/29

.

.........................................

United

States

16,167

16,256

Passenger

Airlines

0.0%

†

abc

abc

abc

abc

abc

abc

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

United

States

678,000

669,418

Total

Asset-Backed

Securities

(Cost

$

222,460,086

)

............................

219,200,440

Commercial

Mortgage-Backed

Securities

1.9%

Financial

Services

1.9%

abc

abc

abc

abc

abc

abc

l

Benchmark

Mortgage

Trust

,

2023-V3

,

A3

,

FRN

,

6.363

%

,

7/15/56

United

States

1,200,000

1,253,725

abc

abc

abc

abc

abc

abc

d

,h

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

6.393

%

,

(

1-month

SOFR

+

1.064

%

),

9/15/36

.............

United

States

9,840,000

9,677,051

abc

abc

abc

abc

abc

abc

d

,h

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

6.342

%

,

(

1-month

SOFR

+

1.013

%

),

10/15/36

..........................

United

States

9,220,000

9,058,928

abc

abc

abc

abc

abc

abc

d

,h

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

6.82

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

11,365,259

11,344,552

abc

abc

abc

abc

abc

abc

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839

%

,

12/10/54

........................................

United

States

3,055,000

2,938,889

abc

abc

abc

abc

abc

abc

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45

%

,

7/10/49

.........................................

United

States

1,954,820

1,874,944

abc

abc

abc

abc

abc

abc

CSAIL

Commercial

Mortgage

Trust

,

2015-C3

,

A4

,

3.718

%

,

8/15/48

.........................................

United

States

2,400,000

2,352,767

abc

abc

abc

abc

abc

abc

d

,h

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

8.5

%

,

(

PRIME

+

0

%

),

6/15/34

....................................

United

States

9,589,618

9,589,191

abc

abc

abc

abc

abc

abc

d

,l

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

...................................

United

States

3,255,000

3,133,268

abc

abc

abc

abc

abc

abc

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05

%

,

5/10/49

..

United

States

1,352,000

1,302,238

abc

abc

abc

abc

abc

abc

JPMBB

Commercial

Mortgage

Securities

Trust

,

2016-C1

,

A5

,

3.576

%

,

3/17/49

...................................

United

States

4,544,765

4,415,726

abc

abc

abc

abc

abc

abc

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695

%

,

11/15/48

........................................

United

States

1,635,000

1,599,257

58,540,536

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

59,008,492

)

..............

58,540,536

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

33.4%

m

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

4.448

%,

(

COFI

11th

District

+/-

MBS

Margin),

11/01/27

United

States

260,872

$

255,053

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

13.5%

FHLMC

Gold

Pool,

30

Year

,

4.5

%,

3/01/39

................

United

States

462,107

458,964

FHLMC

Gold

Pool,

30

Year

,

5

%,

8/01/33

-

2/01/39

...........

United

States

2,955,040

2,997,997

FHLMC

Gold

Pool,

30

Year

,

5.5

%,

1/01/35

-

12/01/37

........

United

States

286,589

292,390

FHLMC

Gold

Pool,

30

Year

,

6

%,

5/01/33

-

4/01/38

...........

United

States

350,016

361,910

FHLMC

Gold

Pool,

30

Year

,

6.5

%,

8/01/25

-

3/01/39

.........

United

States

284,360

295,998

FHLMC

Gold

Pool,

30

Year

,

7

%,

1/01/28

-

7/01/32

...........

United

States

16,649

17,276

FHLMC

Gold

Pool,

30

Year

,

7.5

%,

3/01/32

................

United

States

6,255

6,576

FHLMC

Gold

Pool,

30

Year

,

8

%,

2/01/30

..................

United

States

4,003

4,119

FHLMC

Gold

Pool,

30

Year

,

8.5

%,

10/01/24

-

8/01/30

........

United

States

627

656

FHLMC

Pool,

15

Year

,

2

%,

4/01/37

-

8/01/37

...............

United

States

8,967,525

8,043,817

FHLMC

Pool,

15

Year

,

2.5

%,

4/01/37

-

5/01/37

.............

United

States

7,764,191

7,146,580

FHLMC

Pool,

15

Year

,

3

%,

4/01/37

-

9/01/37

...............

United

States

5,221,657

4,911,019

FHLMC

Pool,

30

Year

,

2

%,

3/01/51

......................

United

States

48,999,456

39,881,783

FHLMC

Pool,

30

Year

,

2

%,

3/01/52

......................

United

States

38,780,994

31,226,660

FHLMC

Pool,

30

Year

,

2

%,

4/01/52

......................

United

States

71,000,978

57,217,544

FHLMC

Pool,

30

Year

,

2

%,

1/01/52

-

3/01/52

...............

United

States

3,682,350

2,964,923

FHLMC

Pool,

30

Year

,

2.5

%,

10/01/51

....................

United

States

35,485,007

30,112,509

FHLMC

Pool,

30

Year

,

2.5

%,

5/01/52

.....................

United

States

27,338,086

22,980,526

FHLMC

Pool,

30

Year

,

2.5

%,

9/01/51

-

1/01/52

.............

United

States

2,646,067

2,219,659

FHLMC

Pool,

30

Year

,

3

%,

2/01/52

......................

United

States

62,174,332

54,528,825

FHLMC

Pool,

30

Year

,

3

%,

10/01/51

-

7/01/52

..............

United

States

966,215

843,704

FHLMC

Pool,

30

Year

,

3.5

%,

7/01/52

-

12/01/52

............

United

States

17,117,351

15,536,150

FHLMC

Pool,

30

Year

,

4

%,

8/01/52

......................

United

States

42,066,846

39,442,875

FHLMC

Pool,

30

Year

,

4

%,

11/01/53

.....................

United

States

3,499,653

3,280,998

FHLMC

Pool,

30

Year

,

4.5

%,

8/01/52

.....................

United

States

98,372,918

94,875,686

FHLMC

Pool,

30

Year

,

4.5

%,

5/01/54

-

8/01/54

.............

United

States

7,468,466

7,194,326

FHLMC

Pool,

30

Year

,

5

%,

7/01/54

......................

United

States

1,597,319

1,573,021

428,416,491

m

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA

,

4.444

%

-

5.114

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

.................................

United

States

723,792

697,692

FNMA

,

5.845

%

-

6.158

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

........

United

States

267,945

270,539

FNMA

,

6.275

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

...................

United

States

34,494

34,369

FNMA

,

6.279

%

-

6.35

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

-

10/01/36

................................

United

States

49,899

50,980

1,053,580

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

18.3%

FNMA,

15

Year

,

2

%,

4/01/37

...........................

United

States

407,592

365,609

FNMA,

15

Year

,

3

%,

9/01/37

-

10/01/37

...................

United

States

4,575,163

4,302,952

FNMA,

30

Year

,

2

%,

2/01/52

...........................

United

States

2,925,717

2,356,083

FNMA,

30

Year

,

2.5

%,

12/01/51

-

4/01/52

.................

United

States

19,142,674

16,178,994

FNMA,

30

Year

,

3

%,

1/01/52

...........................

United

States

33,315,600

29,176,489

FNMA,

30

Year

,

3

%,

2/01/52

-

3/01/52

....................

United

States

6,023,936

5,259,970

FNMA,

30

Year

,

3.5

%,

12/01/52

.........................

United

States

33,083,971

30,057,484

FNMA,

30

Year

,

4

%,

1/01/54

-

4/01/54

....................

United

States

8,402,972

7,875,945

FNMA,

30

Year

,

5

%,

6/01/36

-

5/01/39

....................

United

States

544,890

551,791

FNMA,

30

Year

,

5.5

%,

6/01/33

-

8/01/37

..................

United

States

2,085,375

2,125,271

FNMA,

30

Year

,

6

%,

9/01/32

-

9/01/38

....................

United

States

2,283,203

2,359,196

FNMA,

30

Year

,

6.5

%,

8/01/28

-

5/01/37

..................

United

States

77,582

79,842

FNMA,

30

Year

,

7

%,

11/01/25

..........................

United

States

458

473

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

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

,

7.5

%,

1/01/30

.........................

United

States

2,951

$

3,047

FNMA,

30

Year

,

8.5

%,

4/01/30

-

5/01/32

..................

United

States

14,198

14,859

n

FNMA,

Single-family,

30

Year

,

2

%,

8/25/54

................

United

States

80,530,000

64,798,316

n

FNMA,

Single-family,

30

Year

,

2.5

%,

8/25/54

...............

United

States

87,290,000

73,208,817

n

FNMA,

Single-family,

30

Year

,

3.5

%,

8/25/54

...............

United

States

33,130,000

30,062,097

n

FNMA,

Single-family,

30

Year

,

4

%,

8/25/54

................

United

States

47,690,000

44,697,054

n

FNMA,

Single-family,

30

Year

,

5.5

%,

8/25/54

...............

United

States

168,062,000

168,345,610

n

FNMA,

Single-family,

30

Year

,

6

%,

8/25/54

................

United

States

94,730,000

96,088,124

577,908,023

m

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II

,

3.75

%

-

3.75

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

10/20/26

-

10/20/26

................................

United

States

3,717

3,666

3,666

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.6%

GNMA

I,

30

Year

,

7

%,

10/15/27

-

6/15/31

..................

United

States

5,922

6,184

GNMA

I,

Single-family,

30

Year

,

6

%,

1/15/39

...............

United

States

47,075

48,920

GNMA

I,

Single-family,

30

Year

,

6.5

%,

10/15/31

-

7/15/38

......

United

States

8,064

8,377

GNMA

I,

Single-family,

30

Year

,

7

%,

4/15/28

...............

United

States

1,916

1,913

GNMA

I,

Single-family,

30

Year

,

7.5

%,

8/15/25

-

2/15/26

......

United

States

951

950

GNMA

II,

Single-family,

30

Year

,

2

%,

4/20/52

-

7/20/52

.......

United

States

20,377,801

16,909,858

GNMA

II,

Single-family,

30

Year

,

2.5

%,

6/20/52

-

7/20/52

......

United

States

17,451,286

15,038,591

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/49

..............

United

States

23,541

21,136

GNMA

II,

Single-family,

30

Year

,

6

%,

5/20/31

-

8/15/54

.......

United

States

10,900,980

11,030,475

GNMA

II,

Single-family,

30

Year

,

6.5

%,

3/20/28

-

5/20/54

......

United

States

6,286,270

6,412,238

GNMA

II,

Single-family,

30

Year

,

7.5

%,

8/20/30

-

1/20/33

......

United

States

16,479

16,859

49,495,501

Total

Mortgage-Backed

Securities

(Cost

$

1,059,364,682

)

.......................

1,057,132,314

Municipal

Bonds

1.9%

California

1.5%

California

Municipal

Finance

Authority

,

United

States

General

Services

Administration

,

Revenue

,

2020

,

2.519

%

,

10/01/35

..

United

States

9,540,000

7,130,824

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

15,490,000

14,739,762

San

Bernardino

Community

College

District

,

GO

,

2021

,

Refunding

,

2.686

%

,

8/01/41

.................

United

States

20,405,000

15,311,331

GO

,

2021

,

Refunding

,

2.856

%

,

8/01/49

.................

United

States

11,880,000

8,146,251

45,328,168

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

.........................................

United

States

16,585,000

13,200,438

Texas

0.0%

†

City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785

%

,

11/15/31

..................................

United

States

370,000

334,259

Total

Municipal

Bonds

(Cost

$

73,370,958

)

....................................

58,862,865

Residential

Mortgage-Backed

Securities

3.1%

Capital

Markets

0.0%

†

abc

abc

abc

abc

abc

abc

h

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

6.204

%

,

(

1-month

SOFR

+

0.854

%

),

3/25/28

.............

United

States

108,445

102,522

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

3.1%

abc

abc

abc

abc

abc

abc

d

BRAVO

Residential

Funding

Trust

,

2019-1

,

A1C

,

144A,

3.5

%

,

3/25/58

.....................

United

States

536,231

$

531,026

l

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

.................

United

States

3,194,661

3,023,480

abc

abc

abc

abc

abc

abc

d

,l

CIM

Trust

,

2018-INV1

,

A4

,

144A,

FRN

,

4

%

,

8/25/48

................

United

States

1,005,850

932,977

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

................

United

States

570,383

540,438

2019-INV2

,

A3

,

144A,

FRN

,

4

%

,

5/25/49

................

United

States

1,646,075

1,532,735

abc

abc

abc

abc

abc

abc

d

,l

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3

%

,

5/25/42

.........................................

United

States

147,883

136,340

abc

abc

abc

abc

abc

abc

d

,l

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

.........................................

United

States

2,920,839

2,882,400

abc

abc

abc

abc

abc

abc

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

..................................

Switzerland

73,941

43,314

abc

abc

abc

abc

abc

abc

h

FHLMC

STACR

Debt

Notes

,

2016-DNA2

,

M3

,

FRN

,

10.112

%

,

(

30-day

SOFR

Average

+

4.764

%

),

10/25/28

.................................

United

States

7,642,342

8,058,746

2016-HQA2

,

M3

,

FRN

,

10.612

%

,

(

30-day

SOFR

Average

+

5.264

%

),

11/25/28

.................................

United

States

7,862,426

8,279,083

abc

abc

abc

abc

abc

abc

d

,h

FHLMC

STACR

REMIC

Trust

,

2022-DNA3

,

M1A

,

144A,

FRN

,

7.347

%

,

(

30-day

SOFR

Average

+

2

%

),

4/25/42

...........

United

States

4,266,973

4,328,913

abc

abc

abc

abc

abc

abc

d

,l

J.P.

Morgan

Mortgage

Trust

,

2021-13

,

A4

,

144A,

FRN

,

2.5

%

,

4/25/52

.................

United

States

14,306,259

12,603,123

2021-14

,

A4

,

144A,

FRN

,

2.5

%

,

5/25/52

.................

United

States

11,447,172

10,066,441

2021-15

,

A4

,

144A,

FRN

,

2.5

%

,

6/25/52

.................

United

States

6,756,678

5,920,471

abc

abc

abc

abc

abc

abc

d

,l

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

.........................................

United

States

4,519,357

4,385,528

abc

abc

abc

abc

abc

abc

d

,l

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

.........

United

States

2,899,861

2,552,241

abc

abc

abc

abc

abc

abc

d

,l

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

....................................

United

States

9,969,777

8,718,132

abc

abc

abc

abc

abc

abc

d

,l

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

........................................

United

States

1,598,200

1,368,647

abc

abc

abc

abc

abc

abc

d

,l

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

.........

United

States

17,179,163

15,220,828

abc

abc

abc

abc

abc

abc

d

,l

Towd

Point

Mortgage

Trust

,

2017-1

,

A2

,

144A,

FRN

,

3.5

%

,

10/25/56

........................................

United

States

7,412,567

7,297,094

98,421,957

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

108,927,217

)

..............

98,524,479

Agency

Commercial

Mortgage-Backed

Securities

0.0%

†

Financial

Services

0.0%

†

abc

abc

abc

abc

abc

abc

h

FNMA

,

2005-122

,

FN

,

FRN

,

5.812

%

,

(

30-day

SOFR

Average

+

0.464

%

),

1/25/36

..................................

United

States

379,846

373,124

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

352,307

)

.........

373,124

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

141,599

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

3,000,000

97,500

Total

Escrows

and

Litigation

Trusts

(Cost

$

2,814,454

)

.........................

97,500

Total

Long

Term

Investments

(Cost

$

3,705,200,825

)

...........................

3,562,118,923

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.0%

†

Puts

-

Over-the-Counter

Credit

Default

Swaptions

0.0%

†

Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

42-V1

,

Strike

Price

$

106.50

,

Counterparty

MSCO

,

Expires

9/18/24

...................................

1

32,000,000

$

235,699

Total

Options

Purchased

(Cost

$

732,160

)

....................................

235,699

Short

Term

Investments

2.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.1%

o,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

65,312,128

65,312,128

Total

Money

Market

Funds

(Cost

$

65,312,128

)

................................

65,312,128

Total

Short

Term

Investments

(Cost

$

65,312,128

)

..............................

65,312,128

a

Total

Investments

(Cost

$

3,771,245,113

)

114.7

%

...............................

$3,627,666,750

Options

Written

(0.0)%

†

(51,662)

Other

Assets,

less

Liabilities

(

14.7

)

%

........................................

(463,047,355)

Net

Assets

100.0%

.........................................................

$3,164,567,733

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.0)%

†

Puts

-

Over-the-Counter

Credit

Default

Swaptions

(0.0)%

†

Sell

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

42-V1

,

Strike

Price

$

103.50

,

Counterparty

MSCO

,

Expires

9/18/24

...................................

1

(32,000,000)

(

51,662

)

(

51,662

)

Total

Options

Written

(Premiums

received

$

348,800

)

..........................

$

(

51,662

)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

aggregate

value

of

these

securities

was

$661,970,638,

representing

20.9%

of

net

assets.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

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

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

mortgag-

es

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

n

Security

purchased

on

a

to-be-announced

(TBA)

basis.

o

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

At

July

31,

2024,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

1.2%

Block,

Inc.

6453792.SQ.FTS.B

,

Zero

Cpn

,

9/01/24

...

$

10,859

$

6,572

6457332.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

9,464

6,772

6457685.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

5,945

2,620

6458130.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

1,880

1,442

6458789.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

955

561

6462555.SQ.FTS.B

,

Zero

Cpn

,

9/03/24

...

1,661

1,162

6462890.SQ.FTS.B

,

Zero

Cpn

,

9/03/24

...

703

657

6464461.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

634

37

6464819.SQ.FTS.B

,

Zero

Cpn

,

9/05/24

...

4,031

131

6464900.SQ.FTS.B

,

Zero

Cpn

,

9/05/24

...

4,011

119

6465644.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

339

199

6468011.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

2,262

34

6469480.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

20,372

1,991

6472736.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

1,704

1,367

6473054.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

1,414

1,222

6474092.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

3,957

3,162

6484176.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

1,053

780

6484685.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

4,689

4,478

6490386.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

1,645

1,012

6501410.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

2,005

80

6501697.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

1,493

1,046

6502565.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

336

104

6502765.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

2,787

2,216

6502972.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

139

124

6503327.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

5,315

175

6504374.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

6,570

2,625

6506259.SQ.FTS.B

,

Zero

Cpn

,

9/18/24

...

7,627

314

6506724.SQ.FTS.B

,

Zero

Cpn

,

9/19/24

...

372

289

6509194.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

9,768

3,711

6516418.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

1,239

841

6516876.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

3,687

185

6516970.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

2,520

1,876

6524458.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

1,541

25

6524668.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

2,022

1,520

6526166.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

1,121

777

6526193.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

1,054

379

6527382.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

8,447

414

6531187.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

169

162

6532408.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

3,788

159

6533239.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

3,518

2,337

6535057.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

675

544

6536403.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

376

287

6537870.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

1,421

998

6538002.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

1,103

30

6541945.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

6,200

210

6543168.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

2,466

897

6543316.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

3,927

73

6548015.SQ.FTS.B

,

Zero

Cpn

,

10/02/24

..

2,395

51

6548822.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

1,334

28

6552657.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

2,239

418

6554014.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

910

311

6555576.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

177

143

6559553.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

591

357

6560175.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

1,286

957

6560340.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

995

983

6561895.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

6,848

4,629

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6562473.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

$

15,241

$

428

6567003.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

707

576

6567346.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

936

769

6567395.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

165

118

6567760.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

980

71

6568147.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

712

690

6568392.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

326

300

6569506.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

1,636

163

6569526.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

4,196

3,869

6570382.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

8,264

88

6571312.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

1,698

947

6572299.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

698

290

6577330.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

2,374

1,366

6579843.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

298

283

6580088.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

430

230

6581619.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

5,767

3,990

6584579.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

468

257

6586446.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

3,157

1,599

6587229.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

4,486

3,837

6589068.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

6,446

300

6590448.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

2,074

1,084

6590809.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

5,484

4,214

6591260.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

2,973

73

6593217.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

5,560

47

6593461.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

70

50

6593772.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

7,748

78

6594679.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

13,537

8,401

6596418.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

647

444

6596636.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

680

432

6596810.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

2,303

1,550

6601765.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

2,098

44

6604465.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

633

506

6607285.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

15,958

10,183

6608757.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

98

87

6609951.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

1,448

863

6610631.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

5,370

3,064

6611256.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

166

143

6612273.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

700

316

6617231.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

740

287

6618546.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

454

306

6618920.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

1,459

1,056

6620032.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

1,197

873

6622368.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

2,757

255

6624836.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

266

135

6624976.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

2,439

1,727

6627159.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

822

316

6627196.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

191

56

6627396.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

8,593

150

6627640.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

2,771

2,231

6631659.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

5,893

121

6633298.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

268

211

6633896.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

5,781

3,934

6635230.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

61,854

788

6641603.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

1,337

23

6643735.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

732

702

6644797.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

3,014

2,109

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)

6645156.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

$

6,056

$

5,452

6645579.SQ.FTS.B

,

Zero

Cpn

,

11/07/24

..

5,016

3,669

6646196.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

345

47

6648200.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

3,585

87

6651239.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

2,975

2,538

6651430.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

8,907

8,086

6654689.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,619

1,402

6655118.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,933

1,853

6655481.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,090

781

6658300.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

1,518

1,456

6665406.SQ.FTS.B

,

Zero

Cpn

,

11/13/24

..

371

285

6666031.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

2,535

619

6666475.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,969

1,237

6666594.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

546

458

6667033.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

3,156

1,203

6667225.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

332

226

6667810.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

2,693

66

6668228.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,149

557

6669028.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,269

298

6669109.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

394

91

6674370.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

12,265

824

6674734.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

3,232

2,972

6675685.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,413

1,188

6676291.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,145

984

6678246.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

364

285

6679967.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

56,591

14,865

6685010.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

1,186

1,086

6685190.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

8,219

226

6685433.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

1,715

1,501

6685864.SQ.FTS.B

,

Zero

Cpn

,

11/21/24

..

219

32

6686438.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

1,802

1,476

6689080.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

3,318

1,157

6692358.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

2,370

1,493

6692474.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

7,433

152

6692888.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

774

749

6693424.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

31,447

23,834

6696092.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

1,280

50

6702439.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,636

1,053

6705796.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

7,590

2,225

6707586.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

1,200

1,139

6707813.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

271

226

6709168.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

33,347

524

6719237.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

4,055

87

6719567.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

15,006

14,577

6725887.SQ.FTS.B

,

Zero

Cpn

,

12/03/24

..

167

143

6726121.SQ.FTS.B

,

Zero

Cpn

,

12/03/24

..

620

13

6733364.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

4,825

778

6733499.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

4,306

2,915

6735811.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

2,775

1,748

6739997.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

1,152

843

6744525.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

48,006

954

6746302.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

3,538

2,680

6746943.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

669

10

6747235.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

3,203

35

6748637.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

482

406

6749144.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

1,299

1,268

6749349.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

835

15

6750398.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

230

91

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6750769.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

$

657

$

653

6753977.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

4,469

1,845

6754071.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

932

866

6754538.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

989

848

6756576.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

1,136

500

6756917.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

5,806

3,955

6757700.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

384

360

6763456.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

6,715

2,567

6763757.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

1,668

1,248

6765702.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

3,676

3,507

6768886.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

241

223

6770205.SQ.FTS.B

,

Zero

Cpn

,

12/18/24

..

797

573

6771044.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

1,963

1,637

6771935.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

6,622

1,220

6772647.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

350

321

6774158.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

18,665

12,156

6774564.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

13,554

12,523

6776044.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

171

159

6776773.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

57,840

635

6779449.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

6,582

6,176

6782781.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

59

53

6783818.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,247

1,173

6784212.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

509

478

6784413.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,449

817

6784616.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

13,566

165

6785344.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

559

492

6786396.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

6,516

1,150

6788880.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

460

116

6788927.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

492

492

6790513.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

2,508

43

6791327.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

808

498

6791649.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

2,166

1,933

6792564.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

7,526

6,346

6796611.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

3,236

2,554

6796705.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

722

530

6796729.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

391

387

6800307.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

1,190

818

6800352.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

2,186

1,345

6801281.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

630

165

6802903.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

2,081

2,021

6807324.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

118

113

6807789.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

2,456

27

6808725.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

1,282

1,238

6809289.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

12,073

4,838

6811299.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

739

501

6811597.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

986

465

6811743.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,013

34

6811790.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

923

802

6812155.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,586

35

6814032.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

673

171

6818923.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

706

662

6821755.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

70

56

6822498.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

1,020

19

6823837.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

8,236

221

6824604.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

680

490

6826997.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

435

429

6829019.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

3,728

2,396

6829166.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

282

243

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)

6830306.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

$

1,697

$

1,588

6830462.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

832

15

6831530.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

4,078

3,483

6832199.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

3,383

2,057

6833213.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

717

614

6833270.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

1,198

1,137

6833495.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

379

181

6836010.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

3,628

3,154

6836420.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

31,893

27,354

6838979.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

390

388

6839507.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

555

346

6840245.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

6,272

4,450

6841366.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

1,678

1,647

6841524.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

439

69

6842447.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

4,128

3,652

6843676.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

1,977

1,943

6845307.SQ.FTS.B

,

Zero

Cpn

,

1/15/25

...

1,007

753

6845418.SQ.FTS.B

,

Zero

Cpn

,

1/15/25

...

1,670

1,053

6845464.SQ.FTS.B

,

Zero

Cpn

,

1/15/25

...

903

837

6845530.SQ.FTS.B

,

Zero

Cpn

,

1/15/25

...

451

441

6846112.SQ.FTS.B

,

Zero

Cpn

,

1/15/25

...

1,127

1,010

6846703.SQ.FTS.B

,

Zero

Cpn

,

1/16/25

...

525

404

6848392.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

1,536

1,340

6848514.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

311

296

6849620.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

1,109

925

6850168.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

2,032

1,987

6853608.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

877

870

6853937.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

7,259

6,177

6858335.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

1,442

923

6860790.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

4,246

976

6861047.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

1,821

1,629

6861105.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

663

639

6861352.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

47

46

6861516.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

2,500

127

6862190.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

451

354

6863964.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

1,197

765

6864423.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

9,390

2,480

6864699.SQ.FTS.B

,

Zero

Cpn

,

1/22/25

...

473

286

6865115.SQ.FTS.B

,

Zero

Cpn

,

1/22/25

...

368

277

6865136.SQ.FTS.B

,

Zero

Cpn

,

1/22/25

...

2,343

2,327

6865584.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

15,509

2,257

6867082.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

9,007

8,668

6867693.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

7,462

170

6869170.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

1,418

918

6869515.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

7,609

132

6873475.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

680

651

6873613.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

5,614

1,710

6875301.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

3,539

2,676

6875513.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

16,647

14,394

6878142.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

1,481

386

6878251.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

17,123

13,419

6880857.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

5,126

5,012

6884628.SQ.FTS.B

,

Zero

Cpn

,

1/29/25

...

1,732

1,298

6884701.SQ.FTS.B

,

Zero

Cpn

,

1/29/25

...

810

215

6884983.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

1,464

1,347

6885060.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

6,751

5,924

6885320.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

1,235

1,208

6888845.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

2,301

592

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6888950.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

$

719

$

577

6888984.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

9,218

168

6891737.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

2,525

780

6893962.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

6,034

4,635

6894415.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

5,725

3,043

6894824.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

285

177

6897627.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

8,454

8,306

6898798.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

167

152

6898880.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

268

263

6899064.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

435

426

6902363.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

152

151

6903970.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

2,610

272

6904150.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

42,646

14,452

6904370.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

3,220

1,636

6904916.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

105

92

6906570.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

662

510

6906728.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

988

556

6906812.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

6,096

3,910

6909059.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

3,599

669

6910152.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,897

1,822

6910971.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

21,142

2,535

6911989.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

2,154

2,118

6912323.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

23,463

21,155

6916077.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

567

544

6917410.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

15,570

14,358

6918720.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

592

579

6919310.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

3,762

3,640

6919965.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

17,759

13,800

6920907.SQ.FTS.B

,

Zero

Cpn

,

2/12/25

...

646

621

6922517.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

6,583

4,168

6922960.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

1,111

1,101

6923831.SQ.FTS.B

,

Zero

Cpn

,

2/15/25

...

1,021

175

6923899.SQ.FTS.B

,

Zero

Cpn

,

2/15/25

...

24,560

18,073

6928566.SQ.FTS.B

,

Zero

Cpn

,

2/16/25

...

4,622

4,214

6933459.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,173

34

6933558.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

3,195

68

6934151.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

3,851

3,143

6934660.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,111

1,106

6935864.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

12,705

8,917

6936331.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

7,055

6,056

6937013.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

14,625

8,874

6937199.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

4,512

2,277

6937431.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,089

2,544

6937698.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,399

1,029

6937751.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

281

274

6938956.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

2,011

1,899

6939128.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

11,792

10,883

6941601.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

939

712

6943747.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

15,422

2,486

6944112.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

7,643

452

6944346.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,105

154

6945544.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,903

1,385

6945708.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,239

1,132

6945775.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

753

746

6946824.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

428

393

6947294.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

565

421

6947569.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

5,038

4,398

6948228.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

720

692

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)

6948274.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

$

2,082

$

1,570

6949409.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

636

171

6950014.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

3,595

3,480

6951159.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

5,681

65

6951254.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

1,207

1,185

6951488.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

384

371

6952910.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

145

110

6952926.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

4,039

2,785

6955315.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

11,083

9,694

6956614.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

36,607

32,405

6959107.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

2,905

2,703

6960337.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

1,804

1,665

6961097.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

4,906

53

6961943.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

2,717

2,644

6962505.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

1,145

777

6962536.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

318

299

6962747.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

1,230

824

6963222.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

1,355

641

6963462.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

5,118

5,050

6965609.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,130

1,078

6967045.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,977

55

6967101.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

6,063

5,038

6967263.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

455

427

6967472.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

16,292

222

6967858.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,197

1,705

6968019.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,628

10,122

6968588.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,484

3,244

6969008.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,646

1,629

6969820.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,771

1,753

6970003.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

7,384

4,397

6970418.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

618

558

6970498.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,407

1,210

6971293.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,119

2,092

6971491.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

319

318

6971634.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

416

401

6972568.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,677

2,120

6972677.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,380

246

6972693.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,932

3,908

6974153.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,459

4,970

6978300.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

21,968

1,395

6980832.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

17,151

16,071

6983073.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

3,233

3,060

6983553.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

5,993

5,419

6983763.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

13,493

12,781

6984837.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

1,743

1,660

6985030.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

2,207

2,178

6985856.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

5,346

4,441

6986082.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

5,899

5,828

6986458.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

208

184

6986554.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

2,404

2,042

6986599.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

2,003

1,480

6986724.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

739

725

6986764.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

758

752

6986941.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

4,031

3,883

6987199.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

32

30

6987258.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

1,351

23

6988180.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

920

871

6988244.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

324

292

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6988728.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

$

797

$

535

6990423.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,051

404

6993229.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

1,553

791

6993384.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

3,029

2,975

6995636.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

479

318

6995688.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

230

207

6995736.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

307

301

6997213.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

1,387

1,364

6997746.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

78

77

6997762.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

224

201

6998035.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

1,003

975

7000026.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

700

608

7000186.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

1,248

1,174

7000558.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

1,016

994

7001359.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

3,554

3,379

7002817.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

7,082

6,771

7003292.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

12,154

158

7003650.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

2,995

41

7003681.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

13,607

12,680

7005441.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

826

798

7006362.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

315

285

7006470.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

547

543

7006908.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

291

283

7007470.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

1,782

1,770

7008894.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

7,776

7,597

7009641.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

12,183

131

7010276.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

7,339

7,017

7010912.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

404

340

7011593.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

2,057

1,776

7013065.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

1,133

508

7013332.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

1,219

1,182

7016321.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

47,433

32,546

7020336.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

172

171

7020509.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

540

536

7020839.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,493

1,396

7020990.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

9,252

160

7021682.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

29,614

27,573

7023051.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

35

35

7025720.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

8,208

6,275

7027040.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

233

231

7027121.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,634

1,252

7027501.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,417

1,178

7027836.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,629

2,237

7028051.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,097

1,081

7028878.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

205

157

7030123.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

16,729

16,123

7030572.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

2,109

2,072

7032731.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

608

561

7032794.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

5,790

5,151

7033343.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

926

713

7033375.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

1,880

1,852

7034178.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

3,980

3,957

7035330.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

472

468

7035906.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

2,000

1,450

7036717.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

4,102

4,034

7037923.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

2,333

2,005

7037990.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

795

770

7041281.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

2,105

2,091

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)

7041655.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

$

681

$

673

7042355.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

1,230

789

7042606.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

17,280

12,888

7043366.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

3,422

3,234

7043570.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

27,825

15,709

7044059.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

1,921

448

7045336.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

16,221

15,049

7046710.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

559

538

7046749.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

5,740

5,453

7047133.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

1,768

1,747

7047230.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

1,283

1,269

7048345.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

1,882

1,853

7048479.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

2,902

2,874

7049971.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,873

2,682

7050225.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

5,901

4,689

7050945.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,471

3,321

7051723.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,471

1,447

7052708.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,634

2,065

7053870.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

705

612

7053912.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,477

2,438

7054471.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,789

1,774

7057770.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,699

1,681

7061299.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

319

318

7061389.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

2,500

2,017

7061463.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

14,436

6,674

7062067.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

599

522

7062192.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

1,700

1,568

7063450.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

49,909

45,528

7065028.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

11,350

11,006

7066539.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

11,841

10,431

7067466.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

1,394

380

7067563.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

1,193

1,167

7068539.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

824

810

7068948.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

3,847

65

7069134.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

658

651

7069579.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

6,169

4,733

7069743.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

2,638

2,585

7071377.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

1,407

1,397

7071556.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

2,268

2,254

7072244.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

2,116

2,083

7073426.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

16,093

4,926

7074066.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

10,007

8,348

7076084.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

7,743

7,656

7077341.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

1,153

782

7077467.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

653

647

7077535.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

885

503

7077567.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

8,956

5,724

7077718.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

525

59

7078667.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

148

148

7080187.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

464

460

7080219.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

938

790

7085369.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

1,302

1,193

7085488.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

4,350

3,549

7086293.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

5,645

3,254

7087092.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

4,219

4,181

7087684.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

2,702

2,612

7087923.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

9,288

7,291

7088513.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

4,171

3,242

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7088740.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

$

9,584

$

8,795

7089469.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

539

534

7089636.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

673

509

7089913.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

2,732

2,686

7091199.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

5,223

5,186

7091848.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

3,720

77

7091928.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

891

612

7092629.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

1,100

1,093

7093574.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

2,256

2,178

7093891.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

88

76

7093914.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

828

795

7094035.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

3,437

2,735

7094377.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

1,421

1,404

7094803.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

4,262

2,898

7094917.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

2,441

570

7096289.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

561

558

7096855.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

707

668

7096934.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

3,118

799

7097160.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

2,246

741

7097395.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

23,684

13,150

7098152.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

1,260

923

7098222.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

175

154

7099046.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

785

772

7099099.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

604

535

7105122.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

10,613

10,135

7105597.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,048

1,995

7105877.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

898

572

7106100.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

4,678

4,562

7106563.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,094

1,705

7106887.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

14,205

3,108

7107425.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

339

338

7107483.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

17,406

17,002

7108113.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

7,680

5,944

7108231.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

567

558

7108337.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

6,285

5,279

7108591.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,924

1,879

7108788.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

4,896

4,868

7111548.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

1,355

1,340

7112521.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

958

949

7112782.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

2,023

1,995

7113005.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

6,711

58

7113153.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

2,988

2,924

7113491.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,744

1,409

7113653.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,006

859

7113747.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

4,764

3,902

7115476.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

6,351

68

7115927.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

2,938

2,902

7116821.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

28,095

3,547

7117411.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

3,468

3,302

7117915.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,966

2,896

7118135.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,503

1,492

7118685.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,768

1,463

7119216.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,504

1,498

7119518.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

916

875

7119834.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

15,423

15,061

7120797.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

20,220

348

7121142.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

248

244

7121176.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

3,284

3,051

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)

7121365.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

$

753

$

731

7121532.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

1,195

584

7122864.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

430

293

7123188.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

423

8

7123225.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

557

546

7123254.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

1,447

1,358

7123629.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

140

132

7124145.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

2,181

1,258

7124189.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

1,892

1,867

7124948.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

3,326

2,303

7125155.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

947

925

7125536.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

2,553

2,538

7128415.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

10,317

9,375

7130577.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

2,460

2,418

7131773.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,931

1,896

7131984.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

708

570

7134648.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,226

1,207

7134683.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,675

315

7135060.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

616

609

7135084.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

11,156

10,985

7136331.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

808

800

7143037.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

1,385

1,146

7143733.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

1,390

1,243

7145762.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

4,371

4,322

7146074.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

4,716

4,663

7146434.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

8,366

6,312

7146587.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

6,938

3,333

7147009.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

957

941

7147083.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

3,861

3,550

7147377.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

4,558

4,143

7147695.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

267

264

7147738.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

6,808

4,831

7147920.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

543

525

7147954.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

2,878

2,808

7151392.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

500

432

7151435.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

385

230

7151519.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

7,613

80

7151965.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

3,711

3,468

7152852.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

3,580

3,516

7153412.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

4,816

4,768

7154428.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

2,177

322

7154556.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

398

361

7154700.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

2,260

2,163

7156753.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

4,816

1,153

7157857.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

839

426

7159250.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

1,161

1,110

7159272.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

595

592

7159526.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

10,105

9,780

7160005.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

10,558

10,016

7160947.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

7,451

7,343

7161719.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,924

1,894

7161896.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

500

499

7162394.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

18,380

17,974

7163775.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,052

580

7163794.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

6,338

6,227

7164064.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,945

1,661

7164159.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

806

756

7164194.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

344

199

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7164816.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

$

4,282

$

3,601

7165443.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

657

631

7165779.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

3,161

3,101

7166903.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

1,121

1,115

7170499.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

750

730

7170562.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,483

2,448

7170863.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,566

3,497

7171282.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,130

1,689

7171804.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

7,612

7,483

7172353.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

13,700

13,543

7173156.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

1,928

1,224

7173191.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,365

2,347

7173445.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,177

2,124

7173877.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

12,007

11,892

7174919.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

373

370

7176877.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,841

488

7177016.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,676

1,446

7177080.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

3,881

3,778

7179248.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

3,944

649

7179389.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

3,065

43

7179445.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

4,996

4,815

7179921.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

5,926

5,729

7180177.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

12,787

12,513

7180590.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,071

2,057

7180972.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,639

1,630

7182156.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,671

2,645

7182843.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

746

358

7182876.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,358

1,341

7183135.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,534

1,145

7185649.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

12,543

10,280

7187093.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

1,566

473

7187135.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

9,799

6,968

7187326.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

859

795

7187459.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,481

2,421

7187664.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

533

492

7187938.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

1,193

1,175

7188028.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

1,900

1,874

7188188.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

902

546

7188214.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

3,256

3,192

7188959.SQ.FTS.B

,

Zero

Cpn

,

5/05/25

...

5,835

5,598

7189880.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

4,527

3,851

7190544.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

3,929

3,837

7191141.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,041

1,020

7191222.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

948

939

7192834.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

142

141

7192991.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

8,700

8,192

7193396.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,121

13

7193864.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

12,642

12,324

7194348.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

3,248

48

7194461.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

3,370

3,331

7195000.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

2,670

2,608

7195173.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

6,440

6,259

7196348.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

11,631

3,518

7196536.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

6,856

6,733

7197422.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

162

161

7197655.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

4,835

3,253

7197781.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

4,156

2,928

7197930.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,872

1,698

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)

7197999.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

$

1,992

$

1,967

7198086.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,371

1,355

7198257.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

4,139

4,016

7198435.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

2,027

1,998

7198987.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

2,778

2,676

7199233.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,434

1,267

7199261.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

4,046

4,006

7199993.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

14,205

13,740

7200476.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

2,272

1,704

7200855.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

414

406

7203377.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

11,980

11,072

7203775.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

822

762

7203811.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

36

36

7204182.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,909

1,863

7204878.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

3,800

3,737

7205468.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

45

44

7205899.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

6,488

6,376

7206238.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,843

1,577

7207367.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

2,085

2,058

7207439.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,225

1,201

7207508.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

6,369

6,267

7207825.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

4,012

3,942

7208240.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

825

812

7208343.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

827

732

7208975.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

4,333

4,159

7209100.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,949

1,928

7209211.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

15,755

12,852

7209663.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

2,737

34

7210617.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

6,952

6,825

7210903.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

6,339

5,186

7211090.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

4,544

4,497

7211511.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

9,475

8,592

7216608.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

552

60

7216644.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

881

772

7216696.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

296

278

7216706.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

282

264

7216989.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,020

973

7217049.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

6,555

5,222

7217211.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

923

888

7217319.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

18,370

184

7217915.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

4,632

4,547

7218349.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

2,121

2,001

7218429.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,388

1,347

7218518.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

4,024

3,974

7218769.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

2,677

2,436

7218858.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

3,434

3,342

7218931.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

22,687

22,217

7220342.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

4,696

4,641

7220570.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

6,919

5,998

7220771.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,590

1,473

7221400.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

5,443

3,697

7221567.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,077

1,063

7221661.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,050

1,035

7222042.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

3,258

3,121

7222143.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

746

571

7222234.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

974

905

7222885.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

3,414

3,368

7223144.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

5,558

4,348

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7223258.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

$

2,010

$

1,610

7223306.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

17,545

16,802

7224046.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

12,865

294

7224266.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

4,521

1,385

7224388.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

424

309

7224710.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,281

1,260

7226881.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,013

1,001

7229798.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

6,499

6,341

7229907.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,089

2,049

7229934.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,268

2,119

7230286.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

6,783

5,715

7230607.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,182

1,135

7230694.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,066

1,866

7230795.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

650

638

7231179.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

2,066

2,031

7231620.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

12,897

11,255

7232425.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,618

1,597

7232628.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,033

1,013

7232693.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

4,927

3,798

7232869.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,534

1,521

7232997.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

141

128

7233046.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,388

1,164

7233336.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

5,314

5,240

7233681.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

4,850

4,781

7234021.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

5,013

4,297

7234707.SQ.FTS.B

,

Zero

Cpn

,

5/18/25

...

40,772

37,518

7237384.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

5,891

4,471

7238080.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

2,996

2,936

7238281.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

190

168

7238318.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

20,134

19,531

7239102.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

165

163

7239103.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

6,026

5,953

7239649.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

422

407

7239689.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

18,961

18,640

7241898.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

14,639

14,377

7243603.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

7,228

7,002

7243704.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,631

1,610

7243771.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

5,433

5,360

7243888.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

3,244

2,645

7243983.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

50

48

7244047.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,670

1,617

7244208.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

994

578

7244322.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,270

1,808

7247410.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

8,450

8,296

7247771.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

457

451

7247914.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

2,145

2,119

7248009.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

2,536

1,946

7248070.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

22,762

22,477

7249235.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,653

1,624

7251046.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

565

562

7251189.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,793

1,740

7251279.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

5,696

2,785

7251447.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

5,453

5,288

7251613.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

16,232

15,830

7251956.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

5,933

5,749

7252243.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

2,672

2,591

7252374.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

1,138

888

7252493.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

5,028

261

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)

7253307.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

$

189

$

176

7254093.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

2,380

1,016

7254457.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

5,343

5,283

7254528.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,827

457

7254548.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

5,740

5,624

7254644.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

620

613

7254664.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,036

2,007

7255214.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,576

1,911

7255250.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

1,825

1,217

7255271.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,014

1,319

7255307.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,290

2,163

7255562.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

5,964

5,886

7255742.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

661

645

7256032.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

6,650

6,532

7256218.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

6,270

1,303

7256487.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

510

500

7256502.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,969

1,352

7256895.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

616

486

7256906.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,336

1,991

7260974.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

7,959

7,565

7261087.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

1,909

1,867

7261662.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

16,110

15,246

7262332.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

2,251

1,947

7263020.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

707

671

7263049.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

2,138

2,100

7263203.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

1,331

1,315

7263310.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

1,777

1,764

7263424.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

554

532

7263448.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

721

138

7264377.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

298

175

7264394.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

650

560

7264689.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

7,999

7,670

7265380.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

4,446

4,355

7265488.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

8,629

8,419

7265966.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

3,354

3,191

7266032.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

789

746

7266047.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

4,739

4,547

7266132.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

1,801

1,793

7266927.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

2,753

2,709

7267303.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

1,627

1,609

7270130.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

6,858

2,954

7270346.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

3,229

3,095

7271724.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

476

406

7271910.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

7,765

7,650

7272422.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

6,111

5,927

7272737.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

196

196

7273854.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

6,564

6,383

7274149.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

4,915

2,942

7274385.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

877

764

7275352.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

1,200

1,137

7275547.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

3,020

2,960

7275856.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

1,636

1,613

7275937.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

2,477

2,438

7277510.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

3,507

3,446

7277970.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

9,038

8,809

7278478.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

4,907

4,778

7279297.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,101

1,074

7279337.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,610

1,222

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7279543.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

$

1,656

$

1,043

7280624.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,474

1,054

7280688.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

682

664

7280739.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

710

641

7280988.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,585

1,559

7281553.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

2,257

2,216

7281662.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

2,597

2,487

7281773.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

7,236

7,118

7283057.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

22,343

19,246

7283880.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

2,252

2,065

7283942.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

26

24

7284088.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

7,781

7,473

7285157.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,021

991

7285261.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

4,969

4,926

7285801.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

8,044

7,838

7286345.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

11,764

11,613

7287159.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

9,651

9,418

7287630.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,409

2,173

7287747.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

884

873

7287890.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

1,792

968

7288120.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,166

2,968

7288409.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

548

407

7288807.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,453

4,313

7289279.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

20,796

18,638

7289938.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

1,796

1,746

7290035.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

3,403

929

7290602.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

108

108

7290668.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,868

2,623

7290740.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,088

4,027

7291240.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

5,009

176

7291331.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

1,300

384

7293656.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

4,256

4,145

7294015.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,475

1,430

7294091.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,198

2,151

7294211.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

5,143

4,980

7294544.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,614

3,588

7295203.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

884

864

7295319.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,219

2,133

7295480.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,387

400

7295692.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

325

320

7295736.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

4,076

3,954

7296106.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

659

387

7296128.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

5,980

5,887

7296434.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

316

313

7296773.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,245

1,125

7297861.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,544

1,423

7298390.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

832

784

7298474.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

2,763

2,656

7299023.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

1,732

1,706

7299111.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

23,038

22,504

7299947.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

28,865

26,053

7300556.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

581

477

7300569.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

20,618

20,106

7301524.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

1,875

1,647

7301678.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

2,573

2,546

7301849.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

2,037

1,972

7301930.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,568

1,543

7302032.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,519

1,500

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)

7302117.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

$

790

$

763

7302162.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

2,582

2,440

7302425.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

5,667

5,439

7302557.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

4,348

4,250

7302669.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

2,749

2,705

7303458.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

6,673

6,098

7303666.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

1,153

1,140

7304594.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

8,057

7,959

7305654.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

20,924

20,719

7307231.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

9,153

9,068

7308243.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

10,716

10,275

7308511.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

6,927

6,806

7312996.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

3,191

3,141

7313406.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

24,577

23,954

7314137.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

4,664

4,433

7314276.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

3,959

3,575

7314373.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

3,790

3,766

7314803.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,698

1,643

7315379.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

15,480

11,208

7316100.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

2,291

2,099

7316156.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,565

1,505

7316254.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,457

1,429

7316329.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

3,425

3,374

7316629.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

2,544

2,466

7316950.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

10,328

6,588

7317744.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

371

369

7318044.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

3,336

3,289

7320392.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

5,619

4,674

7320581.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

779

762

7321685.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

450

444

7321814.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

3,855

3,334

7322501.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

15,399

15,180

7323263.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

17,536

14,984

7323733.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

2,191

2,147

7323826.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

323

298

7324399.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

3,679

3,609

7324500.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

8,117

7,863

7324963.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

3,845

3,757

7325237.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

649

622

7325383.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

12,412

12,107

7326147.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

1,137

772

7326696.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

2,174

2,120

7326825.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

910

850

7326930.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

984

915

7327635.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

4,173

3,492

7327705.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

1,861

1,782

7327797.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

5,402

5,334

7328106.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

1,521

1,451

7328195.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

3,552

3,106

7328408.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

2,124

2,027

7328482.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

5,951

5,757

7328664.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

2,787

2,735

7328785.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

6,965

5,725

7329032.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

606

554

7329078.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

2,312

2,262

7329269.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

281

68

7329399.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

6,541

5,927

7329570.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

8,078

7,919

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7329934.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

$

2,929

$

2,461

7330356.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

9,626

9,300

7330945.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

2,806

2,691

7331688.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

3,529

3,468

7331943.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

16,938

16,740

7333386.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

2,248

2,207

7333634.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

1,195

855

7333733.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

8,133

8,037

7334394.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

1,661

1,536

7334458.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

199

194

7334477.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

4,733

4,571

7334639.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,617

3,465

7335667.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

4,746

4,627

7335892.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,076

3,000

7335985.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

7,811

7,692

7336220.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,408

2,283

7336337.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

28,776

27,460

7336917.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

6,713

6,604

7337152.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

15,010

14,543

7338059.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,266

1,782

7338337.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

2,273

556

7338391.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

6,767

6,589

7338662.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

4,713

3,814

7338777.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

4,443

4,077

7338876.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

3,960

3,853

7339268.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,546

1,320

7339440.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,895

286

7339873.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

3,281

3,092

7340314.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

24,611

18,604

7340525.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

314

302

7340564.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

2,990

2,919

7340646.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

8,419

7,379

7340745.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,243

1,204

7340760.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,207

1,168

7340777.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,663

1,433

7340785.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

962

630

7340929.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

213

203

7344546.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

11,318

11,059

7344910.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

8,730

8,578

7345408.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

7,788

7,492

7345527.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

5,261

5,191

7345849.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,400

2,352

7346312.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

6,393

6,278

7346601.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

6,861

6,746

7347161.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,612

707

7347199.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

6,699

6,549

7347531.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

4,417

4,331

7347634.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,616

485

7347663.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,360

1,311

7347758.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,441

1,394

7348176.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

3,070

3,051

7349176.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

4,429

1,652

7349387.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

2,419

2,330

7349442.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

1,090

1,017

7349551.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

5,242

5,127

7349943.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

33

32

7350007.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

3,700

3,472

7350346.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

3,426

3,242

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)

7350489.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

$

747

$

737

7350547.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

6,287

6,111

7350753.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

8,470

8,182

7351090.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

942

923

7351560.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,590

242

7351591.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

6,782

6,597

7351823.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,895

1,840

7351853.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

5,993

5,495

7351966.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

973

958

7352061.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

4,023

3,948

7352142.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

549

526

7352154.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,433

1,302

7352175.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

17,080

15,752

7352602.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

12,921

10,582

7352758.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

6,371

6,226

7352926.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

8,425

8,330

7353214.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

4,019

3,912

7353332.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

3,476

1,731

7353518.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

2,207

802

7353531.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

2,069

1,978

7353595.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

597

566

7353602.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

630

574

7353620.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

10,280

9,852

7353671.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

6,919

6,707

7353785.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,445

1,328

7353813.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

3,446

3,373

7353896.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

860

638

7353920.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

726

718

7358629.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

8,974

8,795

7359600.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

16,266

15,888

7360145.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

32,970

31,537

7360615.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

10,071

9,923

7360805.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

2,063

1,128

7360828.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

2,486

2,385

7360923.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

5,942

5,663

7363981.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

12,881

12,284

7364343.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

93

80

7364354.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

16,971

16,401

7365501.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

2,380

2,336

7365762.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

282

280

7365795.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

452

448

7365827.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

9,889

8,723

7366164.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

3,219

3,023

7367414.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

1,193

1,168

7367527.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

2,839

2,769

7367665.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

10,969

10,724

7368256.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

1,521

1,482

7368440.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

579

554

7368483.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

424

398

7370368.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

5,898

5,632

7370572.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

2,056

1,672

7371001.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

2,778

2,660

7371071.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

387

373

7371364.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

909

879

7371390.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

618

607

7371563.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

397

385

7371598.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

592

578

7371632.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

3,696

1,863

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7371688.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

$

1,526

$

1,484

7371820.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

262

253

7371839.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

1,627

902

7371871.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

937

915

7371906.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

1,816

1,336

7371937.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

501

487

7371952.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

2,740

2,653

7372024.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

1,961

1,785

7372108.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

5,199

5,007

7372211.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

4,481

4,375

7372347.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

3,471

3,434

7372521.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

1,949

1,119

7373026.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

1,262

1,233

7373216.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

13,346

12,948

7373853.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,716

3,180

7373963.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

2,796

2,594

7374811.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

2,277

2,236

7374891.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

2,125

22

7374941.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,364

3,322

7375093.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

218

206

7375109.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

58,681

5,925

7375993.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

7,430

7,286

7377495.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

12,947

9,579

7377915.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

2,442

2,350

7378034.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,691

1,645

7378930.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

2,018

1,240

7378968.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

14,492

12,350

7380832.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

3,802

636

7381217.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,618

1,350

7381291.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

2,088

2,000

7381490.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

681

676

7381659.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

5,719

5,611

7382116.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

2,664

2,412

7382222.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

3,420

3,333

7382472.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,116

1,018

7382819.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,245

1,150

7382941.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

5,482

5,375

7383171.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

5,372

5,320

7383642.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,538

1,245

7384128.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

3,375

3,227

7384305.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

4,486

4,226

7384570.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

3,144

3,012

7384683.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

1,061

1,045

7384763.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

1,163

1,143

7385127.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

221

218

7385142.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

4,568

4,459

7385944.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

630

623

7386126.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

2,401

2,372

7386225.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

1,785

1,555

7386306.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

10,195

8,631

7386578.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

866

827

7386645.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

10,194

9,871

7386936.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

2,793

2,678

7387351.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

2,155

1,315

7387904.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

1,776

1,373

7387946.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

2,210

2,162

7388247.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

6,853

6,773

7389521.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

2,043

1,980

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)

7389801.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

$

9,550

$

9,372

7390025.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

39,374

38,281

7391026.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

7,807

5,383

7391152.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

1,353

1,243

7391195.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

1,298

1,290

7391369.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

12,628

11,542

7391592.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

5,902

113

7391709.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

9,190

4,535

7391950.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

11,181

10,689

7392291.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

654

642

7392358.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

5,992

5,871

7392856.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

404

375

7393202.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

907

836

7393235.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

1,445

1,433

7393382.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

4,111

3,900

7393704.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

904

892

7393791.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

4,356

4,251

7393832.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

3,382

3,330

7394034.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

15,218

9,218

7394351.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

3,220

3,144

7394433.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

9,309

7,640

7394781.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

836

821

7395717.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

4,833

4,720

7395888.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

44,627

36,557

7396709.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

13,854

13,519

7400535.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

5,605

5,481

7400662.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

2,164

2,119

7400721.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

3,989

2,144

7401159.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

5,415

5,319

7401469.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

1,826

1,194

7401533.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

583

578

7401623.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

384

373

7401729.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

1,513

1,439

7401757.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

1,522

1,502

7401856.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

1,009

926

7401887.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

7,265

6,259

7402053.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

18,843

17,839

7402970.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

484

477

7402982.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

23,480

22,764

7403593.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

802

785

7403758.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,750

1,650

7403854.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

5,805

5,684

7404129.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

3,508

3,460

7404529.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

6,901

6,574

7404861.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

2,154

1,981

7404931.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

4,620

4,527

7405222.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,236

1,194

7405305.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,103

1,051

7405344.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,202

1,118

7405407.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

9,568

9,370

7406380.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

33,159

32,404

7406511.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

15,194

10,644

7406827.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

3,754

3,699

7406989.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

16,026

14,615

7407468.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

1,344

1,319

7407524.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

3,330

3,218

7407628.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

1,010

955

7407933.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

4,159

4,085

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7408113.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

$

2,993

$

2,903

7408191.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

1,170

1,153

7408420.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

533

527

7408690.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

1,032

1,018

7409748.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

3,739

3,615

7409916.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

19,293

18,659

7410335.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

2,930

2,419

7410407.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

4,629

4,476

7411597.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

1,311

1,290

7411856.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

4,639

4,432

7412053.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

427

412

7413041.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

2,090

2,036

7413116.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

19,520

17,131

7413564.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

19,462

19,096

7414409.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

23,116

22,750

7416118.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

861

841

7416216.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

36,041

35,241

7419116.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

1,444

1,225

7419159.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

5,545

5,381

7419240.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

1,813

1,765

7419400.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

11,890

11,597

7420540.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

3,096

3,053

7420704.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

44,023

42,927

7422447.SQ.FTS.B

,

Zero

Cpn

,

7/20/25

...

16,187

15,447

7423060.SQ.FTS.B

,

Zero

Cpn

,

7/20/25

...

13,542

13,242

7423428.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

1,275

1,257

7423477.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

4,046

3,979

7423657.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

5,054

4,830

7423833.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

3,968

3,934

7425061.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

4,977

4,792

7425647.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

8,530

7,459

7425835.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

5,887

5,506

7426255.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

3,032

2,242

7426327.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

746

623

7426430.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

676

660

7426502.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

10,969

10,195

7427050.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

20,152

1,295

7427416.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

4,518

4,435

7427569.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

6,110

5,952

7427771.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

3,214

3,109

7428663.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

6,690

6,402

7428823.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

12,990

12,772

7429631.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

6,425

6,220

7429768.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

11,265

10,931

7430066.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

21,007

20,565

7430680.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

3,048

2,795

7430917.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

12,354

12,086

7431939.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

1,833

1,806

7431987.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

357

353

7431999.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

61,102

50,745

7433056.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

5,952

5,860

7435657.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

4,604

4,529

7436046.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

7,917

7,691

7436971.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

1,151

1,123

7437247.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

882

863

7437662.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

1,433

1,379

7438474.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

2,436

2,392

7438614.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

3,804

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

179

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7438729.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

$

3,078

$

2,983

7438902.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

8,476

1,169

7439179.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,079

164

7439189.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

9,334

8,927

7440035.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

651

645

7440318.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

2,190

2,161

7440471.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

3,068

3,002

7440620.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,813

1,779

7440684.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

4,127

3,959

7440744.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

4,908

4,517

7440842.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

6,259

6,111

7441037.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

598

584

7441185.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

10,472

9,121

7441937.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

976

266

7442030.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

3,911

3,804

7442092.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

2,778

2,649

7442156.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

6,351

5,825

7442323.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

2,210

2,148

7442376.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

1,558

1,529

7442430.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

3,983

3,900

7442569.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

5,739

5,635

7442747.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

980

966

7442798.SQ.FTS.B

,

Zero

Cpn

,

7/27/25

...

1,382

1,333

7442897.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

2,617

2,586

7443050.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

6,059

5,788

7443270.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

2,200

1,897

7443523.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

414

359

7443538.SQ.FTS.B

,

Zero

Cpn

,

7/28/25

...

4,165

4,059

7444163.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

1,035

1,011

7444181.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

1,104

1,083

7444315.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

12,342

11,996

7445544.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

723

714

7445629.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

1,489

1,257

7445696.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

1,487

1,470

7446581.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

3,724

3,231

7446704.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

3,698

3,569

7446808.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

28,280

27,086

7447608.SQ.FTS.B

,

Zero

Cpn

,

7/29/25

...

5,699

5,540

7447727.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

12,096

7,141

7448168.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

782

764

7448292.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

2,737

2,655

7449054.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

18,975

18,512

7449674.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

5,929

871

7450217.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

5,030

4,885

7450341.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

1,692

1,642

7450385.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

16,744

15,988

7450836.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

294

291

7450843.SQ.FTS.B

,

Zero

Cpn

,

7/30/25

...

380

284

7451190.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

3,248

3,105

7451238.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

3,137

3,046

7451527.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

2,832

2,778

7451725.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

17,208

16,301

7452565.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

28,655

27,964

7453174.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

5,388

5,259

7453402.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

4,734

4,596

7453555.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

3,062

3,000

7453701.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

3,358

3,292

7453953.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

4,065

3,947

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7454083.SQ.FTS.B

,

Zero

Cpn

,

7/31/25

...

$

1,452

$

1,146

7456232.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

1,044

1,022

7456391.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

1,497

1,448

7456506.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

659

649

7456558.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

2,277

966

7456604.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

7,980

5,612

7456866.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

1,143

1,129

7457066.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

8,759

6,752

7457540.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

527

508

7457600.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

6,368

6,281

7458051.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

2,788

2,751

7458281.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

7,644

751

7458414.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

317

314

7458970.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

8,524

8,330

7459192.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

2,982

19

7459244.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

912

856

7459286.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

8,119

7,847

7459663.SQ.FTS.B

,

Zero

Cpn

,

8/01/25

...

2,549

2,477

7459895.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,866

2,519

7460112.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

609

604

7461094.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

1,075

1,060

7461204.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

583

464

7461360.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

702

691

7461384.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

1,055

788

7461398.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,753

1,039

7461465.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

3,264

2,188

7461512.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

4,488

3,323

7461553.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

2,578

2,484

7461672.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

5,962

5,866

7461863.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

566

383

7461871.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

11,515

11,315

7462647.SQ.FTS.B

,

Zero

Cpn

,

8/02/25

...

3,894

3,741

7462735.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

2,188

2,129

7462809.SQ.FTS.B

,

Zero

Cpn

,

8/03/25

...

42,152

40,774

7464052.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

15,852

15,378

7464363.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

4,392

4,087

7464515.SQ.FTS.B

,

Zero

Cpn

,

8/04/25

...

6,418

6,096

7464926.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

6,735

996

7465024.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

7,388

7,197

7465427.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

2,401

1,708

7465684.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

3,135

3,044

7466019.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

4,258

4,138

7466258.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

910

869

7466314.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

2,869

2,639

7466474.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

3,183

3,043

7466592.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,742

1,676

7466645.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

3,812

3,740

7466822.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,002

990

7466854.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

13,008

5,932

7467012.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,219

1,028

7467043.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

575

557

7467058.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

4,744

4,328

7467174.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,084

701

7467190.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

2,228

2,189

7467225.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

9,088

8,829

7467572.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

8,174

7,962

7467854.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

2,902

2,524

7467944.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

1,264

1,228

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)

7468014.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

$

1,802

$

1,718

7468055.SQ.FTS.B

,

Zero

Cpn

,

8/05/25

...

28,750

27,477

7468723.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

5,165

4,951

7470121.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

2,340

2,250

7470814.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

14,117

13,803

7471476.SQ.FTS.B

,

Zero

Cpn

,

8/06/25

...

1,229

1,199

7471655.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

8,857

8,381

7471926.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

500

492

7471939.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

16,145

15,564

7472709.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

9,825

9,340

7472913.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

3,415

3,369

7473053.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

37,601

31,678

7473568.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

6,153

6,003

7474742.SQ.FTS.B

,

Zero

Cpn

,

8/07/25

...

2,855

598

7476877.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

25,051

24,308

7478115.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

2,401

895

7478148.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

1,330

1,299

7478188.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

962

949

7478245.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

4,938

3,086

7478314.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

33,370

6,858

7478767.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

1,077

993

7479042.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

2,478

2,439

7479092.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

835

576

7479113.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

566

558

7479131.SQ.FTS.B

,

Zero

Cpn

,

8/08/25

...

18,402

17,745

7480273.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

23,163

22,074

7481668.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

852

830

7481690.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

6,188

5,998

7481823.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

13,312

12,889

7482168.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

737

709

7482232.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

644

627

7482244.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

1,489

1,412

7482274.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

7,877

7,707

7482809.SQ.FTS.B

,

Zero

Cpn

,

8/09/25

...

15,500

15,140

7484096.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

3,740

3,571

7484189.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

16,019

14,231

7484471.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

1,338

998

7484514.SQ.FTS.B

,

Zero

Cpn

,

8/11/25

...

12,442

12,253

7485386.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

6,846

1,162

7485659.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

938

900

7485847.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

1,551

1,519

7485949.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

5,926

5,842

7486310.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

12,157

11,859

7486700.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

2,206

2,154

7486727.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

1,765

1,401

7486754.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

406

396

7486772.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

26,345

25,653

7487370.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

616

595

7487397.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

16,726

16,329

7487839.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

2,296

2,250

7487915.SQ.FTS.B

,

Zero

Cpn

,

8/12/25

...

41,292

35,483

7488367.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

5,883

5,791

7489288.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

7,873

7,761

7489972.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

13,167

11,954

7490319.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

24,076

22,146

7490860.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

9,236

1,843

7491011.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

851

173

7491096.SQ.FTS.B

,

Zero

Cpn

,

8/13/25

...

30,819

30,286

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7492036.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

$

477

$

468

7492149.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

9,532

9,332

7492564.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

10,810

8,879

7493166.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

6,072

5,915

7493445.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

5,160

3,136

7493533.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

2,957

2,859

7493663.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

456

447

7493693.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

6,127

5,913

7493868.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

2,569

2,269

7493998.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

17,807

15,334

7494332.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

5,414

5,351

7494646.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

1,960

1,880

7494742.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

2,741

2,680

7494967.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

44

35

7494978.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

2,609

2,537

7495215.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

11,465

8,297

7495531.SQ.FTS.B

,

Zero

Cpn

,

8/14/25

...

28,307

27,500

7500412.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

904

893

7500489.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,100

1,068

7500546.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

4,101

3,921

7500684.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

365

340

7501683.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

3,668

3,577

7502046.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

13,223

12,737

7502359.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

12,737

12,450

7502720.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

1,368

1,342

7502755.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

6,175

5,885

7502831.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

9,493

9,259

7503077.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

5,648

998

7503563.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

4,799

4,689

7503959.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

2,559

2,485

7504041.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

857

618

7504047.SQ.FTS.B

,

Zero

Cpn

,

8/15/25

...

21,580

20,846

7504528.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

4,632

4,345

7504978.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

10,422

10,183

7505604.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

4,612

4,522

7506371.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

2,356

1,340

7506425.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

4,009

3,914

7507182.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

1,194

1,129

7507222.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

1,681

1,651

7507303.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

5,379

5,264

7507480.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

3,681

3,589

7507529.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

4,542

4,354

7507718.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

5,202

5,012

7507896.SQ.FTS.B

,

Zero

Cpn

,

8/16/25

...

