Franklin Investors Securities Trust NPORT-P Franklin Long Duration Credit Fund (Jan 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FIST-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

2

Franklin

Equity

Income

Fund

6

Franklin

Floating

Rate

Daily

Access

Fund

10

Franklin

Long

Duration

Credit

Fund

26

Franklin

Low

Duration

Total

Return

Fund

35

Franklin

Low

Duration

U.S.

Government

Securities

Fund

133

Franklin

Managed

Income

Fund

136

Franklin

Total

Return

Fund

146

Notes

to

Schedules

of

Investments

258

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

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

0.9%

Multi-Utilities

0.9%

NiSource,

Inc.

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

United

States

968,635

$

25,155,451

Total

Common

Stocks

(Cost

$

24,645,320

)

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

25,155,451

Convertible

Preferred

Stocks

3.9%

Financial

Services

2.7%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

1,240,000

72,440,800

Machinery

1.2%

RBC

Bearings,

Inc.

,

5

%

,

A

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

United

States

250,000

30,755,000

Total

Convertible

Preferred

Stocks

(Cost

$

87,000,000

)

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

103,195,800

Principal

Amount

*

Convertible

Bonds

92.9%

Aerospace

&

Defense

2.1%

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

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

United

States

45,000,000

55,372,500

Biotechnology

9.1%

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25

%

,

4/01/28

...........

Denmark

32,500,000

34,775,000

a

Immunocore

Holdings

plc

,

Senior

Note

,

144A,

2.5

%

,

2/01/30

.....

United

Kingdom

20,000,000

21,570,000

Insmed,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/28

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

United

States

46,000,000

50,117,000

a

Mirum

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/29

....

United

States

16,500,000

18,925,500

Neurocrine

Biosciences,

Inc.

,

Senior

Note

,

2.25

%

,

5/15/24

......

United

States

39,750,000

72,941,250

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/26

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

United

States

48,000,000

43,461,717

241,790,467

Broadline

Retail

2.3%

Etsy,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/27

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

United

States

72,500,000

60,269,250

Communications

Equipment

0.8%

a

Viavi

Solutions,

Inc.

,

Senior

Note

,

144A,

1.625

%

,

3/15/26

.......

United

States

20,709,000

20,615,810

Construction

&

Engineering

1.6%

a

Fluor

Corp.

,

Senior

Note

,

144A,

1.125

%

,

8/15/29

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

United

States

39,000,000

41,271,750

Consumer

Staples

Distribution

&

Retail

0.8%

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

....

United

States

21,000,000

20,922,300

Electric

Utilities

3.1%

a

Duke

Energy

Corp.

,

Senior

Note

,

144A,

4.125

%

,

4/15/26

........

United

States

30,500,000

30,454,250

a

PG&E

Corp.

,

Senior

Secured

Note

,

144A,

4.25

%

,

12/01/27

......

United

States

52,000,000

53,170,000

83,624,250

Energy

Equipment

&

Services

1.0%

Oil

States

International,

Inc.

,

Senior

Note

,

4.75

%

,

4/01/26

.......

United

States

28,000,000

27,316,800

Financial

Services

5.5%

Block,

Inc.

,

Senior

Note

,

Zero

Cpn.,

5/01/26

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

United

States

24,500,000

21,560,000

Senior

Note

,

0.25

%

,

11/01/27

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

United

States

45,000,000

36,967,500

a

Repay

Holdings

Corp.

,

Senior

Note

,

144A,

Zero

Cpn.,

2/01/26

....

United

States

19,000,000

16,222,200

Shift4

Payments,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

36,000,000

39,668,400

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

(continued)

Shift4

Payments,

Inc.,

(continued)

Senior

Note

,

0.5

%

,

8/01/27

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

United

States

35,000,000

$

32,616,500

147,034,600

Food

Products

2.9%

a

Freshpet,

Inc.

,

Senior

Note

,

144A,

3

%

,

4/01/28

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

United

States

27,000,000

38,549,250

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

36,000,000

37,548,000

76,097,250

Ground

Transportation

4.2%

Lyft,

Inc.

,

Senior

Note

,

1.5

%

,

5/15/25

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

United

States

61,000,000

58,133,000

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

30,000,000

31,184,007

a

2028

,

Senior

Note

,

144A,

0.875

%

,

12/01/28

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

United

States

20,500,000

22,939,500

112,256,507

Health

Care

Equipment

&

Supplies

7.2%

Dexcom,

Inc.

,

Senior

Note

,

0.25

%

,

11/15/25

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

United

States

31,000,000

32,193,500

a

Senior

Note

,

144A,

0.375

%

,

5/15/28

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

United

States

32,250,000

32,556,375

Haemonetics

Corp.

,

Senior

Note

,

Zero

Cpn.,

3/01/26

...........

United

States

37,500,000

33,562,500

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

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

United

States

50,000,000

53,500,000

a

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

2.125

%

,

2/15/28

.....

United

States

30,000,000

39,120,000

190,932,375

Health

Care

Providers

&

Services

1.4%

Accolade,

Inc.

,

Senior

Note

,

0.5

%

,

4/01/26

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

United

States

19,000,000

16,518,600

Guardant

Health,

Inc.

,

Senior

Note

,

Zero

Cpn.,

11/15/27

........

United

States

20,000,000

13,826,000

NeoGenomics,

Inc.

,

Senior

Note

,

0.25

%

,

1/15/28

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

United

States

9,500,000

7,291,042

37,635,642

Hotel

&

Resort

REITs

0.9%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75

%

,

12/15/26

.........

United

States

26,000,000

23,254,400

Hotels,

Restaurants

&

Leisure

3.0%

Booking

Holdings,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/25

...........

United

States

19,000,000

35,636,400

Vail

Resorts,

Inc.

,

Senior

Note

,

Zero

Cpn.,

1/01/26

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

United

States

48,000,000

43,470,000

79,106,400

Interactive

Media

&

Services

2.5%

Snap,

Inc.

,

Senior

Note

,

Zero

Cpn.,

5/01/27

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

United

States

41,000,000

33,082,900

Senior

Note

,

0.125

%

,

3/01/28

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

United

States

43,000,000

34,228,000

67,310,900

IT

Services

4.6%

Cloudflare,

Inc.

,

Senior

Note

,

Zero

Cpn.,

8/15/26

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

United

States

66,200,000

59,265,550

Okta,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/25

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

United

States

53,000,000

48,945,500

Wix.com

Ltd.

,

Senior

Note

,

Zero

Cpn.,

8/15/25

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

Israel

15,400,000

14,175,700

122,386,750

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)

Life

Sciences

Tools

&

Services

1.6%

a

Repligen

Corp.

,

Senior

Note

,

144A,

1

%

,

12/15/28

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

United

States

36,000,000

$

41,850,000

Media

6.0%

Cable

One,

Inc.

,

Senior

Note

,

Zero

Cpn.,

3/15/26

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

United

States

48,750,000

41,900,625

Senior

Note

,

1.125

%

,

3/15/28

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

United

States

36,250,000

27,821,875

a

Liberty

Broadband

Corp.

,

Senior

Bond

,

144A,

3.125

%

,

3/31/53

...

United

States

62,000,000

61,225,000

a

Liberty

Media

Corp.

,

Senior

Note

,

144A,

3.75

%

,

3/15/28

........

United

States

23,000,000

28,577,500

159,525,000

Metals

&

Mining

2.7%

a

Ivanhoe

Mines

Ltd.

,

Senior

Note

,

144A,

2.5

%

,

4/15/26

..........

Canada

48,000,000

71,728,236

Multi-Utilities

2.5%

a

CenterPoint

Energy,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

8/15/26

.....

United

States

65,000,000

65,162,500

Pharmaceuticals

3.3%

Jazz

Investments

I

Ltd.

,

Senior

Note

,

1.5

%

,

8/15/24

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

United

States

34,750,000

34,046,312

Senior

Note

,

2

%

,

6/15/26

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

United

States

35,000,000

35,315,000

Revance

Therapeutics,

Inc.

,

Senior

Note

,

1.75

%

,

2/15/27

.......

United

States

27,000,000

18,748,125

88,109,437

Professional

Services

1.4%

Upwork,

Inc.

,

Senior

Note

,

0.25

%

,

8/15/26

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

United

States

44,000,000

37,457,200

Real

Estate

Management

&

Development

1.3%

Zillow

Group,

Inc.

,

Senior

Note

,

2.75

%

,

5/15/25

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

United

States

31,500,000

34,533,450

Semiconductors

&

Semiconductor

Equipment

2.8%

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

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

United

States

31,000,000

36,626,500

Wolfspeed,

Inc.

,

Senior

Note

,

0.25

%

,

2/15/28

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

United

States

29,900,000

17,850,300

Senior

Note

,

1.875

%

,

12/01/29

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

United

States

35,000,000

20,212,500

74,689,300

Software

12.2%

BILL

Holdings,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/01/25

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

United

States

37,500,000

35,156,250

Senior

Note

,

Zero

Cpn.,

4/01/27

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

United

States

37,000,000

31,172,500

BlackLine,

Inc.

,

Senior

Note

,

0.125

%

,

8/01/24

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

United

States

9,500,000

9,576,950

Envestnet,

Inc.

,

Senior

Note

,

0.75

%

,

8/15/25

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

United

States

4,900,000

4,610,850

Senior

Note

,

2.625

%

,

12/01/27

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

United

States

47,500,000

47,262,500

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

3/15/25

.........

United

States

44,000,000

49,302,000

HubSpot,

Inc.

,

Senior

Note

,

0.375

%

,

6/01/25

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

United

States

30,500,000

66,566,250

Splunk,

Inc.

,

Senior

Note

,

1.125

%

,

9/15/25

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

United

States

22,500,000

25,076,250

Workiva,

Inc.

,

Senior

Note

,

1.125

%

,

8/15/26

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

United

States

7,000,000

9,054,500

a

Senior

Note

,

144A,

1.25

%

,

8/15/28

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

United

States

49,000,000

47,334,000

325,112,050

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

271

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Specialty

Retail

6.1%

Burlington

Stores,

Inc.

,

Senior

Note

,

2.25

%

,

4/15/25

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

United

States

13,000,000

$

14,015,300

a

Senior

Note

,

144A,

1.25

%

,

12/15/27

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

United

States

42,287,000

48,291,754

RealReal,

Inc.

(The)

,

Senior

Note

,

1

%

,

3/01/28

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

United

States

30,000,000

10,650,000

RH

,

Senior

Note

,

Zero

Cpn.,

9/15/24

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

United

States

24,000,000

31,092,000

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

47,250,000

51,946,650

a

Senior

Note

,

144A,

3.5

%

,

11/15/28

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

United

States

3,450,000

4,626,450

160,622,154

Total

Convertible

Bonds

(Cost

$

2,454,765,256

)

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

2,465,987,278

Total

Long

Term

Investments

(Cost

$

2,566,410,576

)

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

2,594,338,529

a

Short

Term

Investments

2.7%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.7%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

....

United

States

72,652,603

72,652,603

Total

Money

Market

Funds

(Cost

$

72,652,603

)

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

72,652,603

Total

Short

Term

Investments

(Cost

$

72,652,603

)

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

72,652,603

a

Total

Investments

(Cost

$

2,639,063,179

)

100.4

%

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

$2,666,991,132

Other

Assets,

less

Liabilities

(

0.4

)

%

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

(12,282,196)

Net

Assets

100.0%

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

$2,654,708,936

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$704,190,075,

representing

26.5%

of

net

assets.

b

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

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

85.2%

Aerospace

&

Defense

2.4%

L3Harris

Technologies,

Inc.

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

United

States

80,000

$

16,673,600

Lockheed

Martin

Corp.

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

United

States

15,500

6,655,855

RTX

Corp.

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

United

States

716,500

65,287,480

88,616,935

Air

Freight

&

Logistics

1.6%

United

Parcel

Service,

Inc.

,

B

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

United

States

425,000

60,307,500

Banks

7.2%

Bank

of

America

Corp.

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

United

States

2,900,000

98,629,000

JPMorgan

Chase

&

Co.

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

United

States

957,500

166,949,701

265,578,701

Beverages

3.4%

Coca-Cola

Co.

(The)

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

United

States

795,000

47,294,550

PepsiCo,

Inc.

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

United

States

455,000

76,681,150

123,975,700

Capital

Markets

8.5%

Ares

Management

Corp.

,

A

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

United

States

535,000

64,991,800

BlackRock,

Inc.

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

United

States

57,500

44,522,825

Blackstone,

Inc.

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

United

States

395,000

49,157,750

Charles

Schwab

Corp.

(The)

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

United

States

585,000

36,808,200

Morgan

Stanley

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

United

States

1,380,000

120,391,200

315,871,775

Chemicals

1.6%

BASF

SE

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

Germany

390,000

18,645,282

Huntsman

Corp.

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

United

States

400,000

9,816,000

Linde

plc

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

United

States

78,500

31,779,155

60,240,437

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

A

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

United

States

50,000

8,556,000

Communications

Equipment

1.8%

Cisco

Systems,

Inc.

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

United

States

1,330,000

66,739,400

Consumer

Finance

0.4%

American

Express

Co.

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

United

States

70,000

14,051,800

Consumer

Staples

Distribution

&

Retail

2.1%

Target

Corp.

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

United

States

118,600

16,494,888

Walmart,

Inc.

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

United

States

365,000

60,316,250

76,811,138

Diversified

Telecommunication

Services

0.2%

TELUS

Corp.

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

Canada

459,000

8,221,303

Electric

Utilities

4.4%

Duke

Energy

Corp.

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

United

States

840,000

80,497,200

Evergy,

Inc.

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

United

States

475,000

24,115,750

NextEra

Energy,

Inc.

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

United

States

600,000

35,178,000

PPL

Corp.

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

United

States

935,000

24,497,000

164,287,950

Electrical

Equipment

2.4%

Eaton

Corp.

plc

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

United

States

305,000

75,054,400

Emerson

Electric

Co.

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

United

States

160,000

14,676,800

89,731,200

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

1.3%

TE

Connectivity

Ltd.

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

United

States

348,000

$

49,482,120

Financial

Services

1.0%

Apollo

Global

Management,

Inc.

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

United

States

370,000

37,148,000

Food

Products

1.0%

Mondelez

International,

Inc.

,

A

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

United

States

497,500

37,446,825

Ground

Transportation

1.0%

Norfolk

Southern

Corp.

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

United

States

160,000

37,638,400

Health

Care

Equipment

&

Supplies

4.0%

Becton

Dickinson

&

Co.

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

United

States

170,000

40,597,700

a

Boston

Scientific

Corp.

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

United

States

725,000

45,863,500

Medtronic

plc

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

United

States

707,500

61,934,550

148,395,750

Health

Care

Providers

&

Services

4.2%

HCA

Healthcare,

Inc.

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

United

States

274,000

83,542,600

UnitedHealth

Group,

Inc.

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

United

States

140,000

71,643,600

155,186,200

Health

Care

REITs

1.0%

Healthpeak

Properties,

Inc.

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

United

States

595,000

11,007,500

Ventas,

Inc.

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

United

States

570,000

26,442,300

37,449,800

Hotels,

Restaurants

&

Leisure

1.3%

McDonald's

Corp.

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

United

States

160,000

46,835,200

Household

Products

2.7%

Procter

&

Gamble

Co.

(The)

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

United

States

625,000

98,212,500

Industrial

REITs

0.9%

Prologis,

Inc.

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

United

States

266,608

33,776,568

Insurance

0.2%

Arthur

J

Gallagher

&

Co.

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

United

States

35,000

8,125,600

Interactive

Media

&

Services

0.7%

a

Alphabet,

Inc.

,

A

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

United

States

170,000

23,817,000

Life

Sciences

Tools

&

Services

2.1%

Danaher

Corp.

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

United

States

95,500

22,911,405

Thermo

Fisher

Scientific,

Inc.

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

United

States

102,500

55,245,450

78,156,855

Machinery

1.3%

Caterpillar,

Inc.

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

United

States

95,000

28,529,450

Illinois

Tool

Works,

Inc.

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

United

States

75,000

19,567,500

48,096,950

Media

1.3%

Comcast

Corp.

,

A

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

United

States

1,055,000

49,099,700

Oil,

Gas

&

Consumable

Fuels

9.6%

Canadian

Natural

Resources

Ltd.

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

Canada

551,451

35,287,349

Chevron

Corp.

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

United

States

851,000

125,462,930

EOG

Resources,

Inc.

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

United

States

585,000

66,567,150

Shell

plc

,

ADR

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

Netherlands

1,000,000

62,910,000

Suncor

Energy,

Inc.

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

Canada

2,000,000

66,240,000

356,467,429

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

5.2%

AstraZeneca

plc

,

ADR

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

United

Kingdom

785,000

$

52,312,400

Johnson

&

Johnson

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

United

States

755,000

119,969,500

Merck

&

Co.,

Inc.

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

United

States

170,000

20,532,600

192,814,500

Residential

REITs

1.2%

Mid-America

Apartment

Communities,

Inc.

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

United

States

360,000

45,496,800

Semiconductors

&

Semiconductor

Equipment

3.9%

Broadcom,

Inc.

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

United

States

76,500

90,270,000

Texas

Instruments,

Inc.

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

United

States

347,000

55,561,640

145,831,640

Software

2.5%

Oracle

Corp.

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

United

States

842,500

94,107,250

Specialty

Retail

1.9%

Lowe's

Cos.,

Inc.

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

United

States

127,000

27,030,680

Tractor

Supply

Co.

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

United

States

190,000

42,674,000

69,704,680

Trading

Companies

&

Distributors

0.7%

United

Rentals,

Inc.

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

United

States

42,000

26,266,800

Total

Common

Stocks

(Cost

$

2,183,378,920

)

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

3,162,546,406

Equity-Linked

Securities

9.5%

Capital

Markets

1.2%

b

Royal

Bank

of

Canada

into

Blackstone,

Inc.

,

144A,

9

%

,

8/30/24

...

United

States

186,500

21,453,438

b

Wells

Fargo

Bank

NA

into

Charles

Schwab

Corp.

(The)

,

144A,

7

%

,

12/09/24

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

United

States

348,500

21,170,694

42,624,132

Chemicals

0.6%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Huntsman

Corp.

,

144A,

8

%

,

5/09/24

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

United

States

894,000

22,211,349

Consumer

Finance

0.8%

b

BofA

Finance

LLC

into

American

Express

Co.

,

144A,

7.25

%

,

2/12/24

United

States

160,000

28,675,588

Consumer

Staples

Distribution

&

Retail

0.6%

b

Royal

Bank

of

Canada

into

Target

Corp.

,

144A,

7.5

%

,

12/13/24

...

United

States

174,500

23,883,111

Energy

Equipment

&

Services

0.6%

b

JPMorgan

Chase

Bank

NA

into

Technip

Energies

NV

,

144A,

6

%

,

7/19/24

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

France

160,000

22,718,793

Health

Care

Equipment

&

Supplies

0.6%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Boston

Scientific

Corp.

,

144A,

5.5

%

,

6/21/24

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

United

States

385,000

22,516,191

Industrial

REITs

0.7%

b

Barclays

Bank

plc

into

Prologis,

Inc.

,

144A,

7

%

,

1/17/25

........

United

States

199,500

25,607,645

Interactive

Media

&

Services

0.9%

b

Goldman

Sachs

International

Bank

into

Alphabet,

Inc.

,

144A,

6.25

%

,

3/28/24

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

United

States

279,500

35,102,740

Life

Sciences

Tools

&

Services

1.4%

b

Merrill

Lynch

International

&

Co.

CV

into

Danaher

Corp.

,

144A,

5.5

%

,

4/30/24

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

United

States

120,000

31,754,617

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

See

Abbreviations

on

page

271

.

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

$

19,082,920

50,837,537

Machinery

0.7%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Caterpillar,

Inc.

,

144A,

8

%

,

11/01/24

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

United

States

95,000

27,374,668

Oil,

Gas

&

Consumable

Fuels

0.7%

b

Barclays

Bank

plc

into

Canadian

Natural

Resources

Ltd.

,

144A,

9

%

,

2/03/25

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

Canada

396,000

25,621,574

Trading

Companies

&

Distributors

0.7%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

United

Rentals,

Inc.

,

144A,

9

%

,

9/27/24

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

United

States

45,500

24,558,383

Total

Equity-Linked

Securities

(Cost

$

325,133,783

)

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

351,731,711

Convertible

Preferred

Stocks

2.3%

Electric

Utilities

1.1%

NextEra

Energy,

Inc.

,

6.926

%

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

United

States

1,077,500

40,093,775

Financial

Services

1.2%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

790,500

46,181,010

Total

Convertible

Preferred

Stocks

(Cost

$

89,164,167

)

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

86,274,785

Total

Long

Term

Investments

(Cost

$

2,597,676,870

)

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

3,600,552,902

a

Short

Term

Investments

2.5%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.5%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

....

United

States

91,448,851

91,448,851

Total

Money

Market

Funds

(Cost

$

91,448,851

)

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

91,448,851

Total

Short

Term

Investments

(Cost

$

91,448,851

)

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

91,448,851

a

Total

Investments

(Cost

$

2,689,125,721

)

99.5

%

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

$3,692,001,753

Other

Assets,

less

Liabilities

0.5

%

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

21,608,837

Net

Assets

100.0%

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

$3,713,610,590

a

a

a

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$351,731,711,

representing

9.5%

of

net

assets.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Floating

Rate

Daily

Access

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

7.0%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

287,830

$

52,529

Machinery

1.1%

a

UTEX

Industries,

Inc.,

(USD

Traded)

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

United

States

261,340

16,507,933

Oil,

Gas

&

Consumable

Fuels

5.9%

b

Quarternorth

Energy

Holding,

Inc.

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

United

States

504,224

84,772,660

Total

Common

Stocks

(Cost

$75,728,343)

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

101,333,122

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

Invesco

Senior

Loan

ETF

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

United

States

615,695

12,935,752

Total

Management

Investment

Companies

(Cost

$13,283,196)

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

12,935,752

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

681,685

10,225

a

Total

Preferred

Stocks

(Cost

$919,936)

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

10,225

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,c

UTEX

Industries,

Inc.,

2/20/49

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

United

States

634

459

Total

Warrants

(Cost

$–)

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

459

Principal

Amount

*

Corporate

Bonds

5.4%

Air

Freight

&

Logistics

0.3%

d

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

....

United

States

5,050,000

5,003,466

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

1,464,285

Chemicals

0.2%

d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

3,900,000

3,625,284

Commercial

Services

&

Supplies

0.7%

d

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

7/15/26

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

United

States

5,950,000

5,868,330

d

GFL

Environmental,

Inc.

,

Senior

Secured

Note,

144A,

4.25%,

6/01/25

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

Canada

1,300,000

1,278,407

Senior

Secured

Note,

144A,

3.5%,

9/01/28

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

Canada

2,300,000

2,084,061

d

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

4/15/24

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

United

States

332,000

331,621

9,562,419

Construction

Materials

0.3%

d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.........

Mexico

3,875,000

3,777,974

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

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

0.5%

d

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Secured

Note

,

144A,

4.125

%

,

8/15/26

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

United

States

3,800,000

$

3,416,561

d

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

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

United

States

694,400

702,214

d

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

1,125,000

1,050,750

d

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

2,500,000

2,333,287

7,502,812

Diversified

Consumer

Services

0.2%

d

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

United

States

5,520,000

2,598,319

Diversified

Telecommunication

Services

0.3%

d

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

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

France

2,000,000

1,463,959

Senior

Secured

Note,

144A,

5.5%,

10/15/29

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

France

3,730,000

2,752,756

4,216,715

Entertainment

0.2%

d

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,300,000

2,379,701

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

440,548

Health

Care

Equipment

&

Supplies

0.1%

d

Bausch

&

Lomb

Escrow

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

1,320,000

1,371,243

Health

Care

Providers

&

Services

0.4%

d

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

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

United

States

1,334,000

1,185,599

d

RP

Escrow

Issuer

LLC

,

Senior

Secured

Note

,

144A,

5.25

%

,

12/15/25

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

United

States

5,350,000

4,820,136

6,005,735

Hotels,

Restaurants

&

Leisure

0.1%

d

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

2,300,000

2,246,279

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

4,187,643

Insurance

0.1%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

1,470,600

1,320,014

Media

0.4%

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

4,300,000

4,091,152

d

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

9/15/26

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

United

States

1,600,000

1,238,840

5,329,992

Oil,

Gas

&

Consumable

Fuels

0.1%

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

2,400,000

2,323,606

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)

Passenger

Airlines

0.9%

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

United

States

4,300,000

$

4,560,744

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

4,350,000

4,305,982

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

1,327,886

1,312,581

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

2,485,000

2,399,406

12,578,713

Personal

Care

Products

0.1%

d

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

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

United

States

1,254,000

1,233,196

Wireless

Telecommunication

Services

0.1%

d

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

1,430,000

1,251,717

Total

Corporate

Bonds

(Cost

$82,063,640)

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

78,419,661

Senior

Floating

Rate

Interests

79.0%

e

Aerospace

&

Defense

0.9%

f

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

PIK,

14

%

,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

12,951,626

11,081,735

Dynasty

Acquisition

Co.,

Inc.

,

2023

Specified

Refinancing

CME

Term

Loan,

B1,

9.333%,

(1-month

SOFR

+

4%),

8/24/28

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

United

States

1,072,986

1,074,998

2023

Specified

Refinancing

CME

Term

Loan,

B2,

9.333%,

(1-month

SOFR

+

4%),

8/24/28

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

United

States

459,851

460,714

12,617,447

a

a

a

a

a

a

e

Air

Freight

&

Logistics

1.7%

GN

Loanco

LLC

,

CME

Term

Loan,

B

,

9.833

%

,

(

1-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

6,976,471

6,851,487

g

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

CME

Term

Loan,

B3

,

9.086

%

,

(

1-month

SOFR

+

3.75

%

),

1/25/29

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

United

States

7,518,261

7,527,659

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.598

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

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

United

States

9,948,989

9,931,130

24,310,276

a

a

a

a

a

a

Automobile

Components

3.0%

g,h

Adient

US

LLC

,

Term

Loan,

B2

,

TBD,

1/26/31

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

United

States

4,948,530

4,963,994

e

Clarios

Global

LP

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.333

%

,

(

1-month

SOFR

+

3

%

),

5/06/30

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

United

States

2,030,718

2,034,525

e

DexKo

Global,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan,

9.598%,

(3-month

SOFR

+

4.25%),

10/04/28

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

United

States

1,578,947

1,580,432

First

Lien,

Closing

Date

CME

Term

Loan,

9.36%,

(3-month

SOFR

+

3.75%),

10/04/28

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

United

States

4,584,027

4,568,281

e

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan,

10.574%,

(3-month

SOFR

+

5%),

3/30/27

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

United

States

7,602,032

7,605,225

First

Lien,

2022-II

Incremental

CME

Term

Loan,

10.574%,

(3-month

SOFR

+

5%),

3/30/27

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

United

States

8,205,880

8,211,050

Second

Lien,

2021

CME

Term

Loan,

14.074%,

(3-month

SOFR

+

8.5%),

3/30/28

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

United

States

5,920,469

5,802,059

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Automobile

Components

(continued)

e

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.933

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

...........

United

States

618,785

$

619,949

e

Tenneco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.469

%

,

(

3-month

SOFR

+

5

%

),

11/17/28

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

United

States

7,221,466

6,561,605

e

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

..........

United

States

1,355,380

1,358,768

43,305,888

a

a

a

a

a

a

e

Automobiles

0.6%

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

8,139,039

7,971,985

Thor

Industries,

Inc.

,

USD

CME

Term

Loan,

B2

,

8.083

%

,

(

1-month

SOFR

+

2.75

%

),

11/15/30

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

United

States

1,471,245

1,476,071

9,448,056

a

a

a

a

a

a

e

Beverages

0.8%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

CME

Term

Loan

,

9.078

%

,

(

3-month

SOFR

+

3.5

%

),

4/05/28

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

United

States

6,203,127

4,742,787

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.698

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

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

United

States

1,745,211

1,656,493

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.86

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

5,145,097

5,067,920

11,467,200

a

a

a

a

a

a

e

Building

Products

0.4%

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

5/13/29

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

United

States

1,924,172

1,930,580

Cornerstone

Building

Brands,

Inc.

,

CME

Term

Loan,

B

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

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

United

States

2,888,101

2,871,408

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

CME

Term

Loan

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

3/19/29

...........

United

States

9,825

9,836

g

Summit

Materials

LLC

,

Incremental

Covenant-Lite

CME

Term

Loan,

B

,

7.826

%

,

(

3-month

SOFR

+

2.5

%

),

11/30/28

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

United

States

1,566,265

1,572,632

6,384,456

a

a

a

a

a

a

Capital

Markets

3.4%

e

Aretec

Group,

Inc.

,

CME

Term

Loan,

B1

,

9.933

%

,

(

1-month

SOFR

+

4.5

%

),

8/09/30

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

United

States

6,019,359

6,027,726

e

Citadel

Securities

LP

,

CME

Term

Loan

,

7.586

%

,

(

1-month

SOFR

+

2.25

%

),

7/29/30

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

United

States

5,128,322

5,127,066

e

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.098

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

...........

United

States

2,720,413

2,676,546

e

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

CME

Term

Loan

,

8.97

%

,

(

1-month

SOFR

+

3.5

%

),

4/07/28

.....

United

States

5,138,069

5,112,019

g,h

GTCR

W

Merger

Sub

LLC

,

USD

CME

Term

Loan,

B

,

TBD,

9/20/30

United

States

7,597,826

7,608,121

e,g

Jane

Street

Group

LLC

,

2024

Repricing

CME

Term

Loan

,

7.951

%

,

(

1-month

SOFR

+

2.5

%

),

1/26/28

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

United

States

6,734,800

6,716,582

e

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B,

9.105%,

(1-month

SOFR

+

3.75%),

7/31/28

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

United

Kingdom

6,162,627

6,136,528

g,i

2023

Incremental

Delayed

Draw

CME

Term

Loan,

9.606%,

(1-month

SOFR

+

4.25%),

7/31/28

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

United

Kingdom

1,081,781

1,082,798

e

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

CME

Term

Loan

,

8.948

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/25

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

United

States

7,792,219

7,342,569

e,g

WEC

US

Holdings

Ltd.

,

Term

Loan,

B

,

3.25

%

,

(

1-month

SONIA

+

2.75

%

),

1/17/31

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

United

States

714,286

711,382

48,541,337

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.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Chemicals

4.2%

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

CME

Term

Loan

,

9.248

%

,

(

3-month

SOFR

+

3.75

%

),

12/12/25

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

United

States

6,675,313

$

6,372,354

Cyanco

Intermediate

2

Corp.

,

Initial

CME

Term

Loan

,

10.087

%

,

(

1-month

SOFR

+

4.75

%

),

7/10/28

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

United

States

7,043,686

7,049,568

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

10.022%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

6,698,000

6,429,310

Second

Lien,

Initial

CME

Term

Loan,

12.87%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

2,093,023

1,798,953

Indicor

LLC

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

11/22/29

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

United

States

2,431,691

2,436,032

Ineos

Quattro

Holdings

UK

Ltd.

,

2030

Dollar

CME

Term

Loan,

B

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

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

United

Kingdom

1,730,435

1,724,664

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

CME

Term

Loan,

B

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

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

United

Kingdom

4,206,312

4,207,364

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

9.206

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

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

Luxembourg

1,468,900

1,460,454

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

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

United

States

4,430,867

4,419,790

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

CME

Term

Loan,

B

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

6/30/27

..........

United

States

3,099,367

3,101,707

Nouryon

Finance

BV

,

Extended

Dollar

CME

Term

Loan

,

9.467

%

,

(

3-month

SOFR

+

4

%

),

4/03/28

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

Netherlands

3,973,350

3,976,250

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.723

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

13,140,378

12,564,697

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

3/16/27

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

United

States

5,118,616

5,112,551

60,653,694

a

a

a

a

a

a

Commercial

Services

&

Supplies

4.4%

e

Allied

Universal

Holdco

LLC

,

Amendment

No.

3

CME

Term

Loan,

10.083%,

(1-month

SOFR

+

4.75%),

5/12/28

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

United

States

831,250

831,080

Initial

U.S.

Dollar

CME

Term

Loan,

9.183%,

(1-month

SOFR

+

3.75%),

5/12/28

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

United

States

4,022,179

3,979,041

e

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

9.337

%

,

(

1-month

SOFR

+

4

%

),

2/15/29

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

United

States

9,963,036

9,981,717

e

APX

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.701

%

,

(

1-month

SOFR

+

3.25%;

3-month

SOFR

+

2.25%

),

7/10/28

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

United

States

3,093,363

3,095,297

e

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

5,412,419

5,406,140

e

Covanta

Holding

Corp.

,

2023

Incremental

CME

Term

Loan,

B,

8.333%,

(1-month

SOFR

+

3%),

11/30/28

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

United

States

1,282,199

1,282,519

2023

Incremental

CME

Term

Loan,

C,

8.333%,

(1-month

SOFR

+

3%),

11/30/28

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

United

States

96,406

96,430

e

Madison

IAQ

LLC

,

Term

Loan

,

8.701

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

7,105,202

7,061,221

e

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

14,371,586

14,164,994

e

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan,

B1

,

7.827

%

,

(

3-month

SOFR

+

2.5

%

),

10/13/30

United

States

4,864,108

4,873,545

e

Spin

Holdco,

Inc.

,

Initial

CME

Term

Loan

,

9.625

%

,

(

3-month

SOFR

+

4

%

),

3/04/28

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

United

States

8,741,715

7,829,299

h

Westjet

Loyalty

LP

,

CME

Term

Loan,

B

,

TBD,

2/01/31

..........

Canada

5,913,752

5,854,615

64,455,898

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Communications

Equipment

0.5%

e

CommScope,

Inc.

,

Initial

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

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

United

States

9,127,336

$

8,002,894

e

Construction

&

Engineering

0.6%

USIC

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.11

%

,

(

3-month

SOFR

+

3.5

%

),

5/12/28

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

United

States

6,806,693

6,758,672

Zekelman

Industries,

Inc.

,

2020

CME

Term

Loan

,

7.448

%

,

(

1-month

SOFR

+

2

%

),

1/24/27

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

United

States

1,361,979

1,365,261

8,123,933

a

a

a

a

a

a

Consumer

Staples

Distribution

&

Retail

0.4%

Shearer's

Foods

LLC

,

h

CME

Term

Loan,

B,

TBD,

10/05/28

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

United

States

2,538,071

2,512,690

e

First

Lien,

Refinancing

CME

Term

Loan,

8.947%,

(1-month

SOFR

+

3.5%),

9/23/27

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

United

States

3,818,978

3,823,962

6,336,652

a

a

a

a

a

a

e

Containers

&

Packaging

1.7%

Charter

Next

Generation,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.836

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

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

United

States

5,759,584

5,739,195

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.476

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

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

Luxembourg

4,330,647

4,176,909

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

CME

Term

Loan

,

9.355

%

,

(

1-month

SOFR

+

4

%

),

8/14/26

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

United

States

8,996,090

9,022,313

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

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

United

States

1,526,297

1,528,884

ProAmpac

PG

Borrower

LLC

,

2023-1

CME

Term

Loan

,

9.821

%

,

(

3-month

SOFR

+

4.5

%

),

9/15/28

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

United

States

4,040,741

4,054,641

24,521,942

a

a

a

a

a

a

Distributors

0.1%

e,g

BCPE

Empire

Holdings,

Inc.

,

First

Lien,

Amendment

No.

5

Refinancing

CME

Term

Loan

,

9.333

%

,

(

1-month

SOFR

+

4

%

),

12/11/28

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

United

States

1,538,462

1,539,908

Diversified

Consumer

Services

1.6%

e

KUEHG

Corp.

,

Initial

CME

Term

Loan

,

10.348

%

,

(

3-month

SOFR

+

5

%

),

6/12/30

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

United

States

5,985,000

5,998,855

e

Learning

Care

Group

(US)

No.

2,

Inc.

,

Initial

CME

Term

Loan

,

10.097

%

,

(

1-month

SOFR

+

4.75%;

3-month

SOFR

+

4.75%

),

8/11/28

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

United

States

1,706,035

1,710,086

e

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

12/15/28

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

United

States

1,420,015

1,414,136

e

Sedgwick

Claims

Management

Services,

Inc.

,

2023

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

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

United

States

10,188,864

10,204,198

g,h

Wand

NewCo

3,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

TBD,

1/30/32

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

United

States

769,231

770,554

e

WW

International,

Inc.

,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

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

United

States

4,681,981

2,774,074

22,871,903

a

a

a

a

a

a

e

Diversified

Telecommunication

Services

1.4%

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan,

9.683%,

(1-month

SOFR

+

4.25%),

11/29/25

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

United

States

11,756,924

11,373,589

Second

Lien,

CME

Term

Loan,

15.433%,

(1-month

SOFR

+

10%),

11/29/26

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

United

States

7,895,149

6,863,846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Diversified

Telecommunication

Services

(continued)

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

CME

Term

Loan

,

8.447

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

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

United

States

1,755,569

$

1,492,312

19,729,747

a

a

a

a

a

a

Electrical

Equipment

0.1%

e

Vertiv

Group

Corp.

,

CME

Term

Loan,

B1

,

7.967

%

,

(

1-month

SOFR

+

2.5

%

),

3/02/27

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

United

States

1,584,265

1,587,901

e

Entertainment

0.6%

AMC

Entertainment

Holdings,

Inc.

,

CME

Term

Loan,

B1

,

8.449

%

,

(

1-month

SOFR

+

3

%

),

4/22/26

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

United

States

1,943,878

1,538,093

Banijay

Entertainment

SAS

,

USD

CME

Term

Loan,

B

,

9.198

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/28

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

France

1,923,617

1,929,330

Playtika

Holding

Corp.

,

CME

Term

Loan,

B1

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

5,165,446

5,157,646

8,625,069

a

a

a

a

a

a

e

Financial

Services

1.4%

Belfor

Holdings,

Inc.

,

Initial

CME

Term

Loan,

B1

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

11/01/30

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

United

States

502,847

503,475

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

8/02/28

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

United

States

6,380,426

6,366,484

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

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

United

States

4,790,719

4,673,562

Verscend

Holding

Corp.

,

CME

Term

Loan,

B1

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

8/27/25

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

United

States

8,819,452

8,839,913

20,383,434

a

a

a

a

a

a

Food

Products

0.1%

e

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

9.481

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

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

United

States

1,973,035

1,975,847

e

Ground

Transportation

0.3%

Avis

Budget

Car

Rental

LLC

,

New

CME

Term

Loan,

C

,

8.433

%

,

(

1-month

SOFR

+

3

%

),

3/16/29

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

United

States

1,221,167

1,224,219

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

CME

Term

Loan

,

9.824

%

,

(

3-month

SOFR

+

4.25

%

),

12/15/28

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

United

States

3,721,211

2,783,931

4,008,150

a

a

a

a

a

a

e

Health

Care

Equipment

&

Supplies

0.9%

Bausch

+

Lomb

Corp.

,

Initial

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

2,984,848

2,921,152

Medline

Borrower

LP

,

Initial

Dollar

CME

Term

Loan

,

8.451

%

,

(

1-month

SOFR

+

3

%

),

10/23/28

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

United

States

6,284,454

6,280,840

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

CME

Term

Loan

,

10.748

%

,

(

3-month

SOFR

+

5.25

%

),

12/15/27

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

United

States

4,190,000

4,181,264

13,383,256

a

a

a

a

a

a

e

Health

Care

Providers

&

Services

7.2%

ADMI

Corp.

,

Amendment

No.

10

Extended

CME

Term

Loan,

11.083%,

(1-month

SOFR

+

5.75%),

12/23/27

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

United

States

1,168,831

1,162,257

Amendment

No.

4

Refinancing

CME

Term

Loan,

8.822%,

(1-month

SOFR

+

3.375%),

12/23/27

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

United

States

5,034,498

4,799,135

Amendment

No.

5

Incremental

CME

Term

Loan,

9.197%,

(1-month

SOFR

+

3.75%),

12/23/27

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

United

States

922,635

885,342

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Health

Care

Providers

&

Services

(continued)

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

CME

Term

Loan

,

9.238

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

...........

United

States

2,101,218

$

1,975,586

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.586

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

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

United

States

6,896,804

6,915,219

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.826

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

13,044,116

13,038,703

eResearchTechnology,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.947

%

,

(

1-month

SOFR

+

4.5

%

),

2/04/27

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

United

States

2,913,057

2,906,983

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

9.447%,

(1-month

SOFR

+

4%),

12/18/28

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

United

States

5,175,944

4,373,673

Second

Lien,

Initial

CME

Term

Loan,

12.201%,

(1-month

SOFR

+

6.75%),

12/17/29

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

United

States

779,707

479,228

Global

Medical

Response,

Inc.

,

2018

New

CME

Term

Loan

,

9.824

%

,

(

3-month

SOFR

+

4.25

%

),

3/14/25

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

United

States

2,393,696

2,052,594

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

11/01/28

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

United

States

4,813,721

4,359,450

MPH

Acquisition

Holdings

LLC

,

Initial

CME

Term

Loan

,

9.9

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

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

United

States

6,291,719

6,032,186

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.414%,

(1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%),

3/02/28

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

United

States

5,762,023

5,273,000

First

Lien,

Initial

CME

Term

Loan,

C,

9.198%,

(3-month

SOFR

+

3.75%),

3/02/28

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

United

States

199,681

182,735

Pacific

Dental

Services

LLC

,

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

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

United

States

2,618,651

2,623,967

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

CME

Term

Loan

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

3/31/27

...........

United

States

9,243,015

8,006,761

Phoenix

Guarantor,

Inc.

,

First

Lien,

CME

Term

Loan,

B3

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/26

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

United

States

4,587,396

4,583,749

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.72

%

,

(

1-month

SOFR

+

3.25

%

),

11/15/28

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

United

States

4,584,286

4,577,593

g

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.179

%

,

(

6-month

SOFR

+

4.25

%

),

7/09/25

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

United

States

7,543,107

6,722,794

Star

Parent,

Inc.

,

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

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

United

States

5,683,333

5,559,010

Surgery

Center

Holdings,

Inc.

,

Initial

CME

Term

Loan

,

8.835

%

,

(

1-month

SOFR

+

3.5

%

),

12/19/30

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

United

States

925,926

928,819

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.717

%

,

(

1-month

SOFR

+

4.25

%

),

10/01/28

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

United

States

6,647,791

6,296,322

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.47

%

,

(

1-month

SOFR

+

4

%

),

10/22/26

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

United

States

10,579,200

10,599,089

104,334,195

a

a

a

a

a

a

Health

Care

Technology

0.9%

e

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.583

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

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

United

States

13,079,753

12,924,431

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Hotels,

Restaurants

&

Leisure

5.9%

f

24

Hour

Fitness

Worldwide,

Inc.

,

CME

Term

Loan

,

PIK,

10.61

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

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

United

States

23,660,174

$

10,535,350

Bally's

Corp.

,

CME

Term

Loan,

B

,

8.829

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

9,884,748

9,262,652

Caesars

Entertainment,

Inc.

,

2023

Incremental

CME

Term

Loan,

B

,

8.663

%

,

(

3-month

SOFR

+

3.25

%

),

2/06/30

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

United

States

4,963,498

4,967,469

Dave

&

Buster's,

Inc.

,

2024

Refinancing

CME

Term

Loan,

B

,

8.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

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

United

States

2,678,799

2,681,035

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

9.333

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

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

United

States

6,184,968

6,175,443

Flutter

Entertainment

plc

,

CME

Term

Loan,

B,

7.698%,

(3-month

SOFR

+

2.25%),

11/25/30

Ireland

3,074,380

3,066,694

Third

Amendment

CME

Term

Loan,

2028

B,

8.902%,

(3-month

SOFR

+

3.25%),

7/22/28

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

Ireland

451,909

452,759

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

CME

Term

Loan

,

9.697

%

,

(

1-month

SOFR

+

4.25

%

),

11/22/28

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

United

States

8,152,789

8,189,313

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

CME

Term

Loan

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

8/02/28

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

United

States

8,670,704

8,669,186

IRB

Holding

Corp.

,

2024

Replacement

CME

Term

Loan,

B

,

8.206

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

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

United

States

1,414,167

1,412,888

Light

&

Wonder

International,

Inc.

,

CME

Term

Loan,

B1

,

8.083

%

,

(

1-month

SOFR

+

2.75

%

),

4/14/29

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

United

States

4,331,709

4,342,084

Ontario

Gaming

GTA

LP

,

CME

Term

Loan,

B

,

9.598

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

2,728,927

2,735,749

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

8.183

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

3,532,687

3,528,871

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.633

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

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

United

States

5,530,280

5,543,553

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.58

%

,

(

3-month

SOFR

+

3.25

%

),

4/04/29

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

United

States

8,159,122

8,104,741

g

Whatabrands

LLC

,

Initial

CME

Term

Loan,

B

,

8.47

%

,

(

1-month

SOFR

+

3

%

),

8/03/28

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

United

States

5,591,465

5,586,405

85,254,192

a

a

a

a

a

a

Household

Durables

0.2%

e

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.88

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

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

Netherlands

3,360,165

3,311,560

Household

Products

0.1%

e

Energizer

Holdings,

Inc.

,

2020

CME

Term

Loan

,

7.701

%

,

(

1-month

SOFR

+

2.25

%

),

12/22/27

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

United

States

1,314,815

1,312,350

e

Independent

Power

and

Renewable

Electricity

Producers

0.4%

g

Calpine

Construction

Finance

Co.

LP

,

Refinancing

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

2.25

%

),

7/31/30

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

United

States

3,192,000

3,177,748

Talen

Energy

Supply

LLC

,

Initial

CME

Term

Loan,

B,

9.869%,

(3-month

SOFR

+

4.5%),

5/17/30

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

United

States

2,346,645

2,355,445

Initial

CME

Term

Loan,

C,

9.869%,

(3-month

SOFR

+

4.5%),

5/17/30

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

United

States

497,355

499,220

6,032,413

a

a

a

a

a

a

Insurance

3.7%

e

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

9.15%,

(3-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

5,892,857

5,877,683

First

Lien,

2021-1

Additional

Term

Loan,

9.4%,

(3-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

4,121,581

4,126,733

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)

Insurance

(continued)

e

Acrisure

LLC,

(continued)

First

Lien,

2021-2

Additional

Term

Loan,

9.9%,

(3-month

USD

LIBOR

+

4.25%),

2/15/27

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

United

States

2,934,882

$

2,940,385

e

Alliant

Holdings

Intermediate

LLC

,

New

CME

Term

Loan,

B6

,

8.833

%

,

(

1-month

SOFR

+

3.5

%

),

11/06/30

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

United

States

6,260,767

6,280,926

e

AssuredPartners,

Inc.

,

2020

February

Refinancing

CME

Term

Loan,

8.947%,

(1-month

SOFR

+

3.5%),

2/12/27

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

United

States

8,051,374

8,038,290

2023

CME

Term

Loan,

9.083%,

(1-month

SOFR

+

3.75%),

2/12/27

United

States

779,625

779,707

e

Asurion

LLC

,

New

CME

Term

Loan,

B10,

9.433%,

(1-month

SOFR

+

4%),

8/19/28

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

United

States

2,276,942

2,251,805

New

CME

Term

Loan,

B11,

9.683%,

(1-month

SOFR

+

4.25%),

8/19/28

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

United

States

1,026,724

1,016,744

New

CME

Term

Loan,

B8,

8.697%,

(1-month

SOFR

+

3.25%),

12/23/26

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

United

States

2,645,293

2,637,701

New

CME

Term

Loan,

B9,

8.697%,

(1-month

SOFR

+

3.25%),

7/31/27

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

United

States

8,231

8,122

Second

Lien,

New

CME

Term

Loan,

B3,

10.697%,

(1-month

SOFR

+

5.25%),

1/31/28

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

United

States

7,696,342

7,393,991

Second

Lien,

New

CME

Term

Loan,

B4,

10.697%,

(1-month

SOFR

+

5.25%),

1/20/29

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

United

States

7,422,294

7,057,563

g

HUB

International

Ltd.

,

CME

Term

Loan,

B

,

8.574

%

,

(

3-month

SOFR

+

3.25

%

),

6/20/30

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

United

States

4,541,297

4,549,108

52,958,758

a

a

a

a

a

a

e

IT

Services

3.7%

Arches

Buyer,

Inc.

,

Refinancing

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

12/06/27

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

United

States

5,923,987

5,794,400

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

10.5%,

(3-month

USD

LIBOR

+

5.152%),

11/01/24

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

United

States

13,144,036

9,240,717

Second

Lien,

Initial

Term

Loan,

14.26%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

382,252

111,610

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.883

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

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

United

States

5,808,500

5,653,384

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.448

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

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

United

States

11,943,653

11,639,090

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.698

%

,

(

3-month

SOFR

+

4.25

%

),

8/19/28

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

United

Kingdom

2,541,520

2,540,452

Peraton

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

10,655,704

10,657,196

Sitel

Worldwide

Corp.

,

Initial

Dollar

CME

Term

Loan

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

8/28/28

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

France

6,316,350

6,109,111

Thrasio

LLC

,

Initial

CME

Term

Loan

,

14.61

%

,

(

3-month

SOFR

+

9

%

),

12/18/26

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

United

States

2,449,749

1,139,133

52,885,093

a

a

a

a

a

a

Leisure

Products

0.1%

e

Motion

Acquisition

Ltd.

,

USD

CME

Term

Loan,

B1,

8.86%,

(3-month

SOFR

+

3.25%),

11/12/26

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

United

Kingdom

1,531,899

1,534,580

USD

CME

Term

Loan,

B2,

8.86%,

(3-month

SOFR

+

3.25%),

11/12/26

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

United

Kingdom

218,391

218,773

1,753,353

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Life

Sciences

Tools

&

Services

0.3%

e

ICON

plc

,

CME

Term

Loan,

7.86%,

(3-month

SOFR

+

2.25%),

7/03/28

....

United

States

2,961,709

$

2,968,180

U.S.

CME

Term

Loan,

7.86%,

(3-month

SOFR

+

2.25%),

7/03/28

United

States

737,912

739,524

3,707,704

a

a

a

a

a

a

e

Machinery

1.4%

ASP

Blade

Holdings,

Inc.

,

Initial

CME

Term

Loan

,

9.61

%

,

(

3-month

SOFR

+

4

%

),

10/13/28

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

United

States

8,267,581

7,269,726

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.706

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

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

United

States

5,861,534

5,826,746

TK

Elevator

Midco

GmbH

,

USD

CME

Term

Loan,

B1

,

9.081

%

,

(

6-month

SOFR

+

3.5

%

),

7/30/27

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

Germany

6,615,859

6,625,154

19,721,626

a

a

a

a

a

a

e

Media

3.9%

Cengage

Learning,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.326

%

,

(

3-month

SOFR

+

4.75

%

),

7/14/26

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

United

States

11,984,972

11,983,713

Clear

Channel

Outdoor

Holdings,

Inc.

,

CME

Term

Loan,

B

,

9.074

%

,

(

3-month

SOFR

+

3.5

%

),

8/21/26

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

United

States

330,320

327,046

g

DIRECTV

Financing

LLC

,

2024

Refinancing

CME

Term

Loan,

B

,

10.83

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

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

United

States

769,231

769,873

Gray

Television,

Inc.

,

CME

Term

Loan,

D

,

8.467

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

5,395,580

5,362,370

iHeartCommunications,

Inc.

,

New

CME

Term

Loan,

8.447%,

(1-month

SOFR

+

3%),

5/01/26

.

United

States

6,316,667

5,564,762

Second

Amendment

Incremental

CME

Term

Loan,

8.697%,

(1-month

SOFR

+

3.25%),

5/01/26

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

United

States

700,000

614,831

McGraw-Hill

Education,

Inc.

,

Initial

CME

Term

Loan

,

10.197

%

,

(

1-month

SOFR

+

4.75

%

),

7/28/28

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

United

States

8,605,760

8,571,165

g

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2023

May

Incremental

CME

Term

Loan

,

9.583

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

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

United

States

6,517,992

6,394,247

Nexstar

Media,

Inc.

,

CME

Term

Loan,

B4

,

7.951

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

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

United

States

944,699

944,930

Radiate

Holdco

LLC

,

Amendment

No.

6

CME

Term

Loan,

B

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

9/25/26

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

United

States

7,660,390

6,232,991

Univision

Communications,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

3,028,334

3,027,577

Virgin

Media

Bristol

LLC

,

CME

Term

Loan,

Q

,

8.698

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

6,355,393

6,316,149

56,109,654

a

a

a

a

a

a

Metals

&

Mining

0.1%

e

Arsenal

AIC

Parent

LLC

,

CME

Term

Loan,

B

,

9.833

%

,

(

1-month

SOFR

+

4.5

%

),

8/18/30

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

United

States

2,181,245

2,184,364

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Passenger

Airlines

1.7%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

CME

Term

Loan

,

10.329

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

......

United

States

3,446,210

$

3,536,431

Air

Canada

,

CME

Term

Loan

,

9.139

%

,

(

3-month

SOFR

+

3.5

%

),

8/11/28

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

Canada

4,443,576

4,453,640

American

Airlines,

Inc.

,

Initial

CME

Term

Loan

,

8.869

%

,

(

3-month

SOFR

+

3.5

%

),

6/04/29

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

United

States

6,000,000

6,000,630

Kestrel

Bidco,

Inc.

,

CME

Term

Loan

,

8.437

%

,

(

1-month

SOFR

+

3

%

),

12/11/26

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

Canada

4,290,320

4,289,441

United

Airlines,

Inc.

,

CME

Term

Loan,

B

,

9.201

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/28

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

United

States

6,511,487

6,532,357

24,812,499

a

a

a

a

a

a

e

Personal

Care

Products

1.3%

Conair

Holdings

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

5/17/28

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

United

States

8,788,602

8,573,281

Sunshine

Luxembourg

VII

SARL

,

CME

Term

Loan,

B3

,

8.948

%

,

(

3-month

SOFR

+

3.5

%

),

10/01/26

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

Luxembourg

10,423,147

10,441,231

19,014,512

a

a

a

a

a

a

e

Pharmaceuticals

1.4%

Grifols

Worldwide

Operations

Ltd.

,

Dollar

CME

Term

Loan,

B

,

7.538

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

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

Spain

1,994,805

1,947,269

Jazz

Pharmaceuticals

plc

,

Additional

Dollar

CME

Term

Loan,

B1

,

8.447

%

,

(

1-month

SOFR

+

3

%

),

5/05/28

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

United

States

8,944,314

8,949,903

Organon

&

Co.

,

Dollar

CME

Term

Loan

,

8.45

%

,

(

1-month

SOFR

+

3

%

),

6/02/28

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

United

States

3,857,082

3,857,699

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

7.683

%

,

(

1-month

SOFR

+

2.25

%

),

4/20/29

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

United

States

4,993,985

4,991,913

19,746,784

a

a

a

a

a

a

e

Professional

Services

0.7%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

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

United

States

2,684,056

2,563,274

CHG

Healthcare

Services,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan,

9.083%,

(1-month

SOFR

+

3.75%),

9/29/28

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

United

States

926,829

926,713

First

Lien,

Initial

CME

Term

Loan,

8.697%,

(1-month

SOFR

+

3.25%),

9/29/28

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

United

States

2,835,991

2,830,475

Dun

&

Bradstreet

Corp.

(The)

,

2022

Incremental

CME

Term

Loan,

B2

,

8.074

%

,

(

1-month

SOFR

+

2.75

%

),

1/18/29

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

United

States

3,806,700

3,810,031

10,130,493

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.3%

e

Cushman

&

Wakefield

US

Borrower

LLC

,

2023-1

Refinancing

CME

Term

Loan,

8.683%,

(1-month

SOFR

+

3.25%),

1/31/30

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

United

States

2,587,000

2,569,758

2023-2

Refinancing

CME

Term

Loan,

9.333%,

(1-month

SOFR

+

4%),

1/31/30

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

United

States

626,852

624,501

Greystar

Real

Estate

Partners

LLC

,

e

CME

Term

Loan,

9.125%,

(3-month

SOFR

+

3.75%),

8/21/30

...

United

States

787,915

789,392

g,h

Incremental

CME

Term

Loan,

B,

TBD,

1/01/38

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

United

States

525,000

525,000

4,508,651

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.4%

e

MKS

Instruments,

Inc.

,

2023-1

Dollar

CME

Term

Loan,

B

,

7.848

%

,

(

1-month

SOFR

+

2.5

%

),

8/17/29

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

United

States

5,773,265

5,751,038

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)

Software

9.2%

e

Central

Parent

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

7/06/29

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

United

States

7,925,256

$

7,950,022

e

Cloud

Software

Group,

Inc.

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.948

%

,

(

3-month

SOFR

+

4.5

%

),

3/30/29

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

United

States

4,309,102

4,235,050

e

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

10/08/28

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

United

States

5,957,509

5,883,040

e

ConnectWise

LLC

,

Initial

CME

Term

Loan

,

8.97

%

,

(

1-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

3,183,756

3,184,950

e

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.22

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

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

United

States

2,219,521

2,162,657

e

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.333

%

,

(

1-month

SOFR

+

4

%

),

10/16/26

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

United

States

4,852,671

4,831,464

e

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.36

%

,

(

3-month

SOFR

+

3.75

%

),

11/09/27

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

United

States

6,423,164

6,421,815

e

Epicor

Software

Corp.

,

CME

Term

Loan,

C

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

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

United

States

9,400,817

9,417,973

e

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

CME

Term

Loan

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

12/01/27

........

United

States

11,226,741

11,251,327

e

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.277

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

4,933,156

4,922,352

e

IGT

Holding

IV

AB

,

CME

Term

Loan,

B2

,

8.972

%

,

(

3-month

SOFR

+

4.75

%

),

3/31/28

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

Sweden

3,468,490

3,468,490

e

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

CME

Term

Loan,

9.839%,

(3-month

SOFR

+

4.25%),

12/01/27

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

United

States

3,503,559

3,348,089

First

Lien,

First

Amendment

CME

Term

Loan,

9.591%,

(3-month

SOFR

+

4%),

12/01/27

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

United

States

297,980

283,453

e

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.203

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

9,437,002

9,370,943

e

Mitchell

International,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

9.4%,

(3-month

SOFR

+

3.75%),

10/15/28

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

United

States

4,337,756

4,312,987

Second

Lien,

Initial

CME

Term

Loan,

12.15%,

(3-month

SOFR

+

6.5%),

10/15/29

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

United

States

428,571

428,143

e

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.574

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

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

United

States

9,758,942

9,539,365

e

Precisely

Software,

Inc.

,

First

Lien,

Third

Amendment

CME

Term

Loan

,

9.586

%

,

(

3-month

SOFR

+

4

%

),

4/24/28

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

United

States

2,910,753

2,878,924

e

Project

Alpha

Intermediate

Holding,

Inc.

,

Initial

CME

Term

Loan

,

10.063

%

,

(

3-month

SOFR

+

4.75

%

),

10/28/30

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

United

States

5,500,000

5,518,343

e,g

Project

Boost

Purchaser

LLC

,

2021

CME

Term

Loan,

2

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/26

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

United

States

4,026,087

4,032,388

g,h

Project

Ruby

Ultimate

Parent

Corp.

,

Incremental

CME

Term

Loan

,

TBD,

3/10/28

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

United

States

1,552,239

1,548,358

e

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.713

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

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

United

States

4,350,086

3,452,272

e

Rocket

Software,

Inc.

,

Extended

Dollar

CME

Term

Loan

,

10.083

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

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

United

States

2,733,617

2,702,372

e

Severin

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.563

%

,

(

3-month

SOFR

+

3.25

%

),

8/01/27

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

United

States

769,231

771,058

e

Sophos

Holdings

SARL

,

First

Lien,

Dollar

CME

Term

Loan

,

8.948

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

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

Luxembourg

4,987,088

4,991,926

e

Sovos

Compliance

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.947

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

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

United

States

6,091,964

6,005,550

e

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

CME

Term

Loan,

8.68%,

(3-month

SOFR

+

3.25%),

5/04/26

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

United

States

4,648,520

4,655,771

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)

Software

(continued)

e

UKG,

Inc.,

(continued)

First

Lien,

Initial

CME

Term

Loan,

9.163%,

(3-month

SOFR

+

3.75%),

5/04/26

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

United

States

5,178,283

$

5,186,776

132,755,858

a

a

a

a

a

a

Specialty

Retail

4.3%

Evergreen

AcqCo

1

LP

,

g,h

CME

Term

Loan,

B,

TBD,

4/26/28

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

United

States

350,000

351,794

e

Initial

CME

Term

Loan,

10.86%,

(3-month

SOFR

+

5.25%),

4/26/28

United

States

3,459,022

3,476,750

e

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.437

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

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

United

States

16,422,818

13,138,254

e

Great

Outdoors

Group

LLC

,

CME

Term

Loan,

B2

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

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

United

States

4,720,053

4,716,017

e

Michaels

Cos.,

Inc.

(The)

,

CME

Term

Loan,

B

,

9.86

%

,

(

3-month

SOFR

+

4.25

%

),

4/15/28

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

United

States

5,605,956

4,624,913

e

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.843

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

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

United

States

1,180,087

1,149,110

e,g

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.86

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

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

United

States

5,920,028

5,572,907

e

PetSmart

LLC

,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

2/11/28

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

United

States

2,291,043

2,283,655

e

RealTruck

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

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

United

States

8,439,768

8,323,173

e

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

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

United

States

2,121,516

2,055,749

e

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1,

10.467%,

(1-month

USD

LIBOR

+

5%),

4/16/26

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

United

States

4,988,924

4,724,087

2019

Refinancing

New

Term

Loan,

B2,

9.967%,

(1-month

USD

Synthetic

LIBOR

+

4.5%),

9/12/24

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

United

States

4,935,141

4,936,029

e

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

2,903,250

2,904,077

e

Woof

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.36

%

,

(

3-month

SOFR

+

3.75

%

),

12/21/27

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

United

States

5,169,528

4,229,760

62,486,275

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.3%

e

Magenta

Buyer

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

10.645

%

,

(

3-month

SOFR

+

5

%

),

7/27/28

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

United

States

6,751,595

4,439,207

e

Textiles,

Apparel

&

Luxury

Goods

0.8%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

11.11

%

,

(

3-month

SOFR

+

5.5

%

),

12/19/25

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

United

States

4,566,008

4,589,796

Hanesbrands,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

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

United

States

5,685,678

5,664,357

Tory

Burch

LLC

,

Initial

CME

Term

Loan,

B

,

8.72

%

,

(

1-month

SOFR

+

3.25

%

),

4/16/28

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

United

States

1,488,300

1,479,929

11,734,082

a

a

a

a

a

a

e

Transportation

Infrastructure

1.3%

First

Student

Bidco,

Inc.

,

Incremental

CME

Term

Loan,

B,

9.448%,

(3-month

SOFR

+

4%),

7/21/28

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

United

States

2,967,106

2,965,770

Initial

CME

Term

Loan,

B,

8.61%,

(3-month

SOFR

+

3%),

7/21/28

United

States

4,365,579

4,320,570

Initial

CME

Term

Loan,

C,

8.61%,

(3-month

SOFR

+

3%),

7/21/28

United

States

1,324,065

1,310,414

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Transportation

Infrastructure

(continued)

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.396

%

,

(

6-month

SOFR

+

4.5

%

),

5/07/28

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

United

States

11,042,373

$

10,095,931

18,692,685

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.3%

g,h

Crown

Subsea

Communications

Holding,

Inc.

,

CME

Term

Loan,

B

,

TBD,

1/26/31

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

United

States

3,870,968

3,880,645

Total

Senior

Floating

Rate

Interests

(Cost

$1,166,039,227)

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

1,142,717,310

Asset-Backed

Securities

0.6%

Financial

Services

0.6%

d,e

Alinea

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

7.479

%

,

(

3-month

SOFR

+

2.162

%

),

7/20/31

.

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

United

States

7,000,000

7,012,908

d,e

Dryden

40

Senior

Loan

Fund

,

2015-40A

,

CR

,

144A,

FRN

,

7.741

%

,

(

3-month

SOFR

+

2.362

%

),

8/15/31

.

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

United

States

2,000,000

1,995,587

d,e

Galaxy

XXV

CLO

Ltd.

,

2018-25A

,

C

,

144A,

FRN

,

7.586

%

,

(

3-month

SOFR

+

2.262

%

),

10/25/31

.

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

United

States

500,000

500,332

9,508,827

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$9,500,000)

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

9,508,827

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

—

a,b,c

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

......

Australia

11,563,612

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$1,347,534,342)

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

1,344,925,356

a

Short

Term

Investments

9.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

5.0%

j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

....

United

States

72,431,995

72,431,995

Total

Money

Market

Funds

(Cost

$72,431,995)

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

72,431,995

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

See

Abbreviations

on

page

271

.

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

l

Repurchase

Agreements

4.2%

l

Joint

Repurchase

Agreement,

5.258%,

2/01/24

(Maturity

Value

$61,057,534)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$7,597,999)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$20,028,703)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$33,430,832)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

11/20/38

-

10/20/53;

U.S.

Treasury

Bonds,

5.5%

-

7.5%,

11/15/24

-

8/15/28;

and

U.S.

Treasury

Notes,

3.63%,

5/15/26

(valued

at

$62,280,653)

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

61,048,618

$

61,048,618

Total

Repurchase

Agreements

(Cost

$61,048,618)

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

61,048,618

Total

Short

Term

Investments

(Cost

$133,480,613

)

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

133,480,613

a

Total

Investments

(Cost

$1,481,014,955)

102.1%

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

$1,478,405,969

Other

Assets,

less

Liabilities

(2.1)%

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

(31,242,606)

Net

Assets

100.0%

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

$1,447,163,363

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

5

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$85,604,882,

representing

5.9%

of

net

assets.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

i

See

Note

4

regarding

unfunded

loan

commitments.

j

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

l

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2024,

all

repurchase

agreements

had

been

entered

into

on

January

31,

2024.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Long

Duration

Credit

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

93.1%

Aerospace

&

Defense

2.6%

Boeing

Co.

(The)

,

Senior

Bond,

3.6%,

5/01/34

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

United

States

150,000

$

129,671

Senior

Bond,

3.75%,

2/01/50

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

United

States

970,000

725,169

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

5.95

%

,

2/01/37

.........

United

States

100,000

103,100

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07

%

,

12/15/42

.........

United

States

890,000

794,389

Northrop

Grumman

Corp.

,

Senior

Bond,

4.03%,

10/15/47

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

United

States

100,000

84,711

Senior

Bond,

4.95%,

3/15/53

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

United

States

270,000

262,614

2,099,654

Automobile

Components

0.4%

Aptiv

plc

,

Senior

Bond

,

3.1

%

,

12/01/51

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

United

States

440,000

287,112

Banks

5.0%

Bank

of

America

Corp.

,

Senior

Bond,

3.974%

to

2/06/29,

FRN

thereafter,

2/07/30

.....

United

States

370,000

353,224

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

.....

United

States

100,000

101,874

Senior

Bond,

2.676%

to

6/18/40,

FRN

thereafter,

6/19/41

.....

United

States

1,615,000

1,166,375

a

HSBC

Holdings

plc

,

Senior

Bond

,

FRN

,

6.332

%

,

(

SOFR

+

2.65

%

),

3/09/44

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

United

Kingdom

200,000

216,530

JPMorgan

Chase

&

Co.

,

Senior

Bond,

5.336%

to

1/22/34,

FRN

thereafter,

1/23/35

.....

United

States

120,000

121,998

Senior

Bond,

3.109%

to

4/21/40,

FRN

thereafter,

4/22/41

.....

United

States

380,000

296,874

Senior

Bond,

2.525%

to

11/18/40,

FRN

thereafter,

11/19/41

....

United

States

425,000

303,502

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.676%

to

1/21/34,

FRN

thereafter

,

1/22/35

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

United

States

80,000

82,129

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

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

United

States

125,000

121,755

US

Bancorp

,

Senior

Bond

,

5.678%

to

1/22/34,

FRN

thereafter

,

1/23/35

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

United

States

100,000

102,363

Wells

Fargo

&

Co.

,

Senior

Bond,

3.068%

to

4/29/40,

FRN

thereafter,

4/30/41

.....

United

States

345,000

261,858

Senior

Bond,

3.9%,

5/01/45

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

United

States

365,000

305,241

Senior

Bond,

4.611%

to

4/24/52,

FRN

thereafter,

4/25/53

.....

United

States

660,000

591,924

4,025,647

Beverages

2.4%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9

%

,

2/01/46

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

Belgium

1,475,000

1,435,086

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.375

%

,

4/15/38

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

Belgium

395,000

376,064

PepsiCo,

Inc.

,

Senior

Bond

,

4.2

%

,

7/18/52

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

United

States

160,000

144,042

1,955,192

Biotechnology

3.1%

AbbVie,

Inc.

,

Senior

Bond

,

4.45

%

,

5/14/46

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

United

States

460,000

421,473

Amgen,

Inc.

,

Senior

Bond,

3.15%,

2/21/40

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

United

States

265,000

206,387

Senior

Bond,

5.6%,

3/02/43

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

United

States

455,000

468,458

Senior

Bond,

5.65%,

3/02/53

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

United

States

660,000

680,533

b

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75

%

,

4/27/52

..........

Australia

390,000

366,875

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8

%

,

9/15/50

...

United

States

530,000

343,729

2,487,455

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Broadline

Retail

1.5%

Amazon.com,

Inc.

,

Senior

Bond

,

2.875

%

,

5/12/41

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

United

States

1,590,000

$

1,235,747

Capital

Markets

4.2%

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

3.102%

to

2/23/32,

FRN

thereafter,

2/24/33

.....

United

States

215,000

185,171

Senior

Bond,

2.908%

to

7/20/41,

FRN

thereafter,

7/21/42

.....

United

States

310,000

229,401

Jefferies

Financial

Group,

Inc.

,

Senior

Bond

,

2.625

%

,

10/15/31

...

United

States

365,000

303,559

Moody's

Corp.

,

Senior

Bond

,

2.75

%

,

8/19/41

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

United

States

110,000

80,057

Morgan

Stanley

,

Senior

Bond,

1.794%

to

2/12/31,

FRN

thereafter,

2/13/32

.....

United

States

395,000

317,275

Senior

Bond,

5.466%

to

1/17/34,

FRN

thereafter,

1/18/35

.....

United

States

60,000

61,254

a

Senior

Bond,

FRN,

3.971%,

7/22/38

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

United

States

875,000

768,435

Nasdaq,

Inc.

,

Senior

Bond

,

5.95

%

,

8/15/53

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

United

States

345,000

368,987

S&P

Global,

Inc.

,

WI

,

Senior

Bond

,

3.9

%

,

3/01/62

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

United

States

165,000

134,168

a,b

UBS

Group

AG

,

Senior

Bond

,

144A,

FRN

,

2.746

%

,

(

1-year

CMT

T-Note

+

1.1

%

),

2/11/33

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

Switzerland

1,150,000

943,293

3,391,600

Chemicals

0.3%

Albemarle

Corp.

,

Senior

Bond

,

5.65

%

,

6/01/52

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

United

States

40,000

37,305

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.419

%

,

11/15/48

.......

United

States

195,000

195,516

232,821

Communications

Equipment

0.5%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5

%

,

9/01/44

...........

United

States

405,000

400,856

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

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

Ireland

430,000

368,713

Consumer

Staples

Distribution

&

Retail

1.3%

Dollar

Tree,

Inc.

,

Senior

Bond

,

3.375

%

,

12/01/51

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

United

States

245,000

167,509

Sysco

Corp.

,

Senior

Bond

,

3.3

%

,

2/15/50

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

United

States

195,000

143,148

Target

Corp.

,

Senior

Bond

,

4.8

%

,

1/15/53

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

United

States

195,000

188,944

Walmart,

Inc.

,

Senior

Bond,

2.65%,

9/22/51

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

United

States

300,000

204,327

Senior

Bond,

4.5%,

4/15/53

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

United

States

370,000

351,642

1,055,570

Diversified

Consumer

Services

2.0%

Leland

Stanford

Junior

University

(The)

,

3.647

%

,

5/01/48

.......

United

States

895,000

757,703

Massachusetts

Institute

of

Technology

,

G

,

2.294

%

,

7/01/51

......

United

States

395,000

251,953

President

and

Fellows

of

Harvard

College

,

3.745

%

,

11/15/52

.....

United

States

450,000

382,887

University

of

Miami

,

2022

,

Senior

Bond

,

4.063

%

,

4/01/52

.......

United

States

240,000

204,356

1,596,899

Diversified

REITs

0.8%

Simon

Property

Group

LP

,

Senior

Bond,

4.75%,

3/15/42

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

United

States

225,000

205,671

Senior

Bond,

4.25%,

11/30/46

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

United

States

290,000

245,205

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

REITs

(continued)

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/30

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

United

States

230,000

$

209,486

660,362

Diversified

Telecommunication

Services

4.4%

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

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

United

States

475,000

385,528

Senior

Bond,

5.4%,

2/15/34

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

United

States

385,000

395,084

Senior

Bond,

3.5%,

6/01/41

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

United

States

370,000

294,149

Senior

Bond,

4.35%,

6/15/45

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

United

States

320,000

277,191

Senior

Bond,

4.75%,

5/15/46

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

United

States

780,000

706,567

Verizon

Communications,

Inc.

,

Senior

Bond,

2.65%,

11/20/40

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

United

States

1,190,000

850,340

Senior

Note,

2.355%,

3/15/32

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

United

States

695,000

577,391

3,486,250

Electric

Utilities

9.7%

Alabama

Power

Co.

,

Senior

Bond

,

4.15

%

,

8/15/44

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

United

States

375,000

322,519

Appalachian

Power

Co.

,

Senior

Bond

,

7

%

,

4/01/38

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

United

States

175,000

203,925

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

6/01/52

....

United

States

225,000

202,344

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.85

%

,

3/15/52

.......

United

States

265,000

210,721

DTE

Electric

Co.

,

B

,

Senior

Bond

,

3.65

%

,

3/01/52

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

United

States

245,000

190,588

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95

%

,

3/15/48

......

United

States

915,000

744,595

Duke

Energy

Corp.

,

Senior

Bond

,

3.5

%

,

6/15/51

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

United

States

450,000

325,800

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4

%

,

10/01/46

........

United

States

380,000

283,254

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15

%

,

12/01/44

......

United

States

240,000

203,681

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1

%

,

6/15/41

...........

United

States

230,000

173,767

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05

%

,

6/01/42

........

United

States

825,000

721,819

Georgia

Power

Co.

,

Senior

Bond

,

5.125

%

,

5/15/52

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

United

States

335,000

330,847

MidAmerican

Energy

Co.

,

Senior

Bond,

3.15%,

4/15/50

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

United

States

825,000

586,923

Senior

Bond,

5.85%,

9/15/54

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

United

States

140,000

153,178

Northern

States

Power

Co.

,

Senior

Bond

,

2.6

%

,

6/01/51

........

United

States

515,000

330,478

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.75

%

,

2/15/44

......

United

States

120,000

102,694

PacifiCorp

,

Senior

Bond

,

5.8

%

,

1/15/55

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

United

States

320,000

321,073

PECO

Energy

Co.

,

Senior

Bond

,

4.8

%

,

10/15/43

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

United

States

215,000

198,752

PG&E

Wildfire

Recovery

Funding

LLC

,

A-5

,

Senior

Secured

Bond

,

5.099

%

,

6/01/52

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

United

States

640,000

637,854

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95

%

,

6/01/47

........

United

States

245,000

203,582

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8

%

,

6/15/47

.....

United

States

310,000

244,170

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond,

5.45%,

8/01/53

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

United

States

185,000

194,228

Senior

Secured

Bond,

3%,

3/01/51

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

United

States

310,000

218,130

Southern

California

Edison

Co.

,

Senior

Bond

,

4

%

,

4/01/47

.......

United

States

310,000

252,319

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45

%

,

2/15/44

....

United

States

515,000

457,505

7,814,746

Entertainment

1.7%

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8

%

,

5/13/60

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

United

States

215,000

169,970

Warnermedia

Holdings,

Inc.

,

Senior

Bond,

5.05%,

3/15/42

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

United

States

865,000

767,334

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)

Entertainment

(continued)

Warnermedia

Holdings,

Inc.,

(continued)

Senior

Bond,

5.391%,

3/15/62

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

United

States

470,000

$

404,844

1,342,148

Financial

Services

2.4%

Fiserv,

Inc.

,

Senior

Bond

,

4.4

%

,

7/01/49

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

United

States

430,000

374,762

Global

Payments,

Inc.

,

Senior

Bond

,

5.95

%

,

8/15/52

...........

United

States

325,000

331,413

Mastercard,

Inc.

,

Senior

Bond

,

3.65

%

,

6/01/49

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

United

States

200,000

165,589

Shell

International

Finance

BV

,

Senior

Bond

,

3

%

,

11/26/51

......

Netherlands

310,000

216,037

b

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875

%

,

3/11/41

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

Germany

715,000

553,651

Visa,

Inc.

,

Senior

Bond

,

4.3

%

,

12/14/45

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

United

States

320,000

294,734

1,936,186

Food

Products

1.8%

b

Cargill,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

4/22/52

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

United

States

230,000

205,697

Conagra

Brands,

Inc.

,

Senior

Bond

,

5.4

%

,

11/01/48

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

United

States

255,000

243,465

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Bond,

4.375%,

2/02/52

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

United

States

395,000

294,050

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

4.375

%

,

6/01/46

..........

United

States

125,000

108,249

b

Mars,

Inc.

,

Senior

Bond,

144A,

3.95%,

4/01/49

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

United

States

75,000

61,884

Senior

Bond,

144A,

4.125%,

4/01/54

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

United

States

180,000

151,089

b

Nestle

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.7

%

,

1/15/53

........

United

States

365,000

359,123

1,423,557

Gas

Utilities

0.5%

Southern

California

Gas

Co.

,

Senior

Bond

,

6.35

%

,

11/15/52

.....

United

States

340,000

384,678

Ground

Transportation

2.3%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75

%

,

5/01/40

..

United

States

1,205,000

1,299,576

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

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

United

States

125,000

113,990

Union

Pacific

Corp.

,

Senior

Bond

,

3.5

%

,

2/14/53

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

United

States

550,000

428,090

1,841,656

Health

Care

Equipment

&

Supplies

0.8%

Baxter

International,

Inc.

,

Senior

Bond

,

3.132

%

,

12/01/51

.......

United

States

365,000

245,128

Medtronic,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/45

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

United

States

405,000

388,372

633,500

Health

Care

Providers

&

Services

6.0%

Ascension

Health

,

Senior

Bond,

3.945%,

11/15/46

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

United

States

215,000

183,063

B,

Senior

Bond,

3.106%,

11/15/39

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

United

States

260,000

205,670

Cigna

Group

(The)

,

Senior

Bond

,

4.9

%

,

12/15/48

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

United

States

150,000

139,808

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187

%

,

10/01/49

...

United

States

250,000

207,426

CVS

Health

Corp.

,

Senior

Bond,

4.78%,

3/25/38

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

United

States

270,000

253,441

Senior

Bond,

5.125%,

7/20/45

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

United

States

705,000

661,538

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

...........

United

States

845,000

782,032

HCA,

Inc.

,

Senior

Bond,

5.9%,

6/01/53

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

United

States

385,000

392,119

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)

Health

Care

Providers

&

Services

(continued)

HCA,

Inc.,

(continued)

WI,

Senior

Bond,

4.625%,

3/15/52

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

United

States

365,000

$

309,938

Kaiser

Foundation

Hospitals

,

2021

,

3.002

%

,

6/01/51

...........

United

States

650,000

458,062

Sutter

Health

,

5.547

%

,

8/15/53

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

United

States

125,000

131,809

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

6.05

%

,

2/15/63

.........

United

States

690,000

788,240

UPMC

,

Secured

Bond

,

5.377

%

,

5/15/43

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

United

States

290,000

294,215

4,807,361

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5

%

,

10/01/53

United

States

335,000

375,338

Insurance

4.4%

American

International

Group,

Inc.

,

Senior

Bond,

4.5%,

7/16/44

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

United

States

210,000

191,603

Senior

Bond,

4.8%,

7/10/45

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

United

States

200,000

191,004

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635

%

,

6/30/50

.........

United

States

215,000

165,215

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144

%

,

11/01/43

.....

United

States

245,000

233,421

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.05

%

,

3/09/52

.........

United

States

745,000

486,892

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

3.85

%

,

3/15/52

.

United

States

515,000

426,514

Brown

&

Brown,

Inc.

,

Senior

Bond

,

4.95

%

,

3/17/52

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

United

States

415,000

370,681

Chubb

INA

Holdings,

Inc.

,

Senior

Bond

,

3.05

%

,

12/15/61

........

United

States

185,000

128,805

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond,

4.9%,

3/15/49

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

United

States

160,000

153,376

Senior

Bond,

5.45%,

3/15/53

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

United

States

160,000

166,344

b

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45

%

,

3/30/51

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

United

States

475,000

349,459

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125

%

,

4/15/47

........

United

States

400,000

352,453

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

5/30/47

...........

United

States

380,000

328,611

3,544,378

Interactive

Media

&

Services

0.7%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75

%

,

5/15/63

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

United

States

480,000

521,000

IT

Services

0.4%

c

IBM

International

Capital

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

2/05/54

...

United

States

350,000

351,641

Life

Sciences

Tools

&

Services

0.5%

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404

%

,

8/10/43

.....

United

States

385,000

403,158

Machinery

0.2%

Deere

&

Co.

,

Senior

Bond

,

3.75

%

,

4/15/50

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

United

States

150,000

128,061

Media

4.1%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond,

5.375%,

4/01/38

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

United

States

820,000

744,087

Senior

Secured

Bond,

3.5%,

6/01/41

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

United

States

200,000

139,739

Senior

Secured

Bond,

3.5%,

3/01/42

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

United

States

630,000

433,440

Comcast

Corp.

,

Senior

Bond,

3.4%,

7/15/46

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

United

States

280,000

214,972

Senior

Bond,

3.969%,

11/01/47

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

United

States

270,000

223,636

Senior

Bond,

2.887%,

11/01/51

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

United

States

1,090,000

722,257

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

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

United

States

595,000

583,103

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)

Media

(continued)

Paramount

Global

,

Senior

Bond

,

5.85

%

,

9/01/43

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

United

States

230,000

$

204,608

3,265,842

Metals

&

Mining

0.6%

BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.5

%

,

9/08/53

......

Australia

235,000

249,636

Freeport-McMoRan,

Inc.

,

Senior

Note

,

4.25

%

,

3/01/30

.........

United

States

255,000

239,616

489,252

Multi-Utilities

1.6%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45

%

,

3/15/44

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

United

States

510,000

455,522

Consumers

Energy

Co.

,

Senior

Bond

,

4.35

%

,

4/15/49

..........

United

States

330,000

294,998

Dominion

Energy,

Inc.

,

B

,

Senior

Bond

,

4.85

%

,

8/15/52

.........

United

States

565,000

510,372

1,260,892

Office

REITs

0.7%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

3.55

%

,

3/15/52

United

States

725,000

522,341

Oil,

Gas

&

Consumable

Fuels

8.0%

b

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1

%

,

7/15/31

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

Norway

600,000

514,784

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06

%

,

6/17/41

...

United

States

645,000

494,929

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

5.85

%

,

2/01/35

..

Canada

310,000

315,784

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

......

United

States

385,000

367,598

ConocoPhillips

Co.

,

Senior

Bond,

3.8%,

3/15/52

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

United

States

605,000

479,105

Senior

Bond,

5.55%,

3/15/54

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

United

States

85,000

88,885

Diamondback

Energy,

Inc.

,

Senior

Bond

,

4.4

%

,

3/24/51

.........

United

States

280,000

231,000

Energy

Transfer

LP

,

Senior

Bond,

5.15%,

3/15/45

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

United

States

815,000

748,768

Senior

Bond,

6%,

6/15/48

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

United

States

460,000

463,552

Enterprise

Products

Operating

LLC

,

Senior

Bond,

4.9%,

5/15/46

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

United

States

165,000

157,993

Senior

Bond,

3.7%,

1/31/51

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

United

States

180,000

141,761

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

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

United

States

565,000

436,132

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25

%

,

2/15/30

United

States

390,000

359,081

Targa

Resources

Corp.

,

Senior

Bond

,

4.95

%

,

4/15/52

..........

United

States

130,000

113,496

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4

%

,

1/15/32

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

United

States

540,000

487,148

b

Var

Energi

ASA

,

Senior

Bond

,

144A,

8

%

,

11/15/32

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

Norway

595,000

670,848

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1

%

,

9/15/45

..........

United

States

400,000

381,102

6,451,966

Passenger

Airlines

0.6%

b

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

480,000

472,952

Personal

Care

Products

0.6%

Haleon

US

Capital

LLC

,

Senior

Bond

,

4

%

,

3/24/52

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

United

States

250,000

210,347

Kenvue,

Inc.

,

WI

,

Senior

Bond

,

5.05

%

,

3/22/53

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

United

States

275,000

277,609

487,956

Pharmaceuticals

4.4%

b

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.875

%

,

6/25/48

...

Germany

565,000

465,320

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

(continued)

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

3.7

%

,

3/15/52

..........

United

States

145,000

$

112,805

Eli

Lilly

&

Co.

,

Senior

Bond

,

4.95

%

,

2/27/63

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

United

States

380,000

385,656

Merck

&

Co.,

Inc.

,

Senior

Bond

,

2.75

%

,

12/10/51

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

United

States

280,000

188,109

Novartis

Capital

Corp.

,

Senior

Bond

,

2.75

%

,

8/14/50

...........

Switzerland

345,000

240,303

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

5/19/53

United

States

1,090,000

1,109,085

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607

%

,

12/13/51

.....

United

States

695,000

456,989

Royalty

Pharma

plc

,

Senior

Bond

,

3.35

%

,

9/02/51

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

United

States

825,000

556,283

3,514,550

Semiconductors

&

Semiconductor

Equipment

0.3%

Analog

Devices,

Inc.

,

Senior

Bond

,

2.95

%

,

10/01/51

...........

United

States

360,000

250,961

Software

3.6%

Intuit,

Inc.

,

Senior

Bond

,

5.5

%

,

9/15/53

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

United

States

330,000

352,371

Microsoft

Corp.

,

Senior

Bond

,

2.921

%

,

3/17/52

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

United

States

1,080,000

775,914

Oracle

Corp.

,

Senior

Bond,

3.8%,

11/15/37

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

United

States

450,000

384,364

Senior

Bond,

3.6%,

4/01/40

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

United

States

945,000

756,319

Senior

Bond,

4%,

7/15/46

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

United

States

340,000

274,553

Salesforce,

Inc.

,

Senior

Bond

,

2.9

%

,

7/15/51

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

United

States

525,000

364,235

2,907,756

Specialty

Retail

0.8%

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

3.625

%

,

4/15/52

.........

United

States

410,000

324,631

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5.75

%

,

7/01/53

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

United

States

325,000

344,068

668,699

Technology

Hardware,

Storage

&

Peripherals

1.9%

Apple,

Inc.

,

Senior

Bond

,

3.85

%

,

5/04/43

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

United

States

1,745,000

1,545,112

Textiles,

Apparel

&

Luxury

Goods

0.3%

NIKE,

Inc.

,

Senior

Bond

,

3.375

%

,

3/27/50

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

United

States

280,000

220,741

Tobacco

2.2%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

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

United

States

660,000

540,061

BAT

Capital

Corp.

,

Senior

Bond

,

7.079

%

,

8/02/43

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

United

Kingdom

185,000

196,476

b

JT

International

Financial

Services

BV

,

Senior

Bond

,

144A,

6.875

%

,

10/24/32

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

Japan

520,000

579,881

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875

%

,

8/21/42

....

United

States

590,000

485,284

1,801,702

Water

Utilities

0.4%

American

Water

Capital

Corp.

,

Senior

Bond

,

3.45

%

,

5/01/50

.....

United

States

425,000

324,054

Wireless

Telecommunication

Services

2.1%

T-Mobile

USA,

Inc.

,

Senior

Bond,

3%,

2/15/41

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

United

States

420,000

314,053

Senior

Bond,

3.4%,

10/15/52

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

United

States

815,000

585,964

Vodafone

Group

plc

,

Senior

Bond,

6.15%,

2/27/37

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

United

Kingdom

645,000

697,656

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)

Wireless

Telecommunication

Services

(continued)

Vodafone

Group

plc,

(continued)

Senior

Bond,

4.375%,

2/19/43

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

United

Kingdom

100,000

$

87,386

1,685,059

Total

Corporate

Bonds

(Cost

$68,382,159)

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

74,661,121

Foreign

Government

and

Agency

Securities

2.9%

b

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375

%

,

8/20/50

United

States

200,000

135,500

Mexico

Government

Bond

,

Senior

Bond,

4.75%,

3/08/44

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

Mexico

370,000

313,130

Senior

Bond,

6.338%,

5/04/53

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

Mexico

945,000

944,342

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/29/47

......

Philippines

210,000

179,497

b

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

1/18/53

.

Saudi

Arabia

565,000

502,686

Uruguay

Government

Bond

,

Senior

Bond

,

5.1

%

,

6/18/50

........

Uruguay

240,000

234,143

Total

Foreign

Government

and

Agency

Securities

(Cost

$2,184,656)

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

2,309,298

U.S.

Government

and

Agency

Securities

1.8%

U.S.

Treasury

Bonds

,

4.75%,

11/15/43

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

United

States

290,000

307,083

Strip,

11/15/44

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

United

States

720,000

292,700

3.625%,

5/15/53

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

United

States

970,000

871,863

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,431,956)

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

1,471,646

Municipal

Bonds

1.1%

California

0.8%

Los

Angeles

Unified

School

District

,

GO

,

2009

KRY

,

5.75

%

,

7/01/34

United

States

620,000

660,426

Texas

0.3%

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507

%

,

11/01/51

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

United

States

245,000

228,840

Total

Municipal

Bonds

(Cost

$838,467)

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

889,266

Total

Long

Term

Investments

(Cost

$72,837,238)

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

79,331,331

a

Short

Term

Investments

0.4%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.4%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

....

United

States

347,085

347,085

Total

Money

Market

Funds

(Cost

$347,085)

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

347,085

Total

Short

Term

Investments

(Cost

$347,085

)

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

347,085

a

Total

Investments

(Cost

$73,184,323)

99.3%

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

$79,678,416

Other

Assets,

less

Liabilities

0.7%

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

524,471

Net

Assets

100.0%

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

$80,202,887

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.

34

See

Abbreviations

on

page

271

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

The

coupon

rate

shown

represents

the

rate

at

period

end.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$7,358,598,

representing

9.2%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

,

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.8%

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

4,548

Machinery

0.0%

†

b

UTEX

Industries,

Inc.

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

United

States

9,228

582,901

Oil,

Gas

&

Consumable

Fuels

0.8%

Quarternorth

Energy

Holding,

Inc.

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

United

States

99,347

16,702,714

Specialty

Retail

0.0%

a

Party

City

Holdco,

Inc.

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

United

States

23

—

Total

Common

Stocks

(Cost

$10,351,029)

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

17,290,163

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

59,023

885

b

Total

Preferred

Stocks

(Cost

$885)

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

885

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.,

2/20/49

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

United

States

791

573

Total

Warrants

(Cost

$699)

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

573

Principal

Amount

*

Corporate

Bonds

37.5%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

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

United

States

10,400,000

9,797,587

General

Dynamics

Corp.

,

Senior

Note

,

3.25

%

,

4/01/25

.........

United

States

4,000,000

3,925,441

d

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

....

United

States

1,500,000

1,491,013

15,214,041

Air

Freight

&

Logistics

0.1%

d

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

1,700,000

1,656,538

Automobile

Components

0.1%

d

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

4.75

%

,

10/01/27

..

United

States

2,200,000

2,117,912

Automobiles

0.3%

d

Mercedes-Benz

Finance

North

America

LLC

,

Senior

Note

,

144A,

4.95

%

,

3/30/25

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

Germany

7,100,000

7,104,577

Banks

11.0%

d,e

ABN

AMRO

Bank

NV

,

Senior

Note

,

144A,

FRN

,

6.339

%

,

(

1-year

CMT

T-Note

+

1.65

%

),

9/18/27

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

Netherlands

1,800,000

1,841,367

Bank

of

America

Corp.

,

Senior

Note,

2.015%

to

2/12/25,

FRN

thereafter,

2/13/26

......

United

States

3,500,000

3,376,425

Senior

Note,

3.384%

to

4/01/25,

FRN

thereafter,

4/02/26

......

United

States

8,300,000

8,115,553

Senior

Note,

4.376%

to

4/26/27,

FRN

thereafter,

4/27/28

......

United

States

8,000,000

7,847,247

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Bank

of

Montreal

,

H

,

Senior

Note

,

4.25

%

,

9/14/24

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

Canada

9,850,000

$

9,771,819

Bank

of

Nova

Scotia

(The)

,

Senior

Note

,

2.951

%

,

3/11/27

.......

Canada

7,000,000

6,646,660

d

BNP

Paribas

SA

,

Senior

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

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

France

5,700,000

5,577,867

d

BPCE

SA

,

Senior

Note

,

144A,

2.375

%

,

1/14/25

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

France

7,000,000

6,792,707

Citigroup,

Inc.

,

Senior

Note,

3.29%

to

3/16/25,

FRN

thereafter,

3/17/26

.......

United

States

8,200,000

8,017,678

Senior

Note,

3.106%

to

4/07/25,

FRN

thereafter,

4/08/26

......

United

States

6,500,000

6,338,869

Sub.

Bond,

4.6%,

3/09/26

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

United

States

2,600,000

2,580,129

HSBC

Holdings

plc

,

Senior

Bond,

4.3%,

3/08/26

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

United

Kingdom

800,000

788,200

Senior

Note,

4.18%

to

12/08/24,

FRN

thereafter,

12/09/25

.....

United

Kingdom

6,000,000

5,924,182

Senior

Note,

2.013%

to

9/21/27,

FRN

thereafter,

9/22/28

......

United

Kingdom

7,600,000

6,795,876

Huntington

National

Bank

(The)

,

Senior

Note

,

5.699%

to

11/17/24,

FRN

thereafter

,

11/18/25

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

United

States

5,700,000

5,670,491

JPMorgan

Chase

&

Co.

,

Senior

Note,

3.845%

to

6/13/24,

FRN

thereafter,

6/14/25

......

United

States

5,400,000

5,359,113

Senior

Note,

2.083%

to

4/21/25,

FRN

thereafter,

4/22/26

......

United

States

18,200,000

17,508,011

Senior

Note,

5.012%

to

1/22/29,

FRN

thereafter,

1/23/30

......

United

States

3,600,000

3,619,158

Sub.

Bond,

3.875%,

9/10/24

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

United

States

8,400,000

8,320,231

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

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

United

States

5,400,000

5,282,702

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4

%

,

11/21/25

..

United

States

7,900,000

7,887,721

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note,

5.063%

to

9/11/24,

FRN

thereafter,

9/12/25

......

Japan

10,700,000

10,670,212

e

Senior

Note,

FRN,

5.719%,

(1-year

CMT

T-Note

+

1.08%),

2/20/26

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

Japan

1,000,000

1,004,131

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

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

Japan

4,500,000

4,624,065

National

Bank

of

Canada

,

Senior

Note

,

3.75%

to

6/08/24,

FRN

thereafter

,

6/09/25

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

Canada

6,600,000

6,553,398

d

Nordea

Bank

Abp

,

Senior

Note

,

144A,

4.75

%

,

9/22/25

..........

Finland

3,800,000

3,790,961

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

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

United

States

2,000,000

2,018,342

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

5,900,000

5,394,216

d

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375

%

,

10/21/26

....

South

Korea

6,500,000

5,916,137

d

Societe

Generale

SA

,

Senior

Note,

144A,

2.226%

to

1/20/25,

FRN

thereafter,

1/21/26

.

France

6,600,000

6,377,205

Senior

Note,

144A,

1.792%

to

6/08/26,

FRN

thereafter,

6/09/27

.

France

3,900,000

3,566,565

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.285

%

,

9/13/24

.....

Canada

13,900,000

13,809,322

Truist

Financial

Corp.

,

Senior

Note,

5.9%

to

10/27/25,

FRN

thereafter,

10/28/26

......

United

States

6,800,000

6,882,990

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

......

United

States

3,400,000

3,430,177

Wells

Fargo

&

Co.

,

Senior

Note,

2.188%

to

4/29/25,

FRN

thereafter,

4/30/26

......

United

States

13,400,000

12,894,869

Senior

Note,

6.303%

to

10/22/28,

FRN

thereafter,

10/23/29

....

United

States

4,000,000

4,217,114

Senior

Note,

5.198%

to

1/22/29,

FRN

thereafter,

1/23/30

......

United

States

2,550,000

2,570,614

Sub.

Bond,

4.1%,

6/03/26

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

United

States

3,000,000

2,944,143

230,726,467

Beverages

0.6%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Note

,

3.65

%

,

2/01/26

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

Belgium

8,000,000

7,854,772

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Beverages

(continued)

d

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5

%

,

1/15/27

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

United

Kingdom

4,400,000

$

3,998,315

11,853,087

Biotechnology

0.6%

AbbVie,

Inc.

,

Senior

Bond,

3.6%,

5/14/25

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

United

States

810,000

796,893

Senior

Note,

3.8%,

3/15/25

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

United

States

600,000

592,417

Senior

Note,

2.95%,

11/21/26

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

United

States

500,000

479,326

Amgen,

Inc.

,

Senior

Note

,

5.15

%

,

3/02/28

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

United

States

10,200,000

10,387,696

12,256,332

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

—

—

Capital

Markets

3.1%

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

5.224%

to

11/20/24,

FRN

thereafter

,

11/21/25

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

United

States

7,900,000

7,908,913

Deutsche

Bank

AG

,

Senior

Note

,

4.162

%

,

5/13/25

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

Germany

6,600,000

6,526,702

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

3.75%,

2/25/26

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

United

States

6,500,000

6,358,230

Senior

Note,

5.7%,

11/01/24

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

United

States

5,400,000

5,416,581

Senior

Note,

4.387%

to

6/14/26,

FRN

thereafter,

6/15/27

......

United

States

2,700,000

2,669,160

Senior

Note,

2.64%

to

2/23/27,

FRN

thereafter,

2/24/28

.......

United

States

5,500,000

5,126,365

Morgan

Stanley

,

Senior

Bond,

3.7%,

10/23/24

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

United

States

1,400,000

1,384,476

Senior

Note,

2.188%

to

4/27/25,

FRN

thereafter,

4/28/26

......

United

States

3,800,000

3,664,471

Senior

Note,

5.173%

to

1/15/29,

FRN

thereafter,

1/16/30

......

United

States

5,500,000

5,549,075

Sub.

Bond,

4.35%,

9/08/26

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

United

States

7,800,000

7,686,243

UBS

Group

AG

,

Senior

Note,

4.55%,

4/17/26

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

Switzerland

5,100,000

5,046,654

d

Senior

Note,

144A,

6.373%

to

7/14/25,

FRN

thereafter,

7/15/26

.

Switzerland

500,000

505,830

d

Senior

Note,

144A,

5.711%

to

1/11/26,

FRN

thereafter,

1/12/27

.

Switzerland

6,500,000

6,542,565

64,385,265

Chemicals

0.1%

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

..

United

States

3,200,000

3,171,872

Commercial

Services

&

Supplies

0.3%

d

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

6/01/25

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

Canada

141,477

139,127

Republic

Services,

Inc.

,

Senior

Note

,

4.875

%

,

4/01/29

..........

United

States

4,000,000

4,051,844

d

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

...........

United

States

3,400,000

3,094,272

7,285,243

Communications

Equipment

0.0%

†

d

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

..

United

States

900,000

716,292

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

6.1%,

1/15/27

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

Ireland

2,200,000

2,250,814

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust,

(continued)

Senior

Note,

3%,

10/29/28

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

Ireland

3,000,000

$

2,722,939

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8

%

,

1/31/28

........

United

States

7,000,000

6,691,515

Caterpillar

Financial

Services

Corp.

,

Senior

Note

,

1.45

%

,

5/15/25

.

United

States

1,100,000

1,054,531

12,719,799

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

599,875

d

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

...........

Chile

2,900,000

2,795,959

Sysco

Corp.

,

Senior

Note

,

5.75

%

,

1/17/29

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

United

States

3,900,000

4,069,821

7,465,655

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

2,396,854

Diversified

Consumer

Services

0.1%

Grand

Canyon

University

,

Secured

Note

,

4.125

%

,

10/01/24

......

United

States

1,900,000

1,838,250

d

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

United

States

226,364

106,552

1,944,802

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

Senior

Note

,

1.65

%

,

2/01/28

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

United

States

7,000,000

6,242,769

Verizon

Communications,

Inc.

,

Senior

Note

,

1.45

%

,

3/20/26

.....

United

States

15,700,000

14,645,192

20,887,961

Electric

Utilities

2.2%

Exelon

Corp.

,

Senior

Bond

,

3.4

%

,

4/15/26

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

United

States

7,000,000

6,792,826

Florida

Power

&

Light

Co.

,

Senior

Note

,

4.4

%

,

5/15/28

.........

United

States

3,150,000

3,159,347

d

Korea

East-West

Power

Co.

Ltd.

,

Senior

Note,

144A,

1.75%,

5/06/25

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

South

Korea

8,500,000

8,159,280

Senior

Note,

144A,

3.6%,

5/06/25

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

South

Korea

4,700,000

4,615,639

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note,

6.051%,

3/01/25

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

United

States

2,700,000

2,723,559

Senior

Note,

5.749%,

9/01/25

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

United

States

5,800,000

5,860,605

Southern

Co.

(The)

,

Senior

Bond,

3.25%,

7/01/26

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

United

States

6,850,000

6,612,225

Senior

Note,

5.5%,

3/15/29

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

United

States

5,400,000

5,588,346

d

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

..

United

States

3,400,000

3,124,798

46,636,625

Entertainment

0.8%

d

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,569,773

2,658,822

Netflix,

Inc.

,

Senior

Bond,

5.75%,

3/01/24

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

United

States

1,800,000

1,801,222

Senior

Bond,

4.375%,

11/15/26

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

United

States

3,100,000

3,078,923

d

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

3,100,000

3,043,464

Walt

Disney

Co.

(The)

,

Senior

Note

,

1.75

%

,

1/13/26

...........

United

States

6,600,000

6,251,712

16,834,143

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Financial

Services

0.6%

a,e

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

5,788,438

Fiserv,

Inc.

,

Senior

Note

,

2.25

%

,

6/01/27

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

United

States

5,200,000

4,823,755

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

1,600,000

1,613,478

12,225,671

Food

Products

0.3%

Hershey

Co.

(The)

,

Senior

Note

,

4.25

%

,

5/04/28

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

United

States

2,800,000

2,794,097

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note,

2.5%,

1/15/27

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

United

States

2,800,000

2,588,852

Senior

Note,

3%,

2/02/29

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

United

States

900,000

796,518

6,179,467

Health

Care

Equipment

&

Supplies

0.4%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

300,000

295,854

GE

HealthCare

Technologies,

Inc.

,

WI,

Senior

Note,

5.55%,

11/15/24

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

United

States

2,800,000

2,802,305

WI,

Senior

Note,

5.65%,

11/15/27

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

United

States

5,000,000

5,161,972

8,260,131

Health

Care

Providers

&

Services

1.2%

Centene

Corp.

,

Senior

Note

,

3.375

%

,

2/15/30

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

United

States

2,700,000

2,420,238

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

1/15/29

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

United

States

3,200,000

2,894,240

Cigna

Group

(The)

,

Senior

Note

,

1.25

%

,

3/15/26

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

United

States

8,300,000

7,685,349

CVS

Health

Corp.

,

Senior

Note

,

5

%

,

1/30/29

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

United

States

4,700,000

4,756,783

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101

%

,

3/01/28

...........

United

States

4,000,000

3,928,677

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

15,000

14,174

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45

%

,

6/01/26

..........

United

States

4,150,000

4,027,339

25,726,800

Health

Care

REITs

0.2%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

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

United

States

6,900,000

5,229,259

Health

Care

Technology

0.2%

d

IQVIA,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

2/01/29

........

United

States

3,300,000

3,438,488

Hotels,

Restaurants

&

Leisure

0.2%

Sands

China

Ltd.

,

Senior

Note

,

2.55

%

,

3/08/27

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

Macau

3,400,000

3,082,331

d

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

6

%

,

7/15/25

.......

Macau

2,100,000

2,072,584

5,154,915

Industrial

REITs

0.4%

Prologis

LP

,

Senior

Note

,

4.875

%

,

6/15/28

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

United

States

7,800,000

7,910,503

Insurance

2.6%

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

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

United

States

1,200,000

1,137,504

Senior

Secured

Note,

144A,

6.75%,

4/15/28

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

United

States

2,000,000

2,020,052

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

..

United

States

4,700,000

4,880,434

d

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

3.85

%

,

4/11/25

...

United

States

11,300,000

11,106,406

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

4.05%,

8/25/25

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

United

States

7,000,000

6,917,521

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)

Insurance

(continued)

d

Metropolitan

Life

Global

Funding

I,

(continued)

Secured

Note,

144A,

5.05%,

1/06/28

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

United

States

4,100,000

$

4,150,738

d

New

York

Life

Global

Funding

,

Secured

Note

,

144A,

3.6

%

,

8/05/25

United

States

10,700,000

10,541,243

d

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9

%

,

6/12/28

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

United

States

5,000,000

5,025,457

d

Pricoa

Global

Funding

I

,

Secured

Note

,

144A,

5.1

%

,

5/30/28

.....

United

States

5,300,000

5,386,134

d

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

3.218

%

,

3/28/25

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

United

States

4,000,000

3,921,673

55,087,162

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

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

United

States

9,800,000

9,904,073

d

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81

%

,

1/26/26

.......

China

3,000,000

2,823,672

12,727,745

Life

Sciences

Tools

&

Services

0.2%

Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3

%

,

3/15/27

.........

United

States

900,000

859,674

Illumina,

Inc.

,

Senior

Note

,

5.8

%

,

12/12/25

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

United

States

4,000,000

4,043,747

4,903,421

Machinery

0.2%

Parker-Hannifin

Corp.

,

Senior

Note

,

3.65

%

,

6/15/24

...........

United

States

4,700,000

4,665,537

Media

0.8%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.908

%

,

7/23/25

.....

United

States

8,000,000

7,930,682

Comcast

Corp.

,

Senior

Note

,

4.55

%

,

1/15/29

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

United

States

6,400,000

6,413,250

Fox

Corp.

,

Senior

Note

,

3.05

%

,

4/07/25

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

United

States

2,000,000

1,951,879

16,295,811

Metals

&

Mining

0.0%

†

d

Novelis

Corp.

,

Senior

Note

,

144A,

3.25

%

,

11/15/26

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

United

States

1,000,000

937,339

Multi-Utilities

0.3%

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85

%

,

8/15/26

.........

United

States

1,300,000

1,232,500

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

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

United

States

5,000,000

5,021,838

6,254,338

Oil,

Gas

&

Consumable

Fuels

2.3%

d

Aker

BP

ASA

,

Senior

Note

,

144A,

2

%

,

7/15/26

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

Norway

3,296,000

3,053,575

BP

Capital

Markets

America,

Inc.

,

Senior

Note

,

3.41

%

,

2/11/26

...

United

States

7,000,000

6,836,309

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

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

United

States

5,800,000

5,817,039

Chevron

Corp.

,

Senior

Note

,

1.554

%

,

5/11/25

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

United

States

4,500,000

4,328,880

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375

%

,

6/15/26

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

United

States

3,400,000

3,396,711

d

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

2,000,000

1,992,190

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

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

United

States

5,200,000

5,170,521

EnLink

Midstream

Partners

LP

,

Senior

Bond

,

4.85

%

,

7/15/26

.....

United

States

3,900,000

3,811,158

MPLX

LP

,

Senior

Note

,

4.875

%

,

12/01/24

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

United

States

6,800,000

6,774,441

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note,

5.75%,

5/15/24

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

United

States

300,000

299,874

Senior

Secured

Note,

5.625%,

3/01/25

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

United

States

2,000,000

2,004,101

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

d

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

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

United

States

2,000,000

$

2,022,687

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

9/15/25

...........

United

States

2,300,000

2,262,406

47,769,892

Passenger

Airlines

0.2%

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

975,000

965,134

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

2,686,250

2,655,288

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

526,364

508,234

4,128,656

Personal

Care

Products

0.9%

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Note

,

4.375

%

,

5/15/28

.....

United

States

3,100,000

3,095,790

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/27

.........

United

States

7,700,000

7,416,402

Kenvue,

Inc.

,

WI

,

Senior

Note

,

5.05

%

,

3/22/28

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

United

States

7,500,000

7,672,165

18,184,357

Pharmaceuticals

1.2%

AstraZeneca

plc

,

Senior

Note

,

0.7

%

,

4/08/26

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

United

Kingdom

6,300,000

5,810,530

d

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

...

Germany

4,600,000

4,495,924

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

2.9

%

,

7/26/24

..........

United

States

2,551,000

2,521,275

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Note

,

4.45

%

,

5/19/28

United

States

8,800,000

8,783,979

Royalty

Pharma

plc

,

Senior

Note

,

1.75

%

,

9/02/27

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

United

States

700,000

629,793

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

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

Israel

2,800,000

2,709,000

24,950,501

Semiconductors

&

Semiconductor

Equipment

0.5%

Analog

Devices,

Inc.

,

WI

,

Senior

Note

,

3.45

%

,

6/15/27

.........

United

States

800,000

776,098

d

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

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

South

Korea

9,900,000

9,182,311

9,958,409

Specialized

REITs

0.1%

Public

Storage

Operating

Co.

,

Senior

Note

,

5.125

%

,

1/15/29

.....

United

States

1,300,000

1,334,380

Specialty

Retail

0.2%

O'Reilly

Automotive,

Inc.

,

Senior

Note

,

5.75

%

,

11/20/26

.........

United

States

5,000,000

5,125,476

Technology

Hardware,

Storage

&

Peripherals

0.3%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

5.9

%

,

10/01/24

....

United

States

5,690,000

5,698,352

Textiles,

Apparel

&

Luxury

Goods

0.2%

d

Hanesbrands,

Inc.

,

Senior

Bond

,

144A,

4.875

%

,

5/15/26

........

United

States

2,000,000

1,930,896

Tapestry,

Inc.

,

Senior

Note

,

7.05

%

,

11/27/25

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

United

States

1,400,000

1,432,793

3,363,689

Tobacco

0.8%

Altria

Group,

Inc.

,

Senior

Note

,

2.35

%

,

5/06/25

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

United

States

4,200,000

4,060,889

d

Imperial

Brands

Finance

plc

,

Senior

Bond,

144A,

4.25%,

7/21/25

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

United

Kingdom

5,495,000

5,407,570

Senior

Note,

144A,

3.125%,

7/26/24

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

United

Kingdom

700,000

691,255

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)

Tobacco

(continued)

Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/28

....

United

States

7,700,000

$

7,766,185

17,925,899

Trading

Companies

&

Distributors

0.2%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

3,200,000

3,251,040

Wireless

Telecommunication

Services

0.3%

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

250,000

248,160

T-Mobile

USA,

Inc.

,

Senior

Note,

2.25%,

2/15/26

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

United

States

2,900,000

2,751,272

Senior

Note,

4.95%,

3/15/28

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

United

States

4,200,000

4,235,515

7,234,947

Total

Corporate

Bonds

(Cost

$810,400,489)

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

789,295,650

Senior

Floating

Rate

Interests

2.0%

Aerospace

&

Defense

0.1%

f,h,i

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

PIK,

14

%

,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

2,365,237

2,023,756

Air

Freight

&

Logistics

0.0%

†

h,i

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.598

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

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

United

States

696,256

695,006

i

Automobile

Components

0.1%

h

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

CME

Term

Loan

,

9.36

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

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

United

States

194,751

194,082

h

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan,

10.574%,

(3-month

SOFR

+

5%),

3/30/27

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

United

States

679,543

679,828

Second

Lien,

2021

CME

Term

Loan,

14.074%,

(3-month

SOFR

+

8.5%),

3/30/28

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

United

States

565,911

554,593

h

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.933

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

...........

United

States

241,973

242,428

h

Tenneco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.469

%

,

(

3-month

SOFR

+

5

%

),

11/17/28

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

United

States

226,364

205,680

h

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

..........

United

States

161,912

162,317

2,038,928

a

a

a

a

a

a

Automobiles

0.0%

†

h,i

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

413,521

405,034

i

Beverages

0.1%

h

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

CME

Term

Loan

,

9.078

%

,

(

3-month

SOFR

+

3.5

%

),

4/05/28

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

United

States

731,108

558,991

h

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.86

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

296,398

291,952

850,943

a

a

a

a

a

a

i

Building

Products

0.0%

†

h

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

5/13/29

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

United

States

392,678

393,985

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

Senior

Floating

Rate

Interests

(continued)

i

Building

Products

(continued)

h

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

CME

Term

Loan

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

3/19/29

...........

United

States

225,033

$

225,291

h

Summit

Materials

LLC

,

Incremental

Covenant-Lite

CME

Term

Loan,

B

,

7.826

%

,

(

3-month

SOFR

+

2.5

%

),

11/30/28

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

United

States

102,273

102,689

721,965

a

a

a

a

a

a

i

Capital

Markets

0.1%

h

Citadel

Securities

LP

,

CME

Term

Loan

,

7.97

%

,

(

1-month

SOFR

+

2.5

%

),

7/29/30

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

United

States

225,056

225,001

h

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

CME

Term

Loan

,

8.97

%

,

(

1-month

SOFR

+

3.5

%

),

4/07/28

.....

United

States

136,519

135,827

h

Jane

Street

Group

LLC

,

Dollar

CME

Term

Loan

,

8.22

%

,

(

1-month

SOFR

+

2.75

%

),

1/26/28

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

United

States

224,488

223,881

h

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B,

9.105%,

(1-month

SOFR

+

3.75%),

7/31/28

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

United

Kingdom

227,880

226,915

2023

Incremental

Delayed

Draw

CME

Term

Loan,

9.606%,

(1-month

SOFR

+

4.25%),

7/31/28

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

United

Kingdom

89,827

89,911

901,535

a

a

a

a

a

a

i

Chemicals

0.2%

h

Cyanco

Intermediate

2

Corp.

,

Initial

CME

Term

Loan

,

10.087

%

,

(

1-month

SOFR

+

4.75

%

),

7/10/28

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

United

States

484,883

485,288

h

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

10.022%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

401,935

385,812

Second

Lien,

Initial

CME

Term

Loan,

12.87%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

375,080

322,381

h

Indicor

LLC

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

11/22/29

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

United

States

192,756

193,100

h

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

CME

Term

Loan,

B

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

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

United

Kingdom

222,141

222,197

h

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

9.206

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

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

Luxembourg

444,101

441,547

h

LSF11

A5

Holdco

LLC

,

Fourth

Amendment

Incremental

CME

Term

Loan,

B

,

9.683

%

,

(

1-month

SOFR

+

4.25

%

),

10/15/28

........

United

States

348,574

349,012

h

Nouryon

Finance

BV

,

2023

CME

Term

Loan

,

9.448

%

,

(

1-month

SOFR

+

4

%

),

4/03/28

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

Netherlands

274,942

274,976

h

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.723

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

581,281

555,815

h

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

3/16/27

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

United

States

224,282

224,016

3,454,144

a

a

a

a

a

a

i

Commercial

Services

&

Supplies

0.2%

h

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

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

United

States

353,225

349,437

h

APX

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.701

%

,

(

1-month

SOFR

+

3.25%;

3-month

SOFR

+

2.25%

),

7/10/28

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

United

States

283,841

284,018

h

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

461,021

460,486

h

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

1,202,100

1,184,820

h

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan,

B1

,

7.827

%

,

(

3-month

SOFR

+

2.5

%

),

10/13/30

United

States

194,033

194,409

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

Senior

Floating

Rate

Interests

(continued)

i

Commercial

Services

&

Supplies

(continued)

h

Spin

Holdco,

Inc.

,

Initial

CME

Term

Loan

,

9.625

%

,

(

3-month

SOFR

+

4

%

),

3/04/28

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

United

States

578,572

$

518,184

2,991,354

a

a

a

a

a

a

Communications

Equipment

0.0%

†

h,i

CommScope,

Inc.

,

Initial

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

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

United

States

243,745

213,717

Construction

&

Engineering

0.0%

†

h,i

USIC

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.11

%

,

(

3-month

SOFR

+

3.5

%

),

5/12/28

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

United

States

299,516

297,403

Consumer

Finance

0.0%

†

h,i

Nuvei

Technologies

Corp.

,

Initial

CME

Term

Loan

,

8.414

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

12/19/30

..........

Canada

149,976

150,035

Consumer

Staples

Distribution

&

Retail

0.0%

†

j

Shearer's

Foods

LLC

,

CME

Term

Loan,

B

,

TBD,

10/05/28

.......

United

States

145,033

143,582

i

Containers

&

Packaging

0.1%

h

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

CME

Term

Loan

,

9.22

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

...........

United

States

222,889

222,100

h

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.476

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

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

Luxembourg

776,693

749,121

h

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

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

United

States

155,810

156,074

1,127,295

a

a

a

a

a

a

Diversified

Consumer

Services

0.0%

†

h,i

WW

International,

Inc.

,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

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

United

States

339,546

201,181

i

Diversified

Telecommunication

Services

0.0%

†

h

Altice

France

SA

,

USD

CME

Term

Loan,

B14

,

10.814

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

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

France

139,495

127,144

h

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan

,

9.683

%

,

(

1-month

SOFR

+

4.25

%

),

11/29/25

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

United

States

471,456

456,084

583,228

a

a

a

a

a

a

Entertainment

0.0%

†

j

Banijay

Entertainment

SASU

,

USD

Additional

CME

Term

Loan,

B2

,

TBD,

4/25/28

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

France

154,321

154,321

h,i

Playtika

Holding

Corp.

,

CME

Term

Loan,

B1

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

231,866

231,516

385,837

a

a

a

a

a

a

i

Financial

Services

0.0%

†

h

Mercury

Borrower,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

12.092

%

,

(

3-month

SOFR

+

6.5

%

),

8/02/29

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

United

States

141,477

137,321

h

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

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

United

States

235,521

229,761

h

Verscend

Holding

Corp.

,

CME

Term

Loan,

B1

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

8/27/25

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

United

States

302,112

302,813

669,895

a

a

a

a

a

a

Ground

Transportation

0.0%

†

h,i

Avis

Budget

Car

Rental

LLC

,

New

CME

Term

Loan,

C

,

8.433

%

,

(

1-month

SOFR

+

3

%

),

3/16/29

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

United

States

220,746

221,298

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Health

Care

Equipment

&

Supplies

0.0%

†

h

Medline

Borrower

LP

,

Initial

Dollar

CME

Term

Loan

,

8.451

%

,

(

1-month

SOFR

+

3

%

),

10/23/28

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

United

States

211,542

$

211,420

h

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

CME

Term

Loan

,

10.748

%

,

(

3-month

SOFR

+

5.25

%

),

12/15/27

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

United

States

210,110

209,672

421,092

a

a

a

a

a

a

i

Health

Care

Providers

&

Services

0.2%

h

ADMI

Corp.

,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.822

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

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

United

States

556,370

530,360

h

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.586

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

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

United

States

346,392

347,317

h

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.826

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

147,848

147,787

h

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

11/01/28

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

United

States

358,267

324,457

h

MPH

Acquisition

Holdings

LLC

,

Initial

CME

Term

Loan

,

9.9

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

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

United

States

313,933

300,983

h

National

Mentor

Holdings,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

12.698

%

,

(

3-month

SOFR

+

7.25

%

),

3/02/29

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

United

States

565,911

431,224

h

Pacific

Dental

Services

LLC

,

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

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

United

States

224,782

225,238

h

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.179

%

,

(

6-month

SOFR

+

4.25

%

),

7/09/25

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

United

States

585,946

522,225

h

Star

Parent,

Inc.

,

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

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

United

States

141,477

138,382

h

Surgery

Center

Holdings,

Inc.

,

Initial

CME

Term

Loan

,

8.835

%

,

(

1-month

SOFR

+

3.5

%

),

12/19/30

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

United

States

32,245

32,346

h

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.717

%

,

(

1-month

SOFR

+

4.25

%

),

10/01/28

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

United

States

545,674

516,824

h

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.47

%

,

(

1-month

SOFR

+

4

%

),

10/22/26

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

United

States

196,644

197,014

3,714,157

a

a

a

a

a

a

i

Hotels,

Restaurants

&

Leisure

0.1%

f,h

24

Hour

Fitness

Worldwide,

Inc.

,

CME

Term

Loan

,

PIK,

10.61

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

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

United

States

1,262,437

562,135

h

Bally's

Corp.

,

CME

Term

Loan,

B

,

8.829

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

946,324

886,767

h

Dave

&

Buster's,

Inc.

,

2023

CME

Term

Loan,

B

,

9.188

%

,

(

1-month

SOFR

+

3.75

%

),

6/29/29

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

United

States

229,588

229,780

h

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

CME

Term

Loan

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

8/02/28

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

United

States

201,464

201,429

h

Ontario

Gaming

GTA

LP

,

CME

Term

Loan,

B

,

9.598

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

111,535

111,814

h

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.633

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

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

United

States

300,289

301,009

h

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.58

%

,

(

3-month

SOFR

+

3.25

%

),

4/04/29

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

United

States

155,407

154,371

2,447,305

a

a

a

a

a

a

Household

Durables

0.0%

†

h,i

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.88

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

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

Netherlands

111,901

110,282

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Insurance

0.1%

h

Acrisure

LLC

,

First

Lien,

2021-1

Additional

Term

Loan,

9.4%,

(3-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

229,110

$

229,397

First

Lien,

2021-2

Additional

Term

Loan,

9.9%,

(3-month

USD

LIBOR

+

4.25%),

2/15/27

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

United

States

156,441

156,734

h

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

8.833%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

303,418

302,786

2021

CME

Term

Loan,

8.947%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

195,167

194,752

2023

CME

Term

Loan,

9.083%,

(1-month

SOFR

+

3.75%),

2/12/27

United

States

191,186

191,206

h

Asurion

LLC

,

New

CME

Term

Loan,

B10,

9.433%,

(1-month

SOFR

+

4%),

8/19/28

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

United

States

132,723

131,258

New

CME

Term

Loan,

B11,

9.683%,

(1-month

SOFR

+

4.25%),

8/19/28

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

United

States

48,419

47,948

Second

Lien,

New

CME

Term

Loan,

B4,

10.697%,

(1-month

SOFR

+

5.25%),

1/20/29

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

United

States

1,264,852

1,202,697

2,456,778

a

a

a

a

a

a

i

IT

Services

0.2%

h

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

10.5%,

(3-month

USD

LIBOR

+

5.152%),

11/01/24

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

United

States

1,538,301

1,081,480

Second

Lien,

Initial

Term

Loan,

14.26%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

3,183,651

929,562

h

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.448

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

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

United

States

459,885

448,158

h

Peraton

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

120,985

121,002

h

Thrasio

LLC

,

Initial

CME

Term

Loan

,

14.61

%

,

(

3-month

SOFR

+

9

%

),

12/18/26

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

United

States

623,853

290,091

2,870,293

a

a

a

a

a

a

Machinery

0.0%

†

h,i

TK

Elevator

Midco

GmbH

,

USD

CME

Term

Loan,

B1

,

9.081

%

,

(

6-month

SOFR

+

3.5

%

),

7/30/27

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

Germany

278,575

278,966

i

Media

0.1%

h

Cengage

Learning,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.326

%

,

(

3-month

SOFR

+

4.75

%

),

7/14/26

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

United

States

320,010

319,976

h

Gray

Television,

Inc.

,

CME

Term

Loan,

D

,

8.467

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

430,767

428,116

h

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2023

May

Incremental

CME

Term

Loan

,

9.583

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

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

United

States

141,123

138,444

h

Radiate

Holdco

LLC

,

Amendment

No.

6

CME

Term

Loan,

B

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

9/25/26

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

United

States

223,848

182,137

h

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

3/15/26

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

United

States

357,332

357,489

h

Virgin

Media

Bristol

LLC

,

CME

Term

Loan,

Q

,

8.698

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

214,102

212,780

1,638,942

a

a

a

a

a

a

Metals

&

Mining

0.0%

†

h,i

Arsenal

AIC

Parent

LLC

,

CME

Term

Loan,

B

,

9.833

%

,

(

1-month

SOFR

+

4.5

%

),

8/18/30

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

United

States

130,560

130,747

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Oil,

Gas

&

Consumable

Fuels

0.0%

†

j

Oryx

Midstream

Services

Permian

Basin

LLC

,

2024

Refinancing

CME

Term

Loan

,

TBD,

10/05/28

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

United

States

500,000

$

498,750

i

Passenger

Airlines

0.1%

h

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

CME

Term

Loan

,

10.329

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

......

United

States

211,370

216,903

h

Air

Canada

,

CME

Term

Loan

,

9.139

%

,

(

3-month

SOFR

+

3.5

%

),

8/11/28

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

Canada

243,363

243,914

h

American

Airlines,

Inc.

,

Initial

CME

Term

Loan

,

8.869

%

,

(

3-month

SOFR

+

3.5

%

),

6/04/29

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

United

States

339,546

339,582

h

United

Airlines,

Inc.

,

CME

Term

Loan,

B

,

9.201

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/28

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

United

States

233,136

233,883

1,034,282

a

a

a

a

a

a

i

Pharmaceuticals

0.0%

†

h

Grifols

Worldwide

Operations

Ltd.

,

Dollar

CME

Term

Loan,

B

,

7.538

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

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

Spain

169,332

165,297

h

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

CME

Term

Loan

,

8.97

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

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

United

States

346,580

346,797

h

Organon

&

Co.

,

Dollar

CME

Term

Loan

,

8.45

%

,

(

1-month

SOFR

+

3

%

),

6/02/28

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

United

States

221,825

221,860

733,954

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.0%

†

h,i

MKS

Instruments,

Inc.

,

2023-1

Dollar

CME

Term

Loan,

B

,

7.848

%

,

(

1-month

SOFR

+

2.5

%

),

8/17/29

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

United

States

318,164

316,939

i

Software

0.1%

h

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

CME

Term

Loan

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

12/01/27

........

United

States

329,426

330,147

h

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.277

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

316,948

316,254

h

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

CME

Term

Loan,

9.839%,

(3-month

SOFR

+

4.25%),

12/01/27

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

United

States

606,114

579,218

First

Lien,

First

Amendment

CME

Term

Loan,

9.591%,

(3-month

SOFR

+

4%),

12/01/27

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

United

States

69,242

65,866

h

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.203

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

353,198

350,726

h

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.574

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

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

United

States

446,476

436,430

h

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.713

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

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

United

States

484,616

384,596

h

Rocket

Software,

Inc.

,

Extended

Dollar

CME

Term

Loan

,

10.083

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

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

United

States

227,073

224,478

2,687,715

a

a

a

a

a

a

i

Specialty

Retail

0.2%

h

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

10.86

%

,

(

3-month

SOFR

+

5.25

%

),

4/26/28

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

United

States

177,920

178,831

h

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.437

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

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

United

States

1,656,054

1,324,843

h

Great

Outdoors

Group

LLC

,

CME

Term

Loan,

B2

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

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

United

States

247,183

246,972

h

Michaels

Cos.,

Inc.

(The)

,

CME

Term

Loan,

B

,

9.86

%

,

(

3-month

SOFR

+

4.25

%

),

4/15/28

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

United

States

325,825

268,806

h

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.843

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

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

United

States

126,235

122,921

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)

i

Specialty

Retail

(continued)

h

RealTruck

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

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

United

States

345,315

$

340,544

h

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

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

United

States

472,900

458,240

h

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

10.467

%

,

(

1-month

USD

LIBOR

+

5

%

),

4/16/26

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

United

States

518,930

491,383

h

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

117,810

117,844

3,550,384

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

h,i

Magenta

Buyer

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

10.645

%

,

(

3-month

SOFR

+

5

%

),

7/27/28

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

United

States

366,547

241,007

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

h,i

Hanesbrands,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

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

United

States

337,072

335,808

i

Transportation

Infrastructure

0.0%

†

h

First

Student

Bidco,

Inc.

,

Initial

CME

Term

Loan,

B,

8.61%,

(3-month

SOFR

+

3%),

7/21/28

United

States

115,834

114,640

Initial

CME

Term

Loan,

C,

8.61%,

(3-month

SOFR

+

3%),

7/21/28

United

States

35,118

34,756

h

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.396

%

,

(

6-month

SOFR

+

4.5

%

),

5/07/28

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

United

States

374,326

342,243

491,639

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$42,135,813)

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

42,035,176

k

Marketplace

Loans

2.3%

a

Financial

Services

2.3%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$54,882,809)

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

48,567,503

Foreign

Government

and

Agency

Securities

1.7%

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

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

Supranational

l

3,900,000

3,666,499

Colombia

Government

Bond

,

Senior

Bond

,

8.125

%

,

5/21/24

.....

Colombia

5,300,000

5,336,053

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

......

France

1,000,000

1,032,176

Equinor

ASA

,

Senior

Note,

2.875%,

4/06/25

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

Norway

15,300,000

14,964,136

Senior

Note,

1.75%,

1/22/26

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

Norway

5,400,000

5,120,786

Export-Import

Bank

of

Korea

,

Senior

Bond

,

2.875

%

,

1/21/25

.....

South

Korea

2,000,000

1,961,850

d

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

.

South

Korea

2,800,000

2,831,505

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.........

Peru

800,000

696,298

Petroleos

Mexicanos

,

Senior

Note

,

6.875

%

,

10/16/25

..........

Mexico

990,000

982,872

Total

Foreign

Government

and

Agency

Securities

(Cost

$37,773,434)

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

36,592,175

U.S.

Government

and

Agency

Securities

32.1%

U.S.

Treasury

Notes

,

0.625%,

10/15/24

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

United

States

72,000,000

69,862,080

1%,

12/15/24

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

United

States

94,000,000

90,945,179

0.25%,

5/31/25

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

United

States

87,000,000

82,264,278

4.625%,

6/30/25

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

United

States

72,000,000

72,177,188

0.25%,

10/31/25

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

United

States

110,000,000

102,570,703

0.375%,

11/30/25

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

United

States

80,000,000

74,571,875

0.375%,

1/31/26

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

United

States

80,000,000

74,173,438

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

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

1.625%,

2/15/26

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

United

States

88,000,000

$

83,613,750

m

Index

Linked,

0.125%,

4/15/26

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

United

States

23,400,000

26,233,748

Total

U.S.

Government

and

Agency

Securities

(Cost

$672,350,658)

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

676,412,239

Asset-Backed

Securities

12.6%

Banks

0.8%

Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49

%

,

5/15/27

.

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

United

States

9,780,000

9,608,855

Chase

Issuance

Trust

,

2022-A1

,

A

,

3.97

%

,

9/15/27

.

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

United

States

6,794,000

6,712,811

16,321,666

a

a

a

a

a

a

Consumer

Finance

1.7%

American

Express

Credit

Account

Master

Trust

,

2022-3

,

A

,

3.75

%

,

8/15/27

.

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

United

States

18,235,000

17,968,344

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56

%

,

7/15/27

.

United

States

18,930,000

18,589,171

36,557,515

a

a

a

a

a

a

Financial

Services

10.1%

d

American

Homes

4

Rent

Trust

,

2014-SFR3,

A,

144A,

3.678%,

12/17/36

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

United

States

671,476

660,432

2015-SFR1,

A,

144A,

3.467%,

4/17/52

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

United

States

5,123,468

5,004,107

d,i

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

6.629

%

,

(

3-month

SOFR

+

1.312

%

),

4/20/34

.

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

United

States

19,306,000

19,319,887

BA

Credit

Card

Trust

,

2022-A1,

A1,

3.53%,

11/15/27

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

United

States

3,870,000

3,803,877

2023-A2,

A2,

4.98%,

11/15/28

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

United

States

6,140,000

6,226,113

d,i

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

6.537

%

,

(

3-month

SOFR

+

1.222

%

),

4/23/31

.

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

United

States

1,763,495

1,764,808

d,i

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1

,

144A,

FRN

,

6.721

%

,

(

3-month

SOFR

+

1.412

%

),

4/19/34

.

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

United

States

3,130,000

3,132,445

d,i

Carlyle

Direct

Lending

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

7.776

%

,

(

3-month

SOFR

+

2.462

%

),

10/15/31

.

..............

United

States

7,300,000

7,329,022

d,i

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

6.719

%

,

(

3-month

SOFR

+

1.402

%

),

4/20/34

.

..........

United

States

2,000,000

2,000,962

d

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69

%

,

7/15/60

.

.....

United

States

3,291,994

3,071,443

n

Conseco

Finance

Securitizations

Corp.

,

2002-2

,

M1

,

FRN

,

7.424

%

,

3/01/33

.

...........................................

United

States

26,869

26,896

d,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

25.86%,

12/15/43

................

United

States

1,113

1,015

2019-26,

PT,

144A,

FRN,

14.972%,

8/15/44

................

United

States

63,484

58,909

2019-31,

PT,

144A,

FRN,

12.384%,

9/15/44

................

United

States

62,220

56,958

2019-37,

PT,

144A,

FRN,

15.635%,

10/17/44

...............

United

States

64,168

60,285

2019-42,

PT,

144A,

FRN,

13.097%,

11/15/44

...............

United

States

63,782

59,514

2019-51,

PT,

144A,

FRN,

14.275%,

1/15/45

................

United

States

169,379

159,271

2019-52,

PT,

144A,

FRN,

13.658%,

1/15/45

................

United

States

205,195

192,635

2019-S1,

PT,

144A,

FRN,

14.61%,

4/15/44

.................

United

States

4,227

4,161

2019-S2,

PT,

144A,

FRN,

2.881%,

5/16/44

.................

United

States

11,950

11,241

2019-S3,

PT,

144A,

FRN,

7.184%,

6/15/44

.................

United

States

9,785

9,080

2019-S4,

PT,

144A,

FRN,

9.031%,

8/15/44

.................

United

States

32,486

31,015

2019-S5,

PT,

144A,

FRN,

7.564%,

9/15/44

.................

United

States

38,384

35,648

2019-S6,

PT,

144A,

FRN,

8.793%,

10/17/44

................

United

States

48,416

44,715

2019-S7,

PT,

144A,

FRN,

9.075%,

12/15/44

................

United

States

74,700

69,475

2019-S8,

PT,

144A,

FRN,

9.475%,

1/15/45

.................

United

States

92,324

85,524

2020-2,

PT,

144A,

FRN,

14.482%,

3/15/45

.................

United

States

210,872

197,733

2020-7,

PT,

144A,

FRN,

13.801%,

4/17/45

.................

United

States

133,622

123,709

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I,

(continued)

d,i

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.698

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

.............................

United

States

1,000,000

$

1,001,815

i

Countrywide

Asset-Backed

Certificates

Trust

,

2002-3

,

1A1

,

FRN

,

6.19

%

,

(

1-month

SOFR

+

0.854

%

),

5/25/32

.

................

United

States

191

191

i

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

6.2

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

...........................................

United

States

24,935

24,804

d,i

Dryden

85

CLO

Ltd.

,

2020-85A

,

AR

,

144A,

FRN

,

6.726

%

,

(

3-month

SOFR

+

1.412

%

),

10/15/35

.

............................

United

States

2,110,000

2,113,229

d,i

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

7.229

%

,

(

3-month

SOFR

+

1.912

%

),

7/20/30

.

.............................

United

States

2,231,133

2,234,699

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

4,139,677

3,870,922

d,i

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

6.672

%

,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

.............................

United

States

1,368,634

1,369,986

d,i

GoldenTree

Loan

Management

US

CLO

1

Ltd.

,

2021-9A

,

A

,

144A,

FRN

,

6.649

%

,

(

3-month

SOFR

+

1.332

%

),

1/20/33

.

..........

United

States

15,731,000

15,744,509

d

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.

United

States

1,375,439

1,213,840

d,i

Magnetite

XXIX

Ltd.

,

2021-29A

,

A

,

144A,

FRN

,

6.566

%

,

(

3-month

SOFR

+

1.252

%

),

1/15/34

.

.............................

United

States

21,809,000

21,852,608

d,i

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

6.979

%

,

(

3-month

SOFR

+

1.662

%

),

10/21/30

.

..............

United

States

2,295,000

2,299,548

d,i

Neuberger

Berman

CLO

XVI-S

Ltd.

,

2017-16SA

,

AR

,

144A,

FRN

,

6.616

%

,

(

3-month

SOFR

+

1.302

%

),

4/15/34

.

...............

United

States

15,000,000

14,999,896

d

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

13,870,000

12,223,086

d,i

Octagon

56

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

6.736

%

,

(

3-month

SOFR

+

1.422

%

),

10/15/34

.

...................................

United

States

15,000,000

15,020,985

d,i

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

6.536

%

,

(

3-month

SOFR

+

1.222

%

),

4/16/31

.

...............

United

States

860,548

861,216

d,i

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

6.679

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

...............

United

States

2,000,000

1,998,033

d,i

Octagon

Investment

Partners

46

Ltd.

,

2020-2A

,

AR

,

144A,

FRN

,

6.736

%

,

(

3-month

SOFR

+

1.422

%

),

7/15/36

.

...............

United

States

17,400,000

17,428,088

d,i

OHA

Credit

Partners

VII

Ltd.

,

2012-7A

,

AR3

,

144A,

FRN

,

6.699

%

,

(

3-month

SOFR

+

1.332

%

),

2/20/34

.

.....................

United

States

17,876,000

17,898,405

d,n

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

14.089%,

3/15/26

................

United

States

113,371

109,617

2020-PT2,

A,

144A,

FRN,

12.177%,

4/15/26

................

United

States

138,836

131,997

2020-PT3,

A,

144A,

FRN,

3.692%,

5/15/26

.................

United

States

50,086

43,208

i

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

6.15

%

,

(

1-month

SOFR

+

0.814

%

),

3/25/34

.

...................................

United

States

65,857

64,813

d,i

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

6.696

%

,

(

3-month

SOFR

+

1.382

%

),

4/15/36

.

...................................

United

States

23,418,000

23,459,729

d,n

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

48.65%,

6/15/25

.................

United

States

10,609

9,465

2019-PT2,

A,

144A,

FRN,

13.878%,

2/15/26

................

United

States

110,508

108,505

d,i

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.826

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...................................

United

States

2,500,000

2,503,720

212,127,794

a

a

a

a

a

a

Passenger

Airlines

0.0%

†

American

Airlines

Pass-Through

Trust

,

2016-2

,

AA

,

3.2

%

,

6/15/28

.

United

States

33,725

30,979

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Passenger

Airlines

(continued)

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

250,200

$

244,566

275,545

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$267,042,077)

..............................

265,282,520

Commercial

Mortgage-Backed

Securities

1.8%

Financial

Services

1.8%

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705

%

,

9/15/48

.....................................

United

States

100,000

97,072

d,i

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

6.148

%

,

(

1-month

SOFR

+

0.814

%

),

9/15/36

......................

United

States

5,430,000

5,361,459

d,i

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

6.137

%

,

(

1-month

SOFR

+

0.804

%

),

10/15/36

............................

United

States

7,517,000

7,429,056

d,i

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

6.824

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

....................................

United

States

7,544,897

7,539,183

d,i

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

8.5

%

,

(

PRIME

+

0

%

),

6/15/34

.......................................

United

States

9,145,000

9,145,327

d,n

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.673

%

,

9/10/35

.....................................

United

States

2,005,000

1,906,387

GS

Mortgage

Securities

Trust

,

2016-GS3,

A4,

2.85%,

10/10/49

.........................

United

States

600,000

564,421

2017-GS6,

A3,

3.433%,

5/10/50

.........................

United

States

2,000,000

1,865,018

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30,

A5,

3.822%,

7/15/48

.........................

United

States

1,500,000

1,439,945

2016-C1,

A5,

3.576%,

3/17/49

..........................

United

States

1,500,000

1,444,891

36,792,759

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$37,119,085)

................

36,792,759

Mortgage-Backed

Securities

1.3%

o

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

5.133%

-

5.455%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.........

United

States

530,299

541,065

541,065

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.1%

FHLMC

Gold

Pool,

30

Year,

5%,

1/01/39

....................

United

States

42,705

43,166

FHLMC

Pool,

15

Year,

3%,

10/01/37

.......................

United

States

11,212,833

10,559,182

FHLMC

Pool,

15

Year,

3.5%,

10/01/37

......................

United

States

11,823,782

11,367,274

21,969,622

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.2%

FNMA,

2.462%

-

5.344%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

....................................

United

States

17,542

17,263

FNMA,

4.286%

-

5.684%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

..................................

United

States

31,472

30,611

FNMA,

5.91%,

(5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

....

United

States

14,734

14,737

FNMA,

6.375%,

(6-month

H15BDI

+/-

MBS

Margin),

8/01/32

.....

United

States

9,525

9,425

FNMA,

3.689%

-

6.5%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

..............

United

States

3,198,047

3,240,128

FNMA,

6.455%

-

6.6%,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

..........

United

States

25,397

25,377

FNMA,

3.645%

-

6.62%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

3/01/24

-

4/01/40

....................................

United

States

651,414

650,602

FNMA,

4.595%

-

7.475%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

1/01/25

-

8/01/37

..........

United

States

369,642

366,811

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

Mortgage-Backed

Securities

(continued)

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA,

6.257%

-

7.548%,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.......................

United

States

130,453

$

130,900

4,485,854

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

15

Year,

3.5%,

10/01/25

...........................

United

States

81,029

79,814

FNMA,

15

Year,

4%,

12/01/25

............................

United

States

98,181

96,966

FNMA,

15

Year,

4.5%,

6/01/25

...........................

United

States

24,422

24,240

FNMA,

30

Year,

5%,

3/01/38

.............................

United

States

6,071

6,128

207,148

o

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

3.625%

-

3.875%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

....................................

United

States

3,529

3,489

3,489

Total

Mortgage-Backed

Securities

(Cost

$27,152,103)

............................

27,207,178

Municipal

Bonds

1.1%

California

0.3%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

.............................

United

States

5,720,000

5,279,850

Hawaii

0.1%

City

&

County

Honolulu

,

Wastewater

System

,

Revenue

,

2019

B

,

Refunding

,

2.233

%

,

7/01/24

............................

United

States

2,470,000

2,439,001

Massachusetts

0.1%

Massachusetts

State

College

Building

Authority

,

Revenue

,

2019

C

,

Refunding

,

2.256

%

,

5/01/26

............................

United

States

2,635,000

2,502,247

New

York

0.4%

New

York

State

Urban

Development

Corp.

,

Revenue,

2019

B,

2.25%,

3/15/26

.......................

United

States

1,920,000

1,832,461

Revenue,

2019

B,

ETM,

2.25%,

3/15/26

...................

United

States

6,830,000

6,528,008

8,360,469

Texas

0.2%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

.....................................

United

States

4,825,000

4,610,061

Total

Municipal

Bonds

(Cost

$24,132,774)

......................................

23,191,628

Residential

Mortgage-Backed

Securities

3.9%

Capital

Markets

0.0%

†

i

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A,

1A,

FRN,

6.19%,

(1-month

SOFR

+

0.854%),

3/25/28

..

United

States

45,074

42,458

2003-E,

A1,

FRN,

6.07%,

(1-month

SOFR

+

0.734%),

10/25/28

.

United

States

132,613

125,540

167,998

a

a

a

a

a

a

Financial

Services

3.9%

i

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

7.642

%

,

(

6-month

SOFR

+

2.428

%

),

6/25/45

...............

United

States

127,564

126,094

d,n

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

..........................................

United

States

2,807,845

2,665,770

n

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

4.517

%

,

7/25/34

...........................................

United

States

533,459

494,955

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

d,n

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

...........

United

States

79,541

$

74,460

d,n

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

...........................................

United

States

2,772,975

2,703,794

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

........................................

Switzerland

102,586

60,131

d,n

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5

%

,

7/25/44

........

United

States

310,915

288,253

i

FHLMC

STACR

Debt

Notes

,

2014-DN4,

M3,

FRN,

10.009%,

(30-day

SOFR

Average

+

4.664%),

10/25/24

..........................................

United

States

991,262

991,373

2014-HQ2,

M3,

FRN,

9.209%,

(30-day

SOFR

Average

+

3.864%),

9/25/24

...........................................

United

States

4,681,794

4,759,098

2016-DNA2,

M3,

FRN,

10.109%,

(30-day

SOFR

Average

+

4.764%),

10/25/28

...................................

United

States

5,154,641

5,418,834

2016-HQA2,

M3,

FRN,

10.609%,

(30-day

SOFR

Average

+

5.264%),

11/25/28

...................................

United

States

3,821,635

4,055,585

i

FNMA

Connecticut

Avenue

Securities

,

2014-C02,

2M2,

FRN,

8.059%,

(30-day

SOFR

Average

+

2.714%),

5/25/24

...........................................

United

States

582,959

585,951

2014-C03,

2M2,

FRN,

8.359%,

(30-day

SOFR

Average

+

3.014%),

7/25/24

...........................................

United

States

2,461,168

2,477,151

2015-C01,

1M2,

FRN,

9.759%,

(30-day

SOFR

Average

+

4.414%),

2/25/25

...........................................

United

States

1,480,824

1,515,750

2015-C02,

1M2,

FRN,

9.459%,

(30-day

SOFR

Average

+

4.114%),

5/25/25

...........................................

United

States

2,212,213

2,284,910

2015-C03,

1M2,

FRN,

10.459%,

(30-day

SOFR

Average

+

5.114%),

7/25/25

....................................

United

States

2,335,451

2,447,339

2016-C01,

1M2,

FRN,

12.209%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

....................................

United

States

467,807

497,238

2016-C01,

2M2,

FRN,

12.409%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

....................................

United

States

1,584,762

1,653,166

n

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

6.166

%

,

1/25/35

United

States

83,284

76,608

n

J.P.

Morgan

Mortgage

Trust

,

2004-A1,

5A1,

FRN,

6.24%,

2/25/34

......................

United

States

16,677

16,432

d

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

10,316,338

9,101,055

d

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

2,043,553

1,793,825

d,n

Mill

City

Mortgage

Loan

Trust

,

2018-1,

A1,

144A,

FRN,

3.25%,

5/25/62

...................

United

States

2,613,295

2,556,781

2018-4,

A1B,

144A,

FRN,

3.5%,

4/25/66

...................

United

States

3,960,845

3,849,758

i

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

6.125

%

,

(

1-month

SOFR

+

0.789

%

),

2/25/36

.............................

United

States

41,456

39,999

d

OBX

Trust

,

i

2018-1,

A2,

144A,

FRN,

6.1%,

(1-month

SOFR

+

0.764%),

6/25/57

United

States

713,722

680,707

n

2021-J3,

A4,

144A,

FRN,

2.5%,

10/25/51

..................

United

States

1,775,510

1,563,850

d,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

6,912,302

6,065,391

d,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

10,244,538

9,102,764

i

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

6.19

%

,

(

1-month

SOFR

+

0.854

%

),

9/25/34

......................

United

States

233,118

211,949

d,n

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

196,869

195,994

2018-4,

A1,

144A,

FRN,

3%,

6/25/58

.....................

United

States

8,027,624

7,532,412

2019-1,

A1,

144A,

FRN,

3.75%,

3/25/58

...................

United

States

5,993,053

5,758,392

81,645,769

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$89,693,358)

.................

81,813,767

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.

54

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

118,750

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

......

Australia

2,188,269

—

Total

Escrows

and

Litigation

Trusts

(Cost

$1,838,967)

...........................

118,750

Total

Long

Term

Investments

(Cost

$2,074,874,180)

.............................

2,044,600,966

a

Short

Term

Investments

2.3%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.0%

p,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

....

United

States

42,206,355

42,206,355

Total

Money

Market

Funds

(Cost

$42,206,355)

..................................

42,206,355

Principal

Amount

*

a

a

a

Repurchase

Agreements

0.3%

r

Joint

Repurchase

Agreement,

5.258%,

2/01/24

(Maturity

Value

$5,870,730)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$730,553)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$1,925,776)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$3,214,401)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

11/20/38

-

10/20/53;

U.S.

Treasury

Bonds,

5.5%

-

7.5%,

11/15/24

-

8/15/28;

and

U.S.

Treasury

Notes,

3.63%,

5/15/26

(valued

at

$5,988,334)

........................................

5,869,873

5,869,873

Total

Repurchase

Agreements

(Cost

$5,869,873)

................................

5,869,873

Total

Short

Term

Investments

(Cost

$48,076,228

)

................................

48,076,228

a

Total

Investments

(Cost

$2,122,950,408)

99.4%

..................................

$2,092,677,194

Other

Assets,

less

Liabilities

0.6%

.............................................

12,802,249

Net

Assets

100.0%

...........................................................

$2,105,479,443

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$501,184,639,

representing

23.8%

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

k

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

l

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

m

Principal

amount

of

security

is

adjusted

for

inflation.

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

n

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

o

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

p

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

r

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2024,

all

repurchase

agreements

had

been

entered

into

on

January

31,

2024.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

,

At

January

31,

2024,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

2.3%

Block,

Inc.

5871974.SQ.FTS.B

,

Zero

Cpn

,

3/01/24

...

$

354

$

74

5874911.SQ.FTS.B

,

Zero

Cpn

,

3/02/24

...

655

414

5876337.SQ.FTS.B

,

Zero

Cpn

,

3/02/24

...

2,139

193

5877622.SQ.FTS.B

,

Zero

Cpn

,

3/03/24

...

1,737

323

5881097.SQ.FTS.B

,

Zero

Cpn

,

3/06/24

...

2,508

555

5889200.SQ.FTS.B

,

Zero

Cpn

,

3/08/24

...

603

78

5889950.SQ.FTS.B

,

Zero

Cpn

,

3/08/24

...

2,001

485

5890652.SQ.FTS.B

,

Zero

Cpn

,

3/08/24

...

4,416

1,260

5893134.SQ.FTS.B

,

Zero

Cpn

,

3/09/24

...

9,430

2,736

5893733.SQ.FTS.B

,

Zero

Cpn

,

3/09/24

...

365

176

5894262.SQ.FTS.B

,

Zero

Cpn

,

3/09/24

...

6,335

1,706

5894989.SQ.FTS.B

,

Zero

Cpn

,

3/10/24

...

1,832

614

5901096.SQ.FTS.B

,

Zero

Cpn

,

3/13/24

...

12,773

2,859

5901715.SQ.FTS.B

,

Zero

Cpn

,

3/13/24

...

491

201

5908142.SQ.FTS.B

,

Zero

Cpn

,

3/15/24

...

17,169

5,647

5908682.SQ.FTS.B

,

Zero

Cpn

,

3/15/24

...

99

42

5909211.SQ.FTS.B

,

Zero

Cpn

,

3/15/24

...

3,675

2,008

5912773.SQ.FTS.B

,

Zero

Cpn

,

3/16/24

...

13,179

3,151

5914110.SQ.FTS.B

,

Zero

Cpn

,

3/18/24

...

1,460

596

5915164.SQ.FTS.B

,

Zero

Cpn

,

3/19/24

...

277

157

5916065.SQ.FTS.B

,

Zero

Cpn

,

3/19/24

...

2,960

891

5918667.SQ.FTS.B

,

Zero

Cpn

,

3/20/24

...

3,059

1,724

5922874.SQ.FTS.B

,

Zero

Cpn

,

3/21/24

...

9,877

2,369

5924210.SQ.FTS.B

,

Zero

Cpn

,

3/21/24

...

11,933

5,132

5925246.SQ.FTS.B

,

Zero

Cpn

,

3/21/24

...

3,145

1,338

5929107.SQ.FTS.B

,

Zero

Cpn

,

3/22/24

...