9,266

8,998

7508857.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

374

364

7508988.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

8,703

7,992

7509164.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

1,876

1,813

7509485.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

5,746

5,519

7509634.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

5,024

4,817

7509745.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

1,641

1,524

7509789.SQ.FTS.B

,

Zero

Cpn

,

8/17/25

...

11,543

11,341

7510155.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

7,961

7,582

7510461.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

3,278

1,119

7510503.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

2,218

2,090

7510547.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

5,334

5,210

7510656.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

3,987

3,829

7510756.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

5,558

5,424

7510920.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

5,535

5,340

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)

7511037.SQ.FTS.B

,

Zero

Cpn

,

8/18/25

...

$

4,973

$

4,903

7511244.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

4,054

3,917

7511473.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

2,580

2,480

7511573.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

46,838

45,006

7512260.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

194

193

7512315.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

4,111

3,913

7512384.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

1,597

1,582

7512538.SQ.FTS.B

,

Zero

Cpn

,

8/19/25

...

16,403

15,649

7512941.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

8,067

7,575

7513040.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

1,112

1,088

7513049.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

4,129

4,032

7513664.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

4,836

4,429

7513911.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

2,534

2,332

7513968.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

524

496

7513981.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

21,078

20,641

7514529.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

1,324

1,300

7514593.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

12,958

12,803

7514996.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

2,038

1,991

7515032.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

4,447

4,178

7515105.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

696

670

7515133.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

12,777

11,984

7515365.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

5,091

4,899

7515681.SQ.FTS.B

,

Zero

Cpn

,

8/20/25

...

38,332

36,410

7516512.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

3,726

3,575

7516707.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

2,943

633

7516742.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

16,721

16,336

7517685.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

3,479

3,274

7517826.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

8,218

8,108

7518224.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

2,584

2,513

7518279.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

1,159

690

7518657.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

35,185

32,975

7519347.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

7,348

7,175

7519545.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

837

826

7519572.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

2,528

2,463

7519624.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

2,117

2,033

7519671.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

2,233

2,185

7519753.SQ.FTS.B

,

Zero

Cpn

,

8/21/25

...

7,942

7,810

7521805.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

8,958

8,595

7522111.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

6,304

6,053

7522282.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

2,075

2,059

7522649.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

2,514

2,464

7523139.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

10,400

10,199

7523812.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

1,910

1,845

7523965.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

8,144

8,023

7524290.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

2,808

2,726

7524489.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

6,646

6,340

7524572.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

26,710

25,936

7525298.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

15,425

15,015

7525770.SQ.FTS.B

,

Zero

Cpn

,

8/22/25

...

14,313

14,019

7526086.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

1,805

1,728

7526223.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

4,385

3,836

7526404.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

5,389

4,761

7526747.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

720

697

7526787.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

1,283

1,262

7527338.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

718

690

7527430.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

1,307

1,197

7527481.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

4,919

500

7527745.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

414

340

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7527754.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

$

3,706

$

3,565

7527949.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

3,461

3,399

7528062.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

658

637

7528450.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

373

360

7528460.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

6,122

5,916

7528609.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

2,565

2,184

7528647.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

2,526

2,450

7528697.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

5,557

5,456

7528939.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

8,206

7,980

7529246.SQ.FTS.B

,

Zero

Cpn

,

8/23/25

...

28,853

28,390

7529703.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

3,799

2,893

7529757.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

22,285

7,025

7530132.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

3,914

3,605

7530204.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

620

596

7530224.SQ.FTS.B

,

Zero

Cpn

,

8/24/25

...

3,514

3,173

7530328.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

3,350

3,262

7530429.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

955

811

7530460.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

13,125

12,564

7530753.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

4,535

4,449

7530872.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

1,847

1,792

7530955.SQ.FTS.B

,

Zero

Cpn

,

8/25/25

...

6,146

5,640

7531647.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,008

987

7531725.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

14,848

14,483

7532697.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

994

943

7532803.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

3,582

1,383

7532902.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

717

620

7532927.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

5,119

5,016

7533668.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

791

763

7533844.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,059

1,016

7533882.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

8,008

7,755

7534105.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

7,754

7,103

7534222.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

3,893

3,315

7534319.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

8,795

8,624

7534581.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

18,554

18,333

7535724.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

667

626

7535759.SQ.FTS.B

,

Zero

Cpn

,

8/26/25

...

1,639

1,613

7536001.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

408

397

7536011.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

5,991

5,854

7536218.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,609

1,458

7536249.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

4,101

461

7536350.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

3,520

3,359

7536551.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

23,904

22,477

7537805.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

30,222

29,227

7538544.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

13,785

12,198

7538783.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

1,838

1,784

7538831.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

3,522

3,419

7539480.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

654

641

7539538.SQ.FTS.B

,

Zero

Cpn

,

8/27/25

...

10,860

9,708

7539851.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

5,110

4,970

7540141.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

1,941

1,847

7540350.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

51,978

49,014

7542122.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

2,313

224

7542196.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

26,474

24,889

7543131.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

1,019

1,002

7543238.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

2,069

2,033

7543351.SQ.FTS.B

,

Zero

Cpn

,

8/28/25

...

15,249

14,704

7546106.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

2,636

2,584

7546728.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

11,477

11,262

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)

7548215.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

$

21,056

$

19,411

7548784.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

1,952

1,513

7549125.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

1,643

1,565

7549172.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

618

600

7549195.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

448

395

7549210.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

1,324

1,308

7549349.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

2,920

2,854

7549575.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

2,946

2,854

7549763.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

744

722

7549794.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

4,903

4,718

7550055.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

10,726

10,272

7550323.SQ.FTS.B

,

Zero

Cpn

,

8/29/25

...

28,358

27,222

7550424.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

2,300

2,254

7550614.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

1,466

1,087

7550662.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

492

481

7550911.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

3,552

3,464

7551061.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

5,444

5,386

7551827.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

10,201

9,707

7552349.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

9,701

9,432

7552618.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

2,810

2,481

7552685.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

57,593

55,568

7554193.SQ.FTS.B

,

Zero

Cpn

,

9/01/25

...

9,186

9,062

7554508.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

6,277

6,091

7554667.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

2,322

2,061

7554714.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

1,866

1,767

7554763.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

11,800

11,610

7555295.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

9,582

9,219

7555578.SQ.FTS.B

,

Zero

Cpn

,

9/02/25

...

1,138

1,125

7555665.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

10,354

9,934

7555997.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

3,673

2,731

7556110.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

908

899

7556166.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

7,864

7,623

7556443.SQ.FTS.B

,

Zero

Cpn

,

9/03/25

...

1,544

1,495

7557781.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,411

1,378

7557901.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,955

1,924

7558147.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,938

1,878

7558607.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

7,698

7,543

7559029.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

43,625

41,773

7560321.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

1,388

1,271

7560511.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

3,465

3,249

7560645.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

487

351

7560813.SQ.FTS.B

,

Zero

Cpn

,

9/04/25

...

5,336

5,133

7560996.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

3,358

3,236

7561266.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

10,704

10,249

7561634.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

23,116

22,162

7562519.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

8,154

7,822

7562843.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,880

1,849

7562885.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

8,387

6,137

7563048.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

474

335

7563058.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

7,205

7,054

7563355.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

4,194

4,068

7563453.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

53,614

49,564

7564343.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,409

1,240

7564507.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

4,519

4,436

7564634.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

4,255

4,082

7564687.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

1,213

1,189

7564723.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

5,691

5,488

7564897.SQ.FTS.B

,

Zero

Cpn

,

9/05/25

...

3,620

3,551

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7565054.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

$

1,284

$

1,255

7565355.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

3,056

2,927

7565470.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,530

1,487

7565514.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,732

1,462

7565576.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,933

1,876

7565626.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

10,115

9,614

7565835.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

15,139

14,775

7566454.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

872

800

7566473.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

1,223

1,159

7566502.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

4,815

3,809

7566683.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

9,617

9,328

7566892.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

12,685

11,224

7567247.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

19,627

18,638

7567689.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

12,187

11,869

7567979.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

11,059

10,660

7568304.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

4,107

4,033

7568432.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

472

467

7568458.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

8,708

8,514

7568624.SQ.FTS.B

,

Zero

Cpn

,

9/06/25

...

6,691

6,306

7571315.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

1,631

1,587

7571356.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

26,916

22,108

7571626.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

7,361

7,126

7571798.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

16,192

11,735

7572337.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

1,946

1,676

7572383.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

19,942

18,806

7573520.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

12,241

12,009

7573833.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

1,383

1,361

7573856.SQ.FTS.B

,

Zero

Cpn

,

9/07/25

...

33,185

32,270

7574770.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

20,965

20,024

7576846.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

31,489

30,357

7577292.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

13,906

13,521

7577861.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

6,262

6,035

7578016.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

5,322

5,097

7578081.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

1,752

1,729

7578294.SQ.FTS.B

,

Zero

Cpn

,

9/08/25

...

3,652

3,434

7578410.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

12,033

11,780

7578744.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

1,424

1,185

7579126.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

3,254

3,059

7579215.SQ.FTS.B

,

Zero

Cpn

,

9/09/25

...

10,694

10,240

7579451.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

1,161

1,150

7579584.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

3,299

3,205

7579763.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

1,703

1,688

7579886.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

1,254

1,222

7580080.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

7,136

6,202

7580308.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

1,192

1,049

7580356.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

510

503

7580380.SQ.FTS.B

,

Zero

Cpn

,

9/10/25

...

1,731

1,525

7580559.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

478

465

7580581.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

1,203

1,148

7580618.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

1,911

1,778

7580654.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

10,746

10,515

7581381.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

1,690

1,630

7581478.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

2,030

1,993

7581677.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

7,451

7,250

7581984.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

127

123

7583029.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

8,923

8,716

7583915.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

1,788

1,740

7584006.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

2,356

2,078

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)

7584085.SQ.FTS.B

,

Zero

Cpn

,

9/11/25

...

$

2,090

$

2,034

7584366.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

8,223

8,016

7584814.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

146

142

7584863.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

21,314

10,066

7585483.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

8,432

8,180

7585818.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

3,075

2,980

7585994.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

23,153

19,088

7586465.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

6,232

6,042

7586626.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

1,817

1,660

7586653.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

32,231

31,380

7587250.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,616

2,520

7587304.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,901

2,836

7587356.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

2,452

2,067

7587403.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

1,015

986

7587451.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

1,879

1,794

7587494.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

14,045

13,614

7587754.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

4,690

4,623

7587908.SQ.FTS.B

,

Zero

Cpn

,

9/12/25

...

8,530

6,484

7588141.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

3,750

3,666

7588211.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

541

261

7588214.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

7,339

7,143

7588476.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

2,918

2,797

7588555.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

804

145

7588583.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,982

1,926

7588655.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

4,992

4,801

7588897.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,481

1,420

7588976.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

720

707

7589012.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

6,424

6,336

7589355.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,218

702

7589431.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

4,983

2,596

7589657.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,477

1,436

7589717.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,278

1,244

7589738.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,363

1,284

7589770.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

33,357

31,638

7590250.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

2,953

2,891

7590297.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

5,193

5,031

7590335.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

2,231

2,169

7590349.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

2,108

2,021

7590362.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,262

1,228

7590383.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

1,101

1,076

7590426.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

5,440

5,374

7590555.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

283

275

7590558.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

11,758

11,548

7590816.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

463

372

7590831.SQ.FTS.B

,

Zero

Cpn

,

9/13/25

...

5,658

5,561

7593175.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

1,256

1,180

7593312.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

19,048

18,733

7593928.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

7,834

7,451

7594305.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

1,094

906

7594369.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

2,486

2,398

7594561.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

16,673

16,204

7595073.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

3,013

2,896

7595152.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

10,434

10,113

7595360.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

2,253

2,146

7595375.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

3,714

3,606

7595428.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

4,479

4,319

7595512.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

33,447

32,735

7596445.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

2,544

2,427

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7596619.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

$

392

$

371

7596656.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

6,698

6,426

7596868.SQ.FTS.B

,

Zero

Cpn

,

9/14/25

...

3,330

3,218

7597172.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

389

339

7597206.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

4,816

4,692

7597366.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

22,451

21,876

7598449.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

28,996

28,008

7598984.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

15,044

12,583

7599124.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

3,375

2,635

7599157.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

14,129

13,609

7599801.SQ.FTS.B

,

Zero

Cpn

,

9/15/25

...

15,736

15,202

7599947.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

13,128

12,474

7600240.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

2,186

2,118

7600354.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

1,494

1,408

7600381.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

1,304

1,280

7600423.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

2,272

2,219

7600507.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

16,716

16,305

7600838.SQ.FTS.B

,

Zero

Cpn

,

9/16/25

...

4,460

4,414

7601104.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

3,799

3,699

7601177.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

1,329

1,281

7601211.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

3,295

2,818

7601274.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

2,753

2,699

7601396.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

901

867

7601419.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

4,444

4,233

7601615.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

2,057

1,902

7601652.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

1,371

1,347

7601699.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

1,724

1,658

7601738.SQ.FTS.B

,

Zero

Cpn

,

9/17/25

...

1,829

1,185

7602127.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

3,706

3,589

7602187.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

637

626

7602196.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

3,617

3,317

7602306.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

3,171

3,061

7602429.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

23,561

22,814

7603549.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

2,061

1,133

7603590.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

2,334

2,266

7603660.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

2,626

2,593

7603817.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

7,536

7,327

7604100.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

4,969

4,770

7604268.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

4,088

3,971

7604367.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,713

1,672

7604419.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

308

239

7604448.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,863

1,785

7604491.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

6,559

4,351

7604587.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

5,665

5,522

7604736.SQ.FTS.B

,

Zero

Cpn

,

9/18/25

...

1,073

1,048

7605865.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

3,265

3,200

7606041.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,571

4,464

7606209.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

9,390

7,580

7606507.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

910

863

7606547.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,036

3,934

7606842.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

4,534

4,407

7606959.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

466

429

7606974.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

6,723

6,405

7607183.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

3,435

3,002

7607251.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

3,297

3,232

7607330.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

1,583

1,502

7607357.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

10,844

10,195

7607604.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

1,941

1,892

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)

7607629.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

$

2,606

$

2,538

7607663.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

5,957

5,753

7607719.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

1,585

1,559

7607761.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

730

649

7607769.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

1,768

1,694

7607799.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

9,524

9,306

7608108.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

1,474

683

7608128.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

3,478

3,333

7608213.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

10,405

10,104

7608382.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

30,154

29,699

7609168.SQ.FTS.B

,

Zero

Cpn

,

9/19/25

...

699

685

7609354.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

3,354

3,204

7609464.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

7,040

6,867

7609861.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

710

315

7609893.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

11,352

11,081

7610390.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

821

752

7610441.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

3,262

3,024

7610524.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

2,778

2,559

7610598.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

21,046

18,287

7610911.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

13,873

11,254

7611066.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,179

1,156

7611123.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

5,015

4,759

7611237.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,019

984

7611257.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,175

1,067

7611276.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

9,779

9,492

7611418.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,266

45

7611671.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

466

375

7611675.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

4,434

3,927

7611749.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

15,073

14,562

7611976.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

9,691

9,366

7612104.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

914

899

7612120.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,302

1,211

7612144.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,655

1,590

7612174.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

1,968

1,897

7612216.SQ.FTS.B

,

Zero

Cpn

,

9/20/25

...

7,190

6,943

7614490.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

737

706

7614705.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,196

1,160

7614796.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

320

316

7614867.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,634

3,478

7615195.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

5,617

5,309

7615548.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,923

3,743

7615637.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

15,712

14,897

7616265.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

11,148

10,949

7616461.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

9,188

8,758

7616722.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

3,427

3,287

7616765.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

32,905

31,661

7617312.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,865

809

7617327.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

40,034

32,633

7617805.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

1,841

1,482

7617851.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

5,093

4,866

7617917.SQ.FTS.B

,

Zero

Cpn

,

9/21/25

...

7,527

7,337

7618126.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

496

493

7618615.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

3,009

2,870

7618915.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

4,705

4,135

7619208.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

2,903

2,814

7619384.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

4,843

4,702

7619521.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

2,230

2,145

7619618.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

5,398

4,588

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7619796.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

$

4,008

$

3,961

7619999.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

707

597

7620015.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

16,254

15,768

7620569.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

7,192

1,649

7620711.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

1,131

935

7620735.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

6,985

6,783

7620881.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

4,355

4,175

7621018.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

6,487

6,227

7621147.SQ.FTS.B

,

Zero

Cpn

,

9/22/25

...

10,128

9,980

7621259.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

549

514

7621281.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

3,283

3,190

7621346.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,331

1,227

7621436.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

3,836

3,720

7621510.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,257

1,231

7621541.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

1,258

957

7621564.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

13,421

12,832

7621763.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

10,533

10,242

7621935.SQ.FTS.B

,

Zero

Cpn

,

9/23/25

...

18,014

15,886

7622285.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

3,411

3,069

7622342.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

770

519

7622379.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

3,612

3,537

7622553.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

3,185

3,082

7622777.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

2,303

2,243

7622832.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

6,147

4,952

7622928.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

819

806

7622953.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

2,997

2,883

7623010.SQ.FTS.B

,

Zero

Cpn

,

9/24/25

...

2,322

1,551

7623320.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

1,561

1,520

7623372.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

987

974

7623408.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

6,787

6,666

7623864.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

5,560

5,282

7624139.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

833

815

7624158.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

8,899

8,719

7624500.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

4,163

3,976

7625481.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

36,849

31,540

7626430.SQ.FTS.B

,

Zero

Cpn

,

9/25/25

...

5,470

5,356

7626562.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

2,227

1,890

7627820.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

1,577

1,229

7627911.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

5,916

5,615

7628118.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

2,645

2,109

7628162.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

506

492

7628170.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

6,655

6,534

7628364.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

9,439

9,141

7628517.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

12,956

12,433

7628791.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

24,428

23,660

7629269.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

3,239

3,160

7629381.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

10,152

9,847

7629647.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

5,236

5,027

7629744.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

3,822

3,741

7629887.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

1,263

1,196

7629910.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

9,410

8,774

7630120.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

286

281

7630126.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

3,455

2,925

7630281.SQ.FTS.B

,

Zero

Cpn

,

9/26/25

...

1,554

1,505

7630315.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

2,251

2,219

7630432.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

21,188

20,648

7631077.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

520

511

7631160.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

2,899

2,757

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)

7631227.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

$

6,870

$

6,658

7631377.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

5,363

5,221

7632269.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

9,694

9,498

7632487.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

39

39

7632497.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

11,838

11,346

7632770.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

13,762

13,216

7633058.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

4,163

3,994

7633143.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

11,554

11,324

7633393.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

2,484

2,421

7633493.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

3,292

2,774

7633539.SQ.FTS.B

,

Zero

Cpn

,

9/27/25

...

8,305

7,733

7635785.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

6,648

6,426

7636007.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,534

1,070

7636061.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

11,820

11,506

7636792.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,936

1,899

7636866.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

2,460

2,408

7636998.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,866

1,667

7637054.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

11,265

10,749

7637379.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

4,058

3,788

7637440.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

325

307

7637460.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

6,118

5,433

7637677.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

32,732

31,711

7638496.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

7,432

7,276

7638871.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,559

1,368

7638920.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

2,024

1,089

7638946.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

13,359

12,916

7639345.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

890

875

7639363.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,684

1,643

7639388.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

563

484

7639410.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

3,739

3,469

7639525.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

2,459

2,382

7639579.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

1,468

1,064

7639605.SQ.FTS.B

,

Zero

Cpn

,

9/28/25

...

8,631

8,456

7639750.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

1,773

1,422

7639826.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

6,698

6,472

7640370.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

2,827

2,735

7640549.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

5,867

5,676

7640815.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,714

3,599

7641180.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

4,577

4,440

7641373.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

1,888

1,855

7641597.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,764

3,720

7641799.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

2,990

2,889

7641906.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

30,055

27,357

7642419.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

7,496

7,301

7642626.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

5,392

5,202

7642769.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

1,079

1,031

7642787.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

3,288

3,081

7642888.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

10,397

9,035

7643182.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

1,721

1,678

7643287.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

2,375

2,152

7643344.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

1,008

962

7643394.SQ.FTS.B

,

Zero

Cpn

,

9/29/25

...

22,814

22,427

7643470.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

6,988

6,771

7643697.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,946

1,892

7643750.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,773

1,704

7643781.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

1,880

1,765

7643914.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

12,754

12,380

7644312.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

9,823

8,757

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7644545.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

$

21,669

$

16,964

7645285.SQ.FTS.B

,

Zero

Cpn

,

9/30/25

...

5,040

4,959

7645735.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

497

485

7645813.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

946

193

7645870.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

11,622

11,258

7647526.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

14,425

14,147

7648107.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

16,603

15,038

7648585.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

2,810

2,756

7648709.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

4,088

3,698

7648874.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

2,618

2,547

7649023.SQ.FTS.B

,

Zero

Cpn

,

10/01/25

..

9,523

9,178

7649639.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

6,102

5,603

7649865.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

2,016

1,991

7649988.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

4,661

4,441

7650164.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

883

796

7650248.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

2,814

2,682

7650453.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

2,158

2,105

7650943.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

12,824

11,867

7651482.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

7,536

7,016

7651705.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

1,992

1,953

7651790.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

42

41

7651792.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

14,865

14,354

7652073.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

28,299

27,483

7653005.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

2,767

2,124

7653050.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

35,294

33,664

7653830.SQ.FTS.B

,

Zero

Cpn

,

10/02/25

..

1,610

1,592

7653967.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

1,868

1,769

7654037.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

27,597

26,918

7655257.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

28,508

27,093

7655826.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,453

4,388

7656099.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

14,359

13,984

7656528.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

1,371

1,293

7656556.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

8,441

8,003

7656711.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,231

3,590

7656805.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

8,795

8,514

7657081.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

5,146

5,040

7657242.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

1,665

1,592

7657269.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

11,518

11,179

7657540.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

4,443

1,369

7657597.SQ.FTS.B

,

Zero

Cpn

,

10/03/25

..

8,519

8,133

7659774.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,774

2,583

7659875.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

436

285

7659887.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

3,030

2,592

7660264.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

18,823

18,050

7660990.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

22,619

20,231

7661564.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

1,188

1,124

7661595.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

2,249

2,138

7661730.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

23,766

22,637

7662217.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

4,823

3,843

7662304.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

61,110

59,491

7663594.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

1,711

1,641

7663637.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

3,003

2,928

7663716.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

3,569

3,397

7663786.SQ.FTS.B

,

Zero

Cpn

,

10/04/25

..

15,351

14,611

7664448.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

754

736

7664462.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

2,096

1,996

7665222.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,798

3,716

7665345.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

680

669

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)

7665377.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

$

642

$

632

7665427.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

4,662

4,513

7665718.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

17,323

13,050

7666168.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,672

3,306

7666278.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

1,620

1,576

7666333.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

31,591

30,666

7667040.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

4,718

4,488

7667122.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

10,062

8,966

7667343.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

1,280

1,017

7667434.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

3,591

3,525

7667536.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

8,547

8,357

7667738.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

5,363

5,152

7667847.SQ.FTS.B

,

Zero

Cpn

,

10/05/25

..

890

808

7667877.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

1,466

1,436

7667933.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

34,644

10,505

7668617.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

3,020

2,952

7668773.SQ.FTS.B

,

Zero

Cpn

,

10/06/25

..

1,487

902

7668989.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

2,359

2,294

7669086.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

12,108

11,610

7669373.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

5,181

5,091

7669539.SQ.FTS.B

,

Zero

Cpn

,

10/07/25

..

7,595

7,246

7670094.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

7,023

6,865

7670642.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

928

911

7670758.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

3,094

2,961

7671011.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

418

121

7671209.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

16,970

16,281

7671787.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

4,388

4,202

7671923.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

5,048

4,071

7672033.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

11,625

10,379

7672574.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

6,824

5,758

7672835.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

7,631

7,474

7673124.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

2,490

2,400

7673194.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

4,663

4,487

7673355.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

4,166

3,855

7673435.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

1,038

1,015

7673474.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

1,697

1,668

7673573.SQ.FTS.B

,

Zero

Cpn

,

10/08/25

..

5,674

5,259

7673616.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

14,518

14,100

7674163.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

12,359

11,590

7674704.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

557

547

7674741.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,236

1,064

7674807.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,563

1,522

7674912.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,373

1,352

7674982.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

3,490

3,395

7675118.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

569

559

7675149.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

4,992

4,482

7675272.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

7,151

6,968

7675427.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

3,132

3,063

7675548.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

2,436

2,357

7675579.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,624

1,595

7675955.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

2,711

2,649

7676029.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

2,372

2,273

7676081.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

1,796

1,744

7676122.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

2,689

2,571

7676186.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

786

762

7676203.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

627

615

7676230.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

27,252

26,434

7676986.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

3,144

3,061

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7677059.SQ.FTS.B

,

Zero

Cpn

,

10/09/25

..

$

26,512

$

25,559

7677246.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

1,954

1,932

7677613.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

5,239

4,469

7677812.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

527

511

7677832.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

11,663

11,434

7678592.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

38,306

36,707

7679766.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

3,317

3,242

7679832.SQ.FTS.B

,

Zero

Cpn

,

10/10/25

..

48,394

46,438

7682300.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

2,716

2,638

7682410.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

15,726

15,166

7683127.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

2,238

1,152

7683197.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

2,152

2,117

7683322.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

5,879

2,424

7683502.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

546

377

7683518.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

3,630

3,529

7683706.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

7,304

6,389

7683899.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

67,153

62,663

7685453.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

2,813

2,702

7685513.SQ.FTS.B

,

Zero

Cpn

,

10/11/25

..

25,317

24,623

7686059.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

1,602

1,526

7686198.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

4,498

3,667

7686421.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

3,231

3,108

7686514.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

8,828

8,573

7687178.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

10,964

8,201

7687505.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

380

356

7687750.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

1,202

1,165

7687803.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

10,171

9,971

7688253.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

30,178

29,512

7689138.SQ.FTS.B

,

Zero

Cpn

,

10/12/25

..

18,513

17,824

7689293.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

4,119

3,975

7689371.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

5,436

5,270

7689469.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

6,049

5,839

7689601.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

578

573

7689627.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

12,060

11,642

7689857.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

7,010

6,861

7690074.SQ.FTS.B

,

Zero

Cpn

,

10/13/25

..

4,541

4,263

7690162.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

11,854

9,421

7690387.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

3,755

3,680

7690511.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

1,054

757

7690525.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

5,828

5,573

7690594.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

3,129

2,964

7690656.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

2,424

2,375

7690720.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

1,525

1,459

7690754.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

2,663

2,606

7690814.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

2,429

2,336

7690870.SQ.FTS.B

,

Zero

Cpn

,

10/14/25

..

13,174

12,412

7691637.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

3,964

3,513

7691830.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

1,424

1,336

7691925.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

3,213

2,035

7692013.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

5,977

5,502

7692227.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

2,384

2,279

7692302.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

12,475

11,582

7692563.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

1,174

1,121

7692666.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

983

874

7692692.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

1,013

976

7692735.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

2,489

2,432

7692826.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

10,911

10,711

7693126.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

3,503

3,405

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)

7693227.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

$

7,147

$

6,992

7693405.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

2,513

2,387

7693460.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

2,504

2,143

7693492.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

29,418

26,202

7693971.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

13,456

12,602

7694275.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

4,066

3,324

7694390.SQ.FTS.B

,

Zero

Cpn

,

10/15/25

..

23,223

20,652

7695254.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

1,547

1,470

7695295.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

5,588

5,015

7695489.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

648

570

7695517.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

644

630

7695534.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

6,566

5,969

7695718.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

4,969

4,753

7695846.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

5,172

4,588

7696027.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

10,224

9,960

7696233.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

1,086

1,079

7696304.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

4,587

4,278

7696384.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

9,182

8,855

7696585.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

6,260

6,012

7696704.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

2,152

2,073

7696775.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

2,449

2,339

7696814.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

14,062

13,807

7697279.SQ.FTS.B

,

Zero

Cpn

,

10/16/25

..

18,695

17,879

7697595.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

3,554

3,301

7697716.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

9,632

1,021

7697915.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

1,760

1,710

7697987.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

2,993

2,933

7698140.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

11,889

11,253

7698556.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

3,337

3,174

7698643.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

2,456

2,376

7698716.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

3,326

3,251

7698820.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

1,344

1,309

7698853.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

11,682

11,310

7699047.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

3,283

3,227

7699550.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

9,306

8,225

7699696.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

36,506

33,049

7700190.SQ.FTS.B

,

Zero

Cpn

,

10/17/25

..

6,374

5,704

7701772.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

2,756

2,559

7701828.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

2,614

2,487

7702244.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

2,277

1,942

7702400.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

1,786

1,680

7702437.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

4,957

4,765

7702604.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

2,876

2,436

7702698.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

990

976

7702787.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

40,758

39,368

7703816.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

1,903

1,836

7703868.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

511

486

7703885.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

3,575

3,032

7704012.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

1,251

1,226

7704065.SQ.FTS.B

,

Zero

Cpn

,

10/18/25

..

1,975

1,918

7704455.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

452

444

7705039.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

15,373

14,208

7705505.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

2,994

2,909

7705618.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

3,273

2,955

7705667.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

16,974

16,685

7706301.SQ.FTS.B

,

Zero

Cpn

,

10/19/25

..

18,461

17,839

7706766.SQ.FTS.B

,

Zero

Cpn

,

10/20/25

..

2,367

2,314

7706826.SQ.FTS.B

,

Zero

Cpn

,

10/20/25

..

1,832

1,747

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7706860.SQ.FTS.B

,

Zero

Cpn

,

10/20/25

..

$

27,289

$

24,504

7707326.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

1,449

1,047

7707353.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

2,782

2,702

7707410.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

4,338

4,056

7707481.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

1,118

1,105

7707515.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

5,047

4,895

7707604.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

793

443

7707609.SQ.FTS.B

,

Zero

Cpn

,

10/21/25

..

6,254

6,125

7707955.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

626

621

7708185.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

1,755

1,676

7708336.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

2,178

2,107

7708402.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

13,401

12,594

7708642.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

1,915

1,852

7708676.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

49,875

44,714

7709235.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

1,864

1,787

7709257.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

5,738

5,576

7709387.SQ.FTS.B

,

Zero

Cpn

,

10/22/25

..

11,882

11,474

7709743.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

1,543

1,473

7709864.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

6,412

5,952

7710105.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

367

342

7710132.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

3,157

3,097

7710213.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

1,539

1,510

7710384.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

3,103

3,047

7712570.SQ.FTS.B

,

Zero

Cpn

,

10/23/25

..

20,698

19,914

7714661.SQ.FTS.B

,

Zero

Cpn

,

10/24/25

..

4,697

4,550

7721370.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,723

3,589

7721630.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

729

671

7721660.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

5,381

5,225

7721804.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

6,383

6,128

7722005.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,617

1,595

7722120.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

6,362

6,098

7722271.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

12,556

9,551

7722484.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

6,682

6,266

7722622.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

2,173

2,051

7722653.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,434

3,316

7722695.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

7,032

6,736

7722826.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,113

2,643

7722951.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,505

3,304

7722996.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,920

2,259

7723033.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

2,108

2,070

7723093.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

276

275

7723206.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

9,024

8,719

7723355.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,440

3,236

7723449.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

626

556

7723458.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,009

817

7723475.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

9,001

8,817

7723653.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

2,447

2,329

7723682.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

8,601

8,408

7723793.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,565

1,499

7723826.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

1,784

1,567

7723869.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

2,852

2,807

7723970.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

4,678

4,431

7724116.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

4,541

4,249

7724222.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

12,224

11,524

7724441.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

6,673

5,079

7724525.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

416

406

7724542.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

3,222

3,134

7724584.SQ.FTS.B

,

Zero

Cpn

,

10/25/25

..

4,024

3,949

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)

7724820.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

$

7,914

$

7,547

7724959.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,194

2,070

7725014.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,248

1,196

7725052.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

8,544

8,018

7725212.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,780

3,447

7725282.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,735

5,447

7725393.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,689

5,589

7725534.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

6,104

5,915

7725714.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

9,080

8,564

7725871.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

28,810

27,561

7726689.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,736

4,593

7726762.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,409

941

7726811.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,668

5,264

7726882.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

20,994

20,308

7727231.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

35,889

34,712

7727809.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

2,846

2,735

7727844.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

23,422

22,542

7728307.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,638

5,461

7728374.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,334

1,194

7728390.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

3,059

2,932

7728433.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

53,055

50,076

7729230.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

10,261

9,807

7729424.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

4,273

3,891

7729472.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

5,058

4,856

7729535.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,321

1,027

7729549.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

1,528

1,447

7729563.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

35,516

34,419

7730120.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

6,389

6,030

7730230.SQ.FTS.B

,

Zero

Cpn

,

10/26/25

..

34,511

31,967

7730552.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

9,557

9,217

7730648.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

543

526

7730655.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

1,295

1,144

7730666.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

3,379

3,136

7730693.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

1,638

1,560

7730733.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

975

953

7730747.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

19,202

18,769

7731849.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

1,543

1,462

7731893.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

5,360

5,120

7732077.SQ.FTS.B

,

Zero

Cpn

,

10/27/25

..

5,924

5,702

7732429.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

926

849

7732469.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

4,519

4,327

7732660.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

12,745

12,037

7733155.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

3,769

3,048

7733275.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

2,849

2,648

7733410.SQ.FTS.B

,

Zero

Cpn

,

10/28/25

..

5,265

4,240

7733822.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

15,419

14,894

7736165.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

4,021

3,867

7736325.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,024

991

7736437.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

3,913

3,819

7737103.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

942

804

7737139.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

2,543

2,449

7737274.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,155

1,061

7737343.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

1,998

1,941

7737427.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

15,830

15,113

7738069.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

3,174

3,110

7738197.SQ.FTS.B

,

Zero

Cpn

,

10/29/25

..

8,092

7,048

7738358.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

37,909

34,832

7739519.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

10,740

10,337

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7740074.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

$

664

$

654

7740132.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

1,879

1,806

7740176.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

11,233

10,768

7740562.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

1,546

1,515

7740613.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

3,156

2,995

7740694.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

7,261

6,981

7740929.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

1,033

1,011

7740952.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

3,806

3,430

7741037.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

59,599

58,059

7742355.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

5,422

5,158

7742514.SQ.FTS.B

,

Zero

Cpn

,

10/30/25

..

1,504

1,462

7742681.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

17,761

16,945

7743187.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

3,787

3,451

7743262.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

1,132

1,075

7743295.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

6,460

6,228

7743634.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

3,264

3,010

7743801.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,412

2,307

7743923.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

5,054

4,868

7744093.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

3,303

3,190

7744266.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

1,946

1,890

7744395.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

3,244

3,089

7744495.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

7,003

6,735

7744660.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,279

2,206

7744702.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,532

636

7744755.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

7,498

7,211

7744976.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,902

2,798

7745038.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

45,819

38,616

7745685.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,461

2,258

7745716.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,074

1,963

7745764.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

14,154

13,616

7745988.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

6,678

6,344

7746053.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

2,448

2,359

7746103.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

29,175

27,430

7746598.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

5,496

5,011

7746674.SQ.FTS.B

,

Zero

Cpn

,

11/01/25

..

1,745

1,691

7749220.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

6,499

6,305

7749567.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

7,247

6,964

7749774.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

6,629

6,290

7750055.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

11,192

10,787

7750595.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

10,293

9,605

7750851.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,640

3,487

7750969.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

14,895

14,297

7751365.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,806

3,653

7751484.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

8,187

7,722

7751593.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,210

3,076

7751646.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

1,875

1,642

7751664.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

17,831

17,072

7752105.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

20,102

19,261

7752413.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,916

3,575

7752461.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

1,548

1,438

7752484.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

1,631

1,549

7752529.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

484

451

7752544.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

2,167

2,021

7752600.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

3,200

3,085

7752702.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

243

235

7752986.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

15,685

15,071

7753279.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

2,525

2,411

7753328.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

943

906

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)

7753372.SQ.FTS.B

,

Zero

Cpn

,

11/02/25

..

$

1,978

$

1,638

7753429.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

985

944

7753518.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

1,737

1,626

7753621.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

1,901

1,824

7753679.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

2,322

2,160

7753745.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

3,739

3,567

7753881.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

32,613

31,294

7754912.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

6,673

6,440

7755053.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

971

937

7755066.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

7,875

7,195

7755239.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

6,103

5,563

7755379.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

845

805

7755591.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

6,636

6,378

7755763.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

7,892

7,561

7755972.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

4,803

4,609

7756091.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

1,228

1,183

7756465.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

20,025

18,124

7756920.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

9,070

8,667

7757237.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

4,204

3,868

7757367.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

5,731

5,501

7757540.SQ.FTS.B

,

Zero

Cpn

,

11/03/25

..

2,731

2,602

7757554.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

2,340

2,241

7757617.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

5,664

5,361

7757753.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

4,164

3,978

7757916.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

1,083

989

7757949.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

19,819

18,663

7758598.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

1,682

1,583

7758648.SQ.FTS.B

,

Zero

Cpn

,

11/04/25

..

4,148

3,973

7758740.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

1,563

1,517

7758828.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

2,680

1,709

7758875.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

3,355

3,172

7758960.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

15,332

14,744

7759348.SQ.FTS.B

,

Zero

Cpn

,

11/05/25

..

28,358

26,763

7760251.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

1,354

1,294

7760287.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

6,714

1,854

7760582.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

2,710

2,600

7760734.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

1,583

1,517

7760831.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

1,831

1,761

7760998.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

4,767

3,946

7761595.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

4,525

4,323

7761769.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

2,776

2,625

7761857.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

16,498

15,660

7762292.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

444

431

7762356.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

9,381

9,096

7762973.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

2,647

2,567

7763236.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

8,753

7,042

7763432.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

3,504

3,321

7763604.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

630

611

7763643.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

2,087

1,994

7763737.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

1,928

1,860

7763836.SQ.FTS.B

,

Zero

Cpn

,

11/06/25

..

4,941

4,515

7763983.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

5,292

5,060

7764172.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

4,281

4,055

7764313.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

5,334

2,658

7764456.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

4,547

4,354

7764659.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

12,733

9,821

7764967.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

5,947

5,687

7765272.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

1,175

1,117

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7765431.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

$

535

$

472

7765451.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

4,411

4,249

7765563.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

3,395

3,275

7765700.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

14,519

13,932

7765980.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

16,472

15,205

7766291.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

590

514

7766305.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

18,322

17,588

7766724.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

6,513

5,182

7766819.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

20,581

19,935

7767480.SQ.FTS.B

,

Zero

Cpn

,

11/07/25

..

25,043

23,780

7768041.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

8,539

8,146

7768190.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

1,941

1,874

7768279.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

2,157

2,080

7768390.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

1,191

997

7768468.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

5,633

5,243

7768645.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

1,359

1,308

7768688.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

575

475

7768724.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

1,539

1,477

7768787.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

10,584

10,210

7769147.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

987

945

7769203.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

18,805

17,987

7769752.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

2,958

2,745

7769793.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

7,444

7,126

7769938.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

3,049

2,926

7769998.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

1,454

1,371

7770019.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

15,259

14,356

7770262.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

5,445

5,130

7770343.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

53,004

51,002

7771150.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

3,384

3,276

7771240.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

7,553

7,264

7771363.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

5,084

4,835

7771423.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

4,322

4,129

7771517.SQ.FTS.B

,

Zero

Cpn

,

11/08/25

..

6,049

5,542

7773806.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

6,000

5,779

7774012.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

2,482

2,359

7774075.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

8,365

7,375

7774364.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

3,022

2,909

7774447.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,361

1,297

7774494.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

2,054

1,973

7774669.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

2,250

2,148

7774739.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,171

1,095

7774779.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

5,190

4,742

7774955.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,012

933

7775527.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

19,778

19,051

7776035.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

21,618

20,386

7776535.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,093

1,048

7776568.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

2,500

2,395

7776611.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,664

1,604

7776728.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

575

554

7776761.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

8,373

7,879

7776906.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,902

1,820

7776931.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

9,275

8,947

7777154.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

1,921

1,779

7777228.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

2,779

2,654

7777312.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

560

359

7777338.SQ.FTS.B

,

Zero

Cpn

,

11/09/25

..

34,433

33,232

7777985.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

4,082

3,894

7778130.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

1,315

1,151

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)

7778180.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

$

5,935

$

5,602

7778336.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

1,174

1,125

7778379.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

2,143

2,018

7778432.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

2,695

2,568

7778541.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

1,915

873

7778593.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

1,883

1,676

7778672.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

4,688

3,088

7778842.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

19,010

17,746

7779460.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

2,962

2,849

7779513.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

8,134

7,645

7779662.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

3,396

2,861

7779720.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

8,877

8,490

7779938.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

10,824

10,395

7780162.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

7,111

6,672

7780374.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

416

402

7780392.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

10,147

9,607

7780595.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

2,818

2,458

7780635.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

9,743

9,322

7780729.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

5,141

4,880

7780863.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

5,502

5,025

7781045.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

2,077

1,962

7781121.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

26,327

25,280

7781581.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

336

316

7781598.SQ.FTS.B

,

Zero

Cpn

,

11/10/25

..

16,369

15,544

7781648.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

3,240

3,098

7781743.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

712

684

7781757.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,841

1,533

7781792.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

835

816

7781885.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

5,853

5,615

7782000.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,976

1,865

7782049.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

16,213

15,405

7782351.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

3,231

3,020

7782472.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

4,087

3,930

7782637.SQ.FTS.B

,

Zero

Cpn

,

11/11/25

..

1,476

1,412

7782675.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

17,296

14,681

7783004.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

3,137

2,869

7783076.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

6,808

6,468

7783246.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

1,794

1,089

7783425.SQ.FTS.B

,

Zero

Cpn

,

11/12/25

..

16,083

15,383

7784004.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

905

870

7784061.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

1,846

1,691

7784164.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

5,013

4,841

7784630.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

2,678

2,597

7785125.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

7,563

7,289

7785778.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

3,654

3,110

7785849.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

1,724

1,634

7785899.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

1,180

1,134

7786006.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

2,788

2,675

7786060.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

8,887

8,423

7786255.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

676

641

7786359.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,224

3,982

7786492.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

5,708

5,419

7786700.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,331

4,208

7786921.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

2,561

2,452

7786960.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

7,300

6,680

7787071.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

2,971

2,811

7787150.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

11,224

10,753

7787431.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

581

560

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7787446.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

$

1,836

$

1,684

7787467.SQ.FTS.B

,

Zero

Cpn

,

11/13/25

..

4,362

3,946

7787839.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,224

3,006

7787894.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

4,002

3,827

7787959.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

2,251

2,060

7787996.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

864

780

7788016.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

14,905

14,333

7788444.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

33,767

31,673

7789758.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

13,694

13,046

7790036.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,721

1,654

7790082.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,200

3,091

7790160.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

5,967

5,701

7790308.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

427

405

7790319.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

11,768

11,215

7790499.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

34,984

33,454

7790847.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

10,308

9,736

7790968.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

404

380

7790972.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

9,186

8,820

7791050.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

1,371

1,279

7791064.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

5,362

5,080

7791144.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

8,458

8,134

7791301.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

873

837

7791324.SQ.FTS.B

,

Zero

Cpn

,

11/14/25

..

3,133

2,987

7791372.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

11,822

11,268

7791577.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

1,525

1,487

7791609.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

2,656

2,547

7791653.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,152

2,755

7791700.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

6,152

5,638

7792337.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

2,108

2,019

7792414.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,287

2,529

7792549.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

4,790

4,550

7792716.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,117

2,856

7792803.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

563

534

7792829.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

1,002

663

7792853.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

2,418

2,314

7792924.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

5,287

4,964

7793061.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

2,248

2,113

7793088.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

13,153

12,485

7793359.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

12,470

11,948

7793567.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

885

770

7793579.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,116

2,990

7793624.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

1,023

995

7793653.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

8,575

8,036

7793745.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

473

440

7793749.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

33,832

32,564

7794327.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

2,421

2,318

7794379.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

18,295

17,391

7794833.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

1,116

1,054

7794849.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

3,952

3,753

7794955.SQ.FTS.B

,

Zero

Cpn

,

11/15/25

..

24,402

22,337

7797036.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

4,114

3,658

7797160.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

362

352

7797188.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

14,169

13,583

7797575.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

7,821

7,455

7797904.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

454

397

7797911.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

10,683

10,253

7798241.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

5,596

5,138

7798369.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

4,931

4,650

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)

7798453.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

$

478

$

460

7798486.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

5,130

4,918

7798543.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

3,228

3,069

7798591.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

339

320

7798594.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

3,302

3,154

7798612.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

1,418

1,009

7798649.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

4,145

3,989

7798760.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

49,881

47,841

7799963.SQ.FTS.B

,

Zero

Cpn

,

11/16/25

..

7,491

7,162

7800234.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

11,280

10,630

7800668.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

2,725

2,588

7800701.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

423

393

7800711.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

3,626

3,200

7800739.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

1,383

1,317

7800754.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

4,417

4,196

7800812.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

7,435

7,117

7800894.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

24,173

22,793

7801591.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

895

794

7801627.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

6,312

5,917

7801844.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

7,689

7,321

7802002.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

13,987

13,477

7802298.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

15,000

14,034

7802684.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

6,968

6,636

7802763.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

57,033

54,592

7803843.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

908

606

7803857.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

2,946

2,792

7803938.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

729

608

7803954.SQ.FTS.B

,

Zero

Cpn

,

11/17/25

..

2,720

2,620

7803967.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

4,752

3,825

7804032.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

11,890

7,251

7804160.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

17,959

17,287

7804422.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

8,330

7,879

7804579.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

6,160

5,866

7804668.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

7,514

7,146

7804796.SQ.FTS.B

,

Zero

Cpn

,

11/18/25

..

22,318

21,193

7805086.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

1,823

1,760

7805114.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

1,724

1,511

7805135.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

1,170

1,037

7805154.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

2,160

1,724

7805185.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

3,759

2,939

7805228.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

621

573

7805237.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

1,881

1,796

7805266.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

1,183

1,110

7805284.SQ.FTS.B

,

Zero

Cpn

,

11/19/25

..

31,389

28,792

7805999.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

752

723

7806053.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

5,001

4,801

7806369.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,143

2,048

7806507.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

22,687

21,599

7807293.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

9,041

8,639

7807508.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

13,425

12,866

7807720.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,752

2,665

7807808.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

8,671

8,317

7807986.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,007

965

7808006.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

12,654

11,966

7808217.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

18,873

18,168

7808530.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

7,646

7,262

7808607.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

5,801

5,556

7808750.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,564

2,457

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7808793.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

$

1,106

$

911

7808806.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

7,894

7,518

7808964.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,881

2,745

7809047.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

2,281

2,147

7809092.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

6,003

5,140

7809186.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,472

1,398

7809223.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,555

1,492

7809242.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

1,090

990

7809262.SQ.FTS.B

,

Zero

Cpn

,

11/20/25

..

16,378

15,352

7809534.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

19,625

18,800

7810241.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

2,526

2,171

7810324.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

988

952

7810403.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

32,264

29,565

7811350.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

5,171

4,910

7811469.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

5,793

5,502

7811605.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

4,220

4,017

7811716.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

33,299

31,488

7812510.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

6,657

6,190

7812610.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

5,162

4,393

7812668.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

3,003

2,858

7812686.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

10,779

10,377

7812843.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

11,348

10,715

7813062.SQ.FTS.B

,

Zero

Cpn

,

11/21/25

..

26,928

23,887

7813281.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

3,495

3,189

7813461.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

4,982

4,706

7813618.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

2,651

2,500

7813719.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

9,997

9,668

7814318.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

5,394

5,068

7814569.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

11,772

11,243

7814868.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

4,152

3,984

7815023.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

1,569

1,395

7815059.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

25,378

21,439

7815548.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

4,493

4,176

7815632.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

14,520

13,791

7815825.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

18,338

17,302

7816187.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

14,414

13,541

7816394.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

1,717

1,523

7816421.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

6,806

6,499

7816533.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

3,289

3,165

7816612.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

1,929

1,773

7816638.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

7,838

7,541

7816988.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

1,569

1,337

7817020.SQ.FTS.B

,

Zero

Cpn

,

11/22/25

..

5,634

5,329

7821101.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

4,175

1,655

7821174.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

3,899

1,366

7821263.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

3,070

2,490

7821306.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

5,098

4,838

7821411.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

6,816

6,430

7821666.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

5,945

5,467

7821833.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

16,304

12,397

7822373.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

15,375

14,570

7822859.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

372

361

7822908.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

65,903

63,087

7824274.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

13,706

12,935

7824561.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

1,970

1,848

7824638.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

9,137

8,647

7824819.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

6,380

6,108

7824941.SQ.FTS.B

,

Zero

Cpn

,

11/23/25

..

56,487

50,132

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)

7825441.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

$

1,785

$

1,425

7825494.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

5,695

5,434

7825631.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

28,320

26,572

7826158.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

4,741

4,457

7826241.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,418

2,332

7826292.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

1,626

1,565

7826343.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

16,806

16,005

7826921.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,862

2,654

7827041.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,160

3,023

7827106.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,260

3,094

7827235.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

1,664

1,582

7827306.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

7,321

6,987

7827527.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

1,420

1,332

7827545.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

6,297

6,062

7827766.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

32,046

25,630

7828443.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

3,494

3,362

7828520.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

2,729

2,514

7828757.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

9,109

7,955

7828966.SQ.FTS.B

,

Zero

Cpn

,

11/24/25

..

18,420

17,721

7829327.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

3,127

2,880

7829403.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

3,782

3,616

7829475.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

6,499

6,184

7829715.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

18,368

17,570

7830121.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

3,946

3,767

7830209.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

2,685

2,564

7830282.SQ.FTS.B

,

Zero

Cpn

,

11/25/25

..

16,753

15,456

7830840.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

1,512

1,443

7830872.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

2,655

2,534

7830931.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

5,774

5,476

7831065.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

1,443

1,371

7831096.SQ.FTS.B

,

Zero

Cpn

,

11/26/25

..

10,630

9,795

7831414.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

1,437

1,310

7831470.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

14,235

13,190

7831835.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

972

924

7831870.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

3,180

3,045

7831951.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

16,685

14,371

7832210.SQ.FTS.B

,

Zero

Cpn

,

11/27/25

..

54,880

51,631

7834045.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

7,456

7,136

7834305.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

3,302

3,071

7834406.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

4,740

4,495

7834531.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

9,632

9,213

7834873.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

16,889

16,147

7835352.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

11,157

10,651

7835628.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

19,780

18,968

7836320.SQ.FTS.B

,

Zero

Cpn

,

11/28/25

..

5,614

5,254

7836372.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

32,823

30,495

7836965.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

43,194

37,116

7838037.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

4,633

4,472

7838162.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

48,811

46,286

7838972.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

6,602

6,413

7839114.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

5,701

5,462

7839246.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

6,019

5,768

7839337.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

5,441

5,190

7839409.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

2,736

2,534

7839465.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

1,792

1,333

7839486.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

13,808

13,263

7839744.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

10,350

9,760

7839910.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

9,415

5,989

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7840038.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

$

5,064

$

4,613

7840071.SQ.FTS.B

,

Zero

Cpn

,

11/29/25

..

6,478

6,036

7842368.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,540

3,366

7842488.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,104

1,068

7842516.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

6,909

6,343

7842654.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,432

4,179

7842759.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,980

1,889

7842806.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,893

3,575

7842891.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,154

3,885

7842999.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

7,051

6,766

7843241.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

524

503

7843252.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,842

2,679

7843443.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

5,711

5,357

7843684.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

683

654

7843703.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,273

3,127

7843761.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

16,124

15,375

7844134.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,038

382

7844146.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,422

1,347

7844166.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,197

2,957

7844276.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,955

4,713

7844427.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

14,058

13,061

7844687.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

20,240

19,534

7845157.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

6,629

6,321

7845202.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,229

3,995

7845307.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

8,650

8,202

7845460.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

51,426

48,230

7846295.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

26,022

25,057

7846536.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,603

2,486

7846635.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

426

415

7846694.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,512

4,294

7846794.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

6,578

6,329

7847033.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

576

360

7847048.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,215

1,165

7847107.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,616

4,379

7847297.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,559

1,497

7847389.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

4,780

4,557

7847522.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,020

922

7847613.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

717

634

7847652.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

5,064

4,857

7847779.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

8,298

7,731

7847955.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

5,929

5,675

7848103.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

1,342

1,290

7848174.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,210

2,068

7848241.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,637

3,462

7848328.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

54,862

52,497

7849216.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,582

2,402

7849268.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

2,518

2,318

7849300.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

7,073

6,655

7849491.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

10,655

10,161

7849589.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

22,083

21,042

7849953.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

9,091

8,622

7850127.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

3,501

3,313

7850231.SQ.FTS.B

,

Zero

Cpn

,

11/30/25

..

7,062

6,642

7850421.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

7,131

6,845

7850564.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

15,778

14,829

7850869.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

2,932

2,789

7850921.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

12,972

12,295

7851095.SQ.FTS.B

,

Zero

Cpn

,

12/01/25

..

28,764

27,659

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)

7851642.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

$

1,932

$

1,867

7851692.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

1,437

1,375

7851717.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

1,083

1,016

7851752.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

1,356

1,297

7851781.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

2,436

2,317

7851813.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

4,819

4,583

7851893.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

5,823

5,602

7852033.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

3,515

3,242

7852089.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

754

727

7852111.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

968

921

7852189.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

1,818

1,760

7852251.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

718

664

7852268.SQ.FTS.B

,

Zero

Cpn

,

12/02/25

..

14,750

14,088

7852837.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

3,489

3,273

7852948.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

8,162

6,379

7853291.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,544

1,934

7853404.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

781

753

7853472.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

6,624

4,724

7853660.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

22,572

21,209

7854235.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

6,603

6,373

7854388.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

6,788

6,499

7854448.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

8,915

8,547

7854605.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,369

2,279

7854663.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

2,236

2,137

7854732.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

7,502

7,191

7854856.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

12,350

11,840

7855213.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

6,731

6,001

7855369.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

4,390

1,967

7855437.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

4,002

3,794

7855517.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

8,768

8,386

7855675.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

10,274

9,586

7855910.SQ.FTS.B

,

Zero

Cpn

,

12/03/25

..

35,712

33,946

7856674.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

3,631

2,848

7856806.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

23,846

22,652

7857292.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,223

1,094

7857315.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

8,404

7,993

7857478.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,989

1,820

7857525.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,686

1,310

7857557.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

17,432

16,652

7858172.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

5,296

5,051

7858292.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

2,038

1,928

7858341.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,732

1,610

7858378.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

8,125

7,765

7858529.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

4,678

4,401

7858634.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,331

1,273

7858672.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

45,983

44,222

7859564.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

5,225

4,986

7859652.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

4,634

4,395

7859745.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

2,498

2,332

7859811.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

6,493

6,206

7859959.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

10,021

9,592

7860115.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

22,489

21,493

7860376.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

7,641

6,678

7860550.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

1,104

1,054

7860570.SQ.FTS.B

,

Zero

Cpn

,

12/04/25

..

24,468

23,284

7860688.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

13,985

13,402

7861211.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

56,902

53,950

7862374.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

1,881

1,798

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7862388.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

$

8,804

$

8,122

7862524.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

23,272

22,295

7862883.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

77,874

72,805

7864241.SQ.FTS.B

,

Zero

Cpn

,

12/05/25

..

8,181

7,727

7866425.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

17,759

16,976

7866818.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

4,114

3,862

7866932.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

2,560

2,079

7867002.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

3,117

3,007

7867161.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

2,097

1,986

7867233.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

5,791

5,445

7867425.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

644

610

7867437.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

8,572

7,952

7867610.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

13,477

12,426

7867946.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

5,066

4,711

7868078.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

11,240

10,710

7868248.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

4,142

3,848

7868296.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

28,904

27,194

7868906.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

2,942

2,783

7868979.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

7,375

7,043

7869121.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

9,717

9,277

7869292.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

3,221

3,111

7869348.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

3,237

3,098

7869424.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

11,995

11,327

7869593.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

16,800

15,040

7869790.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

631

600

7869803.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

16,201

15,237

7870146.SQ.FTS.B

,

Zero

Cpn

,

12/06/25

..

10,215

9,734

7870301.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

6,676

6,372

7870438.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

26,694

25,380

7871224.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

4,002

3,836

7871378.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

5,199

4,940

7871492.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

3,483

3,319

7871539.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

5,803

3,808

7871633.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

3,841

3,626

7871709.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

6,054

5,726

7871861.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,406

1,337

7871911.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

6,030

5,733

7872023.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,860

1,774

7872078.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

5,023

4,685

7872120.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

9,122

8,031

7872230.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

443

424

7872245.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

7,176

6,879

7872337.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

908

861

7872362.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

4,184

3,905

7872416.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

4,031

3,718

7872468.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

12,549

11,979

7872643.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

11,800

11,327

7872849.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

7,793

7,442

7872984.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,597

1,512

7873010.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

6,781

6,064

7873099.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

9,582

9,164

7873312.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

10,658

10,196

7873487.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

3,182

3,039

7873538.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

3,660

3,487

7873605.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

1,080

827

7873625.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

12,970

12,330

7873809.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

4,737

4,262

7873899.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

746

712

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)

7873901.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

$

2,886

$

2,583

7873933.SQ.FTS.B

,

Zero

Cpn

,

12/07/25

..

3,331

3,171

7873954.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

2,213

2,080

7873996.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

22,348

20,652

7874272.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

9,396

8,891

7874386.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

12,349

11,789

7874558.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

4,205

4,002

7874625.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

5,533

5,264

7874704.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

6,773

6,358

7874788.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

4,919

4,694

7874841.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

2,767

2,626

7874878.SQ.FTS.B

,

Zero

Cpn

,

12/08/25

..

20,408

17,814

7875108.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

801

783

7875138.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

8,516

8,129

7875236.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

5,526

4,387

7875299.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

3,885

3,747

7875394.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

25,063

23,976

7875737.SQ.FTS.B

,

Zero

Cpn

,

12/09/25

..

14,434

13,753

7876047.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

2,995

2,867

7876085.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

2,631

2,268

7876118.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

11,700

10,262

7876496.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

13,784

12,966

7876960.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

10,785

10,305

7877141.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

28,600

27,230

7877710.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

1,200

1,145

7877732.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

38,406

33,436

7878258.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

4,506

4,300

7878336.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

4,274

4,103

7878444.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

11,930

11,007

7878612.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

4,536

4,300

7878727.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

15,360

12,644

7878954.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

739

714

7878978.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

1,134

1,085

7878990.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

1,329

1,218

7879011.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

30,561

29,162

7879560.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

1,183

1,095

7879590.SQ.FTS.B

,

Zero

Cpn

,

12/10/25

..

9,304

8,899

7879828.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

6,518

6,227

7879982.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

4,623

4,358

7880146.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

3,694

3,504

7880228.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

8,604

8,092

7880607.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

344

334

7880747.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

587

539

7880769.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,042

1,936

7880826.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

24,584

23,488

7881388.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

2,838

2,676

7881432.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,829

1,726

7881465.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

3,310

2,895

7881508.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

11,048

9,906

7881653.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

4,955

4,749

7881730.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

52,838

50,508

7882450.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,068

1,003

7882464.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

1,820

1,742

7882486.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

831

789

7882492.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

15,504

14,730

7882736.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

5,077

4,867

7882832.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

5,189

4,925

7882919.SQ.FTS.B

,

Zero

Cpn

,

12/11/25

..

39,489

36,444

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7883444.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

$

2,950

$

2,757

7883545.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

2,327

2,225

7883604.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

2,676

2,553

7883666.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

29,474

27,549

7884480.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

16,593

15,318

7884820.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

8,410

8,056

7884980.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

11,720

11,148

7885234.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

3,137

2,994

7885298.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

2,254

2,172

7885340.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

36,126

34,701

7885921.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

10,578

10,139

7886066.SQ.FTS.B

,

Zero

Cpn

,

12/12/25

..

72,457

69,097

7889236.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

7,390

6,958

7889480.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

320

311

7889499.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

21,747

20,048

7890243.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

5,148

4,905

7890412.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

1,027

974

7890458.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

9,756

9,262

7890693.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

5,465

5,213

7890888.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

35,699

33,263

7891476.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

6,386

4,368

7891553.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

14,268

13,036

7891807.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

3,603

3,327

7891866.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

9,363

8,930

7892009.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

8,253

7,893

7892126.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

20,375

18,612

7892454.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

3,098

2,987

7892534.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

6,414

6,104

7892618.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

17,215

16,426

7892982.SQ.FTS.B

,

Zero

Cpn

,

12/13/25

..

13,647

12,949

7893085.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

5,526

5,204

7893310.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

21,998

20,982

7894101.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

798

752

7894130.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

1,869

1,726

7894154.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

5,752

5,495

7894330.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

826

768

7894366.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

9,041

8,517

7894628.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

7,661

6,857

7894774.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

8,035

7,662

7894898.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

2,668

2,269

7894940.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

4,101

3,834

7895018.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

6,910

6,594

7895108.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

20,343

19,406

7895338.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

708

602

7895350.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

5,027

4,169

7895436.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

9,179

8,751

7895575.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

6,959

6,620

7895685.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

2,096

1,937

7895708.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

3,984

3,731

7895745.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

1,877

1,738

7895787.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

3,436

3,074

7895824.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

3,864

3,614

7895875.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

9,906

9,339

7896053.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

9,166

8,751

7896209.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

533

513

7896234.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

3,845

3,658

7896301.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

6,237

5,897

7896419.SQ.FTS.B

,

Zero

Cpn

,

12/14/25

..

71,893

68,371

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)

7898690.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

$

7,631

$

7,276

7898783.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

5,385

5,131

7898846.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

1,486

1,416

7898863.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

10,243

9,743

7899025.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

3,751

3,513

7899072.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

31,578

27,582

7899491.SQ.FTS.B

,

Zero

Cpn

,

12/15/25

..

28,746

27,197

7899830.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

2,641

2,517

7899865.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

622

600

7899888.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

2,908

2,776

7899927.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

2,564

2,444

7899969.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

11,608

10,981

7900107.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

934

896

7900125.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

15,909

15,249

7900411.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

3,744

3,586

7900460.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

4,754

4,531

7900540.SQ.FTS.B

,

Zero

Cpn

,

12/16/25

..

5,429

5,185

7900675.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,547

1,394

7900697.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,843

1,625

7900720.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

7,390

7,042

7900815.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

4,461

4,282

7901053.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

10,240

9,766

7901445.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

33,432

29,243

7902046.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

9,115

8,589

7902221.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,509

1,417

7902261.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

969

918

7902276.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

14,049

13,402

7902473.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

8,797

8,389

7902529.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

6,021

5,728

7902665.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

6,303

5,954

7902752.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,288

1,244

7902773.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,914

1,782

7902798.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,598

1,542

7902827.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

2,349

2,244

7902861.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

2,427

2,334

7902908.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

39,696

37,633

7903421.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

13,292

12,439

7903590.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

1,932

1,832

7903662.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

8,431

7,777

7903924.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

9,197

8,786

7904092.SQ.FTS.B

,

Zero

Cpn

,

12/17/25

..

8,813

8,363

7904291.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

3,001

2,860

7904386.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

4,619

4,411

7904484.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

5,728

5,463

7904592.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

18,118

17,239

7905000.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

8,092

7,754

7905292.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

2,341

2,118

7905346.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

6,338

6,056

7905559.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

965

855

7905583.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

8,689

8,298

7905769.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

2,619

2,308

7905785.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

4,456

4,290

7905884.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,540

1,316

7905910.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

2,674

2,556

7905996.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

28,706

27,324

7906367.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

5,336

5,059

7906432.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

949

918

7906456.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

23,645

22,401

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7906771.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

$

2,034

$

1,951

7906829.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

2,971

2,833

7906879.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

7,343

6,994

7906979.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

1,554

1,470

7907007.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

26,635

25,082

7907520.SQ.FTS.B

,

Zero

Cpn

,

12/18/25

..

67,488

59,118

7909853.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

10,424

9,782

7910016.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

12,272

11,692

7910151.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

11,973

10,958

7910312.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

17,674

16,413

7910507.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

669

648

7910522.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

6,703

6,357

7910582.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

303

293

7910588.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

7,884

7,527

7910653.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

27,239

26,211

7910969.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

388

376

7910975.SQ.FTS.B

,

Zero

Cpn

,

12/19/25

..

30,734

29,290

7911413.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

26,273

25,153

7912501.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

8,425

7,938

7912654.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

3,147

3,015

7912783.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

36,672

34,920

7913516.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

49,052

46,754

7914174.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

8,558

8,061

7914311.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

6,122

5,652

7914430.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

2,212

2,117

7914481.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

5,070

4,823

7914527.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

13,090

12,499

7914856.SQ.FTS.B

,

Zero

Cpn

,

12/20/25

..

4,539

4,328

7914899.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

38,441

36,294

7916000.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

33,965

32,316

7916527.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

4,440

4,224

7916578.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

8,168

7,786

7916679.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

82,978

79,056

7918267.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

3,554

3,379

7918327.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

10,480

9,683

7918485.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

4,977

4,671

7918558.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

676

611

7918569.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

1,896

1,685

7918595.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

10,867

9,147

7918832.SQ.FTS.B

,

Zero

Cpn

,

12/21/25

..

3,525

3,030

7918869.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,223

2,146

7918920.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

6,309

6,006

7918992.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

3,071

2,881

7919022.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,267

2,168

7919043.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

1,502

1,436

7919057.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

5,040

4,835

7919109.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

7,159

6,747

7919187.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

11,143

10,611

7919317.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

7,094

6,762

7919410.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

1,985

1,879

7919448.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

4,188

3,960

7919647.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

693

649

7919662.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

807

768

7919676.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

1,189

1,077

7919706.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,013

1,862

7919737.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

2,847

2,714

7919766.SQ.FTS.B

,

Zero

Cpn

,

12/22/25

..

9,134

8,578

7919901.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

4,623

4,387

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)

7919978.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

$

18,157

$

16,861

7920269.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

649

622

7920288.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

5,030

4,802

7920345.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

1,370

1,324

7920580.SQ.FTS.B

,

Zero

Cpn

,

12/23/25

..