4,507

907

5930081.SQ.FTS.B

,

Zero

Cpn

,

3/22/24

...

1,383

254

5934510.SQ.FTS.B

,

Zero

Cpn

,

3/24/24

...

877

95

5937710.SQ.FTS.B

,

Zero

Cpn

,

3/26/24

...

9,403

1,942

5938544.SQ.FTS.B

,

Zero

Cpn

,

3/26/24

...

8,920

1,240

5939909.SQ.FTS.B

,

Zero

Cpn

,

3/27/24

...

1,088

809

5941408.SQ.FTS.B

,

Zero

Cpn

,

3/27/24

...

4,310

994

5943314.SQ.FTS.B

,

Zero

Cpn

,

3/28/24

...

616

262

5943690.SQ.FTS.B

,

Zero

Cpn

,

3/28/24

...

1,626

699

5945430.SQ.FTS.B

,

Zero

Cpn

,

3/28/24

...

2,432

586

5949113.SQ.FTS.B

,

Zero

Cpn

,

3/29/24

...

4,594

1,558

5949246.SQ.FTS.B

,

Zero

Cpn

,

3/29/24

...

2,143

539

5949611.SQ.FTS.B

,

Zero

Cpn

,

3/29/24

...

2,294

722

5950325.SQ.FTS.B

,

Zero

Cpn

,

3/29/24

...

1,266

202

5951713.SQ.FTS.B

,

Zero

Cpn

,

3/29/24

...

1,820

367

5951743.SQ.FTS.B

,

Zero

Cpn

,

3/29/24

...

12,927

2,971

5954057.SQ.FTS.B

,

Zero

Cpn

,

3/30/24

...

10,357

2,579

5955467.SQ.FTS.B

,

Zero

Cpn

,

4/01/24

...

4,424

1,101

5956156.SQ.FTS.B

,

Zero

Cpn

,

4/01/24

...

5,048

1,148

5956226.SQ.FTS.B

,

Zero

Cpn

,

4/02/24

...

5,662

2,572

5961512.SQ.FTS.B

,

Zero

Cpn

,

4/04/24

...

566

156

5961920.SQ.FTS.B

,

Zero

Cpn

,

4/04/24

...

2,879

2,463

5965480.SQ.FTS.B

,

Zero

Cpn

,

4/05/24

...

2,997

600

5966004.SQ.FTS.B

,

Zero

Cpn

,

4/05/24

...

25,979

7,305

5966970.SQ.FTS.B

,

Zero

Cpn

,

4/05/24

...

6,042

2,346

5971088.SQ.FTS.B

,

Zero

Cpn

,

4/06/24

...

1,137

704

5972193.SQ.FTS.B

,

Zero

Cpn

,

4/06/24

...

2,834

880

5972346.SQ.FTS.B

,

Zero

Cpn

,

4/06/24

...

1,474

406

5972484.SQ.FTS.B

,

Zero

Cpn

,

4/06/24

...

4,204

3,420

5974110.SQ.FTS.B

,

Zero

Cpn

,

4/06/24

...

760

164

5977756.SQ.FTS.B

,

Zero

Cpn

,

4/07/24

...

10,251

2,795

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5978395.SQ.FTS.B

,

Zero

Cpn

,

4/08/24

...

$

5,654

$

787

5978518.SQ.FTS.B

,

Zero

Cpn

,

4/08/24

...

5,332

2,046

5980004.SQ.FTS.B

,

Zero

Cpn

,

4/10/24

...

14,671

3,592

5980834.SQ.FTS.B

,

Zero

Cpn

,

4/10/24

...

2,059

331

5983711.SQ.FTS.B

,

Zero

Cpn

,

4/11/24

...

170

53

5983727.SQ.FTS.B

,

Zero

Cpn

,

4/11/24

...

929

489

5984682.SQ.FTS.B

,

Zero

Cpn

,

4/12/24

...

585

93

5986413.SQ.FTS.B

,

Zero

Cpn

,

4/12/24

...

2,347

218

5989761.SQ.FTS.B

,

Zero

Cpn

,

4/13/24

...

125

36

5991501.SQ.FTS.B

,

Zero

Cpn

,

4/13/24

...

1,416

241

5991559.SQ.FTS.B

,

Zero

Cpn

,

4/13/24

...

2,850

934

5992175.SQ.FTS.B

,

Zero

Cpn

,

4/13/24

...

724

243

5994719.SQ.FTS.B

,

Zero

Cpn

,

4/14/24

...

1,234

892

5996138.SQ.FTS.B

,

Zero

Cpn

,

4/14/24

...

2,468

695

5996458.SQ.FTS.B

,

Zero

Cpn

,

4/15/24

...

14,459

4,704

5996647.SQ.FTS.B

,

Zero

Cpn

,

4/15/24

...

628

455

5997093.SQ.FTS.B

,

Zero

Cpn

,

4/16/24

...

3,193

1,905

5997621.SQ.FTS.B

,

Zero

Cpn

,

4/16/24

...

2,321

372

6000204.SQ.FTS.B

,

Zero

Cpn

,

4/17/24

...

175

67

6001625.SQ.FTS.B

,

Zero

Cpn

,

4/18/24

...

86

22

6001752.SQ.FTS.B

,

Zero

Cpn

,

4/18/24

...

6,855

3,262

6003010.SQ.FTS.B

,

Zero

Cpn

,

4/18/24

...

1,626

174

6003035.SQ.FTS.B

,

Zero

Cpn

,

4/18/24

...

40,734

13,749

6004389.SQ.FTS.B

,

Zero

Cpn

,

4/18/24

...

576

352

6005126.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

4,347

2,101

6005761.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

771

214

6006167.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

6,671

4,896

6006837.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

11,360

3,691

6006972.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

422

123

6007073.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

72

57

6007321.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

288

249

6007679.SQ.FTS.B

,

Zero

Cpn

,

4/19/24

...

2,522

433

6010152.SQ.FTS.B

,

Zero

Cpn

,

4/20/24

...

3,640

1,456

6010579.SQ.FTS.B

,

Zero

Cpn

,

4/20/24

...

401

217

6011305.SQ.FTS.B

,

Zero

Cpn

,

4/20/24

...

482

323

6012799.SQ.FTS.B

,

Zero

Cpn

,

4/21/24

...

206

179

6013787.SQ.FTS.B

,

Zero

Cpn

,

4/21/24

...

291

127

6014176.SQ.FTS.B

,

Zero

Cpn

,

4/21/24

...

613

134

6015922.SQ.FTS.B

,

Zero

Cpn

,

4/22/24

...

2,381

584

6017671.SQ.FTS.B

,

Zero

Cpn

,

4/24/24

...

1,081

277

6020766.SQ.FTS.B

,

Zero

Cpn

,

4/24/24

...

1,785

362

6020853.SQ.FTS.B

,

Zero

Cpn

,

4/25/24

...

1,045

342

6021277.SQ.FTS.B

,

Zero

Cpn

,

4/25/24

...

4,902

912

6022191.SQ.FTS.B

,

Zero

Cpn

,

4/25/24

...

288

276

6022726.SQ.FTS.B

,

Zero

Cpn

,

4/25/24

...

1,064

678

6024779.SQ.FTS.B

,

Zero

Cpn

,

4/26/24

...

2,070

479

6025558.SQ.FTS.B

,

Zero

Cpn

,

4/26/24

...

833

156

6026398.SQ.FTS.B

,

Zero

Cpn

,

4/26/24

...

2,245

644

6030375.SQ.FTS.B

,

Zero

Cpn

,

4/27/24

...

1,285

934

6032149.SQ.FTS.B

,

Zero

Cpn

,

4/27/24

...

2,212

1,298

6033308.SQ.FTS.B

,

Zero

Cpn

,

4/28/24

...

2,943

1,000

6035132.SQ.FTS.B

,

Zero

Cpn

,

4/28/24

...

364

205

6035358.SQ.FTS.B

,

Zero

Cpn

,

4/28/24

...

481

394

6037303.SQ.FTS.B

,

Zero

Cpn

,

4/29/24

...

6,551

3,357

6037518.SQ.FTS.B

,

Zero

Cpn

,

4/29/24

...

273

179

6038307.SQ.FTS.B

,

Zero

Cpn

,

4/30/24

...

11,023

2,572

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6041701.SQ.FTS.B

,

Zero

Cpn

,

4/30/24

...

$

6,983

$

657

6041983.SQ.FTS.B

,

Zero

Cpn

,

5/01/24

...

40,970

8,422

6046321.SQ.FTS.B

,

Zero

Cpn

,

5/02/24

...

4,007

928

6046375.SQ.FTS.B

,

Zero

Cpn

,

5/02/24

...

3,159

309

6047533.SQ.FTS.B

,

Zero

Cpn

,

5/02/24

...

640

490

6047820.SQ.FTS.B

,

Zero

Cpn

,

5/02/24

...

1,138

566

6048429.SQ.FTS.B

,

Zero

Cpn

,

5/02/24

...

2,127

1,256

6048564.SQ.FTS.B

,

Zero

Cpn

,

5/02/24

...

978

281

6050998.SQ.FTS.B

,

Zero

Cpn

,

5/03/24

...

3,218

2,216

6051129.SQ.FTS.B

,

Zero

Cpn

,

5/03/24

...

2,818

1,251

6051266.SQ.FTS.B

,

Zero

Cpn

,

5/03/24

...

532

431

6051791.SQ.FTS.B

,

Zero

Cpn

,

5/03/24

...

1,962

1,601

6056014.SQ.FTS.B

,

Zero

Cpn

,

5/04/24

...

11,504

6,209

6057856.SQ.FTS.B

,

Zero

Cpn

,

5/04/24

...

4,257

956

6058394.SQ.FTS.B

,

Zero

Cpn

,

5/05/24

...

999

478

6058411.SQ.FTS.B

,

Zero

Cpn

,

5/05/24

...

1,131

642

6059813.SQ.FTS.B

,

Zero

Cpn

,

5/06/24

...

6,787

1,108

6060944.SQ.FTS.B

,

Zero

Cpn

,

5/07/24

...

320

288

6062536.SQ.FTS.B

,

Zero

Cpn

,

5/07/24

...

3,816

1,028

6062959.SQ.FTS.B

,

Zero

Cpn

,

5/07/24

...

24

19

6063093.SQ.FTS.B

,

Zero

Cpn

,

5/07/24

...

3,406

605

6066715.SQ.FTS.B

,

Zero

Cpn

,

5/08/24

...

129

110

6109460.SQ.FTS.B

,

Zero

Cpn

,

5/09/24

...

2,882

1,947

6120750.SQ.FTS.B

,

Zero

Cpn

,

5/09/24

...

486

153

6120756.SQ.FTS.B

,

Zero

Cpn

,

5/09/24

...

192

155

6120938.SQ.FTS.B

,

Zero

Cpn

,

5/09/24

...

19,785

3,250

6122715.SQ.FTS.B

,

Zero

Cpn

,

5/10/24

...

45,745

18,097

6123680.SQ.FTS.B

,

Zero

Cpn

,

5/10/24

...

28,396

10,033

6125197.SQ.FTS.B

,

Zero

Cpn

,

5/11/24

...

825

714

6126608.SQ.FTS.B

,

Zero

Cpn

,

5/12/24

...

4,440

1,103

6127192.SQ.FTS.B

,

Zero

Cpn

,

5/13/24

...

2,501

617

6127273.SQ.FTS.B

,

Zero

Cpn

,

5/13/24

...

2,393

580

6127374.SQ.FTS.B

,

Zero

Cpn

,

5/13/24

...

2,574

412

6131346.SQ.FTS.B

,

Zero

Cpn

,

5/15/24

...

2,045

1,671

6133707.SQ.FTS.B

,

Zero

Cpn

,

5/15/24

...

11,499

3,039

6134305.SQ.FTS.B

,

Zero

Cpn

,

5/15/24

...

2,829

2,579

6134623.SQ.FTS.B

,

Zero

Cpn

,

5/15/24

...

17,381

10,746

6135022.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

3,532

1,501

6135248.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

8,060

2,163

6135702.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

854

374

6136349.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

52

31

6136481.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

4,428

717

6137611.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

289

104

6137703.SQ.FTS.B

,

Zero

Cpn

,

5/16/24

...

741

138

6139899.SQ.FTS.B

,

Zero

Cpn

,

5/17/24

...

5,390

1,457

6141331.SQ.FTS.B

,

Zero

Cpn

,

5/17/24

...

27

25

6141598.SQ.FTS.B

,

Zero

Cpn

,

5/17/24

...

4,475

2,454

6141802.SQ.FTS.B

,

Zero

Cpn

,

5/17/24

...

287

207

6141840.SQ.FTS.B

,

Zero

Cpn

,

5/17/24

...

3,171

765

6144045.SQ.FTS.B

,

Zero

Cpn

,

5/18/24

...

37

30

6144839.SQ.FTS.B

,

Zero

Cpn

,

5/18/24

...

5,627

2,600

6145716.SQ.FTS.B

,

Zero

Cpn

,

5/18/24

...

7,232

2,815

6145876.SQ.FTS.B

,

Zero

Cpn

,

5/18/24

...

2,747

449

6147217.SQ.FTS.B

,

Zero

Cpn

,

5/19/24

...

462

142

6147426.SQ.FTS.B

,

Zero

Cpn

,

5/19/24

...

843

609

6147492.SQ.FTS.B

,

Zero

Cpn

,

5/19/24

...

370

143

6147679.SQ.FTS.B

,

Zero

Cpn

,

5/20/24

...

1,612

1,262

6149785.SQ.FTS.B

,

Zero

Cpn

,

5/21/24

...

1,256

395

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6150201.SQ.FTS.B

,

Zero

Cpn

,

5/21/24

...

$

654

$

162

6151232.SQ.FTS.B

,

Zero

Cpn

,

5/21/24

...

100

83

6151254.SQ.FTS.B

,

Zero

Cpn

,

5/21/24

...

33,491

9,920

6153219.SQ.FTS.B

,

Zero

Cpn

,

5/22/24

...

2,899

673

6153275.SQ.FTS.B

,

Zero

Cpn

,

5/22/24

...

2,788

1,151

6154042.SQ.FTS.B

,

Zero

Cpn

,

5/22/24

...

2,831

2,551

6155893.SQ.FTS.B

,

Zero

Cpn

,

5/22/24

...

1,465

438

6155930.SQ.FTS.B

,

Zero

Cpn

,

5/22/24

...

9,003

1,646

6157661.SQ.FTS.B

,

Zero

Cpn

,

5/23/24

...

955

221

6157670.SQ.FTS.B

,

Zero

Cpn

,

5/23/24

...

1,270

404

6158976.SQ.FTS.B

,

Zero

Cpn

,

5/23/24

...

478

148

6161004.SQ.FTS.B

,

Zero

Cpn

,

5/24/24

...

1,742

1,352

6161916.SQ.FTS.B

,

Zero

Cpn

,

5/25/24

...

3,028

493

6162742.SQ.FTS.B

,

Zero

Cpn

,

5/25/24

...

1,542

1,432

6163115.SQ.FTS.B

,

Zero

Cpn

,

5/25/24

...

9,867

3,003

6163558.SQ.FTS.B

,

Zero

Cpn

,

5/25/24

...

759

186

6165145.SQ.FTS.B

,

Zero

Cpn

,

5/26/24

...

693

481

6165678.SQ.FTS.B

,

Zero

Cpn

,

5/27/24

...

4,327

883

6169587.SQ.FTS.B

,

Zero

Cpn

,

5/28/24

...

3,516

1,382

6170990.SQ.FTS.B

,

Zero

Cpn

,

5/29/24

...

492

454

6171294.SQ.FTS.B

,

Zero

Cpn

,

5/29/24

...

984

311

6173147.SQ.FTS.B

,

Zero

Cpn

,

5/29/24

...

3,885

1,226

6173987.SQ.FTS.B

,

Zero

Cpn

,

5/30/24

...

3,175

1,189

6174099.SQ.FTS.B

,

Zero

Cpn

,

5/30/24

...

774

352

6174665.SQ.FTS.B

,

Zero

Cpn

,

5/30/24

...

1,259

773

6178990.SQ.FTS.B

,

Zero

Cpn

,

6/01/24

...

1,145

886

6179370.SQ.FTS.B

,

Zero

Cpn

,

6/01/24

...

897

706

6180164.SQ.FTS.B

,

Zero

Cpn

,

6/01/24

...

848

519

6180254.SQ.FTS.B

,

Zero

Cpn

,

6/01/24

...

1,213

1,121

6181329.SQ.FTS.B

,

Zero

Cpn

,

6/01/24

...

662

499

6181401.SQ.FTS.B

,

Zero

Cpn

,

6/01/24

...

440

228

6182359.SQ.FTS.B

,

Zero

Cpn

,

6/02/24

...

2,551

1,064

6183669.SQ.FTS.B

,

Zero

Cpn

,

6/02/24

...

5,900

4,048

6183889.SQ.FTS.B

,

Zero

Cpn

,

6/02/24

...

6,619

4,847

6184876.SQ.FTS.B

,

Zero

Cpn

,

6/02/24

...

4,461

1,712

6185855.SQ.FTS.B

,

Zero

Cpn

,

6/03/24

...

2,364

1,085

6186244.SQ.FTS.B

,

Zero

Cpn

,

6/03/24

...

216

197

6186836.SQ.FTS.B

,

Zero

Cpn

,

6/04/24

...

1,643

912

6186999.SQ.FTS.B

,

Zero

Cpn

,

6/04/24

...

1,907

647

6190102.SQ.FTS.B

,

Zero

Cpn

,

6/05/24

...

1,071

370

6190783.SQ.FTS.B

,

Zero

Cpn

,

6/05/24

...

1,090

174

6190985.SQ.FTS.B

,

Zero

Cpn

,

6/05/24

...

1,125

1,110

6192067.SQ.FTS.B

,

Zero

Cpn

,

6/06/24

...

497

151

6192723.SQ.FTS.B

,

Zero

Cpn

,

6/06/24

...

201

178

6194735.SQ.FTS.B

,

Zero

Cpn

,

6/06/24

...

1,369

676

6194754.SQ.FTS.B

,

Zero

Cpn

,

6/06/24

...

1,027

720

6196734.SQ.FTS.B

,

Zero

Cpn

,

6/07/24

...

1,042

263

6196936.SQ.FTS.B

,

Zero

Cpn

,

6/07/24

...

1,154

265

6199760.SQ.FTS.B

,

Zero

Cpn

,

6/07/24

...

10,324

6,438

6200609.SQ.FTS.B

,

Zero

Cpn

,

6/07/24

...

1,061

315

6203333.SQ.FTS.B

,

Zero

Cpn

,

6/08/24

...

504

403

6203362.SQ.FTS.B

,

Zero

Cpn

,

6/08/24

...

12,996

8,462

6204820.SQ.FTS.B

,

Zero

Cpn

,

6/08/24

...

1,654

466

6206170.SQ.FTS.B

,

Zero

Cpn

,

6/08/24

...

23

19

6206617.SQ.FTS.B

,

Zero

Cpn

,

6/09/24

...

265

175

6206838.SQ.FTS.B

,

Zero

Cpn

,

6/09/24

...

1,781

1,323

6207369.SQ.FTS.B

,

Zero

Cpn

,

6/09/24

...

767

446

6207861.SQ.FTS.B

,

Zero

Cpn

,

6/09/24

...

37,929

6,176

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6209701.SQ.FTS.B

,

Zero

Cpn

,

6/10/24

...

$

1,915

$

1,207

6213350.SQ.FTS.B

,

Zero

Cpn

,

6/12/24

...

425

362

6213794.SQ.FTS.B

,

Zero

Cpn

,

6/12/24

...

3,389

1,196

6215032.SQ.FTS.B

,

Zero

Cpn

,

6/13/24

...

3,341

1,689

6216579.SQ.FTS.B

,

Zero

Cpn

,

6/13/24

...

711

175

6216601.SQ.FTS.B

,

Zero

Cpn

,

6/13/24

...

2,272

839

6217865.SQ.FTS.B

,

Zero

Cpn

,

6/13/24

...

1,882

1,766

6219277.SQ.FTS.B

,

Zero

Cpn

,

6/14/24

...

2,187

958

6220076.SQ.FTS.B

,

Zero

Cpn

,

6/14/24

...

3,725

394

6220695.SQ.FTS.B

,

Zero

Cpn

,

6/14/24

...

23,011

12,080

6225147.SQ.FTS.B

,

Zero

Cpn

,

6/15/24

...

1,724

1,450

6226503.SQ.FTS.B

,

Zero

Cpn

,

6/15/24

...

3,035

1,994

6227879.SQ.FTS.B

,

Zero

Cpn

,

6/16/24

...

3,005

2,028

6228415.SQ.FTS.B

,

Zero

Cpn

,

6/16/24

...

799

617

6229129.SQ.FTS.B

,

Zero

Cpn

,

6/16/24

...

44,876

17,023

6234555.SQ.FTS.B

,

Zero

Cpn

,

6/16/24

...

1,536

588

6235160.SQ.FTS.B

,

Zero

Cpn

,

6/17/24

...

6,431

659

6235237.SQ.FTS.B

,

Zero

Cpn

,

6/17/24

...

1,963

1,656

6235489.SQ.FTS.B

,

Zero

Cpn

,

6/17/24

...

11,720

5,159

6235701.SQ.FTS.B

,

Zero

Cpn

,

6/17/24

...

2,176

1,701

6235797.SQ.FTS.B

,

Zero

Cpn

,

6/17/24

...

5,020

481

6235824.SQ.FTS.B

,

Zero

Cpn

,

6/17/24

...

1,663

500

6236068.SQ.FTS.B

,

Zero

Cpn

,

6/18/24

...

6,319

3,506

6236218.SQ.FTS.B

,

Zero

Cpn

,

6/18/24

...

479

475

6236408.SQ.FTS.B

,

Zero

Cpn

,

6/18/24

...

432

242

6236427.SQ.FTS.B

,

Zero

Cpn

,

6/18/24

...

10,363

1,187

6237922.SQ.FTS.B

,

Zero

Cpn

,

6/19/24

...

409

372

6238700.SQ.FTS.B

,

Zero

Cpn

,

6/19/24

...

178

114

6238744.SQ.FTS.B

,

Zero

Cpn

,

6/19/24

...

472

155

6240143.SQ.FTS.B

,

Zero

Cpn

,

6/19/24

...

3,654

1,355

6240208.SQ.FTS.B

,

Zero

Cpn

,

6/20/24

...

5,830

1,346

6241838.SQ.FTS.B

,

Zero

Cpn

,

6/20/24

...

11,822

3,319

6243216.SQ.FTS.B

,

Zero

Cpn

,

6/20/24

...

4,626

2,867

6243323.SQ.FTS.B

,

Zero

Cpn

,

6/20/24

...

39

28

6244041.SQ.FTS.B

,

Zero

Cpn

,

6/21/24

...

458

398

6244975.SQ.FTS.B

,

Zero

Cpn

,

6/21/24

...

868

661

6245007.SQ.FTS.B

,

Zero

Cpn

,

6/21/24

...

848

743

6245050.SQ.FTS.B

,

Zero

Cpn

,

6/21/24

...

1,758

1,461

6245977.SQ.FTS.B

,

Zero

Cpn

,

6/21/24

...

280

154

6250117.SQ.FTS.B

,

Zero

Cpn

,

6/22/24

...

1,815

752

6250307.SQ.FTS.B

,

Zero

Cpn

,

6/22/24

...

2,790

1,719

6250370.SQ.FTS.B

,

Zero

Cpn

,

6/22/24

...

536

521

6252047.SQ.FTS.B

,

Zero

Cpn

,

6/22/24

...

3,967

3,564

6252495.SQ.FTS.B

,

Zero

Cpn

,

6/23/24

...

8,045

6,312

6252835.SQ.FTS.B

,

Zero

Cpn

,

6/23/24

...

166

164

6253588.SQ.FTS.B

,

Zero

Cpn

,

6/23/24

...

313

308

6255416.SQ.FTS.B

,

Zero

Cpn

,

6/24/24

...

5,582

4,074

6255542.SQ.FTS.B

,

Zero

Cpn

,

6/24/24

...

593

115

6255617.SQ.FTS.B

,

Zero

Cpn

,

6/24/24

...

1,480

960

6255909.SQ.FTS.B

,

Zero

Cpn

,

6/25/24

...

975

224

6255997.SQ.FTS.B

,

Zero

Cpn

,

6/25/24

...

1,357

135

6256139.SQ.FTS.B

,

Zero

Cpn

,

6/26/24

...

142

133

6256236.SQ.FTS.B

,

Zero

Cpn

,

6/26/24

...

567

557

6256373.SQ.FTS.B

,

Zero

Cpn

,

6/26/24

...

698

542

6256740.SQ.FTS.B

,

Zero

Cpn

,

6/26/24

...

688

353

6261747.SQ.FTS.B

,

Zero

Cpn

,

6/28/24

...

2,887

1,516

6262497.SQ.FTS.B

,

Zero

Cpn

,

6/28/24

...

8,184

3,309

6265146.SQ.FTS.B

,

Zero

Cpn

,

6/29/24

...

109

97

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6265155.SQ.FTS.B

,

Zero

Cpn

,

6/29/24

...

$

6,047

$

1,944

6266047.SQ.FTS.B

,

Zero

Cpn

,

6/29/24

...

4,070

1,546

6267922.SQ.FTS.B

,

Zero

Cpn

,

6/29/24

...

119

109

6268002.SQ.FTS.B

,

Zero

Cpn

,

6/29/24

...

700

572

6268562.SQ.FTS.B

,

Zero

Cpn

,

6/30/24

...

81

79

6268566.SQ.FTS.B

,

Zero

Cpn

,

6/30/24

...

550

516

6268655.SQ.FTS.B

,

Zero

Cpn

,

6/30/24

...

886

217

6270448.SQ.FTS.B

,

Zero

Cpn

,

6/30/24

...

1,688

756

6270473.SQ.FTS.B

,

Zero

Cpn

,

6/30/24

...

3,312

330

6271274.SQ.FTS.B

,

Zero

Cpn

,

7/01/24

...

68

54

6271350.SQ.FTS.B

,

Zero

Cpn

,

7/01/24

...

2,400

1,849

6271872.SQ.FTS.B

,

Zero

Cpn

,

7/02/24

...

9,978

6,375

6272091.SQ.FTS.B

,

Zero

Cpn

,

7/02/24

...

755

663

6275849.SQ.FTS.B

,

Zero

Cpn

,

7/04/24

...

8,030

7,237

6276763.SQ.FTS.B

,

Zero

Cpn

,

7/04/24

...

2,289

1,613

6276874.SQ.FTS.B

,

Zero

Cpn

,

7/04/24

...

2,750

1,009

6277246.SQ.FTS.B

,

Zero

Cpn

,

7/04/24

...

677

446

6279862.SQ.FTS.B

,

Zero

Cpn

,

7/05/24

...

16,989

3,980

6280869.SQ.FTS.B

,

Zero

Cpn

,

7/05/24

...

4,517

2,356

6282086.SQ.FTS.B

,

Zero

Cpn

,

7/05/24

...

660

346

6282110.SQ.FTS.B

,

Zero

Cpn

,

7/05/24

...

4,341

4,098

6284087.SQ.FTS.B

,

Zero

Cpn

,

7/06/24

...

3,347

2,985

6284870.SQ.FTS.B

,

Zero

Cpn

,

7/06/24

...

6,764

3,498

6285816.SQ.FTS.B

,

Zero

Cpn

,

7/07/24

...

24,941

18,239

6286798.SQ.FTS.B

,

Zero

Cpn

,

7/09/24

...

3,737

1,617

6289285.SQ.FTS.B

,

Zero

Cpn

,

7/09/24

...

583

557

6290930.SQ.FTS.B

,

Zero

Cpn

,

7/10/24

...

1,856

1,016

6290969.SQ.FTS.B

,

Zero

Cpn

,

7/10/24

...

1,369

843

6291341.SQ.FTS.B

,

Zero

Cpn

,

7/10/24

...

141

134

6291374.SQ.FTS.B

,

Zero

Cpn

,

7/10/24

...

6,618

3,120

6293418.SQ.FTS.B

,

Zero

Cpn

,

7/11/24

...

470

452

6302938.SQ.FTS.B

,

Zero

Cpn

,

7/13/24

...

169

108

6303349.SQ.FTS.B

,

Zero

Cpn

,

7/14/24

...

933

923

6304147.SQ.FTS.B

,

Zero

Cpn

,

7/14/24

...

935

833

6304502.SQ.FTS.B

,

Zero

Cpn

,

7/15/24

...

11,806

4,791

6304870.SQ.FTS.B

,

Zero

Cpn

,

7/15/24

...

15,082

9,118

6305766.SQ.FTS.B

,

Zero

Cpn

,

7/16/24

...

1,067

1,025

6305807.SQ.FTS.B

,

Zero

Cpn

,

7/16/24

...

975

715

6306494.SQ.FTS.B

,

Zero

Cpn

,

7/17/24

...

12,186

5,754

6308429.SQ.FTS.B

,

Zero

Cpn

,

7/17/24

...

3,113

1,468

6308611.SQ.FTS.B

,

Zero

Cpn

,

7/18/24

...

8,072

4,820

6308976.SQ.FTS.B

,

Zero

Cpn

,

7/18/24

...

3,197

776

6309929.SQ.FTS.B

,

Zero

Cpn

,

7/18/24

...

288

201

6314524.SQ.FTS.B

,

Zero

Cpn

,

7/19/24

...

8,182

3,429

6314730.SQ.FTS.B

,

Zero

Cpn

,

7/19/24

...

3,074

1,185

6315256.SQ.FTS.B

,

Zero

Cpn

,

7/19/24

...

3,856

734

6315790.SQ.FTS.B

,

Zero

Cpn

,

7/19/24

...

2,008

1,916

6316163.SQ.FTS.B

,

Zero

Cpn

,

7/20/24

...

20,110

16,912

6319060.SQ.FTS.B

,

Zero

Cpn

,

7/21/24

...

7,864

5,484

6319630.SQ.FTS.B

,

Zero

Cpn

,

7/21/24

...

1,203

902

6319919.SQ.FTS.B

,

Zero

Cpn

,

7/21/24

...

855

342

6319933.SQ.FTS.B

,

Zero

Cpn

,

7/21/24

...

14,196

5,262

6320082.SQ.FTS.B

,

Zero

Cpn

,

7/22/24

...

623

519

6320178.SQ.FTS.B

,

Zero

Cpn

,

7/22/24

...

3,234

601

6321758.SQ.FTS.B

,

Zero

Cpn

,

7/23/24

...

5,770

2,960

6326567.SQ.FTS.B

,

Zero

Cpn

,

7/23/24

...

41

39

6328384.SQ.FTS.B

,

Zero

Cpn

,

7/23/24

...

452

405

6328930.SQ.FTS.B

,

Zero

Cpn

,

7/23/24

...

14,360

7,541

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6351613.SQ.FTS.B

,

Zero

Cpn

,

7/23/24

...

$

462

$

392

6351811.SQ.FTS.B

,

Zero

Cpn

,

7/24/24

...

5,730

4,619

6352903.SQ.FTS.B

,

Zero

Cpn

,

7/24/24

...

2,461

905

6353710.SQ.FTS.B

,

Zero

Cpn

,

7/24/24

...

4,027

2,780

6353899.SQ.FTS.B

,

Zero

Cpn

,

7/24/24

...

18,094

11,212

6355005.SQ.FTS.B

,

Zero

Cpn

,

7/25/24

...

11,762

9,705

6355353.SQ.FTS.B

,

Zero

Cpn

,

7/25/24

...

5,987

2,660

6355988.SQ.FTS.B

,

Zero

Cpn

,

7/25/24

...

1,811

1,785

6356205.SQ.FTS.B

,

Zero

Cpn

,

7/25/24

...

94

92

6359467.SQ.FTS.B

,

Zero

Cpn

,

7/26/24

...

53,534

23,424

6361924.SQ.FTS.B

,

Zero

Cpn

,

7/26/24

...

556

519

6362613.SQ.FTS.B

,

Zero

Cpn

,

7/26/24

...

60

55

6362699.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

42,087

18,831

6363683.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

2,431

676

6363828.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

171

158

6363853.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

1,434

828

6363908.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

3,307

2,075

6364035.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

471

395

6364953.SQ.FTS.B

,

Zero

Cpn

,

7/27/24

...

4,175

3,220

6365756.SQ.FTS.B

,

Zero

Cpn

,

7/28/24

...

10,031

9,566

6366412.SQ.FTS.B

,

Zero

Cpn

,

7/28/24

...

1,285

1,211

6366452.SQ.FTS.B

,

Zero

Cpn

,

7/29/24

...

2,186

1,980

6368120.SQ.FTS.B

,

Zero

Cpn

,

7/30/24

...

1,214

1,040

6368321.SQ.FTS.B

,

Zero

Cpn

,

7/30/24

...

239

195

6369186.SQ.FTS.B

,

Zero

Cpn

,

7/30/24

...

272

258

6369458.SQ.FTS.B

,

Zero

Cpn

,

7/30/24

...

9,011

8,723

6370729.SQ.FTS.B

,

Zero

Cpn

,

7/31/24

...

1,720

1,432

6371322.SQ.FTS.B

,

Zero

Cpn

,

7/31/24

...

2,176

742

6372802.SQ.FTS.B

,

Zero

Cpn

,

7/31/24

...

834

787

6372921.SQ.FTS.B

,

Zero

Cpn

,

7/31/24

...

675

619

6373846.SQ.FTS.B

,

Zero

Cpn

,

7/31/24

...

4,529

2,878

6376101.SQ.FTS.B

,

Zero

Cpn

,

8/01/24

...

1,033

892

6378691.SQ.FTS.B

,

Zero

Cpn

,

8/02/24

...

30,142

8,759

6379319.SQ.FTS.B

,

Zero

Cpn

,

8/02/24

...

116

107

6379558.SQ.FTS.B

,

Zero

Cpn

,

8/02/24

...

644

584

6380466.SQ.FTS.B

,

Zero

Cpn

,

8/02/24

...

10,004

9,717

6382458.SQ.FTS.B

,

Zero

Cpn

,

8/03/24

...

12,605

8,479

6383269.SQ.FTS.B

,

Zero

Cpn

,

8/03/24

...

2,136

1,093

6385054.SQ.FTS.B

,

Zero

Cpn

,

8/03/24

...

1,398

1,150

6385234.SQ.FTS.B

,

Zero

Cpn

,

8/04/24

...

142

135

6385279.SQ.FTS.B

,

Zero

Cpn

,

8/04/24

...

2,094

1,965

6385666.SQ.FTS.B

,

Zero

Cpn

,

8/04/24

...

1,880

709

6385845.SQ.FTS.B

,

Zero

Cpn

,

8/04/24

...

333

110

6386508.SQ.FTS.B

,

Zero

Cpn

,

8/05/24

...

2,223

2,016

6389172.SQ.FTS.B

,

Zero

Cpn

,

8/06/24

...

28,564

13,205

6389644.SQ.FTS.B

,

Zero

Cpn

,

8/06/24

...

516

502

6390336.SQ.FTS.B

,

Zero

Cpn

,

8/07/24

...

2,537

2,333

6390840.SQ.FTS.B

,

Zero

Cpn

,

8/07/24

...

3,843

1,452

6391712.SQ.FTS.B

,

Zero

Cpn

,

8/07/24

...

5,222

3,565

6393406.SQ.FTS.B

,

Zero

Cpn

,

8/08/24

...

15,623

13,398

6394386.SQ.FTS.B

,

Zero

Cpn

,

8/08/24

...

816

175

6394397.SQ.FTS.B

,

Zero

Cpn

,

8/08/24

...

4,721

4,635

6395219.SQ.FTS.B

,

Zero

Cpn

,

8/08/24

...

1,206

623

6397754.SQ.FTS.B

,

Zero

Cpn

,

8/09/24

...

4,252

2,796

6399658.SQ.FTS.B

,

Zero

Cpn

,

8/09/24

...

122

117

6399687.SQ.FTS.B

,

Zero

Cpn

,

8/09/24

...

1,549

1,359

6400939.SQ.FTS.B

,

Zero

Cpn

,

8/09/24

...

3,199

2,904

6401059.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

470

415

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6401192.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

$

541

$

362

6401525.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

275

270

6401558.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

771

653

6401627.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

1,699

1,616

6401953.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

876

445

6401970.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

1,665

1,166

6403479.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

5,237

3,442

6403873.SQ.FTS.B

,

Zero

Cpn

,

8/10/24

...

2,974

2,488

6404068.SQ.FTS.B

,

Zero

Cpn

,

8/11/24

...

4,289

2,911

6404445.SQ.FTS.B

,

Zero

Cpn

,

8/11/24

...

1,245

645

6404893.SQ.FTS.B

,

Zero

Cpn

,

8/12/24

...

5,741

5,313

6405166.SQ.FTS.B

,

Zero

Cpn

,

8/12/24

...

19,913

4,765

6405910.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

7,270

5,696

6406305.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

72

55

6406598.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

1,173

517

6406621.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

129

127

6406724.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

2,314

1,678

6406838.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

14,684

12,361

6407446.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

116

87

6407824.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

460

265

6407848.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

4,624

4,394

6408022.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

1,385

1,225

6408129.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

2,187

1,771

6408336.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

2,450

2,365

6408523.SQ.FTS.B

,

Zero

Cpn

,

8/13/24

...

10,525

5,501

6408789.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

9,172

7,539

6409097.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

1,758

1,665

6409279.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

982

956

6409863.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

2,295

2,141

6410466.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

2,617

1,694

6411150.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

2,180

1,865

6411768.SQ.FTS.B

,

Zero

Cpn

,

8/14/24

...

13

12

6412243.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

3,975

1,186

6412510.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

7,548

7,247

6413000.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

2,337

1,361

6413294.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

469

378

6413433.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

264

192

6413892.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

1,112

922

6414098.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

3,987

1,010

6414405.SQ.FTS.B

,

Zero

Cpn

,

8/15/24

...

1,715

325

6419910.SQ.FTS.B

,

Zero

Cpn

,

8/16/24

...

877

865

6420149.SQ.FTS.B

,

Zero

Cpn

,

8/16/24

...

12,660

4,013

6420303.SQ.FTS.B

,

Zero

Cpn

,

8/16/24

...

5,537

5,322

6421268.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

2,950

2,785

6421679.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

697

485

6421844.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

3,003

2,380

6422227.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

401

247

6422256.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

1,959

1,121

6422990.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

2,096

1,748

6423636.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

535

521

6423702.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

19,955

6,661

6424082.SQ.FTS.B

,

Zero

Cpn

,

8/17/24

...

3,901

3,223

6424267.SQ.FTS.B

,

Zero

Cpn

,

8/18/24

...

12,232

3,199

6425248.SQ.FTS.B

,

Zero

Cpn

,

8/19/24

...

6,839

4,348

6425653.SQ.FTS.B

,

Zero

Cpn

,

8/20/24

...

4,194

4,069

6425796.SQ.FTS.B

,

Zero

Cpn

,

8/20/24

...

2,557

1,138

6426138.SQ.FTS.B

,

Zero

Cpn

,

8/20/24

...

1,496

1,156

6426587.SQ.FTS.B

,

Zero

Cpn

,

8/20/24

...

2,605

2,447

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6426793.SQ.FTS.B

,

Zero

Cpn

,

8/20/24

...

$

568

$

286

6427509.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

4,726

2,350

6427815.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

2,942

2,825

6428249.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

8,145

4,986

6428407.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

7,388

1,284

6428491.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

3,980

3,501

6429640.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

5,813

2,932

6429724.SQ.FTS.B

,

Zero

Cpn

,

8/21/24

...

9,752

9,260

6430566.SQ.FTS.B

,

Zero

Cpn

,

8/22/24

...

14,145

9,748

6432607.SQ.FTS.B

,

Zero

Cpn

,

8/22/24

...

12,025

11,573

6435408.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

5,432

5,256

6435568.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

221

163

6436397.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

749

719

6436495.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

23,908

9,395

6438782.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

1,083

981

6439279.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

752

664

6439293.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

7,365

6,010

6439475.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

1,702

1,276

6439961.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

1,186

992

6440069.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

1,889

1,774

6440133.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

1,991

1,892

6440495.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

228

219

6440508.SQ.FTS.B

,

Zero

Cpn

,

8/23/24

...

285

237

6441111.SQ.FTS.B

,

Zero

Cpn

,

8/24/24

...

680

544

6441614.SQ.FTS.B

,

Zero

Cpn

,

8/24/24

...

12,784

8,082

6442344.SQ.FTS.B

,

Zero

Cpn

,

8/24/24

...

1,221

1,148

6442783.SQ.FTS.B

,

Zero

Cpn

,

8/24/24

...

26,260

24,862

6443707.SQ.FTS.B

,

Zero

Cpn

,

8/24/24

...

35,282

11,774

6444161.SQ.FTS.B

,

Zero

Cpn

,

8/24/24

...

756

697

6444427.SQ.FTS.B

,

Zero

Cpn

,

8/25/24

...

698

589

6444455.SQ.FTS.B

,

Zero

Cpn

,

8/25/24

...

451

425

6444474.SQ.FTS.B

,

Zero

Cpn

,

8/25/24

...

5,883

5,583

6445162.SQ.FTS.B

,

Zero

Cpn

,

8/26/24

...

6,799

2,985

6445475.SQ.FTS.B

,

Zero

Cpn

,

8/26/24

...

542

440

6447179.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

907

588

6447474.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

1,767

1,363

6447640.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

2,396

1,049

6447919.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

285

246

6447940.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

256

255

6448059.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

5,140

1,567

6448205.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

8,259

3,149

6448382.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

6,002

2,109

6448554.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

3,009

651

6449218.SQ.FTS.B

,

Zero

Cpn

,

8/27/24

...

1,623

1,189

6449422.SQ.FTS.B

,

Zero

Cpn

,

8/28/24

...

770

523

6452425.SQ.FTS.B

,

Zero

Cpn

,

8/28/24

...

801

727

6452451.SQ.FTS.B

,

Zero

Cpn

,

8/28/24

...

3,082

2,421

6453977.SQ.FTS.B

,

Zero

Cpn

,

9/01/24

...

504

496

6455408.SQ.FTS.B

,

Zero

Cpn

,

9/01/24

...

2,668

2,419

6457374.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

2,157

1,569

6457946.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

11,575

10,738

6460018.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

1,384

830

6460577.SQ.FTS.B

,

Zero

Cpn

,

9/02/24

...

653

570

6462554.SQ.FTS.B

,

Zero

Cpn

,

9/03/24

...

13,297

10,220

6463654.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

3,074

2,902

6463733.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

1,255

542

6463758.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

1,084

1,043

6463889.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

16,331

3,855

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6464011.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

$

170

$

160

6464362.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

4,169

662

6464433.SQ.FTS.B

,

Zero

Cpn

,

9/04/24

...

9,768

8,621

6467579.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

39

38

6467627.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

10,902

10,047

6467915.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

1,055

1,018

6468063.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

1,643

978

6468495.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

386

371

6468533.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

2,496

1,626

6468636.SQ.FTS.B

,

Zero

Cpn

,

9/06/24

...

10,598

2,069

6469492.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

3,223

2,582

6469888.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

2,644

2,117

6470083.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

1,520

1,238

6470553.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

1,365

1,327

6470745.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

924

870

6470844.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

6,874

4,331

6471840.SQ.FTS.B

,

Zero

Cpn

,

9/07/24

...

1,562

1,432

6472795.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

7,593

3,744

6472874.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

3,241

2,894

6473176.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

2,115

1,954

6473813.SQ.FTS.B

,

Zero

Cpn

,

9/08/24

...

15,447

11,885

6477840.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

3,007

1,329

6478752.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

2,553

1,046

6479093.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

1,775

972

6479758.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

869

842

6479843.SQ.FTS.B

,

Zero

Cpn

,

9/09/24

...

11,284

3,357

6482433.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

1,614

1,594

6482688.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

55

55

6482925.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

4,629

3,421

6483172.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

2,510

2,301

6483301.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

1,007

724

6483587.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

9,292

6,235

6483849.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

3,190

2,871

6484438.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

305

290

6484618.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

4,919

3,444

6484730.SQ.FTS.B

,

Zero

Cpn

,

9/10/24

...

5,996

5,901

6485016.SQ.FTS.B

,

Zero

Cpn

,

9/11/24

...

15,194

4,663

6485200.SQ.FTS.B

,

Zero

Cpn

,

9/11/24

...

6,526

1,823

6485565.SQ.FTS.B

,

Zero

Cpn

,

9/11/24

...

9,731

8,857

6485862.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

13,536

9,351

6486219.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

908

570

6486247.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

1,347

1,308

6486317.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

722

518

6486337.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

497

425

6486381.SQ.FTS.B

,

Zero

Cpn

,

9/12/24

...

920

719

6487077.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

392

357

6487145.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

6,996

3,759

6487587.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

1,298

133

6487959.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

125

116

6487981.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

1,391

465

6488324.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

855

849

6488459.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

6,076

3,605

6488938.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

13,125

12,585

6489884.SQ.FTS.B

,

Zero

Cpn

,

9/13/24

...

2,773

2,549

6491324.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

589

585

6491762.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

560

406

6491770.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

6,271

5,277

6492050.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

615

581

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6492133.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

$

167

$

152

6492212.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

11,554

1,991

6492780.SQ.FTS.B

,

Zero

Cpn

,

9/14/24

...

14,716

9,620

6494041.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

2,210

1,195

6494237.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

4,718

4,447

6495065.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

2,057

1,196

6495262.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

1,706

1,423

6496439.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

1,732

1,558

6496704.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

683

669

6496902.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

8,421

3,356

6497094.SQ.FTS.B

,

Zero

Cpn

,

9/15/24

...

2,348

905

6499048.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

8,658

6,159

6499196.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

592

576

6499389.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

5,361

2,918

6499996.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

636

608

6500866.SQ.FTS.B

,

Zero

Cpn

,

9/16/24

...

4,974

2,780

6503847.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

11,582

7,920

6504092.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

3,641

3,460

6504715.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

3,279

2,978

6505264.SQ.FTS.B

,

Zero

Cpn

,

9/17/24

...

818

463

6505793.SQ.FTS.B

,

Zero

Cpn

,

9/18/24

...

2,242

647

6505823.SQ.FTS.B

,

Zero

Cpn

,

9/18/24

...

3,023

2,769

6506138.SQ.FTS.B

,

Zero

Cpn

,

9/18/24

...

2,188

2,005

6506509.SQ.FTS.B

,

Zero

Cpn

,

9/19/24

...

542

234

6506690.SQ.FTS.B

,

Zero

Cpn

,

9/19/24

...

5,087

4,197

6507835.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

392

260

6508171.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

9,082

7,155

6508452.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

89

85

6509738.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

1,197

618

6510179.SQ.FTS.B

,

Zero

Cpn

,

9/20/24

...

24,604

5,373

6510863.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

7,997

7,226

6511300.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

3,308

2,624

6511415.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

4,945

2,239

6511726.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

1,020

753

6512222.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

2,610

1,063

6512730.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

2,876

2,821

6513909.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

2,202

2,108

6514021.SQ.FTS.B

,

Zero

Cpn

,

9/21/24

...

6,687

3,178

6514372.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

1,877

1,427

6514892.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

790

779

6514949.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

6,188

3,276

6515238.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

507

350

6516032.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

12,214

11,824

6516725.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

3,769

2,683

6516868.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

1,859

1,791

6516901.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

700

675

6516931.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

2,318

2,083

6516997.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

415

391

6517017.SQ.FTS.B

,

Zero

Cpn

,

9/22/24

...

209

208

6518769.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

1,738

1,667

6518875.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

3,695

3,446

6519155.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

1,356

1,321

6519286.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

1,272

277

6519301.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

2,072

1,983

6519513.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

1,622

1,350

6520131.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

9,856

4,897

6521243.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

3,876

1,852

6522466.SQ.FTS.B

,

Zero

Cpn

,

9/23/24

...

1,743

1,415

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6522670.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

$

5,070

$

4,531

6523872.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

245

227

6524095.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

8,025

6,895

6524998.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

824

531

6525021.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

6,317

1,963

6525132.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

85

81

6525155.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

3,090

2,958

6525421.SQ.FTS.B

,

Zero

Cpn

,

9/24/24

...

230

148

6525621.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

615

554

6525663.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

590

565

6525772.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

1,608

1,470

6526020.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

1,970

1,667

6526070.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

3,820

2,460

6526180.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

700

548

6526192.SQ.FTS.B

,

Zero

Cpn

,

9/25/24

...

305

174

6526493.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

1,269

595

6526542.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

11,419

5,084

6526856.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

1,962

870

6527010.SQ.FTS.B

,

Zero

Cpn

,

9/26/24

...

773

444

6528685.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

4,621

4,431

6529012.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

1,033

1,012

6529157.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

698

689

6529506.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

761

531

6529515.SQ.FTS.B

,

Zero

Cpn

,

9/27/24

...

4,081

3,300

6531978.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

1,016

996

6532434.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

8,676

6,185

6532694.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

3,246

2,308

6533237.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

3,008

2,698

6533589.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

301

249

6533807.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

642

521

6533974.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

370

321

6534157.SQ.FTS.B

,

Zero

Cpn

,

9/28/24

...

2,504

1,834

6535332.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

2,055

730

6535641.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

720

652

6536665.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

326

115

6537417.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

691

668

6537646.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

4,089

3,851

6537783.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

3,261

2,796

6537839.SQ.FTS.B

,

Zero

Cpn

,

9/29/24

...

7,900

5,760

6540169.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

349

155

6540251.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

193

190

6540528.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

6,331

4,629

6542573.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

17,723

17,061

6544848.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

1,816

1,621

6545018.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

2,892

2,820

6545807.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

3,515

2,567

6546312.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

7,754

6,889

6546599.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

736

588

6546666.SQ.FTS.B

,

Zero

Cpn

,

9/30/24

...

764

751

6546916.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

1,472

1,376

6546981.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

878

846

6547288.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

3,383

3,142

6547450.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

1,808

1,189

6547481.SQ.FTS.B

,

Zero

Cpn

,

10/01/24

..

1,341

1,316

6547586.SQ.FTS.B

,

Zero

Cpn

,

10/02/24

..

321

265

6548112.SQ.FTS.B

,

Zero

Cpn

,

10/02/24

..

3,856

2,634

6548463.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

916

896

6549544.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

790

729

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6549597.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

$

244

$

242

6549985.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

366

179

6550263.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

1,368

1,332

6550403.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

2,692

2,265

6550689.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

8,009

2,871

6550814.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

4,948

2,907

6550914.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

996

982

6551208.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

3,451

3,405

6551421.SQ.FTS.B

,

Zero

Cpn

,

10/03/24

..

9,146

3,694

6551701.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

1,008

863

6551813.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

1,304

1,279

6552142.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

859

854

6552432.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

557

190

6552468.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

57

57

6552648.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

3,746

2,632

6552779.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

1,497

831

6552823.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

1,742

1,547

6554013.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

2,843

2,612

6554172.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

447

373

6554182.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

2,352

1,201

6554904.SQ.FTS.B

,

Zero

Cpn

,

10/04/24

..

5,571

4,952

6555384.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

490

419

6555512.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

1,422

1,349

6555651.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

2,198

1,997

6556061.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

488

419

6556234.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

4,735

3,874

6556561.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

26,696

22,417

6557456.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

4,652

4,060

6557661.SQ.FTS.B

,

Zero

Cpn

,

10/05/24

..

2,110

1,939

6559548.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

885

543

6560556.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

938

508

6560566.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

2,076

2,029

6561367.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

3,490

3,368

6561534.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

1,321

1,224

6561666.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

302

201

6562144.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

394

388

6562377.SQ.FTS.B

,

Zero

Cpn

,

10/06/24

..

5,660

4,376

6564281.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

4,022

3,129

6564615.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

31,995

25,871

6565305.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

2,474

2,453

6565581.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

2,910

2,692

6565688.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

3,737

2,578

6566055.SQ.FTS.B

,

Zero

Cpn

,

10/07/24

..

1,042

1,024

6566173.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

158

152

6566218.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

479

376

6566230.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

869

620

6566270.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

665

600

6566330.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

1,909

1,811

6566576.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

12,097

5,828

6566804.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

676

571

6566878.SQ.FTS.B

,

Zero

Cpn

,

10/08/24

..

1,475

778

6567114.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

1,756

460

6567237.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

18,447

12,037

6567416.SQ.FTS.B

,

Zero

Cpn

,

10/09/24

..

1,656

1,614

6567620.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

1,600

1,465

6567779.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

5,256

2,990

6568423.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

3,235

3,176

6568686.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

7,212

5,516

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6569303.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

$

6

$

6

6569746.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

12,204

10,364

6570553.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

5,439

2,375

6570601.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

307

221

6570707.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

1,472

1,428

6570734.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

1,049

870

6570746.SQ.FTS.B

,

Zero

Cpn

,

10/10/24

..

5,845

5,707

6571313.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

1,704

1,414

6571419.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

189

188

6571593.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

12,853

6,828

6572155.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

11,783

9,264

6572904.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

3,372

2,934

6573424.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

4,490

4,029

6573708.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

1,930

1,268

6574116.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

1,449

358

6574151.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

511

468

6574171.SQ.FTS.B

,

Zero

Cpn

,

10/11/24

..

869

860

6574672.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

2,003

1,968

6576916.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

6,599

5,921

6577574.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

852

840

6577708.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

1,959

1,904

6577778.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

5,402

4,869

6577886.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

244

243

6577950.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

1,132

1,118

6578011.SQ.FTS.B

,

Zero

Cpn

,

10/12/24

..

883

800

6579828.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

1,691

1,670

6579993.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

2,521

1,862

6580594.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

3,375

2,184

6580695.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

2,163

2,151

6581129.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

1,367

1,338

6581222.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

596

354

6581234.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

322

304

6581927.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

2,563

2,508

6582053.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

8,655

8,508

6582526.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

3,185

734

6582560.SQ.FTS.B

,

Zero

Cpn

,

10/13/24

..

2,335

1,968

6583567.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

304

303

6584142.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

497

242

6584221.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

2,111

2,063

6584354.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

11,166

6,670

6584584.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

979

899

6584979.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

651

637

6585418.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

4,943

4,736

6585683.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

1,467

1,448

6585824.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

1,024

953

6585989.SQ.FTS.B

,

Zero

Cpn

,

10/14/24

..

40,409

33,639

6586640.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

1,114

807

6586702.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

7,476

5,852

6586838.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

425

422

6586899.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

1,932

1,559

6586950.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

5,163

4,815

6587060.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

2,119

2,093

6587169.SQ.FTS.B

,

Zero

Cpn

,

10/15/24

..

6,563

4,278

6587293.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

3,799

3,349

6587383.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

549

315

6587407.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

1,164

1,119

6587513.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

1,695

1,646

6587941.SQ.FTS.B

,

Zero

Cpn

,

10/16/24

..

1,495

1,128

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)

6588929.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

$

185

$

183

6588941.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

7,254

6,554

6589674.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

5,720

5,644

6589887.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

22,684

16,590

6590389.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

197

195

6590435.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

96

93

6590442.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

10,462

3,853

6590879.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

7,235

7,083

6591293.SQ.FTS.B

,

Zero

Cpn

,

10/17/24

..

3,441

1,836

6591780.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

2,736

2,689

6591946.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

13,830

9,780

6592821.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

18,257

9,261

6593307.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

356

353

6594291.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

6,540

3,232

6594369.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

799

764

6594394.SQ.FTS.B

,

Zero

Cpn

,

10/18/24

..

11,297

4,991

6595699.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

2,762

2,696

6595866.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

1,347

1,268

6596218.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

8,461

8,361

6596999.SQ.FTS.B

,

Zero

Cpn

,

10/19/24

..

515

507

6598822.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

3,820

1,974

6598899.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

6,856

2,785

6599432.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

230

225

6599454.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

6,067

4,928

6600675.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

1,286

635

6600754.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

815

793

6601613.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

1,671

1,244

6601639.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

1,557

1,452

6601677.SQ.FTS.B

,

Zero

Cpn

,

10/20/24

..

2,203

2,058

6601829.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

1,042

1,002

6601863.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

7,626

7,512

6602728.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

515

175

6602960.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

3,543

3,061

6603476.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

3,731

3,413

6603580.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

8,754

6,625

6603985.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

344

264

6604005.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

1,209

1,128

6604310.SQ.FTS.B

,

Zero

Cpn

,

10/21/24

..

1,310

1,193

6604448.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

3,428

2,808

6604504.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

453

200

6604559.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

28

27

6604591.SQ.FTS.B

,

Zero

Cpn

,

10/22/24

..

1,110

1,096

6605116.SQ.FTS.B

,

Zero

Cpn

,

10/23/24

..

356

328

6605316.SQ.FTS.B

,

Zero

Cpn

,

10/23/24

..

2,227

2,199

6605771.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

2,210

1,688

6605873.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

11,774

11,108

6606495.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

621

611

6607275.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

870

862

6607373.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

1,972

1,462

6607903.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

2,847

2,636

6607977.SQ.FTS.B

,

Zero

Cpn

,

10/24/24

..

1,622

555

6608746.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

669

620

6608828.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

43,918

24,060

6609650.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

5,011

2,040

6609785.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

4,432

4,224

6609985.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

1,113

690

6610173.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

1,913

1,838

6610210.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

397

385

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6610657.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

$

4,566

$

4,394

6610806.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

226

225

6610999.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

2,807

2,787

6611284.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

2,893

2,811

6611358.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

4,115

1,919

6611585.SQ.FTS.B

,

Zero

Cpn

,

10/25/24

..

2,893

2,193

6611828.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

3,208

1,335

6612221.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

5,078

4,876

6613970.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

232

230

6614501.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

5,775

2,605

6614660.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

7,658

6,367

6614889.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

310

288

6614956.SQ.FTS.B

,

Zero

Cpn

,

10/26/24

..

3,077

1,739

6617184.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

823

383

6617253.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

343

327

6618290.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

754

659

6618529.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

1,885

1,307

6618946.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

478

412

6619009.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

19,754

17,896

6619910.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

283

250

6619927.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

1,474

775

6620171.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

1,044

1,005

6620227.SQ.FTS.B

,

Zero

Cpn

,

10/27/24

..

26,251

10,140

6620476.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

20,353

8,467

6621448.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

17,687

8,301

6621778.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

3,908

1,203

6621823.SQ.FTS.B

,

Zero

Cpn

,

10/28/24

..

2,387

2,346

6624332.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

1,195

1,033

6624401.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

15,964

14,901

6624765.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

7,023

2,367

6624855.SQ.FTS.B

,

Zero

Cpn

,

10/29/24

..

780

168

6624868.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

1,469

923

6624896.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

9,812

7,358

6625073.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

1,143

1,134

6625228.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

694

587

6625383.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

2,078

1,844

6625433.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

3,272

3,188

6625553.SQ.FTS.B

,

Zero

Cpn

,

10/30/24

..

721

631

6625809.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

2,116

1,837

6625891.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

1,890

1,840

6626390.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

12,129

8,126

6627126.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

1,781

1,715

6627199.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

1,735

1,698

6628718.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

5,381

4,117

6628803.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

252

246

6628859.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

1,335

1,309

6629291.SQ.FTS.B

,

Zero

Cpn

,

11/01/24

..

666

400

6629667.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

1,287

1,126

6629774.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

2,280

2,248

6629989.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

5,479

5,410

6630463.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

1,823

1,672

6630658.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

2,666

1,373

6630713.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

663

624

6630770.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

339

334

6630826.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

1,341

1,330

6631076.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

2,304

2,275

6631472.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

3,298

1,295

6632572.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

4,959

3,313

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)

6632650.SQ.FTS.B

,

Zero

Cpn

,

11/02/24

..

$

11,266

$

11,153

6633296.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

1,614

1,605

6634331.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

235

232

6634349.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

590

524

6634481.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

3,060

1,440

6634644.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

5,874

5,833

6635700.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

437

196

6635707.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

994

987

6635881.SQ.FTS.B

,

Zero

Cpn

,

11/03/24

..

23,981

17,246

6638018.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

1,028

967

6638128.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

1,571

1,546

6638452.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

2,012

1,634

6638709.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

4,847

4,726

6638973.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

4,508

4,397

6639236.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

2,072

2,021

6639381.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

2,186

2,080

6639552.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

441

394

6639605.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

8

8

6640242.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

414

400

6640589.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

4,095

3,988

6640854.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

2,314

2,255

6641178.SQ.FTS.B

,

Zero

Cpn

,

11/04/24

..

4,331

2,558

6641342.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

1,431

1,413

6641796.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

4,690

4,604

6642511.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

3,793

3,721

6642769.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

2,678

2,625

6643477.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

386

343

6643579.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

15,528

12,027

6643825.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

1,365

1,200

6643860.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

1,647

1,089

6643893.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

3,784

2,721

6643989.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

451

415

6644138.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

1,010

563

6644357.SQ.FTS.B

,

Zero

Cpn

,

11/05/24

..

2,353

2,308

6644613.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

10,427

8,213

6644920.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

10,133

8,434

6645096.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

441

425

6645127.SQ.FTS.B

,

Zero

Cpn

,

11/06/24

..

5,476

5,393

6645286.SQ.FTS.B

,

Zero

Cpn

,

11/07/24

..

404

399

6645397.SQ.FTS.B

,

Zero

Cpn

,

11/07/24

..

3,532

2,249

6645540.SQ.FTS.B

,

Zero

Cpn

,

11/07/24

..

1,278

1,144

6646362.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

6,910

6,119

6646778.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

7,942

3,548

6647657.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

7,883

4,451

6647826.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

652

634

6647896.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

3,590

2,833

6648008.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

2,132

2,002

6648094.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

1,814

1,772

6648196.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

23,623

21,773

6648861.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

1,896

1,778

6649085.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

1,741

1,708

6649178.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

477

464

6649272.SQ.FTS.B

,

Zero

Cpn

,

11/08/24

..

679

334

6649665.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

4,811

3,222

6649776.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

1,949

1,804

6650257.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

1,959

1,260

6650321.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

652

474

6650854.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

15,485

7,732

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6651260.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

$

1,372

$

673

6651584.SQ.FTS.B

,

Zero

Cpn

,

11/09/24

..

1,236

1,209

6652918.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

800

756

6653616.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

2,573

2,445

6653861.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,885

1,616

6654040.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

579

570

6654097.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,539

1,515

6654817.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,825

1,762

6654878.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,679

1,368

6654951.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,172

1,157

6655267.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

2,626

2,520

6655502.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

7,593

7,109

6655776.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

3,395

3,313

6655867.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

738

716

6655938.SQ.FTS.B

,

Zero

Cpn

,

11/10/24

..

1,220

1,202

6657751.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

2,237

2,165

6658065.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

323

316

6658175.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

12,013

10,786

6658794.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

5,309

5,224

6659284.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

3,907

3,815

6659749.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

3,248

2,752

6660080.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

6,008

3,450

6660557.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

15,210

12,222

6661188.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

3,707

3,609

6661552.SQ.FTS.B

,

Zero

Cpn

,

11/11/24

..

625

321

6661574.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

4,943

4,821

6661884.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

5,569

4,429

6662406.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

6,390

3,723

6662592.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

6,908

6,174

6662990.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

5,999

3,045

6663138.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

8,992

8,787

6664028.SQ.FTS.B

,

Zero

Cpn

,

11/12/24

..

1,355

1,323

6664752.SQ.FTS.B

,

Zero

Cpn

,

11/13/24

..

1,984

1,937

6664859.SQ.FTS.B

,

Zero

Cpn

,

11/13/24

..

3,408

3,303

6665054.SQ.FTS.B

,

Zero

Cpn

,

11/13/24

..

5,581

3,236

6665113.SQ.FTS.B

,

Zero

Cpn

,

11/13/24

..

1,965

1,920

6665546.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

14

14

6665567.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

2,717

2,629

6665786.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

10,420

10,274

6666097.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

780

692

6666123.SQ.FTS.B

,

Zero

Cpn

,

11/14/24

..

1,660

1,579

6666432.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

2,423

2,283

6666551.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,917

1,876

6666962.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

3,412

2,880

6667151.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

4,226

4,098

6667699.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

2,413

2,260

6667860.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

4,327

2,334

6668020.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

5,126

4,935

6668833.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

4,327

2,596

6668965.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

4,965

4,443

6669089.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,654

1,586

6669152.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

25,018

7,201

6669458.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

376

372

6669469.SQ.FTS.B

,

Zero

Cpn

,

11/15/24

..

1,396

1,277

6671088.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

284

282

6671137.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

4,779

3,795

6671295.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

447

425

6671669.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

1,517

823

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6671708.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

$

686

$

676

6671771.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

1,795

1,767

6671836.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

734

620

6671850.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

868

658

6672119.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

5,552

5,175

6672429.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

214

193

6672511.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

2,994

1,010

6673008.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

264

259

6673046.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

1,192

1,167

6673093.SQ.FTS.B

,

Zero

Cpn

,

11/16/24

..

9,385

9,246

6673763.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,181

1,158

6673873.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,465

1,434

6674075.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

5,332

4,066

6674330.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,455

1,340

6674450.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

18,581

6,318

6674820.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

5,669

5,551

6675529.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

2,820

2,328

6675615.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

2,687

1,184

6675629.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

4,604

4,434

6676101.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

897

777

6676124.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

1,995

1,922

6676189.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

9,256

5,769

6676382.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

3,656

1,681

6676531.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

963

283

6676586.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

2,332

2,173

6676632.SQ.FTS.B

,

Zero

Cpn

,

11/17/24

..

9,934

8,165

6678614.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

4,850

4,701

6678791.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

4,353

2,941

6679324.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

1,238

1,136

6679364.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

3,388

3,115

6680126.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

840

822

6680294.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

7,191

5,879

6680532.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

1,835

1,793

6681653.SQ.FTS.B

,

Zero

Cpn

,

11/18/24

..

1,372

1,280

6681691.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

251

238

6681781.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

6,908

1,875

6682115.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

772

584

6682153.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

1,147

699

6682727.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

7,334

3,873

6683335.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

553

522

6683345.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

7,675

7,192

6683772.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

8,854

8,620

6684007.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

11,822

11,564

6684322.SQ.FTS.B

,

Zero

Cpn

,

11/19/24

..

5,837

5,288

6685005.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

15,175

9,132

6685214.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

2,279

1,388

6685517.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

1,488

685

6685530.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

2,602

2,565

6685614.SQ.FTS.B

,

Zero

Cpn

,

11/20/24

..

1,481

1,429

6685865.SQ.FTS.B

,

Zero

Cpn

,

11/21/24

..

1,952

1,824

6686049.SQ.FTS.B

,

Zero

Cpn

,

11/21/24

..

10,895

9,484

6686240.SQ.FTS.B

,

Zero

Cpn

,

11/21/24

..

2,095

1,582

6686271.SQ.FTS.B

,

Zero

Cpn

,

11/21/24

..

1,121

1,001

6686446.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

8,649

7,715

6686915.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

1,638

1,596

6687490.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

960

894

6687536.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

4,385

3,981

6687788.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

2,742

2,144

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6687859.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

$

1,647

$

1,600

6688197.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

5,403

2,634

6688245.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

3,634

3,404

6688428.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

34,123

33,482

6689529.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

2,125

2,062

6689610.SQ.FTS.B

,

Zero

Cpn

,

11/22/24

..

1,303

1,270

6690044.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

3,814

3,318

6690132.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

308

199

6690218.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

1,106

925

6690762.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

834

814

6690981.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

882

770

6691020.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

6,583

5,519

6691231.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

8,474

8,215

6691441.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

3,139

3,068

6691756.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

7,692

3,721

6691862.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

3,225

3,160

6692484.SQ.FTS.B

,

Zero

Cpn

,

11/23/24

..

616

604

6694527.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

8,252

2,482

6694630.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

5,936

5,641

6694828.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

5,060

4,944

6695303.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

226

216

6695320.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

378

376

6695446.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

325

288

6695465.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

10,073

9,587

6695723.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

2,844

2,691

6695822.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

1,078

1,061

6696188.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

7,312

5,166

6696314.SQ.FTS.B

,

Zero

Cpn

,

11/24/24

..

4,176

4,030

6699725.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

2,322

2,214

6699794.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

5,752

4,444

6699920.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

2,088

1,877

6699959.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

2,555

2,424

6700242.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

5,853

4,891

6700670.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,619

1,583

6700843.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

3,330

3,266

6701036.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,451

1,251

6701358.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

3,050

2,918

6701550.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

1,573

1,451

6702995.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

3,764

3,629

6703192.SQ.FTS.B

,

Zero

Cpn

,

11/25/24

..

11,053

10,518

6704279.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,825

1,780

6704732.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

5,134

2,161

6704916.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

2,281

1,912

6705288.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,013

775

6705352.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,742

1,584

6705665.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

17,395

16,872

6706359.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

5,073

4,923

6706486.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

1,318

640

6706540.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

5,898

4,544

6706671.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

3,341

3,243

6706824.SQ.FTS.B

,

Zero

Cpn

,

11/26/24

..

46,266

44,037

6707571.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

4,217

1,878

6707639.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

787

761

6707673.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

7,571

7,358

6709724.SQ.FTS.B

,

Zero

Cpn

,

11/27/24

..

2,024

1,989

6708020.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

5,086

3,489

6708125.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

1,147

466

6708160.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

136

121

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)

6708211.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

$

1,943

$

1,873

6708420.SQ.FTS.B

,

Zero

Cpn

,

11/28/24

..

7,086

5,347

6708840.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

14,008

13,031

6709170.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

101

96

6709200.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

2,318

1,944

6709223.SQ.FTS.B

,

Zero

Cpn

,

11/29/24

..

2,507

1,584

6709784.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

3,788

3,741

6712991.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

4,250

4,145

6713470.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

25,119

19,627

6714247.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

1,176

1,164

6715174.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

7,738

7,312

6715440.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

639

431

6716301.SQ.FTS.B

,

Zero

Cpn

,

11/30/24

..

7,807

7,616

6717863.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

824

810

6717996.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

4,111

3,998

6718091.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

1,843

1,696

6718991.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

2,228

1,614

6719031.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

216

177

6719655.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

839

819

6719670.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

4,054

3,992

6720048.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

421

412

6720259.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

756

742

6720345.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

4,054

1,664

6720381.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

3,178

3,091

6720555.SQ.FTS.B

,

Zero

Cpn

,

12/01/24

..

3,006

2,873

6721996.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

23,577

23,031

6723630.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

503

495

6723797.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

1,089

1,041

6724129.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

172

171

6724162.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

82

80

6724467.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

908

353

6724488.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

2,522

2,463

6725218.SQ.FTS.B

,

Zero

Cpn

,

12/02/24

..

8,451

8,249

6725901.SQ.FTS.B

,

Zero

Cpn

,

12/03/24

..

816

588

6726040.SQ.FTS.B

,

Zero

Cpn

,

12/03/24

..

783

657

6726090.SQ.FTS.B

,

Zero

Cpn

,

12/03/24

..

3,744

3,578

6726169.SQ.FTS.B

,

Zero

Cpn

,

12/04/24

..

2,139

1,841

6726306.SQ.FTS.B

,

Zero

Cpn

,

12/04/24

..

4,219

4,144

6726480.SQ.FTS.B

,

Zero

Cpn

,

12/04/24

..

270

243

6726539.SQ.FTS.B

,

Zero

Cpn

,

12/04/24

..

6,193

6,023

6728160.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

2,233

2,212

6728294.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

1,292

1,215

6728345.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

6,124

4,923

6728467.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

617

494

6728494.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

1,678

1,629

6728529.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

2,369

2,306

6728590.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

2,596

1,343

6728699.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

11,563

8,611

6728880.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

18,307

16,782

6729271.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

5,697

5,259

6729839.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

18,147

9,006

6730082.SQ.FTS.B

,

Zero

Cpn

,

12/05/24

..

9,162

8,999

6731412.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

2,480

1,689

6731471.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

245

242

6731578.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

11,760

5,259

6731737.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

845

572

6732287.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

1,921

1,835

6732344.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

4,860

4,798

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6733026.SQ.FTS.B

,

Zero

Cpn

,

12/06/24

..

$

28,182

$

27,660

6733804.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

3,080

1,945

6734190.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

1,985

1,838

6734242.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

1,958

1,889

6734586.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

2,442

2,423

6735492.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

9,570

9,072

6735799.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

5,573

5,445

6736022.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

3,467

1,751

6736227.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

3,671

3,507

6736828.SQ.FTS.B

,

Zero

Cpn

,

12/07/24

..

31,005

23,503

6739367.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

891

811

6739677.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

862

856

6740145.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

280

246

6740161.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

330

305

6740221.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

3,425

3,354

6740553.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

1,816

1,780

6740954.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

9,761

4,469

6741237.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

10,718

10,101

6742040.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

1,381

1,266

6742224.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

7,131

5,464

6742508.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

661

627

6742781.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

359

315

6742798.SQ.FTS.B

,

Zero

Cpn

,

12/08/24

..

5,469

5,022

6743357.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

10,235

10,073

6744321.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

385

370

6744390.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

3,235

2,508

6744464.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

5,970

5,862

6745196.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

43,404

41,390

6746270.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

5,658

5,396

6746366.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

1,524

1,422

6746429.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

8,261

8,085

6746623.SQ.FTS.B

,

Zero

Cpn

,

12/09/24

..

2,916

2,792

6746678.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

12,248

11,638

6746971.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

527

445

6746997.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

16,425

15,098

6747295.SQ.FTS.B

,

Zero

Cpn

,

12/10/24

..

2,474

2,366

6747483.SQ.FTS.B

,

Zero

Cpn

,

12/11/24

..

912

896

6747586.SQ.FTS.B

,

Zero

Cpn

,

12/11/24

..

3,275

1,650

6747609.SQ.FTS.B

,

Zero

Cpn

,

12/11/24

..

1,079

674

6747666.SQ.FTS.B

,

Zero

Cpn

,

12/11/24

..

817

413

6748415.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

3,024

2,610

6748865.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

4,516

4,259

6749060.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

543

405

6749086.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

5,381

4,034

6749230.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

2,974

2,904

6749403.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

1,427

1,402

6749536.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

1,752

1,721

6750360.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

20,687

20,413

6751174.SQ.FTS.B

,

Zero

Cpn

,

12/12/24

..

2,920

2,651

6752088.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

5,466

5,364

6752447.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

166

163

6752534.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

1,445

1,416

6752687.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

3,373

3,278

6752866.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

1,210

1,098

6752882.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

852

842

6753268.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

5,731

5,485

6753451.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

2,420

2,353

6753526.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

5,887

3,779

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)

6754449.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

$

1,174

$

1,151

6754482.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

34,255

20,425

6755029.SQ.FTS.B

,

Zero

Cpn

,

12/13/24

..

8,255

7,913

6755394.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

1,004

993

6755681.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

2,870

2,621

6756095.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

3,555

3,399

6756307.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

636

615

6756522.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

498

487

6756552.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

430

424

6757050.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

1,555

1,481

6757096.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

2,061

2,012

6757224.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

3,587

3,474

6757880.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

2,658

2,430

6757994.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

2,215

2,016

6758029.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

1,487

1,437

6758077.SQ.FTS.B

,

Zero

Cpn

,

12/14/24

..

1,652

1,597

6762017.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

38

37

6762066.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

5,108

4,690

6762304.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

2,458

2,342

6762735.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

1,471

1,405

6762927.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

1,084

901

6763957.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

5,387

5,326

6764204.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

775

555

6764422.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

1,171

477

6764463.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

2,153

2,003

6764528.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

11,711

11,421

6764876.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

4,580

4,046

6764959.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

311

308

6765053.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

730

710

6765340.SQ.FTS.B

,

Zero

Cpn

,

12/15/24

..

11,986

9,394

6766138.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

1,621

1,541

6766237.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

1,272

1,263

6766577.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

554

134

6766592.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

8,656

8,310

6766975.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

4,484

2,406

6767251.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

1,138

611

6767536.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

19,980

15,753

6767980.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

7,233

6,946

6768384.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

1,835

1,228

6768404.SQ.FTS.B

,

Zero

Cpn

,

12/16/24

..

21,426

19,878

6769204.SQ.FTS.B

,

Zero

Cpn

,

12/17/24

..

6,031

5,928

6769402.SQ.FTS.B

,

Zero

Cpn

,

12/17/24

..

7,268

6,968

6769521.SQ.FTS.B

,

Zero

Cpn

,

12/17/24

..

1,117

1,103

6769646.SQ.FTS.B

,

Zero

Cpn

,

12/18/24

..

9,343

9,137

6769991.SQ.FTS.B

,

Zero

Cpn

,

12/18/24

..

9,507

5,956

6770185.SQ.FTS.B

,

Zero

Cpn

,

12/18/24

..

15,265

14,698

6770557.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

12,478

9,939

6770737.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

1,257

1,232

6770919.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

2,300

2,229

6770956.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

1,931

1,812

6771003.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

1,730

1,693

6771063.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

2,700

2,586

6771103.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

3,374

2,438

6771128.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

1,571

1,534

6771253.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

4,761

2,340

6771292.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

1,651

1,634

6771352.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

648

638

6771377.SQ.FTS.B

,

Zero

Cpn

,

12/19/24

..

21,158

20,640

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6772234.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

$

3,354

$

3,186

6772401.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

1,361

928

6772927.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

1,778

1,733

6773093.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

3,209

3,155

6773287.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

2,387

2,213

6773312.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

4,118

4,069

6773596.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

7,592

5,860

6773744.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

1,562

1,507

6773785.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

961

872

6774326.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

745

686

6774338.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

9,428

9,213

6774547.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

477

432

6774611.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

2,909

2,702

6774678.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

3,064

2,990

6774743.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

14,601

13,625

6774899.SQ.FTS.B

,

Zero

Cpn

,

12/20/24

..

3,858

3,696

6774941.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

2,932

2,885

6775149.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

2,196

1,848

6775219.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

6,465

5,305

6775430.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

9,713

9,447

6775739.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

2,239

2,195

6775807.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,365

1,156

6776022.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,533

1,448

6776064.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

58,440

21,951

6777013.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,547

1,131

6777037.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

1,896

913

6777205.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

2,132

2,099

6777288.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

19,254

5,195

6777417.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

2,193

1,199

6777456.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

4,690

4,589

6777625.SQ.FTS.B

,

Zero

Cpn

,

12/21/24

..

10,089

5,311

6779441.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

550

397

6779586.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

6,241

5,210

6779746.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,495

1,476

6779897.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,358

1,266

6780270.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

746

740

6780361.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

3,881

3,766

6780594.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,363

1,329

6780654.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,179

1,130

6780703.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

887

612

6780708.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

361

324

6781242.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,457

710

6781275.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

7,020

6,898

6781564.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

5,308

5,038

6781732.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

1,531

1,493

6781977.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

887

852

6782055.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

18,683

16,229

6782856.SQ.FTS.B

,

Zero

Cpn

,

12/22/24

..

2,377

963

6782872.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,180

1,122

6783107.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,127

1,119

6783252.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

2,434

2,365

6783437.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

41,815

38,595

6785072.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,478

1,236

6785131.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

668

640

6785159.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,000

982

6785354.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

1,899

1,825

6785451.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

284

274

6785470.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

2,008

1,977

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6785551.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

$

1,563

$

1,328

6785586.SQ.FTS.B

,

Zero

Cpn

,

12/23/24

..

719

698

6785939.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

552

529

6786030.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

732

581

6786035.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

1,749

1,111

6786052.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

6,171

6,039

6786228.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

484

386

6786237.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

4,917

4,863

6786435.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

4,853

4,724

6786543.SQ.FTS.B

,

Zero

Cpn

,

12/24/24

..

2,834

2,524

6786592.SQ.FTS.B

,

Zero

Cpn

,

12/25/24

..

6,696

6,426

6786721.SQ.FTS.B

,

Zero

Cpn

,

12/25/24

..

4,406

4,323

6786832.SQ.FTS.B

,

Zero

Cpn

,

12/25/24

..

5,112

1,279

6786902.SQ.FTS.B

,

Zero

Cpn

,

12/25/24

..

3,569

3,443

6787060.SQ.FTS.B

,

Zero

Cpn

,

12/25/24

..

1,263

1,237

6787765.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

1,749

1,712

6788053.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

1,464

1,216

6788252.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

80

78

6788352.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

5,690

4,164

6788772.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

2,677

2,633

6788984.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

4,541

4,468

6789406.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

1,235

1,009

6789468.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

4,195

4,101

6789753.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

4,612

4,519

6790015.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

2,611

2,503

6790092.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

15,102

14,882

6790891.SQ.FTS.B

,

Zero

Cpn

,

12/26/24

..

1,831

1,807

6792133.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

829

816

6792201.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

14,737

9,101

6793520.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

3,486

3,011

6793584.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

5,736

5,474

6793702.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

7,842

7,708

6793937.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

298

275

6793965.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

3,918

2,044

6794037.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

861

847

6794818.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

2,149

2,087

6794863.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

1,124

1,042

6794888.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

714

704

6794934.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

712

541

6794964.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

1,072

1,058

6795031.SQ.FTS.B

,

Zero

Cpn

,

12/27/24

..

7,531

7,226

6795245.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

11,967

10,713

6795958.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

3,271

2,288

6796024.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

20,439

18,455

6796698.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

891

772

6796712.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

651

536

6796725.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

15,486

10,940

6796927.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

5,263

2,938

6796986.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

3,713

2,752

6797012.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

642

506

6797025.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

5,321

5,000

6797083.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

688

595

6797101.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

200

199

6797242.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

2,279

2,165

6797317.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

2,422

2,103

6797340.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

1,071

1,060

6797388.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

683

634

6797895.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

585

445

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6797907.SQ.FTS.B

,

Zero

Cpn

,

12/28/24

..

$

11,033

$

10,590

6800039.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

2,027

1,976

6800152.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

1,388

1,358

6800482.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

361

339

6800599.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

1,241

1,205

6800673.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

855

616

6800730.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

7,436

6,557

6800956.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

15,858

15,627

6801604.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

183

180

6801737.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

2,673

2,628

6801948.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

7,359

6,470

6802055.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

5,191

4,558

6802237.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

31,868

30,955

6803130.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

5,095

4,570

6803215.SQ.FTS.B

,

Zero

Cpn

,

12/29/24

..

11,174

10,621

6804846.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

9,180

9,060

6805465.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

2,685

2,574

6805630.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

693

656

6805679.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

4,079

2,673

6805962.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

3,469

3,125

6806067.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

625

591

6806079.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

657

647

6806302.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

41,032

40,298

6807859.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

4,233

4,116

6808038.SQ.FTS.B

,

Zero

Cpn

,

12/30/24

..

1,491

1,453

6808132.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

4,774

3,160

6808192.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

2,011

1,831

6808231.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

5,570

5,351

6808442.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

4,720

4,116

6808655.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

700

631

6808737.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

1,053

1,027

6808881.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

2,585

2,136

6808922.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

1,849

1,717

6808946.SQ.FTS.B

,

Zero

Cpn

,

1/01/25

...

1,933

1,877

6809043.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

4,395

4,231

6809112.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

25

24

6809126.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

2,659

2,597

6809193.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

5,010

4,392

6809269.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,365

1,310

6809350.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,072

745

6809366.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

24

24

6809375.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,083

792

6809388.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

3,447

3,037

6809469.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

2,865

2,654

6809576.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,147

738

6809587.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

408

355

6809598.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

3,094

2,914

6809641.SQ.FTS.B

,

Zero

Cpn

,

1/02/25

...

1,486

1,444

6810050.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

13,824

13,210

6810659.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,523

2,459

6811174.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,719

1,917

6811290.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,086

2,014

6811328.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

17,197

16,451

6811666.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

4,383

4,193

6811779.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

4,502

4,299

6811915.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

141

140

6811944.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

183

175

6812018.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

6,984

6,181

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)

6812204.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

$

9

$

9

6812340.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

1,476

1,447

6812405.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

3,195

3,105

6812583.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

1,393

1,330

6812645.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

1,399

1,374

6812699.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,190

2,105

6812742.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

7,774

7,656

6812962.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

1,058

1,039

6813004.SQ.FTS.B

,

Zero

Cpn

,

1/03/25

...

2,046

1,808

6813242.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

4,341

3,622

6813428.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

1,877

1,806

6813899.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

4,746

4,499

6813991.SQ.FTS.B

,

Zero

Cpn

,

1/04/25

...

1,122

1,109

6814316.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

16,769

12,231

6814762.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

925

894

6814783.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

1,898

1,826

6815184.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

111

107

6815214.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

7,302

7,120

6815496.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

44,894

36,088

6816661.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

10,589

9,551

6816811.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

3,487

3,418

6816940.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

4,439

4,292

6817048.SQ.FTS.B

,

Zero

Cpn

,

1/05/25

...

14,689

14,431

6818914.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

8,000

7,466

6819107.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

1,481

1,448

6819267.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

243

223

6819280.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

862

801

6819303.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

1,295

1,263

6819599.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

1,481

1,446

6819930.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

5,635

5,410

6820141.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

6,129

5,902

6820295.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

286

279

6820334.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

7,900

7,786

6820797.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

5,075

3,608

6820854.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

18,880

18,052

6821264.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

43,235

25,727

6822156.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

2,113

2,053

6822326.SQ.FTS.B

,

Zero

Cpn

,

1/06/25

...

21,810

21,293

6822545.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

21,443

19,381

6823063.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

2,931

2,781

6823299.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

658

578

6823326.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

14,934

14,127

6823888.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

5,302

5,238

6824272.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

227

222

6824307.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

5,649

5,511

6824522.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

4,456

3,453

6824643.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

924

910

6824684.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

631

620

6824904.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

320

308

6825144.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

6,589

6,406

6825415.SQ.FTS.B

,

Zero

Cpn

,

1/07/25

...

3,277

2,234

6825751.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

476

472

6825993.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

1,363

1,269

6826034.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

1,019

1,008

6826119.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

1,221

1,195

6826181.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

764

705

6826212.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

12,318

10,743

6826509.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

1,891

1,811

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6826580.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

$

751

$

711

6826592.SQ.FTS.B

,

Zero

Cpn

,

1/08/25

...

3,096

2,901

6826668.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

1,389

1,353

6826739.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

6,585

6,392

6826864.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

6,151

5,892

6826936.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

1,398

1,163

6826954.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

1,060

965

6826965.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

3,264

3,130

6827100.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

3,666

3,340

6827188.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

741

391

6827196.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

4,526

4,362

6827370.SQ.FTS.B

,

Zero

Cpn

,

1/09/25

...

2,486

2,448

6828159.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

387

379

6828179.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

3,003

2,622

6828318.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

5,839

5,605

6828551.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

2,306

2,255

6828714.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

2,358

2,296

6828832.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

3,396

2,867

6828901.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

637

458

6828911.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

1,014

1,005

6828951.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

6,827

5,891

6829291.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

14,335

11,047

6829390.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

2,076

1,960

6829424.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

716

711

6829450.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

4,313

4,210

6829529.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

14,502

14,198

6830214.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

2,528

2,459

6830230.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

4,799

4,078

6830371.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

4,408

4,236

6830508.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

648

593

6830522.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

1,756

1,711

6830593.SQ.FTS.B

,

Zero

Cpn

,

1/10/25

...

4,722

4,621

6830814.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

731

723

6831048.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

997

971

6831092.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

1,183

1,141

6831237.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

1,123

1,076

6831348.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

36,311

34,923

6832254.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

717

681

6832268.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

2,073

1,991

6832385.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

13,860

11,720

6832657.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

5,015

4,386

6832814.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

3,546

3,401

6833032.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

12,542

12,167

6833705.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

854

816

6833726.SQ.FTS.B

,

Zero

Cpn

,

1/11/25

...

8,312

8,135

6833858.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

2,465

2,372

6834075.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

2,752

2,716

6834164.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

610

590

6834730.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

5,868

5,786

6835083.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

3,669

3,222

6835175.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

3,105

3,063

6835286.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

4,195

3,899

6835400.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

4,712

4,646

6835522.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

455

409

6835645.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

287

281

6835679.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

1,981

1,918

6835781.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

13,699

13,175

6835999.SQ.FTS.B

,

Zero

Cpn

,

1/12/25

...

9,063

8,003

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)

6838444.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

$

4,497

$

4,311

6838587.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

2,118

1,987

6838661.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

2,190

2,084

6839017.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

580

560

6839109.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

2,528

2,474

6839231.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

4,010

3,929

6839397.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

1,906

1,775

6839460.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

1,859

1,826

6839532.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

8,135

8,023

6840011.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

906

890

6840156.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

8,198

3,994

6840285.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

8,389

7,940

6840492.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

1,084

1,032

6841773.SQ.FTS.B

,

Zero

Cpn

,

1/13/25

...

27,834

26,754

6842174.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

7,049

6,260

6842467.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

2,461

2,165

6842558.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

120

115

6842576.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

3,446

3,371

6842903.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

5,667

5,295

6843076.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

195

194

6843330.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

12,409

11,932

6843843.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

20,425

19,795

6844326.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

679

453

6844499.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

962

763

6844756.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

1,513

1,467

6845224.SQ.FTS.B

,

Zero

Cpn

,

1/14/25

...

1,812

1,764

6845298.SQ.FTS.B

,

Zero

Cpn

,

1/15/25

...

44,718

43,616

6846441.SQ.FTS.B

,

Zero

Cpn

,

1/16/25

...

2,423

2,386

6846525.SQ.FTS.B

,

Zero

Cpn

,

1/16/25

...

1,932

1,890

6846564.SQ.FTS.B

,

Zero

Cpn

,

1/16/25

...

1,462

1,344

6846610.SQ.FTS.B

,

Zero

Cpn

,

1/16/25

...

955

943

6846643.SQ.FTS.B

,

Zero

Cpn

,

1/16/25

...

8,110

7,903

6847031.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

593

568

6847986.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

3,070

3,001

6848142.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

1,977

1,900

6848316.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

9,220

9,019

6848533.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

4,696

4,573

6848723.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

1,708

1,595

6848782.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

29,198

28,136

6849472.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

4,730

4,595

6849695.SQ.FTS.B

,

Zero

Cpn

,

1/17/25

...

1,674

1,516

6850718.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

4,567

4,370

6850861.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

4,681

3,765

6850978.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

11,517

11,273

6851489.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

28,262

27,476

6852250.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

4,479

4,277

6852397.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

738

733

6852669.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

1,889

1,608

6852714.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

8,762

8,391

6852998.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

5,850

5,569

6853138.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

4,844

4,454

6853217.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

1,025

943

6853261.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

6,165

5,822

6853540.SQ.FTS.B

,

Zero

Cpn

,

1/18/25

...

6,831

6,663

6853678.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

4,528

1,254

6854031.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

196

185

6854061.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

1,548

758

6854113.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

919

467

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6854255.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

$

741

$

700

6854334.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

2,188

1,304

6854489.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

8,447

8,146

6854785.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

5,186

4,274

6854897.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

3,484

2,808

6854996.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

4,973

3,960

6855203.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

3,221

3,109

6855299.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

20,679

20,156

6855976.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

7,611

7,304

6856117.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

2,652

2,587

6856230.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

2,387

2,280

6856361.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

493

441

6856451.SQ.FTS.B

,

Zero

Cpn

,

1/19/25

...

4,908

3,784

6858159.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

311

306

6858228.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

4,816

4,505

6858720.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

238

224

6858854.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

9,379

8,012

6859829.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

1,248

1,216

6859865.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

11,684

11,443

6860414.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

8,785

8,524

6860713.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

4,164

2,930

6860765.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

6,489

5,977

6860904.SQ.FTS.B

,

Zero

Cpn

,

1/20/25

...

27,714

26,855

6861610.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

17,577

13,163

6862126.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

1,575

1,532

6862297.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

4,413

4,192

6862450.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

652

636

6862595.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

3,496

3,400

6862726.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

3,724

3,195

6864093.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

742

732

6864136.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

4,933

4,833

6864433.SQ.FTS.B

,

Zero

Cpn

,

1/21/25

...

7,284

6,994

6865001.SQ.FTS.B

,

Zero

Cpn

,

1/22/25

...

9,342

8,913

6865311.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

791

774

6865330.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

1,930

1,220

6865580.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

2,347

980

6865607.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

3,033

2,811

6865728.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

1,997

1,915

6865768.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

4,613

4,472

6865884.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

329

326

6865910.SQ.FTS.B

,

Zero

Cpn

,

1/23/25

...

437

429

6866262.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

1,636

1,609

6866461.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

2,490

2,413

6866666.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

2,811

2,776

6866865.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

686

670

6866900.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

526

515

6867081.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

8,659

8,245

6867279.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

14,189

12,769

6867556.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

1,751

1,701

6867593.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

1,793

1,497

6867629.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

5,146

5,033

6867756.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

1,352

1,192

6867840.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

4,093

3,988

6867976.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

19,913

14,904

6868199.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

905

843

6868209.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

25,016

24,292

6868585.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

6,382

6,114

6868681.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

975

922

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)

6868707.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

$

1,042

$

544

6868733.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

2,030

1,876

6868776.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

26,561

25,735

6869320.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

2,193

2,032

6869344.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

4,359

4,135

6869391.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

766

752

6869416.SQ.FTS.B

,

Zero

Cpn

,

1/24/25

...

4,632

3,472

6869501.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

2,715

2,535

6869669.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

455

446

6870588.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

1,465

1,423

6870680.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

2,302

2,210

6870762.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

5,936

5,766

6870902.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

3,277

3,122

6870943.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

5,815

5,734

6871168.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

1,488

1,375

6871187.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

5,873

5,440

6871309.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

1,693

1,425

6871394.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

8,699

7,173

6871497.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

1,044

1,016

6871543.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

8,401

8,158

6871666.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

1,272

1,097

6871925.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

6,586

6,399

6872177.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

351

345

6872268.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

3,223

2,126

6872295.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

4,733

4,682

6872638.SQ.FTS.B

,

Zero

Cpn

,

1/25/25

...

9,699

9,236

6872920.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

2,528

2,452

6872995.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

1,194

878

6873013.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

4,095

4,048

6873357.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

2,901

1,360

6873418.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

1,286

1,259

6873457.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

2,269

2,236

6873678.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

4,594

4,542

6873914.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

30,793

28,401

6874440.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

1,192

1,022

6874453.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

2,319

2,265

6874523.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

948

918

6874546.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

4,595

4,066

6874599.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

8,843

8,512

6874785.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

3,088

1,165

6874904.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

503

476

6874934.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

5,971

5,663

6875406.SQ.FTS.B

,

Zero

Cpn

,

1/26/25

...

16,826

16,500

6877229.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

2,800

2,720

6877363.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

4,875

4,688

6877543.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

1,049

1,017

6877575.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

658

640

6877725.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

3,750

3,670

6877962.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

4,915

4,724

6878099.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

3,363

3,274

6878189.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

4,239

4,112

6878296.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

3,840

3,725

6878910.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

2,111

2,067

6878988.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

31,652

9,948

6879546.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

950

498

6879563.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

1,535

1,483

6879630.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

5,121

4,840

6879790.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

8,629

7,382

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6879981.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

$

7,533

$

7,169

6880076.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

4,817

4,536

6880137.SQ.FTS.B

,

Zero

Cpn

,

1/27/25

...

28,346

27,706

6881428.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

3,446

1,996

6881604.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

1,232

1,207

6881726.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

4,220

4,137

6882012.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

8,838

8,473

6882443.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

19,496

19,056

6883274.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

8,847

7,958

6883486.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

622

613

6883520.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

3,486

3,377

6883824.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

4,521

4,421

6884016.SQ.FTS.B

,

Zero

Cpn

,

1/28/25

...

1,122

1,060

6884071.SQ.FTS.B

,

Zero

Cpn

,

1/29/25

...

8,899

8,732

6884295.SQ.FTS.B

,

Zero

Cpn

,

1/29/25

...

5,285

4,935

6884360.SQ.FTS.B

,

Zero

Cpn

,

1/29/25

...

1,967

1,891

6884400.SQ.FTS.B

,

Zero

Cpn

,

1/29/25

...

2,178

2,117

6884806.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

494

461

6884886.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

5,078

4,540

6885061.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

14,786

11,028

6885245.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

635

629

6885410.SQ.FTS.B

,

Zero

Cpn

,

1/30/25

...

943

883

6885924.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

1,909

1,880

6886137.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

313

299

6886158.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

994

966

6886237.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

3,064

2,636

6886392.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

5,601

4,084

6886565.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

7,944

7,193

6886789.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

2,981

2,903

6886999.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

856

446

6887010.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

7,746

7,478

6887251.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

5,395

5,253

6887440.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

399

387

6887452.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

16,331

15,807

6887829.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

677

665

6887861.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

3,151

2,856

6887999.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

3,271

3,113

6888060.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

539

524

6888067.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

3,042

2,952

6888133.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

13,640

12,393

6888509.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

2,816

1,816

6888564.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

3,325

3,284

6888706.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

7,727

7,411

6888877.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

10,155

10,020

6889162.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

1,493

1,290

6889192.SQ.FTS.B

,

Zero

Cpn

,

1/31/25

...

8,279

7,954

6890304.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

6,716

6,445

6890477.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

3,141

3,016

6890590.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

3,914

2,942

6890728.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

1,008

968

6890782.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

15,483

7,557

6891209.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

45,498

43,609

6892310.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

4,383

4,242

6892461.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

1,018

945

6892469.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

3,004

2,649

6892505.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

2,635

2,512

6892586.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

2,028

1,696

6892642.SQ.FTS.B

,

Zero

Cpn

,

2/01/25

...

5,315

5,013

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6892716.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

$

17,291

$

6,061

6893041.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

540

535

6893064.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

10,415

9,980

6893424.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

751

730

6893482.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

3,390

2,020

6893542.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

10,605

9,279

6893738.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

1,078

1,062

6893788.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

132

131

6893818.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

2,471

2,326

6893876.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

15,913

15,260

6894245.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

2,300

2,248

6894291.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

782

237

6894356.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

11,847

11,603

6894721.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

23,179

22,105

6895649.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

489

449

6895735.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

3,517

3,222

6895825.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

1,237

1,210

6895874.SQ.FTS.B

,

Zero

Cpn

,

2/02/25

...

33,772

33,003

6897625.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

2,906

2,707

6897743.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

4,166

4,005

6897921.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

1,829

1,709

6897991.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

12,055

8,184

6898401.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

2,317

2,268

6898963.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

7,109

6,923

6899605.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

27,997

25,253

6900673.SQ.FTS.B

,

Zero

Cpn

,

2/03/25

...

10,593

9,094

6900995.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

5,225

5,074

6901406.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

3,901

3,461

6901515.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

428

419

6901545.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

3,229

2,531

6901684.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

4,107

3,926

6902064.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

1,897

1,874

6902178.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

23,001

21,879

6903390.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

7,390

5,526

6903487.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

11,179

4,920

6903631.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

390

381

6903656.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

2,403

2,362

6903898.SQ.FTS.B

,

Zero

Cpn

,

2/04/25

...

15,101

14,783

6904696.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

1,384

1,343

6904719.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

611

601

6904750.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

3,084

3,019

6904902.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

1,681

1,611

6904960.SQ.FTS.B

,

Zero

Cpn

,

2/05/25

...

10,269

10,089

6905266.SQ.FTS.B

,

Zero

Cpn

,

2/06/25

...

7,134

6,463

6905534.SQ.FTS.B

,

Zero

Cpn

,

2/06/25

...

3,903

2,120

6905563.SQ.FTS.B

,

Zero

Cpn

,

2/06/25

...

1,366

1,244

6905582.SQ.FTS.B

,

Zero

Cpn

,

2/06/25

...

8,889

8,528

6906105.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

1,731

1,701

6906187.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

1,296

1,266

6906251.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

3,179

2,805

6906391.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

2,500

1,641

6906474.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

3,651

3,586

6906659.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

1,336

1,308

6906833.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

5,137

4,590

6906964.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

3,202

2,332

6907017.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

2,362

2,286

6907137.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

17,475

16,884

6907610.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

4,068

3,715

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6907700.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

$

780

$

763

6907871.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

30,337

29,410

6908555.SQ.FTS.B

,

Zero

Cpn

,

2/07/25

...

16,359

15,928

6909180.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

5,802

5,564

6909253.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,744

723

6909279.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

6,240

6,063

6909541.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

2,025

1,940

6909772.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

5,553

5,377

6909971.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,274

1,196

6910000.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,148

1,115

6910038.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

2,495

2,399

6910153.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

3,278

3,182

6910295.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

2,063

2,004

6910351.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

8,500

6,657

6910510.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

3,364

3,321

6910689.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

11,842

10,729

6910926.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

2,337

2,242

6910972.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

300

297

6911084.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

256

246

6911179.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,863

1,840

6911238.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

12,279

8,735

6911424.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,782

1,743

6911495.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

12,000

4,434

6911629.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

656

643

6911802.SQ.FTS.B

,

Zero

Cpn

,

2/08/25

...

1,724

1,705

6912402.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

909

883

6912511.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

26,695

16,080

6913117.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

9,845

8,842

6913367.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

1,227

1,165

6913377.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

43,362

41,869

6914328.SQ.FTS.B

,

Zero

Cpn

,

2/09/25

...

49,212

32,699

6916064.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

13,866

12,594

6916525.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

1,439

1,406

6916657.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

3,447

2,945

6916843.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

4,830

2,941

6916953.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

2,356

2,194

6917048.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

882

871

6917401.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

12,694

12,532

6917870.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

10,124

8,876

6918116.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

4,072

3,908

6918389.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

2,130

1,987

6918406.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

1,830

1,816

6918575.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

3,397

3,206

6918684.SQ.FTS.B

,

Zero

Cpn

,

2/10/25

...

43,087

36,522

6918954.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

8,972

8,807

6919160.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

5,295

5,223

6919377.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

3,053

2,929

6919469.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

15,517

14,776

6919873.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

8,803

6,978

6920001.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

6,936

5,499

6920074.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

4,392

4,292

6920165.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

1,294

1,269

6920198.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

3,644

3,338

6920256.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

9,169

5,707

6920356.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

1,408

686

6920373.SQ.FTS.B

,

Zero

Cpn

,

2/11/25

...

6,911

6,371

6920624.SQ.FTS.B

,

Zero

Cpn

,

2/12/25

...

1,402

1,355

6920685.SQ.FTS.B

,

Zero

Cpn

,

2/12/25

...

10,279

9,992

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)

6920881.SQ.FTS.B

,

Zero

Cpn

,

2/12/25

...

$

27,764

$

25,047

6921262.SQ.FTS.B

,

Zero

Cpn

,

2/13/25

...

1,133

1,086

6921289.SQ.FTS.B

,

Zero

Cpn

,

2/13/25

...

1,370

1,296

6921317.SQ.FTS.B

,

Zero

Cpn

,

2/13/25

...

879

852

6921352.SQ.FTS.B

,

Zero

Cpn

,

2/13/25

...

4,234

4,176

6921699.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

2,062

1,973

6921803.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

4,099

3,864

6921972.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

2,068

2,004

6922012.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

4,217

4,026

6922099.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

14,081

13,674

6922314.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

15,326

10,623

6922411.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

8,128

7,879

6922498.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

19,441

18,533

6922819.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

14,962

14,619

6923036.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

1,055

1,028

6923055.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

2,410

2,340

6923071.SQ.FTS.B

,

Zero

Cpn

,

2/14/25

...

37,154

34,652

6923308.SQ.FTS.B

,

Zero

Cpn

,

2/15/25

...

31,604

30,213

6928502.SQ.FTS.B

,

Zero

Cpn

,

2/16/25

...

790

701

6929014.SQ.FTS.B

,

Zero

Cpn

,

2/16/25

...

69,138

60,026

6932368.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

6,814

6,530

6933249.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

9,539

8,992

6933461.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,401

1,661

6933493.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

3,387

3,246

6933547.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,360

1,229

6933569.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

7,854

7,733

6933764.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

6,875

6,419

6933863.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

6,517

6,049

6933966.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

10,117

9,454

6934200.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

12,970

12,624

6934459.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

675

666

6934936.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

3,583

3,466

6935007.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

5,426

5,265

6935097.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,902

2,629

6935159.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

12,443

11,335

6935419.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

3,659

3,544

6935509.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,349

2,285

6935560.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,481

2,128

6935597.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

9,867

9,573

6935877.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,301

2,169

6935941.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

5,213

5,128

6936080.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,625

2,372

6936122.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

916

872

6936164.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,625

2,568

6936224.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

7,360

7,141

6936381.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

6,695

5,773

6936445.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

11,707

7,892

6936519.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,067

1,030

6936577.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

15,909

11,901

6936695.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,728

2,651

6936729.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,265

1,207

6936737.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

2,533

2,478

6936776.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

3,226

2,901

6936803.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

9,105

8,242

6936888.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

1,445

1,436

6936951.SQ.FTS.B

,

Zero

Cpn

,

2/17/25

...

4,859

4,333

6937020.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

7,386

6,602

6937090.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

5,589

5,441

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6937162.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

$

31,551

$

30,373

6937687.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,533

3,357

6937752.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

4,495

4,406

6937845.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

13,171

12,015

6938046.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

5,064

4,597

6938129.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,193

679

6938135.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,788

1,737

6938227.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

5,788

3,788

6938470.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

2,708

2,596

6938528.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

4,141

3,291

6938607.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,327

1,285

6938674.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

5,207

4,990

6939214.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,202

2,918

6939265.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

2,897

2,838

6939329.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,983

3,619

6939361.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,593

1,542

6939388.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

3,229

2,859

6939435.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

6,840

6,643

6939623.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

1,766

1,665

6939693.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

30,481

29,761

6940658.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

13,328

12,413

6941002.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

2,632

2,461

6941070.SQ.FTS.B

,

Zero

Cpn

,

2/18/25

...

998

758

6941165.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

6,425

6,213

6941280.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

1,029

646

6941294.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

4,003

3,312

6941335.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

1,401

1,360

6941360.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

4,467

4,279

6941405.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

2,408

2,233

6941439.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

5,763

5,566

6941545.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

3,472

3,236

6941599.SQ.FTS.B

,

Zero

Cpn

,

2/19/25

...

14,468

13,897

6941962.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

1,752

1,719

6942014.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

608

592

6942028.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

607

592

6942117.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

1,549

1,522

6942149.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

1,982

1,913

6942187.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

2,732

2,560

6942262.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

4,299

4,179

6942335.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

4,484

4,338

6942449.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

244

240

6942465.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

3,730

3,114

6942522.SQ.FTS.B

,

Zero

Cpn

,

2/20/25

...

6,283

6,181

6942910.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,753

1,733

6943108.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

3,186

1,869

6943184.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,103

1,038

6943225.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

9,855

9,530

6943641.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

2,368

2,296

6943768.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,726

1,689

6943855.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

978

952

6944003.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

4,039

3,668

6944071.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

9,508

6,970

6944248.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,674

1,580

6944283.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

5,139

4,977

6944390.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

2,510

2,422

6944466.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

2,367

2,200

6944504.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

25,938

21,572

6944879.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

39,589

35,551

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)

6945549.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

$

15,342

$

14,839

6945938.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

5,743

5,507

6946056.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

24,749

23,548

6946389.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

1,384

1,364

6946498.SQ.FTS.B

,

Zero

Cpn

,

2/21/25

...

10,062

5,548

6946823.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

4,438

4,139

6946907.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

29,897

28,250

6948035.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

4,173

4,077

6948222.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

31,899

29,021

6948723.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

29,684

29,036

6949328.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

5,721

2,529

6949372.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

2,638

2,512

6949469.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

8,912

8,774

6949752.SQ.FTS.B

,

Zero

Cpn

,

2/22/25

...

11,313

10,789

6950294.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

1,401

1,374

6950339.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

456

445

6950351.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

38,776

36,679

6951131.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

837

808

6951302.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

1,649

1,609

6951670.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

1,677

1,620

6951708.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

324

295

6951722.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

14,636

14,285

6951919.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

22,673

22,423

6952811.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

11,789

9,910

6952990.SQ.FTS.B

,

Zero

Cpn

,

2/23/25

...

25,333

24,548

6954757.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,488

2,418

6954966.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

11,328

7,444

6955287.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

640

618

6955349.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

1,011

954

6955378.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

3,106

2,946

6955514.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

3,243

2,140

6955588.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

3,230

2,286

6955667.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

3,157

2,868

6955765.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

5,667

5,536

6955886.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

4,486

4,092

6955979.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

31,616

30,612

6956682.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,552

2,451

6956752.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

13,125

10,701

6957098.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

3,571

3,482

6957156.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

968

409

6957160.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,127

2,089

6957334.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

610

530

6957355.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

10,165

9,233

6957595.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,541

1,174

6957622.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

2,523

2,452

6957679.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

16,801

16,288

6958004.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

9,633

9,393

6958264.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

4,021

3,827

6958313.SQ.FTS.B

,

Zero

Cpn

,

2/24/25

...

8,852

8,365

6958372.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

3,562

3,448

6958559.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

24,047

11,787

6959245.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

21,155

19,968

6959697.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

1,566

1,512

6959771.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

4,747

4,523

6959837.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

8,385

7,915

6959966.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

5,397

5,281

6960079.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

5,651

5,427

6960238.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

2,099

2,067

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6960276.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

$

6,904

$

6,737

6960394.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

7,845

7,634

6960597.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

1,350

1,121

6960629.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

8,150

7,296

6960759.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

8,466

7,708

6961528.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

1,565

1,002

6961761.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

6,478

4,629

6961825.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

2,664

2,572

6961898.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

430

414

6961948.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

6,223

5,976

6962075.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

523

500

6962083.SQ.FTS.B

,

Zero

Cpn

,

2/25/25

...

20,988

18,049

6962411.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

2,489

2,330

6962488.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

15,325

14,057

6962628.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

7,511

7,376

6962750.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

10,681

10,329

6962846.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

3,628

3,083

6962893.SQ.FTS.B

,

Zero

Cpn

,

2/26/25

...

14,771

14,380

6963107.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

2,486

2,394

6963144.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

1,344

1,314

6963174.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

14,182

13,731

6963451.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

1,946

1,772

6963468.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

1,494

1,457

6963533.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

1,582

1,456

6963552.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

5,313

5,161

6963625.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

459

453

6963666.SQ.FTS.B

,

Zero

Cpn

,

2/27/25

...

10,406

9,814

6964024.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,279

3,847

6964210.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,092

2,039

6964280.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,533

1,485

6964367.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,131

2,095

6964622.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,680

2,665

6964669.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

877

763

6964696.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,431

1,412

6964748.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

613

589

6964771.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

6,180

6,027

6964929.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,719

1,448

6964955.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,490

1,275

6964981.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,214

9,770

6965159.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

7,508

5,266

6965288.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

379

376

6965459.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

7,339

7,121

6965565.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

9,613

9,364

6965742.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,927

2,497

6965888.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,093

9,412

6966051.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,284

948

6966079.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

29,041

23,551

6966277.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

13,460

12,792

6966570.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,443

9,788

6966676.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,076

4,655

6966807.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

14,785

10,183

6967002.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

7,484

6,518

6967094.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,003

949

6967105.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

232

225

6967162.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,303

5,093

6967265.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

35,549

23,918

6968625.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

8,014

7,749

6968795.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,010

966

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)

6969043.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

$

2,540

$

2,409

6969085.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

512

486

6969092.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,554

5,269

6969202.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

514

507

6969213.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,360

3,071

6969284.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,588

4,484

6969375.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,350

4,259

6969511.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,202

1,168

6969530.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,258

5,045

6969623.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

707

623

6969647.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

373

349

6969659.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,544

2,459

6969701.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

12,991

12,335

6969926.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,654

2,564

6969985.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,024

2,957

6970084.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,397

1,362

6970092.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

179

177

6970107.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,533

2,319

6970204.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,195

1,170

6970303.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,053

1,530

6970317.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,265

8,980

6970478.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,518

2,458

6970507.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,884

1,862

6970585.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,237

5,118

6970709.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,613

5,482

6970935.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

795

761

6971009.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,007

2,778

6971049.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,034

985

6971200.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

8,220

7,009

6971273.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,532

1,501

6971330.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,136

2,059

6971476.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,668

3,515

6971611.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

9,118

8,643

6971918.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

10,080

9,330

6972162.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,423

4,330

6972375.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

9,121

8,742

6972471.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,544

1,460

6972507.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,655

3,491

6972593.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,306

1,257

6972626.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

6,598

5,948

6972734.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

9,855

9,637

6973052.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,057

4,586

6973135.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

573

561

6973145.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,199

4,868

6973287.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,505

3,242

6973375.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

362

359

6973457.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

679

463

6973499.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,231

826

6973530.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,702

1,378

6973592.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,712

3,633

6973705.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,443

1,403

6973782.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

9,388

7,721

6973985.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,422

1,372

6974007.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

826

808

6974023.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,859

2,731

6974095.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

7,608

7,293

6977385.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

892

858

6977432.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,718

1,661

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6977489.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

$

7,632

$

3,840

6977593.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

2,198

1,635

6977676.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,972

1,868

6977773.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,006

986

6977822.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,432

4,288

6977932.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,435

1,073

6977998.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,375

4,185

6978274.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,404

3,230

6978405.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,355

5,275

6978960.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,807

5,634

6979081.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

264

255

6979098.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

5,375

5,160

6979187.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

55,291

48,054

6979980.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,475

4,350

6980094.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

484

474

6980120.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

1,072

1,024

6980139.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,750

3,519

6980213.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

3,810

3,453

6980850.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

4,085

3,930

6980904.SQ.FTS.B

,

Zero

Cpn

,

2/28/25

...

59,283

51,674

6981261.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

2,203

2,106

6981429.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

6,930

6,694

6981619.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

18,383

17,740

6982274.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

12,543

10,324

6982590.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

4,813

4,699

6982777.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

775

634

6982800.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

4,319

4,067

6982903.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

4,029

3,780

6982956.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

23,930

23,356

6983540.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

4,069

3,923

6983659.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

593

572

6983671.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

5,611

3,932

6983761.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

962

940

6983788.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

4,797

4,690

6983938.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

14,169

13,396

6984186.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

640

544

6984206.SQ.FTS.B

,

Zero

Cpn

,

3/01/25

...

24,277

23,201

6984705.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

10,500

10,266

6984910.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

257

251

6984925.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

6,600

6,369

6985204.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

933

901

6985220.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

520

430

6985229.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

1,120

1,015

6985241.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

1,770

1,723

6985273.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

2,970

1,712

6985308.SQ.FTS.B

,

Zero

Cpn

,

3/02/25

...

9,837

9,393

6985603.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

724

711

6985621.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

2,038

1,806

6985716.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

3,820

3,497

6985777.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

792

701

6985787.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

10,357

8,239

6985898.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

3,733

3,610

6985983.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

2,009

1,932

6986012.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

12,092

11,486

6986211.SQ.FTS.B

,

Zero

Cpn

,

3/03/25

...

2,263

1,862

6986243.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

83

81

6986253.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

452

428

6986260.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

2,469

1,942

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)

6986557.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

$

2,538

$

2,476

6986596.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

5,124

5,010

6986723.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

886

854

6986732.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

2,926

2,126

6986779.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

5,359

4,032

6986883.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

5,472

5,280

6987193.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

3,798

3,640

6987244.SQ.FTS.B

,

Zero

Cpn

,

3/04/25

...

4,668

4,570

6987544.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

5,204

4,995

6987677.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

481

365

6987724.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

24,341

23,671

6988599.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

2,258

2,199

6988640.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

5,272

5,141

6988810.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

3,368

3,251

6988906.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

2,045

1,856

6988972.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

2,878

2,598

6989032.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

20,847

19,975

6989550.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

23,016

22,517

6989969.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

2,197

2,070

6989985.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

1,414

1,216

6989999.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

923

908

6990022.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

2,040

1,943

6990047.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

13,971

13,568

6990181.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

390

384

6990197.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

7,891

7,647

6990265.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

1,904

1,836

6990296.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

8,396

5,674

6990348.SQ.FTS.B

,

Zero

Cpn

,

3/05/25

...

3,077

2,504

6990418.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

4,763

4,567

6990574.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

64

63

6990581.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

6,855

5,969

6990702.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

619

607

6990727.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

28,161

24,313

6991152.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,467

2,397

6991196.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

8,279

4,103

6991273.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

5,194

2,456

6991595.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

5,054

3,445

6991623.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

5,596

5,405

6991704.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

4,764

4,664

6992008.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,512

2,008

6992169.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,165

1,999

6992374.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

3,242

2,676

6992507.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

3,258

2,986

6992564.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

9,561

8,838

6992711.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

948

934

6992795.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

6,970

6,739

6992954.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,018

1,616

6992980.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

8,801

8,052

6993093.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

1,509

1,472

6993132.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

3,423

3,236

6993196.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

4,019

3,128

6993266.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

2,592

2,536

6993500.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

3,922

3,764

6993612.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

6,381

5,970

6993734.SQ.FTS.B

,

Zero

Cpn

,

3/06/25

...

6,402

6,240

6995631.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

4,335

4,153

6995756.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

31,586

31,022

6996953.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

296

280

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6996964.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

$

1,043

$

947

6996992.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

26,963

21,586

6997539.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

16,419

16,000

6997755.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

845

828

6997764.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

25,571

24,477

6998047.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

2,974

2,813

6998119.SQ.FTS.B

,

Zero

Cpn

,

3/07/25

...

31,922

31,111

6999260.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

1,253

1,216

6999650.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

1,110

1,056

6999700.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

4,535

4,388

6999863.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

9,078

6,493

6999974.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

3,153

3,085

7000029.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

14,390

13,937

7000454.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

2,331

2,210

7000476.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

1,879

1,484

7000865.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

63,842

60,824

7001929.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

26,737

21,164

7002287.SQ.FTS.B

,

Zero

Cpn

,

3/08/25

...

8,257

7,983

7002308.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

1,353

1,270

7002347.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

2,908

2,858

7002426.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

1,235

1,131

7002443.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

2,636

2,495

7002471.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

3,940

3,813

7002536.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

4,743

4,587

7002610.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

17,254

16,295

7002864.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

1,935

1,884

7002901.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

11,527

11,186

7003146.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

4,081

3,933

7003240.SQ.FTS.B

,

Zero

Cpn

,

3/09/25

...

1,036

980

7003256.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

4,025

3,723

7003293.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

28,277

27,162

7003674.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

8,404

8,182

7003810.SQ.FTS.B

,

Zero

Cpn

,

3/10/25

...

6,776

6,539

7003900.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

14,357

13,720

7004443.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

1,306

532

7004499.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

4,791

4,498

7004680.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

1,887

1,634

7004763.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

1,874

1,843

7004843.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

5,086

4,986

7004959.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

4,548

3,841

7005010.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

1,484

1,424

7005046.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

5,148

4,933

7005135.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

6,428

5,989

7005245.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

4,834

4,552

7005376.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

1,121

1,052

7005431.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

4,637

4,487

7005506.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

26,325

25,482

7005940.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

5,158

3,763

7006546.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

31,616

30,281

7007029.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

2,429

2,316

7007058.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

6,008

5,600

7007162.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

7,574

7,323

7007244.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

2,829

2,447

7007402.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

3,255

2,583

7007431.SQ.FTS.B

,

Zero

Cpn

,

3/11/25

...

3,042

2,831

7007456.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

46,688

45,321

7008617.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

5,858

5,174

7008756.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

13,702

13,394

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

77

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7008977.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

$

2,346

$

1,648

7008995.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

904

889

7009055.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

6,845

6,598

7009259.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

3,819

3,588

7009344.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

10,607

10,512

7009740.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

2,274

1,841

7009760.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

708

676

7009778.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

4,090

4,012

7009850.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

9,853

9,533

7009988.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

3,583

3,447

7010049.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

4,180

4,047

7010131.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

37,530

35,855

7010794.SQ.FTS.B

,

Zero

Cpn

,

3/12/25

...

20,164

19,854

7010824.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

2,720

2,480

7010885.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

3,134

2,406

7010951.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

35,997

32,421

7012037.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

1,972

1,426

7012100.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

1,610

1,519

7012151.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

636

623

7012175.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

3,615

3,404

7012291.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

7,966

7,731

7012640.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

7,617

7,419

7012805.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

1,297

1,124

7012825.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

46,399

43,362

7013636.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

6,190

5,980

7013753.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

5,431

5,135

7013896.SQ.FTS.B

,

Zero

Cpn

,

3/13/25

...

63,123

61,283

7016317.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

6,574

6,444

7016562.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

942

853

7016598.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

17,010

16,272

7017174.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

9,273

9,090

7017831.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

206

200

7017834.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

20,981

20,092

7018441.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

3,985

3,570

7018508.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

21,691

21,036

7018954.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

12,807

12,119

7019209.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

455

450

7019278.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

1,541

1,507

7019301.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

2,971

2,874

7019356.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

9,737

9,331

7019673.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

1,255

1,141

7019693.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

341

311

7019703.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

1,502

1,438

7019759.SQ.FTS.B

,

Zero

Cpn

,

3/14/25

...

56,708

54,255

7020319.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

4,514

4,377

7020480.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

6,983

6,781

7020735.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

624

418

7020752.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

4,806

3,977

7020860.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

3,786

3,647

7020977.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

13,238

12,959

7021418.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

2,288

2,159

7021474.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,501

1,313

7021510.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

13,529

12,589

7021817.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

4,398

3,061

7021905.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,500

1,448

7021942.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

25,155

23,284

7022511.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

979

946

7022562.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

27,385

25,757

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7023145.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

$

2,067

$

1,844

7023175.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,593

1,181

7023194.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

32,947

32,190

7024051.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,672

1,611

7024117.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

3,028

2,953

7024235.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

6,328

4,668

7024365.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

3,929

3,599

7024434.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

1,650

1,526

7024480.SQ.FTS.B

,

Zero

Cpn

,

3/15/25

...

8,635

8,199

7024630.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

7,078

6,716

7024748.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

2,281

2,230

7024797.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

7,399

7,072

7024885.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

3,150

3,027

7024926.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

1,215

1,181

7024946.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

6,153

6,020

7025072.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

992

844

7025079.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

2,158

2,076

7025097.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

954

936

7025111.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

889

806

7025124.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

4,910

2,201

7025168.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

6,860

6,478

7025272.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

317

303

7025284.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

1,750

1,703

7025313.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

3,828

3,723

7025441.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

1,954

1,575

7025463.SQ.FTS.B

,

Zero

Cpn

,

3/16/25

...

6,842

6,549

7025541.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

118

117

7025658.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

353

344

7025730.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

290

288

7025753.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

1,655

1,613

7025788.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

11,440

6,995

7025888.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

973

664

7025900.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

3,501

3,431

7025978.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

2,642

2,559

7026010.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

2,445

2,384

7026048.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

942

795

7026063.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

2,081

1,751

7026080.SQ.FTS.B

,

Zero

Cpn

,

3/17/25

...

824

801

7026480.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

5,302

5,071

7026580.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,147

2,967

7026679.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,026

2,921

7026929.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

6,499

6,030

7027254.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

4,327

2,009

7027313.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,856

3,533

7027425.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

828

810

7027442.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,621

1,128

7027480.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

13,015

12,141

7027686.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,712

1,237

7027715.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

8,219

8,060

7027959.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

11,103

10,729

7028159.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

395

378

7028189.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

5,392

5,219

7028322.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

7,106

6,321

7028502.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

855

840

7028535.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

1,179

1,147

7028557.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,670

2,212

7028576.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

500

483

7028579.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,235

2,179

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7028614.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

$

128

$

126

7028622.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,148

2,126

7028688.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,626

2,511

7028728.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

15,096

14,942

7029290.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

22,712

21,975

7029748.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

6,041

5,674

7029856.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

5,555

2,832

7029924.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

2,158

1,625

7029950.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,245

2,888

7029992.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

6,342

6,221

7030183.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

7,538

7,001

7030349.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

3,546

3,434

7030379.SQ.FTS.B

,

Zero

Cpn

,

3/18/25

...

6,155

5,814

7030454.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

1,483

1,457

7030550.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

14,573

13,952

7030804.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

13,667

12,770

7031290.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

1,356

1,263

7031385.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

3,321

1,491

7031450.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

9,799

9,528

7032083.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

3,831

3,595

7032162.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

2,761

2,429

7032226.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

13,978

13,264

7032415.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

9,115

8,775

7032512.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

64,614

62,364

7033312.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

2,005

1,843

7033335.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

8,025

7,768

7033444.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

1,808

1,653

7033888.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

14,287

13,310

7034088.SQ.FTS.B

,

Zero

Cpn

,

3/19/25

...

37,752

32,982

7034276.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

978

580

7034311.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

689

649

7034320.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

616

604

7034364.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

4,036

3,989

7035045.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

17,950

16,919

7035303.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

4,542

4,353

7035507.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

9,113

8,729

7036010.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

4,890

4,802

7036117.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

534

525

7036140.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

1,401

1,356

7036164.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

3,069

2,938

7036232.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

2,632

2,497

7036293.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

1,574

1,502

7036335.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

981

967

7036374.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

7,112

6,690

7036484.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

31,251

30,523

7036973.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

5,268

5,125

7037033.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

4,810

4,608

7037079.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

6,356

6,169

7037164.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

452

439

7037492.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

10,481

10,254

7037704.SQ.FTS.B

,

Zero

Cpn

,

3/20/25

...

28,933

27,733

7039769.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

5,266

4,622

7039863.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

3,505

3,225

7039923.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

1,452

1,405

7039967.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

2,141

1,924

7040021.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

3,612

3,362

7040135.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

4,530

4,427

7040597.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

3,710

3,134

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7040685.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

$

6,906

$

6,602

7040905.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

22,019

21,311

7041652.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

29,386

28,143

7042273.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

2,164

2,085

7042303.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

3,612

3,499

7042372.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

9,340

8,948

7042479.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

5,374

5,163

7042625.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

6,437

6,235

7042748.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

52,015

40,476

7043668.SQ.FTS.B

,

Zero

Cpn

,

3/21/25

...

13,735

11,043

7043806.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

8,266

8,033

7044414.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

1,350

872

7044438.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

1,544

1,488

7044507.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

4,769

3,857

7044663.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

303

296

7045264.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

656

646

7045277.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

2,950

2,789

7045354.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

7,095

7,035

7045763.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

8,724

8,599

7046602.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

2,058

2,026

7046617.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

10,930

10,732

7046813.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

762

745

7046831.SQ.FTS.B

,

Zero

Cpn

,

3/22/25

...

27,579

26,839

7047070.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

981

947

7047100.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

1,324

1,213

7047114.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

2,727

2,627

7047140.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

2,597

1,256

7047161.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

28,521

23,905

7047457.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

2,580

2,520

7047554.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

5,222

5,076

7047598.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

9,791

9,522

7047839.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

2,479

2,254

7047886.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

1,104

985

7047898.SQ.FTS.B

,

Zero

Cpn

,

3/23/25

...

3,523

2,690

7048180.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

6,170

5,993

7048274.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

11,480

11,270

7048482.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

1,377

1,317

7048508.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

3,849

3,700

7048542.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

1,032

995

7048591.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

3,678

3,348

7048633.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

6,666

6,186

7048733.SQ.FTS.B

,

Zero

Cpn

,

3/24/25

...

2,189

1,935

7048979.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,378

1,245

7048990.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

4,743

4,687

7049225.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,451

2,386

7049398.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,948

2,719

7049464.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,354

1,310

7049580.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

5,541

5,330

7049797.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,823

3,518

7049844.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,415

2,357

7049893.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,566

2,447

7049929.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

944

682

7049941.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

7,148

6,467

7050019.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

4,030

3,615

7050136.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,652

2,483

7050168.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

15,952

14,712

7050424.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

545

531

7050436.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

4,453

4,344

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7050501.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

$

3,086

$

2,978

7050530.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

6,612

5,172

7050581.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

11,371

8,224

7050654.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,661

3,533

7050668.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

2,125

2,090

7050700.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,885

1,836

7050736.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

6,955

5,415

7050801.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,339

3,222

7050837.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

19,254

18,202

7051010.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

4,860

4,709

7051062.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

16,836

16,061

7051266.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,778

3,526

7051321.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

6,881

6,631

7051657.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,768

3,630

7051712.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

14,119

13,828

7051918.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

4,308

4,119

7051978.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

3,496

2,642

7052013.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

31,938

30,045

7052418.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

1,461

1,366

7052447.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

8,814

7,410

7052508.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

845

720

7052511.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

8,572

8,262

7052626.SQ.FTS.B

,

Zero

Cpn

,

3/25/25

...

12,128

11,690

7052702.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,039

1,893

7052757.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

5,690

5,446

7052861.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

16,116

15,636

7053205.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

775

760

7053261.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,611

2,522

7053320.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

10,451

10,051

7053706.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

3,033

2,563

7053759.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

8,820

8,351

7053879.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

4,090

4,009

7054143.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

1,447

1,406

7054172.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

846

757

7054204.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

906

872

7054223.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

9,719

9,538

7054351.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

2,488

2,403

7054393.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

5,326

5,158

7054573.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

17,413

13,817

7055666.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

356

343

7055680.SQ.FTS.B

,

Zero

Cpn

,

3/26/25

...

18,156

17,635

7055827.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,729

3,572

7055873.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

4,796

4,626

7055931.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,960

2,896

7055970.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,701

2,510

7056009.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,073

1,055

7056024.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,127

3,018

7056063.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

6,309

6,064

7056138.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

437

432

7056194.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,882

1,809

7056257.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

952

892

7056271.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,848

3,708

7056331.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

19,781

18,433

7056834.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,644

2,579

7056921.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,864

2,748

7056980.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

13,718

13,199

7057422.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,150

2,992

7057540.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,338

1,289

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7057586.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

$

3,412

$

3,290

7057625.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,408

999

7057637.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

21,623

16,714

7057976.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

10,811

10,416

7058184.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,921

3,837

7058284.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

1,804

1,637

7058312.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

5,122

5,012

7058391.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

4,396

4,042

7058483.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

3,624

3,595

7058667.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

2,214

2,169

7058708.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

925

853

7058728.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

4,384

4,263

7058841.SQ.FTS.B

,

Zero

Cpn

,

3/27/25

...

6,815

6,384

7060912.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

9,210

8,197

7061857.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

3,101

2,994

7062011.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

2,933

2,768

7062199.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

7,598

7,435

7062654.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

1,559

806

7062676.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

9,387

8,548

7062885.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

1,442

1,383

7062918.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

1,269

1,248

7062985.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

9,154

8,761

7063234.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

4,814

4,286

7063345.SQ.FTS.B

,

Zero

Cpn

,

3/28/25

...

75,134

71,742

7064779.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

2,667

2,597

7064997.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

2,267

2,116

7065185.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

2,151

1,662

7065262.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

2,950

2,714

7065453.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

8,808

8,584

7065942.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

3,756

3,505

7066140.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

2,501

2,428

7066194.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

34,011

32,208

7066719.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

7,363

7,180

7067040.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

68

67

7067058.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

22,310

20,790

7067969.SQ.FTS.B

,

Zero

Cpn

,

3/29/25

...

27,139

26,371

7068137.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

2,502

2,431

7068200.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

490

479

7068598.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

5,130

5,015

7068718.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

6,602

6,376

7068868.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

1,970

1,122

7068897.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

1,482

1,443

7068924.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

4,572

3,888

7068987.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

2,273

2,217

7069025.SQ.FTS.B

,

Zero

Cpn

,

3/30/25

...

4,365

4,072

7069131.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

1,588

1,549

7069170.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

1,745

1,607

7069196.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

969

905

7069211.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

2,993

2,900

7069273.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

689

671

7069287.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

4,847

4,194

7069390.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

2,881

2,321

7069451.SQ.FTS.B

,

Zero

Cpn

,

4/01/25

...

32,015

29,254

7070145.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

12,575

11,332

7071093.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

5,128

4,964

7071249.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

7,885

7,772

7071783.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

1,238

1,197

7071817.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

3,988

3,689

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)

7071928.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

$

8,248

$

7,069

7072004.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

2,566

2,471

7072036.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

24,410

23,101

7072619.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

2,648

2,583

7072723.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

2,801

2,727

7072882.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

1,195

1,144

7072928.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

11,670

11,316

7073297.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

5,547

5,486

7073547.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

840

819

7073679.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

2,186

2,036

7073759.SQ.FTS.B

,

Zero

Cpn

,

4/02/25

...

3,152

3,017

7073998.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

740

613

7074032.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

314

312

7074073.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

3,224

3,083

7074126.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

18,730

18,133

7074678.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

3,080

2,991

7074737.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

22,824

19,557

7075404.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

13,711

12,194

7075884.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

5,569

2,966

7075959.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

10,768

10,398

7076262.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

31,612

30,576

7076936.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

2,044

1,967

7076994.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

1,994

1,951

7077029.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

2,861

2,770

7077327.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

3,621

3,517

7077380.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

8,924

7,529

7077534.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

2,718

2,669

7077576.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

4,157

3,940

7077661.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

2,308

2,210

7077757.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

2,439

1,875

7077799.SQ.FTS.B

,

Zero

Cpn

,

4/03/25

...

1,723

1,701

7077813.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

8,580

8,330

7078085.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

742

721

7078139.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

1,092

1,046

7078191.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

1,114

1,037

7078506.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

13,053

10,891

7078893.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

15,900

11,212

7079236.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

966

915

7079289.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

2,130

2,091

7079356.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

4,947

4,726

7079447.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

16,677

16,169

7080090.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

17,883

16,870

7080452.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

28,840

28,038

7081099.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

60

60

7081151.SQ.FTS.B

,

Zero

Cpn

,

4/04/25

...

13,449

11,971

7084771.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

838

828

7085122.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

3,097

1,819

7085143.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

3,698

3,557

7085175.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

829

803

7085190.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

1,569

1,522

7085218.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

3,163

3,066

7085359.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

16,341

15,610

7086092.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

4,249

4,146

7086337.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

18,387

15,326

7086747.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

6,110

5,903

7086886.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

5,558

5,356

7087045.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

1,311

1,291

7087117.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

8,771

8,447

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7087310.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

$

6,589

$

6,292

7087467.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

35,027

33,763

7088086.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

14,356

13,961

7088413.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

652

617

7088428.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

8,431

7,871

7088599.SQ.FTS.B

,

Zero

Cpn

,

4/05/25

...

9,785

9,477

7088934.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

4,105

3,920

7089056.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

1,376

1,325

7089132.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

17,950

17,637

7089928.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

5,221

5,172

7090408.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

1,327

1,290

7090441.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

5,171

5,000

7090585.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

2,777

2,679

7090651.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

1,449

1,428

7090659.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

56,199

53,476

7091461.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

1,660

1,620

7091481.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

4,984

4,769

7091532.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

2,680

2,576

7091581.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

3,041

2,894

7091702.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

7,103

6,817

7091825.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

3,362

3,312

7091954.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

6,780

6,521

7092062.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

2,228

2,151

7092138.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

5,761

4,244

7092227.SQ.FTS.B

,

Zero

Cpn

,

4/06/25

...

8,662

8,508

7092348.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

7,982

7,513

7092597.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

505

497

7092636.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

2,009

1,419

7092686.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

1,003

979

7092726.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

6,521

6,351

7092955.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

724

713

7093039.SQ.FTS.B

,

Zero

Cpn

,

4/07/25

...

7,084

6,785

7093276.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

1,154

1,103

7093323.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

1,496

1,198

7093368.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

4,721

4,546

7093550.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

1,601

1,474

7093679.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

1,096

976

7093714.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

879

849

7093745.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

567

424

7093774.SQ.FTS.B

,

Zero

Cpn

,

4/08/25

...

4,558

4,476

7094011.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

541

523

7094049.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

6,348

6,054

7094253.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

793

759

7094271.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

7,010

6,633

7094464.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

2,181

2,091

7094575.SQ.FTS.B

,

Zero

Cpn

,

4/09/25

...

40,855

38,779

7095720.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

10,945

10,724

7096392.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

4,586

4,332

7096604.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

660

632

7096633.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

3,903

3,787

7096826.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

2,020

1,950

7096894.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

1,865

1,098

7096932.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

4,161

4,032

7097115.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

696

674

7097170.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

787

761

7097219.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

1,703

1,629

7097310.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

5,996

5,777

7097479.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

9,979

6,857

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)

7097722.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

$

2,821

$

2,781

7097891.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

963

937

7097917.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

7,076

6,870

7098174.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

13,386

12,615

7098533.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

1,858

1,803

7098616.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

2,625

2,540

7098714.SQ.FTS.B

,

Zero

Cpn

,

4/10/25

...

10,794

10,511

7099259.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

5,389

5,189

7099483.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

10,144

9,643

7099846.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

21,603

16,050

7101415.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

2,880

2,812

7101489.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

999

978

7101561.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

49,269

46,907

7102472.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

5,298

4,459

7102574.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

27,887

26,847

7102906.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

1,398

1,247

7102917.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

1,371

1,250

7102927.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

10,408

10,011

7103003.SQ.FTS.B

,

Zero

Cpn

,

4/11/25

...

3,876

3,716

7105170.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

8,421

8,273

7105417.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

6,827

4,772

7105598.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

4,439

4,094

7105782.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,935

1,862

7105896.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

22,206

17,723

7106377.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,254

2,179

7106491.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

3,313

3,198

7106601.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

3,597

3,464

7106719.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,148

2,083

7106732.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

4,508

4,268

7106837.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

4,409

4,056

7106931.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

5,178

4,560

7107004.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,373

2,254

7107060.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

23,547

22,778

7107482.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,628

1,585

7107517.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

2,902

2,809

7107564.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

3,398

3,080

7107658.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

38,815

36,675

7108325.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

720

673

7108338.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

862

843

7108349.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

1,142

1,101

7108370.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

3,319

2,134

7108425.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

3,163

2,649

7108520.SQ.FTS.B

,

Zero

Cpn

,

4/12/25

...

15,667

14,457

7108768.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

22,727

20,959

7109301.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

734

724

7109316.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

2,575

2,529

7109414.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

6,956

6,304

7109653.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

3,506

3,358

7109861.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

844

791

7109913.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

3,693

2,807

7110017.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

20,824

19,732

7110527.SQ.FTS.B

,

Zero

Cpn

,

4/13/25

...

69,896

67,882

7112020.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

35,785

30,375

7112700.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

686

662

7112722.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

1,235

1,200

7112766.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

4,028

3,815

7112916.SQ.FTS.B

,

Zero

Cpn

,

4/14/25

...

2,366

2,332

7112991.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,839

1,721

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7113063.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

$

2,243

$

2,135

7113346.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,694

1,166

7113376.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,187

1,151

7113408.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

1,451

1,411

7113468.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

12,756

11,935

7113771.SQ.FTS.B

,

Zero

Cpn

,

4/15/25

...

3,048

2,913

7114992.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

2,935

2,891

7115113.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

4,264

4,028

7115251.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

617

610

7115284.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

6,244

6,048

7115457.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

4,611

4,281

7115546.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

47,842

36,269

7116462.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

3,873

3,753

7116601.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

17,142

16,699

7117461.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

4,787

4,597

7117565.SQ.FTS.B

,

Zero

Cpn

,

4/16/25

...

3,332

3,259

7117661.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,924

1,902

7117807.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,251

1,210

7117852.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,281

2,021

7117904.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,316

2,249

7118004.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,552

2,433

7118122.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,179

2,098

7118185.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

5,508

4,379

7118416.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

698

662

7118456.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

16,039

15,463

7118924.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,678

2,634

7118981.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,092

1,029

7119013.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

25,138

23,720

7119443.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,234

2,126

7119486.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

4,192

4,061

7119624.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

3,516

3,403

7119683.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

35,552

34,275

7120228.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

8,571

8,106

7120305.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

16,716

16,100

7120767.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

1,462

1,415

7120830.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,584

2,527

7120915.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,826

2,610

7120961.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

394

358

7120966.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

5,246

5,024

7121348.SQ.FTS.B

,

Zero

Cpn

,

4/17/25

...

2,106

1,377

7121503.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

639

631

7121609.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

12,093

11,805

7122152.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

5,853

5,457

7122363.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

881

865

7122429.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

419

414

7122479.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

5,544

5,297

7122576.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

2,017

1,954

7122648.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

5,426

5,259

7122791.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

3,763

3,438

7122850.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

6,114

5,871

7122963.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

14,394

13,995

7123358.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

694

658

7123381.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

3,832

3,773

7123485.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

1,347

1,319

7123530.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

5,553

5,156

7123712.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

14,895

14,142

7124204.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

557

548

7124219.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

10,737

9,597

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)

7124530.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

$

2,200

$

2,107

7124599.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

51,911

49,370

7125937.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

2,896

2,807

7126036.SQ.FTS.B

,

Zero

Cpn

,

4/18/25

...

2,919

2,787

7128390.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

7,559

7,188

7128660.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

2,476

2,099

7128857.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

2,321

1,959

7129008.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

6,102

5,863

7129757.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

15,304

14,655

7131986.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

4,429

4,205

7132566.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

374

363

7132568.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,689

1,664

7132621.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,776

1,667

7132655.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

9,551

8,077

7132843.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

23,844

19,475

7133597.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

12,331

7,023

7133973.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

410

400

7134027.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,328

1,290

7134183.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

4,432

4,299

7134372.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

4,434

4,150

7134487.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

442

422

7134530.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,933

1,864

7134609.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

2,733

2,670

7134657.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

7,526

6,905

7134739.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

9,569

9,218

7134867.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,627

1,425

7134910.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

9,819

9,462

7135072.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,244

1,192

7135103.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,833

1,451

7135136.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

3,251

2,995

7135175.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

4,263

3,933

7135230.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

2,414

2,312

7135277.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

24,838

23,797

7135686.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

476

444

7135696.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

578

554

7135706.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

608

352

7135747.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

1,461

1,422

7135809.SQ.FTS.B

,

Zero

Cpn

,

4/19/25

...

893

871

7135840.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

12,871

12,304

7136322.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

4,545

3,586

7136588.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

2,276

2,243

7136698.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

2,252

2,151

7136817.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

8,407

7,963

7137130.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

29,231

25,433

7137922.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

4,063

3,873

7138137.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

3,604

3,496

7138268.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

2,788

2,701

7138369.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

36,945

35,549

7139430.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

1,609

1,506

7139448.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

13,139

12,360

7140068.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

1,818

1,791

7140246.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

2,650

2,442

7140398.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

305

294

7140407.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

392

377

7140454.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

15,723

15,235

7140930.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

3,647

3,472

7141058.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

1,733

1,690

7141107.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

3,094

3,003

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7141206.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

$

1,854

$

1,799

7141269.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

5,636

5,444

7141362.SQ.FTS.B

,

Zero

Cpn

,

4/20/25

...

399

388

7141448.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

2,492

2,465

7141569.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

1,737

1,049

7141603.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

6,251

5,955

7141786.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

1,247

1,208

7141819.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

4,609

4,442

7142027.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

11,885

11,375

7142375.SQ.FTS.B

,

Zero

Cpn

,

4/21/25

...

648

629

7142503.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

6,326

6,027

7142691.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

1,899

1,837

7142762.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

2,431

2,298

7142852.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

3,920

3,778

7142950.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

811

575

7142965.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

649

630

7142994.SQ.FTS.B

,

Zero

Cpn

,

4/22/25

...

31,213

29,965

7144408.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

838

767

7144447.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

22,367

21,888

7145955.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

2,276

2,202

7146101.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

9,349

6,679

7146290.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

1,079

871

7146302.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

928

883

7146324.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

33,505

32,485

7147299.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

12,972

9,503

7147604.SQ.FTS.B

,

Zero

Cpn

,

4/23/25

...

3,770

3,677

7147720.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

21,557

20,979

7148254.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

8,077

7,668

7148510.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

77,363

74,876

7150115.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

1,691

1,620

7150146.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

2,753

2,629

7150208.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

11,809

11,167

7150471.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

10,069

9,731

7150678.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

33,529

32,011

7151351.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

2,163

2,007

7151446.SQ.FTS.B

,

Zero

Cpn

,

4/24/25

...

1,725

1,702

7151499.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

12,817

12,458

7151864.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

12,057

11,704

7152222.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

2,461

2,353

7152353.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

11,560

11,087

7152583.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

7,524

7,118

7152656.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

34,071

32,974

7153121.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

13,199

12,481

7153341.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

9,108

8,871

7153584.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

1,758

1,724

7153664.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

2,267

2,237

7153714.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

7,840

7,532

7154002.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

1,004

646

7154007.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

2,139

1,885

7154030.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

8,093

7,906

7154213.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

4,513

4,372

7154314.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

2,116

2,044

7154332.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

6,174

5,936

7154430.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

1,878

1,795

7154462.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

895

873

7154481.SQ.FTS.B

,

Zero

Cpn

,

4/25/25

...

23,583

22,624

7156649.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

58,700

57,289

7158084.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

6,836

6,232

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)

7158170.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

$

16,338

$

15,932

7158377.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

1,695

1,615

7158393.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

1,577

1,543

7158429.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

27,145

26,249

7159596.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

36,452

34,719

7160329.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

8,126

7,831

7160534.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

4,415

4,264

7160663.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

1,482

1,400

7160698.SQ.FTS.B

,

Zero

Cpn

,

4/26/25

...

1,378

1,061

7160707.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

4,309

4,069

7160801.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

858

769

7160808.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

2,629

2,477

7160871.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

623

605

7160912.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,908

1,112

7161013.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

610

596

7161053.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

3,506

3,362

7161201.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

2,418

2,329

7161242.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

4,957

4,864

7161622.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

869

852

7161626.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

2,775

2,527

7161673.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

5,526

5,427

7161852.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

503

488

7161885.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

7,258

5,902

7162063.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

4,407

4,111

7162164.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,772

1,709

7162210.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

7,625

6,823

7162355.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,136

1,091

7162414.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

2,346

1,798

7162476.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

4,688

4,507

7162543.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

807

750

7162569.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

35,795

34,498

7163056.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

8,249

7,888

7163206.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,776

1,720

7163222.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,390

1,337

7163255.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

9,283

8,936

7163387.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,525

1,397

7163429.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

22,449

21,713

7163778.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

462

454

7163821.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

4,236

4,027

7163923.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,248

1,195

7163945.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

3,691

3,585

7164005.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

6,562

3,915

7164039.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

1,896

1,872

7164117.SQ.FTS.B

,

Zero

Cpn

,

4/27/25

...

3,817

3,298

7164232.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

2,899

2,789

7164284.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

8,147

6,855

7164418.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

2,750

2,647

7164504.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

3,376

3,193

7164615.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

2,346

2,258

7164679.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

4,517

4,281

7164732.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

3,088

1,813

7164755.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

6,970

5,679

7164854.SQ.FTS.B

,

Zero

Cpn

,

4/28/25

...

7,252

6,942

7165410.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

5,193

5,126

7165616.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

8,760

8,467

7165832.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

1,047

692

7165856.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

4,832

4,606

7165960.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

1,306

936

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7165990.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

$

844

$

806

7166016.SQ.FTS.B

,

Zero

Cpn

,

4/29/25

...

14,966

14,480

7167089.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

5,946

5,048

7167309.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

22,200

21,346

7168022.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

8,754

8,018

7168208.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

8,312

8,022

7168497.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

980

620

7168520.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

5,367

5,264

7168708.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

24,442

23,438

7169411.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

1,453

1,349

7169466.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,159

2,997

7169557.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,345

1,663

7169613.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,746

3,004

7169801.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

10,938

9,980

7170030.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,471

2,384

7170176.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

7,443

7,263

7170354.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

11,757

11,322

7170737.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

417

399

7170746.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

13,323

12,713

7171401.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

2,294

2,227

7171469.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,119

3,025

7171590.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

11,404

11,009

7171923.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

878

846

7171941.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

27,400

26,096

7172354.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

8,537

7,671

7172459.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

10,945

10,610

7172646.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

734

730

7172761.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

21,072

15,103

7172970.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

1,148

1,111

7173037.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

5,193

4,101

7173122.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,253

3,191

7173178.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

3,906

3,804

7173243.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

10,178

9,820

7173472.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

7,110

6,932

7173667.SQ.FTS.B

,

Zero

Cpn

,

4/30/25

...

5,721

5,510

7173849.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

4,156

3,982

7173906.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,080

1,033

7173911.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

4,950

4,777

7173962.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

14,694

14,074

7174082.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

723

690

7174148.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

9,113

8,734

7174387.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

21,691

19,384

7175016.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

16,390

15,785

7175395.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

12,580

12,047

7175597.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,992

1,922

7175646.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

728

678

7175676.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

21,740

18,645

7176021.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

6,573

6,215

7176151.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,244

1,203

7176165.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,609

1,538

7176181.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

5,190

5,040

7176315.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

10,840

10,270

7176474.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

773

639

7176476.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

2,145

2,062

7176509.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

6,531

6,312

7176665.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

3,157

3,037

7176711.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

2,843

2,735

7176743.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

2,911

2,822

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)

7176815.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

$

6,180

$

5,953

7176921.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

1,279

1,237

7176936.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

451

436

7176953.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

8,408

8,095

7177109.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

12,233

11,766

7177352.SQ.FTS.B

,

Zero

Cpn

,

5/01/25

...

753

727

7179243.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

10,632

10,195

7179463.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

12,981

12,338

7179662.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,884

2,771

7179762.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

1,934

1,857

7179867.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,855

2,742

7180016.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

13,789

13,271

7180248.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

19,686

17,341

7180499.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

40,025

38,275

7180861.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

6,991

6,743

7181082.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

3,561

3,394

7181282.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

44,668

42,958

7183334.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

5,259

5,033

7183441.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

8,597

7,038

7183636.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

6,336

6,061

7183790.SQ.FTS.B

,

Zero

Cpn

,

5/02/25

...

2,817

2,706

7183926.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

4,664

2,991

7184136.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

1,503

1,427

7184149.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

20,116

16,488

7184602.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

1,451

1,399

7184652.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

11,312

10,927

7185040.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

19,354

18,264

7185379.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

1,689

1,636

7185395.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

11,089

10,702

7185609.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

5,069

4,669

7185687.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

4,432

4,273

7185739.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

14,959

14,449

7186050.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

4,747

3,718

7186105.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

10,819

10,372

7186338.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,968

2,616

7186392.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

1,184

1,142

7186424.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

2,730

2,578

7186487.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

4,318

4,154

7186653.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

5,829

5,557

7186988.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

9,362

9,004

7187139.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

3,396

3,274

7187186.SQ.FTS.B

,

Zero

Cpn

,

5/03/25

...

32,590

31,298

7187603.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

3,904

3,596

7187712.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

2,248

2,146

7187769.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

5,265

5,099

7188015.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

2,710

2,426

7188215.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

2,980

2,893

7188348.SQ.FTS.B

,

Zero

Cpn

,

5/04/25

...

12,484

8,042

7188666.SQ.FTS.B

,

Zero

Cpn

,

5/05/25

...

6,269

5,914

7188832.SQ.FTS.B

,

Zero

Cpn

,

5/05/25

...

12,941

12,489

7189514.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

5,173

4,639

7189836.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,831

1,778

7189991.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

2,404

2,310

7190209.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

667

623

7190282.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

844

789

7190392.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

6,466

6,212

7190954.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

3,821

3,677

7191074.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

6,474

5,807

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7191281.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

$

4,648

$

4,347

7191474.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,157

1,124

7191662.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

4,308

4,147

7191789.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

4,551

4,323

7191893.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

25,225

23,171

7192373.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

3,230

3,062

7192440.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,096

1,040

7192482.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

894

866

7192505.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

1,526

1,386

7192529.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

5,746

5,562

7192633.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

34,478

33,179

7193529.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

15,053

14,269

7193855.SQ.FTS.B

,

Zero

Cpn

,

5/06/25

...

22,969

22,068

7194315.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

62,529

60,226

7196052.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

5,668

5,497

7196184.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

1,189

1,146

7196193.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

5,425

5,142

7196289.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

2,597

2,520

7196321.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

6,058

5,142

7196403.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

3,175

3,057

7196450.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

17,597

16,905

7196708.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

4,557

4,397

7196817.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

9,961

9,585

7196924.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

1,616

1,571

7196967.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

15,517

14,925

7197547.SQ.FTS.B

,

Zero

Cpn

,

5/07/25

...