15,204

14,116

7921059.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

3,996

3,605

7921110.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

14,946

14,255

7921655.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

12,720

11,475

7922043.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

3,207

3,035

7922121.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

1,155

1,110

7922155.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

6,508

6,194

7922259.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

100,698

93,270

7924014.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

681

656

7924036.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

3,603

3,463

7924133.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

4,794

4,509

7924188.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

6,058

5,718

7924288.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

7,411

6,964

7924398.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

4,118

3,878

7924460.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

2,510

2,398

7924505.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

3,561

3,139

7924567.SQ.FTS.B

,

Zero

Cpn

,

12/24/25

..

1,188

1,100

7924603.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

2,909

2,606

7924667.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

4,447

3,876

7924762.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

24,106

20,963

7925174.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

380

367

7925178.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

5,463

5,065

7925289.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,097

2,992

7925421.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

2,003

1,915

7925506.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

6,660

6,361

7925728.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,533

3,351

7925830.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

2,128

1,924

7925865.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

6,664

6,195

7925990.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

2,233

2,077

7926019.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

8,314

7,928

7926217.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

16,853

16,088

7926516.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,235

3,112

7926543.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

9,715

9,180

7926693.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

1,385

1,320

7926697.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

10,960

10,431

7926837.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

4,137

3,698

7926885.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

2,229

2,074

7926909.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

1,372

1,322

7926943.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

5,658

5,399

7927023.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

48,877

47,165

7927754.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

4,436

3,698

7927836.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

8,784

8,375

7927938.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

3,574

3,375

7927995.SQ.FTS.B

,

Zero

Cpn

,

12/25/25

..

32,964

31,462

7928342.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

501

485

7928376.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

4,965

4,777

7928435.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

526

499

7928455.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

3,344

2,869

7928480.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

2,290

1,821

7928507.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

5,480

5,195

7928601.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

6,999

6,682

7928778.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

12,101

11,438

7929068.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

2,158

2,066

7929161.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,813

1,700

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7929216.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

$

1,147

$

1,093

7929268.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

13,140

12,527

7929545.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

10,430

9,943

7929769.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

15,119

14,308

7930283.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,013

960

7930296.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

1,854

1,778

7930318.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

763

728

7930329.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

46,609

44,427

7930786.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

17,011

16,213

7931034.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

11,260

10,445

7931208.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

10,170

9,577

7931356.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

26,615

25,367

7931771.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

4,229

4,037

7931828.SQ.FTS.B

,

Zero

Cpn

,

12/26/25

..

29,873

28,157

7934196.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,522

1,417

7934256.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

6,963

6,402

7934402.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,847

4,486

7934492.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

9,067

8,249

7934726.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,280

3,918

7934910.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,115

3,826

7935049.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

3,249

2,965

7935291.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

4,260

3,988

7935418.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

590

538

7935470.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

7,689

7,197

7935657.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

7,735

7,114

7935814.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

8,502

7,918

7935996.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

2,386

2,160

7936047.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

3,758

3,502

7936111.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

8,327

7,621

7936272.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,443

1,339

7936294.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

219

161

7936328.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

10,107

9,464

7936470.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

10,270

9,574

7936610.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

2,007

1,850

7936650.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

28,854

26,659

7937022.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

50,829

47,574

7938066.SQ.FTS.B

,

Zero

Cpn

,

12/27/25

..

1,979

1,820

7938158.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

1,406

1,305

7938235.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

15,298

13,925

7938694.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

2,517

2,354

7938776.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

13,313

12,236

7939415.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

2,130

1,942

7939493.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

5,916

5,508

7939643.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

6,291

5,889

7939746.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

1,445

1,342

7939764.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

13,101

12,192

7939958.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

3,094

2,873

7940021.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

3,244

2,890

7940106.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

7,490

7,010

7940208.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

3,202

2,917

7940249.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

5,320

4,856

7940351.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

13,268

12,319

7940662.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

7,271

6,673

7940796.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

7,379

6,715

7940904.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

8,686

8,010

7941098.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

17,619

16,425

7941307.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

2,536

2,333

7941331.SQ.FTS.B

,

Zero

Cpn

,

12/28/25

..

41,630

38,359

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)

7941865.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

$

5,745

$

5,376

7941978.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

3,296

3,007

7942041.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

29,133

27,280

7942501.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

5,770

5,292

7942605.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

3,687

3,387

7942685.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

2,612

2,386

7942725.SQ.FTS.B

,

Zero

Cpn

,

12/29/25

..

10,969

10,268

7942884.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

20,110

18,822

7943202.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

5,030

4,539

7943309.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

516

483

7943315.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

8,780

8,218

7943454.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

11,429

10,643

7943624.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

2,412

2,231

7943665.SQ.FTS.B

,

Zero

Cpn

,

12/30/25

..

12,009

11,191

7944041.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

9,973

9,297

7944381.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

5,337

4,976

7944574.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

4,113

3,818

7944879.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

5,335

4,994

7945023.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

2,080

1,945

7945084.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

11,443

10,635

7945398.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

2,072

1,893

7945441.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

4,397

4,038

7945540.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

6,907

6,465

7945635.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

4,280

4,006

7945714.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

61,967

57,534

7946953.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

2,628

2,420

7947002.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

1,944

1,762

7947037.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

10,382

9,478

7947201.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

1,171

1,073

7947220.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

9,656

9,040

7947433.SQ.FTS.B

,

Zero

Cpn

,

1/01/26

...

22,100

20,684

7949409.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,677

1,547

7949453.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,506

4,175

7949547.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,833

1,715

7949573.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,985

1,853

7949613.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

10,864

10,168

7949813.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

420

392

7949822.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

33,053

30,933

7950706.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

6,047

5,565

7950885.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

11,415

10,599

7951063.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

11,286

10,381

7951228.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

4,217

3,898

7951302.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

2,474

2,259

7951339.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

1,023

935

7951375.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

5,453

5,005

7951460.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

9,998

9,240

7951562.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

6,902

6,254

7951658.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

25,255

23,629

7951932.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

6,084

5,577

7952014.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

20,898

19,556

7952317.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

30,655

27,992

7952892.SQ.FTS.B

,

Zero

Cpn

,

1/02/26

...

8,452

7,778

7955055.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

3,261

3,038

7955201.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

7,132

6,641

7955356.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

10,289

9,618

7955677.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

8,925

8,219

7955961.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,335

1,115

7956136.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

2,452

2,275

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7956196.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

$

2,954

$

2,711

7956327.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

5,059

4,731

7956457.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

12,702

11,883

7956696.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

9,532

8,785

7956840.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

12,275

11,283

7956978.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,565

4,198

7957036.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,176

3,818

7957091.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,744

1,588

7957120.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

19,802

18,526

7957392.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,277

3,902

7957501.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

2,181

2,041

7957554.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,833

1,705

7957594.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

884

811

7957618.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

12,930

11,825

7957811.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

1,061

959

7957833.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

4,569

4,209

7957892.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

5,304

4,900

7957964.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

6,366

5,908

7958027.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

5,397

4,952

7958091.SQ.FTS.B

,

Zero

Cpn

,

1/03/26

...

54,995

51,207

7958847.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

7,448

6,910

7958943.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

3,474

3,214

7958987.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

2,024

1,895

7959011.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

8,783

8,012

7959142.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

726

673

7959155.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

1,013

919

7959166.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

7,626

7,133

7959248.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

2,383

2,203

7959275.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

7,469

6,863

7959379.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

3,379

3,133

7959422.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

3,142

2,938

7959443.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

3,503

3,239

7959479.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

8,742

8,118

7959560.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

3,923

3,642

7959594.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

3,403

3,158

7959621.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

1,333

1,230

7959630.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

2,561

2,354

7959649.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

1,494

1,374

7959653.SQ.FTS.B

,

Zero

Cpn

,

1/04/26

...

52,313

48,690

7960802.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

1,508

1,391

7960840.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

3,752

3,491

7960885.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

2,169

1,997

7960911.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

3,165

2,938

7960956.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

7,721

7,218

7961058.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

24,639

23,047

7961501.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

38,393

35,184

7962096.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

10,251

9,400

7962261.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

34,948

32,328

7963001.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

3,145

2,878

7963066.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

1,657

1,521

7963091.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

1,756

1,607

7963142.SQ.FTS.B

,

Zero

Cpn

,

1/05/26

...

9,354

8,754

7963182.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

5,085

4,714

7963288.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

2,077

1,928

7963319.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

2,323

2,148

7963337.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

3,444

3,218

7963387.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

8,849

8,281

7963552.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

8,670

8,109

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)

7963717.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

$

1,891

$

1,753

7963764.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

3,109

2,865

7963817.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

1,872

1,709

7963850.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

1,445

1,317

7963889.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

2,083

1,918

7963936.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

6,469

5,960

7964037.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

4,139

3,804

7964119.SQ.FTS.B

,

Zero

Cpn

,

1/06/26

...

8,232

7,615

7964254.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

1,322

1,214

7964280.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

619

576

7964293.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

3,230

3,005

7964369.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

954

870

7964388.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

7,166

6,705

7964526.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

6,281

5,875

7964674.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

15,213

14,166

7964930.SQ.FTS.B

,

Zero

Cpn

,

1/07/26

...

2,627

2,401

7965223.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

11,287

10,440

7965663.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

636

587

7965690.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

11,605

10,659

7966164.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

16,718

15,639

7966500.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,695

2,490

7966595.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

3,736

3,433

7966663.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

4,312

3,914

7966814.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

8,097

7,487

7967023.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

543

504

7967036.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

12,866

12,034

7967320.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,260

2,091

7967418.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

3,104

2,880

7967511.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

15,746

14,375

7967953.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

17,866

16,631

7968334.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

2,160

1,988

7968380.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

979

909

7968401.SQ.FTS.B

,

Zero

Cpn

,

1/08/26

...

10,447

9,723

7968649.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

9,717

9,014

7968961.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

27,166

25,013

7969740.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

6,439

6,018

7969823.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

9,654

9,029

7969990.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

2,929

2,696

7970057.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

5,050

4,653

7970133.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

4,787

4,475

7970205.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

68,189

63,503

7971101.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

2,180

2,039

7971149.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

16,406

14,983

7971401.SQ.FTS.B

,

Zero

Cpn

,

1/09/26

...

43,281

40,467

7972003.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

9,646

8,850

7972227.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

4,144

3,808

7972343.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

3,451

3,204

7972442.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

9,259

8,657

7972693.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

7,337

6,737

7972957.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

3,199

2,958

7973082.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

6,677

6,140

7973160.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

4,485

4,137

7973219.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

9,891

9,152

7973323.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

5,718

5,294

7973360.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

1,684

1,558

7973399.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

2,178

1,987

7973424.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

58,591

53,669

7974096.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

7,926

7,400

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7974193.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

$

15,850

$

14,582

7974312.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

5,370

4,999

7974371.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

13,992

13,026

7974522.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

1,936

1,773

7974544.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

4,702

4,362

7974608.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

14,295

13,294

7974778.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

13,268

12,411

7974938.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

2,342

2,127

7974968.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

4,117

3,815

7975012.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

4,716

4,313

7975069.SQ.FTS.B

,

Zero

Cpn

,

1/10/26

...

17,591

15,934

7977117.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

3,028

2,801

7977212.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

8,657

8,028

7977442.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

6,700

6,154

7977590.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

19,435

18,026

7978281.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

1,187

1,096

7978328.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

5,929

5,476

7978446.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

54,228

49,678

7979498.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

3,268

2,981

7979559.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

10,774

10,024

7979718.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

1,941

1,800

7979791.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

45,337

42,177

7980549.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

844

774

7980569.SQ.FTS.B

,

Zero

Cpn

,

1/11/26

...

72,594

67,827

7980829.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

10,917

10,203

7981227.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

1,713

1,562

7981269.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

6,586

6,065

7981537.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

14,930

13,846

7982049.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

730

678

7982082.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

87,413

81,055

7983971.SQ.FTS.B

,

Zero

Cpn

,

1/12/26

...

9,715

8,883

7984098.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

4,412

4,070

7984160.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

4,386

4,054

7984231.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

20,406

18,991

7984469.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

26,284

24,301

7984820.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

2,040

1,902

7984851.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

2,726

2,548

7984884.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

1,301

1,183

7984914.SQ.FTS.B

,

Zero

Cpn

,

1/13/26

...

6,652

6,189

7984999.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

1,608

1,489

7985014.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

12,102

11,244

7985159.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

16,070

14,935

7985371.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

8,842

8,102

7985485.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

1,322

1,205

7985503.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

17,006

15,901

7985715.SQ.FTS.B

,

Zero

Cpn

,

1/14/26

...

12,447

11,632

7986075.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

2,559

2,349

7986117.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

20,402

18,983

7986785.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

4,748

4,320

7986895.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

7,879

7,199

7987012.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

19,815

18,031

7987457.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

1,520

1,399

7987482.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

22,847

21,345

7987780.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

87,287

80,937

7989026.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

3,935

3,625

7989050.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

28,297

26,047

7989591.SQ.FTS.B

,

Zero

Cpn

,

1/15/26

...

19,058

17,667

7989702.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

28,258

26,067

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)

7990409.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

$

5,175

$

4,732

7990648.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

4,972

4,648

7990771.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

1,597

1,486

7990813.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

3,370

3,150

7990872.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

2,823

2,597

7990945.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

12,213

11,368

7991178.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

16,545

15,459

7991419.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

13,214

12,251

7991580.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

2,426

2,210

7991599.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

33,433

31,244

7992005.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

12,069

11,278

7992171.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

16,255

15,119

7992472.SQ.FTS.B

,

Zero

Cpn

,

1/16/26

...

57,456

53,245

7993240.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

12,356

11,367

7993622.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

10,601

9,907

7993916.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,547

1,413

7993948.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

8,452

7,690

7994210.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

4,765

4,363

7994300.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,604

2,424

7994343.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

5,979

5,565

7994440.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,884

2,638

7994486.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,785

1,640

7994523.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

4,317

4,016

7994589.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

16,787

15,248

7999456.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

23,644

22,087

7999757.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,915

1,779

7999806.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

885

816

7999850.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,462

2,291

7999904.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,287

1,196

7999948.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

10,982

10,180

8000091.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

7,579

6,954

8000256.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

16,617

15,281

8000485.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

1,572

1,441

8000508.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,951

2,713

8000545.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

12,682

11,648

8000723.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

3,931

3,674

8000777.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

2,002

1,834

8000806.SQ.FTS.B

,

Zero

Cpn

,

1/17/26

...

76,904

71,851

8002822.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

9,510

8,790

8003194.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

14,510

13,447

8003591.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

34,190

31,343

8004584.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

6,776

6,222

8004733.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

35,234

32,648

8005331.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

13,250

12,375

8005637.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

14,778

13,503

8005828.SQ.FTS.B

,

Zero

Cpn

,

1/18/26

...

54,396

50,406

8006613.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

9,727

8,967

8006871.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

16,809

15,310

8007319.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

14,208

12,961

8007784.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

23,122

21,346

8008252.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

9,907

9,210

8008401.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

32,096

29,975

8008996.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

5,904

5,429

8009056.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

11,231

10,491

8009175.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

1,557

1,436

8009214.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

17,361

15,844

8009597.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

4,205

3,884

8009700.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

1,079

1,007

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8009718.SQ.FTS.B

,

Zero

Cpn

,

1/19/26

...

$

15,924

$

14,643

8009830.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

4,420

4,079

8009888.SQ.FTS.B

,

Zero

Cpn

,

1/20/26

...

73,079

67,349

8010684.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

35,127

32,794

8011161.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

1,347

1,231

8011177.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

1,992

1,847

8011198.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

1,886

1,758

8011224.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

1,621

1,486

8011241.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

4,697

4,320

8011295.SQ.FTS.B

,

Zero

Cpn

,

1/21/26

...

17,915

16,650

8011791.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

5,516

5,074

8011858.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

4,944

4,569

8012053.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

12,684

11,843

8012503.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

3,565

3,330

8012558.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

2,946

2,740

8012620.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

23,855

22,037

8013159.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

23,700

22,036

8013427.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

5,125

4,771

8013468.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

11,261

10,353

8013571.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

7,709

7,198

8013742.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

11,260

10,517

8013885.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

5,607

5,237

8013961.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

1,358

1,267

8013974.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

5,964

5,524

8014047.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

10,525

9,804

8014194.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

8,456

7,814

8014302.SQ.FTS.B

,

Zero

Cpn

,

1/22/26

...

55,533

51,853

8015257.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

1,106

1,031

8015348.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

5,288

4,918

8015515.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

4,766

4,440

8015670.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

4,839

4,455

8015845.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

18,076

16,880

8016503.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

1,647

1,502

8016524.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

2,513

2,328

8016550.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

5,644

5,201

8016641.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

15,329

14,315

8016896.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

1,270

1,162

8016917.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

5,869

5,479

8017039.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

39,491

36,878

8017522.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

22,823

20,972

8017898.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

6,662

6,138

8018042.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

33,055

30,622

8018500.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

5,299

4,884

8018550.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

5,203

4,837

8018623.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

3,018

2,790

8018672.SQ.FTS.B

,

Zero

Cpn

,

1/23/26

...

2,470

2,269

8018757.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

34,740

31,804

8019678.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

5,094

4,735

8019746.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

3,671

3,417

8019795.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

3,024

2,824

8019854.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

2,570

2,342

8019901.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

11,157

10,369

8020157.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

274

250

8020158.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

24,417

22,703

8020596.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

22,840

21,050

8020874.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

17,074

15,819

8021127.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

49,395

45,615

8021737.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

3,509

3,267

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)

8021800.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

$

1,387

$

1,274

8021819.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

1,213

1,118

8021839.SQ.FTS.B

,

Zero

Cpn

,

1/24/26

...

9,863

9,137

8023989.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

10,819

10,054

8024233.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,842

2,598

8024278.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

13,671

12,625

8024626.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

659

615

8024659.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

1,340

1,251

8024716.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,868

3,610

8024794.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

8,804

8,217

8025027.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,486

2,284

8025076.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,700

3,383

8025132.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,247

2,057

8025203.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

5,933

5,432

8025368.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

1,725

1,580

8025404.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

463

424

8025411.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

13,134

12,163

8025743.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,676

3,376

8025825.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

10,159

9,481

8025980.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,271

2,110

8026006.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

47,321

43,324

8026658.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

406

371

8026662.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

9,172

8,558

8026728.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

3,317

3,096

8026757.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

23,154

21,195

8026979.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

4,210

3,929

8027010.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

2,624

2,449

8027052.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

8,280

7,582

8027210.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

5,933

5,514

8027299.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

6,451

5,928

8027390.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

22,684

21,173

8027666.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

13,802

12,883

8027809.SQ.FTS.B

,

Zero

Cpn

,

1/25/26

...

6,819

6,266

8027836.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

15,234

14,216

8028272.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

13,776

12,722

8028768.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

14,599

13,517

8029109.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

4,033

3,691

8029194.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

2,967

2,757

8029259.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

2,532

2,332

8029301.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

52,637

48,878

8030096.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

4,604

4,241

8030193.SQ.FTS.B

,

Zero

Cpn

,

1/26/26

...

77,605

71,669

4581962.SQ.FTS.B

,

Zero

Cpn

,

4/03/33

...

1,755

–

4581979.SQ.FTS.B

,

Zero

Cpn

,

4/03/33

...

2,035

–

4582384.SQ.FTS.B

,

Zero

Cpn

,

4/03/33

...

863

–

4586446.SQ.FTS.B

,

Zero

Cpn

,

4/04/33

...

5,636

–

4590729.SQ.FTS.B

,

Zero

Cpn

,

4/06/33

...

1,383

–

4591813.SQ.FTS.B

,

Zero

Cpn

,

4/06/33

...

2,891

–

4591961.SQ.FTS.B

,

Zero

Cpn

,

4/06/33

...

1,338

–

4592572.SQ.FTS.B

,

Zero

Cpn

,

4/06/33

...

449

–

4593610.SQ.FTS.B

,

Zero

Cpn

,

4/06/33

...

1,212

–

4604000.SQ.FTS.B

,

Zero

Cpn

,

4/09/33

...

8,181

–

4604804.SQ.FTS.B

,

Zero

Cpn

,

4/09/33

...

785

–

4605063.SQ.FTS.B

,

Zero

Cpn

,

4/10/33

...

1,320

–

4605658.SQ.FTS.B

,

Zero

Cpn

,

4/10/33

...

6,711

–

4606063.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

2,752

–

4606489.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

12,498

–

4606620.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

668

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4606932.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

$

2,572

$

–

4609460.SQ.FTS.B

,

Zero

Cpn

,

4/12/33

...

2,479

–

4609493.SQ.FTS.B

,

Zero

Cpn

,

4/12/33

...

1,353

–

4610482.SQ.FTS.B

,

Zero

Cpn

,

4/13/33

...

3,367

–

4622664.SQ.FTS.B

,

Zero

Cpn

,

4/15/33

...

3,107

–

4622864.SQ.FTS.B

,

Zero

Cpn

,

4/15/33

...

782

–

4624391.SQ.FTS.B

,

Zero

Cpn

,

4/17/33

...

3,087

–

4624796.SQ.FTS.B

,

Zero

Cpn

,

4/17/33

...

457

–

4625048.SQ.FTS.B

,

Zero

Cpn

,

4/17/33

...

871

–

4626040.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

5,792

–

4628862.SQ.FTS.B

,

Zero

Cpn

,

4/19/33

...

8,296

–

4632078.SQ.FTS.B

,

Zero

Cpn

,

4/20/33

...

21,052

–

4638327.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

8,661

–

4640261.SQ.FTS.B

,

Zero

Cpn

,

4/24/33

...

549

–

4640985.SQ.FTS.B

,

Zero

Cpn

,

4/25/33

...

1,692

1

4641063.SQ.FTS.B

,

Zero

Cpn

,

4/25/33

...

710

–

4643805.SQ.FTS.B

,

Zero

Cpn

,

4/25/33

...

751

–

4649015.SQ.FTS.B

,

Zero

Cpn

,

4/27/33

...

5,124

–

4649299.SQ.FTS.B

,

Zero

Cpn

,

4/27/33

...

109

–

4655501.SQ.FTS.B

,

Zero

Cpn

,

4/29/33

...

3,367

–

4657541.SQ.FTS.B

,

Zero

Cpn

,

4/30/33

...

836

–

4660081.SQ.FTS.B

,

Zero

Cpn

,

5/01/33

...

422

–

4664137.SQ.FTS.B

,

Zero

Cpn

,

5/02/33

...

2,149

–

4666640.SQ.FTS.B

,

Zero

Cpn

,

5/03/33

...

10,212

–

4674918.SQ.FTS.B

,

Zero

Cpn

,

5/05/33

...

9,934

–

4675113.SQ.FTS.B

,

Zero

Cpn

,

5/05/33

...

163

–

4684412.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

2,706

–

4707828.SQ.FTS.B

,

Zero

Cpn

,

5/11/33

...

69

–

4713712.SQ.FTS.B

,

Zero

Cpn

,

5/13/33

...

105

–

4720634.SQ.FTS.B

,

Zero

Cpn

,

5/16/33

...

7,932

–

4725524.SQ.FTS.B

,

Zero

Cpn

,

5/17/33

...

19,384

1

4741690.SQ.FTS.B

,

Zero

Cpn

,

5/18/33

...

524

–

4744012.SQ.FTS.B

,

Zero

Cpn

,

5/18/33

...

2,547

–

4755474.SQ.FTS.B

,

Zero

Cpn

,

5/22/33

...

1,198

–

4756626.SQ.FTS.B

,

Zero

Cpn

,

5/22/33

...

1,533

–

4757364.SQ.FTS.B

,

Zero

Cpn

,

5/22/33

...

2,804

–

4790013.SQ.FTS.B

,

Zero

Cpn

,

5/29/33

...

140

–

4807316.SQ.FTS.B

,

Zero

Cpn

,

6/02/33

...

297

–

4810447.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

2,379

–

4814556.SQ.FTS.B

,

Zero

Cpn

,

6/04/33

...

616

–

4814833.SQ.FTS.B

,

Zero

Cpn

,

6/04/33

...

24,496

–

4815651.SQ.FTS.B

,

Zero

Cpn

,

6/05/33

...

629

–

4818987.SQ.FTS.B

,

Zero

Cpn

,

6/06/33

...

2,640

–

4819180.SQ.FTS.B

,

Zero

Cpn

,

6/07/33

...

266

–

4819217.SQ.FTS.B

,

Zero

Cpn

,

6/07/33

...

12,317

3

4821611.SQ.FTS.B

,

Zero

Cpn

,

6/08/33

...

702

–

4823342.SQ.FTS.B

,

Zero

Cpn

,

6/08/33

...

714

–

4827165.SQ.FTS.B

,

Zero

Cpn

,

6/09/33

...

1,298

–

4831089.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

3,668

–

4832985.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

12,795

1

4836929.SQ.FTS.B

,

Zero

Cpn

,

6/13/33

...

6,637

–

4837116.SQ.FTS.B

,

Zero

Cpn

,

6/13/33

...

2,784

–

4839366.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

11,177

–

4839716.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

727

–

4840254.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

488

–

4840334.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,577

–

4840427.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

6,145

–

4840766.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

2,241

–

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)

4842339.SQ.FTS.B

,

Zero

Cpn

,

6/15/33

...

$

565

$

–

4843142.SQ.FTS.B

,

Zero

Cpn

,

6/15/33

...

3,959

–

4848471.SQ.FTS.B

,

Zero

Cpn

,

6/16/33

...

2,931

–

4848662.SQ.FTS.B

,

Zero

Cpn

,

6/16/33

...

5,372

–

4848703.SQ.FTS.B

,

Zero

Cpn

,

6/16/33

...

1,526

–

4850020.SQ.FTS.B

,

Zero

Cpn

,

6/16/33

...

156

–

4850454.SQ.FTS.B

,

Zero

Cpn

,

6/16/33

...

1,505

–

4858016.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

1,782

–

4860376.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

1,539

–

4860428.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

179

–

4860575.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

431

–

4861177.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

526

–

4861282.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

2,636

–

4861902.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

1,428

–

4861917.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

3,378

1

4863326.SQ.FTS.B

,

Zero

Cpn

,

6/19/33

...

3,221

1

4863471.SQ.FTS.B

,

Zero

Cpn

,

6/19/33

...

7,932

–

4866438.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

954

–

4866709.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

1,837

–

4867919.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

6,047

–

4868143.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

4,894

–

4868584.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

5,694

–

4881733.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

726

–

4881919.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

793

–

4882161.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

203

–

4884630.SQ.FTS.B

,

Zero

Cpn

,

6/29/33

...

527

–

4885937.SQ.FTS.B

,

Zero

Cpn

,

6/29/33

...

2,665

–

4889629.SQ.FTS.B

,

Zero

Cpn

,

7/01/33

...

2,050

–

4889899.SQ.FTS.B

,

Zero

Cpn

,

7/02/33

...

5,336

–

4890016.SQ.FTS.B

,

Zero

Cpn

,

7/02/33

...

1,471

–

4891423.SQ.FTS.B

,

Zero

Cpn

,

7/03/33

...

3,072

–

4901412.SQ.FTS.B

,

Zero

Cpn

,

7/07/33

...

183

–

4901767.SQ.FTS.B

,

Zero

Cpn

,

7/07/33

...

6,776

–

4903860.SQ.FTS.B

,

Zero

Cpn

,

7/09/33

...

2,275

–

4905084.SQ.FTS.B

,

Zero

Cpn

,

7/10/33

...

1,978

–

4906129.SQ.FTS.B

,

Zero

Cpn

,

7/10/33

...

766

–

4910039.SQ.FTS.B

,

Zero

Cpn

,

7/12/33

...

983

–

4924498.SQ.FTS.B

,

Zero

Cpn

,

7/17/33

...

2,892

1

4925900.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

4,334

–

4926237.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

7,821

–

4926957.SQ.FTS.B

,

Zero

Cpn

,

7/19/33

...

1,660

–

4928138.SQ.FTS.B

,

Zero

Cpn

,

7/19/33

...

6,946

–

4928279.SQ.FTS.B

,

Zero

Cpn

,

7/19/33

...

991

–

4928795.SQ.FTS.B

,

Zero

Cpn

,

7/19/33

...

21,198

1

4931407.SQ.FTS.B

,

Zero

Cpn

,

7/20/33

...

758

–

4931889.SQ.FTS.B

,

Zero

Cpn

,

7/20/33

...

1,469

–

4933844.SQ.FTS.B

,

Zero

Cpn

,

7/21/33

...

19,305

–

4935340.SQ.FTS.B

,

Zero

Cpn

,

7/22/33

...

172

–

4935527.SQ.FTS.B

,

Zero

Cpn

,

7/22/33

...

1,418

–

4935556.SQ.FTS.B

,

Zero

Cpn

,

7/22/33

...

496

–

4935758.SQ.FTS.B

,

Zero

Cpn

,

7/23/33

...

717

–

4935784.SQ.FTS.B

,

Zero

Cpn

,

7/23/33

...

749

–

4936861.SQ.FTS.B

,

Zero

Cpn

,

7/24/33

...

1,307

–

4937255.SQ.FTS.B

,

Zero

Cpn

,

7/24/33

...

1,941

–

4954900.SQ.FTS.B

,

Zero

Cpn

,

7/28/33

...

4,177

–

4962054.SQ.FTS.B

,

Zero

Cpn

,

7/31/33

...

8,398

1

4962523.SQ.FTS.B

,

Zero

Cpn

,

7/31/33

...

4,563

–

4964207.SQ.FTS.B

,

Zero

Cpn

,

8/01/33

...

872

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4967874.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

$

6,630

$

–

4976894.SQ.FTS.B

,

Zero

Cpn

,

8/07/33

...

2,452

–

4977295.SQ.FTS.B

,

Zero

Cpn

,

8/07/33

...

5,717

–

4980302.SQ.FTS.B

,

Zero

Cpn

,

8/08/33

...

5,164

1

4980891.SQ.FTS.B

,

Zero

Cpn

,

8/08/33

...

7,938

–

4985573.SQ.FTS.B

,

Zero

Cpn

,

8/10/33

...

3,505

–

4985801.SQ.FTS.B

,

Zero

Cpn

,

8/10/33

...

3,070

–

4986950.SQ.FTS.B

,

Zero

Cpn

,

8/10/33

...

1,026

–

4989680.SQ.FTS.B

,

Zero

Cpn

,

8/11/33

...

6,187

–

4990405.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

3,554

1

4990803.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

280

1

4990927.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

1,216

–

4991162.SQ.FTS.B

,

Zero

Cpn

,

8/13/33

...

5,956

–

4993286.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

1,167

–

4993377.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

1,027

–

4993884.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

2,371

–

4994536.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

77

–

4994636.SQ.FTS.B

,

Zero

Cpn

,

8/15/33

...

1,945

–

4999801.SQ.FTS.B

,

Zero

Cpn

,

8/15/33

...

7,631

–

5002638.SQ.FTS.B

,

Zero

Cpn

,

8/15/33

...

1,671

–

5002851.SQ.FTS.B

,

Zero

Cpn

,

8/15/33

...

2,134

–

5003760.SQ.FTS.B

,

Zero

Cpn

,

8/15/33

...

2,712

–

5017280.SQ.FTS.B

,

Zero

Cpn

,

8/17/33

...

6,962

–

5019634.SQ.FTS.B

,

Zero

Cpn

,

8/17/33

...

1,814

–

5024347.SQ.FTS.B

,

Zero

Cpn

,

8/18/33

...

2,526

–

5025260.SQ.FTS.B

,

Zero

Cpn

,

8/18/33

...

427

–

5025377.SQ.FTS.B

,

Zero

Cpn

,

8/18/33

...

4,937

–

5025999.SQ.FTS.B

,

Zero

Cpn

,

8/19/33

...

4,449

–

5026387.SQ.FTS.B

,

Zero

Cpn

,

8/19/33

...

1,641

–

5027200.SQ.FTS.B

,

Zero

Cpn

,

8/21/33

...

811

–

5034542.SQ.FTS.B

,

Zero

Cpn

,

8/23/33

...

3,605

1

5035879.SQ.FTS.B

,

Zero

Cpn

,

8/23/33

...

757

–

5037885.SQ.FTS.B

,

Zero

Cpn

,

8/24/33

...

10,799

1

5041320.SQ.FTS.B

,

Zero

Cpn

,

8/25/33

...

6,419

2

5044612.SQ.FTS.B

,

Zero

Cpn

,

8/27/33

...

309

–

5045398.SQ.FTS.B

,

Zero

Cpn

,

8/28/33

...

9,125

3

5045876.SQ.FTS.B

,

Zero

Cpn

,

8/28/33

...

6,187

1

5047833.SQ.FTS.B

,

Zero

Cpn

,

8/28/33

...

3,738

–

5048228.SQ.FTS.B

,

Zero

Cpn

,

9/01/33

...

273

–

5049827.SQ.FTS.B

,

Zero

Cpn

,

9/01/33

...

3,982

9

5050370.SQ.FTS.B

,

Zero

Cpn

,

9/01/33

...

17,390

–

5051202.SQ.FTS.B

,

Zero

Cpn

,

9/02/33

...

402

–

5051339.SQ.FTS.B

,

Zero

Cpn

,

9/02/33

...

1,372

–

5059388.SQ.FTS.B

,

Zero

Cpn

,

9/04/33

...

578

–

5059779.SQ.FTS.B

,

Zero

Cpn

,

9/04/33

...

14,748

213

5061477.SQ.FTS.B

,

Zero

Cpn

,

9/04/33

...

5,939

–

5062144.SQ.FTS.B

,

Zero

Cpn

,

9/05/33

...

400

–

5065231.SQ.FTS.B

,

Zero

Cpn

,

9/07/33

...

7,752

2

5066009.SQ.FTS.B

,

Zero

Cpn

,

9/08/33

...

6,897

239

5067639.SQ.FTS.B

,

Zero

Cpn

,

9/08/33

...

8,253

1

5068585.SQ.FTS.B

,

Zero

Cpn

,

9/08/33

...

2,845

5

5069032.SQ.FTS.B

,

Zero

Cpn

,

9/09/33

...

5,100

123

5069067.SQ.FTS.B

,

Zero

Cpn

,

9/09/33

...

12,169

2

5073148.SQ.FTS.B

,

Zero

Cpn

,

9/10/33

...

7,251

8

5074113.SQ.FTS.B

,

Zero

Cpn

,

9/10/33

...

38,423

3

5074740.SQ.FTS.B

,

Zero

Cpn

,

9/10/33

...

3,030

92

5074780.SQ.FTS.B

,

Zero

Cpn

,

9/10/33

...

1,174

–

5078382.SQ.FTS.B

,

Zero

Cpn

,

9/12/33

...

979

–

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)

5080951.SQ.FTS.B

,

Zero

Cpn

,

9/14/33

...

$

654

$

–

5081394.SQ.FTS.B

,

Zero

Cpn

,

9/14/33

...

9,547

2

5082041.SQ.FTS.B

,

Zero

Cpn

,

9/14/33

...

2,897

3

5082286.SQ.FTS.B

,

Zero

Cpn

,

9/15/33

...

2,381

–

5086472.SQ.FTS.B

,

Zero

Cpn

,

9/16/33

...

1,605

58

5086626.SQ.FTS.B

,

Zero

Cpn

,

9/16/33

...

1,016

1

5089593.SQ.FTS.B

,

Zero

Cpn

,

9/17/33

...

3,289

1

5090813.SQ.FTS.B

,

Zero

Cpn

,

9/17/33

...

4,919

1

5091416.SQ.FTS.B

,

Zero

Cpn

,

9/18/33

...

13,876

167

5092572.SQ.FTS.B

,

Zero

Cpn

,

9/18/33

...

4,043

7

5093886.SQ.FTS.B

,

Zero

Cpn

,

9/19/33

...

2,277

1

5094586.SQ.FTS.B

,

Zero

Cpn

,

9/20/33

...

2,003

3

5095170.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

2,536

6

5096503.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

9,495

20

5097173.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

729

–

5098444.SQ.FTS.B

,

Zero

Cpn

,

9/22/33

...

4,780

3

5099132.SQ.FTS.B

,

Zero

Cpn

,

9/22/33

...

37,393

39

5102220.SQ.FTS.B

,

Zero

Cpn

,

9/23/33

...

2,484

1

5104481.SQ.FTS.B

,

Zero

Cpn

,

9/24/33

...

1,513

1

5107188.SQ.FTS.B

,

Zero

Cpn

,

9/24/33

...

2,474

1

5109124.SQ.FTS.B

,

Zero

Cpn

,

9/25/33

...

519

–

5109714.SQ.FTS.B

,

Zero

Cpn

,

9/25/33

...

8,108

11

5111943.SQ.FTS.B

,

Zero

Cpn

,

9/28/33

...

851

–

5113482.SQ.FTS.B

,

Zero

Cpn

,

9/28/33

...

1,726

34

5114309.SQ.FTS.B

,

Zero

Cpn

,

9/28/33

...

906

–

5114403.SQ.FTS.B

,

Zero

Cpn

,

9/28/33

...

1,028

–

5115942.SQ.FTS.B

,

Zero

Cpn

,

9/29/33

...

25,309

8

5117310.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

4,690

2

5118308.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

6,298

7

5118981.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

3,773

4

5119496.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

4,666

4

5122010.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

629

–

5122298.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

1,008

–

5125832.SQ.FTS.B

,

Zero

Cpn

,

10/01/33

..

649

–

5126318.SQ.FTS.B

,

Zero

Cpn

,

10/01/33

..

305

–

5128139.SQ.FTS.B

,

Zero

Cpn

,

10/02/33

..

1,521

3

5128160.SQ.FTS.B

,

Zero

Cpn

,

10/02/33

..

2,113

1

5129089.SQ.FTS.B

,

Zero

Cpn

,

10/03/33

..

5,922

4

5131068.SQ.FTS.B

,

Zero

Cpn

,

10/04/33

..

995

1

5134453.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

589

1

5134858.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

206

–

5135989.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

6,343

6

5138063.SQ.FTS.B

,

Zero

Cpn

,

10/06/33

..

13,589

25

5143578.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

597

1

5143602.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

1,106

1

5143636.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

22,568

29

5144702.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

2,530

1

5145611.SQ.FTS.B

,

Zero

Cpn

,

10/08/33

..

415

1

5145759.SQ.FTS.B

,

Zero

Cpn

,

10/08/33

..

11,012

3

5147227.SQ.FTS.B

,

Zero

Cpn

,

10/08/33

..

2,903

3

5148494.SQ.FTS.B

,

Zero

Cpn

,

10/09/33

..

769

3

5149258.SQ.FTS.B

,

Zero

Cpn

,

10/10/33

..

2,200

1

5153196.SQ.FTS.B

,

Zero

Cpn

,

10/11/33

..

13,914

17

5154671.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

674

1

5154721.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

364

21

5155863.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

10,908

9

5158276.SQ.FTS.B

,

Zero

Cpn

,

10/13/33

..

4,505

15

5164900.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

2,484

5

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5165031.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

$

523

$

1

5165513.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

535

1

5167068.SQ.FTS.B

,

Zero

Cpn

,

10/15/33

..

886

59

5167306.SQ.FTS.B

,

Zero

Cpn

,

10/15/33

..

164

18

5167520.SQ.FTS.B

,

Zero

Cpn

,

10/15/33

..

792

1

5178623.SQ.FTS.B

,

Zero

Cpn

,

10/18/33

..

2,451

5

5184669.SQ.FTS.B

,

Zero

Cpn

,

10/19/33

..

3,872

4

5185667.SQ.FTS.B

,

Zero

Cpn

,

10/20/33

..

14,855

1,207

5204516.SQ.FTS.B

,

Zero

Cpn

,

10/22/33

..

12,116

8

5207596.SQ.FTS.B

,

Zero

Cpn

,

10/22/33

..

397

27

5216243.SQ.FTS.B

,

Zero

Cpn

,

10/26/33

..

2,570

5

5218743.SQ.FTS.B

,

Zero

Cpn

,

10/26/33

..

14,574

19

5220666.SQ.FTS.B

,

Zero

Cpn

,

10/26/33

..

343

–

5220688.SQ.FTS.B

,

Zero

Cpn

,

10/26/33

..

25,349

64

5234308.SQ.FTS.B

,

Zero

Cpn

,

10/28/33

..

2,041

2

5235201.SQ.FTS.B

,

Zero

Cpn

,

10/29/33

..

1,059

1

5239980.SQ.FTS.B

,

Zero

Cpn

,

10/30/33

..

4,342

4

5240149.SQ.FTS.B

,

Zero

Cpn

,

10/30/33

..

487

1

5240240.SQ.FTS.B

,

Zero

Cpn

,

10/30/33

..

3,565

5

5240977.SQ.FTS.B

,

Zero

Cpn

,

11/01/33

..

1,605

2

5243643.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

3,274

6

5243677.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

199

1

5246929.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

3,004

7

5248838.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

3,589

16

5249081.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

1,535

2

5250046.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

104

–

5251234.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

12,595

29

5251513.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

1,257

3

5262859.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

6,228

12

5270493.SQ.FTS.B

,

Zero

Cpn

,

11/06/33

..

1,448

1

5271294.SQ.FTS.B

,

Zero

Cpn

,

11/06/33

..

743

3

5271481.SQ.FTS.B

,

Zero

Cpn

,

11/06/33

..

872

2

5271882.SQ.FTS.B

,

Zero

Cpn

,

11/06/33

..

6,771

25

5273816.SQ.FTS.B

,

Zero

Cpn

,

11/08/33

..

1,760

5

5273861.SQ.FTS.B

,

Zero

Cpn

,

11/08/33

..

2,965

7

5281948.SQ.FTS.B

,

Zero

Cpn

,

11/10/33

..

29,541

63

5282925.SQ.FTS.B

,

Zero

Cpn

,

11/11/33

..

2,496

7

5291714.SQ.FTS.B

,

Zero

Cpn

,

11/13/33

..

7,230

29

5292413.SQ.FTS.B

,

Zero

Cpn

,

11/13/33

..

7,292

12

5293647.SQ.FTS.B

,

Zero

Cpn

,

11/14/33

..

3,154

4

5294178.SQ.FTS.B

,

Zero

Cpn

,

11/14/33

..

4,625

8

5294931.SQ.FTS.B

,

Zero

Cpn

,

11/15/33

..

875

4

5296152.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

3,005

3

5297124.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

4,734

276

5297679.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

4,327

8

5297749.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

4,815

8

5297998.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

636

–

5303325.SQ.FTS.B

,

Zero

Cpn

,

11/17/33

..

2,069

9

5308374.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

1,834

3

5308440.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

1,850

3

5309472.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

3,112

2

5310662.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

822

128

5310909.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

14,880

19

5312989.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

886

1

5313199.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

2,846

14

5313296.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

1,043

3

5313526.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

1,853

2

5316141.SQ.FTS.B

,

Zero

Cpn

,

11/19/33

..

2,035

276

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)

5318154.SQ.FTS.B

,

Zero

Cpn

,

11/19/33

..

$

1,339

$

3

5318776.SQ.FTS.B

,

Zero

Cpn

,

11/19/33

..

15,271

69

5319254.SQ.FTS.B

,

Zero

Cpn

,

11/19/33

..

875

1

5321246.SQ.FTS.B

,

Zero

Cpn

,

11/20/33

..

9,240

15

5324445.SQ.FTS.B

,

Zero

Cpn

,

11/21/33

..

1,002

158

5324505.SQ.FTS.B

,

Zero

Cpn

,

11/21/33

..

732

2

5324511.SQ.FTS.B

,

Zero

Cpn

,

11/21/33

..

762

51

5325032.SQ.FTS.B

,

Zero

Cpn

,

11/22/33

..

1,289

3

5325685.SQ.FTS.B

,

Zero

Cpn

,

11/22/33

..

671

1

5326604.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

1,332

7

5330352.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

4,757

6

5330620.SQ.FTS.B

,

Zero

Cpn

,

11/24/33

..

262

1

5331180.SQ.FTS.B

,

Zero

Cpn

,

11/24/33

..

2,904

9

5336855.SQ.FTS.B

,

Zero

Cpn

,

11/25/33

..

1,804

208

5337877.SQ.FTS.B

,

Zero

Cpn

,

11/25/33

..

256

–

5368153.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

1,070

1

5369187.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

237

21

5376799.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

4,624

14

5378398.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

32,690

33

5381030.SQ.FTS.B

,

Zero

Cpn

,

11/28/33

..

10,498

55

5381932.SQ.FTS.B

,

Zero

Cpn

,

11/29/33

..

741

2

5383396.SQ.FTS.B

,

Zero

Cpn

,

11/30/33

..

105

–

5383412.SQ.FTS.B

,

Zero

Cpn

,

11/30/33

..

2,807

7

5398394.SQ.FTS.B

,

Zero

Cpn

,

11/30/33

..

777

2

5413606.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

2,850

7

5440393.SQ.FTS.B

,

Zero

Cpn

,

12/02/33

..

513

1

5442439.SQ.FTS.B

,

Zero

Cpn

,

12/02/33

..

1,242

2

5471273.SQ.FTS.B

,

Zero

Cpn

,

12/03/33

..

1,167

1

5471332.SQ.FTS.B

,

Zero

Cpn

,

12/03/33

..

12,560

52

5472730.SQ.FTS.B

,

Zero

Cpn

,

12/04/33

..

3,743

7

5472763.SQ.FTS.B

,

Zero

Cpn

,

12/04/33

..

2,711

5

5473236.SQ.FTS.B

,

Zero

Cpn

,

12/04/33

..

6,897

6

5473309.SQ.FTS.B

,

Zero

Cpn

,

12/04/33

..

1,962

10

5474033.SQ.FTS.B

,

Zero

Cpn

,

12/05/33

..

1,011

5

5493687.SQ.FTS.B

,

Zero

Cpn

,

12/07/33

..

1,582

3

5495244.SQ.FTS.B

,

Zero

Cpn

,

12/07/33

..

1,565

8

5501790.SQ.FTS.B

,

Zero

Cpn

,

12/07/33

..

1,322

119

5502597.SQ.FTS.B

,

Zero

Cpn

,

12/07/33

..

6,676

36

5504275.SQ.FTS.B

,

Zero

Cpn

,

12/07/33

..

1,678

6

5504334.SQ.FTS.B

,

Zero

Cpn

,

12/07/33

..

2,881

11

5515632.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

876

2

5515935.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

1,582

7

5517225.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

132

1

5530682.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

8,257

13

5531634.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

16,877

38

5534538.SQ.FTS.B

,

Zero

Cpn

,

12/10/33

..

3,044

5

5537511.SQ.FTS.B

,

Zero

Cpn

,

12/10/33

..

82

14

5539742.SQ.FTS.B

,

Zero

Cpn

,

12/11/33

..

3,222

9

5542232.SQ.FTS.B

,

Zero

Cpn

,

12/13/33

..

9,576

28

5543476.SQ.FTS.B

,

Zero

Cpn

,

12/13/33

..

697

1

5546767.SQ.FTS.B

,

Zero

Cpn

,

12/13/33

..

9,786

50

5551837.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

3,976

6

5553801.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

15,160

42

5553995.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

680

1

5564400.SQ.FTS.B

,

Zero

Cpn

,

12/16/33

..

4,180

9

5564465.SQ.FTS.B

,

Zero

Cpn

,

12/16/33

..

3,809

7

5564739.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

4,014

8

5565342.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

1,550

3

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5565718.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

$

1,113

$

2

5566977.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

4,680

9

5568613.SQ.FTS.B

,

Zero

Cpn

,

12/18/33

..

7,092

12

5571039.SQ.FTS.B

,

Zero

Cpn

,

12/20/33

..

585

4

5571610.SQ.FTS.B

,

Zero

Cpn

,

12/20/33

..

10,025

22

5574449.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

8,365

62

5574619.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

1,300

4

5574770.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

6,554

1,110

5575277.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

147

26

5575354.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

1,830

197

5578293.SQ.FTS.B

,

Zero

Cpn

,

12/22/33

..

4,171

12

5581220.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

2,766

334

5581405.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

1,251

4

5581428.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

2,217

250

5581964.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

4,006

880

5582638.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

1,582

4

5582775.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

565

2

5583691.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

1,683

4

5585193.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

1,038

4

5587763.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

13,450

28

5587897.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

21,318

34

5588620.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

4,534

16

5588868.SQ.FTS.B

,

Zero

Cpn

,

12/26/33

..

2,471

5

5589011.SQ.FTS.B

,

Zero

Cpn

,

12/26/33

..

996

3

5589268.SQ.FTS.B

,

Zero

Cpn

,

12/26/33

..

447

1

5593696.SQ.FTS.B

,

Zero

Cpn

,

12/28/33

..

16,651

99

5594128.SQ.FTS.B

,

Zero

Cpn

,

12/28/33

..

3,289

19

5609439.SQ.FTS.B

,

Zero

Cpn

,

12/30/33

..

2,708

16

5611249.SQ.FTS.B

,

Zero

Cpn

,

12/30/33

..

1,749

7

5613593.SQ.FTS.B

,

Zero

Cpn

,

1/01/34

...

960

9

5614043.SQ.FTS.B

,

Zero

Cpn

,

1/01/34

...

624

2

5619805.SQ.FTS.B

,

Zero

Cpn

,

1/04/34

...

479

95

5629056.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

1,080

5

5641293.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

2,612

9

5644715.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

4,969

36

5644959.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

10,493

28

5646926.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

4,350

36

5655794.SQ.FTS.B

,

Zero

Cpn

,

1/09/34

...

265

1

5655805.SQ.FTS.B

,

Zero

Cpn

,

1/09/34

...

9,103

44

5656317.SQ.FTS.B

,

Zero

Cpn

,

1/10/34

...

3,805

12

5656603.SQ.FTS.B

,

Zero

Cpn

,

1/10/34

...

812

3

5656707.SQ.FTS.B

,

Zero

Cpn

,

1/10/34

...

3,920

16

5656852.SQ.FTS.B

,

Zero

Cpn

,

1/10/34

...

716

6

5661432.SQ.FTS.B

,

Zero

Cpn

,

1/11/34

...

27,848

68

5666857.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

50,254

208

5670099.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

1,442

5

5670219.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

4,058

980

5672062.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

957

3

5672657.SQ.FTS.B

,

Zero

Cpn

,

1/13/34

...

1,961

5

5672716.SQ.FTS.B

,

Zero

Cpn

,

1/13/34

...

1,622

5

5689054.SQ.FTS.B

,

Zero

Cpn

,

1/14/34

...

354

2

5694752.SQ.FTS.B

,

Zero

Cpn

,

1/14/34

...

35,953

147

5696224.SQ.FTS.B

,

Zero

Cpn

,

1/15/34

...

4,134

15

5698837.SQ.FTS.B

,

Zero

Cpn

,

1/15/34

...

8,377

30

5701510.SQ.FTS.B

,

Zero

Cpn

,

1/15/34

...

251

1

5702064.SQ.FTS.B

,

Zero

Cpn

,

1/15/34

...

1,794

14

5703564.SQ.FTS.B

,

Zero

Cpn

,

1/17/34

...

5,948

41

5705331.SQ.FTS.B

,

Zero

Cpn

,

1/18/34

...

47

5

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)

5709306.SQ.FTS.B

,

Zero

Cpn

,

1/18/34

...

$

5,112

$

16

5714621.SQ.FTS.B

,

Zero

Cpn

,

1/19/34

...

24,691

2,923

5715524.SQ.FTS.B

,

Zero

Cpn

,

1/19/34

...

1,945

15

5719339.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

1,667

3

5720196.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

869

6

5720995.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

383

1

5721008.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

4,207

15

5721363.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

47,507

163

5726619.SQ.FTS.B

,

Zero

Cpn

,

1/21/34

...

11,825

44

5729353.SQ.FTS.B

,

Zero

Cpn

,

1/21/34

...

1,214

350

5732481.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

913

41

5733912.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

14,207

92

5734473.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

4,239

15

5739318.SQ.FTS.B

,

Zero

Cpn

,

1/25/34

...

9,310

33

5741480.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

251

44

5741942.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

5,645

1,766

5743692.SQ.FTS.B

,

Zero

Cpn

,

1/27/34

...

2,366

9

5743913.SQ.FTS.B

,

Zero

Cpn

,

1/27/34

...

14,974

62

5745525.SQ.FTS.B

,

Zero

Cpn

,

1/27/34

...

3,073

27

5756490.SQ.FTS.B

,

Zero

Cpn

,

1/29/34

...

28,616

79

5756660.SQ.FTS.B

,

Zero

Cpn

,

1/30/34

...

17,332

68

5757260.SQ.FTS.B

,

Zero

Cpn

,

1/30/34

...

64

17

5757294.SQ.FTS.B

,

Zero

Cpn

,

1/30/34

...

5,660

18

5767523.SQ.FTS.B

,

Zero

Cpn

,

2/03/34

...

17,755

79

5767979.SQ.FTS.B

,

Zero

Cpn

,

2/03/34

...

2,624

7

5769375.SQ.FTS.B

,

Zero

Cpn

,

2/03/34

...

2,824

23

5772616.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

10,404

55

5774638.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

424

3

5775630.SQ.FTS.B

,

Zero

Cpn

,

2/05/34

...

3,081

25

5777849.SQ.FTS.B

,

Zero

Cpn

,

2/05/34

...

3,303

15

5778637.SQ.FTS.B

,

Zero

Cpn

,

2/05/34

...

745

2

5778756.SQ.FTS.B

,

Zero

Cpn

,

2/05/34

...

2,847

12

5778865.SQ.FTS.B

,

Zero

Cpn

,

2/05/34

...

2,857

727

5779967.SQ.FTS.B

,

Zero

Cpn

,

2/06/34

...

2,379

7

5780239.SQ.FTS.B

,

Zero

Cpn

,

2/07/34

...

7,900

96

5782195.SQ.FTS.B

,

Zero

Cpn

,

2/08/34

...

1,128

6

5784888.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

838

12

5788233.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

881

13

5788805.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

20,630

94

5789379.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

150

25

5793198.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

14,656

154

5795334.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

2,288

18

5796633.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

2,959

8

5796654.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

23,973

136

5801833.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

1,116

7

5802042.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

49,428

4,704

5804251.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

4,285

1,243

5805328.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

297

2

5805369.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

2,188

6

5805398.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

2,828

26

5805490.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

629

3

5808150.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

1,070

261

5809849.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

2,395

10

5811504.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

13,131

58

5816654.SQ.FTS.B

,

Zero

Cpn

,

2/15/34

...

13,550

74

5818437.SQ.FTS.B

,

Zero

Cpn

,

2/15/34

...

2,009

504

5818633.SQ.FTS.B

,

Zero

Cpn

,

2/15/34

...

762

227

5821663.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

2,685

16

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5821739.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

$

25,980

$

6,867

5823402.SQ.FTS.B

,

Zero

Cpn

,

2/17/34

...

16,878

4,412

5824064.SQ.FTS.B

,

Zero

Cpn

,

2/17/34

...

16,472

157

5824290.SQ.FTS.B

,

Zero

Cpn

,

2/17/34

...

1,207

6

5827715.SQ.FTS.B

,

Zero

Cpn

,

2/18/34

...

3,528

12

5831642.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

3,872

33

5832876.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

888

5

5832933.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

871

5

5832996.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

465

55

5833744.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

4,166

23

5835427.SQ.FTS.B

,

Zero

Cpn

,

2/21/34

...

156

1

5840032.SQ.FTS.B

,

Zero

Cpn

,

2/23/34

...

18,482

92

5843566.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

5,389

33

5843736.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

1,275

221

5844917.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

2,860

14

5848650.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

2,710

28

5851134.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

4,857

969

5853107.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

1,186

9

5853687.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

1,153

10

5855247.SQ.FTS.B

,

Zero

Cpn

,

2/27/34

...

2,503

47

5855815.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

2,097

14

5856506.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

1,492

11

5857271.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

5,828

22

5862832.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

21,167

6,920

5864281.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

1,128

475

5871100.SQ.FTS.B

,

Zero

Cpn

,

3/01/34

...

19,844

158

5872195.SQ.FTS.B

,

Zero

Cpn

,

3/01/34

...

11,306

92

5873503.SQ.FTS.B

,

Zero

Cpn

,

3/01/34

...

1,500

29

5876448.SQ.FTS.B

,

Zero

Cpn

,

3/02/34

...

276

44

5876942.SQ.FTS.B

,

Zero

Cpn

,

3/02/34

...

11,879

57

5878878.SQ.FTS.B

,

Zero

Cpn

,

3/05/34

...

429

3

5884476.SQ.FTS.B

,

Zero

Cpn

,

3/07/34

...

2,127

29

5884756.SQ.FTS.B

,

Zero

Cpn

,

3/07/34

...

787

9

5885927.SQ.FTS.B

,

Zero

Cpn

,

3/07/34

...

101

12

5890737.SQ.FTS.B

,

Zero

Cpn

,

3/08/34

...

31,239

229

5891388.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

3,614

41

5891940.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

240

27

5892236.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

1,331

518

5892257.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

657

208

5892501.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

760

7

5892907.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

2,548

16

5893120.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

3,245

40

5893532.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

2,682

284

5894049.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

5,935

47

5894227.SQ.FTS.B

,

Zero

Cpn

,

3/09/34

...

6,594

36

5899146.SQ.FTS.B

,

Zero

Cpn

,

3/12/34

...

1,011

8

5900522.SQ.FTS.B

,

Zero

Cpn

,

3/13/34

...

449

3

5900966.SQ.FTS.B

,

Zero

Cpn

,

3/13/34

...

1,908

17

5902007.SQ.FTS.B

,

Zero

Cpn

,

3/13/34

...

1,148

7

5902039.SQ.FTS.B

,

Zero

Cpn

,

3/13/34

...

4,574

17

5905115.SQ.FTS.B

,

Zero

Cpn

,

3/14/34

...

591

243

5907307.SQ.FTS.B

,

Zero

Cpn

,

3/15/34

...

4,223

36

5908792.SQ.FTS.B

,

Zero

Cpn

,

3/15/34

...

3,935

1,438

5909844.SQ.FTS.B

,

Zero

Cpn

,

3/15/34

...

8,247

59

5911132.SQ.FTS.B

,

Zero

Cpn

,

3/16/34

...

31,967

189

5912428.SQ.FTS.B

,

Zero

Cpn

,

3/16/34

...

2,401

26

5912454.SQ.FTS.B

,

Zero

Cpn

,

3/16/34

...

2,264

12

5912708.SQ.FTS.B

,

Zero

Cpn

,

3/16/34

...

1,135

16

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)

5912751.SQ.FTS.B

,

Zero

Cpn

,

3/16/34

...

$

4,351

$

1,993

5913409.SQ.FTS.B

,

Zero

Cpn

,

3/17/34

...

2,690

36

5914346.SQ.FTS.B

,

Zero

Cpn

,

3/18/34

...

208

2

5916186.SQ.FTS.B

,

Zero

Cpn

,

3/19/34

...

3,408

40

5917212.SQ.FTS.B

,

Zero

Cpn

,

3/19/34

...

1,529

15

5917300.SQ.FTS.B

,

Zero

Cpn

,

3/19/34

...

685

156

5917893.SQ.FTS.B

,

Zero

Cpn

,

3/19/34

...

14,136

4,767

5918205.SQ.FTS.B

,

Zero

Cpn

,

3/19/34

...

693

10

5918675.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

305

5

5918972.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

8,974

151

5919756.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

9,188

131

5921812.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

1,536

9

5921964.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

623

3

5922077.SQ.FTS.B

,

Zero

Cpn

,

3/20/34

...

1,538

8

5923853.SQ.FTS.B

,

Zero

Cpn

,

3/21/34

...

34,589

393

5927683.SQ.FTS.B

,

Zero

Cpn

,

3/22/34

...

4,609

34

5928998.SQ.FTS.B

,

Zero

Cpn

,

3/22/34

...

4,209

59

5929950.SQ.FTS.B

,

Zero

Cpn

,

3/22/34

...

853

185

5936987.SQ.FTS.B

,

Zero

Cpn

,

3/26/34

...

631

8

5940897.SQ.FTS.B

,

Zero

Cpn

,

3/27/34

...

6,239

3,047

5945156.SQ.FTS.B

,

Zero

Cpn

,

3/28/34

...

1,617

22

5945212.SQ.FTS.B

,

Zero

Cpn

,

3/28/34

...

119

53

5950020.SQ.FTS.B

,

Zero

Cpn

,

3/29/34

...

2,365

17

5953421.SQ.FTS.B

,

Zero

Cpn

,

3/30/34

...

3,220

78

5953778.SQ.FTS.B

,

Zero

Cpn

,

3/30/34

...

470

4

5955157.SQ.FTS.B

,

Zero

Cpn

,

3/30/34

...

946

5

5958081.SQ.FTS.B

,

Zero

Cpn

,

4/03/34

...

1,192

17

5960150.SQ.FTS.B

,

Zero

Cpn

,

4/03/34

...

2,473

19

5960313.SQ.FTS.B

,

Zero

Cpn

,

4/03/34

...

931

482

5960372.SQ.FTS.B

,

Zero

Cpn

,

4/03/34

...

215

4

5960485.SQ.FTS.B

,

Zero

Cpn

,

4/04/34

...

799

153

5960736.SQ.FTS.B

,

Zero

Cpn

,

4/04/34

...

9,716

123

5961632.SQ.FTS.B

,

Zero

Cpn

,

4/04/34

...

10,451

64

5973170.SQ.FTS.B

,

Zero

Cpn

,

4/06/34

...

733

7

5977275.SQ.FTS.B

,

Zero

Cpn

,

4/07/34

...

12,616

163

5977823.SQ.FTS.B

,

Zero

Cpn

,

4/07/34

...

855

12

5984496.SQ.FTS.B

,

Zero

Cpn

,

4/11/34

...

1,089

9

5985197.SQ.FTS.B

,

Zero

Cpn

,

4/12/34

...

2,689

25

5986301.SQ.FTS.B

,

Zero

Cpn

,

4/12/34

...

2,618

44

5991306.SQ.FTS.B

,

Zero

Cpn

,

4/13/34

...

1,478

13

5992494.SQ.FTS.B

,

Zero

Cpn

,

4/13/34

...

30

6

5993993.SQ.FTS.B

,

Zero

Cpn

,

4/14/34

...

738

14

6000281.SQ.FTS.B

,

Zero

Cpn

,

4/17/34

...

394

4

6000300.SQ.FTS.B

,

Zero

Cpn

,

4/17/34

...

2,058

37

6002949.SQ.FTS.B

,

Zero

Cpn

,

4/18/34

...

628

111

6010749.SQ.FTS.B

,

Zero

Cpn

,

4/20/34

...

1,573

360

6011014.SQ.FTS.B

,

Zero

Cpn

,

4/20/34

...

1,683

25

6012358.SQ.FTS.B

,

Zero

Cpn

,

4/20/34

...

1,465

634

6012743.SQ.FTS.B

,

Zero

Cpn

,

4/21/34

...

8,938

115

6013463.SQ.FTS.B

,

Zero

Cpn

,

4/21/34

...

5,991

67

6016649.SQ.FTS.B

,

Zero

Cpn

,

4/23/34

...

380

4

6016723.SQ.FTS.B

,

Zero

Cpn

,

4/23/34

...

2,068

44

6024496.SQ.FTS.B

,

Zero

Cpn

,

4/26/34

...

5,106

45

6024650.SQ.FTS.B

,

Zero

Cpn

,

4/26/34

...

1,830

30

6027166.SQ.FTS.B

,

Zero

Cpn

,

4/26/34

...

2,396

36

6027397.SQ.FTS.B

,

Zero

Cpn

,

4/26/34

...

1,633

18

6033057.SQ.FTS.B

,

Zero

Cpn

,

4/27/34

...

2,031

47

6035360.SQ.FTS.B

,

Zero

Cpn

,

4/28/34

...

1,397

27

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6036390.SQ.FTS.B

,

Zero

Cpn

,

4/28/34

...

$

356

$

6

6037075.SQ.FTS.B

,

Zero

Cpn

,

4/29/34

...

2,702

50

6045560.SQ.FTS.B

,

Zero

Cpn

,

5/01/34

...

1,003

16

6046999.SQ.FTS.B

,

Zero

Cpn

,

5/02/34

...

1,658

1,007

6047637.SQ.FTS.B

,

Zero

Cpn

,

5/02/34

...

629

5

6047712.SQ.FTS.B

,

Zero

Cpn

,

5/02/34

...

8,819

5,212

6050979.SQ.FTS.B

,

Zero

Cpn

,

5/03/34

...

2,052

41

6051734.SQ.FTS.B

,

Zero

Cpn

,

5/03/34

...

7,797

131

6054000.SQ.FTS.B

,

Zero

Cpn

,

5/03/34

...

3,298

41

6062202.SQ.FTS.B

,

Zero

Cpn

,

5/07/34

...

3,703

94

6064347.SQ.FTS.B

,

Zero

Cpn

,

5/08/34

...

2,291

1,058

6066747.SQ.FTS.B

,

Zero

Cpn

,

5/08/34

...

4,039

84

6108715.SQ.FTS.B

,

Zero

Cpn

,

5/09/34

...

138

32

6123389.SQ.FTS.B

,

Zero

Cpn

,

5/10/34

...

404

7

6123772.SQ.FTS.B

,

Zero

Cpn

,

5/10/34

...

4,168

82

6125833.SQ.FTS.B

,

Zero

Cpn

,

5/11/34

...

1,234

569

6126498.SQ.FTS.B

,

Zero

Cpn

,

5/12/34

...

1,036

18

6126544.SQ.FTS.B

,

Zero

Cpn

,

5/12/34

...

156

26

6135095.SQ.FTS.B

,

Zero

Cpn

,

5/16/34

...

749

14

6136354.SQ.FTS.B

,

Zero

Cpn

,

5/16/34

...

6,097

102

6136825.SQ.FTS.B

,

Zero

Cpn

,

5/16/34

...

2,392

64

6140493.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

189

81

6140505.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

3,963

100

6140691.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

3,669

810

6142889.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

1,621

67

6143114.SQ.FTS.B

,

Zero

Cpn

,

5/17/34

...

1,454

699

6145923.SQ.FTS.B

,

Zero

Cpn

,

5/18/34

...

967

6

6149563.SQ.FTS.B

,

Zero

Cpn

,

5/21/34

...

2,619

52

6152853.SQ.FTS.B

,

Zero

Cpn

,

5/22/34

...