2,168

2,092

7197646.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,882

1,626

7197712.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

4,332

3,367

7197803.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,205

1,178

7197839.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

32,168

30,688

7198443.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,030

997

7198467.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

3,952

3,806

7198707.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

8,268

7,936

7198872.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

6,425

6,187

7199010.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

6,394

6,141

7199156.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

6,264

6,077

7199286.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

25,792

24,378

7199800.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

10,520

10,037

7199888.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

2,704

2,580

7199954.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,278

1,228

7199987.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,154

1,090

7200014.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,461

1,407

7200044.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

8,500

8,181

7200189.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

23,409

22,307

7200512.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

12,363

11,888

7200715.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

9,799

9,402

7200913.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

864

838

7200936.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

494

473

7200963.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

8,189

7,671

7201082.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

2,078

1,615

7201118.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

740

716

7201182.SQ.FTS.B

,

Zero

Cpn

,

5/08/25

...

1,089

864

7203267.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

2,299

2,222

7203315.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

3,349

3,213

7203363.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

14,883

14,274

7203571.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

2,901

2,774

7203639.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

4,284

4,131

7203769.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

7,112

6,799

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)

7203961.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

$

4,104

$

3,938

7204160.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

11,963

11,267

7204759.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

1,424

1,314

7204782.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

7,280

6,763

7204855.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

26,636

25,613

7205223.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

7,493

7,212

7205388.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

7,381

6,282

7205585.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

8,638

7,471

7205732.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

28,684

19,040

7206278.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

11,481

10,772

7206507.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

7,193

6,915

7206714.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

3,646

3,486

7206802.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

23,613

22,619

7207142.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

2,925

2,827

7207190.SQ.FTS.B

,

Zero

Cpn

,

5/09/25

...

6,351

6,130

7207237.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

8,768

8,421

7207410.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

3,588

3,465

7207472.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

57,457

55,316

7208874.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

18,381

17,674

7209140.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,770

1,674

7209204.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,917

1,855

7209245.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

6,465

6,184

7209402.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

10,126

9,718

7209546.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

22,650

21,645

7209972.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

4,420

4,019

7210051.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

2,848

2,034

7210099.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

3,132

2,973

7210140.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

32,281

31,023

7210744.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,639

1,567

7210781.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

1,197

1,147

7210819.SQ.FTS.B

,

Zero

Cpn

,

5/10/25

...

4,054

3,904

7210899.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

27,357

22,687

7211440.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

2,726

2,576

7211509.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

6,853

6,574

7211667.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

738

714

7211700.SQ.FTS.B

,

Zero

Cpn

,

5/11/25

...

6,924

6,657

7211854.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

9,872

9,487

7212155.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

8,627

7,974

7212385.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

4,785

3,974

7212486.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

3,024

2,889

7212545.SQ.FTS.B

,

Zero

Cpn

,

5/12/25

...

7,367

7,080

7212719.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

11,034

9,929

7213473.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

3,464

3,308

7213637.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

1,614

1,476

7213715.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

1,310

1,235

7213762.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

4,436

4,237

7213915.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

4,262

3,990

7214097.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

21,881

21,040

7214906.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

2,641

1,784

7214977.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

12,582

11,812

7215264.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

6,276

6,113

7215502.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

11,354

10,901

7215740.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

5,932

5,082

7215840.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

2,623

2,518

7215927.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

2,824

2,725

7215977.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

3,021

2,900

7216040.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

976

868

7216075.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

8,708

8,404

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7216304.SQ.FTS.B

,

Zero

Cpn

,

5/13/25

...

$

15,007

$

14,416

7216980.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

5,913

5,624

7217135.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

6,495

6,237

7217273.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,542

1,488

7217292.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

5,202

4,994

7217377.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

4,977

4,765

7217518.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

11,591

11,186

7217811.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,525

1,482

7217938.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

5,276

5,062

7218092.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

15,884

15,054

7218388.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

26,300

25,290

7218706.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,201

1,000

7218725.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

21,546

20,670

7218905.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,570

1,507

7218918.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

11,204

10,774

7219011.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

2,754

2,630

7219057.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

10,774

9,701

7219184.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

11,064

9,216

7219423.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

3,152

3,024

7219666.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

5,873

5,479

7220197.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

5,491

5,018

7220309.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

14,188

13,616

7220506.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,708

1,640

7220546.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,322

1,275

7220564.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,109

802

7220569.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

4,107

3,939

7220676.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,209

1,162

7220697.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

1,901

1,831

7220779.SQ.FTS.B

,

Zero

Cpn

,

5/14/25

...

3,729

3,410

7220891.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,575

1,510

7221007.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

43,816

41,140

7221726.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

7,039

6,341

7221905.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

915

885

7221961.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

514

498

7221992.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

6,206

5,972

7222126.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

15,509

14,560

7222332.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,116

1,046

7222423.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

3,046

2,930

7222571.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

4,270

3,847

7222768.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

5,284

5,084

7222832.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,676

1,600

7222883.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

5,188

4,986

7222995.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

32,761

30,727

7223525.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

2,343

2,262

7223561.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

12,657

12,162

7223847.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

3,629

3,464

7223908.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

10,021

9,671

7224107.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

9,314

8,915

7224258.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,855

1,736

7224292.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

1,456

1,309

7224345.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

5,429

5,236

7224442.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

4,723

4,528

7224544.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

6,154

5,820

7224667.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

3,882

3,734

7224733.SQ.FTS.B

,

Zero

Cpn

,

5/15/25

...

2,090

1,864

7226874.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

5,446

5,231

7227056.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

4,155

3,707

7227109.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,294

1,744

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)

7227133.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

$

9,914

$

9,375

7227310.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

8,567

8,227

7227550.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

4,118

3,956

7227630.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

3,942

3,786

7227736.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,113

1,074

7227807.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,325

2,236

7227847.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

6,400

6,066

7228111.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

1,548

1,501

7228237.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

8,920

8,157

7228636.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

2,089

2,009

7229540.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

973

947

7229547.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

4,521

4,335

7229617.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

6,767

6,252

7229709.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

29,840

28,531

7229968.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

21,941

21,007

7230169.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

9,749

9,024

7230221.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

9,629

9,279

7230287.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

11,520

11,081

7230451.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

11,051

10,222

7230754.SQ.FTS.B

,

Zero

Cpn

,

5/16/25

...

16,407

15,670

7231172.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

9,131

8,733

7231478.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

21,229

20,374

7232291.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

3,145

2,976

7232394.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

5,503

5,284

7232579.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

1,580

1,492

7232614.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

2,126

2,048

7232672.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

2,305

2,206

7232740.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

54,523

52,401

7233795.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

2,994

2,872

7233869.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

34,205

32,727

7234525.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

3,167

3,042

7234570.SQ.FTS.B

,

Zero

Cpn

,

5/17/25

...

11,178

10,722

7234701.SQ.FTS.B

,

Zero

Cpn

,

5/18/25

...

2,016

1,942

7234756.SQ.FTS.B

,

Zero

Cpn

,

5/18/25

...

24,023

22,560

7235146.SQ.FTS.B

,

Zero

Cpn

,

5/18/25

...

30,478

29,217

7235832.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

4,461

4,285

7235917.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

3,701

3,560

7236098.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

4,734

4,145

7236179.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

4,812

4,637

7236299.SQ.FTS.B

,

Zero

Cpn

,

5/19/25

...

5,822

5,586

7236673.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

18,686

17,898

7237448.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

1,535

1,454

7237504.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

2,107

2,039

7237644.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

8,207

7,606

7237979.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

5,439

5,112

7238134.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

2,301

1,990

7238267.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

1,491

1,445

7238357.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

1,480

1,414

7238402.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

3,055

2,939

7238512.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

3,609

3,467

7238600.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

292

282

7238607.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

8,028

7,659

7238779.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

19,133

18,200

7239092.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

12,404

11,907

7239295.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

4,671

4,452

7239379.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

4,370

4,103

7239480.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

13,104

12,572

7239805.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

1,850

1,780

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7239842.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

$

14,765

$

13,890

7240071.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

1,200

1,152

7240120.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

11,284

10,873

7240370.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

4,096

3,943

7240436.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

3,525

3,386

7240523.SQ.FTS.B

,

Zero

Cpn

,

5/20/25

...

16,022

15,389

7241892.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

21,005

19,643

7242115.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

11,353

10,906

7242275.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,419

2,318

7242298.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,759

2,651

7242333.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

1,244

1,202

7242352.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

3,661

3,517

7242424.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

4,301

4,121

7242516.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

4,070

3,893

7242591.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,543

2,299

7242645.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,903

2,803

7242796.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

26,636

25,505

7243209.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

9,360

8,982

7243291.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

3,134

2,805

7243317.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

33,951

32,476

7243596.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

4,802

4,543

7243626.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

5,620

5,398

7243667.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

42,735

40,975

7244055.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

2,548

2,424

7244079.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

8,025

7,763

7244193.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

4,970

4,745

7244241.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

4,380

4,215

7244305.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

4,887

4,680

7244482.SQ.FTS.B

,

Zero

Cpn

,

5/21/25

...

703

635

7247398.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

10,415

9,992

7247585.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

39,829

38,319

7248243.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

4,340

4,171

7248381.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

3,175

3,019

7248460.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

3,370

3,165

7248507.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

6,970

6,627

7248634.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

6,059

5,823

7248751.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

11,242

10,836

7248894.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

13,184

12,696

7249019.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

11,705

9,850

7249109.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

10,320

9,832

7249212.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,822

1,743

7249232.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

3,326

3,181

7249249.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

4,176

3,910

7249294.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

15,863

15,314

7249483.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

14,006

13,392

7249603.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

4,236

4,062

7249628.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,827

1,711

7249671.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

6,336

6,043

7250299.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

5,375

4,010

7250885.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

4,515

4,302

7251025.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

4,865

4,663

7251106.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

1,470

1,401

7251151.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

3,130

3,018

7251261.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

458

437

7251262.SQ.FTS.B

,

Zero

Cpn

,

5/22/25

...

2,199

2,105

7251320.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

395

281

7251323.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

4,545

3,738

7251351.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

9,483

9,096

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

87

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7251459.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

$

21,461

$

20,568

7251636.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

1,851

1,775

7251664.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

1,487

1,429

7251674.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

11,386

10,920

7251805.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

2,498

2,395

7251821.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

3,391

3,100

7251855.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

6,208

5,935

7251914.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

7,068

6,552

7251966.SQ.FTS.B

,

Zero

Cpn

,

5/23/25

...

10,174

9,559

7252164.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

4,199

4,013

7252339.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

3,834

3,694

7252448.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

9,655

9,238

7252854.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

1,221

1,171

7252905.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

3,696

3,253

7253093.SQ.FTS.B

,

Zero

Cpn

,

5/24/25

...

26,182

25,212

7254489.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

11,691

11,198

7254613.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

14,487

13,903

7254706.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,769

2,665

7254728.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

35,176

33,777

7254997.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

1,493

1,431

7255008.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

16,475

15,666

7255099.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

1,532

1,449

7255114.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

8,392

7,914

7255176.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

27,877

26,742

7255480.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

5,080

4,893

7255557.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

804

779

7255570.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

1,887

1,817

7255586.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,626

2,517

7255616.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

2,852

2,772

7255679.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

11,154

10,676

7255752.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

30,846

29,484

7256067.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

1,839

1,752

7256081.SQ.FTS.B

,

Zero

Cpn

,

5/25/25

...

9,455

9,066

7256183.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

16,510

14,372

7256365.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,347

2,230

7256395.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

6,602

5,749

7256455.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,508

1,457

7256470.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,306

1,213

7256484.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

12,342

11,773

7256609.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,136

1,096

7256619.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,662

2,558

7256638.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

6,815

6,482

7256696.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

1,901

1,787

7256709.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

8,105

7,750

7256776.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

5,511

5,305

7256822.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

838

805

7256830.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,212

2,121

7256856.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

7,395

7,088

7257340.SQ.FTS.B

,

Zero

Cpn

,

5/26/25

...

2,740

2,627

7257411.SQ.FTS.B

,

Zero

Cpn

,

5/27/25

...

1,991

1,863

7257484.SQ.FTS.B

,

Zero

Cpn

,

5/27/25

...

650

628

7259122.SQ.FTS.B

,

Zero

Cpn

,

5/27/25

...

522

477

7260895.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

67,834

65,127

7262015.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

2,698

2,602

7262080.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

56,273

47,766

7262727.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

10,095

9,659

7262788.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

1,697

1,643

7262799.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

5,614

5,371

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7263021.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

$

47,857

$

43,425

7263387.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

7,390

7,108

7263453.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

1,949

1,882

7264023.SQ.FTS.B

,

Zero

Cpn

,

5/28/25

...

523

491

7264184.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

9,373

9,028

7264613.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

4,254

4,074

7264673.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

3,786

3,622

7264843.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

4,804

4,322

7264994.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

982

954

7265087.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

1,340

1,303

7265192.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

17,522

16,840

7265493.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

11,523

11,048

7265783.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

9,784

9,377

7265889.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

8,837

8,454

7266011.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

5,325

5,061

7266049.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

63,806

60,846

7266948.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

2,333

2,230

7266994.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

8,336

7,881

7267090.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

12,892

12,412

7267354.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

2,342

2,242

7267389.SQ.FTS.B

,

Zero

Cpn

,

5/29/25

...

1,719

1,462

7269871.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

2,925

2,802

7269980.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

13,957

10,707

7270240.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

2,263

2,171

7270316.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

8,262

7,933

7270917.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

15,592

15,051

7271545.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

2,351

2,253

7271604.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

7,096

6,832

7271810.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

20,711

19,844

7272203.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

3,007

2,851

7272251.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

6,116

5,854

7272366.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

4,830

4,030

7272437.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

11,467

10,993

7272784.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

38,521

36,920

7273546.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

5,979

5,754

7273665.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

4,251

3,999

7273735.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

4,595

4,365

7273810.SQ.FTS.B

,

Zero

Cpn

,

5/30/25

...

4,286

4,107

7273825.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

60,520

53,025

7274987.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

7,731

7,440

7275182.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

635

586

7275203.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

6,982

5,840

7275386.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

6,108

5,855

7275459.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

8,506

7,256

7275609.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

4,520

4,346

7275714.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

899

859

7275724.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

1,309

1,261

7275778.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

633

584

7275797.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

12,825

11,237

7275984.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

4,892

4,693

7276109.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

1,982

1,856

7276142.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

37,059

35,665

7276979.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

7,503

7,192

7277155.SQ.FTS.B

,

Zero

Cpn

,

6/01/25

...

24,402

22,954

7277467.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,453

1,361

7277508.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

2,998

2,885

7277545.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

5,685

5,452

7277617.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

17,963

16,900

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)

7277848.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

$

3,183

$

2,998

7277880.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

2,775

2,655

7277941.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,473

1,392

7277957.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

6,272

6,070

7278109.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

370

360

7278121.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

3,286

3,149

7278188.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,755

1,658

7278205.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

482

461

7278214.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,939

1,656

7278241.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

1,831

1,623

7278277.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

3,818

3,664

7278347.SQ.FTS.B

,

Zero

Cpn

,

6/02/25

...

15,088

14,418

7278551.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

3,227

3,084

7278585.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,306

1,249

7278613.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

3,445

3,244

7278667.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,057

929

7278686.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

8,155

7,818

7278809.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,998

1,907

7278835.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

6,562

6,298

7278943.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

32,270

28,329

7279332.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

689

662

7279343.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

7,888

7,577

7279484.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

1,785

1,712

7279524.SQ.FTS.B

,

Zero

Cpn

,

6/03/25

...

15,541

14,945

7280181.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

21,113

20,221

7280980.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

4,093

3,923

7281061.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

3,557

3,411

7281113.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,061

910

7281150.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

2,424

2,340

7281273.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

5,667

5,411

7281446.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

3,316

3,191

7281560.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,134

1,051

7281575.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

19,499

18,680

7281949.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

2,921

2,798

7282030.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

7,183

6,912

7282133.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

18,716

17,940

7282397.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,944

1,824

7282432.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,781

1,684

7282476.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

25,810

24,304

7282840.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,550

1,359

7282865.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

2,819

2,717

7282904.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

28,189

27,021

7283412.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

1,896

1,819

7283437.SQ.FTS.B

,

Zero

Cpn

,

6/04/25

...

42,963

41,043

7284014.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

4,333

4,147

7284128.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,685

2,598

7284188.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

13,476

12,905

7284416.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

6,428

6,022

7284558.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

9,561

9,079

7284733.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

6,291

6,074

7284957.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,212

1,166

7284998.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

11,320

10,880

7285348.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,627

1,579

7285404.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,979

3,827

7285491.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

11,042

10,622

7285781.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,781

2,446

7285848.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

4,144

3,686

7285927.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,130

2,784

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7285980.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

$

4,336

$

3,816

7286086.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

1,302

1,246

7286106.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

6,019

5,767

7286211.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

21,501

19,648

7286404.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

14,321

12,741

7286601.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

7,482

6,585

7286713.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

5,759

5,066

7286755.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

23,350

22,318

7287145.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,305

2,210

7287168.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

21,094

19,898

7287595.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

3,072

2,938

7287642.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

2,548

2,455

7287670.SQ.FTS.B

,

Zero

Cpn

,

6/05/25

...

6,604

6,315

7287767.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

518

503

7287857.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

6,988

6,695

7287972.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

12,502

11,955

7288280.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

20,086

19,239

7288862.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

12,198

11,688

7289140.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

6,869

6,594

7289262.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,672

4,160

7289318.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,751

4,555

7289376.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

1,539

1,495

7289431.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

1,370

1,297

7289450.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

848

803

7289471.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

9,767

9,344

7289610.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

7,021

6,702

7289660.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

42,905

40,983

7290136.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

6,538

6,243

7290368.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

26,871

25,540

7290764.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

2,561

2,454

7290786.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

1,920

1,839

7290826.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

4,058

3,572

7290873.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

6,113

5,624

7290948.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

11,651

11,151

7291111.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

9,923

9,454

7291234.SQ.FTS.B

,

Zero

Cpn

,

6/06/25

...

6,931

6,618

7293643.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

9,111

8,733

7293971.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

15,499

14,883

7294369.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,259

1,151

7294453.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,390

3,220

7294568.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,268

1,167

7294619.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

519

507

7294656.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

7,154

6,879

7294878.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

5,767

5,528

7295038.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

8,491

8,060

7295228.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,467

2,365

7295275.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,529

3,375

7295325.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,880

2,761

7295422.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

10,174

9,721

7295648.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

10,327

9,856

7295755.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,265

3,141

7295899.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

5,213

5,005

7296034.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

6,603

6,302

7296123.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

14,264

13,719

7296418.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,501

3,333

7296480.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,009

2,849

7296532.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,086

1,041

7296575.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

6,024

5,760

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)

7296689.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

$

772

$

752

7296720.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

7,965

7,644

7296864.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

3,860

3,682

7296922.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

6,372

6,031

7297029.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,679

2,560

7297085.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

7,558

7,239

7297175.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

7,104

6,833

7297291.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

2,015

1,894

7297339.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

1,809

1,741

7297372.SQ.FTS.B

,

Zero

Cpn

,

6/07/25

...

29,218

28,006

7297931.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

671

644

7298009.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

4,648

4,435

7298093.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

2,440

2,320

7298159.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

12,770

12,215

7298531.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

27,256

26,139

7299330.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

2,698

2,604

7299426.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

1,959

1,752

7299448.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

6,045

5,520

7299523.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

3,925

3,744

7299590.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

2,639

2,499

7299615.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

896

828

7299617.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

1,357

1,129

7299622.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

19,302

18,511

7299866.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

99,336

94,926

7301207.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

8,630

7,821

7301343.SQ.FTS.B

,

Zero

Cpn

,

6/08/25

...

15,308

13,653

7301554.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

17,579

16,930

7301769.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

4,352

4,246

7301936.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,958

1,840

7301957.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,082

1,034

7301973.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

5,806

5,585

7302072.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

17,431

16,681

7302311.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

4,465

4,270

7302387.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

4,670

4,495

7302463.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

5,192

4,936

7302531.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,990

1,904

7302558.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

1,060

861

7302568.SQ.FTS.B

,

Zero

Cpn

,

6/09/25

...

26,693

25,580

7303380.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

8,036

7,710

7303529.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

1,838

1,721

7303557.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

2,115

2,037

7303607.SQ.FTS.B

,

Zero

Cpn

,

6/10/25

...

29,584

28,337

7304997.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

8,650

7,398

7305248.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

17,052

15,503

7305622.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

2,577

2,449

7305713.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

1,944

1,841

7305795.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

1,217

1,149

7305806.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

13,792

13,179

7306020.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

5,164

4,853

7306140.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

4,147

3,953

7306315.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

8,095

7,357

7306467.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

5,945

5,674

7306561.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

5,392

5,165

7306657.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

12,598

11,273

7306788.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

21,136

20,323

7307148.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

55,363

50,312

7308060.SQ.FTS.B

,

Zero

Cpn

,

6/11/25

...

1,098

1,050

7308144.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

10,238

9,801

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7308334.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

$

1,599

$

1,489

7308620.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

5,998

5,737

7308742.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

5,274

5,013

7308932.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

601

578

7308966.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

855

823

7309054.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

3,129

2,994

7309149.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

17,102

16,491

7309648.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

3,898

3,452

7309721.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

6,736

6,434

7309809.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

9,172

8,398

7309926.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

23,172

21,953

7313122.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

7,142

6,749

7313185.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

7,220

6,859

7313394.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

24,647

23,591

7313686.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

13,185

12,594

7313855.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

7,320

6,872

7313947.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,082

1,598

7313955.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

1,043

984

7313971.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

4,090

3,340

7314028.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

22,673

21,855

7314374.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,139

2,032

7314411.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

2,964

2,849

7314476.SQ.FTS.B

,

Zero

Cpn

,

6/12/25

...

25,838

24,543

7314645.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

7,356

7,029

7314840.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

2,006

1,917

7314877.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

44,157

41,446

7315747.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

27,776

26,637

7316221.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

3,749

3,589

7316280.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

3,158

2,987

7316316.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

9,479

9,031

7316538.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

50,896

48,531

7317112.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

9,925

9,034

7317212.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,422

1,359

7317239.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

2,002

1,908

7317253.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

11,806

11,290

7317390.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

12,198

11,647

7317533.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

8,245

7,876

7317637.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

4,782

4,580

7317712.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

3,601

3,383

7317759.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

7,098

6,669

7317886.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

1,742

1,676

7317954.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

3,822

3,655

7318039.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

5,387

5,110

7318114.SQ.FTS.B

,

Zero

Cpn

,

6/13/25

...

2,343

2,234

7320315.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

5,423

5,196

7320441.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

17,039

15,599

7320818.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

21,576

20,317

7321333.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

8,334

7,967

7321573.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

18,824

17,983

7322018.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

7,933

7,586

7322141.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

7,525

7,202

7322240.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

7,563

6,712

7322401.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

1,749

1,692

7322434.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

7,361

6,966

7322543.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

53,873

51,553

7323412.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

58,754

56,223

7324336.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

9,522

9,039

7324418.SQ.FTS.B

,

Zero

Cpn

,

6/14/25

...

11,747

11,311

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)

7324475.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

$

1,121

$

1,080

7324564.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

2,023

1,944

7324592.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

12,977

12,412

7324907.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

36,367

34,836

7325912.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

1,064

1,011

7325922.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

3,940

3,735

7325986.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

3,036

2,959

7326086.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

6,957

6,188

7326158.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

11,858

11,424

7326325.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

2,009

1,899

7326334.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

9,862

9,447

7326416.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

12,919

12,041

7326642.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

14,478

13,864

7326891.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

4,850

4,621

7326968.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

2,956

2,734

7327011.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

5,634

5,006

7327054.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

895

856

7327081.SQ.FTS.B

,

Zero

Cpn

,

6/15/25

...

101,492

96,919

7328056.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

5,960

5,692

7328194.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

13,879

13,271

7328504.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

2,527

2,414

7328548.SQ.FTS.B

,

Zero

Cpn

,

6/16/25

...

29,332

27,837

7329129.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

6,398

6,036

7329267.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

4,065

3,900

7329348.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

5,001

4,790

7329450.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

6,776

6,433

7329576.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

2,822

2,680

7329634.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

1,970

1,870

7329684.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

5,056

4,612

7329794.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

745

700

7329812.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

6,757

6,515

7329986.SQ.FTS.B

,

Zero

Cpn

,

6/17/25

...

7,957

7,622

7330470.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

4,865

4,628

7330643.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

1,912

1,819

7330730.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

8,266

7,913

7331267.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

22,944

21,828

7332055.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

13,563

12,982

7332388.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

19,656

18,799

7332779.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

11,897

11,393

7332985.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

22,453

21,439

7333444.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

6,266

5,939

7333701.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

717

693

7333717.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

841

814

7333741.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

7,700

7,374

7333933.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

2,400

2,299

7334049.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

7,529

6,909

7334250.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

984

853

7334268.SQ.FTS.B

,

Zero

Cpn

,

6/18/25

...

13,215

12,543

7334439.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

23,046

22,046

7334864.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

19,309

18,379

7335226.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

4,878

4,659

7335334.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

7,311

6,953

7335574.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

6,465

6,187

7335741.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,977

3,764

7335796.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

6,780

6,437

7335898.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,476

3,330

7335968.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

16,356

15,648

7336152.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

4,718

4,507

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7336210.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

$

1,000

$

962

7336217.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

24,035

21,964

7336451.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

3,438

3,283

7336505.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,258

1,965

7336525.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

17,389

16,512

7336669.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

5,232

4,994

7336697.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

22,275

19,392

7336889.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,297

2,178

7336905.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

7,813

6,649

7336967.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

5,784

5,323

7337038.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

5,548

5,324

7337086.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

975

932

7337090.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

6,211

5,929

7337186.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

9,369

8,966

7337304.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,825

1,667

7337326.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

8,552

8,168

7337478.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,916

2,778

7337529.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

4,152

3,993

7337938.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

2,606

2,331

7337961.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

1,566

1,441

7337979.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

781

699

7337985.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

7,603

7,244

7338293.SQ.FTS.B

,

Zero

Cpn

,

6/19/25

...

711

687

7338324.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

16,969

15,961

7338610.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,292

1,231

7338630.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

4,404

4,208

7338713.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

9,725

9,323

7338898.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

22,433

21,205

7339230.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

11,617

11,118

7339514.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

2,715

2,615

7339564.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

20,884

19,933

7339766.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,302

1,198

7339784.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

9,531

9,164

7339916.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

12,413

11,919

7340047.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

3,384

3,217

7340082.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

4,008

3,834

7340109.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

13,860

13,126

7340194.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,837

1,769

7340223.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

41,961

40,092

7340517.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

12,181

11,141

7340589.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,726

1,610

7340600.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

1,333

1,263

7340626.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

2,711

2,227

7340672.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

31,666

30,094

7340890.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

2,704

2,521

7341098.SQ.FTS.B

,

Zero

Cpn

,

6/20/25

...

340

331

7344537.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

9,759

9,135

7344646.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,639

1,552

7344679.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

5,034

4,781

7344751.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

510

488

7344757.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

11,790

10,840

7344926.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,384

1,346

7344965.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

7,941

7,596

7345117.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

5,936

5,595

7345235.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

5,948

5,689

7345390.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,570

2,453

7345420.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

8,293

7,950

7345466.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

10,200

9,718

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)

7345562.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

$

1,076

$

1,039

7345593.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,417

1,183

7345618.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

21,259

20,343

7345866.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

16,926

16,126

7346076.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

14,725

14,054

7346269.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

7,612

7,205

7346353.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

56,858

53,921

7347201.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,585

2,314

7347245.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

5,136

4,807

7347311.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

3,028

2,889

7347359.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

12,642

12,097

7347502.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

19,998

19,080

7347664.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

1,394

1,191

7347685.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

3,438

3,099

7347786.SQ.FTS.B

,

Zero

Cpn

,

6/21/25

...

2,985

2,858

7348160.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

12,658

12,043

7348325.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

2,821

2,696

7348390.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

4,944

4,735

7348485.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

1,938

1,815

7348507.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

6,992

6,670

7348587.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

20,898

20,005

7348893.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

79,904

76,030

7350446.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

2,907

2,774

7350479.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

2,038

1,946

7350516.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

10,534

10,059

7350686.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

22,853

21,558

7351055.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

7,804

7,435

7351143.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

12,553

11,981

7351334.SQ.FTS.B

,

Zero

Cpn

,

6/22/25

...

9,085

8,743

7351554.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

2,303

2,159

7351596.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

3,022

2,769

7351615.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

2,064

1,954

7351639.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

6,262

5,963

7351712.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,715

1,641

7351727.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

8,854

8,327

7351818.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

2,738

2,660

7351847.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

12,125

10,707

7351934.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

964

827

7351945.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

5,506

5,236

7351994.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

880

826

7352007.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,626

1,470

7352025.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

2,910

2,759

7352057.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

20,205

19,112

7352201.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,996

1,913

7352220.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

28,193

27,019

7352474.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

1,419

1,355

7352488.SQ.FTS.B

,

Zero

Cpn

,

6/23/25

...

8,721

8,316

7352573.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

40,214

38,475

7352913.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

27,599

26,256

7353146.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

1,087

1,021

7353157.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

8,519

8,135

7353226.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

11,232

10,338

7353341.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

585

560

7353349.SQ.FTS.B

,

Zero

Cpn

,

6/24/25

...

4,893

4,430

7353385.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,417

1,359

7353412.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

900

851

7353420.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

614

584

7353425.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,401

1,287

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7353434.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

$

731

$

693

7353442.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

2,192

1,752

7353461.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

647

616

7353466.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

7,373

7,041

7353529.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,760

1,548

7353547.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

6,347

6,061

7353597.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

4,082

3,909

7353626.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

11,581

11,031

7353656.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

2,598

2,454

7353660.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

5,377

5,143

7353683.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

3,475

3,057

7353702.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

14,454

13,782

7353816.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

4,877

4,653

7353866.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,821

1,750

7353885.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

776

749

7353904.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

859

816

7353909.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,822

1,731

7353928.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

1,443

1,242

7353988.SQ.FTS.B

,

Zero

Cpn

,

6/25/25

...

892

835

7358620.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

9,024

8,324

7358768.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

856

811

7358791.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

6,620

6,321

7358868.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

25,475

24,371

7359282.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,765

1,689

7359329.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

14,267

13,631

7359607.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

68,945

65,591

7360226.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

24,162

22,788

7360327.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

2,002

1,888

7360339.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

7,571

7,246

7360399.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

7,217

6,778

7360458.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,137

962

7360466.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

6,627

6,203

7360529.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

14,361

13,826

7360680.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

26,175

24,836

7360847.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

4,201

4,033

7360892.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

6,123

5,843

7360950.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

3,525

3,351

7360990.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,210

1,163

7361012.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,504

1,428

7361032.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

2,242

2,144

7361057.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

2,634

2,487

7361103.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

3,821

3,640

7361228.SQ.FTS.B

,

Zero

Cpn

,

6/27/25

...

1,281

1,228

7363966.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

24,213

22,344

7364432.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

5,124

4,745

7364596.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

20,795

19,492

7365025.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

8,092

7,591

7365138.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

3,321

3,025

7365182.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

1,746

1,618

7365220.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

17,389

16,303

7365542.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

8,277

7,547

7365667.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

11,461

10,631

7365834.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

13,252

12,202

7366034.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

979

892

7366056.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

21,105

19,625

7366309.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

1,951

1,789

7366336.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

29,012

27,206

7366742.SQ.FTS.B

,

Zero

Cpn

,

6/28/25

...

41,943

38,228

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)

7367409.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

$

1,890

$

1,742

7367489.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

4,307

3,973

7367547.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

1,922

1,775

7367613.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

311

244

7367630.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

8,574

7,886

7367820.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

12,512

11,731

7368106.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

28,318

26,161

7368877.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

5,502

5,162

7369105.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

2,628

2,426

7369158.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

1,507

1,389

7369203.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

19,324

17,893

7369708.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

6,031

5,579

7369834.SQ.FTS.B

,

Zero

Cpn

,

6/29/25

...

23,272

21,590

7370363.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

6,152

5,717

7370441.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

16,042

14,887

7370598.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

5,507

5,105

7370685.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

3,479

3,206

7370723.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

5,468

5,037

7370776.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

3,106

2,838

7370806.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

997

917

7370816.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

5,244

4,794

7370878.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

10,500

9,715

7371000.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

2,137

1,965

7371024.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

14,872

13,940

7371305.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

16,753

15,305

7371526.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

7,139

6,639

7371611.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

1,519

1,389

7371639.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

4,952

4,622

7371706.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

1,480

1,368

7371738.SQ.FTS.B

,

Zero

Cpn

,

6/30/25

...

12,215

11,270

7371929.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

15,428

14,109

7372112.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

4,946

4,563

7372172.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

4,395

4,103

7372220.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

1,537

1,422

7372242.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

19,885

18,307

7372473.SQ.FTS.B

,

Zero

Cpn

,

7/01/25

...

12,057

10,959

7372885.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

1,245

1,145

7372906.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

20,131

18,563

7373589.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

7,799

7,235

7373759.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,740

3,507

7373817.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

4,749

4,375

7373892.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

4,467

4,107

7373979.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,840

3,540

7374034.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

586

538

7374077.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

67,858

63,176

7374937.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,487

3,255

7374985.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

7,682

7,092

7375081.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

5,350

5,014

7375134.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

10,156

9,388

7375287.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,677

3,354

7375370.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

2,071

1,895

7375414.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

19,033

17,771

7375698.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

1,631

1,497

7375738.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

1,871

1,715

7375768.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

3,787

3,508

7375814.SQ.FTS.B

,

Zero

Cpn

,

7/02/25

...

13,946

12,757

7375980.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

45,590

42,200

7376708.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

10,085

9,451

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7376991.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

$

1,727

$

1,612

7377027.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

17,644

16,541

7377275.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,216

1,119

7377280.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

5,706

5,308

7377353.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,222

1,111

7377359.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,006

928

7377362.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

26,284

24,559

7377653.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

21,260

19,447

7377849.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,956

1,813

7377857.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

2,002

1,839

7377871.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,641

1,521

7377885.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

18,179

16,765

7378050.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

1,076

986

7378054.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

3,253

2,983

7378079.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

8,575

7,936

7378207.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

10,111

9,322

7378360.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

6,340

5,801

7378447.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

4,385

4,027

7378494.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

2,035

1,865

7378535.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

3,086

2,844

7378600.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

4,567

4,157

7378717.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

8,225

7,635

7378849.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

9,993

9,268

7379012.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

6,793

6,334

7379066.SQ.FTS.B

,

Zero

Cpn

,

7/03/25

...

17,164

15,872

7380824.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,662

1,552

7380865.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

12,950

11,953

7381117.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

16,823

15,707

7381436.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

44,466

41,191

7382369.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

3,149

2,903

7382425.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

944

853

7382463.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,015

920

7382469.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

18,521

17,351

7382818.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

1,410

1,303

7382858.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

7,772

7,215

7383018.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

5,936

5,491

7383092.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

11,694

10,864

7383246.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

10,607

9,678

7383465.SQ.FTS.B

,

Zero

Cpn

,

7/04/25

...

26,800

25,108

7383995.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

16,706

15,581

7384316.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

3,995

3,680

7384366.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

2,671

2,467

7384447.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

28,065

25,906

7385182.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

3,121

2,902

7385217.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

3,966

3,676

7385292.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

2,777

2,602

7385342.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

7,093

6,546

7385423.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

2,232

2,053

7385467.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

61,569

56,778

7386345.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

6,434

6,028

7386407.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

20,548

19,252

7386779.SQ.FTS.B

,

Zero

Cpn

,

7/05/25

...

7,471

6,787

7386932.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

6,430

6,023

7387021.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

10,407

9,751

7387077.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

3,624

3,379

7387092.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

2,651

2,466

7387117.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

704

655

7387131.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

10,753

10,073

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)

7387263.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

$

4,037

$

3,738

7387308.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

2,323

2,160

7387327.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

7,329

6,864

7387424.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

4,010

3,523

7387507.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

1,985

1,832

7387534.SQ.FTS.B

,

Zero

Cpn

,

7/06/25

...

12,666

11,520

7387708.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

4,357

3,985

7387770.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

2,227

2,036

7387791.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

2,226

2,028

7387825.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

3,981

3,695

7387880.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

1,462

1,341

7387906.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

37,802

35,426

7388299.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

1,048

961

7388320.SQ.FTS.B

,

Zero

Cpn

,

7/07/25

...

3,443

3,213

7388565.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

1,464

1,333

7388591.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

3,574

3,313

7388633.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

7,948

7,228

7388953.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

4,276

3,990

7389108.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

2,789

2,569

7389242.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

12,722

11,806

7389557.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

4,746

4,402

7389667.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

9,069

8,374

7389815.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

24,315

22,773

7390054.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

22,322

20,908

7390221.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

29,230

27,171

7390541.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

3,458

3,195

7390618.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

3,657

3,363

7390664.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

10,806

10,042

7390815.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

2,005

1,836

7390843.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

1,475

1,357

7390850.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

4,677

4,335

7390941.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

5,455

5,041

7391015.SQ.FTS.B

,

Zero

Cpn

,

7/08/25

...

50,889

47,161

7391574.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

21,164

19,425

7391900.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

8,967

8,265

7392105.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

5,698

5,337

7392170.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

795

735

7392174.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

4,284

3,933

7392229.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

28,244

26,016

7392779.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

9,883

9,108

7392968.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

9,177

8,502

7393114.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

2,712

2,504

7393162.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

15,984

14,686

7393376.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

4,837

4,514

7393438.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

3,776

3,523

7393476.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

85,367

79,990

7394353.SQ.FTS.B

,

Zero

Cpn

,

7/09/25

...

21,550

19,970

7394529.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

9,343

8,715

7394688.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

11,973

11,042

7394876.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

5,010

4,589

7394902.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

6,433

5,915

7394965.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

2,226

2,060

7395004.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

5,753

5,387

7395158.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

4,831

4,453

7395237.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

4,337

4,047

7395317.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

8,435

7,777

7395521.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

3,230

3,003

7395596.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

1,537

1,405

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7395651.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

$

3,108

$

2,843

7395685.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

1,090

1,021

7395696.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

7,593

7,084

7395779.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

14,559

13,405

7395927.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

7,557

6,967

7395996.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

14,056

13,068

7396115.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

4,798

4,417

7396161.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

25,079

23,489

7396435.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

17,343

16,244

7396701.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

27,079

25,038

7397100.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

4,087

3,815

7397204.SQ.FTS.B

,

Zero

Cpn

,

7/10/25

...

773

708

7400527.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

11,007

10,062

7400655.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

19,106

17,752

7400938.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

29,543

27,660

7401601.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

21,568

19,959

7401930.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

28,718

26,507

7402428.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

18,266

16,929

7402830.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

3,944

3,647

7402923.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

8,107

7,561

7403055.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

3,990

3,721

7403120.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

1,815

1,659

7403168.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

9,194

8,522

7403278.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

2,012

1,840

7403313.SQ.FTS.B

,

Zero

Cpn

,

7/11/25

...

16,213

14,991

7403589.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

2,784

2,569

7403801.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

21,256

19,625

7404282.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,141

1,025

7404329.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

809

744

7404380.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,155

1,067

7404434.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

5,873

5,475

7404563.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

11,442

10,711

7404801.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

27,357

25,507

7405205.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

5,446

5,031

7405298.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

898

817

7405310.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

22,550

20,895

7405549.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

4,950

4,590

7405598.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,683

1,553

7405625.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

4,567

4,195

7405711.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

2,513

2,310

7405777.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

14,117

12,911

7406047.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

1,350

1,241

7406065.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

3,568

3,317

7406146.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

8,752

8,132

7406256.SQ.FTS.B

,

Zero

Cpn

,

7/12/25

...

14,893

13,784

7406480.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

9,973

9,265

7406571.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

4,420

4,137

7406606.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

5,021

4,700

7406640.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

1,813

1,641

7406656.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

2,059

1,912

7406670.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

2,219

2,022

7406694.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

3,143

2,871

7406719.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

2,676

2,450

7406764.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

1,665

1,559

7406778.SQ.FTS.B

,

Zero

Cpn

,

7/13/25

...

31,938

29,428

7407156.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

945

879

7407168.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

1,356

1,245

7407187.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

6,251

5,827

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)

7407249.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

$

19,099

$

17,876

7407481.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

8,374

7,733

7407566.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

3,311

3,087

7407611.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

10,985

10,245

7407719.SQ.FTS.B

,

Zero

Cpn

,

7/14/25

...

13,025

12,069

7407877.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

5,601

5,224

7407951.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

6,797

6,363

7408040.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

1,177

1,094

7408049.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

2,652

2,474

7408079.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

1,967

1,818

7408102.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

20,979

19,639

7408322.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

10,421

9,617

7408423.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

715

664

7408433.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

11,764

11,013

7408528.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

8,229

7,703

7408612.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

17,608

16,276

7408819.SQ.FTS.B

,

Zero

Cpn

,

7/15/25

...

41,247

38,458

7409769.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

3,156

2,926

7409841.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

1,367

1,259

7409870.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

5,035

4,644

7409948.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

4,660

4,329

7410045.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

2,775

2,557

7410087.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

663

618

7410103.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

17,790

16,527

7410237.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

71,289

66,729

7410973.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

1,256

1,148

7410978.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

2,594

2,420

7410996.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

4,284

3,914

7411067.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

13,069

12,149

7411216.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

5,149

4,742

7411311.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

3,381

3,086

7411341.SQ.FTS.B

,

Zero

Cpn

,

7/16/25

...

55,117

51,342

7411651.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

1,228

1,125

7411717.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

16,840

15,525

7412043.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

3,603

3,357

7412158.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

2,130

1,941

7412217.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

3,369

3,133

7412311.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

15,647

14,586

7412708.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

16,495

15,193

7412999.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

4,425

4,141

7413069.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

1,629

1,506

7413087.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

9,244

8,500

7413205.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

82,549

75,943

7414306.SQ.FTS.B

,

Zero

Cpn

,

7/17/25

...

16,873

15,556

7416088.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

1,350

1,262

7416169.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

1,199

1,105

7416200.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

8,795

8,228

7416279.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

5,190

4,806

7416369.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

2,095

1,936

7416426.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

26,179

24,493

7417386.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

5,547

5,150

7417471.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

34,129

31,927

7417846.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

73,808

68,322

7418955.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

5,155

4,735

7419010.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

8,726

8,081

7419087.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

2,822

2,593

7419118.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

5,881

5,482

7419185.SQ.FTS.B

,

Zero

Cpn

,

7/18/25

...

1,684

1,561

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7419216.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

$

2,245

$

2,074

7419369.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

2,779

2,558

7419424.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

1,118

1,025

7419461.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

16,632

15,315

7419814.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

868

802

7419838.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

5,638

5,194

7420014.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

13,451

12,536

7420525.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

9,936

9,259

7420694.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

3,411

3,153

7420730.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

8,635

8,079

7420849.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

5,371

5,016

7420940.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

16,195

14,843

7421393.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

2,956

2,746

7421415.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

4,878

4,563

7421484.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

2,301

2,151

7421527.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

2,137

1,966

7421564.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

2,598

2,421

7421602.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

7,657

7,044

7421734.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

12,346

11,412

7421867.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

21,655

20,258

7422167.SQ.FTS.B

,

Zero

Cpn

,

7/19/25

...

23,358

21,675

7422443.SQ.FTS.B

,

Zero

Cpn

,

7/20/25

...

1,562

1,424

7422477.SQ.FTS.B

,

Zero

Cpn

,

7/20/25

...

72,105

66,786

7423222.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

2,690

2,498

7423252.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

8,071

7,549

7423331.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

1,784

1,652

7423351.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

16,624

15,383

7423506.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

8,708

8,146

7423619.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

7,217

6,702

7423702.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

946

875

7423709.SQ.FTS.B

,

Zero

Cpn

,

7/21/25

...

29,014

26,469

7424760.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

7,264

6,643

7425127.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

4,821

4,473

7425251.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

18,633

17,252

7425552.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

30,160

28,011

7425918.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

2,798

2,567

7425958.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

6,133

5,737

7426034.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

999

913

7426063.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

30,428

28,341

7426462.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

6,261

5,752

7426568.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

2,274

2,095

7426597.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

47,708

44,284

7427299.SQ.FTS.B

,

Zero

Cpn

,

7/22/25

...

22,407

20,424

7427318.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

4,924

4,560

7427429.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

2,487

2,274

7427455.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

27,282

25,171

7427910.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

2,652

2,443

7428018.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

1,666

1,559

7428131.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

17,269

16,087

7428719.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

6,458

5,979

7428795.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

5,693

5,305

7428908.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

10,723

9,780

7429134.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

8,074

7,456

7429225.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

2,275

2,102

7429278.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

4,322

3,938

7429325.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

75,313

70,442

7430201.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

2,141

1,972

7430230.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

15,695

14,626

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)

7430454.SQ.FTS.B

,

Zero

Cpn

,

7/23/25

...

$

16,921

$

15,766

7430501.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

4,872

4,497

7430588.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

3,072

2,843

7430607.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

1,176

1,078

7430629.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

4,422

4,095

7430672.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

5,200

4,790

7430709.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

10,037

9,386

7430855.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

57,393

52,544

7432037.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

5,689

5,254

7432156.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

5,821

5,422

7432220.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

11,014

10,191

7432354.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

4,090

3,796

7432388.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

57,095

53,193

7433027.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

8,134

7,427

7433191.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

8,512

7,962

7433364.SQ.FTS.B

,

Zero

Cpn

,

7/24/25

...

19,487

18,000

7435511.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

2,617

2,422

7435620.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

19,072

17,761

7436008.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

7,752

7,158

7436254.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

3,826

3,542

7436351.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

17,042

15,694

7436900.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

5,273

4,930

7437008.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

1,780

1,644

7437084.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

21,065

19,546

7437596.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

4,926

4,560

7437643.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

812

742

7437649.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

3,055

2,821

7437691.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

5,100

4,768

7437785.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

745

689

7437813.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

28,150

25,985

7438564.SQ.FTS.B

,

Zero

Cpn

,

7/25/25

...

17,190

15,870

7438889.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

13,551

12,669

7439178.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

2,422

2,248

7439197.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

4,969

4,559

7439319.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,716

1,574

7439385.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

5,994

5,518

7439544.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,436

1,314

7439576.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

4,570

4,241

7439758.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

19,460

18,010

7440281.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

63,168

58,311

7441191.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

2,554

2,343

7441240.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

6,631

6,191

7441346.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

25,776

24,063

7441808.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,347

1,240

7441820.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

1,310

1,198

7441837.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

7,222

6,626

7441907.SQ.FTS.B

,

Zero

Cpn

,

7/26/25

...

37,703

34,986

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

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

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

–

3435958.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

2,155

–

3436460.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

585

–

3436486.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

376

–

3437194.SQ.FTS.B

,

Zero

Cpn

,

6/15/32

...

1,490

–

3437850.SQ.FTS.B

,

Zero

Cpn

,

6/16/32

...

4,084

–

3452149.SQ.FTS.B

,

Zero

Cpn

,

6/21/32

...

969

–

3463095.SQ.FTS.B

,

Zero

Cpn

,

6/23/32

...

11,405

–

3472489.SQ.FTS.B

,

Zero

Cpn

,

6/26/32

...

2,604

–

3487584.SQ.FTS.B

,

Zero

Cpn

,

6/30/32

...

2,184

–

3510070.SQ.FTS.B

,

Zero

Cpn

,

7/06/32

...

25,800

1

3513483.SQ.FTS.B

,

Zero

Cpn

,

7/07/32

...

4,792

–

3516078.SQ.FTS.B

,

Zero

Cpn

,

7/08/32

...

8,033

1

3521469.SQ.FTS.B

,

Zero

Cpn

,

7/08/32

...

3,422

–

3559884.SQ.FTS.B

,

Zero

Cpn

,

7/19/32

...

616

–

3566831.SQ.FTS.B

,

Zero

Cpn

,

7/20/32

...

2,799

–

3572652.SQ.FTS.B

,

Zero

Cpn

,

7/21/32

...

758

–

3573904.SQ.FTS.B

,

Zero

Cpn

,

7/21/32

...

2,469

–

3612013.SQ.FTS.B

,

Zero

Cpn

,

7/29/32

...

3,513

–

3612313.SQ.FTS.B

,

Zero

Cpn

,

7/30/32

...

3,994

–

3616837.SQ.FTS.B

,

Zero

Cpn

,

8/01/32

...

1,256

–

3622745.SQ.FTS.B

,

Zero

Cpn

,

8/03/32

...

5,722

–

3629212.SQ.FTS.B

,

Zero

Cpn

,

8/05/32

...

316

–

3631012.SQ.FTS.B

,

Zero

Cpn

,

8/07/32

...

702

–

3693768.SQ.FTS.B

,

Zero

Cpn

,

8/20/32

...

1,735

–

3700150.SQ.FTS.B

,

Zero

Cpn

,

8/22/32

...

3,008

–

3760407.SQ.FTS.B

,

Zero

Cpn

,

9/01/32

...

3,543

–

3820662.SQ.FTS.B

,

Zero

Cpn

,

9/07/32

...

734

–

3842781.SQ.FTS.B

,

Zero

Cpn

,

9/11/32

...

10,067

1

3849054.SQ.FTS.B

,

Zero

Cpn

,

9/12/32

...

679

–

3849313.SQ.FTS.B

,

Zero

Cpn

,

9/12/32

...

204

–

3849333.SQ.FTS.B

,

Zero

Cpn

,

9/12/32

...

8,085

–

3869455.SQ.FTS.B

,

Zero

Cpn

,

9/17/32

...

7,514

–

3877914.SQ.FTS.B

,

Zero

Cpn

,

9/18/32

...

1,608

–

3908447.SQ.FTS.B

,

Zero

Cpn

,

9/24/32

...

608

–

3944713.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

16,717

–

3948363.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

386

–

3953673.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

673

–

3953788.SQ.FTS.B

,

Zero

Cpn

,

9/30/32

...

6,116

–

3988483.SQ.FTS.B

,

Zero

Cpn

,

10/06/32

..

6,804

–

3995187.SQ.FTS.B

,

Zero

Cpn

,

10/07/32

..

966

–

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)

4006108.SQ.FTS.B

,

Zero

Cpn

,

10/08/32

..

$

3,609

$

–

4012864.SQ.FTS.B

,

Zero

Cpn

,

10/08/32

..

418

–

4027848.SQ.FTS.B

,

Zero

Cpn

,

10/13/32

..

13,882

–

4030312.SQ.FTS.B

,

Zero

Cpn

,

10/13/32

..

596

–

4039216.SQ.FTS.B

,

Zero

Cpn

,

10/15/32

..

645

–

4042564.SQ.FTS.B

,

Zero

Cpn

,

10/15/32

..

379

–

4044447.SQ.FTS.B

,

Zero

Cpn

,

10/16/32

..

14,344

1

4077814.SQ.FTS.B

,

Zero

Cpn

,

10/23/32

..

2,357

–

4079086.SQ.FTS.B

,

Zero

Cpn

,

10/23/32

..

3,779

–

4079838.SQ.FTS.B

,

Zero

Cpn

,

10/23/32

..

6,825

–

4080547.SQ.FTS.B

,

Zero

Cpn

,

10/24/32

..

1,952

–

4095538.SQ.FTS.B

,

Zero

Cpn

,

10/28/32

..

3,487

–

4125734.SQ.FTS.B

,

Zero

Cpn

,

11/05/32

..

4,285

–

4138127.SQ.FTS.B

,

Zero

Cpn

,

11/09/32

..

2,987

–

4142060.SQ.FTS.B

,

Zero

Cpn

,

11/10/32

..

1,222

–

4147030.SQ.FTS.B

,

Zero

Cpn

,

11/11/32

..

346

–

4163065.SQ.FTS.B

,

Zero

Cpn

,

11/14/32

..

1,168

–

4171680.SQ.FTS.B

,

Zero

Cpn

,

11/17/32

..

3,222

–

4171907.SQ.FTS.B

,

Zero

Cpn

,

11/17/32

..

4,783

–

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

..

7,987

–

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

...

950

–

4394687.SQ.FTS.B

,

Zero

Cpn

,

1/06/33

...

832

–

4413064.SQ.FTS.B

,

Zero

Cpn

,

1/15/33

...

738

–

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

–

4469186.SQ.FTS.B

,

Zero

Cpn

,

2/12/33

...

290

–

4481855.SQ.FTS.B

,

Zero

Cpn

,

2/19/33

...

1,079

2

4481874.SQ.FTS.B

,

Zero

Cpn

,

2/19/33

...

1,551

1

4484475.SQ.FTS.B

,

Zero

Cpn

,

2/20/33

...

3,439

6

4484542.SQ.FTS.B

,

Zero

Cpn

,

2/20/33

...

6,016

11

4488928.SQ.FTS.B

,

Zero

Cpn

,

2/23/33

...

703

2

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4489974.SQ.FTS.B

,

Zero

Cpn

,

2/24/33

...

$

4,041

$

9

4499783.SQ.FTS.B

,

Zero

Cpn

,

2/28/33

...

2,186

6

4508723.SQ.FTS.B

,

Zero

Cpn

,

3/02/33

...

6,372

18

4510936.SQ.FTS.B

,

Zero

Cpn

,

3/03/33

...

3,094

8

4513287.SQ.FTS.B

,

Zero

Cpn

,

3/04/33

...

12,361

37

4514072.SQ.FTS.B

,

Zero

Cpn

,

3/05/33

...

1,866

6

4516974.SQ.FTS.B

,

Zero

Cpn

,

3/07/33

...

88

–

4519611.SQ.FTS.B

,

Zero

Cpn

,

3/08/33

...

12,933

45

4532929.SQ.FTS.B

,

Zero

Cpn

,

3/14/33

...

2,327

11

4534513.SQ.FTS.B

,

Zero

Cpn

,

3/15/33

...

304

1

4535094.SQ.FTS.B

,

Zero

Cpn

,

3/15/33

...

3,360

12

4540937.SQ.FTS.B

,

Zero

Cpn

,

3/17/33

...

6,282

13

4546342.SQ.FTS.B

,

Zero

Cpn

,

3/20/33

...

3,208

7

4548999.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

4,823

23

4549725.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

3,736

9

4549873.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

201

1

4549880.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

3,819

9

4550163.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

1,397

5

4550265.SQ.FTS.B

,

Zero

Cpn

,

3/21/33

...

545

3

4555245.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

4,885

33

4556429.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

3,512

15

4556489.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

2,876

19

4556569.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

18,356

109

4557410.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

5,012

23

4558347.SQ.FTS.B

,

Zero

Cpn

,

3/23/33

...

1,070

4

4561168.SQ.FTS.B

,

Zero

Cpn

,

3/24/33

...

715

2

4561751.SQ.FTS.B

,

Zero

Cpn

,

3/25/33

...

3,074

8

4562273.SQ.FTS.B

,

Zero

Cpn

,

3/26/33

...

3,405

22

4563389.SQ.FTS.B

,

Zero

Cpn

,

3/27/33

...

3,392

10

4565857.SQ.FTS.B

,

Zero

Cpn

,

3/27/33

...

14,859

91

4566912.SQ.FTS.B

,

Zero

Cpn

,

3/28/33

...

362

3

4579623.SQ.FTS.B

,

Zero

Cpn

,

4/01/33

...

30,289

191

4581333.SQ.FTS.B

,

Zero

Cpn

,

4/02/33

...

3,759

26

4581555.SQ.FTS.B

,

Zero

Cpn

,

4/02/33

...

12,644

129

4582331.SQ.FTS.B

,

Zero

Cpn

,

4/03/33

...

5,425

43

4585539.SQ.FTS.B

,

Zero

Cpn

,

4/04/33

...

643

3

4586510.SQ.FTS.B

,

Zero

Cpn

,

4/04/33

...

6,337

50

4589242.SQ.FTS.B

,

Zero

Cpn

,

4/05/33

...

488

2

4600950.SQ.FTS.B

,

Zero

Cpn

,

4/07/33

...

936

3

4601418.SQ.FTS.B

,

Zero

Cpn

,

4/08/33

...

4,582

28

4601908.SQ.FTS.B

,

Zero

Cpn

,

4/08/33

...

835

6

4603785.SQ.FTS.B

,

Zero

Cpn

,

4/08/33

...

2,545

11

4604781.SQ.FTS.B

,

Zero

Cpn

,

4/09/33

...

302

3

4606149.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

2,129

16

4606526.SQ.FTS.B

,

Zero

Cpn

,

4/11/33

...

462

3

4607817.SQ.FTS.B

,

Zero

Cpn

,

4/12/33

...

768

10

4609191.SQ.FTS.B

,

Zero

Cpn

,

4/12/33

...

3,744

33

4612864.SQ.FTS.B

,

Zero

Cpn

,

4/13/33

...

831

3

4612909.SQ.FTS.B

,

Zero

Cpn

,

4/13/33

...

2,565

24

4618545.SQ.FTS.B

,

Zero

Cpn

,

4/14/33

...

2,720

25

4618572.SQ.FTS.B

,

Zero

Cpn

,

4/14/33

...

927

6

4620208.SQ.FTS.B

,

Zero

Cpn

,

4/14/33

...

2,314

13

4622912.SQ.FTS.B

,

Zero

Cpn

,

4/15/33

...

12,026

88

4623698.SQ.FTS.B

,

Zero

Cpn

,

4/15/33

...

4,549

25

4625409.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

1,903

17

4626052.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

3,539

21

4626904.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

4,667

18

4627946.SQ.FTS.B

,

Zero

Cpn

,

4/18/33

...

284

3

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4630150.SQ.FTS.B

,

Zero

Cpn

,

4/19/33

...

$

2,231

$

16

4630473.SQ.FTS.B

,

Zero

Cpn

,

4/19/33

...

336

3

4631665.SQ.FTS.B

,

Zero

Cpn

,

4/20/33

...

4,254

43

4637259.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

146

1

4639123.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

1,166

7

4639291.SQ.FTS.B

,

Zero

Cpn

,

4/22/33

...

2,606

25

4641955.SQ.FTS.B

,

Zero

Cpn

,

4/25/33

...

13,703

100

4645672.SQ.FTS.B

,

Zero

Cpn

,

4/26/33

...

10,185

109

4646107.SQ.FTS.B

,

Zero

Cpn

,

4/26/33

...

2,393

24

4646691.SQ.FTS.B

,

Zero

Cpn

,

4/26/33

...

582

5

4650952.SQ.FTS.B

,

Zero

Cpn

,

4/28/33

...

2,708

35

4652170.SQ.FTS.B

,

Zero

Cpn

,

4/28/33

...

3,326

37

4654724.SQ.FTS.B

,

Zero

Cpn

,

4/29/33

...

439

5

4655105.SQ.FTS.B

,

Zero

Cpn

,

4/29/33

...

1,842

14

4656767.SQ.FTS.B

,

Zero

Cpn

,

4/30/33

...

2,269

18

4660577.SQ.FTS.B

,

Zero

Cpn

,

5/01/33

...

5,607

53

4660611.SQ.FTS.B

,

Zero

Cpn

,

5/01/33

...

1,867

18

4662056.SQ.FTS.B

,

Zero

Cpn

,

5/02/33

...

40,082

464

4665723.SQ.FTS.B

,

Zero

Cpn

,

5/03/33

...

813

4

4668525.SQ.FTS.B

,

Zero

Cpn

,

5/04/33

...

412

2

4669203.SQ.FTS.B

,

Zero

Cpn

,

5/04/33

...

309

2

4669930.SQ.FTS.B

,

Zero

Cpn

,

5/04/33

...

1,076

11

4679063.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

2,470

27

4681090.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

1,211

14

4682306.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

19,587

173

4684103.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

761

6

4684220.SQ.FTS.B

,

Zero

Cpn

,

5/08/33

...

332

4

4704761.SQ.FTS.B

,

Zero

Cpn

,

5/10/33

...

1,417

15

4706260.SQ.FTS.B

,

Zero

Cpn

,

5/10/33

...

3,411

45

4710517.SQ.FTS.B

,

Zero

Cpn

,

5/12/33

...

3,153

55

4717011.SQ.FTS.B

,

Zero

Cpn

,

5/15/33

...

8,731

101

4719485.SQ.FTS.B

,

Zero

Cpn

,

5/15/33

...

1,259

14

4723323.SQ.FTS.B

,

Zero

Cpn

,

5/16/33

...

239

4

4746441.SQ.FTS.B

,

Zero

Cpn

,

5/19/33

...

1,301

27

4761481.SQ.FTS.B

,

Zero

Cpn

,

5/23/33

...

4,254

53

4763575.SQ.FTS.B

,

Zero

Cpn

,

5/23/33

...

1,338

22

4773719.SQ.FTS.B

,

Zero

Cpn

,

5/24/33

...

1,216

17

4789346.SQ.FTS.B

,

Zero

Cpn

,

5/29/33

...

6,004

68

4790074.SQ.FTS.B

,

Zero

Cpn

,

5/29/33

...

1,864

24

4794467.SQ.FTS.B

,

Zero

Cpn

,

5/30/33

...

116

2

4796271.SQ.FTS.B

,

Zero

Cpn

,

5/30/33

...

1,575

28

4799750.SQ.FTS.B

,

Zero

Cpn

,

6/01/33

...

3,222

73

4810478.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

13,210

181

4812628.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

7,404

92

4814186.SQ.FTS.B

,

Zero

Cpn

,

6/03/33

...

3,604

29

4819764.SQ.FTS.B

,

Zero

Cpn

,

6/07/33

...

1,187

17

4819908.SQ.FTS.B

,

Zero

Cpn

,

6/07/33

...

248

4

4829812.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

291

3

4829826.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

2,529

35

4831455.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

1,012

9

4832246.SQ.FTS.B

,

Zero

Cpn

,

6/10/33

...

58

1

4839177.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,366

11

4839467.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,586

35

4840100.SQ.FTS.B

,

Zero

Cpn

,

6/14/33

...

1,543

21

4848330.SQ.FTS.B

,

Zero

Cpn

,

6/16/33

...

5,143

51

4860368.SQ.FTS.B

,

Zero

Cpn

,

6/17/33

...

989

18

4862382.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

5,131

44

4862453.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

264

8

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4862500.SQ.FTS.B

,

Zero

Cpn

,

6/18/33

...

$

1,271

$

28

4863679.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

16,205

223

4864955.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

7,356

174

4866679.SQ.FTS.B

,

Zero

Cpn

,

6/20/33

...

1,660

45

4867627.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

2,052

21

4867691.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

43

1

4868123.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

533

7

4868930.SQ.FTS.B

,

Zero

Cpn

,

6/21/33

...

1,648

22

4871945.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

5,985

86

4872471.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

1,391

23

4872677.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

3,275

97

4873083.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

9,479

167

4873268.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

6,701

196

4873945.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

3,094

28

4874117.SQ.FTS.B

,

Zero

Cpn

,

6/22/33

...

4,253

124

4877302.SQ.FTS.B

,

Zero

Cpn

,

6/25/33

...

624

10

4877319.SQ.FTS.B

,

Zero

Cpn

,

6/25/33

...

1,558

38

4877812.SQ.FTS.B

,

Zero

Cpn

,

6/26/33

...

2,167

41

4878164.SQ.FTS.B

,

Zero

Cpn

,

6/27/33

...

1,981

53

4880047.SQ.FTS.B

,

Zero

Cpn

,

6/27/33

...

132

1

4880109.SQ.FTS.B

,

Zero

Cpn

,

6/27/33

...

10,497

267

4880571.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

14,651

341

4881599.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

937

10

4881617.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

1,646

28

4881988.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

41,908

1,072

4882388.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

1,033

36

4882604.SQ.FTS.B

,

Zero

Cpn

,

6/28/33

...

4,323

83

4886936.SQ.FTS.B

,

Zero

Cpn

,

6/30/33

...

29,822

292

4889578.SQ.FTS.B

,

Zero

Cpn

,

7/01/33

...

6,235

130

4891549.SQ.FTS.B

,

Zero

Cpn

,

7/03/33

...

3,445

63

4893163.SQ.FTS.B

,

Zero

Cpn

,

7/04/33

...

12,426

256

4901122.SQ.FTS.B

,

Zero

Cpn

,

7/07/33

...

611

9

4905832.SQ.FTS.B

,

Zero

Cpn

,

7/10/33

...

6,058

139

4907500.SQ.FTS.B

,

Zero

Cpn

,

7/11/33

...

4,190

63

4908035.SQ.FTS.B

,

Zero

Cpn

,

7/11/33

...

5,837

65

4922859.SQ.FTS.B

,

Zero

Cpn

,

7/14/33

...

93

4

4923842.SQ.FTS.B

,

Zero

Cpn

,

7/16/33

...

1,929

30

4924187.SQ.FTS.B

,

Zero

Cpn

,

7/17/33

...

357

11

4925184.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

2,723

89

4925548.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

16,715

647

4925972.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

7,444

203

4926169.SQ.FTS.B

,

Zero

Cpn

,

7/18/33

...

261

9

4927104.SQ.FTS.B

,

Zero

Cpn

,

7/19/33

...

7,625

244

4937358.SQ.FTS.B

,

Zero

Cpn

,

7/24/33

...

640

10

4938983.SQ.FTS.B

,

Zero

Cpn

,

7/25/33

...

1,318

38

4942412.SQ.FTS.B

,

Zero

Cpn

,

7/26/33

...

13,011

295

4955556.SQ.FTS.B

,

Zero

Cpn

,

7/29/33

...

1,340

18

4960204.SQ.FTS.B

,

Zero

Cpn

,

7/31/33

...

361

7

4967772.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

7,038

298

4968011.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

732

24

4968065.SQ.FTS.B

,

Zero

Cpn

,

8/02/33

...

9,113

310

4975394.SQ.FTS.B

,

Zero

Cpn

,

8/05/33

...

1,503

28

4981564.SQ.FTS.B

,

Zero

Cpn

,

8/09/33

...

474

10

4981810.SQ.FTS.B

,

Zero

Cpn

,

8/09/33

...

913

27

4989575.SQ.FTS.B

,

Zero

Cpn

,

8/11/33

...

1,283

47

4990427.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

646

11

4990812.SQ.FTS.B

,

Zero

Cpn

,

8/12/33

...

3,319

113

4991412.SQ.FTS.B

,

Zero

Cpn

,

8/13/33

...

1,244

28

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)

4992493.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

$

1,237

$

43

4993580.SQ.FTS.B

,

Zero

Cpn

,

8/14/33

...

600

22

5006802.SQ.FTS.B

,

Zero

Cpn

,

8/16/33

...

7,127

309

5019192.SQ.FTS.B

,

Zero

Cpn

,

8/17/33

...

10,195

214

5026306.SQ.FTS.B

,

Zero

Cpn

,

8/19/33

...

5,011

230

5027172.SQ.FTS.B

,

Zero

Cpn

,

8/21/33

...

156

3

5042184.SQ.FTS.B

,

Zero

Cpn

,

8/25/33

...

156

6

5044278.SQ.FTS.B

,

Zero

Cpn

,

8/27/33

...

4,435

109

5047301.SQ.FTS.B

,

Zero

Cpn

,

8/28/33

...

4,140

168

5053049.SQ.FTS.B

,

Zero

Cpn

,

9/02/33

...

110

6

5058089.SQ.FTS.B

,

Zero

Cpn

,

9/03/33

...

14,656

543

5062108.SQ.FTS.B

,

Zero

Cpn

,

9/05/33

...

2,002

40

5065553.SQ.FTS.B

,

Zero

Cpn

,

9/07/33

...

11,144

229

5075271.SQ.FTS.B

,

Zero

Cpn

,

9/10/33

...

1,219

29

5075710.SQ.FTS.B

,

Zero

Cpn

,

9/11/33

...

2,580

181

5075922.SQ.FTS.B

,

Zero

Cpn

,

9/11/33

...

309

8

5090985.SQ.FTS.B

,

Zero

Cpn

,

9/17/33

...

383

11

5094655.SQ.FTS.B

,

Zero

Cpn

,

9/20/33

...

1,008

56

5096024.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

9,361

318

5096286.SQ.FTS.B

,

Zero

Cpn

,

9/21/33

...

250

9

5099070.SQ.FTS.B

,

Zero

Cpn

,

9/22/33

...

659

23

5102362.SQ.FTS.B

,

Zero

Cpn

,

9/23/33

...

26,662

1,159

5109707.SQ.FTS.B

,

Zero

Cpn

,

9/25/33

...

478

29

5110232.SQ.FTS.B

,

Zero

Cpn

,

9/26/33

...

4,917

284

5110450.SQ.FTS.B

,

Zero

Cpn

,

9/26/33

...

4,298

231

5114631.SQ.FTS.B

,

Zero

Cpn

,

9/29/33

...

2,038

135

5118658.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

879

54

5122398.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

5,431

244

5123250.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

2,209

126

5123870.SQ.FTS.B

,

Zero

Cpn

,

9/30/33

...

461

31

5130538.SQ.FTS.B

,

Zero

Cpn

,

10/04/33

..

2,193

82

5132890.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

30,012

2,153

5134488.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

1,144

43

5135982.SQ.FTS.B

,

Zero

Cpn

,

10/05/33

..

11,822

361

5138301.SQ.FTS.B

,

Zero

Cpn

,

10/06/33

..

2,419

187

5142732.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

172

5

5144732.SQ.FTS.B

,

Zero

Cpn

,

10/07/33

..

2,684

165

5146188.SQ.FTS.B

,

Zero

Cpn

,

10/08/33

..

6,782

424

5154060.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

494

42

5155680.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

521

17

5156338.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

2,755

221

5156676.SQ.FTS.B

,

Zero

Cpn

,

10/12/33

..

1,284

82

5160593.SQ.FTS.B

,

Zero

Cpn

,

10/13/33

..

14,723

690

5162594.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

617

19

5163731.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

7,221

333

5164639.SQ.FTS.B

,

Zero

Cpn

,

10/14/33

..

519

45

5172784.SQ.FTS.B

,

Zero

Cpn

,

10/17/33

..

6,176

619

5179416.SQ.FTS.B

,

Zero

Cpn

,

10/18/33

..

2,654

174

5181201.SQ.FTS.B

,

Zero

Cpn

,

10/19/33

..

6,478

510

5183474.SQ.FTS.B

,

Zero

Cpn

,

10/19/33

..

575

45

5190095.SQ.FTS.B

,

Zero

Cpn

,

10/20/33

..

150

11

5210392.SQ.FTS.B

,

Zero

Cpn

,

10/23/33

..

2,424

81

5220660.SQ.FTS.B

,

Zero

Cpn

,

10/26/33

..

1,536

72

5241436.SQ.FTS.B

,

Zero

Cpn

,

11/01/33

..

3,606

200

5243505.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

20,719

1,631

5244949.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

2,287

191

5245623.SQ.FTS.B

,

Zero

Cpn

,

11/02/33

..

4,046

251

5250245.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

64

4

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5250706.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

$

1,023

$

108

5250769.SQ.FTS.B

,

Zero

Cpn

,

11/03/33

..

1,742

63

5254509.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

36

4

5254554.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

5,092

185

5254769.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

1,097

118

5255302.SQ.FTS.B

,

Zero

Cpn

,

11/04/33

..

19,141

1,754

5262459.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

220

9

5266476.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

4,839

215

5266837.SQ.FTS.B

,

Zero

Cpn

,

11/05/33

..

3,783

303

5281103.SQ.FTS.B

,

Zero

Cpn

,

11/10/33

..

8,490

321

5293954.SQ.FTS.B

,

Zero

Cpn

,

11/14/33

..

344

26

5296287.SQ.FTS.B

,

Zero

Cpn

,

11/16/33

..

207

16

5305068.SQ.FTS.B

,

Zero

Cpn

,

11/17/33

..

77,744

7,046

5313405.SQ.FTS.B

,

Zero

Cpn

,

11/18/33

..

546

25

5316290.SQ.FTS.B

,

Zero

Cpn

,

11/19/33

..

884

89

5322693.SQ.FTS.B

,

Zero

Cpn

,

11/20/33

..

874

41

5325004.SQ.FTS.B

,

Zero

Cpn

,

11/22/33

..

1,379

134

5325652.SQ.FTS.B

,

Zero

Cpn

,

11/22/33

..

659

65

5328895.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

2,371

244

5329785.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

1,629

77

5330101.SQ.FTS.B

,

Zero

Cpn

,

11/23/33

..

5,580

722

5363132.SQ.FTS.B

,

Zero

Cpn

,

11/26/33

..

7,301

704

5372948.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

7,104

725

5374200.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

7,532

1,035

5380422.SQ.FTS.B

,

Zero

Cpn

,

11/27/33

..

12,758

827

5381740.SQ.FTS.B

,

Zero

Cpn

,

11/29/33

..

733

36

5394107.SQ.FTS.B

,

Zero

Cpn

,

11/30/33

..

101

12

5397942.SQ.FTS.B

,

Zero

Cpn

,

11/30/33

..

190

25

5400388.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

2,133

298

5411337.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

839

99

5414116.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

15,698

1,651

5414769.SQ.FTS.B

,

Zero

Cpn

,

12/01/33

..

2,336

107

5462926.SQ.FTS.B

,

Zero

Cpn

,

12/03/33

..

3,148

145

5472389.SQ.FTS.B

,

Zero

Cpn

,

12/03/33

..

516

62

5473313.SQ.FTS.B

,

Zero

Cpn

,

12/04/33

..

683

69

5474055.SQ.FTS.B

,

Zero

Cpn

,

12/05/33

..

1,049

129

5481590.SQ.FTS.B

,

Zero

Cpn

,

12/06/33

..

331

31

5507161.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

8,476

918

5518301.SQ.FTS.B

,

Zero

Cpn

,

12/08/33

..

22,861

3,738

5528209.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

9,462

1,194

5532399.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

1,906

93

5534237.SQ.FTS.B

,

Zero

Cpn

,

12/09/33

..

6,220

651

5537587.SQ.FTS.B

,

Zero

Cpn

,

12/10/33

..

2,687

138

5540468.SQ.FTS.B

,

Zero

Cpn

,

12/11/33

..

1,805

192

5550397.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

15,348

2,289

5552696.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

2,221

203

5554476.SQ.FTS.B

,

Zero

Cpn

,

12/14/33

..

826

103

5554806.SQ.FTS.B

,

Zero

Cpn

,

12/15/33

..

1,418

116

5557572.SQ.FTS.B

,

Zero

Cpn

,

12/15/33

..

1,381

123

5557933.SQ.FTS.B

,

Zero

Cpn

,

12/15/33

..

262

36

5558623.SQ.FTS.B

,

Zero

Cpn

,

12/15/33

..

695

70

5565100.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

1,552

314

5565348.SQ.FTS.B

,

Zero

Cpn

,

12/17/33

..

8,568

1,158

5568047.SQ.FTS.B

,

Zero

Cpn

,

12/18/33

..

25,893

3,193

5568680.SQ.FTS.B

,

Zero

Cpn

,

12/18/33

..

302

42

5571589.SQ.FTS.B

,

Zero

Cpn

,

12/20/33

..

1,376

185

5571676.SQ.FTS.B

,

Zero

Cpn

,

12/20/33

..

860

51

5575033.SQ.FTS.B

,

Zero

Cpn

,

12/21/33

..

1,017

139

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)

5576519.SQ.FTS.B

,

Zero

Cpn

,

12/22/33

..

$

3,209

$

454

5577616.SQ.FTS.B

,

Zero

Cpn

,

12/22/33

..

314

45

5581276.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

447

79

5581687.SQ.FTS.B

,

Zero

Cpn

,

12/23/33

..

176

25

5584721.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

257

38

5584916.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

3,248

538

5585270.SQ.FTS.B

,

Zero

Cpn

,

12/24/33

..

180

30

5588007.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

16,177

920

5588372.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

8,728

793

5588652.SQ.FTS.B

,

Zero

Cpn

,

12/25/33

..

744

104

5588819.SQ.FTS.B

,

Zero

Cpn

,

12/26/33

..

1,320

88

5594146.SQ.FTS.B

,

Zero

Cpn

,

12/28/33

..

3,596

647

5595419.SQ.FTS.B

,

Zero

Cpn

,

12/28/33

..

1,222

117

5597324.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

1,066

144

5597616.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

5,857

828

5598446.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

607

34

5600022.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

444

77

5600497.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

130

15

5600512.SQ.FTS.B

,

Zero

Cpn

,

12/29/33

..

8,322

464

5610840.SQ.FTS.B

,

Zero

Cpn

,

12/30/33

..

7,754

433

5615484.SQ.FTS.B

,

Zero

Cpn

,

1/01/34

...

9,295

1,253

5618540.SQ.FTS.B

,

Zero

Cpn

,

1/02/34

...

323

49

5618906.SQ.FTS.B

,

Zero

Cpn

,

1/03/34

...

2,590

360

5622466.SQ.FTS.B

,

Zero

Cpn

,

1/05/34

...

1,396

131

5624747.SQ.FTS.B

,

Zero

Cpn

,

1/05/34

...

1,208

142

5627076.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

7,284

1,027

5627773.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

1,198

175

5628952.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

4,403

656

5630143.SQ.FTS.B

,

Zero

Cpn

,

1/06/34

...

179

27

5640772.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

1,106

117

5641349.SQ.FTS.B

,

Zero

Cpn

,

1/07/34

...

1,084

62

5656415.SQ.FTS.B

,

Zero

Cpn

,

1/10/34

...

771

125

5662108.SQ.FTS.B

,

Zero

Cpn

,

1/11/34

...

6,816

907

5662396.SQ.FTS.B

,

Zero

Cpn

,

1/11/34

...

879

112

5667327.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

22,164

3,901

5671837.SQ.FTS.B

,

Zero

Cpn

,

1/12/34

...

889

164

5694516.SQ.FTS.B

,

Zero

Cpn

,

1/14/34

...

21,032

3,375

5712977.SQ.FTS.B

,

Zero

Cpn

,

1/19/34

...

468

77

5718687.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

510

70

5719839.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

7,877

1,610

5720918.SQ.FTS.B

,

Zero

Cpn

,

1/20/34

...

115

8

5729235.SQ.FTS.B

,

Zero

Cpn

,

1/21/34

...

3,033

230

5730596.SQ.FTS.B

,

Zero

Cpn

,

1/21/34

...

431

72

5731830.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

12,405

1,748

5732468.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

186

14

5732580.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

366

28

5733330.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

2,463

582

5734498.SQ.FTS.B

,

Zero

Cpn

,

1/22/34

...

1,621

352

5738195.SQ.FTS.B

,

Zero

Cpn

,

1/25/34

...

854

124

5739159.SQ.FTS.B

,

Zero

Cpn

,

1/25/34

...

13,484

1,129

5740833.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

315

29

5741356.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

1,619

126

5742284.SQ.FTS.B

,

Zero

Cpn

,

1/26/34

...

6,910

1,623

5744108.SQ.FTS.B

,

Zero

Cpn

,

1/27/34

...

995

284

5746817.SQ.FTS.B

,

Zero

Cpn

,

1/27/34

...

4,743

1,569

5753332.SQ.FTS.B

,

Zero

Cpn

,

1/29/34

...

1,406

329

5754537.SQ.FTS.B

,

Zero

Cpn

,

1/29/34

...

930

213

5754674.SQ.FTS.B

,

Zero

Cpn

,

1/29/34

...

2,696

224

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5757339.SQ.FTS.B

,

Zero

Cpn

,

1/30/34

...

$

555

$

152

5762467.SQ.FTS.B

,

Zero

Cpn

,

2/01/34

...

2,052

198

5768898.SQ.FTS.B

,

Zero

Cpn

,

2/03/34

...

1,889

427

5771987.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

16,088

4,157

5774005.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

1,473

319

5774288.SQ.FTS.B

,

Zero

Cpn

,

2/04/34

...

779

80

5779421.SQ.FTS.B

,

Zero

Cpn

,

2/06/34

...

1,042

240

5779587.SQ.FTS.B

,

Zero

Cpn

,

2/06/34

...

969

87

5779612.SQ.FTS.B

,

Zero

Cpn

,

2/06/34

...

3,348

664

5783939.SQ.FTS.B

,

Zero

Cpn

,

2/08/34

...

742

235

5784284.SQ.FTS.B

,

Zero

Cpn

,

2/08/34

...

5,640

1,175

5787095.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

491

122

5788688.SQ.FTS.B

,

Zero

Cpn

,

2/09/34

...

17,927

6,601

5790156.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

1,282

267

5790251.SQ.FTS.B

,

Zero

Cpn

,

2/10/34

...

2,713

246

5801823.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

903

208

5802372.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

5,979

1,527

5803772.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

1,128

360

5806812.SQ.FTS.B

,

Zero

Cpn

,

2/11/34

...

1,108

240

5807048.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

619

113

5807339.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

7,982

2,623

5811792.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

3,562

1,015

5812422.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

68

22

5813279.SQ.FTS.B

,

Zero

Cpn

,

2/12/34

...

2,311

420

5813539.SQ.FTS.B

,

Zero

Cpn

,

2/13/34

...

2,195

430

5813757.SQ.FTS.B

,

Zero

Cpn

,

2/13/34

...

83

28

5813805.SQ.FTS.B

,

Zero

Cpn

,

2/13/34

...

571

101

5820502.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

2,422

220

5820697.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

1,220

110

5821573.SQ.FTS.B

,

Zero

Cpn

,

2/16/34

...

1,346

248

5822374.SQ.FTS.B

,

Zero

Cpn

,

2/17/34

...

348

74

5830235.SQ.FTS.B

,

Zero

Cpn

,

2/18/34

...

10,562

2,705

5831651.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

120

56

5832721.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

127

49

5833277.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

1,687

646

5833649.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

7,757

2,311

5833923.SQ.FTS.B

,

Zero

Cpn

,

2/19/34

...

3,357

1,034

5834289.SQ.FTS.B

,

Zero

Cpn

,

2/20/34

...

913

267

5836241.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

4,473

490

5836746.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

220

83

5837597.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

608

175

5837692.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

1,494

221

5837836.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

4,096

757

5838132.SQ.FTS.B

,

Zero

Cpn

,

2/22/34

...

430

82

5842217.SQ.FTS.B

,

Zero

Cpn

,

2/23/34

...

755

85

5843755.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

5,701

1,635

5845026.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

716

132

5845038.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

1,598

362

5846114.SQ.FTS.B

,

Zero

Cpn

,

2/24/34

...

2,173

958

5848218.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

938

473

5848448.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

860

247

5848518.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

2,368

585

5849069.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

4,927

1,404

5851164.SQ.FTS.B

,

Zero

Cpn

,

2/25/34

...

26,208

4,255

5852732.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

6,024

986

5853867.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

5,830

664

5854302.SQ.FTS.B

,

Zero

Cpn

,

2/26/34

...

3,611

770

5855566.SQ.FTS.B

,

Zero

Cpn

,

2/27/34

...

14

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.

100

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5855717.SQ.FTS.B

,

Zero

Cpn

,

2/27/34

...

$

1,319

$

240

5856105.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

424

58

5861074.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

2,179

454

5861387.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

347

55

5862719.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

4,110

520

5867284.SQ.FTS.B

,

Zero

Cpn

,

2/28/34

...

4,758

870

26,861,003

Freedom

Financial

Asset

Management

LLC

APP-11595183.FP.FTS.B

,

5

.99

%

,

3/22/24

.

510

511

APP-14217946.FP.FTS.B

,

5

.99

%

,

5/06/24

.

1,916

1,922

APP-13741737.FP.FTS.B

,

5

.99

%

,

5/16/24

.

1,314

1,318

APP-13628198.FP.FTS.B

,

5

.99

%

,

5/20/24

.

1,303

1,308

APP-13746596.FP.FTS.B

,

5

.99

%

,

5/29/24

.

1,426

1,433

APP-14939093.FP.FTS.B

,

5

.99

%

,

6/01/24

.

1,630

1,636

APP-14129567.FP.FTS.B

,

5

.99

%

,

6/10/24

.

1,833

1,411

APP-14038696.FP.FTS.B

,

16

.49

%

,

6/10/24

2,897

2,909

APP-14317523.FP.FTS.B

,

17

.49

%

,

6/12/24

1,518

1,526

APP-14689106.FP.FTS.B

,

5

.99

%

,

6/15/24

.

778

779

APP-14190363.FP.FTS.B

,

5

.99

%

,

6/16/24

.

1,772

1,779

APP-14178961.FP.FTS.B

,

5

.99

%

,

6/17/24

.

1,466

1,475

APP-14057537.FP.FTS.B

,

5

.99

%

,

6/20/24

.

2,045

2,055

APP-14304559.FP.FTS.B

,

5

.99

%

,

6/20/24

.

1,487

1,494

APP-14343981.FP.FTS.B

,

5

.99

%

,

6/20/24

.

1,953

1,963

APP-15398343.FP.FTS.B

,

5

.99

%

,

6/20/24

.

2,535

2,549

APP-15654646.FP.FTS.B

,

19

.74

%

,

7/05/24

3,385

3,404

APP-14867047.FP.FTS.B

,

5

.99

%

,

7/08/24

.

2,445

2,456

APP-14918054.FP.FTS.B

,

14

.99

%

,

7/08/24

4,257

4,275

APP-15601576.FP.FTS.B

,

16

.49

%

,

7/08/24

2,206

2,218

APP-14886138.FP.FTS.B

,

5

.99

%

,

7/16/24

.

2,200

2,211

APP-15145416.FP.FTS.B

,

5

.99

%

,

7/16/24

.

1,441

1,448

APP-15110089.FP.FTS.B

,

5

.99

%

,

7/30/24

.

2,426

2,445

APP-15573525.FP.FTS.B

,

23

.99

%

,

8/01/24

5,002

5,028

APP-15556796.FP.FTS.B

,

5

.99

%

,

8/05/24

.

2,358

2,369

APP-17023826.FP.FTS.B

,

5

.99

%

,

8/06/24

.

3,099

3,117

APP-15420537.FP.FTS.B

,

23

.99

%

,

8/12/24

16,272

3,995

APP-15754991.FP.FTS.B

,

5

.99

%

,

8/13/24

.

2,221

2,235

APP-16050735.FP.FTS.B

,

5

.99

%

,

8/14/24

.

2,615

2,630

APP-15525886.FP.FTS.B

,

13

.49

%

,

8/15/24

3,467

3,490

APP-15705719.FP.FTS.B

,

17

.74

%

,

8/20/24

3,422

3,454

APP-15870402.FP.FTS.B

,

5

.99

%

,

8/28/24

.

3,168

3,191

APP-17083152.FP.FTS.B

,

5

.99

%

,

9/06/24

.

2,068

2,078

APP-17218556.FP.FTS.B

,

5

.99

%

,

9/09/24

.

3,650

3,672

APP-17481705.FP.FTS.B

,

15

.99

%

,

9/13/24

4,443

4,480

APP-17230704.FP.FTS.B

,

5

.99

%

,

9/23/24

.

3,067

3,091

APP-10830803.FP.FTS.B

,

23

.49

%

,

11/30/24

4,399

4,507

APP-11673054.FP.FTS.B

,

18

.99

%

,

12/16/24

4,358

4,422

APP-11740833.FP.FTS.B

,

23

.99

%

,

12/22/24

7,379

7,486

APP-11877979.FP.FTS.B

,

7

.49

%

,

1/06/25

.

10,113

10,180

APP-11729669.FP.FTS.B

,

10

.74

%

,

1/08/25

3,000

3,009

APP-12331634.FP.FTS.B

,

7

.74

%

,

2/04/25

.

6,391

6,434

APP-11751656.FP.FTS.B

,

9

.74

%

,

2/05/25

.

6,161

6,196

APP-11912407.FP.FTS.B

,

15

.99

%

,

2/15/25

8,497

8,568

APP-12050640.FP.FTS.B

,

12

.24

%

,

3/15/25

11,770

11,864

APP-12033288.FP.FTS.B

,

14

.49

%

,

3/15/25

8,326

8,390

APP-11872506.FP.FTS.B

,

19

.49

%

,

3/15/25

7,742

7,796

APP-11949006.FP.FTS.B

,

9

.74

%

,

3/17/25

.

8,084

926

APP-12270565.FP.FTS.B

,

16

.49

%

,

3/17/25

12,728

12,835

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12351684.FP.FTS.B

,

7

.49

%

,

3/18/25

.

$

6,952

$

7,005

APP-12270708.FP.FTS.B

,

9

.49

%

,

3/20/25

.

9,703

9,788

APP-12420138.FP.FTS.B

,

17

.99

%

,

3/20/25

4,322

4,365

APP-12287521.FP.FTS.B

,

16

.49

%

,

3/22/25

6,005

6,069

APP-13752242.FP.FTS.B

,

10

.09

%

,

4/01/25

4,110

4,121

APP-13951296.FP.FTS.B

,

17

.24

%

,

4/26/25

12,509

12,657

APP-14058368.FP.FTS.B

,

12

.49

%

,

5/01/25

11,457

11,521

APP-14113024.FP.FTS.B

,

11

.59

%

,

5/03/25

5,406

5,444

APP-14094552.FP.FTS.B

,

17

.74

%

,

5/03/25

18,505

18,515

APP-14304933.FP.FTS.B

,

14

.99

%

,

5/12/25

5,999

6,027

APP-13745262.FP.FTS.B

,

12

.84

%

,

5/16/25

22,824

23,019

APP-13550190.FP.FTS.B

,

24

.99

%

,

5/16/25

7,923

7,967

APP-13512883.FP.FTS.B

,

9

.84

%

,

5/20/25

.

18,293

18,469

APP-13060190.FP.FTS.B

,

10

.24

%

,

5/20/25

13,187

13,312

APP-13805924.FP.FTS.B

,

24

.99

%

,

5/20/25

9,391

2,109

APP-14613251.FP.FTS.B

,

10

.49

%

,

5/25/25

1,756

1,759

APP-13938404.FP.FTS.B

,

12

.24

%

,

5/26/25

18,468

18,640

APP-13957398.FP.FTS.B

,

14

.49

%

,

6/01/25

10,549

10,604

APP-13914811.FP.FTS.B

,

15

.09

%

,

6/03/25

4,945

4,981

APP-13821733.FP.FTS.B

,

22

.99

%

,

6/03/25

7,503

7,454

APP-13609952.FP.FTS.B

,

10

.09

%

,

6/04/25

20,327

20,473

APP-13818738.FP.FTS.B

,

10

.84

%

,

6/04/25

21,797

21,972

APP-14919947.FP.FTS.B

,

16

.24

%

,

6/05/25

16,845

16,853

APP-14179362.FP.FTS.B

,

17

.49

%

,

6/05/25

4,766

4,792

APP-15039073.FP.FTS.B

,

23

.49

%

,

6/05/25

5,601

5,556

APP-13901500.FP.FTS.B

,

19

.49

%

,

6/07/25

7,775

7,765

APP-13913960.FP.FTS.B

,

25

.49

%

,

6/07/25

5,012

4,988

APP-13968504.FP.FTS.B

,

19

.49

%

,

6/08/25

7,888

7,882

APP-14166988.FP.FTS.B

,

17

.49

%

,

6/09/25

5,117

5,151

APP-14165903.FP.FTS.B

,

19

.24

%

,

6/12/25

25,975

26,014

APP-14058139.FP.FTS.B

,

11

.84

%

,

6/15/25

6,498

6,551

APP-14058182.FP.FTS.B

,

18

.49

%

,

6/15/25

3,966

3,993

APP-14319615.FP.FTS.B

,

18

.49

%

,

6/16/25

11,347

11,402

APP-13822936.FP.FTS.B

,

9

.34

%

,

6/17/25

.

14,587

14,721

APP-14057042.FP.FTS.B

,

7

.84

%

,

6/18/25

.

6,059

6,085

APP-14176007.FP.FTS.B

,

7

.84

%

,

6/18/25

.

11,923

12,033

APP-14182518.FP.FTS.B

,

7

.84

%

,

6/18/25

.

10,440

10,535

APP-14189826.FP.FTS.B

,

9

.34

%

,

6/18/25

.

14,488

14,624

APP-14058031.FP.FTS.B

,

16

.49

%

,

6/18/25

5,109

5,144

APP-14147815.FP.FTS.B

,

19

.99

%

,

6/18/25

6,500

6,491

APP-14145063.FP.FTS.B

,

20

.49

%

,

6/18/25

3,867

3,902

APP-14118175.FP.FTS.B

,

10

.09

%

,

6/19/25

8,757

8,842

APP-14058272.FP.FTS.B

,

12

.59

%

,

6/19/25

13,757

13,891

APP-14181617.FP.FTS.B

,

18

.49

%

,

6/19/25

8,293

8,357

APP-14188793.FP.FTS.B

,

25

.49

%

,

6/19/25

4,811

4,833

APP-14194578.FP.FTS.B

,

25

.49

%

,

6/19/25

4,057

4,079

APP-14057653.FP.FTS.B

,

10

.09

%

,

6/20/25

8,742

8,829

APP-14215775.FP.FTS.B

,

16

.49

%

,

6/20/25

8,494

8,561

APP-14349793.FP.FTS.B

,

16

.24

%

,

6/26/25

15,586

15,737

APP-14107541.FP.FTS.B

,

10

.09

%

,

6/28/25

3,472

3,485

APP-14196847.FP.FTS.B

,

20

.49

%

,

6/28/25

2,537

2,518

APP-14318446.FP.FTS.B

,

23

.49

%

,

6/28/25

6,185

6,167

APP-15705647.FP.FTS.B

,

18

.74

%

,

6/30/25

8,210

8,295

APP-15754423.FP.FTS.B

,

25

.49

%

,

7/04/25

6,678

6,673

APP-14867025.FP.FTS.B

,

8

.24

%

,

7/06/25

.

11,768

11,857

APP-15716641.FP.FTS.B

,

25

.49

%

,

7/06/25

6,037

5,978

APP-14907939.FP.FTS.B

,

17

.49

%

,

7/07/25

11,969

11,903

APP-15017105.FP.FTS.B

,

22

.49

%

,

7/11/25

5,351

5,350

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14864961.FP.FTS.B

,

22

.74

%

,

7/11/25

$

16,061

$

2,027

APP-15033224.FP.FTS.B

,

25

.49

%

,

7/12/25

5,094

5,089

APP-16047052.FP.FTS.B

,

20

.74

%

,

7/13/25

23,063

23,016

APP-15043725.FP.FTS.B

,

12

.74

%

,

7/15/25

7,331

7,387

APP-14866721.FP.FTS.B

,

17

.49

%

,

7/15/25

2,821

2,813

APP-14887227.FP.FTS.B

,

17

.49

%

,

7/15/25

6,510

6,543

APP-14890683.FP.FTS.B

,

17

.49

%

,

7/15/25

6,033

6,091

APP-14134773.FP.FTS.B

,

21

.99

%

,

7/15/25

5,755

5,770

APP-14867122.FP.FTS.B

,

14

.99

%

,

7/16/25

10,682

10,721

APP-14748673.FP.FTS.B

,

10

.74

%

,

7/17/25

7,741

7,809

APP-14866669.FP.FTS.B

,

17

.49

%

,

7/17/25

7,539

7,570

APP-14522319.FP.FTS.B

,

10

.24

%

,

7/20/25

15,634

5,205

APP-14854614.FP.FTS.B

,

14

.99

%

,

7/21/25

9,068

9,158

APP-14909153.FP.FTS.B

,

16

.74

%

,

7/21/25

17,375

17,493

APP-14957730.FP.FTS.B

,

16

.99

%

,

7/21/25

13,172

13,254

APP-14920948.FP.FTS.B

,

10

.49

%

,

7/22/25

8,702

8,765

APP-14987575.FP.FTS.B

,

19

.99

%

,

7/22/25

9,397

3,330

APP-15015830.FP.FTS.B

,

25

.49

%

,

7/22/25

5,759

5,770

APP-15036503.FP.FTS.B

,

25

.49

%

,

7/22/25

8,177

8,192

APP-15038725.FP.FTS.B

,

23

.49

%

,

7/24/25

6,040

6,048

APP-17010427.FP.FTS.B

,

8

.74

%

,

7/25/25

.

8,354

8,429

APP-11741918.FP.FTS.B

,

16

.49

%

,

7/25/25

3,420

3,429

APP-14192654.FP.FTS.B

,

19

.49

%

,

7/25/25

3,852

3,848

APP-14867189.FP.FTS.B

,

17

.49

%

,

7/26/25

8,485

8,560

APP-15050243.FP.FTS.B

,

18

.99

%

,

7/26/25

5,812

5,859

APP-17491589.FP.FTS.B

,

11

.49

%

,

8/03/25

15,475

15,564

APP-15593139.FP.FTS.B

,

25

.49

%

,

8/04/25

8,963

8,859

APP-16899367.FP.FTS.B

,

25

.49

%

,

8/04/25

5,453

5,463

APP-15235015.FP.FTS.B

,

8

.74

%

,

8/05/25

.

8,809

8,844

APP-15602610.FP.FTS.B

,

16

.49

%

,

8/05/25

5,831

5,831

APP-15739609.FP.FTS.B

,

8

.74

%

,

8/07/25

.

15,721

15,839

APP-17496469.FP.FTS.B

,

14

.99

%

,

8/10/25

9,008

9,071

APP-15032228.FP.FTS.B

,

23

.49

%

,

8/12/25

6,345

4,058

APP-15025145.FP.FTS.B

,

25

.49

%

,

8/12/25

6,788

1,564

APP-15537240.FP.FTS.B

,

25

.49

%

,

8/12/25

7,625

7,583

APP-15222033.FP.FTS.B

,

22

.24

%

,

8/14/25

23,416

2,284

APP-13337231.FP.FTS.B

,

8

.99

%

,

8/15/25

.

9,215

9,299

APP-15399078.FP.FTS.B

,

20

.99

%

,

8/15/25

30,962

31,031

APP-16002031.FP.FTS.B

,

11

.49

%

,

8/19/25

12,214

12,329

APP-10173660.FP.FTS.B

,

14

.49

%

,

8/19/25

24,371

24,743

APP-15744848.FP.FTS.B

,

25

.49

%

,

8/20/25

8,289

8,269

APP-15705051.FP.FTS.B

,

11

.74

%

,

8/21/25

24,173

24,414

APP-14371156.FP.FTS.B

,

20

.49

%

,

8/22/25

4,718

4,727

APP-15524582.FP.FTS.B

,

10

.49

%

,

8/25/25

8,147

8,234

APP-16072062.FP.FTS.B

,

25

.49

%

,

8/26/25

3,779

1,492

APP-16069326.FP.FTS.B

,

25

.49

%

,

8/27/25

1,809

1,799

APP-16077556.FP.FTS.B

,

14

.99

%

,

8/28/25

22,961

23,223

APP-15532550.FP.FTS.B

,

5

.99

%

,

8/30/25

.

1,873

1,883

APP-16638019.FP.FTS.B

,

15

.24

%

,

9/13/25

8,133

8,186

APP-16609197.FP.FTS.B

,

12

.99

%

,

9/15/25

10,076

10,161

APP-17493794.FP.FTS.B

,

19

.99

%

,

9/15/25

6,320

6,296

APP-16928712.FP.FTS.B

,

17

.99

%

,

9/17/25

9,968

10,046

APP-16931630.FP.FTS.B

,

17

.99

%

,

9/17/25

11,808

11,872

APP-17510658.FP.FTS.B

,

16

.24

%

,

9/18/25

8,802

8,857

APP-17058236.FP.FTS.B

,

9

.74

%

,

9/19/25

.

9,078

9,167

APP-16725749.FP.FTS.B

,

13

.99

%

,

9/20/25

11,821

11,925

APP-13608599.FP.FTS.B

,

11

.49

%

,

9/23/25

18,996

19,206

APP-15010755.FP.FTS.B

,

25

.49

%

,

9/23/25

14,907

14,847

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16554677.FP.FTS.B

,

13

.24

%

,

9/25/25

$

23,249

$

23,468

APP-16062858.FP.FTS.B

,

23

.99

%

,

10/14/25

..........................

2,029

2,041

APP-10846360.FP.FTS.B

,

11

.49

%

,

11/30/25

16,543

16,820

APP-11672772.FP.FTS.B

,

13

.99

%

,

12/01/25

16,120

16,330

APP-16065337.FP.FTS.B

,

23

.49

%

,

12/14/25

..........................

3,375

3,329

APP-11657253.FP.FTS.B

,

16

.99

%

,

12/20/25

31,116

6,184

APP-11733135.FP.FTS.B

,

20

.99

%

,

12/22/25

5,816

6,031

APP-08649280.FP.FTS.B

,

9

.99

%

,

12/23/25

11,370

11,539

APP-11461331.FP.FTS.B

,

8

.99

%

,

12/25/25

16,208

16,436

APP-14959860.FP.FTS.B

,

19

.74

%

,

1/03/26

13,365

13,227

APP-10224409.FP.FTS.B

,

10

.24

%

,

1/04/26

7,511

7,607

APP-15129611.FP.FTS.B

,

10

.49

%

,

1/16/26

3,122

3,132

APP-11461158.FP.FTS.B

,

7

.99

%

,

1/26/26

.

21,503

21,835

APP-11727451.FP.FTS.B

,

19

.49

%

,

2/01/26

4,817

4,929

APP-11740312.FP.FTS.B

,

20

.49

%

,

2/03/26

11,721

12,093

APP-12270370.FP.FTS.B

,

8

.99

%

,

2/04/26

.

28,207

28,581

APP-11693759.FP.FTS.B

,

13

.99

%

,

2/05/26

13,133

13,431

APP-11750555.FP.FTS.B

,

19

.49

%

,

2/06/26

6,919

7,164

APP-11872702.FP.FTS.B

,

7

.99

%

,

2/20/26

.

12,619

12,810

APP-15727324.FP.FTS.B

,

25

.49

%

,

2/20/26

4,230

583

APP-11880862.FP.FTS.B

,

17

.99

%

,

2/21/26

7,151

7,357

APP-12409087.FP.FTS.B

,

7

.99

%

,

3/08/26

.

14,010

14,207

APP-12287223.FP.FTS.B

,

19

.99

%

,

3/08/26

10,440

10,724

APP-12410099.FP.FTS.B

,

10

.24

%

,

3/15/26

9,470

9,610

APP-12417109.FP.FTS.B

,

15

.49

%

,

3/21/26

5,958

6,071

APP-14057607.FP.FTS.B

,

13

.99

%

,

4/30/26

14,187

1,667

APP-14308214.FP.FTS.B

,

17

.49

%

,

5/06/26

9,919

1,943

APP-13754165.FP.FTS.B

,

8

.34

%

,

5/16/26

.

21,413

21,721

APP-13539948.FP.FTS.B

,

21

.74

%

,

5/18/26

13,521

13,966

APP-12270410.FP.FTS.B

,

8

.34

%

,

5/20/26

.

16,032

16,302

APP-13700095.FP.FTS.B

,

21

.74

%

,

5/20/26

6,486

6,486

APP-12032996.FP.FTS.B

,

12

.34

%

,

5/22/26

7,536

7,663

APP-13485505.FP.FTS.B

,

15

.74

%

,

5/22/26

19,965

20,435

APP-11934555.FP.FTS.B

,

19

.49

%

,

5/22/26

10,761

11,018

APP-14153218.FP.FTS.B

,

17

.99

%

,

6/01/26

19,246

19,519

APP-13826786.FP.FTS.B

,

16

.49

%

,

6/03/26

3,649

3,661

APP-13823472.FP.FTS.B

,

17

.24

%

,

6/03/26

25,578

26,053

APP-14175261.FP.FTS.B

,

20

.49

%

,

6/05/26

21,301

21,856

APP-14058279.FP.FTS.B

,

21

.74

%

,

6/10/26

13,993

14,332

APP-14297747.FP.FTS.B

,

22

.99

%

,

6/12/26

6,907

7,061

APP-14338698.FP.FTS.B

,

14

.74

%

,

6/13/26

30,761

16,582

APP-14057255.FP.FTS.B

,

12

.34

%

,

6/15/26

8,960

9,102

APP-14222736.FP.FTS.B

,

12

.84

%

,

6/15/26

13,403

2,478

APP-14174847.FP.FTS.B

,

16

.49

%

,

6/15/26

7,299

7,310

APP-14058114.FP.FTS.B

,

16

.99

%

,

6/15/26

12,658

12,861

APP-14057971.FP.FTS.B

,

17

.99

%

,

6/15/26

10,041

10,303

APP-14185776.FP.FTS.B

,

18

.49

%

,

6/16/26

8,739

8,934

APP-14085492.FP.FTS.B

,

9

.84

%

,

6/17/26

.

21,850

4,088

APP-14181485.FP.FTS.B

,

11

.34

%

,

6/17/26

32,097

32,605

APP-14057334.FP.FTS.B

,

17

.49

%

,

6/18/26

15,445

15,802

APP-14192027.FP.FTS.B

,

9

.84

%

,

6/19/26

.

19,423

19,741

APP-07740556.FP.FTS.B

,

12

.59

%

,

6/19/26

16,131

16,409

APP-13767318.FP.FTS.B

,

13

.34

%

,

6/19/26

27,659

28,136

APP-13963648.FP.FTS.B

,

17

.24

%

,

6/19/26

21,777

22,290

APP-13768424.FP.FTS.B

,

17

.49

%

,

6/19/26

17,202

17,616

APP-14214629.FP.FTS.B

,

10

.34

%

,

6/20/26

18,608

18,899

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14193365.FP.FTS.B

,

21

.49

%

,

6/20/26

$

12,520

$

12,895

APP-14178499.FP.FTS.B

,

26

.49

%

,

6/21/26

5,367

5,541

APP-15602395.FP.FTS.B

,

17

.24

%

,

6/24/26

15,174

15,513

APP-14329001.FP.FTS.B

,

23

.49

%

,

6/24/26

5,280

5,442

APP-14280430.FP.FTS.B

,

20

.49

%

,

6/25/26

12,634

12,947

APP-15479960.FP.FTS.B

,

24

.74

%

,

6/29/26

7,454

7,674

APP-15673409.FP.FTS.B

,

17

.24

%

,

7/01/26

5,654

5,720

APP-14548332.FP.FTS.B

,

16

.49

%

,

7/05/26

17,663

17,981

APP-15676938.FP.FTS.B

,

14

.49

%

,

7/06/26

6,906

6,993

APP-14801281.FP.FTS.B

,

14

.99

%

,

7/08/26

10,609

10,769

APP-14689091.FP.FTS.B

,

17

.49

%

,

7/09/26

2,592

2,585

APP-14943051.FP.FTS.B

,

17

.99

%

,

7/09/26

15,128

2,951

APP-14522661.FP.FTS.B

,

15

.99

%

,

7/10/26

18,183

18,446

APP-16070360.FP.FTS.B

,

20

.74

%

,

7/10/26

30,178

30,700

APP-15869429.FP.FTS.B

,

21

.99

%

,

7/10/26

6,477

6,608

APP-15045798.FP.FTS.B

,

17

.74

%

,

7/12/26

29,367

9,156

APP-15054747.FP.FTS.B

,

21

.49

%

,

7/12/26

18,464

18,813

APP-16085008.FP.FTS.B

,

18

.49

%

,

7/14/26

13,458

13,673

APP-14920803.FP.FTS.B

,

16

.99

%

,

7/15/26

10,725

10,904

APP-14921360.FP.FTS.B

,

16

.99

%

,

7/15/26

9,887

10,052

APP-14865932.FP.FTS.B

,

17

.49

%

,

7/15/26

18,608

18,989

APP-11443413.FP.FTS.B

,

10

.59

%

,

7/17/26

24,211

24,591

APP-14882473.FP.FTS.B

,

12

.99

%

,

7/17/26

27,517

27,921

APP-14688569.FP.FTS.B

,

17

.74

%

,

7/17/26

24,719

25,219

APP-14176550.FP.FTS.B

,

10

.34

%

,

7/18/26

20,574

20,889

APP-14816252.FP.FTS.B

,

10

.74

%

,

7/18/26

13,875

14,092

APP-14688717.FP.FTS.B

,

10

.99

%

,

7/18/26

8,389

8,521

APP-14870900.FP.FTS.B

,

17

.49

%

,

7/19/26

13,662

13,913

APP-14905708.FP.FTS.B

,

16

.99

%

,

7/20/26

8,631

8,792

APP-14820629.FP.FTS.B

,

17

.24

%

,

7/20/26

27,670

28,347

APP-14902088.FP.FTS.B

,

11

.24

%

,

7/22/26

10,409

10,577

APP-14865904.FP.FTS.B

,

15

.74

%

,

7/23/26

26,893

27,403

APP-14980679.FP.FTS.B

,

17

.99

%

,

7/23/26

3,775

3,783

APP-14964964.FP.FTS.B

,

18

.99

%

,

7/23/26

18,042

18,543

APP-13767438.FP.FTS.B

,

10

.74

%

,

7/25/26

23,076

23,451

APP-15048537.FP.FTS.B

,

20

.99

%

,

7/25/26

17,740

18,225

APP-13608775.FP.FTS.B

,

13

.49

%

,

7/26/26

21,603

2,300

APP-17112981.FP.FTS.B

,

10

.74

%

,

8/03/26

11,653

11,783

APP-16811535.FP.FTS.B

,

21

.74

%

,

8/03/26

29,547

29,988

APP-17117415.FP.FTS.B

,

11

.24

%

,

8/06/26

20,391

20,654

APP-17510305.FP.FTS.B

,

18

.49

%

,

8/07/26

17,747

17,940

APP-15589148.FP.FTS.B

,

14

.49

%

,

8/08/26

7,319

7,427

APP-10219598.FP.FTS.B

,

15

.49

%

,

8/11/26

10,037

5,723

APP-15594842.FP.FTS.B

,

17

.24

%

,

8/12/26

14,192

14,447

APP-16036383.FP.FTS.B

,

20

.24

%

,

8/13/26

8,580

8,716

APP-15327014.FP.FTS.B

,

9

.24

%

,

8/14/26

.

22,907

23,277

APP-15585646.FP.FTS.B

,

9

.49

%

,

8/14/26

.

9,266

9,408

APP-15594751.FP.FTS.B

,

10

.74

%

,

8/14/26

21,454

21,790

APP-15585110.FP.FTS.B

,

11

.49

%

,

8/14/26

12,449

12,643

APP-16050065.FP.FTS.B

,

23

.99

%

,

8/14/26

6,128

2,088

APP-15449600.FP.FTS.B

,

20

.74

%

,

8/15/26

17,880

18,225

APP-15763520.FP.FTS.B

,

20

.74

%

,

8/15/26

16,325

16,567

APP-15529270.FP.FTS.B

,

24

.74

%

,

8/15/26

1,239

1,230

APP-16072518.FP.FTS.B

,

12

.49

%

,

8/16/26

34,154

34,641

APP-10235724.FP.FTS.B

,

15

.49

%

,

8/20/26

12,402

12,476

APP-15493477.FP.FTS.B

,

16

.74

%

,

8/20/26

13,420

13,667

APP-15602180.FP.FTS.B

,

18

.74

%

,

8/20/26

11,103

11,318

APP-15747887.FP.FTS.B

,

18

.74

%

,

8/20/26

3,389

3,394

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15743821.FP.FTS.B

,

26

.49

%

,

8/20/26

$

8,304

$

8,516

APP-15757972.FP.FTS.B

,

18

.24

%

,

8/21/26

11,117

11,330

APP-15750146.FP.FTS.B

,

19

.24

%

,

8/21/26

8,654

8,836

APP-15467456.FP.FTS.B

,

26

.49

%

,

8/21/26

7,987

8,193

APP-15025202.FP.FTS.B

,

23

.74

%

,

8/22/26

14,703

1,565

APP-13200176.FP.FTS.B

,

16

.49

%

,

8/24/26

9,900

10,072

APP-12414817.FP.FTS.B

,

15

.24

%

,

8/26/26

13,646

13,877

APP-12674952.FP.FTS.B

,

15

.24

%

,

8/26/26

11,447

11,574

APP-16078255.FP.FTS.B

,

19

.24

%

,

8/26/26

19,089

19,509

APP-16046150.FP.FTS.B

,

21

.74

%

,

8/26/26

4,339

565

APP-16051271.FP.FTS.B

,

21

.74

%

,

8/27/26

12,023

1,331

APP-15951898.FP.FTS.B

,

16

.49

%

,

8/28/26

21,710

22,030

APP-15872992.FP.FTS.B

,

19

.24

%

,

8/28/26

13,771

14,099

APP-16947974.FP.FTS.B

,

13

.24

%

,

9/06/26

12,658

12,844

APP-17143594.FP.FTS.B

,

9

.99

%

,

9/07/26

.

10,892

11,039

APP-17156366.FP.FTS.B

,

11

.24

%

,

9/07/26

15,705

15,882

APP-16728029.FP.FTS.B

,

26

.49

%

,

9/09/26

6,105

6,191

APP-17115080.FP.FTS.B

,

15

.24

%

,

9/13/26

8,008

8,110

APP-15872822.FP.FTS.B

,

19

.24

%

,

9/15/26

9,477

9,610

APP-16681815.FP.FTS.B

,

8

.24

%

,

9/16/26

.

18,022

18,281

APP-14329008.FP.FTS.B

,

19

.49

%

,

9/17/26

19,054

19,258

APP-16640720.FP.FTS.B

,

9

.99

%

,

9/18/26

.

34,683

35,203

APP-16637870.FP.FTS.B

,

12

.49

%

,

9/18/26

11,314

11,500

APP-17100593.FP.FTS.B

,

9

.49

%

,

9/20/26

.

13,782

13,993

APP-17124398.FP.FTS.B

,

9

.74

%

,

9/20/26

.

34,639

35,180

APP-16119643.FP.FTS.B

,

12

.24

%

,

9/20/26

22,598

4,161

APP-17439783.FP.FTS.B

,

10

.74

%

,

9/25/26

4,179

4,245

APP-17331723.FP.FTS.B

,

16

.99

%

,

9/25/26

18,434

18,706

APP-10745954.FP.FTS.B

,

12

.74

%

,

11/30/26

2,916

2,922

APP-11742538.FP.FTS.B

,

16

.49

%

,

12/15/26

17,562

17,888

APP-11603796.FP.FTS.B

,

20

.99

%

,

12/15/26

10,519

10,973

APP-11741994.FP.FTS.B

,

18

.99

%

,

12/16/26

11,691

12,039

APP-11695022.FP.FTS.B

,

16

.49

%

,

12/17/26

16,057

16,371

APP-11737893.FP.FTS.B

,

25

.49

%

,

12/18/26

7,804

8,102

APP-11743333.FP.FTS.B

,

16

.49

%

,

12/19/26

10,192

10,386

APP-11694428.FP.FTS.B

,

14

.49

%

,

12/22/26

6,236

6,346

APP-11742165.FP.FTS.B

,

18

.49

%

,

12/22/26

8,277

8,551

APP-11739845.FP.FTS.B

,

19

.99

%

,

12/22/26

9,371

9,748

APP-11751120.FP.FTS.B

,

8

.99

%

,

12/23/26

25,337

25,791

APP-11694004.FP.FTS.B

,

11

.74

%

,

12/23/26

32,455

33,035

APP-11708423.FP.FTS.B

,

20

.99

%

,

12/23/26

25,337

26,175

APP-11743539.FP.FTS.B

,

21

.74

%

,

12/23/26

17,692

18,368

APP-11752109.FP.FTS.B

,

22

.49

%

,

12/23/26

7,793

8,038

APP-10229823.FP.FTS.B

,

25

.49

%

,

12/26/26

..........................

7,204

7,496

APP-11890774.FP.FTS.B

,

8

.99

%

,

1/06/27

.

26,058

26,457

APP-11920032.FP.FTS.B

,

19

.99

%

,

1/07/27

17,783

18,294

APP-11939491.FP.FTS.B

,

15

.49

%

,

1/08/27

10,657

10,913

APP-11795112.FP.FTS.B

,

19

.99

%

,

1/08/27

4,553

4,539

APP-11929275.FP.FTS.B

,

19

.99

%

,

1/08/27

7,109

7,284

APP-12270584.FP.FTS.B

,

10

.49

%

,

1/25/27

3,620

2,722

APP-11749683.FP.FTS.B

,

16

.74

%

,

1/25/27

18,744

19,259

APP-11704729.FP.FTS.B

,

16

.99

%

,

1/25/27

13,381

13,659

APP-11752310.FP.FTS.B

,

25

.49

%

,

1/28/27

684

683

APP-12268807.FP.FTS.B

,

10

.99

%

,

2/01/27

18,090

18,343

APP-11022562.FP.FTS.B

,

11

.74

%

,

2/01/27

6,029

6,097

APP-12396734.FP.FTS.B

,

11

.74

%

,

2/03/27

34,086

34,574

APP-11732843.FP.FTS.B

,

14

.74

%

,

2/03/27

33,383

34,002

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11712261.FP.FTS.B

,

18

.49

%

,

2/03/27

$

10,952

$

11,191

APP-11745377.FP.FTS.B

,

21

.49

%

,

2/04/27

11,538

11,853

APP-12293217.FP.FTS.B

,

17

.49

%

,

2/05/27

17,810

18,183

APP-11742593.FP.FTS.B

,

17

.99

%

,

2/05/27

7,127

7,301

APP-11703116.FP.FTS.B

,

19

.49

%

,

2/05/27

8,640

8,861

APP-11799159.FP.FTS.B

,

11

.49

%

,

2/15/27

10,888

11,079

APP-11922307.FP.FTS.B

,

20

.49

%

,

2/15/27

8,472

8,762

APP-11919163.FP.FTS.B

,

10

.99

%

,

2/17/27

18,499

18,815

APP-11904406.FP.FTS.B

,

11

.24

%

,

2/19/27

12,778

13,003

APP-11942494.FP.FTS.B

,

18

.99

%

,

2/19/27

13,527

13,902

APP-11940530.FP.FTS.B

,

13

.49

%

,

2/20/27

12,669

12,911

APP-11942190.FP.FTS.B

,

18

.49

%

,

2/20/27

9,055

9,311

APP-11944817.FP.FTS.B

,

20

.49

%

,

2/20/27

3,636

3,629

APP-11810142.FP.FTS.B

,

10

.99

%

,

2/21/27

17,535

5,058

APP-11928189.FP.FTS.B

,

18

.49

%

,

2/21/27

2,648

2,640

APP-11939575.FP.FTS.B

,

22

.49

%

,

2/21/27

6,598

6,825

APP-11927887.FP.FTS.B

,

9

.24

%

,

2/22/27

.

8,314

8,467

APP-11861145.FP.FTS.B

,

13

.24

%

,

2/22/27

14,149

14,396

APP-11941579.FP.FTS.B

,

16

.49

%

,

2/22/27

13,907

14,152

APP-11872292.FP.FTS.B

,

19

.99

%

,

2/22/27

10,110

10,452

APP-11612708.FP.FTS.B

,

22

.99

%

,

3/04/27

12,232

12,520

APP-12361627.FP.FTS.B

,

8

.99

%

,

3/07/27

.

16,682

16,942

APP-12232977.FP.FTS.B

,

14

.74

%

,

3/07/27

36,446

10,506

APP-12389833.FP.FTS.B

,

16

.49

%

,

3/07/27

8,503

8,702

APP-12183710.FP.FTS.B

,

22

.99

%

,

3/07/27

2,331

2,301

APP-12410874.FP.FTS.B

,

10

.99

%

,

3/08/27

16,990

17,244

APP-12418857.FP.FTS.B

,

11

.24

%

,

3/08/27

9,534

9,676

APP-12405015.FP.FTS.B

,

13

.24

%

,

3/08/27

14,045

14,276

APP-12415944.FP.FTS.B

,

13

.24

%

,

3/08/27

17,744

18,096

APP-12412062.FP.FTS.B

,

16

.49

%

,

3/08/27

19,147

19,481

APP-12416735.FP.FTS.B

,

11

.24

%

,

3/15/27

8,857

9,006

APP-12032886.FP.FTS.B

,

16

.99

%

,

3/16/27

7,645

7,824

APP-12384050.FP.FTS.B

,

13

.74

%

,

3/17/27

19,066

19,416

APP-12408565.FP.FTS.B

,

17

.99

%

,

3/19/27

16,768

17,230

APP-12270281.FP.FTS.B

,

10

.99

%

,

3/20/27

13,893

14,144

APP-11947650.FP.FTS.B

,

15

.49

%

,

3/20/27

11,370

11,657

APP-11923837.FP.FTS.B

,

19

.74

%

,

3/20/27

31,034

31,683

APP-12270508.FP.FTS.B

,

8

.99

%

,

3/21/27

.

10,914

11,019

APP-11694093.FP.FTS.B

,

13

.49

%

,

3/21/27

13,871

4,009

APP-12402081.FP.FTS.B

,

18

.49

%

,

3/21/27

20,865

21,505

APP-11940575.FP.FTS.B

,

25

.49

%

,

3/21/27

6,656

6,893

APP-12412441.FP.FTS.B

,

11

.24

%

,

3/22/27

27,450

27,983

APP-12412264.FP.FTS.B

,

19

.99

%

,

3/22/27

10,335

10,661

APP-11877626.FP.FTS.B

,

13

.59

%

,

4/14/27

28,944

29,425

APP-13682302.FP.FTS.B

,

18

.49

%

,

4/15/27

7,676

7,849

APP-13824171.FP.FTS.B

,

20

.24

%

,

4/15/27

29,616

30,062

APP-13744711.FP.FTS.B

,

26

.49

%

,

4/15/27

6,621

2,316

APP-12119826.FP.FTS.B

,

12

.09

%

,

4/16/27

35,612

36,124

APP-13846094.FP.FTS.B

,

19

.49

%

,

4/16/27

6,128

614

APP-13767273.FP.FTS.B

,

11

.59

%

,

4/18/27

11,800

11,983

APP-12397582.FP.FTS.B

,

19

.99

%

,

4/18/27

19,557

19,946

APP-13929153.FP.FTS.B

,

9

.59

%

,

4/20/27

.

9,579

9,732

APP-11878337.FP.FTS.B

,

11

.24

%

,

4/21/27

9,897

1,027

APP-14057284.FP.FTS.B

,

13

.59

%

,

4/23/27

28,305

28,741

APP-13920277.FP.FTS.B

,

17

.99

%

,

4/24/27

14,382

14,636

APP-14059320.FP.FTS.B

,

16

.99

%

,

4/30/27

19,700

10,637

APP-14099769.FP.FTS.B

,

20

.49

%

,

4/30/27

15,071

15,560

APP-14199304.FP.FTS.B

,

13

.59

%

,

5/01/27

25,783

26,134

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14146465.FP.FTS.B

,

17

.99

%

,

5/01/27

$

2,072

$

2,081

APP-14187476.FP.FTS.B

,

17

.99

%

,

5/01/27

20,218

20,519

APP-14176600.FP.FTS.B

,

22

.99

%

,

5/01/27

8,893

9,027

APP-14087177.FP.FTS.B

,

18

.99

%

,

5/02/27

12,740

12,911

APP-14289803.FP.FTS.B

,

22

.49

%

,

5/02/27

7,341

7,442

APP-14041540.FP.FTS.B

,

11

.59

%

,

5/03/27

15,328

15,552

APP-14129708.FP.FTS.B

,

11

.34

%

,

5/05/27

24,590

24,962

APP-14172338.FP.FTS.B

,

18

.49

%

,

5/05/27

10,159

3,334

APP-13965445.FP.FTS.B

,

20

.24

%

,

5/08/27

16,663

1,651

APP-14263477.FP.FTS.B

,

21

.99

%

,

5/10/27

14,227

8,863

APP-13484916.FP.FTS.B

,

14

.99

%

,

5/12/27

15,422

15,688

APP-14330285.FP.FTS.B

,

11

.74

%

,

5/13/27

19,335

19,623

APP-13720484.FP.FTS.B

,

11

.34

%

,

5/15/27

28,494

28,934

APP-13483981.FP.FTS.B

,

16

.99

%

,

5/15/27

9,420

9,620

APP-13485148.FP.FTS.B

,

18

.49

%

,

5/15/27

22,519

23,011

APP-13694672.FP.FTS.B

,

24

.99

%

,

5/15/27

24,199

8,391

APP-13725984.FP.FTS.B

,

13

.59

%

,

5/17/27

22,131

22,497

APP-13302047.FP.FTS.B

,

13

.74

%

,

5/17/27

7,764

7,888

APP-13417402.FP.FTS.B

,

17

.99

%

,

5/18/27

11,113

11,386

APP-12287013.FP.FTS.B

,

18

.24

%

,

5/18/27

20,539

20,978

APP-13849753.FP.FTS.B

,

9

.34

%

,

5/20/27

.

22,452

22,812

APP-13484281.FP.FTS.B

,

11

.34

%

,

5/20/27

5,603

5,622

APP-13800465.FP.FTS.B

,

18

.49

%

,

5/20/27

8,984

9,205

APP-13529032.FP.FTS.B

,

18

.74

%

,

5/20/27

26,589

27,232

APP-13705972.FP.FTS.B

,

26

.49

%

,

5/20/27

8,162

8,315

APP-13542298.FP.FTS.B

,

11

.34

%

,

5/21/27

18,393

18,742

APP-13811007.FP.FTS.B

,

11

.34

%

,

5/21/27

18,754

19,059

APP-13848454.FP.FTS.B

,

16

.09

%

,

5/21/27

8,431

8,573

APP-13767415.FP.FTS.B

,

19

.49

%

,

5/21/27

14,450

14,772

APP-13826410.FP.FTS.B

,

20

.49

%

,

5/21/27

15,654

16,010

APP-13838022.FP.FTS.B

,

22

.49

%

,

5/21/27

6,149

6,291

APP-13660286.FP.FTS.B

,

22

.99

%

,

5/21/27

7,556

7,750

APP-13840262.FP.FTS.B

,

23

.49

%

,

5/21/27

9,666

9,915

APP-11743712.FP.FTS.B

,

21

.49

%

,

5/22/27

12,023

12,270

APP-13921670.FP.FTS.B

,

18

.49

%

,

5/24/27

1,802

1,803

APP-13628676.FP.FTS.B

,

16

.99

%

,

5/27/27

9,347

9,553

APP-13485109.FP.FTS.B

,

20

.49

%

,

5/27/27

9,232

9,507

APP-13724215.FP.FTS.B

,

10

.09

%

,

5/28/27

33,902

34,535

APP-13751462.FP.FTS.B

,

11

.59

%

,

5/28/27

27,209

27,745

APP-13899643.FP.FTS.B

,

12

.09

%

,

5/28/27

36,486

37,044

APP-13574037.FP.FTS.B

,

15

.24

%

,

5/28/27

34,298

34,986

APP-13628755.FP.FTS.B

,

19

.49

%

,

5/28/27

8,047

8,262

APP-13521024.FP.FTS.B

,

20

.99

%

,

5/28/27

12,368

12,746

APP-13696300.FP.FTS.B

,

13

.84

%

,

5/29/27

10,980

11,207

APP-13932583.FP.FTS.B

,

15

.49

%

,

5/30/27

3,966

3,968

APP-13836108.FP.FTS.B

,

13

.59

%

,

5/31/27

29,743

30,204

APP-13852222.FP.FTS.B

,

26

.49

%

,

5/31/27

7,298

7,455

APP-14965459.FP.FTS.B

,

17

.24

%

,

6/01/27

22,967

23,240

APP-15037607.FP.FTS.B

,

20

.99

%

,

6/01/27

8,812

8,893

APP-13623936.FP.FTS.B

,

9

.34

%

,

6/03/27

.

28,843

29,285

APP-13816811.FP.FTS.B

,

18

.99

%

,

6/03/27

15,512

15,754

APP-14795053.FP.FTS.B

,

26

.99

%

,

6/03/27

7,266

7,300

APP-13628843.FP.FTS.B

,

16

.99

%

,

6/04/27

9,635

9,766

APP-14688354.FP.FTS.B

,

17

.49

%

,

6/04/27

19,799

20,065

APP-15009891.FP.FTS.B

,

20

.74

%

,

6/05/27

24,406

24,707

APP-13965578.FP.FTS.B

,

22

.49

%

,

6/05/27

2,366

1,131

APP-14190918.FP.FTS.B

,

9

.59

%

,

6/06/27

.

5,193

5,217

APP-14191584.FP.FTS.B

,

11

.34

%

,

6/06/27

27,217

27,652

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14200239.FP.FTS.B

,

11

.34

%

,

6/06/27

$

28,773

$

29,202

APP-14177752.FP.FTS.B

,

11

.59

%

,

6/06/27

18,877

19,146

APP-14165096.FP.FTS.B

,

14

.74

%

,

6/06/27

22,505

22,866

APP-14192451.FP.FTS.B

,

17

.99

%

,

6/06/27

22,434

22,758

APP-14083608.FP.FTS.B

,

20

.49

%

,

6/06/27

8,644

8,656

APP-13961157.FP.FTS.B

,

12

.09

%

,

6/07/27

35,960

36,470

APP-14225512.FP.FTS.B

,

20

.49

%

,

6/07/27

7,712

7,837

APP-14212766.FP.FTS.B

,

26

.49

%

,

6/07/27

2,880

2,836

APP-14925385.FP.FTS.B

,

15

.49

%

,

6/10/27

11,507

11,669

APP-13914635.FP.FTS.B

,

20

.99

%

,

6/10/27

15,558

15,832

APP-14179267.FP.FTS.B

,

17

.24

%

,

6/11/27

36,749

37,291

APP-14221142.FP.FTS.B

,

24

.24

%

,

6/12/27

19,373

6,704

APP-14324970.FP.FTS.B

,

24

.74

%

,

6/12/27

11,193

11,449

APP-14189919.FP.FTS.B

,

20

.49

%

,

6/13/27

12,293

12,525

APP-14176860.FP.FTS.B

,

20

.24

%

,

6/15/27

23,339

23,799

APP-14227617.FP.FTS.B

,

20

.99

%

,

6/15/27

7,770

7,919

APP-14197537.FP.FTS.B

,

22

.99

%

,

6/15/27

8,785

828

APP-14219059.FP.FTS.B

,

11

.34

%

,

6/16/27

14,541

14,771

APP-15597460.FP.FTS.B

,

16

.49

%

,

6/16/27

24,000

24,311

APP-14301553.FP.FTS.B

,

22

.49

%

,

6/16/27

14,235

14,530

APP-14046117.FP.FTS.B

,

9

.59

%

,

6/17/27

.

11,787

11,985

APP-14151947.FP.FTS.B

,

10

.84

%

,

6/17/27

21,866

22,239

APP-14138938.FP.FTS.B

,

11

.59

%

,

6/17/27

12,301

12,511

APP-14104736.FP.FTS.B

,

15

.49

%

,

6/17/27

2,744

2,744

APP-14188906.FP.FTS.B

,

16

.99

%

,

6/17/27

15,248

15,535

APP-14200894.FP.FTS.B

,

23

.49

%

,

6/17/27

10,748

10,985

APP-14243912.FP.FTS.B

,

26

.49

%

,

6/17/27

6,843

6,984

APP-14301044.FP.FTS.B

,

26

.49

%

,

6/17/27

7,435

7,531

APP-14057201.FP.FTS.B

,

15

.99

%

,

6/18/27

9,139

9,327

APP-13986857.FP.FTS.B

,

20

.49

%

,

6/18/27

12,126

3,966

APP-14108165.FP.FTS.B

,

20

.49

%

,

6/18/27

14,245

14,523

APP-14066107.FP.FTS.B

,

9

.34

%

,

6/19/27

.

28,843

29,338

APP-14157257.FP.FTS.B

,

11

.34

%

,

6/19/27

15,090

15,356

APP-14165192.FP.FTS.B

,

17

.99

%

,

6/19/27

14,699

15,031

APP-14159215.FP.FTS.B

,

18

.49

%

,

6/19/27

9,254

1,768

APP-14195378.FP.FTS.B

,

19

.49

%

,

6/19/27

21,769

22,275

APP-14025039.FP.FTS.B

,

20

.49

%

,

6/19/27

10,171

10,401

APP-14034800.FP.FTS.B

,

22

.24

%

,

6/19/27

7,118

7,085

APP-14326267.FP.FTS.B

,

23

.74

%

,

6/19/27

24,827

25,113

APP-14194801.FP.FTS.B

,

11

.34

%

,

6/20/27

14,655

14,918

APP-14202174.FP.FTS.B

,

11

.59

%

,

6/20/27

9,544

9,716

APP-14202404.FP.FTS.B

,

12

.09

%

,

6/20/27

36,849

37,519

APP-14077334.FP.FTS.B

,

13

.59

%

,

6/20/27

21,634

22,018

APP-14188625.FP.FTS.B

,

13

.59

%

,

6/20/27

14,881

15,143

APP-14057492.FP.FTS.B

,

16

.99

%

,

6/20/27

11,246

11,398

APP-14194952.FP.FTS.B

,

17

.99

%

,

6/20/27

15,367

15,699

APP-14198467.FP.FTS.B

,

18

.99

%

,

6/20/27

20,837

21,163

APP-14221223.FP.FTS.B

,

19

.24

%

,

6/20/27

39,752

4,397

APP-14172834.FP.FTS.B

,

20

.99

%

,

6/20/27

9,018

9,229

APP-14159440.FP.FTS.B

,

21

.99

%

,

6/20/27

12,355

12,657

APP-14195756.FP.FTS.B

,

22

.49

%

,

6/20/27

13,253

2,905

APP-14199815.FP.FTS.B

,

22

.49

%

,

6/20/27

8,864

9,035

APP-08640096.FP.FTS.B

,

11

.34

%

,

6/21/27

20,467

20,820

APP-14278564.FP.FTS.B

,

20

.49

%

,

6/24/27

9,934

10,146

APP-14292674.FP.FTS.B

,

21

.99

%

,

6/25/27

13,592

13,953

APP-14215379.FP.FTS.B

,

17

.49

%

,

6/26/27

13,711

14,000

APP-14178588.FP.FTS.B

,

22

.99

%

,

6/26/27

1,079

1,075

APP-13787332.FP.FTS.B

,

11

.34

%

,

6/27/27

18,685

19,036

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14178884.FP.FTS.B

,

17

.49

%

,

6/27/27

$

7,243

$

4,654

APP-14335800.FP.FTS.B

,

19

.99

%

,

6/27/27

11,500

11,788

APP-14341730.FP.FTS.B

,

20

.99

%

,

6/27/27

11,394

11,700

APP-13695730.FP.FTS.B

,

26

.49

%

,

6/28/27

6,021

6,190

APP-15557986.FP.FTS.B

,

10

.99

%

,

6/30/27

33,543

2,931

APP-15748724.FP.FTS.B

,

12

.49

%

,

7/01/27

18,244

18,473

APP-15753390.FP.FTS.B

,

26

.99

%

,

7/01/27

8,334

8,454

APP-15425472.FP.FTS.B

,

18

.99

%

,

7/02/27

24,499

24,772

APP-15635946.FP.FTS.B

,

24

.74

%

,

7/03/27

13,243

13,370

APP-15718781.FP.FTS.B

,

26

.74

%

,

7/03/27

2,620

2,566

APP-15653357.FP.FTS.B

,

21

.24

%

,

7/04/27

6,396

6,471

APP-14163190.FP.FTS.B

,

18

.74

%

,

7/05/27

26,873

26,952

APP-14883847.FP.FTS.B

,

17

.24

%

,

7/06/27

5,774

5,856

APP-14197811.FP.FTS.B

,

20

.49

%

,

7/06/27

15,332

15,611

APP-15556990.FP.FTS.B

,

21

.24

%

,

7/06/27

8,011

8,090

APP-14902078.FP.FTS.B

,

11

.74

%

,

7/07/27

18,562

18,831

APP-14904704.FP.FTS.B

,

13

.99

%

,

7/07/27

28,696

29,085

APP-15744265.FP.FTS.B

,

14

.49

%

,

7/07/27

7,227

7,241

APP-14143499.FP.FTS.B

,

17

.24

%

,

7/07/27

26,059

26,422

APP-14923950.FP.FTS.B

,

13

.74

%

,

7/08/27

9,800

9,936

APP-14844069.FP.FTS.B

,

16

.49

%

,

7/08/27

21,820

22,202

APP-14917832.FP.FTS.B

,

16

.49

%

,

7/08/27

3,681

3,652

APP-14840263.FP.FTS.B

,

17

.49

%

,

7/08/27

20,810

21,126

APP-14994439.FP.FTS.B

,

19

.99

%

,

7/10/27

14,245

14,522

APP-15045243.FP.FTS.B

,

21

.49

%

,

7/10/27

15,557

15,739

APP-15007157.FP.FTS.B

,

20

.99

%

,

7/11/27

9,430

9,582

APP-14868239.FP.FTS.B

,

11

.99

%

,

7/12/27

9,043

9,181

APP-14709072.FP.FTS.B

,

17

.49

%

,

7/12/27

16,322

16,611

APP-15039779.FP.FTS.B

,

17

.49

%

,

7/12/27

18,417

1,677

APP-15023218.FP.FTS.B

,

23

.99

%

,

7/12/27

22,895

2,394

APP-15042638.FP.FTS.B

,

26

.99

%

,

7/12/27

8,118

8,244

APP-14930206.FP.FTS.B

,

14

.49

%

,

7/14/27

8,647

8,787

APP-14689546.FP.FTS.B

,

11

.74

%

,

7/15/27

21,219

21,553

APP-14818480.FP.FTS.B

,

11

.74

%

,

7/15/27

29,892

30,370

APP-14821859.FP.FTS.B

,

11

.74

%

,

7/15/27

15,238

15,477

APP-14914496.FP.FTS.B

,

11

.74

%

,

7/15/27

29,892

30,370

APP-13767685.FP.FTS.B

,

11

.99

%

,

7/15/27

5,562

5,575

APP-14996949.FP.FTS.B

,

11

.99

%

,

7/15/27

10,378

10,516

APP-15137192.FP.FTS.B

,

11

.99

%

,

7/15/27

13,120

13,314

APP-14128298.FP.FTS.B

,

23

.99

%

,

7/15/27

12,825

1,333

APP-15039028.FP.FTS.B

,

22

.99

%

,

7/16/27

6,390

6,483

APP-14843307.FP.FTS.B

,

11

.99

%

,

7/17/27

11,241

11,427

APP-14866235.FP.FTS.B

,

12

.74

%

,

7/17/27

37,141

37,708

APP-14906097.FP.FTS.B

,

16

.74

%

,

7/18/27

37,078

37,752

APP-14882502.FP.FTS.B

,

11

.74

%

,

7/19/27

17,972

18,280

APP-14811744.FP.FTS.B

,

13

.99

%

,

7/19/27

26,630

27,101

APP-14688586.FP.FTS.B

,

17

.49

%

,

7/19/27

20,957

21,345

APP-14191093.FP.FTS.B

,

18

.99

%

,

7/19/27

16,010

16,281

APP-14174912.FP.FTS.B

,

22

.99

%

,

7/19/27

25,172

25,782

APP-14160424.FP.FTS.B

,

23

.99

%

,

7/19/27

13,835

14,183

APP-14057681.FP.FTS.B

,

11

.99

%

,

7/20/27

9,060

9,218

APP-13547748.FP.FTS.B

,

12

.09

%

,

7/20/27

38,462

39,141

APP-14766983.FP.FTS.B

,

13

.99

%

,

7/20/27

30,452

31,001

APP-14859116.FP.FTS.B

,

13

.99

%

,

7/20/27

4,116

4,123

APP-14911982.FP.FTS.B

,

15

.99

%

,

7/20/27

14,710

14,997

APP-14902830.FP.FTS.B

,

16

.24

%

,

7/20/27

30,927

31,499

APP-15056862.FP.FTS.B

,

22

.99

%

,

7/20/27

16,047

16,324

APP-14688432.FP.FTS.B

,

9

.99

%

,

7/21/27

.

9,255

9,413

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-14865961.FP.FTS.B

,

11

.74

%

,

7/21/27

$

26,835

$

27,310

APP-14937680.FP.FTS.B

,

11

.99

%

,

7/21/27

12,360

12,563

APP-14938376.FP.FTS.B

,

11

.99

%

,

7/21/27

11,266

11,466

APP-14881643.FP.FTS.B

,

17

.49

%

,

7/21/27

16,933

17,261

APP-14877061.FP.FTS.B

,

9

.99

%

,

7/22/27

.

12,208

12,419

APP-14728435.FP.FTS.B

,

11

.99

%

,

7/22/27

9,768

9,944

APP-15030718.FP.FTS.B

,

18

.24

%

,

7/22/27

31,551

32,122

APP-16899204.FP.FTS.B

,

16

.24

%

,

7/23/27

23,197

23,494

APP-14529813.FP.FTS.B

,

18

.24

%

,

7/23/27

29,801

30,416

APP-14859157.FP.FTS.B

,

19

.24

%

,

7/24/27

32,123

32,731

APP-15024147.FP.FTS.B

,

22

.99

%

,

7/25/27

6,404

623

APP-14314279.FP.FTS.B

,

23

.49

%

,

7/25/27

6,145

6,278

APP-15048932.FP.FTS.B

,

11

.99

%

,

7/26/27

12,759

12,987

APP-15053109.FP.FTS.B

,

11

.74

%

,

7/29/27

14,992

15,274

APP-16318783.FP.FTS.B

,

18

.99

%

,

7/30/27

13,444

13,661

APP-15578753.FP.FTS.B

,

11

.74

%

,

8/01/27

22,772

23,067

APP-15576948.FP.FTS.B

,

12

.24

%

,

8/01/27

26,662

27,007

APP-16690743.FP.FTS.B

,

18

.49

%

,

8/01/27

6,408

6,484

APP-15361603.FP.FTS.B

,

19

.74

%

,

8/01/27

14,460

14,597

APP-15584134.FP.FTS.B

,

12

.99

%

,

8/03/27

20,152

20,417

APP-16724945.FP.FTS.B

,

13

.99

%

,

8/03/27

40,380

20,680

APP-16827842.FP.FTS.B

,

16

.24

%

,

8/03/27

18,997

19,247

APP-16934495.FP.FTS.B

,

13

.99

%

,

8/05/27

12,362

12,489

APP-17031491.FP.FTS.B

,

13

.99

%

,

8/05/27

39,315

39,803

APP-17272402.FP.FTS.B

,

21

.24

%

,

8/05/27

25,811

25,963

APP-15682350.FP.FTS.B

,

22

.24

%

,

8/05/27

18,117

1,636

APP-15713621.FP.FTS.B

,

12

.49

%

,

8/06/27

13,130

13,303

APP-15751991.FP.FTS.B

,

12

.49

%

,

8/07/27

11,771

11,930

APP-14911217.FP.FTS.B

,

13

.99

%

,

8/07/27

18,846

19,110

APP-15763190.FP.FTS.B

,

22

.24

%

,

8/08/27

20,496

20,677

APP-15743089.FP.FTS.B

,

16

.74

%

,

8/10/27

19,226

19,509

APP-17457181.FP.FTS.B

,

16

.24

%

,

8/12/27

7,917

8,018

APP-15231441.FP.FTS.B

,

16

.99

%

,

8/12/27

37,260

37,903

APP-15558741.FP.FTS.B

,

19

.49

%

,

8/12/27

30,470

30,924

APP-15594246.FP.FTS.B

,

25

.49

%

,

8/12/27

21,922

22,090

APP-15576373.FP.FTS.B

,

19

.24

%

,

8/13/27

12,356

12,548

APP-15302717.FP.FTS.B

,

20

.24

%

,

8/13/27

17,185

17,347

APP-15437840.FP.FTS.B

,

20

.24

%

,

8/13/27

12,732

12,902

APP-16055829.FP.FTS.B

,

12

.99

%

,

8/14/27

9,180

9,309

APP-15595170.FP.FTS.B

,

15

.24

%

,

8/14/27

39,793

20,546

APP-15805332.FP.FTS.B

,

18

.74

%

,

8/14/27

21,498

4,064

APP-16079598.FP.FTS.B

,

20

.49

%

,

8/14/27

15,981

16,187

APP-16063371.FP.FTS.B

,

20

.99

%

,

8/14/27

20,066

20,326

APP-15638158.FP.FTS.B

,

21

.24

%

,

8/14/27

7,762

7,865

APP-15526033.FP.FTS.B

,

21

.74

%

,

8/14/27

16,836

17,010

APP-14058523.FP.FTS.B

,

21

.99

%

,

8/14/27

26,744

27,119

APP-15802156.FP.FTS.B

,

22

.24

%

,

8/14/27

12,036

12,225

APP-15578534.FP.FTS.B

,

11

.74

%

,

8/15/27

23,378

23,735

APP-15398960.FP.FTS.B

,

12

.99

%

,

8/15/27

33,032

33,603

APP-15709743.FP.FTS.B

,

14

.49

%

,

8/15/27

31,037

31,535

APP-15299307.FP.FTS.B

,

14

.99

%

,

8/15/27

23,128

23,536

APP-11750409.FP.FTS.B

,

17

.99

%

,

8/15/27

14,654

14,858

APP-15544956.FP.FTS.B

,

18

.74

%

,

8/15/27

12,407

12,634

APP-15710954.FP.FTS.B

,

18

.99

%

,

8/15/27

25,540

25,824

APP-15574568.FP.FTS.B

,

20

.24

%

,

8/15/27

23,997

24,370

APP-15702332.FP.FTS.B

,

20

.24

%

,

8/15/27

8,035

8,168

APP-15585228.FP.FTS.B

,

22

.24

%

,

8/15/27

18,808

19,008

APP-15600789.FP.FTS.B

,

22

.24

%

,

8/15/27

6,121

6,216

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16074588.FP.FTS.B

,

23

.49

%

,

8/15/27

$

12,095

$

12,288

APP-16075494.FP.FTS.B

,

23

.49

%

,

8/15/27

6,519

6,605

APP-15763149.FP.FTS.B

,

26

.99

%

,

8/15/27

8,673

8,788

APP-15868809.FP.FTS.B

,

12

.99

%

,

8/16/27

26,319

26,711

APP-13337190.FP.FTS.B

,

18

.99

%

,

8/16/27

11,597

11,768

APP-15602475.FP.FTS.B

,

12

.49

%

,

8/19/27

13,607

13,841

APP-15591313.FP.FTS.B

,

20

.74

%

,

8/19/27

11,067

11,257

APP-15601188.FP.FTS.B

,

21

.24

%

,

8/19/27

39,322

39,957

APP-15697643.FP.FTS.B

,

19

.24

%

,

8/20/27

16,098

16,383

APP-15811836.FP.FTS.B

,

19

.74

%

,

8/20/27

19,997

20,322

APP-15742698.FP.FTS.B

,

20

.74

%

,

8/20/27

16,045

16,331

APP-15741986.FP.FTS.B

,

12

.49

%

,

8/21/27

24,126

24,551

APP-15737768.FP.FTS.B

,

17

.74

%

,

8/21/27

15,235

1,560

APP-15602128.FP.FTS.B

,

21

.74

%

,

8/21/27

10,925

11,123

APP-15663958.FP.FTS.B

,

22

.24

%

,

8/21/27

11,448

11,614

APP-15745269.FP.FTS.B

,

22

.24

%

,

8/21/27

12,674

12,841

APP-16024812.FP.FTS.B

,

12

.99

%

,

8/22/27

9,221

9,376

APP-15044155.FP.FTS.B

,

20

.99

%

,

8/25/27

17,407

1,658

APP-15006613.FP.FTS.B

,

23

.49

%

,

8/25/27

5,040

5,017

APP-14178173.FP.FTS.B

,

15

.24

%

,

8/26/27

16,803

17,117

APP-15871509.FP.FTS.B

,

20

.49

%

,

8/26/27

14,619

14,907

APP-16071674.FP.FTS.B

,

22

.49

%

,

8/26/27

8,581

8,755

APP-15043328.FP.FTS.B

,

22

.74

%

,

8/26/27

10,888

11,122

APP-14920951.FP.FTS.B

,

23

.49

%

,

8/26/27

6,318

6,469

APP-14977194.FP.FTS.B

,

26

.99

%

,

8/26/27

10,465

1,124

APP-16053754.FP.FTS.B

,

10

.99

%

,

8/27/27

24,959

25,404

APP-15234987.FP.FTS.B

,

16

.74

%

,

8/27/27

23,091

23,540

APP-14346063.FP.FTS.B

,

18

.49

%

,

8/27/27

20,623

20,956

APP-16061296.FP.FTS.B

,

23

.49

%

,

8/27/27

11,521

11,709

APP-12674078.FP.FTS.B

,

20

.24

%

,

8/28/27

24,663

25,178

APP-16019364.FP.FTS.B

,

20

.99

%

,

8/28/27

23,418

23,912

APP-16813915.FP.FTS.B

,

19

.99

%

,

9/04/27

16,215

16,398

APP-16893024.FP.FTS.B

,

19

.99

%

,

9/04/27

13,277

6,936

APP-17103722.FP.FTS.B

,

9

.74

%

,

9/06/27

.

3,818

3,869

APP-17244225.FP.FTS.B

,

9

.49

%

,

9/09/27

.

16,062

16,276

APP-17250115.FP.FTS.B

,

9

.74

%

,

9/09/27

.

5,732

5,808

APP-17398424.FP.FTS.B

,

18

.24

%

,

9/12/27

7,938

7,992

APP-17433516.FP.FTS.B

,

20

.49

%

,

9/12/27

20,225

20,447

APP-17455190.FP.FTS.B

,

12

.74

%

,

9/13/27

38,855

39,383

APP-17430483.FP.FTS.B

,

12

.99

%

,

9/13/27

20,575

20,855

APP-17450366.FP.FTS.B

,

21

.24

%

,

9/13/27

9,671

9,773

APP-16817244.FP.FTS.B

,

18

.24

%

,

9/14/27

40,413

41,055

APP-15589159.FP.FTS.B

,

26

.74

%

,

9/14/27

13,674

8,524

APP-16652517.FP.FTS.B

,

14

.24

%

,

9/15/27

15,762

15,991

APP-16847088.FP.FTS.B

,

18

.24

%

,

9/15/27

8,089

8,191

APP-15040717.FP.FTS.B

,

20

.99

%

,

9/15/27

7,683

7,711

APP-15593379.FP.FTS.B

,

24

.74

%

,

9/15/27

6,721

6,797

APP-15584156.FP.FTS.B

,

26

.99

%

,

9/15/27

4,422

4,376

APP-17507239.FP.FTS.B

,

16

.24

%

,

9/16/27

5,899

5,902

APP-16896117.FP.FTS.B

,

23

.99

%

,

9/16/27

3,231

3,194

APP-16906029.FP.FTS.B

,

17

.74

%

,

9/17/27

8,495

8,646

APP-16901085.FP.FTS.B

,

22

.49

%

,

9/17/27

14,430

14,655

APP-14132105.FP.FTS.B

,

22

.99

%

,

9/17/27

25,942

8,978

APP-16806378.FP.FTS.B

,

23

.49

%

,

9/17/27

22,950

23,268

APP-16119812.FP.FTS.B

,

21

.74

%

,

9/18/27

19,606

4,126

APP-16599721.FP.FTS.B

,

13

.49

%

,

9/19/27

14,886

15,126

APP-16335329.FP.FTS.B

,

11

.24

%

,

9/20/27

14,465

14,700

APP-17023882.FP.FTS.B

,

13

.24

%

,

9/20/27

11,199

11,387

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15706743.FP.FTS.B

,

24

.24

%

,

9/20/27

$

8,265

$

8,383

APP-15738048.FP.FTS.B

,

24

.99

%

,

9/20/27

15,861

16,080

APP-15718443.FP.FTS.B

,

26

.99

%

,

9/20/27

21,006

21,271

APP-17104731.FP.FTS.B

,

13

.49

%

,

9/21/27

14,945

15,196

APP-15601763.FP.FTS.B

,

24

.24

%

,

9/21/27

9,823

3,278

APP-15723564.FP.FTS.B

,

26

.99

%

,

9/21/27

6,741

6,833

APP-15725666.FP.FTS.B

,

26

.99

%

,

9/21/27

6,552

1,461

APP-15758289.FP.FTS.B

,

26

.99

%

,

9/21/27

8,824

8,942

APP-17193229.FP.FTS.B

,

11

.99

%

,

9/22/27

11,693

11,889

APP-17221012.FP.FTS.B

,

15

.24

%

,

9/22/27

20,506

20,815

APP-15432924.FP.FTS.B

,

18

.99

%

,

9/23/27

19,172

19,407

APP-13628761.FP.FTS.B

,

20

.99

%

,

9/23/27

14,182

14,389

APP-15037668.FP.FTS.B

,

26

.99

%

,

9/23/27

8,933

9,011

APP-14078519.FP.FTS.B

,

24

.24

%

,

9/24/27

15,850

16,068

APP-15757316.FP.FTS.B

,

24

.99

%

,

9/24/27

17,982

6,319

APP-17458369.FP.FTS.B

,

14

.49

%

,

9/25/27

7,366

7,490

APP-17362213.FP.FTS.B

,

18

.49

%

,

9/25/27

16,188

16,435

APP-17450170.FP.FTS.B

,

20

.24

%

,

9/25/27

35,720

36,256

APP-17493809.FP.FTS.B

,

20

.49

%

,

9/25/27

14,494

14,755

APP-17329208.FP.FTS.B

,

20

.99

%

,

9/25/27

13,962

14,189

APP-17418426.FP.FTS.B

,

18

.99

%

,

9/26/27

20,110

20,429

APP-17489430.FP.FTS.B

,

8

.49

%

,

9/27/27

.