56,251

1,816

6160881.SQ.FTS.B

,

Zero

Cpn

,

5/24/34

...

4,729

94

6161027.SQ.FTS.B

,

Zero

Cpn

,

5/24/34

...

186

92

6163054.SQ.FTS.B

,

Zero

Cpn

,

5/25/34

...

7,614

200

6163213.SQ.FTS.B

,

Zero

Cpn

,

5/25/34

...

5,720

131

6165071.SQ.FTS.B

,

Zero

Cpn

,

5/26/34

...

31

21

6165760.SQ.FTS.B

,

Zero

Cpn

,

5/27/34

...

2,769

64

6175658.SQ.FTS.B

,

Zero

Cpn

,

5/30/34

...

3,167

2,065

6178835.SQ.FTS.B

,

Zero

Cpn

,

6/01/34

...

261

119

6183434.SQ.FTS.B

,

Zero

Cpn

,

6/02/34

...

527

292

6192461.SQ.FTS.B

,

Zero

Cpn

,

6/06/34

...

1,353

23

6192486.SQ.FTS.B

,

Zero

Cpn

,

6/06/34

...

3,185

64

6205648.SQ.FTS.B

,

Zero

Cpn

,

6/08/34

...

1,955

57

6206801.SQ.FTS.B

,

Zero

Cpn

,

6/09/34

...

4,894

3,069

6210528.SQ.FTS.B

,

Zero

Cpn

,

6/11/34

...

10,451

168

6214190.SQ.FTS.B

,

Zero

Cpn

,

6/12/34

...

637

140

6215457.SQ.FTS.B

,

Zero

Cpn

,

6/13/34

...

302

66

6215661.SQ.FTS.B

,

Zero

Cpn

,

6/13/34

...

317

218

6215908.SQ.FTS.B

,

Zero

Cpn

,

6/13/34

...

488

277

6220236.SQ.FTS.B

,

Zero

Cpn

,

6/14/34

...

669

11

6220519.SQ.FTS.B

,

Zero

Cpn

,

6/14/34

...

36,091

11,063

6223659.SQ.FTS.B

,

Zero

Cpn

,

6/15/34

...

184

126

6226015.SQ.FTS.B

,

Zero

Cpn

,

6/15/34

...

3,446

132

6228013.SQ.FTS.B

,

Zero

Cpn

,

6/16/34

...

672

14

6235468.SQ.FTS.B

,

Zero

Cpn

,

6/17/34

...

2,236

43

6236092.SQ.FTS.B

,

Zero

Cpn

,

6/18/34

...

43

28

6243419.SQ.FTS.B

,

Zero

Cpn

,

6/20/34

...

7,274

202

6244954.SQ.FTS.B

,

Zero

Cpn

,

6/21/34

...

8,954

2,523

6245712.SQ.FTS.B

,

Zero

Cpn

,

6/21/34

...

5,446

3,462

6251624.SQ.FTS.B

,

Zero

Cpn

,

6/22/34

...

1,245

872

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)

Block,

Inc.

(continued)

6255252.SQ.FTS.B

,

Zero

Cpn

,

6/24/34

...

$

2,186

$

652

6255384.SQ.FTS.B

,

Zero

Cpn

,

6/24/34

...

529

272

6255606.SQ.FTS.B

,

Zero

Cpn

,

6/24/34

...

254

130

6256913.SQ.FTS.B

,

Zero

Cpn

,

6/26/34

...

20,247

5,879

6258547.SQ.FTS.B

,

Zero

Cpn

,

6/27/34

...

6,260

84

6261595.SQ.FTS.B

,

Zero

Cpn

,

6/28/34

...

26,584

875

6265195.SQ.FTS.B

,

Zero

Cpn

,

6/29/34

...

246

165

6270813.SQ.FTS.B

,

Zero

Cpn

,

6/30/34

...

1,115

34

6270889.SQ.FTS.B

,

Zero

Cpn

,

6/30/34

...

1,478

367

6271153.SQ.FTS.B

,

Zero

Cpn

,

6/30/34

...

765

540

6271434.SQ.FTS.B

,

Zero

Cpn

,

7/01/34

...

9,980

7,033

6274028.SQ.FTS.B

,

Zero

Cpn

,

7/03/34

...

7,166

172

6274889.SQ.FTS.B

,

Zero

Cpn

,

7/03/34

...

9,263

5,716

6275552.SQ.FTS.B

,

Zero

Cpn

,

7/03/34

...

3,083

1,881

6275869.SQ.FTS.B

,

Zero

Cpn

,

7/04/34

...

11,714

3,946

6278505.SQ.FTS.B

,

Zero

Cpn

,

7/04/34

...

708

338

6281173.SQ.FTS.B

,

Zero

Cpn

,

7/05/34

...

574

32

6285204.SQ.FTS.B

,

Zero

Cpn

,

7/06/34

...

510

129

6285446.SQ.FTS.B

,

Zero

Cpn

,

7/06/34

...

20,357

12,920

6285882.SQ.FTS.B

,

Zero

Cpn

,

7/07/34

...

3,875

173

6287671.SQ.FTS.B

,

Zero

Cpn

,

7/09/34

...

367

267

6289898.SQ.FTS.B

,

Zero

Cpn

,

7/10/34

...

1,560

954

6289942.SQ.FTS.B

,

Zero

Cpn

,

7/10/34

...

186

95

6290999.SQ.FTS.B

,

Zero

Cpn

,

7/10/34

...

233

157

6293487.SQ.FTS.B

,

Zero

Cpn

,

7/11/34

...

461

265

6297788.SQ.FTS.B

,

Zero

Cpn

,

7/12/34

...

884

33

6304026.SQ.FTS.B

,

Zero

Cpn

,

7/14/34

...

7,729

3,232

6309000.SQ.FTS.B

,

Zero

Cpn

,

7/18/34

...

322

187

6314871.SQ.FTS.B

,

Zero

Cpn

,

7/19/34

...

605

321

6318980.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

1,562

824

6319360.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

5,121

3,364

6319563.SQ.FTS.B

,

Zero

Cpn

,

7/21/34

...

646

467

6320273.SQ.FTS.B

,

Zero

Cpn

,

7/22/34

...

25,170

13,354

6321367.SQ.FTS.B

,

Zero

Cpn

,

7/23/34

...

661

20

6321567.SQ.FTS.B

,

Zero

Cpn

,

7/23/34

...

377

154

6321614.SQ.FTS.B

,

Zero

Cpn

,

7/23/34

...

859

593

6321698.SQ.FTS.B

,

Zero

Cpn

,

7/23/34

...

1,105

694

6356496.SQ.FTS.B

,

Zero

Cpn

,

7/25/34

...

17,258

9,689

6363039.SQ.FTS.B

,

Zero

Cpn

,

7/27/34

...

110

59

6364604.SQ.FTS.B

,

Zero

Cpn

,

7/27/34

...

644

390

6365762.SQ.FTS.B

,

Zero

Cpn

,

7/28/34

...

10,292

346

6366494.SQ.FTS.B

,

Zero

Cpn

,

7/29/34

...

424

276

6368774.SQ.FTS.B

,

Zero

Cpn

,

7/30/34

...

967

412

6369144.SQ.FTS.B

,

Zero

Cpn

,

7/30/34

...

10,787

623

6372686.SQ.FTS.B

,

Zero

Cpn

,

7/31/34

...

50

36

6378771.SQ.FTS.B

,

Zero

Cpn

,

8/02/34

...

1,938

34

6379121.SQ.FTS.B

,

Zero

Cpn

,

8/02/34

...

382

201

6382018.SQ.FTS.B

,

Zero

Cpn

,

8/02/34

...

781

402

6383753.SQ.FTS.B

,

Zero

Cpn

,

8/03/34

...

784

599

6388737.SQ.FTS.B

,

Zero

Cpn

,

8/06/34

...

303

202

6389131.SQ.FTS.B

,

Zero

Cpn

,

8/06/34

...

18,484

10,982

6390695.SQ.FTS.B

,

Zero

Cpn

,

8/07/34

...

831

363

6395807.SQ.FTS.B

,

Zero

Cpn

,

8/08/34

...

6

5

6400774.SQ.FTS.B

,

Zero

Cpn

,

8/09/34

...

977

772

6404006.SQ.FTS.B

,

Zero

Cpn

,

8/11/34

...

1,378

1,042

6406738.SQ.FTS.B

,

Zero

Cpn

,

8/13/34

...

2,921

123

6412546.SQ.FTS.B

,

Zero

Cpn

,

8/15/34

...

1,476

1,075

6412810.SQ.FTS.B

,

Zero

Cpn

,

8/15/34

...

10,729

6,059

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6418289.SQ.FTS.B

,

Zero

Cpn

,

8/16/34

...

$

282

$

206

6419039.SQ.FTS.B

,

Zero

Cpn

,

8/16/34

...

13,386

575

6420892.SQ.FTS.B

,

Zero

Cpn

,

8/16/34

...

8,853

427

6421500.SQ.FTS.B

,

Zero

Cpn

,

8/17/34

...

1,891

1,303

6424077.SQ.FTS.B

,

Zero

Cpn

,

8/17/34

...

3,020

111

6425168.SQ.FTS.B

,

Zero

Cpn

,

8/19/34

...

4,759

120

6429767.SQ.FTS.B

,

Zero

Cpn

,

8/21/34

...

7,138

961

6430086.SQ.FTS.B

,

Zero

Cpn

,

8/22/34

...

891

663

6442143.SQ.FTS.B

,

Zero

Cpn

,

8/24/34

...

624

16

6442489.SQ.FTS.B

,

Zero

Cpn

,

8/24/34

...

1,263

857

6444790.SQ.FTS.B

,

Zero

Cpn

,

8/25/34

...

2,054

188

6450208.SQ.FTS.B

,

Zero

Cpn

,

8/28/34

...

2,651

240

6450465.SQ.FTS.B

,

Zero

Cpn

,

8/28/34

...

977

657

6452261.SQ.FTS.B

,

Zero

Cpn

,

8/28/34

...

17,124

1,581

23,258,009

Freedom

Financial

Asset

Management

LLC

APP-09939798.FP.FTS.B

,

17

.99

%

,

9/23/24

429

430

APP-09776493.FP.FTS.B

,

10

.49

%

,

9/25/24

1,077

1,080

APP-10170244.FP.FTS.B

,

13

.24

%

,

10/02/24

2,755

2,757

APP-09776210.FP.FTS.B

,

13

.49

%

,

10/04/24

2,115

2,116

APP-10060644.FP.FTS.B

,

13

.99

%

,

10/04/24

3,435

3,437

APP-10195787.FP.FTS.B

,

25

.49

%

,

10/04/24

988

989

APP-10481124.FP.FTS.B

,

12

.74

%

,

10/12/24

1,505

1,507

APP-10444462.FP.FTS.B

,

8

.49

%

,

10/23/24

1,944

1,949

APP-10314676.FP.FTS.B

,

12

.74

%

,

10/26/24

1,566

1,572

APP-10135442.FP.FTS.B

,

10

.99

%

,

10/28/24

2,266

2,274

APP-10566736.FP.FTS.B

,

16

.49

%

,

11/04/24

1,468

1,471

APP-10769779.FP.FTS.B

,

5

.99

%

,

11/09/24

405

405

APP-10693186.FP.FTS.B

,

10

.49

%

,

11/10/24

1,716

1,720

APP-11194733.FP.FTS.B

,

8

.99

%

,

11/11/24

4,434

4,448

APP-10096028.FP.FTS.B

,

9

.99

%

,

11/14/24

4,530

4,543

APP-10670881.FP.FTS.B

,

10

.24

%

,

11/17/24

1,322

1,326

APP-11237920.FP.FTS.B

,

17

.99

%

,

11/17/24

1,457

1,477

APP-11333230.FP.FTS.B

,

12

.49

%

,

11/25/24

3,662

3,687

APP-11382302.FP.FTS.B

,

16

.99

%

,

11/25/24

1,268

1,275

APP-10687787.FP.FTS.B

,

23

.99

%

,

12/02/24

1,169

1,088

APP-10459273.FP.FTS.B

,

15

.99

%

,

12/03/24

3,635

3,655

APP-11799510.FP.FTS.B

,

16

.99

%

,

12/15/24

1,609

1,617

APP-11316386.FP.FTS.B

,

13

.49

%

,

12/20/24

3,130

1,534

APP-11383917.FP.FTS.B

,

12

.74

%

,

12/26/24

2,089

2,101

APP-11045167.FP.FTS.B

,

10

.49

%

,

12/28/24

2,557

2,572

APP-11802632.FP.FTS.B

,

9

.74

%

,

12/29/24

1,883

1,894

APP-11297354.FP.FTS.B

,

8

.49

%

,

1/01/25

.

2,196

2,202

APP-11237990.FP.FTS.B

,

10

.74

%

,

1/02/25

1,061

1,060

APP-11307931.FP.FTS.B

,

21

.99

%

,

1/02/25

871

865

APP-11265704.FP.FTS.B

,

13

.99

%

,

1/03/25

6,577

6,608

APP-11382734.FP.FTS.B

,

23

.49

%

,

1/04/25

2,220

2,237

APP-09356867.FP.FTS.B

,

9

.99

%

,

1/08/25

.

7,839

7,869

APP-11319269.FP.FTS.B

,

21

.99

%

,

1/09/25

3,959

4,011

APP-11694688.FP.FTS.B

,

18

.99

%

,

1/12/25

2,596

2,618

APP-10372817.FP.FTS.B

,

15

.49

%

,

1/17/25

5,527

2,121

APP-12207671.FP.FTS.B

,

16

.99

%

,

1/25/25

1,990

2,005

APP-12266979.FP.FTS.B

,

11

.74

%

,

1/28/25

4,378

4,411

APP-11792552.FP.FTS.B

,

17

.49

%

,

2/01/25

5,749

5,775

APP-11767460.FP.FTS.B

,

13

.74

%

,

2/12/25

6,313

6,353

APP-10657504.FP.FTS.B

,

14

.99

%

,

2/22/25

8,119

8,221

APP-12227846.FP.FTS.B

,

9

.49

%

,

3/01/25

.

5,123

5,145

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-12257518.FP.FTS.B

,

18

.99

%

,

3/01/25

$

3,925

$

2,797

APP-11946510.FP.FTS.B

,

12

.74

%

,

3/04/25

2,212

2,227

APP-12119651.FP.FTS.B

,

8

.99

%

,

3/12/25

.

6,698

6,736

APP-12139540.FP.FTS.B

,

9

.99

%

,

3/12/25

.

3,340

3,360

APP-12246852.FP.FTS.B

,

23

.99

%

,

3/12/25

4,493

4,562

APP-10005462.FP.FTS.B

,

9

.74

%

,

3/13/25

.

3,263

3,282

APP-12216739.FP.FTS.B

,

16

.99

%

,

3/13/25

5,074

5,131

APP-11194436.FP.FTS.B

,

15

.99

%

,

4/01/25

8,436

8,579

APP-08980006.FP.FTS.B

,

16

.49

%

,

4/17/25

3,136

3,168

APP-09058670.FP.FTS.B

,

16

.49

%

,

4/27/25

2,394

2,430

APP-11394558.FP.FTS.B

,

14

.99

%

,

5/15/25

4,751

4,812

APP-09335187.FP.FTS.B

,

16

.99

%

,

5/20/25

3,500

3,591

APP-08870796.FP.FTS.B

,

19

.49

%

,

5/23/25

2,294

2,351

APP-08967293.FP.FTS.B

,

17

.49

%

,

5/29/25

5,102

5,247

APP-09231496.FP.FTS.B

,

14

.99

%

,

6/01/25

14,057

14,178

APP-08988851.FP.FTS.B

,

16

.99

%

,

6/01/25

15,743

15,972

APP-09029616.FP.FTS.B

,

21

.49

%

,

6/03/25

695

697

APP-09036276.FP.FTS.B

,

18

.99

%

,

6/05/25

11,512

11,683

APP-09134525.FP.FTS.B

,

19

.99

%

,

6/05/25

8,719

9,022

APP-09106073.FP.FTS.B

,

19

.99

%

,

6/14/25

2,471

2,539

APP-09130603.FP.FTS.B

,

12

.99

%

,

6/15/25

5,175

5,229

APP-09046414.FP.FTS.B

,

14

.99

%

,

6/23/25

9,264

9,366

APP-09302995.FP.FTS.B

,

14

.99

%

,

7/10/25

3,247

3,289

APP-09352779.FP.FTS.B

,

18

.49

%

,

7/10/25

2,833

2,879

APP-09375788.FP.FTS.B

,

18

.49

%

,

7/10/25

3,060

3,147

APP-09012739.FP.FTS.B

,

14

.49

%

,

7/15/25

2,456

2,477

APP-09717803.FP.FTS.B

,

18

.49

%

,

8/10/25

3,182

3,229

APP-10142907.FP.FTS.B

,

14

.99

%

,

8/12/25

11,830

11,958

APP-09813384.FP.FTS.B

,

12

.74

%

,

8/13/25

7,361

7,440

APP-08970788.FP.FTS.B

,

17

.49

%

,

8/16/25

3,477

3,571

APP-09776164.FP.FTS.B

,

15

.99

%

,

8/25/25

4,359

4,444

APP-10450365.FP.FTS.B

,

10

.99

%

,

9/03/25

6,010

6,072

APP-10476920.FP.FTS.B

,

8

.99

%

,

9/06/25

.

6,708

6,782

APP-10400942.FP.FTS.B

,

10

.99

%

,

9/10/25

5,109

5,168

APP-09354577.FP.FTS.B

,

18

.49

%

,

9/11/25

2,767

2,784

APP-10561719.FP.FTS.B

,

12

.74

%

,

9/20/25

4,234

4,295

APP-10156735.FP.FTS.B

,

16

.49

%

,

9/23/25

9,139

9,400

APP-10561277.FP.FTS.B

,

19

.49

%

,

9/25/25

1,125

1,132

APP-10156534.FP.FTS.B

,

10

.99

%

,

9/30/25

8,330

8,443

APP-10204096.FP.FTS.B

,

10

.99

%

,

10/01/25

7,217

7,302

APP-09708653.FP.FTS.B

,

13

.24

%

,

10/01/25

8,245

8,348

APP-10060747.FP.FTS.B

,

13

.74

%

,

10/01/25

9,907

10,040

APP-10157176.FP.FTS.B

,

16

.49

%

,

10/01/25

8,061

8,260

APP-10203214.FP.FTS.B

,

18

.99

%

,

10/01/25

8,080

8,404

APP-10684832.FP.FTS.B

,

20

.99

%

,

10/02/25

4,731

2,836

APP-10485308.FP.FTS.B

,

16

.99

%

,

10/12/25

5,137

5,262

APP-10567121.FP.FTS.B

,

13

.24

%

,

10/20/25

8,261

8,380

APP-10578108.FP.FTS.B

,

14

.49

%

,

10/22/25

10,629

10,942

APP-10519197.FP.FTS.B

,

15

.99

%

,

10/29/25

12,920

13,187

APP-10606420.FP.FTS.B

,

10

.99

%

,

11/15/25

11,471

11,623

APP-10839237.FP.FTS.B

,

10

.99

%

,

11/15/25

8,692

8,805

APP-11210666.FP.FTS.B

,

10

.99

%

,

11/15/25

8,444

8,548

APP-11237796.FP.FTS.B

,

16

.49

%

,

11/15/25

7,292

7,537

APP-10776817.FP.FTS.B

,

16

.99

%

,

11/15/25

15,419

15,931

APP-11802431.FP.FTS.B

,

10

.24

%

,

12/18/25

5,432

5,502

APP-11253357.FP.FTS.B

,

13

.24

%

,

12/20/25

7,592

7,693

APP-10746117.FP.FTS.B

,

8

.99

%

,

12/26/25

7,037

7,131

APP-11379674.FP.FTS.B

,

11

.49

%

,

12/26/25

8,020

8,078

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11772465.FP.FTS.B

,

10

.99

%

,

12/27/25

$

4,362

$

4,377

APP-11104135.FP.FTS.B

,

11

.49

%

,

1/03/26

15,894

16,108

APP-11321062.FP.FTS.B

,

14

.49

%

,

1/03/26

4,273

4,313

APP-11411443.FP.FTS.B

,

17

.49

%

,

1/03/26

5,856

6,081

APP-11287073.FP.FTS.B

,

21

.99

%

,

1/03/26

15,033

15,750

APP-11378327.FP.FTS.B

,

17

.99

%

,

1/07/26

6,360

3,931

APP-11279539.FP.FTS.B

,

15

.99

%

,

1/09/26

4,588

4,661

APP-11403530.FP.FTS.B

,

19

.49

%

,

1/09/26

4,762

4,909

APP-11376181.FP.FTS.B

,

10

.99

%

,

1/15/26

6,190

6,273

APP-11237745.FP.FTS.B

,

17

.49

%

,

1/20/26

4,221

4,299

APP-12229052.FP.FTS.B

,

17

.99

%

,

1/26/26

9,183

9,583

APP-12243882.FP.FTS.B

,

19

.49

%

,

1/27/26

4,903

5,088

APP-11816651.FP.FTS.B

,

26

.49

%

,

2/01/26

2,523

2,575

APP-11770041.FP.FTS.B

,

15

.99

%

,

2/02/26

5,531

5,685

APP-11792403.FP.FTS.B

,

13

.99

%

,

2/03/26

10,426

10,689

APP-11335385.FP.FTS.B

,

10

.99

%

,

2/04/26

7,494

7,586

APP-11751019.FP.FTS.B

,

15

.99

%

,

2/05/26

244

243

APP-10480296.FP.FTS.B

,

19

.49

%

,

2/12/26

2,966

3,019

APP-11817724.FP.FTS.B

,

20

.74

%

,

2/12/26

11,154

11,721

APP-12125189.FP.FTS.B

,

19

.49

%

,

2/25/26

3,357

3,407

APP-12285827.FP.FTS.B

,

13

.24

%

,

3/01/26

4,916

4,979

APP-11946533.FP.FTS.B

,

16

.24

%

,

3/01/26

13,302

13,668

APP-12236342.FP.FTS.B

,

16

.49

%

,

3/08/26

12,058

12,544

APP-12223796.FP.FTS.B

,

21

.24

%

,

3/11/26

15,594

1,469

APP-12243350.FP.FTS.B

,

9

.99

%

,

3/12/26

.

3,042

3,054

APP-12201290.FP.FTS.B

,

14

.74

%

,

3/12/26

6,160

6,177

APP-12106220.FP.FTS.B

,

18

.99

%

,

3/12/26

6,451

6,676

APP-08739403.FP.FTS.B

,

16

.99

%

,

3/21/26

12,153

12,390

APP-10476373.FP.FTS.B

,

10

.99

%

,

3/25/26

6,992

7,105

APP-11799543.FP.FTS.B

,

13

.24

%

,

4/12/26

4,890

4,973

APP-08907777.FP.FTS.B

,

17

.99

%

,

4/12/26

3,527

3,639

APP-08330688.FP.FTS.B

,

14

.99

%

,

4/15/26

10,650

10,827

APP-09077004.FP.FTS.B

,

16

.99

%

,

4/17/26

616

616

APP-08698355.FP.FTS.B

,

18

.99

%

,

4/17/26

7,005

7,179

APP-09019999.FP.FTS.B

,

13

.49

%

,

4/22/26

20,175

20,494

APP-09087999.FP.FTS.B

,

21

.49

%

,

4/30/26

15,469

16,132

APP-08979983.FP.FTS.B

,

19

.99

%

,

5/01/26

5,649

5,801

APP-08726744.FP.FTS.B

,

21

.49

%

,

5/01/26

17,590

18,128

APP-08741967.FP.FTS.B

,

17

.49

%

,

5/05/26

13,776

14,005

APP-09321377.FP.FTS.B

,

17

.49

%

,

5/15/26

12,074

12,256

APP-08975984.FP.FTS.B

,

16

.99

%

,

5/17/26

10,278

3,178

APP-08950723.FP.FTS.B

,

14

.99

%

,

5/21/26

6,920

7,039

APP-09015317.FP.FTS.B

,

18

.99

%

,

5/22/26

10,559

10,954

APP-08994245.FP.FTS.B

,

22

.99

%

,

5/22/26

7,419

7,502

APP-09012359.FP.FTS.B

,

23

.49

%

,

5/23/26

7,817

8,217

APP-09352425.FP.FTS.B

,

14

.99

%

,

5/28/26

14,318

14,542

APP-08989489.FP.FTS.B

,

22

.99

%

,

5/28/26

4,946

5,173

APP-09057834.FP.FTS.B

,

18

.99

%

,

5/29/26

12,058

12,552

APP-08923777.FP.FTS.B

,

12

.99

%

,

5/30/26

11,999

12,209

APP-08970713.FP.FTS.B

,

12

.99

%

,

5/30/26

12,254

12,475

APP-08976475.FP.FTS.B

,

20

.99

%

,

5/30/26

6,507

6,878

APP-08924285.FP.FTS.B

,

14

.99

%

,

5/31/26

9,229

9,394

APP-08974488.FP.FTS.B

,

21

.49

%

,

5/31/26

7,659

7,989

APP-09060458.FP.FTS.B

,

22

.49

%

,

5/31/26

6,364

6,756

APP-09095478.FP.FTS.B

,

13

.49

%

,

6/01/26

2,736

2,736

APP-09020308.FP.FTS.B

,

16

.99

%

,

6/01/26

10,523

3,293

APP-09029242.FP.FTS.B

,

17

.49

%

,

6/01/26

23,694

24,114

APP-08816539.FP.FTS.B

,

20

.49

%

,

6/01/26

12,374

7,320

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-08847606.FP.FTS.B

,

15

.49

%

,

6/04/26

$

18,788

$

19,060

APP-08979954.FP.FTS.B

,

12

.99

%

,

6/05/26

12,022

12,226

APP-09027027.FP.FTS.B

,

21

.49

%

,

6/05/26

11,360

11,943

APP-08923668.FP.FTS.B

,

21

.49

%

,

6/06/26

6,816

7,068

APP-09232139.FP.FTS.B

,

22

.49

%

,

6/07/26

19,264

4,017

APP-09070140.FP.FTS.B

,

12

.99

%

,

6/12/26

7,153

7,269

APP-09074502.FP.FTS.B

,

17

.49

%

,

6/12/26

16,846

17,211

APP-09074432.FP.FTS.B

,

19

.99

%

,

6/12/26

5,987

6,261

APP-09070087.FP.FTS.B

,

24

.49

%

,

6/12/26

15,972

16,723

APP-08447667.FP.FTS.B

,

12

.99

%

,

6/13/26

11,279

11,465

APP-08649324.FP.FTS.B

,

20

.49

%

,

6/13/26

12,582

13,102

APP-09045278.FP.FTS.B

,

12

.99

%

,

6/14/26

5,680

5,770

APP-09096903.FP.FTS.B

,

12

.99

%

,

6/15/26

7,633

7,753

APP-08847769.FP.FTS.B

,

14

.99

%

,

6/15/26

7,149

7,271

APP-09241097.FP.FTS.B

,

20

.49

%

,

6/15/26

11,128

11,692

APP-09029834.FP.FTS.B

,

18

.49

%

,

6/18/26

6,016

6,149

APP-09132903.FP.FTS.B

,

18

.99

%

,

6/18/26

10,351

10,742

APP-09125842.FP.FTS.B

,

20

.49

%

,

6/18/26

5,486

5,565

APP-09281875.FP.FTS.B

,

14

.99

%

,

6/20/26

12,760

12,947

APP-08902866.FP.FTS.B

,

20

.49

%

,

6/23/26

13,081

13,752

APP-09105301.FP.FTS.B

,

14

.99

%

,

6/28/26

7,737

7,865

APP-09198220.FP.FTS.B

,

15

.49

%

,

6/28/26

6,491

6,730

APP-09238269.FP.FTS.B

,

15

.49

%

,

6/28/26

23,196

23,637

APP-09096348.FP.FTS.B

,

18

.99

%

,

6/28/26

11,825

12,105

APP-09201816.FP.FTS.B

,

19

.49

%

,

6/28/26

5,228

5,501

APP-08924259.FP.FTS.B

,

15

.49

%

,

6/29/26

17,209

17,574

APP-09355512.FP.FTS.B

,

20

.99

%

,

6/29/26

7,127

7,336

APP-08984739.FP.FTS.B

,

17

.49

%

,

7/01/26

23,890

24,292

APP-09785029.FP.FTS.B

,

17

.99

%

,

7/01/26

3,826

3,861

APP-09789894.FP.FTS.B

,

21

.49

%

,

7/01/26

11,415

11,869

APP-09717698.FP.FTS.B

,

13

.24

%

,

7/03/26

10,644

10,782

APP-09290915.FP.FTS.B

,

17

.49

%

,

7/04/26

9,993

10,294

APP-09379010.FP.FTS.B

,

22

.49

%

,

7/04/26

11,995

12,463

APP-09569037.FP.FTS.B

,

13

.24

%

,

7/06/26

13,627

13,814

APP-09445164.FP.FTS.B

,

13

.49

%

,

7/06/26

16,444

16,673

APP-09427047.FP.FTS.B

,

19

.99

%

,

7/06/26

6,200

6,446

APP-09448166.FP.FTS.B

,

14

.99

%

,

7/07/26

13,610

13,857

APP-09354737.FP.FTS.B

,

15

.49

%

,

7/07/26

3,628

3,687

APP-08684302.FP.FTS.B

,

13

.74

%

,

7/08/26

17,484

17,727

APP-09331398.FP.FTS.B

,

14

.99

%

,

7/09/26

12,130

12,360

APP-09768010.FP.FTS.B

,

17

.99

%

,

7/09/26

16,941

17,495

APP-09336762.FP.FTS.B

,

12

.99

%

,

7/10/26

5,923

6,020

APP-09291214.FP.FTS.B

,

17

.99

%

,

7/10/26

14,621

15,101

APP-09424879.FP.FTS.B

,

17

.99

%

,

7/10/26

3,980

4,085

APP-09351977.FP.FTS.B

,

19

.49

%

,

7/10/26

10,269

10,616

APP-09208095.FP.FTS.B

,

17

.49

%

,

7/11/26

8,299

8,564

APP-08684475.FP.FTS.B

,

18

.99

%

,

7/11/26

4,947

5,141

APP-09328185.FP.FTS.B

,

15

.49

%

,

7/12/26

17,638

17,954

APP-09358023.FP.FTS.B

,

16

.99

%

,

7/12/26

13,850

14,141

APP-09045901.FP.FTS.B

,

14

.99

%

,

7/13/26

10,675

10,852

APP-09133899.FP.FTS.B

,

22

.99

%

,

7/16/26

21,875

22,857

APP-08914924.FP.FTS.B

,

24

.99

%

,

7/19/26

7,992

2,754

APP-09356919.FP.FTS.B

,

15

.49

%

,

7/20/26

13,116

13,384

APP-08924296.FP.FTS.B

,

22

.49

%

,

7/30/26

16,419

17,192

APP-10156862.FP.FTS.B

,

17

.99

%

,

8/06/26

21,025

21,258

APP-09708763.FP.FTS.B

,

17

.49

%

,

8/10/26

10,095

10,413

APP-09780659.FP.FTS.B

,

17

.49

%

,

8/10/26

16,045

16,357

APP-09780914.FP.FTS.B

,

18

.99

%

,

8/10/26

8,731

9,034

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09787054.FP.FTS.B

,

19

.99

%

,

8/10/26

$

7,791

$

8,091

APP-09789653.FP.FTS.B

,

23

.49

%

,

8/10/26

10,794

11,310

APP-09759315.FP.FTS.B

,

13

.24

%

,

8/11/26

11,267

11,437

APP-09593157.FP.FTS.B

,

14

.74

%

,

8/12/26

17,752

9,697

APP-09781342.FP.FTS.B

,

17

.99

%

,

8/12/26

14,741

15,198

APP-09717599.FP.FTS.B

,

19

.99

%

,

8/12/26

5,674

5,866

APP-09291173.FP.FTS.B

,

13

.24

%

,

8/15/26

13,558

13,770

APP-09778508.FP.FTS.B

,

13

.24

%

,

8/15/26

12,821

13,021

APP-09795345.FP.FTS.B

,

13

.24

%

,

8/15/26

14,450

4,343

APP-10045496.FP.FTS.B

,

14

.49

%

,

8/15/26

5,260

5,337

APP-09788637.FP.FTS.B

,

17

.99

%

,

8/15/26

17,913

18,494

APP-09708666.FP.FTS.B

,

19

.49

%

,

8/15/26

11,869

12,406

APP-09766832.FP.FTS.B

,

19

.99

%

,

8/15/26

4,194

4,343

APP-09242266.FP.FTS.B

,

22

.99

%

,

8/15/26

20,092

20,846

APP-09780110.FP.FTS.B

,

15

.99

%

,

8/17/26

23,655

24,081

APP-10214566.FP.FTS.B

,

17

.99

%

,

8/18/26

13,089

13,525

APP-10213964.FP.FTS.B

,

18

.99

%

,

8/18/26

9,584

9,940

APP-10246936.FP.FTS.B

,

9

.99

%

,

8/20/26

.

8,759

8,902

APP-10244412.FP.FTS.B

,

14

.24

%

,

8/20/26

9,486

9,657

APP-09717880.FP.FTS.B

,

15

.74

%

,

8/20/26

13,379

13,635

APP-10195666.FP.FTS.B

,

20

.99

%

,

8/20/26

16,992

17,712

APP-10244692.FP.FTS.B

,

20

.99

%

,

8/20/26

3,432

3,440

APP-09811789.FP.FTS.B

,

22

.49

%

,

8/20/26

4,084

4,284

APP-10127112.FP.FTS.B

,

16

.49

%

,

8/21/26

7,740

7,906

APP-10233694.FP.FTS.B

,

18

.99

%

,

8/21/26

9,958

10,348

APP-10293482.FP.FTS.B

,

11

.99

%

,

8/22/26

8,145

8,264

APP-09717638.FP.FTS.B

,

13

.24

%

,

8/22/26

10,000

10,174

APP-09766134.FP.FTS.B

,

15

.24

%

,

8/23/26

12,497

12,747

APP-09778481.FP.FTS.B

,

19

.99

%

,

8/23/26

8,020

836

APP-09726787.FP.FTS.B

,

15

.24

%

,

8/24/26

8,049

8,213

APP-09787833.FP.FTS.B

,

15

.74

%

,

8/24/26

20,164

20,576

APP-09794319.FP.FTS.B

,

15

.74

%

,

8/24/26

13,605

13,882

APP-09708684.FP.FTS.B

,

21

.49

%

,

8/24/26

27,182

28,413

APP-09759659.FP.FTS.B

,

13

.24

%

,

8/25/26

15,581

15,867

APP-09812236.FP.FTS.B

,

13

.24

%

,

8/26/26

10,771

10,964

APP-09811518.FP.FTS.B

,

15

.74

%

,

8/27/26

13,835

14,134

APP-10308476.FP.FTS.B

,

20

.49

%

,

8/28/26

13,283

13,963

APP-10352432.FP.FTS.B

,

11

.99

%

,

9/01/26

9,717

9,849

APP-09019228.FP.FTS.B

,

16

.99

%

,

9/05/26

10,758

11,018

APP-10389562.FP.FTS.B

,

17

.49

%

,

9/05/26

10,612

10,922

APP-10525907.FP.FTS.B

,

11

.99

%

,

9/15/26

10,270

3,111

APP-10400798.FP.FTS.B

,

14

.24

%

,

9/15/26

11,973

12,196

APP-09778451.FP.FTS.B

,

18

.99

%

,

9/20/26

13,118

13,638

APP-10158390.FP.FTS.B

,

12

.49

%

,

9/21/26

19,682

20,002

APP-10209954.FP.FTS.B

,

16

.49

%

,

9/23/26

6,778

6,933

APP-10203826.FP.FTS.B

,

13

.24

%

,

9/25/26

25,061

25,513

APP-09433444.FP.FTS.B

,

14

.99

%

,

9/26/26

10,836

11,024

APP-10663520.FP.FTS.B

,

12

.49

%

,

9/30/26

19,562

19,902

APP-10211394.FP.FTS.B

,

14

.24

%

,

9/30/26

10,212

10,435

APP-09094872.FP.FTS.B

,

14

.99

%

,

10/01/26

15,835

16,081

APP-10203378.FP.FTS.B

,

18

.99

%

,

10/01/26

8,182

8,379

APP-10115186.FP.FTS.B

,

23

.49

%

,

10/01/26

12,251

12,870

APP-10206598.FP.FTS.B

,

23

.49

%

,

10/01/26

6,341

6,625

APP-10195837.FP.FTS.B

,

11

.99

%

,

10/02/26

8,942

9,082

APP-10622691.FP.FTS.B

,

18

.99

%

,

10/02/26

7,341

7,650

APP-10210290.FP.FTS.B

,

19

.99

%

,

10/02/26

4,669

4,812

APP-10220069.FP.FTS.B

,

11

.99

%

,

10/04/26

15,371

15,637

APP-10156629.FP.FTS.B

,

14

.49

%

,

10/04/26

5,206

5,291

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-10229284.FP.FTS.B

,

18

.99

%

,

10/04/26

$

8,752

$

5,077

APP-10374305.FP.FTS.B

,

11

.99

%

,

10/05/26

10,119

10,269

APP-10237302.FP.FTS.B

,

13

.24

%

,

10/05/26

27,163

14,489

APP-10157026.FP.FTS.B

,

14

.24

%

,

10/05/26

8,087

8,234

APP-10692650.FP.FTS.B

,

11

.99

%

,

10/08/26

9,296

9,438

APP-10091993.FP.FTS.B

,

19

.99

%

,

10/08/26

11,383

11,828

APP-10776411.FP.FTS.B

,

11

.99

%

,

10/09/26

15,621

15,863

APP-10710819.FP.FTS.B

,

16

.99

%

,

10/09/26

10,056

10,249

APP-10291582.FP.FTS.B

,

17

.49

%

,

10/09/26

10,833

11,161

APP-10682190.FP.FTS.B

,

19

.49

%

,

10/09/26

11,618

12,154

APP-08114000.FP.FTS.B

,

13

.24

%

,

10/10/26

12,369

12,561

APP-10477663.FP.FTS.B

,

20

.99

%

,

10/12/26

9,711

9,800

APP-10477679.FP.FTS.B

,

17

.49

%

,

10/14/26

15,653

16,227

APP-10199991.FP.FTS.B

,

16

.99

%

,

10/15/26

10,861

11,097

APP-10156876.FP.FTS.B

,

17

.49

%

,

10/15/26

23,808

24,351

APP-10480948.FP.FTS.B

,

17

.49

%

,

10/15/26

9,960

10,282

APP-10274873.FP.FTS.B

,

20

.49

%

,

10/15/26

10,934

11,444

APP-10365188.FP.FTS.B

,

14

.24

%

,

10/17/26

7,895

8,048

APP-10514404.FP.FTS.B

,

18

.99

%

,

10/17/26

13,853

14,385

APP-10463389.FP.FTS.B

,

12

.49

%

,

10/20/26

20,532

20,886

APP-10096145.FP.FTS.B

,

14

.24

%

,

10/20/26

13,539

13,823

APP-10519975.FP.FTS.B

,

20

.99

%

,

10/20/26

1,579

1,578

APP-10243564.FP.FTS.B

,

20

.49

%

,

10/21/26

12,707

13,273

APP-10518491.FP.FTS.B

,

20

.49

%

,

10/22/26

13,556

14,230

APP-10520303.FP.FTS.B

,

12

.49

%

,

10/23/26

17,392

17,709

APP-10432275.FP.FTS.B

,

12

.49

%

,

10/24/26

10,566

10,677

APP-10463469.FP.FTS.B

,

18

.99

%

,

10/24/26

29,005

30,076

APP-10364110.FP.FTS.B

,

11

.24

%

,

10/25/26

25,367

25,832

APP-10476876.FP.FTS.B

,

16

.99

%

,

10/25/26

13,519

13,847

APP-10512737.FP.FTS.B

,

17

.49

%

,

10/25/26

10,970

11,385

APP-10352498.FP.FTS.B

,

18

.49

%

,

10/28/26

7,716

8,048

APP-10352813.FP.FTS.B

,

14

.24

%

,

10/29/26

11,545

1,211

APP-10432641.FP.FTS.B

,

15

.49

%

,

10/29/26

16,490

16,914

APP-10482600.FP.FTS.B

,

16

.49

%

,

10/30/26

6,563

6,718

APP-10481822.FP.FTS.B

,

18

.49

%

,

10/30/26

14,758

15,425

APP-10537549.FP.FTS.B

,

11

.99

%

,

11/02/26

14,790

15,030

APP-10583684.FP.FTS.B

,

16

.99

%

,

11/02/26

11,249

11,609

APP-10606158.FP.FTS.B

,

14

.74

%

,

11/05/26

15,238

15,489

APP-11307937.FP.FTS.B

,

11

.99

%

,

11/08/26

11,987

12,163

APP-09709453.FP.FTS.B

,

14

.24

%

,

11/09/26

10,584

10,749

APP-11099818.FP.FTS.B

,

16

.49

%

,

11/09/26

6,731

6,857

APP-11236671.FP.FTS.B

,

14

.49

%

,

11/10/26

5,231

5,308

APP-10765319.FP.FTS.B

,

14

.49

%

,

11/11/26

4,041

4,105

APP-11395641.FP.FTS.B

,

11

.99

%

,

11/14/26

6,842

6,879

APP-10679263.FP.FTS.B

,

17

.49

%

,

11/14/26

1,824

365

APP-10714394.FP.FTS.B

,

11

.99

%

,

11/15/26

15,763

16,025

APP-10763123.FP.FTS.B

,

13

.24

%

,

11/15/26

26,663

27,107

APP-10508459.FP.FTS.B

,

15

.99

%

,

11/15/26

25,453

25,955

APP-11304024.FP.FTS.B

,

17

.49

%

,

11/15/26

8,000

8,271

APP-11314507.FP.FTS.B

,

19

.99

%

,

11/15/26

8,830

9,239

APP-10688392.FP.FTS.B

,

21

.99

%

,

11/15/26

14,979

15,702

APP-10606168.FP.FTS.B

,

11

.99

%

,

11/16/26

13,336

13,589

APP-10624425.FP.FTS.B

,

11

.99

%

,

11/16/26

11,196

11,394

APP-10683987.FP.FTS.B

,

12

.49

%

,

11/16/26

21,325

21,704

APP-10689192.FP.FTS.B

,

12

.49

%

,

11/16/26

21,314

21,693

APP-10768778.FP.FTS.B

,

14

.74

%

,

11/18/26

21,776

22,200

APP-11305757.FP.FTS.B

,

11

.99

%

,

11/19/26

13,516

13,751

APP-11296028.FP.FTS.B

,

23

.49

%

,

11/19/26

31,906

33,222

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10170330.FP.FTS.B

,

11

.99

%

,

11/20/26

$

7,105

$

7,223

APP-10756762.FP.FTS.B

,

12

.49

%

,

11/21/26

17,570

17,889

APP-10750422.FP.FTS.B

,

17

.49

%

,

11/21/26

11,894

12,305

APP-10769483.FP.FTS.B

,

17

.99

%

,

11/22/26

16,094

16,658

APP-10764525.FP.FTS.B

,

20

.49

%

,

11/22/26

10,822

11,354

APP-10624096.FP.FTS.B

,

14

.24

%

,

11/23/26

10,845

3,256

APP-11103030.FP.FTS.B

,

20

.49

%

,

11/23/26

6,320

6,417

APP-10692601.FP.FTS.B

,

22

.49

%

,

11/23/26

5,821

6,114

APP-10762415.FP.FTS.B

,

17

.99

%

,

11/24/26

7,959

8,352

APP-11304530.FP.FTS.B

,

21

.49

%

,

11/24/26

29,758

31,084

APP-11333408.FP.FTS.B

,

17

.99

%

,

11/25/26

7,809

8,215

APP-11386113.FP.FTS.B

,

18

.99

%

,

11/25/26

4,363

4,526

APP-10244251.FP.FTS.B

,

20

.49

%

,

11/28/26

16,760

5,546

APP-10780891.FP.FTS.B

,

17

.99

%

,

11/30/26

26,172

26,856

APP-10234140.FP.FTS.B

,

15

.49

%

,

12/01/26

27,069

14,359

APP-10744150.FP.FTS.B

,

20

.49

%

,

12/08/26

16,734

9,826

APP-11741440.FP.FTS.B

,

19

.99

%

,

12/16/26

6,232

6,448

APP-11277516.FP.FTS.B

,

18

.49

%

,

12/18/26

15,364

15,908

APP-11301348.FP.FTS.B

,

15

.99

%

,

12/19/26

15,068

15,618

APP-10253670.FP.FTS.B

,

19

.99

%

,

12/19/26

4,752

4,929

APP-11304077.FP.FTS.B

,

18

.99

%

,

12/20/26

12,544

13,010

APP-11312173.FP.FTS.B

,

20

.49

%

,

12/20/26

3,099

3,108

APP-11283905.FP.FTS.B

,

15

.99

%

,

12/21/26

28,821

29,437

APP-11187285.FP.FTS.B

,

12

.49

%

,

12/22/26

21,804

22,190

APP-11798644.FP.FTS.B

,

18

.99

%

,

12/24/26

5,253

1,066

APP-11387591.FP.FTS.B

,

14

.49

%

,

12/25/26

5,833

1,096

APP-11800198.FP.FTS.B

,

16

.99

%

,

12/25/26

11,546

11,809

APP-11318066.FP.FTS.B

,

17

.49

%

,

12/25/26

9,168

9,510

APP-11194578.FP.FTS.B

,

18

.99

%

,

12/25/26

12,583

1,295

APP-11399469.FP.FTS.B

,

16

.49

%

,

12/26/26

2,234

2,245

APP-11395038.FP.FTS.B

,

16

.99

%

,

12/26/26

5,424

5,510

APP-11361916.FP.FTS.B

,

23

.49

%

,

12/26/26

30,437

32,173

APP-11305667.FP.FTS.B

,

20

.49

%

,

12/27/26

16,590

17,464

APP-11776378.FP.FTS.B

,

20

.49

%

,

12/27/26

23,067

24,229

APP-11124061.FP.FTS.B

,

11

.99

%

,

12/28/26

14,673

14,955

APP-11306747.FP.FTS.B

,

14

.24

%

,

12/28/26

8,972

9,151

APP-11740044.FP.FTS.B

,

15

.24

%

,

12/28/26

22,154

22,980

APP-11800507.FP.FTS.B

,

18

.49

%

,

12/28/26

11,913

12,411

APP-11410923.FP.FTS.B

,

23

.49

%

,

12/28/26

6,076

6,404

APP-11789125.FP.FTS.B

,

11

.24

%

,

12/29/26

8,136

8,195

APP-11798578.FP.FTS.B

,

11

.74

%

,

12/29/26

24,906

25,370

APP-09940038.FP.FTS.B

,

17

.49

%

,

12/29/26

11,235

11,666

APP-11807330.FP.FTS.B

,

17

.99

%

,

12/29/26

5,935

6,079

APP-11789087.FP.FTS.B

,

18

.99

%

,

12/29/26

8,978

9,355

APP-11266733.FP.FTS.B

,

11

.99

%

,

12/30/26

14,420

14,691

APP-11217813.FP.FTS.B

,

14

.24

%

,

12/30/26

13,045

13,337

APP-11277746.FP.FTS.B

,

25

.49

%

,

12/30/26

6,151

6,482

APP-11138919.FP.FTS.B

,

11

.99

%

,

1/01/27

7,443

7,552

APP-11271721.FP.FTS.B

,

11

.99

%

,

1/02/27

9,575

9,738

APP-11279541.FP.FTS.B

,

12

.49

%

,

1/02/27

20,227

20,576

APP-11315623.FP.FTS.B

,

15

.49

%

,

1/02/27

10,861

11,265

APP-11341268.FP.FTS.B

,

12

.49

%

,

1/03/27

22,607

22,977

APP-11333109.FP.FTS.B

,

15

.99

%

,

1/03/27

12,422

12,729

APP-11333811.FP.FTS.B

,

16

.99

%

,

1/03/27

8,931

9,205

APP-11265912.FP.FTS.B

,

17

.49

%

,

1/03/27

7,571

7,799

APP-11323384.FP.FTS.B

,

12

.74

%

,

1/04/27

16,738

17,002

APP-11332983.FP.FTS.B

,

18

.99

%

,

1/04/27

9,142

9,430

APP-11399720.FP.FTS.B

,

21

.49

%

,

1/04/27

13,031

13,564

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-11355890.FP.FTS.B

,

14

.74

%

,

1/07/27

$

23,152

$

23,572

APP-11389311.FP.FTS.B

,

17

.49

%

,

1/07/27

23,947

24,471

APP-11333372.FP.FTS.B

,

18

.49

%

,

1/07/27

11,731

12,206

APP-11370718.FP.FTS.B

,

23

.49

%

,

1/07/27

12,841

13,374

APP-11306719.FP.FTS.B

,

11

.99

%

,

1/08/27

8,884

9,041

APP-11128695.FP.FTS.B

,

14

.49

%

,

1/08/27

4,346

4,425

APP-11385154.FP.FTS.B

,

18

.99

%

,

1/08/27

9,103

9,399

APP-11396422.FP.FTS.B

,

18

.99

%

,

1/08/27

11,274

11,659

APP-10916969.FP.FTS.B

,

19

.99

%

,

1/08/27

6,629

6,857

APP-10266247.FP.FTS.B

,

21

.99

%

,

1/08/27

6,349

6,608

APP-11393205.FP.FTS.B

,

21

.99

%

,

1/08/27

2,368

2,379

APP-11294990.FP.FTS.B

,

22

.49

%

,

1/08/27

8,043

2,707

APP-11373885.FP.FTS.B

,

14

.49

%

,

1/09/27

6,090

6,211

APP-11380536.FP.FTS.B

,

17

.49

%

,

1/09/27

12,006

12,389

APP-11335531.FP.FTS.B

,

16

.99

%

,

1/10/27

10,794

11,169

APP-12243964.FP.FTS.B

,

19

.99

%

,

1/15/27

9,154

9,549

APP-12266273.FP.FTS.B

,

23

.74

%

,

1/18/27

16,698

17,493

APP-12233402.FP.FTS.B

,

21

.49

%

,

1/20/27

11,454

12,012

APP-09818529.FP.FTS.B

,

17

.49

%

,

1/25/27

11,513

11,921

APP-12231521.FP.FTS.B

,

17

.24

%

,

1/26/27

22,074

22,889

APP-12146298.FP.FTS.B

,

8

.99

%

,

1/27/27

.

20,484

20,831

APP-12251026.FP.FTS.B

,

11

.24

%

,

1/27/27

8,987

9,154

APP-12151284.FP.FTS.B

,

17

.99

%

,

1/27/27

12,191

12,816

APP-12241564.FP.FTS.B

,

19

.99

%

,

1/27/27

6,274

6,353

APP-12247637.FP.FTS.B

,

19

.99

%

,

1/27/27

19,619

20,677

APP-12243989.FP.FTS.B

,

21

.99

%

,

1/27/27

6,196

6,474

APP-10606291.FP.FTS.B

,

18

.49

%

,

1/28/27

5,095

5,160

APP-11306703.FP.FTS.B

,

18

.99

%

,

1/28/27

15,811

1,876

APP-09045963.FP.FTS.B

,

15

.49

%

,

1/31/27

9,754

9,942

APP-11693698.FP.FTS.B

,

16

.74

%

,

2/02/27

30,237

30,821

APP-11317083.FP.FTS.B

,

20

.49

%

,

2/03/27

6,847

7,086

APP-11795116.FP.FTS.B

,

11

.74

%

,

2/04/27

14,946

15,210

APP-11791702.FP.FTS.B

,

13

.24

%

,

2/05/27

18,343

18,742

APP-11785699.FP.FTS.B

,

18

.99

%

,

2/05/27

10,235

10,565

APP-11393178.FP.FTS.B

,

18

.99

%

,

2/07/27

9,594

9,900

APP-11319315.FP.FTS.B

,

19

.99

%

,

2/08/27

927

923

APP-11753813.FP.FTS.B

,

9

.24

%

,

2/09/27

.

8,449

8,605

APP-11798862.FP.FTS.B

,

16

.49

%

,

2/09/27

7,894

8,065

APP-11810406.FP.FTS.B

,

11

.74

%

,

2/10/27

28,932

29,465

APP-11810344.FP.FTS.B

,

17

.49

%

,

2/10/27

16,099

16,563

APP-11787878.FP.FTS.B

,

19

.99

%

,

2/10/27

4,720

4,881

APP-11740981.FP.FTS.B

,

9

.24

%

,

2/11/27

.

10,322

1,390

APP-11779303.FP.FTS.B

,

10

.99

%

,

2/11/27

11,456

11,661

APP-11791248.FP.FTS.B

,

11

.24

%

,

2/11/27

22,979

23,424

APP-11799511.FP.FTS.B

,

13

.49

%

,

2/11/27

7,672

7,804

APP-11788952.FP.FTS.B

,

16

.49

%

,

2/11/27

9,139

9,346

APP-11795686.FP.FTS.B

,

16

.49

%

,

2/11/27

4,186

4,215

APP-11779953.FP.FTS.B

,

16

.74

%

,

2/11/27

30,545

31,240

APP-11789582.FP.FTS.B

,

19

.49

%

,

2/11/27

8,291

8,603

APP-11805082.FP.FTS.B

,

19

.49

%

,

2/11/27

13,417

13,951

APP-11804667.FP.FTS.B

,

19

.99

%

,

2/11/27

13,744

14,369

APP-11807542.FP.FTS.B

,

10

.99

%

,

2/12/27

22,928

23,344

APP-11794207.FP.FTS.B

,

11

.49

%

,

2/12/27

8,648

8,819

APP-11694425.FP.FTS.B

,

11

.74

%

,

2/12/27

24,514

24,960

APP-11798052.FP.FTS.B

,

18

.49

%

,

2/12/27

18,336

19,112

APP-11753796.FP.FTS.B

,

19

.99

%

,

2/12/27

9,434

9,828

APP-11805436.FP.FTS.B

,

22

.49

%

,

2/12/27

6,499

6,778

APP-10672023.FP.FTS.B

,

18

.49

%

,

2/15/27

11,968

8,594

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10688549.FP.FTS.B

,

18

.99

%

,

2/16/27

$

20,178

$

20,934

APP-11339522.FP.FTS.B

,

23

.49

%

,

2/21/27

12,987

13,606

APP-10580822.FP.FTS.B

,

18

.49

%

,

2/22/27

13,424

13,981

APP-10459721.FP.FTS.B

,

20

.99

%

,

2/23/27

26,289

27,247

APP-11391376.FP.FTS.B

,

19

.99

%

,

2/28/27

15,228

15,628

APP-12280379.FP.FTS.B

,

16

.49

%

,

3/01/27

12,330

12,695

APP-12228409.FP.FTS.B

,

19

.99

%

,

3/01/27

8,508

8,797

APP-11277041.FP.FTS.B

,

20

.49

%

,

3/02/27

15,739

16,212

APP-11194668.FP.FTS.B

,

14

.24

%

,

3/03/27

12,575

12,809

APP-12106034.FP.FTS.B

,

11

.24

%

,

3/04/27

13,793

14,039

APP-12189756.FP.FTS.B

,

18

.24

%

,

3/04/27

20,050

20,660

APP-12172287.FP.FTS.B

,

19

.99

%

,

3/07/27

10,393

10,801

APP-12017319.FP.FTS.B

,

10

.99

%

,

3/09/27

18,870

19,205

APP-12130498.FP.FTS.B

,

13

.24

%

,

3/10/27

12,845

13,100

APP-11496336.FP.FTS.B

,

11

.24

%

,

3/11/27

10,181

10,367

APP-11823747.FP.FTS.B

,

13

.74

%

,

3/11/27

7,053

7,185

APP-12213871.FP.FTS.B

,

19

.99

%

,

3/11/27

13,225

13,846

APP-12244387.FP.FTS.B

,

11

.24

%

,

3/12/27

18,685

19,057

APP-12250156.FP.FTS.B

,

11

.74

%

,

3/12/27

29,805

30,363

APP-12246518.FP.FTS.B

,

13

.24

%

,

3/13/27

13,570

13,852

APP-12236483.FP.FTS.B

,

15

.24

%

,

3/13/27

24,483

25,245

APP-11238158.FP.FTS.B

,

16

.49

%

,

3/13/27

6,261

1,587

APP-12050299.FP.FTS.B

,

17

.99

%

,

3/13/27

6,846

7,073

APP-10315402.FP.FTS.B

,

22

.99

%

,

3/15/27

10,720

11,253

APP-10550902.FP.FTS.B

,

9

.99

%

,

3/24/27

.

6,409

6,439

APP-10156518.FP.FTS.B

,

19

.99

%

,

3/31/27

3,402

3,427

APP-12263763.FP.FTS.B

,

22

.49

%

,

4/01/27

26,892

2,858

APP-12180444.FP.FTS.B

,

25

.49

%

,

4/04/27

7,211

7,496

APP-11396135.FP.FTS.B

,

18

.99

%

,

4/08/27

18,047

3,579

APP-11799128.FP.FTS.B

,

10

.99

%

,

4/12/27

13,532

13,787

APP-11794186.FP.FTS.B

,

14

.74

%

,

4/12/27

28,798

29,477

APP-12245031.FP.FTS.B

,

19

.99

%

,

4/12/27

16,956

17,591

APP-12241288.FP.FTS.B

,

22

.99

%

,

4/13/27

33,511

20,640

APP-09447903.FP.FTS.B

,

23

.49

%

,

5/06/27

14,320

14,869

APP-11579250.FP.FTS.B

,

11

.24

%

,

5/15/27

20,591

20,968

APP-11301237.FP.FTS.B

,

18

.49

%

,

6/02/27

12,428

12,890

APP-12077324.FP.FTS.B

,

17

.99

%

,

6/10/27

18,069

18,645

APP-12222310.FP.FTS.B

,

18

.24

%

,

9/21/27

29,846

30,809

APP-11800371.FP.FTS.B

,

19

.74

%

,

10/10/27

13,652

13,818

APP-11254936.FP.FTS.B

,

20

.99

%

,

3/17/28

8,224

8,285

APP-09353776.FP.FTS.B

,

21

.99

%

,

6/27/34

2,261

998

APP-09343576.FP.FTS.B

,

23

.49

%

,

7/10/34

615

617

APP-10159829.FP.FTS.B

,

15

.49

%

,

8/15/34

414

414

APP-09726592.FP.FTS.B

,

12

.24

%

,

8/20/34

106

106

APP-09726689.FP.FTS.B

,

15

.99

%

,

8/20/34

102

102

APP-09808886.FP.FTS.B

,

19

.99

%

,

8/24/34

108

108

5,099,379

LendingClub

Corp.

-

LCX

157826557.LC.FTS.B

,

12

.4

%

,

11/03/24

...

2,839

2,781

160977025.LC.FTS.B

,

12

.4

%

,

11/12/24

...

7,816

741

162072108.LC.FTS.B

,

17

.74

%

,

11/19/24

..

21,899

–

161569311.LC.FTS.B

,

8

.19

%

,

11/20/24

...

3,310

3,298

163477091.LC.FTS.B

,

11

.02

%

,

12/20/24

..

3,205

3,179

163859690.LC.FTS.B

,

16

.95

%

,

1/03/25

...

2,837

2,794

164222970.LC.FTS.B

,

8

.19

%

,

1/07/25

...

4,773

4,748

164714191.LC.FTS.B

,

13

.08

%

,

1/10/25

...

7,009

–

163973756.LC.FTS.B

,

12

.4

%

,

1/12/25

...

5,506

5,445

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)

LendingClub

Corp.

-

LCX

(continued)

164807302.LC.FTS.B

,

8

.81

%

,

1/15/25

...

$

4,849

$

4,819

165333612.LC.FTS.B

,

11

.71

%

,

1/23/25

...

1,538

1,506

165427525.LC.FTS.B

,

14

.3

%

,

1/23/25

...

1,431

1,427

165461334.LC.FTS.B

,

14

.3

%

,

1/24/25

...

809

808

164424854.LC.FTS.B

,

16

.12

%

,

1/24/25

...

4,290

371

165508383.LC.FTS.B

,

15

.24

%

,

1/27/25

...

4,806

4,803

165618377.LC.FTS.B

,

8

.81

%

,

1/28/25

...

1,571

1,531

166868646.LC.FTS.B

,

16

.12

%

,

2/18/25

...

809

796

166982249.LC.FTS.B

,

20

.55

%

,

2/21/25

...

2,104

2,123

166977058.LC.FTS.B

,

23

.05

%

,

2/22/25

...

2,445

2,463

167008405.LC.FTS.B

,

16

.95

%

,

2/24/25

...

5,429

5,404

163371603.LC.FTS.B

,

10

.33

%

,

3/13/25

...

1,897

1,831

165509821.LC.FTS.B

,

11

.71

%

,

3/31/25

...

2,797

2,672

165799463.LC.FTS.B

,

12

.4

%

,

3/31/25

...

2,702

2,602

168657342.LC.FTS.B

,

Zero

Cpn

,

4/14/25

.

10,364

–

163257946.LC.FTS.B

,

13

.08

%

,

2/08/26

...

10,703

8,470

64,612

LendingClub

Corp.

-

LCX

PM

182191083.LC.FTS.B

,

18

.99

%

,

10/13/24

..

531

528

182251543.LC.FTS.B

,

15

.99

%

,

10/14/24

..

977

971

182168238.LC.FTS.B

,

18

.99

%

,

10/14/24

..

1,920

1,904

182308670.LC.FTS.B

,

19

.49

%

,

10/15/24

..

965

969

182215764.LC.FTS.B

,

20

.99

%

,

10/15/24

..

2,183

2,194

182310621.LC.FTS.B

,

21

.49

%

,

10/15/24

..

2,284

2,295

182294171.LC.FTS.B

,

22

.99

%

,

10/15/24

..

1,693

293

181823934.LC.FTS.B

,

18

.99

%

,

10/16/24

..

1,618

1,609

182279306.LC.FTS.B

,

15

.99

%

,

10/17/24

..

5,325

–

182332114.LC.FTS.B

,

22

.99

%

,

10/18/24

..

224

226

182127030.LC.FTS.B

,

23

.99

%

,

10/18/24

..

1,603

1,346

182352192.LC.FTS.B

,

17

.44

%

,

10/19/24

..

3,003

281

182455989.LC.FTS.B

,

17

.44

%

,

10/19/24

..

1,045

1,042

182327350.LC.FTS.B

,

18

.99

%

,

10/23/24

..

928

925

182222867.LC.FTS.B

,

18

.49

%

,

10/25/24

..

2,911

271

182434150.LC.FTS.B

,

20

.44

%

,

10/25/24

..

800

805

182545979.LC.FTS.B

,

11

.99

%

,

11/01/24

..

2,358

2,345

182713608.LC.FTS.B

,

22

.99

%

,

11/01/24

..

887

892

182830334.LC.FTS.B

,

12

.99

%

,

11/02/24

..

1,312

1,303

182852118.LC.FTS.B

,

16

.49

%

,

11/02/24

..

1,505

1,496

182863345.LC.FTS.B

,

18

.99

%

,

11/02/24

..

705

701

182914089.LC.FTS.B

,

17

.19

%

,

11/03/24

..

622

619

182877276.LC.FTS.B

,

17

.49

%

,

11/03/24

..

906

901

182406475.LC.FTS.B

,

19

.99

%

,

11/03/24

..

4,632

–

182901080.LC.FTS.B

,

22

.49

%

,

11/03/24

..

1,390

131

182343246.LC.FTS.B

,

22

.99

%

,

11/03/24

..

886

892

182914824.LC.FTS.B

,

16

.49

%

,

11/04/24

..

1,375

1,367

182726206.LC.FTS.B

,

19

.99

%

,

11/04/24

..

642

644

182766834.LC.FTS.B

,

Zero

Cpn

,

11/05/24

11,812

–

183008113.LC.FTS.B

,

11

.99

%

,

11/05/24

..

368

365

182892987.LC.FTS.B

,

18

.99

%

,

11/05/24

..

1,691

1,682

182923000.LC.FTS.B

,

18

.99

%

,

11/05/24

..

3,526

3,507

182854752.LC.FTS.B

,

18

.99

%

,

11/07/24

..

2,888

2,873

182990403.LC.FTS.B

,

16

.49

%

,

11/08/24

..

952

947

182991246.LC.FTS.B

,

16

.49

%

,

11/08/24

..

1,095

1,089

182769411.LC.FTS.B

,

18

.44

%

,

11/08/24

..

687

686

182999357.LC.FTS.B

,

18

.44

%

,

11/08/24

..

2,788

2,776

182946096.LC.FTS.B

,

22

.99

%

,

11/08/24

..

738

744

182967907.LC.FTS.B

,

Zero

Cpn

,

11/09/24

16,918

–

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

182923608.LC.FTS.B

,

Zero

Cpn

,

11/12/24

$

3,684

$

–

183149370.LC.FTS.B

,

15

.19

%

,

11/12/24

..

673

671

183022196.LC.FTS.B

,

15

.99

%

,

11/12/24

..

1,305

1,300

182716700.LC.FTS.B

,

14

.99

%

,

11/14/24

..

1,399

1,394

182828421.LC.FTS.B

,

11

.49

%

,

11/15/24

..

3,942

3,928

182991991.LC.FTS.B

,

11

.49

%

,

11/15/24

..

1,097

1,092

183154424.LC.FTS.B

,

15

.99

%

,

11/15/24

..

1,905

1,898

182547090.LC.FTS.B

,

18

.99

%

,

11/15/24

..

2,295

2,285

183150801.LC.FTS.B

,

18

.99

%

,

11/15/24

..

1,410

1,404

183164730.LC.FTS.B

,

18

.99

%

,

11/15/24

..

169

168

183261327.LC.FTS.B

,

11

.04

%

,

11/16/24

..

2,800

2,318

182487044.LC.FTS.B

,

14

.99

%

,

11/16/24

..

2,130

2,110

182762119.LC.FTS.B

,

15

.49

%

,

11/16/24

..

1,159

1,155

183199016.LC.FTS.B

,

18

.99

%

,

11/16/24

..

706

702

183248270.LC.FTS.B

,

18

.99

%

,

11/16/24

..