20,037

20,365

APP-15069494.FP.FTS.B

,

11

.99

%

,

9/27/27

12,722

3,605

APP-17458150.FP.FTS.B

,

18

.99

%

,

9/27/27

32,521

33,102

APP-17422584.FP.FTS.B

,

18

.49

%

,

10/12/27

..........................

16,429

9,911

APP-15307313.FP.FTS.B

,

22

.24

%

,

10/12/27

..........................

13,740

13,815

APP-15684113.FP.FTS.B

,

20

.74

%

,

10/18/27

19,008

19,126

APP-14057430.FP.FTS.B

,

14

.09

%

,

10/29/27

..........................

11,550

6,685

APP-15008780.FP.FTS.B

,

19

.99

%

,

10/29/27

..........................

14,763

1,627

APP-15634817.FP.FTS.B

,

25

.24

%

,

11/12/27

5,609

5,531

APP-15651111.FP.FTS.B

,

24

.99

%

,

11/18/27

20,598

20,718

APP-14122876.FP.FTS.B

,

23

.49

%

,

11/20/27

30,480

30,607

APP-13754354.FP.FTS.B

,

11

.34

%

,

11/30/27

27,529

2,272

APP-15398570.FP.FTS.B

,

18

.99

%

,

12/14/27

..........................

41,476

42,183

APP-15590969.FP.FTS.B

,

20

.49

%

,

2/29/28

29,685

3,608

APP-12386826.FP.FTS.B

,

23

.99

%

,

2/01/34

1,074

1,074

9,306,584

LendingClub

Corp.

148255751.LC.FTS.B

,

12

.4

%

,

3/05/24

...

663

661

148704813.LC.FTS.B

,

13

.9

%

,

3/12/24

...

1,597

1,598

148285066.LC.FTS.B

,

17

.97

%

,

3/15/24

...

1,717

1,725

148912242.LC.FTS.B

,

20

%

,

3/18/24

.....

1,447

1,455

149314316.LC.FTS.B

,

10

.33

%

,

3/19/24

...

796

791

149281358.LC.FTS.B

,

12

.4

%

,

3/26/24

...

935

933

149315507.LC.FTS.B

,

13

.08

%

,

3/26/24

...

896

895

149128960.LC.FTS.B

,

10

.33

%

,

4/01/24

...

1,578

1,571

148529602.LC.FTS.B

,

15

.57

%

,

4/01/24

...

725

722

150130575.LC.FTS.B

,

13

.9

%

,

4/12/24

...

2,722

2,720

150116474.LC.FTS.B

,

20

%

,

4/12/24

.....

980

983

150114686.LC.FTS.B

,

13

.9

%

,

4/16/24

....

680

680

150302648.LC.FTS.B

,

15

.57

%

,

4/17/24

...

1,408

1,408

150457673.LC.FTS.B

,

20

%

,

4/22/24

.....

1,538

1,548

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

150622391.LC.FTS.B

,

13

.9

%

,

4/23/24

...

$

1,701

$

1,702

150627709.LC.FTS.B

,

20

%

,

4/23/24

.....

1,535

1,541

150850415.LC.FTS.B

,

12

.4

%

,

4/30/24

...

1,417

1,406

151444001.LC.FTS.B

,

14

.74

%

,

5/09/24

...

1,101

1,098

148165215.LC.FTS.B

,

15

.57

%

,

5/15/24

...

6,418

–

151690420.LC.FTS.B

,

17

.97

%

,

5/23/24

...

1,762

1,769

152159254.LC.FTS.B

,

Zero

Cpn

,

5/24/24

.

8,089

–

152303972.LC.FTS.B

,

Zero

Cpn

,

5/24/24

.

11,869

–

151495173.LC.FTS.B

,

12

.4

%

,

5/24/24

...

1,833

1,823

151810309.LC.FTS.B

,

13

.08

%

,

5/24/24

...

1,774

1,764

151897315.LC.FTS.B

,

20

%

,

5/25/24

.....

1,978

1,989

151979821.LC.FTS.B

,

13

.9

%

,

5/28/24

...

1,834

1,831

147890443.LC.FTS.B

,

11

.02

%

,

6/05/24

...

5,305

5,239

152765318.LC.FTS.B

,

17

.19

%

,

6/11/24

...

1,793

1,786

150392604.LC.FTS.B

,

17

.97

%

,

6/18/24

...

7,096

890

153720322.LC.FTS.B

,

12

.4

%

,

6/20/24

...

2,286

2,267

153211777.LC.FTS.B

,

15

.24

%

,

6/20/24

...

1,233

1,228

153987117.LC.FTS.B

,

12

.4

%

,

6/24/24

....

2,290

2,273

153754650.LC.FTS.B

,

16

.95

%

,

6/27/24

...

2,460

2,453

154462977.LC.FTS.B

,

16

.12

%

,

7/01/24

...

1,396

1,388

154940690.LC.FTS.B

,

16

.12

%

,

7/09/24

...

3,711

3,693

150616815.LC.FTS.B

,

17

.97

%

,

7/09/24

...

2,344

2,338

154267934.LC.FTS.B

,

14

.3

%

,

7/15/24

...

5,407

5,376

154935107.LC.FTS.B

,

20

%

,

7/15/24

.....

1,435

1,439

150328755.LC.FTS.B

,

13

.08

%

,

7/17/24

...

1,622

1,600

155164991.LC.FTS.B

,

15

.24

%

,

7/18/24

...

5,516

5,485

155717890.LC.FTS.B

,

15

.24

%

,

7/23/24

...

1,373

1,369

151707588.LC.FTS.B

,

14

.74

%

,

7/29/24

...

3,446

3,422

155334080.LC.FTS.B

,

16

.12

%

,

7/29/24

...

5,798

5,777

155246628.LC.FTS.B

,

17

.74

%

,

7/30/24

...

1,676

1,671

156078988.LC.FTS.B

,

17

.74

%

,

7/30/24

...

3,596

3,591

156134234.LC.FTS.B

,

17

.74

%

,

7/30/24

...

1,438

1,436

155823373.LC.FTS.B

,

15

.24

%

,

7/31/24

...

4,892

4,853

155931737.LC.FTS.B

,

17

.74

%

,

8/01/24

...

4,829

973

156198752.LC.FTS.B

,

16

.95

%

,

8/10/24

...

2,539

2,517

156287957.LC.FTS.B

,

14

.3

%

,

8/11/24

....

8,438

1,006

157178824.LC.FTS.B

,

16

.12

%

,

8/20/24

...

1,942

1,933

156805347.LC.FTS.B

,

17

.74

%

,

8/26/24

...

2,889

2,872

157328472.LC.FTS.B

,

14

.3

%

,

8/27/24

...

3,915

3,871

157148290.LC.FTS.B

,

14

.3

%

,

8/29/24

...

4,057

4,038

156938647.LC.FTS.B

,

16

.12

%

,

8/31/24

...

6,400

6,344

158081866.LC.FTS.B

,

16

.12

%

,

9/05/24

...

5,145

5,100

158175447.LC.FTS.B

,

17

.74

%

,

9/10/24

...

6,622

6,570

157912310.LC.FTS.B

,

17

.74

%

,

9/16/24

...

3,462

3,430

159010378.LC.FTS.B

,

17

.74

%

,

9/19/24

...

4,547

4,507

154841821.LC.FTS.B

,

16

.12

%

,

9/22/24

...

4,548

4,489

157396742.LC.FTS.B

,

15

.24

%

,

9/23/24

...

6,498

6,447

155360790.LC.FTS.B

,

15

.24

%

,

9/25/24

...

3,390

3,348

157742410.LC.FTS.B

,

6

%

,

9/28/24

......

1,997

1,932

150551318.LC.FTS.B

,

20

%

,

9/29/24

.....

3,121

3,143

159435722.LC.FTS.B

,

12

.4

%

,

9/30/24

...

3,428

3,385

159372853.LC.FTS.B

,

13

.08

%

,

10/01/24

..

4,082

4,019

156927320.LC.FTS.B

,

Zero

Cpn

,

10/16/24

6,519

–

160079994.LC.FTS.B

,

13

.08

%

,

10/17/24

..

5,885

5,791

150241560.LC.FTS.B

,

20

%

,

10/21/24

....

2,150

2,154

160529999.LC.FTS.B

,

16

.95

%

,

10/22/24

..

2,492

2,466

160490410.LC.FTS.B

,

15

.24

%

,

10/25/24

..

8,087

8,032

148711863.LC.FTS.B

,

16

.4

%

,

10/27/24

...

2,053

2,032

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)

LendingClub

Corp.

(continued)

161573592.LC.FTS.B

,

12

.4

%

,

11/07/24

...

$

4,451

$

4,376

154797502.LC.FTS.B

,

16

.12

%

,

11/09/24

..

3,438

1,381

161593900.LC.FTS.B

,

13

.08

%

,

11/12/24

..

1,550

67

161740410.LC.FTS.B

,

17

.74

%

,

11/14/24

..

4,697

4,646

158052058.LC.FTS.B

,

14

.3

%

,

11/18/24

...

2,793

2,743

162085568.LC.FTS.B

,

16

.95

%

,

11/19/24

..

4,602

4,544

162329802.LC.FTS.B

,

20

.55

%

,

11/26/24

..

3,665

3,689

162054102.LC.FTS.B

,

14

.3

%

,

11/30/24

...

5,832

5,746

158914371.LC.FTS.B

,

16

.12

%

,

11/30/24

..

7,694

7,557

162770667.LC.FTS.B

,

11

.02

%

,

12/04/24

..

6,254

6,137

162767538.LC.FTS.B

,

12

.4

%

,

12/04/24

...

3,484

3,418

161969346.LC.FTS.B

,

20

.55

%

,

12/05/24

..

2,666

2,661

162981224.LC.FTS.B

,

20

.55

%

,

12/10/24

..

3,732

3,730

148849654.LC.FTS.B

,

Zero

Cpn

,

12/15/24

3,407

3,358

163112532.LC.FTS.B

,

14

.3

%

,

12/16/24

...

3,885

3,826

163046946.LC.FTS.B

,

15

.24

%

,

12/16/24

..

4,881

4,820

163060788.LC.FTS.B

,

13

.08

%

,

12/17/24

..

4,741

4,654

153895344.LC.FTS.B

,

13

.08

%

,

12/20/24

..

1,489

1,480

163583417.LC.FTS.B

,

20

.55

%

,

12/23/24

..

2,060

2,059

148932528.LC.FTS.B

,

17

.19

%

,

12/25/24

..

5,654

1,036

164220289.LC.FTS.B

,

16

.95

%

,

1/02/25

...

5,311

5,219

164731071.LC.FTS.B

,

18

.62

%

,

1/13/25

...

2,798

2,795

165056556.LC.FTS.B

,

20

.55

%

,

1/17/25

...

4,601

4,604

164591978.LC.FTS.B

,

12

.4

%

,

1/21/25

...

5,500

5,401

165397300.LC.FTS.B

,

14

.3

%

,

1/22/25

...

2,767

2,730

165469392.LC.FTS.B

,

14

.3

%

,

1/23/25

...

2,436

2,403

165808132.LC.FTS.B

,

20

.55

%

,

1/29/25

...

2,748

2,751

165938778.LC.FTS.B

,

20

.55

%

,

2/03/25

...

3,719

3,697

165780834.LC.FTS.B

,

13

.08

%

,

2/05/25

...

3,955

3,870

155027113.LC.FTS.B

,

17

.97

%

,

2/10/25

...

5,591

5,537

166781902.LC.FTS.B

,

13

.08

%

,

2/18/25

...

4,123

4,037

166943124.LC.FTS.B

,

15

.24

%

,

2/20/25

...

2,765

2,722

165810247.LC.FTS.B

,

18

.62

%

,

2/24/25

...

4,131

4,094

166773880.LC.FTS.B

,

10

.33

%

,

2/28/25

...

5,330

5,216

167785877.LC.FTS.B

,

15

.24

%

,

3/04/25

...

9,151

8,937

148318987.LC.FTS.B

,

5

%

,

3/07/25

......

3,063

2,514

168256441.LC.FTS.B

,

17

.74

%

,

3/13/25

...

9,517

9,335

167908793.LC.FTS.B

,

14

.3

%

,

3/16/25

...

3,558

3,488

168305153.LC.FTS.B

,

Zero

Cpn

,

3/20/25

.

10,196

–

149957207.LC.FTS.B

,

17

.19

%

,

4/09/25

...

9,911

9,629

162782888.LC.FTS.B

,

16

.95

%

,

5/25/25

...

11,814

11,549

159782705.LC.FTS.B

,

17

.74

%

,

8/13/25

...

14,735

5,448

149399946.LC.FTS.B

,

20

%

,

10/09/25

....

15,953

–

166624371.LC.FTS.B

,

17

.74

%

,

3/04/33

...

11,683

–

140103085.LC.FTS.B

,

Zero

Cpn

,

10/05/33

2,215

–

142083793.LC.FTS.B

,

24

.37

%

,

10/18/33

..

3,360

3,347

142542297.LC.FTS.B

,

11

.55

%

,

10/25/33

..

1,151

1,145

143917879.LC.FTS.B

,

16

.91

%

,

11/29/33

..

7,004

–

144940694.LC.FTS.B

,

11

.8

%

,

12/13/33

...

4,102

4,022

145642678.LC.FTS.B

,

Zero

Cpn

,

1/02/34

.

2,912

–

145998409.LC.FTS.B

,

12

.98

%

,

1/14/34

...

3,496

3,427

166785571.LC.FTS.B

,

11

.71

%

,

1/18/34

...

1,921

182

146454152.LC.FTS.B

,

16

.14

%

,

1/18/34

...

1,135

1,133

146385161.LC.FTS.B

,

18

.94

%

,

1/22/34

...

7,204

682

146347023.LC.FTS.B

,

Zero

Cpn

,

1/29/34

.

4,165

–

146154250.LC.FTS.B

,

17

.97

%

,

1/30/34

...

85

86

144718606.LC.FTS.B

,

17

.97

%

,

2/10/34

...

2,105

2,109

147312249.LC.FTS.B

,

11

.8

%

,

2/18/34

....

876

876

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

145533215.LC.FTS.B

,

11

.8

%

,

2/28/34

....

$

1,355

$

1,345

378,844

LendingClub

Corp.

-

LCX

151548915.LC.FTS.B

,

10

.33

%

,

5/10/24

...

1,247

236

151286105.LC.FTS.B

,

11

.71

%

,

5/10/24

...

2,588

2,576

151948521.LC.FTS.B

,

17

.97

%

,

5/31/24

...

1,274

1,278

155815338.LC.FTS.B

,

14

.3

%

,

7/25/24

...

1,296

1,298

155872968.LC.FTS.B

,

14

.3

%

,

7/25/24

...

2,022

2,029

155893259.LC.FTS.B

,

15

.24

%

,

7/25/24

...

4,806

4,822

155929091.LC.FTS.B

,

15

.24

%

,

7/25/24

...

2,059

2,066

155673715.LC.FTS.B

,

16

.12

%

,

7/25/24

...

4,751

4,767

156008127.LC.FTS.B

,

14

.3

%

,

7/26/24

...

5,394

5,413

156010180.LC.FTS.B

,

17

.74

%

,

7/26/24

...

2,371

2,371

153882991.LC.FTS.B

,

14

.3

%

,

7/31/24

...

3,049

3,046

155970724.LC.FTS.B

,

16

.95

%

,

7/31/24

...

2,031

2,029

158294506.LC.FTS.B

,

16

.12

%

,

9/09/24

...

2,205

2,200

158749928.LC.FTS.B

,

15

.24

%

,

9/24/24

...

2,012

2,010

158302406.LC.FTS.B

,

17

.74

%

,

9/25/24

...

4,711

4,719

158297432.LC.FTS.B

,

15

.24

%

,

11/09/24

..

5,610

5,562

158338447.LC.FTS.B

,

16

.12

%

,

11/17/24

..

8,813

8,730

156001816.LC.FTS.B

,

16

.12

%

,

1/12/25

...

3,867

3,831

165130966.LC.FTS.B

,

20

.55

%

,

1/21/25

...

1,442

1,450

165148027.LC.FTS.B

,

20

.55

%

,

1/21/25

...

5,777

5,809

165276233.LC.FTS.B

,

20

.55

%

,

1/21/25

...

6,063

6,075

165396953.LC.FTS.B

,

11

.02

%

,

1/22/25

...

7,850

7,709

164300242.LC.FTS.B

,

16

.12

%

,

1/31/25

...

10,744

10,548

165919458.LC.FTS.B

,

15

.24

%

,

2/03/25

...

11,397

11,192

165905919.LC.FTS.B

,

16

.12

%

,

2/03/25

...

8,048

7,903

166100453.LC.FTS.B

,

14

.3

%

,

2/05/25

...

11,222

11,025

167192844.LC.FTS.B

,

23

.05

%

,

2/24/25

...

7,630

7,509

167466474.LC.FTS.B

,

11

.02

%

,

2/27/25

...

6,104

5,811

167085834.LC.FTS.B

,

12

.4

%

,

2/28/25

...

8,440

379

163582275.LC.FTS.B

,

16

.12

%

,

2/28/25

...

6,939

6,385

168045027.LC.FTS.B

,

14

.3

%

,

3/15/25

...

4,571

530

168273324.LC.FTS.B

,

18

.62

%

,

3/17/25

...

5,129

4,911

164935272.LC.FTS.B

,

20

.55

%

,

3/21/25

...

12,781

12,675

168585809.LC.FTS.B

,

15

.24

%

,

3/24/25

...

3,240

3,064

165378648.LC.FTS.B

,

11

.02

%

,

3/31/25

...

11,636

11,347

154670467.LC.FTS.B

,

15

%

,

3/31/25

.....

3,305

2,766

167808300.LC.FTS.B

,

13

.08

%

,

4/14/25

...

4,080

3,805

166908304.LC.FTS.B

,

15

.24

%

,

4/18/25

...

9,165

8,491

155128973.LC.FTS.B

,

15

.24

%

,

3/25/26

...

14,243

13,710

155983239.LC.FTS.B

,

14

.3

%

,

2/09/34

...

12,158

11,901

213,978

LendingClub

Corp.

-

LCX

PM

188248955.LC.FTS.B

,

19

.49

%

,

4/12/25

...

11,066

11,054

188336152.LC.FTS.B

,

23

.99

%

,

4/19/25

...

10,170

10,253

188581186.LC.FTS.B

,

14

.49

%

,

4/21/25

...

11,276

11,145

187760587.LC.FTS.B

,

15

.99

%

,

4/21/25

...

6,176

6,179

188588570.LC.FTS.B

,

16

.29

%

,

4/21/25

...

2,143

2,129

188585972.LC.FTS.B

,

19

.44

%

,

4/21/25

...

9,687

9,704

188593902.LC.FTS.B

,

21

.49

%

,

4/21/25

...

9,901

9,987

188631141.LC.FTS.B

,

18

.19

%

,

4/22/25

...

19,323

19,382

188664382.LC.FTS.B

,

21

.49

%

,

4/22/25

...

5,940

5,994

188534183.LC.FTS.B

,

22

.99

%

,

4/22/25

...

1,758

1,790

188686293.LC.FTS.B

,

23

.99

%

,

4/22/25

...

6,663

1,275

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)

LendingClub

Corp.

-

LCX

PM

(continued)

188654930.LC.FTS.B

,

24

.79

%

,

4/22/25

...

$

3,042

$

3,139

188635054.LC.FTS.B

,

16

.99

%

,

4/24/25

...

5,409

5,413

188123636.LC.FTS.B

,

5

%

,

4/01/26

......

10,332

10,171

188053341.LC.FTS.B

,

6

%

,

4/08/27

......

4,490

4,458

187991007.LC.FTS.B

,

17

.19

%

,

4/08/27

...

4,450

4,320

188037917.LC.FTS.B

,

22

.49

%

,

4/08/27

...

10,127

9,804

188072484.LC.FTS.B

,

22

.49

%

,

4/08/27

...

6,254

–

187514926.LC.FTS.B

,

23

.49

%

,

4/11/27

...

6,096

6,060

188122973.LC.FTS.B

,

23

.49

%

,

4/11/27

...

25,488

25,055

188186124.LC.FTS.B

,

15

%

,

4/12/27

.....

5,622

4,199

188256153.LC.FTS.B

,

18

.99

%

,

4/12/27

...

4,679

1,722

188268197.LC.FTS.B

,

Zero

Cpn

,

4/13/27

.

7,143

–

188277181.LC.FTS.B

,

23

.49

%

,

4/13/27

...

27,006

26,317

188110736.LC.FTS.B

,

23

.99

%

,

4/13/27

...

7,739

7,623

188229601.LC.FTS.B

,

22

.49

%

,

4/14/27

...

15,344

14,887

188277503.LC.FTS.B

,

23

.19

%

,

4/14/27

...

7,702

7,567

188308390.LC.FTS.B

,

25

.99

%

,

4/14/27

...

4,697

4,636

188316633.LC.FTS.B

,

25

.99

%

,

4/14/27

...

8,109

–

188149297.LC.FTS.B

,

27

.79

%

,

4/14/27

...

6,673

6,806

188437817.LC.FTS.B

,

18

.19

%

,

4/18/27

...

4,479

4,389

188225211.LC.FTS.B

,

20

.99

%

,

4/18/27

...

11,400

10,855

188142269.LC.FTS.B

,

27

.79

%

,

4/18/27

...

7,365

7,482

188452079.LC.FTS.B

,

10

%

,

4/20/27

.....

29,350

23,492

188575003.LC.FTS.B

,

22

.49

%

,

4/20/27

...

5,311

5,282

188415292.LC.FTS.B

,

22

.99

%

,

4/20/27

...

25,947

1,627

188450442.LC.FTS.B

,

15

.19

%

,

4/21/27

...

20,489

19,110

188615522.LC.FTS.B

,

16

.19

%

,

4/21/27

...

11,788

11,402

188223031.LC.FTS.B

,

18

.99

%

,

4/21/27

...

22,616

22,058

188623242.LC.FTS.B

,

19

.41

%

,

4/21/27

...

13,580

13,532

188593509.LC.FTS.B

,

19

.44

%

,

4/21/27

...

5,419

5,396

188582913.LC.FTS.B

,

20

.49

%

,

4/21/27

...

16,521

16,333

188303635.LC.FTS.B

,

20

.99

%

,

4/21/27

...

8,535

6,828

188594404.LC.FTS.B

,

20

.99

%

,

4/21/27

...

23,363

18,421

188494026.LC.FTS.B

,

21

.99

%

,

4/21/27

...

15,032

6,084

188619005.LC.FTS.B

,

23

.99

%

,

4/21/27

...

2,957

2,370

188633218.LC.FTS.B

,

28

.99

%

,

4/21/27

...

9,550

9,784

188476890.LC.FTS.B

,

17

.49

%

,

4/22/27

...

5,945

5,833

188541138.LC.FTS.B

,

20

.49

%

,

4/22/27

...

6,383

600

188630360.LC.FTS.B

,

20

.49

%

,

4/22/27

...

16,668

16,544

188087453.LC.FTS.B

,

23

.99

%

,

4/22/27

...

6,310

6,291

188260791.LC.FTS.B

,

23

.99

%

,

4/24/27

...

7,738

6,129

187548960.LC.FTS.B

,

20

.49

%

,

4/25/27

...

13,864

13,079

187548690.LC.FTS.B

,

23

.49

%

,

4/25/27

...

11,442

11,417

188528665.LC.FTS.B

,

23

.99

%

,

4/25/27

...

5,459

5,373

188400206.LC.FTS.B

,

23

.19

%

,

4/27/27

...

10,253

10,175

188048788.LC.FTS.B

,

25

.99

%

,

4/28/27

...

19,637

19,113

187899660.LC.FTS.B

,

23

.99

%

,

4/29/27

...

15,890

15,596

188557045.LC.FTS.B

,

18

.99

%

,

4/30/27

...

19,981

19,211

188352447.LC.FTS.B

,

21

.49

%

,

4/30/27

...

7,957

–

188574271.LC.FTS.B

,

22

.49

%

,

4/30/27

...

21,743

21,679

188575150.LC.FTS.B

,

22

.99

%

,

4/30/27

...

18,789

2,448

188535698.LC.FTS.B

,

15

%

,

8/20/27

.....

12,690

10,171

188352437.LC.FTS.B

,

15

%

,

10/30/27

....

24,883

20,400

599,573

Prosper

Funding

LLC

1654956.PS.FTS.B

,

13

.2

%

,

10/26/24

....

2,399

–

1648237.PS.FTS.B

,

15

.1

%

,

10/26/24

....

2,225

2,211

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1645289.PS.FTS.B

,

15

.29

%

,

10/27/24

...

$

1,766

$

1,756

1645544.PS.FTS.B

,

15

.5

%

,

10/27/24

....

5,008

4,980

1649764.PS.FTS.B

,

10

.6

%

,

10/28/24

....

4,688

4,592

1646276.PS.FTS.B

,

13

.36

%

,

10/28/24

...

3,896

3,856

1657446.PS.FTS.B

,

14

.79

%

,

10/29/24

...

6,466

6,437

1649248.PS.FTS.B

,

16

.6

%

,

10/29/24

....

8,234

8,260

1651390.PS.FTS.B

,

12

%

,

11/01/24

......

1,572

1,544

1648712.PS.FTS.B

,

12

.4

%

,

11/02/24

....

3,788

3,720

1660875.PS.FTS.B

,

12

%

,

11/05/24

......

629

618

1657975.PS.FTS.B

,

13

.05

%

,

11/08/24

....

6,353

6,248

1665222.PS.FTS.B

,

20

.46

%

,

11/08/24

....

6,816

6,784

1653485.PS.FTS.B

,

10

.8

%

,

11/09/24

....

2,087

2,055

1658923.PS.FTS.B

,

14

.39

%

,

11/09/24

....

3,199

3,155

1653425.PS.FTS.B

,

17

.8

%

,

11/09/24

....

662

659

1667316.PS.FTS.B

,

15

.4

%

,

11/10/24

....

3,224

3,181

1658476.PS.FTS.B

,

13

.6

%

,

11/20/24

....

3,519

182

1644782.PS.FTS.B

,

15

%

,

11/25/24

......

2,339

2,314

1649773.PS.FTS.B

,

15

.1

%

,

12/02/24

....

2,501

2,475

1660087.PS.FTS.B

,

16

.02

%

,

12/09/24

...

1,799

1,784

1686279.PS.FTS.B

,

10

.8

%

,

12/15/24

....

1,675

1,661

1686276.PS.FTS.B

,

13

.9

%

,

12/15/24

....

2,104

2,075

1686264.PS.FTS.B

,

14

.11

%

,

12/15/24

....

8,038

7,903

1673615.PS.FTS.B

,

13

.96

%

,

12/16/24

...

2,104

100

1680019.PS.FTS.B

,

13

.96

%

,

12/16/24

...

6,254

6,151

1686630.PS.FTS.B

,

15

.1

%

,

12/16/24

....

2,127

2,099

1680844.PS.FTS.B

,

15

.29

%

,

12/17/24

...

3,729

3,681

1687257.PS.FTS.B

,

16

%

,

12/17/24

......

4,294

4,227

1687224.PS.FTS.B

,

19

.6

%

,

12/17/24

....

1,847

1,844

1674899.PS.FTS.B

,

13

.8

%

,

12/20/24

....

8,757

8,619

1689444.PS.FTS.B

,

11

.79

%

,

12/21/24

....

5,169

5,078

1676741.PS.FTS.B

,

21

.45

%

,

12/22/24

...

3,924

3,928

1679401.PS.FTS.B

,

18

.11

%

,

12/24/24

....

737

725

1659661.PS.FTS.B

,

18

.6

%

,

12/26/24

....

3,498

3,462

1673252.PS.FTS.B

,

16

.3

%

,

12/29/24

....

5,960

5,928

1683619.PS.FTS.B

,

12

.33

%

,

12/30/24

...

13,201

13,175

1690636.PS.FTS.B

,

17

%

,

1/07/25

.......

3,905

3,874

1694140.PS.FTS.B

,

12

.3

%

,

1/12/25

.....

8,325

429

1701024.PS.FTS.B

,

15

.1

%

,

1/12/25

.....

5,762

5,665

1693717.PS.FTS.B

,

15

.7

%

,

1/12/25

.....

5,330

5,239

1700814.PS.FTS.B

,

16

.6

%

,

1/12/25

.....

5,838

5,740

1693750.PS.FTS.B

,

19

.3

%

,

1/12/25

.....

2,576

87

1695016.PS.FTS.B

,

12

.2

%

,

1/13/25

.....

7,111

6,973

1688477.PS.FTS.B

,

17

.59

%

,

1/13/25

....

1,175

1,153

1701786.PS.FTS.B

,

20

.01

%

,

1/13/25

....

1,202

1,196

1689320.PS.FTS.B

,

12

%

,

1/14/25

.......

7,469

7,326

1689317.PS.FTS.B

,

13

.4

%

,

1/14/25

.....

8,512

8,376

1695328.PS.FTS.B

,

13

.6

%

,

1/14/25

.....

1,516

1,492

1695337.PS.FTS.B

,

13

.6

%

,

1/14/25

.....

756

742

1695322.PS.FTS.B

,

13

.7

%

,

1/14/25

.....

1,328

1,302

1695349.PS.FTS.B

,

14

.39

%

,

1/14/25

....

2,871

2,817

1702131.PS.FTS.B

,

14

.49

%

,

1/14/25

....

6,112

6,014

1689350.PS.FTS.B

,

14

.89

%

,

1/14/25

....

1,917

1,886

1695730.PS.FTS.B

,

16

.6

%

,

1/14/25

.....

3,299

3,238

1686609.PS.FTS.B

,

11

.16

%

,

1/15/25

....

3,761

3,682

1696453.PS.FTS.B

,

14

.39

%

,

1/18/25

....

2,290

2,257

1704912.PS.FTS.B

,

12

.3

%

,

1/19/25

.....

3,746

3,679

1705407.PS.FTS.B

,

13

.5

%

,

1/20/25

.....

3,770

3,717

1706154.PS.FTS.B

,

15

.29

%

,

1/20/25

....

4,284

2,915

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)

Prosper

Funding

LLC

(continued)

1695325.PS.FTS.B

,

18

.09

%

,

1/20/25

....

$

3,966

$

3,935

1693714.PS.FTS.B

,

22

.6

%

,

1/20/25

.....

3,578

3,569

1698682.PS.FTS.B

,

22

.6

%

,

1/20/25

.....

2,457

2,471

1693753.PS.FTS.B

,

24

.4

%

,

1/21/25

.....

1,303

1,301

1702071.PS.FTS.B

,

25

.99

%

,

1/22/25

....

298

296

1706943.PS.FTS.B

,

17

.7

%

,

1/24/25

.....

7,858

7,862

1690034.PS.FTS.B

,

11

.6

%

,

1/25/25

.....

2,220

2,173

1702114.PS.FTS.B

,

16

%

,

1/25/25

.......

893

882

1700610.PS.FTS.B

,

22

.6

%

,

1/26/25

.....

2,085

2,080

1711818.PS.FTS.B

,

17

.8

%

,

1/31/25

.....

17,083

1,051

1693775.PS.FTS.B

,

22

.6

%

,

2/01/25

.....

2,244

2,247

1702146.PS.FTS.B

,

13

.2

%

,

2/09/25

.....

1,664

1,625

1708013.PS.FTS.B

,

11

.7

%

,

2/15/25

.....

2,810

2,752

1721415.PS.FTS.B

,

11

.7

%

,

2/15/25

.....

3,814

3,735

1715365.PS.FTS.B

,

11

.79

%

,

2/15/25

....

4,616

4,524

1708001.PS.FTS.B

,

11

.89

%

,

2/15/25

....

4,021

3,938

1721412.PS.FTS.B

,

13

.9

%

,

2/15/25

.....

4,091

4,006

1721856.PS.FTS.B

,

14

.6

%

,

2/15/25

.....

4,733

4,649

1720959.PS.FTS.B

,

16

.6

%

,

2/15/25

.....

4,185

4,110

1708886.PS.FTS.B

,

17

.4

%

,

2/15/25

.....

10,531

10,471

1720995.PS.FTS.B

,

25

.4

%

,

2/15/25

.....

1,795

1,797

1722456.PS.FTS.B

,

14

.09

%

,

2/16/25

....

2,254

2,214

1715824.PS.FTS.B

,

17

%

,

2/16/25

.......

1,243

1,236

1715869.PS.FTS.B

,

23

.13

%

,

2/16/25

....

2,204

2,192

1721859.PS.FTS.B

,

15

.4

%

,

2/17/25

.....

7,685

7,527

1716898.PS.FTS.B

,

21

%

,

2/17/25

.......

4,376

4,372

1708025.PS.FTS.B

,

12

.3

%

,

2/21/25

.....

1,601

1,569

1708019.PS.FTS.B

,

14

.2

%

,

2/23/25

.....

2,011

1,975

1712990.PS.FTS.B

,

17

%

,

2/23/25

.......

2,309

2,305

1720297.PS.FTS.B

,

18

.6

%

,

2/23/25

.....

2,787

2,774

1721877.PS.FTS.B

,

14

.39

%

,

2/28/25

....

4,390

4,313

1720956.PS.FTS.B

,

15

.1

%

,

2/28/25

.....

6,324

840

1722244.PS.FTS.B

,

17

.54

%

,

2/28/25

....

10,561

10,570

1702474.PS.FTS.B

,

22

%

,

2/28/25

.......

11,312

11,268

1752441.PS.FTS.B

,

13

.7

%

,

4/05/25

.....

3,503

3,403

1742756.PS.FTS.B

,

18

.6

%

,

4/05/25

.....

1,940

1,905

1749697.PS.FTS.B

,

13

.7

%

,

4/06/25

.....

8,033

1,987

1749733.PS.FTS.B

,

13

.9

%

,

4/06/25

.....

2,807

2,729

1749727.PS.FTS.B

,

18

.11

%

,

4/06/25

....

11,361

1,460

1753725.PS.FTS.B

,

14

.6

%

,

4/07/25

.....

2,032

1,981

1743983.PS.FTS.B

,

15

.86

%

,

4/07/25

....

2,045

1,988

1753728.PS.FTS.B

,

16

.8

%

,

4/07/25

.....

957

930

1744487.PS.FTS.B

,

18

.09

%

,

4/07/25

....

9,809

9,640

1744493.PS.FTS.B

,

19

.3

%

,

4/07/25

.....

9,753

9,584

1743971.PS.FTS.B

,

22

.9

%

,

4/07/25

.....

7,533

7,455

1744373.PS.FTS.B

,

23

.13

%

,

4/07/25

....

2,025

1,990

1745288.PS.FTS.B

,

15

.9

%

,

4/08/25

.....

950

924

1755081.PS.FTS.B

,

16

.06

%

,

4/08/25

....

2,767

2,700

1745372.PS.FTS.B

,

18

.41

%

,

4/08/25

....

2,228

2,167

1752910.PS.FTS.B

,

10

.5

%

,

4/11/25

.....

5,555

3,457

1752838.PS.FTS.B

,

14

.6

%

,

4/11/25

.....

2,494

1,479

1757928.PS.FTS.B

,

22

.6

%

,

4/13/25

.....

1,999

1,985

1757895.PS.FTS.B

,

24

.4

%

,

4/13/25

.....

5,063

5,028

1750528.PS.FTS.B

,

21

.5

%

,

4/15/25

.....

2,498

2,456

1757065.PS.FTS.B

,

22

.06

%

,

4/15/25

....

5,973

5,940

1750469.PS.FTS.B

,

19

.5

%

,

4/17/25

.....

2,610

2,584

1745342.PS.FTS.B

,

13

.9

%

,

4/20/25

.....

6,921

6,734

1755585.PS.FTS.B

,

17

.84

%

,

4/25/25

....

10,831

442

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1755967.PS.FTS.B

,

22

.6

%

,

4/26/25

.....

$

1,296

$

1,290

1647314.PS.FTS.B

,

20

.01

%

,

4/29/25

....

6,017

4,068

1744502.PS.FTS.B

,

20

.46

%

,

4/30/25

....

3,730

3,657

1743599.PS.FTS.B

,

24

.3

%

,

4/30/25

.....

1,792

1,805

1714675.PS.FTS.B

,

24

.5

%

,

5/23/25

.....

11,621

–

1721664.PS.FTS.B

,

11

.4

%

,

8/15/25

.....

3,751

2,411

1700571.PS.FTS.B

,

18

.11

%

,

12/25/25

....

8,369

7,993

1751899.PS.FTS.B

,

22

.6

%

,

1/20/26

.....

5,064

3,340

1655640.PS.FTS.B

,

16

.33

%

,

10/27/26

...

14,201

13,926

1655235.PS.FTS.B

,

24

.03

%

,

10/27/26

...

9,668

9,997

1649857.PS.FTS.B

,

10

.5

%

,

10/28/26

....

9,225

8,995

1656498.PS.FTS.B

,

10

.9

%

,

10/28/26

....

4,622

4,507

1649350.PS.FTS.B

,

18

.78

%

,

10/28/26

...

8,934

8,979

1657464.PS.FTS.B

,

10

.5

%

,

10/29/26

....

5,403

5,281

1646555.PS.FTS.B

,

10

.9

%

,

10/29/26

....

15,803

15,412

1646513.PS.FTS.B

,

13

.2

%

,

10/29/26

....

9,681

9,483

1646915.PS.FTS.B

,

16

.1

%

,

10/29/26

....

9,928

9,987

1656576.PS.FTS.B

,

16

.18

%

,

10/29/26

...

23,182

22,701

1648681.PS.FTS.B

,

12

.21

%

,

11/01/26

....

3,719

3,630

1658775.PS.FTS.B

,

12

.5

%

,

11/02/26

....

21,344

20,696

1651286.PS.FTS.B

,

24

.33

%

,

11/05/26

....

10,633

10,827

1665042.PS.FTS.B

,

14

.68

%

,

11/08/26

....

9,806

9,518

1658917.PS.FTS.B

,

10

.7

%

,

11/09/26

....

8,832

8,576

1666464.PS.FTS.B

,

15

.29

%

,

11/09/26

....

6,572

6,395

1654475.PS.FTS.B

,

10

.8

%

,

11/10/26

....

9,471

9,199

1660093.PS.FTS.B

,

10

.9

%

,

11/10/26

....

2,741

2,664

1666896.PS.FTS.B

,

11

.7

%

,

11/10/26

.....

12,964

12,643

1654034.PS.FTS.B

,

13

.6

%

,

11/10/26

....

6,476

6,305

1654907.PS.FTS.B

,

16

%

,

11/12/26

......

6,785

6,733

1665225.PS.FTS.B

,

19

.53

%

,

11/14/26

....

4,789

4,754

1652072.PS.FTS.B

,

11

.1

%

,

11/15/26

.....

6,357

6,163

1667685.PS.FTS.B

,

17

.1

%

,

11/15/26

....

16,723

16,639

1660869.PS.FTS.B

,

19

%

,

11/16/26

......

6,616

–

1660267.PS.FTS.B

,

14

%

,

12/07/26

......

18,532

18,006

1673249.PS.FTS.B

,

10

.7

%

,

12/15/26

....

10,844

10,549

1679392.PS.FTS.B

,

13

.8

%

,

12/15/26

....

4,651

4,518

1673255.PS.FTS.B

,

17

.01

%

,

12/15/26

...

9,552

9,492

1679995.PS.FTS.B

,

12

.7

%

,

12/16/26

....

1,378

1,359

1686612.PS.FTS.B

,

16

.8

%

,

12/16/26

....

16,889

16,440

1679746.PS.FTS.B

,

16

.93

%

,

12/16/26

...

10,228

9,934

1673612.PS.FTS.B

,

19

.3

%

,

12/16/26

....

4,168

4,142

1674065.PS.FTS.B

,

27

.18

%

,

12/16/26

...

11,029

11,263

1674635.PS.FTS.B

,

13

.77

%

,

12/17/26

...

11,293

10,976

1681423.PS.FTS.B

,

10

.08

%

,

12/20/26

...

9,667

9,387

1688043.PS.FTS.B

,

10

.5

%

,

12/20/26

....

7,748

7,534

1681000.PS.FTS.B

,

11

.6

%

,

12/20/26

....

8,961

8,690

1681408.PS.FTS.B

,

14

.7

%

,

12/20/26

....

6,680

6,514

1676714.PS.FTS.B

,

12

.62

%

,

12/21/26

...

23,023

22,360

1673606.PS.FTS.B

,

16

.33

%

,

12/21/26

...

5,273

5,122

1673600.PS.FTS.B

,

11

.6

%

,

12/25/26

....

6,547

6,352

1681444.PS.FTS.B

,

9

.81

%

,

12/27/26

....

12,865

12,493

1675322.PS.FTS.B

,

21

.09

%

,

12/30/26

...

10,845

11,310

1687683.PS.FTS.B

,

11

.61

%

,

1/02/27

....

12,116

11,740

1687826.PS.FTS.B

,

12

.6

%

,

1/12/27

.....

8,075

7,827

1700562.PS.FTS.B

,

15

.18

%

,

1/12/27

....

15,032

14,583

1688201.PS.FTS.B

,

24

.03

%

,

1/12/27

....

7,330

7,484

1686624.PS.FTS.B

,

11

.2

%

,

1/13/27

.....

2,816

2,743

1701357.PS.FTS.B

,

11

.7

%

,

1/13/27

.....

6,679

6,476

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)

Prosper

Funding

LLC

(continued)

1694575.PS.FTS.B

,

11

.99

%

,

1/13/27

....

$

14,060

$

13,632

1688543.PS.FTS.B

,

16

.18

%

,

1/13/27

....

10,411

10,083

1689533.PS.FTS.B

,

10

.5

%

,

1/14/27

.....

3,636

3,527

1695334.PS.FTS.B

,

15

.1

%

,

1/14/27

.....

7,553

7,335

1702050.PS.FTS.B

,

18

.78

%

,

1/14/27

....

7,062

7,019

1689323.PS.FTS.B

,

26

.88

%

,

1/14/27

....

2,240

2,289

1689608.PS.FTS.B

,

28

.23

%

,

1/14/27

....

11,298

11,538

1689992.PS.FTS.B

,

11

.7

%

,

1/18/27

.....

20,706

20,099

1691645.PS.FTS.B

,

22

.9

%

,

1/19/27

.....

1,543

1,555

1705371.PS.FTS.B

,

12

.62

%

,

1/20/27

....

20,190

19,606

1692635.PS.FTS.B

,

14

.7

%

,

1/20/27

.....

17,111

16,654

1705833.PS.FTS.B

,

18

.48

%

,

1/20/27

....

2,819

2,810

1693711.PS.FTS.B

,

21

.63

%

,

1/25/27

....

7,299

7,428

1688975.PS.FTS.B

,

12

.4

%

,

1/27/27

.....

14,885

14,414

1689314.PS.FTS.B

,

10

.26

%

,

1/28/27

....

23,313

22,582

1689341.PS.FTS.B

,

11

.7

%

,

1/28/27

.....

10,093

9,777

1704399.PS.FTS.B

,

13

.8

%

,

2/03/27

.....

24,533

23,767

1688138.PS.FTS.B

,

13

.6

%

,

2/05/27

.....

24,336

23,516

1689626.PS.FTS.B

,

19

%

,

2/07/27

.......

7,130

7,062

1715428.PS.FTS.B

,

9

.99

%

,

2/15/27

.....

3,369

3,264

1708010.PS.FTS.B

,

10

.5

%

,

2/15/27

.....

7,743

443

1714702.PS.FTS.B

,

11

.6

%

,

2/15/27

.....

2,389

2,314

1720965.PS.FTS.B

,

11

.7

%

,

2/15/27

.....

17,077

16,545

1708892.PS.FTS.B

,

11

.79

%

,

2/15/27

....

13,735

13,292

1714669.PS.FTS.B

,

11

.79

%

,

2/15/27

....

8,887

8,610

1708910.PS.FTS.B

,

12

.5

%

,

2/15/27

.....

3,094

3,022

1707998.PS.FTS.B

,

13

.5

%

,

2/15/27

.....

13,790

–

1708442.PS.FTS.B

,

13

.5

%

,

2/15/27

.....

4,196

4,092

1714684.PS.FTS.B

,

14

.53

%

,

2/15/27

....

10,403

10,077

1720971.PS.FTS.B

,

14

.7

%

,

2/15/27

.....

14,193

13,764

1720962.PS.FTS.B

,

15

.1

%

,

2/15/27

.....

6,700

6,493

1715584.PS.FTS.B

,

16

.33

%

,

2/15/27

....

4,954

4,803

1708445.PS.FTS.B

,

16

.63

%

,

2/15/27

....

1,329

1,315

1715575.PS.FTS.B

,

18

.59

%

,

2/15/27

....

6,983

6,917

1708043.PS.FTS.B

,

19

%

,

2/15/27

.......

1,156

1,136

1715140.PS.FTS.B

,

24

.03

%

,

2/15/27

....

1,492

1,478

1702128.PS.FTS.B

,

13

.4

%

,

2/16/27

.....

10,707

10,344

1709228.PS.FTS.B

,

18

.48

%

,

2/16/27

....

10,742

1,507

1709420.PS.FTS.B

,

21

.18

%

,

2/16/27

....

7,982

7,915

1716991.PS.FTS.B

,

13

.7

%

,

2/17/27

.....

17,346

16,835

1709807.PS.FTS.B

,

15

.1

%

,

2/17/27

.....

12,631

12,252

1696093.PS.FTS.B

,

16

%

,

2/17/27

.......

10,759

10,653

1711007.PS.FTS.B

,

18

.78

%

,

2/18/27

....

12,101

12,018

1710686.PS.FTS.B

,

19

%

,

2/18/27

.......

7,214

7,164

1715893.PS.FTS.B

,

10

.8

%

,

2/22/27

.....

5,548

4,509

1724112.PS.FTS.B

,

11

.2

%

,

2/25/27

......

13,465

–

1721862.PS.FTS.B

,

12

.3

%

,

2/28/27

.....

7,061

6,833

1720876.PS.FTS.B

,

18

.4

%

,

2/28/27

.....

13,895

13,718

1715572.PS.FTS.B

,

21

.5

%

,

2/28/27

.....

11,315

11,490

1725226.PS.FTS.B

,

11

.5

%

,

3/03/27

.....

6,982

6,733

1708439.PS.FTS.B

,

16

.7

%

,

3/09/27

.....

4,253

4,219

1710332.PS.FTS.B

,

16

.18

%

,

3/24/27

....

11,745

1,549

1749361.PS.FTS.B

,

10

.5

%

,

4/05/27

.....

9,911

9,552

1742753.PS.FTS.B

,

11

.7

%

,

4/05/27

.....

10,000

9,637

1749355.PS.FTS.B

,

12

.7

%

,

4/05/27

.....

28,190

14,113

1742750.PS.FTS.B

,

16

.18

%

,

4/05/27

....

6,266

6,018

1752456.PS.FTS.B

,

16

.18

%

,

4/05/27

....

4,423

4,248

1752438.PS.FTS.B

,

18

.13

%

,

4/05/27

....

7,469

7,172

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1749730.PS.FTS.B

,

11

.6

%

,

4/06/27

.....

$

10,709

$

10,323

1752882.PS.FTS.B

,

12

.4

%

,

4/06/27

.....

3,589

3,460

1752861.PS.FTS.B

,

12

.5

%

,

4/06/27

.....

7,184

6,925

1750048.PS.FTS.B

,

13

.13

%

,

4/06/27

....

10,825

10,403

1750153.PS.FTS.B

,

16

.9

%

,

4/06/27

.....

6,667

6,515

1744484.PS.FTS.B

,

11

.2

%

,

4/07/27

.....

24,907

24,015

1754274.PS.FTS.B

,

11

.6

%

,

4/07/27

.....

2,498

2,408

1754268.PS.FTS.B

,

13

.4

%

,

4/07/27

.....

7,231

6,951

1751020.PS.FTS.B

,

14

.49

%

,

4/07/27

....

4,245

4,088

1753719.PS.FTS.B

,

14

.68

%

,

4/07/27

....

11,667

11,259

1744412.PS.FTS.B

,

19

%

,

4/07/27

.......

9,765

9,543

1745348.PS.FTS.B

,

10

.4

%

,

4/08/27

.....

21,222

20,467

1745378.PS.FTS.B

,

12

.2

%

,

4/08/27

.....

10,753

10,370

1749376.PS.FTS.B

,

19

.06

%

,

4/10/27

....

4,152

4,055

1755504.PS.FTS.B

,

10

.29

%

,

4/11/27

....

6,361

6,139

1745708.PS.FTS.B

,

11

.79

%

,

4/11/27

.....

2,186

1,104

1752913.PS.FTS.B

,

15

.5

%

,

4/11/27

.....

7,338

7,063

1754277.PS.FTS.B

,

25

.9

%

,

4/11/27

.....

2,883

49

1756335.PS.FTS.B

,

18

.33

%

,

4/12/27

....

17,575

17,222

1755102.PS.FTS.B

,

15

.29

%

,

4/13/27

....

22,043

21,195

1759314.PS.FTS.B

,

10

.8

%

,

4/14/27

.....

7,095

6,852

1742747.PS.FTS.B

,

14

.38

%

,

4/15/27

....

7,693

7,413

1742765.PS.FTS.B

,

18

%

,

4/15/27

.......

4,512

4,408

1762938.PS.FTS.B

,

16

.83

%

,

4/20/27

....

12,456

12,307

1755513.PS.FTS.B

,

21

%

,

4/20/27

.......

4,592

4,612

1752091.PS.FTS.B

,

13

.2

%

,

4/28/27

.....

26,060

25,037

1760241.PS.FTS.B

,

15

%

,

4/28/27

.......

11,379

10,959

1744499.PS.FTS.B

,

18

.48

%

,

4/30/27

....

7,179

4,138

1686267.PS.FTS.B

,

21

.18

%

,

6/15/27

....

7,871

4,064

1693040.PS.FTS.B

,

15

.29

%

,

8/13/27

....

11,759

5,676

1750289.PS.FTS.B

,

15

%

,

10/22/27

......

16,279

15,552

1693289.PS.FTS.B

,

12

.9

%

,

12/21/27

....

7,211

6,952

1710296.PS.FTS.B

,

21

.18

%

,

1/17/28

....

7,600

3,225

1743968.PS.FTS.B

,

11

.2

%

,

3/07/28

.....

14,222

7,032

1,719,229

Upgrade,

Inc.

22753947.UG.FTS.B

,

28

.99

%

,

9/16/24

...

4,364

4,545

22724262.UG.FTS.B

,

29

.69

%

,

9/17/24

...

5,755

6,014

23038391.UG.FTS.B

,

26

.77

%

,

9/26/24

...

2,756

2,865

22732959.UG.FTS.B

,

28

.71

%

,

10/03/24

..

6,322

6,558

23786228.UG.FTS.B

,

29

.69

%

,

10/28/24

..

3,204

3,379

24184289.UG.FTS.B

,

27

.74

%

,

11/06/24

..

2,963

3,034

24800940.UG.FTS.B

,

25

.82

%

,

11/27/24

..

7,976

8,319

24350329.UG.FTS.B

,

27

.74

%

,

11/29/24

..

3,286

3,445

24938220.UG.FTS.B

,

26

.77

%

,

12/03/24

..

5,827

6,046

25206108.UG.FTS.B

,

25

.82

%

,

12/20/24

..

5,364

446

24763225.UG.FTS.B

,

27

.74

%

,

12/24/24

..

12,543

13,202

25561593.UG.FTS.B

,

21

.93

%

,

12/27/24

..

5,912

6,137

25820593.UG.FTS.B

,

26

.77

%

,

1/21/25

...

3,551

3,683

67,673

Upgrade,

Inc.

-

Card

991807781.UG.FTS.B

,

19

.8

%

,

4/13/24

...

26

23

991850187.UG.FTS.B

,

29

.49

%

,

5/12/24

..

23

23

991819588.UG.FTS.B

,

29

.49

%

,

12/12/24

.

500

521

991342732.UG.FTS.B

,

29

.49

%

,

12/23/24

.

151

160

991800343.UG.FTS.B

,

29

.49

%

,

1/14/25

..

62

1

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)

Upgrade,

Inc.

-

Card

(continued)

991740852.UG.FTS.B

,

15

.97

%

,

2/08/25

..

$

87

$

35

991724808.UG.FTS.B

,

17

.99

%

,

2/08/25

..

358

95

991735248.UG.FTS.B

,

17

.99

%

,

2/08/25

..

142

58

991732442.UG.FTS.B

,

14

.98

%

,

2/10/25

..

365

372

991733275.UG.FTS.B

,

14

.98

%

,

2/10/25

..

162

165

991776139.UG.FTS.B

,

15

.97

%

,

2/10/25

..

506

516

991839233.UG.FTS.B

,

15

.97

%

,

2/10/25

..

59

60

991734362.UG.FTS.B

,

16

.99

%

,

2/10/25

..

550

561

991758232.UG.FTS.B

,

16

.99

%

,

2/10/25

..

166

170

991771576.UG.FTS.B

,

16

.99

%

,

2/10/25

..

232

234

991767919.UG.FTS.B

,

17

.99

%

,

2/10/25

..

49

49

991802234.UG.FTS.B

,

17

.99

%

,

2/10/25

..

2,133

2,179

991761364.UG.FTS.B

,

28

.98

%

,

2/10/25

..

167

173

991827179.UG.FTS.B

,

28

.98

%

,

2/10/25

..

137

41

991740362.UG.FTS.B

,

16

.99

%

,

2/11/25

..

634

647

991747996.UG.FTS.B

,

16

.99

%

,

2/11/25

..

333

340

991755840.UG.FTS.B

,

16

.99

%

,

2/11/25

..

114

114

991851331.UG.FTS.B

,

28

.98

%

,

2/11/25

..

856

876

991745632.UG.FTS.B

,

29

.49

%

,

2/11/25

..

64

66

991804723.UG.FTS.B

,

29

.49

%

,

2/11/25

..

71

74

991815191.UG.FTS.B

,

29

.49

%

,

2/11/25

..

9

9

991815738.UG.FTS.B

,

29

.49

%

,

2/11/25

..

58

60

991829840.UG.FTS.B

,

29

.49

%

,

2/11/25

..

173

179

991758225.UG.FTS.B

,

14

.98

%

,

2/12/25

..

10

10

991772549.UG.FTS.B

,

15

%

,

2/12/25

.....

416

425

991777650.UG.FTS.B

,

15

.97

%

,

2/12/25

..

13

13

991898060.UG.FTS.B

,

15

.97

%

,

2/12/25

..

110

111

991758319.UG.FTS.B

,

16

.99

%

,

2/12/25

..

125

125

991769114.UG.FTS.B

,

17

.99

%

,

2/12/25

..

279

284

991807436.UG.FTS.B

,

17

.99

%

,

2/12/25

..

168

172

991941107.UG.FTS.B

,

17

.99

%

,

2/12/25

..

175

176

991827757.UG.FTS.B

,

18

.97

%

,

2/12/25

..

93

96

991872148.UG.FTS.B

,

18

.97

%

,

2/12/25

..

2,155

2,200

991816619.UG.FTS.B

,

19

.21

%

,

2/12/25

..

383

391

991864191.UG.FTS.B

,

19

.21

%

,

2/12/25

..

639

653

991840163.UG.FTS.B

,

19

.8

%

,

2/12/25

...

322

328

991760875.UG.FTS.B

,

19

.99

%

,

2/12/25

..

47

48

991786840.UG.FTS.B

,

19

.99

%

,

2/12/25

..

167

13

991805953.UG.FTS.B

,

19

.99

%

,

2/12/25

..

9

9

991826760.UG.FTS.B

,

19

.99

%

,

2/12/25

..

56

57

991752839.UG.FTS.B

,

20

.46

%

,

2/12/25

..

672

675

991852722.UG.FTS.B

,

20

.46

%

,

2/12/25

..

336

344

992003412.UG.FTS.B

,

20

.46

%

,

2/12/25

..

129

131

991871804.UG.FTS.B

,

20

.97

%

,

2/12/25

..

212

217

991957028.UG.FTS.B

,

20

.97

%

,

2/12/25

..

55

55

991802583.UG.FTS.B

,

21

.46

%

,

2/12/25

..

123

52

991806756.UG.FTS.B

,

21

.46

%

,

2/12/25

..

22

22

991863804.UG.FTS.B

,

21

.98

%

,

2/12/25

..

616

631

991833350.UG.FTS.B

,

22

.97

%

,

2/12/25

..

899

244

991820674.UG.FTS.B

,

23

.95

%

,

2/12/25

..

109

112

991849884.UG.FTS.B

,

27

.99

%

,

2/12/25

..

402

124

991753187.UG.FTS.B

,

28

.98

%

,

2/12/25

..

141

146

991801416.UG.FTS.B

,

28

.98

%

,

2/12/25

..

327

341

991803393.UG.FTS.B

,

28

.98

%

,

2/12/25

..

360

374

991804110.UG.FTS.B

,

28

.98

%

,

2/12/25

..

80

83

991806309.UG.FTS.B

,

28

.98

%

,

2/12/25

..

88

91

991812552.UG.FTS.B

,

28

.98

%

,

2/12/25

..

37

38

991817723.UG.FTS.B

,

28

.98

%

,

2/12/25

..

71

74

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991817728.UG.FTS.B

,

28

.98

%

,

2/12/25

..

$

113

$

33

991818557.UG.FTS.B

,

28

.98

%

,

2/12/25

..

52

54

991829022.UG.FTS.B

,

28

.98

%

,

2/12/25

..

41

42

991830871.UG.FTS.B

,

28

.98

%

,

2/12/25

..

178

184

991832753.UG.FTS.B

,

28

.98

%

,

2/12/25

..

237

246

991836990.UG.FTS.B

,

28

.98

%

,

2/12/25

..

58

59

991838664.UG.FTS.B

,

28

.98

%

,

2/12/25

..

864

230

991838703.UG.FTS.B

,

28

.98

%

,

2/12/25

..

61

63

991841608.UG.FTS.B

,

28

.98

%

,

2/12/25

..

166

46

991843868.UG.FTS.B

,

28

.98

%

,

2/12/25

..

136

142

991807146.UG.FTS.B

,

29

.46

%

,

2/12/25

..

181

189

991753952.UG.FTS.B

,

29

.49

%

,

2/12/25

..

299

306

991762228.UG.FTS.B

,

29

.49

%

,

2/12/25

..

72

75

991777163.UG.FTS.B

,

29

.49

%

,

2/12/25

..

4

4

991790482.UG.FTS.B

,

29

.49

%

,

2/12/25

..

114

118

991798251.UG.FTS.B

,

29

.49

%

,

2/12/25

..

64

65

991803191.UG.FTS.B

,

29

.49

%

,

2/12/25

..

145

151

991804775.UG.FTS.B

,

29

.49

%

,

2/12/25

..

407

29

991806948.UG.FTS.B

,

29

.49

%

,

2/12/25

..

84

88

991809346.UG.FTS.B

,

29

.49

%

,

2/12/25

..

97

100

991811105.UG.FTS.B

,

29

.49

%

,

2/12/25

..

25

25

991813309.UG.FTS.B

,

29

.49

%

,

2/12/25

..

96

26

991825037.UG.FTS.B

,

29

.49

%

,

2/12/25

..

26

26

991826473.UG.FTS.B

,

29

.49

%

,

2/12/25

..

27

28

991828550.UG.FTS.B

,

29

.49

%

,

2/12/25

..

294

308

991829556.UG.FTS.B

,

29

.49

%

,

2/12/25

..

18

2

991837472.UG.FTS.B

,

29

.49

%

,

2/12/25

..

90

25

991846043.UG.FTS.B

,

29

.49

%

,

2/12/25

..

66

69

991849938.UG.FTS.B

,

29

.49

%

,

2/12/25

..

70

73

991850275.UG.FTS.B

,

29

.49

%

,

2/12/25

..

214

15

991853347.UG.FTS.B

,

29

.49

%

,

2/12/25

..

1,473

1,535

991854668.UG.FTS.B

,

29

.49

%

,

2/12/25

..

1,158

1,209

991828017.UG.FTS.B

,

6

%

,

2/13/25

.....

17

17

991834929.UG.FTS.B

,

14

.98

%

,

2/13/25

..

207

212

991837288.UG.FTS.B

,

15

%

,

2/13/25

.....

33

33

991838768.UG.FTS.B

,

15

%

,

2/13/25

.....

186

188

991897034.UG.FTS.B

,

15

%

,

2/13/25

.....

7

7

991900934.UG.FTS.B

,

15

.97

%

,

2/13/25

..

117

119

991995168.UG.FTS.B

,

15

.97

%

,

2/13/25

..

62

63

991772971.UG.FTS.B

,

16

.99

%

,

2/13/25

..

635

641

991789526.UG.FTS.B

,

16

.99

%

,

2/13/25

..

380

388

991851687.UG.FTS.B

,

16

.99

%

,

2/13/25

..

38

38

991863444.UG.FTS.B

,

16

.99

%

,

2/13/25

..

72

73

991898765.UG.FTS.B

,

16

.99

%

,

2/13/25

..

2,531

2,581

991964092.UG.FTS.B

,

16

.99

%

,

2/13/25

..

689

701

991991790.UG.FTS.B

,

16

.99

%

,

2/13/25

..

16

16

991764232.UG.FTS.B

,

17

.99

%

,

2/13/25

..

72

74

991764725.UG.FTS.B

,

17

.99

%

,

2/13/25

..

98

100

991765109.UG.FTS.B

,

17

.99

%

,

2/13/25

..

21

22

991770734.UG.FTS.B

,

17

.99

%

,

2/13/25

..

108

110

991790361.UG.FTS.B

,

17

.99

%

,

2/13/25

..

28

28

991762564.UG.FTS.B

,

18

.97

%

,

2/13/25

..

191

195

991860430.UG.FTS.B

,

18

.97

%

,

2/13/25

..

25

25

991888359.UG.FTS.B

,

19

.21

%

,

2/13/25

..

33

33

991994001.UG.FTS.B

,

19

.21

%

,

2/13/25

..

299

304

991763007.UG.FTS.B

,

19

.8

%

,

2/13/25

...

35

35

991804993.UG.FTS.B

,

19

.99

%

,

2/13/25

..

245

255

991815843.UG.FTS.B

,

19

.99

%

,

2/13/25

..

327

333

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)

Upgrade,

Inc.

-

Card

(continued)

991816388.UG.FTS.B

,

19

.99

%

,

2/13/25

..

$

14

$

14

991831745.UG.FTS.B

,

19

.99

%

,

2/13/25

..

154

159

991834564.UG.FTS.B

,

19

.99

%

,

2/13/25

..

1,043

1,075

991835719.UG.FTS.B

,

20

.46

%

,

2/13/25

..

1,416

1,447

991851215.UG.FTS.B

,

20

.46

%

,

2/13/25

..

34

34

991804184.UG.FTS.B

,

21

.46

%

,

2/13/25

..

131

–

991826312.UG.FTS.B

,

21

.46

%

,

2/13/25

..

402

406

991844908.UG.FTS.B

,

21

.46

%

,

2/13/25

..

1,229

1,260

991867322.UG.FTS.B

,

21

.46

%

,

2/13/25

..

154

46

991838484.UG.FTS.B

,

21

.98

%

,

2/13/25

..

202

204

991884233.UG.FTS.B

,

21

.98

%

,

2/13/25

..

63

64

991845521.UG.FTS.B

,

22

.95

%

,

2/13/25

..

1,998

2,052

991836654.UG.FTS.B

,

23

.95

%

,

2/13/25

..

1,065

77

991817461.UG.FTS.B

,

27

.99

%

,

2/13/25

..

245

253

991832074.UG.FTS.B

,

27

.99

%

,

2/13/25

..

78

5

991773511.UG.FTS.B

,

28

.98

%

,

2/13/25

..

89

91

991777156.UG.FTS.B

,

28

.98

%

,

2/13/25

..

689

714

991794293.UG.FTS.B

,

28

.98

%

,

2/13/25

..

567

583

991795226.UG.FTS.B

,

28

.98

%

,

2/13/25

..

102

103

991804663.UG.FTS.B

,

28

.98

%

,

2/13/25

..

81

84

991805844.UG.FTS.B

,

28

.98

%

,

2/13/25

..

304

114

991807185.UG.FTS.B

,

28

.98

%

,

2/13/25

..

31

31

991808321.UG.FTS.B

,

28

.98

%

,

2/13/25

..

270

280

991808486.UG.FTS.B

,

28

.98

%

,

2/13/25

..

103

105

991808933.UG.FTS.B

,

28

.98

%

,

2/13/25

..

101

105

991809700.UG.FTS.B

,

28

.98

%

,

2/13/25

..

340

351

991811977.UG.FTS.B

,

28

.98

%

,

2/13/25

..

91

13

991816221.UG.FTS.B

,

28

.98

%

,

2/13/25

..

115

16

991817001.UG.FTS.B

,

28

.98

%

,

2/13/25

..

284

289

991817771.UG.FTS.B

,

28

.98

%

,

2/13/25

..

64

67

991822597.UG.FTS.B

,

28

.98

%

,

2/13/25

..

126

131

991832349.UG.FTS.B

,

28

.98

%

,

2/13/25

..

84

87

991840865.UG.FTS.B

,

28

.98

%

,

2/13/25

..

103

106

991844003.UG.FTS.B

,

28

.98

%

,

2/13/25

..

208

217

991844836.UG.FTS.B

,

28

.98

%

,

2/13/25

..

67

68

991845546.UG.FTS.B

,

28

.98

%

,

2/13/25

..

76

77

991849019.UG.FTS.B

,

28

.98

%

,

2/13/25

..

163

165

991849383.UG.FTS.B

,

28

.98

%

,

2/13/25

..

513

533

991853522.UG.FTS.B

,

28

.98

%

,

2/13/25

..

1,164

1,206

991762706.UG.FTS.B

,

29

.49

%

,

2/13/25

..

59

62

991794448.UG.FTS.B

,

29

.49

%

,

2/13/25

..

64

67

991802525.UG.FTS.B

,

29

.49

%

,

2/13/25

..

736

104

991803467.UG.FTS.B

,

29

.49

%

,

2/13/25

..

297

307

991810935.UG.FTS.B

,

29

.49

%

,

2/13/25

..

135

38

991812601.UG.FTS.B

,

29

.49

%

,

2/13/25

..

242

253

991813160.UG.FTS.B

,

29

.49

%

,

2/13/25

..

64

66

991814587.UG.FTS.B

,

29

.49

%

,

2/13/25

..

110

112

991816392.UG.FTS.B

,

29

.49

%

,

2/13/25

..

58

61

991820548.UG.FTS.B

,

29

.49

%

,

2/13/25

..

411

415

991820840.UG.FTS.B

,

29

.49

%

,

2/13/25

..

124

129

991821533.UG.FTS.B

,

29

.49

%

,

2/13/25

..

17

3

991825720.UG.FTS.B

,

29

.49

%

,

2/13/25

..

675

690

991857159.UG.FTS.B

,

29

.49

%

,

2/13/25

..

366

382

991857606.UG.FTS.B

,

29

.49

%

,

2/13/25

..

97

102

991773058.UG.FTS.B

,

15

.97

%

,

2/14/25

..

3

3

991770123.UG.FTS.B

,

16

.99

%

,

2/14/25

..

397

402

991784739.UG.FTS.B

,

16

.99

%

,

2/14/25

..

1,071

1,094

991939974.UG.FTS.B

,

16

.99

%

,

2/14/25

..

265

271

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991962430.UG.FTS.B

,

16

.99

%

,

2/14/25

..

$

124

$

126

991767560.UG.FTS.B

,

17

.99

%

,

2/14/25

..

76

76

991772757.UG.FTS.B

,

17

.99

%

,

2/14/25

..

3,325

3,381

991775466.UG.FTS.B

,

17

.99

%

,

2/14/25

..

97

97

991813547.UG.FTS.B

,

17

.99

%

,

2/14/25

..

15

15

991813569.UG.FTS.B

,

17

.99

%

,

2/14/25

..

300

307

991830188.UG.FTS.B

,

18

.97

%

,

2/14/25

..

517

529

991836509.UG.FTS.B

,

19

.21

%

,

2/14/25

..

459

32

991871531.UG.FTS.B

,

19

.8

%

,

2/14/25

...

128

131

991873354.UG.FTS.B

,

19

.8

%

,

2/14/25

...

24

24

991804998.UG.FTS.B

,

19

.99

%

,

2/14/25

..

31

32

991805685.UG.FTS.B

,

19

.99

%

,

2/14/25

..

101

104

991820154.UG.FTS.B

,

19

.99

%

,

2/14/25

..

28

28

991842185.UG.FTS.B

,

19

.99

%

,

2/14/25

..

79

80

991825048.UG.FTS.B

,

20

.97

%

,

2/14/25

..

126

35

991900726.UG.FTS.B

,

20

.97

%

,

2/14/25

..

182

186

991889627.UG.FTS.B

,

21

.46

%

,

2/14/25

..

113

31

991897328.UG.FTS.B

,

21

.46

%

,

2/14/25

..

10

10

991910744.UG.FTS.B

,

21

.46

%

,

2/14/25

..

43

44

991806406.UG.FTS.B

,

25

.94

%

,

2/14/25

..

66

67

991842393.UG.FTS.B

,

25

.95

%

,

2/14/25

..

23

23

991807412.UG.FTS.B

,

28

.98

%

,

2/14/25

..

349

357

991814585.UG.FTS.B

,

28

.98

%

,

2/14/25

..

441

456

991815145.UG.FTS.B

,

28

.98

%

,

2/14/25

..

74

76

991818104.UG.FTS.B

,

28

.98

%

,

2/14/25

..

97

98

991820882.UG.FTS.B

,

28

.98

%

,

2/14/25

..

378

388

991823151.UG.FTS.B

,

28

.98

%

,

2/14/25

..

167

173

991824915.UG.FTS.B

,

28

.98

%

,

2/14/25

..

62

65

991835570.UG.FTS.B

,

28

.98

%

,

2/14/25

..

93

97

991835935.UG.FTS.B

,

28

.98

%

,

2/14/25

..

209

218

991841496.UG.FTS.B

,

28

.98

%

,

2/14/25

..

74

76

991847760.UG.FTS.B

,

28

.98

%

,

2/14/25

..

58

8

991764780.UG.FTS.B

,

29

.49

%

,

2/14/25

..

–

–

991787306.UG.FTS.B

,

29

.49

%

,

2/14/25

..

51

53

991803107.UG.FTS.B

,

29

.49

%

,

2/14/25

..

94

100

991805019.UG.FTS.B

,

29

.49

%

,

2/14/25

..

53

56

991806920.UG.FTS.B

,

29

.49

%

,

2/14/25

..

33

34

991808473.UG.FTS.B

,

29

.49

%

,

2/14/25

..

799

832

991811157.UG.FTS.B

,

29

.49

%

,

2/14/25

..

43

43

991811373.UG.FTS.B

,

29

.49

%

,

2/14/25

..

328

344

991812058.UG.FTS.B

,

29

.49

%

,

2/14/25

..

100

28

991812461.UG.FTS.B

,

29

.49

%

,

2/14/25

..

1,387

–

991815619.UG.FTS.B

,

29

.49

%

,

2/14/25

..

19

20

991817021.UG.FTS.B

,

29

.49

%

,

2/14/25

..

56

59

991818882.UG.FTS.B

,

29

.49

%

,

2/14/25

..

60

60

991818945.UG.FTS.B

,

29

.49

%

,

2/14/25

..

51

51

991819000.UG.FTS.B

,

29

.49

%

,

2/14/25

..

54

55

991820047.UG.FTS.B

,

29

.49

%

,

2/14/25

..

470

490

991822073.UG.FTS.B

,

29

.49

%

,

2/14/25

..

234

32

991822173.UG.FTS.B

,

29

.49

%

,

2/14/25

..

106

111

991823710.UG.FTS.B

,

29

.49

%

,

2/14/25

..

187

195

991826813.UG.FTS.B

,

29

.49

%

,

2/14/25

..

2

2

991831048.UG.FTS.B

,

29

.49

%

,

2/14/25

..

625

644

991832048.UG.FTS.B

,

29

.49

%

,

2/14/25

..

65

67

991832343.UG.FTS.B

,

29

.49

%

,

2/14/25

..

42

42

991834001.UG.FTS.B

,

29

.49

%

,

2/14/25

..

140

146

991835429.UG.FTS.B

,

29

.49

%

,

2/14/25

..

466

488

991842038.UG.FTS.B

,

29

.49

%

,

2/14/25

..

82

86

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)

991843173.UG.FTS.B

,

29

.49

%

,

2/14/25

..

$

59

$

60

991843756.UG.FTS.B

,

29

.49

%

,

2/14/25

..

1,155

1,193

991847323.UG.FTS.B

,

29

.49

%

,

2/14/25

..

68

71

991849155.UG.FTS.B

,

29

.49

%

,

2/14/25

..

204

14

991852753.UG.FTS.B

,

29

.49

%

,

2/14/25

..

87

91

991789128.UG.FTS.B

,

15

%

,

2/15/25

.....

607

617

991851600.UG.FTS.B

,

15

.97

%

,

2/15/25

..

173

177

991781788.UG.FTS.B

,

15

.99

%

,

2/15/25

..

277

283

991818245.UG.FTS.B

,

15

.99

%

,

2/15/25

..

230

235

991774883.UG.FTS.B

,

16

.99

%

,

2/15/25

..

575

438

991885852.UG.FTS.B

,

16

.99

%

,

2/15/25

..

67

68

991967241.UG.FTS.B

,

16

.99

%

,

2/15/25

..

96

98

991784876.UG.FTS.B

,

17

.99

%

,

2/15/25

..

465

475

991897877.UG.FTS.B

,

17

.99

%

,

2/15/25

..

741

52

991838452.UG.FTS.B

,

18

.97

%

,

2/15/25

..

490

498

991853538.UG.FTS.B

,

18

.97

%

,

2/15/25

..

682

–

991842168.UG.FTS.B

,

19

.21

%

,

2/15/25

..

298

40

991860520.UG.FTS.B

,

19

.21

%

,

2/15/25

..

639

653

991885352.UG.FTS.B

,

19

.8

%

,

2/15/25

...

46

47

991776382.UG.FTS.B

,

19

.99

%

,

2/15/25

..

8

1

991777402.UG.FTS.B

,

19

.99

%

,

2/15/25

..

34

35

991784969.UG.FTS.B

,

19

.99

%

,

2/15/25

..

671

682

991802931.UG.FTS.B

,

19

.99

%

,

2/15/25

..

68

71

991829098.UG.FTS.B

,

19

.99

%

,

2/15/25

..

309

322

991841309.UG.FTS.B

,

21

.97

%

,

2/15/25

..

1

1

991835552.UG.FTS.B

,

21

.98

%

,

2/15/25

..

210

215

991946872.UG.FTS.B

,

23

.95

%

,

2/15/25

..

185

51

991807279.UG.FTS.B

,

27

.99

%

,

2/15/25

..

81

85

991779814.UG.FTS.B

,

28

.98

%

,

2/15/25

..

449

469

991808277.UG.FTS.B

,

28

.98

%

,

2/15/25

..

177

184

991808466.UG.FTS.B

,

28

.98

%

,

2/15/25

..

107

111

991808666.UG.FTS.B

,

28

.98

%

,

2/15/25

..

93

93

991811774.UG.FTS.B

,

28

.98

%

,

2/15/25

..

104

108

991817978.UG.FTS.B

,

28

.98

%

,

2/15/25

..

468

486

991818026.UG.FTS.B

,

28

.98

%

,

2/15/25

..

88

91

991823702.UG.FTS.B

,

28

.98

%

,

2/15/25

..

248

259

991825566.UG.FTS.B

,

28

.98

%

,

2/15/25

..

62

64

991840458.UG.FTS.B

,

28

.98

%

,

2/15/25

..

4

4

991843119.UG.FTS.B

,

28

.98

%

,

2/15/25

..

126

132

991844759.UG.FTS.B

,

28

.98

%

,

2/15/25

..

163

170

991852017.UG.FTS.B

,

28

.98

%

,

2/15/25

..

121

126

991852088.UG.FTS.B

,

28

.98

%

,

2/15/25

..

2

2

991853669.UG.FTS.B

,

28

.98

%

,

2/15/25

..

36

36

991855575.UG.FTS.B

,

28

.98

%

,

2/15/25

..

99

101

991778437.UG.FTS.B

,

29

.49

%

,

2/15/25

..

150

158

991794398.UG.FTS.B

,

29

.49

%

,

2/15/25

..

92

93

991804151.UG.FTS.B

,

29

.49

%

,

2/15/25

..

53

56

991807392.UG.FTS.B

,

29

.49

%

,

2/15/25

..

6

6

991808493.UG.FTS.B

,

29

.49

%

,

2/15/25

..

82

86

991811260.UG.FTS.B

,

29

.49

%

,

2/15/25

..

241

252

991814443.UG.FTS.B

,

29

.49

%

,

2/15/25

..

160

167

991816017.UG.FTS.B

,

29

.49

%

,

2/15/25

..

61

62

991818267.UG.FTS.B

,

29

.49

%

,

2/15/25

..

47

49

991819412.UG.FTS.B

,

29

.49

%

,

2/15/25

..

133

–

991825651.UG.FTS.B

,

29

.49

%

,

2/15/25

..

354

362

991825953.UG.FTS.B

,

29

.49

%

,

2/15/25

..

1,416

1,473

991826550.UG.FTS.B

,

29

.49

%

,

2/15/25

..

36

36

991830568.UG.FTS.B

,

29

.49

%

,

2/15/25

..

155

163

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991832219.UG.FTS.B

,

29

.49

%

,

2/15/25

..

$

47

$

49

991833396.UG.FTS.B

,

29

.49

%

,

2/15/25

..

269

283

991834132.UG.FTS.B

,

29

.49

%

,

2/15/25

..

93

97

991834349.UG.FTS.B

,

29

.49

%

,

2/15/25

..

70

73

991835600.UG.FTS.B

,

29

.49

%

,

2/15/25

..

24

25

991842134.UG.FTS.B

,

29

.49

%

,

2/15/25

..

137

140

991842634.UG.FTS.B

,

29

.49

%

,

2/15/25

..

17

17

991842993.UG.FTS.B

,

29

.49

%

,

2/15/25

..

88

92

991843227.UG.FTS.B

,

29

.49

%

,

2/15/25

..

145

21

991846709.UG.FTS.B

,

29

.49

%

,

2/15/25

..

113

8

991849202.UG.FTS.B

,

29

.49

%

,

2/15/25

..

233

69

991851480.UG.FTS.B

,

29

.49

%

,

2/15/25

..

312

318

991855015.UG.FTS.B

,

29

.49

%

,

2/15/25

..

82

85

991823722.UG.FTS.B

,

14

.97

%

,

2/16/25

..

358

366

991797926.UG.FTS.B

,

14

.98

%

,

2/16/25

..

68

68

991982440.UG.FTS.B

,

14

.98

%

,

2/16/25

..

14

14

991801116.UG.FTS.B

,

15

%

,

2/16/25

.....

1,402

1,432

991824562.UG.FTS.B

,

15

.97

%

,

2/16/25

..

22

22

991787407.UG.FTS.B

,

16

.99

%

,

2/16/25

..

270

276

991854632.UG.FTS.B

,

16

.99

%

,

2/16/25

..

212

217

991902815.UG.FTS.B

,

16

.99

%

,

2/16/25

..

90

92

991929151.UG.FTS.B

,

16

.99

%

,

2/16/25

..

13

13

991937144.UG.FTS.B

,

16

.99

%

,

2/16/25

..

1,181

1,205

991941145.UG.FTS.B

,

16

.99

%

,

2/16/25

..

155

158

991964791.UG.FTS.B

,

16

.99

%

,

2/16/25

..

900

920

991847924.UG.FTS.B

,

17

.97

%

,

2/16/25

..

91

93

991851044.UG.FTS.B

,

17

.97

%

,

2/16/25

..

112

112

991868894.UG.FTS.B

,

17

.99

%

,

2/16/25

..

438

448

991921494.UG.FTS.B

,

17

.99

%

,

2/16/25

..

2,449

2,498

991854974.UG.FTS.B

,

19

.99

%

,

2/17/25

..

108

113

991793801.UG.FTS.B

,

28

.98

%

,

2/17/25

..

43

44

991804304.UG.FTS.B

,

28

.98

%

,

2/17/25

..

132

138

991806681.UG.FTS.B

,

28

.98

%

,

2/17/25

..

430

448

991822283.UG.FTS.B

,

28

.98

%

,

2/17/25

..

1,609

111

991843418.UG.FTS.B

,

28

.98

%

,

2/17/25

..

121

127

991878584.UG.FTS.B

,

28

.98

%

,

2/17/25

..

202

29

991985560.UG.FTS.B

,

28

.98

%

,

2/17/25

..

231

241

991806949.UG.FTS.B

,

29

.49

%

,

2/17/25

..

63

65

991830438.UG.FTS.B

,

29

.49

%

,

2/17/25

..

122

127

991831432.UG.FTS.B

,

29

.49

%

,

2/17/25

..

72

76

992003670.UG.FTS.B

,

29

.49

%

,

2/17/25

..

221

225

992008864.UG.FTS.B

,

29

.49

%

,

2/17/25

..

99

103

991806983.UG.FTS.B

,

19

.8

%

,

4/13/25

...

95

12

991825101.UG.FTS.B

,

29

.49

%

,

5/14/25

..

530

411

991849835.UG.FTS.B

,

16

.99

%

,

5/15/25

..

370

45

991803612.UG.FTS.B

,

29

.49

%

,

5/15/25

..

46

37

991814314.UG.FTS.B

,

29

.49

%

,

6/13/25

..

848

54

991792923.UG.FTS.B

,

29

.49

%

,

6/14/25

..

79

63

991816717.UG.FTS.B

,

29

.49

%

,

6/15/25

..

197

208

991848073.UG.FTS.B

,

29

.49

%

,

6/15/25

..

265

272

991829765.UG.FTS.B

,

29

.49

%

,

6/17/25

..

169

178

991785806.UG.FTS.B

,

20

.46

%

,

7/12/25

..

162

117

991763663.UG.FTS.B

,

16

.99

%

,

9/13/25

..

247

253

991809713.UG.FTS.B

,

29

.49

%

,

9/14/25

..

88

68

991808149.UG.FTS.B

,

29

.49

%

,

10/15/25

.

78

58

991872326.UG.FTS.B

,

17

.99

%

,

10/16/25

.

3,739

259

991854422.UG.FTS.B

,

29

.49

%

,

10/17/25

.

530

556

991807486.UG.FTS.B

,

28

.98

%

,

11/14/25

.

174

–

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)

991835626.UG.FTS.B

,

28

.98

%

,

4/15/26

..

$

241

$

251

991811876.UG.FTS.B

,

28

.98

%

,

5/12/26

..

30

30

991808185.UG.FTS.B

,

17

.99

%

,

11/15/26

.

806

484

991806903.UG.FTS.B

,

23

.45

%

,

12/12/28

.

9

1

991777925.UG.FTS.B

,

29

.49

%

,

12/15/28

.

–

–

991824942.UG.FTS.B

,

29

.49

%

,

1/14/29

..

1

–

991811839.UG.FTS.B

,

19

.99

%

,

1/15/29

..

7

7

991778146.UG.FTS.B

,

18

.71

%

,

2/10/29

..

–

–

991813036.UG.FTS.B

,

29

.49

%

,

2/10/29

..

66

66

991820873.UG.FTS.B

,

29

.48

%

,

2/11/29

..

12

12

991811276.UG.FTS.B

,

21

.48

%

,

2/12/29

..

21

20

991857933.UG.FTS.B

,

28

.48

%

,

2/12/29

..

1

1

991850943.UG.FTS.B

,

29

.48

%

,

2/12/29

..

5

5

991813205.UG.FTS.B

,

29

.49

%

,

2/12/29

..

68

68

991819265.UG.FTS.B

,

29

.49

%

,

2/12/29

..

5

5

991824044.UG.FTS.B

,

29

.49

%

,

2/12/29

..

7

7

991833480.UG.FTS.B

,

29

.49

%

,

2/12/29

..

395

28

991835219.UG.FTS.B

,

29

.49

%

,

2/12/29

..

17

17

991855248.UG.FTS.B

,

29

.49

%

,

2/12/29

..

27

27

991843314.UG.FTS.B

,

18

.47

%

,

2/13/29

..

88

13

991802789.UG.FTS.B

,

20

.47

%

,

2/13/29

..

12

12

991815791.UG.FTS.B

,

25

.45

%

,

2/13/29

..

7

7

991813666.UG.FTS.B

,

28

.48

%

,

2/13/29

..

7

7

991852216.UG.FTS.B

,

28

.48

%

,

2/13/29

..

–

–

991856699.UG.FTS.B

,

28

.48

%

,

2/13/29

..

9

9

991814627.UG.FTS.B

,

29

.49

%

,

2/13/29

..

195

–

991818894.UG.FTS.B

,

29

.49

%

,

2/13/29

..

11

11

991832221.UG.FTS.B

,

29

.49

%

,

2/13/29

..

12

12

991837737.UG.FTS.B

,

29

.49

%

,

2/13/29

..

19

1

991838509.UG.FTS.B

,

29

.49

%

,

2/13/29

..

6

6

991838791.UG.FTS.B

,

29

.49

%

,

2/13/29

..

5

5

991843833.UG.FTS.B

,

29

.49

%

,

2/13/29

..

4

4

991825384.UG.FTS.B

,

19

.96

%

,

2/14/29

..

8

8

991835702.UG.FTS.B

,

19

.99

%

,

2/14/29

..

18

18

991851736.UG.FTS.B

,

22

.47

%

,

2/14/29

..

26

2

991835889.UG.FTS.B

,

28

.48

%

,

2/14/29

..

8

8

991847502.UG.FTS.B

,

28

.48

%

,

2/14/29

..

4

4

991821791.UG.FTS.B

,

29

.48

%

,

2/14/29

..

5

5

991842427.UG.FTS.B

,

29

.48

%

,

2/14/29

..

5

5

991777332.UG.FTS.B

,

29

.49

%

,

2/14/29

..

6

6

991802654.UG.FTS.B

,

29

.49

%

,

2/14/29

..

41

6

991807223.UG.FTS.B

,

29

.49

%

,

2/14/29

..

9

9

991807331.UG.FTS.B

,

29

.49

%

,

2/14/29

..

6

6

991807783.UG.FTS.B

,

29

.49

%

,

2/14/29

..

7

3

991811416.UG.FTS.B

,

29

.49

%

,

2/14/29

..

11

11

991820078.UG.FTS.B

,

29

.49

%

,

2/14/29

..

4

4

991827030.UG.FTS.B

,

29

.49

%

,

2/14/29

..

6

6

991839021.UG.FTS.B

,

29

.49

%

,

2/14/29

..

9

9

991843509.UG.FTS.B

,

29

.49

%

,

2/14/29

..

–

–

991853079.UG.FTS.B

,

18

.47

%

,

2/15/29

..

19

19

991803737.UG.FTS.B

,

18

.71

%

,

2/15/29

..

4

4

991840733.UG.FTS.B

,

22

.95

%

,

2/15/29

..

1

1

991850875.UG.FTS.B

,

23

.45

%

,

2/15/29

..

29

29

991809041.UG.FTS.B

,

28

.48

%

,

2/15/29

..

5

5

991811127.UG.FTS.B

,

28

.48

%

,

2/15/29

..

136

135

991845273.UG.FTS.B

,

28

.48

%

,

2/15/29

..

27

27

991819327.UG.FTS.B

,

29

.48

%

,

2/15/29

..

19

1

991808840.UG.FTS.B

,

29

.49

%

,

2/15/29

..

7

7

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991812295.UG.FTS.B

,

29

.49

%

,

2/15/29

..

$

10

$

10

991812557.UG.FTS.B

,

29

.49

%

,

2/15/29

..

5

5

991813506.UG.FTS.B

,

29

.49

%

,

2/15/29

..

6

6

991816140.UG.FTS.B

,

29

.49

%

,

2/15/29

..

85

11

991835844.UG.FTS.B

,

29

.49

%

,

2/15/29

..

7

7

991857458.UG.FTS.B

,

29

.49

%

,

2/15/29

..

2

2

991823874.UG.FTS.B

,

17

.47

%

,

2/16/29

..

19

19

991849830.UG.FTS.B

,

17

.49

%

,

2/16/29

..

33

33

991920721.UG.FTS.B

,

28

.48

%

,

2/17/29

..

5

5

991849598.UG.FTS.B

,

29

.49

%

,

2/17/29

..

5

5

991997607.UG.FTS.B

,

29

.49

%

,

2/17/29

..

54

4

84,605

Upstart

Network,

Inc.

L1714497.UP.FTS.B

,

5

.26

%

,

9/15/24

....

2,361

2,342

L1716943.UP.FTS.B

,

9

.3

%

,

9/15/24

.....

2,446

2,440

L1715024.UP.FTS.B

,

9

.8

%

,

9/15/24

.....

739

737

L1717347.UP.FTS.B

,

10

.59

%

,

9/15/24

....

1,228

1,225

L1716025.UP.FTS.B

,

10

.69

%

,

9/15/24

....

1,253

1,252

L1715704.UP.FTS.B

,

11

.53

%

,

9/15/24

....

4,391

1,396

L1717926.UP.FTS.B

,

11

.94

%

,

9/15/24

....

1,240

1,239

L1716380.UP.FTS.B

,

13

.61

%

,

9/15/24

....

517

517

L1716238.UP.FTS.B

,

14

.13

%

,

9/15/24

....

1,068

1,072

L1714869.UP.FTS.B

,

15

.65

%

,

9/15/24

....

3,314

3,331

L1715589.UP.FTS.B

,

16

.64

%

,

9/15/24

....

4,000

4,032

L1716811.UP.FTS.B

,

16

.92

%

,

9/15/24

....

423

425

L1716828.UP.FTS.B

,

17

.26

%

,

9/15/24

....

805

811

L1716020.UP.FTS.B

,

23

.35

%

,

9/15/24

....

514

518

L1715151.UP.FTS.B

,

23

.45

%

,

9/15/24

....

562

566

L1712382.UP.FTS.B

,

23

.73

%

,

9/15/24

....

2,560

2,557

L1717684.UP.FTS.B

,

25

.05

%

,

9/15/24

....

665

669

FW1717862.UP.FTS.B

,

25

.93

%

,

9/15/24

..

895

64

FW1715798.UP.FTS.B

,

29

.92

%

,

9/15/24

..

425

429

L1717607.UP.FTS.B

,

13

.74

%

,

9/28/24

....

2,600

2,596

L1885954.UP.FTS.B

,

10

.47

%

,

10/20/24

...

1,561

1,492

L1886505.UP.FTS.B

,

13

.79

%

,

10/20/24

...

290

292

L1888623.UP.FTS.B

,

13

.96

%

,

10/20/24

...

871

870

L1887864.UP.FTS.B

,

14

.09

%

,

10/20/24

...

582

581

L1887716.UP.FTS.B

,

16

.64

%

,

10/20/24

...

1,194

1,202

L1884376.UP.FTS.B

,

20

.79

%

,

10/20/24

...

7,579

530

L1889126.UP.FTS.B

,

20

.94

%

,

10/20/24

...

3,726

1,185

L1889255.UP.FTS.B

,

22

.61

%

,

10/20/24

...

1,412

1,420

FW1885395.UP.FTS.B

,

26

.24

%

,

10/20/24

.

981

987

FW1880410.UP.FTS.B

,

27

.93

%

,

10/20/24

.

1,330

1,337

FW1886414.UP.FTS.B

,

28

.39

%

,

10/20/24

.

678

682

L2037773.UP.FTS.B

,

5

.25

%

,

11/15/24

....

2,097

2,079

L2046679.UP.FTS.B

,

6

.86

%

,

11/15/24

....

2,991

2,965

L2039391.UP.FTS.B

,

7

.16

%

,

11/15/24

....

202

201

L2047798.UP.FTS.B

,

7

.62

%

,

11/15/24

....

1,510

1,504

L2049330.UP.FTS.B

,

8

.87

%

,

11/15/24

....

2,693

2,683

L2048001.UP.FTS.B

,

10

.35

%

,

11/15/24

...

1,546

1,542

L2047620.UP.FTS.B

,

10

.51

%

,

11/15/24

...

1,122

331

L2047014.UP.FTS.B

,

11

.93

%

,

11/15/24

...

3,001

2,997

L2048381.UP.FTS.B

,

12

.98

%

,

11/15/24

...

1,770

128

L2048784.UP.FTS.B

,

13

.49

%

,

11/15/24

...

957

956

L2047467.UP.FTS.B

,

14

.6

%

,

11/15/24

....

4,040

296

L2047716.UP.FTS.B

,

15

.83

%

,

11/15/24

...

2,814

2,833

L2049293.UP.FTS.B

,

16

.54

%

,

11/15/24

...

1,644

1,656

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2047086.UP.FTS.B

,

16

.6

%

,

11/15/24

..

$

1,315

$

1,324

L2047759.UP.FTS.B

,

17

.02

%

,

11/15/24

...

363

366

L2032354.UP.FTS.B

,

18

.46

%

,

11/15/24

...

563

567

L2049049.UP.FTS.B

,

18

.57

%

,

11/15/24

...

2,344

2,362

L2047756.UP.FTS.B

,

18

.93

%

,

11/15/24

...

2,912

209

FW2047783.UP.FTS.B

,

19

.18

%

,

11/15/24

.

103

103

L2048756.UP.FTS.B

,

19

.75

%

,

11/15/24

...

2,031

2,047

L2048019.UP.FTS.B

,

19

.76

%

,

11/15/24

...

576

580

FW2047227.UP.FTS.B

,

19

.97

%

,

11/15/24

.

578

177

FW2047688.UP.FTS.B

,

20

.13

%

,

11/15/24

.

2,286

2,199

L2047733.UP.FTS.B

,

21

.64

%

,

11/15/24

...

1,551

236

L2046773.UP.FTS.B

,

21

.75

%

,

11/15/24

...

489

490

L2047942.UP.FTS.B

,

23

.17

%

,

11/15/24

...

1,249

1,253

L2096245.UP.FTS.B

,

7

.08

%

,

11/22/24

....

918

910

L2094775.UP.FTS.B

,

7

.57

%

,

11/22/24

....

1,504

1,501

L2095323.UP.FTS.B

,

10

.22

%

,

11/22/24

...

464

462

L2096413.UP.FTS.B

,

11

.37

%

,

11/22/24

...

6,249

6,239

L2094380.UP.FTS.B

,

14

.25

%

,

11/22/24

...

1,337

1,344

L2096824.UP.FTS.B

,

14

.34

%

,

11/22/24

...

2,574

2,598

L2095963.UP.FTS.B

,

14

.96

%

,

11/22/24

...

644

645

FW2095095.UP.FTS.B

,

15

.88

%

,

11/22/24

.

465

464

L2095754.UP.FTS.B

,

16

.91

%

,

11/22/24

...

1,625

1,640

FW2096312.UP.FTS.B

,

17

.78

%

,

11/22/24

.

1,400

1,410

L2094961.UP.FTS.B

,

18

.66

%

,

11/22/24

...

335

339

FW2091484.UP.FTS.B

,

19

.01

%

,

11/22/24

.

1,868

1,803

FW2094863.UP.FTS.B

,

19

.11

%

,

11/22/24

.

337

340

FW2095652.UP.FTS.B

,

28

.05

%

,

11/22/24

.

4,062

3,918

FW2096872.UP.FTS.B

,

28

.81

%

,

11/22/24

.

310

307

FW2094168.UP.FTS.B

,

28

.88

%

,

11/22/24

.

925

931

L2047831.UP.FTS.B

,

20

.33

%

,

11/23/24

...

2,230

2,248

FW2095845.UP.FTS.B

,

15

.91

%

,

11/28/24

.

1,968

1,985

L2292994.UP.FTS.B

,

5

.09

%

,

12/21/24

....

965

958

L2294913.UP.FTS.B

,

5

.24

%

,

12/21/24

....

709

703

FW2294665.UP.FTS.B

,

5

.75

%

,

12/21/24

..

647

642

L2295367.UP.FTS.B

,

5

.78

%

,

12/21/24

....

713

708

FW2293946.UP.FTS.B

,

6

.19

%

,

12/21/24

..

2,548

2,528

L2295100.UP.FTS.B

,

7

.19

%

,

12/21/24

....

357

354

FW2294439.UP.FTS.B

,

7

.72

%

,

12/21/24

..

3,509

3,497

L2294814.UP.FTS.B

,

7

.77

%

,

12/21/24

....

1,623

1,547

L2294775.UP.FTS.B

,

8

.85

%

,

12/21/24

....

982

980

L2293437.UP.FTS.B

,

11

.78

%

,

12/21/24

...

1,599

1,596

L2294851.UP.FTS.B

,

13

.12

%

,

12/21/24

...

700

698

L2294095.UP.FTS.B

,

13

.3

%

,

12/21/24

....

454

434

L2296216.UP.FTS.B

,

13

.69

%

,

12/21/24

...

1,224

1,224

L2294949.UP.FTS.B

,

13

.95

%

,

12/21/24

...

1,871

98

L2295222.UP.FTS.B

,

15

.07

%

,

12/21/24

...

1,240

1,251

FW2295530.UP.FTS.B

,

15

.84

%

,

12/21/24

.

2,253

2,271

L2293609.UP.FTS.B

,

16

.79

%

,

12/21/24

...

1,919

1,934

L2294084.UP.FTS.B

,

17

.86

%

,

12/21/24

...

546

549

L2294351.UP.FTS.B

,

19

.21

%

,

12/21/24

...

1,002

1,008

L2285455.UP.FTS.B

,

19

.28

%

,

12/21/24

...

737

741

L2295474.UP.FTS.B

,

19

.79

%

,

12/21/24

...

1,480

1,493

FW2296126.UP.FTS.B

,

21

.1

%

,

12/21/24

..

418

403

L2295046.UP.FTS.B

,

21

.11

%

,

12/21/24

...

1,871

1,885

L2296169.UP.FTS.B

,

21

.4

%

,

12/21/24

....

1,579

1,586

L2295180.UP.FTS.B

,

22

.24

%

,

12/21/24

...

1,701

1,714

FW2294007.UP.FTS.B

,

24

.91

%

,

12/21/24

.

341

339

FW2295790.UP.FTS.B

,

25

.57

%

,

12/21/24

.

1,123

16

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2295751.UP.FTS.B

,

26

.57

%

,

12/21/24

.

$

1,962

$

1,977

FW2294187.UP.FTS.B

,

27

.27

%

,

12/21/24

.

1,788

1,793

FW2294163.UP.FTS.B

,

27

.62

%

,

12/21/24

.

389

390

FW2295991.UP.FTS.B

,

29

.39

%

,

12/21/24

.

1,763

1,775

L2296625.UP.FTS.B

,

5

.45

%

,

12/22/24

....

1,615

1,602

L2297554.UP.FTS.B

,

5

.64

%

,

12/22/24

....

1,780

1,766

L2296988.UP.FTS.B

,

5

.71

%

,

12/22/24

....

2,265

2,248

L2297459.UP.FTS.B

,

6

.46

%

,

12/22/24

....

1,625

1,612

FW2297489.UP.FTS.B

,

6

.61

%

,

12/22/24

..

133

132

L2297555.UP.FTS.B

,

6

.86

%

,

12/22/24

....

1,310

1,300

FW2298048.UP.FTS.B

,

7

.04

%

,

12/22/24

..

6,605

482

L2297930.UP.FTS.B

,

7

.09

%

,

12/22/24

....

1,022

1,014

L2299053.UP.FTS.B

,

7

.5

%

,

12/22/24

....

1,978

1,972

L2298344.UP.FTS.B

,

7

.65

%

,

12/22/24

....

2,589

2,583

L2298178.UP.FTS.B

,

7

.89

%

,

12/22/24

....

1,986

1,980

FW2298230.UP.FTS.B

,

8

.66

%

,

12/22/24

..

334

332

L2294325.UP.FTS.B

,

9

.41

%

,

12/22/24

....

2,005

2,001

L2298627.UP.FTS.B

,

10

.13

%

,

12/22/24

...

1,692

1,686

L2298051.UP.FTS.B

,

10

.22

%

,

12/22/24

...

1,682

1,678

L2298036.UP.FTS.B

,

10

.46

%

,

12/22/24

...

2,376

2,368

L2296736.UP.FTS.B

,

10

.73

%

,

12/22/24

...

1,040

1,039

L2297100.UP.FTS.B

,

11

.43

%

,

12/22/24

...

883

134

L2298636.UP.FTS.B

,

11

.78

%

,

12/22/24

...

1,203

1,201

FW2295900.UP.FTS.B

,

12

.11

%

,

12/22/24

.

1,844

106

L2289317.UP.FTS.B

,

12

.5

%

,

12/22/24

....

2,419

2,420

L2297999.UP.FTS.B

,

13

.52

%

,

12/22/24

...

349

349

L2296920.UP.FTS.B

,

13

.62

%

,

12/22/24

...

2,453

2,449

L2298784.UP.FTS.B

,

14

.44

%

,

12/22/24

...

3,524

3,546

FW2297351.UP.FTS.B

,

16

.06

%

,

12/22/24

.

1,034

301

L2299210.UP.FTS.B

,

16

.21

%

,

12/22/24

...

391

391

L2297197.UP.FTS.B

,

17

.21

%

,

12/22/24

...

723

728

L2300066.UP.FTS.B

,

17

.65

%

,

12/22/24

...

727

731

L2300339.UP.FTS.B

,

18

.46

%

,

12/22/24

...

363

367

L2298393.UP.FTS.B

,

19

.2

%

,

12/22/24

....

3,234

3,118

L2286362.UP.FTS.B

,

19

.22

%

,

12/22/24

...

2,972

2,997

FW2298373.UP.FTS.B

,

19

.34

%

,

12/22/24

.

1,106

1,113

FW2299910.UP.FTS.B

,

19

.59

%

,

12/22/24

.

1,819

1,836

L2296192.UP.FTS.B

,

20

.3

%

,

12/22/24

....

368

372

L2296465.UP.FTS.B

,

21

.24

%

,

12/22/24

...

2,485

82

FW2300328.UP.FTS.B

,

21

.6

%

,

12/22/24

..

7,433

7,502

L2297511.UP.FTS.B

,

21

.76

%

,

12/22/24

...

3,766

3,782

FW2299932.UP.FTS.B

,

21

.85

%

,

12/22/24

.

4,145

4,185

FW2300114.UP.FTS.B

,

21

.91

%

,

12/22/24

.

1,885

1,900

L2300171.UP.FTS.B

,

22

.14

%

,

12/22/24

...

647

651

L2296425.UP.FTS.B

,

22

.43

%

,

12/22/24

...

2,840

2,863

L2299865.UP.FTS.B

,

22

.56

%

,

12/22/24

...

515

516

L2296417.UP.FTS.B

,

22

.8

%

,

12/22/24

....

4,065

4,105

L2296476.UP.FTS.B

,

22

.83

%

,

12/22/24

...

2,523

2,535

L2299850.UP.FTS.B

,

23

.44

%

,

12/22/24

...

1,873

1,890

L2298515.UP.FTS.B

,

23

.69

%

,

12/22/24

...

2,683

2,682

L2299432.UP.FTS.B

,

24

.17

%

,

12/22/24

...

1,311

1,317

FW2296692.UP.FTS.B

,

24

.93

%

,

12/22/24

.

581

583

FW2296914.UP.FTS.B

,

26

.15

%

,

12/22/24

.

430

434

L2294199.UP.FTS.B

,

20

.47

%

,

1/01/25

....

1,217

1,220

L2298428.UP.FTS.B

,

8

.15

%

,

1/06/25

....

2,303

2,297

L2426414.UP.FTS.B

,

5

.26

%

,

1/13/25

....

8,725

8,652

L2424056.UP.FTS.B

,

5

.61

%

,

1/13/25

....

1,412

1,399

L2423394.UP.FTS.B

,

6

.27

%

,

1/13/25

....

3,542

3,513

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.

116

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2425497.UP.FTS.B

,

7

.24

%

,

1/13/25

....

$

7,169

$

7,107

L2425329.UP.FTS.B

,

7

.75

%

,

1/13/25

....

760

754

L2425262.UP.FTS.B

,

8

.32

%

,

1/13/25

....

2,347

2,340

L2425211.UP.FTS.B

,

8

.5

%

,

1/13/25

......

2,736

1,639

L2428185.UP.FTS.B

,

9

.7

%

,

1/13/25

.....

3,658

3,648

FW2428576.UP.FTS.B

,

10

.33

%

,

1/13/25

..

3,310

3,297

L2423475.UP.FTS.B

,

10

.43

%

,

1/13/25

....

1,289

1,285

L2427021.UP.FTS.B

,

11

.18

%

,

1/13/25

....

1,854

1,849

L2398504.UP.FTS.B

,

11

.71

%

,

1/13/25

....

373

372

L2428568.UP.FTS.B

,

12

.86

%

,

1/13/25

....

2,635

2,632

L2405416.UP.FTS.B

,

12

.97

%

,

1/13/25

....

1,388

58

L2428590.UP.FTS.B

,

12

.98

%

,

1/13/25

....

1,855

259

FW2419292.UP.FTS.B

,

13

.72

%

,

1/13/25

..

759

758

L2423989.UP.FTS.B

,

13

.92

%

,

1/13/25

....

1,178

1,186

L2426394.UP.FTS.B

,

14

.04

%

,

1/13/25

....

2,943

1,782

FW2423167.UP.FTS.B

,

15

.7

%

,

1/13/25

...

1,338

1,346

L2425994.UP.FTS.B

,

15

.97

%

,

1/13/25

....

478

69

L2424008.UP.FTS.B

,

18

.11

%

,

1/13/25

....

1,972

1,985

L2416454.UP.FTS.B

,

20

%

,

1/13/25

......

2,399

2,415

L2426497.UP.FTS.B

,

20

.53

%

,

1/13/25

....

2,658

2,676

L2425046.UP.FTS.B

,

20

.89

%

,

1/13/25

....

2,228

161

L2424244.UP.FTS.B

,

21

.43

%

,

1/13/25

....

2,789

2,798

FW2423092.UP.FTS.B

,

22

.82

%

,

1/13/25

..

3,857

3,884

L2425291.UP.FTS.B

,

23

.25

%

,

1/13/25

....

2,471

2,480

FW2422846.UP.FTS.B

,

26

.62

%

,

1/13/25

..

2,724

2,732

FW2423280.UP.FTS.B

,

26

.88

%

,

1/13/25

..

3,581

530

FW2426742.UP.FTS.B

,

27

.82

%

,

1/13/25

..

408

408

FW2423178.UP.FTS.B

,

28

.33

%

,

1/13/25

..

688

689

L2434116.UP.FTS.B

,

4

.81

%

,

1/14/25

.....

2,271

2,252

L2418575.UP.FTS.B

,

5

.02

%

,

1/14/25

....

13,975

13,860

FW2435057.UP.FTS.B

,

5

.13

%

,

1/14/25

...

1,155

1,145

L2430348.UP.FTS.B

,

5

.31

%

,

1/14/25

....

2,247

2,229

L2434822.UP.FTS.B

,

5

.8

%

,

1/14/25

.....

1,869

1,854

L2435457.UP.FTS.B

,

5

.9

%

,

1/14/25

.....

883

875

L2421481.UP.FTS.B

,

5

.96

%

,

1/14/25

....

883

876

L2428662.UP.FTS.B

,

6

.19

%

,

1/14/25

....

708

702

L2428904.UP.FTS.B

,

6

.39

%

,

1/14/25

....

1,773

1,759

L2434626.UP.FTS.B

,

6

.42

%

,

1/14/25

....

5,903

5,854

FW2432338.UP.FTS.B

,

6

.53

%

,

1/14/25

...

4,254

4,219

L2430005.UP.FTS.B

,

6

.62

%

,

1/14/25

....

711

705

FW2433653.UP.FTS.B

,

7

.07

%

,

1/14/25

...

3,044

3,018

L2432222.UP.FTS.B

,

7

.3

%

,

1/14/25

.....

1,789

1,783

L2432554.UP.FTS.B

,

7

.39

%

,

1/14/25

....

5,728

5,711

L2429588.UP.FTS.B

,

8

.57

%

,

1/14/25

....

7,965

7,942

FW2428881.UP.FTS.B

,

8

.87

%

,

1/14/25

...

3,631

3,621

L2435242.UP.FTS.B

,

10

.25

%

,

1/14/25

....

1,108

1,103

L2432996.UP.FTS.B

,

11

.65

%

,

1/14/25

....

2,980

2,976

L2432213.UP.FTS.B

,

12

.69

%

,

1/14/25

....

1,165

1,164

FW2428995.UP.FTS.B

,

13

.01

%

,

1/14/25

..

1,508

1,506

L2429660.UP.FTS.B

,

15

.34

%

,

1/14/25

....

385

388

L2431105.UP.FTS.B

,

16

.43

%

,

1/14/25

....

1,066

77

L2433771.UP.FTS.B

,

16

.58

%

,

1/14/25

....

3,841

3,865

L2432759.UP.FTS.B

,

18

.08

%

,

1/14/25

....

552

556

L2435184.UP.FTS.B

,

18

.26

%

,

1/14/25

....

3,948

3,975

FW2435471.UP.FTS.B

,

19

.27

%

,

1/14/25

..

797

802

L2431902.UP.FTS.B

,

19

.35

%

,

1/14/25

....

998

1,002

L2406011.UP.FTS.B

,

20

.17

%

,

1/14/25

....

2,207

2,223

L2429273.UP.FTS.B

,

22

.43

%

,

1/14/25

....

366

367

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2435303.UP.FTS.B

,

22

.6

%

,

1/14/25

....

$

3,539

$

2,223

L2435145.UP.FTS.B

,

23

.16

%

,

1/14/25

....

2,057

2,066

L2430162.UP.FTS.B

,

23

.44

%

,

1/14/25

....

2,425

690

FW2423306.UP.FTS.B

,

29

.18

%

,

1/15/25

..

2,871

2,883

L2436421.UP.FTS.B

,

5

.98

%

,

1/18/25

....

2,452

2,432

FW2437692.UP.FTS.B

,

6

.91

%

,

1/18/25

...

2,139

2,122

L2437624.UP.FTS.B

,

7

.39

%

,

1/18/25

....

1,846

135

FW2439168.UP.FTS.B

,

8

.76

%

,

1/18/25

...

1,809

1,804

L2436781.UP.FTS.B

,

9

.67

%

,

1/18/25

....

3,657

3,647

L2438341.UP.FTS.B

,

10

.14

%

,

1/18/25

....

551

549

L2437491.UP.FTS.B

,

10

.26

%

,

1/18/25

....

656

654

L2436150.UP.FTS.B

,

10

.72

%

,

1/18/25

....

1,661

1,660

L2437166.UP.FTS.B

,

11

.13

%

,

1/18/25

....

1,084

1,081

L2406128.UP.FTS.B

,

11

.74

%

,

1/18/25

....

804

767

L2436162.UP.FTS.B

,

11

.76

%

,

1/18/25

....

3,724

3,721

FW2436511.UP.FTS.B

,

13

.11

%

,

1/18/25

..

1,509

1,508

FW2438258.UP.FTS.B

,

13

.5

%

,

1/18/25

...

1,128

1,127

L2436007.UP.FTS.B

,

16

.06

%

,

1/18/25

....

567

570

FW2439200.UP.FTS.B

,

18

.01

%

,

1/18/25

..

788

794

L2438734.UP.FTS.B

,

18

.88

%

,

1/18/25

....

1,982

1,997

FW2436576.UP.FTS.B

,

19

.32

%

,

1/18/25

..

1,593

1,605

L2435933.UP.FTS.B

,

21

.5

%

,

1/18/25

....

1,084

1,043

L2437623.UP.FTS.B

,

21

.63

%

,

1/18/25

....

1,181

1,186

L2436538.UP.FTS.B

,

21

.66

%

,

1/18/25

....

2,822

2,714

FW2435735.UP.FTS.B

,

22

.33

%

,

1/18/25

..

4,002

4,020

L2435694.UP.FTS.B

,

23

.43

%

,

1/18/25

....

573

576

L2436892.UP.FTS.B

,

24

.08

%

,

1/18/25

....

2,468

178

L2439081.UP.FTS.B

,

9

.27

%

,

1/27/25

....

3,658

3,644

L2608076.UP.FTS.B

,

6

.4

%

,

2/10/25

.....

1,470

1,458

L2603419.UP.FTS.B

,

6

.97

%

,

2/10/25

....

2,963

852

L2605161.UP.FTS.B

,

8

.41

%

,

2/10/25

....

780

777

L2602588.UP.FTS.B

,

8

.74

%

,

2/10/25

....

3,895

3,880

L2604174.UP.FTS.B

,

9

.25

%

,

2/10/25

....

2,323

2,313

FW2602705.UP.FTS.B

,

10

.63

%

,

2/10/25

..

1,135

1,130

FW2604002.UP.FTS.B

,

11

.31

%

,

2/10/25

..

12,676

12,626

FW2607521.UP.FTS.B

,

11

.42

%

,

2/10/25

..

720

717

L2607713.UP.FTS.B

,

11

.85

%

,

2/10/25

....

1,996

1,991

FW2604412.UP.FTS.B

,

12

.03

%

,

2/10/25

..

805

803

L2603571.UP.FTS.B

,

13

.11

%

,

2/10/25

....

462

459

L2604194.UP.FTS.B

,

14

.5

%

,

2/10/25

....

1,439

1,436

L2605323.UP.FTS.B

,

14

.99

%

,

2/10/25

....

502

71

L2605799.UP.FTS.B

,

15

.28

%

,

2/10/25

....

2,069

2,079

L2603338.UP.FTS.B

,

15

.54

%

,

2/10/25

....

8,732

637

L2607677.UP.FTS.B

,

18

.39

%

,

2/10/25

....

8,590

8,611

FW2606706.UP.FTS.B

,

19

.04

%

,

2/10/25

..

640

644

FW2607831.UP.FTS.B

,

19

.55

%

,

2/10/25

..

428

431

L2606380.UP.FTS.B

,

21

.09

%

,

2/10/25

....

2,171

2,174

FW2602040.UP.FTS.B

,

24

.72

%

,

2/10/25

..

2,835

205

FW2604398.UP.FTS.B

,

25

.04

%

,

2/10/25

..

448

448

FW2602438.UP.FTS.B

,

25

.48

%

,

2/10/25

..

1,308

1,296

FW2608083.UP.FTS.B

,

29

.04

%

,

2/10/25

..

1,724

1,723

L2559948.UP.FTS.B

,

6

.36

%

,

2/11/25

.....

19,249

19,074

FW2610553.UP.FTS.B

,

7

.05

%

,

2/11/25

...

2,312

2,293

L2611637.UP.FTS.B

,

7

.21

%

,

2/11/25

.....

2,500

2,479

L2613730.UP.FTS.B

,

7

.75

%

,

2/11/25

.....

9,988

9,943

FW2615331.UP.FTS.B

,

10

.38

%

,

2/11/25

..

595

593

L2611481.UP.FTS.B

,

10

.47

%

,

2/11/25

....

3,557

3,533

FW2609609.UP.FTS.B

,

11

.5

%

,

2/11/25

...

1,203

1,200

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)

L2612036.UP.FTS.B

,

13

.32

%

,

2/11/25

....

$

2,199

$

2,194

FW2613797.UP.FTS.B

,

13

.33

%

,

2/11/25

..

1,645

119

L2607238.UP.FTS.B

,

13

.47

%

,

2/11/25

....

1,223

1,229

FW2611811.UP.FTS.B

,

13

.7

%

,

2/11/25

...

1,155

84

L2614740.UP.FTS.B

,

14

.28

%

,

2/11/25

....

4,474

4,496

L2615117.UP.FTS.B

,

17

.61

%

,

2/11/25

....

102

101

FW2610423.UP.FTS.B

,

17

.65

%

,

2/11/25

..

1,688

1,697

L2615349.UP.FTS.B

,

17

.97

%

,

2/11/25

....

726

728

L2614223.UP.FTS.B

,

18

.74

%

,

2/11/25

....

1,917

1,927

L2612860.UP.FTS.B

,

19

.65

%

,

2/11/25

....

3,023

3,031

FW2614854.UP.FTS.B

,

20

.12

%

,

2/11/25

..

634

637

L2611111.UP.FTS.B

,

20

.83

%

,

2/11/25

....

932

928

L2610485.UP.FTS.B

,

21

.72

%

,

2/11/25

....

4,412

4,406

FW2613906.UP.FTS.B

,

22

.85

%

,

2/11/25

..

440

441

L2613386.UP.FTS.B

,

22

.9

%

,

2/11/25

.....

3,630

3,641

L2615495.UP.FTS.B

,

24

.65

%

,

2/11/25

....

3,730

3,734

FW2615176.UP.FTS.B

,

25

.3

%

,

2/11/25

...

1,257

91

FW2611527.UP.FTS.B

,

26

.67

%

,

2/11/25

..

9,061

9,078

FW2610708.UP.FTS.B

,

31

.36

%

,

2/11/25

..

1,737

520

L2608607.UP.FTS.B

,

7

.29

%

,

2/12/25

....

3,865

3,830

L2617531.UP.FTS.B

,

9

.41

%

,

2/14/25

....

5,072

5,054

L2616546.UP.FTS.B

,

9

.84

%

,

2/14/25

....

5,108

3,028

L2618393.UP.FTS.B

,

12

.87

%

,

2/14/25

....

2,010

2,006

FW2616160.UP.FTS.B

,

13

.5

%

,

2/14/25

...

729

727

L2616391.UP.FTS.B

,

13

.87

%

,

2/14/25

....

1,022

1,020

L2618286.UP.FTS.B

,

16

.38

%

,

2/14/25

....

1,254

1,261

L2617246.UP.FTS.B

,

16

.8

%

,

2/14/25

....

3,982

3,970

FW2616262.UP.FTS.B

,

17

.76

%

,

2/14/25

..

663

472

L2584870.UP.FTS.B

,

18

.22

%

,

2/14/25

....

844

849

L2616222.UP.FTS.B

,

19

.49

%

,

2/14/25

....

731

733

L2617430.UP.FTS.B

,

20

.47

%

,

2/14/25

....

6,910

6,926

L2615004.UP.FTS.B

,

20

.75

%

,

2/14/25

....

866

871

FW2615790.UP.FTS.B

,

25

.6

%

,

2/14/25

...

1,124

1,127

FW2617005.UP.FTS.B

,

25

.65

%

,

2/14/25

..

899

901

FW2616085.UP.FTS.B

,

27

.69

%

,

2/14/25

..

1,360

1,359

FW2617024.UP.FTS.B

,

28

.53

%

,

2/14/25

..

2,297

2,303

L1716455.UP.FTS.B

,

14

.23

%

,

2/15/25

....

413

60

L1715893.UP.FTS.B

,

19

.55

%

,

2/15/25

....

1,247

1,252

FW1717064.UP.FTS.B

,

29

.03

%

,

2/15/25

..

1,650

117

FW2605911.UP.FTS.B

,

17

.81

%

,

2/25/25

..

2,162

2,167

L1888732.UP.FTS.B

,

18

.47

%

,

3/20/25

....

2,092

2,006

FW1884445.UP.FTS.B

,

29

.15

%

,

3/20/25

..

629

95

FW1889076.UP.FTS.B

,

30

.32

%

,

3/20/25

..

1,583

1,523

L2950073.UP.FTS.B

,

6

.9

%

,

4/14/25

.....

4,480

4,441

L2949006.UP.FTS.B

,

7

.34

%

,

4/14/25

....

3,283

3,253

FW2950302.UP.FTS.B

,

8

.61

%

,

4/14/25

...

1,340

1,330

L2950690.UP.FTS.B

,

9

.45

%

,

4/14/25

....

2,447

2,434

L2949710.UP.FTS.B

,

9

.46

%

,

4/14/25

....

3,828

3,808

L2950058.UP.FTS.B

,

9

.46

%

,

4/14/25

....

985

981

FW2950661.UP.FTS.B

,

9

.55

%

,

4/14/25

...

1,577

1,571

L2950499.UP.FTS.B

,

10

.1

%

,

4/14/25

....

1,521

1,510

L2949804.UP.FTS.B

,

11

.24

%

,

4/14/25

....

1,008

1,003

L2950816.UP.FTS.B

,

11

.31

%

,

4/14/25

....

779

775

L2949385.UP.FTS.B

,

11

.88

%

,

4/14/25

....

4,926

4,902

L2951900.UP.FTS.B

,

12

.02

%

,

4/14/25

....

3,224

3,215

L2950678.UP.FTS.B

,

12

.4

%

,

4/14/25

....

1,007

1,004

FW2950475.UP.FTS.B

,

12

.78

%

,

4/14/25

..

186

184

L2951520.UP.FTS.B

,

13

.5

%

,

4/14/25

....

1,865

1,857

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2950266.UP.FTS.B

,

13

.94

%

,

4/14/25

....

$

1,030

$

1,025

L2949379.UP.FTS.B

,

14

.06

%

,

4/14/25

....

687

685

L2950382.UP.FTS.B

,

15

.7

%

,

4/14/25

....

472

474

L2950290.UP.FTS.B

,

15

.94

%

,

4/14/25

....

2,377

2,381

L2951331.UP.FTS.B

,

16

.4

%

,

4/14/25

....

459

459

L2951781.UP.FTS.B

,

16

.49

%

,

4/14/25

....

2,261

1,363

L2950169.UP.FTS.B

,

16

.64

%

,

4/14/25

....

9,558

9,573

L2950254.UP.FTS.B

,

18

.93

%

,

4/14/25

....

–

–

L2942398.UP.FTS.B

,

18

.94

%

,

4/14/25

....

1,819

1,824

FW2949345.UP.FTS.B

,

19

.25

%

,

4/14/25

..

1,777

1,777

FW2951691.UP.FTS.B

,

20

.36

%

,

4/14/25

..

2,704

2,708

L2950233.UP.FTS.B

,

20

.55

%

,

4/14/25

....

886

888

L2949677.UP.FTS.B

,

21

.51

%

,

4/14/25

....

6,351

6,332

L2950045.UP.FTS.B

,

22

.15

%

,

4/14/25

....

348

347

FW2951494.UP.FTS.B

,

23

.09

%

,

4/14/25

..

1,817

63

L2950329.UP.FTS.B

,

23

.25

%

,

4/14/25

....

1,255

1,258

L2951079.UP.FTS.B

,

23

.91

%

,

4/14/25

....

1,917

1,911

FW2949287.UP.FTS.B

,

25

.31

%

,

4/14/25

..

3,349

35

FW2950219.UP.FTS.B

,

25

.83

%

,

4/14/25

..

1,262

1,262

FW2951404.UP.FTS.B

,

29

.21

%

,

4/14/25

..

723

723

L2047834.UP.FTS.B

,

9

.02

%

,

4/15/25

....

1,168

1,162

L2047190.UP.FTS.B

,

13

.12

%

,

4/15/25

....

1,738

490

L2294127.UP.FTS.B

,

16

.18

%

,

5/21/25

....

2,075

2,089

FW2298854.UP.FTS.B

,

8

.03

%

,

5/22/25

...

981

977

L2298269.UP.FTS.B

,

8

.91

%

,

5/22/25

....

8,862

8,810

L2298532.UP.FTS.B

,

17

.26

%

,

5/22/25

....

1,130

167

FW2298127.UP.FTS.B

,

18

.19

%

,

5/22/25

..

934

933

FW2296618.UP.FTS.B

,

19

.77

%

,

5/22/25

..

448

451

L2299568.UP.FTS.B

,

21

.13

%

,

5/22/25

....

6,322

6,326

L2294977.UP.FTS.B

,

13

.32

%

,

5/27/25

....

2,725

2,709

L2299094.UP.FTS.B

,

19

.48

%

,

6/01/25

....

681

405

L2394315.UP.FTS.B

,

7

.03

%

,

6/13/25

....

2,174

2,152

L2427527.UP.FTS.B

,

22

.56

%

,

6/13/25

....

908

905

FW2428770.UP.FTS.B

,

24

.12

%

,

6/13/25

..

3,501

74

FW2423658.UP.FTS.B

,

27

.05

%

,

6/13/25

..

789

787

L2435059.UP.FTS.B

,

7

.82

%

,

6/14/25

....

1,206

1,200

FW2430961.UP.FTS.B

,

10

.21

%

,

6/14/25

..

1,730

483

L2435061.UP.FTS.B

,

23

.28

%

,

6/14/25

....

1,212

88

L2436629.UP.FTS.B

,

13

.84

%

,

6/18/25

....

517

515

L2438042.UP.FTS.B

,

20

.46

%

,

6/18/25

....

823

121

FW2603194.UP.FTS.B

,

9

.76

%

,

7/10/25

...

2,376

2,355

L2606577.UP.FTS.B

,

9

.95

%

,

7/10/25

....

3,388

247

L2602759.UP.FTS.B

,

17

.08

%

,

7/10/25

....

5,807

5,829

FW2607955.UP.FTS.B

,

23

.75

%

,

7/10/25

..

2,170

2,153

L2613972.UP.FTS.B

,

11

.67

%

,

7/11/25

....

3,422

251

FW2618494.UP.FTS.B

,

29

.21

%

,

7/14/25

..

9,421

662

L1716662.UP.FTS.B

,

18

.68

%

,

7/15/25

....

67

66

L1716921.UP.FTS.B

,

23

.03

%

,

7/15/25

....

1,917

1,920

FW1885149.UP.FTS.B

,

25

.87

%

,

8/20/25

..

1,252

450

L2950494.UP.FTS.B

,

7

.36

%

,

9/14/25

....

1,107

1,094

FW2951887.UP.FTS.B

,

13

.49

%

,

9/14/25

..

814

809

L2951348.UP.FTS.B

,

13

.94

%

,

9/14/25

....

1,315

1,306

FW2951735.UP.FTS.B

,

15

.61

%

,

9/14/25

..

2,741

2,749

L2950178.UP.FTS.B

,

20

.99

%

,

9/14/25

....

5,294

761

L2048994.UP.FTS.B

,

24

.16

%

,

9/15/25

....

1,201

1,196

FW2047561.UP.FTS.B

,

27

.77

%

,

9/15/25

..

4,642

332

L2297395.UP.FTS.B

,

17

.85

%

,

10/22/25

...

4,464

4,487

FW2428997.UP.FTS.B

,

8

.05

%

,

11/14/25

..

1,571

1,561

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)

L2437139.UP.FTS.B

,

5

.87

%

,

11/18/25

....

$

611

$

88

L2436181.UP.FTS.B

,

20

.04

%

,

11/18/25

...

2,951

2,929

FW2439251.UP.FTS.B

,

24

.63

%

,

11/18/25

.

2,974

152

L2949028.UP.FTS.B

,

21

.29

%

,

2/14/26

....

2,802

91

L1714660.UP.FTS.B

,

8

.12

%

,

9/15/26

....

20,747

19,575

L1717453.UP.FTS.B

,

9

.3

%

,

9/15/26

.....

29,520

29,373

FW1716114.UP.FTS.B

,

10

.5

%

,

9/15/26

...

593

590

L1712309.UP.FTS.B

,

10

.63

%

,

9/15/26

....

2,393

2,386

L1714525.UP.FTS.B

,

12

.1

%

,

9/15/26

....

30,379

30,257

L1716286.UP.FTS.B

,

13

.58

%

,

9/15/26

....

9,239

9,213

L1715015.UP.FTS.B

,

15

.83

%

,

9/15/26

....

3,547

254

L1718329.UP.FTS.B

,

15

.98

%

,

9/15/26

....

2,520

2,516

L1714475.UP.FTS.B

,

16

.18

%

,

9/15/26

....

4,418

4,402

L1715411.UP.FTS.B

,

19

.4

%

,

9/15/26

.....

714

715

L1716175.UP.FTS.B

,

19

.72

%

,

9/15/26

....

6,513

6,523

L1714787.UP.FTS.B

,

19

.9

%

,

9/15/26

....

1,196

1,205

L1716305.UP.FTS.B

,

19

.95

%

,

9/15/26

....

3,211

3,214

L1715815.UP.FTS.B

,

21

.76

%

,

9/15/26

....

26,350

26,645

L1692458.UP.FTS.B

,

22

.21

%

,

9/15/26

....

3,046

3,068

L1713636.UP.FTS.B

,

22

.84

%

,

9/15/26

....

2,873

2,896

L1716174.UP.FTS.B

,

24

.2

%

,

9/15/26

....

13,541

3,894

L1717152.UP.FTS.B

,

24

.37

%

,

9/15/26

....

4,818

343

L1716875.UP.FTS.B

,

24

.44

%

,

9/15/26

....

2,174

31

L1717659.UP.FTS.B

,

24

.51

%

,

9/15/26

....

2,038

2,037

L1716148.UP.FTS.B

,

25

%

,

9/15/26

......

817

817

L1714798.UP.FTS.B

,

25

.5

%

,

9/15/26

....

3,484

3,524

L1717974.UP.FTS.B

,

25

.5

%

,

9/15/26

....

1,913

1,935

L1715574.UP.FTS.B

,

25

.72

%

,

9/15/26

....

4,653

4,706

L1713640.UP.FTS.B

,

26

.25

%

,

9/15/26

....

2,893

2,920

FW1717121.UP.FTS.B

,

26

.43

%

,

9/15/26

..

1,777

1,710

L1705442.UP.FTS.B

,

26

.69

%

,

9/15/26

....

4,830

4,874

FW1718296.UP.FTS.B

,

26

.73

%

,

9/15/26

..

5,103

5,153

FW1718853.UP.FTS.B

,

27

.42

%

,

9/15/26

..

5,047

1,454

FW1714570.UP.FTS.B

,

27

.72

%

,

9/15/26

..

5,556

5,620

FW1714502.UP.FTS.B

,

28

.45

%

,

9/15/26

..

5,799

5,866

FW1718304.UP.FTS.B

,

30

.56

%

,

9/15/26

..

1,986

2,009

FW1680820.UP.FTS.B

,

31

.24

%

,

9/15/26

..

7,842

7,933

FW1708223.UP.FTS.B

,

31

.43

%

,

9/15/26

..

2,765

2,665

FW1712750.UP.FTS.B

,

31

.43

%

,

9/15/26

..

12,848

12,997

FW1715615.UP.FTS.B

,

31

.45

%

,

9/15/26

..

3,769

3,808

FW1718952.UP.FTS.B

,

31

.98

%

,

9/15/26

..

5,589

5,654

FW1718497.UP.FTS.B

,

32

.01

%

,

9/15/26

..

1,649

1,668

FW1717605.UP.FTS.B

,

32

.67

%

,

9/15/26

..

1,688

1,626

FW1886121.UP.FTS.B

,

7

.36

%

,

10/20/26

..

2,381

2,366

L1888552.UP.FTS.B

,

7

.94

%

,

10/20/26

....

17,958

17,861

L1888883.UP.FTS.B

,

8

.11

%

,

10/20/26

....

7,729

7,692

L1882812.UP.FTS.B

,

8

.28

%

,

10/20/26

....

18,020

17,924

L1886838.UP.FTS.B

,

9

.58

%

,

10/20/26

....

5,475

5,447

L1885593.UP.FTS.B

,

10

.23

%

,

10/20/26

...

27,310

27,206

L1888179.UP.FTS.B

,

11

.03

%

,

10/20/26

...

32

31

FW1885766.UP.FTS.B

,

12

.47

%

,

10/20/26

.

19,961

19,908

L1885346.UP.FTS.B

,

12

.58

%

,

10/20/26

...

1,879

1,872

L1885846.UP.FTS.B

,

13

.96

%

,

10/20/26

...

15,855

15,800

L1888251.UP.FTS.B

,

14

.9

%

,

10/20/26

....

2,004

539

L1883791.UP.FTS.B

,

16

%

,

10/20/26

.....

7,313

6,949

L1887062.UP.FTS.B

,

16

.6

%

,

10/20/26

....

3,235

3,240

FW1887343.UP.FTS.B

,

17

.02

%

,

10/20/26

.

1,711

1,706

L1882034.UP.FTS.B

,

17

.06

%

,

10/20/26

...

3,260

3,260

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1886267.UP.FTS.B

,

17

.53

%

,

10/20/26

.

$

6,810

$

6,809

L1884411.UP.FTS.B

,

17

.65

%

,

10/20/26

...

4,195

4,194

L1884412.UP.FTS.B

,

17

.98

%

,

10/20/26

...

4,601

4,600

FW1885521.UP.FTS.B

,

18

.95

%

,

10/20/26

.

815

807

FW1885177.UP.FTS.B

,

19

.83

%

,

10/20/26

.

4,006

4,044

L1888979.UP.FTS.B

,

20

.2

%

,

10/20/26

....

12,058

12,174

L1886466.UP.FTS.B

,

20

.85

%

,

10/20/26

...

9,375

9,484

L1885611.UP.FTS.B

,

20

.87

%

,

10/20/26

...

5,671

5,653

L1889370.UP.FTS.B

,

21

.62

%

,

10/20/26

...

6,777

6,777

L1886870.UP.FTS.B

,

21

.7

%

,

10/20/26

....

11,525

11,637

L1888822.UP.FTS.B

,

21

.71

%

,

10/20/26

...

2,373

2,396

L1887570.UP.FTS.B

,

22

.24

%

,

10/20/26

...

2,179

2,200

FW1884796.UP.FTS.B

,

22

.4

%

,

10/20/26

..

5,176

127

L1886214.UP.FTS.B

,

22

.83

%

,

10/20/26

...

1,534

111

L1887186.UP.FTS.B

,

23

.15

%

,

10/20/26

...

1,372

1,385

FW1888999.UP.FTS.B

,

23

.52

%

,

10/20/26

.

3,406

3,446

L1886386.UP.FTS.B

,

23

.7

%

,

10/20/26

....

3,720

3,756

L1882558.UP.FTS.B

,

25

.08

%

,

10/20/26

...

1,116

1,127

FW1887450.UP.FTS.B

,

25

.16

%

,

10/20/26

.

10,450

10,554

FW1885417.UP.FTS.B

,

25

.25

%

,

10/20/26

.

3,486

3,520

L1888117.UP.FTS.B

,

25

.32

%

,

10/20/26

...

2,860

2,889

L1865153.UP.FTS.B

,

25

.42

%

,

10/20/26

...

5,095

5,145

L1885219.UP.FTS.B

,

25

.47

%

,

10/20/26

...

698

705

L1888296.UP.FTS.B

,

25

.48

%

,

10/20/26

...

6,006

6,066

L1888453.UP.FTS.B

,

25

.56

%

,

10/20/26

...

11,020

11,143

FW1882972.UP.FTS.B

,

25

.9

%

,

10/20/26

..

1,449

130

L1885428.UP.FTS.B

,

25

.94

%

,

10/20/26

...

10,019

10,119

L1862311.UP.FTS.B

,

26

.09

%

,

10/20/26

...

5,609

5,665

FW1886962.UP.FTS.B

,

27

.78

%

,

10/20/26

.

7,102

7,173

FW1885667.UP.FTS.B

,

29

.34

%

,

10/20/26

.

20,928

204

FW1885184.UP.FTS.B

,

29

.51

%

,

10/20/26

.

9,636

9,734

FW1884150.UP.FTS.B

,

30

.85

%

,

10/20/26

.

904

906

FW1886189.UP.FTS.B

,

30

.94

%

,

10/20/26

.

2,546

2,572

FW1888148.UP.FTS.B

,

31

.17

%

,

10/20/26

.

744

737

FW1888248.UP.FTS.B

,

31

.19

%

,

10/20/26

.

9,484

9,565

FW1888517.UP.FTS.B

,

31

.21

%

,

10/20/26

.

1,455

1,470

FW1886674.UP.FTS.B

,

31

.35

%

,

10/20/26

.

3,379

3,414

FW1888130.UP.FTS.B

,

31

.35

%

,

10/20/26

.

947

957

FW1887695.UP.FTS.B

,

31

.4

%

,

10/20/26

..

5,611

5,669

FW1886614.UP.FTS.B

,

31

.93

%

,

10/20/26

.

4,241

4,285

L2049051.UP.FTS.B

,

7

.06

%

,

11/15/26

....

20,672

1,515

L2047884.UP.FTS.B

,

7

.92

%

,

11/15/26

....

9,339

9,282

L2049043.UP.FTS.B

,

8

.02

%

,

11/15/26

....

10,455

10,396

L2048411.UP.FTS.B

,

8

.56

%

,

11/15/26

....

2,460

2,446

L2047237.UP.FTS.B

,

9

.32

%

,

11/15/26

....

4,359

4,335

FW2046704.UP.FTS.B

,

9

.53

%

,

11/15/26

..

9,360

9,308

L2048415.UP.FTS.B

,

9

.54

%

,

11/15/26

....

9,974

9,919

L2039266.UP.FTS.B

,

10

.56

%

,

11/15/26

...

2,574

2,557

L2047893.UP.FTS.B

,

10

.71

%

,

11/15/26

...

3,153

3,139

L2041972.UP.FTS.B

,

10

.92

%

,

11/15/26

...

32,389

30,606

L2047021.UP.FTS.B

,

10

.99

%

,

11/15/26

...

23,531

23,432

L2047044.UP.FTS.B

,

11

.1

%

,

11/15/26

....

9,496

9,456

L2047288.UP.FTS.B

,

11

.81

%

,

11/15/26

...

829

824

L2048116.UP.FTS.B

,

12

.09

%

,

11/15/26

...

881

64

FW2047068.UP.FTS.B

,

12

.14

%

,

11/15/26

.

700

696

L2048156.UP.FTS.B

,

13

.55

%

,

11/15/26

...

4,372

4,129

L2046597.UP.FTS.B

,

14

.02

%

,

11/15/26

...

12,998

12,945

L2047243.UP.FTS.B

,

14

.23

%

,

11/15/26

...

11,722

11,674

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)

FW2047393.UP.FTS.B

,

14

.85

%

,

11/15/26

.

$

6,546

$

6,532

L2048500.UP.FTS.B

,

14

.96

%

,

11/15/26

...

16,475

16,394

FW2049034.UP.FTS.B

,

15

.15

%

,

11/15/26

.

4,233

4,223

L2049134.UP.FTS.B

,

15

.26

%

,

11/15/26

...

16,288

16,219

L2048596.UP.FTS.B

,

15

.55

%

,

11/15/26

...

3,952

3,936

L2048855.UP.FTS.B

,

15

.99

%

,

11/15/26

...

6,273

6,251

FW2048646.UP.FTS.B

,

16

.12

%

,

11/15/26

.

4,739

4,496

FW2047282.UP.FTS.B

,

16

.13

%

,

11/15/26

.

2,635

2,616

L2045526.UP.FTS.B

,

16

.56

%

,

11/15/26

...

13,284

13,267

FW2046700.UP.FTS.B

,

16

.57

%

,

11/15/26

.

5,713

787

L2048386.UP.FTS.B

,

16

.67

%

,

11/15/26

...

6,884

6,524

L2048811.UP.FTS.B

,

16

.74

%

,

11/15/26

...

660

657

L2046948.UP.FTS.B

,

17

.39

%

,

11/15/26

...

10,037

9,999

L2046932.UP.FTS.B

,

17

.96

%

,

11/15/26

...

13,423

13,369

L2046867.UP.FTS.B

,

18

.23

%

,

11/15/26

...

4,925

356

L2048349.UP.FTS.B

,

19

.37

%

,

11/15/26

...

5,698

837

L2049268.UP.FTS.B

,

19

.7

%

,

11/15/26

....

4,771

4,765

L2047722.UP.FTS.B

,

19

.71

%

,

11/15/26

...

6,760

6,745

L2049153.UP.FTS.B

,

19

.94

%

,

11/15/26

...

6,829

6,886

L2048873.UP.FTS.B

,

20

.43

%

,

11/15/26

...

3,291

3,284

FW2049180.UP.FTS.B

,

20

.6

%

,

11/15/26

..

22,560

1,629

L2047238.UP.FTS.B

,

20

.7

%

,

11/15/26

....

7,131

6,771

FW2047226.UP.FTS.B

,

20

.73

%

,

11/15/26

.

3,436

3,431

L2047279.UP.FTS.B

,

20

.87

%

,

11/15/26

...

6,192

6,244

L2049423.UP.FTS.B

,

21

.02

%

,

11/15/26

...

5,913

145

L2047474.UP.FTS.B

,

21

.16

%

,

11/15/26

...

8,250

8,318

L2048606.UP.FTS.B

,

21

.48

%

,

11/15/26

...

6,971

7,016

L2047175.UP.FTS.B

,

21

.59

%

,

11/15/26

...

836

841

L2047532.UP.FTS.B

,

21

.84

%

,

11/15/26

...

3,466

3,495

L2047358.UP.FTS.B

,

21

.89

%

,

11/15/26

...

3,467

3,496

L2047197.UP.FTS.B

,

21

.93

%

,

11/15/26

...

7,561

7,550

FW2047187.UP.FTS.B

,

22

.1

%

,

11/15/26

..

11,111

11,204

FW2047897.UP.FTS.B

,

22

.1

%

,

11/15/26

..

1,447

412

FW2049063.UP.FTS.B

,

22

.49

%

,

11/15/26

.

19,510

19,442

FW2047777.UP.FTS.B

,

22

.57

%

,

11/15/26

.

2,370

2,390

L2047210.UP.FTS.B

,

23

.31

%

,

11/15/26

...

6,307

6,360

L2048190.UP.FTS.B

,

23

.66

%

,

11/15/26

...

9,135

9,212

L2048627.UP.FTS.B

,

23

.71

%

,

11/15/26

...

1,432

1,416

FW2047866.UP.FTS.B

,

23

.86

%

,

11/15/26

.

3,809

3,799

L2046912.UP.FTS.B

,

23

.87

%

,

11/15/26

...

2,265

2,279

L2048336.UP.FTS.B

,

24

.12

%

,

11/15/26

...

2,846

2,865

FW2034466.UP.FTS.B

,

24

.37

%

,

11/15/26

.

1,978

1,995

L2047240.UP.FTS.B

,

24

.44

%

,

11/15/26

...

5,290

5,304

L2047586.UP.FTS.B

,

24

.7

%

,

11/15/26

....

1,629

1,642

L2019591.UP.FTS.B

,

24

.92

%

,

11/15/26

...

6,426

6,405

L2047926.UP.FTS.B

,

25

.21

%

,

11/15/26

...

9,710

9,785

L2047674.UP.FTS.B

,

25

.3

%

,

11/15/26

....

3,039

449

L2048978.UP.FTS.B

,

25

.37

%

,

11/15/26

...

7,115

7,175

L2049419.UP.FTS.B

,

25

.38

%

,

11/15/26

...

810

812

L2048909.UP.FTS.B

,

25

.5

%

,

11/15/26

....

1,852

1,868

L2043947.UP.FTS.B

,

25

.57

%

,

11/15/26

...

1,710

1,724

FW2047316.UP.FTS.B

,

25

.83

%

,

11/15/26

.

1,778

126

FW2027220.UP.FTS.B

,

25

.94

%

,

11/15/26

.

1,215

1,225

FW2047100.UP.FTS.B

,

26

.77

%

,

11/15/26

.

2,156

2,174

FW2045584.UP.FTS.B

,

27

.07

%

,

11/15/26

.

4,666

4,704

FW2048599.UP.FTS.B

,

28

.16

%

,

11/15/26

.

675

678

FW2047988.UP.FTS.B

,

29

.5

%

,

11/15/26

..

6,083

6,129

FW2014368.UP.FTS.B

,

29

.7

%

,

11/15/26

..

4,048

287

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2047468.UP.FTS.B

,

30

.8

%

,

11/15/26

..

$

1,567

$

1,538

FW2049349.UP.FTS.B

,

30

.81

%

,

11/15/26

.

1,182

1,192

FW2049409.UP.FTS.B

,

31

.09

%

,

11/15/26

.

7,498

7,548

FW2047660.UP.FTS.B

,

31

.1

%

,

11/15/26

..

2,115

149

FW1979816.UP.FTS.B

,

31

.12

%

,

11/15/26

.

2,132

2,045

FW2046950.UP.FTS.B

,

31

.12

%

,

11/15/26

.

5,552

5,598

FW2048800.UP.FTS.B

,

31

.12

%

,

11/15/26

.

2,250

2,265

FW2048749.UP.FTS.B

,

31

.13

%

,

11/15/26

.

1,907

1,922

FW2047818.UP.FTS.B

,

31

.21

%

,

11/15/26

.

2,374

2,388

FW2047594.UP.FTS.B

,

31

.24

%

,

11/15/26

.

1,259

1,270

FW2048610.UP.FTS.B

,

31

.92

%

,

11/15/26

.

4,836

4,876

FW2096102.UP.FTS.B

,

7

.51

%

,

11/22/26

..

5,203

5,177

L2094728.UP.FTS.B

,

10

%

,

11/22/26

.....

2,879

211

L2094764.UP.FTS.B

,

11

.93

%

,

11/22/26

...

1,900

1,894

FW2094906.UP.FTS.B

,

12

.24

%

,

11/22/26

.

1,728

1,722

FW2083090.UP.FTS.B

,

12

.64

%

,

11/22/26

.

614

612

L2094888.UP.FTS.B

,

12

.99

%

,

11/22/26

...

966

963

L2095193.UP.FTS.B

,

13

.04

%

,

11/22/26

...

4,599

4,352

L2094418.UP.FTS.B

,

13

.53

%

,

11/22/26

...

3,544

186

L2095349.UP.FTS.B

,

13

.57

%

,

11/22/26

...

2,720

2,709

FW2094706.UP.FTS.B

,

14

.02

%

,

11/22/26

.

12,328

893

FW2094373.UP.FTS.B

,

14

.38

%

,

11/22/26

.

7,676

618

L2094766.UP.FTS.B

,

16

.38

%

,

11/22/26

...

2,653

2,648

FW2096834.UP.FTS.B

,

16

.52

%

,

11/22/26

.

1,992

1,992

FW2095326.UP.FTS.B

,

16

.9

%

,

11/22/26

..

3,331

3,331

L2095105.UP.FTS.B

,

17

.31

%

,

11/22/26

...

14,551

13,823

FW2094890.UP.FTS.B

,

17

.34

%

,

11/22/26

.

10,029

10,028

FW2096292.UP.FTS.B

,

18

.39

%

,

11/22/26

.

5,800

5,805

L2094851.UP.FTS.B

,

18

.61

%

,

11/22/26

...

30,976

30,970

FW2096280.UP.FTS.B

,

19

.26

%

,

11/22/26

.

6,736

6,808

L2096899.UP.FTS.B

,

19

.33

%

,

11/22/26

...

10,777

10,785

L2096144.UP.FTS.B

,

19

.54

%

,

11/22/26

...

10,153

10,160

L2095820.UP.FTS.B

,

19

.69

%

,

11/22/26

...

7,370

7,370

L2093917.UP.FTS.B

,

19

.94

%

,

11/22/26

...

8,718

1,292

FW2094159.UP.FTS.B

,

20

.44

%

,

11/22/26

.

6,444

6,451

FW2096571.UP.FTS.B

,

21

.28

%

,

11/22/26

.

2,072

2,090

L2095646.UP.FTS.B

,

21

.32

%

,

11/22/26

...

1,068

1,014

L2096760.UP.FTS.B

,

21

.84

%

,

11/22/26

...

7,624

7,709

L2094894.UP.FTS.B

,

22

.2

%

,

11/22/26

....

963

960

FW2095395.UP.FTS.B

,

22

.89

%

,

11/22/26

.

1,284

1,223

FW2096115.UP.FTS.B

,

23

.24

%

,

11/22/26

.

2,242

2,267

FW2095271.UP.FTS.B

,

23

.29

%

,

11/22/26

.

12,707

12,226

FW2024402.UP.FTS.B

,

24

.5

%

,

11/22/26

..

8,484

8,579

L2094789.UP.FTS.B

,

24

.85

%

,

11/22/26

...

14,102

14,256

L2094507.UP.FTS.B

,

25

.13

%

,

11/22/26

...

924

925

L2094312.UP.FTS.B

,

25

.16

%

,

11/22/26

...

21,453

21,693

L2096356.UP.FTS.B

,

25

.27

%

,

11/22/26

...

711

719

L2093956.UP.FTS.B

,

25

.33

%

,

11/22/26

...

2,497

2,403

FW2095277.UP.FTS.B

,

25

.75

%

,

11/22/26

.

10,702

10,822

L2094270.UP.FTS.B

,

25

.87

%

,

11/22/26

...

2,285

2,311

FW2096631.UP.FTS.B

,

26

.76

%

,

11/22/26

.

2,874

2,906

FW2095637.UP.FTS.B

,

26

.8

%

,

11/22/26

..

2,782

2,808

FW2094585.UP.FTS.B

,

27

.16

%

,

11/22/26

.

3,678

3,707

FW2094718.UP.FTS.B

,

27

.18

%

,

11/22/26

.

7,207

7,288

FW2073665.UP.FTS.B

,

27

.21

%

,

11/22/26

.

2,947

2,834

L2096054.UP.FTS.B

,

27

.38

%

,

11/22/26

...

2,382

2,409

L2096384.UP.FTS.B

,

27

.83

%

,

11/22/26

...

6,661

6,736

FW2096342.UP.FTS.B

,

28

.48

%

,

11/22/26

.

3,636

3,677

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)

FW2094402.UP.FTS.B

,

28

.65

%

,

11/22/26

.

$

2,587

$

2,482

FW2096376.UP.FTS.B

,

29

.09

%

,

11/22/26

.

4,067

4,111

FW2095953.UP.FTS.B

,

29

.33

%

,

11/22/26

.

3,603

3,636

FW2094834.UP.FTS.B

,

29

.86

%

,

11/22/26

.

3,670

3,712

FW2096279.UP.FTS.B

,

30

.8

%

,

11/22/26

..

886

896

FW2093970.UP.FTS.B

,

31

.15

%

,

11/22/26

.

1,879

132

FW2094660.UP.FTS.B

,

31

.22

%

,

11/22/26

.

8,024

8,112

FW2096663.UP.FTS.B

,

31

.48

%

,

11/22/26

.

3,715

3,749

FW2089645.UP.FTS.B

,

31

.75

%

,

11/22/26

.

7,060

7,140

L2046907.UP.FTS.B

,

21

.17

%

,

11/28/26

...

2,465

2,460

L2096773.UP.FTS.B

,

24

.83

%

,

12/03/26

...

2,062

2,082

L2096134.UP.FTS.B

,

22

.43

%

,

12/06/26

...

4,699

4,690

FW2295931.UP.FTS.B

,

5

.9

%

,

12/21/26

...

9,295

9,233

FW2293082.UP.FTS.B

,

6

.16

%

,

12/21/26

..

2,828

2,809

FW2293764.UP.FTS.B

,

6

.23

%

,

12/21/26

..

13,603

13,516

L2296513.UP.FTS.B

,

7

.11

%

,

12/21/26

....

2,274

2,259

FW2293501.UP.FTS.B

,

7

.39

%

,

12/21/26

..

4,644

4,619

L2292686.UP.FTS.B

,

7

.74

%

,

12/21/26

....

1,937

1,825

L2295874.UP.FTS.B

,

7

.93

%

,

12/21/26

....

4,531

4,506

L2293167.UP.FTS.B

,

8

.19

%

,

12/21/26

....

5,058

5,031

L2295697.UP.FTS.B

,

8

.34

%

,

12/21/26

....

760

756

FW2294735.UP.FTS.B

,

8

.57

%

,

12/21/26

..

2,520

2,507

L2295880.UP.FTS.B

,

8

.72

%

,

12/21/26

....

1,906

1,895

L2295310.UP.FTS.B

,

9

.3

%

,

12/21/26

....

4,923

4,896

L2294640.UP.FTS.B

,

9

.73

%

,

12/21/26

....

2,015

2,005

L2294345.UP.FTS.B

,

12

.41

%

,

12/21/26

...

5,580

5,554

L2288385.UP.FTS.B

,

12

.86

%

,

12/21/26

...

3,296

3,280

L2295080.UP.FTS.B

,

13

.33

%

,

12/21/26

...

4,730

4,709

L2294220.UP.FTS.B

,

13

.69

%

,

12/21/26

...

3,983

3,964

L2294373.UP.FTS.B

,

13

.7

%

,

12/21/26

....

3,518

3,505

L2294790.UP.FTS.B

,

13

.78

%

,

12/21/26

...

4,142

4,124

L2296399.UP.FTS.B

,

14

.35

%

,

12/21/26

...

6,673

6,649

FW2293923.UP.FTS.B

,

16

.04

%

,

12/21/26

.

2,703

2,686

L2294540.UP.FTS.B

,

16

.91

%

,

12/21/26

...

1,707

123

FW2293821.UP.FTS.B

,

17

.3

%

,

12/21/26

..

1,105

1,099

L2296049.UP.FTS.B

,

17

.33

%

,

12/21/26

...

3,421

3,410

L2293602.UP.FTS.B

,

17

.68

%

,

12/21/26

...

7,189

7,178

L2293520.UP.FTS.B

,

17

.78

%

,

12/21/26

...

3,600

1,000

L2295430.UP.FTS.B

,

18

.6

%

,

12/21/26

....

10,414

9,894

L2295608.UP.FTS.B

,

18

.98

%

,

12/21/26

...

6,926

6,920

FW2293617.UP.FTS.B

,

19

.06

%

,

12/21/26

.

4,853

4,846

FW2294886.UP.FTS.B

,

19

.07

%

,

12/21/26

.

1,383

1,352

FW2293806.UP.FTS.B

,

19

.41

%

,

12/21/26

.

5,518

5,509

L2296294.UP.FTS.B

,

19

.65

%

,

12/21/26

...

1,141

1,137

FW2289691.UP.FTS.B

,

20

.05

%

,

12/21/26

.

3,494

3,518

L2293347.UP.FTS.B

,

20

.07

%

,

12/21/26

...

20,962

20,902

L2293707.UP.FTS.B

,

21

.03

%

,

12/21/26

...

5,279

5,264

L2295159.UP.FTS.B

,

21

.2

%

,

12/21/26

....

2,326

2,342

L2294842.UP.FTS.B

,

21

.22

%

,

12/21/26

...

3,524

3,549

L2296434.UP.FTS.B

,

21

.52

%

,

12/21/26

...

1,766

1,761

FW2296031.UP.FTS.B

,

22

.11

%

,

12/21/26

.

3,588

551

L2296037.UP.FTS.B

,

22

.38

%

,

12/21/26

...

3,493

3,522

L2286942.UP.FTS.B

,

22

.51

%

,

12/21/26

...

1,605

1,619

L2293386.UP.FTS.B

,

22

.55

%

,

12/21/26

...

5,695

5,735

L2294767.UP.FTS.B

,

23

.15

%

,

12/21/26

...

1,868

1,882

FW2296289.UP.FTS.B

,

23

.69

%

,

12/21/26

.

5,014

5,029

L2296095.UP.FTS.B

,

23

.73

%

,

12/21/26

...

7,130

7,194

FW2295460.UP.FTS.B

,

23

.88

%

,

12/21/26

.

19,818

18,828

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2295502.UP.FTS.B

,

23

.94

%

,

12/21/26

...

$

7,048

$

7,098

L2295515.UP.FTS.B

,

24

.19

%

,

12/21/26

...

10,804

10,881

L2295990.UP.FTS.B

,

24

.34

%

,

12/21/26

...

3,111

3,137

L2293012.UP.FTS.B

,

24

.54

%

,

12/21/26

...

2,166

2,160

L2293989.UP.FTS.B

,

24

.69

%

,

12/21/26

...

2,168

2,188

L2294601.UP.FTS.B

,

24

.7

%

,

12/21/26

....

36,139

36,395

FW2296310.UP.FTS.B

,

24

.81

%

,

12/21/26

.

2,402

173

L2246443.UP.FTS.B

,

25

.23

%

,

12/21/26

...

802

808

L2295322.UP.FTS.B

,

25

.28

%

,

12/21/26

...

3,153

3,180

L2295069.UP.FTS.B

,

25

.39

%

,

12/21/26

...

1,583

1,548

L2293969.UP.FTS.B

,

25

.41

%

,

12/21/26

...

9,628

9,704

L2296171.UP.FTS.B

,

25

.41

%

,

12/21/26

...

1,671

1,683

L2294392.UP.FTS.B

,

25

.44

%

,

12/21/26

...

14,039

14,139

L2287500.UP.FTS.B

,

25

.45

%

,

12/21/26

...

4,704

4,747

L2292073.UP.FTS.B

,

25

.46

%

,

12/21/26

...

2,180

2,196

L2296315.UP.FTS.B

,

25

.46

%

,

12/21/26

...

3,930

278

L2295101.UP.FTS.B

,

25

.65

%

,

12/21/26

...

1,890

1,901

FW2293250.UP.FTS.B

,

26

.48

%

,

12/21/26

.

1,612

114

FW2295132.UP.FTS.B

,

26

.71

%

,

12/21/26

.

27,364

4,136

L2289495.UP.FTS.B

,

27

.03

%

,

12/21/26

...

4,027

596

FW2296329.UP.FTS.B

,

27

.9

%

,

12/21/26

..

2,694

2,717

FW2294924.UP.FTS.B

,

28

.38

%

,

12/21/26

.

4,298

4,329

L2296578.UP.FTS.B

,

28

.56

%

,

12/21/26

...

3,636

3,662

FW2294602.UP.FTS.B

,

28

.58

%

,

12/21/26

.

1,969

138

FW2296510.UP.FTS.B

,

28

.63

%

,

12/21/26

.

5,073

4,869

FW2295693.UP.FTS.B

,

29

.44

%

,

12/21/26

.

959

951

FW2294300.UP.FTS.B

,

29

.67

%

,

12/21/26

.

3,850

3,699

FW2293867.UP.FTS.B

,

30

.1

%

,

12/21/26

..

7,776

7,458

FW2293261.UP.FTS.B

,

30

.26

%

,

12/21/26

.

825

833

FW2294598.UP.FTS.B

,

30

.58

%

,

12/21/26

.

2,447

2,353

FW2295156.UP.FTS.B

,

30

.61

%

,

12/21/26

.

1,659

488

FW2296110.UP.FTS.B

,

30

.89

%

,

12/21/26

.

832

838

FW2296255.UP.FTS.B

,

30

.89

%

,

12/21/26

.

1,103

78

FW2294105.UP.FTS.B

,

30

.94

%

,

12/21/26

.

9,716

9,799

FW2295248.UP.FTS.B

,

30

.94

%

,

12/21/26

.

2,878

2,900

FW2293727.UP.FTS.B

,

31

.05

%

,

12/21/26

.

1,131

1,139

FW2293310.UP.FTS.B

,

31

.11

%

,

12/21/26

.

1,358

1,367

FW2295496.UP.FTS.B

,

31

.18

%

,

12/21/26

.

2,037

2,052

FW2292945.UP.FTS.B

,

31

.23

%

,

12/21/26

.

2,029

1,950

FW2293684.UP.FTS.B

,

31

.29

%

,

12/21/26

.

2,265

2,281

FW2293376.UP.FTS.B

,

31

.54

%

,

12/21/26

.

30,018

4,533

FW2295899.UP.FTS.B

,

32

.71

%

,

12/21/26

.

3,713

–

L2298042.UP.FTS.B

,

5

.42

%

,

12/22/26

....

6,159

6,119

FW2296838.UP.FTS.B

,

5

.56

%

,

12/22/26

..

7,790

1,920

L2300162.UP.FTS.B

,

5

.78

%

,

12/22/26

....

927

921

L2298149.UP.FTS.B

,

5

.81

%

,

12/22/26

....

29,060

28,873

L2298867.UP.FTS.B

,

6

.47

%

,

12/22/26

....

9,023

8,965

L2298677.UP.FTS.B

,

6

.71

%

,

12/22/26

....

2,183

2,169

FW2298647.UP.FTS.B

,

6

.85

%

,

12/22/26

..

31,217

31,028

L2296512.UP.FTS.B

,

6

.86

%

,

12/22/26

....

18,734

18,616

FW2299026.UP.FTS.B

,

7

.03

%

,

12/22/26

..

3,127

3,110

L2299006.UP.FTS.B

,

7

.25

%

,

12/22/26

....

9,979

9,923

L2298624.UP.FTS.B

,

7

.52

%

,

12/22/26

....

21,964

21,854

L2300059.UP.FTS.B

,

7

.96

%

,

12/22/26

....

3,145

3,129

FW2297741.UP.FTS.B

,

8

.43

%

,

12/22/26

..

3,802

3,781

L2296751.UP.FTS.B

,

9

.09

%

,

12/22/26

....

3,825

3,804

FW2300319.UP.FTS.B

,

9

.33

%

,

12/22/26

..

2,684

2,669

L2275171.UP.FTS.B

,

9

.45

%

,

12/22/26

....

1,599

1,591

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2275119.UP.FTS.B

,

10

.09

%

,

12/22/26

.

$

19,299

$

19,196

L2261699.UP.FTS.B

,

10

.41

%

,

12/22/26

...

2,581

2,567

FW2298451.UP.FTS.B

,

10

.42

%

,

12/22/26

.

8,668

632

L2299578.UP.FTS.B

,

10

.73

%

,

12/22/26

...

2,847

2,834

L2296896.UP.FTS.B

,

10

.8

%

,

12/22/26

....

1,942

1,934

L2296884.UP.FTS.B

,

10

.85

%

,

12/22/26

...

6,477

6,449

FW2300491.UP.FTS.B

,

11

.05

%

,

12/22/26

.

1,816

1,810

L2300049.UP.FTS.B

,

11

.22

%

,

12/22/26

...

16,245

16,174

L2299162.UP.FTS.B

,

11

.99

%

,

12/22/26

...

7,785

7,759

L2296860.UP.FTS.B

,

12

.01

%

,

12/22/26

...

6,235

6,184

L2288091.UP.FTS.B

,

12

.04

%

,

12/22/26

...

6,545

6,517

L2296913.UP.FTS.B

,

12

.48

%

,

12/22/26

...

6,876

6,853

FW2296819.UP.FTS.B

,

12

.8

%

,

12/22/26

..

659

656

L2297301.UP.FTS.B

,

13

.19

%

,

12/22/26

...

3,279

3,268

L2297394.UP.FTS.B

,

13

.43

%

,

12/22/26

...

2,649

2,638

FW2295002.UP.FTS.B

,

13

.45

%

,

12/22/26

.

1,126

1,122

L2298273.UP.FTS.B

,

13

.81

%

,

12/22/26

...

18,383

17,375

FW2297621.UP.FTS.B

,

13

.91

%

,

12/22/26

.

1,521

1,515

FW2297887.UP.FTS.B

,

14

.01

%

,

12/22/26

.

5,651

5,629

L2297583.UP.FTS.B

,

14

.22

%

,

12/22/26

...

12,483

12,432

FW2296544.UP.FTS.B

,

14

.31

%

,

12/22/26

.

3,337

3,323

L2296665.UP.FTS.B

,

14

.98

%

,

12/22/26

...

2,845

134

L2272259.UP.FTS.B

,

15

.03

%

,

12/22/26

...

2,668

2,665

L2296608.UP.FTS.B

,

15

.19

%

,

12/22/26

...

11,359

11,326

L2298101.UP.FTS.B

,

15

.46

%

,

12/22/26

...

3,025

3,009

FW2298689.UP.FTS.B

,

15

.52

%

,

12/22/26

.

11,797

11,767

FW2298989.UP.FTS.B

,

15

.65

%

,

12/22/26

.

5,067

5,055

L2300266.UP.FTS.B

,

15

.81

%

,

12/22/26

...

14,660

14,618

L2297545.UP.FTS.B

,

16

.01

%

,

12/22/26

...

2,712

2,702

L2297702.UP.FTS.B

,

16

.54

%

,

12/22/26

...

981

979

FW2296844.UP.FTS.B

,

16

.78

%

,

12/22/26

.

1,667

1,665

FW2242642.UP.FTS.B

,

17

.23

%

,

12/22/26

.

4,752

4,748

FW2297226.UP.FTS.B

,

17

.41

%

,

12/22/26

.

9,639

392

L2297622.UP.FTS.B

,

17

.73

%

,

12/22/26

...

4,111

4,099

FW2298313.UP.FTS.B

,

17

.76

%

,

12/22/26

.

10,433

10,409

L2297195.UP.FTS.B

,

18

.28

%

,

12/22/26

...

17,919

17,852

L2297949.UP.FTS.B

,

18

.76

%

,

12/22/26

...

2,767

2,762

FW2298046.UP.FTS.B

,

19

.21

%

,

12/22/26

.

6,944

6,930

FW2299900.UP.FTS.B

,

19

.29

%

,

12/22/26

.

34,928

33,240

FW2299680.UP.FTS.B

,

19

.7

%

,

12/22/26

..

5,465

395

L2296627.UP.FTS.B

,

19

.74

%

,

12/22/26

...

3,487

3,479

L2298737.UP.FTS.B

,

20

.98

%

,

12/22/26

...

3,518

3,512

L2300374.UP.FTS.B

,

21

.31

%

,

12/22/26

...

2,097

2,118

L2296777.UP.FTS.B

,

21

.4

%

,

12/22/26

....

7,059

7,116

FW2298033.UP.FTS.B

,

21

.61

%

,

12/22/26

.

11,664

11,643

L2299056.UP.FTS.B

,

22

%

,

12/22/26

.....

4,112

4,146

L2298829.UP.FTS.B

,

22

.17

%

,

12/22/26

...

4,301

4,292

FW2297460.UP.FTS.B

,

22

.74

%

,

12/22/26

.

35,723

36,020

L2296427.UP.FTS.B

,

22

.94

%

,

12/22/26

...

2,036

576

L2300367.UP.FTS.B

,

22

.94

%

,

12/22/26

...

1,428

1,425

L2296515.UP.FTS.B

,

22

.98

%

,

12/22/26

...

2,142

2,160

FW2297374.UP.FTS.B

,

23

.21

%

,

12/22/26

.

1,627

1,565

L2298974.UP.FTS.B

,

23

.47

%

,

12/22/26

...

1,290

1,288

FW2300425.UP.FTS.B

,

23

.57

%

,

12/22/26

.

7,171

7,230

L2289378.UP.FTS.B

,

23

.7

%

,

12/22/26

....

4,315

311

L2296775.UP.FTS.B

,

23

.9

%

,

12/22/26

....

3,235

3,261

L2298860.UP.FTS.B

,

23

.92

%

,

12/22/26

...

10,782

10,896

L2296638.UP.FTS.B

,

23

.96

%

,

12/22/26

...

708

714

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2300131.UP.FTS.B

,

24

.08

%

,

12/22/26

...

$

10,293

$

2,986

L2297604.UP.FTS.B

,

24

.33

%

,

12/22/26

...

1,081

1,090

L2277340.UP.FTS.B

,

24

.46

%

,

12/22/26

...

3,294

3,173

FW2296565.UP.FTS.B

,

24

.56

%

,

12/22/26

.

1,661

1,675

L2297696.UP.FTS.B

,

24

.62

%

,

12/22/26

...

337

334

L2299447.UP.FTS.B

,

24

.64

%

,

12/22/26

...

1,473

1,416

FW2295512.UP.FTS.B

,

25

.12

%

,

12/22/26

.

6,559

6,536

L2296994.UP.FTS.B

,

25

.2

%

,

12/22/26

....

2,604

2,627

L2282956.UP.FTS.B

,

25

.27

%

,

12/22/26

...

587

585

FW2297623.UP.FTS.B

,

25

.32

%

,

12/22/26

.

2,712

754

L2299789.UP.FTS.B

,

25

.32

%

,

12/22/26

...

1,170

19

L2292373.UP.FTS.B

,

25

.33

%

,

12/22/26

...

1,234

1,232

L2297988.UP.FTS.B

,

25

.38

%

,

12/22/26

...

706

707

L2298851.UP.FTS.B

,

25

.44

%

,

12/22/26

...

1,189

84

L2296962.UP.FTS.B

,

25

.46

%

,

12/22/26

...

2,479

2,500

L2298544.UP.FTS.B

,

25

.47

%

,

12/22/26

...

3,646

3,677

L2298179.UP.FTS.B

,

25

.49

%

,

12/22/26

...

3,343

3,371

L2297223.UP.FTS.B

,

25

.61

%

,

12/22/26

...

2,120

612

L2297795.UP.FTS.B

,

26

.01

%

,

12/22/26

...

9,338

9,416

L2296379.UP.FTS.B

,

26

.17

%

,

12/22/26

...

7,303

7,364

FW2299410.UP.FTS.B

,

26

.2

%

,

12/22/26

..

4,546

1,332

FW2300548.UP.FTS.B

,

26

.24

%

,

12/22/26

.

2,923

2,919

FW2298545.UP.FTS.B

,

26

.68

%

,

12/22/26

.

9,966

10,050

FW2297229.UP.FTS.B

,

26

.75

%

,

12/22/26

.

9,407

9,492

FW2298735.UP.FTS.B

,

26

.94

%

,

12/22/26

.

10,677

10,667

FW2299436.UP.FTS.B

,

27

.39

%

,

12/22/26

.

3,055

3,085

FW2298369.UP.FTS.B

,

27

.48

%

,

12/22/26

.

12,580

12,683

FW2296934.UP.FTS.B

,

28

.08

%

,

12/22/26

.

4,216

4,252

FW2297196.UP.FTS.B

,

28

.3

%

,

12/22/26

..

7,409

7,472

FW2298568.UP.FTS.B

,

28

.54

%

,

12/22/26

.

5,640

5,687

FW2297945.UP.FTS.B

,

28

.62

%

,

12/22/26

.

6,846

6,909

FW2297886.UP.FTS.B

,

29

.13

%

,

12/22/26

.

2,307

2,331

FW2297392.UP.FTS.B

,

29

.67

%

,

12/22/26

.

1,447

1,454

FW2298522.UP.FTS.B

,

29

.71

%

,

12/22/26

.

2,618

2,641

FW2296795.UP.FTS.B

,

30

.46

%

,

12/22/26

.

1,127

1,137

FW2299169.UP.FTS.B

,

30

.82

%

,

12/22/26

.

3,088

3,115

FW2281021.UP.FTS.B

,

30

.86

%

,

12/22/26

.

4,225

4,262

FW2299939.UP.FTS.B

,

30

.93

%

,

12/22/26

.

829

836

FW2297499.UP.FTS.B

,

30

.95

%

,

12/22/26

.

829

836

FW2300108.UP.FTS.B

,

31

.04

%

,

12/22/26

.

980

989

FW2298345.UP.FTS.B

,

31

.12

%

,

12/22/26

.

857

855

FW2298159.UP.FTS.B

,

31

.15

%

,

12/22/26

.

2,188

2,207

FW2296911.UP.FTS.B

,

31

.17

%

,

12/22/26

.

965

946

FW2299655.UP.FTS.B

,

31

.17

%

,

12/22/26

.

3,019

3,045

FW2294359.UP.FTS.B

,

31

.33

%

,

12/22/26

.

37,792

38,119

FW2300018.UP.FTS.B

,

31

.65

%

,

12/22/26

.

4,162

4,198

FW2296208.UP.FTS.B

,

31

.74

%

,

12/22/26

.

5,154

5,198

FW2296337.UP.FTS.B

,

33

.15

%

,

12/22/26

.

4,680

1,389

FW2296980.UP.FTS.B

,

33

.56

%

,

12/22/26

.

1,099

167

FW2289917.UP.FTS.B

,

24

.12

%

,

12/26/26

.

3,487

3,504

L2293224.UP.FTS.B

,

25

.74

%

,

1/05/27

....

1,363

1,372

L2297168.UP.FTS.B

,

9

.21

%

,

1/06/27

....

3,281

3,262

FW2296458.UP.FTS.B

,

30

.75

%

,

1/06/27

..

6,582

6,638

L2428799.UP.FTS.B

,

4

.81

%

,

1/13/27

....

8,170

8,117

L2424153.UP.FTS.B

,

4

.86

%

,

1/13/27

....

30,988

30,783

L2426247.UP.FTS.B

,

4

.87

%

,

1/13/27

....

9,815

9,748

L2424670.UP.FTS.B

,

5

.86

%

,

1/13/27

....

6,028

5,989

L2425940.UP.FTS.B

,

5

.96

%

,

1/13/27

....

12,665

12,583

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)

L2427954.UP.FTS.B

,

5

.98

%

,

1/13/27

....

$

19,060

$

18,937

FW2427065.UP.FTS.B

,

6

.14

%

,

1/13/27

...

5,374

5,339

L2428807.UP.FTS.B

,

6

.19

%

,

1/13/27

....

4,774

4,743

L2425627.UP.FTS.B

,

6

.24

%

,

1/13/27

....

17,375

17,260

FW2418004.UP.FTS.B

,

6

.27

%

,

1/13/27

...

18,975

18,854

FW2426682.UP.FTS.B

,

6

.38

%

,

1/13/27

...

9,867

5,085

L2424813.UP.FTS.B

,

6

.62

%

,

1/13/27

....

11,502

11,429

L2426387.UP.FTS.B

,

7

.28

%

,

1/13/27

....

2,893

2,875

FW2427607.UP.FTS.B

,

7

.35

%

,

1/13/27

...

10,229

10,163

L2425992.UP.FTS.B

,

7

.55

%

,

1/13/27

....

3,415

3,394

L2426489.UP.FTS.B

,

7

.81

%

,

1/13/27

....

7,751

7,706

L2427644.UP.FTS.B

,

7

.93

%

,

1/13/27

....

1,616

1,607

FW2427445.UP.FTS.B

,

7

.98

%

,

1/13/27

...

5,175

5,145

L2424761.UP.FTS.B

,

8

.01

%

,

1/13/27

....

3,652

3,629

L2426445.UP.FTS.B

,

8

.42

%

,

1/13/27

....

1,867

1,856

FW2426523.UP.FTS.B

,

8

.45

%

,

1/13/27

...

2,741

2,721

L2427091.UP.FTS.B

,

8

.49

%

,

1/13/27

....

4,548

4,522

L2400286.UP.FTS.B

,

8

.75

%

,

1/13/27

....

4,798

4,771

L2424441.UP.FTS.B

,

8

.96

%

,

1/13/27

....

905

898

FW2426991.UP.FTS.B

,

9

.24

%

,

1/13/27

...

3,925

3,902

L2427076.UP.FTS.B

,

9

.69

%

,

1/13/27

....

5,524

5,489

L2427657.UP.FTS.B

,

9

.7

%

,

1/13/27

.....

2,089

2,071

L2425208.UP.FTS.B

,

9

.97

%

,

1/13/27

....

4,607

4,581

L2428214.UP.FTS.B

,

10

.52

%

,

1/13/27

....

1,786

1,775

L2423014.UP.FTS.B

,

10

.64

%

,

1/13/27

....

17,871

17,772

FW2425681.UP.FTS.B

,

11

.84

%

,

1/13/27

..

20,727

20,626

L2423675.UP.FTS.B

,

12

.15

%

,

1/13/27

....

4,378

4,353

L2426699.UP.FTS.B

,

13

.25

%

,

1/13/27

....

8,135

8,089

L2426346.UP.FTS.B

,

13

.31

%

,

1/13/27

....

3,547

966

FW2426553.UP.FTS.B

,

14

.04

%

,

1/13/27

..

4,901

353

FW2426488.UP.FTS.B

,

14

.89

%

,

1/13/27

..

4,764

4,741

L2428411.UP.FTS.B

,

15

.14

%

,

1/13/27

....

3,297

3,285

FW2398372.UP.FTS.B

,

15

.37

%

,

1/13/27

..

8,118

8,089

FW2412323.UP.FTS.B

,

15

.91

%

,

1/13/27

..

6,910

6,879

FW2423910.UP.FTS.B

,

15

.96

%

,

1/13/27

..

6,005

859

L2406518.UP.FTS.B

,

16

%

,

1/13/27

......

3,457

3,445

L2426798.UP.FTS.B

,

16

.24

%

,

1/13/27

....

11,084

11,035

L2428444.UP.FTS.B

,

16

.71

%

,

1/13/27

....

4,172

4,157

FW2428748.UP.FTS.B

,

17

.09

%

,

1/13/27

..

6,972

6,948

L2425118.UP.FTS.B

,

17

.11

%

,

1/13/27

....

4,881

4,865

FW2423151.UP.FTS.B

,

17

.2

%

,

1/13/27

...

3,071

3,060

L2428394.UP.FTS.B

,

17

.4

%

,

1/13/27

....

4,006

3,987

FW2425055.UP.FTS.B

,

17

.43

%

,

1/13/27

..

11,466

11,427

L2426279.UP.FTS.B

,

17

.73

%

,

1/13/27

....

2,873

2,863

L2424817.UP.FTS.B

,

17

.78

%

,

1/13/27

....

10,209

744

L2423964.UP.FTS.B

,

18

.15

%

,

1/13/27

....

4,920

4,903

L2428498.UP.FTS.B

,

18

.5

%

,

1/13/27

....

3,655

2,106

L2428454.UP.FTS.B

,

18

.63

%

,

1/13/27

....

5,326

5,299

L2422983.UP.FTS.B

,

19

.45

%

,

1/13/27

....

20,019

19,952

L2424684.UP.FTS.B

,

20

.1

%

,

1/13/27

....

4,239

4,264

L2423758.UP.FTS.B

,

20

.41

%

,

1/13/27

....

1,378

1,372

L2405396.UP.FTS.B

,

20

.43

%

,

1/13/27

....

5,121

5,096

L2426770.UP.FTS.B

,

20

.84

%

,

1/13/27

....

10,753

10,822

L2427912.UP.FTS.B

,

21

.34

%

,

1/13/27

....

720

724

FW2427047.UP.FTS.B

,

22

.2

%

,

1/13/27

...

15,781

15,883

L2428658.UP.FTS.B

,

22

.41

%

,

1/13/27

....

8,124

4,802

L2395761.UP.FTS.B

,

22

.53

%

,

1/13/27

....

21,766

21,908

L2425900.UP.FTS.B

,

23

.2

%

,

1/13/27

....

6,439

6,469

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2422984.UP.FTS.B

,

23

.24

%

,

1/13/27

....

$

10,166

$

1,519

L2425886.UP.FTS.B

,

24

.76

%

,

1/13/27

....

3,682

3,707

L2404751.UP.FTS.B

,

24

.81

%

,

1/13/27

....

13,264

13,351

L2422250.UP.FTS.B

,

25

.13

%

,

1/13/27

....

2,289

2,304

L2423497.UP.FTS.B

,

25

.16

%

,

1/13/27

....

1,181

1,189

L2399706.UP.FTS.B

,

25

.18

%

,

1/13/27

....

10,759

10,814

FW2428740.UP.FTS.B

,

25

.25

%

,

1/13/27

..

2,955

2,975

L2427647.UP.FTS.B

,

25

.29

%

,

1/13/27

....

4,287

4,315

L2427874.UP.FTS.B

,

25

.33

%

,

1/13/27

....

640

633

L2426044.UP.FTS.B

,

25

.4

%

,

1/13/27

....

1,770

126

L2426848.UP.FTS.B

,

25

.4

%

,

1/13/27

....

6,697

6,722

L2425077.UP.FTS.B

,

25

.43

%

,

1/13/27

....

6,376

6,392

L2424771.UP.FTS.B

,

25

.96

%

,

1/13/27

....

1,633

1,644

FW2424834.UP.FTS.B

,

26

.08

%

,

1/13/27

..

4,012

4,039

FW2425245.UP.FTS.B

,

26

.25

%

,

1/13/27

..

1,190

1,198

FW2426259.UP.FTS.B

,

26

.65

%

,

1/13/27

..

3,730

3,755

FW2428725.UP.FTS.B

,

26

.68

%

,

1/13/27

..

1,883

1,886

FW2425948.UP.FTS.B

,

27

.28

%

,

1/13/27

..

5,241

5,276

FW2424326.UP.FTS.B

,

27

.8

%

,

1/13/27

...

7,358

7,400

FW2422977.UP.FTS.B

,

28

.17

%

,

1/13/27

..

14,850

14,936

FW2424974.UP.FTS.B

,

28

.61

%

,

1/13/27

..

12,709

12,769

FW2422891.UP.FTS.B

,

29

.39

%

,

1/13/27

..

1,436

1,442

FW2425791.UP.FTS.B

,

29

.41

%

,

1/13/27

..

2,489

723

FW2426907.UP.FTS.B

,

29

.43

%

,

1/13/27

..

30,725

30,844

FW2423451.UP.FTS.B

,

30

.19

%

,

1/13/27

..

762

767

FW2426985.UP.FTS.B

,

30

.26

%

,

1/13/27

..

25,226

25,372

FW2427875.UP.FTS.B

,

30

.3

%

,

1/13/27

...

727

730

FW2423548.UP.FTS.B

,

30

.41

%

,

1/13/27

..

1,984

1,998

FW2425371.UP.FTS.B

,

30

.51

%

,

1/13/27

..

1,527

1,538

FW2423407.UP.FTS.B

,

30

.57

%

,

1/13/27

..

1,758

1,770

FW2425795.UP.FTS.B

,

30

.94

%

,

1/13/27

..

3,114

3,132

FW2425961.UP.FTS.B

,

31

.09

%

,

1/13/27

..

843

849

FW2423715.UP.FTS.B

,

32

.57

%

,

1/13/27

..

773

778

FW2432124.UP.FTS.B

,

5

.02

%

,

1/14/27

...

31,487

31,282

L2429437.UP.FTS.B

,

5

.17

%

,

1/14/27

....

7,568

7,517

L2435082.UP.FTS.B

,

5

.24

%

,

1/14/27

....

17,101

16,986

L2435136.UP.FTS.B

,

5

.4

%

,

1/14/27

.....

6,635

6,592

L2435334.UP.FTS.B

,

5

.79

%

,

1/14/27

....

1,966

1,954

L2431631.UP.FTS.B

,

5

.94

%

,

1/14/27

....

451

447

L2428794.UP.FTS.B

,

5

.98

%

,

1/14/27

....

9,529

9,468

L2432641.UP.FTS.B

,

5

.99

%

,

1/14/27

....

6,354

6,313

FW2431037.UP.FTS.B

,

6

.01

%

,

1/14/27

...

2,542

2,525

FW2434481.UP.FTS.B

,

6

.18

%

,

1/14/27

...

6,040

6,001

L2434868.UP.FTS.B

,

6

.25

%

,

1/14/27

....

7,006

6,961

L2433278.UP.FTS.B

,

6

.42

%

,

1/14/27

....

8,928

8,872

L2434814.UP.FTS.B

,

6

.49

%

,

1/14/27

....

1,659

1,649

L2432301.UP.FTS.B

,

6

.51

%

,

1/14/27

....

3,192

3,172

L2431798.UP.FTS.B

,

6

.68

%

,

1/14/27

....

8,980

8,922

FW2429354.UP.FTS.B

,

6

.79

%

,

1/14/27

...

31,618

31,417

FW2430872.UP.FTS.B

,

6

.87

%

,

1/14/27

...

2,242

2,228

L2432901.UP.FTS.B

,

6

.93

%

,

1/14/27

....

12,164

12,087

FW2430681.UP.FTS.B

,

7

.21

%

,

1/14/27

...

20,541

20,412

L2431865.UP.FTS.B

,

7

.24

%

,

1/14/27

....

10,925

10,856

L2429292.UP.FTS.B

,

7

.41

%

,

1/14/27

....

7,723

7,678

L2430454.UP.FTS.B

,

7

.62

%

,

1/14/27

....

8,880

8,827

L2433097.UP.FTS.B

,

7

.62

%

,

1/14/27

....

24,936

24,791

L2434635.UP.FTS.B

,

7

.74

%

,

1/14/27

....

13,683

13,604

L2433991.UP.FTS.B

,

7

.94

%

,

1/14/27

....

4,368

4,341

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)

L2435013.UP.FTS.B

,

8

.08

%

,

1/14/27

....

$

6,474

$

6,437

L2429715.UP.FTS.B

,

8

.3

%

,

1/14/27

.....

2,595

2,579

L2434529.UP.FTS.B

,

8

.37

%

,

1/14/27

....

4,543

4,518

L2430462.UP.FTS.B

,

8

.4

%

,

1/14/27

.....

16,233

16,131

L2435208.UP.FTS.B

,

8

.4

%

,

1/14/27

.....

29,175

29,009

L2429477.UP.FTS.B

,

8

.93

%

,

1/14/27

....

9,066

9,015

L2429964.UP.FTS.B

,

9

.01

%

,

1/14/27

....

3,264

3,246

L2429979.UP.FTS.B

,

9

.08

%

,

1/14/27

....

1,959

1,948

L2432796.UP.FTS.B

,

9

.5

%

,

1/14/27

.....

1,730

430

L2432514.UP.FTS.B

,

9

.62

%

,

1/14/27

....

22,967

22,840

L2434796.UP.FTS.B

,

9

.68

%

,

1/14/27

....

16,412

16,321

L2434345.UP.FTS.B

,

9

.69

%

,

1/14/27

....

5,975

5,937

L2434787.UP.FTS.B

,

9

.78

%

,

1/14/27

....

1,979

1,044

L2435560.UP.FTS.B

,

10

.15

%

,

1/14/27

....

17,762

17,665

FW2433055.UP.FTS.B

,

10

.82

%

,

1/14/27

..

2,323

2,309

L2431423.UP.FTS.B

,

11

.01

%

,

1/14/27

....

2,139

294

L2430601.UP.FTS.B

,

11

.3

%

,

1/14/27

.....

11,652

11,596

FW2433199.UP.FTS.B

,

12

.56

%

,

1/14/27

..

2,018

2,009

L2431067.UP.FTS.B

,

12

.57

%

,

1/14/27

....

4,028

4,010

L2429992.UP.FTS.B

,

12

.6

%

,

1/14/27

....

3,559

3,543

L2434462.UP.FTS.B

,

12

.63

%

,

1/14/27

....

1,353

1,345

FW2432090.UP.FTS.B

,

12

.83

%

,

1/14/27

..

4,382

4,361

L2435380.UP.FTS.B

,

12

.98

%

,

1/14/27

....

3,680

3,662

FW2430692.UP.FTS.B

,

13

.13

%

,

1/14/27

..

6,082

6,054

L2434354.UP.FTS.B

,

13

.48

%

,

1/14/27

....

3,389

3,373

L2433923.UP.FTS.B

,

13

.81

%

,

1/14/27

....

6,746

6,714

L2430593.UP.FTS.B

,

13

.89

%

,

1/14/27

....

7,304

1,005

FW2429622.UP.FTS.B

,

15

.13

%

,

1/14/27

..

3,446

3,428

L2434928.UP.FTS.B

,

15

.16

%

,

1/14/27

....

3,434

3,419

L2432300.UP.FTS.B

,

15

.27

%

,

1/14/27

....

86

85

FW2435291.UP.FTS.B

,

16

.08

%

,

1/14/27

..

30,815

30,672

FW2428845.UP.FTS.B

,

16

.32

%

,

1/14/27

..

7,877

570

L2429267.UP.FTS.B

,

16

.52

%

,

1/14/27

....

6,975

6,942

FW2435527.UP.FTS.B

,

16

.65

%

,

1/14/27

..

12,737

12,678

L2429626.UP.FTS.B

,

16

.81

%

,

1/14/27

....

2,783

2,774

L2434502.UP.FTS.B

,

17

.17

%

,

1/14/27

....

11,485

11,426

L2435410.UP.FTS.B

,

17

.3

%

,

1/14/27

....

8,565

4,805

L2432699.UP.FTS.B

,

17

.44

%

,

1/14/27

....

4,084

579

L2426379.UP.FTS.B

,

19

.1

%

,

1/14/27

....

3,894

3,882

L2429755.UP.FTS.B

,

19

.15

%

,

1/14/27

....

10,622

10,693

FW2430438.UP.FTS.B

,

20

.15

%

,

1/14/27

..

2,787

2,773

L2430606.UP.FTS.B

,

20

.16

%

,

1/14/27

....

5,752

5,678

L2430735.UP.FTS.B

,

20

.49

%

,

1/14/27

....

5,023

5,046

L2428990.UP.FTS.B

,

21

.05

%

,

1/14/27

....

14,645

8,640

L2431627.UP.FTS.B

,

21

.05

%

,

1/14/27

....

7,180

7,158

FW2431803.UP.FTS.B

,

21

.19

%

,

1/14/27

..

2,803

2,794

L2434141.UP.FTS.B

,

21

.61

%

,

1/14/27

....

3,026

69

L2434159.UP.FTS.B

,

21

.72

%

,

1/14/27

....

1,079

1,086

L2432761.UP.FTS.B

,

21

.77

%

,

1/14/27

....

1,735

1,728

L2434330.UP.FTS.B

,

21

.77

%

,

1/14/27

....

6,495

6,475

L2432647.UP.FTS.B

,

21

.91

%

,

1/14/27

....

2,607

2,594

L2433930.UP.FTS.B

,

22

.17

%

,

1/14/27

....

7,815

7,868

L2433523.UP.FTS.B

,

22

.41

%

,

1/14/27

....

10,747

1,584

L2433884.UP.FTS.B

,

22

.52

%

,

1/14/27

....

3,613

3,601

L2432854.UP.FTS.B

,

22

.72

%

,

1/14/27

....

9,058

645

L2432010.UP.FTS.B

,

22

.75

%

,

1/14/27

....

21,786

21,935

FW2434152.UP.FTS.B

,

22

.94

%

,

1/14/27

..

11,711

11,792

L2429502.UP.FTS.B

,

23

.45

%

,

1/14/27

....

1,626

1,635

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2430627.UP.FTS.B

,

24

.59

%

,

1/14/27

....

$

7,237

$

7,281

L2435514.UP.FTS.B

,

24

.62

%

,

1/14/27

....

7,431

7,470

L2429892.UP.FTS.B

,

24

.74

%

,

1/14/27

....

1,399

1,409

L2430498.UP.FTS.B

,

25

.11

%

,

1/14/27

....

821

826

L2432911.UP.FTS.B

,

25

.19

%

,

1/14/27

....

3,911

3,933

L2431333.UP.FTS.B

,

25

.27

%

,

1/14/27

....

838

838

L2432337.UP.FTS.B

,

25

.36

%

,

1/14/27

....

9,496

9,461

L2428819.UP.FTS.B

,

25

.51

%

,

1/14/27

....

6,884

6,933

L2430801.UP.FTS.B

,

25

.58

%

,

1/14/27

....

402

29

L2430189.UP.FTS.B

,

25

.96

%

,

1/14/27

....

4,641

4,666

L2434122.UP.FTS.B

,

25

.98

%

,

1/14/27

....

3,199

51

FW2427919.UP.FTS.B

,

26

.2

%

,

1/14/27

...

7,435

7,487

FW2433321.UP.FTS.B

,

26

.46

%

,

1/14/27

..

1,490

1,500

FW2430722.UP.FTS.B

,

26

.47

%

,

1/14/27

..

8,792

8,854

FW2434298.UP.FTS.B

,

26

.5

%

,

1/14/27

...

2,455

2,472

FW2428882.UP.FTS.B

,

27

.27

%

,

1/14/27

..

4,483

4,514

FW2435389.UP.FTS.B

,

28

.43

%

,

1/14/27

..

755

760

FW2435458.UP.FTS.B

,

28

.74

%

,

1/14/27

..

3,696

3,717

FW2429440.UP.FTS.B

,

28

.89

%

,

1/14/27

..

4,255

83

FW2429972.UP.FTS.B

,

28

.92

%

,

1/14/27

..

1,513

1,524

FW2432969.UP.FTS.B

,

29

.06

%

,

1/14/27

..

7,571

7,625

FW2431137.UP.FTS.B

,

29

.79

%

,

1/14/27

..

3,847

3,869

FW2429314.UP.FTS.B

,

30

.55

%

,

1/14/27

..

1,144

1,149

FW2431660.UP.FTS.B

,

30

.55

%

,

1/14/27

..

8,900

8,945

FW2434437.UP.FTS.B

,

30

.78

%

,

1/14/27

..

1,531

1,542

FW2432136.UP.FTS.B

,

30

.97

%

,

1/14/27

..

942

274

FW2431224.UP.FTS.B

,

31

.01

%

,

1/14/27

..

1,202

1,199

FW2434725.UP.FTS.B

,

31

.06

%

,

1/14/27

..

2,457

2,469

FW2431217.UP.FTS.B

,

31

.18

%

,

1/14/27

..

4,527

4,560

FW2434302.UP.FTS.B

,

31

.74

%

,

1/14/27

..

2,693

2,712

FW2430067.UP.FTS.B

,

32

.35

%

,

1/14/27

..

3,783

3,811

FW2433366.UP.FTS.B

,

32

.7

%

,

1/14/27

...

1,181

1,177

FW2429192.UP.FTS.B

,

34

.62

%

,

1/14/27

..

5,160

5,198

L2434046.UP.FTS.B

,

17

.57

%

,

1/15/27

....

6,652

6,617

L2426521.UP.FTS.B

,

25

.33

%

,

1/16/27

....

2,594

2,605

L2435572.UP.FTS.B

,

5

.11

%

,

1/18/27

.....

5,042

5,009

L2437289.UP.FTS.B

,

5

.21

%

,

1/18/27

....

12,615

12,532

L2438850.UP.FTS.B

,

5

.32

%

,

1/18/27

....

5,598

5,551

L2435960.UP.FTS.B

,

5

.66

%

,

1/18/27

....

2,534

2,517

L2437744.UP.FTS.B

,

5

.82

%

,

1/18/27

....

2,215

2,201

L2436314.UP.FTS.B

,

6

.73

%

,

1/18/27

....

5,400

5,364

L2437712.UP.FTS.B

,

7

.07

%

,

1/18/27

....

3,692

3,667

L2436166.UP.FTS.B

,

7

.3

%

,

1/18/27

.....

6,429

6,388

L2437375.UP.FTS.B

,

7

.41

%

,

1/18/27

....

9,654

9,592

FW2435037.UP.FTS.B

,

7

.47

%

,

1/18/27

...

9,214

8,677

L2437526.UP.FTS.B

,

8

.11

%

,

1/18/27

.....

3,497

3,477

L2435968.UP.FTS.B

,

8

.28

%

,

1/18/27

....

32,428

32,241

L2437670.UP.FTS.B

,

8

.31

%

,

1/18/27

....

3,230

3,211

L2435758.UP.FTS.B

,

8

.38

%

,

1/18/27

....

4,219

4,195

L2438360.UP.FTS.B

,

8

.62

%

,

1/18/27

....

11,238

10,590

FW2436679.UP.FTS.B

,

8

.8

%

,

1/18/27

....

3,258

3,239

L2436019.UP.FTS.B

,

8

.91

%

,

1/18/27

....

3,587

3,567

FW2436236.UP.FTS.B

,

9

.07

%

,

1/18/27

...

1,502

1,494

L2436597.UP.FTS.B

,

9

.15

%

,

1/18/27

....

3,268

3,249

L2439024.UP.FTS.B

,

9

.19

%

,

1/18/27

....

32,539

32,351

FW2437428.UP.FTS.B

,

9

.23

%

,

1/18/27

...

2,709

2,693

L2439293.UP.FTS.B

,

9

.38

%

,

1/18/27

....

3,274

3,255

L2435641.UP.FTS.B

,

9

.42

%

,

1/18/27

....

9,830

9,768

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)

FW2437343.UP.FTS.B

,

9

.49

%

,

1/18/27

...

$

3,933

$

3,911

L2438805.UP.FTS.B

,

9

.71

%

,

1/18/27

....

7,570

7,522

L2438298.UP.FTS.B

,

9

.72

%

,

1/18/27

....

9,875

9,813

L2435766.UP.FTS.B

,

10

.44

%

,

1/18/27

....

7,599

7,556

L2435811.UP.FTS.B

,

10

.45

%

,

1/18/27

....

27,219

25,637

FW2435900.UP.FTS.B

,

11

.42

%

,

1/18/27

..

4,086

298

L2437164.UP.FTS.B

,

11

.6

%

,

1/18/27

.....

4,005

3,982

L2437916.UP.FTS.B

,

11

.63

%

,

1/18/27

....

3,338

3,322

L2435975.UP.FTS.B

,

12

.06

%

,

1/18/27

....

4,170

3,936

L2437498.UP.FTS.B

,

13

%

,

1/18/27

......

33,757

33,598

FW2436712.UP.FTS.B

,

13

.19

%

,

1/18/27

..

19,446

18,351

L2436053.UP.FTS.B

,

13

.19

%

,

1/18/27

....

30,424

30,281

L2435800.UP.FTS.B

,

13

.45

%

,

1/18/27

....

948

938

FW2438200.UP.FTS.B

,

13

.65

%

,

1/18/27

..

489

485

L2436944.UP.FTS.B

,

13

.68

%

,

1/18/27

....

20,371

20,255

L2438233.UP.FTS.B

,

13

.97

%

,

1/18/27

....

34,024

33,866

FW2435953.UP.FTS.B

,

14

.04

%

,

1/18/27

..

2,383

2,372

FW2386556.UP.FTS.B

,

14

.67

%

,

1/18/27

..

18,406

18,320

L2435828.UP.FTS.B

,

15

.11

%

,

1/18/27

....

6,867

6,835

L2436120.UP.FTS.B

,

16

.49

%

,

1/18/27

....

2,082

2,075

FW2437419.UP.FTS.B

,

16

.93

%

,

1/18/27

..

10,445

10,398

L2436235.UP.FTS.B

,

19

.1

%

,

1/18/27

....

3,188

3,172

FW2433283.UP.FTS.B

,

19

.48

%

,

1/18/27

..

3,545

3,533

L2431623.UP.FTS.B

,

19

.58

%

,

1/18/27

....

27,429

27,341

L2437522.UP.FTS.B

,

20

.01

%

,

1/18/27

....

1,069

1,066

L2436835.UP.FTS.B

,

20

.74

%

,

1/18/27

....

10,746

10,821

L2438983.UP.FTS.B

,

22

.44

%

,

1/18/27

....

27,698

27,833

L2438751.UP.FTS.B

,

22

.96

%

,

1/18/27

....

4,336

4,365

L2436458.UP.FTS.B

,

23

.16

%

,

1/18/27

....

1,443

1,453

FW2436112.UP.FTS.B

,

23

.4

%

,

1/18/27

...

2,554

2,572

L2436533.UP.FTS.B

,

23

.74

%

,

1/18/27

....

9,106

2,616

L2435765.UP.FTS.B

,

24

.15

%

,

1/18/27

....

1,174

1,182

L2438451.UP.FTS.B

,

24

.73

%

,

1/18/27

....

5,172

5,192

L2436225.UP.FTS.B

,

25

.02

%

,

1/18/27

....

1,055

1,060

L2437383.UP.FTS.B

,

25

.04

%

,

1/18/27

....

8,854

8,916

L2435949.UP.FTS.B

,

25

.18

%

,

1/18/27

....

792

771

L2438923.UP.FTS.B

,

25

.2

%

,

1/18/27

....

1,478

1,488

L2435111.UP.FTS.B

,

25

.27

%

,

1/18/27

....

1,558

233

FW2437643.UP.FTS.B

,

25

.44

%

,

1/18/27

..

13,276

13,366

L2435585.UP.FTS.B

,

25

.45

%

,

1/18/27

....

886

864

L2435644.UP.FTS.B

,

25

.47

%

,

1/18/27

....

9,300

9,363

L2435936.UP.FTS.B

,

25

.47

%

,

1/18/27

....

1,480

1,490

L2436279.UP.FTS.B

,

25

.97

%

,

1/18/27

....

3,048

2,925

FW2439188.UP.FTS.B

,

26

.09

%

,

1/18/27

..

5,932

5,919

FW2435944.UP.FTS.B

,

26

.26

%

,

1/18/27

..

3,166

224

L2436823.UP.FTS.B

,

26

.4

%

,

1/18/27

....

2,904

2,924

FW2438660.UP.FTS.B

,

27

.49

%

,

1/18/27

..

3,000

3,021

FW2437301.UP.FTS.B

,

28

.28

%

,

1/18/27

..

21,131

21,212

FW2436660.UP.FTS.B

,

28

.46

%

,

1/18/27

..

3,024

3,039

FW2435922.UP.FTS.B

,

28

.48

%

,

1/18/27

..

3,018

3,039

FW2438088.UP.FTS.B

,

28

.61

%

,

1/18/27

..

3,840

1,125

FW2438349.UP.FTS.B

,

30

.51

%

,

1/18/27

..

1,170

1,172

FW2436417.UP.FTS.B

,

30

.84

%

,

1/18/27

..

4,616

4,639

FW2437637.UP.FTS.B

,

31

.11

%

,

1/18/27

..

1,303

1,312

FW2435617.UP.FTS.B

,

31

.17

%

,

1/18/27

..

4,902

346

FW2424349.UP.FTS.B

,

31

.49

%

,

1/18/27

..

2,454

2,352

FW2438118.UP.FTS.B

,

31

.57

%

,

1/18/27

..

6,303

6,346

FW2438330.UP.FTS.B

,

31

.74

%

,

1/18/27

..

2,769

2,788

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2432353.UP.FTS.B

,

7

.41

%

,

1/20/27

....

$

12,889

$

12,807

FW2426856.UP.FTS.B

,

16

.14

%

,

1/21/27

..

6,947

6,912

FW2423642.UP.FTS.B

,

28

.44

%

,

1/22/27

..

3,040

3,054

L2433080.UP.FTS.B

,

22

.02

%

,

1/24/27

....

11,492

11,548

L2403095.UP.FTS.B

,

10

.86

%

,

1/28/27

....

5,653

5,621

L2434166.UP.FTS.B

,

20

.69

%

,

1/28/27

....

31,390

2,251

L2438087.UP.FTS.B

,

9

.91

%

,

2/01/27

....

31,767

31,555

FW2437462.UP.FTS.B

,

26

.24

%

,

2/01/27

..

38,226

38,353

FW2437431.UP.FTS.B

,

30

.95

%

,

2/01/27

..

1,414

1,418

L2604537.UP.FTS.B

,

4

.81

%

,

2/10/27

....

14,053

13,958

L2607506.UP.FTS.B

,

5

.59

%

,

2/10/27

....

32,452

32,234

FW2607187.UP.FTS.B

,

7

.26

%

,

2/10/27

...

26,342

26,171

L2528315.UP.FTS.B

,

7

.51

%

,

2/10/27

....

7,589

7,540

L2604772.UP.FTS.B

,

7

.89

%

,

2/10/27

....

17,942

17,827

FW2594995.UP.FTS.B

,

9

.66

%

,

2/10/27

...

19,486

19,363

L2607571.UP.FTS.B

,

9

.71

%

,

2/10/27

....

13,445

13,361

L2606288.UP.FTS.B

,

9

.78

%

,

2/10/27

....

4,599

4,564

L2604523.UP.FTS.B

,

10

.02

%

,

2/10/27

....

11,795

11,721

L2608678.UP.FTS.B

,

11

.38

%

,

2/10/27

....

3,072

3,051

L2603278.UP.FTS.B

,

11

.56

%

,

2/10/27

....

4,184

2,248

L2606699.UP.FTS.B

,

11

.87

%

,

2/10/27

....

16,409

16,310

L2608120.UP.FTS.B

,

12

.12

%

,

2/10/27

....

18,437

18,326

L2606144.UP.FTS.B

,

12

.19

%

,

2/10/27

....

2,992

2,962

L2602160.UP.FTS.B

,

13

.05

%

,

2/10/27

....

5,868

5,833

L2606798.UP.FTS.B

,

13

.38

%

,

2/10/27

....

6,922

6,881

L2605310.UP.FTS.B

,

13

.4

%

,

2/10/27

....

4,664

4,632

L2604725.UP.FTS.B

,

13

.41

%

,

2/10/27

....

2,290

2,274

L2608712.UP.FTS.B

,

13

.54

%

,

2/10/27

....

2,772

2,756

L2607120.UP.FTS.B

,

13

.67

%

,

2/10/27

....

11,952

11,873

L2607960.UP.FTS.B

,

13

.74

%

,

2/10/27

....

5,206

5,175

FW2604743.UP.FTS.B

,

13

.75

%

,

2/10/27

..

9,095

9,034

L2581968.UP.FTS.B

,

13

.8

%

,

2/10/27

....

7,605

7,557

FW2606882.UP.FTS.B

,

13

.95

%

,

2/10/27

..

5,561

5,529

FW2605016.UP.FTS.B

,

14

.07

%

,

2/10/27

..

10,425

752

L2560503.UP.FTS.B

,

14

.15

%

,

2/10/27

....

17,407

17,304

L2607639.UP.FTS.B

,

14

.65

%

,

2/10/27

....

22,296

22,165

L2603034.UP.FTS.B

,

14

.68

%

,

2/10/27

....

7,270

7,229

FW2606203.UP.FTS.B

,

14

.78

%

,

2/10/27

..

2,239

2,226

FW2602616.UP.FTS.B

,

14

.79

%

,

2/10/27

..

34,999

34,794

L2603660.UP.FTS.B

,

14

.88

%

,

2/10/27

....

6,021

5,981

FW2608870.UP.FTS.B

,

15

.02

%

,

2/10/27

..

10,465

10,402

L2602863.UP.FTS.B

,

15

.13

%

,

2/10/27

....

2,806

2,790

FW2602511.UP.FTS.B

,

15

.19

%

,

2/10/27

..

19,790

19,674

L2605446.UP.FTS.B

,

15

.44

%

,

2/10/27

....

3,040

3,022

L2599419.UP.FTS.B

,

15

.54

%

,

2/10/27

....

13,449

1,886

L2606023.UP.FTS.B

,

15

.7

%

,

2/10/27

....

2,818

2,801

L2602901.UP.FTS.B

,

15

.85

%

,

2/10/27

....

5,168

5,128

L2609082.UP.FTS.B

,

16

.06

%

,

2/10/27

....

14,891

14,804

L2609598.UP.FTS.B

,

16

.23

%

,

2/10/27

....

11,880

866

L2603136.UP.FTS.B

,

17

.13

%

,

2/10/27

....

14,239

14,161

L2604751.UP.FTS.B

,

17

.73

%

,

2/10/27

....

715

711

FW2609494.UP.FTS.B

,

18

.3

%

,

2/10/27

...

3,590

3,570

FW2607843.UP.FTS.B

,

18

.35

%

,

2/10/27

..

5,518

5,482

FW2603450.UP.FTS.B

,

19

.07

%

,

2/10/27

..

8,589

8,542

FW2604033.UP.FTS.B

,

19

.37

%

,

2/10/27

..

7,088

7,046

L2608142.UP.FTS.B

,

19

.78

%

,

2/10/27

....

6,310

6,333

L2609196.UP.FTS.B

,

20

.26

%

,

2/10/27

....

4,368

4,342

L2607782.UP.FTS.B

,

20

.62

%

,

2/10/27

....

2,262

2,264

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)

L2607501.UP.FTS.B

,

20

.9

%

,

2/10/27

....

$

4,386

$

4,402

L2580476.UP.FTS.B

,

20

.98

%

,

2/10/27

....

1,167

1,149

FW2607597.UP.FTS.B

,

21

.25

%

,

2/10/27

..

1,612

1,602

FW2601053.UP.FTS.B

,

21

.37

%

,

2/10/27

..

1,082

1,075

L2609346.UP.FTS.B

,

21

.52

%

,

2/10/27

....

15,551

15,435

L2603922.UP.FTS.B

,

21

.73

%

,

2/10/27

....

4,043

4,058

L2608576.UP.FTS.B

,

21

.77

%

,

2/10/27

....

3,088

3,100

L2608126.UP.FTS.B

,

22

.06

%

,

2/10/27

....

3,509

3,514

FW2607078.UP.FTS.B

,

22

.55

%

,

2/10/27

..

2,291

2,299

FW2608208.UP.FTS.B

,

22

.58

%

,

2/10/27

..

8,133

8,164

L2602456.UP.FTS.B

,

22

.85

%

,

2/10/27

....

5,924

5,946

L2608552.UP.FTS.B

,

22

.9

%

,

2/10/27

....

2,240

2,244

L2608111.UP.FTS.B

,

23

.17

%

,

2/10/27

....

11,947

11,991

L2605681.UP.FTS.B

,

23

.22

%

,

2/10/27

....

3,748

3,756

L2603641.UP.FTS.B

,

23

.37

%

,

2/10/27

....

2,823

2,834

L2606964.UP.FTS.B

,

23

.53

%

,

2/10/27

....

744

747

L2606747.UP.FTS.B

,

23

.7

%

,

2/10/27

....

7,355

7,377

L2604424.UP.FTS.B

,

24

.29

%

,

2/10/27

....

7,354

7,367

L2604262.UP.FTS.B

,

24

.39

%

,

2/10/27

....

3,739

3,753

FW2605000.UP.FTS.B

,

24

.47

%

,

2/10/27

..

4,115

4,131

L2601898.UP.FTS.B

,

24

.69

%

,

2/10/27

....

1,049

1,053

L2608693.UP.FTS.B

,

24

.99

%

,

2/10/27

....

1,201

1,206

L2608510.UP.FTS.B

,

25

%

,

2/10/27

......

1,502

1,507

L2605594.UP.FTS.B

,

25

.02

%

,

2/10/27

....

2,102

2,110

L2604053.UP.FTS.B

,

25

.25

%

,

2/10/27

....

1,429

1,434

L2606928.UP.FTS.B

,

25

.27

%

,

2/10/27

....

1,579

1,570

L2607974.UP.FTS.B

,

25

.3

%

,

2/10/27

....

6,995

7,021

L2609551.UP.FTS.B

,

25

.3

%

,

2/10/27

....

1,956

1,964

FW2609019.UP.FTS.B

,

25

.41

%

,

2/10/27

..

4,131

4,146

L2572476.UP.FTS.B

,

25

.45

%

,

2/10/27

....

10,599

10,637

L2608348.UP.FTS.B

,

25

.54

%

,

2/10/27

....

4,522

4,539

L2603713.UP.FTS.B

,

25

.81

%

,

2/10/27

....

2,606

2,613

FW2604813.UP.FTS.B

,

25

.83

%

,

2/10/27

..

5,282

5,302

L2586417.UP.FTS.B

,

25

.9

%

,

2/10/27

....

7,324

7,351

FW2606426.UP.FTS.B

,

26

.19

%

,

2/10/27

..

2,611

2,619

FW2604860.UP.FTS.B

,

26

.47

%

,

2/10/27

..

4,166

4,182

FW2607306.UP.FTS.B

,

26

.66

%

,

2/10/27

..

2,336

1,377

FW2607888.UP.FTS.B

,

27

.06

%

,

2/10/27

..

9,810

9,841

L2604862.UP.FTS.B

,

27

.57

%

,

2/10/27

....

7,779

7,808

FW2603425.UP.FTS.B

,

27

.81

%

,

2/10/27

..

2,637

2,645

FW2607049.UP.FTS.B

,

28

.08

%

,

2/10/27

..

1,502

430

FW2608113.UP.FTS.B

,

28

.22

%

,

2/10/27

..

2,391

2,382

FW2605555.UP.FTS.B

,

29

.52

%

,

2/10/27

..

1,774

1,781

FW2607282.UP.FTS.B

,

30

.52

%

,

2/10/27

..

4,785

4,790

FW2606754.UP.FTS.B

,

31

.29

%

,

2/10/27

..

2,961

2,972

FW2607854.UP.FTS.B

,

31

.49

%

,

2/10/27

..

4,682

4,700

FW2604730.UP.FTS.B

,

31

.73

%

,

2/10/27

..

6,043

6,055

L2610465.UP.FTS.B

,

5

.18

%

,

2/11/27

.....

16,168

16,060

L2570795.UP.FTS.B

,

6

.48

%

,

2/11/27

.....

6,533

6,490

L2610259.UP.FTS.B

,

6

.78

%

,

2/11/27

.....

4,066

4,039

FW2614143.UP.FTS.B

,

6

.93

%

,

2/11/27

...

2,626

2,609

L2588879.UP.FTS.B

,

7

.55

%

,

2/11/27

.....

990

984

L2611556.UP.FTS.B

,

8

.27

%

,

2/11/27

.....

5,120

5,074

L2610842.UP.FTS.B

,

9

.27

%

,

2/11/27

.....

7,501

7,455

L2613434.UP.FTS.B

,

9

.37

%

,

2/11/27

.....

9,913

9,849

FW2610585.UP.FTS.B

,

9

.75

%

,

2/11/27

...

16,762

16,658

L2614166.UP.FTS.B

,

10

.03

%

,

2/11/27

....

2,413

1,260

L2611172.UP.FTS.B

,

10

.14

%

,

2/11/27

....

2,024

2,011

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2611011.UP.FTS.B

,

11

.03

%

,

2/11/27

....

$

11,009

$

10,944

FW2613043.UP.FTS.B

,

11

.2

%

,

2/11/27

...

8,708

8,656

L2610880.UP.FTS.B

,

11

.35

%

,

2/11/27

....

6,812

6,772

L2615397.UP.FTS.B

,

11

.54

%

,

2/11/27

....

4,775

4,747

L2615183.UP.FTS.B

,

12

.14

%

,

2/11/27

....

8,269

8,213

L2615652.UP.FTS.B

,

12

.4

%

,

2/11/27

.....

2,885

2,868

FW2612477.UP.FTS.B

,

12

.41

%

,

2/11/27

..

10,304

10,244

L2614583.UP.FTS.B

,

12

.97

%

,

2/11/27

....

7,590

7,545

FW2604554.UP.FTS.B

,

13

.07

%

,

2/11/27

..

13,868

13,775

FW2615345.UP.FTS.B

,

13

.1

%

,

2/11/27

...

6,926

6,875

L2615756.UP.FTS.B

,

13

.21

%

,

2/11/27

....

3,178

3,157

L2614367.UP.FTS.B

,

13

.3

%

,

2/11/27

.....

4,429

4,404

L2612579.UP.FTS.B

,

13

.46

%

,

2/11/27

....

3,406

3,385

L2612166.UP.FTS.B

,

13

.67

%

,

2/11/27

....

4,575

4,543

L2615304.UP.FTS.B

,

13

.86

%

,

2/11/27

....

26,323

26,147

L2615143.UP.FTS.B

,

13

.89

%

,

2/11/27

....

2,988

2,971

L2614922.UP.FTS.B

,

13

.97

%

,

2/11/27

....

7,670

7,619

FW2612651.UP.FTS.B

,

14

.21

%

,

2/11/27

..

17,025

16,921

L2612964.UP.FTS.B

,

14

.24

%

,

2/11/27

....

8,361

8,312

L2614986.UP.FTS.B

,

14

.63

%

,

2/11/27

....

3,494

3,474

L2613480.UP.FTS.B

,

14

.65

%

,

2/11/27

....

7,988

7,936

L2615636.UP.FTS.B

,

14

.73

%

,

2/11/27

....

19,591

19,469

L2612790.UP.FTS.B

,

14

.98

%

,

2/11/27

....

11,071

11,008

L2612114.UP.FTS.B

,

14

.99

%

,

2/11/27

....

6,026

5,992

L2614045.UP.FTS.B

,

15

.28

%

,

2/11/27

....

4,213

4,189

L2615153.UP.FTS.B

,

15

.28

%

,

2/11/27

....

8,427

8,382

L2610220.UP.FTS.B

,

15

.29

%

,

2/11/27

....

5,618

5,588

L2610243.UP.FTS.B

,

15

.41

%

,

2/11/27

....

6,332

6,288

L2539854.UP.FTS.B

,

15

.78

%

,

2/11/27

....

3,172

3,155

L2614929.UP.FTS.B

,

16

.21

%

,

2/11/27

....

3,183

3,165

FW2612990.UP.FTS.B

,

16

.24

%

,

2/11/27

..

6,721

6,685

L2611366.UP.FTS.B

,

16

.4

%

,

2/11/27

.....

3,540

3,522

L2610647.UP.FTS.B

,

16

.52

%

,

2/11/27

....

6,277

449

L2611260.UP.FTS.B

,

17

.12

%

,

2/11/27

....

15,630

4,193

L2613654.UP.FTS.B

,

17

.15

%

,

2/11/27

....

5,749

5,716

L2612163.UP.FTS.B

,

17

.53

%

,

2/11/27

....

2,489

673

FW2611103.UP.FTS.B

,

17

.75

%

,

2/11/27

..

3,469

3,449

L2615159.UP.FTS.B

,

17

.82

%

,

2/11/27

....

3,935

3,913

L2610018.UP.FTS.B

,

17

.84

%

,

2/11/27

....

1,460

1,449

L2611326.UP.FTS.B

,

18

.28

%

,

2/11/27

....

7,163

7,122

L2613884.UP.FTS.B

,

18

.39

%

,

2/11/27

....

2,872

2,855

L2605567.UP.FTS.B

,

18

.46

%

,

2/11/27

....

4,036

1,081

FW2614597.UP.FTS.B

,

18

.7

%

,

2/11/27

...

7,242

7,194

L2609725.UP.FTS.B

,

18

.91

%

,

2/11/27

....

36,050

35,847

FW2610980.UP.FTS.B

,

18

.94

%

,

2/11/27

..

7,211

7,173

L2614124.UP.FTS.B

,

18

.99

%

,

2/11/27

....

5,328

5,285

L2614413.UP.FTS.B

,

19

.06

%

,

2/11/27

....

19,289

19,169

L2601501.UP.FTS.B

,

19

.21

%

,

2/11/27

....

3,540

3,520

L2614334.UP.FTS.B

,

19

.21

%

,

2/11/27

....

12,644

12,695

L2609505.UP.FTS.B

,

19

.3

%

,

2/11/27

.....

1,374

1,366

L2611253.UP.FTS.B

,

19

.34

%

,

2/11/27

....

7,231

7,193

FW2611297.UP.FTS.B

,

19

.83

%

,

2/11/27

..

11,026

10,956

L2612449.UP.FTS.B

,

20

.03

%

,

2/11/27

....

7,254

7,213

FW2614605.UP.FTS.B

,

20

.34

%

,

2/11/27

..

3,248

3,259

L2613825.UP.FTS.B

,

20

.6

%

,

2/11/27

.....

1,800

1,031

L2609761.UP.FTS.B

,

20

.76

%

,

2/11/27

....

3,651

3,666

L2615540.UP.FTS.B

,

20

.79

%

,

2/11/27

....

4,383

4,359

L2610020.UP.FTS.B

,

20

.86

%

,

2/11/27

....

4,384

4,402

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)

L2612113.UP.FTS.B

,

20

.93

%

,

2/11/27

....

$

6,207

$

6,170

FW2612614.UP.FTS.B

,

21

.12

%

,

2/11/27

..

7,706

186

FW2612937.UP.FTS.B

,

21

.48

%

,

2/11/27

..

18,390

18,425

L2611316.UP.FTS.B

,

21

.54

%

,

2/11/27

....

14,687

14,747

L2611816.UP.FTS.B

,

21

.62

%

,

2/11/27

....

2,203

2,212

L2615221.UP.FTS.B

,

21

.7

%

,

2/11/27

.....

7,349

7,379

L2615421.UP.FTS.B

,

22

.2

%

,

2/11/27

.....

8,887

637

FW2611510.UP.FTS.B

,

22

.45

%

,

2/11/27

..

8,515

1,241

L2612478.UP.FTS.B

,

22

.55

%

,

2/11/27

....

1,183

1,187

L2610047.UP.FTS.B

,

22

.57

%

,

2/11/27

....

2,365

2,375

L2612720.UP.FTS.B

,

23

.21

%

,

2/11/27

....

742

738

L2614552.UP.FTS.B

,

23

.24

%

,

2/11/27

....

3,772

3,775

FW2613747.UP.FTS.B

,

23

.43

%

,

2/11/27

..

7,474

7,490

L2611969.UP.FTS.B

,

23

.47

%

,

2/11/27

....

2,986

2,993

L2610518.UP.FTS.B

,

23

.54

%

,

2/11/27

....

22,687

22,779

L2611149.UP.FTS.B

,

23

.94

%

,

2/11/27

....

14,914

14,974

L2615317.UP.FTS.B

,

24

.12

%

,

2/11/27

....

5,601

5,572

L2614419.UP.FTS.B

,

24

.18

%

,

2/11/27

....

2,091

2,100

L2612809.UP.FTS.B

,

24

.27

%

,

2/11/27

....

1,046

1,051

L2613285.UP.FTS.B

,

24

.59

%

,

2/11/27

....

4,645

4,619

FW2610552.UP.FTS.B

,

24

.93

%

,

2/11/27

..

3,001

3,014

L2613569.UP.FTS.B

,

25

.13

%

,

2/11/27

....

751

754

L2610541.UP.FTS.B

,

25

.14

%

,

2/11/27

....

803

6

FW2613750.UP.FTS.B

,

25

.19

%

,

2/11/27

..

1,954

1,943

L2613208.UP.FTS.B

,

25

.22

%

,

2/11/27

....

1,128

1,132

L2612096.UP.FTS.B

,

25

.23

%

,

2/11/27

....

1,503

1,510

L2613943.UP.FTS.B

,

25

.28

%

,

2/11/27

....

2,721

2,723

L2608705.UP.FTS.B

,

25

.34

%

,

2/11/27

....

8,653

8,688

FW2609818.UP.FTS.B

,

25

.35

%

,

2/11/27

..

1,416

101

FW2614897.UP.FTS.B

,

25

.36

%

,

2/11/27

..

2,558

2,569

L2611708.UP.FTS.B

,

25

.41

%

,

2/11/27

....

5,364

5,380

L2612279.UP.FTS.B

,

25

.43

%

,

2/11/27

....

9,466

9,502

L2613393.UP.FTS.B

,

25

.43

%

,

2/11/27

....

1,129

1,134

L2611698.UP.FTS.B

,

25

.48

%

,

2/11/27

....

1,054

1,058

L2615261.UP.FTS.B

,

25

.48

%

,

2/11/27

....

1,975

142

L2615219.UP.FTS.B

,

25

.79

%

,

2/11/27

....

8,566

1,243

L2613952.UP.FTS.B

,

25

.83

%

,

2/11/27

....

3,724

553

L2610715.UP.FTS.B

,

26

.1

%

,

2/11/27

.....

11,458

11,378

L2612621.UP.FTS.B

,

26

.12

%

,

2/11/27

....

5,031

347

FW2612923.UP.FTS.B

,

26

.13

%

,

2/11/27

..

3,780

3,795

L2611604.UP.FTS.B

,

26

.15

%

,

2/11/27

....

3,781

3,796

FW2608384.UP.FTS.B

,

26

.32

%

,

2/11/27

..

3,916

1,117

L2611375.UP.FTS.B

,

26

.37

%

,

2/11/27

....

779

462

FW2611559.UP.FTS.B

,

26

.48

%

,

2/11/27

..

2,662

2,668

FW2610030.UP.FTS.B

,

27

.01

%

,

2/11/27

..

2,672

2,677

FW2611293.UP.FTS.B

,

27

.26

%

,

2/11/27

..

3,745

3,757

FW2615414.UP.FTS.B

,

27

.43

%

,

2/11/27

..

4,267

4,284

FW2609816.UP.FTS.B

,

27

.78

%

,

2/11/27

..

11,385

11,427

FW2612642.UP.FTS.B

,

27

.88

%

,

2/11/27

..

1,562

1,562

FW2613189.UP.FTS.B

,

27

.88

%

,

2/11/27

..

22,930

23,024

FW2614513.UP.FTS.B

,

28

.27

%

,

2/11/27

..

1,225

1,230

FW2608240.UP.FTS.B

,

28

.43

%

,

2/11/27

..

8,433

8,467

FW2608822.UP.FTS.B

,

28

.45

%

,

2/11/27

..

6,486

6,501

FW2614134.UP.FTS.B

,

28

.75

%

,

2/11/27

..

7,680

7,711

FW2615423.UP.FTS.B

,

28

.85

%

,

2/11/27

..

11,535

11,583

FW2614677.UP.FTS.B

,

28

.98

%

,

2/11/27

..

4,264

4,282

FW2612243.UP.FTS.B

,

29

.25

%

,

2/11/27

..

1,377

1,382

FW2611171.UP.FTS.B

,

30

.34

%

,

2/11/27

..

1,575

930

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2611548.UP.FTS.B

,

30

.39

%

,

2/11/27

..

$

1,085

$

1,090

FW2609716.UP.FTS.B

,

30

.54

%

,

2/11/27

..

1,319

1,325

FW2613443.UP.FTS.B

,

30

.65

%

,

2/11/27

..

741

52

FW2607135.UP.FTS.B

,

30

.71

%

,

2/11/27

..

2,097

2,106

FW2606538.UP.FTS.B

,

30

.84

%

,

2/11/27

..

789

56

FW2611696.UP.FTS.B

,

30

.9

%

,

2/11/27

...

1,652

–

FW2612001.UP.FTS.B

,

30

.9

%

,

2/11/27

...

1,933

1,940

FW2609619.UP.FTS.B

,

30

.92

%

,

2/11/27

..

2,247

1,329

FW2615294.UP.FTS.B

,

30

.92

%

,

2/11/27

..

929

66

FW2610795.UP.FTS.B

,

30

.98

%

,

2/11/27

..

821

823

FW2609546.UP.FTS.B

,

31

.1

%

,

2/11/27

...

992

–

FW2611533.UP.FTS.B

,

31

.12

%

,

2/11/27

..

3,239

3,240

FW2610773.UP.FTS.B

,

31

.41

%

,

2/11/27

..

11,226

11,272

FW2611159.UP.FTS.B

,

31

.78

%

,

2/11/27

..

5,063

5,078

FW2610510.UP.FTS.B

,

33

.6

%

,

2/11/27

...

1,342

1,347

FW2614310.UP.FTS.B

,

33

.97

%

,

2/11/27

..

1,833

1,090

FW2610903.UP.FTS.B

,

34

.14

%

,

2/11/27

..

16,961

17,001

FW2613609.UP.FTS.B

,

25

.31

%

,

2/12/27

..

7,531

7,474

L2617298.UP.FTS.B

,

5

.1

%

,

2/14/27

.....

7,109

7,061

L2618466.UP.FTS.B

,

5

.11

%

,

2/14/27

.....

14,866

14,766

L2617141.UP.FTS.B

,

5

.84

%

,

2/14/27

....

4,891

4,858

L2616590.UP.FTS.B

,

7

.87

%

,

2/14/27

....

17,495

17,383

L2616809.UP.FTS.B

,

11

.55

%

,

2/14/27

....

4,075

4,051

L2616387.UP.FTS.B

,

12

.27

%

,

2/14/27

....

4,827

4,794

L2617640.UP.FTS.B

,

13

%

,

2/14/27

......

9,915

9,841

FW2616181.UP.FTS.B

,

13

.1

%

,

2/14/27

...

4,646

2,499

L2616333.UP.FTS.B

,

13

.75

%

,

2/14/27

....

24,298

24,156

L2617800.UP.FTS.B

,

13

.82

%

,

2/14/27

....

3,696

3,671

L2617493.UP.FTS.B

,

13

.84

%

,

2/14/27

....

16,833

1,222

L2615653.UP.FTS.B

,

14

.07

%

,

2/14/27

....

2,072

2,060

L2618908.UP.FTS.B

,

14

.12

%

,

2/14/27

....

67

67

L2610061.UP.FTS.B

,

14

.43

%

,

2/14/27

....

17,446

17,345

FW2616422.UP.FTS.B

,

14

.55

%

,

2/14/27

..

3,772

3,750

L2616226.UP.FTS.B

,

14

.8

%

,

2/14/27

....

4,200

4,178

L2617062.UP.FTS.B

,

15

.98

%

,

2/14/27

....

5,932

428

L2616432.UP.FTS.B

,

16

.81

%

,

2/14/27

....

5,682

5,653

FW2616510.UP.FTS.B

,

17

.3

%

,

2/14/27

...

3,285

3,260

FW2616193.UP.FTS.B

,

17

.47

%

,

2/14/27

..

1,070

1,065

L2617103.UP.FTS.B

,

18

.14

%

,

2/14/27

....

5,378

5,349

L2616245.UP.FTS.B

,

18

.36

%

,

2/14/27

....

14,396

14,299

L2616269.UP.FTS.B

,

19

.1

%

,

2/14/27

....

17,804

17,698

L2612816.UP.FTS.B

,

19

.36

%

,

2/14/27

....

14,492

14,382

L2616072.UP.FTS.B

,

19

.58

%

,

2/14/27

....

2,975

2,953

L2616722.UP.FTS.B

,

19

.8

%

,

2/14/27

....

4,207

4,226

L2616174.UP.FTS.B

,

20

.55

%

,

2/14/27

....

1,017

1,012

FW2618465.UP.FTS.B

,

20

.69

%

,

2/14/27

..

7,263

7,220

FW2615937.UP.FTS.B

,

21

.82

%

,

2/14/27

..

7,261

7,289

L2616825.UP.FTS.B

,

22

.66

%

,

2/14/27

....

4,524

666

FW2617069.UP.FTS.B

,

23

.16

%

,

2/14/27

..

22,245

22,338

L2616450.UP.FTS.B

,

23

.7

%

,

2/14/27

....

7,446

7,407

L2616368.UP.FTS.B

,

24

.5

%

,

2/14/27

....

8,082

8,116

L2617237.UP.FTS.B

,

25

.14

%

,

2/14/27

....

3,457

3,437

L2616717.UP.FTS.B

,

25

.42

%

,

2/14/27

....

1,882

1,889

L2617627.UP.FTS.B

,

25

.47

%

,

2/14/27

....

1,280

1,285

L2615878.UP.FTS.B

,

25

.5

%

,

2/14/27

....

6,401

6,417

L2617283.UP.FTS.B

,

25

.65

%

,

2/14/27

....

4,223

4,240

L2617648.UP.FTS.B

,

25

.74

%

,

2/14/27

....

7,902

1,158

FW2617973.UP.FTS.B

,

26

.17

%

,

2/14/27

..

5,747

5,771

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)

FW2616127.UP.FTS.B

,

27

.61

%

,

2/14/27

..

$

3,051

$

3,064

FW2616788.UP.FTS.B

,

28

.08

%

,

2/14/27

..

9,361

9,380

FW2617614.UP.FTS.B

,

28

.35

%

,

2/14/27

..

16,722

4,871

FW2616093.UP.FTS.B

,

29

.88

%

,

2/14/27

..

5,531

5,537

FW2617595.UP.FTS.B

,

30

.34

%

,

2/14/27

..

1,549

1,555

FW2618539.UP.FTS.B

,

30

.94

%

,

2/14/27

..

4,689

4,699

FW2616908.UP.FTS.B

,

31

.23

%

,

2/14/27

..

4,057

4,074

FW2618241.UP.FTS.B

,

31

.49

%

,

2/14/27

..

7,020

7,048

L1715513.UP.FTS.B

,

13

.27

%

,

2/15/27

....

21,045

20,899

L1694887.UP.FTS.B

,

15

.52

%

,

2/15/27

....

4,162

4,133

L1716066.UP.FTS.B

,

21

%

,

2/15/27

......

2,059

147

L2605322.UP.FTS.B

,

26

.41

%

,

2/15/27

....

13,764

13,788

L1715518.UP.FTS.B

,

26

.49

%

,

2/15/27

....

5,929

5,944

FW1718307.UP.FTS.B

,

30

.23

%

,

2/15/27

..

5,249

367

FW1717776.UP.FTS.B

,

30

.58

%

,

2/15/27

..

1,879

1,893

FW2613392.UP.FTS.B

,

27

.98

%

,

2/18/27

..

9,228

9,248

L2608264.UP.FTS.B

,

15

.55

%

,

2/20/27

....

18,157

17,174

L2616168.UP.FTS.B

,

18

.99

%

,

2/20/27

....

10,134

10,060

FW2615716.UP.FTS.B

,

30

.71

%

,

2/21/27

..

2,115

2,120

FW2612944.UP.FTS.B

,

29

.57

%

,

2/24/27

..

5,773

5,787

L2610189.UP.FTS.B

,

23

.14

%

,

2/26/27

....

8,151

8,170

L2618109.UP.FTS.B

,

12

.08

%

,

2/27/27

....

23,128

22,971

L2616852.UP.FTS.B

,

19

.82

%

,

2/28/27

....

5,117

5,080

L2617672.UP.FTS.B

,

23

.43

%

,

2/28/27

....

5,999

6,014

L1886082.UP.FTS.B

,

11

.37

%

,

3/20/27

....

28,644

28,498

FW1887715.UP.FTS.B

,

13

.02

%

,

3/20/27

..

6,283

5,932

L1884335.UP.FTS.B

,

22

.8

%

,

3/20/27

....

11,867

857

FW1884837.UP.FTS.B

,

25

.6

%

,

3/20/27

...

30,498

29,412

FW1886975.UP.FTS.B

,

25

.84

%

,

3/20/27

..

1,687

1,702

FW1884398.UP.FTS.B

,

30

.02

%

,

3/20/27

..

4,321

4,380

FW2949972.UP.FTS.B

,

5

.25

%

,

4/14/27

...

4,077

4,051

L2949814.UP.FTS.B

,

5

.88

%

,

4/14/27

....

5,346

5,309

L2949121.UP.FTS.B

,

6

.79

%

,

4/14/27

....

11,380

11,308

L2950010.UP.FTS.B

,

6

.8

%

,

4/14/27

.....

4,816

4,786

L2949215.UP.FTS.B

,

6

.84

%

,

4/14/27

....

13,282

13,198

L2951687.UP.FTS.B

,

7

.49

%

,

4/14/27

....

8,669

8,612

L2951012.UP.FTS.B

,

7

.81

%

,

4/14/27

....

8,086

8,036

L2951121.UP.FTS.B

,

7

.86

%

,

4/14/27

.....

11,205

11,133

L2950930.UP.FTS.B

,

9

.09

%

,

4/14/27

....

4,482

4,452

L2949685.UP.FTS.B

,

9

.14

%

,

4/14/27

....

2,803

2,784

L2949220.UP.FTS.B

,

9

.21

%

,

4/14/27

....

5,609

5,570

L2949833.UP.FTS.B

,

9

.25

%

,

4/14/27

....

15,216

15,114

L2949108.UP.FTS.B

,

9

.33

%

,

4/14/27

....

11,315

11,240

FW2951315.UP.FTS.B

,

9

.91

%

,

4/14/27

...

4,521

4,492

L2951245.UP.FTS.B

,

9

.94

%

,

4/14/27

....

7,050

7,003

L2949486.UP.FTS.B

,

10

.53

%

,

4/14/27

....

17,728

17,612

L2934626.UP.FTS.B

,

10

.81

%

,

4/14/27

....

4,950

4,918

L2948956.UP.FTS.B

,

10

.94

%

,

4/14/27

....

18,964

18,827

L2951595.UP.FTS.B

,

10

.95

%

,

4/14/27

....

4,547

4,514

L2950964.UP.FTS.B

,

11

.19

%

,

4/14/27

....

7,092

7,047

L2950306.UP.FTS.B

,

11

.59

%

,

4/14/27

....

17,233

17,116

L2928558.UP.FTS.B

,

11

.88

%

,

4/14/27

....

7,654

7,599

FW2950525.UP.FTS.B

,

11

.91

%

,

4/14/27

..

35,785

35,530

L2950021.UP.FTS.B

,

11

.97

%

,

4/14/27

....

7,156

7,105

L2944042.UP.FTS.B

,

12

.19

%

,

4/14/27

....

13,190

13,096

L2942764.UP.FTS.B

,

12

.22

%

,

4/14/27

....

9,678

9,610

L2950992.UP.FTS.B

,

12

.3

%

,

4/14/27

....

9,077

9,024

L2950027.UP.FTS.B

,

12

.33

%

,

4/14/27

....

30,854

30,636

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2950333.UP.FTS.B

,

12

.69

%

,

4/14/27

....

$

2,878

$

2,858

FW2951712.UP.FTS.B

,

12

.87

%

,

4/14/27

..

3,815

2,092

FW2948780.UP.FTS.B

,

13

.13

%

,

4/14/27

..

10,825

10,750

L2949635.UP.FTS.B

,

13

.18

%

,

4/14/27

....

2,815

2,796

L2948733.UP.FTS.B

,

13

.2

%

,

4/14/27

....

5,080

5,046

FW2949810.UP.FTS.B

,

13

.53

%

,

4/14/27

..

9,192

9,128

L2950093.UP.FTS.B

,

13

.53

%

,

4/14/27

....

1,563

76

FW2949125.UP.FTS.B

,

13

.6

%

,

4/14/27

...

3,114

3,092

L2951842.UP.FTS.B

,

13

.62

%

,

4/14/27

....

32,370

32,145

L2950742.UP.FTS.B

,

13

.63

%

,

4/14/27

....

7,243

7,192

FW2951854.UP.FTS.B

,

14

.02

%

,

4/14/27

..

13,800

13,704

L2949763.UP.FTS.B

,

14

.31

%

,

4/14/27

....

4,716

4,687

FW2951175.UP.FTS.B

,

14

.6

%

,

4/14/27

...

1,604

1,593

FW2949070.UP.FTS.B

,

14

.69

%

,

4/14/27

..

19,464

19,345

L2949907.UP.FTS.B

,

14

.84

%

,

4/14/27

....

2,776

2,757

FW2949368.UP.FTS.B

,

15

%

,

4/14/27

....

2,048

2,032

L2949507.UP.FTS.B

,

15

.04

%

,

4/14/27

....

8,064

8,009

L2948932.UP.FTS.B

,

15

.2

%

,

4/14/27

....

1,098

1,091

L2951339.UP.FTS.B

,

15

.29

%

,

4/14/27

....

12,689

12,605

FW2950466.UP.FTS.B

,

15

.31

%

,

4/14/27

..

1,183

1,175

L2951714.UP.FTS.B

,

15

.35

%

,

4/14/27

....

10,190

10,121

L2950927.UP.FTS.B

,

15

.36

%

,

4/14/27

....

2,786

2,767

L2949017.UP.FTS.B

,

15

.76

%

,

4/14/27

....

1,752

1,742

FW2949910.UP.FTS.B

,

15

.84

%

,

4/14/27

..

7,655

1,085

L2950042.UP.FTS.B

,

16

.06

%

,

4/14/27

....

1,252

1,242

L2949733.UP.FTS.B

,

16

.07

%

,

4/14/27

....

2,308

2,293

FW2946278.UP.FTS.B

,

16

.33

%

,

4/14/27

..

10,233

10,166

L2949405.UP.FTS.B

,

16

.41

%

,

4/14/27

....

15,479

3,992

L2949916.UP.FTS.B

,

16

.64

%

,

4/14/27

....

18,488

18,365

L2951791.UP.FTS.B

,

16

.65

%

,

4/14/27

....

6,348

6,312

L2948755.UP.FTS.B

,

16

.72

%

,

4/14/27

....

6,438

6,388

FW2950896.UP.FTS.B

,

16

.97

%

,

4/14/27

..

7,722

4,150

FW2951535.UP.FTS.B

,

17

.04

%

,

4/14/27

..

14,980

14,866

L2951449.UP.FTS.B

,

17

.19

%

,

4/14/27

....

21,874

21,745

FW2948748.UP.FTS.B

,

17

.23

%

,

4/14/27

..

3,578

3,552

L2948803.UP.FTS.B

,

17

.33

%

,

4/14/27

....

3,236

3,215

L2949925.UP.FTS.B

,

17

.43

%

,

4/14/27

....

7,482

7,428

L2951584.UP.FTS.B

,

17

.47

%

,

4/14/27

....

4,234

4,181

L2951624.UP.FTS.B

,

17

.77

%

,

4/14/27

....

16,728

9,389

FW2949561.UP.FTS.B

,

17

.84

%

,

4/14/27

..

15,654

15,517

L2951172.UP.FTS.B

,

17

.98

%

,

4/14/27

....

8,953

8,875

L2951603.UP.FTS.B

,

18

.15

%

,

4/14/27

....

29,177

2,113

L2950280.UP.FTS.B

,

18

.73

%

,

4/14/27

....

3,269

3,248

FW2950372.UP.FTS.B

,

18

.88

%

,

4/14/27

..

6,830

6,779

L2950089.UP.FTS.B

,

19

.5

%

,

4/14/27

....

9,416

2,614

L2949923.UP.FTS.B

,

19

.64

%

,

4/14/27

....

754

749

L2948840.UP.FTS.B

,

19

.72

%

,

4/14/27

....

11,293

11,215

L2951216.UP.FTS.B

,

19

.73

%

,

4/14/27

....

1,736

1,721

L2950334.UP.FTS.B

,

20

.22

%

,

4/14/27

....

3,315

3,295

L2949824.UP.FTS.B

,

20

.3

%

,

4/14/27

....

1,666

1,654

L2947365.UP.FTS.B

,

20

.51

%

,

4/14/27

....

14,864

14,754

L2950858.UP.FTS.B

,

20

.56

%

,

4/14/27

....

3,778

3,757

L2951820.UP.FTS.B

,

20

.59

%

,

4/14/27

....

24,432

24,251

L2949198.UP.FTS.B

,

20

.86

%

,

4/14/27

....

3,813

3,762

FW2949268.UP.FTS.B

,

20

.97

%

,

4/14/27

..

3,346

3,318

L2951029.UP.FTS.B

,

21

.05

%

,

4/14/27

....

16,591

16,448

L2951142.UP.FTS.B

,

21

.23

%

,

4/14/27

....

5,820

5,772

FW2950781.UP.FTS.B

,

21

.26

%

,

4/14/27

..

8,339

8,282

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2950447.UP.FTS.B

,

21

.39

%

,

4/14/27

....

$

9,838

$

9,753

FW2948170.UP.FTS.B

,

21

.44

%

,

4/14/27

..

6,198

6,145

L2951265.UP.FTS.B

,

22

.27

%

,

4/14/27

....

14,842

14,754

FW2951375.UP.FTS.B

,

22

.32

%

,

4/14/27

..

2,531

2,533

FW2949464.UP.FTS.B

,

22

.55

%

,

4/14/27

..

2,535

2,537

L2950443.UP.FTS.B

,

22

.7

%

,

4/14/27

....

766

768

FW2950348.UP.FTS.B

,

22

.92

%

,

4/14/27

..

13,064

13,086

FW2948734.UP.FTS.B

,

22

.93

%

,

4/14/27

..

5,959

5,891

L2948750.UP.FTS.B

,

23

.24

%

,

4/14/27

....

694

50

FW2946360.UP.FTS.B

,

23

.4

%

,

4/14/27

...

5,790

5,795

L2951812.UP.FTS.B

,

23

.47

%

,

4/14/27

....

2,162

2,164

FW2950779.UP.FTS.B

,

23

.54

%

,

4/14/27

..

2,550

2,552

L2951427.UP.FTS.B

,

23

.72

%

,

4/14/27

....

5,105

5,109

FW2950242.UP.FTS.B

,

24

.53

%

,

4/14/27

..

2,172

2,178

L2948992.UP.FTS.B

,

24

.59

%

,

4/14/27

....

23,746

23,746

L2950134.UP.FTS.B

,

24

.82

%

,

4/14/27

....

1,088

1,079

L2949079.UP.FTS.B

,

24

.97

%

,

4/14/27

....

9,740

9,658

L2950895.UP.FTS.B

,

25

.02

%

,

4/14/27

....

779

780

L2950602.UP.FTS.B

,

25

.04

%

,

4/14/27

....

1,325

1,326

L2914578.UP.FTS.B

,

25

.07

%

,

4/14/27

....

1,264

362

L2943365.UP.FTS.B

,

25

.08

%

,

4/14/27

....

945

947

L2950811.UP.FTS.B

,

25

.09

%

,

4/14/27

....

860

861

L2951247.UP.FTS.B

,

25

.15

%

,

4/14/27

....

858

851

FW2951030.UP.FTS.B

,

25

.2

%

,

4/14/27

...

2,965

2,969

L2951862.UP.FTS.B

,

25

.21

%

,

4/14/27

....

1,267

1,268

L2942965.UP.FTS.B

,

25

.22

%

,

4/14/27

....

7,803

7,812

L2949738.UP.FTS.B

,

25

.23

%

,

4/14/27

....

1,561

1,563

L2951261.UP.FTS.B

,

25

.24

%

,

4/14/27

....

1,405

1,393

L2951439.UP.FTS.B

,

25

.31

%

,

4/14/27

....

870

858

L2951410.UP.FTS.B

,

25

.32

%

,

4/14/27

....

1,363

98

L2950105.UP.FTS.B

,

25

.33

%

,

4/14/27

....

1,411

15

L2951170.UP.FTS.B

,

25

.33

%

,

4/14/27

....

1,078

1,081

L2949673.UP.FTS.B

,

25

.36

%

,

4/14/27

....

10,481

3,010

L2950776.UP.FTS.B

,

25

.38

%

,

4/14/27

....

2,968

2,971

L2951160.UP.FTS.B

,

25

.41

%

,

4/14/27

....

2,048

2,032

L2951384.UP.FTS.B

,

25

.41

%

,

4/14/27

....

2,050

2,053

L2950090.UP.FTS.B

,

25

.42

%

,

4/14/27

....

1,172

1,162

L2949492.UP.FTS.B

,

25

.47

%

,

4/14/27

....

3,595

3,599

L2951548.UP.FTS.B

,

25

.47

%

,

4/14/27

....

1,954

1,937

L2950216.UP.FTS.B

,

25

.49

%

,

4/14/27

....

4,377

2,588

L2951869.UP.FTS.B

,

25

.5

%

,

4/14/27

....

5,370

5,371

FW2950277.UP.FTS.B

,

25

.52

%

,

4/14/27

..

2,580

2,583

L2950310.UP.FTS.B

,

25

.62

%

,

4/14/27

....

2,516

2,506

FW2950451.UP.FTS.B

,

25

.69

%

,

4/14/27

..

2,350

352

L2950664.UP.FTS.B

,

25

.75

%

,

4/14/27

....

3,499

248

L2951153.UP.FTS.B

,

25

.85

%

,

4/14/27

....

2,008

2,001

FW2950220.UP.FTS.B

,

26

.02

%

,

4/14/27

..

1,568

1,570

L2951255.UP.FTS.B

,

26

.02

%

,

4/14/27

....

6,506

6,513

FW2951228.UP.FTS.B

,

26

.2

%

,

4/14/27

...

2,978

439

FW2944032.UP.FTS.B

,

26

.21

%

,

4/14/27

..

2,747

2,751

FW2949934.UP.FTS.B

,

26

.46

%

,

4/14/27

..

1,276

190

L2949711.UP.FTS.B

,

27

.49

%

,

4/14/27

....

1,974

1,976

FW2948773.UP.FTS.B

,

27

.56

%

,

4/14/27

..

3,646

3,651

FW2948716.UP.FTS.B

,

27

.71

%

,

4/14/27

..

7,122

7,131

FW2951423.UP.FTS.B

,

27

.85

%

,

4/14/27

..

3,604

3,614

FW2949765.UP.FTS.B

,

28

.19

%

,

4/14/27

..

7,938

7,948

FW2948843.UP.FTS.B

,

28

.64

%

,

4/14/27

..

7,954

7,964

FW2950395.UP.FTS.B

,

28

.88

%

,

4/14/27

..

14,733

14,752

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2950464.UP.FTS.B

,

29

.27

%

,

4/14/27

..

$

3,144

$

3,151

FW2950412.UP.FTS.B

,

30

.37

%

,

4/14/27

..

818

813

FW2951435.UP.FTS.B

,

30

.37

%

,

4/14/27

..

1,584

1,588

FW2950357.UP.FTS.B

,

30

.48

%

,

4/14/27

..

8,908

8,926

FW2949817.UP.FTS.B

,

30

.78

%

,

4/14/27

..

839

123

FW2949044.UP.FTS.B

,

30

.94

%

,

4/14/27

..

3,626

3,634

FW2950648.UP.FTS.B

,

30

.95

%

,

4/14/27

..

970

972

FW2949727.UP.FTS.B

,

30

.99

%

,

4/14/27

..

1,611

1,613

FW2950633.UP.FTS.B

,

31

.02

%

,

4/14/27

..

11,794

3,473

FW2950575.UP.FTS.B

,

31

.06

%

,

4/14/27

..

2,176

2,179

FW2950882.UP.FTS.B

,

31

.06

%

,

4/14/27

..

1,133

80

FW2949627.UP.FTS.B

,

31

.09

%

,

4/14/27

..

1,209

1,210

FW2951097.UP.FTS.B

,

31

.1

%

,

4/14/27

...

1,327

385

FW2949803.UP.FTS.B

,

31

.16

%

,

4/14/27

..

1,854

1,857

FW2950561.UP.FTS.B

,

31

.2

%

,

4/14/27

...

1,209

1,211

FW2950061.UP.FTS.B

,

31

.21

%

,

4/14/27

..

1,274

1,277

FW2950268.UP.FTS.B

,

31

.44

%

,

4/14/27

..

1,857

–

FW2949894.UP.FTS.B

,

31

.82

%

,

4/14/27

..

2,993

2,997

FW2949051.UP.FTS.B

,

32

.15

%

,

4/14/27

..

3,904

3,908

FW2950185.UP.FTS.B

,

32

.24

%

,

4/14/27

..

4,409

4,411

FW2950232.UP.FTS.B

,

32

.3

%

,

4/14/27

...

22,287

22,256

L2047868.UP.FTS.B

,

10

.51

%

,

4/15/27

....

28,587

3,839

L2048072.UP.FTS.B

,

11

.58

%

,

4/15/27

....

8,344

8,271

L2048360.UP.FTS.B

,

14

.07

%

,

4/15/27

....

4,675

4,401

FW2046887.UP.FTS.B

,

17

.65

%

,

4/15/27

..

9,063

8,565

L2046952.UP.FTS.B

,

18

.41

%

,

4/15/27

....

2,249

2,228

L2049386.UP.FTS.B

,

19

.96

%

,

4/15/27

....

4,406

4,159

FW2048990.UP.FTS.B

,

20

.89

%

,

4/15/27

..

2,517

2,498

FW2047914.UP.FTS.B

,

21

.49

%

,

4/15/27

..

18,006

17,824

L2023190.UP.FTS.B

,

22

.35

%

,

4/15/27

....

28,053

27,959

L2047421.UP.FTS.B

,

22

.37

%

,

4/15/27

....

6,311

457

L2048482.UP.FTS.B

,

25

.39

%

,

4/15/27

....

27,579

1,961

L2949815.UP.FTS.B

,

25

.48

%

,

4/15/27

....

8,999

9,009

FW2049296.UP.FTS.B

,

30

.21

%

,

4/15/27

..

6,284

6,300

L2951305.UP.FTS.B

,

20

.52

%

,

4/16/27

....

2,809

2,785

L2949973.UP.FTS.B

,

20

.99

%

,

4/16/27

....

4,569

4,530

L2950367.UP.FTS.B

,

22

.21

%

,

4/16/27

....

8,364

8,303

FW2932125.UP.FTS.B

,

30

.95

%

,

4/18/27

..

7,330

7,359

L2949050.UP.FTS.B

,

24

.74

%

,

4/20/27

....

11,716

11,731

L2047847.UP.FTS.B

,

25

.96

%

,

4/20/27

....

5,856

5,875

L2096414.UP.FTS.B

,

14

.36

%

,

4/22/27

....

4,009

3,882

L2094403.UP.FTS.B

,

16

.85

%

,

4/22/27

....

4,842

4,807

L2095546.UP.FTS.B

,

17

.27

%

,

4/22/27

....

2,295

627

L2088829.UP.FTS.B

,

21

.32

%

,

4/22/27

....

8,697

8,238

L2096815.UP.FTS.B

,

21

.75

%

,

4/22/27

....

33,491

4,998

L2096857.UP.FTS.B

,

21

.9

%

,

4/22/27

....

26,878

26,722

L2094965.UP.FTS.B

,

25

.66

%

,

4/22/27

....

3,336

3,206

FW2094908.UP.FTS.B

,

29

.15

%

,

4/22/27

..

40,553

38,840

FW2094693.UP.FTS.B

,

30

.21

%

,

4/22/27

..

2,944

208

FW2083347.UP.FTS.B

,

31

.08

%

,

4/22/27

..

10,415

3,085

L2951654.UP.FTS.B

,

21

.51

%

,

4/28/27

....

13,571

970

L2096715.UP.FTS.B

,

25

.36

%

,

4/28/27

....

30,012

2,151

FW2951725.UP.FTS.B

,

27

.54

%

,

4/28/27

..

3,194

3,200

FW2095121.UP.FTS.B

,

24

.32

%

,

5/05/27

..

6,119

1,783

L2288895.UP.FTS.B

,

8

.82

%

,

5/21/27

....

2,671

657

L2292250.UP.FTS.B

,

12

.42

%

,

5/21/27

....

7,971

7,903

L2294636.UP.FTS.B

,

21

.75

%

,

5/21/27

....

27,732

1,977

FW2295879.UP.FTS.B

,

25

.12

%

,

5/21/27

..

17,272

17,357

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2295630.UP.FTS.B

,

25

.47

%

,

5/21/27

....

$

6,022

$

6,083

L2294417.UP.FTS.B

,

26

.45

%

,

5/21/27

....

27,110

1,916

FW2294827.UP.FTS.B

,

31

.11

%

,

5/21/27

..

1,730

1,734

FW2293724.UP.FTS.B

,

31

.23

%

,

5/21/27

..

3,209

–

L2298796.UP.FTS.B

,

7

.68

%

,

5/22/27

....

1,370

1,360

L2299498.UP.FTS.B

,

12

.01

%

,

5/22/27

....

6,166

1,587

L2298756.UP.FTS.B

,

12

.5

%

,

5/22/27

....

42,484

5,837

L2299489.UP.FTS.B

,

13

.74

%

,

5/22/27

....

23,806

3,327

L2296567.UP.FTS.B

,

21

.87

%

,

5/22/27

....

1,505

1,514

L2298303.UP.FTS.B

,

22

.22

%

,

5/22/27

....

4,857

4,591

L2299809.UP.FTS.B

,

24

.98

%

,

5/22/27

....

26,051

–

L2300368.UP.FTS.B

,

25

.11

%

,

5/22/27

....

1,880

1,804

L2295070.UP.FTS.B

,

26

.38

%

,

5/22/27

....

7,981

254

FW2297812.UP.FTS.B

,

27

.74

%

,

5/22/27

..

3,701

3,709

FW2299110.UP.FTS.B

,

28

.13

%

,

5/22/27

..

12,608

12,107

FW2297303.UP.FTS.B

,

28

.74

%

,

5/22/27

..

9,109

2,669

FW2296256.UP.FTS.B

,

30

.68

%

,

5/22/27

..

2,654

2,678

L2300474.UP.FTS.B

,

25

.38

%

,

5/27/27

....

2,002

2,017

FW2294223.UP.FTS.B

,

31

.19

%

,

6/05/27

..

19,711

11,714

L2275604.UP.FTS.B

,

8

%

,

6/06/27

.......

6,800

6,744

L2428326.UP.FTS.B

,

7

.87

%

,

6/13/27

....

6,593

6,552

FW2423719.UP.FTS.B

,

8

.04

%

,

6/13/27

...

10,922

10,839

L2427221.UP.FTS.B

,

9

.21

%

,

6/13/27

....

2,432

2,413

FW2427741.UP.FTS.B

,

9

.76

%

,

6/13/27

...

5,597

5,556

L2423738.UP.FTS.B

,

10

.57

%

,

6/13/27

....

2,250

569

L2426893.UP.FTS.B

,

11

.99

%

,

6/13/27

....

1,273

93

L2426437.UP.FTS.B

,

13

.53

%

,

6/13/27

....

8,098

209

L2422943.UP.FTS.B

,

17

.4

%

,

6/13/27

....

5,445

3,137

FW2424596.UP.FTS.B

,

23

.51

%

,

6/13/27

..

1,846

–

L2424490.UP.FTS.B

,

25

.49

%

,

6/13/27

....

6,773

–

FW2427001.UP.FTS.B

,

25

.82

%

,

6/13/27

..

8,087

8,071

FW2423361.UP.FTS.B

,

26

.6

%

,

6/13/27

...

2,696

2,699

FW2425746.UP.FTS.B

,

27

.06

%

,

6/13/27

..

7,667

4,533

FW2425689.UP.FTS.B

,

27

.43

%

,

6/13/27

..

8,830

8,744

FW2425524.UP.FTS.B

,

29

.54

%

,

6/13/27

..

18,330

18,289

FW2427523.UP.FTS.B

,

29

.85

%

,

6/13/27

..

2,823

812

FW2422585.UP.FTS.B

,

30

.74

%

,

6/13/27

..

3,256

3,220

FW2424580.UP.FTS.B

,

31

.2

%

,

6/13/27

...

16,249

16,276

L2432199.UP.FTS.B

,

7

.42

%

,

6/14/27

....

3,036

3,012

FW2429579.UP.FTS.B

,

8

.83

%

,

6/14/27

...

4,401

4,369

L2432951.UP.FTS.B

,

9

.1

%

,

6/14/27

.....

12,667

6,559

L2430869.UP.FTS.B

,

9

.13

%

,

6/14/27

....

9,344

683

L2433061.UP.FTS.B

,

9

.38

%

,

6/14/27

....

6,379

528

FW2429553.UP.FTS.B

,

9

.84

%

,

6/14/27

...

8,357

2,056

FW2432260.UP.FTS.B

,

13

.46

%

,

6/14/27

..

3,995

1,024

L2432731.UP.FTS.B

,

13

.82

%

,

6/14/27

....

19,637

2,702

L2432687.UP.FTS.B

,

18

.15

%

,

6/14/27

....

800

461

L2435110.UP.FTS.B

,

20

.58

%

,

6/14/27

....

1,568

223

L2429021.UP.FTS.B

,

22

.9

%

,

6/14/27

....

5,341

5,363

FW2432066.UP.FTS.B

,

25

.64

%

,

6/14/27

..

11,593

11,577

FW2434573.UP.FTS.B

,

26

.92

%

,

6/14/27

..

8,677

8,720

FW2429109.UP.FTS.B

,

31

.06

%

,

6/14/27

..

2,112

147

FW2429288.UP.FTS.B

,

33

.13

%

,

6/14/27

..

1,178

701

L2434966.UP.FTS.B

,

13

.37

%

,

6/15/27

....

7,675

7,616

L2438839.UP.FTS.B

,

7

.09

%

,

6/18/27

....

15,692

15,587

FW2435774.UP.FTS.B

,

7

.71

%

,

6/18/27

...

2,142

2,013

L2437345.UP.FTS.B

,

17

.3

%

,

6/18/27

....

8,034

7,976

L2437520.UP.FTS.B

,

19

.6

%

,

6/18/27

....

4,720

342

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2413076.UP.FTS.B

,

22

.22

%

,

6/18/27

....

$

8,252

$

7,874

L2437879.UP.FTS.B

,

24

.72

%

,

6/18/27

....

1,226

1,174

FW2435607.UP.FTS.B

,

26

.08

%

,

6/18/27

..

2,129

152

FW2436713.UP.FTS.B

,

26

.86

%

,

6/18/27

..

8,873

2,483

FW2435640.UP.FTS.B

,

28

.51

%

,

6/18/27

..

4,318

4,122

L2437642.UP.FTS.B

,

9

.64

%

,

6/20/27

....

820

814

L2422890.UP.FTS.B

,

23

.18

%

,

6/23/27

....

2,952

2,967

FW2438645.UP.FTS.B

,

31

.19

%

,

6/26/27

..

2,737

2,740

L2431725.UP.FTS.B

,

12

.26

%

,

6/28/27

....

28,830

28,571

L2608785.UP.FTS.B

,

8

.52

%

,

7/10/27

....

10,325

5,323

L2607500.UP.FTS.B

,

12

.17

%

,

7/10/27

....

15,020

1,090

L2607609.UP.FTS.B

,

15

.09

%

,

7/10/27

....

2,498

2,474

L2607076.UP.FTS.B

,

16

.42

%

,

7/10/27

....

19,886

10,583

FW2602895.UP.FTS.B

,

17

.44

%

,

7/10/27

..

8,796

4,887

L2604242.UP.FTS.B

,

21

.11

%

,

7/10/27

....

4,738

343

FW2603295.UP.FTS.B

,

23

.18

%

,

7/10/27

..

7,421

7,448

L2608553.UP.FTS.B

,

23

.5

%

,

7/10/27

....

8,245

8,253

L2603328.UP.FTS.B

,

25

.17

%

,

7/10/27

....

849

499

FW2606616.UP.FTS.B

,

26

.25

%

,

7/10/27

..

1,759

125

FW2608671.UP.FTS.B

,

26

.81

%

,

7/10/27

..

8,553

5,049

FW2608836.UP.FTS.B

,

27

.23

%

,

7/10/27

..

4,793

343

FW2605866.UP.FTS.B

,

29

.72

%

,

7/10/27

..

748

743

FW2603700.UP.FTS.B

,

31

.08

%

,

7/10/27

..

1,873

1,882

FW2602032.UP.FTS.B

,

31

.57

%

,

7/10/27

..

4,612

4,569

FW2613876.UP.FTS.B

,

15

.29

%

,

7/11/27

..

2,684

195

L2611504.UP.FTS.B

,

16

.36

%

,

7/11/27

....

4,591

4,547

FW2609511.UP.FTS.B

,

18

.92

%

,

7/11/27

..

10,597

10,499

L2612042.UP.FTS.B

,

19

.42

%

,

7/11/27

....

17,979

1,306

L2612995.UP.FTS.B

,

19

.69

%

,

7/11/27

....

7,995

7,903

L2612062.UP.FTS.B

,

21

.51

%

,

7/11/27

....

1,399

1,389

L2605257.UP.FTS.B

,

21

.7

%

,

7/11/27

.....

814

815

FW2610184.UP.FTS.B

,

23

.94

%

,

7/11/27

..

17,623

17,539

L2614217.UP.FTS.B

,

24

.23

%

,

7/11/27

....

2,069

2,061

FW2611588.UP.FTS.B

,

24

.58

%

,

7/11/27

..

7,969

1,141

FW2613347.UP.FTS.B

,

26

.68

%

,

7/11/27

..

1,162

1,161

FW2613777.UP.FTS.B

,

27

.07

%

,

7/11/27

..

1,540

1,541

FW2610223.UP.FTS.B

,

30

.62

%

,

7/11/27

..

2,884

2,893

FW2613911.UP.FTS.B

,

30

.67

%

,

7/11/27

..

9,133

648

FW2610193.UP.FTS.B

,

30

.94

%

,

7/11/27

..

9,413

2,715

FW2611798.UP.FTS.B

,

31

.65

%

,

7/11/27

..

7,936

7,967

L2618980.UP.FTS.B

,

12

.97

%

,

7/14/27

....

12,772

12,646

L2615821.UP.FTS.B

,

16

.82

%

,

7/14/27

....

3,419

3,388

L2615913.UP.FTS.B

,

19

.56

%

,

7/14/27

....

4,800

4,743

L2616155.UP.FTS.B

,

19

.61

%

,

7/14/27

....

6,809

486

L2614826.UP.FTS.B

,

22

.6

%

,

7/14/27

....

4,489

4,508

L2616634.UP.FTS.B

,

24

.08

%

,

7/14/27

....

6,295

451

L2618649.UP.FTS.B

,

24

.27

%

,

7/14/27

....

8,805

8,763

L2605072.UP.FTS.B

,

25

.64

%

,

7/14/27

....

2,421

174

L2616680.UP.FTS.B

,

26

.86

%

,

7/14/27

....

1,245

32

FW2618197.UP.FTS.B

,

27

.81

%

,

7/14/27

..

16,246

16,342

FW1716481.UP.FTS.B

,

26

.69

%

,

7/15/27

..

19,243

19,103

FW2612768.UP.FTS.B

,

25

.53

%

,

7/17/27

..

6,494

77

FW2617490.UP.FTS.B

,

27

.91

%

,

7/21/27

..

26,229

26,104

L2603677.UP.FTS.B

,

14

.69

%

,

7/25/27

....

12,804

3,256

FW2608779.UP.FTS.B

,

24

.99

%

,

7/25/27

..

8,979

9,004

FW1882891.UP.FTS.B

,

25

.65

%

,

8/20/27

..

1,573

1,566

L2949275.UP.FTS.B

,

14

.68

%

,

9/14/27

....

3,041

1,613

L2949640.UP.FTS.B

,

16

.6

%

,

9/14/27

....

3,501

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2950883.UP.FTS.B

,

17

.71

%

,

9/14/27

....

$

11,691

$

11,601

FW2949403.UP.FTS.B

,

20

.67

%

,

9/14/27

..

6,793

1,001

FW2951370.UP.FTS.B

,

20

.97

%

,

9/14/27

..

8,276

8,168

L2949402.UP.FTS.B

,

22

.02

%

,

9/14/27

....

10,249

–

L2951399.UP.FTS.B

,

22

.65

%

,

9/14/27

....

9,371

9,267

L2949419.UP.FTS.B

,

23

.06

%

,

9/14/27

....

2,591

2,596

FW2950826.UP.FTS.B

,

23

.81

%

,

9/14/27

..

19,890

5,685

FW2951123.UP.FTS.B

,

24

.74

%

,

9/14/27

..

16,323

16,290

L2949682.UP.FTS.B

,

25

.05

%

,

9/14/27

....

1,148

1,140

L2949947.UP.FTS.B

,

25

.29

%

,

9/14/27

....

1,796

1,792

L2949603.UP.FTS.B

,

25

.51

%

,

9/14/27

....

4,524

4,540

FW2949299.UP.FTS.B

,

28

.46

%

,

9/14/27

..

3,713

2,209

FW2948974.UP.FTS.B

,

29

.39

%

,

9/14/27

..

7,935

7,920

FW2951059.UP.FTS.B

,

31

.12

%

,

9/14/27

..

16,766

9,972

FW2950983.UP.FTS.B

,

31

.18

%

,

9/14/27

..

2,200

156

L2047067.UP.FTS.B

,

21

.22

%

,

9/15/27

....

17,466

17,200

FW2049311.UP.FTS.B

,

21

.75

%

,

9/15/27

..

4,067

4,036

FW2094263.UP.FTS.B

,

30

.68

%

,

9/22/27

..

3,402

950

L2293030.UP.FTS.B

,

8

.8

%

,

10/21/27

....

1,999

1,987

L2298368.UP.FTS.B

,

11

.21

%

,

10/22/27

...

3,251

3,074

L2300702.UP.FTS.B

,

15

.45

%

,

10/22/27

...

27,904

26,243

L2421701.UP.FTS.B

,

5

.91

%

,

11/13/27

....

16,284

16,173

FW2424710.UP.FTS.B

,

21

.52

%

,

11/13/27

.

13,019

12,787

FW2424742.UP.FTS.B

,

30

.86

%

,

11/13/27

.

1,232

353

FW2430164.UP.FTS.B

,

9

.11

%

,

11/14/27

..

4,342

4,306

FW2431901.UP.FTS.B

,

9

.92

%

,

11/14/27

..

7,710

7,669

L2436109.UP.FTS.B

,

9

.68

%

,

11/18/27

....

33,753

31,791

L2435424.UP.FTS.B

,

10

.13

%

,

11/21/27

...

3,595

3,569

L2607851.UP.FTS.B

,

13

.68

%

,

12/10/27

...

31,253

16,562

FW2606361.UP.FTS.B

,

25

.37

%

,

12/10/27

.

10,218

2,903

FW2605935.UP.FTS.B

,

31

.23

%

,

12/10/27

.

5,302

5,240

L2614621.UP.FTS.B

,

23

.29

%

,

12/11/27

...

23,346

–

L2611597.UP.FTS.B

,

25

.33

%

,

12/11/27

...

10,777

10,648

L2611511.UP.FTS.B

,

25

.43

%

,

12/11/27

...

4,934

4,952

FW2617504.UP.FTS.B

,

30

.27

%

,

12/14/27

.

16,494

16,303

FW2609734.UP.FTS.B

,

31

%

,

12/16/27

...

1,078

1,064

FW2613645.UP.FTS.B

,

31

.4

%

,

12/23/27

..

1,559

1,547

FW2951084.UP.FTS.B

,

30

.63

%

,

2/14/28

..

13,941

13,842

L1718966.UP.FTS.B

,

18

.89

%

,

9/15/28

....

7,978

7,990

L1718702.UP.FTS.B

,

26

.02

%

,

9/15/28

....

4,187

4,245

L1886617.UP.FTS.B

,

19

.5

%

,

10/20/28

....

8,112

8,149

L1887293.UP.FTS.B

,

25

.85

%

,

10/20/28

...

9,121

9,164

L2608032.UP.FTS.B

,

17

.27

%

,

2/10/29

....

3,577

3,571

L2605139.UP.FTS.B

,

28

.33

%

,

2/10/29

....

2,222

2,235

L1718819.UP.FTS.B

,

23

.98

%

,

2/15/29

....

2,672

2,676

L2607986.UP.FTS.B

,

25

.66

%

,

7/10/29

....

18,997

10,731

9,336,014

Total

Marketplace

Loans

(Cost

$

54,882,809

)

....

$

48,567,503

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

At

January

31,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

At

January

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

340

$

38,191,562

3/19/24

$

(

869,076

)

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

60

7,012,500

3/19/24

(

204,053

)

U.S.

Treasury

2

Year

Notes

.....................

Long

3,088

635,066,500

3/28/24

5,217,819

U.S.

Treasury

5

Year

Notes

.....................

Short

710

76,957,344

3/28/24

(

1,003,540

)

Total

Futures

Contracts

......................................................................

$3,141,150

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

.............

JPHQ

Buy

30,879,000

32,676,776

2/26/24

$

731,706

$

—

Euro

.............

JPHQ

Sell

30,933,600

33,869,725

2/26/24

402,170

—

Brazilian

Real

......

JPHQ

Buy

4,000,000

807,510

3/04/24

—

(

2,196

)

Brazilian

Real

......

JPHQ

Sell

6,700,000

1,321,655

3/04/24

—

(

27,245

)

Total

Forward

Exchange

Contracts

...................................................

$1,133,876

$(29,441)

Net

unrealized

appreciation

(depreciation)

............................................

$1,104,435

*

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

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

At

January

31,

2024

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

A

bbreviations

on

page

271

.

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

8,100,000

$

493,001

$

(

78,882

)

$

571,883

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$493,001

$(78,882)

$571,883

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

3,300,000

(

193,114

)

(

404,569

)

211,455

B+

Traded

Index

CDX.NA.HY.33

.

5.00%

Quarterly

CITI

12/20/24

12,600,000

548,834

(

132,847

)

681,681

Non-

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$355,720

$(537,416)

$893,136

Total

Credit

Default

Swap

Contracts

....................................

$848,721

$

(

616,298

)

$1,465,019

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Low

Duration

U.S.

Government

Securities

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

13.8%

U.S.

Treasury

Notes

,

2

%,

2/15/25

......................................................

$

10,000,000

$

9,723,928

2

%,

8/15/25

......................................................

5,000,000

4,824,707

2.625

%,

1/31/26

...................................................

10,000,000

9,701,172

2.5

%,

2/28/26

....................................................

10,162,000

9,823,002

2.25

%,

3/31/26

...................................................

15,000,000

14,416,992

2.375

%,

4/30/26

...................................................

11,859,000

11,415,677

Total

U.S.

Government

and

Agency

Securities

(Cost

$

60,237,749

)

.................

59,905,478

Commercial

Mortgage-Backed

Securities

20.6%

Financial

Services

20.6%

a

FHLMC

,

4988

,

AF

,

FRN

,

5.795

%

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

..........

4,311,808

4,274,832

4891

,

AF

,

FRN

,

5.548

%

,

(

30-day

SOFR

Average

+

0.514

%

),

7/15/42

...........

6,673,097

6,592,688

343

,

F4

,

FRN

,

5.795

%

,

Strip

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

.......

3,981,208

3,908,200

4989

,

FA

,

FRN

,

5.248

%

,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/40

...........

5,370,434

5,335,026

4915

,

FE

,

FRN

,

5.641

%

,

(

30-day

SOFR

Average

+

0.514

%

),

2/15/38

...........

7,895,225

7,802,058

4895

,

GF

,

FRN

,

5.314

%

,

(

30-day

SOFR

Average

+

0.514

%

),

11/15/43

..........

6,437,905

6,391,016

4197

,

KF

,

FRN

,

5.551

%

,

(

30-day

SOFR

Average

+

0.414

%

),

9/15/37

...........

2,140,375

2,058,400

4107

,

KF

,

FRN

,

5.354

%

,

(

30-day

SOFR

Average

+

0.504

%

),

6/15/38

...........

2,138,486

2,106,887

4215

,

KF

,

FRN

,

5.745

%

,

(

30-day

SOFR

Average

+

0.414

%

),

2/15/40

...........

1,564,251

1,515,729

4730

,

WF

,

FRN

,

5.795

%

,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/38

...........

3,756,212

3,696,960

4794

,

WF

,

FRN

,

5.305

%

,

(

30-day

SOFR

Average

+

0.464

%

),

3/15/43

...........

4,030,306

4,040,852

a

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KF160

,

AS

,

FRN

,

6.044

%

,

(

30-day

SOFR

Average

+

0.7

%

),

10/25/30

...............................

3,810,357

3,815,804

a

FNMA

,

2019-38

,

AF

,

FRN

,

5.548

%

,

(

30-day

SOFR

Average

+

0.514

%

),

7/25/49

.........

4,498,128

4,434,468

2019-59

,

BF

,

FRN

,

5.578

%

,

(

30-day

SOFR

Average

+

0.514

%

),

10/25/49

........

6,481,506

6,451,704

2019-38

,

CF

,

FRN

,

5.909

%

,

(

30-day

SOFR

Average

+

0.564

%

),

7/25/49

.........

1,387,731

1,347,418

2021-44

,

FA

,

FRN

,

5.219

%

,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/45

...........

5,186,567

5,130,908

2020-54

,

WF

,

FRN

,

3.345

%

,

(

30-day

SOFR

Average

+

0.564

%

),

8/25/50

........

4,145,278

3,969,381

2021-8

,

YF

,

FRN

,

5.531

%

,

(

30-day

SOFR

Average

+

0.2

%

),

3/25/61

............

10,987,649

10,738,049

2021-36

,

YF

,

FRN

,

5.471

%

,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/61

...........

5,497,715

5,402,384

a

GNMA

,

2010-12

,

FD

,

FRN

,

6.052

%

,

(

1-month

SOFR

+

0.714

%

),

1/16/40

..........

554,699

553,504

89,566,268

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

90,981,437

)

................

89,566,268

Mortgage-Backed

Securities

61.8%

b

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

19.5%

FHLMC

,

4.495

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/43

..................................................

2,138,522

2,169,491

FHLMC

,

4.828

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

8,759,597

8,966,858

FHLMC

,

5.089

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

5,968,132

6,087,405

FHLMC

,

5.098

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/35

...................................................

2,068,503

2,125,449

FHLMC

,

5.133

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/37

...................................................

2,159,630

2,227,231

FHLMC

,

5.217

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

4,361,216

4,468,478

FHLMC

,

5.363

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

4,616,054

4,741,577

FHLMC

,

5.365

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

6,148,470

6,304,219

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.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

b

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

(continued)

FHLMC

,

5.454

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/43

...................................................

$

2,047,474

$

2,094,834

FHLMC

,

5.488

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

4,068,718

4,146,679

FHLMC

,

5.517

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

5,401,453

5,556,006

FHLMC

,

5.73

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/43

...................................................

2,276,654

2,342,101

FHLMC

,

6.207

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

1/01/44

...................................................

2,173,170

2,227,188

FHLMC

,

4.275

%

-

6.253

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

23,156,887

23,465,897

FHLMC

,

5.079

%

-

7.09

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

268,563

267,329

FHLMC

,

4.605

%

-

7.165

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

7,255,429

7,406,004

84,596,746

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year

,

6

%,

5/01/53

......................................

2,228,952

2,260,419

b

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

36.9%

FNMA

,

4.418

%,

(

COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

4,909,020

4,756,437

FNMA

,

4.996

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

3/01/35

...................................................

2,409,561

2,467,458

FNMA

,

3.073

%

-

5.332

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

1/01/26

-

7/01/34

...

92,458

91,762

FNMA

,

5.352

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

7,364,929

7,583,267

FNMA

,

5.626

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

2,953,923

3,040,252

FNMA

,

4.286

%

-

5.646

%,

(

COFI

11th

District

+/-

MBS

Margin),

4/01/24

-

12/01/37

...

2,473,326

2,406,029

FNMA

,

5.678

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

10,793,331

11,173,161

FNMA

,

5.695

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

...................................................

19,227,678

19,745,491

FNMA

,

5.758

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

2,945,953

3,044,758

FNMA

,

5.77

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

..................

4,948,687

5,077,209

FNMA

,

5.814

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

4,970,690

5,098,979

FNMA

,

3.564

%

-

5.91

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

....

25,181

25,111

FNMA

,

6.281

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

3,046,623

3,126,837

FNMA

,

6.468

%,

(

6-month

H15BDI

+/-

MBS

Margin),

11/01/34

..................

44,335

44,270

FNMA

,

6.628

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

78,881

78,741

FNMA

,

3.689

%

-

6.781

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

59,177,791

59,815,330

FNMA

,

3.735

%

-

7.62

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

3/01/24

-

12/01/40

...

17,017,619

17,135,414

FNMA

,

4.615

%

-

7.94

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/24

-

12/01/37

......................................

12,283,534

12,355,530

FNMA

,

5.225

%

-

8.2

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

12/01/26

-

11/01/44

........................................................

3,035,435

3,062,234

160,128,270

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

4.8%

FNMA,

30

Year

,

5.5

%,

4/01/53

.........................................

13,404,921

13,447,227

FNMA,

30

Year

,

6

%,

7/01/53

...........................................

5,046,938

5,118,189

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

135

At

January

31,

2024,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

271

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year

,

6.5

%,

11/01/53

.........................................

$

2,183,687

$

2,236,083

20,801,499

b

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.1%

GNMA

II

,

3.625

%

-

3.875

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

.

287,244

284,888

284,888

Total

Mortgage-Backed

Securities

(Cost

$

275,264,093

)

...........................

268,071,822

Total

Long

Term

Investments

(Cost

$

426,483,279

)

...............................

417,543,568

a

a

a

a

a

Short

Term

Investments

2.8%

Shares

a

Money

Market

Funds

2.8%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

..................

12,221,505

12,221,505

Total

Money

Market

Funds

(Cost

$

12,221,505

)

..................................

12,221,505

Total

Short

Term

Investments

(Cost

$

12,221,505

)

................................

12,221,505

a

Total

Investments

(Cost

$

438,704,784

)

99.0

%

...................................

$429,765,073

Other

Assets,

less

Liabilities

1.0

%

.............................................

4,341,301

Net

Assets

100.0%

...........................................................

$434,106,374

a

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

b

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

83

$

9,700,625

3/19/24

$

(

282,273

)

U.S.

Treasury

2

Year

Notes

.....................

Long

558

114,756,188

3/28/24

571,108

U.S.

Treasury

5

Year

Notes

.....................

Short

58

6,286,656

3/28/24

(

95,339

)

Total

Futures

Contracts

......................................................................

$193,496

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Managed

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

27.0%

Aerospace

&

Defense

1.3%

Lockheed

Martin

Corp.

.................................

United

States

75,000

$

32,205,750

RTX

Corp.

..........................................

United

States

155,000

14,123,600

46,329,350

Banks

3.0%

Bank

of

America

Corp.

.................................

United

States

1,000,000

34,010,000

Fifth

Third

Bancorp

....................................

United

States

300,000

10,272,000

JPMorgan

Chase

&

Co.

.................................

United

States

225,000

39,231,000

Truist

Financial

Corp.

..................................

United

States

350,000

12,971,000

US

Bancorp

.........................................

United

States

250,000

10,385,000

106,869,000

Beverages

0.7%

Coca-Cola

Co.

(The)

...................................

United

States

125,000

7,436,250

PepsiCo,

Inc.

........................................

United

States

100,000

16,853,000

24,289,250

Biotechnology

1.2%

AbbVie,

Inc.

.........................................

United

States

250,000

41,100,000

Building

Products

0.3%

Johnson

Controls

International

plc

.........................

United

States

200,000

10,538,000

Capital

Markets

1.7%

Charles

Schwab

Corp.

(The)

.............................

United

States

199,900

12,577,708

Goldman

Sachs

Group,

Inc.

(The)

.........................

United

States

25,000

9,600,250

Morgan

Stanley

.......................................

United

States

450,000

39,258,000

61,435,958

Chemicals

0.7%

Air

Products

and

Chemicals,

Inc.

..........................

United

States

43,000

10,995,530

LyondellBasell

Industries

NV

,

A

...........................

United

States

150,000

14,118,000

25,113,530

Consumer

Staples

Distribution

&

Retail

0.4%

Target

Corp.

.........................................

United

States

100,000

13,908,000

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

............................

United

States

100,000

4,235,000

Electric

Utilities

2.7%

Duke

Energy

Corp.

....................................

United

States

400,000

38,332,000

Edison

International

...................................

United

States

350,000

23,618,000

Southern

Co.

(The)

....................................

United

States

500,000

34,760,000

96,710,000

Ground

Transportation

0.8%

Union

Pacific

Corp.

....................................

United

States

115,000

28,051,950

Health

Care

Providers

&

Services

0.9%

CVS

Health

Corp.

.....................................

United

States

100,000

7,437,000

UnitedHealth

Group,

Inc.

................................

United

States

50,000

25,587,000

33,024,000

Household

Products

0.9%

Procter

&

Gamble

Co.

(The)

.............................

United

States

200,000

31,428,000

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

.............................

United

States

100,000

20,226,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

IT

Services

0.5%

International

Business

Machines

Corp.

.....................

United

States

100,000

$

18,366,000

Media

0.1%

Comcast

Corp.

,

A

.....................................

United

States

100,000

4,654,000

Metals

&

Mining

0.8%

Rio

Tinto

plc

,

ADR

.....................................

Australia

400,000

27,708,000

Multi-Utilities

0.9%

DTE

Energy

Co.

......................................

United

States

150,000

15,813,000

Sempra

.............................................

United

States

250,000

17,890,000

33,703,000

Oil,

Gas

&

Consumable

Fuels

2.7%

Chevron

Corp.

.......................................

United

States

450,000

66,343,500

Exxon

Mobil

Corp.

.....................................

United

States

300,000

30,843,000

97,186,500

Pharmaceuticals

2.1%

AstraZeneca

plc

,

ADR

..................................

United

Kingdom

350,000

23,324,000

Johnson

&

Johnson

...................................

United

States

200,000

31,780,000

Merck

&

Co.,

Inc.

.....................................

United

States

150,000

18,117,000

73,221,000

Semiconductors

&

Semiconductor

Equipment

2.6%

Analog

Devices,

Inc.

...................................

United

States

200,000

38,472,000

Texas

Instruments,

Inc.

.................................

United

States

350,000

56,042,000

94,514,000

Specialty

Retail

1.5%

Home

Depot,

Inc.

(The)

.................................

United

States

150,000

52,944,000

Tobacco

0.5%

Philip

Morris

International,

Inc.

...........................

United

States

200,000

18,170,000

Total

Common

Stocks

(Cost

$

758,741,021

)

.....................................

963,724,538

Management

Investment

Companies

0.2%

Capital

Markets

0.2%

a

Western

Asset

Diversified

Income

Fund

.....................

United

States

500,000

7,150,000

Total

Management

Investment

Companies

(Cost

$

6,813,949

)

.....................

7,150,000

Equity-Linked

Securities

8.7%

Aerospace

&

Defense

1.4%

b

BNP

Paribas

Issuance

BV

into

Northrop

Grumman

Corp.

,

144A,

7.5

%

,

9/10/24

......................................

United

States

54,000

23,737,495

b

Merrill

Lynch

International

&

Co.

CV

into

RTX

Corp.

,

144A,

7.5

%

,

10/02/24

..........................................

United

States

295,700

24,583,969

48,321,464

Air

Freight

&

Logistics

0.6%

b

Merrill

Lynch

International

&

Co.

CV

into

United

Parcel

Service,

Inc.

,

144A,

8.5

%

,

10/02/24

.................................

United

States

143,650

20,736,958

Automobiles

0.2%

b

Barclays

Bank

plc

into

Ford

Motor

Co.

,

144A,

12

%

,

2/09/24

......

United

States

725,000

8,424,551

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

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Banks

0.2%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Bank

of

America

Corp.

,

144A,

8

%

,

8/16/24

...................................

United

States

200,000

$

6,652,536

Broadline

Retail

0.3%

b

Goldman

Sachs

International

Bank

into

Amazon.com,

Inc.

,

144A,

9

%

,

11/20/24

.......................................

United

States

98,000

12,547,003

Capital

Markets

0.3%

b

UBS

AG

into

Charles

Schwab

Corp.

(The)

,

144A,

10

%

,

7/17/24

...

United

States

150,000

8,981,903

Communications

Equipment

0.9%

b

Mizuho

Markets

Cayman

LP

into

Cisco

Systems,

Inc.

,

144A,

7.5

%

,

7/23/24

...........................................

United

States

600,000

30,403,122

Consumer

Staples

Distribution

&

Retail

0.5%

b

Barclays

Bank

plc

into

Target

Corp.

,

144A,

8.5

%

,

10/08/24

......

United

States

135,000

17,882,822

Electric

Utilities

0.5%

b

Mizuho

Markets

Cayman

LP

into

NextEra

Energy,

Inc.

,

144A,

8

%

,

3/19/24

...........................................

United

States

275,000

16,184,101

Ground

Transportation

0.6%

b

UBS

AG

into

Union

Pacific

Corp.

,

144A,

8

%

,

3/13/24

...........

United

States

100,000

22,642,071

Machinery

0.3%

b

National

Bank

of

Canada

into

Cummins,

Inc.

,

144A,

8.5

%

,

2/13/24

United

States

45,000

10,794,621

Media

0.8%

b

Royal

Bank

of

Canada

into

Comcast

Corp.

,

144A,

8

%

,

7/12/24

...

United

States

660,000

29,835,060

Oil,

Gas

&

Consumable

Fuels

0.3%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.

,

144A,

9.5

%

,

2/22/24

.................................

United

States

100,000

10,241,915

Pharmaceuticals

0.7%

b

National

Bank

of

Canada

into

Bristol-Myers

Squibb

Co.

,

144A,

8

%

,

9/05/24

...........................................

United

States

530,000

26,767,860

Semiconductors

&

Semiconductor

Equipment

0.3%

b

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

11/12/24

......................................

United

States

150,000

12,408,739

Software

0.8%

b

Societe

Generale

SA

into

Workday,

Inc.

,

144A,

9

%

,

11/13/24

.....

United

States

115,000

27,863,421

Total

Equity-Linked

Securities

(Cost

$

308,421,275

)

..............................

310,688,147

Convertible

Preferred

Stocks

0.6%

Electric

Utilities

0.6%

NextEra

Energy,

Inc.

,

6.926

%

............................

United

States

500,000

18,605,000

Total

Convertible

Preferred

Stocks

(Cost

$

22,220,190

)

...........................

18,605,000

Principal

Amount

*

Corporate

Bonds

55.9%

Aerospace

&

Defense

0.9%

Boeing

Co.

(The)

,

Senior

Bond

,

3.2

%

,

3/01/29

............................

United

States

15,000,000

13,793,334

Senior

Note

,

5.04

%

,

5/01/27

...........................

United

States

5,000,000

5,009,034

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)

Aerospace

&

Defense

(continued)

Boeing

Co.

(The),

(continued)

Senior

Note

,

5.15

%

,

5/01/30

...........................

United

States

15,000,000

$

15,041,746

33,844,114

Automobiles

0.4%

General

Motors

Co.

,

Senior

Bond

,

5.6

%

,

10/15/32

.............

United

States

15,000,000

15,219,464

Banks

5.8%

Bank

of

America

Corp.

,

Senior

Bond

,

3.419%

to

12/19/27,

FRN

thereafter

,

12/20/28

...

United

States

20,000,000

18,900,303

Senior

Bond

,

5.872%

to

9/14/33,

FRN

thereafter

,

9/15/34

.....

United

States

15,000,000

15,713,099

Barclays

plc

,

Senior

Bond

,

4.337

%

,

1/10/28

..........................

United

Kingdom

15,000,000

14,597,891

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

.....

United

Kingdom

10,000,000

10,085,181

Senior

Note

,

7.385%

to

11/01/27,

FRN

thereafter

,

11/02/28

....

United

Kingdom

15,000,000

16,041,117

Citigroup,

Inc.

,

Senior

Bond

,

3.668%

to

7/23/27,

FRN

thereafter

,

7/24/28

.....

United

States

20,000,000

19,142,696

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

.....

United

States

10,000,000

10,735,914

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

...........................................

United

States

10,000,000

10,415,470

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

...

United

States

10,000,000

10,841,276

Senior

Note

,

5.04%

to

1/22/27,

FRN

thereafter

,

1/23/28

.......

United

States

5,000,000

5,022,532

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

.......................

United

States

10,000,000

10,463,038

Truist

Bank

,

Sub.

Bond

,

2.636%

to

9/16/24,

FRN

thereafter

,

9/17/29

United

States

10,000,000

9,468,575

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

...................................

United

States

10,000,000

9,740,383

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

....

United

States

10,000,000

10,350,276

Senior

Note

,

4.548%

to

7/21/27,

FRN

thereafter

,

7/22/28

......

United

States

10,000,000

9,870,740

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

...........................................

United

States

25,000,000

25,233,911

206,622,402

Biotechnology

1.1%

AbbVie,

Inc.

,

Senior

Bond

,

4.55

%

,

3/15/35

...........................

United

States

15,000,000

14,700,870

Senior

Bond

,

4.5

%

,

5/14/35

............................

United

States

10,000,000

9,766,506

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

...................

United

States

15,000,000

15,307,829

39,775,205

Broadline

Retail

0.3%

Amazon.com,

Inc.

,

Senior

Bond

,

3.6

%

,

4/13/32

...............

United

States

10,000,000

9,442,224

Building

Products

0.6%

b

Carrier

Global

Corp.

,

Senior

Bond

,

144A,

5.9

%

,

3/15/34

........

United

States

20,000,000

21,383,653

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

10,366,064

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

....

United

States

15,000,000

12,552,617

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

...

United

States

10,000,000

11,024,489

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)

Capital

Markets

(continued)

Morgan

Stanley

,

Senior

Bond

,

2.699%

to

1/21/30,

FRN

thereafter

,

1/22/31

.....

United

States

10,000,000

$

8,792,030

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

...

United

States

15,000,000

16,192,436

Senior

Bond

,

5.424%

to

7/20/33,

FRN

thereafter

,

7/21/34

.....

United

States

15,000,000

15,200,943

74,128,579

Chemicals

2.1%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

20,000,000

20,855,147

c

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3

%

,

3/15/33

..........

United

States

10,000,000

10,999,140

DuPont

de

Nemours,

Inc.

,

Senior

Note

,

4.493

%

,

11/15/25

.......

United

States

10,000,000

9,926,582

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.......

United

States

20,000,000

19,237,875

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

...........................................

United

States

15,000,000

13,943,400

74,962,144

Consumer

Finance

3.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

.................................

Ireland

20,000,000

17,149,422

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

.....

United

States

10,000,000

9,753,664

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

......

United

States

10,000,000

10,315,157

Senior

Note

,

3.273%

to

2/28/29,

FRN

thereafter

,

3/01/30

......

United

States

15,000,000

13,479,971

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

7.35

%

,

11/04/27

..........................

United

States

15,000,000

15,785,552

Senior

Note

,

3.625

%

,

6/17/31

..........................

United

States

15,000,000

12,914,167

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6

%

,

6/21/30

............................

United

States

20,000,000

18,124,399

Senior

Bond

,

6.4

%

,

1/09/33

............................

United

States

10,000,000

10,595,135

108,117,467

Consumer

Staples

Distribution

&

Retail

0.3%

Target

Corp.

,

Senior

Bond

,

4.5

%

,

9/15/32

...................

United

States

10,000,000

9,912,432

Containers

&

Packaging

0.6%

b

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

................................

United

States

20,000,000

20,225,049

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

18,941,500

Diversified

Telecommunication

Services

0.6%

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

....

United

States

25,000,000

20,769,449

Electric

Utilities

3.3%

Edison

International

,

Senior

Note

,

6.95

%

,

11/15/29

............

United

States

20,000,000

21,733,807

b

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

7

%

,

3/15/33

.....

United

States

10,000,000

10,563,800

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

7/01/30

...........................

United

States

25,000,000

23,907,512

Senior

Bond

,

6.15

%

,

1/15/33

...........................

United

States

10,000,000

10,403,751

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

10/15/32

.............

United

States

15,000,000

15,653,141

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

...........................................

United

States

36,000,000

34,048,749

116,310,760

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electrical

Equipment

0.6%

b

Regal

Rexnord

Corp.

,

Senior

Note

,

144A,

6.05

%

,

4/15/28

.......

United

States

20,000,000

$

20,304,571

Electronic

Equipment,

Instruments

&

Components

1.3%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

..........................

United

States

20,000,000

19,592,241

Senior

Note

,

6

%

,

1/15/28

.............................

United

States

10,000,000

10,323,085

Jabil,

Inc.

,

Senior

Bond

,

3

%

,

1/15/31

.......................

United

States

20,000,000

17,334,875

47,250,201

Entertainment

0.8%

Netflix,

Inc.

,

Senior

Bond

,

4.875

%

,

4/15/28

..................

United

States

10,000,000

10,076,280

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

4.279

%

,

3/15/32

......

United

States

20,000,000

18,318,334

28,394,614

Financial

Services

0.5%

Fiserv,

Inc.

,

Senior

Bond

,

3.5

%

,

7/01/29

....................

United

States

20,000,000

18,767,810

Food

Products

1.4%

b

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

,

Senior

Bond

,

144A,

6.75

%

,

3/15/34

......................

United

States

15,000,000

15,797,175

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note

,

5.5

%

,

1/15/30

............................

United

States

10,000,000

9,776,166

Senior

Note

,

3.75

%

,

12/01/31

..........................

United

States

5,000,000

4,289,258

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25

%

,

4/15/31

............

United

States

21,000,000

18,924,129

48,786,728

Ground

Transportation

1.0%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

8/11/32

.......................

United

Kingdom

15,000,000

14,928,891

Senior

Bond

,

144A,

5.95

%

,

10/15/33

.....................

United

Kingdom

10,000,000

10,190,830

Union

Pacific

Corp.

,

Senior

Bond

,

4.5

%

,

1/20/33

..............

United

States

10,000,000

9,938,786

35,058,507

Health

Care

Equipment

&

Supplies

1.1%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

9,700,000

9,565,945

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905

%

,

11/22/32

United

States

15,000,000

15,860,645

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

United

States

15,000,000

13,594,178

39,020,768

Health

Care

Providers

&

Services

5.3%

Centene

Corp.

,

Senior

Note

,

4.625

%

,

12/15/29

...............

United

States

25,000,000

23,950,074

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

3/15/26

..................

United

States

9,875,000

9,741,443

Senior

Secured

Note

,

144A,

5.625

%

,

3/15/27

..............

United

States

15,000,000

13,875,657

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

.................

United

States

10,000,000

9,856,900

Senior

Secured

Note

,

144A,

10.875

%

,

1/15/32

.............

United

States

10,000,000

10,473,380

CVS

Health

Corp.

,

Senior

Bond

,

3.25

%

,

8/15/29

...........................

United

States

15,000,000

13,896,032

Senior

Bond

,

3.75

%

,

4/01/30

...........................

United

States

10,000,000

9,370,561

b

DaVita,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

2/15/31

......................

United

States

10,500,000

8,665,268

Senior

Note

,

144A,

4.625

%

,

6/01/30

.....................

United

States

16,000,000

14,168,857

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

b

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

3

%

,

12/01/31

..........................................

Germany

20,000,000

$

15,953,087

HCA,

Inc.

,

Senior

Bond

,

4.125

%

,

6/15/29

..........................

United

States

10,000,000

9,554,533

Senior

Bond

,

5.5

%

,

6/01/33

............................

United

States

15,000,000

15,237,533

Humana,

Inc.

,

Senior

Bond

,

5.875

%

,

3/01/33

.................

United

States

15,000,000

15,722,700

Tenet

Healthcare

Corp.

,

Senior

Note

,

6.125

%

,

10/01/28

.........................

United

States

10,000,000

9,971,650

Senior

Secured

Note

,

4.375

%

,

1/15/30

...................

United

States

10,000,000

9,261,592

189,699,267

Health

Care

REITs

0.6%

Healthpeak

OP

LLC

,

Senior

Note

,

5.25

%

,

12/15/32

............

United

States

20,000,000

20,060,723

Hotels,

Restaurants

&

Leisure

2.2%

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/01/27

............

United

States

20,000,000

19,717,242

Expedia

Group,

Inc.

,

Senior

Bond

,

3.8

%

,

2/15/28

............................

United

States

15,000,000

14,380,596

Senior

Note

,

5

%

,

2/15/26

.............................

United

States

10,000,000

10,003,068

c

Starbucks

Corp.

,

Senior

Bond

,

2.55

%

,

11/15/30

...............

United

States

10,000,000

8,775,637

b

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Note

,

144A,

5.25

%

,

5/15/27

.................................

United

States

25,000,000

24,450,448

77,326,991

Household

Durables

0.3%

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.......

United

States

10,000,000

9,745,451

Insurance

1.3%

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375

%

,

3/15/31

...........

United

States

31,000,000

25,728,567

b

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

United

States

10,000,000

10,534,581

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4

%

,

12/15/36

...............

United

States

10,000,000

10,213,990

46,477,138

Interactive

Media

&

Services

0.3%

Meta

Platforms,

Inc.

,

Senior

Note

,

3.85

%

,

8/15/32

.............

United

States

10,000,000

9,460,238

Machinery

0.6%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7

%

,

8/14/33

..............

United

States

20,000,000

20,900,925

Metals

&

Mining

2.3%

b

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125

%

,

3/31/29

.

United

States

15,000,000

13,785,432

ArcelorMittal

SA

,

Senior

Bond

,

4.25

%

,

7/16/29

...........................

Luxembourg

7,700,000

7,420,323

Senior

Note

,

6.55

%

,

11/29/27

..........................

Luxembourg

25,000,000

26,222,741

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625

%

,

8/01/30

........

United

States

20,000,000

19,326,894

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

4.875

%

,

3/12/29

.....

Australia

15,000,000

14,999,215

81,754,605

Multi-Utilities

0.8%

Dominion

Energy,

Inc.

,

A

,

Senior

Note

,

4.35

%

,

8/15/32

.........

United

States

15,000,000

14,338,672

Sempra

,

Senior

Bond

,

5.5

%

,

8/01/33

.......................

United

States

15,000,000

15,302,767

29,641,439

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

2.5%

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.633

%

,

4/06/30

..

United

States

10,000,000

$

9,527,784

b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11

%

,

4/15/25

........................

United

States

15,000,000

15,236,175

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7

%

,

11/15/29

..........................................

United

States

10,000,000

9,420,496

Energy

Transfer

LP

,

Senior

Bond

,

5.75

%

,

2/15/33

.............

United

States

15,000,000

15,373,005

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375

%

,

9/01/28

......

United

States

10,000,000

10,502,120

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

8/15/32

...........................

United

States

10,000,000

9,714,923

Senior

Bond

,

5.65

%

,

3/15/33

...........................

United

States

20,000,000

20,770,485

90,544,988

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

24,632,941

b

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

10,500,000

10,524,063

35,157,004

Personal

Care

Products

0.6%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.........

United

States

25,000,000

23,029,556

Pharmaceuticals

0.9%

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

.............

United

States

20,000,000

16,300,912

Viatris,

Inc.

,

Senior

Note

,

2.7

%

,

6/22/30

.....................

United

States

20,000,000

17,074,092

33,375,004

Semiconductors

&

Semiconductor

Equipment

1.7%

Broadcom,

Inc.

,

Senior

Bond

,

4.3

%

,

11/15/32

...........................

United

States

20,000,000

18,995,714

b

Senior

Bond

,

144A,

3.469

%

,

4/15/34

.....................

United

States

20,000,000

17,382,632

Microchip

Technology,

Inc.

,

Senior

Note

,

4.25

%

,

9/01/25

........

United

States

5,000,000

4,933,764

Micron

Technology,

Inc.

,

Senior

Bond

,

4.663

%

,

2/15/30

..........................

United

States

15,000,000

14,747,860

Senior

Bond

,

5.875

%

,

2/09/33

..........................

United

States

5,000,000

5,224,155

61,284,125

Software

1.2%

Oracle

Corp.

,

Senior

Bond

,

6.25

%

,

11/09/32

..........................

United

States

10,000,000

10,790,118

Senior

Bond

,

3.9

%

,

5/15/35

............................

United

States

20,000,000

17,735,596

Workday,

Inc.

,

Senior

Note

,

3.5

%

,

4/01/27

...................

United

States

15,000,000

14,531,136

43,056,850

Specialized

REITs

1.0%

American

Tower

Corp.

,

Senior

Bond

,

3.8

%

,

8/15/29

............................

United

States

15,000,000

14,164,412

Senior

Bond

,

5.9

%

,

11/15/33

...........................

United

States

10,000,000

10,559,150

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1

%

,

5/01/33

...............

United

States

10,000,000

9,886,462

34,610,024

Specialty

Retail

0.8%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5

%

,

4/15/33

.................

United

States

30,000,000

30,420,170

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

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)

Technology

Hardware,

Storage

&

Peripherals

0.9%

Apple,

Inc.

,

Senior

Bond

,

3.35

%

,

8/08/32

....................

United

States

10,000,000

$

9,309,750

HP,

Inc.

,

Senior

Bond

,

5.5

%

,

1/15/33

............................

United

States

15,000,000

15,329,792

Senior

Note

,

2.65

%

,

6/17/31

...........................

United

States

10,000,000

8,482,783

33,122,325

Tobacco

1.8%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

...............

United

States

15,000,000

12,274,109

BAT

Capital

Corp.

,

Senior

Bond

,

4.742

%

,

3/16/32

..........................

United

Kingdom

15,000,000

14,370,656

Senior

Bond

,

7.75

%

,

10/19/32

..........................

United

Kingdom

25,000,000

28,403,946

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

....