4,567

–

183265092.LC.FTS.B

,

20

.44

%

,

11/16/24

..

1,112

1,122

182940512.LC.FTS.B

,

9

.34

%

,

11/17/24

...

260

258

183258872.LC.FTS.B

,

17

.99

%

,

11/17/24

..

1,504

1,499

183281498.LC.FTS.B

,

18

.99

%

,

11/17/24

..

1,410

1,405

182863664.LC.FTS.B

,

19

.99

%

,

11/17/24

..

724

131

183376238.LC.FTS.B

,

15

.19

%

,

11/18/24

..

3,669

157

183297337.LC.FTS.B

,

15

.49

%

,

11/18/24

..

1,487

1,483

183195827.LC.FTS.B

,

16

.49

%

,

11/18/24

..

4,790

4,762

183307678.LC.FTS.B

,

18

.99

%

,

11/18/24

..

1,057

1,054

183319106.LC.FTS.B

,

18

.99

%

,

11/18/24

..

1,789

1,783

183239686.LC.FTS.B

,

20

.44

%

,

11/18/24

..

3,506

3,526

183351808.LC.FTS.B

,

11

.49

%

,

11/19/24

..

1,932

1,924

183325965.LC.FTS.B

,

15

.99

%

,

11/19/24

..

2,347

2,340

183273399.LC.FTS.B

,

18

.99

%

,

11/19/24

..

1,303

1,084

183366235.LC.FTS.B

,

22

.99

%

,

11/19/24

..

738

747

182746441.LC.FTS.B

,

Zero

Cpn

,

11/20/24

6,970

–

182810364.LC.FTS.B

,

19

.49

%

,

11/20/24

..

2,949

2,969

183009664.LC.FTS.B

,

14

.19

%

,

11/21/24

..

2,039

2,034

182983769.LC.FTS.B

,

12

.99

%

,

11/22/24

..

630

628

183422493.LC.FTS.B

,

14

.99

%

,

11/22/24

..

322

322

183428100.LC.FTS.B

,

16

.99

%

,

11/22/24

..

2,801

2,798

183268922.LC.FTS.B

,

17

.99

%

,

11/22/24

..

4,338

3,598

183394488.LC.FTS.B

,

18

.99

%

,

11/22/24

..

705

703

183369334.LC.FTS.B

,

22

.99

%

,

11/22/24

..

850

853

183464008.LC.FTS.B

,

15

.24

%

,

11/23/24

..

3,671

3,654

182618845.LC.FTS.B

,

18

.99

%

,

11/23/24

..

1,410

1,405

183430526.LC.FTS.B

,

18

.99

%

,

11/23/24

..

1,410

1,406

183464408.LC.FTS.B

,

Zero

Cpn

,

11/24/24

2,384

–

183540917.LC.FTS.B

,

16

.49

%

,

11/24/24

..

342

341

183540900.LC.FTS.B

,

18

.44

%

,

11/24/24

..

350

349

183371602.LC.FTS.B

,

18

.99

%

,

11/24/24

..

2,861

2,855

183407963.LC.FTS.B

,

18

.99

%

,

11/24/24

..

1,563

1,295

183339903.LC.FTS.B

,

Zero

Cpn

,

11/26/24

7,322

–

183343101.LC.FTS.B

,

Zero

Cpn

,

11/26/24

4,001

–

183520286.LC.FTS.B

,

16

.99

%

,

11/26/24

..

1,561

1,555

183504509.LC.FTS.B

,

18

.49

%

,

11/26/24

..

3,061

3,045

183441212.LC.FTS.B

,

22

.99

%

,

11/26/24

..

319

324

183494147.LC.FTS.B

,

Zero

Cpn

,

11/28/24

1,642

–

183259213.LC.FTS.B

,

18

.99

%

,

11/28/24

..

801

800

183402694.LC.FTS.B

,

11

.99

%

,

11/29/24

..

1,609

1,604

183250462.LC.FTS.B

,

14

.99

%

,

11/29/24

..

1,530

1,528

183425417.LC.FTS.B

,

16

.49

%

,

11/29/24

..

2,013

2,007

183522405.LC.FTS.B

,

17

.99

%

,

11/29/24

..

4,875

4,868

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)

LendingClub

Corp.

-

LCX

PM

(continued)

183102073.LC.FTS.B

,

18

.99

%

,

11/29/24

..

$

674

$

672

183619170.LC.FTS.B

,

14

.19

%

,

11/30/24

..

1,330

1,329

183500540.LC.FTS.B

,

15

.99

%

,

11/30/24

..

1,087

1,086

183356155.LC.FTS.B

,

16

.99

%

,

11/30/24

..

4,439

4,428

183602959.LC.FTS.B

,

18

.49

%

,

11/30/24

..

640

636

183339461.LC.FTS.B

,

18

.99

%

,

11/30/24

..

3,277

3,269

183362712.LC.FTS.B

,

15

.99

%

,

12/01/24

..

2,810

2,796

183663596.LC.FTS.B

,

16

.19

%

,

12/01/24

..

2,709

2,695

183359486.LC.FTS.B

,

16

.99

%

,

12/01/24

..

1,712

1,703

183762903.LC.FTS.B

,

15

.44

%

,

12/02/24

..

1,284

1,275

183697716.LC.FTS.B

,

22

.99

%

,

12/02/24

..

380

–

183695987.LC.FTS.B

,

15

.99

%

,

12/03/24

..

3,473

3,443

183777683.LC.FTS.B

,

18

.99

%

,

12/03/24

..

1,469

1,461

183788267.LC.FTS.B

,

22

.99

%

,

12/03/24

..

658

664

183609082.LC.FTS.B

,

19

.49

%

,

12/04/24

..

704

706

183189944.LC.FTS.B

,

13

.04

%

,

12/06/24

..

2,443

2,430

183203390.LC.FTS.B

,

15

.49

%

,

12/06/24

..

4,264

4,244

183766217.LC.FTS.B

,

16

.49

%

,

12/06/24

..

4,063

–

183802837.LC.FTS.B

,

17

.99

%

,

12/06/24

..

4,897

4,872

183558965.LC.FTS.B

,

18

.99

%

,

12/06/24

..

3,399

–

183799482.LC.FTS.B

,

18

.99

%

,

12/06/24

..

1,814

1,809

183818205.LC.FTS.B

,

18

.99

%

,

12/06/24

..

4,197

4,175

183645675.LC.FTS.B

,

19

.99

%

,

12/06/24

..

711

714

183541347.LC.FTS.B

,

22

.99

%

,

12/06/24

..

1,842

1,858

183169104.LC.FTS.B

,

12

.34

%

,

12/07/24

..

4,208

4,183

183193558.LC.FTS.B

,

12

.49

%

,

12/07/24

..

4,043

4,007

183568984.LC.FTS.B

,

15

.99

%

,

12/07/24

..

5,207

5,174

183882045.LC.FTS.B

,

15

.99

%

,

12/07/24

..

2,534

2,516

183901831.LC.FTS.B

,

16

.49

%

,

12/07/24

..

5,098

5,073

183893289.LC.FTS.B

,

18

.44

%

,

12/07/24

..

851

80

183710611.LC.FTS.B

,

22

.49

%

,

12/07/24

..

745

752

183842381.LC.FTS.B

,

24

.99

%

,

12/07/24

..

2,243

2,269

183294973.LC.FTS.B

,

27

.99

%

,

12/07/24

..

3,475

3,528

183915427.LC.FTS.B

,

13

.24

%

,

12/08/24

..

9,859

–

183732977.LC.FTS.B

,

14

.49

%

,

12/08/24

..

2,490

2,479

183913486.LC.FTS.B

,

14

.49

%

,

12/08/24

..

830

826

183476973.LC.FTS.B

,

16

.49

%

,

12/08/24

..

2,536

2,517

183955270.LC.FTS.B

,

16

.49

%

,

12/08/24

..

425

423

183942961.LC.FTS.B

,

18

.99

%

,

12/08/24

..

2,152

–

183961259.LC.FTS.B

,

12

.74

%

,

12/09/24

..

1,626

1,619

184035228.LC.FTS.B

,

13

.04

%

,

12/09/24

..

2,448

2,434

183294173.LC.FTS.B

,

15

.99

%

,

12/09/24

..

1,033

1,030

183610510.LC.FTS.B

,

15

.99

%

,

12/09/24

..

3,717

3,698

183951356.LC.FTS.B

,

17

.49

%

,

12/09/24

..

3,008

2,995

183972047.LC.FTS.B

,

17

.49

%

,

12/09/24

..

380

36

183968599.LC.FTS.B

,

18

.99

%

,

12/09/24

..

1,861

55

183880382.LC.FTS.B

,

22

.99

%

,

12/09/24

..

1,094

516

183967026.LC.FTS.B

,

22

.99

%

,

12/09/24

..

4,228

3,534

183983228.LC.FTS.B

,

26

.49

%

,

12/09/24

..

3,809

3,845

183493762.LC.FTS.B

,

12

.24

%

,

12/10/24

..

5,868

5,835

184037034.LC.FTS.B

,

12

.49

%

,

12/10/24

..

162

161

183974082.LC.FTS.B

,

15

.99

%

,

12/10/24

..

2,472

2,460

184001961.LC.FTS.B

,

16

.99

%

,

12/10/24

..

1,382

1,374

184006108.LC.FTS.B

,

16

.99

%

,

12/10/24

..

2,136

2,127

184044208.LC.FTS.B

,

16

.99

%

,

12/10/24

..

4,512

4,493

184008894.LC.FTS.B

,

17

.99

%

,

12/10/24

..

1,729

1,721

183687452.LC.FTS.B

,

18

.99

%

,

12/10/24

..

175

174

182860020.LC.FTS.B

,

15

.44

%

,

12/12/24

..

6,237

6,213

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184035087.LC.FTS.B

,

10

.34

%

,

12/13/24

..

$

1,580

$

1,572

184049185.LC.FTS.B

,

13

.24

%

,

12/13/24

..

2,944

2,934

184074389.LC.FTS.B

,

16

.49

%

,

12/13/24

..

1,784

1,777

184003705.LC.FTS.B

,

17

.99

%

,

12/13/24

..

2,593

2,583

184046281.LC.FTS.B

,

18

.99

%

,

12/13/24

..

268

–

184091538.LC.FTS.B

,

Zero

Cpn

,

12/14/24

3,227

–

184070958.LC.FTS.B

,

10

.49

%

,

12/14/24

..

904

900

184058069.LC.FTS.B

,

11

.04

%

,

12/14/24

..

1,115

1,105

184078696.LC.FTS.B

,

17

.99

%

,

12/14/24

..

1,642

1,632

183959795.LC.FTS.B

,

Zero

Cpn

,

12/15/24

4,930

–

184202834.LC.FTS.B

,

10

.49

%

,

12/15/24

..

2,533

2,521

183776421.LC.FTS.B

,

11

.04

%

,

12/15/24

..

1,241

1,231

183184685.LC.FTS.B

,

13

.24

%

,

12/15/24

..

1,356

1,352

183835923.LC.FTS.B

,

15

.19

%

,

12/15/24

..

1,928

1,922

184073189.LC.FTS.B

,

15

.19

%

,

12/15/24

..

525

50

183926594.LC.FTS.B

,

15

.99

%

,

12/15/24

..

1,455

1,450

183974444.LC.FTS.B

,

16

.99

%

,

12/15/24

..

876

873

183796732.LC.FTS.B

,

18

.99

%

,

12/15/24

..

1,460

1,455

184125379.LC.FTS.B

,

10

.34

%

,

12/16/24

..

3,002

2,966

184167764.LC.FTS.B

,

15

.99

%

,

12/16/24

..

2,399

2,391

184016559.LC.FTS.B

,

16

.44

%

,

12/16/24

..

1,030

1,023

184118078.LC.FTS.B

,

17

.44

%

,

12/16/24

..

859

856

184245291.LC.FTS.B

,

13

.19

%

,

12/17/24

..

5,722

5,705

184142932.LC.FTS.B

,

13

.99

%

,

12/17/24

..

3,796

3,756

184191218.LC.FTS.B

,

13

.99

%

,

12/17/24

..

4,881

4,845

184235593.LC.FTS.B

,

15

.19

%

,

12/17/24

..

418

417

184248232.LC.FTS.B

,

16

.19

%

,

12/17/24

..

846

844

184243930.LC.FTS.B

,

16

.49

%

,

12/17/24

..

1,019

1,016

183862855.LC.FTS.B

,

17

.44

%

,

12/17/24

..

1,432

1,426

184015727.LC.FTS.B

,

18

.99

%

,

12/17/24

..

1,749

1,743

184246546.LC.FTS.B

,

18

.99

%

,

12/17/24

..

3,497

3,486

184252044.LC.FTS.B

,

18

.99

%

,

12/17/24

..

1,110

1,107

184252099.LC.FTS.B

,

18

.99

%

,

12/17/24

..

874

871

184253714.LC.FTS.B

,

19

.49

%

,

12/17/24

..

5,538

5,560

183943415.LC.FTS.B

,

19

.99

%

,

12/17/24

..

2,653

2,673

183402493.LC.FTS.B

,

22

.99

%

,

12/18/24

..

1,983

240

183874684.LC.FTS.B

,

19

.49

%

,

12/19/24

..

2,050

2,065

184245796.LC.FTS.B

,

14

.44

%

,

12/20/24

..

2,289

2,273

184065895.LC.FTS.B

,

15

.49

%

,

12/20/24

..

2,442

2,436

184281222.LC.FTS.B

,

15

.99

%

,

12/20/24

..

1,689

1,685

183474005.LC.FTS.B

,

16

.49

%

,

12/20/24

..

1,424

1,420

184274458.LC.FTS.B

,

18

.49

%

,

12/20/24

..

3,130

3,121

183828952.LC.FTS.B

,

18

.99

%

,

12/20/24

..

2,243

64

184210526.LC.FTS.B

,

18

.99

%

,

12/20/24

..

2,518

2,511

184281792.LC.FTS.B

,

18

.99

%

,

12/20/24

..

874

872

184284744.LC.FTS.B

,

18

.99

%

,

12/20/24

..

612

610

184344324.LC.FTS.B

,

14

.19

%

,

12/21/24

..

1,323

1,320

184336095.LC.FTS.B

,

17

.44

%

,

12/21/24

..

2,061

2,055

184350898.LC.FTS.B

,

17

.44

%

,

12/21/24

..

2,577

2,568

184063399.LC.FTS.B

,

18

.99

%

,

12/21/24

..

1,264

1,261

184376915.LC.FTS.B

,

18

.99

%

,

12/21/24

..

3,357

3,349

184340869.LC.FTS.B

,

22

.99

%

,

12/21/24

..

951

963

184369171.LC.FTS.B

,

12

.19

%

,

12/22/24

..

1,615

1,608

184353845.LC.FTS.B

,

15

.99

%

,

12/22/24

..

1,469

1,460

184394307.LC.FTS.B

,

18

.99

%

,

12/22/24

..

787

785

184441891.LC.FTS.B

,

8

.99

%

,

12/23/24

...

1,674

1,668

184389245.LC.FTS.B

,

11

.99

%

,

12/23/24

..

4,835

4,809

184048740.LC.FTS.B

,

12

.49

%

,

12/23/24

..

2,878

2,867

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)

LendingClub

Corp.

-

LCX

PM

(continued)

184408809.LC.FTS.B

,

13

.44

%

,

12/23/24

..

$

2,441

$

2,434

183756956.LC.FTS.B

,

17

.49

%

,

12/23/24

..

1,891

1,887

184435348.LC.FTS.B

,

17

.99

%

,

12/23/24

..

2,427

–

184197580.LC.FTS.B

,

18

.99

%

,

12/23/24

..

1,302

1,299

184065866.LC.FTS.B

,

19

.49

%

,

12/23/24

..

2,615

2,158

184367167.LC.FTS.B

,

21

.49

%

,

12/23/24

..

1,259

1,270

184168561.LC.FTS.B

,

21

.99

%

,

12/24/24

..

539

546

184068690.LC.FTS.B

,

18

.49

%

,

12/25/24

..

4,415

–

184443285.LC.FTS.B

,

Zero

Cpn

,

12/27/24

20,761

–

184379124.LC.FTS.B

,

9

.29

%

,

12/27/24

...

3,901

3,851

184405061.LC.FTS.B

,

11

.84

%

,

12/27/24

..

1,628

1,623

184447670.LC.FTS.B

,

14

.44

%

,

12/27/24

..

1,986

1,984

184418501.LC.FTS.B

,

16

.19

%

,

12/27/24

..

1,016

1,013

184454192.LC.FTS.B

,

16

.19

%

,

12/27/24

..

1,439

1,437

184121693.LC.FTS.B

,

16

.49

%

,

12/27/24

..

1,742

1,740

184228216.LC.FTS.B

,

18

.44

%

,

12/27/24

..

4,866

4,859

184457887.LC.FTS.B

,

18

.49

%

,

12/27/24

..

2,508

2,494

184034650.LC.FTS.B

,

18

.99

%

,

12/27/24

..

4,828

–

184460632.LC.FTS.B

,

22

.99

%

,

12/27/24

..

311

316

184157711.LC.FTS.B

,

16

.19

%

,

12/28/24

..

215

214

183457596.LC.FTS.B

,

18

.99

%

,

12/29/24

..

1,961

1,958

184038361.LC.FTS.B

,

18

.44

%

,

12/30/24

..

1,647

1,646

184428613.LC.FTS.B

,

13

.24

%

,

12/31/24

..

5,867

5,828

184090151.LC.FTS.B

,

19

.99

%

,

12/31/24

..

6,477

6,528

183555873.LC.FTS.B

,

16

.99

%

,

1/02/25

...

3,404

3,378

184378148.LC.FTS.B

,

Zero

Cpn

,

1/03/25

.

3,376

–

184111598.LC.FTS.B

,

22

.99

%

,

1/05/25

...

1,016

115

184412079.LC.FTS.B

,

18

.99

%

,

1/06/25

...

2,190

2,180

184149278.LC.FTS.B

,

16

.49

%

,

1/28/25

...

4,696

221

184415798.LC.FTS.B

,

22

.99

%

,

2/04/25

...

2,672

2,703

183031081.LC.FTS.B

,

15

%

,

2/18/25

.....

3,328

2,944

182227875.LC.FTS.B

,

19

.49

%

,

2/27/25

...

4,250

4,272

183979122.LC.FTS.B

,

18

.99

%

,

3/10/25

...

738

22

183473491.LC.FTS.B

,

18

.99

%

,

3/15/25

...

12,869

535

183342456.LC.FTS.B

,

22

.49

%

,

3/26/25

...

7,475

7,615

182593987.LC.FTS.B

,

14

.19

%

,

4/01/25

...

4,252

4,231

182882751.LC.FTS.B

,

5

%

,

4/03/25

......

1,011

860

183354385.LC.FTS.B

,

12

.49

%

,

4/03/25

...

1,619

1,611

183170547.LC.FTS.B

,

16

.49

%

,

4/13/25

...

8,453

3,494

184272023.LC.FTS.B

,

19

.49

%

,

4/23/25

...

5,227

4,258

182884112.LC.FTS.B

,

15

%

,

4/25/25

.....

8,666

7,499

183027816.LC.FTS.B

,

18

.99

%

,

4/26/25

...

3,673

458

183992321.LC.FTS.B

,

17

.44

%

,

4/28/25

...

19,357

–

183711809.LC.FTS.B

,

17

.49

%

,

4/29/25

...

7,361

340

184200182.LC.FTS.B

,

13

.19

%

,

4/30/25

...

8,631

1,751

184277567.LC.FTS.B

,

15

.49

%

,

4/30/25

...

2,840

2,834

184149207.LC.FTS.B

,

18

.99

%

,

5/22/25

...

4,769

289

183388949.LC.FTS.B

,

14

.19

%

,

5/30/25

...

9,921

9,919

182783983.LC.FTS.B

,

17

.49

%

,

5/31/25

...

7,398

7,364

184279960.LC.FTS.B

,

13

.99

%

,

7/14/25

...

13,999

635

183532866.LC.FTS.B

,

5

%

,

7/20/25

......

2,093

1,781

183532916.LC.FTS.B

,

22

.99

%

,

7/20/25

...

4,007

3,258

184253510.LC.FTS.B

,

15

%

,

7/21/25

.....

6,169

5,250

183872755.LC.FTS.B

,

22

.99

%

,

9/07/25

...

4,479

1,779

171045369.LC.FTS.B

,

16

.08

%

,

10/07/25

..

3,290

3,258

171130012.LC.FTS.B

,

17

.3

%

,

10/09/25

...

3,936

3,901

170762714.LC.FTS.B

,

16

.08

%

,

10/13/25

..

6,575

6,506

183281940.LC.FTS.B

,

22

.99

%

,

11/30/25

..

2,113

407

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

172876605.LC.FTS.B

,

17

.3

%

,

12/14/25

...

$

4,497

$

4,457

172960729.LC.FTS.B

,

14

.02

%

,

12/19/25

..

7,886

7,722

183409645.LC.FTS.B

,

5

%

,

12/20/25

.....

7,493

6,324

184051226.LC.FTS.B

,

5

%

,

12/20/25

.....

13,599

13,403

172424365.LC.FTS.B

,

15

.4

%

,

12/20/25

...

4,056

4,014

173018414.LC.FTS.B

,

13

.33

%

,

12/22/25

..

5,651

5,542

172834572.LC.FTS.B

,

15

.4

%

,

12/24/25

...

5,524

5,470

173277936.LC.FTS.B

,

16

.08

%

,

12/31/25

..

15,471

15,361

173400785.LC.FTS.B

,

16

.08

%

,

12/31/25

..

3,981

3,933

173423229.LC.FTS.B

,

16

.08

%

,

1/04/26

...

7,746

7,671

173604231.LC.FTS.B

,

14

.02

%

,

1/12/26

...

6,772

6,512

173383392.LC.FTS.B

,

15

.4

%

,

1/12/26

...

4,602

4,503

173663810.LC.FTS.B

,

17

.3

%

,

1/13/26

...

3,351

3,311

173394313.LC.FTS.B

,

16

.08

%

,

1/16/26

...

6,857

6,797

173666949.LC.FTS.B

,

20

.74

%

,

1/25/26

...

4,283

4,264

174084354.LC.FTS.B

,

12

.49

%

,

1/26/26

...

14,699

14,254

174042657.LC.FTS.B

,

13

.74

%

,

1/26/26

...

8,560

983

173441334.LC.FTS.B

,

17

.3

%

,

1/28/26

...

14,187

14,169

174232024.LC.FTS.B

,

21

.49

%

,

1/29/26

...

7,490

7,599

174293135.LC.FTS.B

,

14

.74

%

,

2/04/26

...

13,126

12,814

174267823.LC.FTS.B

,

16

.99

%

,

2/04/26

...

6,134

6,077

174354729.LC.FTS.B

,

17

.24

%

,

2/04/26

...

2,783

2,747

174297080.LC.FTS.B

,

15

.74

%

,

2/05/26

...

4,043

4,001

174102738.LC.FTS.B

,

15

.44

%

,

2/08/26

...

3,278

3,242

171905795.LC.FTS.B

,

16

.08

%

,

5/15/26

...

6,029

5,933

181324642.LC.FTS.B

,

15

.19

%

,

10/13/26

..

19,235

1,804

182237890.LC.FTS.B

,

18

.49

%

,

10/14/26

..

8,449

8,112

181681556.LC.FTS.B

,

19

.49

%

,

10/14/26

..

8,538

8,448

182220241.LC.FTS.B

,

23

.99

%

,

10/14/26

..

5,063

5,102

182239660.LC.FTS.B

,

19

.99

%

,

10/16/26

..

8,589

8,523

182337953.LC.FTS.B

,

15

.19

%

,

10/17/26

..

8,987

8,831

182196271.LC.FTS.B

,

20

.49

%

,

10/18/26

..

5,751

5,725

182283124.LC.FTS.B

,

21

.99

%

,

10/18/26

..

11,971

12,080

182365065.LC.FTS.B

,

23

.99

%

,

10/18/26

..

4,131

4,147

182404645.LC.FTS.B

,

Zero

Cpn

,

10/19/26

17,466

–

182424479.LC.FTS.B

,

28

.99

%

,

10/19/26

..

13,546

644

182447710.LC.FTS.B

,

18

.44

%

,

10/20/26

..

10,809

10,618

182489147.LC.FTS.B

,

18

.99

%

,

10/20/26

..

19,820

19,468

182400546.LC.FTS.B

,

20

.44

%

,

10/20/26

..

3,967

3,918

182279442.LC.FTS.B

,

21

.99

%

,

10/20/26

..

14,016

14,114

182381955.LC.FTS.B

,

26

.99

%

,

10/20/26

..

2,451

2,493

181832576.LC.FTS.B

,

27

.49

%

,

10/21/26

..

15,435

15,659

182373053.LC.FTS.B

,

20

.44

%

,

10/22/26

..

11,524

11,451

182419678.LC.FTS.B

,

19

.99

%

,

10/25/26

..

13,012

10,262

182135115.LC.FTS.B

,

24

.99

%

,

10/28/26

..

14,871

15,059

182100249.LC.FTS.B

,

28

.99

%

,

10/28/26

..

6,315

6,430

182412380.LC.FTS.B

,

23

.99

%

,

11/01/26

..

5,908

5,891

182763696.LC.FTS.B

,

23

.99

%

,

11/01/26

..

9,222

9,212

182249975.LC.FTS.B

,

25

.99

%

,

11/01/26

..

7,701

7,689

182785608.LC.FTS.B

,

15

.19

%

,

11/02/26

..

18,593

1,762

182425449.LC.FTS.B

,

15

.44

%

,

11/02/26

..

8,426

8,038

182814285.LC.FTS.B

,

15

.44

%

,

11/02/26

..

15,729

15,127

182871113.LC.FTS.B

,

21

.99

%

,

11/02/26

..

12,012

12,028

182810881.LC.FTS.B

,

28

.99

%

,

11/02/26

..

3,842

3,832

182655109.LC.FTS.B

,

13

.19

%

,

11/03/26

..

6,511

6,373

182715994.LC.FTS.B

,

18

.99

%

,

11/03/26

..

6,690

6,552

182871003.LC.FTS.B

,

24

.99

%

,

11/03/26

..

11,122

11,210

182883867.LC.FTS.B

,

24

.99

%

,

11/03/26

..

4,325

4,359

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)

LendingClub

Corp.

-

LCX

PM

(continued)

182934282.LC.FTS.B

,

15

.44

%

,

11/04/26

..

$

7,865

$

7,710

182296093.LC.FTS.B

,

18

.19

%

,

11/04/26

..

3,470

3,394

181746904.LC.FTS.B

,

12

.99

%

,

11/05/26

..

17,932

6,453

182956744.LC.FTS.B

,

16

.49

%

,

11/05/26

..

17,042

16,578

182845986.LC.FTS.B

,

19

.99

%

,

11/05/26

..

5,145

5,097

182433195.LC.FTS.B

,

25

.99

%

,

11/05/26

..

6,065

289

182842302.LC.FTS.B

,

Zero

Cpn

,

11/08/26

18,019

–

182567782.LC.FTS.B

,

13

.74

%

,

11/08/26

..

2,015

1,990

182834096.LC.FTS.B

,

15

.49

%

,

11/08/26

..

15,074

14,768

183010490.LC.FTS.B

,

16

.49

%

,

11/08/26

..

12,536

12,041

182905174.LC.FTS.B

,

22

.99

%

,

11/10/26

..

14,305

14,322

182988585.LC.FTS.B

,

19

.49

%

,

11/12/26

..

8,789

8,724

182925771.LC.FTS.B

,

23

.99

%

,

11/12/26

..

21,427

21,332

182931548.LC.FTS.B

,

24

.99

%

,

11/12/26

..

6,898

6,950

182761588.LC.FTS.B

,

Zero

Cpn

,

11/14/26

13,812

–

183224681.LC.FTS.B

,

13

.49

%

,

11/15/26

..

8,799

8,603

183101425.LC.FTS.B

,

17

.44

%

,

11/15/26

..

16,065

15,785

182999628.LC.FTS.B

,

17

.74

%

,

11/15/26

..

6,972

6,836

182675743.LC.FTS.B

,

19

.49

%

,

11/15/26

..

20,876

20,695

182737896.LC.FTS.B

,

19

.49

%

,

11/15/26

..

11,370

11,269

182379386.LC.FTS.B

,

23

.99

%

,

11/15/26

..

13,469

13,494

182921002.LC.FTS.B

,

23

.99

%

,

11/15/26

..

8,118

8,145

182946956.LC.FTS.B

,

24

.99

%

,

11/15/26

..

12,061

12,162

182962134.LC.FTS.B

,

24

.99

%

,

11/15/26

..

12,542

12,647

183159092.LC.FTS.B

,

28

.99

%

,

11/15/26

..

4,002

–

183274263.LC.FTS.B

,

15

.44

%

,

11/16/26

..

11,759

11,482

182977646.LC.FTS.B

,

16

.99

%

,

11/16/26

..

17,307

16,977

183238822.LC.FTS.B

,

16

.99

%

,

11/16/26

..

13,480

13,067

183287259.LC.FTS.B

,

18

.19

%

,

11/16/26

..

6,265

6,137

183154136.LC.FTS.B

,

18

.49

%

,

11/16/26

..

5,801

5,689

183200190.LC.FTS.B

,

19

.49

%

,

11/16/26

..

3,515

3,483

182845074.LC.FTS.B

,

20

.99

%

,

11/16/26

..

17,978

17,721

183239755.LC.FTS.B

,

21

.99

%

,

11/16/26

..

15,015

15,109

183239325.LC.FTS.B

,

24

.99

%

,

11/16/26

..

10,712

–

183197788.LC.FTS.B

,

25

.99

%

,

11/16/26

..

12,490

12,440

183321499.LC.FTS.B

,

16

.49

%

,

11/17/26

..

1,818

1,787

183270309.LC.FTS.B

,

18

.99

%

,

11/17/26

..

16,930

1,111

183336838.LC.FTS.B

,

20

.99

%

,

11/17/26

..

16,531

1,550

183253428.LC.FTS.B

,

25

.99

%

,

11/17/26

..

12,471

12,636

182954228.LC.FTS.B

,

13

.49

%

,

11/18/26

..

15,050

14,698

182922353.LC.FTS.B

,

15

.49

%

,

11/18/26

..

21,378

3,866

183368090.LC.FTS.B

,

19

.49

%

,

11/18/26

..

6,426

6,388

183287872.LC.FTS.B

,

23

.99

%

,

11/18/26

..

6,707

6,725

183371105.LC.FTS.B

,

Zero

Cpn

,

11/19/26

15,116

–

182932552.LC.FTS.B

,

13

.19

%

,

11/19/26

..

8,263

8,115

183409505.LC.FTS.B

,

15

.19

%

,

11/19/26

..

16,820

16,515

183197708.LC.FTS.B

,

21

.99

%

,

11/19/26

..

14,414

14,526

183391565.LC.FTS.B

,

23

.99

%

,

11/19/26

..

4,167

4,191

183321695.LC.FTS.B

,

21

.49

%

,

11/21/26

..

10,033

9,976

183333541.LC.FTS.B

,

14

.19

%

,

11/22/26

..

12,193

11,939

183227368.LC.FTS.B

,

16

.44

%

,

11/22/26

..

13,988

13,550

182980965.LC.FTS.B

,

17

.24

%

,

11/22/26

..

11,451

11,271

183371257.LC.FTS.B

,

17

.74

%

,

11/22/26

..

17,320

17,016

183425358.LC.FTS.B

,

18

.49

%

,

11/22/26

..

4,640

4,566

183430858.LC.FTS.B

,

18

.49

%

,

11/22/26

..

7,680

–

183418746.LC.FTS.B

,

19

.49

%

,

11/22/26

..

17,640

17,509

183426724.LC.FTS.B

,

21

.49

%

,

11/22/26

..

7,172

7,135

183434742.LC.FTS.B

,

23

.19

%

,

11/22/26

..

5,012

5,053

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

182942183.LC.FTS.B

,

24

.99

%

,

11/22/26

..

$

3,164

$

3,201

183446729.LC.FTS.B

,

Zero

Cpn

,

11/23/26

9,457

–

183436461.LC.FTS.B

,

12

.74

%

,

11/23/26

..

19,647

19,204

183477091.LC.FTS.B

,

13

.19

%

,

11/23/26

..

5,481

5,384

183485184.LC.FTS.B

,

13

.99

%

,

11/23/26

..

3,318

3,259

183298862.LC.FTS.B

,

14

.19

%

,

11/23/26

..

22,282

21,903

183490789.LC.FTS.B

,

14

.49

%

,

11/23/26

..

4,448

4,357

183000324.LC.FTS.B

,

15

.44

%

,

11/23/26

..

3,737

3,672

183505251.LC.FTS.B

,

16

.49

%

,

11/23/26

..

5,681

5,594

183373318.LC.FTS.B

,

16

.99

%

,

11/23/26

..

12,080

1,512

183447586.LC.FTS.B

,

17

.49

%

,

11/23/26

..

12,055

11,671

183425539.LC.FTS.B

,

18

.49

%

,

11/23/26

..

10,826

10,574

183430694.LC.FTS.B

,

18

.49

%

,

11/23/26

..

12,180

11,790

183430676.LC.FTS.B

,

21

.99

%

,

11/23/26

..

13,814

13,938

183407041.LC.FTS.B

,

24

.99

%

,

11/23/26

..

1,497

1,492

183095344.LC.FTS.B

,

13

.44

%

,

11/24/26

..

21,987

21,667

183249731.LC.FTS.B

,

17

.49

%

,

11/24/26

..

7,941

7,804

183149701.LC.FTS.B

,

18

.49

%

,

11/24/26

..

17,605

17,306

183470077.LC.FTS.B

,

18

.99

%

,

11/24/26

..

14,338

14,081

182933015.LC.FTS.B

,

19

.49

%

,

11/24/26

..

16,406

16,340

182954964.LC.FTS.B

,

19

.49

%

,

11/24/26

..

12,598

12,547

183015727.LC.FTS.B

,

20

.44

%

,

11/24/26

..

8,883

8,819

183384203.LC.FTS.B

,

20

.49

%

,

11/24/26

..

9,038

–

183167278.LC.FTS.B

,

20

.99

%

,

11/24/26

..

17,031

–

183514721.LC.FTS.B

,

Zero

Cpn

,

11/26/26

4,232

–

183548843.LC.FTS.B

,

Zero

Cpn

,

11/26/26

5,894

–

183549091.LC.FTS.B

,

Zero

Cpn

,

11/26/26

7,671

–

183524584.LC.FTS.B

,

13

.19

%

,

11/26/26

..

5,484

5,395

183557623.LC.FTS.B

,

16

.19

%

,

11/26/26

..

8,494

8,325

183499818.LC.FTS.B

,

16

.44

%

,

11/26/26

..

22,713

22,025

183505272.LC.FTS.B

,

21

.49

%

,

11/26/26

..

3,807

–

183525639.LC.FTS.B

,

21

.99

%

,

11/26/26

..

3,604

3,641

183193272.LC.FTS.B

,

15

.44

%

,

11/27/26

..

2,981

2,937

183340558.LC.FTS.B

,

17

.74

%

,

11/28/26

..

19,191

18,879

183180134.LC.FTS.B

,

19

.49

%

,

11/28/26

..

23,480

1,045

183556398.LC.FTS.B

,

23

.99

%

,

11/28/26

..

6,032

6,092

183476845.LC.FTS.B

,

16

.49

%

,

11/29/26

..

8,283

8,151

183447683.LC.FTS.B

,

20

.44

%

,

11/29/26

..

11,534

11,497

183369356.LC.FTS.B

,

20

.99

%

,

11/29/26

..

3,075

3,031

183499719.LC.FTS.B

,

15

.44

%

,

11/30/26

..

8,677

8,323

183304070.LC.FTS.B

,

15

.99

%

,

11/30/26

..

20,703

20,266

183359968.LC.FTS.B

,

16

.49

%

,

11/30/26

..

12,626

12,432

183649644.LC.FTS.B

,

16

.99

%

,

11/30/26

..

6,281

6,194

183434269.LC.FTS.B

,

17

.24

%

,

11/30/26

..

4,629

4,540

183636681.LC.FTS.B

,

18

.49

%

,

11/30/26

..

20,039

19,721

183630947.LC.FTS.B

,

18

.99

%

,

11/30/26

..

16,268

1,526

183585512.LC.FTS.B

,

19

.99

%

,

11/30/26

..

14,133

13,930

182816829.LC.FTS.B

,

21

.99

%

,

11/30/26

..

6,598

6,594

183544070.LC.FTS.B

,

21

.99

%

,

11/30/26

..

12,011

12,146

183618524.LC.FTS.B

,

22

.99

%

,

11/30/26

..

15,157

15,325

183540100.LC.FTS.B

,

23

.99

%

,

11/30/26

..

3,864

756

183611465.LC.FTS.B

,

24

.99

%

,

11/30/26

..

7,417

7,517

183633965.LC.FTS.B

,

24

.99

%

,

11/30/26

..

3,674

3,740

183562403.LC.FTS.B

,

Zero

Cpn

,

12/01/26

7,587

–

183676944.LC.FTS.B

,

17

.24

%

,

12/01/26

..

3,534

3,457

183333618.LC.FTS.B

,

21

.49

%

,

12/01/26

..

6,759

–

183683504.LC.FTS.B

,

Zero

Cpn

,

12/02/26

6,166

–

183067587.LC.FTS.B

,

6

%

,

12/02/26

.....

14,064

13,943

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)

LendingClub

Corp.

-

LCX

PM

(continued)

183768813.LC.FTS.B

,

13

.24

%

,

12/02/26

..

$

8,476

$

8,250

183695657.LC.FTS.B

,

15

.44

%

,

12/02/26

..

8,675

8,487

183699303.LC.FTS.B

,

17

.24

%

,

12/02/26

..

11,209

–

183702434.LC.FTS.B

,

20

.49

%

,

12/02/26

..

17,927

17,712

183789584.LC.FTS.B

,

Zero

Cpn

,

12/03/26

11,671

–

183499399.LC.FTS.B

,

15

.44

%

,

12/03/26

..

7,008

6,845

183483610.LC.FTS.B

,

17

.24

%

,

12/03/26

..

11,167

10,926

183721314.LC.FTS.B

,

17

.44

%

,

12/03/26

..

9,537

9,340

183746554.LC.FTS.B

,

18

.49

%

,

12/03/26

..

2,989

2,919

183771895.LC.FTS.B

,

21

.99

%

,

12/03/26

..

11,104

11,099

182329589.LC.FTS.B

,

24

.99

%

,

12/03/26

..

5,731

5,627

183877324.LC.FTS.B

,

16

.49

%

,

12/06/26

..

23,385

22,766

183799901.LC.FTS.B

,

17

.74

%

,

12/06/26

..

5,920

5,794

183790054.LC.FTS.B

,

18

.49

%

,

12/06/26

..

3,758

3,677

183710879.LC.FTS.B

,

19

.95

%

,

12/06/26

..

14,959

5,476

183788160.LC.FTS.B

,

23

.99

%

,

12/06/26

..

6,537

–

183809680.LC.FTS.B

,

17

.24

%

,

12/07/26

..

19,794

18,896

183882896.LC.FTS.B

,

17

.24

%

,

12/07/26

..

10,605

10,305

183312099.LC.FTS.B

,

18

.99

%

,

12/07/26

..

6,798

6,647

183415342.LC.FTS.B

,

19

.49

%

,

12/07/26

..

18,071

17,476

183762991.LC.FTS.B

,

19

.49

%

,

12/07/26

..

13,388

13,096

183495228.LC.FTS.B

,

20

.44

%

,

12/07/26

..

3,644

3,594

183520272.LC.FTS.B

,

21

.49

%

,

12/07/26

..

13,228

13,079

183885314.LC.FTS.B

,

21

.99

%

,

12/07/26

..

3,701

3,703

183867910.LC.FTS.B

,

23

.99

%

,

12/07/26

..

9,425

9,427

183866613.LC.FTS.B

,

25

.99

%

,

12/07/26

..

6,046

6,025

183909323.LC.FTS.B

,

28

.99

%

,

12/07/26

..

8,699

990

183046392.LC.FTS.B

,

13

.19

%

,

12/08/26

..

14,120

13,833

183492757.LC.FTS.B

,

16

.99

%

,

12/08/26

..

8,841

8,655

183536773.LC.FTS.B

,

19

.74

%

,

12/08/26

..

21,239

21,011

183933487.LC.FTS.B

,

23

.99

%

,

12/08/26

..

9,425

9,431

183999420.LC.FTS.B

,

12

.99

%

,

12/09/26

..

22,543

21,978

183274086.LC.FTS.B

,

14

.44

%

,

12/09/26

..

9,730

9,536

183461812.LC.FTS.B

,

16

.74

%

,

12/09/26

..

11,429

11,137

183576479.LC.FTS.B

,

17

.44

%

,

12/09/26

..

14,253

13,965

183996173.LC.FTS.B

,

17

.44

%

,

12/09/26

..

21,250

20,704

184003319.LC.FTS.B

,

18

.19

%

,

12/09/26

..

5,947

5,826

183987324.LC.FTS.B

,

23

.99

%

,

12/09/26

..

10,070

10,048

183966000.LC.FTS.B

,

24

.99

%

,

12/09/26

..

3,182

3,192

183970462.LC.FTS.B

,

24

.99

%

,

12/09/26

..

1,902

1,915

183532974.LC.FTS.B

,

Zero

Cpn

,

12/10/26

9,624

–

184009395.LC.FTS.B

,

9

.49

%

,

12/10/26

...

17,893

17,172

184012121.LC.FTS.B

,

13

.44

%

,

12/10/26

..

10,760

10,499

183680345.LC.FTS.B

,

16

.44

%

,

12/10/26

..

7,596

7,445

183129988.LC.FTS.B

,

16

.99

%

,

12/10/26

..

10,420

10,182

183607115.LC.FTS.B

,

17

.24

%

,

12/10/26

..

13,619

13,243

183793588.LC.FTS.B

,

17

.24

%

,

12/10/26

..

4,144

4,052

183974150.LC.FTS.B

,

19

.99

%

,

12/10/26

..

15,134

14,949

184022156.LC.FTS.B

,

20

.49

%

,

12/10/26

..

6,006

5,932

183611528.LC.FTS.B

,

23

.99

%

,

12/10/26

..

14,406

14,280

183942336.LC.FTS.B

,

24

.99

%

,

12/10/26

..

12,681

12,775

183970602.LC.FTS.B

,

24

.99

%

,

12/10/26

..

7,609

7,626

184013288.LC.FTS.B

,

24

.99

%

,

12/10/26

..

13,002

5,065

183943387.LC.FTS.B

,

15

.44

%

,

12/13/26

..

13,591

13,255

184056742.LC.FTS.B

,

15

.44

%

,

12/13/26

..

9,849

–

183965552.LC.FTS.B

,

16

.49

%

,

12/13/26

..

8,771

8,582

184033080.LC.FTS.B

,

17

.44

%

,

12/13/26

..

12,872

12,491

183788093.LC.FTS.B

,

17

.49

%

,

12/13/26

..

4,457

–

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183731402.LC.FTS.B

,

19

.44

%

,

12/13/26

..

$

9,633

$

9,544

184062734.LC.FTS.B

,

21

.49

%

,

12/13/26

..

3,188

147

184039087.LC.FTS.B

,

24

.99

%

,

12/13/26

..

6,024

6,042

184051343.LC.FTS.B

,

28

.99

%

,

12/13/26

..

11,812

11,951

184176824.LC.FTS.B

,

14

.99

%

,

12/14/26

..

8,060

7,846

183228318.LC.FTS.B

,

15

.19

%

,

12/14/26

..

20,314

19,306

184127951.LC.FTS.B

,

15

.44

%

,

12/14/26

..

12,145

11,913

184144008.LC.FTS.B

,

16

.99

%

,

12/14/26

..

10,751

10,518

184142978.LC.FTS.B

,

17

.44

%

,

12/14/26

..

8,854

8,683

184109137.LC.FTS.B

,

17

.74

%

,

12/14/26

..

8,881

8,611

184114198.LC.FTS.B

,

18

.99

%

,

12/14/26

..

14,686

14,400

183841644.LC.FTS.B

,

19

.99

%

,

12/14/26

..

7,871

7,649

184107799.LC.FTS.B

,

19

.99

%

,

12/14/26

..

1,516

1,498

184130928.LC.FTS.B

,

21

.99

%

,

12/14/26

..

9,334

9,346

183623138.LC.FTS.B

,

23

.99

%

,

12/14/26

..

7,193

7,195

184107590.LC.FTS.B

,

23

.99

%

,

12/14/26

..

4,404

4,361

183641094.LC.FTS.B

,

24

.99

%

,

12/14/26

..

6,351

6,373

183971412.LC.FTS.B

,

28

.49

%

,

12/14/26

..

6,347

6,417

183159318.LC.FTS.B

,

6

%

,

12/15/26

.....

7,245

7,108

183916918.LC.FTS.B

,

13

.19

%

,

12/15/26

..

13,072

12,803

184198353.LC.FTS.B

,

14

.01

%

,

12/15/26

..

22,531

21,985

183712326.LC.FTS.B

,

15

.44

%

,

12/15/26

..

3,754

3,667

184146721.LC.FTS.B

,

16

.44

%

,

12/15/26

..

8,771

8,491

184204044.LC.FTS.B

,

16

.49

%

,

12/15/26

..

8,769

8,555

183603668.LC.FTS.B

,

17

.19

%

,

12/15/26

..

10,770

10,457

183649794.LC.FTS.B

,

21

.49

%

,

12/15/26

..

16,202

16,024

183917868.LC.FTS.B

,

21

.49

%

,

12/15/26

..

11,467

11,364

183758691.LC.FTS.B

,

23

.99

%

,

12/15/26

..

3,959

744

183593989.LC.FTS.B

,

27

.49

%

,

12/15/26

..

17,008

6,744

183905553.LC.FTS.B

,

13

.44

%

,

12/16/26

..

3,681

3,523

184144886.LC.FTS.B

,

15

.19

%

,

12/16/26

..

16,152

15,855

184230527.LC.FTS.B

,

16

.49

%

,

12/16/26

..

17,539

17,214

183805030.LC.FTS.B

,

17

.49

%

,

12/16/26

..

16,610

15,989

184233755.LC.FTS.B

,

18

.49

%

,

12/16/26

..

7,546

–

183706984.LC.FTS.B

,

21

.49

%

,

12/16/26

..

5,785

5,733

183590285.LC.FTS.B

,

21

.99

%

,

12/16/26

..

12,767

10,161

183612692.LC.FTS.B

,

13

.49

%

,

12/17/26

..

7,932

7,747

183935167.LC.FTS.B

,

16

.19

%

,

12/17/26

..

11,070

10,657

184223937.LC.FTS.B

,

16

.44

%

,

12/17/26

..

11,113

10,888

184141163.LC.FTS.B

,

17

.49

%

,

12/17/26

..

1,645

1,604

184248806.LC.FTS.B

,

18

.49

%

,

12/17/26

..

16,770

16,448

184251864.LC.FTS.B

,

21

.99

%

,

12/17/26

..

5,618

5,623

183868559.LC.FTS.B

,

23

.99

%

,

12/17/26

..

5,891

–

184214073.LC.FTS.B

,

27

.99

%

,

12/17/26

..

7,809

7,918

183656375.LC.FTS.B

,

14

.44

%

,

12/18/26

..

3,956

3,766

183673632.LC.FTS.B

,

15

.44

%

,

12/18/26

..

8,817

8,495

183874472.LC.FTS.B

,

15

.44

%

,

12/18/26

..

9,334

8,888

183852446.LC.FTS.B

,

17

.99

%

,

12/18/26

..

9,634

9,304

184082880.LC.FTS.B

,

15

.44

%

,

12/20/26

..

5,205

–

183977917.LC.FTS.B

,

16

.49

%

,

12/20/26

..

14,709

14,006

184270452.LC.FTS.B

,

16

.99

%

,

12/20/26

..

7,630

934

184104646.LC.FTS.B

,

17

.44

%

,

12/20/26

..

11,215

11,014

184283202.LC.FTS.B

,

19

.49

%

,

12/20/26

..

4,819

4,783

184059193.LC.FTS.B

,

21

.99

%

,

12/20/26

..

13,500

13,529

184382909.LC.FTS.B

,

12

.99

%

,

12/21/26

..

11,272

11,016

184130767.LC.FTS.B

,

16

.44

%

,

12/21/26

..

12,271

11,816

184309308.LC.FTS.B

,

17

.24

%

,

12/21/26

..

7,236

7,035

184365323.LC.FTS.B

,

18

.74

%

,

12/21/26

..

11,959

11,746

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)

LendingClub

Corp.

-

LCX

PM

(continued)

184032290.LC.FTS.B

,

20

.99

%

,

12/21/26

..

$

12,783

$

12,300

184358622.LC.FTS.B

,

21

.99

%

,

12/21/26

..

7,712

7,726

184066327.LC.FTS.B

,

14

.19

%

,

12/22/26

..

7,992

7,858

184190300.LC.FTS.B

,

16

.49

%

,

12/22/26

..

7,225

–

183529593.LC.FTS.B

,

17

.49

%

,

12/22/26

..

10,512

10,275

184035152.LC.FTS.B

,

Zero

Cpn

,

12/23/26

4,873

–

184471382.LC.FTS.B

,

13

.49

%

,

12/23/26

..

2,491

312

184224030.LC.FTS.B

,

15

.49

%

,

12/23/26

..

11,611

11,326

184421299.LC.FTS.B

,

16

.74

%

,

12/23/26

..

4,396

4,322

183436430.LC.FTS.B

,

16

.99

%

,

12/23/26

..

21,320

16,579

184427346.LC.FTS.B

,

19

.74

%

,

12/23/26

..

17,359

13,673

184321733.LC.FTS.B

,

23

.99

%

,

12/23/26

..

16,106

12,901

184033253.LC.FTS.B

,

28

.99

%

,

12/23/26

..

5,774

5,857

184040777.LC.FTS.B

,

23

.99

%

,

12/24/26

..

6,456

5,158

183940387.LC.FTS.B

,

19

.99

%

,

12/25/26

..

11,073

10,984

184005719.LC.FTS.B

,

20

.44

%

,

12/25/26

..

7,569

7,506

184009581.LC.FTS.B

,

22

.99

%

,

12/25/26

..

22,204

22,294

184404343.LC.FTS.B

,

13

.24

%

,

12/27/26

..

22,604

22,121

184283871.LC.FTS.B

,

21

.99

%

,

12/27/26

..

12,338

12,432

184275242.LC.FTS.B

,

23

.99

%

,

12/27/26

..

12,567

12,659

184249796.LC.FTS.B

,

15

.44

%

,

12/28/26

..

9,364

9,202

184172800.LC.FTS.B

,

16

.44

%

,

12/28/26

..

7,699

7,432

184029644.LC.FTS.B

,

17

.49

%

,

12/28/26

..

17,982

17,668

183866022.LC.FTS.B

,

24

.99

%

,

12/28/26

..

7,474

–

184075164.LC.FTS.B

,

17

.74

%

,

12/29/26

..

18,782

18,454

184298012.LC.FTS.B

,

18

.74

%

,

12/30/26

..

3,376

3,322

184273228.LC.FTS.B

,

21

.99

%

,

12/30/26

..

9,884

1,934

184017343.LC.FTS.B

,

23

.99

%

,

12/30/26

..

7,956

7,994

184149742.LC.FTS.B

,

26

.49

%

,

12/30/26

..

14,025

14,163

184473440.LC.FTS.B

,

28

.99

%

,

12/30/26

..

13,143

13,353

183794746.LC.FTS.B

,

21

.99

%

,

12/31/26

..

21,058

–

184286578.LC.FTS.B

,

17

.49

%

,

1/01/27

...

13,530

13,114

184379539.LC.FTS.B

,

12

.19

%

,

1/02/27

...

17,325

16,565

183888494.LC.FTS.B

,

17

.99

%

,

1/06/27

...

5,729

5,580

184927724.LC.FTS.B

,

22

.49

%

,

1/11/27

...

14,632

14,532

184934200.LC.FTS.B

,

23

.49

%

,

1/11/27

...

19,243

19,118

184003793.LC.FTS.B

,

6

%

,

1/15/27

......

4,686

4,627

184924956.LC.FTS.B

,

24

.99

%

,

1/16/27

...

13,352

10,625

181671017.LC.FTS.B

,

15

%

,

2/14/27

.....

15,065

11,813

183328750.LC.FTS.B

,

28

.99

%

,

3/22/27

...

5,098

4,145

183562559.LC.FTS.B

,

15

.24

%

,

3/26/27

...

18,173

17,638

182925976.LC.FTS.B

,

18

.99

%

,

4/03/27

...

5,228

5,081

183431866.LC.FTS.B

,

15

%

,

4/15/27

.....

17,504

14,475

182469398.LC.FTS.B

,

21

.99

%

,

5/05/27

...

14,202

1,656

183902344.LC.FTS.B

,

17

.49

%

,

5/07/27

...

13,806

603

183766454.LC.FTS.B

,

16

.99

%

,

5/10/27

...

14,428

–

184108646.LC.FTS.B

,

10

%

,

5/15/27

.....

5,419

4,223

184445530.LC.FTS.B

,

15

%

,

5/15/27

.....

13,951

11,517

182312904.LC.FTS.B

,

28

.99

%

,

5/18/27

...

5,441

5,525

182882013.LC.FTS.B

,

15

%

,

5/24/27

.....

13,297

11,144

184033235.LC.FTS.B

,

24

.99

%

,

5/24/27

...

17,259

13,724

183844253.LC.FTS.B

,

18

.99

%

,

6/20/27

...

21,935

–

184102080.LC.FTS.B

,

23

.99

%

,

6/20/27

...

6,723

631

183437929.LC.FTS.B

,

20

.49

%

,

6/30/27

...

17,166

16,970

183877158.LC.FTS.B

,

20

.44

%

,

7/21/27

...

10,421

–

184211532.LC.FTS.B

,

21

.99

%

,

7/28/27

...

24,820

24,681

183252907.LC.FTS.B

,

16

.49

%

,

9/17/27

...

10,667

10,283

182185437.LC.FTS.B

,

5

%

,

10/29/27

.....

11,820

11,549

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184064152.LC.FTS.B

,

19

.49

%

,

10/13/28

..

$

17,704

$

2,125

172830533.LC.FTS.B

,

Zero

Cpn

,

1/04/34

.

2,362

–

174146725.LC.FTS.B

,

Zero

Cpn

,

2/05/34

.

19,597

–

174279916.LC.FTS.B

,

13

.04

%

,

6/08/34

...

5,231

–

3,490,714

Prosper

Funding

LLC

1610723.PS.FTS.B

,

16

.9

%

,

9/03/24

.....

535

537

1606394.PS.FTS.B

,

20

.9

%

,

9/15/24

.....

633

634

1633506.PS.FTS.B

,

12

.2

%

,

9/20/24

.....

786

788

1612025.PS.FTS.B

,

15

.6

%

,

9/20/24

.....

138

139

1623956.PS.FTS.B

,

12

.3

%

,

9/21/24

.....

413

414

1623944.PS.FTS.B

,

13

.36

%

,

9/21/24

....

1,130

1,133

1634439.PS.FTS.B

,

16

.57

%

,

9/21/24

....

346

348

1635147.PS.FTS.B

,

16

%

,

9/22/24

.......

1,079

1,080

1625753.PS.FTS.B

,

14

.7

%

,

9/24/24

.....

492

495

1618596.PS.FTS.B

,

14

.7

%

,

9/27/24

.....

2,273

83

1630810.PS.FTS.B

,

14

.79

%

,

9/27/24

....

1,692

1,707

1637601.PS.FTS.B

,

15

.4

%

,

9/27/24

.....

1,674

1,688

1630930.PS.FTS.B

,

13

.2

%

,

9/28/24

.....

330

330

1631206.PS.FTS.B

,

13

.66

%

,

9/28/24

....

400

400

1638273.PS.FTS.B

,

16

.43

%

,

9/28/24

....

449

453

1627844.PS.FTS.B

,

16

.61

%

,

9/28/24

....

346

350

1632436.PS.FTS.B

,

15

%

,

9/29/24

.......

709

715

1624058.PS.FTS.B

,

12

.9

%

,

10/04/24

....

1,049

1,045

1640814.PS.FTS.B

,

13

.87

%

,

10/04/24

...

601

597

1645020.PS.FTS.B

,

11

.86

%

,

10/08/24

....

1,467

1,458

1634696.PS.FTS.B

,

13

.66

%

,

10/08/24

...

699

694

1627600.PS.FTS.B

,

18

.41

%

,

10/15/24

...

788

790

1638691.PS.FTS.B

,

11

.6

%

,

10/26/24

....

2,460

2,447

1645625.PS.FTS.B

,

13

.7

%

,

10/27/24

....

999

996

1656237.PS.FTS.B

,

13

.68

%

,

10/28/24

...

349

350

1646081.PS.FTS.B

,

16

.43

%

,

10/28/24

...

1,343

1,345

1649827.PS.FTS.B

,

17

%

,

10/28/24

......

572

577

1646261.PS.FTS.B

,

18

.26

%

,

10/28/24

...

2,917

2,921

1657158.PS.FTS.B

,

10

.8

%

,

10/29/24

....

1,040

1,039

1649938.PS.FTS.B

,

15

.4

%

,

10/29/24

....

811

812

1650670.PS.FTS.B

,

16

.3

%

,

10/29/24

....

273

275

1647092.PS.FTS.B

,

16

.9

%

,

10/29/24

....

4,816

4,771

1647332.PS.FTS.B

,

22

.6

%

,

10/29/24

....

294

297

1652014.PS.FTS.B

,

13

.36

%

,

11/02/24

....

894

889

1648529.PS.FTS.B

,

19

.5

%

,

11/02/24

....

202

201

1651427.PS.FTS.B

,

10

.5

%

,

11/05/24

....

381

379

1654330.PS.FTS.B

,

11

.4

%

,

11/05/24

.....

642

639

1654084.PS.FTS.B

,

13

.4

%

,

11/05/24

....

526

524

1651250.PS.FTS.B

,

16

.83

%

,

11/05/24

....

1,645

1,644

1664829.PS.FTS.B

,

12

.95

%

,

11/08/24

....

592

587

1658140.PS.FTS.B

,

13

.9

%

,

11/08/24

....

697

693

1652924.PS.FTS.B

,

12

.5

%

,

11/09/24

....

2,901

1,047

1665921.PS.FTS.B

,

13

.4

%

,

11/09/24

....

724

722

1659139.PS.FTS.B

,

18

.41

%

,

11/09/24

....

1,103

1,100

1654091.PS.FTS.B

,

15

.9

%

,

11/10/24

....

1,078

1,072

1648630.PS.FTS.B

,

22

.6

%

,

11/10/24

....

708

716

1655651.PS.FTS.B

,

12

.87

%

,

11/15/24

....

769

–

1648733.PS.FTS.B

,

21

.2

%

,

11/15/24

....

5,120

5,075

1663073.PS.FTS.B

,

18

.41

%

,

11/29/24

....

867

870

1651826.PS.FTS.B

,

11

.7

%

,

12/02/24

....

2,558

2,535

1672970.PS.FTS.B

,

13

.5

%

,

12/15/24

....

1,476

1,469

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)

Prosper

Funding

LLC

(continued)

1685973.PS.FTS.B

,

16

%

,

12/15/24

......

$

1,182

$

1,180

1686549.PS.FTS.B

,

13

%

,

12/16/24

......

1,468

1,460

1674656.PS.FTS.B

,

10

.89

%

,

12/17/24

...

2,386

2,375

1680451.PS.FTS.B

,

12

.3

%

,

12/17/24

....

277

276

1685280.PS.FTS.B

,

12

.3

%

,

12/17/24

....

2,917

2,894

1674668.PS.FTS.B

,

12

.65

%

,

12/17/24

...

1,624

1,616

1674647.PS.FTS.B

,

13

.1

%

,

12/17/24

....

1,352

1,348

1680760.PS.FTS.B

,

19

.91

%

,

12/17/24

...

353

355

1685979.PS.FTS.B

,

13

.7

%

,

12/18/24

....

1,657

1,649

1651004.PS.FTS.B

,

16

.6

%

,

12/18/24

....

2,210

2,192

1672952.PS.FTS.B

,

12

%

,

12/20/24

......

489

484

1687806.PS.FTS.B

,

14

.7

%

,

12/31/24

....

3,082

3,065

1692690.PS.FTS.B

,

19

.1

%

,

1/02/25

.....

827

828

1630058.PS.FTS.B

,

19

.3

%

,

1/16/25

.....

1,311

415

1603442.PS.FTS.B

,

18

.2

%

,

7/20/25

.....

2,867

2,846

1652180.PS.FTS.B

,

12

.1

%

,

8/08/25

.....

11,491

2,817

1672340.PS.FTS.B

,

15

.1

%

,

11/14/25

....

8,423

8,287

1613481.PS.FTS.B

,

19

.78

%

,

8/11/26

....

8,056

8,123

1604105.PS.FTS.B

,

13

.74

%

,

8/12/26

....

15,019

14,725

1614300.PS.FTS.B

,

13

.8

%

,

8/12/26

.....

9,520

9,369

1613874.PS.FTS.B

,

15

.2

%

,

8/12/26

.....

5,095

5,014

1613892.PS.FTS.B

,

19

.18

%

,

8/12/26

....

3,438

3,475

1603802.PS.FTS.B

,

20

.3

%

,

8/12/26

.....

5,911

809

1603823.PS.FTS.B

,

28

.4

%

,

8/12/26

.....

1,175

1,211

1607647.PS.FTS.B

,

15

%

,

8/13/26

.......

4,067

4,004

1615164.PS.FTS.B

,

17

%

,

8/13/26

.......

5,412

5,460

1614735.PS.FTS.B

,

18

.73

%

,

8/13/26

....

5,666

5,578

1607977.PS.FTS.B

,

25

.48

%

,

8/13/26

....

2,568

2,651

1604924.PS.FTS.B

,

28

.4

%

,

8/13/26

.....

3,785

3,914

1605023.PS.FTS.B

,

14

.2

%

,

8/16/26

.....

10,850

8,910

1608526.PS.FTS.B

,

19

.78

%

,

8/16/26

....

4,297

4,343

1604936.PS.FTS.B

,

25

%

,

8/16/26

.......

1,140

1,177

1616271.PS.FTS.B

,

12

.5

%

,

8/17/26

.....

5,917

5,808

1609138.PS.FTS.B

,

16

.18

%

,

8/17/26

....

7,733

7,588

1609525.PS.FTS.B

,

17

%

,

8/17/26

.......

4,448

–

1611388.PS.FTS.B

,

15

.8

%

,

8/19/26

.....

12,437

12,280

1612375.PS.FTS.B

,

14

.29

%

,

8/23/26

....

5,040

4,979

1609286.PS.FTS.B

,

15

.2

%

,

8/23/26

.....

821

813

1610333.PS.FTS.B

,

14

.39

%

,

8/24/26

....

2,012

1,992

1620525.PS.FTS.B

,

16

.4

%

,

8/24/26

.....

3,100

3,063

1606978.PS.FTS.B

,

13

.3

%

,

8/25/26

.....

6,600

6,482

1606780.PS.FTS.B

,

29

.08

%

,

8/25/26

....

4,286

4,411

1622217.PS.FTS.B

,

16

.7

%

,

8/27/26

.....

3,048

3,018

1604606.PS.FTS.B

,

29

.74

%

,

9/07/26

....

6,351

6,551

1608397.PS.FTS.B

,

20

.3

%

,

9/14/26

.....

4,737

4,787

1605623.PS.FTS.B

,

16

.64

%

,

9/15/26

....

6,539

6,435

1625707.PS.FTS.B

,

11

.7

%

,

9/16/26

.....

12,359

12,138

1626049.PS.FTS.B

,

15

.18

%

,

9/17/26

....

12,893

12,658

1633221.PS.FTS.B

,

18

.13

%

,

9/17/26

....

19,096

18,799

1632897.PS.FTS.B

,

18

.48

%

,

9/17/26

....

10,920

11,065

1627039.PS.FTS.B

,

12

.7

%

,

9/20/26

.....

2,045

2,009

1627618.PS.FTS.B

,

11

.79

%

,

9/21/26

....

5,562

5,467

1634841.PS.FTS.B

,

11

.79

%

,

9/21/26

....

6,068

5,964

1628728.PS.FTS.B

,

12

.5

%

,

9/22/26

.....

3,570

3,509

1628947.PS.FTS.B

,

12

.5

%

,

9/23/26

.....

5,610

5,516

1635660.PS.FTS.B

,

12

.87

%

,

9/23/26

....

5,138

5,044

1625255.PS.FTS.B

,

13

.2

%

,

9/23/26

.....

4,114

4,045

1636926.PS.FTS.B

,

11

.6

%

,

9/24/26

.....

5,802

5,706

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1629340.PS.FTS.B

,

12

.9

%

,

9/24/26

.....

$

4,249

$

540

1634442.PS.FTS.B

,

13

.93

%

,

9/26/26

....

4,942

4,850

1630456.PS.FTS.B

,

12

.76

%

,

9/27/26

....

7,673

7,551

1630438.PS.FTS.B

,

15

.29

%

,

9/27/26

....

5,269

5,217

1630432.PS.FTS.B

,

15

.9

%

,

9/27/26

.....

6,367

6,304

1628431.PS.FTS.B

,

16

.64

%

,

9/30/26

....

6,409

6,312

1627061.PS.FTS.B

,

19

.5

%

,

10/01/26

....

14,567

8,492

1636347.PS.FTS.B

,

12

.9

%

,

10/17/26

....

13,641

13,374

1624733.PS.FTS.B

,

16

.33

%

,

10/17/26

...

3,668

3,613

1648981.PS.FTS.B

,

10

.7

%

,

10/27/26

....

9,746

9,577

1655382.PS.FTS.B

,

12

.8

%

,

10/27/26

....

18,516

18,169

1655400.PS.FTS.B

,

13

.7

%

,

10/27/26

....

3,207

3,165

1648636.PS.FTS.B

,

15

.2

%

,

10/27/26

....

1,087

1,073

1645256.PS.FTS.B

,

16

.33

%

,

10/27/26

...