United

States

10,000,000

10,168,885

65,217,596

Trading

Companies

&

Distributors

0.6%

b

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

..........................................

United

States

22,500,000

22,831,886

Wireless

Telecommunication

Services

0.9%

Sprint

LLC

,

Senior

Note

,

7.625

%

,

2/15/25

...................

United

States

10,000,000

10,178,237

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

2,343,750

2,326,494

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3.5

%

,

4/15/31

..............

United

States

20,000,000

18,232,606

30,737,337

Total

Corporate

Bonds

(Cost

$

1,896,297,381

)

...................................

1,995,691,283

U.S.

Government

and

Agency

Securities

5.2%

U.S.

Treasury

Bonds

,

4.125

%,

8/15/53

.....................

United

States

87,500,000

86,064,453

U.S.

Treasury

Notes

,

4.125

%,

8/31/30

.....................................

United

States

40,000,000

40,462,500

3.875

%,

8/15/33

.....................................

United

States

60,000,000

59,653,125

Total

U.S.

Government

and

Agency

Securities

(Cost

$

180,061,488

)

................

186,180,078

Asset-Backed

Securities

0.4%

Passenger

Airlines

0.4%

United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875

%

,

10/15/27

...........................

United

States

5,989,708

6,048,678

2020-1

,

B

,

4.875

%

,

7/15/27

............................

United

States

6,672,000

6,521,755

12,570,433

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

12,661,708

)

...............................

12,570,433

Mortgage-Backed

Securities

0.0%

†

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

30

Year

,

4

%,

8/01/49

.............................

United

States

1,002,430

962,720

Total

Mortgage-Backed

Securities

(Cost

$

1,061,949

)

.............................

962,720

Total

Long

Term

Investments

(Cost

$

3,186,278,961

)

.............................

3,495,572,199

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

At

January

31,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

271

.

Short

Term

Investments

0.9%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.9%

a,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

....

United

States

31,528,454

$

31,528,454

Total

Money

Market

Funds

(Cost

$

31,528,454

)

..................................

31,528,454

Total

Short

Term

Investments

(Cost

$

31,528,454

)

................................

31,528,454

a

Total

Investments

(Cost

$

3,217,807,415

)

98.9

%

..................................

$3,527,100,653

Other

Assets,

less

Liabilities

1.1

%

.............................................

41,196,158

Net

Assets

100.0%

...........................................................

$3,568,296,811

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

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$763,765,644,

representing

21.4%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2024.

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

Notes

....................

Long

1,000

$

112,328,125

3/19/24

$

3,271,707

U.S.

Treasury

Long

Bonds

.....................

Long

375

45,878,906

3/19/24

667,294

U.S.

Treasury

Ultra

Bonds

......................

Long

750

96,914,062

3/19/24

6,469,850

Total

Futures

Contracts

......................................................................

$10,408,851

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.5%

Broadline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

.........................

South

Africa

28,762,824

$

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

.........................

South

Africa

2,862,311

—

—

Energy

Equipment

&

Services

0.0%

†

b

Valaris

Ltd.

..........................................

United

States

2,435

150,653

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

13,078

2,387

Machinery

0.0%

†

b

UTEX

Industries,

Inc.

..................................

United

States

4,843

305,915

Oil,

Gas

&

Consumable

Fuels

0.5%

Quarternorth

Energy

Holding,

Inc.

.........................

United

States

106,976

17,985,340

Total

Common

Stocks

(Cost

$11,554,938)

......................................

18,444,295

Management

Investment

Companies

9.2%

Capital

Markets

9.2%

d

Franklin

Investment

Grade

Corporate

ETF

...................

United

States

13,840,000

298,805,600

Total

Management

Investment

Companies

(Cost

$350,441,100)

...................

298,805,600

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII,

11.949%

...........................

United

States

93,000

2,699,790

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

30,975

465

Total

Preferred

Stocks

(Cost

$2,325,465)

.......................................

2,700,255

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.,

2/20/49

............................

United

States

415

301

Total

Warrants

(Cost

$366)

...................................................

301

Principal

Amount

*

Corporate

Bonds

27.1%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

Senior

Note

,

5.15

%

,

5/01/30

...............

United

States

13,500,000

13,537,571

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.09

%

,

9/15/52

..........

United

States

5,000,000

4,332,862

Northrop

Grumman

Corp.

,

Senior

Bond,

4.03%,

10/15/47

..........................

United

States

3,000,000

2,541,343

Senior

Bond,

5.25%,

5/01/50

...........................

United

States

3,500,000

3,550,685

23,962,461

Air

Freight

&

Logistics

0.1%

e

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

3,300,000

3,215,633

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

6.0%

e,f

ABN

AMRO

Bank

NV

,

Senior

Note

,

144A,

FRN

,

6.339

%

,

(

1-year

CMT

T-Note

+

1.65

%

),

9/18/27

..........................

Netherlands

2,500,000

$

2,557,454

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

...........

Spain

3,600,000

2,974,077

Bank

of

America

Corp.

,

Senior

Bond,

2.592%

to

4/28/30,

FRN

thereafter,

4/29/31

.....

United

States

6,700,000

5,805,448

Senior

Bond,

1.922%

to

10/23/30,

FRN

thereafter,

10/24/31

...

United

States

5,300,000

4,339,979

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

.....

United

States

10,000,000

10,187,387

e

BNP

Paribas

SA

,

Senior

Note

,

144A,

2.819%

to

11/18/24,

FRN

thereafter

,

11/19/25

..................................

France

3,200,000

3,131,434

e

BPCE

SA

,

Senior

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

..........................................

France

9,500,000

8,680,286

Citigroup,

Inc.

,

Senior

Bond,

2.572%

to

6/02/30,

FRN

thereafter,

6/03/31

.....

United

States

8,000,000

6,895,408

Senior

Bond,

3.057%

to

1/24/32,

FRN

thereafter,

1/25/33

.....

United

States

8,600,000

7,369,731

HSBC

Holdings

plc

,

Senior

Note,

0.976%

to

5/23/24,

FRN

thereafter,

5/24/25

......

United

Kingdom

10,500,000

10,340,341

Senior

Note,

1.589%

to

5/23/26,

FRN

thereafter,

5/24/27

......

United

Kingdom

11,200,000

10,307,043

JPMorgan

Chase

&

Co.

,

Senior

Bond,

4.493%

to

3/23/30,

FRN

thereafter,

3/24/31

.....

United

States

17,100,000

16,705,941

Senior

Bond,

2.58%

to

4/21/31,

FRN

thereafter,

4/22/32

......

United

States

1,700,000

1,441,039

Senior

Bond,

5.336%

to

1/22/34,

FRN

thereafter,

1/23/35

.....

United

States

2,800,000

2,846,617

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

..................

United

States

6,200,000

6,065,325

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.063%

to

9/11/24,

FRN

thereafter

,

9/12/25

.........................

Japan

11,100,000

11,069,099

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

...................................

Japan

6,000,000

6,165,420

e

Nordea

Bank

Abp

,

Senior

Note

,

144A,

4.75

%

,

9/22/25

..........

Finland

5,200,000

5,187,631

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

........................

United

States

3,800,000

3,834,849

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

...............................

United

Kingdom

6,500,000

5,942,781

e

Societe

Generale

SA

,

Senior

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

...................................

France

10,800,000

9,876,641

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693

%

,

9/15/27

.....

Canada

12,000,000

11,984,281

Truist

Financial

Corp.

,

Senior

Note,

7.161%

to

10/29/28,

FRN

thereafter,

10/30/29

....

United

States

4,950,000

5,347,294

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

......

United

States

4,400,000

4,439,053

US

Bancorp

,

Senior

Note

,

5.727%

to

10/20/25,

FRN

thereafter

,

10/21/26

..........................................

United

States

4,300,000

4,344,583

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

......

United

States

9,000,000

7,902,796

Senior

Bond,

5.499%

to

1/22/34,

FRN

thereafter,

1/23/35

.....

United

States

10,000,000

10,202,663

Senior

Note,

4.54%

to

8/14/25,

FRN

thereafter,

8/15/26

.......

United

States

4,000,000

3,961,112

Senior

Note,

5.198%

to

1/22/29,

FRN

thereafter,

1/23/30

......

United

States

5,200,000

5,242,037

195,147,750

Beverages

0.2%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond,

4.7%,

2/01/36

............................

Belgium

1,800,000

1,779,882

Senior

Bond,

4.9%,

2/01/46

............................

Belgium

3,400,000

3,307,996

5,087,878

Biotechnology

0.7%

AbbVie,

Inc.

,

Senior

Bond,

4.05%,

11/21/39

..........................

United

States

5,000,000

4,526,097

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)

Biotechnology

(continued)

AbbVie,

Inc.,

(continued)

Senior

Bond,

4.7%,

5/14/45

............................

United

States

3,200,000

$

3,035,770

Senior

Note,

3.2%,

11/21/29

...........................

United

States

3,000,000

2,797,629

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

...................

United

States

7,800,000

7,960,071

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

...................

United

States

6,900,000

5,883,703

24,203,270

Broadline

Retail

0.0%

a,e,g,h

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

2,492,650

—

a,e,g,h

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

1,098,025

—

—

Capital

Markets

1.6%

Deutsche

Bank

AG

,

Senior

Note

,

5.371

%

,

9/09/27

.............

Germany

9,500,000

9,649,084

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/20/31,

FRN

thereafter,

10/21/32

....

United

States

15,000,000

12,552,617

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

....

United

States

9,700,000

8,923,380

Morgan

Stanley

,

Senior

Bond,

1.928%

to

4/27/31,

FRN

thereafter,

4/28/32

.....

United

States

15,200,000

12,269,710

Senior

Bond,

5.466%

to

1/17/34,

FRN

thereafter,

1/18/35

.....

United

States

2,150,000

2,194,917

UBS

Group

AG

,

Senior

Note,

4.55%,

4/17/26

...........................

Switzerland

3,400,000

3,364,436

e

Senior

Note,

144A,

2.193%

to

6/04/25,

FRN

thereafter,

6/05/26

.

Switzerland

1,000,000

956,597

e

Senior

Note,

144A,

6.373%

to

7/14/25,

FRN

thereafter,

7/15/26

.

Switzerland

2,300,000

2,326,818

52,237,559

Chemicals

0.4%

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

9,300,000

6,071,891

e

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

..

United

States

6,500,000

6,442,865

12,514,756

Commercial

Services

&

Supplies

0.0%

†

e

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

6/01/25

...........................................

Canada

74,246

73,013

Communications

Equipment

0.2%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.75

%

,

5/24/31

..........

United

States

8,800,000

7,501,607

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.................................

Ireland

14,600,000

12,341,145

Consumer

Staples

Distribution

&

Retail

0.4%

Dollar

Tree,

Inc.

,

Senior

Bond

,

4.2

%

,

5/15/28

.................

United

States

8,000,000

7,818,233

Sysco

Corp.

,

Senior

Bond

,

6

%

,

1/17/34

.....................

United

States

2,300,000

2,479,398

Target

Corp.

,

Senior

Bond

,

2.95

%

,

1/15/52

..................

United

States

1,600,000

1,119,353

11,416,984

Containers

&

Packaging

0.2%

e

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

2,300,000

2,146,624

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)

Containers

&

Packaging

(continued)

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

....................

United

States

4,700,000

$

4,033,728

6,180,352

Diversified

Consumer

Services

0.0%

†

e

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

United

States

118,793

55,917

Diversified

REITs

0.1%

Simon

Property

Group

LP

,

Senior

Bond

,

3.25

%

,

9/13/49

........

United

States

2,400,000

1,742,073

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.5

%

,

9/01/26

...........................................

United

States

2,000,000

1,946,273

3,688,346

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

,

Senior

Bond

,

2.55

%

,

12/01/33

...................

United

States

21,000,000

17,044,406

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

....

United

States

9,000,000

7,477,002

24,521,408

Electric

Utilities

1.5%

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45

%

,

1/15/38

.......

United

States

700,000

773,598

Duke

Energy

Corp.

,

Senior

Bond,

2.45%,

6/01/30

...........................

United

States

2,900,000

2,528,366

Senior

Bond,

3.75%,

9/01/46

...........................

United

States

2,000,000

1,544,597

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4

%

,

6/15/38

.........

United

States

1,300,000

1,450,597

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25

%

,

4/01/33

..........

United

States

1,300,000

1,325,216

e

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8

%

,

9/15/37

.

Italy

3,000,000

3,299,162

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

..................

United

States

8,400,000

8,017,136

Georgia

Power

Co.

,

Senior

Bond

,

4.3

%

,

3/15/42

..............

United

States

9,000,000

7,978,608

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

6.051

%

,

3/01/25

United

States

3,700,000

3,732,285

Southern

Co.

(The)

,

Senior

Bond,

4.4%,

7/01/46

............................

United

States

2,000,000

1,758,707

A,

Senior

Bond,

3.7%,

4/30/30

.........................

United

States

10,500,000

9,882,650

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35

%

,

11/30/37

...

United

States

520,000

573,801

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.45

%

,

8/15/33

...............

United

States

5,500,000

5,633,178

48,497,901

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15

%

,

3/15/33

...................

United

States

2,400,000

2,316,412

Electronic

Equipment,

Instruments

&

Components

0.2%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

....................

United

States

7,500,000

7,347,090

Entertainment

0.2%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

...........................................

France

89,095

92,182

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.5

%

,

5/13/40

............

United

States

9,000,000

7,474,501

7,566,683

Financial

Services

0.6%

e

Corebridge

Financial,

Inc.

,

Senior

Bond

,

144A,

6.05

%

,

9/15/33

...

United

States

6,000,000

6,288,120

Fiserv,

Inc.

,

Senior

Bond,

3.5%,

7/01/29

............................

United

States

1,200,000

1,126,069

Senior

Bond,

2.65%,

6/01/30

...........................

United

States

9,100,000

8,006,724

e

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

3,200,000

3,226,957

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)

Financial

Services

(continued)

Shell

International

Finance

BV

,

Senior

Bond

,

4.55

%

,

8/12/43

.....

Netherlands

1,700,000

$

1,597,774

20,245,644

Food

Products

0.5%

General

Mills,

Inc.

,

Senior

Note

,

5.241

%

,

11/18/25

.............

United

States

1,900,000

1,900,129

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note,

2.5%,

1/15/27

............................

United

States

6,200,000

5,732,458

Senior

Note,

3%,

2/02/29

.............................

United

States

2,000,000

1,770,039

Senior

Note,

3.625%,

1/15/32

..........................

United

States

2,500,000

2,129,770

Kraft

Heinz

Foods

Co.

,

Senior

Note

,

3.75

%

,

4/01/30

...........

United

States

4,000,000

3,800,365

15,332,761

Ground

Transportation

0.4%

e

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.8

%

,

4/15/34

........

United

Kingdom

900,000

905,398

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

4.9

%

,

4/01/44

...

United

States

1,600,000

1,564,223

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

....................

United

States

6,000,000

5,471,536

Union

Pacific

Corp.

,

Senior

Bond

,

3.2

%

,

5/20/41

..............

United

States

5,000,000

3,968,678

11,909,835

Health

Care

Equipment

&

Supplies

0.4%

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65

%

,

6/01/30

..........

United

States

6,000,000

5,351,168

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.6

%

,

11/15/25

..

United

States

5,700,000

5,754,542

STERIS

Irish

FinCo.

UnLtd.

Co.

,

Senior

Note

,

2.7

%

,

3/15/31

.....

United

States

2,400,000

2,078,615

13,184,325

Health

Care

Providers

&

Services

1.5%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

..................

United

States

2,500,000

2,164,675

CVS

Health

Corp.

,

Senior

Bond,

5.3%,

6/01/33

............................

United

States

5,000,000

5,068,290

Senior

Bond,

4.78%,

3/25/38

...........................

United

States

3,200,000

3,003,738

Senior

Bond,

2.7%,

8/21/40

............................

United

States

2,000,000

1,409,723

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,900,000

1,682,552

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

...........

United

States

3,100,000

2,868,994

HCA,

Inc.

,

WI

,

Senior

Note

,

3.625

%

,

3/15/32

.................

United

States

9,000,000

8,026,969

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266

%

,

11/01/49

United

States

11,270,000

8,449,847

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

8,875,000

8,386,182

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.05

%

,

5/15/41

.........

United

States

8,000,000

6,226,433

47,287,403

Health

Care

REITs

0.0%

†

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5

%

,

3/15/31

......................................

United

States

1,400,000

859,129

Health

Care

Technology

0.1%

e

IQVIA,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

2/01/29

........

United

States

4,300,000

4,480,454

Hotels,

Restaurants

&

Leisure

0.2%

e

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

United

States

6,500,000

5,946,901

Starbucks

Corp.

,

Senior

Bond

,

2.55

%

,

11/15/30

...............

United

States

2,500,000

2,193,909

8,140,810

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)

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

United

States

2,450,000

$

2,616,526

Insurance

1.5%

e

AIA

Group

Ltd.

,

Senior

Bond

,

144A,

4.95

%

,

4/04/33

...........

Hong

Kong

3,900,000

3,941,167

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

.......................

United

States

6,500,000

6,573,808

e

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

..

United

States

3,400,000

3,530,527

e

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85

%

,

5/15/30

.

United

States

3,000,000

2,641,748

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9

%

,

3/15/49

......

United

States

5,000,000

4,792,995

e

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

5.05%,

1/06/28

.....................

United

States

10,300,000

10,427,463

Secured

Note,

144A,

4.3%,

8/25/29

......................

United

States

3,700,000

3,591,974

Progressive

Corp.

(The)

,

Senior

Bond

,

3.7

%

,

3/15/52

..........

United

States

6,000,000

4,822,106

e

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5

%

,

1/11/31

.......

United

States

6,900,000

6,925,865

47,247,653

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Bond

,

4.95

%

,

5/15/33

............

United

States

10,100,000

10,338,977

e

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

2.39

%

,

6/03/30

.......

China

10,000,000

8,590,923

18,929,900

Life

Sciences

Tools

&

Services

0.0%

†

Revvity,

Inc.

,

Senior

Bond

,

2.25

%

,

9/15/31

..................

United

States

1,800,000

1,491,427

Media

1.0%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

.......

United

States

12,500,000

10,333,204

Comcast

Corp.

,

Senior

Bond,

1.5%,

2/15/31

............................

United

States

4,000,000

3,257,828

Senior

Bond,

4.8%,

5/15/33

............................

United

States

8,200,000

8,228,490

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

...................

United

States

4,800,000

4,704,023

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55

%

,

5/01/37

..

United

States

5,700,000

5,692,562

32,216,107

Multi-Utilities

0.4%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125

%

,

4/01/36

..

United

States

2,700,000

2,932,912

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375

%

,

4/01/30

........

United

States

4,351,000

3,981,673

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

...............

United

States

6,700,000

6,729,263

13,643,848

Oil,

Gas

&

Consumable

Fuels

2.2%

e

Aker

BP

ASA

,

Senior

Bond

,

144A,

4

%

,

1/15/31

...............

Norway

5,400,000

4,947,675

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4

%

,

2/15/31

...........

United

States

6,275,000

5,623,835

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.812

%

,

2/13/33

..

United

States

6,000,000

5,997,253

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

1,600,000

1,604,700

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

1,700,000

1,645,888

e

CITGO

Petroleum

Corp.

,

Senior

Secured

Note,

144A,

6.375%,

6/15/26

..............

United

States

3,000,000

2,997,098

Senior

Secured

Note,

144A,

8.375%,

1/15/29

..............

United

States

6,600,000

6,862,526

ConocoPhillips

Co.

,

Senior

Bond

,

5.05

%

,

9/15/33

.............

United

States

2,500,000

2,544,183

Energy

Transfer

LP

,

Senior

Bond,

4.75%,

1/15/26

...........................

United

States

4,500,000

4,474,489

Senior

Bond,

5.55%,

5/15/34

...........................

United

States

3,000,000

3,019,555

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Energy

Transfer

LP,

(continued)

Senior

Note,

3.9%,

5/15/24

............................

United

States

3,600,000

$

3,581,682

Senior

Note,

6.4%,

12/01/30

...........................

United

States

4,000,000

4,263,393

e

Senior

Note,

144A,

6%,

2/01/29

........................

United

States

2,000,000

2,011,390

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125

%

,

7/31/29

United

States

2,000,000

1,860,634

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

.............

United

States

2,000,000

1,543,830

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

6

%

,

4/15/30

...........................................

United

States

2,300,000

2,235,117

MPLX

LP

,

Senior

Note

,

4.875

%

,

6/01/25

....................

United

States

4,500,000

4,480,248

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25

%

,

5/15/28

......

Canada

3,400,000

3,320,278

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

3.25

%

,

5/15/30

...........................................

United

States

4,500,000

4,107,722

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

2,000,000

1,770,292

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

500,000

447,317

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/15/30

.........

United

States

3,200,000

2,937,131

72,276,236

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

DM3N

,

Senior

Bond

,

3.125

%

,

1/15/32

....

Brazil

2,300,000

1,899,035

Passenger

Airlines

0.3%

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

............................

United

States

1,600,000

1,572,864

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

7,232,750

7,149,386

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

118,793

114,701

8,836,951

Personal

Care

Products

0.4%

Estee

Lauder

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

5/15/33

.....

United

States

10,700,000

10,667,561

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.........

United

States

2,500,000

2,302,956

12,970,517

Pharmaceuticals

1.1%

e

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.375

%

,

11/21/30

....

Germany

10,000,000

10,211,359

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

2.55

%

,

11/13/50

........

United

States

9,700,000

6,057,609

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

United

States

4,100,000

4,096,442

Pfizer,

Inc.

,

Senior

Bond

,

2.55

%

,

5/28/40

....................

United

States

5,500,000

3,989,616

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

.............

United

States

11,800,000

9,617,538

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

.....................................

Israel

2,000,000

1,929,615

35,902,179

Software

0.2%

e

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

............

United

States

6,500,000

5,897,433

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

Senior

Bond

,

2.65

%

,

5/11/50

....................

United

States

3,000,000

2,028,652

Textiles,

Apparel

&

Luxury

Goods

0.3%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

............

United

States

900,000

908,573

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

Corporate

Bonds

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Tapestry,

Inc.

,

Senior

Note

,

7.05

%

,

11/27/25

.................

United

States

10,000,000

$

10,234,239

11,142,812

Tobacco

0.8%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4

%

,

5/06/30

................

United

States

15,000,000

13,689,522

e

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

7/21/25

.

United

Kingdom

4,000,000

3,936,357

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375

%

,

2/15/33

....

United

States

8,800,000

8,986,373

26,612,252

Trading

Companies

&

Distributors

0.2%

e

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

6,500,000

6,603,675

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

Senior

Note

,

3.875

%

,

4/15/30

.............

United

States

12,000,000

11,351,500

Total

Corporate

Bonds

(Cost

$919,955,414)

.....................................

880,983,229

Senior

Floating

Rate

Interests

0.7%

Aerospace

&

Defense

0.0%

†

g,i,j

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

PIK,

14

%

,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

......................................

United

Kingdom

1,241,251

1,062,045

Air

Freight

&

Logistics

0.0%

†

i,j

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.598

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

..............................

United

States

365,388

364,732

j

Automobile

Components

0.0%

†

i

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

CME

Term

Loan

,

9.36

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

......................

United

States

102,203

101,852

i

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan,

10.574%,

(3-month

SOFR

+

5%),

3/30/27

...........................................

United

States

356,617

356,767

Second

Lien,

2021

CME

Term

Loan,

14.074%,

(3-month

SOFR

+

8.5%),

3/30/28

......................................

United

States

296,984

291,044

i

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.933

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

...........

United

States

126,984

127,223

i

Tenneco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.469

%

,

(

3-month

SOFR

+

5

%

),

11/17/28

................................

United

States

118,793

107,938

i

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

..........

United

States

84,969

85,181

1,070,005

a

a

a

a

a

a

Automobiles

0.0%

†

i,j

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

................

United

States

217,011

212,557

j

Beverages

0.0%

†

i

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

CME

Term

Loan

,

9.078

%

,

(

3-month

SOFR

+

3.5

%

),

4/05/28

.................

United

States

383,677

293,352

i

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.86

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

.......................

United

States

155,546

153,213

446,565

a

a

a

a

a

a

j

Building

Products

0.0%

†

i

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

5/13/29

...........................................

United

States

206,073

206,759

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)

j

Building

Products

(continued)

i

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

CME

Term

Loan

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

3/19/29

...........

United

States

118,095

$

118,231

i

Summit

Materials

LLC

,

Incremental

Covenant-Lite

CME

Term

Loan,

B

,

7.826

%

,

(

3-month

SOFR

+

2.5

%

),

11/30/28

..............

United

States

53,671

53,889

378,879

a

a

a

a

a

a

j

Capital

Markets

0.0%

†

i

Citadel

Securities

LP

,

CME

Term

Loan

,

7.97

%

,

(

1-month

SOFR

+

2.5

%

),

7/29/30

......................................

United

States

118,107

118,078

i

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

CME

Term

Loan

,

8.97

%

,

(

1-month

SOFR

+

3.5

%

),

4/07/28

.....

United

States

71,644

71,281

i

Jane

Street

Group

LLC

,

Dollar

CME

Term

Loan

,

8.22

%

,

(

1-month

SOFR

+

2.75

%

),

1/26/28

..............................

United

States

117,809

117,490

i

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B,

9.105%,

(1-month

SOFR

+

3.75%),

7/31/28

.....................................

United

Kingdom

119,589

119,083

2023

Incremental

Delayed

Draw

CME

Term

Loan,

9.606%,

(1-month

SOFR

+

4.25%),

7/31/28

.......................

United

Kingdom

47,140

47,184

473,116

a

a

a

a

a

a

j

Chemicals

0.1%

i

Cyanco

Intermediate

2

Corp.

,

Initial

CME

Term

Loan

,

10.087

%

,

(

1-month

SOFR

+

4.75

%

),

7/10/28

.......................

United

States

254,461

254,673

i

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

10.022%,

(3-month

SOFR

+

4.5%),

3/15/29

......................................

United

States

210,931

202,470

Second

Lien,

Initial

CME

Term

Loan,

12.87%,

(1-month

SOFR

+

7.438%),

3/15/30

....................................

United

States

196,838

169,182

i

Indicor

LLC

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

11/22/29

................................

United

States

101,156

101,337

i

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

CME

Term

Loan,

B

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

................

United

Kingdom

116,577

116,606

i

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

9.206

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

......................

Luxembourg

233,059

231,719

i

LSF11

A5

Holdco

LLC

,

Fourth

Amendment

Incremental

CME

Term

Loan,

B

,

9.683

%

,

(

1-month

SOFR

+

4.25

%

),

10/15/28

........

United

States

182,928

183,158

i

Nouryon

Finance

BV

,

2023

CME

Term

Loan

,

9.448

%

,

(

1-month

SOFR

+

4

%

),

4/03/28

.................................

Netherlands

144,286

144,304

i

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.723

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

.....................................

United

States

305,050

291,686

i

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

3/16/27

...............

United

States

117,701

117,561

1,812,696

a

a

a

a

a

a

j

Commercial

Services

&

Supplies

0.1%

i

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

................

United

States

185,369

183,381

i

APX

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.701

%

,

(

1-month

SOFR

+

3.25%;

3-month

SOFR

+

2.25%

),

7/10/28

..................

United

States

148,956

149,049

i

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

................................

United

States

241,939

241,658

i

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

.........................

United

States

630,849

621,781

i

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan,

B1

,

7.827

%

,

(

3-month

SOFR

+

2.5

%

),

10/13/30

United

States

101,826

102,023

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)

j

Commercial

Services

&

Supplies

(continued)

i

Spin

Holdco,

Inc.

,

Initial

CME

Term

Loan

,

9.625

%

,

(

3-month

SOFR

+

4

%

),

3/04/28

.......................................

United

States

303,628

$

271,937

1,569,829

a

a

a

a

a

a

Communications

Equipment

0.0%

†

i,j

CommScope,

Inc.

,

Initial

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

...................................

United

States

127,915

112,156

Construction

&

Engineering

0.0%

†

i,j

USIC

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.11

%

,

(

3-month

SOFR

+

3.5

%

),

5/12/28

........................

United

States

157,183

156,074

Consumer

Finance

0.0%

†

i,j

Nuvei

Technologies

Corp.

,

Initial

CME

Term

Loan

,

8.414

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

12/19/30

..........

Canada

78,706

78,737

Consumer

Staples

Distribution

&

Retail

0.0%

†

k

Shearer's

Foods

LLC

,

CME

Term

Loan,

B

,

TBD,

10/05/28

.......

United

States

145,033

143,582

j

Containers

&

Packaging

0.0%

†

i

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

CME

Term

Loan

,

9.22

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

...........

United

States

116,970

116,556

i

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.476

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

.............................

Luxembourg

407,600

393,130

i

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

..............................

United

States

81,767

81,906

591,592

a

a

a

a

a

a

Diversified

Consumer

Services

0.0%

†

i,j

WW

International,

Inc.

,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

...............................

United

States

178,190

105,578

j

Diversified

Telecommunication

Services

0.0%

†

i

Altice

France

SA

,

USD

CME

Term

Loan,

B14

,

10.814

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

...............................

France

73,205

66,723

i

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan

,

9.683

%

,

(

1-month

SOFR

+

4.25

%

),

11/29/25

.............................

United

States

247,415

239,348

306,071

a

a

a

a

a

a

Entertainment

0.0%

†

k

Banijay

Entertainment

SASU

,

USD

Additional

CME

Term

Loan,

B2

,

TBD,

4/25/28

.......................................

France

154,321

154,321

i,j

Playtika

Holding

Corp.

,

CME

Term

Loan,

B1

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

..............................

United

States

121,681

121,497

275,818

a

a

a

a

a

a

j

Financial

Services

0.0%

†

i

Mercury

Borrower,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

12.092

%

,

(

3-month

SOFR

+

6.5

%

),

8/02/29

................

United

States

74,246

72,065

i

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

.............................

United

States

123,599

120,576

i

Verscend

Holding

Corp.

,

CME

Term

Loan,

B1

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

8/27/25

.................................

United

States

158,545

158,913

351,554

a

a

a

a

a

a

Ground

Transportation

0.0%

†

i,j

Avis

Budget

Car

Rental

LLC

,

New

CME

Term

Loan,

C

,

8.433

%

,

(

1-month

SOFR

+

3

%

),

3/16/29

.........................

United

States

115,845

116,135

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)

j

Health

Care

Equipment

&

Supplies

0.0%

†

i

Medline

Borrower

LP

,

Initial

Dollar

CME

Term

Loan

,

8.451

%

,

(

1-month

SOFR

+

3

%

),

10/23/28

........................

United

States

111,015

$

110,951

i

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

CME

Term

Loan

,

10.748

%

,

(

3-month

SOFR

+

5.25

%

),

12/15/27

....................................

United

States

110,263

110,033

220,984

a

a

a

a

a

a

j

Health

Care

Providers

&

Services

0.1%

i

ADMI

Corp.

,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.822

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

..............

United

States

291,977

278,327

i

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.586

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

.......................

United

States

181,783

182,268

i

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.826

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.......................

United

States

77,589

77,557

i

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

11/01/28

...............

United

States

188,014

170,271

i

MPH

Acquisition

Holdings

LLC

,

Initial

CME

Term

Loan

,

9.9

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

.......................

United

States

164,749

157,953

i

National

Mentor

Holdings,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

12.698

%

,

(

3-month

SOFR

+

7.25

%

),

3/02/29

...............

United

States

296,984

226,302

i

Pacific

Dental

Services

LLC

,

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

...............................

United

States

117,963

118,202

i

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.179

%

,

(

6-month

SOFR

+

4.25

%

),

7/09/25

.......................

United

States

307,498

274,058

i

Star

Parent,

Inc.

,

CME

Term

Loan

,

9.348

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

...........................................

United

States

74,246

72,622

i

Surgery

Center

Holdings,

Inc.

,

Initial

CME

Term

Loan

,

8.835

%

,

(

1-month

SOFR

+

3.5

%

),

12/19/30

.......................

United

States

16,922

16,975

i

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.717

%

,

(

1-month

SOFR

+

4.25

%

),

10/01/28

...............

United

States

286,364

271,224

i

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.47

%

,

(

1-month

SOFR

+

4

%

),

10/22/26

........................

United

States

103,197

103,391

1,949,150

a

a

a

a

a

a

j

Hotels,

Restaurants

&

Leisure

0.0%

†

g,i

24

Hour

Fitness

Worldwide,

Inc.

,

CME

Term

Loan

,

PIK,

10.61

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

........................

United

States

662,513

295,002

i

Bally's

Corp.

,

CME

Term

Loan,

B

,

8.829

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

....................................

United

States

496,621

465,366

i

Dave

&

Buster's,

Inc.

,

2023

CME

Term

Loan,

B

,

9.188

%

,

(

1-month

SOFR

+

3.75

%

),

6/29/29

..............................

United

States

120,485

120,586

i

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

CME

Term

Loan

,

8.197

%

,

(

1-month

SOFR

+

2.75

%

),

8/02/28

................

United

States

105,726

105,708

i

Ontario

Gaming

GTA

LP

,

CME

Term

Loan,

B

,

9.598

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

..............................

Canada

58,532

58,678

i

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.633

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

........................

United

States

157,588

157,966

i

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.58

%

,

(

3-month

SOFR

+

3.25

%

),

4/04/29

............

United

States

81,556

81,013

1,284,319

a

a

a

a

a

a

Household

Durables

0.0%

†

i,j

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.88

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

...............................

Netherlands

58,724

57,875

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)

j

Insurance

0.1%

i

Acrisure

LLC

,

First

Lien,

2021-1

Additional

Term

Loan,

9.4%,

(3-month

USD

LIBOR

+

3.75%),

2/15/27

..............................

United

States

120,234

$

120,384

First

Lien,

2021-2

Additional

Term

Loan,

9.9%,

(3-month

USD

LIBOR

+

4.25%),

2/15/27

..............................

United

States

82,098

82,252

i

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

8.833%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

159,230

158,898

2021

CME

Term

Loan,

8.947%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

102,422

102,204

2023

CME

Term

Loan,

9.083%,

(1-month

SOFR

+

3.75%),

2/12/27

United

States

100,332

100,343

i

Asurion

LLC

,

New

CME

Term

Loan,

B10,

9.433%,

(1-month

SOFR

+

4%),

8/19/28

...........................................

United

States

69,652

68,883

New

CME

Term

Loan,

B11,

9.683%,

(1-month

SOFR

+

4.25%),

8/19/28

...........................................

United

States

25,410

25,163

Second

Lien,

New

CME

Term

Loan,

B4,

10.697%,

(1-month

SOFR

+

5.25%),

1/20/29

...................................

United

States

663,780

631,162

1,289,289

a

a

a

a

a

a

j

IT

Services

0.1%

i

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

10.5%,

(3-month

USD

LIBOR

+

5.152%),

11/01/24

...................................

United

States

807,284

567,549

Second

Lien,

Initial

Term

Loan,

14.26%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

....................................

United

States

1,670,746

487,824

i

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.448

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

........................

United

States

241,343

235,189

i

Peraton

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.183

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

..............................

United

States

63,492

63,501

i

Thrasio

LLC

,

Initial

CME

Term

Loan

,

14.61

%

,

(

3-month

SOFR

+

9

%

),

12/18/26

..........................................

United

States

327,391

152,237

1,506,300

a

a

a

a

a

a

Machinery

0.0%

†

i,j

TK

Elevator

Midco

GmbH

,

USD

CME

Term

Loan,

B1

,

9.081

%

,

(

6-month

SOFR

+

3.5

%

),

7/30/27

........................

Germany

146,193

146,398

j

Media

0.0%

†

i

Cengage

Learning,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.326

%

,

(

3-month

SOFR

+

4.75

%

),

7/14/26

.......................

United

States

167,937

167,919

i

Gray

Television,

Inc.

,

CME

Term

Loan,

D

,

8.467

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................................

United

States

226,061

224,670

i

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2023

May

Incremental

CME

Term

Loan

,

9.583

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

...........................................

United

States

74,060

72,654

i

Radiate

Holdco

LLC

,

Amendment

No.

6

CME

Term

Loan,

B

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

9/25/26

.......................

United

States

117,473

95,584

i

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

CME

Term

Loan

,

8.697

%

,

(

1-month

SOFR

+

3.25

%

),

3/15/26

...........................................

United

States

187,524

187,606

i

Virgin

Media

Bristol

LLC

,

CME

Term

Loan,

Q

,

8.698

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

..............................

United

States

112,358

111,664

860,097

a

a

a

a

a

a

Metals

&

Mining

0.0%

†

i,j

Arsenal

AIC

Parent

LLC

,

CME

Term

Loan,

B

,

9.833

%

,

(

1-month

SOFR

+

4.5

%

),

8/18/30

...............................

United

States

68,516

68,614

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)

Oil,

Gas

&

Consumable

Fuels

0.0%

†

k

Oryx

Midstream

Services

Permian

Basin

LLC

,

2024

Refinancing

CME

Term

Loan

,

TBD,

10/05/28

.........................

United

States

500,000

$

498,750

j

Passenger

Airlines

0.0%

†

i

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

CME

Term

Loan

,

10.329

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

......

United

States

110,924

113,828

i

Air

Canada

,

CME

Term

Loan

,

9.139

%

,

(

3-month

SOFR

+

3.5

%

),

8/11/28

...........................................

Canada

127,714

128,003

i

American

Airlines,

Inc.

,

Initial

CME

Term

Loan

,

8.869

%

,

(

3-month

SOFR

+

3.5

%

),

6/04/29

...............................

United

States

178,190

178,209

i

United

Airlines,

Inc.

,

CME

Term

Loan,

B

,

9.201

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/28

.....................................

United

States

122,347

122,739

542,779

a

a

a

a

a

a

j

Pharmaceuticals

0.0%

†

i

Grifols

Worldwide

Operations

Ltd.

,

Dollar

CME

Term

Loan,

B

,

7.538

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

..................

Spain

88,863

86,745

i

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

CME

Term

Loan

,

8.97

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

........................

United

States

181,881

181,995

i

Organon

&

Co.

,

Dollar

CME

Term

Loan

,

8.45

%

,

(

1-month

SOFR

+

3

%

),

6/02/28

.......................................

United

States

116,411

116,430

385,170

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.0%

†

i,j

MKS

Instruments,

Inc.

,

2023-1

Dollar

CME

Term

Loan,

B

,

7.848

%

,

(

1-month

SOFR

+

2.5

%

),

8/17/29

........................

United

States

166,969

166,326

j

Software

0.1%

i

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

CME

Term

Loan

,

9.447

%

,

(

1-month

SOFR

+

4

%

),

12/01/27

........

United

States

172,878

173,257

i

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.277

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

...................................

United

States

166,331

165,967

i

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

CME

Term

Loan,

9.839%,

(3-month

SOFR

+

4.25%),

12/01/27

......................

United

States

318,082

303,967

First

Lien,

First

Amendment

CME

Term

Loan,

9.591%,

(3-month

SOFR

+

4%),

12/01/27

................................

United

States

36,337

34,566

i

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.203

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

.....................................

United

States

185,355

184,057

i

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.574

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

.........................

United

States

234,306

229,034

i

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.713

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

................

United

States

254,322

201,832

i

Rocket

Software,

Inc.

,

Extended

Dollar

CME

Term

Loan

,

10.083

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

......................

United

States

119,165

117,803

1,410,483

a

a

a

a

a

a

j

Specialty

Retail

0.1%

i

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

10.86

%

,

(

3-month

SOFR

+

5.25

%

),

4/26/28

..............................

United

States

93,370

93,849

i

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.437

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

........................

United

States

869,079

695,263

i

Great

Outdoors

Group

LLC

,

CME

Term

Loan,

B2

,

9.197

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............................

United

States

129,719

129,608

i

Michaels

Cos.,

Inc.

(The)

,

CME

Term

Loan,

B

,

9.86

%

,

(

3-month

SOFR

+

4.25

%

),

4/15/28

..............................

United

States

170,989

141,066

i

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.843

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

......................

United

States

66,246

64,507

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)

j

Specialty

Retail

(continued)

i

RealTruck

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.947

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

...............................

United

States

181,217

$

178,713

i

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.683

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

...............

United

States

248,173

240,480

i

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

10.467

%

,

(

1-month

USD

LIBOR

+

5

%

),

4/16/26

.....................

United

States

272,329

257,872

i

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

61,825

61,843

1,863,201

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

i,j

Magenta

Buyer

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

10.645

%

,

(

3-month

SOFR

+

5

%

),

7/27/28

.........................

United

States

192,360

126,478

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

i,j

Hanesbrands,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.083

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

..............................

United

States

176,891

176,228

j

Transportation

Infrastructure

0.0%

†

i

First

Student

Bidco,

Inc.

,

Initial

CME

Term

Loan,

B,

8.61%,

(3-month

SOFR

+

3%),

7/21/28

United

States

60,788

60,161

Initial

CME

Term

Loan,

C,

8.61%,

(3-month

SOFR

+

3%),

7/21/28

United

States

18,429

18,239

i

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.396

%

,

(

6-month

SOFR

+

4.5

%

),

5/07/28

........................

United

States

196,442

179,605

258,005

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$22,490,981)

..........................

22,438,167

l

Marketplace

Loans

1.4%

a

Financial

Services

1.4%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$51,478,881)

....................................

44,804,846

Foreign

Government

and

Agency

Securities

2.3%

e

African

Export-Import

Bank

(The)

,

Senior

Bond,

144A,

3.994%,

9/21/29

.....................

Supranational

m

1,400,000

1,249,424

Senior

Bond,

144A,

3.798%,

5/17/31

.....................

Supranational

m

11,600,000

9,837,728

e

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

...........................................

Supranational

m

10,700,000

10,059,370

Colombia

Government

Bond

,

Senior

Bond

,

5

%

,

6/15/45

........

Colombia

8,800,000

6,444,137

e

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348

%

,

2/09/31

...........................................

Mexico

12,200,000

10,142,198

e

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75

%

,

1/15/31

...........................................

Chile

6,500,000

5,810,692

e

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

......

France

2,100,000

2,167,570

e

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

.

South

Korea

3,900,000

3,943,881

e

Panama

Government

Bond

,

Senior

Note

,

144A,

3.75

%

,

4/17/26

..

Panama

5,700,000

5,401,947

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.........

Peru

8,000,000

6,962,976

Petroleos

Mexicanos

,

Senior

Bond

,

6.625

%

,

6/15/35

...........

Mexico

6,000,000

4,520,045

e

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.125

%

,

1/22/44

.

Romania

9,500,000

9,344,333

Total

Foreign

Government

and

Agency

Securities

(Cost

$91,140,880)

..............

75,884,301

U.S.

Government

and

Agency

Securities

25.7%

FFCB

,

2.1

%,

2/25/36

...................................

United

States

9,300,000

7,005,104

U.S.

Treasury

Bonds

,

1.125%,

5/15/40

.....................................

United

States

4,000,000

2,540,703

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

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Bonds,

(continued)

1.75%,

8/15/41

.....................................

United

States

96,900,000

$

66,548,724

3.875%,

2/15/43

.....................................

United

States

12,800,000

12,054,000

2.5%,

5/15/46

......................................

United

States

9,000,000

6,616,055

2.25%,

8/15/46

.....................................

United

States

28,800,000

20,088,000

2.75%,

11/15/47

.....................................

United

States

25,500,000

19,421,836

3.125%,

5/15/48

.....................................

United

States

16,500,000

13,449,111

2.875%,

5/15/49

.....................................

United

States

16,350,000

12,683,704

2.25%,

8/15/49

.....................................

United

States

39,000,000

26,515,429

1.25%,

5/15/50

.....................................

United

States

13,300,000

6,927,430

1.875%,

11/15/51

....................................

United

States

83,850,000

51,266,414

3.625%,

5/15/53

.....................................

United

States

6,000,000

5,392,969

U.S.

Treasury

Notes

,

3.875%,

3/31/25

.....................................

United

States

27,000,000

26,780,625

0.25%,

9/30/25

.....................................

United

States

108,500,000

101,466,572

0.375%,

11/30/25

....................................

United

States

128,000,000

119,315,000

0.375%,

12/31/25

....................................

United

States

41,000,000

38,125,996

n

Index

Linked,

0.625%,

1/15/26

..........................

United

States

35,400,000

44,435,988

0.75%,

5/31/26

.....................................

United

States

2,000,000

1,851,914

1.875%,

2/28/27

.....................................

United

States

27,900,000

26,204,748

2.75%,

4/30/27

.....................................

United

States

138,300,000

133,200,188

3.25%,

6/30/27

.....................................

United

States

18,100,000

17,698,760

3.125%,

8/31/27

.....................................

United

States

67,000,000

65,171,894

4%,

1/31/29

........................................

United

States

9,700,000

9,759,109

Total

U.S.

Government

and

Agency

Securities

(Cost

$914,646,081)

................

834,520,273

Asset-Backed

Securities

6.7%

Financial

Services

6.7%

e,j

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

7.229

%

,

(

3-month

SOFR

+

1.912

%

),

4/20/31

.

..................................

United

States

12,900,000

12,875,882

e,j

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A,

A1,

144A,

FRN,

6.537%,

(3-month

SOFR

+

1.222%),

4/23/31

...........................................

United

States

10,580,970

10,588,847

2018-1A,

A2,

144A,

FRN,

6.727%,

(3-month

SOFR

+

1.412%),

4/23/31

...........................................

United

States

5,100,000

5,100,740

e,j

BCC

Middle

Market

CLO

LLC

,

2018-1A

,

A2

,

144A,

FRN

,

7.729

%

,

(

3-month

SOFR

+

2.412

%

),

10/20/30

.

....................

United

States

5,100,000

5,102,171

e,j

Carlyle

Direct

Lending

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

7.776

%

,

(

3-month

SOFR

+

2.462

%

),

10/15/31

.

..............

United

States

10,000,000

10,039,756

e,j

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A,

A1R2,

144A,

FRN,

6.548%,

(3-month

SOFR

+

1.232%),

4/17/31

...........................................

United

States

609,506

610,701

2014-1A,

A2R2,

144A,

FRN,

6.708%,

(3-month

SOFR

+

1.392%),

4/17/31

...........................................

United

States

6,300,000

6,310,855

e,j

CIFC

Funding

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

6.63

%

,

(

3-month

SOFR

+

1.32

%

),

4/19/35

.

..............................

United

States

23,690,000

23,695,935

e,o

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

25.86%,

12/15/43

................

United

States

2,740

2,497

2019-26,

PT,

144A,

FRN,

14.972%,

8/15/44

................

United

States

185,160

171,817

2019-31,

PT,

144A,

FRN,

12.384%,

9/15/44

................

United

States

181,474

166,127

2019-37,

PT,

144A,

FRN,

15.635%,

10/17/44

...............

United

States

215,839

202,778

2019-42,

PT,

144A,

FRN,

13.097%,

11/15/44

...............

United

States

248,749

232,106

2019-51,

PT,

144A,

FRN,

14.275%,

1/15/45

................

United

States

312,013

293,394

2019-52,

PT,

144A,

FRN,

13.658%,

1/15/45

................

United

States

305,069

286,395

2019-S1,

PT,

144A,

FRN,

14.61%,

4/15/44

.................

United

States

11,977

11,790

2019-S2,

PT,

144A,

FRN,

2.881%,

5/16/44

.................

United

States

35,850

33,722

2019-S3,

PT,

144A,

FRN,

7.184%,

6/15/44

.................

United

States

58,713

54,479

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)

e,o

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I,

(continued)

2019-S4,

PT,

144A,

FRN,

9.031%,

8/15/44

.................

United

States

103,365

$

98,685

2019-S5,

PT,

144A,

FRN,

7.564%,

9/15/44

.................

United

States

125,621

116,667

2019-S6,

PT,

144A,

FRN,

8.793%,

10/17/44

................

United

States

158,453

146,339

2019-S7,

PT,

144A,

FRN,

9.075%,

12/15/44

................

United

States

134,459

125,055

2019-S8,

PT,

144A,

FRN,

9.475%,

1/15/45

.................

United

States

170,070

157,544

2020-2,

PT,

144A,

FRN,

14.482%,

3/15/45

.................

United

States

336,230

315,279

2020-7,

PT,

144A,

FRN,

13.801%,

4/17/45

.................

United

States

229,703

212,663

e,j

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

6.698

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

.............................

United

States

6,000,000

6,010,887

j

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

6.2

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

...........................................

United

States

134,586

133,881

e,j

Dryden

97

CLO

Ltd.

,

2022-97A

,

A

,

144A,

FRN

,

6.618

%

,

(

3-month

SOFR

+

1.3

%

),

4/20/35

.

...............................

United

States

17,750,000

17,772,210

e,j

Ellington

CLO

III

Ltd.

,

2018-3A,

A1,

144A,

FRN,

7.229%,

(3-month

SOFR

+

1.912%),

7/20/30

...........................................

United

States

3,089,261

3,094,198

2018-3A,

A2R,

144A,

FRN,

7.329%,

(3-month

SOFR

+

2.012%),

7/20/30

...........................................

United

States

5,720,854

5,729,995

e

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

11,362,091

10,624,446

e,j

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

6.672

%

,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

.............................

United

States

912,422

913,324

e

Home

Partners

of

America

Trust

,

2021-2,

B,

144A,

2.302%,

12/17/26

......................

United

States

15,266,776

13,951,189

2021-3,

B,

144A,

2.649%,

1/17/41

.......................

United

States

5,819,941

5,136,163

e,j

Logan

CLO

I

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

6.739

%

,

(

3-month

SOFR

+

1.422

%

),

7/20/34

.

..................................

United

States

4,750,000

4,757,876

e,j

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

6.979

%

,

(

3-month

SOFR

+

1.662

%

),

10/21/30

.

..............

United

States

1,700,000

1,703,369

e

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

19,400,000

17,096,458

e,j

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

6.679

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

...............

United

States

3,325,000

3,321,729

e,j

Octagon

Investment

Partners

36

Ltd.

,

2018-1A,

A1,

144A,

FRN,

6.546%,

(3-month

SOFR

+

1.232%),

4/15/31

...........................................

United

States

16,291,250

16,309,257

2018-1A,

A2,

144A,

FRN,

6.776%,

(3-month

SOFR

+

1.462%),

4/15/31

...........................................

United

States

8,500,000

8,514,574

e,j

Pikes

Peak

CLO

6

,

2020-6A

,

AR2

,

144A,

FRN

,

6.799

%

,

(

3-month

SOFR

+

1.432

%

),

5/18/34

.

.............................

United

States

4,500,000

4,506,159

e,o

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

14.089%,

3/15/26

................

United

States

179,198

173,266

2020-PT2,

A,

144A,

FRN,

12.177%,

4/15/26

................

United

States

230,961

219,583

2020-PT3,

A,

144A,

FRN,

3.692%,

5/15/26

.................

United

States

87,988

75,905

e,j

Strata

CLO

I

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

7.776

%

,

(

3-month

SOFR

+

2.462

%

),

1/15/31

.

..................................

United

States

10,013,068

10,070,441

e,j

TICP

CLO

VI

Ltd.

,

2016-6A

,

AR2

,

144A,

FRN

,

6.696

%

,

(

3-month

SOFR

+

1.382

%

),

1/15/34

.

.............................

United

States

9,200,000

9,208,055

e,o

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

48.65%,

6/15/25

.................

United

States

31,826

28,395

2019-PT2,

A,

144A,

FRN,

13.878%,

2/15/26

................

United

States

158,554

155,681

e,j

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

6.826

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...................................

United

States

1,500,000

1,502,232

217,961,497

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.

162

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Ground

Transportation

0.0%

†

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

2005-1

,

5.082

%

,

1/02/29

.

...........................................

United

States

16,186

$

16,338

Passenger

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

834,000

815,219

Total

Asset-Backed

Securities

(Cost

$223,329,486)

..............................

218,793,054

Commercial

Mortgage-Backed

Securities

1.4%

Financial

Services

1.4%

o

Benchmark

Mortgage

Trust

,

2023-V3

,

A3

,

FRN

,

6.363

%

,

7/15/56

..

United

States

1,200,000

1,269,823

e,j

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

6.398

%

,

(

1-month

SOFR

+

1.064

%

),

9/15/36

......................

United

States

9,840,000

9,690,199

e,j

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

6.346

%

,

(

1-month

SOFR

+

1.013

%

),

10/15/36

............................

United

States

9,220,000

9,059,828

e,j

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

6.824

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

....................................

United

States

11,858,476

11,849,495

e,j

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

8.5

%

,

(

PRIME

+

0

%

),

6/15/34

.......................................

United

States

9,840,000

9,840,352

e,o

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.673

%

,

9/10/35

.....................................

United

States

3,255,000

3,094,908

j

FNMA

,

2005-122

,

FN

,

FRN

,

5.809

%

,

(

30-day

SOFR

Average

+

0.464

%

),

1/25/36

....................................

United

States

380,188

371,842

45,176,447

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$45,643,607)

................

45,176,447

Mortgage-Backed

Securities

29.1%

p

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

4.335%,

(COFI

11th

District

+/-

MBS

Margin),

11/01/27

..

United

States

339,045

330,993

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

13.6%

FHLMC

Gold

Pool,

30

Year,

4.5%,

3/01/39

..................

United

States

501,599

500,067

FHLMC

Gold

Pool,

30

Year,

5%,

8/01/33

-

2/01/39

.............

United

States

3,220,497

3,255,257

FHLMC

Gold

Pool,

30

Year,

5.5%,

1/01/35

-

12/01/37

..........

United

States

295,193

304,150

FHLMC

Gold

Pool,

30

Year,

6%,

5/01/33

-

4/01/38

.............

United

States

372,276

387,714

FHLMC

Gold

Pool,

30

Year,

6.5%,

8/01/25

-

3/01/39

...........

United

States

302,172

314,774

FHLMC

Gold

Pool,

30

Year,

7%,

1/01/28

-

7/01/32

.............

United

States

18,721

19,427

FHLMC

Gold

Pool,

30

Year,

7.5%,

3/01/32

..................

United

States

6,570

6,893

FHLMC

Gold

Pool,

30

Year,

8%,

2/01/30

....................

United

States

5,777

5,966

FHLMC

Gold

Pool,

30

Year,

8.5%,

10/01/24

-

8/01/30

..........

United

States

800

833

FHLMC

Pool,

15

Year,

2%,

4/01/37

........................

United

States

4,633,783

4,165,897

FHLMC

Pool,

15

Year,

2.5%,

4/01/37

-

5/01/37

...............

United

States

9,541,423

8,788,407

FHLMC

Pool,

15

Year,

3%,

4/01/37

-

9/01/37

.................

United

States

5,580,894

5,255,570

FHLMC

Pool,

30

Year,

2%,

3/01/51

........................

United

States

50,812,125

41,322,522

FHLMC

Pool,

30

Year,

2%,

3/01/52

........................

United

States

39,943,199

32,236,298

FHLMC

Pool,

30

Year,

2%,

4/01/52

........................

United

States

73,093,960

59,040,602

FHLMC

Pool,

30

Year,

2.5%,

10/01/51

......................

United

States

36,924,383

31,188,674

FHLMC

Pool,

30

Year,

2.5%,

5/01/52

.......................

United

States

28,167,917

23,710,279

FHLMC

Pool,

30

Year,

2.5%,

1/01/52

-

10/01/53

..............

United

States

5,803,681

4,887,278

FHLMC

Pool,

30

Year,

3%,

2/01/52

........................

United

States

65,099,447

57,025,398

FHLMC

Pool,

30

Year,

3%,

7/01/51

........................

United

States

3,975,989

3,482,370

FHLMC

Pool,

30

Year,

3.5%,

5/01/52

-

6/01/52

...............

United

States

4,753,301

4,327,957

FHLMC

Pool,

30

Year,

3.5%,

12/01/52

......................

United

States

15,230,648

13,867,751

FHLMC

Pool,

30

Year,

4%,

8/01/52

........................

United

States

43,289,002

40,776,630

FHLMC

Pool,

30

Year,

4%,

11/01/53

.......................

United

States

3,580,448

3,371,252

FHLMC

Pool,

30

Year,

4.5%,

8/01/52

.......................

United

States

101,850,249

98,527,142

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

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Pool,

30

Year,

6.5%,

1/01/54

-

2/01/54

...............

United

States

3,493,941

$

3,577,775

440,346,883

p

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA,

4.325%

-

4.994%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

...................................

United

States

828,403

798,301

FNMA,

5.179%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

.....................

United

States

46,867

46,432

FNMA,

3.845%

-

5.893%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

..........

United

States

280,556

281,662

FNMA,

6.279%

-

6.354%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

-

10/01/36

..................................

United

States

51,981

51,987

1,178,382

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

14.0%

FNMA,

15

Year,

2%,

4/01/37

.............................

United

States

4,920,220

4,423,389

FNMA,

15

Year,

3%,

9/01/37

-

10/01/37

.....................

United

States

4,861,015

4,577,633

FNMA,

30

Year,

2.5%,

4/01/52

-

5/01/52

....................

United

States

17,185,477

14,487,449

FNMA,

30

Year,

3%,

1/01/52

.............................

United

States

35,074,157

30,742,370

FNMA,

30

Year,

3%,

2/01/52

-

3/01/52

......................

United

States

6,997,067

6,127,628

FNMA,

30

Year,

3.5%,

12/01/52

...........................

United

States

34,265,552

31,200,654

FNMA,

30

Year,

3.5%,

8/01/51

-

4/01/53

....................

United

States

18,174,145

16,554,591

FNMA,

30

Year,

4%,

9/01/53

.............................

United

States

460,626

433,712

FNMA,

30

Year,

5%,

6/01/36

-

5/01/39

......................

United

States

605,737

610,874

FNMA,

30

Year,

5.5%,

6/01/33

-

8/01/37

....................

United

States

2,265,137

2,328,491

FNMA,

30

Year,

6%,

9/01/32

-

9/01/38

......................

United

States

2,432,546

2,530,762

FNMA,

30

Year,

6.5%,

8/01/28

-

5/01/37

....................

United

States

83,143

86,314

FNMA,

30

Year,

7%,

11/01/25

............................

United

States

750

773

FNMA,

30

Year,

7.5%,

1/01/30

...........................

United

States

3,481

3,586

FNMA,

30

Year,

8.5%,

4/01/30

-

5/01/32

....................

United

States

17,161

18,018

q

FNMA,

Single-family,

30

Year,

3.5%,

2/25/54

.................

United

States

33,130,000

30,155,936

q

FNMA,

Single-family,

30

Year,

4%,

2/25/54

..................

United

States

47,690,000

44,894,595

q

FNMA,

Single-family,

30

Year,

5%,

2/25/54

..................

United

States

98,683,000

97,405,743

q

FNMA,

Single-family,

30

Year,

5.5%,

2/25/54

.................

United

States

168,062,000

168,566,630

455,149,148

p

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

4,799

4,715

4,715

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.5%

GNMA

I,

30

Year,

7%,

10/15/27

-

6/15/31

....................

United

States

6,809

7,133

GNMA

I,

Single-family,

30

Year,

6%,

1/15/39

.................

United

States

48,444

50,467

GNMA

I,

Single-family,

30

Year,

6.5%,

10/15/31

-

7/15/38

........

United

States

8,559

8,932

GNMA

I,

Single-family,

30

Year,

7%,

4/15/28

.................

United

States

2,231

2,235

GNMA

I,

Single-family,

30

Year,

7.5%,

8/15/25

-

2/15/26

........

United

States

1,501

1,502

GNMA

I,

Single-family,

30

Year,

9%,

9/15/25

.................

United

States

2

2

GNMA

II,

Single-family,

30

Year,

2%,

4/20/52

-

7/20/52

.........

United

States

21,354,036

17,805,336

GNMA

II,

Single-family,

30

Year,

2.5%,

6/20/52

...............

United

States

1,643,857

1,421,666

GNMA

II,

Single-family,

30

Year,

2.5%,

7/20/52

...............

United

States

16,737,841

14,481,369

GNMA

II,

Single-family,

30

Year,

3%,

10/20/49

................

United

States

24,664

22,230

GNMA

II,

Single-family,

30

Year,

5.5%,

7/20/53

-

2/15/54

........

United

States

13,820,934

13,911,882

GNMA

II,

Single-family,

30

Year,

6%,

5/20/31

.................

United

States

1,128

1,169

GNMA

II,

Single-family,

30

Year,

6.5%,

3/20/28

-

7/20/38

........

United

States

138,545

146,926

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)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year,

7.5%,

8/20/30

-

1/20/33

........

United

States

17,950

$

18,382

47,879,231

Total

Mortgage-Backed

Securities

(Cost

$950,175,922)

...........................

944,889,352

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

9,610,000

7,095,672

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

.............................

United

States

18,610,000

17,177,976

San

Bernardino

Community

College

District

,

GO,

2021,

Refunding,

2.686%,

8/01/41

...................

United

States

20,405,000

14,858,548

GO,

2021,

Refunding,

2.856%,

8/01/49

...................

United

States

11,880,000

7,917,459

47,049,655

Massachusetts

0.0%

†

Commonwealth

of

Massachusetts

,

GO

,

2020

C

,

Refunding

,

2.514

%

,

7/01/41

...........................................

United

States

700,000

522,647

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

...........................................

United

States

16,585,000

13,004,284

Texas

0.0%

†

City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785

%

,

11/15/31

..........................................

United

States

370,000

331,433

Total

Municipal

Bonds

(Cost

$76,961,550)

......................................

60,908,019

Residential

Mortgage-Backed

Securities

3.4%

Capital

Markets

0.0%

†

j

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

6.19

%

,

(

1-month

SOFR

+

0.854

%

),

3/25/28

......................

United

States

131,151

123,536

Financial

Services

3.4%

e

BRAVO

Residential

Funding

Trust

,

2019-1,

A1C,

144A,

3.5%,

3/25/58

.......................

United

States

1,130,914

1,112,924

o

2019-2,

A3,

144A,

FRN,

3.5%,

10/25/44

...................

United

States

3,599,390

3,417,263

e,o

CIM

Trust

,

2018-INV1,

A4,

144A,

FRN,

4%,

8/25/48

..................

United

States

1,088,319

999,204

2019-INV1,

A1,

144A,

FRN,

4%,

2/25/49

..................

United

States

654,372

612,570

2019-INV2,

A3,

144A,

FRN,

4%,

5/25/49

..................

United

States

1,800,795

1,683,286

e,o

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3

%

,

5/25/42

United

States

162,005

148,559

e,o

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

...........................................

United

States

3,084,829

3,007,868

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

........................................

Switzerland

74,529

43,685

j

FHLMC

STACR

Debt

Notes

,

2016-DNA2,

M3,

FRN,

10.109%,

(30-day

SOFR

Average

+

4.764%),

10/25/28

...................................

United

States

8,564,410

9,003,366

2016-HQA2,

M3,

FRN,

10.609%,

(30-day

SOFR

Average

+

5.264%),

11/25/28

...................................

United

States

8,836,711

9,377,669

e,j

FHLMC

STACR

REMIC

Trust

,

2022-DNA3

,

M1A

,

144A,

FRN

,

7.345

%

,

(

30-day

SOFR

Average

+

2

%

),

4/25/42

.............

United

States

4,985,176

5,052,243

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

(continued)

j

FNMA

Connecticut

Avenue

Securities

,

2014-C02,

2M2,

FRN,

8.059%,

(30-day

SOFR

Average

+

2.714%),

5/25/24

...........................................

United

States

1,289,586

$

1,296,203

2014-C03,

2M2,

FRN,

8.359%,

(30-day

SOFR

Average

+

3.014%),

7/25/24

...........................................

United

States

340,663

342,876

e,o

J.P.

Morgan

Mortgage

Trust

,

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

15,056,872

13,283,145

2021-14,

A4,

144A,

FRN,

2.5%,

5/25/52

...................

United

States

12,064,863

10,604,735

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

7,100,346

6,232,662

e,o

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

...........................................

United

States

4,985,635

4,845,806

e,o

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

...........

United

States

3,099,619

2,730,110

e,o

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

10,190,384

8,941,836

e,o

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

..........................................

United

States

1,653,731

1,426,620

e,o

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

17,816,588

15,830,894

e,o

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

123,671

123,122

2017-1,

A2,

144A,

FRN,

3.5%,

10/25/56

...................

United

States

8,862,000

8,690,959

108,807,605

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$119,925,822)

................

108,931,141

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

187,500

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

......

Australia

1,148,380

—

Total

Escrows

and

Litigation

Trusts

(Cost

$2,814,454)

...........................

187,500

Total

Long

Term

Investments

(Cost

$3,782,884,947)

.............................

3,557,466,780

a

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.0%

†

Puts

-

Over-the-Counter

Credit

Default

Swaptions

0.0%

†

Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

41-V2,

Strike

Price

$105.00,

Counterparty

BNDP,

Expires

6/20/24

...........................................

1

32,000,000

613,490

Total

Options

Purchased

(Cost

$760,320)

......................................

613,490

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

Short

Term

Investments

0.6%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.6%

d,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

....

United

States

18,368,697

$

18,368,697

Total

Money

Market

Funds

(Cost

$18,368,697)

..................................

18,368,697

Total

Short

Term

Investments

(Cost

$18,368,697

)

................................

18,368,697

a

Total

Investments

(Cost

$3,802,013,964)

110.1%

.................................

$3,576,448,967

Options

Written

0.0%

†

........................................................

(210,729)

Other

Assets,

less

Liabilities

(10.1)%

..........................................

(328,885,030)

Net

Assets

100.0%

...........................................................

$3,247,353,208

a

a

a

Number

of

Contracts

Notional

Amount

#

a

a

a

Options

Written

(0.0)%

†

Puts

-

Over-the-Counter

Credit

Default

Swaptions

(0.0)%

†

Sell

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

41-V2,

Strike

Price

$101.00,

Counterparty

BZWS,

Expires

6/20/24

...........................................

1

(32,000,000)

(210,729)

(210,729)

Total

Options

Written

(Premiums

received

$285,120)

............................

$

(210,729)

#

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

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$590,543,388,

representing

18.2%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

k

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

l

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

m

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

n

Principal

amount

of

security

is

adjusted

for

inflation.

o

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.

p

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

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).

q

Security

purchased

on

a

to-be-announced

(TBA)

basis.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

At

January

31,

2024,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

1.4%

Block,

Inc.

5870230.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

$

997

$

203

5871100.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

19,844

5,138

5872195.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

11,306

3,134

5873503.SQ.FTS.B,

Zero

Cpn,

3/01/24

...

1,500

704

5875346.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

8,945

3,423

5876448.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

477

101

5876942.SQ.FTS.B,

Zero

Cpn,

3/02/24

...

11,879

2,560

5877753.SQ.FTS.B,

Zero

Cpn,

3/03/24

...

68

37

5878670.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

408

195

5878878.SQ.FTS.B,

Zero

Cpn,

3/05/24

...

429

47

5884476.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

2,127

898

5884756.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

787

181

5885927.SQ.FTS.B,

Zero

Cpn,

3/07/24

...

238

143

5889537.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

342

151

5890379.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

915

364

5890737.SQ.FTS.B,

Zero

Cpn,

3/08/24

...

31,239

8,099

5891388.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,614

692

5891940.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

541

130

5892236.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,926

536

5892257.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,397

691

5892501.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

760

189

5892907.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

2,548

413

5893120.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

3,245

970

5893532.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

8,049

2,288

5894049.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

5,935

654

5894227.SQ.FTS.B,

Zero

Cpn,

3/09/24

...

6,594

1,599

5894383.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

4,396

1,516

5894587.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

151

96

5894856.SQ.FTS.B,

Zero

Cpn,

3/10/24

...

265

149

5899146.SQ.FTS.B,

Zero

Cpn,

3/12/24

...

1,011

339

5899767.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,132

259

5900522.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

674

87

5900917.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

703

229

5900966.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,908

451

5901819.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

432

125

5902007.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,148

234

5902039.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

4,574

1,286

5902049.SQ.FTS.B,

Zero

Cpn,

3/13/24

...

1,802

1,036

5902335.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

5,347

1,577

5903502.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

2,498

967

5904049.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

441

112

5905115.SQ.FTS.B,

Zero

Cpn,

3/14/24

...

1,133

453

5907307.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,223

1,077

5908497.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

4,227

1,295

5908792.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

3,955

1,390

5908855.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

92

53

5908891.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

2,110

933

5909844.SQ.FTS.B,

Zero

Cpn,

3/15/24

...

12,370

1,719

5911132.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

31,967

9,003

5911509.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

333

88

5912428.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,401

468

5912454.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

2,264

550

5912708.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

1,135

485

5912751.SQ.FTS.B,

Zero

Cpn,

3/16/24

...

17,381

8,382

5913409.SQ.FTS.B,

Zero

Cpn,

3/17/24

...

2,690

1,548

5914291.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

52

36

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5914346.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

$

208

$

80

5914747.SQ.FTS.B,

Zero

Cpn,

3/18/24

...

279

58

5915002.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,513

350

5916186.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,418

1,008

5917212.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

1,542

288

5917300.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

3,073

951

5917893.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

14,215

4,744

5918205.SQ.FTS.B,

Zero

Cpn,

3/19/24

...

693

123

5918675.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

305

72

5918972.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

8,974

1,464

5919520.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

549

221

5919756.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

9,188

2,244

5919870.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

9,275

4,595

5921812.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,536

159

5921964.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

623

61

5922077.SQ.FTS.B,

Zero

Cpn,

3/20/24

...

1,538

153

5923853.SQ.FTS.B,

Zero

Cpn,

3/21/24

...

34,589

5,422

5927683.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,609

747

5928998.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

4,209

1,321

5929652.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,743

1,128

5929950.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

1,174

334

5930784.SQ.FTS.B,

Zero

Cpn,

3/22/24

...

529

203

5932127.SQ.FTS.B,

Zero

Cpn,

3/23/24

...

1,070

339

5934829.SQ.FTS.B,

Zero

Cpn,

3/25/24

...

703

200

5936987.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

631

134

5938180.SQ.FTS.B,

Zero

Cpn,

3/26/24

...

235

99

5939191.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

175

86

5940897.SQ.FTS.B,

Zero

Cpn,

3/27/24

...

10,413

3,128

5942921.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

283

243

5945156.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

1,617

487

5945212.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

713

242

5945223.SQ.FTS.B,

Zero

Cpn,

3/28/24

...

2,069

719

5950020.SQ.FTS.B,

Zero

Cpn,

3/29/24

...

2,365

667

5953400.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

513

223

5953421.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

3,220

1,711

5953778.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

470

124

5955157.SQ.FTS.B,

Zero

Cpn,

3/30/24

...

946

92

5956046.SQ.FTS.B,

Zero

Cpn,

4/01/24

...

487

192

5958081.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,329

410

5960150.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

2,473

340

5960313.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

1,211

509

5960372.SQ.FTS.B,

Zero

Cpn,

4/03/24

...

281

115

5960485.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

1,517

326

5960736.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

9,716

2,257

5961632.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

10,451

1,350

5963161.SQ.FTS.B,

Zero

Cpn,

4/04/24

...

9,826

3,458

5966390.SQ.FTS.B,

Zero

Cpn,

4/05/24

...

2,780

895

5973170.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

733

171

5974509.SQ.FTS.B,

Zero

Cpn,

4/06/24

...

284

65

5975879.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

1,286

1,139

5976781.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

2,453

845

5977275.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

12,616

4,526

5977823.SQ.FTS.B,

Zero

Cpn,

4/07/24

...

855

135

5979050.SQ.FTS.B,

Zero

Cpn,

4/09/24

...

379

109

5981357.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

660

469

5981753.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

875

271

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5984496.SQ.FTS.B,

Zero

Cpn,

4/11/24

...

$

1,089

$

265

5985197.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

2,689

855

5985802.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,031

903

5986301.SQ.FTS.B,

Zero

Cpn,

4/12/24

...

3,073

1,838

5991208.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

429

89

5991306.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,478

394

5992494.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

366

100

5993993.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

738

100

5996742.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

2,789

1,913

5997558.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

198

101

5998109.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

75

32

5998129.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,876

692

6000187.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

1,228

741

6000281.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

394

246

6000300.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

2,340

788

6001900.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,050

1,646

6002949.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

943

152

6006563.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,829

2,000

6010749.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,628

1,184

6011014.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,683

607

6012358.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,091

980

6012743.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

8,938

3,167

6013463.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

5,991

1,975

6014061.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

257

130

6015178.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,236

861

6016419.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,896

859

6016649.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

380

61

6016723.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,068

371

6024496.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

5,106

475

6024650.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,830

252

6025468.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,328

3,368

6027166.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,396

706

6027376.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

125

100

6027397.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,633

385

6032439.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

562

254

6033057.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,031

1,009

6033105.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,133

576

6035360.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,397

555

6036390.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

356

158

6037075.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

2,702

462

6041731.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

305

81

6042134.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

4,500

1,391

6042763.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,152

574

6043509.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

7,543

2,472

6045560.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,003

403

6046999.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,917

3,261

6047302.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

17,801

5,252

6047637.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

629

210

6047712.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

14,723

4,517

6048232.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

67

62

6048521.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

306

144

6050967.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

352

132

6050979.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,052

546

6051734.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

7,797

2,589

6054000.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,298

811

6057474.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

6,443

4,406

6058991.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,086

327

6059217.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

295

269

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6062202.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

$

3,703

$

1,991

6064347.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

6,804

1,165

6064664.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,635

1,177

6066747.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

4,039

1,362

6108715.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

480

139

6121234.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

377

291

6123389.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

449

402

6123772.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,168

1,045

6125833.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,965

749

6125912.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

319

292

6126498.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,036

108

6126544.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

513

74

6127399.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

443

352

6131404.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

432

361

6135095.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

749

289

6135342.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

671

429

6136354.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

6,097

1,889

6136825.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,392

1,053

6137449.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

308

215

6137596.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,738

1,330

6140292.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,747

1,404

6140493.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

567

128

6140505.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,963

774

6140691.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,817

1,883

6141081.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,327

266

6142889.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,858

856

6142953.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,016

526

6143114.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,664

413

6143863.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

330

209

6145923.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

967

90

6147769.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

276

222

6149563.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,619

1,150

6149973.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

288

177

6152853.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

56,251

15,239

6157524.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,766

887

6159043.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

2,719

1,285

6160613.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

13,019

5,584

6160881.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

4,729

2,484

6161027.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

939

250

6163054.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

7,614

2,933

6163213.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

5,720

2,218

6165071.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

802

572

6165147.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

1,504

1,095

6165447.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

173

108

6165760.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,769

697

6168543.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

1,114

765

6175658.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

11,400

3,554

6178379.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

91

84

6178624.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

158

123

6178835.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

916

228

6179637.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

1,095

589

6183074.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

975

531

6183434.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

1,987

821

6184136.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

575

202

6192461.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,353

378

6192486.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,185

751

6192662.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

6,178

4,098

6193258.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

7,419

6,109

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)

6193931.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

$

717

$

352

6196843.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

574

489

6205648.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

1,955

1,134

6205978.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

677

513

6206656.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

985

709

6206801.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

34,257

19,549

6208776.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

2,042

1,466

6210528.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

10,451

2,027

6210857.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

1,570

1,322

6214190.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

679

138

6214666.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,955

1,535

6215457.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

378

238

6215661.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,318

1,962

6215908.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

509

196

6215985.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

756

457

6218913.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

814

799

6220236.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

669

125

6220519.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

43,727

17,540

6223659.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

4,429

2,728

6226015.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,446

1,774

6227140.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

2,546

2,316

6228013.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

672

136

6228393.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

115

112

6229112.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

19,764

14,971

6235450.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

135

91

6235468.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

2,236

542

6236092.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

543

348

6236243.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

10,619

8,780

6238487.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

666

600

6243419.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

7,274

3,244

6244026.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

6,666

6,133

6244954.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

9,495

4,348

6245712.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

7,678

2,867

6250843.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,834

3,596

6251624.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

5,998

3,393

6251900.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

205

180

6255252.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,790

1,053

6255384.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,964

432

6255606.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

599

193

6256913.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

24,144

11,482

6258547.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

6,260

1,555

6261098.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

3,893

3,280

6261595.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

26,584

11,246

6262209.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

5,321

4,005

6265195.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

632

340

6267222.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

1,009

920

6268204.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

436

231

6268757.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

7,745

6,422

6270813.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,115

252

6270889.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,488

651

6271153.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,213

697

6271425.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

435

181

6271434.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

15,452

7,748

6272419.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

933

677

6274028.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

7,166

3,263

6274889.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

18,359

11,843

6275552.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

5,914

2,201

6275869.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

11,727

5,138

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6277264.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

$

388

$

386

6277479.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

1,762

1,337

6278505.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

859

271

6280355.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

381

157

6280363.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

27

24

6281173.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

574

502

6282753.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

4,967

4,350

6285204.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

690

313

6285446.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

32,443

12,475

6285849.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

777

722

6285882.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

3,875

1,749

6287671.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,358

1,390

6287743.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,303

700

6289898.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,524

1,939

6289942.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

389

203

6290894.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

599

558

6290999.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

619

275

6291185.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

60

59

6292293.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

252

228

6293487.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

769

477

6297788.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

884

576

6304026.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

7,929

3,902

6304790.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

2,170

1,965

6305454.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

451

188

6308685.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

191

165

6308758.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,317

2,174

6309000.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

882

456

6310025.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

5,819

4,640

6314871.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

1,601

1,107

6317724.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

6,389

6,244

6318980.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,796

1,955

6319360.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

7,307

4,572

6319563.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,274

2,013

6320273.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

30,204

15,072

6321367.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

661

302

6321567.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

593

311

6321614.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,558

960

6321698.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,607

808

6351297.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

963

955

6353228.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,012

715

6354801.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

145

112

6356496.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

23,993

14,242

6359508.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

500

431

6363039.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

845

616

6363174.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,376

1,020

6364228.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

5,172

4,471

6364604.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

984

447

6365121.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

863

821

6365762.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

10,292

4,129

6366494.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

751

345

6368774.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

1,574

663

6369144.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

10,787

4,717

6370642.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

49

46

6371832.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

419

382

6372613.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

817

261

6372686.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

242

154

6375029.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

2,955

2,838

6376571.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

829

826

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)

6378771.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

$

1,938

$

806

6379121.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

497

61

6379229.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,411

1,365

6380706.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

810

663

6382018.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

1,288

659

6382089.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

146

118

6383753.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

2,483

1,796

6384067.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

2,079

1,638

6385781.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

13

11

6385874.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

802

721

6385910.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

102

93

6388737.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

587

239

6389131.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

19,067

10,077

6390359.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,286

610

6390695.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,143

325

6391116.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

2,634

2,493

6395061.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

251

243

6395461.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

695

676

6395807.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

448

407

6395993.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

4,481

4,040

6399659.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

7,131

6,253

6400774.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

6,839

5,190

6401073.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

1,307

1,167

6403837.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

69

66

6404006.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

2,601

1,436

6406738.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,921

1,158

6406944.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,492

2,333

6407288.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,581

1,186

6408103.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

461

445

6408172.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

422

405

6408846.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

903

669

6411973.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,438

2,326

6412302.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

539

520

6412546.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,212

799

6412810.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

11,063

2,083

6412999.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

6,157

6,007

6413893.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

960

909

6414234.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

180

172

6418289.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

944

660

6419039.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

13,386

9,033

6420892.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

8,853

5,412

6421500.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

3,861

2,156

6423098.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

949

807

6424077.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

3,020

1,318

6424177.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

3,380

2,897

6424329.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

492

477

6424474.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

1,029

1,005

6424928.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

1,692

1,419

6425168.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

4,759

701

6426485.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

5,648

4,452

6427507.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

552

539

6427657.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,290

1,204

6429767.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

7,442

5,782

6430086.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,319

815

6431633.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

3,109

2,987

6435796.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

6,613

6,456

6436879.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,287

1,132

6442143.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

624

520

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6442489.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

$

2,505

$

1,096

6443137.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

1,112

1,022

6444382.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

958

933

6444477.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

7,991

4,345

6444790.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

2,054

1,618

6445084.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

2,968

2,791

6447870.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,277

1,122

6449818.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,519

3,433

6450208.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

2,651

2,188

6450465.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,421

900

6451044.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

104

102

6452261.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

17,124

12,627

6452845.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

5,315

4,642

6453454.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

514

500

6453792.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

16,441

8,015

6454383.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

2,201

2,188

6454994.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

5,459

5,280

6457332.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

16,406

5,523

6457685.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

6,232

3,276

6458130.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

4,646

3,491

6458386.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

6,913

6,345

6458789.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,687

1,427

6460473.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,932

1,557

6462555.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

2,490

1,096

6462890.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

7,189

6,618

6463522.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

305

303

6463763.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

4,923

4,368

6464146.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

483

480

6464461.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

634

450

6464494.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

5,428

5,246

6464819.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

4,031

1,252

6464900.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

4,114

1,236

6465644.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

591

140

6467167.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

505

423

6467215.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

920

901

6468011.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

2,262

634

6469480.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

20,372

13,664

6471953.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

5,174

4,875

6472736.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

4,700

3,443

6473054.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

7,784

5,527

6474092.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

8,250

4,882

6475579.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

5,953

2,212

6475801.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

1,232

1,148

6479816.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,738

1,649

6479972.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

8,101

7,760

6481465.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

13,703

13,305

6483353.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,054

1,016

6483409.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

689

660

6484176.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,098

1,761

6484465.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,124

934

6484685.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

15,374

14,787

6485170.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

1,581

1,305

6485835.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

903

880

6486385.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

455

448

6487088.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

1,473

1,408

6488353.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

14,322

13,858

6489806.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

16

14

6490386.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,621

2,208

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)

6492312.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

$

1,253

$

1,128

6492833.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

248

238

6493006.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,429

4,263

6494452.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

606

466

6494556.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,348

2,105

6494767.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,484

1,923

6499194.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

7,339

6,266

6500387.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

1,211

1,173

6500862.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,831

2,633

6501410.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,005

1,234

6501697.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,203

973

6502340.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

50

50

6502478.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,442

921

6502565.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

458

201

6502730.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

595

586

6502765.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

4,278

2,736

6502909.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,564

1,374

6502972.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,356

1,086

6503094.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

108

106

6503141.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,381

1,358

6503327.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

5,315

2,014

6504216.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,487

790

6504374.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

8,255

5,182

6504845.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

945

835

6506103.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

57

54

6506259.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

7,627

4,580

6506519.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

1,850

1,501

6506724.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

575

413

6506747.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

1,425

1,068

6507402.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,198

1,145

6507671.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

3,905

3,823

6509147.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

588

577

6509194.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

12,000

8,698

6510726.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

498

463

6510906.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

1,908

1,894

6511953.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

145

133

6512060.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

3,863

3,831

6514332.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

10,585

6,749

6515856.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

10,952

8,185

6516364.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

298

283

6516418.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

1,746

1,066

6516876.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,722

2,048

6516932.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

1,574

1,157

6516970.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

4,448

3,509

6518976.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

584

573

6519191.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,417

2,345

6522425.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

4,986

4,158

6524458.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

1,541

275

6524668.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

3,933

2,916

6526166.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,575

825

6526193.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,194

728

6526423.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,355

1,210

6526535.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

1,070

848

6527382.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

8,447

5,035

6528817.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

137

137

6529263.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,385

1,148

6531187.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,851

3,631

6532408.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,788

1,174

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6532453.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

$

1,620

$

1,211

6533082.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,147

2,078

6533239.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

4,187

2,420

6535057.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,510

1,179

6535543.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,165

2,145

6536403.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,462

763

6536718.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,078

948

6537870.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,276

1,380

6538002.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,103

371

6539997.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,052

2,918

6540608.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

570

542

6540710.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,008

2,284

6540849.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

10,964

10,250

6541945.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

6,200

2,367

6542117.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

520

500

6542615.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,788

4,582

6542991.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

627

596

6543168.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,176

1,930

6543316.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,927

811

6546015.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,776

1,596

6547285.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

744

620

6547322.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

2,053

1,913

6547733.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

817

728

6547885.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

5,770

4,955

6548015.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

2,395

472

6548181.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

62

61

6548473.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

643

562

6548822.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

1,334

247

6551260.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

559

555

6552148.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

6,086

5,152

6552506.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

311

301

6552657.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,239

2,060

6553983.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

120

118

6554014.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

910

772

6554472.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

170

168

6554511.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,742

2,715

6555576.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

511

433

6556114.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

2,938

2,898

6556853.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

609

599

6557480.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

2,118

2,064

6559553.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

790

409

6559983.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

141

140

6560158.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

228

192

6560175.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

4,420

1,971

6560340.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

6,622

5,951

6560703.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

800

741

6561895.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

10,579

6,496

6562473.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

15,709

12,785

6563453.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

3,111

3,072

6564411.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

1,030

1,003

6565095.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

27,536

24,742

6566316.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

332

328

6566825.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

2,790

2,722

6567003.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,704

1,186

6567090.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,886

1,809

6567177.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

411

408

6567346.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,230

1,202

6567395.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

286

201

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)

6567424.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

$

1,389

$

1,357

6567760.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

980

641

6568147.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

3,637

3,349

6568392.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,069

991

6568579.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

3,575

3,099

6569449.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

286

275

6569506.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,636

1,338

6569526.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

12,240

9,136

6570268.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

415

398

6570382.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

8,264

1,463

6571312.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,204

1,658

6572299.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

913

340

6572324.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,925

3,305

6572610.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

684

679

6574362.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

4,884

4,582

6574562.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

9,315

9,076

6577330.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,578

2,304

6579843.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

718

654

6580088.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

556

329

6580109.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

6,893

6,777

6581490.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,253

1,235

6581619.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

7,804

4,579

6584579.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

588

253

6584597.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,190

1,178

6584924.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,379

1,361

6585051.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

5,189

4,694

6586088.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

2,439

2,329

6586446.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,242

1,458

6587229.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

8,618

7,303

6587437.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

850

334

6587897.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,135

1,094

6588397.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,542

1,369

6589068.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

6,446

3,531

6589273.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,526

2,207

6589618.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,969

1,242

6590392.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,923

1,700

6590448.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,732

1,772

6590645.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,765

1,737

6590809.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

10,219

8,012

6591176.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

3,041

2,473

6591260.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,973

577

6591356.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

432

324

6591713.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

1,939

1,421

6591824.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

192

186

6592231.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

789

681

6593217.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

5,560

1,312

6593461.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

457

422

6593667.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

96

94

6593687.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

3,209

3,039

6593772.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

7,748

1,828

6594145.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

20,545

19,086

6594679.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

18,868

13,687

6595988.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

12,080

11,009

6596418.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

1,265

1,062

6596486.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

6,000

5,869

6596636.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

1,775

730

6596777.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

68

67

6596810.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

4,037

3,276

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6596914.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

$

1,889

$

1,850

6599802.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,073

1,043

6600413.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

154

152

6600435.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

149

148

6601765.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

2,098

1,537

6603691.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

123

115

6604386.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

295

293

6604465.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

2,391

1,786

6604810.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

3,458

2,157

6604995.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

2,899

2,839

6605118.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

2,815

2,757

6605221.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

1,425

1,388

6605289.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

3,137

3,083

6605402.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

2,571

2,530

6607036.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

660

644

6607285.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

21,595

15,869

6608348.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

20

20

6608453.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

479

387

6608473.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

10,702

10,611

6608757.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

463

452

6609951.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,849

758

6610631.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,391

3,683

6610840.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

171

169

6610852.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

726

705

6611256.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,521

2,398

6612198.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

936

914

6612273.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

891

407

6613074.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,206

1,198

6614973.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

570

556

6617231.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

930

421

6618546.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,577

1,106

6618920.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,164

1,892

6619662.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

397

391

6619698.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

199

193

6619919.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,767

2,569

6620032.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,983

1,494

6620057.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,272

1,254

6620488.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,562

2,267

6621287.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,693

3,932

6621897.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

589

521

6622333.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,450

1,379

6622368.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,757

1,939

6624836.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

331

254

6624846.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

808

789

6624917.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

1,879

1,711

6624976.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

4,245

2,359

6627159.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,051

842

6627196.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

337

225

6627207.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

5,092

3,983

6627396.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

8,593

3,603

6627640.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

3,803

2,962

6627766.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

369

364

6627973.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

9,187

8,281

6628804.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

917

654

6628958.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,034

1,027

6629752.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,813

1,765

6629835.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,639

1,621

6630070.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,419

2,329

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)

6630719.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

$

1,969

$

1,903

6631659.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,893

1,889

6632319.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

119

117

6632401.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,972

2,877

6632762.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,853

1,819

6633033.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

10,289

6,871

6633298.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

539

461

6633896.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

8,607

5,010

6634815.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

2,794

2,740

6635028.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

6,566

6,275

6635230.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

61,854

23,513

6635985.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

460

456

6637835.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,612

1,415

6637900.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,504

1,467

6638729.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,784

2,609

6639606.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

290

170

6640359.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,222

948

6640556.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

6,048

5,948

6640918.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,378

1,370

6641367.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,391

1,360

6641603.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,337

914

6643585.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,918

2,715

6643735.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,042

3,942

6643896.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,863

1,655

6644423.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,415

2,121

6644529.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,226

2,208

6644797.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

3,978

1,933

6644879.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

1,063

1,046

6645117.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

416

411

6645156.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

14,163

12,232

6645579.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

5,986

3,979

6646196.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

345

302

6646624.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,566

1,505

6648200.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,585

2,124

6648768.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,117

1,976

6648850.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,984

3,924

6649787.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,333

1,068

6650053.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,383

877

6650152.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

4,067

3,989

6650823.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

2,677

2,642

6651239.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

7,659

6,100

6651430.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

21,470

18,076

6653226.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

6,482

6,297

6654358.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,949

3,821

6654537.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,338

2,188

6654689.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,266

2,051

6654954.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,076

3,020

6655118.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

4,086

4,008

6655481.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

1,875

1,525

6658300.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

7,070

6,664

6658771.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

43

40

6658933.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,431

2,362

6659781.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

636

632

6660473.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

23,014

21,278

6661464.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,720

2,658

6662583.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

508

496

6662803.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

2,329

2,121

6664757.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

6,917

6,164

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6664909.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

$

2,205

$

2,142

6664996.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

2,678

2,536

6665406.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

1,503

1,120

6665440.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

4,238

3,649

6665633.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

1,421

1,344

6665714.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

2,200

2,099

6665907.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

2,454

2,380

6666031.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

2,967

699

6666475.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,590

1,104

6666594.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,438

1,089

6666734.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,844

2,680

6667033.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,573

3,236

6667225.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

477

271

6667810.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,693

927

6668132.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

205

204

6668228.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,149

1,094

6668645.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

732

723

6668711.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,756

3,703

6669028.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,843

693

6669109.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

394

325

6669224.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

428

343

6669266.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,506

2,454

6670139.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

7,172

7,043

6671308.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

4,934

4,233

6672691.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,116

1,102

6672979.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

235

227

6673149.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

3,646

3,622

6674370.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

12,340

7,655

6674734.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,454

6,061

6675685.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,816

4,083

6675824.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,758

1,710

6675956.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

553

526

6676291.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,613

1,952

6676371.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

12,358

6,442

6676599.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,170

2,120

6678246.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

608

491

6678307.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

825

806

6678361.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

549

505

6678591.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,761

2,285

6678676.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

4,412

4,317

6679967.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

66,772

38,329

6681711.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

2,292

2,235

6681923.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

8,773

8,627

6683503.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

3,772

3,584

6683681.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

838

754

6683733.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

20,543

19,429

6684545.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

916

843

6685010.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

3,242

2,484

6685085.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

2,804

2,647

6685190.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

8,219

4,444

6685341.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

3,334

2,771

6685433.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

6,414

3,054

6685518.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

961

949

6685699.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

950

610

6685864.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

219

198

6686438.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,628

2,322

6688278.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,557

1,475

6688601.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,475

2,384

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)

6689080.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

$

3,898

$

2,498

6689193.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

861

841

6689327.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

9,574

8,957

6692358.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

2,818

1,373

6692474.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

7,433

3,992

6692888.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

2,957

2,629

6693018.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

9,728

4,388

6693317.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

6,149

5,969

6693424.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

44,561

31,854

6695787.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

10,345

9,044

6696092.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

1,280

832

6699676.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,747

1,353

6699767.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,821

2,677

6699893.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,225

1,214

6702439.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,918

1,150

6702862.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

891

853

6703221.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

3,006

2,969

6704162.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

4,696

4,152

6704399.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

10,679

10,372

6705222.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

639

636

6705567.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

5,570

5,401

6705796.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

9,630

4,503

6706476.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

51,662

49,053

6707248.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

6,040

5,697

6707586.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

3,406

3,233

6707813.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

271

268

6707860.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

2,336

2,218

6708561.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,367

1,227

6708688.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

9,893

7,435

6709168.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

33,347

18,002

6709443.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

9,478

9,223

6713155.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

167

165

6713480.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

3,340

3,322

6714496.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

3,985

3,799

6717870.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

25,453

24,357

6719237.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,055

2,214

6719567.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

47,697

43,751

6721629.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

7,364

7,192

6722260.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

13,826

13,417

6723175.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

977

969

6723394.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

25,350

24,860

6724991.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

4,072

4,004

6725305.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

14,744

14,078

6725594.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

381

369

6725726.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

3,903

3,792

6725887.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

366

359

6725980.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

827

787

6726121.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

620

423

6726142.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,084

976

6726167.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,008

934

6726466.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

640

587

6727057.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,077

3,022

6727972.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

21,285

20,393

6728835.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

30,217

29,479

6729927.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

114

110

6730003.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

5,444

5,280

6730202.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

13,462

12,866

6731337.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

219

215

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6731540.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

$

478

$

457

6731951.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

12,162

12,010

6732965.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

5,165

4,988

6733223.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,236

3,158

6733364.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

4,825

3,297

6733499.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

6,149

4,933

6733706.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

660

649

6733826.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

22,735

22,197

6735811.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,825

3,443

6736430.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,386

2,339

6736881.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,792

3,678

6739379.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

574

549

6739825.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,583

1,455

6739997.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,625

1,294

6740087.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,355

1,337

6740277.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

4,235

3,986

6740570.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

869

842

6740937.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

5,163

5,024

6741242.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

743

731

6741301.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

8,499

8,357

6742371.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,878

3,825

6742767.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

394

383

6742967.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

3,305

3,255

6743916.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

519

507

6744525.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

48,006

32,982

6745680.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

577

552

6745918.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,602

1,555

6746110.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,743

2,624

6746241.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,073

1,294

6746273.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,960

1,688

6746302.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

6,176

3,722

6746554.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,988

2,911

6746628.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,687

1,503

6746684.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

44

43

6746721.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

575

531

6746943.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

669

376

6746955.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

709

702

6747167.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

1,927

1,873

6747235.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

3,203

1,527

6747304.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

7,919

6,898

6747494.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

1,307

1,271

6747952.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

6,398

5,909

6748242.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

3,972

3,899

6748637.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

872

800

6749144.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

4,038

3,709

6749349.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

835

423

6749746.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

10,625

10,433

6750398.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

472

194

6750403.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

5,541

5,490

6750769.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

11,754

11,173

6751404.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

4,530

4,425

6752342.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

500

494

6752437.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

15,515

15,034

6753527.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,561

2,503

6753751.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,837

1,621

6753977.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,041

2,365

6754071.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

6,085

4,770

6754409.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,846

2,809

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)

6754538.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

$

2,025

$

1,778

6754598.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

3,036

2,505

6755045.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,967

5,824

6755928.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,471

2,422

6756576.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

1,520

1,061

6756607.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

3,534

3,447

6756802.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,513

2,444

6756917.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

7,298

4,747

6757233.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,014

4,554

6757452.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,030

4,938

6757700.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,176

2,079

6757818.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

612

599

6757956.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

6,395

6,327

6762119.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

735

722

6763223.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

3,361

3,008

6763456.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

8,730

4,611

6763757.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,420

1,509

6765118.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

9,799

9,326

6765702.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

5,860

5,749

6767534.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

539

502

6768219.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

5,318

5,235

6768886.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

3,399

3,297

6769038.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

4,831

4,710

6769266.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

1,432

1,329

6769363.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

4,672

4,054

6769655.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,109

1,089

6769824.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

4,220

4,068

6770082.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,176

1,148

6770205.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,284

827

6770233.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

4,461

4,245

6770447.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,980

1,896

6770614.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

988

887

6770639.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,925

1,896

6771008.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

628

602

6771044.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,677

2,817

6771090.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

5,943

5,839

6771439.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

8,335

8,177

6771935.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

6,622

5,477

6772580.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,494

1,435

6772647.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,887

1,450

6772703.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,765

1,724

6773937.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,749

1,715

6774068.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

371

362

6774158.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

23,503

11,316

6774418.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,034

986

6774520.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,673

1,539

6774564.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

41,942

31,931

6774960.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

6,086

6,006

6775508.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

498

464

6775621.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

1,019

992

6775675.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,594

2,320

6776041.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

203

194

6776044.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

640

606

6776086.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

23,585

22,655

6776773.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

57,840

25,025

6777525.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

4,723

4,539

6777742.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

775

758

6777826.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

4,199

4,115

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6779449.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

$

15,269

$

11,905

6780192.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

2,430

2,344

6780389.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

8,638

8,433

6780993.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

3,208

3,039

6781121.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

21,579

21,161

6782184.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

7,982

5,138

6782781.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

690

665

6782819.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

5,128

5,071

6782881.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

529

477

6783006.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

5,319

5,115

6783525.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,065

962

6783818.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

4,952

3,404

6784212.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,913

1,496

6784251.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,898

2,716

6784413.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

2,305

1,790

6784494.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,416

1,356

6784546.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,184

1,137

6784582.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

661

637

6784616.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

13,566

5,289

6784963.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,882

1,742

6785241.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,358

1,251

6785321.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

478

431

6785344.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,508

1,486

6785456.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,790

1,713

6785919.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

348

341

6786325.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

1,258

1,171

6786396.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

6,516

6,017

6786739.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

946

926

6786785.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

6,497

5,458

6786973.SQ.FTS.B,

Zero

Cpn,

12/25/24

..

512

470

6788024.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,675

1,640

6788197.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,081

2,034

6788374.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

5,309

5,102

6788880.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

460

430

6788927.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

15,303

14,672

6789675.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,946

1,855

6790471.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

777

720

6790513.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,508

1,600

6791327.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,497

1,112

6791649.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

6,366

4,652

6792158.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

862

802

6792194.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

730

663

6792282.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,115

799

6792381.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,963

2,896

6792564.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

33,991

22,210

6793944.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,511

3,359

6794078.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,313

1,280

6794225.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

982

911

6794243.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

5,996

5,762

6794659.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,817

1,786

6794727.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

7,808

7,639

6795128.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

3,240

2,905

6795487.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

13,098

12,827

6796611.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

5,210

3,885

6796705.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,122

768

6796729.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

1,594

1,525

6797024.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

4,340

4,008

6797088.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

4,034

3,480

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)

6797255.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

$

4,724

$

4,545

6797396.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

14,205

11,437

6797945.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

4,202

3,683

6798052.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,582

1,424

6798091.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

2,697

2,528

6798168.SQ.FTS.B,

Zero

Cpn,

12/28/24

..

3,185

3,096

6800047.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,048

1,039

6800307.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,472

970

6800352.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

2,733

1,975

6801281.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

764

389

6801584.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,321

1,305

6801908.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

3,510

3,407

6802509.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

713

696

6802644.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,389

1,064

6802672.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

2,210

2,155

6802838.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

1,589

1,265

6802903.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

9,807

8,856

6803108.SQ.FTS.B,

Zero

Cpn,

12/29/24

..

4,990

4,784

6806349.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

1,449

1,414

6806417.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

14,770

14,342

6807324.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

1,975

1,643

6807410.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,291

1,961

6807715.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,383

1,833

6807789.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

2,456

604

6807834.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

1,261

1,226

6807877.SQ.FTS.B,

Zero

Cpn,

12/30/24

..

32,326

26,651

6808138.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

20,790

20,017

6808612.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

1,538

1,492

6808725.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

3,811

3,557

6808839.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

2,182

2,134

6808913.SQ.FTS.B,

Zero

Cpn,

1/01/25

...

4,460

4,272

6809289.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

12,073

11,607

6809663.SQ.FTS.B,

Zero

Cpn,

1/02/25

...

1,770

1,734

6809955.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

6,178

6,004

6811214.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

951

935

6811299.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

899

740

6811597.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

1,233

384

6811743.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,126

947

6811790.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,272

1,835

6811879.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,199

2,148

6812155.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

2,586

848

6812676.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

866

854

6812766.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

750

728

6812774.SQ.FTS.B,

Zero

Cpn,

1/03/25

...

12,673

11,447

6813278.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

841

760

6813309.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

1,361

1,338

6813416.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

2,897

2,844

6813591.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

7,847

7,759

6813956.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

1,542

1,397

6813994.SQ.FTS.B,

Zero

Cpn,

1/04/25

...

205

200

6814032.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

673

643

6814107.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

9,005

8,180

6815678.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

27,501

26,886

6816767.SQ.FTS.B,

Zero

Cpn,

1/05/25

...

18,888

18,491

6818923.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

2,044

1,712

6819674.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

17,743

16,964

6820662.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

7,318

5,125

6821755.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

289

286

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6821796.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

$

14,147

$

13,584

6822419.SQ.FTS.B,

Zero

Cpn,

1/06/25

...

3,360

3,289

6822498.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,020

471

6822538.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

6,772

6,319

6823837.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

8,236

7,244

6824326.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

207

201

6824339.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

1,788

1,634

6824398.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

898

792

6824434.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

6,602

5,830

6824604.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

963

847

6824858.SQ.FTS.B,

Zero

Cpn,

1/07/25

...

967

952

6825758.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

2,581

2,559

6826047.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

5,083

4,912

6826244.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

256

250

6826286.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

8,931

8,710

6826594.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

435

396

6826612.SQ.FTS.B,

Zero

Cpn,

1/08/25

...

3,411

3,339

6826997.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

1,772

1,661

6827085.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

866

848

6827102.SQ.FTS.B,

Zero

Cpn,

1/09/25

...

5,658

5,439

6827377.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

11,083

9,255

6828390.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

3,704

3,598

6828557.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

6,195

6,104

6828948.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

1,180

1,144

6829019.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,747

2,584

6829166.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

659

639

6829171.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

20,457

20,101

6829704.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

3,683

3,538

6830215.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

4,239

4,066

6830275.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

688

666

6830306.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,050

4,433

6830462.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

832

244

6830625.SQ.FTS.B,

Zero

Cpn,

1/10/25

...

5,496

5,290

6831326.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

5,156

5,050

6831530.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

8,674

7,887

6831833.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

604

585

6831935.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

6,097

5,205

6832199.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

4,398

2,961

6832295.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,190

997

6832320.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

6,659

6,362

6832516.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

4,502

4,410

6832744.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

9,899

9,460

6833213.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

1,789

1,585

6833270.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

4,792

4,382

6833373.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

2,130

2,068

6833417.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

144

139

6833436.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

2,498

2,402

6833495.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

379

370

6833607.SQ.FTS.B,

Zero

Cpn,

1/11/25

...

9,707

9,538

6833876.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

5,020

4,832

6834530.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

10,496

10,101

6835094.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

6,415

6,001

6835300.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

10,763

10,613

6835888.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

7,782

7,469

6836010.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

5,743

5,386

6836244.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

1,164

1,120

6836285.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

4,540

4,036

6836420.SQ.FTS.B,

Zero

Cpn,

1/12/25

...

61,295

42,269

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)

6838455.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

$

7,453

$

6,971

6838837.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

671

646

6838979.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

2,986

2,864

6839211.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

4,443

3,943

6839507.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

748

520

6839536.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

6,888

6,310

6840245.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

8,589

6,571

6840558.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

8,968

8,223

6840904.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

532

527

6841366.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

5,999

5,336

6841524.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

538

320

6841549.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

4,167

4,060

6841844.SQ.FTS.B,

Zero

Cpn,

1/13/25

...

3,150

3,090

6842195.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

789

659

6842447.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

7,828

7,305

6843066.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

935

923

6843447.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

845

775

6843514.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

1,376

1,361

6843676.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

8,393

8,248

6844269.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

2,795

2,723

6844523.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

6,832

6,562

6844717.SQ.FTS.B,

Zero

Cpn,

1/14/25

...

11,164

10,679

6845307.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

2,160

2,024

6845418.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

2,525

1,740

6845464.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

3,028

2,571

6845530.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

1,623

1,601

6845639.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

8,657

8,462

6845952.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

7,269

6,506

6846112.SQ.FTS.B,

Zero

Cpn,

1/15/25

...

2,329

2,259

6846393.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

640

625

6846419.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

7,439

7,250

6846633.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

2,517

2,139

6846703.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

932

778

6846816.SQ.FTS.B,

Zero

Cpn,

1/16/25

...

13,373

12,286

6848002.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

4,679

4,534

6848139.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

12,235

11,489

6848392.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

3,202

2,933

6848514.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

2,535

2,291

6848819.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

1,681

1,628

6848973.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

6,298

6,116

6849620.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

2,128

1,901

6850168.SQ.FTS.B,

Zero

Cpn,

1/17/25

...

7,706

6,520

6850739.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

18,990

17,023

6851480.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,718

1,531

6851525.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

989

960

6851579.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

227

225

6851686.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

3,924

3,867

6852102.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

4,107

4,023

6852271.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

16,561

15,213

6852585.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

6,886

6,749

6852868.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,553

1,495

6852970.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

12,791

12,166

6853388.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

1,822

1,781

6853524.SQ.FTS.B,

Zero

Cpn,

1/18/25

...

2,873

2,803

6853608.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

7,291

6,962

6853937.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

16,017

13,544

6854721.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

5,528

5,388

6855173.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

761

749

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6855270.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

$

22,945

$

22,414

6856330.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

1,041

1,019

6856365.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

2,665

2,596

6856478.SQ.FTS.B,

Zero

Cpn,

1/19/25

...

3,052

3,028

6858168.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,898

2,838

6858335.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,608

1,196

6858760.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,552

2,476

6858955.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,890

3,739

6859133.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

29,279

28,187

6860424.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,266

2,033

6860515.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,822

3,707

6860701.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,248

2,148

6860790.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

4,502

3,883

6860905.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

3,000

2,915

6861047.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,911

2,740

6861105.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

11,885

9,788

6861352.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

629

564

6861397.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,603

2,476

6861516.SQ.FTS.B,

Zero

Cpn,

1/20/25

...

2,500

2,168

6861616.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

209

208

6862190.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,035

814

6862302.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

559

502

6862333.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

519

501

6862405.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

3,513

3,415

6863061.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

248

233

6863090.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

19,412

17,946

6863964.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

1,582

1,221

6864013.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

6,360

6,107

6864270.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

4,340

3,989

6864423.SQ.FTS.B,

Zero

Cpn,

1/21/25

...

9,774

9,005

6864651.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

1,645

1,565

6864699.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

564

316

6864707.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

3,462

2,994

6864775.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

1,312

1,251

6864814.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

1,895

1,787

6864955.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

6,114

5,946

6865115.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

856

588

6865136.SQ.FTS.B,

Zero

Cpn,

1/22/25

...

12,772

12,324

6865532.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

310

300

6865584.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

16,723

10,215

6865790.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

2,832

2,612

6865878.SQ.FTS.B,

Zero

Cpn,

1/23/25

...

8,926

8,540

6866581.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

4,394

4,281

6866845.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

5,918

5,762

6867082.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

24,872

21,442

6867693.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

7,462

6,216

6867808.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

18,927

18,523

6868623.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

822

807

6868656.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

454

446

6868687.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

3,494

3,318

6868793.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

11,256

10,455

6869170.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

2,967

1,462

6869352.SQ.FTS.B,

Zero

Cpn,

1/24/25

...

28,220

26,298

6869515.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

7,609

5,734

6869871.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

4,305

4,208

6870869.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

4,441

4,312

6870949.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

2,972

2,594

6870993.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

3,793

3,733

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)

6871091.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

$

19,232

$

17,173

6871457.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

23,335

22,194

6871898.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

15,081

14,629

6872319.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

4,479

4,399

6872485.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,497

1,436

6872536.SQ.FTS.B,

Zero

Cpn,

1/25/25

...

1,176

1,168

6872655.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,310

1,288

6872723.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,525

2,455

6873475.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,905

1,824

6873558.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

1,219

1,179

6873613.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

5,738

2,626

6873690.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

11,200

11,037

6874128.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

10,002

9,734

6875301.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

5,160

4,224

6875382.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

2,348

2,312

6875513.SQ.FTS.B,

Zero

Cpn,

1/26/25

...

31,557

27,695

6877284.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

8,530

6,985

6877578.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,494

1,480

6877760.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

7,896

7,655

6878142.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

1,835

1,131

6878251.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

24,779

16,458

6878883.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

11,282

10,977

6879433.SQ.FTS.B,

Zero

Cpn,

1/27/25

...

7,554

7,461

6880857.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

14,151

12,651

6881544.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

11,475

11,097

6882600.SQ.FTS.B,

Zero

Cpn,

1/28/25

...

47,482

46,565

6884076.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

3,516

3,340

6884186.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

6,583

5,779

6884323.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

5,670

5,435

6884628.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

3,055

2,625

6884701.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

810

768

6884731.SQ.FTS.B,

Zero

Cpn,

1/29/25

...

942

925

6884835.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

2,963

2,839

6884928.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

1,825

1,689

6884983.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

2,838

2,724

6885060.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

13,281

11,078

6885320.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

3,201

3,068

6885406.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

648

640

6885427.SQ.FTS.B,

Zero

Cpn,

1/30/25

...

8,781

8,417

6885929.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

400

371

6885971.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

202

192

6885989.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

388

368

6886037.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

6,587

6,394

6886509.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

4,248

4,072

6886695.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

170

164

6886727.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,537

1,510

6886852.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

2,173

2,138

6886992.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

8,436

6,411

6887420.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,582

1,548

6888677.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

780

757

6888845.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

3,119

1,202

6888884.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

2,584

2,480

6888950.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,406

1,170

6888984.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

9,218

7,449

6889126.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

5,078

4,885

6889281.SQ.FTS.B,

Zero

Cpn,

1/31/25

...

1,574

1,524

6889434.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

2,319

2,283

6889767.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,458

1,407

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6889814.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

$

212

$

206

6889862.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

3,864

3,763

6890197.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

735

719

6890262.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

8,144

7,898

6890558.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

4,683

4,573

6891043.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

4,102

3,938

6891153.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

6,007

5,733

6891611.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

1,156

1,126

6891737.SQ.FTS.B,

Zero

Cpn,

2/01/25

...

2,886

1,652

6892735.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

2,374

2,317

6892879.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

4,299

3,886

6893042.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,255

2,961

6893194.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

2,177

2,138

6893335.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

1,678

1,659

6893523.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

9,088

8,872

6893872.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

3,171

3,036

6893962.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

8,730

8,486

6894415.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

7,772

3,069

6894524.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

383

378

6894583.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

8,208

7,958

6894787.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

874

840

6894824.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

547

360

6894905.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

438

408

6894995.SQ.FTS.B,

Zero

Cpn,

2/02/25

...

296

281

6897597.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

360

333

6897627.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

20,948

20,379

6898798.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

826

787

6898880.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

854

828

6899064.SQ.FTS.B,

Zero

Cpn,

2/03/25

...

2,382

2,198

6901345.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

1,060

1,037

6902213.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

1,753

1,706

6902363.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

2,397

2,334

6903129.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

18,328

16,743

6903970.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

2,610

2,336

6904150.SQ.FTS.B,

Zero

Cpn,

2/04/25

...

54,223

39,945

6904250.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

4,108

3,952

6904370.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

4,129

1,845

6904459.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

1,563

1,528

6904569.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

8,934

8,382

6904888.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

873

595

6904916.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

384

381

6904950.SQ.FTS.B,

Zero

Cpn,

2/05/25

...

3,687

3,631

6905178.SQ.FTS.B,

Zero

Cpn,

2/06/25

...

9,830

9,562

6906570.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,201

1,129

6906644.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

365

361

6906728.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

1,437

790

6906812.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

8,919

5,827

6907082.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

4,027

3,743

6908369.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

7,626

7,311

6908782.SQ.FTS.B,

Zero

Cpn,

2/07/25

...

9,583

9,301

6909059.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,599

3,132

6909161.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

9,804

9,525

6909620.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

12,376

10,497

6910152.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,029

3,857

6910288.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

3,140

2,681

6910404.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

17,281

16,590

6910971.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

21,142

19,031

6911673.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

4,741

4,543

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)

6911844.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

$

1,411

$

1,371

6911989.SQ.FTS.B,

Zero

Cpn,

2/08/25

...

7,373

6,280

6912172.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

5,315

5,137

6912323.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

39,177

37,356

6913886.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

7,805

7,581

6914177.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

4,247

4,142

6914333.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

3,285

3,133

6914438.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

5,175

4,997

6914559.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

7,853

7,302

6914684.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

880

865

6914732.SQ.FTS.B,

Zero

Cpn,

2/09/25

...

853

846

6916077.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

1,250

1,200

6916150.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

1,106

616

6916183.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

7,100

6,962

6917410.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

27,901

26,695

6918604.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

3,168

2,778

6918720.SQ.FTS.B,

Zero

Cpn,

2/10/25

...

3,092

2,911

6918968.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

14,272

13,008

6919310.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

9,097

8,566

6919642.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

176

173

6919669.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

1,641

1,567

6919716.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

670

640

6919861.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

813

762

6919908.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

471

452

6919945.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

620

558

6919965.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

30,442

21,033

6920407.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

2,938

2,846

6920473.SQ.FTS.B,

Zero

Cpn,

2/11/25

...

5,749

5,679

6920533.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

496

490

6920562.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

3,570

2,924

6920675.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

6,175

5,991

6920895.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

598

564

6920907.SQ.FTS.B,

Zero

Cpn,

2/12/25

...

4,178

3,928

6921174.SQ.FTS.B,

Zero

Cpn,

2/13/25

...

7,095

6,954

6921810.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

535

521

6921838.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

4,243

3,996

6922004.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

2,326

2,275

6922096.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

16,995

16,658

6922474.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

5,572

5,070

6922517.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

8,467

5,870

6922663.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

118

117

6922785.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

4,197

4,127

6922891.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

1,689

1,673

6922960.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

8,695

7,871

6923087.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

8,140

7,872

6923265.SQ.FTS.B,

Zero

Cpn,

2/14/25

...

1,169

1,154

6923831.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

1,035

931

6923855.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

2,064

2,008

6923899.SQ.FTS.B,

Zero

Cpn,

2/15/25

...

31,515

26,089

6928566.SQ.FTS.B,

Zero

Cpn,

2/16/25

...

12,799

8,010

6933212.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

7,925

7,484

6933459.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,173

844

6933487.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,090

1,066

6933527.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,649

1,606

6933558.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,195

2,514

6933620.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

8,478

8,363

6933935.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

366

360

6934008.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,000

1,958

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6934088.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

$

1,724

$

1,673

6934151.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

7,308

5,651

6934354.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

3,742

3,566

6934453.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

5,100

3,905

6934623.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,051

1,018

6934660.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

12,006

11,431

6935152.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

310

306

6935169.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

10,613

10,208

6935640.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

5,851

5,717

6935864.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

17,014

11,698

6936169.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

6,605

6,398

6936331.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

14,175

10,258

6936543.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

1,650

1,247

6936557.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

31,633

30,567

6936956.SQ.FTS.B,

Zero

Cpn,

2/17/25

...

2,266

2,207

6937013.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

18,266

13,095

6937199.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

6,441

3,757

6937312.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,776

2,724

6937431.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

4,138

3,557

6937491.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

781

771

6937568.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,699

2,588

6937656.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,526

1,467

6937698.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,972

1,914

6937751.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,596

1,512

6937804.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,659

3,542

6937855.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

949

896

6937868.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

2,004

1,967

6938956.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,608

3,274

6939128.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

25,924

20,122

6939501.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,895

1,855

6939744.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

1,183

1,156

6939835.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

13,786

13,391

6940205.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

853

835

6940298.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

13,306

11,467

6940677.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,512

3,399

6941020.SQ.FTS.B,

Zero

Cpn,

2/18/25

...

3,006

2,943

6941121.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

2,383

2,291

6941187.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

890

855

6941601.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

2,313

2,188

6941685.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

346

340

6941699.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

5,612

5,438

6941857.SQ.FTS.B,

Zero

Cpn,

2/19/25

...

262

255

6941871.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

5,940

5,162

6942007.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

2,844

2,796

6942159.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

1,699

1,620

6942189.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

3,012

2,957

6942273.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

12,163

11,528

6942536.SQ.FTS.B,

Zero

Cpn,

2/20/25

...

4,929

4,833

6942921.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

18,137

15,792

6943698.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,686

1,591

6943747.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

15,422

10,631

6944112.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

7,643

6,903

6944346.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,134

395

6944546.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,585

1,560

6944702.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

5,415

5,274

6944822.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

6,061

5,644

6945058.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

8,160

7,713

6945334.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,592

2,505

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)

6945408.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

$

320

$

318

6945502.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

1,154

1,126

6945544.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

3,993

3,724

6945708.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,309

2,115

6945775.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

3,714

3,521

6945890.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,240

2,195

6946194.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

12,869

12,249

6946425.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

2,749

2,691

6946538.SQ.FTS.B,

Zero

Cpn,

2/21/25

...

24,593

23,428

6946599.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

5,427

5,314

6946824.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,194

1,136

6946875.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,094

2,971

6947294.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

884

740

6947569.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

10,573

9,547

6947893.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,538

3,153

6948228.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,651

1,427

6948274.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

3,433

3,218

6948357.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

6,566

6,265

6948529.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

4,967

4,772

6948731.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,362

1,339

6949104.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

550

534

6949115.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

2,742

2,677

6949208.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

8,911

8,574

6949409.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

825

489

6949608.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

7,278

7,039

6949773.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

1,635

1,619

6949847.SQ.FTS.B,

Zero

Cpn,

2/22/25

...

7,518

7,353

6950014.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

8,798

7,605

6950215.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

26,107

25,449

6951159.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

5,681

3,182

6951254.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

3,622

3,295

6951340.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

2,702

2,613

6951488.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,409

1,260

6951521.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,135

1,108

6951641.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

7,807

7,558

6951770.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

3,025

2,465

6951821.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

4,407

4,317

6951912.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

12,429

12,039

6952177.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

3,974

3,918

6952319.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

1,033

1,014

6952910.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

554

407

6952926.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

5,055

3,539

6952992.SQ.FTS.B,

Zero

Cpn,

2/23/25

...

9,488

8,632

6955062.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

2,980

2,926

6955315.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

18,198

14,031

6955971.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

13,470

13,107

6956614.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

66,981

52,723

6957952.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

14,004

13,509

6958342.SQ.FTS.B,

Zero

Cpn,

2/24/25

...

891

860

6958455.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

9,725

9,319

6959107.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

6,111

5,566

6959545.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,128

1,107

6959616.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

1,847

1,748

6959667.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

970

944

6959785.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

26,733

19,238

6960173.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

2,871

2,812

6960283.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

3,513

3,363

6960337.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,654

4,000

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6960756.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

$

1,421

$

1,391

6961097.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,906

2,548

6961749.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

850

805

6961785.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

647

638

6961801.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

4,862

4,478

6961943.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

9,460

8,685

6962121.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

6,321

6,120

6962356.SQ.FTS.B,

Zero

Cpn,

2/25/25

...

2,905

2,672

6962417.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

7,256

7,034

6962505.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,718

1,263

6962523.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,107

1,056

6962536.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,716

1,686

6962643.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

2,741

2,675

6962693.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

572

543

6962710.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,411

1,352

6962747.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

2,947

2,571

6962783.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

14,647

14,196

6963031.SQ.FTS.B,

Zero

Cpn,

2/26/25

...

1,482

1,430

6963086.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

948

932

6963133.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,487

1,458

6963176.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,574

1,488

6963208.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

234

227

6963222.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,668

780

6963284.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

7,933

7,484

6963438.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

1,517

1,470

6963462.SQ.FTS.B,

Zero

Cpn,

2/27/25

...

16,365

15,806

6964122.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

802

792

6964271.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

561

547

6964345.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,748

4,616

6965609.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,072

2,908

6965758.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,292

4,155

6965913.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,960

3,917

6966199.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,484

6,312

6966312.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

32,897

31,780

6967045.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,977

2,800

6967101.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

8,266

7,196

6967238.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,466

1,416

6967263.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,237

1,116

6967280.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,619

5,385

6967472.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

16,292

11,494

6967559.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,826

6,594

6967858.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,950

3,600

6968019.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

20,947

18,831

6968588.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,936

4,744

6969008.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,704

6,133

6969157.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,105

2,054

6969293.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,662

9,563

6969820.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,182

6,869

6969959.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

58

57

6970003.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,336

6,703

6970173.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,056

3,992

6970418.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,336

1,305

6970498.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,130

1,819

6970521.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,175

2,130

6970620.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

19,207

18,724

6971091.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

545

531

6971147.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,968

4,861

6971293.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

6,889

6,675

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)

6971491.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

$

2,734

$

2,641

6971634.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,765

1,631

6971869.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

2,070

1,775

6972032.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

7,516

7,174

6972449.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

5,525

5,369

6972568.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,967

3,622

6972677.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

1,677

1,217

6972693.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

25,492

24,628

6973295.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

11,257

10,746

6973798.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

13,005

12,632

6974153.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,818

8,443

6977394.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,835

9,689

6978300.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

21,968

20,589

6978986.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,661

4,532

6979136.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

3,639

3,126

6980267.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

4,999

4,731

6980420.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

9,591

9,419

6980832.SQ.FTS.B,

Zero

Cpn,

2/28/25

...

33,846

30,840

6981268.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,319

1,296

6981583.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

7,131

6,884

6981855.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,574

1,542

6982063.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

819

795

6982122.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

4,660

4,373

6982235.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

6,087

5,844

6982550.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

9,880

9,454

6982931.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

516

495

6982939.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

4,136

3,914

6983008.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

1,527

1,500

6983073.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

6,243

5,715

6983226.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

2,990

2,824

6983423.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

6,697

6,415

6983553.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

7,994

7,646

6983763.SQ.FTS.B,

Zero

Cpn,

3/01/25

...

38,867

35,142

6984749.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

1,663

1,595

6984781.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

2,457

2,389

6984826.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

267

264

6984837.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

3,526

3,199

6985030.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

7,077

6,765

6985171.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

8,224

8,016

6985361.SQ.FTS.B,

Zero

Cpn,

3/02/25

...

11,847

11,049

6985572.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

4,974

4,693

6985856.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

9,068

7,102

6985990.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

2,996

2,864

6986082.SQ.FTS.B,

Zero

Cpn,

3/03/25

...

20,660

19,554

6986458.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

806

696

6986554.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

3,409

3,026

6986599.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,740

2,059

6986642.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

623

614

6986664.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,845

2,679

6986724.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

2,203

2,079

6986764.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

4,002

3,880

6986842.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

228

221

6986852.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

619

603

6986860.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

5,480

5,217

6986941.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

11,417

10,719

6987103.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

3,714

2,767

6987160.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

333

329

6987199.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

613

570

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6987258.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

$

1,351

$

914

6987275.SQ.FTS.B,

Zero

Cpn,

3/04/25

...

620

605

6987456.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

14,943

14,249

6988180.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,103

1,984

6988244.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

959

908

6988354.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

2,643

2,594

6988604.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,747

3,622

6988728.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

1,015

634

6988757.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

4,909

4,729

6988899.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

10,208

7,372

6989677.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

31,931

31,079

6990092.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,310

3,234

6990143.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

3,732

3,536

6990194.SQ.FTS.B,

Zero

Cpn,

3/05/25

...

8,627

8,110

6990423.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,051

1,934

6990464.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

20,998

19,291

6991531.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

38,309

35,909

6992863.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

6,368

6,136

6993040.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

6,810

6,604

6993199.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

629

620

6993229.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,752

1,692

6993319.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

2,025

1,713

6993354.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

1,025

942

6993384.SQ.FTS.B,

Zero

Cpn,

3/06/25

...

24,681

22,834

6995636.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

645

563

6995688.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,618

1,033

6995736.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

2,094

1,833

6995776.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

2,722

2,662

6995930.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

38,250

36,481

6997213.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

5,231

4,916

6997372.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

423

418

6997399.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

7,905

7,559

6997622.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

2,394

2,337

6997706.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

3,276

3,196

6997746.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,448

1,321

6997762.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

1,031

967

6997773.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

5,593

5,402

6997907.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

797

779

6997925.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

4,666

4,548

6998035.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

2,535

2,338

6998100.SQ.FTS.B,

Zero

Cpn,

3/07/25

...

33,159

32,206

6999270.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

6,397

6,210

6999846.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

3,993

3,689

6999929.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

3,836

3,678

7000026.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

4,300

2,755

7000096.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

2,234

2,192

7000186.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

9,927

7,673

7000376.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

668

651

7000402.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

887

869

7000421.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

5,016

2,691

7000485.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

2,880

2,749

7000558.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

2,483

2,347

7000646.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

7,044

6,383

7001036.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

9,299

9,126

7001359.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

11,676

10,884

7001661.SQ.FTS.B,

Zero

Cpn,

3/08/25

...

56,679

53,480

7002319.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

2,433

2,356

7002372.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

3,124

2,905

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)

7002435.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

$

17,360

$

16,909

7002817.SQ.FTS.B,

Zero

Cpn,

3/09/25

...

26,084

24,435

7003292.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

12,406

7,955

7003460.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

8,663

8,445

7003650.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

2,995

2,278

7003681.SQ.FTS.B,

Zero

Cpn,

3/10/25

...

21,504

20,787

7005441.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,032

1,907

7005480.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

3,142

3,061

7005545.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

10,174

9,981

7005879.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

26,194

25,070

7006362.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,636

1,204

7006394.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

3,624

3,398

7006470.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

6,379

5,855

7006650.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,001

1,927

7006719.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

8,351

8,044

7006908.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,268

1,067

7006924.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

2,417

2,271

7006969.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

6,051

5,860

7007124.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

1,923

1,893

7007221.SQ.FTS.B,

Zero

Cpn,

3/11/25

...

13,632

13,364

7007470.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

11,082

10,611

7007758.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

577

559

7007777.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

13,826

13,255

7008407.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

17,590

16,578

7008894.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

53,071

41,575

7009623.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

814

790

7009641.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

12,183

7,278

7009787.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

12,264

11,582

7010050.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,932

2,891

7010276.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

17,250

16,237

7010697.SQ.FTS.B,

Zero

Cpn,

3/12/25

...

2,431

2,235

7010834.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,079

2,286

7010912.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,095

564

7010939.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

2,963

2,892

7011068.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

4,437

4,076

7011207.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

760

747

7011243.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

6,253

5,978

7011593.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,692

2,997

7011817.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,830

1,801

7011988.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

19,122

18,446

7012852.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,834

1,708

7012913.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,108

3,057

7013038.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

327

309

7013065.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

1,456

645

7013097.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

6,482

6,315

7013263.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

2,782

2,611

7013332.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

3,842

3,301

7013579.SQ.FTS.B,

Zero

Cpn,

3/13/25

...

50,706

48,515

7016321.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

60,762

50,349

7018343.SQ.FTS.B,

Zero

Cpn,

3/14/25

...

16,490

16,251

7020336.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

925

891

7020509.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,875

2,780

7020618.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,023

1,700

7020694.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

3,780

3,670

7020839.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,993

2,809

7020964.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

542

520

7020990.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

9,252

7,084

7021213.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,853

5,669

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7021464.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

$

1,248

$

1,094

7021519.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

5,092

4,878

7021682.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

53,119

48,834

7023026.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

486

471

7023051.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

47,327

44,729

7024412.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

2,641

2,602

7024547.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

4,111

3,969

7024614.SQ.FTS.B,

Zero

Cpn,

3/15/25

...

21,451

20,594

7024635.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

5,019

4,873

7024792.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,546

1,457

7024816.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

1,243

1,195

7024857.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

2,651

1,815

7024897.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

558

548

7024910.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

6,962

6,788

7025076.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

548

543

7025095.SQ.FTS.B,

Zero

Cpn,

3/16/25

...

6,131

5,975

7025507.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

587

577

7025579.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

5,122

4,654

7025659.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

2,533

2,394

7025720.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

10,858

8,640

7025889.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

643

609

7025935.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

6,524

6,379

7026107.SQ.FTS.B,

Zero

Cpn,

3/17/25

...

12,855

12,552

7026736.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,631

1,572

7026841.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,649

1,615

7027040.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,015

987

7027121.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,570

1,623

7027203.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,862

4,716

7027365.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,663

3,504

7027501.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,056

1,681

7027579.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,083

3,905

7027684.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

3,557

3,448

7027836.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,456

4,026

7027966.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,174

2,122

7028051.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

4,135

3,833

7028161.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,581

1,299

7028484.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,170

1,130

7028525.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,395

1,362

7028559.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,086

2,023

7028588.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

8,561

8,414

7028878.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

575

306

7029055.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

1,151

933

7029077.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

576

560

7029092.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,300

2,181

7029166.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

17,085

16,869

7030045.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

2,668

2,578

7030123.SQ.FTS.B,

Zero

Cpn,

3/18/25

...

50,922

46,930

7030470.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,615

2,469

7030572.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

34,050

32,982

7031893.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

4,951

4,691

7032072.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

16,281

16,002

7032731.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,237

2,172

7032771.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

458

449

7032794.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

7,987

7,624

7032988.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

647

635

7033299.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

2,796

2,655

7033343.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

1,804

1,676

7033375.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

11,521

10,893

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)

7033570.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

$

3,649

$

3,545

7033691.SQ.FTS.B,

Zero

Cpn,

3/19/25

...

14,559

13,954

7034178.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

31,809

30,453

7035330.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,236

2,153

7035425.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

2,986

2,845

7035743.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

994

912

7035906.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,871

3,541

7036032.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,451

1,389

7036056.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,766

1,702

7036081.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

16,525

16,072

7036717.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

13,328

10,693

7036941.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,305

3,141

7036981.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

26,382

25,655

7037792.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,875

3,677

7037855.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

802

766

7037873.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

1,894

1,834

7037923.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

3,717

3,470

7037990.SQ.FTS.B,

Zero

Cpn,

3/20/25

...

6,260

5,934

7039773.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

3,245

3,109

7039852.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

1,295

1,260

7039954.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

991

900

7039991.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

372

356

7040006.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

1,582

1,537

7040103.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

8,464

8,039

7040398.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

15,124

14,642

7041104.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

3,720

3,597

7041281.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

12,512

12,103

7041655.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,183

4,044

7041800.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,958

4,415

7041995.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

3,564

3,375

7042111.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

4,105

4,034

7042355.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

2,315

1,718

7042399.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

10,985

10,545

7042606.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

23,675

18,012

7043072.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

8,457

8,066

7043366.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

8,972

7,547

7043570.SQ.FTS.B,

Zero

Cpn,

3/21/25

...

33,769

32,748

7043830.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

3,507

3,444

7044059.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

2,105

2,000

7044164.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

8,551

7,860

7045027.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

6,903

6,662

7045336.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

33,492

28,370

7046504.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

5,380

5,177

7046623.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

2,145

2,089

7046710.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

1,681

1,569

7046749.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

12,652

11,896

7046975.SQ.FTS.B,

Zero

Cpn,

3/22/25

...

2,730

2,700

7047133.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

5,606

5,419

7047230.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

4,601

4,364

7047280.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

5,319

5,200

7047387.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

1,312

1,280

7047416.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

8,061

7,003

7047537.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

523

496

7047741.SQ.FTS.B,

Zero

Cpn,

3/23/25

...

11,578

11,336

7048312.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

1,482

1,453

7048345.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

5,667

5,395

7048439.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

2,874

2,760

7048479.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

12,422

11,752

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7048737.SQ.FTS.B,

Zero

Cpn,

3/24/25

...

$

10,442

$

10,092

7049350.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,915

6,756

7049723.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

7,599

7,313

7049892.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

1,315

1,190

7049913.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

2,530

2,349

7049971.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,821

5,414

7050118.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,853

3,692

7050225.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

10,957

7,614

7050403.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

8,576

8,209

7050562.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

18,911

18,237

7050843.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,687

6,418

7050945.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

6,040

5,895

7051031.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

18,721

18,349

7051540.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

2,238

2,143

7051594.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

2,670

2,559

7051629.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

3,337

3,223

7051723.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,092

3,903

7051798.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

4,042

3,949

7051888.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

47,385

45,262

7052627.SQ.FTS.B,

Zero

Cpn,

3/25/25

...

5,557

5,322

7052708.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

5,624

5,313

7052825.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

7,168

6,936

7053059.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

6,175

5,901

7053270.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

5,131

4,850

7053546.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

6,335

6,168

7053795.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

3,389

2,979

7053870.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

2,034

1,755

7053912.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

7,503

7,165

7054087.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

3,623

3,563

7054218.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

8,088

7,957

7054471.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

3,483

2,675

7054556.SQ.FTS.B,

Zero

Cpn,

3/26/25

...

12,088

11,719

7055833.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

16,748

15,814

7056324.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,372

2,210

7056403.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

3,244

3,146

7057115.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

16,851

15,705

7057737.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

550

513

7057770.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

15,721

15,169

7058204.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,199

2,116

7058251.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

11,424

11,102

7058601.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

1,377

1,345

7058690.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

885

864

7058716.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

2,736

2,037

7058749.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

634

620

7058769.SQ.FTS.B,

Zero

Cpn,

3/27/25

...

12,822

12,089

7060929.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

5,376

5,291

7061299.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

2,367

2,256

7061341.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

546

540

7061389.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

3,668

2,871

7061463.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

16,693

13,991

7062067.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

1,152

1,013

7062192.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

6,564

6,109

7062434.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

25,880

25,299

7063364.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

1,868

1,829

7063395.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

4,952

4,755

7063450.SQ.FTS.B,

Zero

Cpn,

3/28/25

...

70,477

68,213

7065028.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

27,108

25,835

7066289.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

3,367

3,182

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)

7066390.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

$

1,951

$

1,886

7066437.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

5,141

5,026

7066539.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

24,752

22,387

7066835.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

11,270

11,060

7067396.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

758

737

7067466.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

2,019

1,368

7067563.SQ.FTS.B,

Zero

Cpn,

3/29/25

...

4,257

4,053

7068145.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

6,490

6,080

7068232.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,415

1,367

7068252.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,875

1,792

7068279.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

5,010

4,368

7068348.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

5,783

5,580

7068467.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

1,065

1,055

7068539.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

3,617

3,543

7068632.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,972

2,866

7068709.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

9,448

7,786

7068861.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

598

588

7068880.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

519

504

7068893.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

2,113

2,002

7068948.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

4,062

2,759

7068990.SQ.FTS.B,

Zero

Cpn,

3/30/25

...

6,233

6,082

7069134.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

2,501

2,405

7069182.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

20,569

19,422

7069489.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

1,590

1,545

7069516.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

3,935

3,827

7069579.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

8,905

7,401

7069655.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

3,879

3,812

7069743.SQ.FTS.B,

Zero

Cpn,

4/01/25

...

6,526

6,192

7070120.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

25,373

24,153

7071377.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

7,107

6,907

7071556.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

14,898

14,404

7071936.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

13,074

12,507

7072111.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

1,149

1,101

7072152.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

4,343

4,225

7072244.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

6,153

5,866

7072424.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

2,646

2,571

7072516.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

11,970

11,274

7072751.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

18,007

17,501

7073341.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

1,405

1,387

7073426.SQ.FTS.B,

Zero

Cpn,

4/02/25

...

21,012

19,253

7074054.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

581

555

7074066.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

12,753

12,444

7074413.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

25,043

24,420

7075406.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,537

2,415

7075490.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

15,941

15,754

7076084.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

27,789

26,688

7076862.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

8,279

8,117

7077062.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

232

227

7077064.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

4,984

4,819

7077204.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,325

1,268

7077217.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

7,254

6,992

7077341.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,517

1,368

7077358.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,238

2,141

7077401.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,945

1,534

7077415.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,915

1,848

7077467.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

2,454

2,373

7077535.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,107

625

7077545.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

1,669

1,610

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7077567.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

$

11,089

$

7,859

7077718.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

525

480

7077722.SQ.FTS.B,

Zero

Cpn,

4/03/25

...

6,326

5,540

7077835.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,493

2,385

7077920.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

21,401

20,741

7078667.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,125

2,045

7078734.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

10,434

10,324

7079472.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

3,358

3,057

7079531.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

20,385

19,575

7079846.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

19,180

17,601

7080187.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

1,915

1,857

7080219.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

1,958

1,504

7080261.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

24,476

23,975

7080883.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

6,459

6,268

7081127.SQ.FTS.B,

Zero

Cpn,

4/04/25

...

2,574

2,534

7084958.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,268

1,201

7085130.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

4,494

4,383

7085179.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,271

2,056

7085207.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

3,854

3,727

7085369.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

3,002

2,354

7085488.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

6,622

5,790

7085880.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

7,595

7,389

7086293.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

7,274

5,169

7086453.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,447

2,386

7086533.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

16,329

15,915

7086912.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,763

1,669

7087008.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,066

2,006

7087054.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

1,282

1,257

7087092.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

28,316

27,255

7087684.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,462

5,040

7087923.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

17,594

16,691

7088298.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

652

593

7088351.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,039

3,745

7088429.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

4,479

4,296

7088513.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

5,914

4,790

7088617.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

330

324

7088630.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

2,646

2,576

7088740.SQ.FTS.B,

Zero

Cpn,

4/05/25

...

20,886

20,045

7088949.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

9,145

8,735

7089217.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,741

2,645

7089296.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

4,543

4,328

7089469.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

2,573

2,371

7089567.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

1,740

1,646

7089636.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

1,861

1,374

7089913.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

10,464

9,717

7090298.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

32,143

31,357

7091114.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

4,211

4,112

7091199.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

33,869

33,068

7091848.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

3,787

2,975

7091928.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

1,971

1,891

7091971.SQ.FTS.B,

Zero

Cpn,

4/06/25

...

41,641

39,826

7092354.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

6,762

6,590

7092629.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

7,205

6,927

7092886.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

636

621

7092922.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

1,331

1,298

7092966.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

2,522

2,107

7093030.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

3,895

3,789

7093179.SQ.FTS.B,

Zero

Cpn,

4/07/25

...

2,269

2,203

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)

7093289.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

$

2,169

$

2,092

7093388.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

3,403

3,304

7093547.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

745

699

7093574.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

8,410

7,459

7093891.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

273

267

7093914.SQ.FTS.B,

Zero

Cpn,

4/08/25

...

2,771

2,284

7094035.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

4,552

4,028

7094299.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

1,107

1,081

7094349.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

390

379

7094377.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

8,315

7,930

7094601.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

3,817

3,738

7094803.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

6,835

5,401

7094917.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

2,766

1,897

7095079.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

2,505

2,457

7095196.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

3,825

3,756

7095400.SQ.FTS.B,

Zero

Cpn,

4/09/25

...

10,479

10,119

7095928.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,654

3,482

7096246.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

647

471

7096289.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

4,064

3,902

7096498.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

7,762

6,511

7096855.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,934

1,851

7096934.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,786

2,704

7097064.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,005

1,916

7097160.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,770

2,529

7097272.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,623

2,483

7097395.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

26,577

22,667

7098152.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

2,603

1,550

7098222.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,419

3,145

7098332.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

1,678

1,638

7098415.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

10,871

10,615

7098877.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

5,589

5,273

7099046.SQ.FTS.B,

Zero

Cpn,

4/10/25

...

3,021

2,882

7099099.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,347

1,101

7099170.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

44,695

43,600

7100290.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,386

1,344

7100329.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

17,497

16,979

7101484.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

40,891

39,457

7102272.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

26,137

25,338

7102687.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

1,427

1,387

7102700.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

3,735

3,650

7102740.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

16,261

15,333

7102998.SQ.FTS.B,

Zero

Cpn,

4/11/25

...

666

645

7105122.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

21,536

19,207

7105597.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

4,684

4,504

7105778.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

730

720

7105877.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,331

1,209

7105919.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

2,376

2,250

7106010.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

156

155

7106100.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

16,958

16,040

7106563.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,158

2,751

7106659.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

1,682

1,590

7106709.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

13,165

9,604

7106887.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

14,418

13,909

7107101.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

4,993

4,860

7107293.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

996

942

7107309.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,257

3,201

7107378.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

333

330

7107386.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,355

3,244

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7107425.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

$

3,197

$

3,080

7107483.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

49,902

39,974

7108113.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

9,940

8,361

7108231.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

3,568

2,363

7108337.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

14,245

11,141

7108591.SQ.FTS.B,

Zero

Cpn,

4/12/25

...

4,461

4,253

7108788.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

37,858

35,831

7110174.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

1,232

1,208

7110206.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

46,881

45,636

7111109.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

13,020

12,683

7111548.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,990

4,812

7111746.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

2,079

1,972

7111775.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

1,724

1,705

7111810.SQ.FTS.B,

Zero

Cpn,

4/13/25

...

4,556

4,445

7112071.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

20,194

19,395

7112521.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

9,918

9,574

7112782.SQ.FTS.B,

Zero

Cpn,

4/14/25

...

10,363

9,982

7113005.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

6,778

4,156

7113153.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

7,412

7,104

7113330.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

7,422

7,042

7113491.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

3,615

3,464

7113585.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

383

375

7113653.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

2,387

1,924

7113700.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

1,131

1,101

7113733.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

720

662

7113747.SQ.FTS.B,

Zero

Cpn,

4/15/25

...

9,276

7,759

7114211.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

24,710

24,038

7115395.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

1,200

1,158

7115423.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

467

463

7115476.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

6,530

4,014

7115927.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

9,232

8,902

7116136.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

2,146

2,054

7116188.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

19,842

19,158

7116663.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

462

441

7116700.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

5,122

4,887

7116821.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

28,175

26,419

7117411.SQ.FTS.B,

Zero

Cpn,

4/16/25

...

10,944

10,406

7117676.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,658

3,581

7117915.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

7,031

6,475

7118135.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

9,418

9,121

7118591.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

4,054

3,863

7118685.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,449

3,208

7118792.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

11,063

10,880

7119141.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

976

941

7119216.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

21,626

20,804

7119518.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,954

1,812

7119571.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,749

3,637

7119623.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

15,169

14,607

7119834.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

42,892

40,501

7120468.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

7,951

7,766

7120797.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

20,220

13,062

7121142.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

2,043

1,435

7121176.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

8,557

7,014

7121365.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

3,632

3,226

7121465.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,590

1,530

7121496.SQ.FTS.B,

Zero

Cpn,

4/17/25

...

1,069

1,054

7121532.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,441

1,030

7121597.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

4,470

4,372

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)

7121704.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

$

9,718

$

9,649

7122864.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

701

638

7122870.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

11,449

11,057

7123076.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,891

3,825

7123164.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,231

1,186

7123188.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

423

403

7123197.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,486

2,408

7123225.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,482

1,407

7123254.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,786

2,506

7123348.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

17,472

15,472

7123629.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,886

1,170

7123669.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

6,411

6,259

7124090.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

313

310

7124145.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,997

2,148

7124189.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

6,454

6,041

7124348.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

18,428

17,738

7124908.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

1,223

1,153

7124948.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

4,356

4,022

7125103.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

3,825

3,136

7125155.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

9,836

9,296

7125417.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

2,406

2,367

7125536.SQ.FTS.B,

Zero

Cpn,

4/18/25

...

17,622

16,979

7128415.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

17,439

15,778

7130577.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

7,779

7,401

7131670.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,370

1,312

7131773.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

5,287

5,027

7131984.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,373

1,062

7132423.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,889

2,799

7133267.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

793

783

7133291.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

6,251

6,008

7133554.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

29,079

26,513

7134624.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,262

1,195

7134648.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

3,470

3,302

7134683.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

1,860

1,398

7134696.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

10,370

10,190

7134941.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

8,016

7,582

7135060.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

2,613

2,170

7135084.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

32,284

29,016

7135567.SQ.FTS.B,

Zero

Cpn,

4/19/25

...

12,077

11,451

7135857.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

2,689

2,655

7136132.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

7,104

6,483

7136331.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

3,364

3,231

7136418.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

11,331

10,718

7136707.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

4,477

4,248

7136925.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

792

774

7136960.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

4,735

4,585

7137101.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

2,188

2,122

7137183.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

7,016

6,565

7138702.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

646

565

7138762.SQ.FTS.B,

Zero

Cpn,

4/20/25

...

78,392

75,544

7141485.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

2,319

2,277

7141685.SQ.FTS.B,

Zero

Cpn,

4/21/25

...

17,183

16,966

7142609.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

3,839

3,690

7142737.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

2,638

2,570

7142854.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

3,068

2,916

7142924.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

3,700

3,536

7143037.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

2,308

1,898

7143084.SQ.FTS.B,

Zero

Cpn,

4/22/25

...

10,516

10,197

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7143733.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

$

2,429

$

2,088

7143788.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

5,720

5,597

7144316.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

6,095

5,986

7144725.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

609

598

7144762.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

3,227

3,118

7144914.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

7,420

4,382

7145207.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

6,966

6,775

7145719.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

669

658

7145762.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

14,999

14,388

7146074.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

16,739

15,961

7146434.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

10,916

8,447

7146587.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

8,493

7,539

7146848.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

4,367

4,099

7146979.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

931

909

7147009.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

2,595

2,479

7147083.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

8,896

8,127

7147377.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

8,518

7,956

7147620.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,321

1,272

7147695.SQ.FTS.B,

Zero

Cpn,

4/23/25

...

1,310

1,228

7147738.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

8,447

7,851

7147920.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,602

2,433

7147954.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

6,491

6,147

7148038.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,085

1,736

7148061.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

4,903

4,799

7148244.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

4,576

4,517

7148458.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

1,869

1,836

7148552.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,257

2,141

7148608.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

18,722

18,460

7149361.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

4,165

3,989

7149436.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

5,552

5,433

7149634.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

2,034

1,975

7149676.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

26,336

25,104

7150084.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

1,611

1,542

7150120.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

71,008

66,155

7151392.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

1,074

857

7151435.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

786

497

7151447.SQ.FTS.B,

Zero

Cpn,

4/24/25

...

1,093

1,060

7151519.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

7,613

5,317

7151674.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

1,311

1,262

7151965.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

7,957

6,918

7152123.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,969

2,892

7152260.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

11,860

11,695

7152642.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

11,777

11,055

7152852.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

22,562

21,436

7153144.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,158

2,131

7153215.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

8,389

8,172

7153412.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

54,022

49,576

7154334.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

5,416

5,209

7154428.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,422

2,215

7154467.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

5,560

5,247

7154556.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

1,141

1,066

7154574.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

3,983

3,301

7154603.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,255

2,190

7154700.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

6,233

5,778

7154766.SQ.FTS.B,

Zero

Cpn,

4/25/25

...

2,681

2,592

7156753.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

4,910

4,746

7156853.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

6,733

6,555

7157005.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

2,154

2,063

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)

7157045.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

$

12,223

$

9,648

7157319.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

6,412

6,174

7157474.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

16,923

16,244

7157857.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

1,015

863

7157889.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

4,277

4,048

7157946.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

52,242

50,329

7159250.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

2,470

2,226

7159272.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

6,045

5,762

7159526.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

27,403

26,273

7160005.SQ.FTS.B,

Zero

Cpn,

4/26/25

...

40,719

31,820

7160724.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

6,391

6,156

7160817.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

3,102

3,016

7160947.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

19,023

18,517

7161636.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

3,520

3,300

7161719.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

6,606

6,321

7161837.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

1,323

1,284

7161896.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

8,710

8,268

7162109.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

970

942

7162150.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

6,916

6,800

7162370.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

342

336

7162394.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

58,369

55,817

7163170.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

1,381

1,349

7163216.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

4,531

4,289

7163543.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

620

609

7163579.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

2,520

2,464

7163643.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

6,341

6,179

7163775.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

1,306

1,128

7163794.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

21,554

20,112

7164064.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

3,343

3,177

7164101.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

2,818

2,730

7164159.SQ.FTS.B,

Zero

Cpn,

4/27/25

...

2,095

1,921

7164194.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

555

520

7164244.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

18,831

18,299

7164691.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

2,806

2,681

7164728.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

1,293

1,244

7164744.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

4,394

4,237

7164816.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

5,377

5,191

7166285.SQ.FTS.B,

Zero

Cpn,

4/28/25

...

5,847

4,289

7165309.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

1,207

1,152

7165348.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

3,206

3,114

7165443.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

1,435

1,328

7165490.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

8,514

8,024

7165633.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

4,757

4,643

7165779.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

7,813

7,423

7165935.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

2,159

2,096

7166001.SQ.FTS.B,

Zero

Cpn,

4/29/25

...

1,353

1,300

7166409.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

1,833

1,764

7166497.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

2,663

2,565

7166751.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

2,290

2,186

7166903.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

8,619

8,251

7167298.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

7,894

7,519

7167641.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

588

566

7167665.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

21,362

20,535

7168281.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

3,273

3,177

7168394.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

59,736

57,355

7170226.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

2,049

1,972

7170266.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

10,925

10,611

7170499.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

2,060

1,990

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7170562.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

$

6,990

$

6,719

7170730.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

4,282

4,173

7170863.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

9,530

8,696

7171215.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

3,743

3,609

7171282.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

3,507

3,211

7171371.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

3,221

3,047

7171451.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

1,418

1,396

7171604.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

8,469

8,132

7171804.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

26,549

25,352

7172245.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

2,668

2,498

7172353.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

66,770

63,638

7173156.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

2,642

2,541

7173191.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

11,819

11,433

7173413.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

1,734

1,417

7173445.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

4,977

4,833

7173561.SQ.FTS.B,

Zero

Cpn,

4/30/25

...

8,265

8,007

7173853.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

447

434

7173877.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

53,961

51,173

7174919.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

1,908

1,825

7175007.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

713

681

7175025.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

4,117

3,465

7175164.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

2,738

2,660

7175254.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

15,662

15,084

7175577.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

1,729

1,675

7175610.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

1,405

1,355

7175709.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

15,074

14,477

7176006.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

1,505

1,456

7176053.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

6,072

5,843

7176166.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

39,925

38,188

7176762.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

6,654

6,391

7176877.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

1,934

1,839

7176897.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

7,365

7,091

7177016.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

2,747

2,644

7177080.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

8,285

7,938

7177189.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

642

621

7177195.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

4,056

3,879

7177297.SQ.FTS.B,

Zero

Cpn,

5/01/25

...

1,173

1,134

7179248.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

4,597

4,382

7179389.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

3,364

3,218

7179445.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

12,484

11,655

7179621.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

2,224

2,142

7179668.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

3,065

2,958

7179781.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

954

926

7179921.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

11,745

11,284

7180177.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

28,341

27,341

7180590.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

12,876

12,392

7180716.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

7,993

7,041

7180792.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

12,667

12,113

7180924.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

2,557

2,122

7180972.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

11,924

11,516

7182156.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

11,307

10,883

7182843.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

953

894

7182876.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

4,600

4,406

7182972.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

1,210

1,164

7182994.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

1,665

1,618

7183043.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

3,554

3,435

7183135.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

2,316

2,229

7183586.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

640

618

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)

7183616.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

$

379

$

366

7183637.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

5,232

4,884

7183765.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

2,290

2,199

7183847.SQ.FTS.B,

Zero

Cpn,

5/02/25

...

987

958

7183955.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

1,307

1,261

7184101.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

27,678

26,647

7184897.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

5,217

5,026

7185055.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

6,104

5,886

7185178.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

10,110

9,580

7185295.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

18,472

17,761

7185638.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

1,292

1,243

7185649.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

20,432

18,813

7185951.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

1,352

941

7185963.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

47,543

45,726

7187083.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

215

210

7187093.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

1,877

1,805

7187135.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

12,673

11,884

7187326.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

1,825

1,760

7187352.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

1,772

1,709

7187396.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

3,237

3,109

7187459.SQ.FTS.B,

Zero

Cpn,

5/03/25

...