4,404

4,344

1645280.PS.FTS.B

,

18

.78

%

,

10/27/26

...

13,146

3,317

1645934.PS.FTS.B

,

10

.5

%

,

10/28/26

....

4,120

4,044

1649530.PS.FTS.B

,

13

.5

%

,

10/28/26

....

3,749

3,701

1649821.PS.FTS.B

,

13

.66

%

,

10/28/26

...

4,553

4,480

1649653.PS.FTS.B

,

14

.7

%

,

10/28/26

....

3,622

3,575

1646096.PS.FTS.B

,

15

.1

%

,

10/28/26

....

3,258

3,216

1646336.PS.FTS.B

,

16

.33

%

,

10/28/26

...

11,029

10,884

1656207.PS.FTS.B

,

23

.64

%

,

10/28/26

...

15,207

15,458

1657014.PS.FTS.B

,

10

.5

%

,

10/29/26

....

18,614

18,276

1650649.PS.FTS.B

,

13

.8

%

,

10/29/26

....

4,392

4,346

1657059.PS.FTS.B

,

17

%

,

10/29/26

......

9,141

9,285

1646327.PS.FTS.B

,

13

.8

%

,

10/31/26

....

11,059

10,900

1657476.PS.FTS.B

,

13

.8

%

,

11/01/26

....

8,274

8,101

1658550.PS.FTS.B

,

9

.45

%

,

11/02/26

....

7,877

7,692

1649888.PS.FTS.B

,

11

.2

%

,

11/03/26

.....

12,860

12,559

1651424.PS.FTS.B

,

10

.8

%

,

11/05/26

....

6,401

6,254

1651418.PS.FTS.B

,

11

.6

%

,

11/05/26

.....

1,076

1,052

1650998.PS.FTS.B

,

12

.7

%

,

11/05/26

....

8,174

7,986

1660986.PS.FTS.B

,

16

.8

%

,

11/05/26

....

14,241

13,956

1654327.PS.FTS.B

,

22

.55

%

,

11/05/26

....

4,874

5,008

1651841.PS.FTS.B

,

15

.4

%

,

11/08/26

....

3,087

3,029

1665054.PS.FTS.B

,

16

.93

%

,

11/08/26

....

13,747

13,486

1653053.PS.FTS.B

,

11

.55

%

,

11/09/26

....

3,766

3,683

1665906.PS.FTS.B

,

11

.7

%

,

11/09/26

.....

4,311

4,216

1652894.PS.FTS.B

,

12

.7

%

,

11/09/26

....

5,004

4,893

1658878.PS.FTS.B

,

12

.98

%

,

11/09/26

....

13,666

13,362

1659130.PS.FTS.B

,

15

.18

%

,

11/09/26

....

7,839

7,695

1652711.PS.FTS.B

,

16

.2

%

,

11/09/26

.....

7,075

7,129

1654496.PS.FTS.B

,

11

.79

%

,

11/10/26

....

5,394

5,276

1660783.PS.FTS.B

,

11

.7

%

,

11/12/26

.....

9,700

9,491

1659238.PS.FTS.B

,

10

.8

%

,

11/15/26

....

4,010

3,916

1656380.PS.FTS.B

,

10

.9

%

,

11/15/26

....

4,266

4,177

1658161.PS.FTS.B

,

13

.3

%

,

11/15/26

....

4,693

4,597

1653980.PS.FTS.B

,

13

.7

%

,

11/15/26

....

8,333

8,168

1653277.PS.FTS.B

,

13

.8

%

,

11/16/26

....

13,376

13,086

1654759.PS.FTS.B

,

11

.89

%

,

11/19/26

....

2,748

2,682

1660438.PS.FTS.B

,

16

%

,

11/19/26

......

2,853

2,869

1672608.PS.FTS.B

,

16

%

,

11/19/26

......

3,389

3,432

1645613.PS.FTS.B

,

12

.62

%

,

11/20/26

....

7,418

7,268

1645619.PS.FTS.B

,

18

.78

%

,

11/20/26

....

7,798

7,888

1665885.PS.FTS.B

,

13

.7

%

,

11/27/26

....

14,396

14,105

1659142.PS.FTS.B

,

14

.6

%

,

11/30/26

....

4,648

4,547

1672670.PS.FTS.B

,

12

%

,

12/14/26

......

3,903

3,815

1672667.PS.FTS.B

,

18

.78

%

,

12/14/26

...

7,058

7,115

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)

Prosper

Funding

LLC

(continued)

1685589.PS.FTS.B

,

22

.8

%

,

12/14/26

....

$

4,223

$

4,241

1679077.PS.FTS.B

,

15

.12

%

,

12/15/26

...

11,528

11,322

1685964.PS.FTS.B

,

15

.29

%

,

12/15/26

...

11,549

11,342

1672964.PS.FTS.B

,

28

.23

%

,

12/15/26

...

6,520

6,739

1680172.PS.FTS.B

,

13

.4

%

,

12/16/26

....

6,793

6,675

1680709.PS.FTS.B

,

10

.5

%

,

12/17/26

....

10,968

10,730

1687677.PS.FTS.B

,

18

.4

%

,

12/17/26

....

11,919

12,033

1680733.PS.FTS.B

,

26

.5

%

,

12/17/26

....

5,404

1,436

1681081.PS.FTS.B

,

11

.33

%

,

12/20/26

....

5,276

5,158

1681270.PS.FTS.B

,

13

.08

%

,

12/20/26

...

3,949

3,865

1681027.PS.FTS.B

,

25

.9

%

,

12/20/26

....

3,422

3,528

1677662.PS.FTS.B

,

18

.25

%

,

12/23/26

...

13,091

13,256

1608338.PS.FTS.B

,

15

.5

%

,

2/20/27

.....

6,378

5,247

1659106.PS.FTS.B

,

22

.55

%

,

5/09/27

....

5,961

2,755

1656341.PS.FTS.B

,

15

.29

%

,

6/09/27

....

11,224

10,880

1687065.PS.FTS.B

,

16

.4

%

,

6/16/27

.....

13,694

1,807

1624370.PS.FTS.B

,

16

.18

%

,

8/21/27

....

10,131

9,844

1630162.PS.FTS.B

,

16

.33

%

,

8/22/27

....

19,033

15,515

1668165.PS.FTS.B

,

22

.6

%

,

10/12/27

....

3,558

1,536

1613526.PS.FTS.B

,

19

.1

%

,

8/11/34

.....

365

365

1607545.PS.FTS.B

,

12

.7

%

,

8/12/34

.....

501

500

1607185.PS.FTS.B

,

17

.1

%

,

8/12/34

.....

212

213

1607575.PS.FTS.B

,

20

%

,

8/12/34

.......

184

185

1603754.PS.FTS.B

,

21

.49

%

,

8/12/34

....

375

378

1614891.PS.FTS.B

,

16

.7

%

,

8/13/34

.....

176

177

1604669.PS.FTS.B

,

19

.8

%

,

8/13/34

.....

74

74

1615005.PS.FTS.B

,

20

.1

%

,

8/13/34

.....

1,659

–

1608406.PS.FTS.B

,

18

.11

%

,

8/15/34

....

748

748

1615146.PS.FTS.B

,

20

.8

%

,

8/15/34

.....

424

–

1606436.PS.FTS.B

,

28

.64

%

,

8/17/34

....

208

209

1610068.PS.FTS.B

,

20

%

,

8/22/34

.......

200

200

1618998.PS.FTS.B

,

12

.79

%

,

8/23/34

....

1,168

1,173

1620645.PS.FTS.B

,

16

.6

%

,

8/25/34

.....

211

213

1614574.PS.FTS.B

,

27

.56

%

,

8/26/34

....

406

403

1611857.PS.FTS.B

,

16

.4

%

,

8/27/34

.....

210

212

874,402

Upgrade,

Inc.

23553668.UG.FTS.B

,

29

.69

%

,

10/15/24

..

1,103

1,125

23546722.UG.FTS.B

,

29

.69

%

,

10/22/24

..

1,660

1,697

23816823.UG.FTS.B

,

25

.82

%

,

10/24/24

..

1,287

1,311

23793303.UG.FTS.B

,

27

.74

%

,

11/05/24

..

6,339

6,606

24174311.UG.FTS.B

,

29

.69

%

,

11/05/24

..

22,146

17,498

24254995.UG.FTS.B

,

29

.69

%

,

11/14/24

..

9,444

10,032

24485661.UG.FTS.B

,

29

.69

%

,

11/18/24

..

8,409

8,885

24677388.UG.FTS.B

,

29

.69

%

,

12/06/24

..

4,129

4,343

24909623.UG.FTS.B

,

27

.74

%

,

12/08/24

..

21,013

16,982

24672526.UG.FTS.B

,

Zero

Cpn

,

12/11/24

.

8,465

652

25312483.UG.FTS.B

,

29

.69

%

,

12/18/24

..

5,375

5,688

24959142.UG.FTS.B

,

29

.69

%

,

12/20/24

..

10,629

9,526

25843226.UG.FTS.B

,

28

.99

%

,

1/07/25

...

3,769

3,884

24789598.UG.FTS.B

,

25

.26

%

,

11/27/27

..

103

103

88,332

Upgrade,

Inc.

-

Card

991297615.UG.FTS.B

,

29

.49

%

,

7/18/24

..

26

5

991167434.UG.FTS.B

,

29

.48

%

,

8/29/24

..

48

48

991216248.UG.FTS.B

,

19

.3

%

,

9/26/24

...

22

22

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991255753.UG.FTS.B

,

14

.47

%

,

10/12/24

.

$

17

$

17

991285666.UG.FTS.B

,

29

.49

%

,

10/17/24

.

6

6

991217199.UG.FTS.B

,

29

.49

%

,

10/21/24

.

16

16

991255614.UG.FTS.B

,

29

.49

%

,

10/21/24

.

17

3

991195046.UG.FTS.B

,

20

.46

%

,

10/24/24

.

10

10

991029860.UG.FTS.B

,

16

.99

%

,

11/08/24

.

165

165

991025022.UG.FTS.B

,

20

.46

%

,

11/08/24

.

41

42

991043299.UG.FTS.B

,

20

.46

%

,

11/08/24

.

155

27

991008862.UG.FTS.B

,

22

.97

%

,

11/08/24

.

114

115

991015963.UG.FTS.B

,

28

.98

%

,

11/08/24

.

36

36

991044464.UG.FTS.B

,

28

.98

%

,

11/08/24

.

5

5

991049421.UG.FTS.B

,

28

.98

%

,

11/08/24

.

6

6

991062658.UG.FTS.B

,

28

.98

%

,

11/08/24

.

94

95

991089676.UG.FTS.B

,

28

.98

%

,

11/08/24

.

335

334

991009200.UG.FTS.B

,

29

.49

%

,

11/08/24

.

52

53

991009403.UG.FTS.B

,

29

.49

%

,

11/08/24

.

5

1

991011019.UG.FTS.B

,

29

.49

%

,

11/08/24

.

17

18

991011039.UG.FTS.B

,

29

.49

%

,

11/08/24

.

301

308

991016135.UG.FTS.B

,

29

.49

%

,

11/08/24

.

43

43

991016360.UG.FTS.B

,

29

.49

%

,

11/08/24

.

70

71

991051891.UG.FTS.B

,

29

.49

%

,

11/08/24

.

101

102

991065536.UG.FTS.B

,

29

.49

%

,

11/08/24

.

27

27

991089599.UG.FTS.B

,

29

.49

%

,

11/08/24

.

338

341

991200927.UG.FTS.B

,

29

.49

%

,

11/08/24

.

52

53

991039862.UG.FTS.B

,

14

.98

%

,

11/09/24

.

172

172

991032070.UG.FTS.B

,

16

.99

%

,

11/09/24

.

65

25

991037178.UG.FTS.B

,

16

.99

%

,

11/09/24

.

103

104

991043832.UG.FTS.B

,

17

.99

%

,

11/09/24

.

8

8

991104757.UG.FTS.B

,

19

.21

%

,

11/09/24

.

58

58

991017861.UG.FTS.B

,

19

.8

%

,

11/09/24

..

19

20

991213119.UG.FTS.B

,

19

.99

%

,

11/09/24

.

21

21

991214327.UG.FTS.B

,

21

.98

%

,

11/09/24

.

42

42

991207204.UG.FTS.B

,

27

.99

%

,

11/09/24

.

18

18

991021150.UG.FTS.B

,

28

.98

%

,

11/09/24

.

54

55

991024150.UG.FTS.B

,

28

.98

%

,

11/09/24

.

93

94

991024317.UG.FTS.B

,

28

.98

%

,

11/09/24

.

21

21

991024437.UG.FTS.B

,

28

.98

%

,

11/09/24

.

107

108

991036639.UG.FTS.B

,

28

.98

%

,

11/09/24

.

84

84

991050918.UG.FTS.B

,

28

.98

%

,

11/09/24

.

122

125

991066590.UG.FTS.B

,

28

.98

%

,

11/09/24

.

102

103

991109146.UG.FTS.B

,

28

.98

%

,

11/09/24

.

114

115

991175878.UG.FTS.B

,

28

.98

%

,

11/09/24

.

13

13

991213946.UG.FTS.B

,

28

.98

%

,

11/09/24

.

23

24

991016307.UG.FTS.B

,

29

.49

%

,

11/09/24

.

59

60

991032461.UG.FTS.B

,

29

.49

%

,

11/09/24

.

35

35

991055838.UG.FTS.B

,

29

.49

%

,

11/09/24

.

3

3

991076041.UG.FTS.B

,

29

.49

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,

11/09/24

.

96

7

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,

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.

24

24

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43

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32

33

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,

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53

53

991065102.UG.FTS.B

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15

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,

11/10/24

.

83

83

991129317.UG.FTS.B

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15

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,

11/10/24

.

550

552

991171941.UG.FTS.B

,

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%

,

11/10/24

.

729

114

991022677.UG.FTS.B

,

18

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%

,

11/10/24

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125

125

991224324.UG.FTS.B

,

18

.97

%

,

11/10/24

.

122

122

991034507.UG.FTS.B

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19

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,

11/10/24

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937

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,

19

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%

,

11/10/24

.

82

83

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)

Upgrade,

Inc.

-

Card

(continued)

991234666.UG.FTS.B

,

20

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,

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.

$

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,

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30

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,

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77

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50

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215

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,

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123

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,

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13

6

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,

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72

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121

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188

190

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,

11/11/24

.

205

207

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,

11/11/24

.

130

130

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,

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77

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86

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,

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32

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,

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.

24

24

991104909.UG.FTS.B

,

18

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,

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..

93

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76

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153

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305

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,

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,

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...

269

272

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,

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3

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226

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178

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62

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378

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137

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.

64

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,

22

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,

11/11/24

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82

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,

11/11/24

.

191

193

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25

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,

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..

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27

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.

110

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,

11/11/24

.

94

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,

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.

22

23

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991032710.UG.FTS.B

,

28

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,

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.

$

15

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,

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11/11/24

.

33

33

991053400.UG.FTS.B

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,

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373

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,

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.

40

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.

64

65

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,

28

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,

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.

234

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.

84

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,

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26

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.

38

38

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28

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,

11/11/24

..

72

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,

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..

41

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..

23

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..

95

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..

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..

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8

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,

11/11/24

..

36

36

991197445.UG.FTS.B

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28

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,

11/11/24

..

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11/11/24

.

32

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41

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,

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.

118

120

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,

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.

54

55

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29

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,

11/11/24

.

230

234

991030862.UG.FTS.B

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29

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,

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.

319

47

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29

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,

11/11/24

.

16

16

991039534.UG.FTS.B

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29

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,

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.

104

106

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29

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,

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.

51

3

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,

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41

6

991048668.UG.FTS.B

,

29

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,

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.

424

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991051905.UG.FTS.B

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.

49

49

991057411.UG.FTS.B

,

29

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,

11/11/24

..

7

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991062394.UG.FTS.B

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,

11/11/24

.

101

101

991062748.UG.FTS.B

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,

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.

97

99

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,

11/11/24

.

352

358

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,

11/11/24

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54

55

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,

11/11/24

.

39

39

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,

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.

17

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28

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29

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,

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22

22

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,

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96

98

991089870.UG.FTS.B

,

29

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,

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.

116

117

991092922.UG.FTS.B

,

29

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,

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.

32

32

991097673.UG.FTS.B

,

29

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,

11/11/24

.

30

5

991102456.UG.FTS.B

,

29

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,

11/11/24

..

144

146

991105795.UG.FTS.B

,

29

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%

,

11/11/24

..

150

156

991113486.UG.FTS.B

,

29

.49

%

,

11/11/24

..

25

25

991113621.UG.FTS.B

,

29

.49

%

,

11/11/24

..

292

–

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)

Upgrade,

Inc.

-

Card

(continued)

991120196.UG.FTS.B

,

29

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,

11/11/24

..

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30

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31

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11/11/24

..

98

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102

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,

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..

42

43

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,

14

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,

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25

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143

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92

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138

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94

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31

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116

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,

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182

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278

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991106317.UG.FTS.B

,

20

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,

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.

92

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991047526.UG.FTS.B

,

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130

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18

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3

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,

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.

285

288

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21

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,

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.

185

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991121938.UG.FTS.B

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21

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,

11/12/24

.

61

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,

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.

6

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49

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.

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11

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22

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%

,

11/12/24

.

44

44

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991103112.UG.FTS.B

,

25

.95

%

,

11/12/24

..

$

115

$

116

991149520.UG.FTS.B

,

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,

11/12/24

.

153

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,

11/12/24

.

25

26

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11/12/24

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33

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249

249

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353

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231

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5

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11/13/24

..

79

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,

11/13/24

..

144

145

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..

23

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11

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991094103.UG.FTS.B

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,

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146

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991043243.UG.FTS.B

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,

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.

23

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991078122.UG.FTS.B

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,

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.

404

407

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22

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,

11/13/24

.

135

135

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,

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153

155

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,

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.

147

148

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69

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991060835.UG.FTS.B

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,

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60

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72

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,

11/14/24

.

2

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10

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,

11/14/24

.

40

40

991186061.UG.FTS.B

,

19

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,

11/14/24

..

63

63

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,

20

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%

,

11/14/24

.

27

28

991068021.UG.FTS.B

,

20

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,

11/14/24

.

19

19

991075171.UG.FTS.B

,

20

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,

11/14/24

.

543

37

991133151.UG.FTS.B

,

20

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,

11/14/24

.

125

126

991084216.UG.FTS.B

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21

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,

11/14/24

.

166

167

991184091.UG.FTS.B

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22

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,

11/14/24

.

76

77

991224639.UG.FTS.B

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22

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,

11/14/24

.

62

62

991062678.UG.FTS.B

,

18

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,

11/15/24

.

22

22

991146941.UG.FTS.B

,

18

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,

11/15/24

.

25

25

991226714.UG.FTS.B

,

18

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,

11/15/24

.

131

131

991062012.UG.FTS.B

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19

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,

11/15/24

.

20

20

991116196.UG.FTS.B

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19

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,

11/15/24

..

174

175

991159422.UG.FTS.B

,

19

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,

11/15/24

.

24

24

991060645.UG.FTS.B

,

19

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,

11/15/24

..

60

61

991067501.UG.FTS.B

,

20

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,

11/15/24

.

35

35

991121275.UG.FTS.B

,

20

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,

11/15/24

.

863

870

991060260.UG.FTS.B

,

20

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,

11/15/24

.

210

211

991058892.UG.FTS.B

,

21

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,

11/15/24

.

194

196

991092471.UG.FTS.B

,

21

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,

11/15/24

.

44

44

991099369.UG.FTS.B

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21

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,

11/15/24

.

43

43

991177667.UG.FTS.B

,

21

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,

11/15/24

.

29

29

991218740.UG.FTS.B

,

21

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,

11/15/24

.

34

35

991082558.UG.FTS.B

,

21

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,

11/15/24

.

56

56

991112513.UG.FTS.B

,

22

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%

,

11/15/24

..

86

87

991218382.UG.FTS.B

,

22

.97

%

,

11/15/24

.

42

42

991118927.UG.FTS.B

,

23

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%

,

11/15/24

..

53

54

991136525.UG.FTS.B

,

29

.49

%

,

11/15/24

.

1

1

991165568.UG.FTS.B

,

19

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,

11/16/24

..

33

33

991060668.UG.FTS.B

,

19

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%

,

11/16/24

.

49

50

991077083.UG.FTS.B

,

19

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%

,

11/16/24

.

28

29

991075585.UG.FTS.B

,

22

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%

,

11/16/24

.

76

76

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)

Upgrade,

Inc.

-

Card

(continued)

991061800.UG.FTS.B

,

28

.98

%

,

11/16/24

.

$

25

$

26

991093834.UG.FTS.B

,

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,

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57

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28

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,

11/16/24

..

30

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,

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,

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138

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173

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56

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80

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83

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11/17/24

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11/17/24

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18

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,

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28

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,

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,

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.

253

256

991090075.UG.FTS.B

,

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,

11/17/24

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26

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11/17/24

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24

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,

11/17/24

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23

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,

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.

120

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23

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,

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10

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,

11/17/24

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145

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991120282.UG.FTS.B

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28

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,

11/17/24

.

115

17

991138661.UG.FTS.B

,

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,

11/17/24

.

41

41

991147163.UG.FTS.B

,

28

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,

11/17/24

.

9

9

991161863.UG.FTS.B

,

28

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%

,

11/17/24

.

8

8

991222252.UG.FTS.B

,

28

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%

,

11/17/24

.

4

4

991265366.UG.FTS.B

,

28

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,

11/17/24

.

1

1

991064180.UG.FTS.B

,

29

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,

11/17/24

.

89

90

991064475.UG.FTS.B

,

29

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,

11/17/24

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111

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,

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31

31

991064865.UG.FTS.B

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29

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,

11/17/24

.

36

37

991070165.UG.FTS.B

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29

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,

11/17/24

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58

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991076785.UG.FTS.B

,

29

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,

11/17/24

.

125

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,

29

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,

11/17/24

.

28

28

991083068.UG.FTS.B

,

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,

11/17/24

.

50

50

991090724.UG.FTS.B

,

29

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,

11/17/24

.

304

305

991097714.UG.FTS.B

,

29

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,

11/17/24

.

38

38

991125316.UG.FTS.B

,

29

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,

11/17/24

.

295

301

991155141.UG.FTS.B

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29

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,

11/17/24

.

55

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,

29

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,

11/17/24

.

121

123

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,

19

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,

11/18/24

.

101

101

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19

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%

,

11/18/24

..

25

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991068853.UG.FTS.B

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,

11/18/24

.

16

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53

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,

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255

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,

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,

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.

33

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21

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,

11/18/24

.

117

118

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,

21

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,

11/18/24

.

134

136

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21

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,

11/18/24

.

180

182

991173310.UG.FTS.B

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22

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,

11/18/24

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7

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,

28

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,

11/18/24

.

11

11

991071737.UG.FTS.B

,

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,

11/18/24

.

184

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,

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97

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,

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,

11/18/24

.

11

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991115818.UG.FTS.B

,

28

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%

,

11/18/24

..

13

13

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991117034.UG.FTS.B

,

28

.98

%

,

11/18/24

..

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114

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116

991138076.UG.FTS.B

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,

11/18/24

.

74

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11/18/24

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82

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69

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32

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108

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36

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,

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3

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29

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,

11/18/24

..

17

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,

11/18/24

.

51

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,

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.

27

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,

11/18/24

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13

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,

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,

11/18/24

.

84

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,

11/18/24

.

36

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,

29

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,

11/18/24

.

31

31

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,

29

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,

11/18/24

.

85

87

991261895.UG.FTS.B

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29

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,

11/18/24

.

17

17

991273989.UG.FTS.B

,

29

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,

11/18/24

.

86

87

991286648.UG.FTS.B

,

29

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,

11/18/24

.

34

34

991126405.UG.FTS.B

,

18

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%

,

11/19/24

.

92

92

991224732.UG.FTS.B

,

18

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%

,

11/19/24

.

274

276

991088805.UG.FTS.B

,

19

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,

11/19/24

.

97

6

991081336.UG.FTS.B

,

19

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%

,

11/19/24

..

61

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991098979.UG.FTS.B

,

19

.8

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,

11/19/24

..

107

108

991130913.UG.FTS.B

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19

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,

11/19/24

..

108

108

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,

11/19/24

..

77

77

991081249.UG.FTS.B

,

19

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,

11/19/24

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24

24

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,

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,

11/19/24

.

356

362

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,

11/19/24

.

36

–

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,

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,

11/19/24

.

228

231

991141300.UG.FTS.B

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,

11/19/24

.

62

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,

11/19/24

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69

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20

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,

11/19/24

.

628

634

991087156.UG.FTS.B

,

20

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,

11/19/24

.

248

250

991183459.UG.FTS.B

,

20

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,

11/19/24

.

145

146

991078051.UG.FTS.B

,

21

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,

11/19/24

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63

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,

11/19/24

.

100

101

991079026.UG.FTS.B

,

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,

11/19/24

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190

192

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,

11/19/24

.

33

33

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,

28

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,

11/19/24

.

400

405

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28

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,

11/19/24

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108

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28

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,

11/19/24

.

23

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,

28

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,

11/19/24

.

57

58

991087646.UG.FTS.B

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,

11/19/24

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26

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28

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,

11/19/24

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82

83

991093210.UG.FTS.B

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,

11/19/24

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32

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11/19/24

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62

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11/19/24

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2

2

991101044.UG.FTS.B

,

28

.98

%

,

11/19/24

.

51

51

991102831.UG.FTS.B

,

28

.98

%

,

11/19/24

.

79

80

991103262.UG.FTS.B

,

28

.98

%

,

11/19/24

.

66

66

991103415.UG.FTS.B

,

28

.98

%

,

11/19/24

.

6

6

991103976.UG.FTS.B

,

28

.98

%

,

11/19/24

.

151

153

991104468.UG.FTS.B

,

28

.98

%

,

11/19/24

.

701

706

991107342.UG.FTS.B

,

28

.98

%

,

11/19/24

.

1

1

991107864.UG.FTS.B

,

28

.98

%

,

11/19/24

.

36

37

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)

Upgrade,

Inc.

-

Card

(continued)

991108896.UG.FTS.B

,

28

.98

%

,

11/19/24

.

$

105

$

7

991110570.UG.FTS.B

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,

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25

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28

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,

11/19/24

..

80

82

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11/19/24

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26

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..

70

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28

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72

72

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62

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80

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162

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,

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46

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,

11/19/24

.

39

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28

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,

11/19/24

.

32

32

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,

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2

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91

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,

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71

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,

11/19/24

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127

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,

11/19/24

.

84

86

991160191.UG.FTS.B

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28

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,

11/19/24

.

38

3

991164721.UG.FTS.B

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28

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,

11/19/24

.

13

14

991166387.UG.FTS.B

,

28

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%

,

11/19/24

.

14

14

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28

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,

11/19/24

.

21

21

991181040.UG.FTS.B

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28

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,

11/19/24

.

382

28

991183616.UG.FTS.B

,

28

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,

11/19/24

.

125

126

991196539.UG.FTS.B

,

28

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,

11/19/24

.

9

1

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28

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,

11/19/24

.

25

25

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,

28

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,

11/19/24

.

6

6

991218732.UG.FTS.B

,

28

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,

11/19/24

.

30

30

991224492.UG.FTS.B

,

28

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%

,

11/19/24

.

236

239

991260584.UG.FTS.B

,

28

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,

11/19/24

.

188

191

991264197.UG.FTS.B

,

28

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,

11/19/24

.

13

13

991267970.UG.FTS.B

,

28

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,

11/19/24

.

58

59

991269614.UG.FTS.B

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28

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,

11/19/24

.

92

93

991272220.UG.FTS.B

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,

11/19/24

.

43

43

991274553.UG.FTS.B

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28

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,

11/19/24

.

31

32

991285040.UG.FTS.B

,

28

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,

11/19/24

.

24

24

991285978.UG.FTS.B

,

28

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,

11/19/24

.

65

66

991291090.UG.FTS.B

,

28

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,

11/19/24

.

31

31

991079459.UG.FTS.B

,

29

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,

11/19/24

.

164

168

991079567.UG.FTS.B

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29

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,

11/19/24

.

47

49

991083975.UG.FTS.B

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29

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,

11/19/24

.

30

31

991088510.UG.FTS.B

,

29

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,

11/19/24

.

55

55

991091799.UG.FTS.B

,

29

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,

11/19/24

.

16

17

991096428.UG.FTS.B

,

29

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,

11/19/24

.

67

68

991098909.UG.FTS.B

,

29

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,

11/19/24

.

192

196

991100113.UG.FTS.B

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29

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,

11/19/24

..

29

30

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29

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,

11/19/24

.

28

29

991103901.UG.FTS.B

,

29

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,

11/19/24

.

87

88

991104178.UG.FTS.B

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29

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,

11/19/24

.

350

356

991104280.UG.FTS.B

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29

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,

11/19/24

.

58

60

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,

29

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%

,

11/19/24

.

136

137

991106684.UG.FTS.B

,

29

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%

,

11/19/24

.

43

44

991109457.UG.FTS.B

,

29

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%

,

11/19/24

.

67

68

991110529.UG.FTS.B

,

29

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,

11/19/24

..

91

7

991111418.UG.FTS.B

,

29

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,

11/19/24

..

122

123

991114314.UG.FTS.B

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29

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,

11/19/24

..

82

83

991114749.UG.FTS.B

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29

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,

11/19/24

..

82

83

991125628.UG.FTS.B

,

29

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,

11/19/24

.

189

193

991130441.UG.FTS.B

,

29

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%

,

11/19/24

.

57

1

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991133364.UG.FTS.B

,

29

.49

%

,

11/19/24

.

$

5

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5

991138434.UG.FTS.B

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29

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,

11/19/24

.

53

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29

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11/19/24

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82

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11/19/24

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119

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29

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29

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112

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64

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.

34

34

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29

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,

11/19/24

..

46

47

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29

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,

11/19/24

.

57

58

991173134.UG.FTS.B

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29

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,

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6

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991176843.UG.FTS.B

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,

11/19/24

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348

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,

11/19/24

.

98

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11/19/24

.

28

28

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29

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,

11/19/24

.

44

45

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29

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,

11/19/24

.

15

16

991229419.UG.FTS.B

,

29

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,

11/19/24

.

103

104

991242783.UG.FTS.B

,

29

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,

11/19/24

.

79

80

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,

29

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,

11/19/24

.

37

37

991261749.UG.FTS.B

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29

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,

11/19/24

.

32

33

991267836.UG.FTS.B

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29

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,

11/19/24

.

32

33

991268203.UG.FTS.B

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29

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,

11/19/24

.

71

72

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29

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,

11/19/24

.

14

14

991278085.UG.FTS.B

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29

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,

11/19/24

.

160

163

991086006.UG.FTS.B

,

18

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,

11/20/24

.

136

138

991131248.UG.FTS.B

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18

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,

11/20/24

.

54

55

991212667.UG.FTS.B

,

18

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,

11/20/24

.

88

88

991204096.UG.FTS.B

,

19

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,

11/20/24

..

43

43

991204791.UG.FTS.B

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19

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,

11/20/24

..

25

26

991267411.UG.FTS.B

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19

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,

11/20/24

..

44

45

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19

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,

11/20/24

.

36

36

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19

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,

11/20/24

.

76

12

991108487.UG.FTS.B

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19

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,

11/20/24

.

81

82

991112938.UG.FTS.B

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19

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,

11/20/24

..

23

23

991171504.UG.FTS.B

,

19

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,

11/20/24

.

71

71

991175975.UG.FTS.B

,

19

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,

11/20/24

.

38

39

991181647.UG.FTS.B

,

19

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,

11/20/24

.

31

–

991188505.UG.FTS.B

,

19

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,

11/20/24

.

44

45

991237192.UG.FTS.B

,

19

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,

11/20/24

.

114

115

991263955.UG.FTS.B

,

19

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,

11/20/24

.

29

4

991084611.UG.FTS.B

,

20

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,

11/20/24

.

126

127

991085501.UG.FTS.B

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20

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,

11/20/24

.

127

128

991100911.UG.FTS.B

,

20

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%

,

11/20/24

..

79

80

991102814.UG.FTS.B

,

20

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%

,

11/20/24

.

63

9

991112817.UG.FTS.B

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20

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%

,

11/20/24

..

900

138

991125492.UG.FTS.B

,

20

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,

11/20/24

.

35

35

991160910.UG.FTS.B

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20

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,

11/20/24

.

21

21

991204119.UG.FTS.B

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20

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,

11/20/24

.

3

3

991204576.UG.FTS.B

,

20

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,

11/20/24

.

11

11

991086619.UG.FTS.B

,

20

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%

,

11/20/24

.

746

752

991085535.UG.FTS.B

,

21

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%

,

11/20/24

.

28

28

991133819.UG.FTS.B

,

21

.46

%

,

11/20/24

.

24

25

991215411.UG.FTS.B

,

21

.46

%

,

11/20/24

.

80

80

991151893.UG.FTS.B

,

23

.95

%

,

11/20/24

.

237

240

991089655.UG.FTS.B

,

25

.94

%

,

11/20/24

.

34

34

991128669.UG.FTS.B

,

26

.94

%

,

11/20/24

.

21

21

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)

Upgrade,

Inc.

-

Card

(continued)

991099607.UG.FTS.B

,

28

.98

%

,

11/20/24

.

$

90

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92

991100214.UG.FTS.B

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11/20/24

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35

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11/20/24

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27

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11/20/24

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32

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15

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55

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43

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169

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11/20/24

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8

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11/20/24

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59

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11/20/24

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33

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11/20/24

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49

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11/20/24

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15

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104

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11/20/24

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18

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11/20/24

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35

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43

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,

11/20/24

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47

48

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28

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,

11/20/24

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93

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28

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,

11/20/24

.

75

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29

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,

11/20/24

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17

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,

29

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,

11/20/24

.

65

–

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,

29

.49

%

,

11/20/24

..

34

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29

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,

11/20/24

..

62

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,

11/20/24

..

52

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,

11/20/24

..

32

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,

11/20/24

..

29

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,

11/20/24

..

102

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,

11/20/24

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50

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,

11/20/24

.

28

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29

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,

11/20/24

.

191

194

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29

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,

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21

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36

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96

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479

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11/20/24

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2

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11/20/24

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6

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,

11/20/24

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87

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29

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,

11/20/24

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95

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,

11/20/24

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111

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,

11/20/24

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426

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59

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,

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,

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,

11/20/24

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87

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.

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193

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Description

Principal

Amount

Value

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-

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(continued)

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,

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170

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104

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230

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131

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200

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22

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30

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54

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155

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53

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83

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176

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293

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119

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21

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32

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4

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,

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16

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46

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,

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157

160

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)

Upgrade,

Inc.

-

Card

(continued)

991157333.UG.FTS.B

,

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39

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165

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168

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90

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,

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.

29

30

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

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%

,

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157

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115

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157

159

991278795.UG.FTS.B

,

29

.49

%

,

11/22/24

.

28

28

991281845.UG.FTS.B

,

29

.49

%

,

11/22/24

.

20

20

991288087.UG.FTS.B

,

29

.49

%

,

11/22/24

.

22

22

991290240.UG.FTS.B

,

29

.49

%

,

11/22/24

.

56

5

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)

Upgrade,

Inc.

-

Card

(continued)

991293465.UG.FTS.B

,

29

.49

%

,

11/22/24

.

$

77

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79

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106

108

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135

135

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149

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48

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26

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19

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,

11/23/24

.

40

40

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19

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,

11/23/24

.

40

40

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,

20

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,

11/23/24

.

43

44

991113758.UG.FTS.B

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21

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,

11/23/24

..

24

25

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,

21

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,

11/23/24

.

139

141

991148866.UG.FTS.B

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,

11/23/24

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730

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21

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,

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42

42

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,

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151

153

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22

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,

11/23/24

.

75

75

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,

26

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,

11/23/24

.

47

47

991147765.UG.FTS.B

,

27

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,

11/23/24

.

15

15

991109616.UG.FTS.B

,

27

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,

11/23/24

.

131

134

991105483.UG.FTS.B

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28

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,

11/23/24

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142

144

991105842.UG.FTS.B

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,

11/23/24

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55

55

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20

21

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,

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72

73

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28

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26

26

991110526.UG.FTS.B

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28

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,

11/23/24

..

43

43

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28

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,

11/23/24

..

26

26

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11/23/24

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602

613

991121613.UG.FTS.B

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,

11/23/24

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44

45

991131479.UG.FTS.B

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110

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16

16

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38

39

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28

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,

11/23/24

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185

13

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28

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,

11/23/24

.

35

35

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,

11/23/24

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43

44

991169414.UG.FTS.B

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28

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,

11/23/24

.

28

28

991178866.UG.FTS.B

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28

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,

11/23/24

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74

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11/23/24

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370

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172

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28

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,

11/23/24

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75

76

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28

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,

11/23/24

.

25

25

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28

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,

11/23/24

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1

1

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28

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,

11/23/24

.

22

23

991239983.UG.FTS.B

,

28

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,

11/23/24

.

79

15

991240082.UG.FTS.B

,

28

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,

11/23/24

.

240

244

991245554.UG.FTS.B

,

28

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,

11/23/24

.

126

127

991263923.UG.FTS.B

,

28

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%

,

11/23/24

.

18

19

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991264563.UG.FTS.B

,

28

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%

,

11/23/24

.

$

96

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97

991271407.UG.FTS.B

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11/23/24

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28

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11/23/24

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129

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11/23/24

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140

142

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31

31

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29

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..

43

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29

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11/23/24

..

184

13

991112160.UG.FTS.B

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29

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,

11/23/24

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67

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,

11/23/24

..

172

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11/23/24

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,

11/23/24

..

32

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,

11/23/24

..

24

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,

29

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,

11/23/24

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75

76

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11/23/24

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13

13

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,

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604

40

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,

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.

84

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,

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.

81

82

991146628.UG.FTS.B

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.

26

26

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94

96

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29

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,

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368

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46

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65

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991208929.UG.FTS.B

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29

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29

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,

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.

141

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991230430.UG.FTS.B

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29

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,

11/23/24

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34

34

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27

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46

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11/23/24

.

24

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,

11/23/24

.

67

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29

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,

11/23/24

.

110

111

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19

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,

11/24/24

..

111

112

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19

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,

11/24/24

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153

154

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19

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,

11/24/24

.

32

3

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19

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468

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991169645.UG.FTS.B

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19

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,

11/24/24

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145

12

991241069.UG.FTS.B

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19

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,

11/24/24

.

279

20

991266535.UG.FTS.B

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19

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,

11/24/24

.

80

81

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19

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,

11/24/24

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121

123

991112640.UG.FTS.B

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21

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,

11/24/24

..

76

76

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21

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,

11/24/24

.

19

1

991179536.UG.FTS.B

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21

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,

11/24/24

.

16

16

991331734.UG.FTS.B

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21

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,

11/24/24

.

393

61

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,

21

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,

11/24/24

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77

77

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,

28

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,

11/24/24

..

68

69

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28

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,

11/24/24

..

11

11

991115106.UG.FTS.B

,

28

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,

11/24/24

..

21

21

991115731.UG.FTS.B

,

28

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,

11/24/24

..

107

108

991116765.UG.FTS.B

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28

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,

11/24/24

..

31

31

991132332.UG.FTS.B

,

28

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,

11/24/24

.

605

90

991133108.UG.FTS.B

,

28

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,

11/24/24

.

33

33

991136873.UG.FTS.B

,

28

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%

,

11/24/24

.

15

16

991141492.UG.FTS.B

,

28

.98

%

,

11/24/24

.

190

28

991146950.UG.FTS.B

,

28

.98

%

,

11/24/24

.

63

64

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)

Upgrade,

Inc.

-

Card

(continued)

991159323.UG.FTS.B

,

28

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,

11/24/24

.

$

67

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68

991165417.UG.FTS.B

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11/24/24

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105

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11/24/24

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30

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102

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215

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101

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60

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63

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78

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,

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..

306

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11/24/24

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175

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334

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110

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51

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305

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369

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14

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192

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11/25/24

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11/25/24

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11/25/24

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11/25/24

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,

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.

78

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,

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,

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28

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,

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.

32

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,

11/25/24

.

14

14

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991267063.UG.FTS.B

,

19

.99

%

,

11/25/24

.

$

26

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25

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11/25/24

.

19

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244

248

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125

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122

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28

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,

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..

32

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93

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991124698.UG.FTS.B

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179

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,

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31

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11/25/24

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23

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99

101

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28

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22

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,

11/25/24

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54

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,

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129

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4

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,

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67

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,

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61

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991192050.UG.FTS.B

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,

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58

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28

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,

11/25/24

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40

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991298998.UG.FTS.B

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28

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,

11/25/24

.

79

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,

11/25/24

.

92

94

991315551.UG.FTS.B

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46

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991321544.UG.FTS.B

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,

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170

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991116837.UG.FTS.B

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104

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,

11/25/24

..

155

157

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53

54

991117679.UG.FTS.B

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29

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,

11/25/24

..

64

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29

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,

11/25/24

..

504

513

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29

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,

11/25/24

.

116

118

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292

297

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62

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,

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78

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,

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36

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70

11

991158315.UG.FTS.B

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11/25/24

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45

47

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85

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991163261.UG.FTS.B

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,

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.

78

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,

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27

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991166873.UG.FTS.B

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,

11/25/24

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22

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,

11/25/24

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48

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,

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20

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,

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,

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40

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,

29

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,

11/25/24

.

63

64

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29

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,

11/25/24

.

33

34

991196856.UG.FTS.B

,

29

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,

11/25/24

.

104

107

991197724.UG.FTS.B

,

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,

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69

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991200416.UG.FTS.B

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,

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84

8

991200661.UG.FTS.B

,

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,

11/25/24

.

195

203

991206631.UG.FTS.B

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,

11/25/24

.

14

14

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,

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%

,

11/25/24

.

19

20

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)

Upgrade,

Inc.

-

Card

(continued)

991226122.UG.FTS.B

,

29

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%

,

11/25/24

.

$

50

$

52

991230132.UG.FTS.B

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206

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118

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94

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120

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97

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341

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17

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10

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,

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,

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..

39

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,

11/26/24

..

248

251

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,

11/26/24

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5

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37

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3

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99

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,

11/26/24

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122

123

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,

11/26/24

.

36

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,

11/26/24

.

173

175

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21

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,

11/26/24

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478

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991183089.UG.FTS.B

,

21

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,

11/26/24

.

23

23

991199081.UG.FTS.B

,

22

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,

11/26/24

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3

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,

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37

38

991172299.UG.FTS.B

,

26

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,

11/26/24

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78

78

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28

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,

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33

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,

11/26/24

.

2

2

991194474.UG.FTS.B

,

14

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,

11/27/24

.

144

145

991197902.UG.FTS.B

,

15

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,

11/27/24

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1,165

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15

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,

11/27/24

.

744

748

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,

16

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,

11/27/24

.

128

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,

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,

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.

1,491

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,

11/27/24

.

349

352

991164583.UG.FTS.B

,

17

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,

11/27/24

.

46

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991165876.UG.FTS.B

,

17

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,

11/27/24

.

293

294

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,

17

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,

11/27/24

.

206

208

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17

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,

11/27/24

.

32

32

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18

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,

11/27/24

.

36

36

991133969.UG.FTS.B

,

19

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,

11/27/24

.

414

418

991140136.UG.FTS.B

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19

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,

11/27/24

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154

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,

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56

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,

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97

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,

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60

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,

11/27/24

.

200

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21

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,

11/27/24

.

9

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,

22

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%

,

11/27/24

.

368

372

991151923.UG.FTS.B

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22

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,

11/27/24

.

92

94

991157209.UG.FTS.B

,

22

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,

11/27/24

.

86

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991342840.UG.FTS.B

,

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,

11/27/24

.

78

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,

25

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,

11/27/24

.

64

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,

28

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,

11/27/24

.

65

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991136113.UG.FTS.B

,

28

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%

,

11/27/24

..

6

6

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991141680.UG.FTS.B

,

28

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%

,

11/27/24

.

$

218

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219

991145237.UG.FTS.B

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,

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44

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,

11/27/24

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11/27/24

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60

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.

194

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,

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108

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47

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,

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29

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30

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,

11/27/24

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157

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,

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7

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14

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,

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.

18

18

991195096.UG.FTS.B

,

15

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,

11/28/24

.

35

35

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,

16

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%

,

11/28/24

.

89

14

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16

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,

11/28/24

.

134

135

991213840.UG.FTS.B

,

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,

11/28/24

.

60

4

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,

11/28/24

.

198

200

991217642.UG.FTS.B

,

17

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%

,

11/28/24

.

24

24

991195592.UG.FTS.B

,

18

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%

,

11/28/24

.

60

10

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,

18

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%

,

11/28/24

.

231

233

991217180.UG.FTS.B

,

18

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%

,

11/28/24

.

145

146

991331498.UG.FTS.B

,

18

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%

,

11/28/24

.

131

132

991188168.UG.FTS.B

,

19

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,

11/28/24

.

46

47

991274860.UG.FTS.B

,

19

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%

,

11/28/24

.

64

64

991293437.UG.FTS.B

,

19

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,

11/28/24

.

45

45

991151832.UG.FTS.B

,

19

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%

,

11/28/24

..

39

40

991222744.UG.FTS.B

,

19

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%

,

11/28/24

..

35

35

991252549.UG.FTS.B

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19

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,

11/28/24

..

195

197

991258450.UG.FTS.B

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19

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,

11/28/24

..

67

68

991355941.UG.FTS.B

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19

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%

,

11/28/24

..

209

211

991145907.UG.FTS.B

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19

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,

11/28/24

.

127

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,

11/28/24

.

15

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,

11/28/24

.

32

6

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20

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,

11/28/24

.

95

14

991153356.UG.FTS.B

,

21

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,

11/28/24

.

55

56

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,

22

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,

11/28/24

.

39

40

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,

26

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,

11/28/24

.

75

15

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,

27

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,

11/28/24

.

158

162

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28

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,

11/28/24

.

2

2

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,

11/28/24

.

27

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,

28

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,

11/28/24

.

284

288

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28

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,

11/28/24

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5

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,

11/28/24

.

18

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11/28/24

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3

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,

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58

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,

11/28/24

.

47

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991144250.UG.FTS.B

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,

11/28/24

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44

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78

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11/28/24

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24

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,

11/28/24

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11/28/24

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47

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,

29

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,

11/28/24

.

113

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29

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,

11/28/24

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7

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15

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,

11/29/24

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,

16

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,

11/29/24

.

27

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,

11/29/24

.

207

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%

,

11/29/24

.

13

13

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)

Upgrade,

Inc.

-

Card

(continued)

991217075.UG.FTS.B

,

18

.8

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,

11/29/24

..

$

8

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,

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,

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46

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,

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.

225

227

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346

350

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38

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20

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,

11/29/24

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33

33

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20

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,

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1

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5

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,

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4

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,

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26

26

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28

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,

11/29/24

.

25

26

991149945.UG.FTS.B

,

28

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,

11/29/24

.

230

234

991151364.UG.FTS.B

,

28

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,

11/29/24

.

73

74

991152201.UG.FTS.B

,

28

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,

11/29/24

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115

116

991157592.UG.FTS.B

,

28

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,

11/29/24

.

48

49

991157704.UG.FTS.B

,

28

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,

11/29/24

.

133

135

991158118.UG.FTS.B

,

28

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,

11/29/24

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33

34

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,

11/29/24

.

130

132

991165881.UG.FTS.B

,

28

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,

11/29/24

.

39

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28

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,

11/29/24

.

63

64

991203049.UG.FTS.B

,

28

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,

11/29/24

.

177

180

991250633.UG.FTS.B

,

28

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,

11/29/24

.

4

4

991367704.UG.FTS.B

,

28

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,

11/29/24

.

137

139

991150696.UG.FTS.B

,

29

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,

11/29/24

.

15

15

991151085.UG.FTS.B

,

29

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,

11/29/24

.

250

17

991151981.UG.FTS.B

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29

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,

11/29/24

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33

33

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,

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168

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,

11/29/24

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160

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,

11/29/24

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27

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,

11/29/24

.

35

35

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29

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,

11/29/24

.

16

16

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29

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,

11/29/24

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9

9

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,

11/29/24

.

38

38

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29

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,

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.

24

25

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,

19

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,

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38

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19

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,

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.

39

40

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,

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208

211

991162077.UG.FTS.B

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,

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82

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69

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.

21

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11

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62

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190

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178

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404

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27

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,

11/30/24

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36

36

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28

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,

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.

46

46

991159902.UG.FTS.B

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28

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,

11/30/24

.

59

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991161240.UG.FTS.B

,

28

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,

11/30/24

.

222

224

991162342.UG.FTS.B

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28

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,

11/30/24

.

146

149

991164810.UG.FTS.B

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28

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,

11/30/24

.

7

7

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,

28

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,

11/30/24

.

33

33

991174311.UG.FTS.B

,

28

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%

,

11/30/24

..

47

48

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991174605.UG.FTS.B

,

28

.98

%

,

11/30/24

.

$

233

$

237

991180572.UG.FTS.B

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,

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60

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11/30/24

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46

47

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71

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6

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,

11/30/24

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127

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84

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37

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,

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20

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,

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,

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50

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991378438.UG.FTS.B

,

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,

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40

41

991283230.UG.FTS.B

,

29

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,

11/30/24

.

51

51

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,

29

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,

11/30/24

.

96

97

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,

29

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,

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.

98

101

991158386.UG.FTS.B

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29

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,

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.

173

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,

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28

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,

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15

15

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38

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991183630.UG.FTS.B

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,

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177

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991185246.UG.FTS.B

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29

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86

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991186053.UG.FTS.B

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29

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,

11/30/24

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24

25

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,

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,

11/30/24

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38

39

991193473.UG.FTS.B

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29

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,

11/30/24

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29

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,

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810

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,

11/30/24

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43

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,

11/30/24

.

199

202

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29

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,

11/30/24

..

28

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991215049.UG.FTS.B

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29

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,

11/30/24

.

30

30

991219200.UG.FTS.B

,

29

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,

11/30/24

.

25

25

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,

29

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,

11/30/24

.

51

52

991237242.UG.FTS.B

,

29

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,

11/30/24

.

23

24

991262641.UG.FTS.B

,

29

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,

11/30/24

.

102

104

991273969.UG.FTS.B

,

29

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,

11/30/24

.

81

82

991295869.UG.FTS.B

,

29

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,

11/30/24

.

394

400

991319229.UG.FTS.B

,

29

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,

11/30/24

.

207

210

991354554.UG.FTS.B

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29

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,

11/30/24

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27

28

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29

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,

11/30/24

.

47

48

991194398.UG.FTS.B

,

19

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,

12/01/24

.

9

9

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,

19

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,

12/01/24

.

236

239

991262568.UG.FTS.B

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19

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,

12/01/24

.

19

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19

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,

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25

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20

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.

1,303

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21

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956

66

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,

21

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,

12/01/24

.

90

91

991165518.UG.FTS.B

,

23

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,

12/01/24

.

56

56

991164749.UG.FTS.B

,

27

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,

12/01/24

.

73

75

991162320.UG.FTS.B

,

28

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,

12/01/24

.

38

39

991165954.UG.FTS.B

,

28

.98

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,

12/01/24

.

31

31

991170068.UG.FTS.B

,

28

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%

,

12/01/24

.

809

828

991174550.UG.FTS.B

,

28

.98

%

,

12/01/24

.

36

36

991182500.UG.FTS.B

,

28

.98

%

,

12/01/24

.

248

253

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)

Upgrade,

Inc.

-

Card

(continued)

991189706.UG.FTS.B

,

28

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%

,

12/01/24

.

$

60

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61

991190745.UG.FTS.B

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22

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44

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59

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96

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142

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113

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92

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61

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156

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57

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249

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202

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,

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234

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6

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99

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61

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20

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33

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13

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288

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105

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101

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16

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151

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53

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79

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31

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39

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36

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88

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32

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39

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,

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11

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5

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,

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,

12/06/24

.

75

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,

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,

12/06/24

.

26

26

Description

Principal

Amount

Value

Upgrade,

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(continued)

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33

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145

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76

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74

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49

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26

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37

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204

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27

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300

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3

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,

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41

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,

12/08/24

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30

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,

29

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,

12/08/24

.

318

318

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29

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,

12/08/24

.

256

262

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,

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.

122

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29

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,

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77

79

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,

12/08/24

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333

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,

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230

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,

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,

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.

107

109

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)

Upgrade,

Inc.

-

Card

(continued)

991259595.UG.FTS.B

,

29

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$

71

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2

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269

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7

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39

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31

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83

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2

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,

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26

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116

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76

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111

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365

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528

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669

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9

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47

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129

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184

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240

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35

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395

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197

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11

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448

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129

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144

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169

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,

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70

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46

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227

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242

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.

100

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.

202

203

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

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,

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.

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48

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103

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167

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361

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637

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174

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,

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179

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,

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48

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52

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34

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92

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,

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218

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72

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26

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15

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,

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369

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140

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88

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53

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,

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208

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,

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42

42

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29

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,

12/13/24

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155

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16

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12/14/24

.

68

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,

12/14/24

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8

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,

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40

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1,683

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73

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,

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56

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128

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,

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43

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557

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29

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114

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77

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48

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129

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31

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,

12/15/24

.

388

391

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,

19

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,

12/15/24

..

56

57

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20

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,

12/15/24

.

67

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20

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,

12/15/24

.

99

99

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,

21

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,

12/15/24

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54

55

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,

23

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,

12/15/24

.

255

18

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,

14

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%

,

12/16/24

.

50

50

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.

-

Card

(continued)

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.

270

272

Description

Principal

Amount

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(continued)

991294927.UG.FTS.B

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261

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46

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22

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43

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23

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106

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80

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,

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.

426

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,

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.

69

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,

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,

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31

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,

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102

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..

31

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,

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5

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1/26/25

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,

1/27/25

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182

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,

1/29/25

..

24

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21

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,

2/07/25

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179

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,

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2/09/25

..

42

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,

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..

50

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,

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..

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,

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,

2/13/25

..

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,

23

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,

2/13/25

..

193

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991263681.UG.FTS.B

,

29

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,

2/14/25

..

76

–

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,

19

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%

,

2/16/25

..

26

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991266466.UG.FTS.B

,

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,

2/17/25

..

221

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,

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,

2/17/25

..

87

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,

2/17/25

..

27

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,

28

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,

2/17/25

..

128

1

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)

991113882.UG.FTS.B

,

29

.49

%

,

2/17/25

..

$

176

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,

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..

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157

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51

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,

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80

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,

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..

617

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,

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..

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29

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,

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..

425

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29

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,

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..

57

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,

28

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,

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562

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,

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..

263

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29

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,

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..

40

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,

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..

106

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,

2/23/25

..

316

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,

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..

245

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28

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,

2/23/25

..

946

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,

19

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%

,

2/24/25

...

139

139

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,

19

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%

,

2/25/25

...

487

489

991137442.UG.FTS.B

,

21

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%

,

2/25/25

..

162

137

991212968.UG.FTS.B

,

19

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,

2/26/25

...

379

383

991187935.UG.FTS.B

,

20

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,

2/27/25

..

34

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20

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,

2/27/25

..

849

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,

2/27/25

..

67

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,

2/27/25

..

45

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,

28

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,

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..

50

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,

2/28/25

..

71

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,

2/28/25

..

279

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,

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..

53

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,

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,

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..

199

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28

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,

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99

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,

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..

352

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,

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..

8

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29

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,

3/07/25

..

66

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19

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,

3/10/25

...

441

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17

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%

,

3/14/25

..

196

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29

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,

3/15/25

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104

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50

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..

280

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3/20/25

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263

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,

3/22/25

..

102

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3/23/25

..

45

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26

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,

3/27/25

..

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,

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..

156

126

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29

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,

3/28/25

..

77

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,

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,

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..

31

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,

28

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,

3/29/25

..

50

51

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,

28

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,

4/05/25

..

53

54

991356417.UG.FTS.B

,

29

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%

,

4/05/25

..

77

79

991147993.UG.FTS.B

,

20

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%

,

4/12/25

..

210

212

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991253923.UG.FTS.B

,

25

.95

%

,

4/16/25

..

$

110

$

96

991089356.UG.FTS.B

,

28

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,

4/17/25

..

63

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,

4/18/25

..

297

247

991103642.UG.FTS.B

,

29

.49

%

,

4/19/25

..

76

68

991152518.UG.FTS.B

,

18

.97

%

,

4/23/25

..

99

102

991179044.UG.FTS.B

,

21

.46

%

,

4/29/25

..

405

410

991233872.UG.FTS.B

,

17

.99

%

,

5/05/25

..

75

63

991015397.UG.FTS.B

,

21

.46

%

,

5/06/25

..

89

6

991323235.UG.FTS.B

,

18

.97

%

,

5/07/25

..

221

29

991072361.UG.FTS.B

,

21

.46

%

,

5/10/25

..

289

292

991226484.UG.FTS.B

,

21

.46

%

,

5/10/25

..

349

351

991164566.UG.FTS.B

,

29

.49

%

,

5/18/25

..

129

9

991267091.UG.FTS.B

,

21

.98

%

,

5/19/25

..

1,534

1,187

991166382.UG.FTS.B

,

26

.94

%

,

5/20/25

..

60

50

991104826.UG.FTS.B

,

29

.49

%

,

5/20/25

..

67

69

991137652.UG.FTS.B

,

29

.49

%

,

5/20/25

..

8

9

991171681.UG.FTS.B

,

17

.99

%

,

5/25/25

..

71

71

991223413.UG.FTS.B

,

28

.98

%

,

5/28/25

..

82

85

991014881.UG.FTS.B

,

20

.46

%

,

6/07/25

..

256

259

991031396.UG.FTS.B

,

29

.49

%

,

6/09/25

..

48

50

991257818.UG.FTS.B

,

28

.98

%

,

6/15/25

..

126

129

991329135.UG.FTS.B

,

19

.8

%

,

6/17/25

...

3,865

3,892

991198112.UG.FTS.B

,

19

.8

%

,

6/19/25

...

137

109

991237119.UG.FTS.B

,

28

.98

%

,

6/19/25

..

632

516

991100555.UG.FTS.B

,

29

.49

%

,

6/20/25

..

584

474

991148239.UG.FTS.B

,

29

.49

%

,

6/20/25

..

393

405

991119625.UG.FTS.B

,

21

.46

%

,

6/21/25

..

303

238

991149182.UG.FTS.B

,

28

.48

%

,

6/21/25

..

69

60

991217112.UG.FTS.B

,

6

%

,

6/25/25

......

249

252

991216498.UG.FTS.B

,

19

.99

%

,

7/05/25

..

2,709

2,215

991213890.UG.FTS.B

,

29

.49

%

,

7/07/25

..

83

7

991025029.UG.FTS.B

,

21

.46

%

,

7/09/25

..

166

46

991293334.UG.FTS.B

,

16

.99

%

,

7/13/25

..

1,394

1,402

991078332.UG.FTS.B

,

25

.95

%

,

7/17/25

..

139

10

991184596.UG.FTS.B

,

27

.99

%

,

7/17/25

..

649

–

991146431.UG.FTS.B

,

28

.98

%

,

7/17/25

..

56

57

991169822.UG.FTS.B

,

29

.49

%

,

7/17/25

..

411

420

991119833.UG.FTS.B

,

19

.21

%

,

7/20/25

..

615

618

991311847.UG.FTS.B

,

28

.98

%

,

7/20/25

..

151

–

991125415.UG.FTS.B

,

28

.98

%

,

7/21/25

..

161

165

991180111.UG.FTS.B

,

29

.49

%

,

7/21/25

...

79

65

991300215.UG.FTS.B

,

21

.46

%

,

8/08/25

..

77

77

991108267.UG.FTS.B

,

29

.49

%

,

8/08/25

..

173

–

991168160.UG.FTS.B

,

21

.46

%

,

8/16/25

..

157

159

991103252.UG.FTS.B

,

29

.46

%

,

8/20/25

..

238

16

991217394.UG.FTS.B

,

29

.49

%

,

8/20/25

..

90

73

991168137.UG.FTS.B

,

19

.8

%

,

8/21/25

...

188

149

991114531.UG.FTS.B

,

19

.99

%

,

8/21/25

..

75

61

991138789.UG.FTS.B

,

21

.46

%

,

8/22/25

..

112

114

991115956.UG.FTS.B

,

28

.98

%

,

8/22/25

..

1,171

85

991131037.UG.FTS.B

,

21

.46

%

,

9/08/25

..

261

263

991201385.UG.FTS.B

,

28

.98

%

,

9/09/25

..

182

24

991054142.UG.FTS.B

,

19

.8

%

,

9/11/25

...

61

61

991096721.UG.FTS.B

,

19

.21

%

,

9/16/25

..

193

13

991176181.UG.FTS.B

,

19

.99

%

,

9/23/25

..

1,070

862

991180816.UG.FTS.B

,

29

.49

%

,

9/23/25

..

146

116

991421184.UG.FTS.B

,

29

.49

%

,

10/06/25

.

183

187

991054408.UG.FTS.B

,

28

.98

%

,

10/08/25

.

423

440

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)

991131752.UG.FTS.B

,

29

.49

%

,

10/20/25

.

$

115

$

89

991112802.UG.FTS.B

,

28

.98

%

,

10/22/25

.

508

409

991123245.UG.FTS.B

,

26

.94

%

,

10/23/25

.

396

305

991169188.UG.FTS.B

,

29

.49

%

,

10/23/25

.

440

329

991299072.UG.FTS.B

,

29

.49

%

,

10/23/25

.

197

206

991258611.UG.FTS.B

,

21

.98

%

,

11/14/25

.

1,663

1,664

991358540.UG.FTS.B

,

14

.98

%

,

11/15/25

.

372

282

991215163.UG.FTS.B

,

19

.8

%

,

11/15/25

..

656

47

991237888.UG.FTS.B

,

28

.98

%

,

11/15/25

.

464

473

991099491.UG.FTS.B

,

29

.49

%

,

11/17/25

.

26

26

991191984.UG.FTS.B

,

29

.49

%

,

11/17/25

.

60

54

991260952.UG.FTS.B

,

28

.98

%

,

11/20/25

.

83

6

991239091.UG.FTS.B

,

29

.49

%

,

11/20/25

.

618

88

991124779.UG.FTS.B

,

29

.49

%

,

11/22/25

.

155

117

991119119.UG.FTS.B

,

29

.49

%

,

11/23/25

..

144

114

991228566.UG.FTS.B

,

29

.49

%

,

11/23/25

.

138

146

991326057.UG.FTS.B

,

29

.49

%

,

11/28/25

.

92

94

991186676.UG.FTS.B

,

29

.49

%

,

11/29/25

.

544

–

991339390.UG.FTS.B

,

29

.49

%

,

12/05/25

.

482

–

991026129.UG.FTS.B

,

29

.49

%

,

12/06/25

.

131

133

991369350.UG.FTS.B

,

21

.46

%

,

12/07/25

.

85

85

991305854.UG.FTS.B

,

29

.49

%

,

12/09/25

.

189

194

991257232.UG.FTS.B

,

28

.98

%

,

12/28/25

.

187

192

991269532.UG.FTS.B

,

29

.46

%

,

1/05/26

..

134

141

991147839.UG.FTS.B

,

22

.97

%

,

1/11/26

..

501

375

991238529.UG.FTS.B

,

19

.8

%

,

1/16/26

...

1,365

1,365

991218283.UG.FTS.B

,

14

.98

%

,

1/27/26

..

3,697

448

991074295.UG.FTS.B

,

29

.49

%

,

2/09/26

..

170

130

991116103.UG.FTS.B

,

29

.49

%

,

2/23/26

..

107

114

991037607.UG.FTS.B

,

28

.98

%

,

3/08/26

..

104

7

991178342.UG.FTS.B

,

28

.98

%

,

3/28/26

..

343

46

991058306.UG.FTS.B

,

20

.46

%

,

4/11/26

..

505

503

991258407.UG.FTS.B

,

29

.49

%

,

4/28/26

..

197

14

991231725.UG.FTS.B

,

29

.49

%

,

5/18/26

..

277

281

991252958.UG.FTS.B

,

18

.97

%

,

5/24/26

..

294

198

991158407.UG.FTS.B

,

29

.49

%

,

5/28/26

..

124

128

991033157.UG.FTS.B

,

22

.97

%

,

6/09/26

..

973

706

991319523.UG.FTS.B

,

15

.97

%

,

6/10/26

..

92

10

991161030.UG.FTS.B

,

29

.49

%

,

6/18/26

..

134

137

991162953.UG.FTS.B

,

26

.94

%

,

7/27/26

..

158

153

991080210.UG.FTS.B

,

28

.98

%

,

8/08/26

..

290

291

991046765.UG.FTS.B

,

15

.97

%

,

8/10/26

..

130

14

991120791.UG.FTS.B

,

15

.97

%

,

8/10/26

..

1,433

159

991115841.UG.FTS.B

,

29

.49

%

,

8/21/26

..

977

670

991127641.UG.FTS.B

,

29

.49

%

,

8/22/26

..

404

411

991015912.UG.FTS.B

,

20

.97

%

,

9/07/26

..

588

598

991418802.UG.FTS.B

,

29

.49

%

,

9/10/26

..

96

67

991042430.UG.FTS.B

,

17

.99

%

,

10/10/26

.

2,464

1,745

991089727.UG.FTS.B

,

17

.99

%

,

10/10/26

.

5,812

3,856

991142024.UG.FTS.B

,

28

.98

%

,

10/19/26

.

1,520

63

991020944.UG.FTS.B

,

15

.99

%

,

11/08/26

.

2,227

2,280

991074802.UG.FTS.B

,

22

.36

%

,

11/11/26

.

5,278

5,550

991215907.UG.FTS.B

,

16

.99

%

,

11/12/26

.

1,138

1,167

991164893.UG.FTS.B

,

19

.99

%

,

11/13/26

.

49

49

991087378.UG.FTS.B

,

21

.36

%

,

11/15/26

.

477

496

991240407.UG.FTS.B

,

28

.98

%

,

11/20/26

.

671

653

991120297.UG.FTS.B

,

22

.97

%

,

11/23/26

.

1,727

1,751

991299503.UG.FTS.B

,

17

.99

%

,

11/27/26

.

282

178

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991262312.UG.FTS.B

,

29

.49

%

,

11/29/26

.

$

144

$

144

991356469.UG.FTS.B

,

16

.99

%

,

12/07/26

.

63

62

991226691.UG.FTS.B

,

15

.99

%

,

12/09/26

.

192

202

991249712.UG.FTS.B

,

15

.99

%

,

12/09/26

.

2,406

2,510

991098718.UG.FTS.B

,

23

.95

%

,

12/09/26

.

505

504

991265247.UG.FTS.B

,

16

.99

%

,

12/12/26

.

315

328

991359359.UG.FTS.B

,

15

.99

%

,

12/14/26

.

500

519

991467528.UG.FTS.B

,

15

.99

%

,

12/14/26

.

299

310

991258909.UG.FTS.B

,

16

.99

%

,

12/14/26

.

675

49

991469109.UG.FTS.B

,

18

.98

%

,

12/15/26

.

558

39

991326633.UG.FTS.B

,

21

.99

%

,

12/19/26

.

517

533

991389147.UG.FTS.B

,

22

.36

%

,

12/19/26

.

87

88

991143728.UG.FTS.B

,

18

.21

%

,

12/26/26

.

529

523

991110203.UG.FTS.B

,

29

.49

%

,

1/19/27

..

195

129

991383601.UG.FTS.B

,

20

.97

%

,

2/28/27

..

238

153

991225567.UG.FTS.B

,

19

.8

%

,

3/18/27

...

239

135

991418120.UG.FTS.B

,

14

.98

%

,

4/13/27

..

168

103

991115930.UG.FTS.B

,

29

.49

%

,

4/19/27

..

630

624

991266262.UG.FTS.B

,

19

.8

%

,

5/16/27

...

1,305

781

991223479.UG.FTS.B

,

29

.49

%

,

8/18/27

..

192

117

991197071.UG.FTS.B

,

21

.98

%

,

11/09/27

.

218

143

991188769.UG.FTS.B

,

21

.46

%

,

4/25/28

..

16

17

991080461.UG.FTS.B

,

29

.49

%

,

8/17/28

..

27

–

991089483.UG.FTS.B

,

29

.49

%

,

11/15/28

.

163

161

991102474.UG.FTS.B

,

29

.49

%

,

11/16/28

.

2,500

2,471

991081404.UG.FTS.B

,

18

.71

%

,

11/17/28

.

50

46

991218561.UG.FTS.B

,

20

.47

%

,

11/17/28

.

5

–

991309417.UG.FTS.B

,

20

.47

%

,

12/15/28

.

229

16

991269656.UG.FTS.B

,

29

.49

%

,

3/17/29

..

3

–

991158478.UG.FTS.B

,

29

.49

%

,

3/27/29

..

38

36

991323937.UG.FTS.B

,

29

.49

%

,

3/28/29

..

4

4

991133361.UG.FTS.B

,

29

.49

%

,

5/14/29

..

3

1

991101168.UG.FTS.B

,

29

.49

%

,

5/19/29

..

7

–

991067743.UG.FTS.B

,

28

.48

%

,

7/15/29

..

3

3

991159214.UG.FTS.B

,

29

.49

%

,

7/26/29

..

6

6

991091995.UG.FTS.B

,

28

.98

%

,

8/09/29

..

10

1

991084245.UG.FTS.B

,

29

.49

%

,

8/09/29

..

4

4

991270949.UG.FTS.B

,

29

.49

%

,

8/16/29

..

4

4

991210688.UG.FTS.B

,

19

.99

%

,

8/18/29

..

20

–

231,070

Upstart

Network,

Inc.

L1706751.UP.FTS.B

,

6

.12

%

,

9/13/24

....

583

579

L1707041.UP.FTS.B

,

6

.68

%

,

9/13/24

....

1,644

1,632

L1706804.UP.FTS.B

,

14

.15

%

,

9/13/24

....

294

293

L1706922.UP.FTS.B

,

15

.62

%

,

9/13/24

....

2,735

2,730

L1704236.UP.FTS.B

,

15

.99

%

,

9/13/24

....

586

585

L1702670.UP.FTS.B

,

17

.62

%

,

9/13/24

....

453

84

FW1704884.UP.FTS.B

,

18

%

,

9/13/24

....

27

27

L1705591.UP.FTS.B

,

23

.35

%

,

9/13/24

....

330

329

FW1704787.UP.FTS.B

,

26

.17

%

,

9/13/24

..

874

63

FW1706959.UP.FTS.B

,

28

.41

%

,

9/13/24

..

159

159

L1705350.UP.FTS.B

,

7

.7

%

,

9/26/24

.....

496

203

L1877544.UP.FTS.B

,

9

.08

%

,

10/19/24

....

84

84

L1828554.UP.FTS.B

,

9

.21

%

,

10/19/24

....

141

141

L1880929.UP.FTS.B

,

9

.86

%

,

10/19/24

....

475

473

L1877810.UP.FTS.B

,

10

.5

%

,

10/19/24

....

211

210

FW1880015.UP.FTS.B

,

10

.71

%

,

10/19/24

.

2,185

2,130

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)

Upstart

Network,

Inc.

(continued)

FW1880412.UP.FTS.B

,

11

.4

%

,

10/19/24

..

$

970

$

967

FW1881446.UP.FTS.B

,

11

.54

%

,

10/19/24

.

97

97

L1879230.UP.FTS.B

,

12

.91

%

,

10/19/24

...

633

632

L1881269.UP.FTS.B

,

13

.94

%

,

10/19/24

...

267

268

L1878015.UP.FTS.B

,

14

.68

%

,

10/19/24

...

101

101

L1876177.UP.FTS.B

,

16

.95

%

,

10/19/24

...

104

104

FW1880539.UP.FTS.B

,

18

.7

%

,

10/19/24

..

373

374

FW1877508.UP.FTS.B

,

20

.09

%

,

10/19/24

.

771

756

L1880362.UP.FTS.B

,

23

.34

%

,

10/19/24

...

139

136

FW1877656.UP.FTS.B

,

23

.66

%

,

10/19/24

.

74

74

FW1877532.UP.FTS.B

,

24

.41

%

,

10/19/24

.

326

327

FW1881583.UP.FTS.B

,

25

.39

%

,

10/19/24

.

575

577

FW1879233.UP.FTS.B

,

26

.7

%

,

10/19/24

..

117

117

FW1880823.UP.FTS.B

,

27

.61

%

,

10/19/24

.

416

417

FW1873483.UP.FTS.B

,

27

.95

%

,

10/19/24

.

166

166

FW1875773.UP.FTS.B

,

28

.85

%

,

10/19/24

.

720

723

FW1877220.UP.FTS.B

,

29

.16

%

,

10/19/24

.

194

195

L1877399.UP.FTS.B

,

18

.99

%

,

10/28/24

...

107

107

L1843265.UP.FTS.B

,

9

.92

%

,

11/01/24

....

1,521

1,516

L1876918.UP.FTS.B

,

23

.43

%

,

11/01/24

...

210

211

FW1991266.UP.FTS.B

,

5

.75

%

,

11/08/24

..

726

721

L1996492.UP.FTS.B

,

5

.82

%

,

11/08/24

....

300

297

L1994177.UP.FTS.B

,

6

.01

%

,

11/08/24

....

1,302

478

FW1997734.UP.FTS.B

,

6

.36

%

,

11/08/24

..

993

986

L1991938.UP.FTS.B

,

7

.13

%

,

11/08/24

....

1,065

1,058

L1989289.UP.FTS.B

,

9

.6

%

,

11/08/24

.....

338

337

FW1988815.UP.FTS.B

,

10

.61

%

,

11/08/24

.

191

190

L1990488.UP.FTS.B

,

10

.69

%

,

11/08/24

...

1,792

1,786

L1990483.UP.FTS.B

,

10

.71

%

,

11/08/24

...

125

124

L1989128.UP.FTS.B

,

11

.31

%

,

11/08/24

...

320

320

L1997576.UP.FTS.B

,

11

.59

%

,

11/08/24

...

86

85

L1998240.UP.FTS.B

,

14

.07

%

,

11/08/24

...

2,386

2,394

FW1989018.UP.FTS.B

,

14

.66

%

,

11/08/24

.

1,201

1,205

FW1999553.UP.FTS.B

,

14

.97

%

,

11/08/24

.

172

127

L1990825.UP.FTS.B

,

15

.23

%

,

11/08/24

...

1,176

86

FW1991866.UP.FTS.B

,

15

.28

%

,

11/08/24

.

1,010

1,014

L1989094.UP.FTS.B

,

15

.37

%

,

11/08/24

...

161

162

L1992799.UP.FTS.B

,

15

.97

%

,

11/08/24

...

678

680

L1994442.UP.FTS.B

,

16

.18

%

,

11/08/24

...

272

273

L1969331.UP.FTS.B

,

16

.28

%

,

11/08/24

...

136

137

L1987185.UP.FTS.B

,

17

.72

%

,

11/08/24

...

150

149

FW1991976.UP.FTS.B

,

18

.69

%

,

11/08/24

.

588

590

FW1998538.UP.FTS.B

,

20

.31

%

,

11/08/24

.

674

676

L1999186.UP.FTS.B

,

20

.9

%

,

11/08/24

....

493

495

L1990534.UP.FTS.B

,

22

.07

%

,

11/08/24

...

1,485

1,488

FW1989573.UP.FTS.B

,

22

.36

%

,

11/08/24

.

219

220

L1994045.UP.FTS.B

,

22

.76

%

,

11/08/24

...

397

398

L1992601.UP.FTS.B

,

23

.37

%

,

11/08/24

...

101

100

L1995328.UP.FTS.B

,

23

.72

%

,

11/08/24

...

1,578

113

FW1998906.UP.FTS.B

,

25

.05

%

,

11/08/24

.

303

301

FW1990565.UP.FTS.B

,

26

.42

%

,

11/08/24

.

413

414

FW1990425.UP.FTS.B

,

27

.28

%

,

11/08/24

.

1,798

129

FW1997204.UP.FTS.B

,

28

.06

%

,

11/08/24

.

748

751

FW1999260.UP.FTS.B

,

28

.83

%

,

11/08/24

.

1,720

1,725

FW1989730.UP.FTS.B

,

9

.3

%

,

11/10/24

...

1,865

1,858

L2075196.UP.FTS.B

,

6

.5

%

,

11/18/24

.....

182

180

L2071075.UP.FTS.B

,

6

.65

%

,

11/18/24

....

857

851

L2067255.UP.FTS.B

,

7

.27

%

,

11/18/24

....

1,989

1,928

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2074717.UP.FTS.B

,

9

.11

%

,

11/18/24

....

$

999

$

996

L2071958.UP.FTS.B

,

10

.19

%

,

11/18/24

...

847

292

L2042230.UP.FTS.B

,

10

.36

%

,

11/18/24

...

152

152

L2069761.UP.FTS.B

,

11

.37

%

,

11/18/24

...

220

213

L2073296.UP.FTS.B

,

11

.88

%

,

11/18/24

...

283

281

L2074825.UP.FTS.B

,

11

.88

%

,

11/18/24

...

232

232

L2069517.UP.FTS.B

,

12

.06

%

,

11/18/24

...

1,620

1,574

L2074624.UP.FTS.B

,

14

.71

%

,

11/18/24

...

401

403

L2070735.UP.FTS.B

,

15

.91

%

,

11/18/24

...

1,489

1,498

L2070764.UP.FTS.B

,

16

.31

%

,

11/18/24

...

342

343

L2070361.UP.FTS.B

,

16

.86

%

,

11/18/24

...

1,104

1,109

L2043746.UP.FTS.B

,

18

%

,

11/18/24

.....

835

839

L2075163.UP.FTS.B

,

19

.13

%

,

11/18/24

...

770

774

L2070689.UP.FTS.B

,

19

.39

%

,

11/18/24

...

1,421

1,427

L2074866.UP.FTS.B

,

20

.36

%

,

11/18/24

...

142

141

L2069989.UP.FTS.B

,

21

.94

%

,

11/18/24

...

925

928

FW2074575.UP.FTS.B

,

21

.98

%

,

11/18/24

.

726

732

L2075360.UP.FTS.B

,

22

.53

%

,

11/18/24

...

146

147

L2071339.UP.FTS.B

,

23

.22

%

,

11/18/24

...

1,445

1,455

FW2074738.UP.FTS.B

,

25

.07

%

,

11/18/24

.

607

610

FW2072771.UP.FTS.B

,

26

.31

%

,

11/18/24

.

133

134

FW2073544.UP.FTS.B

,

26

.86

%

,

11/18/24

.

307

309

FW2074174.UP.FTS.B

,

27

.6

%

,

11/18/24

..

187

188

FW2074605.UP.FTS.B

,

29

%

,

11/18/24

...

565

568

L1998424.UP.FTS.B

,

19

%

,

11/23/24

.....

708

710

L2215514.UP.FTS.B

,

6

.51

%

,

12/09/24

....

1,041

1,033

L2218454.UP.FTS.B

,

6

.62

%

,

12/09/24

....

483

480

L2218367.UP.FTS.B

,

9

.23

%

,

12/09/24

....

156

155

FW2216772.UP.FTS.B

,

10

.45

%

,

12/09/24

.

397

395

L2218057.UP.FTS.B

,

12

.68

%

,

12/09/24

...

662

661

L2214428.UP.FTS.B

,

14

.33

%

,

12/09/24

...

499

500

FW2215617.UP.FTS.B

,

17

.98

%

,

12/09/24

.

505

508

L2217273.UP.FTS.B

,

18

.07

%

,

12/09/24

...

359

360

FW2217838.UP.FTS.B

,

18

.43

%

,

12/09/24

.

1,967

1,962

L2216494.UP.FTS.B

,

18

.54

%

,

12/09/24

...

2,535

2,543

L2215879.UP.FTS.B

,

21

.14

%

,

12/09/24

...

577

577

L2214773.UP.FTS.B

,

21

.94

%

,

12/09/24

...

596

598

L2215694.UP.FTS.B

,

22

.23

%

,

12/09/24

...

1,086

1,093

L2217794.UP.FTS.B

,

22

.85

%

,

12/09/24

...

143

142

L2217826.UP.FTS.B

,

23

.12

%

,

12/09/24

...

1,270

19

FW2194665.UP.FTS.B

,

23

.32

%

,

12/09/24

.

216

218

L2219730.UP.FTS.B

,

6

.81

%

,

12/10/24

....

1,514

1,503

L2221277.UP.FTS.B

,

9

.11

%

,

12/10/24

....

1,562

1,557

L2220268.UP.FTS.B

,

10

.33

%

,

12/10/24

...

789

787

L2220173.UP.FTS.B

,

10

.59

%

,

12/10/24

...

305

304

L2220491.UP.FTS.B

,

10

.62

%

,

12/10/24

...

158

158

L2221024.UP.FTS.B

,

11

.5

%

,

12/10/24

....

689

688

FW2221592.UP.FTS.B

,

12

.68

%

,

12/10/24

.

595

593

FW2219902.UP.FTS.B

,

15

.07

%

,

12/10/24

.

2,505

2,518

L2219054.UP.FTS.B

,

16

.23

%

,

12/10/24

...

933

937

FW2220767.UP.FTS.B

,

16

.93

%

,

12/10/24

.

597

600

L2222176.UP.FTS.B

,

17

.82

%

,

12/10/24

...

517

520

FW2219362.UP.FTS.B

,

18

.87

%

,

12/10/24

.

785

789

L2220530.UP.FTS.B

,

19

.78

%

,

12/10/24

...

484

486

L2222285.UP.FTS.B

,

19

.82

%

,

12/10/24

...

127

127

L2219790.UP.FTS.B

,

20

.59

%

,

12/10/24

...

921

925

L2221774.UP.FTS.B

,

21

.93

%

,

12/10/24

...

2,219

1,577

FW2219561.UP.FTS.B

,

22

.18

%

,

12/10/24

.

453

455

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)

Upstart

Network,

Inc.

(continued)

L2221302.UP.FTS.B

,

22

.2

%

,

12/10/24

....

$

2,112

$

341

L2219861.UP.FTS.B

,

23

.85

%

,

12/10/24

...

1,032

1,039

FW2221043.UP.FTS.B

,

26

.33

%

,

12/10/24

.

1,200

891

L2220175.UP.FTS.B

,

12

.44

%

,

12/25/24

...

651

651

L2219716.UP.FTS.B

,

17

.42

%

,

12/25/24

...

1,005

1,011

L1612705.UP.FTS.B

,

21

.91

%

,

1/23/25

....

1,753

126

FW1611995.UP.FTS.B

,

26

.04

%

,

1/23/25

..

1,310

1,324

FW1611967.UP.FTS.B

,

27

.5

%

,

1/23/25

...

1,922

292

FW1618121.UP.FTS.B

,

27

.49

%

,

1/24/25

..

3,044

35

FW1615843.UP.FTS.B

,

29

.08

%

,

1/24/25

..

322

314

FW1619402.UP.FTS.B

,

29

.13

%

,

1/25/25

..

562

567

L1876344.UP.FTS.B

,

21

.57

%

,

3/19/25

....

866

870

L1996950.UP.FTS.B

,

14

.91

%

,

4/08/25

....

1,968

96

FW1996652.UP.FTS.B

,

20

.84

%

,

4/08/25

..

429

432

L1989183.UP.FTS.B

,

20

.95

%

,

4/08/25

....

5,698

166

L1992210.UP.FTS.B

,

21

.73

%

,

4/16/25

....

995

307

FW2060208.UP.FTS.B

,

8

.38

%

,

4/18/25

...

1,214

191

L2074442.UP.FTS.B

,

9

.61

%

,

4/18/25

....

1,033

1,031

L2072070.UP.FTS.B

,

14

.5

%

,

4/18/25

....

975

983

L2071251.UP.FTS.B

,

17

.57

%

,

4/18/25

....

365

353

L1959123.UP.FTS.B

,

23

.14

%

,

4/18/25

....

1,887

109

FW2071617.UP.FTS.B

,

24

.28

%

,

4/18/25

..

3,464

3,355

L2215619.UP.FTS.B

,

17

.97

%

,

5/09/25

....

1,028

75

FW2216954.UP.FTS.B

,

19

.2

%

,

5/09/25

...

2,204

1,389

L2215113.UP.FTS.B

,

19

.57

%

,

5/09/25

....

1,061

1,067

L2214186.UP.FTS.B

,

22

.58

%

,

5/09/25

....

815

817

L2218938.UP.FTS.B

,

7

.83

%

,

5/10/25

....

2,100

2,093

L2220009.UP.FTS.B

,

18

.38

%

,

5/10/25

....

1,158

76

FW2221895.UP.FTS.B

,

22

.51

%

,

5/10/25

..

1,777

1,785

FW2219263.UP.FTS.B

,

25

.61

%

,

5/10/25

..

2,440

2,448

L1707019.UP.FTS.B

,

22

.94

%

,

7/28/25

....

3,940

3,935

L2000015.UP.FTS.B

,

20

.73

%

,

9/08/25

....

404

251

L1994247.UP.FTS.B

,

23

.34

%

,

9/08/25

....

668

669

L2215156.UP.FTS.B

,

18

.88

%

,

10/09/25

...

2,981

425

L1410769.UP.FTS.B

,

17

.3

%

,

7/09/26

....

2,307

2,319

L1410682.UP.FTS.B

,

18

.43

%

,

7/09/26

....

4,653

4,676

L1410871.UP.FTS.B

,

19

.36

%

,

7/09/26

....

2,070

2,080

L1406959.UP.FTS.B

,

19

.7

%

,

7/09/26

....

1,283

1,289

FW1410862.UP.FTS.B

,

30

.65

%

,

7/09/26

..

1,226

1,243

L1612245.UP.FTS.B

,

7

.13

%

,

8/23/26

....

2,201

2,186

L1612759.UP.FTS.B

,

7

.7

%

,

8/23/26

.....

2,550

2,538

L1613031.UP.FTS.B

,

10

.95

%

,

8/23/26

....

8,462

8,445

L1613160.UP.FTS.B

,

11

.35

%

,

8/23/26

....

15,203

14,437

L1612983.UP.FTS.B

,

11

.8

%

,

8/23/26

.....

25,701

24,411

L1612198.UP.FTS.B

,

11

.94

%

,

8/23/26

....

6,286

6,283

L1606587.UP.FTS.B

,

14

.39

%

,

8/23/26

....

25,137

25,136

L1612751.UP.FTS.B

,

14

.6

%

,

8/23/26

....

9,092

663

L1611811.UP.FTS.B

,

15

.17

%

,

8/23/26

....

10,546

10,086

L1612462.UP.FTS.B

,

18

.65

%

,

8/23/26

....

5,137

5,179

FW1613143.UP.FTS.B

,

19

.39

%

,

8/23/26

..

10,689

10,790

L1612696.UP.FTS.B

,

19

.76

%

,

8/23/26

....

6,281

1,786

L1611808.UP.FTS.B

,

20

.24

%

,

8/23/26

....

5,395

5,484

FW1613287.UP.FTS.B

,

21

.05

%

,

8/23/26

..

1,633

1,663

L1611961.UP.FTS.B

,

21

.45

%

,

8/23/26

....

3,008

3,057

L1612389.UP.FTS.B

,

21

.85

%

,

8/23/26

....

3,484

3,516

FW1613265.UP.FTS.B

,

23

.28

%

,

8/23/26

..

3,346

3,402

L1612902.UP.FTS.B

,

24

.91

%

,

8/23/26

....

8,981

1,350

L1605896.UP.FTS.B

,

25

.03

%

,

8/23/26

....

17,892

17,358

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1612867.UP.FTS.B

,

25

.04

%

,

8/23/26

....

$

1,022

$

1,039

L1611991.UP.FTS.B

,

25

.15

%

,

8/23/26

....

398

381

L1612115.UP.FTS.B

,

25

.2

%

,

8/23/26

.....

807

58

L1612430.UP.FTS.B

,

25

.3

%

,

8/23/26

....

626

637

L1610778.UP.FTS.B

,

25

.4

%

,

8/23/26

....

2,395

2,438

L1612475.UP.FTS.B

,

25

.7

%

,

8/23/26

....

798

794

L1613041.UP.FTS.B

,

26

.53

%

,

8/23/26

....

3,280

3,325

FW1613053.UP.FTS.B

,

30

.42

%

,

8/23/26

..

99

98

FW1612948.UP.FTS.B

,

30

.7

%

,

8/23/26

...

6,004

6,104

FW1598463.UP.FTS.B

,

30

.71

%

,

8/23/26

..

9,054

9,209

FW1612884.UP.FTS.B

,

30

.9

%

,

8/23/26

...

1,764

515

FW1614135.UP.FTS.B

,

6

%

,

8/24/26

.....

8,227

8,412

L1613929.UP.FTS.B

,

6

.38

%

,

8/24/26

....

6,834

6,785

L1613779.UP.FTS.B

,

8

.38

%

,

8/24/26

....

6,555

6,525

L1614080.UP.FTS.B

,

9

.53

%

,

8/24/26

....

1,415

1,409

L1613335.UP.FTS.B

,

10

.66

%

,

8/24/26

....

723

720

L1615613.UP.FTS.B

,

11

.71

%

,

8/24/26

....

3,126

3,123

L1617085.UP.FTS.B

,

12

.5

%

,

8/24/26

....

6,232

6,229

L1613838.UP.FTS.B

,

13

.27

%

,

8/24/26

....

494

494

L1615725.UP.FTS.B

,

13

.27

%

,

8/24/26

....

2,875

750

L1617795.UP.FTS.B

,

13

.57

%

,

8/24/26

....

12,488

12,477

L1614941.UP.FTS.B

,

13

.72

%

,

8/24/26

....

4,739

4,735

FW1614076.UP.FTS.B

,

14

.66

%

,

8/24/26

..

5,021

5,021

L1617016.UP.FTS.B

,

15

.82

%

,

8/24/26

....

8,927

8,983

L1616977.UP.FTS.B

,

16

.49

%

,

8/24/26

....

1,327

1,330

L1617004.UP.FTS.B

,

16

.62

%

,

8/24/26

....

3,212

3,072

L1613683.UP.FTS.B

,

16

.65

%

,

8/24/26

....

3,315

3,335

FW1613769.UP.FTS.B

,

16

.69

%

,

8/24/26

..

2,581

2,606

L1616581.UP.FTS.B

,

16

.94

%

,

8/24/26

....

1,544

1,553

L1614751.UP.FTS.B

,

17

.63

%

,

8/24/26

....

7,802

7,875

L1614375.UP.FTS.B

,

18

.88

%

,

8/24/26

....

4,252

4,284

L1616929.UP.FTS.B

,

19

.05

%

,

8/24/26

....

5,325

5,366

L1613574.UP.FTS.B

,

19

.14

%

,

8/24/26

....

1,599

1,614

L1618259.UP.FTS.B

,

19

.27

%

,

8/24/26

....

4,271

4,343

L1617047.UP.FTS.B

,

19

.37

%

,

8/24/26

....

532

529

L1617537.UP.FTS.B

,

20

.26

%

,

8/24/26

....

1,997

2,016

L1613128.UP.FTS.B

,

21

.09

%

,

8/24/26

....

28,088

27,012

L1614925.UP.FTS.B

,

21

.15

%

,

8/24/26

....

494

501

FW1617037.UP.FTS.B

,

21

.16

%

,

8/24/26

..

5,710

5,542

L1617008.UP.FTS.B

,

21

.28

%

,

8/24/26

....

1,750

1,780

FW1617548.UP.FTS.B

,

21

.5

%

,

8/24/26

...

2,626

2,670

L1615113.UP.FTS.B

,

21

.5

%

,

8/24/26

.....

1,749

1,777

FW1616680.UP.FTS.B

,

21

.59

%

,

8/24/26

..

6,571

6,621

FW1615331.UP.FTS.B

,

21

.76

%

,

8/24/26

..

13,231

13,460

L1613261.UP.FTS.B

,

22

.8

%

,

8/24/26

....

2,171

155

L1617314.UP.FTS.B

,

23

.08

%

,

8/24/26

....

1,370

1,395

FW1614723.UP.FTS.B

,

23

.32

%

,

8/24/26

..

8,366

8,525

FW1614111.UP.FTS.B

,

23

.36

%

,

8/24/26

..

6,695

6,822

L1617338.UP.FTS.B

,

23

.46

%

,

8/24/26

....

1,397

1,421

L1617363.UP.FTS.B

,

23

.46

%

,

8/24/26

....

4,381

4,406

FW1616273.UP.FTS.B

,

23

.5

%

,

8/24/26

...

530

539

L1615756.UP.FTS.B

,

23

.61

%

,

8/24/26

....

5,596

5,691

L1616072.UP.FTS.B

,

24

%

,

8/24/26

......

3,305

3,354

L1599086.UP.FTS.B

,

24

.44

%

,

8/24/26

....

4,441

4,522

FW1613731.UP.FTS.B

,

24

.96

%

,

8/24/26

..

11,740

1,809

L1617884.UP.FTS.B

,

24

.99

%

,

8/24/26

....

681

694

FW1616803.UP.FTS.B

,

25

.11

%

,

8/24/26

..

3,007

874

L1617253.UP.FTS.B

,

25

.15

%

,

8/24/26

....

7,958

8,093

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)

Upstart

Network,

Inc.

(continued)

FW1591289.UP.FTS.B

,

25

.18

%

,

8/24/26

..

$

1,934

$

1,966

L1613599.UP.FTS.B

,

25

.21

%

,

8/24/26

....

1,423

1,447

L1616132.UP.FTS.B

,

25

.25

%

,

8/24/26

....

683

694

L1614231.UP.FTS.B

,

25

.4

%

,

8/24/26

....

1,116

1,082

FW1618114.UP.FTS.B

,

25

.78

%

,

8/24/26

..

1,832

1,863

L1615232.UP.FTS.B

,

25

.93

%

,

8/24/26

....

2,464

2,505

FW1614557.UP.FTS.B

,

26

.33

%

,

8/24/26

..

8,214

579

FW1616600.UP.FTS.B

,

27

.4

%

,

8/24/26

...

4,230

4,304

FW1617924.UP.FTS.B

,

27

.4

%

,

8/24/26

...

4,652

4,731

FW1614841.UP.FTS.B

,

27

.56

%

,

8/24/26

..

1,634

1,663

FW1618115.UP.FTS.B

,

29

.51

%

,

8/24/26

..

6,952

7,079

FW1614066.UP.FTS.B

,

29

.58

%

,

8/24/26

..

3,233

3,289

FW1617836.UP.FTS.B

,

29

.73

%

,

8/24/26

..

2,382

2,423

FW1614632.UP.FTS.B

,

29

.76

%

,

8/24/26

..

1,039

72

FW1613869.UP.FTS.B

,

30

.42

%

,

8/24/26

..

779

792

FW1615250.UP.FTS.B

,

30

.57

%

,

8/24/26

..

1,080

1,096

FW1615073.UP.FTS.B

,

30

.97

%

,

8/24/26

..

1,808

1,839

FW1612909.UP.FTS.B

,

31

.01

%

,

8/24/26

..

699

709

FW1617590.UP.FTS.B

,

31

.04

%

,

8/24/26

..

1,703

265

FW1614110.UP.FTS.B

,

32

.03

%

,

8/24/26

..

2,413

2,450

FW1616102.UP.FTS.B

,

32

.95

%

,

8/24/26

..

2,822

2,870

L1619126.UP.FTS.B

,

9

.43

%

,

8/25/26

....

4,743

4,723

L1619565.UP.FTS.B

,

11

.35

%

,

8/25/26

....

3,936

3,934

L1619757.UP.FTS.B

,

12

.57

%

,

8/25/26

....

3,943

3,945

L1572047.UP.FTS.B

,

12

.99

%

,

8/25/26

....

3,035

3,033

L1620282.UP.FTS.B

,

13

.89

%

,

8/25/26

....

5,898

5,899

L1620912.UP.FTS.B

,

14

.91

%

,

8/25/26

....

2,538

2,537

L1620125.UP.FTS.B

,

15

.38

%

,

8/25/26

....

510

513

FW1619311.UP.FTS.B

,

16

.02

%

,

8/25/26

..

3,078

3,099

L1619826.UP.FTS.B

,

16

.95

%

,

8/25/26

....

8,463

2,344

FW1619065.UP.FTS.B

,

16

.98

%

,

8/25/26

..

13,005

13,075

L1619610.UP.FTS.B

,

17

.18

%

,

8/25/26

....

2,578

2,604

L1620043.UP.FTS.B

,

17

.72

%

,

8/25/26

....

1,623

1,623

FW1618685.UP.FTS.B

,

19

.7

%

,

8/25/26

...

6,137

431

FW1618558.UP.FTS.B

,

20

.33

%

,

8/25/26

..

3,136

3,162

L1618616.UP.FTS.B

,

21

.44

%

,

8/25/26

....

5,471

5,569

FW1620348.UP.FTS.B

,

22

.68

%

,

8/25/26

..

1,949

1,961

FW1619947.UP.FTS.B

,

22

.69

%

,

8/25/26

..

893

894

L1620763.UP.FTS.B

,

23

.08

%

,

8/25/26

....

3,007

3,061

L1620526.UP.FTS.B

,

23

.25

%

,

8/25/26

....

1,115

1,135

L1619251.UP.FTS.B

,

24

.92

%

,

8/25/26

....

1,247

1,272

L1619746.UP.FTS.B

,

25

.05

%

,

8/25/26

....

3,538

3,603

L1621031.UP.FTS.B

,

25

.07

%

,

8/25/26

....

3,408

3,469

L1619585.UP.FTS.B

,

25

.33

%

,

8/25/26

....

4,157

4,232

L1618792.UP.FTS.B

,

25

.43

%

,

8/25/26

....

1,938

1,973

FW1620759.UP.FTS.B

,

25

.44

%

,

8/25/26

..

2,281

2,322

L1621068.UP.FTS.B

,

25

.46

%

,

8/25/26

....

2,395

2,438

FW1617532.UP.FTS.B

,

25

.68

%

,

8/25/26

..

1,714

1,745

L1620151.UP.FTS.B

,

26

.66

%

,

8/25/26

....

8,806

8,953

L1612935.UP.FTS.B

,

25

.45

%

,

9/01/26

....

1,169

–

L1706771.UP.FTS.B

,

9

.86

%

,

9/13/26

....

8,889

8,873

FW1703655.UP.FTS.B

,

10

.14

%

,

9/13/26

..

2,237

2,231

FW1705224.UP.FTS.B

,

10

.49

%

,

9/13/26

..

12,442

12,420

L1694396.UP.FTS.B

,

11

.41

%

,

9/13/26

....

5,062

5,049

L1706158.UP.FTS.B

,

11

.42

%

,

9/13/26

....

2,013

2,010

L1706444.UP.FTS.B

,

12

.27

%

,

9/13/26

....

3,051

3,046

L1704834.UP.FTS.B

,

12

.73

%

,

9/13/26

....

4,618

4,606

FW1704921.UP.FTS.B

,

13

.23

%

,

9/13/26

..

931

928

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1705580.UP.FTS.B

,

14

.66

%

,

9/13/26

....

$

9,676

$

9,708

L1706707.UP.FTS.B

,

14

.84

%

,

9/13/26

....

10,480

10,462

L1706806.UP.FTS.B

,

15

.22

%

,

9/13/26

....

4,106

4,099

L1705731.UP.FTS.B

,

15

.3

%

,

9/13/26

....

8,498

8,514

FW1705595.UP.FTS.B

,

15

.51

%

,

9/13/26

..

7,885

7,910

FW1701565.UP.FTS.B

,

15

.8

%

,

9/13/26

...

11,419

6,630

L1706683.UP.FTS.B

,

16

.01

%

,

9/13/26

....

1,274

1,272

L1705287.UP.FTS.B

,

16

.2

%

,

9/13/26

....

6,121

6,141

L1705598.UP.FTS.B

,

17

.01

%

,

9/13/26

....

1,557

1,563

FW1706882.UP.FTS.B

,

17

.33

%

,

9/13/26

..

2,500

2,504

L1699552.UP.FTS.B

,

17

.37

%

,

9/13/26

....

2,265

2,278

L1706066.UP.FTS.B

,

18

.08

%

,

9/13/26

....

3,084

3,079

L1705021.UP.FTS.B

,

18

.29

%

,

9/13/26

....

4,404

4,423

FW1701942.UP.FTS.B

,

19

.32

%

,

9/13/26

..

8,271

8,302

L1705864.UP.FTS.B

,

19

.54

%

,

9/13/26

....

18,288

5,116

L1705415.UP.FTS.B

,

19

.86

%

,

9/13/26

....

5,130

5,156

L1699219.UP.FTS.B

,

19

.88

%

,

9/13/26

....

7,769

7,867

L1706913.UP.FTS.B

,

20

.18

%

,

9/13/26

....

4,078

4,136

L1706223.UP.FTS.B

,

20

.97

%

,

9/13/26

....

8,957

5,308

L1706832.UP.FTS.B

,

21

.04

%

,

9/13/26

....

3,292

3,337

L1706013.UP.FTS.B

,

21

.25

%

,

9/13/26

....

5,059

5,088

FW1705757.UP.FTS.B

,

21

.7

%

,

9/13/26

...

2,033

2,063

L1706836.UP.FTS.B

,

21

.71

%

,

9/13/26

....

3,387

3,391

L1706178.UP.FTS.B

,

22

.1

%

,

9/13/26

....

1,985

2,015

L1706147.UP.FTS.B

,

23

.21

%

,

9/13/26

....

2,873

2,909

L1706970.UP.FTS.B

,

23

.23

%

,

9/13/26

....

1,280

56

L1706443.UP.FTS.B

,

23

.44

%

,

9/13/26

....

1,746

1,769

L1706931.UP.FTS.B

,

24

.04

%

,

9/13/26

....

694

704

L1706350.UP.FTS.B

,

24

.39

%

,

9/13/26

....

12,211

7,239

L1706467.UP.FTS.B

,

24

.5

%

,

9/13/26

....

739

741

L1705774.UP.FTS.B

,

24

.52

%

,

9/13/26

....

4,660

4,719

L1699725.UP.FTS.B

,

24

.98

%

,

9/13/26

....

1,113

1,127

L1705130.UP.FTS.B

,

24

.98

%

,

9/13/26

....

1,752

1,778

L1705055.UP.FTS.B

,

24

.99

%

,

9/13/26

....

1,075

1,087

FW1694399.UP.FTS.B

,

25

.04

%

,

9/13/26

..

1,880

536

L1706179.UP.FTS.B

,

25

.28

%

,

9/13/26

....

761

766

L1705964.UP.FTS.B

,

25

.31

%

,

9/13/26

....

3,010

3,049

L1671620.UP.FTS.B

,

25

.49

%

,

9/13/26

....

2,216

159

L1707003.UP.FTS.B

,

25

.5

%

,

9/13/26

....

998

1,012

FW1705410.UP.FTS.B

,

26

.37

%

,

9/13/26

..

11,065

11,195

L1706122.UP.FTS.B

,

26

.74

%

,

9/13/26

....

3,385

3,390

FW1706840.UP.FTS.B

,

26

.82

%

,

9/13/26

..

21,479

21,750

FW1705300.UP.FTS.B

,

26

.94

%

,

9/13/26

..

1,309

1,328

FW1706600.UP.FTS.B

,

28

.17

%

,

9/13/26

..

5,332

–

FW1705464.UP.FTS.B

,

28

.92

%

,

9/13/26

..

4,548

4,615

FW1706055.UP.FTS.B

,

29

.52

%

,

9/13/26

..

1,066

1,080

FW1706229.UP.FTS.B

,

30

.24

%

,

9/13/26

..

2,737

2,776

FW1705888.UP.FTS.B

,

30

.31

%

,

9/13/26

..

1,813

1,837

FW1705881.UP.FTS.B

,

30

.81

%

,

9/13/26

..

3,352

968

FW1705876.UP.FTS.B

,

30

.83

%

,

9/13/26

..

1,050

1,065

FW1706907.UP.FTS.B

,

30

.87

%

,

9/13/26

..

1,111

1,127

FW1706713.UP.FTS.B

,

30

.93

%

,

9/13/26

..

3,586

3,638

FW1704990.UP.FTS.B

,

31

.11

%

,

9/13/26

..

766

773

FW1706597.UP.FTS.B

,

31

.11

%

,

9/13/26

..

1,175

1,192

FW1706293.UP.FTS.B

,

31

.37

%

,

9/13/26

..

1,126

1,130

FW1703542.UP.FTS.B

,

31

.45

%

,

9/13/26

..

15,468

15,654

FW1706420.UP.FTS.B

,

32

.09

%

,

9/13/26

..

3,056

3,101

FW1706656.UP.FTS.B

,

29

.5

%

,

9/15/26

...

1,196

1,212

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)

Upstart

Network,

Inc.

(continued)

FW1705213.UP.FTS.B

,

29

.91

%

,

9/28/26

..

$

4,156

$

1,203

FW1705791.UP.FTS.B

,

30

.47

%

,

9/28/26

..

3,226

3,265

L1877184.UP.FTS.B

,

9

.06

%

,

10/19/26

....

4,579

4,558

L1851771.UP.FTS.B

,

9

.22

%

,

10/19/26

....

1,774

1,766

L1878256.UP.FTS.B

,

9

.69

%

,

10/19/26

....

4,053

4,036

L1880702.UP.FTS.B

,

9

.87

%

,

10/19/26

....

8,892

8,847

L1875318.UP.FTS.B

,

10

.07

%

,

10/19/26

...

3,043

2,961

FW1879016.UP.FTS.B

,

10

.84

%

,

10/19/26

.

12,924

12,895

L1881256.UP.FTS.B

,

11

.03

%

,

10/19/26

...

6,135

6,126

L1878336.UP.FTS.B

,

11

.06

%

,

10/19/26

...

675

671

L1879834.UP.FTS.B

,

11

.35

%

,

10/19/26

...

13,322

12,640

L1879823.UP.FTS.B

,

11

.68

%

,

10/19/26

...

10,706

10,683

FW1878185.UP.FTS.B

,

13

.38

%

,

10/19/26

.

21,300

21,254

L1879789.UP.FTS.B

,

13

.49

%

,

10/19/26

...

10,838

10,796

L1878258.UP.FTS.B

,

14

.16

%

,

10/19/26

...

4,494

4,263

L1877450.UP.FTS.B

,

14

.9

%

,

10/19/26

....

2,024

2,020

L1880586.UP.FTS.B

,

15

.78

%

,

10/19/26

...

4,109

4,119

L1864741.UP.FTS.B

,

16

.15

%

,

10/19/26

...

3,314

3,322

L1881295.UP.FTS.B

,

16

.28

%

,

10/19/26

...

4,225

1,150

L1878278.UP.FTS.B

,

16

.38

%

,

10/19/26

...

5,506

5,529

L1877933.UP.FTS.B

,

16

.4

%

,

10/19/26

....

1,536

1,532

L1860514.UP.FTS.B

,

16

.68

%

,

10/19/26

...

6,372

1,753

L1878027.UP.FTS.B

,

16

.7

%

,

10/19/26

....

5,426

5,445

L1881555.UP.FTS.B

,

17

.31

%

,

10/19/26

...

3,639

3,657

FW1876338.UP.FTS.B

,

17

.58

%

,

10/19/26

.

2,008

2,016

FW1881188.UP.FTS.B

,

17

.77

%

,

10/19/26

.

1,438

1,433

L1879412.UP.FTS.B

,

17

.84

%

,

10/19/26

...

2,815

2,814

L1880095.UP.FTS.B

,

17

.84

%

,

10/19/26

...

8,390

8,382

L1880587.UP.FTS.B

,

18

.12

%

,

10/19/26

...

2,244

2,253

L1871080.UP.FTS.B

,

18

.23

%

,

10/19/26

...

3,385

3,402

FW1881398.UP.FTS.B

,

18

.35

%

,

10/19/26

.

1,963

1,971

FW1877226.UP.FTS.B

,

19

.27

%

,

10/19/26

.

7,109

7,211

L1879198.UP.FTS.B

,

19

.39

%

,

10/19/26

...

7,264

7,300

L1876835.UP.FTS.B

,

19

.58

%

,

10/19/26

...

570

574

L1877523.UP.FTS.B

,

19

.9

%

,

10/19/26

....

3,499

3,350

L1871750.UP.FTS.B

,

19

.96

%

,

10/19/26

...

3,412

3,466

FW1880709.UP.FTS.B

,

20

.07

%

,

10/19/26

.

4,009

4,018

L1876035.UP.FTS.B

,

20

.11

%

,

10/19/26

...

2,291

2,328

L1877722.UP.FTS.B

,

20

.57

%

,

10/19/26

...

9,745

9,318

FW1880186.UP.FTS.B

,

20

.64

%

,

10/19/26

.

3,203

3,253

L1881182.UP.FTS.B

,

21

.66

%

,

10/19/26

...

3,190

3,202

L1881025.UP.FTS.B

,

21

.78

%

,

10/19/26

...

22,746

22,874

L1877982.UP.FTS.B

,

21

.8

%

,

10/19/26

....

613

607

FW1878006.UP.FTS.B

,

22

.44

%

,

10/19/26

.

7,039

7,137

FW1875013.UP.FTS.B

,

22

.78

%

,

10/19/26

.

5,296

5,381

L1877299.UP.FTS.B

,

22

.84

%

,

10/19/26

...

7,067

7,181

FW1866351.UP.FTS.B

,

22

.85

%

,

10/19/26

.

1,472

1,496

FW1880160.UP.FTS.B

,

22

.89

%

,

10/19/26

.

2,981

3,019

L1876513.UP.FTS.B

,

22

.94

%

,

10/19/26

...

2,860

433

FW1880551.UP.FTS.B

,

23

.22

%

,

10/19/26

.

3,931

3,807

L1879610.UP.FTS.B

,

23

.28

%

,

10/19/26

...

4,409

1,267

FW1880088.UP.FTS.B

,

23

.43

%

,

10/19/26

.

5,449

5,536

FW1876728.UP.FTS.B

,

23

.57

%

,

10/19/26

.

8,574

8,695

L1880563.UP.FTS.B

,

24

.05

%

,

10/19/26

...

1,647

1,673

FW1877179.UP.FTS.B

,

24

.14

%

,

10/19/26

.

11,858

12,046

L1878749.UP.FTS.B

,

24

.6

%

,

10/19/26

....

2,394

2,433

L1881431.UP.FTS.B

,

24

.79

%

,

10/19/26

...

960

975

L1877594.UP.FTS.B

,

24

.95

%

,

10/19/26

...

2,104

2,133

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1880129.UP.FTS.B

,

24

.99

%

,

10/19/26

...

$

2,074

$

2,106

L1877074.UP.FTS.B

,

25

.09

%

,

10/19/26

...

19,470

18,826

FW1881461.UP.FTS.B

,

25

.38

%

,

10/19/26

.

3,621

3,679

L1876477.UP.FTS.B

,

25

.39

%

,

10/19/26

...

2,113

2,147

L1876404.UP.FTS.B

,

25

.47

%

,

10/19/26

...

1,208

1,225

L1873948.UP.FTS.B

,

25

.57

%

,

10/19/26

...

6,047

6,144

L1880045.UP.FTS.B

,

25

.59

%

,

10/19/26

...

1,618

59

L1880707.UP.FTS.B

,

25

.7

%

,

10/19/26

....

1,547

111

FW1879167.UP.FTS.B

,

25

.8

%

,

10/19/26

..

584

592

L1879783.UP.FTS.B

,

25

.86

%

,

10/19/26

...

2,057

1,988

L1876834.UP.FTS.B

,

26

.05

%

,

10/19/26

...

9,688

9,824

FW1877802.UP.FTS.B

,

26

.08

%

,

10/19/26

.

4,573

4,638

FW1877751.UP.FTS.B

,

26

.95

%

,

10/19/26

.

2,463

2,498

FW1877173.UP.FTS.B

,

27

.96

%

,

10/19/26

.

6,794

1,017

FW1877218.UP.FTS.B

,

28

.56

%

,

10/19/26

.

6,209

6,308

FW1876795.UP.FTS.B

,

29

.56

%

,

10/19/26

.

2,007

2,039

FW1871822.UP.FTS.B

,

30

.64

%

,

10/19/26

.

6,335

6,424

FW1878098.UP.FTS.B

,

30

.84

%

,

10/19/26

.

761

773

FW1878489.UP.FTS.B

,

30

.93

%

,

10/19/26

.

1,007

973

FW1878804.UP.FTS.B

,

31

.02

%

,

10/19/26

.

1,412

1,418

FW1880218.UP.FTS.B

,

31

.05

%

,

10/19/26

.

116

114

FW1880229.UP.FTS.B

,

31

.05

%

,

10/19/26

.

890

904

FW1881168.UP.FTS.B

,

31

.09

%

,

10/19/26

.

1,323

1,280

FW1877253.UP.FTS.B

,

31

.23

%

,

10/19/26

.

175

12

FW1878691.UP.FTS.B

,

31

.38

%

,

10/19/26

.

9,910

2,892

FW1877716.UP.FTS.B

,

31

.6

%

,

10/19/26

..

2,554

2,595

FW1876495.UP.FTS.B

,

31

.7

%

,

10/19/26

..

4,089

4,155

FW1876692.UP.FTS.B

,

32

.21

%

,

10/19/26

.

5,969

6,065

FW1879021.UP.FTS.B

,

32

.25

%

,

10/19/26

.

3,923

3,981

L1879363.UP.FTS.B

,

23

.97

%

,

11/03/26

...

4,550

1,299

FW1876658.UP.FTS.B

,

27

.58

%

,

11/03/26

.

2,237

2,271

L1990756.UP.FTS.B

,

7

.18

%

,

11/08/26

....

6,132

6,099

L1990115.UP.FTS.B

,

8

.12

%

,

11/08/26

....

2,584

2,570

L1991806.UP.FTS.B

,

8

.35

%

,

11/08/26

....

359

355

L1994718.UP.FTS.B

,

8

.83

%

,

11/08/26

....

9,905

9,852

L1991230.UP.FTS.B

,

9

.13

%

,

11/08/26

....

13,148

13,075

L1996991.UP.FTS.B

,

9

.23

%

,

11/08/26

....

14,534

14,455

L1994652.UP.FTS.B

,

9

.68

%

,

11/08/26

....

9,476

9,425

L1993451.UP.FTS.B

,

9

.84

%

,

11/08/26

....

6,433

6,397

L1992632.UP.FTS.B

,

10

.14

%

,

11/08/26

...

2,858

2,850

L1996044.UP.FTS.B

,

10

.24

%

,

11/08/26

...

7,936

7,884

L1996355.UP.FTS.B

,

10

.29

%

,

11/08/26

...

6,892

6,872

L1992891.UP.FTS.B

,

10

.76

%

,

11/08/26

...

4,279

4,263

FW1995006.UP.FTS.B

,

10

.93

%

,

11/08/26

.

6,942

6,922

L1988958.UP.FTS.B

,

10

.98

%

,

11/08/26

...

802

799

L1994793.UP.FTS.B

,

11

.1

%

,

11/08/26

....

8,058

8,027

L1998866.UP.FTS.B

,

11

.49

%

,

11/08/26

...

9,130

9,104

L1996448.UP.FTS.B

,

11

.66

%

,

11/08/26

...

21,573

21,489

FW1993483.UP.FTS.B

,

11

.78

%

,

11/08/26

.

10,333

10,296

L1994627.UP.FTS.B

,

11

.81

%

,

11/08/26

...

3,236

3,219

L1999369.UP.FTS.B

,

11

.96

%

,

11/08/26

...

1,118

284

L1995371.UP.FTS.B

,

12

.23

%

,

11/08/26

...

2,168

2,162

L1995435.UP.FTS.B

,

12

.23

%

,

11/08/26

...

922

919

L1999575.UP.FTS.B

,

12

.84

%

,

11/08/26

...

600

599

L1989008.UP.FTS.B

,

12

.93

%

,

11/08/26

...

929

926

L1989940.UP.FTS.B

,

12

.93

%

,

11/08/26

...

1,529

1,525

L1996493.UP.FTS.B

,

13

.68

%

,

11/08/26

...

11,525

6,301

L1995820.UP.FTS.B

,

14

.08

%

,

11/08/26

...

4,912

4,894

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)

Upstart

Network,

Inc.

(continued)

L1993366.UP.FTS.B

,

14

.1

%

,

11/08/26

....

$

1,107

$

1,104

L1994789.UP.FTS.B

,

14

.19

%

,

11/08/26

...

3,877

3,866

FW1997293.UP.FTS.B

,

14

.33

%

,

11/08/26

.

2,773

2,765

L1995404.UP.FTS.B

,

14

.33

%

,

11/08/26

...

4,437

4,442

FW1992670.UP.FTS.B

,

14

.58

%

,

11/08/26

.

17,800

17,750

L1993869.UP.FTS.B

,

14

.59

%

,

11/08/26

...

3,370

3,346

L1991804.UP.FTS.B

,

14

.89

%

,

11/08/26

...

4,467

4,454

L1995379.UP.FTS.B

,

15

.15

%

,

11/08/26

...

3,917

3,907

FW1998913.UP.FTS.B

,

15

.22

%

,

11/08/26

.

2,483

2,485

L1994098.UP.FTS.B

,

15

.34

%

,

11/08/26

...

8,410

8,387

L1992261.UP.FTS.B

,

15

.59

%

,

11/08/26

...

1,574

1,570

FW1998360.UP.FTS.B

,

15

.76

%

,

11/08/26

.

4,873

156

FW1991255.UP.FTS.B

,

15

.82

%

,

11/08/26

.

6,483

6,465

FW1994230.UP.FTS.B

,

15

.86

%

,

11/08/26

.

2,256

2,258

L1992540.UP.FTS.B

,

16

%

,

11/08/26

.....

9,525

9,497

L1992970.UP.FTS.B

,

16

.04

%

,

11/08/26

...

8,405

8,412

L1989989.UP.FTS.B

,

16

.18

%

,

11/08/26

...

6,068

6,064

FW1992743.UP.FTS.B

,

16

.8

%

,

11/08/26

..

2,503

352

L1989606.UP.FTS.B

,

16

.9

%

,

11/08/26

....

2,280

2,283

L1993463.UP.FTS.B

,

16

.94

%

,

11/08/26

...

5,417

5,423

FW1999118.UP.FTS.B

,

17

.22

%

,

11/08/26

.

3,432

3,436

L1993764.UP.FTS.B

,

17

.26

%

,

11/08/26

...

858

856

FW1998398.UP.FTS.B

,

17

.48

%

,

11/08/26

.

2,854

2,856

L1991180.UP.FTS.B

,

17

.58

%

,

11/08/26

...

2,018

2,017

FW1995939.UP.FTS.B

,

17

.87

%

,

11/08/26

.

9,276

9,273

L1988482.UP.FTS.B

,

18

.26

%

,

11/08/26

...

4,509

4,523

FW1989355.UP.FTS.B

,

18

.43

%

,

11/08/26

.

11,083

11,079

L1996438.UP.FTS.B

,

18

.51

%

,

11/08/26

...

2,062

2,045

FW1997639.UP.FTS.B

,

18

.71

%

,

11/08/26

.

5,866

5,846

L1995842.UP.FTS.B

,

18

.87

%

,

11/08/26

...

2,036

2,030

L1998235.UP.FTS.B

,

19

.5

%

,

11/08/26

....

1,935

273

L1996217.UP.FTS.B

,

19

.54

%

,

11/08/26

...

2,687

2,695

L1998611.UP.FTS.B

,

20

.35

%

,

11/08/26

...

14,448

14,481

L1996185.UP.FTS.B

,

20

.69

%

,

11/08/26

...

2,962

2,965

L1988462.UP.FTS.B

,

20

.81

%

,

11/08/26

...

3,864

2,193

L1991281.UP.FTS.B

,

20

.82

%

,

11/08/26

...

1,305

1,309

L1994689.UP.FTS.B

,

21

.04

%

,

11/08/26

...

2,395

2,398

L1993906.UP.FTS.B

,

21

.28

%

,

11/08/26

...

3,714

268

L1989334.UP.FTS.B

,

21

.32

%

,

11/08/26

...

11,918

12,060

L1991956.UP.FTS.B

,

21

.37

%

,

11/08/26

...

1,193

1,195

L1989095.UP.FTS.B

,

21

.91

%

,

11/08/26

...

5,298

5,301

L1991663.UP.FTS.B

,

21

.95

%

,

11/08/26

...

6,202

6,274

FW1989899.UP.FTS.B

,

22

.28

%

,

11/08/26

.

1,668

1,687

L1991475.UP.FTS.B

,

22

.35

%

,

11/08/26

...

1,204

1,218

FW1998089.UP.FTS.B

,

22

.65

%

,

11/08/26

.

5,852

1,611

L1994202.UP.FTS.B

,

22

.77

%

,

11/08/26

...

37,558

10,233

FW1995331.UP.FTS.B

,

23

.11

%

,

11/08/26

.

2,573

2,561

FW1994811.UP.FTS.B

,

23

.15

%

,

11/08/26

.

6,309

6,325

L1999817.UP.FTS.B

,

23

.27

%

,

11/08/26

...

3,643

3,686

L1970963.UP.FTS.B

,

23

.87

%

,

11/08/26

...

3,349

3,385

L1989785.UP.FTS.B

,

23

.91

%

,

11/08/26

...

7,953

8,022

L1996843.UP.FTS.B

,

24

.19

%

,

11/08/26

...

6,125

6,197

FW1994028.UP.FTS.B

,

24

.21

%

,

11/08/26

.

4,289

4,339

L1997965.UP.FTS.B

,

24

.59

%

,

11/08/26

...

4,715

340

FW1991474.UP.FTS.B

,

24

.66

%

,

11/08/26

.

3,690

3,734

L1989848.UP.FTS.B

,

24

.75

%

,

11/08/26

...

4,848

4,895

FW1991387.UP.FTS.B

,

24

.97

%

,

11/08/26

.

2,638

2,666

L1991759.UP.FTS.B

,

24

.98

%

,

11/08/26

...

2,945

2,973

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1991265.UP.FTS.B

,

25

.27

%

,

11/08/26

...

$

1,701

$

1,719

L1919784.UP.FTS.B

,

25

.31

%

,

11/08/26

...

6,932

7,013

L1995398.UP.FTS.B

,

25

.36

%

,

11/08/26

...

1,610

1,629

L1988232.UP.FTS.B

,

25

.43

%

,

11/08/26

...

893

883

L1973901.UP.FTS.B

,

25

.44

%

,

11/08/26

...

4,741

4,794

L1992549.UP.FTS.B

,

25

.44

%

,

11/08/26

...

6,269

6,333

L1967532.UP.FTS.B

,

25

.5

%

,

11/08/26

....

2,953

424

FW1994341.UP.FTS.B

,

25

.59

%

,

11/08/26

.

7,445

7,533

L1995984.UP.FTS.B

,

26

.08

%

,

11/08/26

...

1,521

428

L1992732.UP.FTS.B

,

26

.2

%

,

11/08/26

....

2,807

2,840

L1989312.UP.FTS.B

,

26

.43

%

,

11/08/26

...

2,376

2,404

FW1998563.UP.FTS.B

,

26

.46

%

,

11/08/26

.

1,546

1,563

FW1998048.UP.FTS.B

,

26

.92

%

,

11/08/26

.

1,570

1,589

L1990551.UP.FTS.B

,

26

.95

%

,

11/08/26

...

7,580

7,665

FW1997243.UP.FTS.B

,

26

.96

%

,

11/08/26

.

3,022

3,051

FW1994443.UP.FTS.B

,

27

.95

%

,

11/08/26

.

6,348

6,409

FW1994756.UP.FTS.B

,

28

%

,

11/08/26

...

2,209

2,235

FW1996342.UP.FTS.B

,

28

.14

%

,

11/08/26

.

4,443

4,495

FW1993779.UP.FTS.B

,

28

.2

%

,

11/08/26

..

9,523

9,635

FW1996228.UP.FTS.B

,

28

.64

%

,

11/08/26

.

7,768

7,837

FW1992877.UP.FTS.B

,

28

.84

%

,

11/08/26

.

626

624

FW1992839.UP.FTS.B

,

29

.33

%

,

11/08/26

.

3,589

252

FW1991541.UP.FTS.B

,

29

.36

%

,

11/08/26

.

3,847

3,892

FW1999851.UP.FTS.B

,

29

.4

%

,

11/08/26

..

3,215

3,246

FW1995866.UP.FTS.B

,

29

.41

%

,

11/08/26

.

2,080

2,103

FW1995850.UP.FTS.B

,

29

.69

%

,

11/08/26

.

703

712

FW1992347.UP.FTS.B

,

29

.82

%

,

11/08/26

.

19,314

19,541

FW1998032.UP.FTS.B

,

29

.86

%

,

11/08/26

.

2,897

2,917

FW1994293.UP.FTS.B

,

30

.31

%

,

11/08/26

.

919

929

FW1997312.UP.FTS.B

,

30

.32

%

,

11/08/26

.

647

655

FW1989533.UP.FTS.B

,

30

.48

%

,

11/08/26

.

965

965

FW1996257.UP.FTS.B

,

30

.52

%

,

11/08/26

.

1,039

1,036

FW1991024.UP.FTS.B

,

30

.67

%

,

11/08/26

.

714

723

FW1996943.UP.FTS.B

,

30

.67

%

,

11/08/26

.

955

942

FW1998245.UP.FTS.B

,

30

.99

%

,

11/08/26

.

5,785

5,852

FW1991582.UP.FTS.B

,

31

.04

%

,

11/08/26

.

6,681

466

FW1996197.UP.FTS.B

,

31

.07

%

,

11/08/26

.

2,732

2,764

FW1994376.UP.FTS.B

,

31

.11

%

,

11/08/26

.

1,041

1,054

FW1991890.UP.FTS.B

,

31

.12

%

,

11/08/26

.

1,955

1,978

FW1994027.UP.FTS.B

,

31

.13

%

,

11/08/26

.

1,760

1,780

FW1991332.UP.FTS.B

,

31

.15

%

,

11/08/26

.

2,679

2,705

FW1988381.UP.FTS.B

,

31

.18

%

,

11/08/26

.

2,546

2,544

FW1999282.UP.FTS.B

,

31

.18

%

,

11/08/26

.

5,749

5,812

FW1999590.UP.FTS.B

,

31

.42

%

,

11/08/26

.

3,262

3,301

L1995369.UP.FTS.B

,

8

.19

%

,

11/10/26

....

4,141

4,116

L1997469.UP.FTS.B

,

17

.09

%

,

11/15/26

...

5,290

5,051

L1992552.UP.FTS.B

,

20

.32

%

,

11/15/26

...

11,969

867

L1997541.UP.FTS.B

,

23

.86

%

,

11/15/26

...

4,602

4,607

FW1988425.UP.FTS.B

,

30

.92

%

,

11/16/26

.

968

69

L2073684.UP.FTS.B

,

7

.58

%

,

11/18/26

....

5,117

5,094

L2071601.UP.FTS.B

,

7

.69

%

,

11/18/26

....

1,543

1,536

L2070708.UP.FTS.B

,

7

.71

%

,

11/18/26

....

10,272

10,225

L2070082.UP.FTS.B

,

8

.09

%

,

11/18/26

....

10,333

10,286

L2041907.UP.FTS.B

,

9

.16

%

,

11/18/26

....

2,093

2,084

L2073150.UP.FTS.B

,

9

.42

%

,

11/18/26

....

8,569

8,530

L2071865.UP.FTS.B

,

10

.09

%

,

11/18/26

...

3,967

3,961

L2075029.UP.FTS.B

,

10

.15

%

,

11/18/26

...

5,676

5,666

L2074643.UP.FTS.B

,

10

.22

%

,

11/18/26

...

10,491

10,476

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)

Upstart

Network,

Inc.

(continued)

L2072338.UP.FTS.B

,

10

.5

%

,

11/18/26

....

$

3,986

$

3,969

L2075077.UP.FTS.B

,

11

.07

%

,

11/18/26

...

1,605

1,603

L2074489.UP.FTS.B

,

11

.11

%

,

11/18/26

...

12,201

12,184

FW2074336.UP.FTS.B

,

11

.25

%

,

11/18/26

.

3,570

3,562

L2075040.UP.FTS.B

,

11

.45

%

,

11/18/26

...

7,505

7,495

FW2073066.UP.FTS.B

,

11

.7

%

,

11/18/26

..

2,482

2,475

L2074193.UP.FTS.B

,

12

.02

%

,

11/18/26

...

5,075

5,068

L2075044.UP.FTS.B

,

12

.3

%

,

11/18/26

....

2,169

2,167

L2074536.UP.FTS.B

,

12

.35

%

,

11/18/26

...

3,256

3,252

L2071456.UP.FTS.B

,

12

.81

%

,

11/18/26

...

20,298

20,253

L2073228.UP.FTS.B

,

13

.71

%

,

11/18/26

...

5,620

5,613

L2069740.UP.FTS.B

,

13

.83

%

,

11/18/26

...

9,296

8,816

L2073949.UP.FTS.B

,

13

.85

%

,

11/18/26

...

2,757

2,753

L2070988.UP.FTS.B

,

13

.92

%

,

11/18/26

...

4,417

4,412

L2070587.UP.FTS.B

,

14

.32

%

,

11/18/26

...

4,437

4,452

L2073985.UP.FTS.B

,

14

.6

%

,

11/18/26

....

3,043

424

L2074701.UP.FTS.B

,

14

.63

%

,

11/18/26

...

3,561

3,573

FW2061676.UP.FTS.B

,

14

.9

%

,

11/18/26

..

13,100

946

FW2075148.UP.FTS.B

,

14

.93

%

,

11/18/26

.

2,233

2,241

FW2072823.UP.FTS.B

,

15

.21

%

,

11/18/26

.

1,373

1,371

L1995487.UP.FTS.B

,

15

.52

%

,

11/18/26

...

2,822

2,825

L2074846.UP.FTS.B

,

15

.74

%

,

11/18/26

...

8,446

8,476

L2073860.UP.FTS.B

,

16

.19

%

,

11/18/26

...

1,704

1,707

L2071348.UP.FTS.B

,

16

.45

%

,

11/18/26

...

6,805

6,782

L2071149.UP.FTS.B

,

16

.73

%

,

11/18/26

...

14,472

14,518

FW2074457.UP.FTS.B

,

16

.98

%

,

11/18/26

.

14,265

14,351

FW2075122.UP.FTS.B

,

17

.19

%

,

11/18/26

.

2,287

2,295

L2074833.UP.FTS.B

,

17

.19

%

,

11/18/26

...

8,023

8,038

FW2075446.UP.FTS.B

,

17

.4

%

,

11/18/26

..

2,244

2,250

FW2075299.UP.FTS.B

,

17

.67

%

,

11/18/26

.

2,298

2,307

L2069944.UP.FTS.B

,

18

.01

%

,

11/18/26

...

5,780

5,792

L2063418.UP.FTS.B

,

18

.03

%

,

11/18/26

...

2,307

2,315

L2074570.UP.FTS.B

,

18

.15

%

,

11/18/26

...

9,275

9,294

L2074700.UP.FTS.B

,

18

.17

%

,

11/18/26

...

3,756

3,769

L2073937.UP.FTS.B

,

18

.46

%

,

11/18/26

...

6,845

6,867

FW2070090.UP.FTS.B

,

18

.57

%

,

11/18/26

.

1,076

1,077

FW2074803.UP.FTS.B

,

18

.88

%

,

11/18/26

.

7,273

7,300

L2071288.UP.FTS.B

,

18

.9

%

,

11/18/26

....

2,428

2,432

FW2070966.UP.FTS.B

,

18

.96

%

,

11/18/26

.

3,493

3,514

L2071754.UP.FTS.B

,

19

.22

%

,

11/18/26

...

2,323

2,322

FW2074495.UP.FTS.B

,

19

.61

%

,

11/18/26

.

5,417

5,189

L2074954.UP.FTS.B

,

19

.66

%

,

11/18/26

...

3,186

3,199

L2060606.UP.FTS.B

,

19

.84

%

,

11/18/26

...

23,313

22,243

L2073597.UP.FTS.B

,

19

.97

%

,

11/18/26

...

613

595

L2072694.UP.FTS.B

,

20

.25

%

,

11/18/26

...

1,947

1,958

L2071378.UP.FTS.B

,

20

.26

%

,

11/18/26

...

4,443

4,461

FW2070300.UP.FTS.B

,

20

.46

%

,

11/18/26

.