8,397

7,730

7187609.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

1,634

1,569

7187664.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

1,801

1,732

7187718.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

903

877

7187764.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

6,684

6,371

7187938.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

3,463

3,332

7188028.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

5,679

5,463

7188188.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

1,101

1,044

7188214.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

10,286

9,872

7188501.SQ.FTS.B,

Zero

Cpn,

5/04/25

...

13,593

13,055

7188903.SQ.FTS.B,

Zero

Cpn,

5/05/25

...

1,753

1,681

7188959.SQ.FTS.B,

Zero

Cpn,

5/05/25

...

16,558

15,849

7189880.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

8,460

8,018

7190544.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

8,780

8,444

7191050.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

2,356

2,273

7191141.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

3,029

2,833

7191222.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

5,666

5,446

7191487.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

8,869

8,519

7191675.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

25,504

24,573

7192312.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

4,391

4,227

7192381.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

1,276

1,239

7192432.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

3,885

3,723

7192510.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

7,485

7,140

7192716.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

4,563

3,933

7192804.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

3,503

3,289

7192834.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

5,876

5,569

7192991.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

13,719

13,203

7193396.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

1,122

868

7193427.SQ.FTS.B,

Zero

Cpn,

5/06/25

...

22,030

21,150

7193864.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

27,759

26,579

7194348.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

3,458

2,735

7194461.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

12,650

12,067

7194970.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

1,130

1,050

7195000.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

6,493

6,217

7195173.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

16,263

15,340

7195562.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

13,086

12,654

7195905.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

11,106

10,684

7196072.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

4,678

4,560

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7196175.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

$

1,960

$

1,882

7196196.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

9,388

9,070

7196348.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

13,422

12,899

7196536.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

27,141

25,952

7196952.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

5,618

5,453

7197149.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

2,243

2,184

7197263.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

1,029

1,001

7197339.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

4,740

4,407

7197422.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

3,233

3,072

7197504.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

1,568

1,515

7197573.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

828

798

7197609.SQ.FTS.B,

Zero

Cpn,

5/07/25

...

864

826

7197655.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

5,762

5,317

7197781.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

7,605

6,466

7197889.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

1,830

1,763

7197930.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

2,926

2,810

7197979.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

668

647

7197999.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

6,329

6,092

7198086.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

10,026

8,663

7198257.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

9,616

9,030

7198435.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

6,379

6,107

7198585.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

2,146

2,036

7198653.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

15,133

14,565

7198987.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

13,327

12,656

7199233.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

2,509

2,372

7199261.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

15,796

15,218

7199688.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

1,814

1,751

7199713.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

28,477

26,281

7199993.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

30,734

29,525

7200476.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

2,883

2,804

7200539.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

5,909

5,238

7200855.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

2,876

2,770

7200903.SQ.FTS.B,

Zero

Cpn,

5/08/25

...

13,701

13,071

7203215.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

10,180

9,796

7203377.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

29,144

26,161

7203775.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

1,766

1,700

7203811.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

1,515

1,457

7203867.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

2,702

2,553

7203926.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

3,966

3,838

7204158.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

1,488

1,436

7204182.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

4,273

4,085

7204570.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

10,013

9,616

7204878.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

10,212

9,798

7205000.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

1,231

1,184

7205005.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

25,663

24,575

7205468.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

685

663

7205511.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

12,997

12,514

7205899.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

16,917

16,235

7206238.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

3,047

2,918

7206264.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

1,040

1,007

7206350.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

6,462

6,239

7206541.SQ.FTS.B,

Zero

Cpn,

5/09/25

...

47,377

43,729

7207246.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

3,834

3,710

7207367.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

6,466

6,213

7207439.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

3,383

3,265

7207508.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

17,083

16,399

7207825.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

10,121

9,727

7208043.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

10,201

9,721

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)

7208240.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

$

3,378

$

3,163

7208343.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

1,803

1,562

7208436.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

1,173

1,122

7208453.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

13,720

13,407

7208965.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

1,242

1,191

7208975.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

9,052

8,612

7209100.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

6,951

6,672

7209211.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

25,395

22,804

7209663.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

2,763

2,354

7209689.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

43,417

41,778

7210617.SQ.FTS.B,

Zero

Cpn,

5/10/25

...

17,900

17,120

7210903.SQ.FTS.B,

Zero

Cpn,

5/11/25

...

8,756

8,216

7211090.SQ.FTS.B,

Zero

Cpn,

5/11/25

...

19,283

18,501

7211511.SQ.FTS.B,

Zero

Cpn,

5/11/25

...

16,515

15,588

7211869.SQ.FTS.B,

Zero

Cpn,

5/12/25

...

20,506

19,722

7212502.SQ.FTS.B,

Zero

Cpn,

5/12/25

...

3,705

3,470

7212602.SQ.FTS.B,

Zero

Cpn,

5/12/25

...

6,116

5,894

7213077.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

4,952

4,768

7213452.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

1,142

1,111

7213562.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

537

521

7213661.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

7,842

7,371

7213925.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

1,320

1,266

7213960.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

5,775

5,579

7214247.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

1,682

1,618

7214313.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

87,268

83,376

7216479.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

2,421

2,331

7216608.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

635

538

7216644.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

1,224

1,185

7216696.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

1,191

1,124

7216706.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

555

537

7216736.SQ.FTS.B,

Zero

Cpn,

5/13/25

...

1,222

1,160

7216989.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

2,459

2,140

7217049.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

8,198

7,868

7217211.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

2,979

2,852

7217278.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

3,301

3,173

7217319.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

18,370

16,987

7217666.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

7,976

7,559

7217915.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

13,061

12,560

7218256.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

1,213

1,169

7218285.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

856

824

7218309.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

1,763

1,703

7218349.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

5,260

4,856

7218429.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

7,935

7,441

7218518.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

13,662

13,125

7218651.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

1,306

1,206

7218769.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

4,778

4,600

7218796.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

5,676

5,483

7218858.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

10,758

9,584

7218923.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

852

813

7218931.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

54,139

51,796

7220342.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

18,136

17,116

7220570.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

9,396

8,940

7220771.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

3,657

3,470

7220868.SQ.FTS.B,

Zero

Cpn,

5/14/25

...

1,186

1,140

7220910.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

14,149

13,568

7221200.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

1,558

1,478

7221230.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

7,227

6,937

7221400.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

9,227

8,042

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7221567.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

$

3,599

$

3,461

7221661.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

4,490

4,238

7221738.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

13,171

11,310

7222042.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

6,239

5,914

7222143.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

1,324

1,280

7222160.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

2,156

2,076

7222210.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

2,656

2,503

7222234.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

1,913

1,796

7222247.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

435

426

7222273.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

17,181

16,559

7222885.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

9,964

9,579

7223063.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

2,136

2,055

7223144.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

7,099

6,798

7223258.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

3,364

2,932

7223306.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

42,345

40,305

7223994.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

4,223

4,022

7224046.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

13,651

11,899

7224266.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

5,667

5,398

7224388.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

1,140

830

7224414.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

13,336

12,832

7224710.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

3,363

3,227

7224745.SQ.FTS.B,

Zero

Cpn,

5/15/25

...

861

833

7226881.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

3,839

3,669

7227012.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

78,855

74,040

7229695.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

290

281

7229700.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

10,704

9,906

7229798.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

16,167

14,571

7229895.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

1,677

1,615

7229907.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

6,185

5,918

7229934.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

10,596

10,247

7230043.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

30,238

28,977

7230286.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

11,882

11,143

7230421.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

537

519

7230450.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

2,996

2,673

7230607.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

2,597

2,489

7230694.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

3,721

3,353

7230795.SQ.FTS.B,

Zero

Cpn,

5/16/25

...

1,582

1,525

7231179.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

9,308

8,881

7231464.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

3,682

3,557

7231620.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

30,668

26,407

7232425.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

5,214

4,996

7232593.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

1,491

1,425

7232628.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

2,594

2,488

7232693.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

8,474

7,401

7232869.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

7,468

7,172

7232997.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

619

602

7233046.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

2,374

2,293

7233097.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

7,503

7,241

7233278.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

905

868

7233296.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

731

703

7233311.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

2,153

2,058

7233336.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

20,093

19,125

7233681.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

16,396

15,173

7233933.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

4,721

4,065

7234021.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

7,309

6,857

7234148.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

1,927

1,855

7234179.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

9,096

8,620

7234351.SQ.FTS.B,

Zero

Cpn,

5/17/25

...

16,681

16,086

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)

7234707.SQ.FTS.B,

Zero

Cpn,

5/18/25

...

$

74,844

$

69,271

7236035.SQ.FTS.B,

Zero

Cpn,

5/19/25

...

2,838

2,732

7236103.SQ.FTS.B,

Zero

Cpn,

5/19/25

...

576

551

7236116.SQ.FTS.B,

Zero

Cpn,

5/19/25

...

31,555

30,308

7237307.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

1,650

1,590

7237384.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

7,493

6,482

7237655.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

9,971

9,553

7238054.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

906

868

7238080.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

7,088

6,794

7238281.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

648

620

7238318.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

46,179

41,726

7239102.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

999

940

7239103.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

30,367

29,122

7239649.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

1,128

1,075

7239689.SQ.FTS.B,

Zero

Cpn,

5/20/25

...

59,133

55,562

7241898.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

39,840

38,159

7242324.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

15,596

14,784

7242590.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

8,709

8,351

7242862.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

6,284

6,003

7242974.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

8,682

8,403

7243395.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

22,304

21,430

7243552.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

1,641

1,588

7243567.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

5,329

4,109

7243603.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

13,251

12,754

7243704.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

7,961

7,571

7243771.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

17,478

16,657

7243868.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

865

826

7243888.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

6,674

6,195

7243983.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

988

934

7243996.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

3,850

3,709

7244047.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

3,376

3,211

7244081.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

5,805

5,504

7244132.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

7,953

7,633

7244208.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

1,207

1,045

7244246.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

5,627

5,430

7244322.SQ.FTS.B,

Zero

Cpn,

5/21/25

...

3,545

3,353

7247410.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

23,446

22,483

7247771.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

1,774

1,700

7247799.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

639

622

7247823.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

3,552

3,422

7247914.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

7,547

7,236

7248009.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

4,132

3,700

7248070.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

77,006

73,194

7249120.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

10,255

9,822

7249235.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

4,673

4,479

7249263.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

12,321

11,847

7249390.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

43,699

40,848

7250906.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

3,964

3,748

7251035.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

1,229

1,171

7251046.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

6,991

6,597

7251189.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

3,838

3,677

7251268.SQ.FTS.B,

Zero

Cpn,

5/22/25

...

1,169

1,110

7251279.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

8,313

7,218

7251361.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

7,956

7,579

7251447.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

11,343

10,858

7251551.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

3,510

3,380

7251587.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

2,408

2,327

7251613.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

36,315

34,720

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7251956.SQ.FTS.B,

Zero

Cpn,

5/23/25

...

$

11,378

$

10,931

7252243.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

5,532

5,295

7252374.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

1,793

1,702

7252439.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

717

662

7252443.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

1,129

1,061

7252493.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

5,384

4,873

7252685.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

15,059

14,463

7253307.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

799

759

7253382.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

12,986

12,270

7254093.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

3,195

3,039

7254338.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

2,388

2,277

7254457.SQ.FTS.B,

Zero

Cpn,

5/24/25

...

20,570

19,796

7254493.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

957

917

7254520.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

905

868

7254528.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

3,247

2,976

7254548.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

13,358

12,786

7254644.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

3,026

2,716

7254664.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

8,170

7,794

7254732.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

4,012

3,852

7255214.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

4,011

3,771

7255250.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

2,132

1,930

7255271.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

3,119

2,639

7255307.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

7,896

7,505

7255368.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

10,424

10,009

7255503.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

2,140

2,057

7255536.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

1,294

1,241

7255562.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

18,817

18,042

7255742.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

3,297

3,100

7255764.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

5,820

5,584

7255834.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

19,229

18,424

7256032.SQ.FTS.B,

Zero

Cpn,

5/25/25

...

17,291

16,562

7256218.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

6,270

6,006

7256296.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

10,991

10,539

7256450.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

3,256

3,136

7256487.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

1,524

1,462

7256502.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

2,342

2,208

7256528.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

744

717

7256540.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

1,505

1,442

7256560.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

23,629

22,704

7256800.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

7,362

6,682

7256895.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

1,511

1,439

7256906.SQ.FTS.B,

Zero

Cpn,

5/26/25

...

4,042

3,631

7257368.SQ.FTS.B,

Zero

Cpn,

5/27/25

...

1,616

1,564

7257491.SQ.FTS.B,

Zero

Cpn,

5/27/25

...

644

618

7260904.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

534

463

7260936.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

2,023

1,952

7260974.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

13,967

13,288

7261087.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

4,742

4,537

7261112.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

3,191

3,035

7261162.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

7,624

7,354

7261302.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

14,807

14,074

7261574.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

2,681

2,572

7261610.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

3,328

3,147

7261662.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

36,094

34,602

7262332.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

6,018

4,998

7262378.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

16,545

15,966

7262717.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

2,511

2,439

7262739.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

10,031

8,758

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)

7262792.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

$

13,361

$

12,853

7262908.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

9,450

8,928

7262979.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,754

1,680

7263012.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

621

595

7263020.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,959

1,876

7263049.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

5,679

5,447

7263091.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

10,670

10,327

7263203.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

4,625

4,439

7263277.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,347

1,291

7263294.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

2,045

1,944

7263310.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

10,439

10,015

7263381.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,572

1,512

7263389.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

3,900

3,748

7263407.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,739

1,325

7263420.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

911

877

7263424.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,220

1,154

7263448.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,127

858

7263455.SQ.FTS.B,

Zero

Cpn,

5/28/25

...

1,481

1,430

7264205.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,221

1,176

7264270.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,874

1,789

7264300.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

3,509

3,332

7264377.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

807

762

7264394.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,094

1,045

7264472.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,494

1,433

7264566.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

7,030

6,643

7264689.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

19,468

18,623

7265380.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

10,973

10,485

7265488.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

19,638

18,519

7265849.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

5,422

4,420

7265906.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

5,078

4,439

7265966.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

6,422

5,828

7266032.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,587

1,504

7266047.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

9,015

8,475

7266114.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,150

1,110

7266132.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

50,003

48,068

7266902.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

1,060

1,022

7266927.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

9,593

9,201

7267066.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

5,365

5,020

7267139.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

6,124

5,927

7267303.SQ.FTS.B,

Zero

Cpn,

5/29/25

...

6,760

6,428

7269888.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

10,465

10,012

7270130.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

9,299

8,228

7270346.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

6,033

5,775

7270854.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

9,463

9,181

7271599.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

4,706

4,513

7271724.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

756

731

7271741.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

2,805

2,686

7271812.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

3,017

2,903

7271910.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

21,684

20,802

7272266.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

8,524

8,166

7272422.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

11,807

11,313

7272737.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

9,238

8,832

7273046.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

1,902

1,807

7273073.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

2,235

2,143

7273105.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

9,589

9,194

7273347.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

2,284

2,170

7273398.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

12,325

11,740

7273588.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

8,464

8,140

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7273764.SQ.FTS.B,

Zero

Cpn,

5/30/25

...

$

1,706

$

1,659

7273854.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

13,050

12,490

7274137.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

1,160

1,012

7274149.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

6,083

5,330

7274307.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

2,283

2,147

7274385.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

1,552

1,440

7274412.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

6,471

6,186

7274497.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

8,045

7,742

7274690.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

2,407

2,308

7274753.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

28,056

26,762

7275352.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

2,286

2,183

7275390.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

5,755

5,546

7275478.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

2,463

2,324

7275547.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

7,438

6,992

7275651.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

5,872

5,420

7275802.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

2,101

1,758

7275856.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

4,787

4,582

7275937.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

6,968

6,670

7276005.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

1,145

1,096

7276026.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

10,934

10,389

7276211.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

9,904

9,629

7276628.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

5,011

4,780

7276700.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

3,526

3,393

7276808.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

26,478

25,474

7277311.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

4,013

3,834

7277405.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

2,210

2,088

7277430.SQ.FTS.B,

Zero

Cpn,

6/01/25

...

5,923

5,671

7277475.SQ.FTS.B,

Zero

Cpn,

6/02/25

...

1,595

1,527

7277510.SQ.FTS.B,

Zero

Cpn,

6/02/25

...

14,472

13,873

7277683.SQ.FTS.B,

Zero

Cpn,

6/02/25

...

20,562

19,707

7277970.SQ.FTS.B,

Zero

Cpn,

6/02/25

...

30,080

28,578

7278430.SQ.FTS.B,

Zero

Cpn,

6/02/25

...

3,684

3,523

7278478.SQ.FTS.B,

Zero

Cpn,

6/02/25

...

10,878

10,403

7278630.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

1,389

1,310

7278653.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

8,662

8,266

7278794.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

27,835

26,716

7279226.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

2,156

2,077

7279274.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

1,660

1,597

7279297.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

3,011

2,862

7279337.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

2,489

2,339

7279372.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

3,502

3,320

7279438.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

4,354

4,163

7279532.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

1,307

1,242

7279543.SQ.FTS.B,

Zero

Cpn,

6/03/25

...

1,939

1,842

7279915.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

21,815

20,937

7280624.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

1,955

1,780

7280688.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

1,991

1,906

7280739.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

1,702

1,495

7280775.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

2,301

2,201

7280886.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

3,346

3,212

7280988.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

4,228

4,047

7281065.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

8,309

7,964

7281278.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

1,336

1,292

7281366.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

4,452

4,280

7281465.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

1,275

1,211

7281489.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

1,451

1,358

7281553.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

6,066

5,791

7281662.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

5,934

5,640

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)

7281773.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

$

19,691

$

18,859

7282128.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

19,181

18,516

7282545.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

2,116

2,042

7282582.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

8,725

8,338

7282775.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

18,107

17,422

7283057.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

35,707

34,360

7283880.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

4,512

4,010

7283942.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

458

439

7283943.SQ.FTS.B,

Zero

Cpn,

6/04/25

...

17,150

16,382

7284031.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

438

422

7284052.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

1,277

1,194

7284088.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

14,534

13,927

7284313.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

1,891

1,811

7284365.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

28,184

27,061

7285038.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

2,544

2,433

7285157.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

2,824

2,703

7285245.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

626

606

7285261.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

25,609

24,068

7285801.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

18,819

18,086

7286208.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

13,013

12,495

7286345.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

37,745

36,184

7286813.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

7,026

6,662

7286957.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

11,881

11,401

7287159.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

23,190

22,245

7287630.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

3,476

3,369

7287713.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

2,547

2,436

7287747.SQ.FTS.B,

Zero

Cpn,

6/05/25

...

3,184

3,040

7287779.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

2,775

2,653

7287890.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

2,501

2,367

7287927.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

4,619

4,367

7287997.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

1,954

1,852

7288048.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

4,591

3,625

7288120.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

7,246

6,237

7288277.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

581

564

7288306.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

3,688

3,537

7288409.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

810

725

7288439.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

12,546

11,996

7288807.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

13,976

13,404

7289147.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

6,577

6,328

7289279.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

28,627

27,566

7289745.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

4,453

4,260

7289781.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

16,316

15,713

7289938.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

3,870

3,705

7290020.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

1,318

1,268

7290035.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

4,255

4,062

7290125.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

2,794

2,676

7290242.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

18,150

17,381

7290602.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

4,343

4,167

7290668.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

6,069

5,344

7290740.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

17,410

16,313

7290966.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

969

918

7290984.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

17,790

16,897

7291225.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

1,951

1,654

7291240.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

5,648

5,346

7291331.SQ.FTS.B,

Zero

Cpn,

6/06/25

...

1,614

1,534

7293656.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

12,757

12,204

7294015.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

3,350

3,195

7294091.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

4,976

4,761

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7294211.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

$

9,886

$

9,473

7294544.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

24,757

23,692

7295203.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

2,366

2,260

7295319.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

5,392

4,804

7295473.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

711

668

7295480.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

2,708

2,334

7295556.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

9,291

8,728

7295675.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

627

608

7295692.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

4,008

3,531

7295736.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

13,148

12,483

7296024.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

5,172

4,988

7296106.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

1,150

1,100

7296128.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

16,464

15,757

7296434.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

1,503

1,445

7296475.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

14,151

13,619

7296773.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

2,208

2,096

7296787.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

1,360

1,257

7296803.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

4,525

4,324

7296896.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

9,095

8,628

7297076.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

3,097

2,914

7297106.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

11,934

11,420

7297274.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

30,832

29,263

7297861.SQ.FTS.B,

Zero

Cpn,

6/07/25

...

6,387

5,850

7297955.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

7,634

7,300

7298154.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

7,855

7,494

7298390.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

2,327

2,240

7298474.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

7,653

7,173

7298733.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

3,799

3,627

7298891.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

3,126

3,005

7299023.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

4,962

4,741

7299111.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

59,801

56,758

7299934.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

918

887

7299947.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

49,827

45,162

7300485.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

2,928

2,819

7300556.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

1,072

1,033

7300569.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

59,534

56,548

7301524.SQ.FTS.B,

Zero

Cpn,

6/08/25

...

3,516

3,190

7301562.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

9,836

9,457

7301678.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

9,880

9,476

7301784.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

600

576

7301793.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

2,142

2,028

7301825.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

888

830

7301849.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

3,982

3,808

7301907.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

2,658

2,492

7301930.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

4,821

4,620

7301992.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

2,977

2,849

7302032.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

4,856

4,653

7302117.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

4,638

3,953

7302162.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

6,920

6,279

7302260.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

1,012

950

7302266.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

2,498

2,386

7302302.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

5,174

4,850

7302371.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

3,233

2,935

7302425.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

11,218

10,250

7302557.SQ.FTS.B,

Zero

Cpn,

6/09/25

...

10,166

9,733

7302669.SQ.FTS.B,

Zero

Cpn,

6/10/25

...

11,165

9,979

7302800.SQ.FTS.B,

Zero

Cpn,

6/10/25

...

12,113

11,354

7303458.SQ.FTS.B,

Zero

Cpn,

6/10/25

...

11,330

10,810

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)

7303666.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

$

4,933

$

4,702

7304096.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

6,118

5,857

7304195.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

465

452

7304258.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

5,498

5,252

7304594.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

30,443

29,175

7305654.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

86,932

83,296

7307231.SQ.FTS.B,

Zero

Cpn,

6/11/25

...

38,604

37,111

7308085.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

5,798

5,549

7308243.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

18,881

18,064

7308511.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

33,581

32,160

7309437.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

1,019

981

7309470.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

2,802

2,655

7309528.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

1,934

1,560

7309552.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

4,376

4,194

7309653.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

5,193

4,874

7309739.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

11,605

11,075

7309910.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

5,872

5,631

7311634.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

7,786

7,462

7312996.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

10,140

9,715

7313148.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

5,526

5,290

7313197.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

6

6

7313199.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

7,405

7,098

7313406.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

63,656

60,451

7314137.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

11,041

10,587

7314276.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

6,545

6,263

7314373.SQ.FTS.B,

Zero

Cpn,

6/12/25

...

38,532

34,123

7314656.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

5,032

4,840

7314803.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

3,749

3,596

7314876.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

3,643

3,467

7314946.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

22,704

21,798

7315379.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

20,839

19,412

7315884.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

12,522

12,034

7316100.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

4,018

3,838

7316156.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

4,734

4,521

7316254.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

3,528

3,382

7316286.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

1,871

1,789

7316318.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

655

623

7316329.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

12,861

12,359

7316629.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

5,234

4,876

7316677.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

12,325

11,855

7316797.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

13,708

13,134

7316950.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

12,718

11,398

7317122.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

45,527

43,776

7317744.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

4,769

4,556

7317810.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

5,705

5,505

7318006.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

2,647

2,548

7318044.SQ.FTS.B,

Zero

Cpn,

6/13/25

...

13,274

12,777

7320326.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

1,373

1,311

7320392.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

6,988

6,724

7320581.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

2,970

2,719

7320649.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

646

499

7320655.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

7,041

6,668

7320811.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

1,049

928

7320846.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

25,403

24,085

7321532.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

5,063

4,725

7321685.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

1,575

1,413

7321720.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

4,917

4,705

7321814.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

6,053

5,796

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7321952.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

$

2,944

$

2,814

7322047.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

13,088

12,402

7322209.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

15,116

14,484

7322501.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

47,391

44,987

7323214.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

889

854

7323263.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

26,887

25,679

7323672.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

4,052

3,879

7323733.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

4,994

4,781

7323793.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

974

940

7323826.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

1,254

1,197

7323851.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

4,535

4,371

7323935.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

19,262

18,476

7324306.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

1,917

1,615

7324334.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

5,930

5,664

7324399.SQ.FTS.B,

Zero

Cpn,

6/14/25

...

9,119

8,689

7324500.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

15,814

15,095

7324821.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

4,074

3,942

7324963.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

8,117

7,769

7325159.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

2,050

1,947

7325202.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

848

797

7325237.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

4,378

4,181

7325383.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

31,025

29,804

7326147.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

1,695

1,610

7326189.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

31,622

30,295

7326462.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

2,606

2,479

7326524.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

6,321

6,026

7326696.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

5,937

5,680

7326825.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

1,835

1,739

7326930.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

2,702

2,363

7326958.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

4,517

4,365

7327041.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

28,527

27,477

7327635.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

5,721

5,433

7327690.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

1,505

1,439

7327705.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

3,828

3,647

7327771.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

3,486

3,348

7327797.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

18,606

17,768

7328024.SQ.FTS.B,

Zero

Cpn,

6/15/25

...

3,689

3,515

7328064.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

2,398

2,255

7328106.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

3,330

3,162

7328161.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

2,248

1,748

7328195.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

5,833

5,493

7328299.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

3,801

3,632

7328390.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

772

702

7328408.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

4,133

3,787

7328482.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

11,056

10,558

7328664.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

8,337

7,908

7328785.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

12,491

11,968

7329032.SQ.FTS.B,

Zero

Cpn,

6/16/25

...

2,163

2,031

7329078.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

5,663

5,417

7329209.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

3,813

3,643

7329269.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

479

464

7329281.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

6,425

6,177

7329399.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

11,132

10,154

7329570.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

19,729

18,829

7329934.SQ.FTS.B,

Zero

Cpn,

6/17/25

...

4,657

4,471

7330356.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

18,657

17,583

7330865.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

983

946

7330945.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

5,078

4,859

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)

7331230.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

$

14,104

$

12,831

7331688.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

9,221

8,818

7331926.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

1,447

1,366

7331943.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

61,980

59,263

7333086.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

3,779

3,628

7333141.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

13,117

12,550

7333386.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

5,938

5,637

7333534.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

2,169

2,090

7333634.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

1,702

1,618

7333694.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

1,963

1,874

7333733.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

28,520

27,355

7334394.SQ.FTS.B,

Zero

Cpn,

6/18/25

...

3,183

3,035

7334458.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

1,108

1,041

7334477.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

10,494

9,961

7334639.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

18,642

17,887

7334993.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

2,336

2,233

7335033.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

26,332

25,146

7335667.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

10,196

9,750

7335835.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

2,406

2,303

7335892.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

7,355

7,000

7335985.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

22,396

21,390

7336220.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

9,235

8,724

7336337.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

49,607

47,596

7336848.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

981

946

7336852.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

8,264

7,835

7336914.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

897

704

7336917.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

23,008

21,809

7337152.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

35,840

34,163

7337984.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

3,393

3,212

7338039.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

928

894

7338059.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

3,492

3,283

7338165.SQ.FTS.B,

Zero

Cpn,

6/19/25

...

1,026

985

7338337.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,625

2,348

7338391.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

14,307

13,670

7338612.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,213

2,127

7338662.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

7,219

6,956

7338777.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

9,467

8,867

7338876.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

8,232

7,867

7338972.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,628

2,509

7338989.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

1,704

1,614

7339030.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

7,092

6,792

7339268.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

3,230

3,036

7339403.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

1,759

1,601

7339440.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,197

1,982

7339477.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

30,034

28,742

7339818.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

1,801

1,685

7339839.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,870

2,749

7339873.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

7,866

7,093

7339973.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

37,331

35,647

7340262.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

5,688

5,439

7340314.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

30,739

29,364

7340525.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

5,784

5,548

7340564.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

7,359

6,965

7340646.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

14,069

13,389

7340738.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

1,253

1,207

7340745.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,834

2,707

7340760.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,663

2,550

7340777.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

2,903

2,773

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7340785.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

$

1,314

$

1,146

7340803.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

5,407

5,213

7340893.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

546

523

7340929.SQ.FTS.B,

Zero

Cpn,

6/20/25

...

1,972

1,869

7344546.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

26,966

25,752

7344910.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

25,770

24,618

7345408.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

16,877

16,098

7345527.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

17,921

16,744

7345720.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

10,648

10,107

7345849.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

5,753

5,473

7345915.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

9,189

8,669

7346033.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

1,526

1,467

7346059.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

2,985

2,731

7346114.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

854

811

7346123.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

17,221

15,166

7346312.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

16,271

15,484

7346490.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

4,184

4,005

7346601.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

21,283

20,375

7346953.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

9,447

8,875

7347119.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

3,079

2,924

7347161.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

2,656

2,527

7347199.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

14,652

13,997

7347412.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

2,789

2,671

7347457.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

9,278

8,919

7347531.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

10,258

9,811

7347634.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

1,936

1,829

7347644.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

1,793

1,661

7347663.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

2,551

2,437

7347700.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

1,795

1,705

7347758.SQ.FTS.B,

Zero

Cpn,

6/21/25

...

3,805

3,644

7348176.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

68,862

65,853

7349176.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

5,594

5,346

7349335.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

4,504

3,972

7349387.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

5,503

5,175

7349442.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

2,677

2,514

7349551.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

13,104

12,461

7349801.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

1,759

1,713

7349867.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

2,362

1,978

7349943.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

578

559

7349969.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

1,477

1,422

7350007.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

5,822

5,592

7350229.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

6,233

5,720

7350346.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

8,663

7,820

7350489.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

2,625

2,503

7350547.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

14,791

13,864

7350753.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

17,900

17,034

7351047.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

2,689

2,565

7351090.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

2,883

2,743

7351131.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

2,471

2,365

7351150.SQ.FTS.B,

Zero

Cpn,

6/22/25

...

34,038

32,305

7351560.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

2,164

1,718

7351591.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

14,629

13,941

7351741.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

817

787

7351749.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

1,016

973

7351763.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

5,378

5,098

7351823.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

3,977

3,797

7351853.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

12,980

12,449

7351966.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

2,822

2,690

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)

7351996.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

$

951

$

903

7352009.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

4,443

4,238

7352061.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

10,352

9,881

7352142.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

1,642

1,495

7352154.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

2,941

2,754

7352175.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

29,419

27,902

7352428.SQ.FTS.B,

Zero

Cpn,

6/23/25

...

16,748

15,969

7352580.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

2,189

2,099

7352602.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

21,689

19,888

7352758.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

15,389

14,631

7352911.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

1,448

1,389

7352926.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

33,331

31,593

7353214.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

8,382

8,008

7353309.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

2,216

2,110

7353332.SQ.FTS.B,

Zero

Cpn,

6/24/25

...

4,347

3,899

7353367.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

9,242

8,694

7353459.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

6,078

5,731

7353518.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

2,648

2,196

7353531.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

4,251

4,031

7353572.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

2,655

2,543

7353595.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

1,218

1,167

7353602.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

1,326

1,269

7353614.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

610

578

7353620.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

19,098

18,215

7353671.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

13,782

13,113

7353779.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

627

599

7353785.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

2,678

2,456

7353806.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

1,016

973

7353813.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

8,112

7,727

7353896.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

2,045

1,634

7353920.SQ.FTS.B,

Zero

Cpn,

6/25/25

...

3,455

3,237

7358629.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

21,424

20,450

7358954.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

4,928

4,767

7359023.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

4,833

4,562

7359113.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

13,888

12,617

7359379.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

2,974

2,832

7359461.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

8,267

7,908

7359600.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

56,404

53,451

7360145.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

60,273

57,498

7360508.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

8,591

8,260

7360615.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

29,671

28,379

7360805.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

2,575

2,346

7360828.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

5,009

4,787

7360875.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

7,171

6,854

7360923.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

12,605

12,057

7361101.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

2,144

2,058

7361135.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

2,004

1,914

7361261.SQ.FTS.B,

Zero

Cpn,

6/27/25

...

635

601

7363981.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

22,445

20,957

7364343.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

494

449

7364354.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

37,968

35,061

7365117.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

1,430

1,307

7365153.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

5,041

4,632

7365222.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

14,920

13,852

7365501.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

8,656

8,045

7365594.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

10,215

9,456

7365762.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

3,403

3,156

7365795.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

2,154

1,982

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7365827.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

$

18,347

$

16,762

7366136.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

1,314

1,204

7366164.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

6,518

6,018

7366252.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

8,818

8,174

7366353.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

2,138

1,974

7366379.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

7,985

7,408

7366497.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

4,175

3,866

7366570.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

2,457

2,101

7366703.SQ.FTS.B,

Zero

Cpn,

6/28/25

...

35,679

32,301

7367414.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

3,659

3,372

7367516.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

1,599

1,475

7367527.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

6,330

5,889

7367665.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

24,176

22,669

7368256.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

3,334

3,113

7368341.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

1,639

1,481

7368422.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

680

629

7368440.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

1,154

1,071

7368483.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

1,136

1,039

7368490.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

7,454

6,895

7368668.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

33,985

31,738

7369586.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

20,772

19,067

7370107.SQ.FTS.B,

Zero

Cpn,

6/29/25

...

30,491

28,036

7370368.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

10,232

9,594

7370482.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

1,262

1,150

7370501.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

405

363

7370508.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

6,991

6,419

7370572.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

3,564

3,293

7370619.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

31,622

29,523

7370970.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

2,531

2,309

7371001.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

6,856

6,347

7371071.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

830

772

7371081.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

2,155

1,985

7371115.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

5,988

5,594

7371187.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

3,380

3,145

7371339.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

1,596

1,477

7371364.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

2,351

2,171

7371390.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

1,616

1,502

7371414.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

264

246

7371418.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

9,512

8,685

7371563.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

3,052

2,813

7371598.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

1,221

1,119

7371632.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

4,523

4,170

7371684.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

261

235

7371688.SQ.FTS.B,

Zero

Cpn,

6/30/25

...

6,733

6,163

7371811.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

762

690

7371820.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

1,202

1,108

7371839.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

2,093

1,920

7371871.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

2,187

2,028

7371906.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

2,641

2,430

7371937.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

1,063

989

7371952.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

5,348

5,014

7372024.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

3,497

3,216

7372060.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

1,058

975

7372078.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

1,978

1,812

7372108.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

9,282

8,703

7372211.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

9,494

8,899

7372347.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

14,803

13,775

7372521.SQ.FTS.B,

Zero

Cpn,

7/01/25

...

3,565

3,233

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)

7372825.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

$

3,460

$

3,231

7372856.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

6,907

6,425

7373026.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

5,154

4,741

7373216.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

26,974

25,030

7373853.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

5,468

5,068

7373963.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

5,239

4,851

7374069.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

8,612

8,012

7374170.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

45,520

42,072

7374811.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

5,903

5,512

7374891.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

2,290

2,120

7374934.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

650

599

7374941.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

11,274

10,425

7375093.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

1,152

1,074

7375109.SQ.FTS.B,

Zero

Cpn,

7/02/25

...

60,296

55,932

7375993.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

18,048

16,916

7376210.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

1,122

893

7376285.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

53,771

49,636

7377279.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

18,894

17,426

7377495.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

15,212

14,268

7377634.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

31,548

29,436

7377896.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

1,775

1,644

7377915.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

13,466

12,522

7378034.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

3,703

3,457

7378060.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

4,811

4,373

7378133.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

46,399

42,893

7378930.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

2,756

2,558

7378968.SQ.FTS.B,

Zero

Cpn,

7/03/25

...

22,962

21,315

7380832.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

3,858

3,535

7380905.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

4,726

4,347

7380990.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

1,623

1,506

7381016.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

1,487

1,353

7381058.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

10,535

9,830

7381217.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,873

2,637

7381287.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

536

499

7381291.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

3,752

3,516

7381371.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,640

2,417

7381490.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

3,987

3,653

7381659.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

13,981

13,096

7381898.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

3,174

2,898

7381967.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

6,876

6,409

7382116.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

4,395

4,063

7382187.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

1,502

1,369

7382222.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

7,673

7,119

7382377.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,703

2,465

7382445.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,645

2,433

7382472.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,172

1,996

7382525.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,338

2,175

7382560.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

14,045

12,943

7382819.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

3,041

2,784

7382883.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,808

2,568

7382941.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

16,342

15,125

7383171.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

23,906

22,048

7383642.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

2,759

2,541

7383685.SQ.FTS.B,

Zero

Cpn,

7/04/25

...

21,546

19,980

7384006.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

4,831

4,473

7384128.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

12,268

11,261

7384305.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

8,047

7,464

7384449.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

3,420

3,114

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7384570.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

$

5,661

$

5,303

7384683.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

3,050

2,820

7384763.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

3,565

3,317

7384944.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

7,569

7,006

7385127.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

1,033

946

7385142.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

9,678

9,068

7385284.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

7,350

6,719

7385388.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

3,331

3,069

7385441.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

27,155

24,898

7385870.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

4,457

4,112

7385944.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

2,384

2,217

7385969.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

1,172

1,061

7386004.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

10,045

9,216

7386126.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

8,538

7,940

7386225.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

4,811

4,454

7386288.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

969

891

7386306.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

18,749

17,508

7386578.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

2,398

2,196

7386619.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

1,515

1,386

7386645.SQ.FTS.B,

Zero

Cpn,

7/05/25

...

21,757

20,309

7386936.SQ.FTS.B,

Zero

Cpn,

7/06/25

...

5,469

5,087

7387011.SQ.FTS.B,

Zero

Cpn,

7/06/25

...

39,170

36,357

7387351.SQ.FTS.B,

Zero

Cpn,

7/06/25

...

2,541

2,331

7387389.SQ.FTS.B,

Zero

Cpn,

7/06/25

...

8,296

7,770

7387502.SQ.FTS.B,

Zero

Cpn,

7/06/25

...

30,055

27,843

7387904.SQ.FTS.B,

Zero

Cpn,

7/07/25

...

3,405

3,112

7387946.SQ.FTS.B,

Zero

Cpn,

7/07/25

...

7,627

7,009

7388021.SQ.FTS.B,

Zero

Cpn,

7/07/25

...

21,585

20,222

7388247.SQ.FTS.B,

Zero

Cpn,

7/07/25

...

38,738

36,275

7389521.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

4,361

4,057

7389620.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

6,409

6,003

7389761.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

2,539

2,317

7389801.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

24,714

22,994

7390025.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

78,349

73,395

7390931.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

7,226

6,738

7391026.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

11,685

10,865

7391152.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

2,344

2,179

7391195.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

10,917

10,150

7391369.SQ.FTS.B,

Zero

Cpn,

7/08/25

...

30,233

28,134

7391592.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

7,128

6,644

7391709.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

10,676

9,831

7391816.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

1,768

1,607

7391869.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

1,777

1,646

7391950.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

19,512

18,278

7392278.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

515

470

7392291.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

1,636

1,527

7392358.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

18,473

17,119

7392715.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

10,906

10,167

7392856.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

1,039

955

7392874.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

315

292

7392891.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

932

866

7392910.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

17,006

15,862

7393202.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

3,091

2,880

7393235.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

10,344

9,500

7393382.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

9,216

8,500

7393495.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

10,214

9,567

7393613.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

5,726

5,301

7393677.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

1,355

1,245

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)

7393704.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

$

3,000

$

2,782

7393745.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

1,046

947

7393766.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

2,120

1,959

7393784.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

917

833

7393791.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

9,258

8,515

7393832.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

9,786

9,132

7394009.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

2,718

2,514

7394034.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

24,957

23,067

7394275.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

5,873

5,449

7394351.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

7,753

7,212

7394433.SQ.FTS.B,

Zero

Cpn,

7/09/25

...

13,917

12,952

7394535.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

1,443

1,334

7394575.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

3,813

3,475

7394641.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

7,606

6,940

7394772.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

641

595

7394781.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

2,139

1,988

7394814.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

4,315

4,011

7394867.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

41,360

38,438

7395626.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

3,220

2,958

7395683.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

3,469

3,174

7395717.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

10,285

9,632

7395853.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

4,362

3,987

7395888.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

73,627

67,622

7396709.SQ.FTS.B,

Zero

Cpn,

7/10/25

...

32,399

30,341

7400535.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

12,519

11,720

7400662.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

5,451

5,082

7400721.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

4,993

4,591

7400778.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

2,019

1,864

7400804.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

13,893

12,832

7401159.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

15,153

14,079

7401469.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

2,447

2,243

7401533.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

3,194

2,966

7401623.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

2,877

2,623

7401678.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

3,020

2,786

7401729.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

3,348

3,063

7401757.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

4,924

4,609

7401829.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

1,014

927

7401856.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

2,183

1,986

7401887.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

12,813

11,704

7402053.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

46,982

43,449

7402970.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

1,924

1,786

7402982.SQ.FTS.B,

Zero

Cpn,

7/11/25

...

48,524

45,092

7403593.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

2,145

1,986

7403758.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

3,688

3,366

7403854.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

13,438

12,580

7404129.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

10,906

10,060

7404529.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

15,292

14,120

7404861.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

4,358

4,049

7404931.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

20,246

18,653

7405222.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

3,312

3,052

7405273.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

1,319

1,222

7405293.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

1,246

1,144

7405305.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

2,942

2,726

7405337.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

2,225

2,047

7405344.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

2,218

2,056

7405393.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

1,286

1,172

7405407.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

22,325

20,824

7405684.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

671

627

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7405704.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

$

3,606

$

3,306

7405781.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

5,483

5,112

7405889.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

5,537

5,086

7405987.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

4,096

3,814

7406074.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

14,551

13,341

7406282.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

4,877

4,440

7406380.SQ.FTS.B,

Zero

Cpn,

7/12/25

...

94,001

87,638

7406484.SQ.FTS.B,

Zero

Cpn,

7/13/25

...

1,023

952

7406511.SQ.FTS.B,

Zero

Cpn,

7/13/25

...

20,185

18,816

7406693.SQ.FTS.B,

Zero

Cpn,

7/13/25

...

9,817

9,188

7406827.SQ.FTS.B,

Zero

Cpn,

7/13/25

...

11,313

10,544

7406989.SQ.FTS.B,

Zero

Cpn,

7/13/25

...

32,883

30,281

7407468.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

3,406

3,148

7407510.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

935

853

7407524.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

7,442

6,965

7407628.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

2,404

2,218

7407661.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

1,157

1,066

7407679.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

2,932

2,708

7407711.SQ.FTS.B,

Zero

Cpn,

7/14/25

...

8,792

8,121

7407832.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

934

849

7407858.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

4,873

4,443

7407933.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

10,558

9,880

7408096.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

962

870

7408113.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

6,030

5,622

7408191.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

4,086

3,794

7408240.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

3,037

2,822

7408277.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

11,570

10,720

7408420.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

2,503

2,306

7408451.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

5,701

5,179

7408503.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

14,726

13,787

7408690.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

3,277

3,054

7408724.SQ.FTS.B,

Zero

Cpn,

7/15/25

...

31,856

29,512

7409605.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

5,645

5,233

7409735.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

693

621

7409748.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

7,154

6,698

7409916.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

36,744

34,141

7410335.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

4,869

4,514

7410407.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

14,534

13,406

7410549.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

7,713

7,039

7410659.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

58,990

54,971

7411597.SQ.FTS.B,

Zero

Cpn,

7/16/25

...

4,191

3,886

7411662.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

7,274

6,716

7411844.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

1,000

918

7411856.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

9,082

8,501

7412053.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

1,101

1,010

7412068.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

973

907

7412116.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

2,810

2,577

7412183.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

39,156

36,148

7413041.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

5,560

5,165

7413116.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

31,200

29,206

7413447.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

8,357

7,694

7413564.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

61,774

57,584

7414380.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

1,674

1,552

7414409.SQ.FTS.B,

Zero

Cpn,

7/17/25

...

65,869

61,041

7416118.SQ.FTS.B,

Zero

Cpn,

7/18/25

...

3,128

2,857

7416216.SQ.FTS.B,

Zero

Cpn,

7/18/25

...

86,341

80,464

7418055.SQ.FTS.B,

Zero

Cpn,

7/18/25

...

64,609

59,827

7419116.SQ.FTS.B,

Zero

Cpn,

7/18/25

...

3,304

3,016

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)

7419159.SQ.FTS.B,

Zero

Cpn,

7/18/25

...

$

10,685

$

9,998

7419240.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

3,976

3,683

7419376.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

1,966

1,797

7419400.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

33,742

31,253

7420489.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

3,708

3,435

7420540.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

9,897

9,257

7420704.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

95,567

89,422

7422410.SQ.FTS.B,

Zero

Cpn,

7/19/25

...

1,007

933

7422447.SQ.FTS.B,

Zero

Cpn,

7/20/25

...

33,371

30,895

7422788.SQ.FTS.B,

Zero

Cpn,

7/20/25

...

20,298

18,507

7423021.SQ.FTS.B,

Zero

Cpn,

7/20/25

...

3,411

3,142

7423060.SQ.FTS.B,

Zero

Cpn,

7/20/25

...

30,064

28,010

7423386.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

5,536

5,157

7423428.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

4,033

3,759

7423477.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

11,085

10,327

7423624.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

3,250

2,992

7423657.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

8,961

8,383

7423785.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

561

512

7423791.SQ.FTS.B,

Zero

Cpn,

7/21/25

...

2,550

2,329

7423820.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

1,173

1,089

7423833.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

21,056

19,436

7424890.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

3,025

2,819

7425061.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

11,229

10,462

7425367.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

18,902

17,418

7425647.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

15,841

14,540

7425835.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

14,723

13,464

7425985.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

13,717

12,778

7426188.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

2,896

2,668

7426227.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

1,600

1,464

7426255.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

4,937

4,585

7426327.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

1,238

1,133

7426350.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

7,291

6,751

7426430.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

2,133

1,963

7426464.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

2,127

1,954

7426502.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

26,124

24,259

7426920.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

8,428

7,850

7427050.SQ.FTS.B,

Zero

Cpn,

7/22/25

...

23,907

21,953

7427325.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

1,422

1,313

7427387.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

2,207

2,026

7427416.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

11,209

10,406

7427569.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

13,541

12,573

7427771.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

6,141

5,721

7427851.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

11,584

10,791

7428342.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

8,574

7,821

7428663.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

12,415

11,495

7428823.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

34,790

32,296

7429385.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

18,264

16,999

7429631.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

18,871

17,432

7429768.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

25,491

23,604

7430066.SQ.FTS.B,

Zero

Cpn,

7/23/25

...

52,694

48,924

7430505.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

15,981

14,625

7430680.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

15,542

14,249

7430917.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

27,629

25,841

7431703.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

1,832

1,676

7431716.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

7,427

6,844

7431859.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

5,452

5,033

7431939.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

5,720

5,297

7431987.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

2,451

2,258

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7431999.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

$

91,120

$

83,951

7433056.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

17,033

15,812

7433415.SQ.FTS.B,

Zero

Cpn,

7/24/25

...

46,139

42,479

7435516.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

4,139

3,786

7435635.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

906

838

7435657.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

12,971

12,077

7435918.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

3,825

3,510

7436046.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

16,546

15,356

7436646.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

11,718

10,840

7436971.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

3,300

3,046

7437062.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

5,778

5,302

7437247.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

2,639

2,449

7437315.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

18,769

17,285

7437662.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

3,199

2,969

7437708.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

1,552

1,434

7437725.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

21,949

20,211

7438338.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

3,675

3,393

7438474.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

6,868

6,341

7438614.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

6,804

6,362

7438729.SQ.FTS.B,

Zero

Cpn,

7/25/25

...

6,096

5,678

7438902.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

13,215

12,164

7439179.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

1,511

1,378

7439189.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

17,297

16,009

7439698.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

9,756

8,949

7440035.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

2,795

2,587

7440092.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

8,140

7,580

7440287.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

2,114

1,961

7440318.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

7,476

6,900

7440471.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

6,850

6,403

7440592.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

2,271

2,120

7440620.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

4,559

4,220

7440684.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

7,655

7,156

7440744.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

9,164

8,482

7440842.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

13,264

12,351

7441037.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

3,397

3,106

7441107.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

2,561

2,364

7441153.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

965

901

7441185.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

17,874

16,645

7441533.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

2,038

1,866

7441613.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

24,922

23,006

7441915.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

1,329

1,219

7441937.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

1,605

1,484

7441985.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

3,409

3,128

7442030.SQ.FTS.B,

Zero

Cpn,

7/26/25

...

17,042

15,691

4581962.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

1,755

5

4581979.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

2,035

13

4582384.SQ.FTS.B,

Zero

Cpn,

4/03/33

...

863

7

4586446.SQ.FTS.B,

Zero

Cpn,

4/04/33

...

5,636

24

4590729.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

1,383

6

4591813.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

2,891

17

4591961.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

1,338

8

4592572.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

449

3

4593610.SQ.FTS.B,

Zero

Cpn,

4/06/33

...

1,504

7

4604000.SQ.FTS.B,

Zero

Cpn,

4/09/33

...

8,181

65

4604804.SQ.FTS.B,

Zero

Cpn,

4/09/33

...

785

3

4605063.SQ.FTS.B,

Zero

Cpn,

4/10/33

...

1,320

5

4605658.SQ.FTS.B,

Zero

Cpn,

4/10/33

...

6,711

50

4606063.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

2,752

23

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)

4606489.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

$

12,498

$

56

4606620.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

668

4

4606932.SQ.FTS.B,

Zero

Cpn,

4/11/33

...

2,572

21

4609460.SQ.FTS.B,

Zero

Cpn,

4/12/33

...

2,479

21

4609493.SQ.FTS.B,

Zero

Cpn,

4/12/33

...

1,353

11

4610482.SQ.FTS.B,

Zero

Cpn,

4/13/33

...

3,367

24

4622664.SQ.FTS.B,

Zero

Cpn,

4/15/33

...

3,107

16

4622864.SQ.FTS.B,

Zero

Cpn,

4/15/33

...

782

5

4624391.SQ.FTS.B,

Zero

Cpn,

4/17/33

...

3,087

16

4624796.SQ.FTS.B,

Zero

Cpn,

4/17/33

...

457

4

4625048.SQ.FTS.B,

Zero

Cpn,

4/17/33

...

871

8

4626040.SQ.FTS.B,

Zero

Cpn,

4/18/33

...

5,792

37

4628862.SQ.FTS.B,

Zero

Cpn,

4/19/33

...

8,296

114

4632078.SQ.FTS.B,

Zero

Cpn,

4/20/33

...

21,052

82

4638327.SQ.FTS.B,

Zero

Cpn,

4/22/33

...

8,661

58

4639746.SQ.FTS.B,

Zero

Cpn,

4/23/33

...

79

1

4640261.SQ.FTS.B,

Zero

Cpn,

4/24/33

...

549

4

4640985.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

1,692

23

4641063.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

710

4

4643805.SQ.FTS.B,

Zero

Cpn,

4/25/33

...

751

5

4649015.SQ.FTS.B,

Zero

Cpn,

4/27/33

...

5,124

36

4649299.SQ.FTS.B,

Zero

Cpn,

4/27/33

...

109

1

4655501.SQ.FTS.B,

Zero

Cpn,

4/29/33

...

4,154

46

4657541.SQ.FTS.B,

Zero

Cpn,

4/30/33

...

836

7

4660081.SQ.FTS.B,

Zero

Cpn,

5/01/33

...

422

3

4664137.SQ.FTS.B,

Zero

Cpn,

5/02/33

...

2,149

22

4666640.SQ.FTS.B,

Zero

Cpn,

5/03/33

...

10,212

178

4674918.SQ.FTS.B,

Zero

Cpn,

5/05/33

...

9,934

86

4675113.SQ.FTS.B,

Zero

Cpn,

5/05/33

...

163

2

4684412.SQ.FTS.B,

Zero

Cpn,

5/08/33

...

2,706

19

4707828.SQ.FTS.B,

Zero

Cpn,

5/11/33

...

69

1

4713712.SQ.FTS.B,

Zero

Cpn,

5/13/33

...

167

3

4720634.SQ.FTS.B,

Zero

Cpn,

5/16/33

...

7,932

127

4725524.SQ.FTS.B,

Zero

Cpn,

5/17/33

...

19,384

306

4741690.SQ.FTS.B,

Zero

Cpn,

5/18/33

...

524

6

4744012.SQ.FTS.B,

Zero

Cpn,

5/18/33

...

2,547

39

4755474.SQ.FTS.B,

Zero

Cpn,

5/22/33

...

1,198

16

4756626.SQ.FTS.B,

Zero

Cpn,

5/22/33

...

1,759

27

4757364.SQ.FTS.B,

Zero

Cpn,

5/22/33

...

2,804

29

4790013.SQ.FTS.B,

Zero

Cpn,

5/29/33

...

370

7

4807316.SQ.FTS.B,

Zero

Cpn,

6/02/33

...

297

6

4810447.SQ.FTS.B,

Zero

Cpn,

6/03/33

...

2,379

43

4814556.SQ.FTS.B,

Zero

Cpn,

6/04/33

...

616

9

4814833.SQ.FTS.B,

Zero

Cpn,

6/04/33

...

24,496

574

4815651.SQ.FTS.B,

Zero

Cpn,

6/05/33

...

629

7

4818987.SQ.FTS.B,

Zero

Cpn,

6/06/33

...

2,640

60

4819180.SQ.FTS.B,

Zero

Cpn,

6/07/33

...

266

5

4819217.SQ.FTS.B,

Zero

Cpn,

6/07/33

...

12,867

266

4821611.SQ.FTS.B,

Zero

Cpn,

6/08/33

...

702

5

4823342.SQ.FTS.B,

Zero

Cpn,

6/08/33

...

740

6

4827165.SQ.FTS.B,

Zero

Cpn,

6/09/33

...

1,298

10

4831089.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

3,668

59

4832985.SQ.FTS.B,

Zero

Cpn,

6/10/33

...

12,795

163

4836929.SQ.FTS.B,

Zero

Cpn,

6/13/33

...

6,637

123

4837116.SQ.FTS.B,

Zero

Cpn,

6/13/33

...

2,784

50

4838193.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

1,793

41

4839366.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

11,177

225

4839716.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

727

14

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4840254.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

$

488

$

9

4840334.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

1,577

31

4840427.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

6,145

106

4840766.SQ.FTS.B,

Zero

Cpn,

6/14/33

...

2,241

40

4842339.SQ.FTS.B,

Zero

Cpn,

6/15/33

...

565

16

4843142.SQ.FTS.B,

Zero

Cpn,

6/15/33

...

6,787

117

4848471.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

2,931

43

4848662.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

5,372

115

4848703.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

1,526

25

4850020.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

156

2

4850454.SQ.FTS.B,

Zero

Cpn,

6/16/33

...

1,505

25

4858016.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

1,782

15

4860376.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

1,539

25

4860428.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

179

2

4860575.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

431

10

4861177.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

526

10

4861282.SQ.FTS.B,

Zero

Cpn,

6/17/33

...

2,636

22

4861902.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

1,428

23

4861917.SQ.FTS.B,

Zero

Cpn,

6/18/33

...

3,378

64

4863326.SQ.FTS.B,

Zero

Cpn,

6/19/33

...

3,221

61

4863471.SQ.FTS.B,

Zero

Cpn,

6/19/33

...

7,932

222

4866438.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

954

14

4866709.SQ.FTS.B,

Zero

Cpn,

6/20/33

...

1,837

31

4867919.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

6,047

127

4868143.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

4,894

123

4868584.SQ.FTS.B,

Zero

Cpn,

6/21/33

...

5,694

119

4881733.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

726

23

4881919.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

793

12

4882161.SQ.FTS.B,

Zero

Cpn,

6/28/33

...

203

3

4884630.SQ.FTS.B,

Zero

Cpn,

6/29/33

...

527

11

4885937.SQ.FTS.B,

Zero

Cpn,

6/29/33

...

2,665

71

4889629.SQ.FTS.B,

Zero

Cpn,

7/01/33

...

2,050

43

4889899.SQ.FTS.B,

Zero

Cpn,

7/02/33

...

5,336

128

4890016.SQ.FTS.B,

Zero

Cpn,

7/02/33

...

1,471

15

4891423.SQ.FTS.B,

Zero

Cpn,

7/03/33

...

3,072

82

4901412.SQ.FTS.B,

Zero

Cpn,

7/07/33

...

183

6

4901767.SQ.FTS.B,

Zero

Cpn,

7/07/33

...

6,806

225

4903860.SQ.FTS.B,

Zero

Cpn,

7/09/33

...

2,275

32

4905084.SQ.FTS.B,

Zero

Cpn,

7/10/33

...

1,978

61

4906129.SQ.FTS.B,

Zero

Cpn,

7/10/33

...

990

38

4910039.SQ.FTS.B,

Zero

Cpn,

7/12/33

...

3,527

129

4924498.SQ.FTS.B,

Zero

Cpn,

7/17/33

...

2,892

64

4925900.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

4,781

157

4926237.SQ.FTS.B,

Zero

Cpn,

7/18/33

...

7,821

193

4926957.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

1,660

68

4928138.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

6,946

218

4928279.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

991

21

4928795.SQ.FTS.B,

Zero

Cpn,

7/19/33

...

21,198

448

4931407.SQ.FTS.B,

Zero

Cpn,

7/20/33

...

758

16

4931889.SQ.FTS.B,

Zero

Cpn,

7/20/33

...

1,469

51

4933844.SQ.FTS.B,

Zero

Cpn,

7/21/33

...

19,305

397

4935340.SQ.FTS.B,

Zero

Cpn,

7/22/33

...

172

4

4935527.SQ.FTS.B,

Zero

Cpn,

7/22/33

...

1,418

35

4935556.SQ.FTS.B,

Zero

Cpn,

7/22/33

...

827

19

4935758.SQ.FTS.B,

Zero

Cpn,

7/23/33

...

717

33

4935784.SQ.FTS.B,

Zero

Cpn,

7/23/33

...

749

14

4936861.SQ.FTS.B,

Zero

Cpn,

7/24/33

...

1,307

29

4937255.SQ.FTS.B,

Zero

Cpn,

7/24/33

...

1,941

84

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)

4954900.SQ.FTS.B,

Zero

Cpn,

7/28/33

...

$

4,177

$

61

4962054.SQ.FTS.B,

Zero

Cpn,

7/31/33

...

8,398

160

4962523.SQ.FTS.B,

Zero

Cpn,

7/31/33

...

4,563

202

4964207.SQ.FTS.B,

Zero

Cpn,

8/01/33

...

872

13

4967874.SQ.FTS.B,

Zero

Cpn,

8/02/33

...

6,630

241

4976894.SQ.FTS.B,

Zero

Cpn,

8/07/33

...

2,452

55

4977295.SQ.FTS.B,

Zero

Cpn,

8/07/33

...

5,717

120

4980302.SQ.FTS.B,

Zero

Cpn,

8/08/33

...

5,164

112

4980891.SQ.FTS.B,

Zero

Cpn,

8/08/33

...

7,938

261

4985573.SQ.FTS.B,

Zero

Cpn,

8/10/33

...

3,505

150

4985801.SQ.FTS.B,

Zero

Cpn,

8/10/33

...

3,070

105

4986950.SQ.FTS.B,

Zero

Cpn,

8/10/33

...

1,026

33

4989680.SQ.FTS.B,

Zero

Cpn,

8/11/33

...

6,187

208

4990405.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

4,044

144

4990803.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

839

37

4990927.SQ.FTS.B,

Zero

Cpn,

8/12/33

...

1,216

21

4991162.SQ.FTS.B,

Zero

Cpn,

8/13/33

...

5,956

284

4993286.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

1,167

20

4993377.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

1,027

17

4993884.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

2,371

80

4994536.SQ.FTS.B,

Zero

Cpn,

8/14/33

...

313

6

4994636.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

1,945

79

4999801.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

7,631

145

5002638.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

1,671

64

5002851.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

2,134

74

5003760.SQ.FTS.B,

Zero

Cpn,

8/15/33

...

2,712

94

5017280.SQ.FTS.B,

Zero

Cpn,

8/17/33

...

6,962

197

5019634.SQ.FTS.B,

Zero

Cpn,

8/17/33

...

1,814

86

5024347.SQ.FTS.B,

Zero

Cpn,

8/18/33

...

2,526

43

5025260.SQ.FTS.B,

Zero

Cpn,

8/18/33

...

427

17

5025377.SQ.FTS.B,

Zero

Cpn,

8/18/33

...

4,937

196

5025999.SQ.FTS.B,

Zero

Cpn,

8/19/33

...

4,449

156

5026387.SQ.FTS.B,

Zero

Cpn,

8/19/33

...

1,641

28

5027200.SQ.FTS.B,

Zero

Cpn,

8/21/33

...

811

33

5034542.SQ.FTS.B,

Zero

Cpn,

8/23/33

...

3,605

162

5035879.SQ.FTS.B,

Zero

Cpn,

8/23/33

...

757

33

5037885.SQ.FTS.B,

Zero

Cpn,

8/24/33

...

10,799

596

5039742.SQ.FTS.B,

Zero

Cpn,

8/24/33

...

3,582

158

5041320.SQ.FTS.B,

Zero

Cpn,

8/25/33

...

6,419

199

5043359.SQ.FTS.B,

Zero

Cpn,

8/26/33

...

107

5

5044612.SQ.FTS.B,

Zero

Cpn,

8/27/33

...

309

11

5045398.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

9,125

181

5045876.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

6,187

257

5047833.SQ.FTS.B,

Zero

Cpn,

8/28/33

...

3,738

166

5048228.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

273

8

5048261.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

242

11

5049827.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

3,982

95

5050370.SQ.FTS.B,

Zero

Cpn,

9/01/33

...

17,390

782

5051202.SQ.FTS.B,

Zero

Cpn,

9/02/33

...

402

9

5051339.SQ.FTS.B,

Zero

Cpn,

9/02/33

...

1,372

47

5059388.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

578

17

5059779.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

15,074

654

5061477.SQ.FTS.B,

Zero

Cpn,

9/04/33

...

5,939

377

5062144.SQ.FTS.B,

Zero

Cpn,

9/05/33

...

400

17

5065231.SQ.FTS.B,

Zero

Cpn,

9/07/33

...

7,752

440

5066009.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

7,497

368

5067639.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

8,253

427

5068585.SQ.FTS.B,

Zero

Cpn,

9/08/33

...

2,845

99

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5069032.SQ.FTS.B,

Zero

Cpn,

9/09/33

...

$

5,274

$

236

5069067.SQ.FTS.B,

Zero

Cpn,

9/09/33

...

12,169

635

5073148.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

7,251

415

5074113.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

38,423

1,414

5074740.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

3,072

138

5074780.SQ.FTS.B,

Zero

Cpn,

9/10/33

...

1,174

53

5078382.SQ.FTS.B,

Zero

Cpn,

9/12/33

...

979

75

5080951.SQ.FTS.B,

Zero

Cpn,

9/14/33

...

654

20

5081394.SQ.FTS.B,

Zero

Cpn,

9/14/33

...

9,547

210

5082041.SQ.FTS.B,

Zero

Cpn,

9/14/33

...

2,897

123

5082286.SQ.FTS.B,

Zero

Cpn,

9/15/33

...

2,381

80

5086472.SQ.FTS.B,

Zero

Cpn,

9/16/33

...

1,620

39

5086626.SQ.FTS.B,

Zero

Cpn,

9/16/33

...

1,016

52

5089593.SQ.FTS.B,

Zero

Cpn,

9/17/33

...

3,289

147

5090813.SQ.FTS.B,

Zero

Cpn,

9/17/33

...

4,919

253

5091416.SQ.FTS.B,

Zero

Cpn,

9/18/33

...

13,891

809

5092572.SQ.FTS.B,

Zero

Cpn,

9/18/33

...

4,043

161

5093886.SQ.FTS.B,

Zero

Cpn,

9/19/33

...

2,277

56

5094586.SQ.FTS.B,

Zero

Cpn,

9/20/33

...

2,003

108

5095170.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

2,536

65

5096000.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

163

4

5096503.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

9,495

672

5097173.SQ.FTS.B,

Zero

Cpn,

9/21/33

...

729

25

5098444.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

4,780

266

5099132.SQ.FTS.B,

Zero

Cpn,

9/22/33

...

37,393

1,929

5102220.SQ.FTS.B,

Zero

Cpn,

9/23/33

...

2,484

147

5104481.SQ.FTS.B,

Zero

Cpn,

9/24/33

...

1,513

84

5107188.SQ.FTS.B,

Zero

Cpn,

9/24/33

...

2,474

94

5109124.SQ.FTS.B,

Zero

Cpn,

9/25/33

...

519

14

5109714.SQ.FTS.B,

Zero

Cpn,

9/25/33

...

8,108

440

5111943.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

851

22

5113482.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

1,780

77

5114309.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

906

55

5114403.SQ.FTS.B,

Zero

Cpn,

9/28/33

...

1,028

27

5115191.SQ.FTS.B,

Zero

Cpn,

9/29/33

...

624

18

5115942.SQ.FTS.B,

Zero

Cpn,

9/29/33

...

25,309

1,148

5117310.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

4,690

314

5118308.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

6,298

366

5118981.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

3,773

218

5119496.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

4,666

190

5119596.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

2,003

92

5122010.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

629

18

5122298.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

1,008

30

5124626.SQ.FTS.B,

Zero

Cpn,

9/30/33

...

89

4

5125832.SQ.FTS.B,

Zero

Cpn,

10/01/33

..

649

18

5126318.SQ.FTS.B,

Zero

Cpn,

10/01/33

..

305

19

5128139.SQ.FTS.B,

Zero

Cpn,

10/02/33

..

1,521

96

5128160.SQ.FTS.B,

Zero

Cpn,

10/02/33

..

2,113

70

5129089.SQ.FTS.B,

Zero

Cpn,

10/03/33

..

5,922

170

5131068.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

995

50

5132810.SQ.FTS.B,

Zero

Cpn,

10/04/33

..

67

3

5134453.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

589

18

5134858.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

206

8

5135989.SQ.FTS.B,

Zero

Cpn,

10/05/33

..

6,343

385

5138063.SQ.FTS.B,

Zero

Cpn,

10/06/33

..

13,589

900

5143578.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

597

19

5143602.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

1,106

73

5143636.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

22,568

2,243

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)

5144702.SQ.FTS.B,

Zero

Cpn,

10/07/33

..

$

2,530

$

97

5145611.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

415

18

5145759.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

11,012

867

5147227.SQ.FTS.B,

Zero

Cpn,

10/08/33

..

2,903

126

5148494.SQ.FTS.B,

Zero

Cpn,

10/09/33

..

769

30

5149258.SQ.FTS.B,

Zero

Cpn,

10/10/33

..

2,200

63

5153196.SQ.FTS.B,

Zero

Cpn,

10/11/33

..

13,914

1,309

5154671.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

674

21

5154721.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

502

35

5155863.SQ.FTS.B,

Zero

Cpn,

10/12/33

..

10,908

699

5158276.SQ.FTS.B,

Zero

Cpn,

10/13/33

..

4,505

207

5164900.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

2,484

171

5165031.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

523

30

5165513.SQ.FTS.B,

Zero

Cpn,

10/14/33

..

535

18

5167068.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

1,586

162

5167306.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

548

19

5167520.SQ.FTS.B,

Zero

Cpn,

10/15/33

..

792

27

5178623.SQ.FTS.B,

Zero

Cpn,

10/18/33

..

2,451

188

5184669.SQ.FTS.B,

Zero

Cpn,

10/19/33

..

3,872

125

5185667.SQ.FTS.B,

Zero

Cpn,

10/20/33

..

14,866

1,087

5204516.SQ.FTS.B,

Zero

Cpn,

10/22/33

..

12,116

531

5207596.SQ.FTS.B,

Zero

Cpn,

10/22/33

..

954

77

5210624.SQ.FTS.B,

Zero

Cpn,

10/24/33

..

467

43

5216243.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

2,570

213

5218743.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

14,574

1,095

5220666.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

343

24

5220688.SQ.FTS.B,

Zero

Cpn,

10/26/33

..

25,349

2,134

5234308.SQ.FTS.B,

Zero

Cpn,

10/28/33

..

2,041

160

5235201.SQ.FTS.B,

Zero

Cpn,

10/29/33

..

1,059

60

5239980.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

4,342

239

5240149.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

487

33

5240240.SQ.FTS.B,

Zero

Cpn,

10/30/33

..

3,565

225

5240977.SQ.FTS.B,

Zero

Cpn,

11/01/33

..

1,605

89

5243643.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

3,274

219

5243677.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

199

11

5244265.SQ.FTS.B,

Zero

Cpn,

11/02/33

..

7,269

650

5246929.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

3,004

118

5248838.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

3,589

133

5249081.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

1,535

56

5250046.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

104

4

5251234.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

12,595

1,475

5251513.SQ.FTS.B,

Zero

Cpn,

11/03/33

..

1,257

155

5262859.SQ.FTS.B,

Zero

Cpn,

11/05/33

..

6,228

623

5270493.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

1,448

53

5271294.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

743

98

5271481.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

872

77

5271882.SQ.FTS.B,

Zero

Cpn,

11/06/33

..

6,771

260

5273816.SQ.FTS.B,

Zero

Cpn,

11/08/33

..

1,760

180

5273861.SQ.FTS.B,

Zero

Cpn,

11/08/33

..

2,965

206

5281948.SQ.FTS.B,

Zero

Cpn,

11/10/33

..

29,541

2,834

5282925.SQ.FTS.B,

Zero

Cpn,

11/11/33

..

2,496

290

5291714.SQ.FTS.B,

Zero

Cpn,

11/13/33

..

7,230

665

5292413.SQ.FTS.B,

Zero

Cpn,

11/13/33

..

7,292

921

5293647.SQ.FTS.B,

Zero

Cpn,

11/14/33

..

3,172

419

5294178.SQ.FTS.B,

Zero

Cpn,

11/14/33

..

4,625

180

5294931.SQ.FTS.B,

Zero

Cpn,

11/15/33

..

875

89

5296152.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

3,005

270

5297124.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

4,915

361

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5297679.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

$

4,327

$

426

5297749.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

4,815

215

5297998.SQ.FTS.B,

Zero

Cpn,

11/16/33

..

636

25

5303192.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

366

38

5303325.SQ.FTS.B,

Zero

Cpn,

11/17/33

..

2,069

203

5308374.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,834

89

5308440.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,850

121

5309472.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

3,112

278

5310662.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

2,510

292

5310909.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

14,880

1,334

5312989.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

886

38

5313199.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

2,846

271

5313296.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,043

112

5313526.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

1,853

174

5313775.SQ.FTS.B,

Zero

Cpn,

11/18/33

..

8,080

820

5316141.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

5,204

519

5318154.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

1,339

159

5318776.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

15,271

2,113

5319254.SQ.FTS.B,

Zero

Cpn,

11/19/33

..

875

79

5321246.SQ.FTS.B,

Zero

Cpn,

11/20/33

..

9,240

406

5324445.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

2,669

393

5324505.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

732

57

5324511.SQ.FTS.B,

Zero

Cpn,

11/21/33

..

787

79

5325032.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

1,289

163

5325685.SQ.FTS.B,

Zero

Cpn,

11/22/33

..

671

32

5326604.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

1,332

135

5330352.SQ.FTS.B,

Zero

Cpn,

11/23/33

..

4,757

318

5330620.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

278

31

5331180.SQ.FTS.B,

Zero

Cpn,

11/24/33

..

2,904

134

5335831.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

1,116

128

5336855.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

1,938

204

5337877.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

256

33

5338166.SQ.FTS.B,

Zero

Cpn,

11/25/33

..

124

14

5364847.SQ.FTS.B,

Zero

Cpn,

11/26/33

..

112

5

5364883.SQ.FTS.B,

Zero

Cpn,

11/26/33

..

1,777

201

5368153.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

1,070

48

5369187.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

484

54

5376024.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

1,689

192

5376799.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

4,624

458

5378398.SQ.FTS.B,

Zero

Cpn,

11/27/33

..

32,690

3,761

5381030.SQ.FTS.B,

Zero

Cpn,

11/28/33

..

10,498

1,409

5381932.SQ.FTS.B,

Zero

Cpn,

11/29/33

..

746

59

5383396.SQ.FTS.B,

Zero

Cpn,

11/30/33

..

105

7

5383412.SQ.FTS.B,

Zero

Cpn,

11/30/33

..

2,807

306

5398394.SQ.FTS.B,

Zero

Cpn,

11/30/33

..

777

60

5398459.SQ.FTS.B,

Zero

Cpn,

11/30/33

..

99

18

5412598.SQ.FTS.B,

Zero

Cpn,

12/01/33

..

108

9

5413606.SQ.FTS.B,

Zero

Cpn,

12/01/33

..

2,850

356

5440393.SQ.FTS.B,

Zero

Cpn,

12/02/33

..

513

38

5442439.SQ.FTS.B,

Zero

Cpn,

12/02/33

..

1,242

111

5471273.SQ.FTS.B,

Zero

Cpn,

12/03/33

..

1,167

128

5471332.SQ.FTS.B,

Zero

Cpn,

12/03/33

..

12,560

1,829

5472730.SQ.FTS.B,

Zero

Cpn,

12/04/33

..

3,743

336

5472763.SQ.FTS.B,

Zero

Cpn,

12/04/33

..

2,711

192

5472894.SQ.FTS.B,

Zero

Cpn,

12/04/33

..

367

44

5473236.SQ.FTS.B,

Zero

Cpn,

12/04/33

..

6,897

1,009

5473309.SQ.FTS.B,

Zero

Cpn,

12/04/33

..

1,962

344

5474033.SQ.FTS.B,

Zero

Cpn,

12/05/33

..

1,011

94

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)

5493687.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

$

1,582

$

239

5493760.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

9

1

5495244.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

1,565

107

5501790.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

5,287

982

5502597.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

8,011

1,298

5504275.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

1,678

174

5504334.SQ.FTS.B,

Zero

Cpn,

12/07/33

..

2,881

163

5515632.SQ.FTS.B,

Zero

Cpn,

12/08/33

..

876

74

5515935.SQ.FTS.B,

Zero

Cpn,

12/08/33

..

1,582

120

5517225.SQ.FTS.B,

Zero

Cpn,

12/08/33

..

132

12

5519182.SQ.FTS.B,

Zero

Cpn,

12/08/33

..

4,927

591

5528715.SQ.FTS.B,

Zero

Cpn,

12/09/33

..

343

59

5530682.SQ.FTS.B,

Zero

Cpn,

12/09/33

..

8,257

721

5531634.SQ.FTS.B,

Zero

Cpn,

12/09/33

..

16,877

1,811

5531927.SQ.FTS.B,

Zero

Cpn,

12/09/33

..

6,803

877

5534538.SQ.FTS.B,

Zero

Cpn,

12/10/33

..

3,044

152

5535542.SQ.FTS.B,

Zero

Cpn,

12/10/33

..

1,172

147

5536027.SQ.FTS.B,

Zero

Cpn,

12/10/33

..

115

15

5536092.SQ.FTS.B,

Zero

Cpn,

12/10/33

..

2,479

295

5537230.SQ.FTS.B,

Zero

Cpn,

12/10/33

..

1,570

203

5537511.SQ.FTS.B,

Zero

Cpn,

12/10/33

..

288

37

5539742.SQ.FTS.B,

Zero

Cpn,

12/11/33

..

3,222

376

5542232.SQ.FTS.B,

Zero

Cpn,

12/13/33

..

9,576

1,029

5543476.SQ.FTS.B,

Zero

Cpn,

12/13/33

..

697

75

5546767.SQ.FTS.B,

Zero

Cpn,

12/13/33

..

9,786

1,157

5548729.SQ.FTS.B,

Zero

Cpn,

12/14/33

..

87

7

5551837.SQ.FTS.B,

Zero

Cpn,

12/14/33

..

3,976

524

5553801.SQ.FTS.B,

Zero

Cpn,

12/14/33

..

15,160

1,652

5553995.SQ.FTS.B,

Zero

Cpn,

12/14/33

..

680

37

5558866.SQ.FTS.B,

Zero

Cpn,

12/15/33

..

187

30

5559238.SQ.FTS.B,

Zero

Cpn,

12/15/33

..

2,441

306

5564400.SQ.FTS.B,

Zero

Cpn,

12/16/33

..

4,180

716

5564465.SQ.FTS.B,

Zero

Cpn,

12/16/33

..

3,809

192

5564739.SQ.FTS.B,

Zero

Cpn,

12/17/33

..

4,014

268

5565342.SQ.FTS.B,

Zero

Cpn,

12/17/33

..

1,550

84

5565718.SQ.FTS.B,

Zero

Cpn,

12/17/33

..

1,113

151

5566977.SQ.FTS.B,

Zero

Cpn,

12/17/33

..

4,680

236

5568613.SQ.FTS.B,

Zero

Cpn,

12/18/33

..

7,092

360

5569924.SQ.FTS.B,

Zero

Cpn,

12/20/33

..

362

33

5571039.SQ.FTS.B,

Zero

Cpn,

12/20/33

..

585

122

5571610.SQ.FTS.B,

Zero

Cpn,

12/20/33

..

10,025

1,042

5571805.SQ.FTS.B,

Zero

Cpn,

12/20/33

..

278

36

5574449.SQ.FTS.B,

Zero

Cpn,

12/21/33

..

8,365

1,141

5574619.SQ.FTS.B,

Zero

Cpn,

12/21/33

..

1,300

74

5574770.SQ.FTS.B,

Zero

Cpn,

12/21/33

..

7,847

988

5575277.SQ.FTS.B,

Zero

Cpn,

12/21/33

..

880

118

5575354.SQ.FTS.B,

Zero

Cpn,

12/21/33

..

1,841

229

5578293.SQ.FTS.B,

Zero

Cpn,

12/22/33

..

4,171

594

5578333.SQ.FTS.B,

Zero

Cpn,

12/22/33

..

523

71

5578383.SQ.FTS.B,

Zero

Cpn,

12/22/33

..

1,150

162

5578934.SQ.FTS.B,

Zero

Cpn,

12/22/33

..

2,567

281

5581220.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

3,130

550

5581405.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

1,251

167

5581428.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

3,325

474

5581964.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

5,775

981

5582607.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

49

7

5582638.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

1,582

86

5582775.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

565

34

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5583691.SQ.FTS.B,

Zero

Cpn,

12/23/33

..

$

1,683

$

272

5584970.SQ.FTS.B,

Zero

Cpn,

12/24/33

..

806

50

5585193.SQ.FTS.B,

Zero

Cpn,

12/24/33

..

1,038

134

5587763.SQ.FTS.B,

Zero

Cpn,

12/24/33

..

13,450

1,335

5587867.SQ.FTS.B,

Zero

Cpn,

12/24/33

..

123

18

5587897.SQ.FTS.B,

Zero

Cpn,

12/24/33

..

21,318

1,833

5588544.SQ.FTS.B,

Zero

Cpn,

12/25/33

..

335

38

5588599.SQ.FTS.B,

Zero

Cpn,

12/25/33

..

462

67

5588620.SQ.FTS.B,

Zero

Cpn,

12/25/33

..

4,534

653

5588868.SQ.FTS.B,

Zero

Cpn,

12/26/33

..

2,471

366

5589011.SQ.FTS.B,

Zero

Cpn,

12/26/33

..

996

57

5589268.SQ.FTS.B,

Zero

Cpn,

12/26/33

..

447

27

5589338.SQ.FTS.B,

Zero

Cpn,

12/26/33

..

2,658

592

5593696.SQ.FTS.B,

Zero

Cpn,

12/28/33

..

16,651

2,203

5594128.SQ.FTS.B,

Zero

Cpn,

12/28/33

..

3,289

296

5597684.SQ.FTS.B,

Zero

Cpn,

12/29/33

..

548

103

5599130.SQ.FTS.B,

Zero

Cpn,

12/29/33

..

216

30

5608438.SQ.FTS.B,

Zero

Cpn,

12/30/33

..

195

30

5609439.SQ.FTS.B,

Zero

Cpn,

12/30/33

..

2,708

396

5610861.SQ.FTS.B,

Zero

Cpn,

12/30/33

..

3,977

753

5611249.SQ.FTS.B,

Zero

Cpn,

12/30/33

..

1,749

229

5613257.SQ.FTS.B,

Zero

Cpn,

1/01/34

...

972

138

5613321.SQ.FTS.B,

Zero

Cpn,

1/01/34

...

521

99

5613593.SQ.FTS.B,

Zero

Cpn,

1/01/34

...

1,051

68

5614043.SQ.FTS.B,

Zero

Cpn,

1/01/34

...

624

40

5615395.SQ.FTS.B,

Zero

Cpn,

1/01/34

...

1,119

266

5619805.SQ.FTS.B,

Zero

Cpn,

1/04/34

...

1,373

138

5621282.SQ.FTS.B,

Zero

Cpn,

1/05/34

...

1,010

153

5629056.SQ.FTS.B,

Zero

Cpn,

1/06/34

...

1,080

106

5641293.SQ.FTS.B,

Zero

Cpn,

1/07/34

...

2,632

213

5644715.SQ.FTS.B,

Zero

Cpn,

1/07/34

...

4,969

854

5644959.SQ.FTS.B,

Zero

Cpn,

1/07/34

...

10,493

1,790

5646926.SQ.FTS.B,

Zero

Cpn,

1/07/34

...

4,350

1,006

5649756.SQ.FTS.B,

Zero

Cpn,

1/08/34

...

149

19

5651436.SQ.FTS.B,

Zero

Cpn,

1/08/34

...

331

26

5655794.SQ.FTS.B,

Zero

Cpn,

1/09/34

...

265

32

5655805.SQ.FTS.B,

Zero

Cpn,

1/09/34

...

9,103

1,058

5656317.SQ.FTS.B,

Zero

Cpn,

1/10/34

...

3,805

644

5656603.SQ.FTS.B,

Zero

Cpn,

1/10/34

...

1,218

128

5656630.SQ.FTS.B,

Zero

Cpn,

1/10/34

...

236

26

5656707.SQ.FTS.B,

Zero

Cpn,

1/10/34

...

3,920

402

5656852.SQ.FTS.B,

Zero

Cpn,

1/10/34

...

716

109

5661432.SQ.FTS.B,

Zero

Cpn,

1/11/34

...

27,848

6,134

5662540.SQ.FTS.B,

Zero

Cpn,

1/11/34

...

4,448

685

5666857.SQ.FTS.B,

Zero

Cpn,

1/12/34

...

50,254

8,852

5670099.SQ.FTS.B,

Zero

Cpn,

1/12/34

...

1,442

159

5670219.SQ.FTS.B,

Zero

Cpn,

1/12/34

...

5,360

794

5672062.SQ.FTS.B,

Zero

Cpn,

1/12/34

...

957

105

5672657.SQ.FTS.B,

Zero

Cpn,

1/13/34

...

1,961

403

5672716.SQ.FTS.B,

Zero

Cpn,

1/13/34

...

1,622

207

5676023.SQ.FTS.B,

Zero

Cpn,

1/13/34

...

498

34

5677506.SQ.FTS.B,

Zero

Cpn,

1/13/34

...

5,385

837

5678063.SQ.FTS.B,

Zero

Cpn,

1/13/34

...

40

3

5689054.SQ.FTS.B,

Zero

Cpn,

1/14/34

...

354

45

5694752.SQ.FTS.B,

Zero

Cpn,

1/14/34

...

35,953

3,952

5695515.SQ.FTS.B,

Zero

Cpn,

1/14/34

...

2,005

250

5696224.SQ.FTS.B,

Zero

Cpn,

1/15/34

...

4,134

498

5698837.SQ.FTS.B,

Zero

Cpn,

1/15/34

...

8,377

1,223

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)

5701510.SQ.FTS.B,

Zero

Cpn,

1/15/34

...

$

251

$

17

5702064.SQ.FTS.B,

Zero

Cpn,

1/15/34

...

1,794

414

5702856.SQ.FTS.B,

Zero

Cpn,

1/16/34

...

703

109

5703564.SQ.FTS.B,

Zero

Cpn,

1/17/34

...

5,948

674

5705331.SQ.FTS.B,

Zero

Cpn,

1/18/34

...

1,467

101

5709306.SQ.FTS.B,

Zero

Cpn,

1/18/34

...

5,112

695

5710324.SQ.FTS.B,

Zero

Cpn,

1/19/34

...

253

42

5714621.SQ.FTS.B,

Zero

Cpn,

1/19/34

...

25,006

2,723

5715524.SQ.FTS.B,

Zero

Cpn,

1/19/34

...

1,945

441

5719100.SQ.FTS.B,

Zero

Cpn,

1/20/34

...

605

107

5719339.SQ.FTS.B,

Zero

Cpn,

1/20/34

...

1,667

120

5720196.SQ.FTS.B,

Zero

Cpn,

1/20/34

...

869

102

5720995.SQ.FTS.B,

Zero

Cpn,

1/20/34

...

383

28

5721008.SQ.FTS.B,

Zero

Cpn,

1/20/34

...

4,207

281

5721363.SQ.FTS.B,

Zero

Cpn,

1/20/34

...

47,507

8,310

5726619.SQ.FTS.B,

Zero

Cpn,

1/21/34

...

11,825

1,938

5728678.SQ.FTS.B,

Zero

Cpn,

1/21/34

...

2,142

602

5728974.SQ.FTS.B,

Zero

Cpn,

1/21/34

...

9,375

1,156

5729353.SQ.FTS.B,

Zero

Cpn,

1/21/34

...

5,757

684

5732481.SQ.FTS.B,

Zero

Cpn,

1/22/34

...

962

70

5733912.SQ.FTS.B,

Zero

Cpn,

1/22/34

...

14,207

2,386

5734330.SQ.FTS.B,

Zero

Cpn,

1/22/34

...

497

38

5734473.SQ.FTS.B,

Zero

Cpn,

1/22/34

...

4,239

737

5739318.SQ.FTS.B,

Zero

Cpn,

1/25/34

...

9,310

1,839

5741480.SQ.FTS.B,

Zero

Cpn,

1/26/34

...

259

23

5741860.SQ.FTS.B,

Zero

Cpn,

1/26/34

...

332

29

5741942.SQ.FTS.B,

Zero

Cpn,

1/26/34

...

5,701

1,816

5743692.SQ.FTS.B,

Zero

Cpn,

1/27/34

...

2,366

654

5743913.SQ.FTS.B,

Zero

Cpn,

1/27/34

...

14,974

3,651

5744738.SQ.FTS.B,

Zero

Cpn,

1/27/34

...

263

48

5745047.SQ.FTS.B,

Zero

Cpn,

1/27/34

...

289

55

5745337.SQ.FTS.B,

Zero

Cpn,

1/27/34

...

269

50

5745525.SQ.FTS.B,

Zero

Cpn,

1/27/34

...

3,073

1,003

5754429.SQ.FTS.B,

Zero

Cpn,

1/29/34

...

2,169

347

5754535.SQ.FTS.B,

Zero

Cpn,

1/29/34

...

581

148

5756156.SQ.FTS.B,

Zero

Cpn,

1/29/34

...

910

216

5756490.SQ.FTS.B,

Zero

Cpn,

1/29/34

...

28,616

2,371

5756660.SQ.FTS.B,

Zero

Cpn,

1/30/34

...

17,332

1,517

5757260.SQ.FTS.B,

Zero

Cpn,

1/30/34

...

272

47

5757294.SQ.FTS.B,

Zero

Cpn,

1/30/34

...

5,660

1,729

5760462.SQ.FTS.B,

Zero

Cpn,

2/01/34

...

123

25

5764142.SQ.FTS.B,

Zero

Cpn,

2/02/34

...

396

65

5765767.SQ.FTS.B,

Zero

Cpn,

2/02/34

...

850

225

5767523.SQ.FTS.B,

Zero

Cpn,

2/03/34

...

17,755

4,404

5767979.SQ.FTS.B,

Zero

Cpn,

2/03/34

...

2,624

232

5769375.SQ.FTS.B,

Zero

Cpn,

2/03/34

...

2,824

458

5769480.SQ.FTS.B,

Zero

Cpn,

2/03/34

...

6,527

1,696

5769756.SQ.FTS.B,

Zero

Cpn,

2/03/34

...

193

50

5772616.SQ.FTS.B,

Zero

Cpn,

2/04/34

...

10,404

2,085

5774638.SQ.FTS.B,

Zero

Cpn,

2/04/34

...

424

88

5775630.SQ.FTS.B,

Zero

Cpn,

2/05/34

...

3,081

572

5776421.SQ.FTS.B,

Zero

Cpn,

2/05/34

...

741

215

5777849.SQ.FTS.B,

Zero

Cpn,

2/05/34

...

3,303

572

5778637.SQ.FTS.B,

Zero

Cpn,

2/05/34

...

745

117

5778756.SQ.FTS.B,

Zero

Cpn,

2/05/34

...

2,847

274

5778865.SQ.FTS.B,

Zero

Cpn,

2/05/34

...

3,328

872

5779535.SQ.FTS.B,

Zero

Cpn,

2/06/34

...

263

69

5779967.SQ.FTS.B,

Zero

Cpn,

2/06/34

...

2,379

481

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5780239.SQ.FTS.B,

Zero

Cpn,

2/07/34

...

$

7,900

$

1,813

5780627.SQ.FTS.B,

Zero

Cpn,

2/07/34

...

1,727

698

5782195.SQ.FTS.B,

Zero

Cpn,

2/08/34

...

1,128

234

5784888.SQ.FTS.B,

Zero

Cpn,

2/09/34

...

1,270

337

5788233.SQ.FTS.B,

Zero

Cpn,

2/09/34

...

881

162

5788805.SQ.FTS.B,

Zero

Cpn,

2/09/34

...

20,630

5,773

5789379.SQ.FTS.B,

Zero

Cpn,

2/09/34

...

1,529

403

5793198.SQ.FTS.B,

Zero

Cpn,

2/10/34

...

14,656

5,157

5795334.SQ.FTS.B,

Zero

Cpn,

2/10/34

...

2,288

547

5796633.SQ.FTS.B,

Zero

Cpn,

2/10/34

...

2,959

473

5796654.SQ.FTS.B,

Zero

Cpn,

2/10/34

...

23,973

2,400

5801833.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

1,116

288

5802042.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

49,428

10,081

5803379.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

623

205

5804251.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

5,391

1,181

5805328.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

297

58

5805369.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

2,188

347

5805398.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

2,828

1,108

5805490.SQ.FTS.B,

Zero

Cpn,

2/11/34

...

629

132

5808150.SQ.FTS.B,

Zero

Cpn,

2/12/34

...

1,146

309

5809849.SQ.FTS.B,

Zero

Cpn,

2/12/34

...

2,395

640

5811504.SQ.FTS.B,

Zero

Cpn,

2/12/34

...

13,131

2,887

5816654.SQ.FTS.B,

Zero

Cpn,

2/15/34

...

13,550

4,136

5818363.SQ.FTS.B,

Zero

Cpn,

2/15/34

...

196

66

5818437.SQ.FTS.B,

Zero

Cpn,

2/15/34

...

2,400

455

5818633.SQ.FTS.B,

Zero

Cpn,

2/15/34

...

979

291

5821663.SQ.FTS.B,

Zero

Cpn,

2/16/34

...

2,685

773

5821739.SQ.FTS.B,

Zero

Cpn,

2/16/34

...

31,634

10,046

5822507.SQ.FTS.B,

Zero

Cpn,

2/17/34

...

762

151

5823402.SQ.FTS.B,

Zero

Cpn,

2/17/34

...

17,103

5,586

5823637.SQ.FTS.B,

Zero

Cpn,

2/17/34

...

5,280

2,431

5824064.SQ.FTS.B,

Zero

Cpn,

2/17/34

...

16,472

6,525

5824290.SQ.FTS.B,

Zero

Cpn,

2/17/34

...

1,207

134

5827612.SQ.FTS.B,

Zero

Cpn,

2/18/34

...

4,098

1,173

5827715.SQ.FTS.B,

Zero

Cpn,

2/18/34

...

3,528

643

5829308.SQ.FTS.B,

Zero

Cpn,

2/18/34

...

1,319

434

5831642.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

3,872

1,174

5832876.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

888

93

5832933.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

871

210

5832996.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

558

200

5833448.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

4,464

928

5833744.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

4,166

377

5833976.SQ.FTS.B,

Zero

Cpn,

2/19/34

...

673

442

5835427.SQ.FTS.B,

Zero

Cpn,

2/21/34

...

156

34

5836892.SQ.FTS.B,

Zero

Cpn,

2/22/34

...

6,889

3,512

5840032.SQ.FTS.B,

Zero

Cpn,

2/23/34

...

18,649

3,427

5840997.SQ.FTS.B,

Zero

Cpn,

2/23/34

...

465

155

5843566.SQ.FTS.B,

Zero

Cpn,

2/24/34

...

5,389

1,426

5843736.SQ.FTS.B,

Zero

Cpn,

2/24/34

...

1,277

236

5844917.SQ.FTS.B,

Zero

Cpn,

2/24/34

...

2,860

563

5845524.SQ.FTS.B,

Zero

Cpn,

2/24/34

...

201

21

5848650.SQ.FTS.B,

Zero

Cpn,

2/25/34

...

2,710

614

5851014.SQ.FTS.B,

Zero

Cpn,

2/25/34

...

340

195

5851134.SQ.FTS.B,

Zero

Cpn,

2/25/34

...

7,286

1,979

5852555.SQ.FTS.B,

Zero

Cpn,

2/26/34

...

445

188

5853107.SQ.FTS.B,

Zero

Cpn,

2/26/34

...

1,186

320

5853687.SQ.FTS.B,

Zero

Cpn,

2/26/34

...

1,153

357

5855247.SQ.FTS.B,

Zero

Cpn,

2/27/34

...

2,503

1,129

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)

5855330.SQ.FTS.B,

Zero

Cpn,

2/27/34

...

$

1,733

$

634

5855815.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

2,097

479

5855822.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

420

126

5856506.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

1,548

621

5856524.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

598

70

5857271.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

5,828

1,486

5860934.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

2,792

795

5862832.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

39,726

16,918

5864281.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

2,861

1,125

5865016.SQ.FTS.B,

Zero

Cpn,

2/28/34

...

1,991

483

23,603,012

Freedom

Financial

Asset

Management

LLC

APP-11237608.FP.FTS.B,

5.99%,

3/10/24

.

491

492

APP-12135614.FP.FTS.B,

18.99%,

3/11/24

2,504

383

APP-12050162.FP.FTS.B,

5.99%,

3/13/24

.

573

575

APP-08959542.FP.FTS.B,

17.99%,

4/10/24

1,168

1,174

APP-07979930.FP.FTS.B,

12.49%,

4/15/24

2,548

2,555

APP-08990977.FP.FTS.B,

17.49%,

4/20/24

1,441

1,447

APP-09087474.FP.FTS.B,

22.99%,

4/30/24

1,090

1,117

APP-08969780.FP.FTS.B,

14.49%,

5/21/24

3,194

3,202

APP-09021781.FP.FTS.B,

12.99%,

5/22/24

3,159

3,170

APP-08961356.FP.FTS.B,

22.49%,

5/29/24

2,800

353

APP-09086628.FP.FTS.B,

16.99%,

6/15/24

1,508

1,520

APP-08969775.FP.FTS.B,

12.99%,

6/21/24

3,338

3,350

APP-09353776.FP.FTS.B,

21.99%,

6/27/24

6,346

1,814

APP-09583612.FP.FTS.B,

15.24%,

7/01/24

2,818

2,822

APP-09354267.FP.FTS.B,

17.49%,

7/01/24

2,685

2,693

APP-09726629.FP.FTS.B,

12.24%,

7/09/24

3,661

3,677

APP-09343576.FP.FTS.B,

23.49%,

7/10/24

3,827

3,887

APP-12243834.FP.FTS.B,

18.49%,

7/27/24

1,208

1,214

APP-09726602.FP.FTS.B,

17.49%,

8/12/24

3,583

3,623

APP-09799095.FP.FTS.B,

19.99%,

8/12/24

1,597

1,611

APP-10159829.FP.FTS.B,

15.49%,

8/15/24

3,191

3,211

APP-09726592.FP.FTS.B,

12.24%,

8/20/24

4,913

4,942

APP-09726689.FP.FTS.B,

15.99%,

8/20/24

3,431

3,456

APP-10203850.FP.FTS.B,

10.49%,

8/21/24

5,030

5,061

APP-09708878.FP.FTS.B,

15.49%,

8/24/24

1,562

1,573

APP-09808886.FP.FTS.B,

19.99%,

8/24/24

2,057

2,088

APP-09726492.FP.FTS.B,

12.24%,

8/25/24

3,293

3,315

APP-10379461.FP.FTS.B,

10.49%,

9/02/24

4,448

4,460

APP-09939798.FP.FTS.B,

17.99%,

9/23/24

2,856

2,888

APP-09776493.FP.FTS.B,

10.49%,

9/25/24

4,380

4,410

APP-10170244.FP.FTS.B,

13.24%,

10/02/24

..........................

9,835

9,888

APP-09776210.FP.FTS.B,

13.49%,

10/04/24

..........................

7,654

7,701

APP-10060644.FP.FTS.B,

13.99%,

10/04/24

..........................

12,381

12,447

APP-10195787.FP.FTS.B,

25.49%,

10/04/24

..........................

3,221

3,249

APP-10402043.FP.FTS.B,

17.99%,

10/05/24

..........................

6,376

6,441

APP-10396556.FP.FTS.B,

25.49%,

10/05/24

..........................

3,958

952

APP-10682620.FP.FTS.B,

16.49%,

10/07/24

..........................

1,143

693

APP-10481124.FP.FTS.B,

12.74%,

10/12/24

5,878

5,916

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10135442.FP.FTS.B,

10.99%,

10/16/24

..........................

$

8,416

$

8,470

APP-10451908.FP.FTS.B,

11.99%,

10/20/24

12,856

12,944

APP-10444462.FP.FTS.B,

8.49%,

10/23/24

7,589

7,643

APP-10314676.FP.FTS.B,

12.74%,

10/26/24

..........................

5,672

5,722

APP-10687787.FP.FTS.B,

23.99%,

11/02/24

2,687

2,698

APP-10566736.FP.FTS.B,

16.49%,

11/04/24

4,476

4,510

APP-10769779.FP.FTS.B,

5.99%,

11/09/24

1,215

1,218

APP-10693186.FP.FTS.B,

10.49%,

11/10/24

4,937

4,967

APP-11194733.FP.FTS.B,

8.99%,

11/11/24

10,986

11,057

APP-10096028.FP.FTS.B,

9.99%,

11/14/24

12,935

13,021

APP-10670881.FP.FTS.B,

10.24%,

11/17/24

3,813

3,841

APP-11237920.FP.FTS.B,

17.99%,

11/17/24

3,487

3,537

APP-11333230.FP.FTS.B,

12.49%,

11/25/24

8,909

9,000

APP-11382302.FP.FTS.B,

16.99%,

11/25/24

3,451

3,485

APP-10459273.FP.FTS.B,

15.99%,

12/03/24

..........................

7,237

7,274

APP-11799510.FP.FTS.B,

16.99%,

12/15/24

3,516

3,541

APP-10372817.FP.FTS.B,

15.49%,

12/17/24

..........................

7,324

7,391

APP-11316386.FP.FTS.B,

13.49%,

12/20/24

4,988

5,030

APP-11319377.FP.FTS.B,

25.49%,

12/20/24

5,570

815

APP-11799271.FP.FTS.B,

14.99%,

12/21/24

7,455

7,567

APP-11383917.FP.FTS.B,

12.74%,

12/26/24

5,067

5,115

APP-11045167.FP.FTS.B,

10.49%,

12/28/24

4,968

5,010

APP-11802632.FP.FTS.B,

9.74%,

12/29/24

4,044

4,079

APP-11297354.FP.FTS.B,

8.49%,

1/01/25

.

4,673

4,701

APP-11237990.FP.FTS.B,

10.74%,

1/02/25

2,653

2,653

APP-11333266.FP.FTS.B,

15.49%,

1/02/25

3,981

4,001

APP-11307931.FP.FTS.B,

21.99%,

1/02/25

2,178

2,155

APP-10624639.FP.FTS.B,

10.49%,

1/03/25

8,575

8,631

APP-11265704.FP.FTS.B,

13.99%,

1/03/25

13,556

13,634

APP-11382734.FP.FTS.B,

23.49%,

1/04/25

4,490

4,513

APP-11320650.FP.FTS.B,

23.99%,

1/06/25

5,919

5,958

APP-09356867.FP.FTS.B,

9.99%,

1/08/25

.

16,770

16,887

APP-11389002.FP.FTS.B,

17.99%,

1/09/25

2,799

2,822

APP-11319269.FP.FTS.B,

21.99%,

1/09/25

7,744

7,818

APP-11694688.FP.FTS.B,

18.99%,

1/12/25

4,826

4,861

APP-12194196.FP.FTS.B,

13.24%,

1/16/25

23,067

5,030

APP-12106244.FP.FTS.B,

18.99%,

1/22/25

5,101

5,186

APP-12207671.FP.FTS.B,

16.99%,

1/25/25

3,866

3,902

APP-12266979.FP.FTS.B,

11.74%,

1/28/25

8,544

8,627

APP-11792552.FP.FTS.B,

17.49%,

2/01/25

10,975

11,010

APP-11767460.FP.FTS.B,

13.74%,

2/12/25

11,995

12,095

APP-10657504.FP.FTS.B,

14.99%,

2/22/25

13,288

13,468

APP-12227846.FP.FTS.B,

9.49%,

3/01/25

.

9,298

9,357

APP-11194436.FP.FTS.B,

15.99%,

3/01/25

12,794

12,965

APP-12257518.FP.FTS.B,

18.99%,

3/01/25

6,015

6,019

APP-11946510.FP.FTS.B,

12.74%,

3/04/25

4,218

4,255

APP-12119651.FP.FTS.B,

8.99%,

3/12/25

.

12,059

12,156

APP-12139540.FP.FTS.B,

9.99%,

3/12/25

.

5,992

6,040

APP-12246852.FP.FTS.B,

23.99%,

3/12/25

7,640

7,694

APP-10005462.FP.FTS.B,

9.74%,

3/13/25

.

5,851

5,900

APP-12216739.FP.FTS.B,

16.99%,

3/13/25

8,853

8,925

APP-11394558.FP.FTS.B,

14.99%,

4/15/25

8,033

8,105

APP-08980006.FP.FTS.B,

16.49%,

4/17/25

5,054

5,124

APP-09058670.FP.FTS.B,

16.49%,

4/27/25

3,842

3,916

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-08976296.FP.FTS.B,

18.49%,

5/17/25

$

4,796

$

4,870

APP-09335187.FP.FTS.B,

16.99%,

5/20/25

5,418

5,584

APP-08870796.FP.FTS.B,

19.49%,

5/23/25

3,640

3,749

APP-08914897.FP.FTS.B,

12.99%,

5/29/25

7,355

7,468

APP-08967293.FP.FTS.B,

17.49%,

5/29/25

8,001

8,271

APP-09014884.FP.FTS.B,

14.99%,

5/31/25

16,788

17,002

APP-09231496.FP.FTS.B,

14.99%,

6/01/25

21,056

21,290

APP-08988851.FP.FTS.B,

16.99%,

6/01/25

22,818

23,203

APP-09029616.FP.FTS.B,

21.49%,

6/03/25

1,390

1,398

APP-09036276.FP.FTS.B,

18.99%,

6/05/25

17,268

17,584

APP-09134525.FP.FTS.B,

19.99%,

6/05/25

12,069

12,520

APP-09045917.FP.FTS.B,

18.99%,

6/11/25

15,054

15,568

APP-09106073.FP.FTS.B,

19.99%,

6/14/25

4,102

4,242

APP-09130603.FP.FTS.B,

12.99%,

6/15/25

7,953

8,061

APP-09046414.FP.FTS.B,

14.99%,

6/23/25

14,198

14,399

APP-09302995.FP.FTS.B,

14.99%,

7/10/25

4,783

4,860

APP-09352779.FP.FTS.B,

18.49%,

7/10/25

4,124

4,204

APP-09375788.FP.FTS.B,

18.49%,

7/10/25

4,478

4,617

APP-09012739.FP.FTS.B,

14.49%,

7/15/25

5,504

5,590

APP-09100537.FP.FTS.B,

17.99%,

7/15/25

5,978

6,097

APP-09355200.FP.FTS.B,

14.99%,

7/17/25

22,156

3,038

APP-09717803.FP.FTS.B,

18.49%,

8/10/25

4,573

4,650

APP-10142907.FP.FTS.B,

14.99%,

8/12/25

18,829

19,082

APP-09813384.FP.FTS.B,

12.74%,

8/13/25

10,702

10,843

APP-08970788.FP.FTS.B,

17.49%,

8/16/25

4,966

5,109

APP-09776164.FP.FTS.B,

15.99%,

8/25/25

6,039

6,168

APP-09786759.FP.FTS.B,

21.99%,

8/27/25

3,346

481

APP-10450365.FP.FTS.B,

10.99%,

9/03/25

8,395

8,495

APP-10476920.FP.FTS.B,

8.99%,

9/06/25

.

9,397

9,517

APP-10400942.FP.FTS.B,

10.99%,

9/10/25

7,116

7,211

APP-09354577.FP.FTS.B,

18.49%,

9/11/25

4,044

4,072

APP-10561719.FP.FTS.B,

12.74%,

9/20/25

5,868

5,962

APP-10432695.FP.FTS.B,

16.99%,

9/20/25

25,195

25,634

APP-10156735.FP.FTS.B,

16.49%,

9/23/25

12,840

13,211

APP-10561277.FP.FTS.B,

19.49%,

9/25/25

3,375

3,400

APP-10156534.FP.FTS.B,

10.99%,

9/30/25

12,383

12,578

APP-10204096.FP.FTS.B,

10.99%,

10/01/25

..........................

9,988

10,127

APP-09708653.FP.FTS.B,

13.24%,

10/01/25

..........................

11,362

11,524

APP-10060747.FP.FTS.B,

13.74%,

10/01/25

..........................

13,602

13,811

APP-10157176.FP.FTS.B,

16.49%,

10/01/25

..........................

11,269

11,557

APP-10203214.FP.FTS.B,

18.99%,

10/01/25

..........................

10,922

11,325

APP-10684832.FP.FTS.B,

20.99%,

10/02/25

..........................

6,016

3,507

APP-09979972.FP.FTS.B,

14.49%,

10/05/25

..........................

23,491

4,578

APP-10485308.FP.FTS.B,

16.99%,

10/12/25

..........................

7,311

7,493

APP-10384915.FP.FTS.B,

16.49%,

10/17/25

..........................

8,987

9,151

APP-10497677.FP.FTS.B,

12.74%,

10/20/25

..........................

6,255

6,357

APP-10567121.FP.FTS.B,

13.24%,

10/20/25

..........................

11,441

11,625

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10578108.FP.FTS.B,

14.49%,

10/22/25

..........................

$

14,635

$

15,056

APP-10519197.FP.FTS.B,

15.99%,

10/29/25

..........................

17,619

18,010

APP-09341214.FP.FTS.B,

21.49%,

10/31/25

..........................

4,230

4,280

APP-10689729.FP.FTS.B,

13.99%,

11/05/25

5,906

1,096

APP-10480296.FP.FTS.B,

19.49%,

11/12/25

9,036

1,834

APP-10606420.FP.FTS.B,

10.99%,

11/15/25

15,581

15,814

APP-10839237.FP.FTS.B,

10.99%,

11/15/25

11,656

11,821

APP-11210666.FP.FTS.B,

10.99%,

11/15/25

11,334

11,486

APP-11237796.FP.FTS.B,

16.49%,

11/15/25

9,665

9,964

APP-10776817.FP.FTS.B,

16.99%,

11/15/25

20,523

21,162

APP-10681833.FP.FTS.B,

15.99%,

11/16/25

15,910

16,216

APP-10768953.FP.FTS.B,

18.99%,

11/17/25

1,371

1,372

APP-10773457.FP.FTS.B,

11.49%,

11/22/25

3,226

3,233

APP-10692429.FP.FTS.B,

20.99%,

11/22/25

5,805

6,026

APP-11376181.FP.FTS.B,

10.99%,

12/15/25

7,742

7,845

APP-11802431.FP.FTS.B,

10.24%,

12/18/25

7,194

7,293

APP-10770088.FP.FTS.B,

10.99%,

12/18/25

..........................

14,833

15,053

APP-11253357.FP.FTS.B,

13.24%,

12/20/25

9,911

10,049

APP-11793362.FP.FTS.B,

17.99%,

12/20/25

26,673

2,847

APP-10746117.FP.FTS.B,

8.99%,

12/26/25

9,481

9,621

APP-11379674.FP.FTS.B,

11.49%,

12/26/25

20,236

20,548

APP-11772465.FP.FTS.B,

10.99%,

12/27/25

12,636

12,724

APP-11384860.FP.FTS.B,

12.49%,

12/28/25

20,535

20,856

APP-10474872.FP.FTS.B,

18.99%,

12/28/25

..........................

8,601

953

APP-11249658.FP.FTS.B,

10.49%,

1/02/26

28,694

3,021

APP-11374960.FP.FTS.B,

14.99%,

1/02/26

1,075

1,069

APP-11104135.FP.FTS.B,

11.49%,

1/03/26

20,836

21,144

APP-11321062.FP.FTS.B,

14.49%,

1/03/26

6,519

6,593

APP-11411443.FP.FTS.B,

17.49%,

1/03/26

7,589

7,818

APP-11287073.FP.FTS.B,

21.99%,

1/03/26

19,147

19,857

APP-11378327.FP.FTS.B,

17.99%,

1/07/26

8,336

2,809

APP-11279539.FP.FTS.B,

15.99%,

1/09/26

5,944

6,045

APP-11403530.FP.FTS.B,

19.49%,

1/09/26

6,121

6,283

APP-11104456.FP.FTS.B,

10.99%,

1/17/26

6,233

6,319

APP-11237745.FP.FTS.B,

17.49%,

1/20/26

5,332

5,426

APP-12244806.FP.FTS.B,

16.74%,

1/22/26

17,946

18,497

APP-12125189.FP.FTS.B,

19.49%,

1/25/26

10,447

2,151

APP-12229052.FP.FTS.B,

17.99%,

1/26/26

11,747

12,184

APP-12243882.FP.FTS.B,

19.49%,

1/27/26

6,249

6,455

APP-11816651.FP.FTS.B,

26.49%,

2/01/26

4,203

4,309

APP-11770041.FP.FTS.B,

15.99%,

2/02/26

7,092

7,253

APP-11792403.FP.FTS.B,

13.99%,

2/03/26

13,427

13,712

APP-11335385.FP.FTS.B,

10.99%,

2/04/26

10,057

10,196

APP-11751019.FP.FTS.B,

15.99%,

2/05/26

1,708

1,707

APP-11817724.FP.FTS.B,

20.74%,

2/12/26

14,076

14,620

APP-11802110.FP.FTS.B,

16.99%,

2/13/26

16,247

3,183

APP-10476373.FP.FTS.B,

10.99%,

2/25/26

8,804

8,950

APP-12285827.FP.FTS.B,

13.24%,

3/01/26

6,269

6,352

APP-11946533.FP.FTS.B,

16.24%,

3/01/26

17,800

18,200

APP-12236342.FP.FTS.B,

16.49%,

3/08/26

15,202

15,651

APP-12223796.FP.FTS.B,

21.24%,

3/11/26

16,191

16,715

APP-12243350.FP.FTS.B,

9.99%,

3/12/26

.

5,328

5,358

APP-12201290.FP.FTS.B,

14.74%,

3/12/26

10,780

10,802

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

206

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12106220.FP.FTS.B,

18.99%,

3/12/26

$

8,056

$

8,270

APP-08739403.FP.FTS.B,

16.99%,

3/21/26

15,191

15,519

APP-11799543.FP.FTS.B,

13.24%,

4/12/26

6,180

6,287

APP-08907777.FP.FTS.B,

17.99%,

4/12/26

4,350

4,491

APP-08330688.FP.FTS.B,

14.99%,

4/15/26

13,265

13,512

APP-08979775.FP.FTS.B,

23.99%,

4/16/26

16,469

17,312

APP-09077004.FP.FTS.B,

16.99%,

4/17/26

5,734

5,847

APP-08698355.FP.FTS.B,

18.99%,

4/17/26

9,324

9,590

APP-09019999.FP.FTS.B,

13.49%,

4/22/26

25,797

26,262

APP-09100185.FP.FTS.B,

18.99%,

4/30/26

6,956

7,252

APP-09087999.FP.FTS.B,

21.49%,

4/30/26

18,768

19,563

APP-08979983.FP.FTS.B,

19.99%,

5/01/26

6,878

7,066

APP-08726744.FP.FTS.B,

21.49%,

5/01/26

21,399

22,067

APP-08741967.FP.FTS.B,

17.49%,

5/05/26

16,455

16,762

APP-09321377.FP.FTS.B,

17.49%,

5/15/26

14,828

15,070

APP-08975984.FP.FTS.B,

16.99%,

5/17/26

11,737

11,956

APP-08950723.FP.FTS.B,

14.99%,

5/21/26

8,584

8,748

APP-09015317.FP.FTS.B,

18.99%,

5/22/26

12,573

13,016

APP-08994245.FP.FTS.B,

22.99%,

5/22/26

11,128

11,276

APP-09024930.FP.FTS.B,

13.49%,

5/23/26

5,011

5,094

APP-09025472.FP.FTS.B,

19.99%,

5/23/26

13,478

1,705

APP-08902866.FP.FTS.B,

20.49%,

5/23/26

15,202

15,961

APP-09012359.FP.FTS.B,

23.49%,

5/23/26

9,516

10,004

APP-09356444.FP.FTS.B,

17.49%,

5/27/26

11,424

11,842

APP-09437723.FP.FTS.B,

20.99%,

5/27/26

14,616

1,719

APP-09352425.FP.FTS.B,

14.99%,

5/28/26

17,613

17,915

APP-08989489.FP.FTS.B,

22.99%,

5/28/26

5,998

6,276

APP-09057834.FP.FTS.B,

18.99%,

5/29/26

14,768

15,385

APP-08923777.FP.FTS.B,

12.99%,

5/30/26

15,296

15,605

APP-08970713.FP.FTS.B,

12.99%,

5/30/26

15,211

15,516

APP-08967703.FP.FTS.B,

19.49%,

5/30/26

199

200

APP-08976475.FP.FTS.B,

20.99%,

5/30/26

7,852

8,286

APP-09021433.FP.FTS.B,

21.99%,

5/30/26

1,968

1,990

APP-09095354.FP.FTS.B,

12.99%,

5/31/26

14,677

1,150

APP-08924285.FP.FTS.B,

14.99%,

5/31/26

11,376

11,597

APP-09088134.FP.FTS.B,

18.99%,

5/31/26

353

354

APP-08974488.FP.FTS.B,

21.49%,

5/31/26

9,225

9,579

APP-09060458.FP.FTS.B,

22.49%,

5/31/26

7,468

7,899

APP-09095478.FP.FTS.B,

13.49%,

6/01/26

5,472

5,481

APP-09020308.FP.FTS.B,

16.99%,

6/01/26

11,748

11,994

APP-09029242.FP.FTS.B,

17.49%,

6/01/26

29,071

29,632

APP-08816539.FP.FTS.B,

20.49%,

6/01/26

14,488

14,981

APP-09109896.FP.FTS.B,

21.99%,

6/01/26

3,382

3,385

APP-08847606.FP.FTS.B,

15.49%,

6/04/26

23,010

23,385

APP-08980085.FP.FTS.B,

18.99%,

6/04/26

636

634

APP-08979954.FP.FTS.B,

12.99%,

6/05/26

14,735

15,014

APP-09017269.FP.FTS.B,

14.99%,

6/05/26

14,622

7,796

APP-09105301.FP.FTS.B,

14.99%,

6/05/26

9,451

9,615

APP-09142993.FP.FTS.B,

17.99%,

6/05/26

15,389

15,908

APP-09027027.FP.FTS.B,

21.49%,

6/05/26

13,300

13,889

APP-08960524.FP.FTS.B,

12.99%,

6/06/26

13,563

13,803

APP-08923668.FP.FTS.B,

21.49%,

6/06/26

8,176

8,467

APP-09232139.FP.FTS.B,

22.49%,

6/07/26

21,376

7,130

APP-09070140.FP.FTS.B,

12.99%,

6/12/26

8,793

8,954

APP-09074502.FP.FTS.B,

17.49%,

6/12/26

20,465

20,941

APP-09074432.FP.FTS.B,

19.99%,

6/12/26

7,224

7,546

APP-09070087.FP.FTS.B,

24.49%,

6/12/26

19,046

19,893

APP-08447667.FP.FTS.B,

12.99%,

6/13/26

13,862

14,119

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-08649324.FP.FTS.B,

20.49%,

6/13/26

$

15,156

$

15,775

APP-09045278.FP.FTS.B,

12.99%,

6/14/26

6,987

7,110

APP-12262753.FP.FTS.B,

14.99%,

6/14/26

13,965

14,271

APP-09096903.FP.FTS.B,

12.99%,

6/15/26

9,392

9,555

APP-08847769.FP.FTS.B,

14.99%,

6/15/26

8,715

8,881

APP-09213296.FP.FTS.B,

14.99%,

6/15/26

16,705

16,973

APP-09241097.FP.FTS.B,

20.49%,

6/15/26

13,193

13,814

APP-09029834.FP.FTS.B,

18.49%,

6/18/26

7,290

7,460

APP-09132903.FP.FTS.B,

18.99%,

6/18/26

12,525

12,995

APP-09125842.FP.FTS.B,

20.49%,

6/18/26

17,206

3,647

APP-09281875.FP.FTS.B,

14.99%,

6/20/26

15,674

15,926

APP-09290922.FP.FTS.B,

25.49%,

6/22/26

12,499

13,124

APP-09341526.FP.FTS.B,

23.49%,

6/27/26

6,634

1,449

APP-09198220.FP.FTS.B,

15.49%,

6/28/26

8,034

8,339

APP-09238269.FP.FTS.B,

15.49%,

6/28/26

28,331

28,916

APP-09096348.FP.FTS.B,

18.99%,

6/28/26

14,322

14,681

APP-09201816.FP.FTS.B,

19.49%,

6/28/26

6,324

6,646

APP-08924259.FP.FTS.B,

15.49%,

6/29/26

20,867

21,341

APP-09045155.FP.FTS.B,

20.99%,

6/29/26

9,437

1,032

APP-09355512.FP.FTS.B,

20.99%,

6/29/26

8,564

8,804

APP-08984739.FP.FTS.B,

17.49%,

7/01/26

29,075

29,617

APP-09785029.FP.FTS.B,

17.99%,

7/01/26

4,968

5,020

APP-09789894.FP.FTS.B,

21.49%,

7/01/26

13,661

14,162

APP-09771718.FP.FTS.B,

18.49%,

7/02/26

22,740

23,372

APP-09274045.FP.FTS.B,

22.49%,

7/02/26

16,247

9,499

APP-09717698.FP.FTS.B,

13.24%,

7/03/26

12,924

13,104

APP-09290915.FP.FTS.B,

17.49%,

7/04/26

11,997

12,347

APP-09379010.FP.FTS.B,

22.49%,

7/04/26

14,344

14,867

APP-09490392.FP.FTS.B,

13.99%,

7/05/26

28,773

29,186

APP-09778974.FP.FTS.B,

21.49%,

7/05/26

28,558

29,489

APP-09569037.FP.FTS.B,

13.24%,

7/06/26

16,533

16,777

APP-09445164.FP.FTS.B,

13.49%,

7/06/26

20,141

20,452

APP-09441854.FP.FTS.B,

17.49%,

7/06/26

11,806

12,158

APP-09427047.FP.FTS.B,

19.99%,

7/06/26

7,551

7,841

APP-09448166.FP.FTS.B,

14.99%,

7/07/26

16,603

16,938

APP-09354737.FP.FTS.B,

15.49%,

7/07/26

4,394

4,474

APP-08684302.FP.FTS.B,

13.74%,

7/08/26

21,226

21,545

APP-09331398.FP.FTS.B,

14.99%,

7/09/26

14,486

14,785

APP-09768010.FP.FTS.B,

17.99%,

7/09/26

20,626

21,294

APP-09336762.FP.FTS.B,

12.99%,

7/10/26

7,287

7,421

APP-08447355.FP.FTS.B,

17.49%,

7/10/26

2,310

329

APP-09291214.FP.FTS.B,

17.99%,

7/10/26

17,735

18,323

APP-09424879.FP.FTS.B,

17.99%,

7/10/26

5,276

5,436

APP-09351977.FP.FTS.B,

19.49%,

7/10/26

12,300

12,708

APP-09208095.FP.FTS.B,

17.49%,

7/11/26

10,007

10,319

APP-08684475.FP.FTS.B,

18.99%,

7/11/26

6,015

6,252

APP-09328185.FP.FTS.B,

15.49%,

7/12/26

21,442

21,856

APP-09358023.FP.FTS.B,

16.99%,

7/12/26

16,715

17,082

APP-09045901.FP.FTS.B,

14.99%,

7/13/26

12,945

13,181

APP-09133899.FP.FTS.B,

22.99%,

7/16/26

25,338

26,277

APP-08914924.FP.FTS.B,

24.99%,

7/19/26

8,925

9,355

APP-09356919.FP.FTS.B,

15.49%,

7/20/26

16,916

5,158

APP-09360053.FP.FTS.B,

20.99%,

7/20/26

7,370

2,430

APP-09129616.FP.FTS.B,

20.99%,

7/28/26

14,350

1,569

APP-08924296.FP.FTS.B,

22.49%,

7/30/26

18,114

18,831

APP-10156862.FP.FTS.B,

17.99%,

8/06/26

28,176

28,538

APP-09377950.FP.FTS.B,

16.49%,

8/10/26

6,584

6,697

APP-09708763.FP.FTS.B,

17.49%,

8/10/26

12,124

12,494

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-09780659.FP.FTS.B,

17.49%,

8/10/26

$

19,277

$

19,662

APP-09780914.FP.FTS.B,

18.99%,

8/10/26

10,453

10,798

APP-09787054.FP.FTS.B,

19.99%,

8/10/26

9,309

9,647

APP-09789653.FP.FTS.B,

23.49%,

8/10/26

12,807

13,372

APP-09759315.FP.FTS.B,

13.24%,

8/11/26

13,656

13,879

APP-09794481.FP.FTS.B,

13.24%,

8/11/26

14,080

14,299

APP-09593157.FP.FTS.B,

14.74%,

8/12/26

20,585

20,961

APP-09781342.FP.FTS.B,

17.99%,

8/12/26

18,138

18,706

APP-09717599.FP.FTS.B,

19.99%,

8/12/26

6,773

6,987

APP-09291173.FP.FTS.B,

13.24%,

8/15/26

16,412

16,686

APP-09778508.FP.FTS.B,

13.24%,

8/15/26

15,530

15,789

APP-09795345.FP.FTS.B,

13.24%,

8/15/26

16,326

16,602

APP-10045496.FP.FTS.B,

14.49%,

8/15/26

6,321

6,418

APP-09788637.FP.FTS.B,

17.99%,

8/15/26

21,450

22,110

APP-09745779.FP.FTS.B,

18.49%,

8/15/26

3,290

3,290

APP-09708666.FP.FTS.B,

19.49%,

8/15/26

14,171

14,760

APP-09766832.FP.FTS.B,

19.99%,

8/15/26

5,000

5,166

APP-09242266.FP.FTS.B,

22.99%,

8/15/26

22,569

23,182

APP-09746385.FP.FTS.B,

24.49%,

8/15/26

5,545

564

APP-10272491.FP.FTS.B,

14.24%,

8/17/26

11,525

11,731

APP-09780110.FP.FTS.B,

15.99%,

8/17/26

28,625

29,173

APP-10176592.FP.FTS.B,

15.99%,

8/17/26

33,336

3,337

APP-10169709.FP.FTS.B,

16.99%,

8/17/26

16,730

17,093

APP-09794920.FP.FTS.B,

21.49%,

8/17/26

3,048

3,050

APP-10214566.FP.FTS.B,

17.99%,

8/18/26

16,276

16,791

APP-10213964.FP.FTS.B,

18.99%,

8/18/26

11,377

11,765

APP-10246936.FP.FTS.B,

9.99%,

8/20/26

.

10,611

10,793

APP-10244412.FP.FTS.B,

14.24%,

8/20/26

11,386

11,597

APP-09717880.FP.FTS.B,

15.74%,

8/20/26

16,077

16,399

APP-09791612.FP.FTS.B,

18.99%,

8/20/26

31,153

32,191

APP-10195666.FP.FTS.B,

20.99%,

8/20/26

20,116

20,901

APP-10244692.FP.FTS.B,

20.99%,

8/20/26

6,864

6,885

APP-09811789.FP.FTS.B,

22.49%,

8/20/26

4,832

5,049

APP-10127112.FP.FTS.B,

16.49%,

8/21/26

9,243

9,441

APP-10233694.FP.FTS.B,

18.99%,

8/21/26

11,835

12,270

APP-10293482.FP.FTS.B,

11.99%,

8/22/26

9,851

10,001

APP-09717638.FP.FTS.B,

13.24%,

8/22/26

12,083

12,309

APP-09766134.FP.FTS.B,

15.24%,

8/23/26

15,022

15,337

APP-09788355.FP.FTS.B,

17.99%,

8/23/26

2,506

508

APP-09778481.FP.FTS.B,

19.99%,

8/23/26

8,225

8,605

APP-09726787.FP.FTS.B,

15.24%,

8/24/26

9,673

9,879

APP-09787833.FP.FTS.B,

15.74%,

8/24/26

24,198

24,717

APP-09794319.FP.FTS.B,

15.74%,

8/24/26

16,328

16,678

APP-09708684.FP.FTS.B,

21.49%,

8/24/26

32,153

33,511

APP-09759659.FP.FTS.B,

13.24%,

8/25/26

18,818

19,190

APP-09812236.FP.FTS.B,

13.24%,

8/26/26

13,205

13,466

APP-09811518.FP.FTS.B,

15.74%,

8/27/26

16,595

16,972

APP-10308476.FP.FTS.B,

20.49%,

8/28/26

15,789

16,533

APP-10352432.FP.FTS.B,

11.99%,

9/01/26

11,619

11,782

APP-09094872.FP.FTS.B,

14.99%,

9/01/26

18,055

18,348

APP-09019228.FP.FTS.B,

16.99%,

9/05/26

12,815

13,128

APP-10389562.FP.FTS.B,

17.49%,

9/05/26

12,581

12,912

APP-09433444.FP.FTS.B,

14.99%,

9/06/26

12,515

12,699

APP-08114000.FP.FTS.B,

13.24%,

9/10/26

14,175

14,399

APP-10525907.FP.FTS.B,

11.99%,

9/15/26

12,062

3,551

APP-10400798.FP.FTS.B,

14.24%,

9/15/26

14,256

14,526

APP-09778451.FP.FTS.B,

18.99%,

9/20/26

15,197

15,705

APP-10158390.FP.FTS.B,

12.49%,

9/21/26

23,707

24,114

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10209954.FP.FTS.B,

16.49%,

9/23/26

$

8,075

$

8,262

APP-10203826.FP.FTS.B,

13.24%,

9/25/26

30,074

30,647

APP-10244251.FP.FTS.B,

20.49%,

9/28/26

17,715

5,882

APP-10663520.FP.FTS.B,

12.49%,

9/30/26

23,425

23,831

APP-10211394.FP.FTS.B,

14.24%,

9/30/26

12,211

12,485

APP-10203378.FP.FTS.B,

18.99%,

10/01/26

..........................

10,381

10,632

APP-10115186.FP.FTS.B,

23.49%,

10/01/26

14,162

14,750

APP-10206598.FP.FTS.B,

23.49%,

10/01/26

..........................

7,356

7,596

APP-10195837.FP.FTS.B,

11.99%,

10/02/26

10,682

10,857

APP-10135726.FP.FTS.B,

16.99%,

10/02/26

..........................

15,422

15,720

APP-10622691.FP.FTS.B,

18.99%,

10/02/26

..........................

8,598

8,896

APP-10210290.FP.FTS.B,

19.99%,

10/02/26

..........................

5,568

5,725

APP-10156986.FP.FTS.B,

19.99%,

10/03/26

..........................

14,348

14,804

APP-10220069.FP.FTS.B,

11.99%,

10/04/26

18,350

18,682

APP-10156629.FP.FTS.B,

14.49%,

10/04/26

..........................

6,176

6,282

APP-10005303.FP.FTS.B,

17.49%,

10/04/26

..........................

9,163

1,822

APP-10156876.FP.FTS.B,

17.49%,

10/04/26

..........................

27,299

27,811

APP-10229284.FP.FTS.B,

18.99%,

10/04/26

..........................

10,000

5,751

APP-10374305.FP.FTS.B,

11.99%,

10/05/26

12,113

12,301

APP-10237302.FP.FTS.B,

13.24%,

10/05/26

..........................

31,125

31,665

APP-10157026.FP.FTS.B,

14.24%,

10/05/26

..........................

9,599

9,777

APP-10253670.FP.FTS.B,

19.99%,

10/06/26

..........................

5,218

3,013

APP-10156578.FP.FTS.B,

17.99%,

10/07/26

..........................

18,667

19,249

APP-10692650.FP.FTS.B,

11.99%,

10/08/26

11,053

11,227

APP-10670486.FP.FTS.B,

12.74%,

10/08/26

..........................

8,515

8,556

APP-10091993.FP.FTS.B,

19.99%,

10/08/26

..........................

13,313

13,764

APP-10776411.FP.FTS.B,

11.99%,

10/09/26

18,648

18,947

APP-10710819.FP.FTS.B,

16.99%,

10/09/26

..........................

11,762

11,987

APP-10291582.FP.FTS.B,

17.49%,

10/09/26

..........................

12,801

13,145

APP-10682190.FP.FTS.B,

19.49%,

10/09/26

..........................

13,599

14,127

APP-10476345.FP.FTS.B,

13.24%,

10/12/26

..........................

30,671

31,171

APP-10477663.FP.FTS.B,

20.99%,

10/12/26

..........................

26,919

15,829

APP-10477679.FP.FTS.B,

17.49%,

10/14/26

..........................

18,293

18,869

APP-10433068.FP.FTS.B,

15.49%,

10/15/26

..........................

31,414

31,977

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-10199991.FP.FTS.B,

16.99%,

10/15/26

..........................

$

12,824

$

13,097

APP-10480948.FP.FTS.B,

17.49%,

10/15/26

..........................

11,770

12,110

APP-10274873.FP.FTS.B,

20.49%,

10/15/26

..........................

12,959

13,453

APP-10365188.FP.FTS.B,

14.24%,

10/17/26

..........................

9,378

9,563

APP-10514404.FP.FTS.B,

18.99%,

10/17/26

..........................

15,827

16,386

APP-10352466.FP.FTS.B,

19.99%,

10/18/26

..........................

360

359

APP-10463389.FP.FTS.B,

12.49%,

10/20/26

..........................

24,506

24,945

APP-10091267.FP.FTS.B,

13.74%,

10/20/26

..........................

8,529

932

APP-10096145.FP.FTS.B,

14.24%,

10/20/26

..........................

15,808

16,133

APP-10519975.FP.FTS.B,

20.99%,

10/20/26

..........................

4,736

4,740

APP-10243564.FP.FTS.B,

20.49%,

10/21/26

..........................

14,042

14,513

APP-10518491.FP.FTS.B,

20.49%,

10/22/26

..........................

15,884

16,573

APP-10201640.FP.FTS.B,

21.49%,

10/22/26

..........................

13,911

14,475

APP-10520303.FP.FTS.B,

12.49%,

10/23/26

..........................

20,839

21,238

APP-10432275.FP.FTS.B,

12.49%,

10/24/26

..........................

14,386

14,566

APP-10463469.FP.FTS.B,

18.99%,

10/24/26

..........................

33,771

34,872

APP-10364110.FP.FTS.B,

11.24%,

10/25/26

30,340

30,920

APP-10476876.FP.FTS.B,

16.99%,

10/25/26

..........................

15,944

16,325

APP-10512737.FP.FTS.B,

17.49%,

10/25/26

..........................

12,932

13,380

APP-10352703.FP.FTS.B,

11.99%,

10/26/26

15,577

15,881

APP-10511819.FP.FTS.B,

14.74%,

10/28/26

22,636

23,144

APP-10352498.FP.FTS.B,

18.49%,

10/28/26

..........................

9,064

9,417

APP-10352813.FP.FTS.B,

14.24%,

10/29/26

..........................

11,851

12,118

APP-10432641.FP.FTS.B,

15.49%,

10/29/26

..........................

19,509

20,006

APP-10521838.FP.FTS.B,

17.99%,

10/29/26

..........................

16,914

17,549

APP-10459435.FP.FTS.B,

19.99%,

10/29/26

..........................

8,243

8,638

APP-10527263.FP.FTS.B,

12.24%,

10/30/26

..........................

9,558

9,774

APP-10482600.FP.FTS.B,

16.49%,

10/30/26

..........................

7,643

7,821

APP-10481822.FP.FTS.B,

18.49%,

10/30/26

..........................

17,006

17,631

APP-10537549.FP.FTS.B,

11.99%,

11/02/26

17,567

17,862

APP-10583684.FP.FTS.B,

16.99%,

11/02/26

13,181

13,537

APP-10606158.FP.FTS.B,

14.74%,

11/05/26

17,993

18,285

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11307937.FP.FTS.B,

11.99%,

11/08/26

$

14,179

$

14,387

APP-09709453.FP.FTS.B,

14.24%,

11/09/26

12,631

12,835

APP-11099818.FP.FTS.B,

16.49%,

11/09/26

7,891

8,028

APP-11236671.FP.FTS.B,

14.49%,

11/10/26

6,154

6,245

APP-10765319.FP.FTS.B,

14.49%,

11/11/26

4,776

4,855

APP-11395641.FP.FTS.B,

11.99%,

11/14/26

17,732

18,001

APP-10679263.FP.FTS.B,

17.49%,

11/14/26

2,345

2,341

APP-10714394.FP.FTS.B,

11.99%,

11/15/26

18,720

19,038

APP-10763123.FP.FTS.B,

13.24%,

11/15/26

31,574

32,113

APP-10508459.FP.FTS.B,

15.99%,

11/15/26

29,600

30,127

APP-11304024.FP.FTS.B,

17.49%,

11/15/26

9,343

9,618

APP-10672023.FP.FTS.B,

18.49%,

11/15/26

13,369

13,866

APP-11314507.FP.FTS.B,

19.99%,

11/15/26

10,264

10,658

APP-10688392.FP.FTS.B,

21.99%,

11/15/26

17,322

18,004

APP-10606168.FP.FTS.B,

11.99%,

11/16/26

15,788

16,095

APP-10624425.FP.FTS.B,

11.99%,

11/16/26

13,275

13,517

APP-10683987.FP.FTS.B,

12.49%,

11/16/26

25,251

25,713

APP-10689192.FP.FTS.B,

12.49%,

11/16/26

25,241

25,703

APP-10561131.FP.FTS.B,

17.49%,

11/16/26

23,002

23,512

APP-10769646.FP.FTS.B,

11.99%,

11/18/26

14,844

15,075

APP-10768778.FP.FTS.B,

14.74%,

11/18/26

25,682

26,181

APP-11305757.FP.FTS.B,

11.99%,

11/19/26

15,958

16,240

APP-11296028.FP.FTS.B,

23.49%,

11/19/26

36,398

37,462

APP-10170330.FP.FTS.B,

11.99%,

11/20/26

8,401

8,542

APP-10756762.FP.FTS.B,

12.49%,

11/21/26

20,818

21,207

APP-10750422.FP.FTS.B,

17.49%,

11/21/26

13,777

14,174

APP-10769483.FP.FTS.B,

17.99%,

11/22/26

19,063

19,672

APP-10764525.FP.FTS.B,

20.49%,

11/22/26

12,581

13,102

APP-10624096.FP.FTS.B,

14.24%,

11/23/26

12,055

12,308

APP-10780891.FP.FTS.B,

17.99%,

11/23/26

31,222

9,381

APP-11103030.FP.FTS.B,

20.49%,

11/23/26

16,404

17,099

APP-10692601.FP.FTS.B,

22.49%,

11/23/26

6,869

7,143

APP-10762415.FP.FTS.B,

17.99%,

11/24/26

9,304

9,691

APP-11304530.FP.FTS.B,

21.49%,

11/24/26

34,470

35,783

APP-11387591.FP.FTS.B,

14.49%,

11/25/26

6,117

6,218

APP-11333408.FP.FTS.B,

17.99%,

11/25/26

9,106

9,508

APP-11386113.FP.FTS.B,

18.99%,

11/25/26

5,077

5,244

APP-10234140.FP.FTS.B,

15.49%,

12/01/26

..........................

31,172

16,252

APP-10744150.FP.FTS.B,

20.49%,

12/08/26

..........................

18,622

19,083

APP-11741440.FP.FTS.B,

19.99%,

12/16/26

7,222

7,427

APP-11277516.FP.FTS.B,

18.49%,

12/18/26

17,520

17,999

APP-11301348.FP.FTS.B,

15.99%,

12/19/26

17,404

17,922

APP-11304077.FP.FTS.B,

18.99%,

12/20/26

14,588

15,044

APP-11312173.FP.FTS.B,

20.49%,

12/20/26

6,577

6,606

APP-11283905.FP.FTS.B,

15.99%,

12/21/26

33,592

34,257

APP-11277746.FP.FTS.B,

25.49%,

12/21/26

7,089

7,375

APP-11187285.FP.FTS.B,

12.49%,

12/22/26

25,702

26,160

APP-11320504.FP.FTS.B,

17.99%,

12/22/26

14,803

1,695

APP-11798644.FP.FTS.B,

18.99%,

12/24/26

5,613

5,784

APP-11800198.FP.FTS.B,

16.99%,

12/25/26

13,414

13,699

APP-11318066.FP.FTS.B,

17.49%,

12/25/26

10,700

11,054

APP-11194578.FP.FTS.B,

18.99%,

12/25/26

12,864

13,305

APP-11283955.FP.FTS.B,

14.24%,

12/26/26

11,062

11,285

APP-11399469.FP.FTS.B,

16.49%,

12/26/26

4,169

4,196

APP-11395038.FP.FTS.B,

16.99%,

12/26/26

8,579

8,734

APP-11361916.FP.FTS.B,

23.49%,

12/26/26

35,090

36,765

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-11305667.FP.FTS.B,

20.49%,

12/27/26

$

19,233

$

20,061

APP-11776378.FP.FTS.B,

20.49%,

12/27/26

27,069

28,198

APP-11124061.FP.FTS.B,

11.99%,

12/28/26

17,299

17,635

APP-11306747.FP.FTS.B,

14.24%,

12/28/26

10,543

10,750

APP-11740044.FP.FTS.B,

15.24%,

12/28/26

26,219

27,089

APP-11800507.FP.FTS.B,

18.49%,

12/28/26

13,792

14,282

APP-11410923.FP.FTS.B,

23.49%,

12/28/26

7,008

7,323

APP-11789125.FP.FTS.B,

11.24%,

12/29/26

16,408

16,607

APP-11798578.FP.FTS.B,

11.74%,

12/29/26

29,247

29,792

APP-09940038.FP.FTS.B,

17.49%,

12/29/26

..........................

12,649

13,068

APP-11807330.FP.FTS.B,

17.99%,

12/29/26

6,876

7,023

APP-11789087.FP.FTS.B,

18.99%,

12/29/26

10,383

10,755

APP-11266733.FP.FTS.B,

11.99%,

12/30/26

17,003

17,322

APP-11217813.FP.FTS.B,

14.24%,

12/30/26

15,288

15,625

APP-11138919.FP.FTS.B,

11.99%,

1/01/27

9,332

9,483

APP-11036230.FP.FTS.B,

18.99%,

1/01/27

11,846

12,122

APP-11377526.FP.FTS.B,

20.49%,

1/01/27

16,926

17,344

APP-11271721.FP.FTS.B,

11.99%,

1/02/27

11,214

11,405

APP-11279541.FP.FTS.B,

12.49%,

1/02/27

23,656

24,066

APP-11315623.FP.FTS.B,

15.49%,

1/02/27

12,922

13,303

APP-10840208.FP.FTS.B,

18.49%,

1/02/27

11,595

11,899

APP-11319315.FP.FTS.B,

19.99%,

1/02/27

2,645

2,634

APP-11341268.FP.FTS.B,

12.49%,

1/03/27

26,457

26,888

APP-11333109.FP.FTS.B,

15.99%,

1/03/27

15,339

15,682

APP-11333811.FP.FTS.B,

16.99%,

1/03/27

10,340

10,585

APP-11265912.FP.FTS.B,

17.49%,

1/03/27

8,749

8,962

APP-11329490.FP.FTS.B,

17.99%,

1/03/27

7,568

780

APP-11313333.FP.FTS.B,

20.99%,

1/03/27

24,075

2,366

APP-11323384.FP.FTS.B,

12.74%,

1/04/27

20,050

20,366

APP-11332983.FP.FTS.B,

18.99%,

1/04/27

10,533

10,790

APP-11399720.FP.FTS.B,

21.49%,

1/04/27

14,940

15,384

APP-11355890.FP.FTS.B,

14.74%,

1/07/27

26,962

27,431

APP-11389311.FP.FTS.B,

17.49%,

1/07/27

27,693

28,257

APP-11333372.FP.FTS.B,

18.49%,

1/07/27

13,536

13,944

APP-11370718.FP.FTS.B,

23.49%,

1/07/27

14,560

15,034

APP-11306719.FP.FTS.B,

11.99%,

1/08/27

10,434

10,622

APP-11128695.FP.FTS.B,

14.49%,

1/08/27

5,060

5,152

APP-11385154.FP.FTS.B,

18.99%,

1/08/27

10,497

10,764

APP-11396422.FP.FTS.B,

18.99%,

1/08/27

12,989

13,342

APP-10916969.FP.FTS.B,

19.99%,

1/08/27

7,621

7,829

APP-10266247.FP.FTS.B,

21.99%,

1/08/27

7,217

7,466

APP-11393205.FP.FTS.B,

21.99%,

1/08/27

3,256

3,261

APP-11294990.FP.FTS.B,

22.49%,

1/08/27

8,731

8,985

APP-11373885.FP.FTS.B,

14.49%,

1/09/27

7,090

7,226

APP-11394790.FP.FTS.B,

15.99%,

1/09/27

20,680

2,250

APP-11380536.FP.FTS.B,

17.49%,

1/09/27

13,876

14,239

APP-11335531.FP.FTS.B,

16.99%,

1/10/27

12,488

12,836

APP-12243964.FP.FTS.B,

19.99%,

1/15/27

10,544

10,890

APP-12266273.FP.FTS.B,

23.74%,

1/18/27

19,095

19,776

APP-12233402.FP.FTS.B,

21.49%,

1/20/27

13,137

13,628

APP-10580822.FP.FTS.B,

18.49%,

1/22/27

15,560

3,339

APP-09818529.FP.FTS.B,

17.49%,

1/25/27

13,415

13,823

APP-12185049.FP.FTS.B,

19.99%,

1/25/27

9,204

1,066

APP-12231521.FP.FTS.B,

17.24%,

1/26/27

25,481

26,267

APP-12146298.FP.FTS.B,

8.99%,

1/27/27

.

24,537

24,955

APP-12251026.FP.FTS.B,

11.24%,

1/27/27

10,504

10,697

APP-12244510.FP.FTS.B,

17.49%,

1/27/27

11,140

2,281

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12151284.FP.FTS.B,

17.99%,

1/27/27

$

14,041

$

14,615

APP-12241564.FP.FTS.B,

19.99%,

1/27/27

17,525

18,100

APP-12247637.FP.FTS.B,

19.99%,

1/27/27

22,515

23,472

APP-12243989.FP.FTS.B,

21.99%,

1/27/27

7,083

7,339

APP-10606291.FP.FTS.B,

18.49%,

1/28/27

6,894

6,961

APP-11306703.FP.FTS.B,

18.99%,

1/28/27

16,826

17,326

APP-09045963.FP.FTS.B,

15.49%,

1/31/27

12,469

12,721

APP-11285613.FP.FTS.B,

16.49%,

1/31/27

9,140

9,344

APP-11391376.FP.FTS.B,

19.99%,

1/31/27

16,275

16,529

APP-11237906.FP.FTS.B,

14.99%,

2/02/27

16,216

2,950

APP-11693698.FP.FTS.B,

16.74%,

2/02/27

34,897

35,497

APP-11317083.FP.FTS.B,

20.49%,

2/03/27

7,842

7,983

APP-11795116.FP.FTS.B,

11.74%,

2/04/27

17,435

17,725

APP-11791702.FP.FTS.B,

13.24%,

2/05/27

21,159

21,586

APP-11785699.FP.FTS.B,

18.99%,

2/05/27

11,675

11,954

APP-11393178.FP.FTS.B,

18.99%,

2/07/27

10,952

11,203

APP-11753813.FP.FTS.B,

9.24%,

2/09/27

.

9,899

10,079

APP-11798862.FP.FTS.B,

16.49%,

2/09/27

9,103

9,283

APP-11810406.FP.FTS.B,

11.74%,

2/10/27

33,708

34,321

APP-11810344.FP.FTS.B,

17.49%,

2/10/27

18,535

18,946

APP-11787878.FP.FTS.B,

19.99%,

2/10/27

5,409

5,551

APP-11740981.FP.FTS.B,

9.24%,

2/11/27

.

10,831

5,600

APP-11779303.FP.FTS.B,

10.99%,

2/11/27

13,375

13,611

APP-11496336.FP.FTS.B,

11.24%,

2/11/27

11,428

11,630

APP-11791248.FP.FTS.B,

11.24%,

2/11/27

26,811

27,306

APP-11799511.FP.FTS.B,

13.49%,

2/11/27

9,150

9,306

APP-11496149.FP.FTS.B,

13.74%,

2/11/27

3,194

3,213

APP-11788952.FP.FTS.B,

16.49%,

2/11/27

10,532

10,750

APP-11795686.FP.FTS.B,

16.49%,

2/11/27

10,805

11,030

APP-11779953.FP.FTS.B,

16.74%,

2/11/27

35,181

35,914

APP-11789582.FP.FTS.B,

19.49%,

2/11/27

9,488

9,755

APP-11805082.FP.FTS.B,

19.49%,

2/11/27

15,322

15,772

APP-11804667.FP.FTS.B,

19.99%,

2/11/27

15,662

16,174

APP-11807542.FP.FTS.B,

10.99%,

2/12/27

26,765

27,244

APP-11793986.FP.FTS.B,

11.24%,

2/12/27

9,725

9,900

APP-11794207.FP.FTS.B,

11.49%,

2/12/27

10,083

10,273

APP-11694425.FP.FTS.B,

11.74%,

2/12/27

28,569

29,082

APP-11798052.FP.FTS.B,

18.49%,

2/12/27

20,973

21,613

APP-11753796.FP.FTS.B,

19.99%,

2/12/27

10,799

11,125

APP-11805436.FP.FTS.B,

22.49%,

2/12/27

7,385

7,616

APP-10315402.FP.FTS.B,

22.99%,

2/15/27

11,835

12,277

APP-10688549.FP.FTS.B,

18.99%,

2/16/27

22,996

23,608

APP-11277041.FP.FTS.B,

20.49%,

2/20/27

16,882

17,426

APP-11339522.FP.FTS.B,

23.49%,

2/21/27

14,770

15,275

APP-10459721.FP.FTS.B,

20.99%,

2/23/27

29,641

30,343

APP-12237250.FP.FTS.B,

10.99%,

3/01/27

28,632

8,141

APP-12280379.FP.FTS.B,

16.49%,

3/01/27

14,200

14,457

APP-12228409.FP.FTS.B,

19.99%,

3/01/27

9,703

9,909

APP-12245849.FP.FTS.B,

19.99%,

3/01/27

12,820

13,135

APP-12263763.FP.FTS.B,

22.49%,

3/01/27

26,892

9,153

APP-11194668.FP.FTS.B,

14.24%,

3/03/27

14,561

7,521

APP-12106034.FP.FTS.B,

11.24%,

3/04/27

16,020

16,284

APP-12189756.FP.FTS.B,

18.24%,

3/04/27

22,904

23,395

APP-12262293.FP.FTS.B,

10.99%,

3/05/27

23,039

23,409

APP-11375423.FP.FTS.B,

18.49%,

3/07/27

16,915

1,535

APP-12172287.FP.FTS.B,

19.99%,

3/07/27

11,813

12,150

APP-11396135.FP.FTS.B,

18.99%,

3/08/27

18,714

10,722

APP-12017319.FP.FTS.B,

10.99%,

3/09/27

21,917

22,294

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-12130498.FP.FTS.B,

13.24%,

3/10/27

$

14,837

$

15,113

APP-12212103.FP.FTS.B,

16.49%,

3/10/27

17,326

2,267

APP-11823747.FP.FTS.B,

13.74%,

3/11/27

8,117

8,265

APP-12213871.FP.FTS.B,

19.99%,

3/11/27

14,982

15,473

APP-11800362.FP.FTS.B,

25.49%,

3/11/27

8,303

8,533

APP-11799128.FP.FTS.B,

10.99%,

3/12/27

15,287

15,568

APP-12244387.FP.FTS.B,

11.24%,

3/12/27

21,681

22,085

APP-12250156.FP.FTS.B,

11.74%,

3/12/27

34,485

35,114

APP-12245031.FP.FTS.B,

19.99%,

3/12/27

18,476

18,997

APP-12246518.FP.FTS.B,

13.24%,

3/13/27

15,584

15,886

APP-12236483.FP.FTS.B,

15.24%,

3/13/27

28,203

28,871

APP-11238158.FP.FTS.B,

16.49%,

3/13/27

7,515

7,534

APP-12050299.FP.FTS.B,

17.99%,

3/13/27

7,823

8,011

APP-10550902.FP.FTS.B,

9.99%,

3/24/27

.

8,670

8,717

APP-10156518.FP.FTS.B,

19.99%,

3/31/27

10,392

867

APP-12180444.FP.FTS.B,

25.49%,

4/04/27

8,008

8,175

APP-11794186.FP.FTS.B,

14.74%,

4/12/27

34,735

35,502

APP-12241288.FP.FTS.B,

22.99%,

4/13/27

36,941

38,155

APP-12260011.FP.FTS.B,

18.24%,

4/14/27

27,865

2,771

APP-12247272.FP.FTS.B,

22.24%,

5/06/27

23,960

5,264

APP-09447903.FP.FTS.B,

23.49%,

5/06/27

16,061

16,319

APP-11579250.FP.FTS.B,

11.24%,

5/15/27

23,917

24,318

APP-10479319.FP.FTS.B,

19.49%,

5/28/27

24,645

2,823

APP-11301237.FP.FTS.B,

18.49%,

6/02/27

14,006

14,297

APP-12077324.FP.FTS.B,

17.99%,

6/10/27

20,276

20,570

APP-10608955.FP.FTS.B,

19.49%,

6/23/27

39,192

12,878

APP-12222310.FP.FTS.B,

18.24%,

9/21/27

33,394

33,971

APP-11800371.FP.FTS.B,

19.74%,

10/10/27

34,298

34,626

APP-11254936.FP.FTS.B,

20.99%,

3/17/28

12,346

12,408

APP-11376511.FP.FTS.B,

17.99%,

1/08/34

153

96

APP-11810724.FP.FTS.B,

18.99%,

2/01/34

1,568

214

APP-11194490.FP.FTS.B,

5.99%,

2/28/34

.

328

329

7,611,289

LendingClub

Corp.

-

LCX

157826557.LC.FTS.B,

12.4%,

11/03/24

...