5,933

6,012

L2073048.UP.FTS.B

,

20

.74

%

,

11/18/26

...

2,964

2,981

L2073994.UP.FTS.B

,

21

.04

%

,

11/18/26

...

2,972

2,990

L2074856.UP.FTS.B

,

21

.95

%

,

11/18/26

...

6,692

6,785

L2072786.UP.FTS.B

,

22

.57

%

,

11/18/26

...

8,644

8,370

L2074658.UP.FTS.B

,

22

.83

%

,

11/18/26

...

6,048

6,142

L2074869.UP.FTS.B

,

22

.9

%

,

11/18/26

....

2,146

2,091

L2073707.UP.FTS.B

,

22

.91

%

,

11/18/26

...

1,695

1,721

L2074779.UP.FTS.B

,

22

.95

%

,

11/18/26

...

6,060

6,155

L2073694.UP.FTS.B

,

22

.99

%

,

11/18/26

...

3,584

3,637

L2075061.UP.FTS.B

,

23

.07

%

,

11/18/26

...

5,595

5,673

L2073355.UP.FTS.B

,

23

.21

%

,

11/18/26

...

3,034

3,081

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2074657.UP.FTS.B

,

23

.23

%

,

11/18/26

...

$

2,307

$

2,343

L2075024.UP.FTS.B

,

23

.38

%

,

11/18/26

...

2,766

2,797

L2069953.UP.FTS.B

,

23

.63

%

,

11/18/26

...

1,290

1,288

L2074932.UP.FTS.B

,

23

.75

%

,

11/18/26

...

5,700

5,780

L2074997.UP.FTS.B

,

24

.24

%

,

11/18/26

...

2,550

2,588

L2074747.UP.FTS.B

,

24

.82

%

,

11/18/26

...

2,092

316

L2073148.UP.FTS.B

,

24

.83

%

,

11/18/26

...

972

272

FW2073759.UP.FTS.B

,

25

.15

%

,

11/18/26

.

740

751

L2075027.UP.FTS.B

,

25

.16

%

,

11/18/26

...

3,712

3,770

L2070719.UP.FTS.B

,

25

.21

%

,

11/18/26

...

4,095

4,157

L2075204.UP.FTS.B

,

25

.29

%

,

11/18/26

...

3,031

3,079

L2070829.UP.FTS.B

,

25

.31

%

,

11/18/26

...

618

622

L2070733.UP.FTS.B

,

25

.4

%

,

11/18/26

....

1,872

1,897

L2045168.UP.FTS.B

,

25

.61

%

,

11/18/26

...

5,449

5,516

FW2075060.UP.FTS.B

,

26

.35

%

,

11/18/26

.

3,163

3,208

FW2074102.UP.FTS.B

,

27

.44

%

,

11/18/26

.

1,632

1,657

FW2073976.UP.FTS.B

,

27

.83

%

,

11/18/26

.

1,139

1,151

FW2075115.UP.FTS.B

,

29

.25

%

,

11/18/26

.

3,844

3,904

FW2074160.UP.FTS.B

,

29

.41

%

,

11/18/26

.

296

293

FW2074265.UP.FTS.B

,

29

.67

%

,

11/18/26

.

5,465

5,550

FW2067233.UP.FTS.B

,

29

.68

%

,

11/18/26

.

1,158

1,176

FW2074064.UP.FTS.B

,

29

.92

%

,

11/18/26

.

1,160

1,179

FW2071058.UP.FTS.B

,

30

.15

%

,

11/18/26

.

1,766

125

FW2073506.UP.FTS.B

,

30

.43

%

,

11/18/26

.

618

626

FW2072059.UP.FTS.B

,

30

.46

%

,

11/18/26

.

2,923

2,962

FW2072695.UP.FTS.B

,

30

.47

%

,

11/18/26

.

648

658

FW2074740.UP.FTS.B

,

30

.66

%

,

11/18/26

.

20,834

21,160

FW2073859.UP.FTS.B

,

30

.99

%

,

11/18/26

.

1,365

1,386

FW2070830.UP.FTS.B

,

31

%

,

11/18/26

...

2,535

2,575

FW2070865.UP.FTS.B

,

31

.17

%

,

11/18/26

.

1,258

89

FW2070287.UP.FTS.B

,

31

.24

%

,

11/18/26

.

2,413

2,451

FW2074713.UP.FTS.B

,

31

.25

%

,

11/18/26

.

4,853

4,691

FW2070592.UP.FTS.B

,

31

.39

%

,

11/18/26

.

2,154

2,159

L1989003.UP.FTS.B

,

15

.35

%

,

11/20/26

...

14,044

14,006

L1989271.UP.FTS.B

,

15

.62

%

,

11/22/26

...

7,158

1,837

FW1991256.UP.FTS.B

,

25

.07

%

,

11/22/26

.

13,817

13,961

L2074195.UP.FTS.B

,

15

.15

%

,

11/24/26

...

5,611

5,605

L2070126.UP.FTS.B

,

12

.98

%

,

12/03/26

...

4,651

338

L2074379.UP.FTS.B

,

20

.93

%

,

12/03/26

...

11,324

11,462

L2213943.UP.FTS.B

,

8

.37

%

,

12/09/26

....

5,144

5,115

L2216952.UP.FTS.B

,

8

.42

%

,

12/09/26

....

9,609

9,558

L2217859.UP.FTS.B

,

8

.75

%

,

12/09/26

....

10,753

10,690

FW2218197.UP.FTS.B

,

9

.08

%

,

12/09/26

..

31,897

2,333

L2215533.UP.FTS.B

,

9

.49

%

,

12/09/26

....

2,592

2,577

L2214523.UP.FTS.B

,

9

.75

%

,

12/09/26

....

13,688

13,609

L2214639.UP.FTS.B

,

9

.77

%

,

12/09/26

....

4,622

4,598

L2217330.UP.FTS.B

,

10

.1

%

,

12/09/26

....

1,028

1,019

L2217133.UP.FTS.B

,

11

.03

%

,

12/09/26

...

13,716

13,675

FW2216190.UP.FTS.B

,

12

.02

%

,

12/09/26

.

2,788

2,780

L2215565.UP.FTS.B

,

13

.14

%

,

12/09/26

...

3,386

3,377

FW2214435.UP.FTS.B

,

13

.25

%

,

12/09/26

.

14,541

7,938

L2214819.UP.FTS.B

,

13

.75

%

,

12/09/26

...

3,389

3,379

L2215433.UP.FTS.B

,

14

.02

%

,

12/09/26

...

1,139

1,136

L2218351.UP.FTS.B

,

14

.35

%

,

12/09/26

...

556

554

L2215625.UP.FTS.B

,

15

.65

%

,

12/09/26

...

7,295

549

L2216039.UP.FTS.B

,

16

.11

%

,

12/09/26

...

2,911

2,913

FW2215838.UP.FTS.B

,

16

.38

%

,

12/09/26

.

4,662

4,666

L2215859.UP.FTS.B

,

16

.43

%

,

12/09/26

...

2,511

2,514

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)

Upstart

Network,

Inc.

(continued)

L2217862.UP.FTS.B

,

16

.51

%

,

12/09/26

...

$

6,431

$

6,437

L2215442.UP.FTS.B

,

16

.68

%

,

12/09/26

...

1,830

78

L2217548.UP.FTS.B

,

17

.23

%

,

12/09/26

...

8,831

8,839

L2216029.UP.FTS.B

,

17

.52

%

,

12/09/26

...

4,404

1,175

L2217603.UP.FTS.B

,

17

.91

%

,

12/09/26

...

3,712

3,711

FW2216465.UP.FTS.B

,

18

.28

%

,

12/09/26

.

1,016

1,013

L2214500.UP.FTS.B

,

18

.31

%

,

12/09/26

...

19,919

11,248

L2217227.UP.FTS.B

,

18

.97

%

,

12/09/26

...

6,590

6,607

L2213701.UP.FTS.B

,

19

.91

%

,

12/09/26

...

1,754

1,758

L2215303.UP.FTS.B

,

20

.05

%

,

12/09/26

...

4,237

4,287

L2215373.UP.FTS.B

,

20

.25

%

,

12/09/26

...

607

607

FW2214210.UP.FTS.B

,

20

.55

%

,

12/09/26

.

3,042

3,050

FW2213572.UP.FTS.B

,

21

.18

%

,

12/09/26

.

1,530

1,548

FW2215010.UP.FTS.B

,

21

.32

%

,

12/09/26

.

1,231

1,230

L2214734.UP.FTS.B

,

21

.37

%

,

12/09/26

...

6,596

6,610

FW2215319.UP.FTS.B

,

21

.51

%

,

12/09/26

.

2,455

2,484

L2216265.UP.FTS.B

,

21

.78

%

,

12/09/26

...

3,481

509

L2217016.UP.FTS.B

,

21

.8

%

,

12/09/26

....

2,728

2,750

L2214771.UP.FTS.B

,

21

.93

%

,

12/09/26

...

1,479

1,496

L2217244.UP.FTS.B

,

21

.96

%

,

12/09/26

...

3,083

3,091

FW2217920.UP.FTS.B

,

22

.05

%

,

12/09/26

.

2,669

752

L2213576.UP.FTS.B

,

22

.2

%

,

12/09/26

....

2,204

2,209

L2217530.UP.FTS.B

,

22

.65

%

,

12/09/26

...

2,795

2,821

L2199212.UP.FTS.B

,

23

.01

%

,

12/09/26

...

9,293

9,372

L1410812.UP.FTS.B

,

23

.09

%

,

12/09/26

...

7,470

2,103

FW2209695.UP.FTS.B

,

23

.37

%

,

12/09/26

.

3,084

3,118

L2214174.UP.FTS.B

,

23

.38

%

,

12/09/26

...

627

627

L2218623.UP.FTS.B

,

23

.41

%

,

12/09/26

...

3,022

43

FW2215830.UP.FTS.B

,

23

.46

%

,

12/09/26

.

688

696

L2217598.UP.FTS.B

,

23

.52

%

,

12/09/26

...

6,004

6,075

L2218003.UP.FTS.B

,

23

.87

%

,

12/09/26

...

1,506

1,521

FW2218127.UP.FTS.B

,

24

.14

%

,

12/09/26

.

6,290

6,364

L2216002.UP.FTS.B

,

24

.2

%

,

12/09/26

....

2,996

3,027

FW2214164.UP.FTS.B

,

24

.23

%

,

12/09/26

.

22,159

22,218

L2215396.UP.FTS.B

,

24

.34

%

,

12/09/26

...

2,699

2,730

FW2214689.UP.FTS.B

,

24

.38

%

,

12/09/26

.

4,850

4,874

L2218752.UP.FTS.B

,

24

.44

%

,

12/09/26

...

1,007

1,016

L2217516.UP.FTS.B

,

24

.76

%

,

12/09/26

...

936

946

L2218428.UP.FTS.B

,

25

.03

%

,

12/09/26

...

998

282

L2216782.UP.FTS.B

,

25

.06

%

,

12/09/26

...

2,428

14

L2215729.UP.FTS.B

,

25

.13

%

,

12/09/26

...

9,660

9,761

L2215559.UP.FTS.B

,

25

.19

%

,

12/09/26

...

940

942

L2215557.UP.FTS.B

,

25

.29

%

,

12/09/26

...

1,461

1,479

FW2217958.UP.FTS.B

,

25

.35

%

,

12/09/26

.

3,003

845

L2213659.UP.FTS.B

,

25

.4

%

,

12/09/26

....

2,418

2,441

L2217765.UP.FTS.B

,

25

.4

%

,

12/09/26

....

699

708

L2215136.UP.FTS.B

,

25

.42

%

,

12/09/26

...

2,989

2,992

L2214897.UP.FTS.B

,

25

.44

%

,

12/09/26

...

10,434

10,557

L2214140.UP.FTS.B

,

25

.45

%

,

12/09/26

...

1,502

1,498

L2217964.UP.FTS.B

,

25

.45

%

,

12/09/26

...

4,174

2,456

L2214064.UP.FTS.B

,

25

.48

%

,

12/09/26

...

3,118

3,155

L2216607.UP.FTS.B

,

25

.48

%

,

12/09/26

...

1,909

1,932

FW2216203.UP.FTS.B

,

25

.54

%

,

12/09/26

.

4,110

4,143

L2214388.UP.FTS.B

,

25

.7

%

,

12/09/26

....

2,353

2,380

L2218260.UP.FTS.B

,

25

.7

%

,

12/09/26

....

4,209

4,258

L2218303.UP.FTS.B

,

25

.88

%

,

12/09/26

...

4,682

685

L2216795.UP.FTS.B

,

26

.15

%

,

12/09/26

...

8,643

8,745

L2217875.UP.FTS.B

,

26

.21

%

,

12/09/26

...

5,123

5,183

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2215725.UP.FTS.B

,

28

.05

%

,

12/09/26

.

$

5,208

$

5,269

FW2215661.UP.FTS.B

,

28

.62

%

,

12/09/26

.

7,816

7,908

FW2216442.UP.FTS.B

,

29

.14

%

,

12/09/26

.

5,998

6,061

FW2218562.UP.FTS.B

,

29

.96

%

,

12/09/26

.

662

669

FW2217960.UP.FTS.B

,

30

.51

%

,

12/09/26

.

3,322

3,355

FW2217757.UP.FTS.B

,

30

.55

%

,

12/09/26

.

2,044

2,062

FW2216633.UP.FTS.B

,

30

.84

%

,

12/09/26

.

666

674

FW2213785.UP.FTS.B

,

30

.97

%

,

12/09/26

.

2,125

2,145

FW2205180.UP.FTS.B

,

31

.15

%

,

12/09/26

.

19,023

19,249

FW2217843.UP.FTS.B

,

31

.21

%

,

12/09/26

.

802

809

FW2216011.UP.FTS.B

,

31

.3

%

,

12/09/26

..

1,489

1,505

FW2215916.UP.FTS.B

,

31

.42

%

,

12/09/26

.

1,137

1,150

FW2216867.UP.FTS.B

,

31

.83

%

,

12/09/26

.

3,543

3,585

FW2217138.UP.FTS.B

,

32

.58

%

,

12/09/26

.

4,692

4,734

FW2219336.UP.FTS.B

,

7

.29

%

,

12/10/26

..

5,285

5,257

L2221765.UP.FTS.B

,

7

.56

%

,

12/10/26

....

5,289

5,261

FW2218855.UP.FTS.B

,

7

.72

%

,

12/10/26

..

1,308

1,296

L2220935.UP.FTS.B

,

8

.04

%

,

12/10/26

....

5,867

5,832

L2220551.UP.FTS.B

,

8

.19

%

,

12/10/26

....

1,175

1,169

L2222014.UP.FTS.B

,

9

.11

%

,

12/10/26

....

13,496

13,425

L2220654.UP.FTS.B

,

9

.13

%

,

12/10/26

....

11,535

11,460

L2220216.UP.FTS.B

,

9

.67

%

,

12/10/26

....

8,500

8,434

L2221664.UP.FTS.B

,

9

.98

%

,

12/10/26

....

1,245

1,232

FW2219804.UP.FTS.B

,

10

.44

%

,

12/10/26

.

5,479

5,463

FW2222412.UP.FTS.B

,

10

.49

%

,

12/10/26

.

548

545

L2220336.UP.FTS.B

,

11

.03

%

,

12/10/26

...

2,982

2,969

L2220236.UP.FTS.B

,

11

.73

%

,

12/10/26

...

11,924

11,891

L2222184.UP.FTS.B

,

12

.02

%

,

12/10/26

...

4,684

4,667

L2220260.UP.FTS.B

,

12

.23

%

,

12/10/26

...

27,944

27,868

FW2220027.UP.FTS.B

,

13

.09

%

,

12/10/26

.

5,640

5,625

L2221352.UP.FTS.B

,

13

.11

%

,

12/10/26

...

507

505

L2221255.UP.FTS.B

,

13

.17

%

,

12/10/26

...

4,240

4,224

L2220245.UP.FTS.B

,

13

.24

%

,

12/10/26

...

15,029

14,989

L2218875.UP.FTS.B

,

13

.44

%

,

12/10/26

...

6,793

6,775

L2221936.UP.FTS.B

,

13

.59

%

,

12/10/26

...

3,630

3,617

L2220922.UP.FTS.B

,

13

.6

%

,

12/10/26

....

3,970

3,959

L2211103.UP.FTS.B

,

13

.86

%

,

12/10/26

...

7,440

7,414

L2221071.UP.FTS.B

,

14

.15

%

,

12/10/26

...

4,160

4,140

FW2219337.UP.FTS.B

,

14

.64

%

,

12/10/26

.

2,814

2,798

L2221548.UP.FTS.B

,

14

.74

%

,

12/10/26

...

574

572

FW2222326.UP.FTS.B

,

14

.82

%

,

12/10/26

.

10,052

10,026

L2219252.UP.FTS.B

,

15

.58

%

,

12/10/26

...

2,788

1,605

L2218671.UP.FTS.B

,

15

.6

%

,

12/10/26

....

3,373

246

L2194261.UP.FTS.B

,

15

.71

%

,

12/10/26

...

6,611

6,610

FW2219230.UP.FTS.B

,

15

.75

%

,

12/10/26

.

6,449

6,447

FW2221359.UP.FTS.B

,

17

.28

%

,

12/10/26

.

1,699

1,694

FW2221538.UP.FTS.B

,

17

.36

%

,

12/10/26

.

9,433

9,444

L2219356.UP.FTS.B

,

17

.56

%

,

12/10/26

...

6,324

6,320

L2183750.UP.FTS.B

,

17

.62

%

,

12/10/26

...

4,730

4,736

L2220037.UP.FTS.B

,

17

.77

%

,

12/10/26

...

1,894

1,897

L2219692.UP.FTS.B

,

18

.1

%

,

12/10/26

....

2,048

286

L2222111.UP.FTS.B

,

18

.1

%

,

12/10/26

....

3,267

3,271

FW2217304.UP.FTS.B

,

18

.29

%

,

12/10/26

.

627

89

L2220278.UP.FTS.B

,

18

.47

%

,

12/10/26

...

3,577

3,581

L2210120.UP.FTS.B

,

18

.97

%

,

12/10/26

...

2,037

2,043

FW2219505.UP.FTS.B

,

19

.04

%

,

12/10/26

.

13,878

13,894

FW2219062.UP.FTS.B

,

19

.4

%

,

12/10/26

..

3,627

3,630

L2221797.UP.FTS.B

,

19

.44

%

,

12/10/26

...

9,736

9,748

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)

Upstart

Network,

Inc.

(continued)

L2221919.UP.FTS.B

,

19

.66

%

,

12/10/26

...

$

3,378

$

3,387

L2221739.UP.FTS.B

,

19

.78

%

,

12/10/26

...

5,434

5,500

L2221097.UP.FTS.B

,

19

.86

%

,

12/10/26

...

1,401

1,402

L2220113.UP.FTS.B

,

20

.52

%

,

12/10/26

...

3,032

3,068

L2219823.UP.FTS.B

,

20

.59

%

,

12/10/26

...

3,625

972

L2221612.UP.FTS.B

,

20

.59

%

,

12/10/26

...

7,322

7,394

L2222005.UP.FTS.B

,

20

.98

%

,

12/10/26

...

5,453

5,408

L2221600.UP.FTS.B

,

21

.39

%

,

12/10/26

...

4,350

4,326

L2222012.UP.FTS.B

,

21

.64

%

,

12/10/26

...

2,167

2,189

FW2219145.UP.FTS.B

,

21

.86

%

,

12/10/26

.

10,348

10,473

FW2220653.UP.FTS.B

,

22

.15

%

,

12/10/26

.

3,758

3,798

FW2220221.UP.FTS.B

,

22

.46

%

,

12/10/26

.

4,335

4,388

L2219015.UP.FTS.B

,

22

.73

%

,

12/10/26

...

4,346

4,399

FW2220294.UP.FTS.B

,

22

.87

%

,

12/10/26

.

12,468

12,592

L2220670.UP.FTS.B

,

23

.96

%

,

12/10/26

...

1,738

1,742

FW2214196.UP.FTS.B

,

23

.98

%

,

12/10/26

.

3,803

3,842

L2219719.UP.FTS.B

,

24

.34

%

,

12/10/26

...

946

955

FW2220794.UP.FTS.B

,

24

.46

%

,

12/10/26

.

3,743

267

L2221940.UP.FTS.B

,

24

.71

%

,

12/10/26

...

1,138

1,125

FW2222025.UP.FTS.B

,

24

.95

%

,

12/10/26

.

6,369

6,434

L2221560.UP.FTS.B

,

25

.03

%

,

12/10/26

...

1,524

1,539

L2220844.UP.FTS.B

,

25

.09

%

,

12/10/26

...

1,649

1,669

L2222466.UP.FTS.B

,

25

.12

%

,

12/10/26

...

6,663

6,744

L2219737.UP.FTS.B

,

25

.45

%

,

12/10/26

...

1,680

247

L2222516.UP.FTS.B

,

25

.46

%

,

12/10/26

...

602

604

L2222196.UP.FTS.B

,

25

.5

%

,

12/10/26

....

1,720

253

L2222524.UP.FTS.B

,

25

.5

%

,

12/10/26

....

1,718

1,739

L2219005.UP.FTS.B

,

25

.75

%

,

12/10/26

...

2,395

1,415

L2219909.UP.FTS.B

,

25

.83

%

,

12/10/26

...

2,267

163

FW2219378.UP.FTS.B

,

27

.07

%

,

12/10/26

.

7,835

7,919

FW2218817.UP.FTS.B

,

27

.5

%

,

12/10/26

..

2,754

2,760

FW2221398.UP.FTS.B

,

27

.53

%

,

12/10/26

.

3,524

2,078

FW2221651.UP.FTS.B

,

27

.6

%

,

12/10/26

..

6,408

6,481

FW2220064.UP.FTS.B

,

27

.61

%

,

12/10/26

.

1,534

1,552

FW2219847.UP.FTS.B

,

28

.03

%

,

12/10/26

.

3,855

3,899

FW2220128.UP.FTS.B

,

28

.06

%

,

12/10/26

.

3,254

3,294

FW2221547.UP.FTS.B

,

28

.78

%

,

12/10/26

.

2,292

2,320

FW2222054.UP.FTS.B

,

29

.08

%

,

12/10/26

.

5,251

5,315

FW2218160.UP.FTS.B

,

29

.47

%

,

12/10/26

.

3,161

3,199

FW2219414.UP.FTS.B

,

29

.72

%

,

12/10/26

.

4,166

1,200

FW2220353.UP.FTS.B

,

29

.92

%

,

12/10/26

.

1,996

2,016

FW2221075.UP.FTS.B

,

30

.26

%

,

12/10/26

.

2,320

2,348

FW2221564.UP.FTS.B

,

30

.28

%

,

12/10/26

.

2,519

2,550

FW2217065.UP.FTS.B

,

30

.33

%

,

12/10/26

.

3,250

–

FW2221531.UP.FTS.B

,

30

.36

%

,

12/10/26

.

2,321

2,350

FW2221439.UP.FTS.B

,

30

.5

%

,

12/10/26

..

1,461

1,478

FW2222124.UP.FTS.B

,

30

.9

%

,

12/10/26

..

58

57

FW2219745.UP.FTS.B

,

31

.03

%

,

12/10/26

.

1,533

1,552

FW2216231.UP.FTS.B

,

31

.22

%

,

12/10/26

.

2,338

2,366

FW2218939.UP.FTS.B

,

31

.36

%

,

12/10/26

.

2,674

2,707

FW2219361.UP.FTS.B

,

31

.69

%

,

12/10/26

.

9,855

9,976

L2220687.UP.FTS.B

,

23

.72

%

,

12/11/26

...

1,680

1,694

L2219088.UP.FTS.B

,

10

.44

%

,

12/13/26

...

11,768

11,735

L2217252.UP.FTS.B

,

25

.25

%

,

12/14/26

...

1,277

1,278

L2216987.UP.FTS.B

,

17

.24

%

,

12/16/26

...

5,886

5,901

FW2217553.UP.FTS.B

,

16

.03

%

,

12/23/26

.

3,493

3,484

FW2214828.UP.FTS.B

,

15

.83

%

,

12/24/26

.

6,430

6,426

FW2213955.UP.FTS.B

,

18

.45

%

,

12/24/26

.

5,408

5,405

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2220958.UP.FTS.B

,

32

.58

%

,

12/25/26

.

$

5,126

$

5,192

L1612765.UP.FTS.B

,

17

.19

%

,

1/23/27

....

10,333

9,872

L1611722.UP.FTS.B

,

19

.13

%

,

1/23/27

....

4,632

4,645

L1611110.UP.FTS.B

,

20

.52

%

,

1/23/27

....

11,257

10,848

L1612410.UP.FTS.B

,

21

.86

%

,

1/23/27

....

3,282

3,134

L1612489.UP.FTS.B

,

23

.23

%

,

1/23/27

....

2,704

2,742

L1613013.UP.FTS.B

,

25

.41

%

,

1/23/27

....

1,565

111

FW1612781.UP.FTS.B

,

27

.12

%

,

1/23/27

..

7,079

6,829

FW1611792.UP.FTS.B

,

28

.67

%

,

1/23/27

..

5,750

–

L1616604.UP.FTS.B

,

10

.09

%

,

1/24/27

....

8,501

540

L1614273.UP.FTS.B

,

14

.09

%

,

1/24/27

....

6,296

6,278

L1599969.UP.FTS.B

,

14

.68

%

,

1/24/27

....

5,158

372

L1613957.UP.FTS.B

,

19

.33

%

,

1/24/27

....

6,873

6,901

L1616477.UP.FTS.B

,

19

.45

%

,

1/24/27

....

3,769

3,785

L1613477.UP.FTS.B

,

20

.77

%

,

1/24/27

....

2,673

2,686

L1614645.UP.FTS.B

,

22

.79

%

,

1/24/27

....

1,932

1,963

L1616362.UP.FTS.B

,

23

.47

%

,

1/24/27

....

3,853

3,907

L1613119.UP.FTS.B

,

24

.86

%

,

1/24/27

....

10,291

2,883

FW1613124.UP.FTS.B

,

26

.6

%

,

1/24/27

...

10,920

10,556

FW1605600.UP.FTS.B

,

29

.46

%

,

1/24/27

..

5,041

5,133

FW1616426.UP.FTS.B

,

30

.21

%

,

1/24/27

..

1,298

1,315

FW1615354.UP.FTS.B

,

31

.17

%

,

1/24/27

..

8,757

8,880

L1619050.UP.FTS.B

,

15

.55

%

,

1/25/27

....

2,341

2,346

FW1615921.UP.FTS.B

,

28

.4

%

,

1/25/27

...

12,390

12,588

FW1705472.UP.FTS.B

,

19

.5

%

,

2/13/27

...

5,972

5,978

L1706676.UP.FTS.B

,

24

.2

%

,

2/13/27

....

12,907

30

L1706613.UP.FTS.B

,

27

.15

%

,

2/13/27

....

5,956

3,540

FW1704923.UP.FTS.B

,

29

.37

%

,

2/13/27

..

1,766

124

L1879248.UP.FTS.B

,

19

.71

%

,

3/19/27

....

4,198

1,170

FW1880786.UP.FTS.B

,

24

.67

%

,

3/19/27

..

4,057

288

L1880423.UP.FTS.B

,

25

.24

%

,

3/19/27

....

4,864

4,908

FW1879017.UP.FTS.B

,

25

.45

%

,

3/19/27

..

18,439

1,552

L1878925.UP.FTS.B

,

26

.03

%

,

3/19/27

....

5,975

892

FW1880356.UP.FTS.B

,

28

.86

%

,

3/19/27

..

1,730

1,749

FW1876491.UP.FTS.B

,

30

.62

%

,

3/19/27

..

5,038

752

FW1880852.UP.FTS.B

,

31

.2

%

,

3/19/27

...

2,556

180

FW1876421.UP.FTS.B

,

26

.08

%

,

3/27/27

..

3,990

4,020

L1991593.UP.FTS.B

,

11

.07

%

,

4/08/27

....

29,101

28,883

FW1989633.UP.FTS.B

,

11

.19

%

,

4/08/27

..

3,285

3,271

L1988372.UP.FTS.B

,

13

.34

%

,

4/08/27

....

3,272

3,263

L1998298.UP.FTS.B

,

13

.53

%

,

4/08/27

....

2,881

2,865

L1993514.UP.FTS.B

,

16

.68

%

,

4/08/27

....

2,551

232

L1990886.UP.FTS.B

,

17

.65

%

,

4/08/27

....

4,794

4,779

L1991140.UP.FTS.B

,

17

.85

%

,

4/08/27

....

3,349

1,923

L1999227.UP.FTS.B

,

17

.88

%

,

4/08/27

....

13,163

7,594

L1991181.UP.FTS.B

,

20

.28

%

,

4/08/27

....

6,896

6,931

L1997930.UP.FTS.B

,

20

.97

%

,

4/08/27

....

2,820

2,808

L1992016.UP.FTS.B

,

21

%

,

4/08/27

......

20,267

20,420

L1995141.UP.FTS.B

,

22

.04

%

,

4/08/27

....

21,377

21,630

FW1995724.UP.FTS.B

,

22

.43

%

,

4/08/27

..

9,953

9,926

L1996768.UP.FTS.B

,

23

.2

%

,

4/08/27

....

6,476

6,509

L1990332.UP.FTS.B

,

24

.87

%

,

4/08/27

....

9,106

5,382

L1989064.UP.FTS.B

,

25

.45

%

,

4/08/27

....

1,593

1,610

L1996816.UP.FTS.B

,

26

.05

%

,

4/08/27

....

12,407

890

FW1990199.UP.FTS.B

,

27

.43

%

,

4/08/27

..

10,803

10,892

FW1996955.UP.FTS.B

,

27

.91

%

,

4/08/27

..

1,087

1,094

FW1999057.UP.FTS.B

,

28

%

,

4/08/27

....

18,818

–

FW1993453.UP.FTS.B

,

28

.76

%

,

4/08/27

..

9,109

5,351

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)

Upstart

Network,

Inc.

(continued)

FW1996092.UP.FTS.B

,

29

.72

%

,

4/08/27

..

$

2,477

$

2,495

FW1988366.UP.FTS.B

,

30

.88

%

,

4/08/27

..

4,625

2,750

FW1990513.UP.FTS.B

,

31

.11

%

,

4/08/27

..

3,593

2,113

L2075589.UP.FTS.B

,

16

.26

%

,

4/18/27

....

4,748

4,730

L2071590.UP.FTS.B

,

16

.75

%

,

4/18/27

....

4,410

4,401

L2074108.UP.FTS.B

,

16

.87

%

,

4/18/27

....

1,897

1,894

L2070593.UP.FTS.B

,

17

.59

%

,

4/18/27

....

13,424

13,374

L2074593.UP.FTS.B

,

18

.9

%

,

4/18/27

....

1,172

1,174

FW2071863.UP.FTS.B

,

19

.94

%

,

4/18/27

..

33,829

33,879

L2074730.UP.FTS.B

,

20

.02

%

,

4/18/27

....

3,069

3,084

L2073933.UP.FTS.B

,

20

.06

%

,

4/18/27

....

3,760

3,755

L2074554.UP.FTS.B

,

20

.64

%

,

4/18/27

....

15,297

2,217

L2074432.UP.FTS.B

,

21

.97

%

,

4/18/27

....

2,146

67

FW2075442.UP.FTS.B

,

22

.23

%

,

4/18/27

..

5,139

5,134

L2073235.UP.FTS.B

,

22

.81

%

,

4/18/27

....

4,811

4,811

L2071257.UP.FTS.B

,

25

.4

%

,

4/18/27

....

667

190

L2072907.UP.FTS.B

,

25

.45

%

,

4/18/27

....

3,024

–

FW2075168.UP.FTS.B

,

30

.19

%

,

4/18/27

..

2,030

2,037

FW2069880.UP.FTS.B

,

30

.4

%

,

4/18/27

...

4,635

4,690

FW1990667.UP.FTS.B

,

27

.83

%

,

4/22/27

..

3,355

3,388

L1993049.UP.FTS.B

,

14

.87

%

,

4/23/27

....

13,082

13,011

L1990580.UP.FTS.B

,

19

.47

%

,

4/23/27

....

16,469

4,388

L1996800.UP.FTS.B

,

25

.32

%

,

4/23/27

....

18,094

18,049

L2214144.UP.FTS.B

,

11

.27

%

,

5/09/27

....

4,637

4,620

L2163677.UP.FTS.B

,

11

.56

%

,

5/09/27

....

22,240

1,625

L2218652.UP.FTS.B

,

13

.28

%

,

5/09/27

....

6,577

6,535

L2215903.UP.FTS.B

,

18

.3

%

,

5/09/27

....

2,432

2,432

L1410942.UP.FTS.B

,

18

.88

%

,

5/09/27

....

6,696

3,850

L2218508.UP.FTS.B

,

20

.09

%

,

5/09/27

....

4,653

684

L2217490.UP.FTS.B

,

20

.86

%

,

5/09/27

....

20,619

1,491

L2217932.UP.FTS.B

,

21

.91

%

,

5/09/27

....

11,384

3,117

FW2216167.UP.FTS.B

,

23

.76

%

,

5/09/27

..

4,493

4,519

FW2215962.UP.FTS.B

,

24

.1

%

,

5/09/27

...

3,805

274

L2198465.UP.FTS.B

,

24

.17

%

,

5/09/27

....

3,350

3,376

FW2217399.UP.FTS.B

,

24

.73

%

,

5/09/27

..

5,960

429

L2216524.UP.FTS.B

,

25

.42

%

,

5/09/27

....

8,035

4,742

FW2214150.UP.FTS.B

,

26

.84

%

,

5/09/27

..

1,830

1,847

FW2218340.UP.FTS.B

,

31

.07

%

,

5/09/27

..

7,233

7,319

L2211511.UP.FTS.B

,

12

.64

%

,

5/10/27

....

38,316

20,589

L2221618.UP.FTS.B

,

12

.8

%

,

5/10/27

....

3,330

3,320

FW2219474.UP.FTS.B

,

13

.95

%

,

5/10/27

..

8,124

4,383

L2220695.UP.FTS.B

,

14

.81

%

,

5/10/27

....

3,580

3,563

L2221125.UP.FTS.B

,

15

.5

%

,

5/10/27

.....

1,300

1,292

L2219741.UP.FTS.B

,

18

.33

%

,

5/10/27

....

4,314

312

L2221646.UP.FTS.B

,

18

.79

%

,

5/10/27

....

6,823

6,788

L2221701.UP.FTS.B

,

19

.55

%

,

5/10/27

....

4,619

4,604

L2220257.UP.FTS.B

,

19

.73

%

,

5/10/27

....

3,617

963

L2222062.UP.FTS.B

,

23

.82

%

,

5/10/27

....

7,891

7,900

L2222460.UP.FTS.B

,

25

.39

%

,

5/10/27

....

2,140

2,162

FW2220970.UP.FTS.B

,

26

.98

%

,

5/10/27

..

629

636

FW2222345.UP.FTS.B

,

30

.23

%

,

5/10/27

..

772

762

FW2220084.UP.FTS.B

,

30

.41

%

,

5/10/27

..

1,673

–

FW2219211.UP.FTS.B

,

31

.11

%

,

5/10/27

..

3,805

3,856

FW2219137.UP.FTS.B

,

32

.32

%

,

5/10/27

..

6,339

6,404

FW2218331.UP.FTS.B

,

30

.75

%

,

5/14/27

..

4,691

672

L2219046.UP.FTS.B

,

24

.89

%

,

5/15/27

....

4,864

4,910

FW2219236.UP.FTS.B

,

30

.82

%

,

5/25/27

..

1,727

120

L1600527.UP.FTS.B

,

20

.35

%

,

6/24/27

....

6,271

5,947

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1613781.UP.FTS.B

,

20

.91

%

,

6/24/27

..

$

127

$

125

L1619343.UP.FTS.B

,

16

.69

%

,

6/25/27

....

6,537

6,552

L1706347.UP.FTS.B

,

23

.37

%

,

7/13/27

....

5,794

3,416

FW1705037.UP.FTS.B

,

26

.99

%

,

7/13/27

..

1,352

1,345

FW1998543.UP.FTS.B

,

22

.52

%

,

9/13/27

..

10,738

6,306

L2074857.UP.FTS.B

,

16

.11

%

,

9/18/27

....

15,003

14,897

FW1992674.UP.FTS.B

,

30

.71

%

,

9/23/27

..

1,470

103

L2217220.UP.FTS.B

,

24

.27

%

,

10/09/27

...

4,545

4,550

FW2217284.UP.FTS.B

,

26

.82

%

,

10/09/27

.

3,527

505

FW2221749.UP.FTS.B

,

30

.5

%

,

10/10/27

..

900

257

L1703901.UP.FTS.B

,

26

.94

%

,

9/13/28

....

8,045

573

L2074618.UP.FTS.B

,

27

.13

%

,

4/18/29

....

3,181

3,033

FW1612116.UP.FTS.B

,

6

%

,

8/23/34

.....

174

172

L1612016.UP.FTS.B

,

8

.95

%

,

8/23/34

....

76

76

FW1611989.UP.FTS.B

,

12

.35

%

,

8/23/34

..

486

29

L1611926.UP.FTS.B

,

17

.14

%

,

8/23/34

....

114

20

L1612903.UP.FTS.B

,

17

.72

%

,

8/23/34

....

178

178

L1612795.UP.FTS.B

,

19

.34

%

,

8/23/34

....

1,068

1,038

FW1611869.UP.FTS.B

,

19

.81

%

,

8/23/34

..

59

59

L1612257.UP.FTS.B

,

22

.94

%

,

8/23/34

....

759

757

FW1606291.UP.FTS.B

,

27

.01

%

,

8/23/34

..

162

161

FW1604455.UP.FTS.B

,

27

.65

%

,

8/23/34

..

213

213

FW1613150.UP.FTS.B

,

30

.32

%

,

8/23/34

..

194

13

FW1612870.UP.FTS.B

,

32

.37

%

,

8/23/34

..

220

220

FW1618227.UP.FTS.B

,

7

.62

%

,

8/24/34

...

481

478

L1615041.UP.FTS.B

,

7

.72

%

,

8/24/34

....

186

185

L1613537.UP.FTS.B

,

10

.76

%

,

8/24/34

....

292

290

FW1616172.UP.FTS.B

,

14

.22

%

,

8/24/34

..

99

94

L1617307.UP.FTS.B

,

16

.47

%

,

8/24/34

....

48

48

FW1612144.UP.FTS.B

,

17

.97

%

,

8/24/34

..

99

99

L1616998.UP.FTS.B

,

18

.36

%

,

8/24/34

....

351

135

FW1616441.UP.FTS.B

,

18

.68

%

,

8/24/34

..

76

76

L1613531.UP.FTS.B

,

19

.04

%

,

8/24/34

....

109

109

L1614621.UP.FTS.B

,

22

.87

%

,

8/24/34

....

306

305

L1614292.UP.FTS.B

,

22

.91

%

,

8/24/34

....

38

38

FW1613406.UP.FTS.B

,

26

.85

%

,

8/24/34

..

825

815

FW1617697.UP.FTS.B

,

29

%

,

8/24/34

....

190

187

FW1617880.UP.FTS.B

,

29

.1

%

,

8/24/34

...

83

83

L1620409.UP.FTS.B

,

9

.92

%

,

8/25/34

....

64

64

L1609249.UP.FTS.B

,

10

.93

%

,

8/25/34

....

162

161

L1619755.UP.FTS.B

,

13

.74

%

,

8/25/34

....

189

189

L1595806.UP.FTS.B

,

16

.33

%

,

8/25/34

....

119

119

FW1618611.UP.FTS.B

,

19

.46

%

,

8/25/34

..

299

299

L1620021.UP.FTS.B

,

20

.47

%

,

8/25/34

....

75

75

L1618207.UP.FTS.B

,

22

.64

%

,

8/25/34

....

152

152

FW1618720.UP.FTS.B

,

30

.08

%

,

8/25/34

..

301

301

L1612835.UP.FTS.B

,

11

.9

%

,

8/26/34

.....

134

133

3,765,870

Total

Marketplace

Loans

(Cost

$

42,902,608

)

.....

$36,872,388

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2024

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

243

At

July

31,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

At

July

31,

2024

,

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

U.S.

Treasury

10

Year

Notes

....................

Short

375

$

41,929,688

9/19/24

$

(

422,408

)

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

1,322

152,794,281

9/19/24

(

4,463,550

)

U.S.

Treasury

2

Year

Notes

.....................

Long

514

105,558,735

9/30/24

996,190

U.S.

Treasury

5

Year

Notes

.....................

Long

1,735

187,190,234

9/30/24

4,368,445

U.S.

Treasury

Long

Bonds

.....................

Short

123

14,856,094

9/19/24

(

630,558

)

U.S.

Treasury

Ultra

Bonds

......................

Long

30

3,839,062

9/19/24

216,515

Total

Futures

Contracts

......................................................................

$64,634

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Japanese

Yen

......

JPHQ

Buy

1,145,000,000

7,762,192

10/04/24

$

—

$

(

46,111

)

Total

Forward

Exchange

Contracts

...................................................

—

$(46,111)

Net

unrealized

appreciation

(depreciation)

............................................

$(46,111)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

244

At

July

31,

2024

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

At

July

31,

2024

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CDX.NA.HY.42

.

(5.00)%

Quarterly

6/20/29

24,000,000

$

(

1,772,137

)

$

(

1,547,056

)

$

(

225,081

)

Total

Centrally

Cleared

Swap

Contracts

.....................................

$(1,772,137)

$(1,547,056)

$(225,081)

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

4,980,000

(

25,832

)

(

520,558

)

494,726

BB

Traded

Index

CDX.NA.HY.33

.

5.00%

Quarterly

CITI

12/20/24

37,700,000

959,304

(

34,752

)

994,056

Non-

Investment

Grade

CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

16,900,000

1,379,837

807,292

572,545

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

31,300,000

(

966,381

)

(

918,392

)

(

47,989

)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$1,346,928

$(666,410)

$2,013,338

Total

Credit

Default

Swap

Contracts

....................................

$(425,209)

$

(

2,213,466

)

$1,788,257

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

1.924%

...

Annual

8/12/27

34,300,000

$

3,060,689

$

1,709

$

3,058,980

Total

Interest

Rate

Swap

Contracts

....................................

$3,060,689

$

1,709

$3,058,980

*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

245

At

July

31,

2024

,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

A

bbreviations

on

page

259

.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BNDP

9/20/24

30,000,000

$

1,282,156

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

MSCO

9/20/24

30,000,000

305,936

Total

Return

Swap

Contracts

....................................................................

$1,588,092

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

246

Quarterly

Schedules

of

Investments

1.

Organization

Franklin

Investors

Securities

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eight

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV. Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

247

Quarterly

Schedules

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

3.

Restricted

Securities

At

July

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Low

Duration

Total

Return

Fund

12,326,925

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

92,077

$

—

1,226,701

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

911

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$92,988

$—

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Total

Return

Fund

28,762,824

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

221,469

$

—

2,862,311

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

2,125

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$223,594

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$—

as

of

July

31,

2024.

2. Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

248

Quarterly

Schedules

of

Investments

4.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules of

Investments.

At

July

31,

2024,

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

July

31,

2024,

investments

in

“affiliated

companies”

were

as

follows:

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

ABG

Intermediate

Holdings

2

LLC

$

835,459

Chrysaor

Bidco

SARL

102,528

Epicor

Software

Corp.

1,215,952

$

2,153,939

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Warrants

Held

at

End

of

Period

Investment

Income

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

....

$

—

$

—

$

(359,138)

a

$

359,138

$

—

$

—

b

—

$

—

Quarternorth

Energy

Holding,

Inc.

......

68,112,343

—

(88,444,982)

a

39,971,319

(19,638,680)

—

b

—

—

UTEX

Industries,

Inc.

..

16,595,090

—

—

—

(5,444,496)

11,150,594

261,340

141,099

UTEX

Industries,

Inc.,

2/20/49

..........

1,185

—

—

—

(1,125)

60

634

—

Total

Affiliated

Securities

(Value

is

0.8%

of

Net

Assets)

..........

$84,708,618

$—

$(88,804,120)

$40,330,457

$(25,084,301)

$11,150,654

$141,099

a

May

include

accretion,

amortization,

and/or

other

cost

basis

adjustments.

b

As

of

July

31,

2024,

no

longer

held

by

the

fund.

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

249

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

July

31,

2024,

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

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$79,626,510

$696,513,738

$(734,213,833)

$—

$—

$41,926,415

41,926,415

$2,653,139

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$—

$15,728,000

$(15,728,000)

$—

$—

$—

—

$2,192

Total

Affiliated

Securities

...

$79,626,510

$712,241,738

$(749,941,833)

$—

$—

$41,926,415

$2,655,331

Franklin

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$114,853,407

$563,358,615

$(635,253,389)

$—

$—

$42,958,633

42,958,633

$3,213,683

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$—

$109,942,000

$(95,912,000)

$—

$—

$14,030,000

14,030,000

$466,887

Total

Affiliated

Securities

...

$114,853,407

$673,300,615

$(731,165,389)

$—

$—

$56,988,633

$3,680,570

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$69,605,515

$13,487,642

$(9,884,674)

$—

$—

$73,208,483

73,208,483

$2,754,030

Total

Affiliated

Securities

...

$69,605,515

$13,487,642

$(9,884,674)

$—

$—

$73,208,483

$2,754,030

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

250

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

Long

Duration

Credit

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$19,752,974

$18,931,401

$(38,515,384)

$—

$—

$168,991

168,991

$18,529

Total

Affiliated

Securities

...

$19,752,974

$18,931,401

$(38,515,384)

$—

$—

$168,991

$18,529

Franklin

Low

Duration

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$49,548,481

$—

$(47,436,579)

a

$(2,725,535)

$613,633

$—

—

$2,035,516

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

43,685,347

39,793,526

(43,445,115)

—

—

40,033,758

40,033,758

1,531,874

Total

Affiliated

Securities

...

$93,233,828

$39,793,526

$(90,881,694)

$(2,725,535)

$613,633

$40,033,758

$3,567,390

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$9,206,156

$89,911,316

$(81,841,039)

$—

$—

$17,276,433

17,276,433

$519,729

Total

Affiliated

Securities

...

$9,206,156

$89,911,316

$(81,841,039)

$—

$—

$17,276,433

$519,729

Franklin

Managed

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

U.S.

Low

Volatility

ETF

$36,332,400

$—

$(39,221,536)

$10,667,686

$(7,778,550)

$—

—

$—

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

17,699,568

639,224,064

(612,217,539)

—

—

44,706,093

44,706,093

1,521,275

Western

Asset

Diversified

Income

Fund

.............

3,116,240

3,496,542

(7,048,694)

234,745

201,167

—

—

393,127

Total

Non-Controlled

Affiliates

$57,148,208

$642,720,606

$(658,487,769)

$10,902,431

$(7,577,383)

$44,706,093

$1,914,402

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

$—

$96,822,000

$(82,136,000)

$—

$—

$14,686,000

14,686,000

$335,255

Total

Affiliated

Securities

...

$57,148,208

$739,542,606

$(740,623,769)

$10,902,431

$(7,577,383)

$59,392,093

$2,249,657

6.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

251

Quarterly

Schedules

of

Investments

7. Fair

Value

Measurements 

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

July

31,

2024,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$26,002,517

$—

$(24,894,213)

a

$(1,731,315)

$623,011

$—

—

$1,068,217

Franklin

Investment

Grade

Corporate

ETF

...........

274,724,000

—

(293,128,855)

(57,312,245)

75,717,100

—

—

4,200,315

Franklin

Senior

Loan

ETF

....

41,662,852

—

(42,193,126)

(1,470,103)

2,000,377

—

—

850,838

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.002%

77,626,917

465,645,143

(477,959,932)

—

—

65,312,128

65,312,128

1,745,717

Total

Non-Controlled

Affiliates

$420,016,286

$465,645,143

$(838,176,126)

$(60,513,663)

$78,340,488

$65,312,128

$7,865,087

Total

Affiliated

Securities

...

$420,016,286

$465,645,143

$(838,176,126)

$(60,513,663)

$78,340,488

$65,312,128

$7,865,087

a

Includes

in-kind

activity.

Level

1

Level

2

Level

3

Total

Franklin

Convertible

Securities

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

26,458,462

$

—

$

—

$

26,458,462

Convertible

Preferred

Stocks

................

195,813,304

—

—

195,813,304

Convertible

Bonds

.......................

—

2,369,842,066

—

2,369,842,066

Short

Term

Investments

...................

41,926,415

—

—

41,926,415

Total

Investments

in

Securities

...........

$264,198,181

$2,369,842,066

$—

$2,634,040,247

6.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

252

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

3,480,402,421

$

—

$

—

$

3,480,402,421

Equity-Linked

Securities

...................

—

394,557,266

—

394,557,266

Convertible

Preferred

Stocks

................

116,372,400

—

—

116,372,400

Short

Term

Investments

...................

56,988,633

—

—

56,988,633

Total

Investments

in

Securities

...........

$3,653,763,454

$394,557,266

$—

$4,048,320,720

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

53,536

—

53,536

Machinery

............................

—

11,150,594

—

11,150,594

Oil,

Gas

&

Consumable

Fuels

.............

11,386,090

—

—

11,386,090

Management

Investment

Companies

.........

12,929,595

—

—

12,929,595

Preferred

Stocks

.........................

—

59,648

—

59,648

Warrants

...............................

—

—

60

60

Corporate

Bonds

........................

—

81,409,996

—

81,409,996

Senior

Floating

Rate

Interests

...............

—

1,263,903,720

—

1,263,903,720

Asset-Backed

Securities

...................

—

7,018,631

—

7,018,631

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

73,208,483

19,023,255

—

92,231,738

Total

Investments

in

Securities

...........

$97,524,168

$1,382,619,380

$60

$1,480,143,608

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$14,427

$—

$14,427

Total

Other

Financial

Instruments

.........

$—

$14,427

$—

$14,427

Franklin

Long

Duration

Credit

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

82,866,255

—

82,866,255

Foreign

Government

and

Agency

Securities

....

—

2,638,505

—

2,638,505

U.S.

Government

and

Agency

Securities

.......

—

1,049,850

—

1,049,850

Municipal

Bonds

.........................

—

226,034

—

226,034

Short

Term

Investments

...................

168,991

—

—

168,991

Total

Investments

in

Securities

...........

$168,991

$86,780,644

$—

$86,949,635

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

b

—

Hotels,

Restaurants

&

Leisure

.............

—

4,635

—

4,635

Machinery

............................

—

393,731

—

393,731

Specialty

Retail

........................

—

—

—

b

—

Preferred

Stocks

.........................

—

5,165

—

5,165

Warrants

...............................

—

—

75

75

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

18,027,951

—

18,027,951

Air

Freight

&

Logistics

...................

—

1,700,000

—

1,700,000

Automobile

Components

.................

—

2,149,318

—

2,149,318

Automobiles

..........................

—

17,848,538

—

17,848,538

Banks

...............................

—

235,003,023

—

235,003,023

Beverages

...........................

—

4,071,695

—

4,071,695

Biotechnology

.........................

—

12,219,095

—

12,219,095

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

253

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:

Broadline

Retail

.......................

$

—

$

—

$

—

b

$

—

Building

Products

......................

—

8,315,344

—

8,315,344

Capital

Markets

........................

—

73,244,596

—

73,244,596

Chemicals

...........................

—

3,462,806

—

3,462,806

Commercial

Services

&

Supplies

...........

—

6,421,761

—

6,421,761

Communications

Equipment

..............

—

846,000

—

846,000

Consumer

Finance

.....................

—

28,227,580

—

28,227,580

Consumer

Staples

Distribution

&

Retail

......

—

7,453,954

—

7,453,954

Containers

&

Packaging

.................

—

1,860,320

—

1,860,320

Diversified

Consumer

Services

............

—

1,883,999

—

1,883,999

Diversified

REITs

......................

—

4,040,967

—

4,040,967

Diversified

Telecommunication

Services

.....

—

21,247,999

—

21,247,999

Electric

Utilities

........................

—

46,919,087

—

46,919,087

Energy

Equipment

&

Services

.............

—

1,672,639

—

1,672,639

Entertainment

.........................

—

19,890,708

—

19,890,708

Financial

Services

......................

—

14,002,928

—

b

14,002,928

Food

Products

........................

—

13,881,900

—

13,881,900

Ground

Transportation

..................

—

4,066,183

—

4,066,183

Health

Care

Equipment

&

Supplies

.........

—

8,219,430

—

8,219,430

Health

Care

Providers

&

Services

..........

—

26,830,284

—

26,830,284

Health

Care

REITs

.....................

—

3,282,957

—

3,282,957

Health

Care

Technology

.................

—

3,450,216

—

3,450,216

Hotel

&

Resort

REITs

...................

—

1,137,808

—

1,137,808

Hotels,

Restaurants

&

Leisure

.............

—

9,862,623

—

9,862,623

Household

Durables

....................

—

4,113,928

—

4,113,928

Industrial

REITs

.......................

—

7,879,782

—

7,879,782

Insurance

............................

—

97,306,063

—

97,306,063

Interactive

Media

&

Services

..............

—

12,768,893

—

12,768,893

Life

Sciences

Tools

&

Services

............

—

4,891,255

—

4,891,255

Machinery

............................

—

1,622,720

—

1,622,720

Media

...............................

—

10,205,520

—

10,205,520

Metals

&

Mining

.......................

—

952,479

—

952,479

Multi-Utilities

..........................

—

12,519,633

—

12,519,633

Oil,

Gas

&

Consumable

Fuels

.............

—

47,459,102

—

47,459,102

Passenger

Airlines

.....................

—

3,177,161

—

3,177,161

Personal

Care

Products

.................

—

18,173,423

—

18,173,423

Pharmaceuticals

.......................

—

30,120,634

—

30,120,634

Semiconductors

&

Semiconductor

Equipment

.

—

10,175,016

—

10,175,016

Specialized

REITs

......................

—

1,332,191

—

1,332,191

Specialty

Retail

........................

—

5,099,198

—

5,099,198

Technology

Hardware,

Storage

&

Peripherals

.

—

5,690,905

—

5,690,905

Textiles,

Apparel

&

Luxury

Goods

..........

—

7,526,167

—

7,526,167

Tobacco

.............................

—

12,419,229

—

12,419,229

Trading

Companies

&

Distributors

..........

—

6,340,387

—

6,340,387

Wireless

Telecommunication

Services

.......

—

7,161,237

—

7,161,237

Senior

Floating

Rate

Interests

...............

—

44,475,573

—

44,475,573

Marketplace

Loans

.......................

—

—

38,727,891

38,727,891

Foreign

Government

and

Agency

Securities

....

—

31,517,429

—

31,517,429

U.S.

Government

and

Agency

Securities

.......

—

320,718,690

—

320,718,690

Asset-Backed

Securities

...................

—

392,362,160

—

392,362,160

Commercial

Mortgage-Backed

Securities

......

—

43,723,804

—

43,723,804

Mortgage-Backed

Securities

................

—

25,299,196

—

25,299,196

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

254

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Commercial

Mortgage-Backed

Securities

Municipal

Bonds

.........................

$

—

$

17,633,662

$

—

$

17,633,662

Residential

Mortgage-Backed

Securities

.......

—

84,710,855

—

84,710,855

Escrows

and

Litigation

Trusts

...............

—

61,750

—

b

61,750

Short

Term

Investments

...................

40,033,758

36,375,380

—

76,409,138

Total

Investments

in

Securities

...........

$40,033,758

$1,905,458,662

$38,727,966

$1,984,220,386

Other

Financial

Instruments:

Futures

Contracts

.......................

$7,557,206

$—

$—

$7,557,206

Swap

Contracts

.........................

—

999,116

—

999,116

Total

Other

Financial

Instruments

.........

$7,557,206

$999,116

$—

$8,556,322

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$3,595,994

$—

$—

$3,595,994

Swap

Contracts

.........................

—

18,552

—

18,552

Total

Other

Financial

Instruments

.........

$3,595,994

$18,552

$—

$3,614,546

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

—

69,217,021

—

69,217,021

Mortgage-Backed

Securities

................

—

243,472,416

—

243,472,416

Agency

Commercial

Mortgage-Backed

Securities

—

85,675,756

—

85,675,756

Short

Term

Investments

...................

17,276,433

—

—

17,276,433

Total

Investments

in

Securities

...........

$17,276,433

$398,365,193

$—

$415,641,626

Other

Financial

Instruments:

Futures

Contracts

.......................

$1,060,147

$—

$—

$1,060,147

Total

Other

Financial

Instruments

.........

$1,060,147

$—

$—

$1,060,147

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$428,129

$—

$—

$428,129

Total

Other

Financial

Instruments

.........

$428,129

$—

$—

$428,129

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

1,177,365,431

—

—

1,177,365,431

Equity-Linked

Securities

...................

—

310,661,389

—

310,661,389

Convertible

Preferred

Stocks

................

32,812,800

—

—

32,812,800

Corporate

Bonds

........................

—

1,582,662,154

—

1,582,662,154

U.S.

Government

and

Agency

Securities

.......

—

173,665,723

—

173,665,723

Asset-Backed

Securities

...................

—

10,448,060

—

10,448,060

Mortgage-Backed

Securities

................

—

175,759,381

—

175,759,381

Short

Term

Investments

...................

59,392,093

—

—

59,392,093

Total

Investments

in

Securities

...........

$1,269,570,324

$2,253,196,707

$—

$3,522,767,031

Other

Financial

Instruments:

Futures

Contracts

.......................

$2,822,030

$—

$—

$2,822,030

Total

Other

Financial

Instruments

.........

$2,822,030

$—

$—

$2,822,030

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

255

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Managed

Income

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$6,775,500

$—

$—

$6,775,500

Total

Other

Financial

Instruments

.........

$6,775,500

$—

$—

$6,775,500

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

$

—

$

—

$

—

b

$

—

Energy

Equipment

&

Services

.............

191,367

—

—

191,367

Hotels,

Restaurants

&

Leisure

.............

—

2,432

—

2,432

Machinery

............................

—

206,636

—

206,636

Preferred

Stocks

:

Banks

...............................

2,712,810

—

—

2,712,810

Hotels,

Restaurants

&

Leisure

.............

—

2,710

—

2,710

Warrants

...............................

—

—

40

40

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

29,150,098

—

29,150,098

Air

Freight

&

Logistics

...................

—

3,300,000

—

3,300,000

Automobiles

..........................

—

1,625,339

—

1,625,339

Banks

...............................

—

230,300,647

—

230,300,647

Beverages

...........................

—

4,980,670

—

4,980,670

Biotechnology

.........................

—

43,413,138

—

43,413,138

Broadline

Retail

.......................

—

—

—

b

—

Building

Products

......................

—

18,350,457

—

18,350,457

Capital

Markets

........................

—

76,489,243

—

76,489,243

Chemicals

...........................

—

10,292,859

—

10,292,859

Commercial

Services

&

Supplies

...........

—

6,534,944

—

6,534,944

Communications

Equipment

..............

—

14,649,683

—

14,649,683

Consumer

Finance

.....................

—

24,384,487

—

24,384,487

Consumer

Staples

Distribution

&

Retail

......

—

17,731,757

—

17,731,757

Containers

&

Packaging

.................

—

6,217,351

—

6,217,351

Diversified

REITs

......................

—

3,625,954

—

3,625,954

Diversified

Telecommunication

Services

.....

—

37,909,910

—

37,909,910

Electric

Utilities

........................

—

55,146,881

—

55,146,881

Electrical

Equipment

....................

—

2,302,061

—

2,302,061

Electronic

Equipment,

Instruments

&

Components

........................

—

7,395,892

—

7,395,892

Energy

Equipment

&

Services

.............

—

7,775,966

—

7,775,966

Entertainment

.........................

—

10,771,746

—

10,771,746

Financial

Services

......................

—

29,887,604

—

29,887,604

Food

Products

........................

—

29,096,044

—

29,096,044

Ground

Transportation

..................

—

18,291,922

—

18,291,922

Health

Care

Equipment

&

Supplies

.........

—

26,367,383

—

26,367,383

Health

Care

Providers

&

Services

..........

—

62,009,644

—

62,009,644

Health

Care

REITs

.....................

—

9,666,117

—

9,666,117

Health

Care

Technology

.................

—

4,495,736

—

4,495,736

Hotel

&

Resort

REITs

...................

—

5,970,393

—

5,970,393

Hotels,

Restaurants

&

Leisure

.............

—

15,189,005

—

15,189,005

Household

Durables

....................

—

6,864,706

—

6,864,706

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

9,555,779

—

9,555,779

Insurance

............................

—

73,146,977

—

73,146,977

Interactive

Media

&

Services

..............

—

19,133,182

—

19,133,182

Life

Sciences

Tools

&

Services

............

—

1,498,516

—

1,498,516

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

256

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Machinery

............................

$

—

$

3,143,729

$

—

$

3,143,729

Media

...............................

—

42,400,146

—

42,400,146

Metals

&

Mining

.......................

—

7,456,162

—

7,456,162

Multi-Utilities

..........................

—

13,630,971

—

13,630,971

Oil,

Gas

&

Consumable

Fuels

.............

—

98,098,174

—

98,098,174

Paper

&

Forest

Products

.................

—

1,906,872

—

1,906,872

Passenger

Airlines

.....................

—

13,259,540

—

13,259,540

Personal

Care

Products

.................

—

12,855,558

—

12,855,558

Pharmaceuticals

.......................

—

36,437,389

—

36,437,389

Software

.............................

—

6,067,307

—

6,067,307

Technology

Hardware,

Storage

&

Peripherals

.

—

1,986,372

—

1,986,372

Textiles,

Apparel

&

Luxury

Goods

..........

—

18,094,133

—

18,094,133

Tobacco

.............................

—

23,271,033

—

23,271,033

Trading

Companies

&

Distributors

..........

—

14,331,437

—

14,331,437

Wireless

Telecommunication

Services

.......

—

17,998,426

—

17,998,426

Senior

Floating

Rate

Interests

...............

—

46,285,933

—

46,285,933

Marketplace

Loans

.......................

—

—

36,872,388

36,872,388

Foreign

Government

and

Agency

Securities

....

—

45,585,089

—

45,585,089

U.S.

Government

and

Agency

Securities

.......

—

703,068,920

—

703,068,920

Asset-Backed

Securities

...................

—

219,200,440

—

219,200,440

Commercial

Mortgage-Backed

Securities

......

—

58,540,536

—

58,540,536

Mortgage-Backed

Securities

................

—

1,057,132,314

—

1,057,132,314

Municipal

Bonds

.........................

—

58,862,865

—

58,862,865

Residential

Mortgage-Backed

Securities

.......

—

98,524,479

—

98,524,479

Agency

Commercial

Mortgage-Backed

Securities

—

373,124

—

373,124

Escrows

and

Litigation

Trusts

...............

—

97,500

—

b

97,500

Options

Purchased

.......................

—

235,699

—

235,699

Short

Term

Investments

...................

65,312,128

—

—

65,312,128

Total

Investments

in

Securities

...........

$68,216,305

$3,522,578,017

$36,872,428

$3,627,666,750

Other

Financial

Instruments:

Futures

Contracts

.......................

$5,581,150

$—

$—

$5,581,150

Swap

Contracts

.........................

—

6,708,399

—

6,708,399

Total

Other

Financial

Instruments

.........

$5,581,150

$6,708,399

$—

$12,289,549

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$46,111

$—

$46,111

Futures

Contracts

........................

5,516,516

—

—

5,516,516

Options

Written

..........................

—

51,662

—

51,662

Swap

Contracts

.........................

—

273,070

—

273,070

Total

Other

Financial

Instruments

.........

$5,516,516

$370,843

$—

$5,887,359

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

257

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At July

31,

2024,

the

reconciliations

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

c

$

—

Specialty

Retail

.....

—

72,988

—

—

—

—

—

(72,988)

—

c

(72,988)

Warrants

:

Machinery

.........

—

699

—

—

—

—

—

(624)

75

(624)

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Financial

Services

...

818,811

—

—

—

—

(2,181)

—

(816,630)

—

c

(816,630)

Marketplace

Loans

:

Financial

Services

...

55,313,777

10,706,761

(27,012,439)

—

—

—

(274,751)

(5,457)

38,727,891

(1,774,418)

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$56,132,588

$10,780,448

$(27,012,439)

$—

$—

$(2,181)

$(274,751)

$(895,699)

$38,727,966

$(2,664,660)

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Warrants

:

Machinery

.........

—

367

—

—

—

—

—

(327)

40

(327)

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Financial

Services

...

48,961,503

13,808,311

(25,834,256)

—

—

—

(1,089,802)

1,026,632

36,872,388

(854,497)

Commercial

Mortgage-

Backed

Securities

:

Financial

Services

...

480

—

(480)

—

—

—

22

(22)

—

—

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$48,961,983

$13,808,678

$(25,834,736)

$—

$—

$—

$(1,089,780)

$1,026,283

$36,872,428

$(854,824)

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)

258

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

July

31,

2024,

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

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Financial

Services

........

$38,727,891

Discounted

cash

flow

Loss-adjusted

discount

rate

0.5%

-

19.9%

(9.6%)

Decrease

Projected

loss

rate

1.0%

-

87.1%

(18.1%)

Decrease

All

other

investments

..........

75

c,d

Total

.......................

$38,727,966

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Financial

Services

........

$36,872,388

Discounted

cash

flow

Loss-adjusted

discount

rate

2.3%

-

21.0%

(9.8%)

Decrease

Projected

loss

rate

1.0%

-

53.8%

(17.5%)

Decrease

All

other

investments

..........

40

c,d

Total

.......................

$36,872,428

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.

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

259

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

CITI

Citibank

NA

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

Currency

BRL

Brazilian

Real

USD

United

States

Dollar

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CDX.NA.IG.

Series

number

CDX

North

America

Investment

Grade

Index

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

........................

5.38%

Selected

Portfolio

ADR

American

Depositary

Receipt

BZDIOVRA

Brazil

Inter-Bank

Deposit

Rate

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

COFI

Cost

of

Funds

Index

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FFCB

Federal

Farm

Credit

Banks

Funding

Corp.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

H15BDI

U.S.

Treasury

Bill

Auction

High

Discount

Rate

IBOR

Interbank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

T-Note

Treasury

Note

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.