5,788

5,549

160977025.LC.FTS.B,

12.4%,

11/12/24

...

7,816

7,694

162072108.LC.FTS.B,

17.74%,

11/19/24

..

27,285

–

161569311.LC.FTS.B,

8.19%,

11/20/24

...

7,951

7,860

162876938.LC.FTS.B,

8.81%,

12/06/24

...

5,014

4,952

163477091.LC.FTS.B,

11.02%,

12/20/24

..

6,827

6,707

164033983.LC.FTS.B,

8.19%,

12/30/24

...

8,308

767

163849354.LC.FTS.B,

11.71%,

12/30/24

..

2,636

139

163859690.LC.FTS.B,

16.95%,

1/03/25

...

5,445

5,249

164222970.LC.FTS.B,

8.19%,

1/07/25

...

9,356

9,233

163973756.LC.FTS.B,

12.4%,

1/12/25

...

10,375

10,153

164807302.LC.FTS.B,

8.81%,

1/15/25

...

9,475

9,345

165157005.LC.FTS.B,

14.3%,

1/21/25

...

6,682

6,580

165333612.LC.FTS.B,

11.71%,

1/23/25

...

2,989

2,871

165427525.LC.FTS.B,

14.3%,

1/23/25

...

3,491

3,445

165461334.LC.FTS.B,

14.3%,

1/24/25

...

1,562

1,543

164424854.LC.FTS.B,

16.12%,

1/24/25

...

5,203

4,111

165508383.LC.FTS.B,

15.24%,

1/27/25

...

9,262

9,147

165618377.LC.FTS.B,

8.81%,

1/28/25

...

3,075

2,930

166868646.LC.FTS.B,

16.12%,

2/18/25

...

1,445

1,393

166982249.LC.FTS.B,

20.55%,

2/21/25

...

3,719

3,729

166977058.LC.FTS.B,

23.05%,

2/22/25

...

5,475

4,386

167008405.LC.FTS.B,

16.95%,

2/24/25

...

9,672

9,516

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

(continued)

168170703.LC.FTS.B,

8.19%,

3/13/25

...

$

4,068

$

3,882

163371603.LC.FTS.B,

10.33%,

3/13/25

...

3,049

2,879

168563219.LC.FTS.B,

8.81%,

3/19/25

...

4,194

4,062

165509821.LC.FTS.B,

11.71%,

3/31/25

...

4,258

3,971

165799463.LC.FTS.B,

12.4%,

3/31/25

...

4,101

3,866

165450743.LC.FTS.B,

16.95%,

3/31/25

...

12,143

–

168657342.LC.FTS.B,

Zero

Cpn,

4/14/25

.

12,854

–

163257946.LC.FTS.B,

13.08%,

10/24/25

..

12,419

11,985

147,944

LendingClub

Corp.

-

LCX

PM

182191083.LC.FTS.B,

18.99%,

10/13/24

..

1,524

1,513

182251543.LC.FTS.B,

15.99%,

10/14/24

..

2,816

2,794

182168238.LC.FTS.B,

18.99%,

10/14/24

..

5,495

5,414

182333831.LC.FTS.B,

19.44%,

10/15/24

..

1,532

1,540

182308670.LC.FTS.B,

19.49%,

10/15/24

..

2,760

2,779

182215764.LC.FTS.B,

20.99%,

10/15/24

..

6,224

6,267

182310621.LC.FTS.B,

21.49%,

10/15/24

..

6,504

6,549

182294171.LC.FTS.B,

22.99%,

10/15/24

..

3,046

3,084

182334375.LC.FTS.B,

23.99%,

10/15/24

..

4,808

4,869

181823934.LC.FTS.B,

18.99%,

10/16/24

..

4,596

4,562

182279306.LC.FTS.B,

15.99%,

10/17/24

..

6,697

–

182332114.LC.FTS.B,

22.99%,

10/18/24

..

634

645

182334791.LC.FTS.B,

22.99%,

10/18/24

..

1,251

117

182127030.LC.FTS.B,

23.99%,

10/18/24

..

3,621

2,960

182386230.LC.FTS.B,

15.99%,

10/19/24

..

4,164

388

182352192.LC.FTS.B,

17.44%,

10/19/24

..

3,003

2,991

182455989.LC.FTS.B,

17.44%,

10/19/24

..

3,006

2,998

182112904.LC.FTS.B,

19.49%,

10/19/24

..

5,980

5,956

181717704.LC.FTS.B,

22.49%,

10/19/24

..

7,949

8,085

182327350.LC.FTS.B,

18.99%,

10/23/24

..

2,593

2,588

182222867.LC.FTS.B,

18.49%,

10/25/24

..

3,482

3,475

182434150.LC.FTS.B,

20.44%,

10/25/24

..

2,204

2,219

182411428.LC.FTS.B,

18.44%,

10/26/24

..

6,686

1,218

182545979.LC.FTS.B,

11.99%,

11/01/24

..

5,662

5,632

182385569.LC.FTS.B,

21.49%,

11/01/24

..

8,611

8,644

182713608.LC.FTS.B,

22.99%,

11/01/24

..

2,096

2,119

182830334.LC.FTS.B,

12.99%,

11/02/24

..

3,176

3,151

182852118.LC.FTS.B,

16.49%,

11/02/24

..

3,615

3,596

182842810.LC.FTS.B,

17.49%,

11/02/24

..

3,533

608

182863345.LC.FTS.B,

18.99%,

11/02/24

..

1,682

1,674

182863664.LC.FTS.B,

19.99%,

11/02/24

..

1,320

1,321

182884975.LC.FTS.B,

15.99%,

11/03/24

..

14,178

471

182914089.LC.FTS.B,

17.19%,

11/03/24

..

1,490

1,482

182877276.LC.FTS.B,

17.49%,

11/03/24

..

2,170

2,158

182882751.LC.FTS.B,

18.99%,

11/03/24

..

1,177

1,171

182406475.LC.FTS.B,

19.99%,

11/03/24

..

5,058

2,570

182901080.LC.FTS.B,

22.49%,

11/03/24

..

1,390

1,409

182343246.LC.FTS.B,

22.99%,

11/03/24

..

2,095

2,123

182919920.LC.FTS.B,

10.34%,

11/04/24

..

4,641

4,619

182914824.LC.FTS.B,

16.49%,

11/04/24

..

3,292

3,276

182927640.LC.FTS.B,

16.49%,

11/04/24

..

383

380

182953244.LC.FTS.B,

17.49%,

11/04/24

..

3,318

3,302

182281352.LC.FTS.B,

18.99%,

11/04/24

..

5,832

546

182726206.LC.FTS.B,

19.99%,

11/04/24

..

1,528

1,535

182766834.LC.FTS.B,

Zero

Cpn,

11/05/24

14,067

–

183008113.LC.FTS.B,

11.99%,

11/05/24

..

1,887

1,873

182892987.LC.FTS.B,

18.99%,

11/05/24

..

4,038

4,020

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

PM

(continued)

182923000.LC.FTS.B,

18.99%,

11/05/24

..

$

8,413

$

8,375

182854752.LC.FTS.B,

18.99%,

11/07/24

..

6,792

6,761

182999357.LC.FTS.B,

10%,

11/08/24

....

4,487

3,672

182874683.LC.FTS.B,

16.19%,

11/08/24

..

5,023

4,995

182990403.LC.FTS.B,

16.49%,

11/08/24

..

2,739

2,727

182991246.LC.FTS.B,

16.49%,

11/08/24

..

2,629

2,618

182769411.LC.FTS.B,

18.44%,

11/08/24

..

1,621

1,617

182908610.LC.FTS.B,

18.49%,

11/08/24

..

9,935

9,885

182946096.LC.FTS.B,

22.99%,

11/08/24

..

1,746

1,772

182967907.LC.FTS.B,

Zero

Cpn,

11/09/24

20,282

–

182737632.LC.FTS.B,

20.99%,

11/10/24

..

3,483

3,488

182923608.LC.FTS.B,

Zero

Cpn,

11/12/24

4,422

–

183149370.LC.FTS.B,

15.19%,

11/12/24

..

1,623

1,617

183022196.LC.FTS.B,

15.99%,

11/12/24

..

3,139

3,128

183108244.LC.FTS.B,

15.99%,

11/12/24

..

418

417

183143740.LC.FTS.B,

16.49%,

11/12/24

..

2,793

2,780

182977352.LC.FTS.B,

17.44%,

11/12/24

..

3,316

3,305

182716700.LC.FTS.B,

14.99%,

11/14/24

..

3,290

3,279

182341717.LC.FTS.B,

18.99%,

11/14/24

..

3,501

3,488

182828421.LC.FTS.B,

11.49%,

11/15/24

..

9,464

9,432

182991991.LC.FTS.B,

11.49%,

11/15/24

..

2,644

2,627

183154424.LC.FTS.B,

15.99%,

11/15/24

..

4,579

4,565

183171929.LC.FTS.B,

16.49%,

11/15/24

..

2,887

272

182547090.LC.FTS.B,

18.99%,

11/15/24

..

5,212

5,187

183150801.LC.FTS.B,

18.99%,

11/15/24

..

3,365

3,355

183164730.LC.FTS.B,

18.99%,

11/15/24

..

404

402

182850730.LC.FTS.B,

22.99%,

11/15/24

..

6,636

6,730

183261327.LC.FTS.B,

11.04%,

11/16/24

..

5,887

4,682

183334882.LC.FTS.B,

11.99%,

11/16/24

..

1,887

1,876

182487044.LC.FTS.B,

14.99%,

11/16/24

..

4,982

4,904

182762119.LC.FTS.B,

15.49%,

11/16/24

..

2,675

2,667

183199016.LC.FTS.B,

18.99%,

11/16/24

..

1,684

1,671

183248270.LC.FTS.B,

18.99%,

11/16/24

..

5,368

–

183265092.LC.FTS.B,

20.44%,

11/16/24

..

2,592

2,611

182940512.LC.FTS.B,

9.34%,

11/17/24

...

631

623

183199235.LC.FTS.B,

10.99%,

11/17/24

..

4,672

4,644

183036723.LC.FTS.B,

16.49%,

11/17/24

..

4,732

4,719

183258872.LC.FTS.B,

17.99%,

11/17/24

..

3,600

3,590

183131010.LC.FTS.B,

18.99%,

11/17/24

..

1,539

183

183281498.LC.FTS.B,

18.99%,

11/17/24

..

3,365

3,356

182874149.LC.FTS.B,

22.99%,

11/17/24

..

6,237

6,328

183376238.LC.FTS.B,

15.19%,

11/18/24

..

4,542

4,531

183297337.LC.FTS.B,

15.49%,

11/18/24

..

3,580

3,572

183031081.LC.FTS.B,

15.99%,

11/18/24

..

6,586

5,238

183195827.LC.FTS.B,

16.49%,

11/18/24

..

11,503

11,403

183237884.LC.FTS.B,

18.19%,

11/18/24

..

8,016

7,997

182861390.LC.FTS.B,

18.99%,

11/18/24

..

10,050

–

183307678.LC.FTS.B,

18.99%,

11/18/24

..

2,524

2,518

183319106.LC.FTS.B,

18.99%,

11/18/24

..

3,711

3,700

183239686.LC.FTS.B,

20.44%,

11/18/24

..

8,220

8,259

183308830.LC.FTS.B,

22.99%,

11/18/24

..

1,257

1,279

183351808.LC.FTS.B,

11.49%,

11/19/24

..

4,695

4,669

183325965.LC.FTS.B,

15.99%,

11/19/24

..

6,114

6,099

183273399.LC.FTS.B,

18.99%,

11/19/24

..

2,645

2,117

183366235.LC.FTS.B,

22.99%,

11/19/24

..

1,746

1,777

182746441.LC.FTS.B,

Zero

Cpn,

11/20/24

8,703

–

182810364.LC.FTS.B,

19.49%,

11/20/24

..

6,655

6,695

183009664.LC.FTS.B,

14.19%,

11/21/24

..

4,861

4,849

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

182983769.LC.FTS.B,

12.99%,

11/22/24

..

$

1,525

$

1,519

183422493.LC.FTS.B,

14.99%,

11/22/24

..

777

776

183428100.LC.FTS.B,

16.99%,

11/22/24

..

6,649

6,642

183268922.LC.FTS.B,

17.99%,

11/22/24

..

8,986

7,210

183326198.LC.FTS.B,

18.99%,

11/22/24

..

4,016

184

183394488.LC.FTS.B,

18.99%,

11/22/24

..

1,682

1,679

183369334.LC.FTS.B,

22.99%,

11/22/24

..

5,107

5,167

183400615.LC.FTS.B,

12.49%,

11/23/24

..

7,913

7,897

183464008.LC.FTS.B,

15.24%,

11/23/24

..

8,848

8,788

182618845.LC.FTS.B,

18.99%,

11/23/24

..

3,365

3,354

183430526.LC.FTS.B,

18.99%,

11/23/24

..

3,365

3,360

183464408.LC.FTS.B,

Zero

Cpn,

11/24/24

3,018

–

183532866.LC.FTS.B,

15.99%,

11/24/24

..

2,514

307

183565213.LC.FTS.B,

16.19%,

11/24/24

..

642

639

183476973.LC.FTS.B,

16.49%,

11/24/24

..

4,905

4,866

183540917.LC.FTS.B,

16.49%,

11/24/24

..

822

820

183540900.LC.FTS.B,

18.44%,

11/24/24

..

837

836

183371602.LC.FTS.B,

18.99%,

11/24/24

..

7,447

5,979

183407963.LC.FTS.B,

18.99%,

11/24/24

..

3,172

2,545

182884112.LC.FTS.B,

15.74%,

11/25/24

..

12,608

12,492

183343101.LC.FTS.B,

Zero

Cpn,

11/26/24

4,944

–

183342456.LC.FTS.B,

15%,

11/26/24

....

10,095

8,578

183520286.LC.FTS.B,

16.99%,

11/26/24

..

3,247

3,234

183504509.LC.FTS.B,

18.49%,

11/26/24

..

6,518

6,487

183441212.LC.FTS.B,

22.99%,

11/26/24

..

752

766

183494147.LC.FTS.B,

Zero

Cpn,

11/28/24

2,276

–

183259213.LC.FTS.B,

18.99%,

11/28/24

..

1,833

1,831

183402694.LC.FTS.B,

11.99%,

11/29/24

..

3,825

3,809

183250462.LC.FTS.B,

14.99%,

11/29/24

..

2,941

2,938

183425417.LC.FTS.B,

16.49%,

11/29/24

..

4,896

4,876

183522405.LC.FTS.B,

17.99%,

11/29/24

..

11,666

11,658

183102073.LC.FTS.B,

18.99%,

11/29/24

..

1,550

1,546

183619170.LC.FTS.B,

14.19%,

11/30/24

..

3,214

3,211

183500540.LC.FTS.B,

15.99%,

11/30/24

..

2,616

2,614

183356155.LC.FTS.B,

16.99%,

11/30/24

..

9,176

9,151

183602959.LC.FTS.B,

18.49%,

11/30/24

..

2,324

2,313

183339461.LC.FTS.B,

18.99%,

11/30/24

..

6,733

6,717

183616976.LC.FTS.B,

18.99%,

11/30/24

..

3,499

3,496

183362712.LC.FTS.B,

15.99%,

12/01/24

..

5,857

5,826

183663596.LC.FTS.B,

16.19%,

12/01/24

..

5,730

5,702

183359486.LC.FTS.B,

16.99%,

12/01/24

..

3,509

3,490

183645675.LC.FTS.B,

19.99%,

12/01/24

..

1,483

1,487

183673337.LC.FTS.B,

23.99%,

12/01/24

..

11,130

2,045

183762903.LC.FTS.B,

15.44%,

12/02/24

..

2,720

2,699

183697716.LC.FTS.B,

22.99%,

12/02/24

..

380

385

183695987.LC.FTS.B,

15.99%,

12/03/24

..

7,337

7,242

183777683.LC.FTS.B,

18.99%,

12/03/24

..

3,086

3,071

183609082.LC.FTS.B,

19.49%,

12/03/24

..

1,476

1,481

183773059.LC.FTS.B,

21.99%,

12/03/24

..

5,659

5,737

183788267.LC.FTS.B,

22.99%,

12/03/24

..

1,370

1,389

183502968.LC.FTS.B,

Zero

Cpn,

12/05/24

4,092

–

183189944.LC.FTS.B,

13.04%,

12/06/24

..

5,212

5,181

183203390.LC.FTS.B,

15.49%,

12/06/24

..

8,956

8,913

183769602.LC.FTS.B,

16.19%,

12/06/24

..

3,240

3,224

183766217.LC.FTS.B,

16.49%,

12/06/24

..

4,789

–

183802837.LC.FTS.B,

17.99%,

12/06/24

..

10,312

10,266

183558965.LC.FTS.B,

18.99%,

12/06/24

..

3,499

75

183799482.LC.FTS.B,

18.99%,

12/06/24

..

3,733

3,724

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)

183818205.LC.FTS.B,

18.99%,

12/06/24

..

$

8,817

$

8,777

183541347.LC.FTS.B,

22.99%,

12/06/24

..

3,806

3,860

183169104.LC.FTS.B,

12.34%,

12/07/24

..

8,982

8,915

183193558.LC.FTS.B,

12.49%,

12/07/24

..

8,639

8,521

183568984.LC.FTS.B,

15.99%,

12/07/24

..

10,852

10,764

183882045.LC.FTS.B,

15.99%,

12/07/24

..

5,362

5,313

183901831.LC.FTS.B,

16.49%,

12/07/24

..

10,773

10,726

183585296.LC.FTS.B,

17.49%,

12/07/24

..

3,624

3,597

183893289.LC.FTS.B,

18.44%,

12/07/24

..

914

908

183710611.LC.FTS.B,

22.49%,

12/07/24

..

1,532

1,551

183872755.LC.FTS.B,

22.99%,

12/07/24

..

5,713

359

183842381.LC.FTS.B,

24.99%,

12/07/24

..

4,647

4,745

183294973.LC.FTS.B,

27.99%,

12/07/24

..

7,150

7,330

183582634.LC.FTS.B,

11.04%,

12/08/24

..

1,978

334

184003016.LC.FTS.B,

13.19%,

12/08/24

..

522

519

183915427.LC.FTS.B,

13.24%,

12/08/24

..

10,667

5,268

183732977.LC.FTS.B,

14.49%,

12/08/24

..

5,288

5,266

183913486.LC.FTS.B,

14.49%,

12/08/24

..

1,762

1,755

183955270.LC.FTS.B,

16.49%,

12/08/24

..

898

894

183942961.LC.FTS.B,

18.99%,

12/08/24

..

2,472

112

183968599.LC.FTS.B,

5%,

12/09/24

.....

2,053

1,668

183961259.LC.FTS.B,

12.74%,

12/09/24

..

3,468

3,454

184035228.LC.FTS.B,

13.04%,

12/09/24

..

5,216

5,180

184037141.LC.FTS.B,

13.19%,

12/09/24

..

2,499

2,482

183835923.LC.FTS.B,

15.19%,

12/09/24

..

4,063

4,046

183294173.LC.FTS.B,

15.99%,

12/09/24

..

2,163

2,157

183610510.LC.FTS.B,

15.99%,

12/09/24

..

7,864

7,821

183951356.LC.FTS.B,

17.49%,

12/09/24

..

6,342

6,318

183972047.LC.FTS.B,

17.49%,

12/09/24

..

399

158

183576580.LC.FTS.B,

20.44%,

12/09/24

..

14,492

–

183880382.LC.FTS.B,

22.99%,

12/09/24

..

1,909

1,930

183967026.LC.FTS.B,

22.99%,

12/09/24

..

7,692

6,276

183983228.LC.FTS.B,

26.49%,

12/09/24

..

8,987

9,172

183493762.LC.FTS.B,

12.24%,

12/10/24

..

12,302

12,209

184037034.LC.FTS.B,

12.49%,

12/10/24

..

346

345

184000110.LC.FTS.B,

15.49%,

12/10/24

..

5,693

5,672

183974082.LC.FTS.B,

15.99%,

12/10/24

..

6,511

6,485

184004060.LC.FTS.B,

16.49%,

12/10/24

..

4,917

4,893

183929309.LC.FTS.B,

16.99%,

12/10/24

..

8,987

1,048

184001961.LC.FTS.B,

16.99%,

12/10/24

..

3,081

1,205

184006108.LC.FTS.B,

16.99%,

12/10/24

..

4,509

4,493

184044208.LC.FTS.B,

16.99%,

12/10/24

..

9,524

9,488

184008894.LC.FTS.B,

17.99%,

12/10/24

..

3,640

3,627

183687452.LC.FTS.B,

18.99%,

12/10/24

..

367

366

183979122.LC.FTS.B,

18.99%,

12/10/24

..

882

879

184026094.LC.FTS.B,

22.99%,

12/10/24

..

3,203

392

182860020.LC.FTS.B,

15.44%,

12/12/24

..

12,982

12,932

184035087.LC.FTS.B,

10.34%,

12/13/24

..

3,389

3,367

184049185.LC.FTS.B,

13.24%,

12/13/24

..

6,271

6,250

183170547.LC.FTS.B,

16.49%,

12/13/24

..

11,196

4,371

184074389.LC.FTS.B,

16.49%,

12/13/24

..

3,770

3,758

184003705.LC.FTS.B,

17.99%,

12/13/24

..

5,461

5,442

184046281.LC.FTS.B,

18.99%,

12/13/24

..

548

64

183770308.LC.FTS.B,

21.49%,

12/13/24

..

1,164

1,170

184091538.LC.FTS.B,

Zero

Cpn,

12/14/24

3,506

–

184125481.LC.FTS.B,

Zero

Cpn,

12/14/24

3,452

–

184127825.LC.FTS.B,

Zero

Cpn,

12/14/24

3,241

–

184106683.LC.FTS.B,

9.99%,

12/14/24

...

5,067

4,942

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184070958.LC.FTS.B,

10.49%,

12/14/24

..

$

1,913

$

1,900

184028586.LC.FTS.B,

10.99%,

12/14/24

..

14,554

1,386

184058069.LC.FTS.B,

11.04%,

12/14/24

..

2,388

2,353

184056676.LC.FTS.B,

15.99%,

12/14/24

..

1,787

1,761

183304150.LC.FTS.B,

16.49%,

12/14/24

..

5,814

275

184078696.LC.FTS.B,

17.99%,

12/14/24

..

3,561

3,542

183959795.LC.FTS.B,

Zero

Cpn,

12/15/24

6,190

–

184202834.LC.FTS.B,

10.49%,

12/15/24

..

5,430

5,396

183776421.LC.FTS.B,

11.04%,

12/15/24

..

2,641

2,605

183184685.LC.FTS.B,

13.24%,

12/15/24

..

2,832

2,822

183708997.LC.FTS.B,

13.44%,

12/15/24

..

1,772

1,766

184073189.LC.FTS.B,

15.19%,

12/15/24

..

891

737

183926594.LC.FTS.B,

15.99%,

12/15/24

..

3,036

3,026

183974444.LC.FTS.B,

16.99%,

12/15/24

..

1,824

1,818

183796732.LC.FTS.B,

18.99%,

12/15/24

..

2,994

2,984

184104394.LC.FTS.B,

18.99%,

12/15/24

..

9,184

9,156

183693847.LC.FTS.B,

19.99%,

12/15/24

..

2,986

2,993

184125379.LC.FTS.B,

10.34%,

12/16/24

..

6,439

6,303

184230024.LC.FTS.B,

15.44%,

12/16/24

..

5,690

5,675

184167764.LC.FTS.B,

15.99%,

12/16/24

..

5,741

5,724

184016559.LC.FTS.B,

16.44%,

12/16/24

..

2,245

2,227

184118078.LC.FTS.B,

17.44%,

12/16/24

..

1,811

1,806

183604911.LC.FTS.B,

10.24%,

12/17/24

..

516

513

184245291.LC.FTS.B,

13.19%,

12/17/24

..

12,189

12,157

184142932.LC.FTS.B,

13.99%,

12/17/24

..

8,070

7,926

184191218.LC.FTS.B,

13.99%,

12/17/24

..

7,318

5,746

184235593.LC.FTS.B,

15.19%,

12/17/24

..

887

885

184248232.LC.FTS.B,

16.19%,

12/17/24

..

1,790

1,786

184243930.LC.FTS.B,

16.49%,

12/17/24

..

2,155

2,149

184125400.LC.FTS.B,

16.99%,

12/17/24

..

8,105

999

183862855.LC.FTS.B,

17.44%,

12/17/24

..

2,951

2,937

184015727.LC.FTS.B,

18.99%,

12/17/24

..

3,674

3,664

184246546.LC.FTS.B,

18.99%,

12/17/24

..

7,347

7,329

184252044.LC.FTS.B,

18.99%,

12/17/24

..

2,333

2,327

184252099.LC.FTS.B,

18.99%,

12/17/24

..

1,837

1,832

184253714.LC.FTS.B,

19.49%,

12/17/24

..

10,262

10,264

183943415.LC.FTS.B,

19.99%,

12/17/24

..

5,560

5,595

183402493.LC.FTS.B,

22.99%,

12/18/24

..

2,612

2,653

183874684.LC.FTS.B,

19.49%,

12/19/24

..

4,164

4,183

184186523.LC.FTS.B,

9.29%,

12/20/24

...

4,697

4,607

184238507.LC.FTS.B,

12.49%,

12/20/24

..

1,314

1,304

184245796.LC.FTS.B,

14.44%,

12/20/24

..

4,905

4,853

183409645.LC.FTS.B,

14.49%,

12/20/24

..

10,611

1,329

184065895.LC.FTS.B,

15.49%,

12/20/24

..

4,666

4,653

184281222.LC.FTS.B,

15.99%,

12/20/24

..

3,574

3,567

183474005.LC.FTS.B,

16.49%,

12/20/24

..

3,550

3,542

184264223.LC.FTS.B,

16.49%,

12/20/24

..

10,971

10,947

184274458.LC.FTS.B,

18.49%,

12/20/24

..

6,583

6,568

183828952.LC.FTS.B,

18.99%,

12/20/24

..

2,689

2,682

184210526.LC.FTS.B,

18.99%,

12/20/24

..

5,290

5,278

184281792.LC.FTS.B,

18.99%,

12/20/24

..

1,837

1,833

184284744.LC.FTS.B,

18.99%,

12/20/24

..

1,286

1,283

184374598.LC.FTS.B,

12.19%,

12/21/24

..

960

956

184409177.LC.FTS.B,

12.24%,

12/21/24

..

7,170

7,131

184342167.LC.FTS.B,

13.99%,

12/21/24

..

351

349

184344324.LC.FTS.B,

14.19%,

12/21/24

..

2,812

2,807

183895252.LC.FTS.B,

14.44%,

12/21/24

..

5,285

5,183

184336095.LC.FTS.B,

17.44%,

12/21/24

..

4,347

4,331

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)

184350898.LC.FTS.B,

17.44%,

12/21/24

..

$

5,433

$

5,413

184063399.LC.FTS.B,

18.99%,

12/21/24

..

2,608

2,602

184376915.LC.FTS.B,

18.99%,

12/21/24

..

7,053

7,039

184340869.LC.FTS.B,

22.99%,

12/21/24

..

1,979

2,012

184369171.LC.FTS.B,

12.19%,

12/22/24

..

3,450

3,426

184353845.LC.FTS.B,

15.99%,

12/22/24

..

3,517

3,487

184394307.LC.FTS.B,

18.99%,

12/22/24

..

1,653

1,650

184441891.LC.FTS.B,

8.99%,

12/23/24

...

4,296

4,275

184389245.LC.FTS.B,

11.99%,

12/23/24

..

10,330

10,241

184048740.LC.FTS.B,

12.49%,

12/23/24

..

6,141

6,110

184408809.LC.FTS.B,

13.44%,

12/23/24

..

5,318

5,299

184090890.LC.FTS.B,

16.49%,

12/23/24

..

2,147

2,144

183756956.LC.FTS.B,

17.49%,

12/23/24

..

3,986

3,980

184435348.LC.FTS.B,

17.99%,

12/23/24

..

2,835

–

184197580.LC.FTS.B,

18.99%,

12/23/24

..

2,684

2,679

184065866.LC.FTS.B,

19.49%,

12/23/24

..

4,487

4,461

184367167.LC.FTS.B,

21.49%,

12/23/24

..

2,629

2,650

184189674.LC.FTS.B,

18.44%,

12/24/24

..

3,673

3,666

183794044.LC.FTS.B,

18.99%,

12/24/24

..

5,046

616

184168561.LC.FTS.B,

21.99%,

12/24/24

..

1,373

1,396

184068690.LC.FTS.B,

18.49%,

12/25/24

..

4,665

567

184443285.LC.FTS.B,

Zero

Cpn,

12/27/24

24,873

–

184379124.LC.FTS.B,

9.29%,

12/27/24

...

8,387

8,198

184405061.LC.FTS.B,

11.84%,

12/27/24

..

3,456

3,440

184428613.LC.FTS.B,

13.24%,

12/27/24

..

10,452

10,348

184447670.LC.FTS.B,

14.44%,

12/27/24

..

3,829

3,822

184448743.LC.FTS.B,

15.99%,

12/27/24

..

4,003

3,999

184418501.LC.FTS.B,

16.19%,

12/27/24

..

2,149

2,138

184454192.LC.FTS.B,

16.19%,

12/27/24

..

3,044

3,041

184121693.LC.FTS.B,

16.49%,

12/27/24

..

3,630

3,626

184445591.LC.FTS.B,

17.44%,

12/27/24

..

7,971

7,957

184228216.LC.FTS.B,

18.44%,

12/27/24

..

10,235

10,225

184457887.LC.FTS.B,

18.49%,

12/27/24

..

4,773

4,745

184034650.LC.FTS.B,

18.99%,

12/27/24

..

4,953

922

184460632.LC.FTS.B,

22.99%,

12/27/24

..

647

660

184157711.LC.FTS.B,

16.19%,

12/28/24

..

1,208

1,204

183457596.LC.FTS.B,

18.99%,

12/29/24

..

4,033

4,028

184038361.LC.FTS.B,

18.44%,

12/30/24

..

3,061

3,056

184090151.LC.FTS.B,

19.99%,

12/31/24

..

12,187

12,239

183555873.LC.FTS.B,

16.99%,

1/02/25

...

7,202

7,132

184378148.LC.FTS.B,

Zero

Cpn,

1/03/25

.

4,066

–

183797655.LC.FTS.B,

15.99%,

1/04/25

...

7,099

7,036

184111598.LC.FTS.B,

22.99%,

1/05/25

...

1,295

1,311

184412079.LC.FTS.B,

18.99%,

1/06/25

...

4,076

4,055

184149278.LC.FTS.B,

16.49%,

1/16/25

...

5,136

5,118

184415798.LC.FTS.B,

22.99%,

1/20/25

...

4,272

4,341

183582737.LC.FTS.B,

Zero

Cpn,

1/25/25

.

5,552

–

183559023.LC.FTS.B,

15.99%,

1/30/25

...

3,251

3,249

182227875.LC.FTS.B,

19.49%,

2/27/25

...

8,046

8,034

183473491.LC.FTS.B,

18.99%,

3/15/25

...

14,747

14,692

182940029.LC.FTS.B,

15%,

3/23/25

.....

2,818

2,313

183287166.LC.FTS.B,

18.49%,

3/28/25

...

7,299

931

182348001.LC.FTS.B,

19.44%,

3/31/25

...

5,865

546

182593987.LC.FTS.B,

Zero

Cpn,

4/01/25

.

7,268

7,229

183354385.LC.FTS.B,

12.49%,

4/03/25

...

2,483

2,055

183602283.LC.FTS.B,

15%,

4/16/25

.....

11,446

9,085

184277567.LC.FTS.B,

15.49%,

4/20/25

...

4,175

4,159

184253510.LC.FTS.B,

18.49%,

4/21/25

...

8,451

8,420

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184272023.LC.FTS.B,

15%,

4/23/25

.....

$

7,058

$

5,947

183027816.LC.FTS.B,

15%,

4/26/25

.....

4,214

3,503

183992321.LC.FTS.B,

17.44%,

4/28/25

...

19,407

718

183711809.LC.FTS.B,

15%,

4/29/25

.....

7,865

6,508

183388949.LC.FTS.B,

10%,

4/30/25

.....

13,154

11,131

184200182.LC.FTS.B,

13.19%,

4/30/25

...

10,525

10,426

182322335.LC.FTS.B,

5%,

5/18/25

......

12,991

10,697

184149207.LC.FTS.B,

15%,

5/22/25

.....

5,049

4,102

184111504.LC.FTS.B,

10%,

5/28/25

.....

5,595

4,648

184226087.LC.FTS.B,

15%,

5/30/25

.....

6,305

5,209

182783983.LC.FTS.B,

15%,

5/31/25

.....

10,582

8,662

184279960.LC.FTS.B,

13.99%,

7/14/25

...

14,481

14,107

183532916.LC.FTS.B,

Zero

Cpn,

7/20/25

.

5,488

4,395

171045369.LC.FTS.B,

16.08%,

10/07/25

..

4,433

4,364

171130012.LC.FTS.B,

17.3%,

10/09/25

...

5,326

5,235

170762714.LC.FTS.B,

16.08%,

10/13/25

..

8,859

8,711

171885695.LC.FTS.B,

18.24%,

11/17/25

..

5,680

540

172000836.LC.FTS.B,

15.4%,

11/28/25

...

9,297

9,166

183281940.LC.FTS.B,

22.99%,

11/30/25

..

2,643

2,646

172876605.LC.FTS.B,

17.3%,

12/14/25

...

5,840

5,735

172382360.LC.FTS.B,

14.02%,

12/15/25

..

6,638

1,352

172960729.LC.FTS.B,

14.02%,

12/19/25

..

10,287

9,979

184051226.LC.FTS.B,

5%,

12/20/25

.....

18,648

18,260

172424365.LC.FTS.B,

15.4%,

12/20/25

...

5,273

5,185

173018414.LC.FTS.B,

13.33%,

12/22/25

..

7,406

7,197

172834572.LC.FTS.B,

15.4%,

12/24/25

...

7,180

7,066

173403754.LC.FTS.B,

18.24%,

12/30/25

..

6,853

6,801

172563412.LC.FTS.B,

16.08%,

12/31/25

..

17,239

16,997

173277936.LC.FTS.B,

16.08%,

12/31/25

..

19,873

19,595

173400785.LC.FTS.B,

16.08%,

12/31/25

..

5,071

4,977

173394313.LC.FTS.B,

16.08%,

1/04/26

...

8,734

8,591

173423229.LC.FTS.B,

16.08%,

1/04/26

...

9,942

9,792

173604231.LC.FTS.B,

14.02%,

1/12/26

...

8,751

8,297

173383392.LC.FTS.B,

15.4%,

1/12/26

...

5,916

5,735

173663810.LC.FTS.B,

17.3%,

1/13/26

...

4,288

4,207

173666949.LC.FTS.B,

20.74%,

1/25/26

...

5,385

5,315

174084354.LC.FTS.B,

12.49%,

1/26/26

...

19,020

18,110

174042657.LC.FTS.B,

13.74%,

1/26/26

...

9,562

9,162

173441334.LC.FTS.B,

17.3%,

1/28/26

...

18,160

17,988

174232024.LC.FTS.B,

21.49%,

1/29/26

...

9,508

9,546

174293135.LC.FTS.B,

14.74%,

2/04/26

...

16,677

16,038

174332832.LC.FTS.B,

15.99%,

2/04/26

...

17,493

3,022

174267823.LC.FTS.B,

16.99%,

2/04/26

...

7,767

7,613

174354729.LC.FTS.B,

17.24%,

2/04/26

...

5,408

5,297

174297080.LC.FTS.B,

15.74%,

2/05/26

...

5,125

5,015

174102738.LC.FTS.B,

15.44%,

2/08/26

...

4,139

4,049

174284597.LC.FTS.B,

17.44%,

2/20/26

...

6,653

6,548

171905795.LC.FTS.B,

15%,

5/15/26

.....

7,112

5,488

181324642.LC.FTS.B,

15.19%,

10/13/26

..

19,235

17,838

182237890.LC.FTS.B,

18.49%,

10/14/26

..

9,898

9,390

181671017.LC.FTS.B,

19.49%,

10/14/26

..

16,632

6,116

181681556.LC.FTS.B,

19.49%,

10/14/26

..

9,982

9,795

182220241.LC.FTS.B,

23.99%,

10/14/26

..

5,865

5,840

182239660.LC.FTS.B,

19.99%,

10/15/26

..

10,024

9,899

182100249.LC.FTS.B,

28.99%,

10/15/26

..

7,161

7,250

182337953.LC.FTS.B,

15.19%,

10/17/26

..

10,598

10,339

182196271.LC.FTS.B,

20.49%,

10/18/26

..

6,710

6,630

182283124.LC.FTS.B,

21.99%,

10/18/26

..

13,924

13,882

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)

182365065.LC.FTS.B,

23.99%,

10/18/26

..

$

4,764

$

4,728

181832576.LC.FTS.B,

27.49%,

10/18/26

..

17,711

17,945

182404645.LC.FTS.B,

Zero

Cpn,

10/19/26

22,492

–

182419678.LC.FTS.B,

19.99%,

10/19/26

..

14,693

14,521

182424479.LC.FTS.B,

28.99%,

10/19/26

..

13,993

14,097

182447710.LC.FTS.B,

18.44%,

10/20/26

..

12,665

12,338

182489147.LC.FTS.B,

18.99%,

10/20/26

..

23,195

22,596

182400546.LC.FTS.B,

20.44%,

10/20/26

..

4,643

4,545

182279442.LC.FTS.B,

21.99%,

10/20/26

..

16,302

16,212

182381955.LC.FTS.B,

26.99%,

10/20/26

..

2,823

2,863

182373053.LC.FTS.B,

20.44%,

10/22/26

..

13,439

13,276

182135115.LC.FTS.B,

24.99%,

10/28/26

..

17,075

16,962

182761301.LC.FTS.B,

14.74%,

11/01/26

..

17,385

16,805

182708985.LC.FTS.B,

21.99%,

11/01/26

..

10,237

1,902

182412380.LC.FTS.B,

23.99%,

11/01/26

..

6,842

6,745

182763696.LC.FTS.B,

23.99%,

11/01/26

..

10,606

10,488

182249975.LC.FTS.B,

25.99%,

11/01/26

..

8,773

8,593

182785608.LC.FTS.B,

15.19%,

11/02/26

..

19,045

17,950

182425449.LC.FTS.B,

15.44%,

11/02/26

..

9,872

9,304

182814285.LC.FTS.B,

15.44%,

11/02/26

..

18,428

17,534

182836852.LC.FTS.B,

17.44%,

11/02/26

..

15,029

14,610

182871113.LC.FTS.B,

21.99%,

11/02/26

..

13,883

13,744

182810881.LC.FTS.B,

28.99%,

11/02/26

..

4,381

4,355

182655109.LC.FTS.B,

13.19%,

11/03/26

..

9,133

8,889

182715994.LC.FTS.B,

18.99%,

11/03/26

..

7,779

7,563

182871003.LC.FTS.B,

24.99%,

11/03/26

..

12,779

12,620

182883867.LC.FTS.B,

24.99%,

11/03/26

..

4,969

4,908

182932552.LC.FTS.B,

13.19%,

11/04/26

..

9,674

9,416

182934282.LC.FTS.B,

15.44%,

11/04/26

..

9,214

8,966

182296093.LC.FTS.B,

18.19%,

11/04/26

..

4,042

3,926

182386753.LC.FTS.B,

23.19%,

11/04/26

..

14,298

5,443

181746904.LC.FTS.B,

12.99%,

11/05/26

..

20,137

19,437

182956744.LC.FTS.B,

16.49%,

11/05/26

..

19,922

19,209

182845986.LC.FTS.B,

19.99%,

11/05/26

..

5,974

5,882

182469398.LC.FTS.B,

21.99%,

11/05/26

..

14,202

11,697

182433195.LC.FTS.B,

25.99%,

11/05/26

..

6,293

6,222

182567782.LC.FTS.B,

13.74%,

11/08/26

..

16,258

15,741

182834096.LC.FTS.B,

15.49%,

11/08/26

..

17,690

17,203

183010490.LC.FTS.B,

16.49%,

11/08/26

..

14,644

13,928

182905174.LC.FTS.B,

22.99%,

11/10/26

..

16,459

16,312

182988585.LC.FTS.B,

19.49%,

11/12/26

..

10,210

10,072

183032996.LC.FTS.B,

19.99%,

11/12/26

..

4,514

4,411

182925771.LC.FTS.B,

23.99%,

11/12/26

..

24,665

24,352

182931548.LC.FTS.B,

24.99%,

11/12/26

..

7,898

7,803

182761588.LC.FTS.B,

Zero

Cpn,

11/14/26

15,817

–

183224681.LC.FTS.B,

13.49%,

11/15/26

..

10,353

10,038

183101425.LC.FTS.B,

17.44%,

11/15/26

..

18,742

18,279

182999628.LC.FTS.B,

17.74%,

11/15/26

..

8,112

7,901

182975891.LC.FTS.B,

18.49%,

11/15/26

..

9,549

9,308

182675743.LC.FTS.B,

19.49%,

11/15/26

..

24,138

23,815

182737896.LC.FTS.B,

19.49%,

11/15/26

..

13,148

12,969

183180134.LC.FTS.B,

19.49%,

11/15/26

..

23,931

23,643

183015727.LC.FTS.B,

20.44%,

11/15/26

..

10,251

10,116

183084148.LC.FTS.B,

21.49%,

11/15/26

..

3,778

3,714

182379386.LC.FTS.B,

23.99%,

11/15/26

..

15,546

15,423

182921002.LC.FTS.B,

23.99%,

11/15/26

..

9,303

9,240

182946956.LC.FTS.B,

24.99%,

11/15/26

..

13,806

13,635

182962134.LC.FTS.B,

24.99%,

11/15/26

..

14,361

14,198

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183159092.LC.FTS.B,

28.99%,

11/15/26

..

$

5,008

$

–

183263467.LC.FTS.B,

Zero

Cpn,

11/16/26

6,191

–

182845074.LC.FTS.B,

15%,

11/16/26

....

19,978

15,537

183274263.LC.FTS.B,

15.44%,

11/16/26

..

13,646

13,241

182977646.LC.FTS.B,

16.99%,

11/16/26

..

20,166

19,649

183238822.LC.FTS.B,

16.99%,

11/16/26

..

15,797

15,173

183287259.LC.FTS.B,

18.19%,

11/16/26

..

7,321

7,119

183154136.LC.FTS.B,

18.49%,

11/16/26

..

6,753

6,578

183200190.LC.FTS.B,

19.49%,

11/16/26

..

4,084

4,019

183239755.LC.FTS.B,

21.99%,

11/16/26

..

17,353

17,267

183239325.LC.FTS.B,

24.99%,

11/16/26

..

10,912

–

183197788.LC.FTS.B,

25.99%,

11/16/26

..

14,318

13,962

183321499.LC.FTS.B,

16.49%,

11/17/26

..

2,125

2,074

183270309.LC.FTS.B,

18.99%,

11/17/26

..

17,673

13,671

183336838.LC.FTS.B,

20.99%,

11/17/26

..

16,531

16,323

183253428.LC.FTS.B,

25.99%,

11/17/26

..

14,301

14,202

183354100.LC.FTS.B,

Zero

Cpn,

11/18/26

12,456

–

182954228.LC.FTS.B,

13.49%,

11/18/26

..

17,658

17,114

182922353.LC.FTS.B,

15.49%,

11/18/26

..

23,045

22,504

183371257.LC.FTS.B,

17.74%,

11/18/26

..

20,144

19,640

183368090.LC.FTS.B,

19.49%,

11/18/26

..

7,464

7,374

183287872.LC.FTS.B,

23.99%,

11/18/26

..

7,889

7,832

183371105.LC.FTS.B,

Zero

Cpn,

11/19/26

18,476

–

183394419.LC.FTS.B,

15%,

11/19/26

....

3,481

2,693

183409505.LC.FTS.B,

15.19%,

11/19/26

..

19,769

19,285

183197708.LC.FTS.B,

21.99%,

11/19/26

..

16,660

16,602

183146083.LC.FTS.B,

23.99%,

11/19/26

..

15,738

1,478

183385993.LC.FTS.B,

23.99%,

11/19/26

..

3,469

3,453

183391565.LC.FTS.B,

23.99%,

11/19/26

..

4,821

4,797

183401161.LC.FTS.B,

23.99%,

11/19/26

..

11,608

1,090

183350780.LC.FTS.B,

24.99%,

11/19/26

..

4,591

120

183306891.LC.FTS.B,

25.99%,

11/19/26

..

11,548

38

183321695.LC.FTS.B,

21.49%,

11/21/26

..

11,648

11,514

183333541.LC.FTS.B,

14.19%,

11/22/26

..

14,323

13,909

183227368.LC.FTS.B,

16.44%,

11/22/26

..

16,331

15,680

182980965.LC.FTS.B,

17.24%,

11/22/26

..

13,365

13,058

183425358.LC.FTS.B,

18.49%,

11/22/26

..

5,401

5,277

183430858.LC.FTS.B,

18.49%,

11/22/26

..

8,880

–

183418746.LC.FTS.B,

19.49%,

11/22/26

..

20,403

20,176

183426724.LC.FTS.B,

21.49%,

11/22/26

..

8,298

8,204

183434742.LC.FTS.B,

23.19%,

11/22/26

..

5,779

5,762

182942183.LC.FTS.B,

24.99%,

11/22/26

..

3,616

3,586

183328750.LC.FTS.B,

28.99%,

11/22/26

..

5,788

4,706

183446729.LC.FTS.B,

Zero

Cpn,

11/23/26

11,357

–

183455680.LC.FTS.B,

10%,

11/23/26

....

30,646

23,288

183436461.LC.FTS.B,

12.74%,

11/23/26

..

23,151

22,458

183477091.LC.FTS.B,

13.19%,

11/23/26

..

6,453

6,290

183306593.LC.FTS.B,

13.44%,

11/23/26

..

14,229

13,912

183485184.LC.FTS.B,

13.99%,

11/23/26

..

3,899

3,800

183298862.LC.FTS.B,

14.19%,

11/23/26

..

26,148

25,533

183490789.LC.FTS.B,

14.49%,

11/23/26

..

5,222

5,073

183000324.LC.FTS.B,

15.44%,

11/23/26

..

4,405

4,300

183459184.LC.FTS.B,

15.44%,

11/23/26

..

9,467

8,984

183505251.LC.FTS.B,

16.49%,

11/23/26

..

6,640

6,491

183373318.LC.FTS.B,

16.99%,

11/23/26

..

12,807

12,501

183447586.LC.FTS.B,

17.49%,

11/23/26

..

14,062

13,479

183425539.LC.FTS.B,

18.49%,

11/23/26

..

12,505

12,139

183430694.LC.FTS.B,

18.49%,

11/23/26

..

14,178

13,588

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)

183430676.LC.FTS.B,

21.99%,

11/23/26

..

$

15,965

$

15,930

183407041.LC.FTS.B,

24.99%,

11/23/26

..

1,717

1,674

183431866.LC.FTS.B,

26.49%,

11/23/26

..

18,141

14,379

183095344.LC.FTS.B,

13.44%,

11/24/26

..

25,871

25,308

183370137.LC.FTS.B,

16.44%,

11/24/26

..

15,894

15,544

183249731.LC.FTS.B,

17.49%,

11/24/26

..

9,287

9,061

183149701.LC.FTS.B,

18.49%,

11/24/26

..

20,442

19,962

183545708.LC.FTS.B,

18.49%,

11/24/26

..

4,848

4,766

183470077.LC.FTS.B,

18.99%,

11/24/26

..

16,733

16,314

182933015.LC.FTS.B,

19.49%,

11/24/26

..

19,058

18,867

182954964.LC.FTS.B,

19.49%,

11/24/26

..

14,634

14,487

183384203.LC.FTS.B,

20.49%,

11/24/26

..

10,427

463

183167278.LC.FTS.B,

20.99%,

11/24/26

..

20,445

–

183287022.LC.FTS.B,

21.99%,

11/24/26

..

13,895

13,842

182882013.LC.FTS.B,

24.99%,

11/24/26

..

14,199

14,092

183092655.LC.FTS.B,

16.99%,

11/25/26

..

23,514

22,589

183514721.LC.FTS.B,

Zero

Cpn,

11/26/26

5,096

–

183548843.LC.FTS.B,

Zero

Cpn,

11/26/26

7,124

–

183524584.LC.FTS.B,

13.19%,

11/26/26

..

6,455

6,309

183562559.LC.FTS.B,

15.24%,

11/26/26

..

17,441

16,950

183499719.LC.FTS.B,

15.44%,

11/26/26

..

10,102

9,610

183557623.LC.FTS.B,

16.19%,

11/26/26

..

9,936

9,659

183499818.LC.FTS.B,

16.44%,

11/26/26

..

26,551

25,558

183145768.LC.FTS.B,

19.49%,

11/26/26

..

14,003

13,761

183505272.LC.FTS.B,

21.49%,

11/26/26

..

4,287

4,245

183525639.LC.FTS.B,

21.99%,

11/26/26

..

4,165

4,161

183478931.LC.FTS.B,

22.49%,

11/26/26

..

4,918

4,861

183556398.LC.FTS.B,

23.99%,

11/26/26

..

7,004

6,993

183193272.LC.FTS.B,

15.44%,

11/27/26

..

3,506

3,429

183340558.LC.FTS.B,

17.74%,

11/28/26

..

22,325

21,817

183476845.LC.FTS.B,

16.49%,

11/29/26

..

9,671

9,455

183447683.LC.FTS.B,

20.44%,

11/29/26

..

13,373

13,249

183369356.LC.FTS.B,

20.99%,

11/29/26

..

3,535

3,473

182329589.LC.FTS.B,

24.99%,

11/29/26

..

6,222

6,122

183179352.LC.FTS.B,

14.49%,

11/30/26

..

13,206

12,659

183304070.LC.FTS.B,

15.99%,

11/30/26

..

24,967

4,615

183359968.LC.FTS.B,

16.49%,

11/30/26

..

14,731

14,405

183524280.LC.FTS.B,

16.99%,

11/30/26

..

22,150

2,097

183649644.LC.FTS.B,

16.99%,

11/30/26

..

7,335

7,179

183434269.LC.FTS.B,

17.24%,

11/30/26

..

5,364

5,230

183636681.LC.FTS.B,

18.49%,

11/30/26

..

22,683

22,200

183630947.LC.FTS.B,

18.99%,

11/30/26

..

16,268

15,921

183585512.LC.FTS.B,

19.99%,

11/30/26

..

16,401

16,035

183649794.LC.FTS.B,

21.49%,

11/30/26

..

18,050

17,863

182816829.LC.FTS.B,

21.99%,

11/30/26

..

7,483

7,433

183170401.LC.FTS.B,

21.99%,

11/30/26

..

9,336

–

183544070.LC.FTS.B,

21.99%,

11/30/26

..

13,881

13,877

183623738.LC.FTS.B,

21.99%,

11/30/26

..

4,251

–

183618524.LC.FTS.B,

22.99%,

11/30/26

..

17,484

17,477

182592773.LC.FTS.B,

23.99%,

11/30/26

..

7,273

7,182

183540100.LC.FTS.B,

23.99%,

11/30/26

..

4,227

4,225

182663344.LC.FTS.B,

24.99%,

11/30/26

..

14,434

1,340

183611465.LC.FTS.B,

24.99%,

11/30/26

..

8,522

8,468

183633965.LC.FTS.B,

24.99%,

11/30/26

..

4,259

4,251

183562403.LC.FTS.B,

Zero

Cpn,

12/01/26

9,273

–

183607115.LC.FTS.B,

17.24%,

12/01/26

..

15,718

15,171

183638388.LC.FTS.B,

17.24%,

12/01/26

..

14,721

–

183676944.LC.FTS.B,

17.24%,

12/01/26

..

4,100

3,982

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183686236.LC.FTS.B,

20.49%,

12/01/26

..

$

15,955

$

1,507

183333618.LC.FTS.B,

21.49%,

12/01/26

..

8,073

–

183683504.LC.FTS.B,

Zero

Cpn,

12/02/26

7,714

–

183067587.LC.FTS.B,

6%,

12/02/26

.....

17,100

16,833

183768813.LC.FTS.B,

13.24%,

12/02/26

..

9,918

9,578

183695657.LC.FTS.B,

15.44%,

12/02/26

..

10,102

9,814

183699303.LC.FTS.B,

17.24%,

12/02/26

..

11,409

8,738

183702434.LC.FTS.B,

20.49%,

12/02/26

..

20,659

20,312

183789584.LC.FTS.B,

Zero

Cpn,

12/03/26

14,020

–

183623497.LC.FTS.B,

13.24%,

12/03/26

..

19,175

18,522

183499399.LC.FTS.B,

15.44%,

12/03/26

..

8,145

7,907

183483610.LC.FTS.B,

17.24%,

12/03/26

..

13,117

12,747

183721314.LC.FTS.B,

17.44%,

12/03/26

..

11,037

10,743

183651950.LC.FTS.B,

18.49%,

12/03/26

..

15,184

14,750

183746554.LC.FTS.B,

18.49%,

12/03/26

..

3,681

3,574

183771895.LC.FTS.B,

21.99%,

12/03/26

..

12,758

12,620

183877324.LC.FTS.B,

16.49%,

12/06/26

..

27,172

26,247

183799901.LC.FTS.B,

17.74%,

12/06/26

..

6,861

6,669

183790054.LC.FTS.B,

18.49%,

12/06/26

..

4,348

4,226

183710879.LC.FTS.B,

19.95%,

12/06/26

..

16,892

16,612

183788160.LC.FTS.B,

23.99%,

12/06/26

..

7,758

–

183862022.LC.FTS.B,

Zero

Cpn,

12/07/26

2,901

–

183902344.LC.FTS.B,

10%,

12/07/26

....

13,887

10,800

183809680.LC.FTS.B,

17.24%,

12/07/26

..

22,962

21,683

183882896.LC.FTS.B,

17.24%,

12/07/26

..

12,303

11,871

183312099.LC.FTS.B,

18.99%,

12/07/26

..

7,837

7,614

183415342.LC.FTS.B,

19.49%,

12/07/26

..

20,867

20,010

183762991.LC.FTS.B,

19.49%,

12/07/26

..

15,459

15,021

183495228.LC.FTS.B,

20.44%,

12/07/26

..

4,201

4,121

183520272.LC.FTS.B,

21.49%,

12/07/26

..

15,272

15,031

183719486.LC.FTS.B,

21.99%,

12/07/26

..

14,175

13,667

183885314.LC.FTS.B,

21.99%,

12/07/26

..

4,253

4,211

183867910.LC.FTS.B,

23.99%,

12/07/26

..

10,786

10,677

183866613.LC.FTS.B,

25.99%,

12/07/26

..

7,292

7,139

183874898.LC.FTS.B,

27.49%,

12/07/26

..

19,375

16,245

183909323.LC.FTS.B,

28.99%,

12/07/26

..

9,460

9,469

183046392.LC.FTS.B,

13.19%,

12/08/26

..

16,523

16,075

183492757.LC.FTS.B,

16.99%,

12/08/26

..

10,255

9,979

183536773.LC.FTS.B,

19.74%,

12/08/26

..

24,487

24,143

183933487.LC.FTS.B,

23.99%,

12/08/26

..

10,786

10,681

183999420.LC.FTS.B,

12.99%,

12/09/26

..

26,392

25,529

183274086.LC.FTS.B,

14.44%,

12/09/26

..

11,355

11,052

184040533.LC.FTS.B,

14.49%,

12/09/26

..

13,364

12,925

183461812.LC.FTS.B,

16.74%,

12/09/26

..

13,273

12,834

183576479.LC.FTS.B,

17.44%,

12/09/26

..

16,507

16,076

183996173.LC.FTS.B,

17.44%,

12/09/26

..

24,642

23,824

184003319.LC.FTS.B,

18.19%,

12/09/26

..

6,886

6,699

183840027.LC.FTS.B,

21.49%,

12/09/26

..

11,298

11,129

183987324.LC.FTS.B,

23.99%,

12/09/26

..

11,521

11,392

183966000.LC.FTS.B,

24.99%,

12/09/26

..

3,631

3,574

183970462.LC.FTS.B,

24.99%,

12/09/26

..

2,172

2,144

183532974.LC.FTS.B,

Zero

Cpn,

12/10/26

11,742

–

184009395.LC.FTS.B,

9.49%,

12/10/26

...

21,112

20,047

184012121.LC.FTS.B,

13.44%,

12/10/26

..

12,584

12,214

183680345.LC.FTS.B,

16.44%,

12/10/26

..

8,827

8,592

183129988.LC.FTS.B,

16.99%,

12/10/26

..

12,277

11,911

183793588.LC.FTS.B,

17.24%,

12/10/26

..

4,803

4,667

183912771.LC.FTS.B,

19.49%,

12/10/26

..

9,050

8,911

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)

183974150.LC.FTS.B,

19.99%,

12/10/26

..

$

17,457

$

17,188

184022156.LC.FTS.B,

20.49%,

12/10/26

..

6,940

6,822

184017594.LC.FTS.B,

20.99%,

12/10/26

..

12,146

1,144

184011802.LC.FTS.B,

21.49%,

12/10/26

..

7,623

–

183611528.LC.FTS.B,

23.99%,

12/10/26

..

17,626

17,346

184017730.LC.FTS.B,

23.99%,

12/10/26

..

21,829

21,723

183942336.LC.FTS.B,

24.99%,

12/10/26

..

14,484

14,303

183970602.LC.FTS.B,

24.99%,

12/10/26

..

8,691

8,546

184013288.LC.FTS.B,

24.99%,

12/10/26

..

14,484

14,303

183547689.LC.FTS.B,

16.99%,

12/11/26

..

11,018

1,308

183943387.LC.FTS.B,

15.44%,

12/13/26

..

15,827

15,316

184056742.LC.FTS.B,

15.44%,

12/13/26

..

11,274

–

183935167.LC.FTS.B,

16.19%,

12/13/26

..

13,201

12,580

183965552.LC.FTS.B,

16.49%,

12/13/26

..

10,191

9,911

184033080.LC.FTS.B,

17.44%,

12/13/26

..

14,954

14,394

183788093.LC.FTS.B,

17.49%,

12/13/26

..

6,094

577

183731402.LC.FTS.B,

19.44%,

12/13/26

..

11,125

10,968

183706984.LC.FTS.B,

21.49%,

12/13/26

..

6,694

6,598

184062734.LC.FTS.B,

21.49%,

12/13/26

..

3,359

3,303

184039087.LC.FTS.B,

24.99%,

12/13/26

..

6,881

6,771

184051343.LC.FTS.B,

28.99%,

12/13/26

..

13,391

13,547

184176824.LC.FTS.B,

14.99%,

12/14/26

..

9,394

9,093

183228318.LC.FTS.B,

15.19%,

12/14/26

..

23,639

22,222

183578940.LC.FTS.B,

15.19%,

12/14/26

..

8,827

8,506

184127951.LC.FTS.B,

15.44%,

12/14/26

..

14,143

13,777

184144008.LC.FTS.B,

16.99%,

12/14/26

..

12,507

12,153

184142978.LC.FTS.B,

17.44%,

12/14/26

..

10,267

10,000

184109137.LC.FTS.B,

17.74%,

12/14/26

..

10,292

9,894

183892275.LC.FTS.B,

18.44%,

12/14/26

..

18,628

18,141

184114198.LC.FTS.B,

18.99%,

12/14/26

..

16,976

16,531

184149526.LC.FTS.B,

19.74%,

12/14/26

..

27,233

–

183841644.LC.FTS.B,

19.99%,

12/14/26

..

9,079

8,770

184107799.LC.FTS.B,

19.99%,

12/14/26

..

9,775

9,640

184130928.LC.FTS.B,

21.99%,

12/14/26

..

10,891

8,620

183623138.LC.FTS.B,

23.99%,

12/14/26

..

8,629

8,563

184107590.LC.FTS.B,

23.99%,

12/14/26

..

5,038

4,939

183641094.LC.FTS.B,

24.99%,

12/14/26

..

7,275

7,164

183971412.LC.FTS.B,

28.49%,

12/14/26

..

7,187

7,274

183669687.LC.FTS.B,

Zero

Cpn,

12/15/26

15,879

–

183159318.LC.FTS.B,

6%,

12/15/26

.....

9,056

8,836

183916918.LC.FTS.B,

13.19%,

12/15/26

..

15,278

14,871

184198353.LC.FTS.B,

14.01%,

12/15/26

..

26,380

25,542

183712326.LC.FTS.B,

15.44%,

12/15/26

..

4,359

4,230

184146721.LC.FTS.B,

16.44%,

12/15/26

..

10,188

9,786

184204044.LC.FTS.B,

16.49%,

12/15/26

..

10,189

9,864

183603668.LC.FTS.B,

17.19%,

12/15/26

..

12,716

9,712

184108646.LC.FTS.B,

18.49%,

12/15/26

..

5,816

5,610

184036052.LC.FTS.B,

19.49%,

12/15/26

..

17,826

13,948

183917868.LC.FTS.B,

21.49%,

12/15/26

..

13,187

13,006

183758691.LC.FTS.B,

23.99%,

12/15/26

..

4,314

4,283

184003793.LC.FTS.B,

23.99%,

12/15/26

..

14,472

14,345

183593989.LC.FTS.B,

27.49%,

12/15/26

..

18,708

18,944

184184924.LC.FTS.B,

13.19%,

12/16/26

..

9,576

7,245

183905553.LC.FTS.B,

13.44%,

12/16/26

..

4,305

4,076

184144886.LC.FTS.B,

15.19%,

12/16/26

..

18,819

18,347

184230527.LC.FTS.B,

16.49%,

12/16/26

..

20,379

19,866

183805030.LC.FTS.B,

17.49%,

12/16/26

..

19,931

15,081

184233755.LC.FTS.B,

18.49%,

12/16/26

..

8,896

–

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183840993.LC.FTS.B,

21.49%,

12/16/26

..

$

17,043

$

16,809

183590285.LC.FTS.B,

21.99%,

12/16/26

..

14,257

14,140

184185617.LC.FTS.B,

26.99%,

12/16/26

..

6,770

6,845

183936400.LC.FTS.B,

Zero

Cpn,

12/17/26

13,738

–

183612692.LC.FTS.B,

13.49%,

12/17/26

..

9,276

8,990

184223937.LC.FTS.B,

16.44%,

12/17/26

..

12,911

12,574

184141163.LC.FTS.B,

17.49%,

12/17/26

..

1,932

1,871

184248806.LC.FTS.B,

18.49%,

12/17/26

..

19,387

18,903

184237123.LC.FTS.B,

21.99%,

12/17/26

..

11,059

2,090

184251864.LC.FTS.B,

21.99%,

12/17/26

..

6,454

6,402

183868559.LC.FTS.B,

23.99%,

12/17/26

..

6,191

58

184214073.LC.FTS.B,

27.99%,

12/17/26

..

8,869

8,993

183656375.LC.FTS.B,

14.44%,

12/18/26

..

4,655

4,381

183673632.LC.FTS.B,

15.44%,

12/18/26

..

10,234

9,774

183874472.LC.FTS.B,

15.44%,

12/18/26

..

10,851

10,224

183852446.LC.FTS.B,

17.99%,

12/18/26

..

11,125

10,656

184073751.LC.FTS.B,

20.49%,

12/18/26

..

13,935

13,482

184082880.LC.FTS.B,

15.44%,

12/20/26

..

6,061

5,798

183977917.LC.FTS.B,

16.49%,

12/20/26

..

17,069

16,083

184270452.LC.FTS.B,

16.99%,

12/20/26

..

8,184

7,984

184104646.LC.FTS.B,

17.44%,

12/20/26

..

13,005

12,686

184283202.LC.FTS.B,

19.49%,

12/20/26

..

5,564

5,497

184059193.LC.FTS.B,

21.99%,

12/20/26

..

15,490

15,384

184102080.LC.FTS.B,

23.99%,

12/20/26

..

6,723

5,336

184276958.LC.FTS.B,

23.99%,

12/20/26

..

11,413

1,416

184343324.LC.FTS.B,

Zero

Cpn,

12/21/26

16,514

–

184382909.LC.FTS.B,

12.99%,

12/21/26

..

13,196

12,797

184358802.LC.FTS.B,

15.49%,

12/21/26

..

6,401

6,206

184130767.LC.FTS.B,

16.44%,

12/21/26

..

14,259

13,595

184309308.LC.FTS.B,

17.24%,

12/21/26

..

9,212

8,888

184365323.LC.FTS.B,

18.74%,

12/21/26

..

13,831

13,493

184032290.LC.FTS.B,

20.99%,

12/21/26

..

14,576

13,944

184358622.LC.FTS.B,

21.99%,

12/21/26

..

8,860

8,817

184040777.LC.FTS.B,

23.99%,

12/21/26

..

7,191

7,154

184066327.LC.FTS.B,

14.19%,

12/22/26

..

9,331

9,113

184190300.LC.FTS.B,

16.49%,

12/22/26

..

8,551

–

183529593.LC.FTS.B,

17.49%,

12/22/26

..

12,189

11,823

183940387.LC.FTS.B,

19.99%,

12/22/26

..

12,712

12,556

184397264.LC.FTS.B,

23.99%,

12/22/26

..

10,826

10,760

184035152.LC.FTS.B,

Zero

Cpn,

12/23/26

5,881

–

184471382.LC.FTS.B,

13.49%,

12/23/26

..

2,738

2,104

184224030.LC.FTS.B,

15.49%,

12/23/26

..

13,510

13,089

183877346.LC.FTS.B,

15.99%,

12/23/26

..

26,255

2,498

184421299.LC.FTS.B,

16.74%,

12/23/26

..

5,105

4,985

183436430.LC.FTS.B,

16.99%,

12/23/26

..

24,030

23,439

184427346.LC.FTS.B,

19.74%,

12/23/26

..

19,513

19,297

184321733.LC.FTS.B,

23.99%,

12/23/26

..

17,978

17,908

184451850.LC.FTS.B,

23.99%,

12/23/26

..

14,382

14,326

184033253.LC.FTS.B,

28.99%,

12/23/26

..

6,862

6,971

184239360.LC.FTS.B,

17.44%,

12/25/26

..

14,474

14,125

184005719.LC.FTS.B,

20.44%,

12/25/26

..

9,244

9,139

184009581.LC.FTS.B,

22.99%,

12/25/26

..

25,355

25,227

184404343.LC.FTS.B,

13.24%,

12/27/26

..

26,448

25,683

184378888.LC.FTS.B,

19.49%,

12/27/26

..

15,724

15,455

184283871.LC.FTS.B,

21.99%,

12/27/26

..

14,175

14,138

184445530.LC.FTS.B,

22.99%,

12/27/26

..

14,356

14,235

184275242.LC.FTS.B,

23.99%,

12/27/26

..

14,382

14,340

184454459.LC.FTS.B,

24.99%,

12/27/26

..

5,431

5,398

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

217

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

184249796.LC.FTS.B,

15.44%,

12/28/26

..

$

10,879

$

10,626

184172800.LC.FTS.B,

16.44%,

12/28/26

..

8,926

8,542

184029644.LC.FTS.B,

17.49%,

12/28/26

..

20,786

20,300

183866022.LC.FTS.B,

24.99%,

12/28/26

..

7,574

99

184075164.LC.FTS.B,

17.74%,

12/29/26

..

21,690

21,184

184298012.LC.FTS.B,

18.74%,

12/30/26

..

3,956

3,868

184273228.LC.FTS.B,

21.99%,

12/30/26

..

10,775

10,733

184017343.LC.FTS.B,

23.99%,

12/30/26

..

8,769

8,741

184149742.LC.FTS.B,

26.49%,

12/30/26

..

15,861

15,710

184473440.LC.FTS.B,

28.99%,

12/30/26

..

14,878

15,134

183794746.LC.FTS.B,

21.99%,

12/31/26

..

21,810

492

184286578.LC.FTS.B,

17.49%,

1/01/27

...

15,557

14,983

184283229.LC.FTS.B,

19.44%,

1/01/27

...

10,767

10,335

184379539.LC.FTS.B,

12.19%,

1/02/27

...

20,188

19,136

183267202.LC.FTS.B,

12.99%,

1/05/27

...

10,117

9,763

183888494.LC.FTS.B,

17.99%,

1/06/27

...

6,556

6,355

184927724.LC.FTS.B,

22.49%,

1/11/27

...

16,692

16,438

184934200.LC.FTS.B,

23.49%,

1/11/27

...

21,921

21,558

184924956.LC.FTS.B,

24.99%,

1/16/27

...

15,087

11,842

182753052.LC.FTS.B,

25.99%,

3/16/27

...

19,075

1,790

183426450.LC.FTS.B,

Zero

Cpn,

3/31/27

.

25,762

–

182925976.LC.FTS.B,

15%,

4/03/27

.....

5,789

4,495

183766454.LC.FTS.B,

16.99%,

5/10/27

...

16,660

754

182926067.LC.FTS.B,

20.99%,

5/15/27

...

19,876

–

182312904.LC.FTS.B,

28.99%,

5/18/27

...

6,266

6,346

184033235.LC.FTS.B,

15%,

5/24/27

.....

18,825

15,531

183844253.LC.FTS.B,

18.99%,

6/20/27

...

22,135

4,014

183437929.LC.FTS.B,

20.49%,

6/30/27

...

19,294

19,082

184020224.LC.FTS.B,

23.19%,

7/19/27

...

16,849

1,587

183877158.LC.FTS.B,

20.44%,

7/21/27

...

11,651

–

184211532.LC.FTS.B,

21.99%,

7/28/27

...

27,702

27,422

184064152.LC.FTS.B,

19.49%,

8/13/27

...

17,729

1,086

183252907.LC.FTS.B,

15%,

9/17/27

.....

11,784

8,893

182185437.LC.FTS.B,

5%,

10/29/27

.....

13,564

13,181

184041474.LC.FTS.B,

5%,

12/15/27

.....

21,397

2,171

183767102.LC.FTS.B,

5%,

12/31/27

.....

19,852

1,931

173506829.LC.FTS.B,

Zero

Cpn,

1/12/34

.

688

577

173100997.LC.FTS.B,

14.02%,

1/27/34

...

5,857

554

172326263.LC.FTS.B,

14.02%,

1/31/34

...

12

12

174169568.LC.FTS.B,

7.74%,

2/04/34

...

1,099

1,091

174146725.LC.FTS.B,

Zero

Cpn,

2/05/34

.

23,126

–

174293219.LC.FTS.B,

19.44%,

2/05/34

...

163

163

174279916.LC.FTS.B,

13.04%,

2/08/34

...

10,015

–

172486420.LC.FTS.B,

19.95%,

2/16/34

...

31

24

173725842.LC.FTS.B,

16.08%,

2/22/34

...

4,788

576

5,669,015

Prosper

Funding

LLC

1613502.PS.FTS.B,

15.1%,

8/11/24

.....

1,139

1,130

1613526.PS.FTS.B,

19.1%,

8/11/24

.....

2,417

2,408

1607545.PS.FTS.B,

12.7%,

8/12/24

.....

3,382

3,340

1607185.PS.FTS.B,

17.1%,

8/12/24

.....

1,419

1,414

1613868.PS.FTS.B,

19.8%,

8/12/24

.....

3,818

155

1607575.PS.FTS.B,

20%,

8/12/24

.......

1,219

1,216

1603826.PS.FTS.B,

20.9%,

8/12/24

.....

492

491

1603754.PS.FTS.B,

21.49%,

8/12/24

....

2,478

2,470

1614891.PS.FTS.B,

16.7%,

8/13/24

.....

1,177

1,166

1604669.PS.FTS.B,

19.8%,

8/13/24

.....

487

486

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1615005.PS.FTS.B,

20.1%,

8/13/24

.....

$

2,428

$

760

1615146.PS.FTS.B,

20.8%,

8/13/24

.....

491

491

1608406.PS.FTS.B,

18.11%,

8/15/24

....

4,809

4,763

1606436.PS.FTS.B,

28.64%,

8/17/24

....

1,334

1,360

1611391.PS.FTS.B,

14.2%,

8/19/24

.....

3,373

3,337

1608574.PS.FTS.B,

20.1%,

8/21/24

.....

344

344

1610068.PS.FTS.B,

20%,

8/22/24

.......

1,234

1,233

1618998.PS.FTS.B,

12.79%,

8/23/24

....

7,896

7,831

1620645.PS.FTS.B,

16.6%,

8/25/24

.....

1,411

1,403

1614574.PS.FTS.B,

27.56%,

8/26/24

....

2,636

2,662

1615534.PS.FTS.B,

15.9%,

8/27/24

.....

534

533

1611857.PS.FTS.B,

16.4%,

8/27/24

.....

1,408

1,401

1610723.PS.FTS.B,

16.9%,

9/03/24

.....

1,659

1,647

1606394.PS.FTS.B,

20.9%,

9/15/24

.....

2,272

2,269

1633506.PS.FTS.B,

12.2%,

9/20/24

.....

3,055

3,024

1612025.PS.FTS.B,

15.6%,

9/20/24

.....

830

826

1623956.PS.FTS.B,

12.3%,

9/21/24

.....

1,606

1,590

1634463.PS.FTS.B,

13.05%,

9/21/24

....

514

509

1623944.PS.FTS.B,

13.36%,

9/21/24

....

4,381

4,338

1634439.PS.FTS.B,

16.57%,

9/21/24

....

1,332

1,325

1627600.PS.FTS.B,

18.41%,

9/21/24

....

2,105

2,092

1635159.PS.FTS.B,

11.89%,

9/22/24

....

5,043

4,421

1635147.PS.FTS.B,

16%,

9/22/24

.......

2,668

2,646

1624508.PS.FTS.B,

18.41%,

9/22/24

....

1,358

1,351

1625759.PS.FTS.B,

13.8%,

9/24/24

.....

6,337

6,279

1625753.PS.FTS.B,

14.7%,

9/24/24

.....

1,452

1,442

1618596.PS.FTS.B,

14.7%,

9/27/24

.....

2,538

350

1630810.PS.FTS.B,

14.79%,

9/27/24

....

6,541

6,517

1637601.PS.FTS.B,

15.4%,

9/27/24

.....

6,558

6,534

1630930.PS.FTS.B,

13.2%,

9/28/24

.....

1,045

1,034

1631206.PS.FTS.B,

13.66%,

9/28/24

....

1,551

1,538

1638273.PS.FTS.B,

16.43%,

9/28/24

....

1,730

1,724

1627844.PS.FTS.B,

16.61%,

9/28/24

....

1,333

1,329

1632436.PS.FTS.B,

15%,

9/29/24

.......

2,052

2,045

1628788.PS.FTS.B,

18.5%,

10/01/24

....

598

600

1624058.PS.FTS.B,

12.9%,

10/04/24

....

2,929

2,887

1640814.PS.FTS.B,

13.87%,

10/04/24

...

3,216

3,169

1645020.PS.FTS.B,

11.86%,

10/08/24

....

4,263

4,200

1634696.PS.FTS.B,

13.66%,

10/08/24

...

2,026

1,997

1638691.PS.FTS.B,

11.6%,

10/12/24

....

7,085

6,988

1627369.PS.FTS.B,

15.4%,

10/20/24

....

8,235

7,163

1645625.PS.FTS.B,

13.7%,

10/27/24

....

2,896

2,866

1646078.PS.FTS.B,

12.43%,

10/28/24

...

4,686

643

1656237.PS.FTS.B,

13.68%,

10/28/24

...

1,013

1,008

1649647.PS.FTS.B,

15.29%,

10/28/24

...

3,237

3,221

1646081.PS.FTS.B,

16.43%,

10/28/24

...

3,870

3,850

1649827.PS.FTS.B,

17%,

10/28/24

......

1,514

1,519

1646261.PS.FTS.B,

18.26%,

10/28/24

...

8,367

8,324

1657158.PS.FTS.B,

10.8%,

10/29/24

....

2,487

2,462

1657215.PS.FTS.B,

14.6%,

10/29/24

....

616

612

1649938.PS.FTS.B,

15.4%,

10/29/24

....

1,951

1,942

1650670.PS.FTS.B,

16.3%,

10/29/24

....

656

661

1647092.PS.FTS.B,

16.9%,

10/29/24

....

11,547

11,492

1656627.PS.FTS.B,

17%,

10/29/24

......

7,151

350

1647332.PS.FTS.B,

22.6%,

10/29/24

....

696

703

1652014.PS.FTS.B,

13.36%,

11/02/24

....

2,167

2,128

1648529.PS.FTS.B,

19.5%,

11/02/24

....

665

660

1648733.PS.FTS.B,

21.2%,

11/02/24

....

12,035

11,805

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)

1651427.PS.FTS.B,

10.5%,

11/05/24

....

$

929

$

913

1654330.PS.FTS.B,

11.4%,

11/05/24

.....

1,563

1,536

1654084.PS.FTS.B,

13.4%,

11/05/24

....

1,275

1,256

1651250.PS.FTS.B,

16.83%,

11/05/24

....

3,953

3,929

1664829.PS.FTS.B,

12.95%,

11/08/24

....

3,382

3,333

1658140.PS.FTS.B,

13.9%,

11/08/24

....

1,638

1,611

1652381.PS.FTS.B,

18.9%,

11/08/24

....

8,625

8,561

1652924.PS.FTS.B,

12.5%,

11/09/24

....

4,740

4,662

1665921.PS.FTS.B,

13.4%,

11/09/24

....

1,753

1,729

1665951.PS.FTS.B,

14.52%,

11/09/24

....

1,323

164

1665984.PS.FTS.B,

14.63%,

11/09/24

....

5,672

5,579

1652945.PS.FTS.B,

17.54%,

11/09/24

....

845

839

1659139.PS.FTS.B,

18.41%,

11/09/24

....

2,642

2,605

1654091.PS.FTS.B,

15.9%,

11/10/24

....

2,506

2,465

1648630.PS.FTS.B,

22.6%,

11/10/24

....

1,607

1,621

1655651.PS.FTS.B,

12.87%,

11/15/24

....

951

937

1662703.PS.FTS.B,

16%,

11/15/24

......

3,283

3,245

1663073.PS.FTS.B,

18.41%,

11/29/24

....

1,825

1,813

1651826.PS.FTS.B,

11.7%,

12/02/24

....

5,291

5,180

1685280.PS.FTS.B,

12.3%,

12/14/24

....

6,216

6,110

1685958.PS.FTS.B,

11.4%,

12/15/24

....

1,013

998

1672970.PS.FTS.B,

13.5%,

12/15/24

....

3,143

3,090

1685973.PS.FTS.B,

16%,

12/15/24

......

2,503

2,469

1686549.PS.FTS.B,

13%,

12/16/24

......

3,129

3,077

1674656.PS.FTS.B,

10.89%,

12/17/24

...

5,111

5,027

1680451.PS.FTS.B,

12.3%,

12/17/24

....

647

636

1674668.PS.FTS.B,

12.65%,

12/17/24

...

3,465

3,408

1674647.PS.FTS.B,

13.1%,

12/17/24

....

3,216

3,173

1680760.PS.FTS.B,

19.91%,

12/17/24

...

741

740

1685979.PS.FTS.B,

13.7%,

12/18/24

....

3,511

3,454

1651004.PS.FTS.B,

16.6%,

12/18/24

....

4,469

4,380

1672952.PS.FTS.B,

12%,

12/20/24

......

942

922

1681975.PS.FTS.B,

24.51%,

12/21/24

...

1,928

1,943

1684660.PS.FTS.B,

20.79%,

12/24/24

...

3,223

3,222

1687806.PS.FTS.B,

14.7%,

12/31/24

....

5,844

5,738

1692690.PS.FTS.B,

19.1%,

1/02/25

.....

1,132

163

1630058.PS.FTS.B,

19.3%,

1/16/25

.....

1,908

1,885

1603442.PS.FTS.B,

18.2%,

7/20/25

.....

4,153

4,053

1605017.PS.FTS.B,

19%,

7/22/25

.......

9,516

1,314

1652180.PS.FTS.B,

12.1%,

8/08/25

.....

12,650

7,713

1672340.PS.FTS.B,

15.1%,

11/14/25

....

11,196

10,711

1613481.PS.FTS.B,

19.78%,

8/11/26

....

9,548

9,554

1604105.PS.FTS.B,

13.74%,

8/12/26

....

18,033

17,560

1614300.PS.FTS.B,

13.8%,

8/12/26

.....

14,660

14,327

1613874.PS.FTS.B,

15.2%,

8/12/26

.....

6,098

5,956

1614279.PS.FTS.B,

15.9%,

8/12/26

.....

5,832

5,696

1614306.PS.FTS.B,

18.5%,

8/12/26

.....

12,583

12,599

1613892.PS.FTS.B,

19.18%,

8/12/26

....

4,089

4,106

1603802.PS.FTS.B,

20.3%,

8/12/26

.....

6,395

6,402

1603823.PS.FTS.B,

28.4%,

8/12/26

.....

1,369

1,407

1607647.PS.FTS.B,

15%,

8/13/26

.......

4,869

4,758

1615164.PS.FTS.B,

17%,

8/13/26

.......

6,380

6,379

1614735.PS.FTS.B,

18.73%,

8/13/26

....

7,565

7,389

1607977.PS.FTS.B,

25.48%,

8/13/26

....

3,009

3,095

1604924.PS.FTS.B,

28.4%,

8/13/26

.....

4,449

4,575

1605023.PS.FTS.B,

14.2%,

8/16/26

.....

12,077

11,770

1608526.PS.FTS.B,

19.78%,

8/16/26

....

5,092

5,108

1604936.PS.FTS.B,

25%,

8/16/26

.......

1,335

1,374

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1616271.PS.FTS.B,

12.5%,

8/17/26

.....

$

7,124

$

6,945

1609138.PS.FTS.B,

16.18%,

8/17/26

....

9,233

9,000

1609525.PS.FTS.B,

17%,

8/17/26

.......

4,639

4,667

1611388.PS.FTS.B,

15.8%,

8/19/26

.....

15,761

15,459

1608082.PS.FTS.B,

12.8%,

8/20/26

.....

8,963

8,731

1608397.PS.FTS.B,

20.3%,

8/21/26

.....

5,441

5,454

1612375.PS.FTS.B,

14.29%,

8/23/26

....

6,044

5,926

1609286.PS.FTS.B,

15.2%,

8/23/26

.....

1,427

1,404

1610333.PS.FTS.B,

14.39%,

8/24/26

....

2,420

2,374

1613140.PS.FTS.B,

14.7%,

8/24/26

.....

6,847

–

1620525.PS.FTS.B,

16.4%,

8/24/26

.....

3,701

3,629

1606978.PS.FTS.B,

13.3%,

8/25/26

.....

8,036

7,837

1606780.PS.FTS.B,

29.08%,

8/25/26

....

4,943

5,070

1607554.PS.FTS.B,

20.9%,

8/26/26

.....

5,511

5,519

1622217.PS.FTS.B,

16.7%,

8/27/26

.....

3,867

3,756

1604606.PS.FTS.B,

29.74%,

9/07/26

....

7,261

7,438

1605623.PS.FTS.B,

16.64%,

9/15/26

....

7,714

7,532

1625707.PS.FTS.B,

11.7%,

9/16/26

.....

15,507

15,128

1626049.PS.FTS.B,

15.18%,

9/17/26

....

15,319

14,935

1633221.PS.FTS.B,

18.13%,

9/17/26

....

22,533

22,006

1632897.PS.FTS.B,

18.48%,

9/17/26

....

12,886

12,950

1627039.PS.FTS.B,

12.7%,

9/20/26

.....

2,443

2,383

1627618.PS.FTS.B,

11.79%,

9/21/26

....

6,659

6,499

1634841.PS.FTS.B,

11.79%,

9/21/26

....

7,264

7,089

1628728.PS.FTS.B,

12.5%,

9/22/26

.....

4,267

4,165

1628947.PS.FTS.B,

12.5%,

9/23/26

.....

6,705

6,546

1635732.PS.FTS.B,

12.7%,

9/23/26

.....

7,939

7,751

1635660.PS.FTS.B,

12.87%,

9/23/26

....

6,117

5,972

1625255.PS.FTS.B,

13.2%,

9/23/26

.....

4,910

4,793

1636926.PS.FTS.B,

11.6%,

9/24/26

.....

6,948

6,786

1629340.PS.FTS.B,

12.9%,

9/24/26

.....

4,374

960

1636506.PS.FTS.B,

15.18%,

9/24/26

....

10,994

507

1634442.PS.FTS.B,

13.93%,

9/26/26

....

5,884

5,735

1630456.PS.FTS.B,

12.76%,

9/27/26

....

9,166

8,957

1630462.PS.FTS.B,

13.5%,

9/27/26

.....

248

246

1630438.PS.FTS.B,

15.29%,

9/27/26

....

6,259

6,149

1630432.PS.FTS.B,

15.9%,

9/27/26

.....

7,554

7,420

1628431.PS.FTS.B,

16.64%,

9/30/26

....

7,509

7,333

1627061.PS.FTS.B,

19.5%,

10/01/26

....

16,221

16,379

1634613.PS.FTS.B,

14.39%,

10/14/26

...

6,934

–

1636347.PS.FTS.B,

12.9%,

10/17/26

....

16,077

15,655

1624733.PS.FTS.B,

16.33%,

10/17/26

...

4,294

4,195

1648981.PS.FTS.B,

10.7%,

10/27/26

....

16,640

8,000

1645613.PS.FTS.B,

12.62%,

10/27/26

...

8,456

8,243

1655382.PS.FTS.B,

12.8%,

10/27/26

....

21,961

21,408

1655400.PS.FTS.B,

13.7%,

10/27/26

....

3,796

3,716

1648636.PS.FTS.B,

15.2%,

10/27/26

....

1,283

1,255

1645256.PS.FTS.B,

16.33%,

10/27/26

...

5,183

5,072

1645280.PS.FTS.B,

18.78%,

10/27/26

...

13,567

13,628

1645934.PS.FTS.B,

10.5%,

10/28/26

....

4,911

4,789

1649521.PS.FTS.B,

13.4%,

10/28/26

....

8,509

–

1649530.PS.FTS.B,

13.5%,

10/28/26

....

4,436

4,343

1649821.PS.FTS.B,

13.66%,

10/28/26

...

6,226

6,085

1649653.PS.FTS.B,

14.7%,

10/28/26

....

4,278

4,189

1646096.PS.FTS.B,

15.1%,

10/28/26

....

3,845

3,765

1646336.PS.FTS.B,

16.33%,

10/28/26

...

12,976

12,703

1656207.PS.FTS.B,

23.64%,

10/28/26

...

17,544

17,676

1646984.PS.FTS.B,

10.08%,

10/29/26

...

7,528

7,342

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)

Prosper

Funding

LLC

(continued)

1657014.PS.FTS.B,

10.5%,

10/29/26

....

$

22,042

$

21,497

1650649.PS.FTS.B,

13.8%,

10/29/26

....

5,168

5,073

1657059.PS.FTS.B,

17%,

10/29/26

......

10,671

10,733

1646327.PS.FTS.B,

13.8%,

10/31/26

....

12,999

12,701

1657476.PS.FTS.B,

13.8%,

11/01/26

....

9,731

9,444

1658550.PS.FTS.B,

9.45%,

11/02/26

....

9,353

9,069

1649888.PS.FTS.B,

11.2%,

11/03/26

.....

15,210

14,750

1651424.PS.FTS.B,

10.8%,

11/05/26

....

7,577

7,351

1651418.PS.FTS.B,

11.6%,

11/05/26

.....

1,272

1,234

1650998.PS.FTS.B,

12.7%,

11/05/26

....

9,636

9,348

1661079.PS.FTS.B,

15.1%,

11/05/26

....

17,714

17,898

1654321.PS.FTS.B,

16%,

11/05/26

......

7,273

7,237

1660986.PS.FTS.B,

16.8%,

11/05/26

....

16,641

16,167

1654327.PS.FTS.B,

22.55%,

11/05/26

....

5,617

5,723

1651841.PS.FTS.B,

15.4%,

11/08/26

....

3,618

3,519

1665054.PS.FTS.B,

16.93%,

11/08/26

....

16,059

15,618

1653053.PS.FTS.B,

11.55%,

11/09/26

....

4,451

4,322

1665906.PS.FTS.B,

11.7%,

11/09/26

.....

5,093

4,946

1652894.PS.FTS.B,

12.7%,

11/09/26

....

6,005

5,833

1658878.PS.FTS.B,

12.98%,

11/09/26

....

16,101

15,633

1658887.PS.FTS.B,

13.8%,

11/09/26

....

9,571

9,313

1659130.PS.FTS.B,

15.18%,

11/09/26

....

9,192

8,944

1652711.PS.FTS.B,

16.2%,

11/09/26

.....

8,278

8,254

1659106.PS.FTS.B,

22.55%,

11/09/26

....

5,961

6,088

1659562.PS.FTS.B,

26.43%,

11/09/26

....

10,755

11,015

1654496.PS.FTS.B,

11.79%,

11/10/26

....

6,372

6,189

1667139.PS.FTS.B,

14.38%,

11/10/26

....

11,084

10,764

1660783.PS.FTS.B,

11.7%,

11/12/26

.....

11,460

11,135

1668165.PS.FTS.B,

22.6%,

11/12/26

....

3,530

2,137

1659238.PS.FTS.B,

10.8%,

11/15/26

....

4,745

4,602

1656380.PS.FTS.B,

10.9%,

11/15/26

....

5,050

4,911

1658161.PS.FTS.B,

13.3%,

11/15/26

....

5,518

5,357

1653980.PS.FTS.B,

13.7%,

11/15/26

....

9,785

9,506

1653277.PS.FTS.B,

13.8%,

11/16/26

....

15,697

15,218

1654759.PS.FTS.B,

11.89%,

11/19/26

....

3,231

3,130

1660438.PS.FTS.B,

16%,

11/19/26

......

3,333

3,314

1672608.PS.FTS.B,

16%,

11/19/26

......

3,967

3,975

1665885.PS.FTS.B,

13.7%,

11/20/26

....

16,330

15,859

1645619.PS.FTS.B,

18.78%,

11/20/26

....

9,015

9,006

1651010.PS.FTS.B,

10.8%,

11/21/26

....

9,452

9,171

1659142.PS.FTS.B,

14.6%,

11/21/26

....

5,279

5,126

1659127.PS.FTS.B,

16.8%,

11/27/26

....

13,793

13,381

1656341.PS.FTS.B,

15.29%,

12/09/26

...

11,485

11,130

1667304.PS.FTS.B,

13.48%,

12/10/26

...

23,561

22,818

1678408.PS.FTS.B,

10.5%,

12/14/26

....

2,263

2,228

1672670.PS.FTS.B,

12%,

12/14/26

......

4,580

4,441

1672667.PS.FTS.B,

18.78%,

12/14/26

...

8,164

8,107

1685589.PS.FTS.B,

22.8%,

12/14/26

....

6,990

7,093

1679077.PS.FTS.B,

15.12%,

12/15/26

...

13,437

13,049

1685964.PS.FTS.B,

15.29%,

12/15/26

...

13,456

13,067

1672964.PS.FTS.B,

28.23%,

12/15/26

...

7,405

7,555

1680172.PS.FTS.B,

13.4%,

12/16/26

....

7,946

7,721

1680709.PS.FTS.B,

10.5%,

12/17/26

....

12,913

12,548

1687677.PS.FTS.B,

18.4%,

12/17/26

....

13,797

13,721

1674683.PS.FTS.B,

19%,

12/17/26

......

5,545

5,514

1680733.PS.FTS.B,

26.5%,

12/17/26

....

5,855

5,984

1681081.PS.FTS.B,

11.33%,

12/20/26

....

6,197

6,017

1681270.PS.FTS.B,

13.08%,

12/20/26

...

4,623

4,489

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1679071.PS.FTS.B,

14.7%,

12/20/26

....

$

16,799

$

16,316

1681027.PS.FTS.B,

25.9%,

12/20/26

....

4,147

1,111

1677662.PS.FTS.B,

18.25%,

12/23/26

...

15,159

15,122

1672658.PS.FTS.B,

18.4%,

12/31/26

....

9,064

405

1608338.PS.FTS.B,

15.5%,

2/20/27

.....

7,608

1,013

1687065.PS.FTS.B,

16.4%,

6/16/27

.....

13,694

7,180

1624370.PS.FTS.B,

16.18%,

8/21/27

....

10,131

4,282

1630162.PS.FTS.B,

16.33%,

8/22/27

....

19,103

10,543

1661409.PS.FTS.B,

21.18%,

10/05/27

...

6,365

2,620

1,416,792

Upgrade,

Inc.

23553668.UG.FTS.B,

29.69%,

10/15/24

..

3,080

3,227

23546722.UG.FTS.B,

29.69%,

10/22/24

..

4,625

4,854

23816823.UG.FTS.B,

25.82%,

10/24/24

..

3,626

3,770

23793303.UG.FTS.B,

27.74%,

11/05/24

..

8,961

9,398

24174311.UG.FTS.B,

29.69%,

11/05/24

..

22,146

4,705

24254995.UG.FTS.B,

29.69%,

11/14/24

..

11,710

12,408

24485661.UG.FTS.B,

29.69%,

11/18/24

..

11,695

12,438

24677388.UG.FTS.B,

29.69%,

12/06/24

..

5,718

6,055

24909623.UG.FTS.B,

27.74%,

12/08/24

..

21,013

16,882

24350035.UG.FTS.B,

28.99%,

12/10/24

..

5,705

251

24672526.UG.FTS.B,

29.69%,

12/11/24

..

9,202

9,659

25312483.UG.FTS.B,

29.69%,

12/18/24

..

7,302

7,766

24959142.UG.FTS.B,

29.69%,

12/20/24

..

10,629

8,805

25843226.UG.FTS.B,

28.99%,

1/07/25

...

7,035

7,386

24789598.UG.FTS.B,

25.26%,

11/27/27

..

103

103

107,707

Upgrade,

Inc.

-

Card

991158478.UG.FTS.B,

29.49%,

3/27/24

..

100

92

991130453.UG.FTS.B,

29.49%,

4/17/24

..

46

47

991285666.UG.FTS.B,

29.49%,

4/17/24

..

12

12

991163098.UG.FTS.B,

29.49%,

4/20/24

..

56

49

991132191.UG.FTS.B,

20.47%,

4/25/24

..

24

2

991024808.UG.FTS.B,

29.49%,

5/08/24

..

9

9

991052158.UG.FTS.B,

29.49%,

5/09/24

..

44

3

991046688.UG.FTS.B,

18.71%,

5/11/24

..

77

68

991232706.UG.FTS.B,

21.98%,

5/13/24

..

38

32

991102218.UG.FTS.B,

21.48%,

5/20/24

..

21

21

991026911.UG.FTS.B,

28.98%,

6/09/24

..

13

12

991040377.UG.FTS.B,

29.49%,

6/09/24

..

23

24

991214313.UG.FTS.B,

22.45%,

6/11/24

..

124

9

991115770.UG.FTS.B,

19.8%,

6/17/24

...

24

24

991200208.UG.FTS.B,

28.48%,

6/18/24

..

19

17

991135493.UG.FTS.B,

28.98%,

6/19/24

..

32

2

991106568.UG.FTS.B,

29.49%,

6/20/24

..

226

16

991131638.UG.FTS.B,

21.48%,

6/25/24

..

108

–

991126748.UG.FTS.B,

29.49%,

7/09/24

..

41

3

991067743.UG.FTS.B,

28.48%,

7/15/24

..

50

50

991297615.UG.FTS.B,

29.49%,

7/18/24

..

33

28

991217199.UG.FTS.B,

29.49%,

7/21/24

..

32

28

991291326.UG.FTS.B,

21.46%,

7/22/24

..

35

36

991159214.UG.FTS.B,

29.49%,

7/26/24

..

33

34

991164288.UG.FTS.B,

29.49%,

7/27/24

..

176

12

991167434.UG.FTS.B,

29.48%,

8/29/24

..

128

111

991258598.UG.FTS.B,

19.99%,

9/03/24

..

71

5

991216248.UG.FTS.B,

19.3%,

9/26/24

...

77

77

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)

991455137.UG.FTS.B,

29.49%,

10/10/24

.

$

–

$

–

991255753.UG.FTS.B,

14.47%,

10/12/24

.

38

33

991104861.UG.FTS.B,

25.95%,

10/13/24

.

35

30

990928675.UG.FTS.B,

29.49%,

10/19/24

.

50

9

991255614.UG.FTS.B,

29.49%,

10/21/24

.

34

35

991195046.UG.FTS.B,

20.46%,

10/24/24

.

34

32

991155738.UG.FTS.B,

29.49%,

10/24/24

.

43

44

991132595.UG.FTS.B,

21.48%,

10/25/24

.

71

1

991029860.UG.FTS.B,

16.99%,

11/08/24

.

466

467

991020888.UG.FTS.B,

19.8%,

11/08/24

..

789

234

991132194.UG.FTS.B,

19.8%,

11/08/24

..

65

64

991010233.UG.FTS.B,

19.99%,

11/08/24

.

52

52

991025022.UG.FTS.B,

20.46%,

11/08/24

.

104

105

991043299.UG.FTS.B,

20.46%,

11/08/24

.

309

92

991008862.UG.FTS.B,

22.97%,

11/08/24

.

343

346

991015963.UG.FTS.B,

28.98%,

11/08/24

.

700

711

991049421.UG.FTS.B,

28.98%,

11/08/24

.

33

34

991062658.UG.FTS.B,

28.98%,

11/08/24

.

222

226

991089676.UG.FTS.B,

28.98%,

11/08/24

.

799

806

991122476.UG.FTS.B,

28.98%,

11/08/24

.

28

5

991188631.UG.FTS.B,

28.98%,

11/08/24

.

106

107

991009200.UG.FTS.B,

29.49%,

11/08/24

.

128

131

991009218.UG.FTS.B,

29.49%,

11/08/24

.

86

12

991009403.UG.FTS.B,

29.49%,

11/08/24

.

202

202

991011019.UG.FTS.B,

29.49%,

11/08/24

.

47

48

991011039.UG.FTS.B,

29.49%,

11/08/24

.

505

519

991016135.UG.FTS.B,

29.49%,

11/08/24

.

245

247

991016360.UG.FTS.B,

29.49%,

11/08/24

.

169

174

991018167.UG.FTS.B,

29.49%,

11/08/24

.

153

157

991051891.UG.FTS.B,

29.49%,

11/08/24

.

259

264

991065536.UG.FTS.B,

29.49%,

11/08/24

.

62

63

991067396.UG.FTS.B,

29.49%,

11/08/24

.

110

7

991089599.UG.FTS.B,

29.49%,

11/08/24

.

789

799

991156301.UG.FTS.B,

29.49%,

11/08/24

.

144

9

991200927.UG.FTS.B,

29.49%,

11/08/24

.

122

123

991039862.UG.FTS.B,

14.98%,

11/09/24

.

483

146

991032070.UG.FTS.B,

16.99%,

11/09/24

.

115

116

991037178.UG.FTS.B,

16.99%,

11/09/24

.

247

251

991104757.UG.FTS.B,

19.21%,

11/09/24

.

138

139

991017861.UG.FTS.B,

19.8%,

11/09/24

..

50

51

991213119.UG.FTS.B,

19.99%,

11/09/24

.

52

54

991036234.UG.FTS.B,

21.98%,

11/09/24

.

183

185

991214327.UG.FTS.B,

21.98%,

11/09/24

.

100

101

991015386.UG.FTS.B,

22.97%,

11/09/24

.

257

256

991207204.UG.FTS.B,

27.99%,

11/09/24

.

42

41

991021150.UG.FTS.B,

28.98%,

11/09/24

.

133

138

991024150.UG.FTS.B,

28.98%,

11/09/24

.

228

232

991024317.UG.FTS.B,

28.98%,

11/09/24

.

129

130

991024437.UG.FTS.B,

28.98%,

11/09/24

.

270

279

991036639.UG.FTS.B,

28.98%,

11/09/24

.

198

201

991050918.UG.FTS.B,

28.98%,

11/09/24

.

294

304

991066590.UG.FTS.B,

28.98%,

11/09/24

.

237

242

991109146.UG.FTS.B,

28.98%,

11/09/24

.

297

301

991175878.UG.FTS.B,

28.98%,

11/09/24

.

30

30

991190864.UG.FTS.B,

28.98%,

11/09/24

.

176

12

991213946.UG.FTS.B,

28.98%,

11/09/24

.

55

56

991215028.UG.FTS.B,

28.98%,

11/09/24

.

368

377

991016307.UG.FTS.B,

29.49%,

11/09/24

.

137

142

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991017635.UG.FTS.B,

29.49%,

11/09/24

.

$

73

$

–

991032314.UG.FTS.B,

29.49%,

11/09/24

.

315

322

991032461.UG.FTS.B,

29.49%,

11/09/24

.

109

112

991033194.UG.FTS.B,

29.49%,

11/09/24

.

16

8

991051385.UG.FTS.B,

29.49%,

11/09/24

.

72

–

991055838.UG.FTS.B,

29.49%,

11/09/24

.

7

7

991057649.UG.FTS.B,

29.49%,

11/09/24

.

129

20

991075118.UG.FTS.B,

29.49%,

11/09/24

.

842

874

991076041.UG.FTS.B,

29.49%,

11/09/24

.

101

104

991088136.UG.FTS.B,

29.49%,

11/09/24

.

57

57

991119988.UG.FTS.B,

29.49%,

11/09/24

..

3

–

991139880.UG.FTS.B,

29.49%,

11/09/24

.

107

110

991148011.UG.FTS.B,

29.49%,

11/09/24

..

6

6

991160825.UG.FTS.B,

29.49%,

11/09/24

.

33

34

991171418.UG.FTS.B,

29.49%,

11/09/24

.

77

79

991215398.UG.FTS.B,

29.49%,

11/09/24

.

138

142

991065102.UG.FTS.B,

15.97%,

11/10/24

.

212

214

991129317.UG.FTS.B,

15.97%,

11/10/24

.

1,323

1,331

991171941.UG.FTS.B,

15.97%,

11/10/24

.

1,181

1,185

991022677.UG.FTS.B,

18.97%,

11/10/24

.

304

307

991224324.UG.FTS.B,

18.97%,

11/10/24

.

214

214

991034507.UG.FTS.B,

19.8%,

11/10/24

..

2,233

2,267

991020976.UG.FTS.B,

19.99%,

11/10/24

.

206

209

991072413.UG.FTS.B,

19.99%,

11/10/24

.

113

3

991234666.UG.FTS.B,

20.46%,

11/10/24

.

36

36

991072869.UG.FTS.B,

21.46%,

11/10/24

.

30

30

991211771.UG.FTS.B,

21.46%,

11/10/24

.

5

5

991216720.UG.FTS.B,

21.46%,

11/10/24

.

4,126

4,194

991023237.UG.FTS.B,

21.97%,

11/10/24

.

119

120

991026806.UG.FTS.B,

21.98%,

11/10/24

.

86

87

991036128.UG.FTS.B,

21.98%,

11/10/24

.

21

21

991085164.UG.FTS.B,

23.95%,

11/10/24

.

15

1

991062365.UG.FTS.B,

24.95%,

11/10/24

.

231

16

991055480.UG.FTS.B,

27.99%,

11/10/24

.

73

76

991020520.UG.FTS.B,

28.98%,

11/10/24

.

77

77

991021327.UG.FTS.B,

28.98%,

11/10/24

.

89

91

991022344.UG.FTS.B,

28.98%,

11/10/24

.

179

179

991022916.UG.FTS.B,

28.98%,

11/10/24

.

110

111

991022961.UG.FTS.B,

28.98%,

11/10/24

.

54

54

991026665.UG.FTS.B,

28.98%,

11/10/24

.

120

6

991033626.UG.FTS.B,

28.98%,

11/10/24

.

62

64

991044464.UG.FTS.B,

28.98%,

11/10/24

.

32

32

991103426.UG.FTS.B,

28.98%,

11/10/24

.

60

62

991130087.UG.FTS.B,

28.98%,

11/10/24

.

94

97

991203709.UG.FTS.B,

28.98%,

11/10/24

.

52

53

991203855.UG.FTS.B,

28.98%,

11/10/24

.

116

119

991023261.UG.FTS.B,

29.49%,

11/10/24

.

268

269

991030343.UG.FTS.B,

29.49%,

11/10/24

.

288

295

991054015.UG.FTS.B,

29.49%,

11/10/24

.

333

46

991056370.UG.FTS.B,

29.49%,

11/10/24

.

35

36

991100707.UG.FTS.B,

29.49%,

11/10/24

.

169

171

991160546.UG.FTS.B,

29.49%,

11/10/24

.

302

305

991189830.UG.FTS.B,

29.49%,

11/10/24

.

24

25

991207636.UG.FTS.B,

29.49%,

11/10/24

.

226

228

991042328.UG.FTS.B,

14.98%,

11/11/24

.

453

461

991070425.UG.FTS.B,

15.97%,

11/11/24

.

70

5

991080741.UG.FTS.B,

15.97%,

11/11/24

.

493

502

991065340.UG.FTS.B,

16.99%,

11/11/24

.

45

45

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)

991225418.UG.FTS.B,

16.99%,

11/11/24

.

$

323

$

324

991033893.UG.FTS.B,

17.97%,

11/11/24

.

212

213

991033250.UG.FTS.B,

17.99%,

11/11/24

.

259

261

991043832.UG.FTS.B,

17.99%,

11/11/24

.

30

30

991079063.UG.FTS.B,

17.99%,

11/11/24

.

78

79

991099988.UG.FTS.B,

17.99%,

11/11/24

.

53

53

991104909.UG.FTS.B,

18.97%,

11/11/24

..

288

289

991148541.UG.FTS.B,

18.97%,

11/11/24

..

134

137

991031272.UG.FTS.B,

19.21%,

11/11/24

.

457

465

991069631.UG.FTS.B,

19.21%,

11/11/24

.

43

44

991119597.UG.FTS.B,

19.21%,

11/11/24

..

225

229

991095162.UG.FTS.B,

19.46%,

11/11/24

.

739

744

991030105.UG.FTS.B,

19.8%,

11/11/24

..

29

29

991135236.UG.FTS.B,

19.8%,

11/11/24

...

666

679

991182015.UG.FTS.B,

19.8%,

11/11/24

...

17

17

991024759.UG.FTS.B,

19.99%,

11/11/24

.

195

14

991030107.UG.FTS.B,

19.99%,

11/11/24

.

760

781

991030291.UG.FTS.B,

19.99%,

11/11/24

.

424

438

991035914.UG.FTS.B,

19.99%,

11/11/24

.

132

135

991105048.UG.FTS.B,

19.99%,

11/11/24

..

62

64

991115949.UG.FTS.B,

19.99%,

11/11/24

..

89

92

991134848.UG.FTS.B,

19.99%,

11/11/24

..

211

66

991148839.UG.FTS.B,

19.99%,

11/11/24

..

335

346

991174012.UG.FTS.B,

19.99%,

11/11/24

..

142

147

991181923.UG.FTS.B,

19.99%,

11/11/24

..

391

402

991034527.UG.FTS.B,

20.46%,

11/11/24

.

686

700

991063618.UG.FTS.B,

20.46%,

11/11/24

.

273

35

991149259.UG.FTS.B,

20.46%,

11/11/24

..

683

697

991029731.UG.FTS.B,

20.97%,

11/11/24

.

901

921

991090708.UG.FTS.B,

20.97%,

11/11/24

.

123

124

991126570.UG.FTS.B,

20.97%,

11/11/24

..

658

672

991166977.UG.FTS.B,

20.97%,

11/11/24

..

262

82

991025029.UG.FTS.B,

21.46%,

11/11/24

.

185

48

991053506.UG.FTS.B,

21.46%,

11/11/24

.

1

–

991139420.UG.FTS.B,

21.46%,

11/11/24

..

136

136

991141383.UG.FTS.B,

21.46%,

11/11/24

..

103

105

991026361.UG.FTS.B,

21.98%,

11/11/24

.

348

350

991187665.UG.FTS.B,

21.98%,

11/11/24

..

163

165

991217106.UG.FTS.B,

21.98%,

11/11/24

.

165

168

991125236.UG.FTS.B,

22.48%,

11/11/24

..

202

200

991058286.UG.FTS.B,

22.95%,

11/11/24

.

457

462

991037747.UG.FTS.B,

24.95%,

11/11/24

.

512

–

991080911.UG.FTS.B,

25.95%,

11/11/24

..

205

209

991029732.UG.FTS.B,

27.99%,

11/11/24

.

1,466

1,520

991048527.UG.FTS.B,

27.99%,

11/11/24

.

259

268

991024878.UG.FTS.B,

28.98%,

11/11/24

.

238

246

991026090.UG.FTS.B,

28.98%,

11/11/24

.

57

58

991032710.UG.FTS.B,

28.98%,

11/11/24

.

58

59

991033906.UG.FTS.B,

28.98%,

11/11/24

.

55

55

991034495.UG.FTS.B,

28.98%,

11/11/24

.

65

68

991036245.UG.FTS.B,

28.98%,

11/11/24

.

43

44

991036674.UG.FTS.B,

28.98%,

11/11/24

.

102

106

991040917.UG.FTS.B,

28.98%,

11/11/24

.

66

68

991044613.UG.FTS.B,

28.98%,

11/11/24

.

211

216

991045675.UG.FTS.B,

28.98%,

11/11/24

.

23

23

991047937.UG.FTS.B,

28.98%,

11/11/24

.

106

107

991049607.UG.FTS.B,

28.98%,

11/11/24

.

274

10

991049893.UG.FTS.B,

28.98%,

11/11/24

.

66

67

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991052684.UG.FTS.B,

28.98%,

11/11/24

.

$

81

$

84

991053400.UG.FTS.B,

28.98%,

11/11/24

.

601

619

991057928.UG.FTS.B,

28.98%,

11/11/24

.

293

41

991059607.UG.FTS.B,

28.98%,

11/11/24

.

149

154

991061718.UG.FTS.B,

28.98%,

11/11/24

.

81

84

991062449.UG.FTS.B,

28.98%,

11/11/24

.

67

68

991062713.UG.FTS.B,

28.98%,

11/11/24

.

86

87

991071245.UG.FTS.B,

28.98%,

11/11/24

.

484

498

991071859.UG.FTS.B,

28.98%,

11/11/24

.

93

96

991076272.UG.FTS.B,

28.98%,

11/11/24

.

146

151

991076865.UG.FTS.B,

28.98%,

11/11/24

.

42

44

991078682.UG.FTS.B,

28.98%,

11/11/24

.

547

566

991079069.UG.FTS.B,

28.98%,

11/11/24

.

89

91

991080796.UG.FTS.B,

28.98%,

11/11/24

.

201

208

991085565.UG.FTS.B,

28.98%,

11/11/24

.

61

62

991087454.UG.FTS.B,

28.98%,

11/11/24

.

89

91

991091995.UG.FTS.B,

28.98%,

11/11/24

.

21

21

991106885.UG.FTS.B,

28.98%,

11/11/24

..

7

7

991120675.UG.FTS.B,

28.98%,

11/11/24

..

179

185

991132831.UG.FTS.B,

28.98%,

11/11/24

..

144

145

991144617.UG.FTS.B,

28.98%,

11/11/24

..

61

62

991149570.UG.FTS.B,

28.98%,

11/11/24

..

221

228

991151147.UG.FTS.B,

28.98%,

11/11/24

..

614

627

991164690.UG.FTS.B,

28.98%,

11/11/24

..

120

–

991167851.UG.FTS.B,

28.98%,

11/11/24

..

74

76

991171156.UG.FTS.B,

28.98%,

11/11/24

..

54

3

991182117.UG.FTS.B,

28.98%,

11/11/24

..

92

94

991197445.UG.FTS.B,

28.98%,

11/11/24

..

1,212

1,247

991214495.UG.FTS.B,

28.98%,

11/11/24

.

138

140

991024882.UG.FTS.B,

29.49%,

11/11/24

.

96

99

991026021.UG.FTS.B,

29.49%,

11/11/24

.

275

285

991026664.UG.FTS.B,

29.49%,

11/11/24

.

125

129

991029636.UG.FTS.B,

29.49%,

11/11/24

.

555

575

991030862.UG.FTS.B,

29.49%,

11/11/24

.

389

408

991031493.UG.FTS.B,

29.49%,

11/11/24

.

99

14

991032433.UG.FTS.B,

29.49%,

11/11/24

.

148

153

991039519.UG.FTS.B,

29.49%,

11/11/24

.

33

33

991039534.UG.FTS.B,

29.49%,

11/11/24

.

240

247

991041612.UG.FTS.B,

29.49%,

11/11/24

.

1,506

–

991044948.UG.FTS.B,

29.49%,

11/11/24

.

70

73

991046828.UG.FTS.B,

29.49%,

11/11/24

.

63

65

991048668.UG.FTS.B,

29.49%,

11/11/24

.

987

1,023

991051905.UG.FTS.B,

29.49%,

11/11/24

.

118

119

991053274.UG.FTS.B,

29.49%,

11/11/24

.

355

2

991057411.UG.FTS.B,

29.49%,

11/11/24

..

42

43

991062394.UG.FTS.B,

29.49%,

11/11/24

.

391

398

991062627.UG.FTS.B,

29.49%,

11/11/24

.

55

55

991062748.UG.FTS.B,

29.49%,

11/11/24

.

244

252

991063512.UG.FTS.B,

29.49%,

11/11/24

.

850

875

991069527.UG.FTS.B,

29.49%,

11/11/24

.

140

144

991070297.UG.FTS.B,

29.49%,

11/11/24

.

62

62

991071715.UG.FTS.B,

29.49%,

11/11/24

.

2

2

991074770.UG.FTS.B,

29.49%,

11/11/24

.

91

91

991079129.UG.FTS.B,

29.49%,

11/11/24

.

19

19

991081273.UG.FTS.B,

29.49%,

11/11/24

.

72

75

991084245.UG.FTS.B,

29.49%,

11/11/24

.

36

19

991086224.UG.FTS.B,

29.49%,

11/11/24

.

51

52

991087089.UG.FTS.B,

29.49%,

11/11/24

.

224

232

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)

991089870.UG.FTS.B,

29.49%,

11/11/24

.

$

291

$

296

991091062.UG.FTS.B,

29.49%,

11/11/24

.

125

18

991092922.UG.FTS.B,

29.49%,

11/11/24

.

79

79

991097673.UG.FTS.B,

29.49%,

11/11/24

.

47

49

991102456.UG.FTS.B,

29.49%,

11/11/24

..

335

346

991105795.UG.FTS.B,

29.49%,

11/11/24

..

235

60

991113486.UG.FTS.B,

29.49%,

11/11/24

..

86

87

991113621.UG.FTS.B,

29.49%,

11/11/24

..

434

443

991115785.UG.FTS.B,

29.49%,

11/11/24

..

776

238

991120196.UG.FTS.B,

29.49%,

11/11/24

..

70

73

991120336.UG.FTS.B,

29.49%,

11/11/24

..

186

193

991121030.UG.FTS.B,

29.49%,

11/11/24

..

121

125

991128140.UG.FTS.B,

29.49%,

11/11/24

..

72

75

991138007.UG.FTS.B,

29.49%,

11/11/24

..

54

54

991152299.UG.FTS.B,

29.49%,

11/11/24

..

68

69

991161751.UG.FTS.B,

29.49%,

11/11/24

..

92

96

991162321.UG.FTS.B,

29.49%,

11/11/24

..

63

64

991166506.UG.FTS.B,

29.49%,

11/11/24

..

56

55

991169853.UG.FTS.B,

29.49%,

11/11/24

..

82

26

991191286.UG.FTS.B,

29.49%,

11/11/24

..

65

67

991192289.UG.FTS.B,

29.49%,

11/11/24

..

16

16

991197313.UG.FTS.B,

29.49%,

11/11/24

..

95

98

991217280.UG.FTS.B,

29.49%,

11/11/24

.

369

380

991042459.UG.FTS.B,

14%,

11/12/24

....

3,219

3,242

991036968.UG.FTS.B,

14.97%,

11/12/24

.

1,696

1,708

991036334.UG.FTS.B,

14.98%,

11/12/24

.

59

59

991043719.UG.FTS.B,

14.98%,

11/12/24

.

340

342

991036209.UG.FTS.B,

15%,

11/12/24

....

2,216

2,231

991049725.UG.FTS.B,

15.97%,

11/12/24

.

228

227

991042437.UG.FTS.B,

15.99%,

11/12/24

.

1,636

1,647

991130973.UG.FTS.B,

15.99%,

11/12/24

.

1,803

1,815

991035103.UG.FTS.B,

16.99%,

11/12/24

.

363

363

991050028.UG.FTS.B,

16.99%,

11/12/24

.

131

132

991214646.UG.FTS.B,

16.99%,

11/12/24

.

431

433

991039148.UG.FTS.B,

17.97%,

11/12/24

.

3,904

1,198

991041313.UG.FTS.B,

17.97%,

11/12/24

.

397

396

991034794.UG.FTS.B,

17.99%,

11/12/24

.

438

441

991217835.UG.FTS.B,

17.99%,

11/12/24

.

332

334

991038677.UG.FTS.B,

18.21%,

11/12/24

.

2,399

2,418

991034560.UG.FTS.B,

18.97%,

11/12/24

.

102

103

991036429.UG.FTS.B,

18.97%,

11/12/24

.

225

226

991038296.UG.FTS.B,

18.97%,

11/12/24

.

109

110

991043248.UG.FTS.B,

18.97%,

11/12/24

.

75

75

991043614.UG.FTS.B,

18.97%,

11/12/24

.

320

322

991046047.UG.FTS.B,

18.97%,

11/12/24

.

158

160

991135510.UG.FTS.B,

18.97%,

11/12/24

.

203

204

991149515.UG.FTS.B,

18.97%,

11/12/24

.

245

246

991039912.UG.FTS.B,

19.21%,

11/12/24

.

109

110

991043544.UG.FTS.B,

19.21%,

11/12/24

.

20

20

991055412.UG.FTS.B,

19.21%,

11/12/24

.

1,048

1,056

991077162.UG.FTS.B,

19.21%,

11/12/24

.

188

188

991039753.UG.FTS.B,

19.8%,

11/12/24

..

282

284

991092557.UG.FTS.B,

19.8%,

11/12/24

..

37

–

991196590.UG.FTS.B,

19.8%,

11/12/24

..

102

102

991032173.UG.FTS.B,

20.46%,

11/12/24

.

111

110

991040953.UG.FTS.B,

20.46%,

11/12/24

.

442

446

991042127.UG.FTS.B,

20.46%,

11/12/24

.

670

676

991067392.UG.FTS.B,

20.46%,

11/12/24

.

1

1

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991085590.UG.FTS.B,

20.46%,

11/12/24

.

$

342

$

345

991094480.UG.FTS.B,

20.46%,

11/12/24

.

137

138

991129109.UG.FTS.B,

20.46%,

11/12/24

.

154

154

991163006.UG.FTS.B,

20.46%,

11/12/24

.

166

167

991176027.UG.FTS.B,

20.46%,

11/12/24

.

20

20

991194498.UG.FTS.B,

20.46%,

11/12/24

.

7

7

991196098.UG.FTS.B,

20.46%,

11/12/24

.

22

22

991032939.UG.FTS.B,

20.97%,

11/12/24

.

215

214

991039115.UG.FTS.B,

20.97%,

11/12/24

.

672

675

991106317.UG.FTS.B,

20.97%,

11/12/24

.

221

223

991047526.UG.FTS.B,

21.46%,

11/12/24

.

313

317

991057765.UG.FTS.B,

21.46%,

11/12/24

.

52

52

991086819.UG.FTS.B,

21.46%,

11/12/24

.

469

473

991130390.UG.FTS.B,

21.46%,

11/12/24

.

68

68

991149555.UG.FTS.B,

21.46%,

11/12/24

.

345

349

991154332.UG.FTS.B,

21.46%,

11/12/24

.

717

717

991166904.UG.FTS.B,

21.46%,

11/12/24

.

21

21

991167965.UG.FTS.B,

21.46%,

11/12/24

.

688

695

991046804.UG.FTS.B,

21.98%,

11/12/24

.

473

476

991121938.UG.FTS.B,

21.98%,

11/12/24

.

155

156

991131569.UG.FTS.B,

21.98%,

11/12/24

.

56

56

991224208.UG.FTS.B,

21.98%,

11/12/24

.

117

118

991039683.UG.FTS.B,

22.95%,

11/12/24

.

61

62

991067098.UG.FTS.B,

22.95%,

11/12/24

.

376

–

991222051.UG.FTS.B,

22.97%,

11/12/24

.

106

107

991083227.UG.FTS.B,

23.95%,

11/12/24

.

101

7

991103112.UG.FTS.B,

25.95%,

11/12/24

..

262

265

991149520.UG.FTS.B,

25.95%,

11/12/24

.

359

364

991183694.UG.FTS.B,

25.95%,

11/12/24

.

68

68

991037516.UG.FTS.B,

26.94%,

11/12/24

.

183

13

991039659.UG.FTS.B,

26.94%,

11/12/24

.

46

46

991059570.UG.FTS.B,

26.94%,

11/12/24

.

107

108

991054425.UG.FTS.B,

18.97%,

11/13/24

.

80

80

991092009.UG.FTS.B,

18.97%,

11/13/24

.

603

601

991119492.UG.FTS.B,

18.97%,

11/13/24

..

845

852

991053667.UG.FTS.B,

19.21%,

11/13/24

.

586

588

991148899.UG.FTS.B,

19.21%,

11/13/24

.

13

13

991044384.UG.FTS.B,

19.8%,

11/13/24

..

284

87

991051776.UG.FTS.B,

19.8%,

11/13/24

..

205

207

991070292.UG.FTS.B,

19.8%,

11/13/24

..

349

352

991239015.UG.FTS.B,

19.8%,

11/13/24

..

56

56

991059119.UG.FTS.B,

21.46%,

11/13/24

.

22

22

991089124.UG.FTS.B,

21.46%,

11/13/24

.

713

49

991094103.UG.FTS.B,

21.46%,

11/13/24

.

347

351

991043243.UG.FTS.B,

21.98%,

11/13/24

.

56

56

991078122.UG.FTS.B,

21.98%,

11/13/24

.

1,063

1,072

991073136.UG.FTS.B,

22.97%,

11/13/24

.

197

197

991081670.UG.FTS.B,

22.97%,

11/13/24

.

271

19

991084697.UG.FTS.B,

22.97%,

11/13/24

.

339

338

991120433.UG.FTS.B,

25.95%,

11/13/24

.

361

366

991176572.UG.FTS.B,

25.95%,

11/13/24

.

354

359

991165927.UG.FTS.B,

18.8%,

11/14/24

..

49

7

991047941.UG.FTS.B,

18.97%,

11/14/24

.

166

167

991060835.UG.FTS.B,

18.97%,

11/14/24

.

149

150

991064005.UG.FTS.B,

18.97%,

11/14/24

.

174

174

991135967.UG.FTS.B,

18.97%,

11/14/24

.

430

433

991147340.UG.FTS.B,

18.97%,

11/14/24

.

1

1

991052420.UG.FTS.B,

19.21%,

11/14/24

.

254

18

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)

991058880.UG.FTS.B,

19.21%,

11/14/24

.

$

82

$

83

991065337.UG.FTS.B,

19.21%,

11/14/24

.

37

38

991076720.UG.FTS.B,

19.21%,

11/14/24

.

29

29

991115058.UG.FTS.B,

19.21%,

11/14/24

..

52

52

991230067.UG.FTS.B,

19.21%,

11/14/24

.

101

101

991186061.UG.FTS.B,

19.8%,

11/14/24

..

168

169

991177227.UG.FTS.B,

20.46%,

11/14/24

.

68

69

991068021.UG.FTS.B,

20.97%,

11/14/24

.

48

49

991075171.UG.FTS.B,

20.97%,

11/14/24

.

543

545

991133151.UG.FTS.B,

20.97%,

11/14/24

.

315

314

991232539.UG.FTS.B,

20.97%,

11/14/24

.

113

113

991053215.UG.FTS.B,

21.46%,

11/14/24

.

70

38

991184898.UG.FTS.B,

21.46%,

11/14/24

.

579

584

991084216.UG.FTS.B,

21.98%,

11/14/24

.

397

400

991143542.UG.FTS.B,

21.98%,

11/14/24

.

111

111

991247140.UG.FTS.B,

21.98%,

11/14/24

.

55

56

991163751.UG.FTS.B,

22.97%,

11/14/24

.

137

11

991184091.UG.FTS.B,

22.97%,

11/14/24

.

177

179

991224639.UG.FTS.B,

22.97%,

11/14/24

.

148

149

991051831.UG.FTS.B,

25.95%,

11/14/24

.

517

36

991068096.UG.FTS.B,

26.94%,

11/14/24

.

102

52

991062678.UG.FTS.B,

18.97%,

11/15/24

.

90

90

991146941.UG.FTS.B,

18.97%,

11/15/24

.

60

60

991226714.UG.FTS.B,

18.97%,

11/15/24

.

436

438

991062012.UG.FTS.B,

19.21%,

11/15/24

.

78

79

991116196.UG.FTS.B,

19.21%,

11/15/24

..

414

418

991159422.UG.FTS.B,

19.21%,

11/15/24

.

58

59

991232676.UG.FTS.B,

19.21%,

11/15/24

.

913

–

991058435.UG.FTS.B,

19.8%,

11/15/24

..

305

92

991060645.UG.FTS.B,

19.8%,

11/15/24

..

149

151

991052998.UG.FTS.B,

20.46%,

11/15/24

.

13

13

991067501.UG.FTS.B,

20.46%,

11/15/24

.

89

89

991075795.UG.FTS.B,

20.46%,

11/15/24

.

29

29

991121275.UG.FTS.B,

20.46%,

11/15/24

.

2,053

2,074

991060260.UG.FTS.B,

20.97%,

11/15/24

.

530

535

991058892.UG.FTS.B,

21.46%,

11/15/24

.

479

485

991082388.UG.FTS.B,

21.46%,

11/15/24

.

57

24

991092471.UG.FTS.B,

21.46%,

11/15/24

.

118

37

991099369.UG.FTS.B,

21.46%,

11/15/24

.

122

44

991153690.UG.FTS.B,

21.46%,

11/15/24

.

64

65

991160626.UG.FTS.B,

21.46%,

11/15/24

.

222

–

991170133.UG.FTS.B,

21.46%,

11/15/24

.

167

169

991177667.UG.FTS.B,

21.46%,

11/15/24

.

71

71

991218740.UG.FTS.B,

21.46%,

11/15/24

.

84

85

991082558.UG.FTS.B,

21.98%,

11/15/24

.

133

134

991088521.UG.FTS.B,

21.98%,

11/15/24

.

124

125

991112513.UG.FTS.B,

22.97%,

11/15/24

..

213

215

991218382.UG.FTS.B,

22.97%,

11/15/24

.

102

103

991118927.UG.FTS.B,

23.95%,

11/15/24

..

134

41

991199097.UG.FTS.B,

26.94%,

11/15/24

.

136

9

991136525.UG.FTS.B,

29.49%,

11/15/24

.

3

3

991236091.UG.FTS.B,

19.21%,

11/16/24

.

36

36

991165568.UG.FTS.B,

19.8%,

11/16/24

..

80

81

991060668.UG.FTS.B,

19.99%,

11/16/24

.

85

87

991077083.UG.FTS.B,

19.99%,

11/16/24

.

67

69

991146739.UG.FTS.B,

20.97%,

11/16/24

.

174

174

991075585.UG.FTS.B,

22.97%,

11/16/24

.

191

191

991083700.UG.FTS.B,

25.94%,

11/16/24

.

495

501

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991086833.UG.FTS.B,

26.94%,

11/16/24

.

$

801

$

55

991060227.UG.FTS.B,

28.98%,

11/16/24

.

640

647

991061800.UG.FTS.B,

28.98%,

11/16/24

.

60

61

991078886.UG.FTS.B,

28.98%,

11/16/24

.

52

52

991093834.UG.FTS.B,

28.98%,

11/16/24

.

142

145

991112308.UG.FTS.B,

28.98%,

11/16/24

..

78

79

991130100.UG.FTS.B,

28.98%,

11/16/24

.

322

322

991132906.UG.FTS.B,

28.98%,

11/16/24

.

86

88

991183042.UG.FTS.B,

28.98%,

11/16/24

.

137

139

991261509.UG.FTS.B,

28.98%,

11/16/24

.

75

5

991060822.UG.FTS.B,

29.49%,

11/16/24

.

647

44

991061934.UG.FTS.B,

29.49%,

11/16/24

.

312

319

991133361.UG.FTS.B,

29.49%,

11/16/24

.

27

4

991137323.UG.FTS.B,

29.49%,

11/16/24

.

429

438

991175491.UG.FTS.B,

29.49%,

11/16/24

.

31

32

991182164.UG.FTS.B,

29.49%,

11/16/24

.

131

135

991213983.UG.FTS.B,

29.49%,

11/16/24

.

103

105

991245774.UG.FTS.B,

29.49%,

11/16/24

.

198

202

991076389.UG.FTS.B,

19.21%,

11/17/24

.

234

235

991100419.UG.FTS.B,

19.8%,

11/17/24

..

53

54

991183019.UG.FTS.B,

19.8%,

11/17/24

..

1,540

1,549

991065873.UG.FTS.B,

19.99%,

11/17/24

.

47

48

991275120.UG.FTS.B,

19.99%,

11/17/24

.

67

69

991232167.UG.FTS.B,

20.46%,

11/17/24

.

61

62

991087993.UG.FTS.B,

21.46%,

11/17/24

.

69

70

991092687.UG.FTS.B,

21.46%,

11/17/24

.

43

43

991102607.UG.FTS.B,

21.98%,

11/17/24

.

600

608

991122048.UG.FTS.B,

21.98%,

11/17/24

.

100

101

991090075.UG.FTS.B,

22.95%,

11/17/24

.

67

68

991079431.UG.FTS.B,

25.95%,

11/17/24

.

126

127

991089872.UG.FTS.B,

25.95%,

11/17/24

.

175

4

991065007.UG.FTS.B,

27.99%,

11/17/24

.

140

143

991065027.UG.FTS.B,

27.99%,

11/17/24

.

214

215

991139363.UG.FTS.B,

27.99%,

11/17/24

.

152

–

991266169.UG.FTS.B,

27.99%,

11/17/24

.

93

6

991067567.UG.FTS.B,

28.98%,

11/17/24

.

773

784

991068760.UG.FTS.B,

28.98%,

11/17/24

.

95

47

991070550.UG.FTS.B,

28.98%,

11/17/24

.

285

292

991082307.UG.FTS.B,

28.98%,

11/17/24

.

54

55

991082881.UG.FTS.B,

28.98%,

11/17/24

.

–

–

991086365.UG.FTS.B,

28.98%,

11/17/24

.

16

16

991104333.UG.FTS.B,

28.98%,

11/17/24

.

390

396

991117177.UG.FTS.B,

28.98%,

11/17/24

..

315

24

991120282.UG.FTS.B,

28.98%,

11/17/24

.

184

189

991129484.UG.FTS.B,

28.98%,

11/17/24

.

7

7

991138661.UG.FTS.B,

28.98%,

11/17/24

.

87

87

991147163.UG.FTS.B,

28.98%,

11/17/24

.

21

21

991161863.UG.FTS.B,

28.98%,

11/17/24

.

20

20

991222252.UG.FTS.B,

28.98%,

11/17/24

.

9

9

991253944.UG.FTS.B,

28.98%,

11/17/24

.

31

31

991064180.UG.FTS.B,

29.49%,

11/17/24

.

216

221

991064475.UG.FTS.B,

29.49%,

11/17/24

.

197

204

991064822.UG.FTS.B,

29.49%,

11/17/24

.

77

79

991064865.UG.FTS.B,

29.49%,

11/17/24

.

88

92

991067941.UG.FTS.B,

29.49%,

11/17/24

.

87

7

991070165.UG.FTS.B,

29.49%,

11/17/24

.

136

137

991071435.UG.FTS.B,

29.49%,

11/17/24

.

229

–

991076785.UG.FTS.B,

29.49%,

11/17/24

.

162

78

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)

991077041.UG.FTS.B,

29.49%,

11/17/24

.

$

637

$

97

991081268.UG.FTS.B,

29.49%,

11/17/24

.

65

67

991081304.UG.FTS.B,

29.49%,

11/17/24

.

62

62

991083068.UG.FTS.B,

29.49%,

11/17/24

.

151

155

991090724.UG.FTS.B,

29.49%,

11/17/24

.

709

712

991091518.UG.FTS.B,

29.49%,

11/17/24

.

121

11

991097714.UG.FTS.B,

29.49%,

11/17/24

.

92

94

991100307.UG.FTS.B,

29.49%,

11/17/24

.

13

13

991109379.UG.FTS.B,

29.49%,

11/17/24

.

1

1

991125316.UG.FTS.B,

29.49%,

11/17/24

.

551

567

991155141.UG.FTS.B,

29.49%,

11/17/24

.

134

135

991260308.UG.FTS.B,

29.49%,

11/17/24

.

63

65

991275005.UG.FTS.B,

29.49%,

11/17/24

.

368

376

991076070.UG.FTS.B,

19.21%,

11/18/24

.

240

242

991076327.UG.FTS.B,

19.8%,

11/18/24

..

525

36

991231361.UG.FTS.B,

19.8%,

11/18/24

..

61

62

991068853.UG.FTS.B,

19.99%,

11/18/24

.

40

40

991253040.UG.FTS.B,

20.46%,

11/18/24

.

123

17

991099861.UG.FTS.B,

20.97%,

11/18/24

.

127

129

991105387.UG.FTS.B,

20.97%,

11/18/24

.

303

306

991187853.UG.FTS.B,

20.97%,

11/18/24

.

78

79

991076711.UG.FTS.B,

21.46%,

11/18/24

.

278

281

991080037.UG.FTS.B,

21.46%,

11/18/24

.

254

254

991148797.UG.FTS.B,

21.46%,

11/18/24

.

258

261

991241045.UG.FTS.B,

21.46%,

11/18/24

.

6

6

991131564.UG.FTS.B,

21.98%,

11/18/24

.

405

409

991134666.UG.FTS.B,

21.98%,

11/18/24

.

347

351

991173310.UG.FTS.B,

22.97%,

11/18/24

.

18

18

991070388.UG.FTS.B,

23.95%,

11/18/24

.

2

2

991164077.UG.FTS.B,

23.95%,

11/18/24

.

28

28

991253923.UG.FTS.B,

25.95%,

11/18/24

.

163

164

991257896.UG.FTS.B,

26.94%,

11/18/24

.

347

350

991070331.UG.FTS.B,

28.98%,

11/18/24

.

26

26

991071737.UG.FTS.B,

28.98%,

11/18/24

.

242

247

991085878.UG.FTS.B,

28.98%,

11/18/24

.

106

109

991097338.UG.FTS.B,

28.98%,

11/18/24

.

44

45

991104647.UG.FTS.B,

28.98%,

11/18/24

.

271

277

991113097.UG.FTS.B,

28.98%,

11/18/24

..

103

105

991115818.UG.FTS.B,

28.98%,

11/18/24

..

31

31

991117034.UG.FTS.B,

28.98%,

11/18/24

..

266

273

991138076.UG.FTS.B,

28.98%,

11/18/24

.

235

238

991148076.UG.FTS.B,

28.98%,

11/18/24

.

104

106

991233679.UG.FTS.B,

28.98%,

11/18/24

.

160

163

991255587.UG.FTS.B,

28.98%,

11/18/24

.

224

228

991256863.UG.FTS.B,

28.98%,

11/18/24

.

69

70

991259091.UG.FTS.B,

28.98%,

11/18/24

.

166

169

991265478.UG.FTS.B,

28.98%,

11/18/24

.

156

22

991266829.UG.FTS.B,

28.98%,

11/18/24

.

1,226

–

991266958.UG.FTS.B,

28.98%,

11/18/24

.

107

109

991274554.UG.FTS.B,

28.98%,

11/18/24

.

274

279

991070037.UG.FTS.B,

29.49%,

11/18/24

.

29

29

991079864.UG.FTS.B,

29.49%,

11/18/24

.

235

20

991081828.UG.FTS.B,

29.49%,

11/18/24

.

245

248

991083550.UG.FTS.B,

29.49%,

11/18/24

.

269

279

991086378.UG.FTS.B,

29.49%,

11/18/24

.

89

91

991092822.UG.FTS.B,

29.49%,

11/18/24

.

45

8

991092908.UG.FTS.B,

29.49%,

11/18/24

.

951

–

991094588.UG.FTS.B,

29.49%,

11/18/24

.

374

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991099356.UG.FTS.B,

29.49%,

11/18/24

.

$

8

$

8

991112167.UG.FTS.B,

29.49%,

11/18/24

..

39

40

991113925.UG.FTS.B,

29.49%,

11/18/24

..

125

8

991123315.UG.FTS.B,

29.49%,

11/18/24

.

118

121

991123768.UG.FTS.B,

29.49%,

11/18/24

.

65

67

991136853.UG.FTS.B,

29.49%,

11/18/24

.

178

181

991138306.UG.FTS.B,

29.49%,

11/18/24

.

158

23

991149128.UG.FTS.B,

29.49%,

11/18/24

.

161

161

991160678.UG.FTS.B,

29.49%,

11/18/24

.

100

102

991190143.UG.FTS.B,

29.49%,

11/18/24

.

3

3

991222559.UG.FTS.B,

29.49%,

11/18/24

.

142

21

991233241.UG.FTS.B,

29.49%,

11/18/24

.

134

–

991236920.UG.FTS.B,

29.49%,

11/18/24

.

88

89

991242160.UG.FTS.B,

29.49%,

11/18/24

.

254

20

991250623.UG.FTS.B,

29.49%,

11/18/24

.

73

75

991253050.UG.FTS.B,

29.49%,

11/18/24

.

133

137

991261895.UG.FTS.B,

29.49%,

11/18/24

.

40

40

991270949.UG.FTS.B,

29.49%,

11/18/24

.

30

31

991273989.UG.FTS.B,

29.49%,

11/18/24

.

556

568

991286648.UG.FTS.B,

29.49%,

11/18/24

.

88

89

991110204.UG.FTS.B,

18.97%,

11/19/24

..

373

53

991126405.UG.FTS.B,

18.97%,

11/19/24

.

224

226

991224732.UG.FTS.B,

18.97%,

11/19/24

.

668

674

991266466.UG.FTS.B,

18.97%,

11/19/24

.

336

337

991086533.UG.FTS.B,

19.21%,

11/19/24

.

114

115

991088805.UG.FTS.B,

19.21%,

11/19/24

.

162

162

991081336.UG.FTS.B,

19.8%,

11/19/24

..

148

150

991098979.UG.FTS.B,

19.8%,

11/19/24

..

253

256

991130913.UG.FTS.B,

19.8%,

11/19/24

..

257

258

991224491.UG.FTS.B,

19.8%,

11/19/24

..

383

11

991266414.UG.FTS.B,

19.8%,

11/19/24

..

184

185

991077647.UG.FTS.B,

19.99%,

11/19/24

.

88

90

991081249.UG.FTS.B,

19.99%,

11/19/24

.

60

61

991087313.UG.FTS.B,

19.99%,

11/19/24

.

859

881

991126671.UG.FTS.B,

19.99%,

11/19/24

.

45

46

991132221.UG.FTS.B,

19.99%,

11/19/24

.

543

557

991141300.UG.FTS.B,

19.99%,

11/19/24

.

141

142

991188678.UG.FTS.B,

19.99%,

11/19/24

.

169

173

991085469.UG.FTS.B,

20.46%,

11/19/24

.

1,176

1,186

991102726.UG.FTS.B,

20.46%,

11/19/24

.

161

163

991247033.UG.FTS.B,

20.46%,

11/19/24

.

396

53

991087156.UG.FTS.B,

20.97%,

11/19/24

.

589

596

991183459.UG.FTS.B,

20.97%,

11/19/24

.

344

348

991268376.UG.FTS.B,

21.46%,

11/19/24

.

225

16

991115744.UG.FTS.B,

21.97%,

11/19/24

..

82

82

991078051.UG.FTS.B,

21.98%,

11/19/24

.

150

152

991129402.UG.FTS.B,

21.98%,

11/19/24

.

242

245

991079026.UG.FTS.B,

22.97%,

11/19/24

.

486

491

991236066.UG.FTS.B,

22.97%,

11/19/24

.

78

79

991078332.UG.FTS.B,

25.95%,

11/19/24

.

147

148

991078717.UG.FTS.B,

28.98%,

11/19/24

.

929

947

991079074.UG.FTS.B,

28.98%,

11/19/24

.

281

288

991079346.UG.FTS.B,

28.98%,

11/19/24

.

5

5

991079861.UG.FTS.B,

28.98%,

11/19/24

.

49

49

991080093.UG.FTS.B,

28.98%,

11/19/24

.

53

54

991080857.UG.FTS.B,

28.98%,

11/19/24

.

2,059

2,112

991082502.UG.FTS.B,

28.98%,

11/19/24

.

146

150

991084445.UG.FTS.B,

28.98%,

11/19/24

.

128

129

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)

991087646.UG.FTS.B,

28.98%,

11/19/24

.

$

61

$

61

991089448.UG.FTS.B,

28.98%,

11/19/24

.

206

211

991092094.UG.FTS.B,

28.98%,

11/19/24

.

698

100

991093210.UG.FTS.B,

28.98%,

11/19/24

.

75

77

991097697.UG.FTS.B,

28.98%,

11/19/24

.

74

74

991097893.UG.FTS.B,

28.98%,

11/19/24

.

148

149

991100106.UG.FTS.B,

28.98%,

11/19/24

.

4

4

991101044.UG.FTS.B,

28.98%,

11/19/24

.

118

121

991101178.UG.FTS.B,

28.98%,

11/19/24

..

85

12

991102831.UG.FTS.B,

28.98%,

11/19/24

.

201

206

991103262.UG.FTS.B,

28.98%,

11/19/24

.

165

168

991103976.UG.FTS.B,

28.98%,

11/19/24

.

352

361

991104468.UG.FTS.B,

28.98%,

11/19/24

.

1,666

1,706

991105346.UG.FTS.B,

28.98%,

11/19/24

.

47

48

991107342.UG.FTS.B,

28.98%,

11/19/24

.

83

84

991107864.UG.FTS.B,

28.98%,

11/19/24

.

85

86

991108896.UG.FTS.B,

28.98%,

11/19/24

.

123

124

991110326.UG.FTS.B,

28.98%,

11/19/24

..

796

812

991110570.UG.FTS.B,

28.98%,

11/19/24

..

63

65

991111890.UG.FTS.B,

28.98%,

11/19/24

..

49

50

991113138.UG.FTS.B,

28.98%,

11/19/24

..

15

15

991113372.UG.FTS.B,

28.98%,

11/19/24

..

187

192

991114496.UG.FTS.B,

28.98%,

11/19/24

..

61

62

991114522.UG.FTS.B,

28.98%,

11/19/24

..

219

224

991114717.UG.FTS.B,

28.98%,

11/19/24

..

63

65

991115278.UG.FTS.B,

28.98%,

11/19/24

..

309

314

991117632.UG.FTS.B,

28.98%,

11/19/24

..

436

438

991119502.UG.FTS.B,

28.98%,

11/19/24

..

487

–

991121740.UG.FTS.B,

28.98%,

11/19/24

.

57

58

991122095.UG.FTS.B,

28.98%,

11/19/24

.

150

152

991124198.UG.FTS.B,

28.98%,

11/19/24

.

201

206

991125441.UG.FTS.B,

28.98%,

11/19/24

.

392

401

991127107.UG.FTS.B,

28.98%,

11/19/24

.

111

113

991132767.UG.FTS.B,

28.98%,

11/19/24

.

29

29

991132858.UG.FTS.B,

28.98%,

11/19/24

.

34

35

991132991.UG.FTS.B,

28.98%,

11/19/24

.

100

103

991134220.UG.FTS.B,

28.98%,

11/19/24

.

74

76

991135049.UG.FTS.B,

28.98%,

11/19/24

.

61

62

991138625.UG.FTS.B,

28.98%,

11/19/24

.

377

387

991140740.UG.FTS.B,

28.98%,

11/19/24

.

107

107

991140959.UG.FTS.B,

28.98%,

11/19/24

.

360

366

991141321.UG.FTS.B,

28.98%,

11/19/24

.

113

116

991144190.UG.FTS.B,

28.98%,

11/19/24

.

212

218

991144684.UG.FTS.B,

28.98%,

11/19/24

.

165

168

991148491.UG.FTS.B,

28.98%,

11/19/24

.

297

304

991150543.UG.FTS.B,

28.98%,

11/19/24

.

197

202

991160191.UG.FTS.B,

28.98%,

11/19/24

.

53

54

991164721.UG.FTS.B,

28.98%,

11/19/24

.

34

34

991166387.UG.FTS.B,

28.98%,

11/19/24

.

40

41

991173637.UG.FTS.B,

28.98%,

11/19/24

.

19

19

991180832.UG.FTS.B,

28.98%,

11/19/24

.

52

53

991181040.UG.FTS.B,

28.98%,

11/19/24

.

524

538

991183616.UG.FTS.B,

28.98%,

11/19/24

.

292

297

991185484.UG.FTS.B,

28.98%,

11/19/24

.

53

54

991200084.UG.FTS.B,

28.98%,

11/19/24

.

58

58

991205228.UG.FTS.B,

28.98%,

11/19/24

.

31

31

991212005.UG.FTS.B,

28.98%,

11/19/24

.

33

33

991213749.UG.FTS.B,

28.98%,

11/19/24

.

21

22

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991215309.UG.FTS.B,

28.98%,

11/19/24

.

$

80

$

81

991218732.UG.FTS.B,

28.98%,

11/19/24

.

71

72

991222930.UG.FTS.B,

28.98%,

11/19/24

.

135

139

991224492.UG.FTS.B,

28.98%,

11/19/24

.

552

562

991225580.UG.FTS.B,

28.98%,

11/19/24

.

25

25

991245677.UG.FTS.B,

28.98%,

11/19/24

.

68

5

991260584.UG.FTS.B,

28.98%,

11/19/24

.

440

448

991264197.UG.FTS.B,

28.98%,

11/19/24

.

49

50

991265366.UG.FTS.B,

28.98%,

11/19/24

.

7

7

991267970.UG.FTS.B,

28.98%,

11/19/24

.

120

123

991269614.UG.FTS.B,

28.98%,

11/19/24

.

218

222

991272220.UG.FTS.B,

28.98%,

11/19/24

.

100

102

991274553.UG.FTS.B,

28.98%,

11/19/24

.

77

78

991285040.UG.FTS.B,

28.98%,

11/19/24

.

56

57

991285978.UG.FTS.B,

28.98%,

11/19/24

.

152

155

991291090.UG.FTS.B,

28.98%,

11/19/24

.

71

72

991079459.UG.FTS.B,

29.49%,

11/19/24

.

410

423

991079567.UG.FTS.B,

29.49%,

11/19/24

.

74

77

991080329.UG.FTS.B,

29.49%,

11/19/24

.

56

57

991081477.UG.FTS.B,

29.49%,

11/19/24

.

71

72

991083975.UG.FTS.B,

29.49%,

11/19/24

.

78

79

991084120.UG.FTS.B,

29.49%,

11/19/24

.

231

235

991086865.UG.FTS.B,

29.49%,

11/19/24

.

72

74

991088485.UG.FTS.B,

29.49%,

11/19/24

.

57

58

991088510.UG.FTS.B,

29.49%,

11/19/24

.

131

134

991091761.UG.FTS.B,

29.49%,

11/19/24

.

148

11

991091799.UG.FTS.B,

29.49%,

11/19/24

.

42

43

991096428.UG.FTS.B,

29.49%,

11/19/24

.

157

162

991096952.UG.FTS.B,

29.49%,

11/19/24

.

66

–

991098909.UG.FTS.B,

29.49%,

11/19/24

.

362

373

991099687.UG.FTS.B,

29.49%,

11/19/24

.

149

149

991100113.UG.FTS.B,

29.49%,

11/19/24

..

74

76

991102829.UG.FTS.B,

29.49%,

11/19/24

.

52

53

991103770.UG.FTS.B,

29.49%,

11/19/24

.

69

71

991103901.UG.FTS.B,

29.49%,

11/19/24

.

203

208

991104175.UG.FTS.B,

29.49%,

11/19/24

.

2

–

991104178.UG.FTS.B,

29.49%,

11/19/24

.

864

887

991104280.UG.FTS.B,

29.49%,

11/19/24

.

93

96

991104410.UG.FTS.B,

29.49%,

11/19/24

.

318

321

991106337.UG.FTS.B,

29.49%,

11/19/24

.

64

65

991106684.UG.FTS.B,

29.49%,

11/19/24

.

101

104

991109457.UG.FTS.B,

29.49%,

11/19/24

.

166

171

991109475.UG.FTS.B,

29.49%,

11/19/24

.

83

85

991110529.UG.FTS.B,

29.49%,

11/19/24

..

126

130

991111418.UG.FTS.B,

29.49%,

11/19/24

..

284

288

991114314.UG.FTS.B,

29.49%,

11/19/24

..

209

214

991114749.UG.FTS.B,

29.49%,

11/19/24

..

196

200

991122950.UG.FTS.B,

29.49%,

11/19/24

.

1,034

57

991125628.UG.FTS.B,

29.49%,

11/19/24

.

488

506

991128682.UG.FTS.B,

29.49%,

11/19/24

.

346

–

991130441.UG.FTS.B,

29.49%,

11/19/24

.

72

75

991130674.UG.FTS.B,

29.49%,

11/19/24

.

28

28

991133364.UG.FTS.B,

29.49%,

11/19/24

.

13

13

991138434.UG.FTS.B,

29.49%,

11/19/24

.

126

126

991139198.UG.FTS.B,

29.49%,

11/19/24

.

191

197

991139453.UG.FTS.B,

29.49%,

11/19/24

.

273

280

991146154.UG.FTS.B,

29.49%,

11/19/24

.

198

201

991148151.UG.FTS.B,

29.49%,

11/19/24

.

46

47

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)

991149232.UG.FTS.B,

29.49%,

11/19/24

.

$

261

$

268

991153991.UG.FTS.B,

29.49%,

11/19/24

.

63

65

991154641.UG.FTS.B,

29.49%,

11/19/24

.

150

155

991156120.UG.FTS.B,

29.49%,

11/19/24

.

86

88

991157117.UG.FTS.B,

29.49%,

11/19/24

..

108

111

991167820.UG.FTS.B,

29.49%,

11/19/24

.

144

148

991173134.UG.FTS.B,

29.49%,

11/19/24

.

15

15

991176843.UG.FTS.B,

29.49%,

11/19/24

.

819

823

991182291.UG.FTS.B,

29.49%,

11/19/24

.

232

239

991186425.UG.FTS.B,

29.49%,

11/19/24

.

115

117

991188709.UG.FTS.B,

29.49%,

11/19/24

.

113

117

991191696.UG.FTS.B,

29.49%,

11/19/24

.

188

27

991193402.UG.FTS.B,

29.49%,

11/19/24

.

13

13

991206154.UG.FTS.B,

29.49%,

11/19/24

.

15

15

991206897.UG.FTS.B,

29.49%,

11/19/24

.

38

39

991211016.UG.FTS.B,

29.49%,

11/19/24

.

105

108

991229419.UG.FTS.B,

29.49%,

11/19/24

.

270

275

991239313.UG.FTS.B,

29.49%,

11/19/24

.

125

128

991242660.UG.FTS.B,

29.49%,

11/19/24

.

237

240

991242783.UG.FTS.B,

29.49%,

11/19/24

.

187

191

991258723.UG.FTS.B,

29.49%,

11/19/24

.

72

73

991259761.UG.FTS.B,

29.49%,

11/19/24

.

90

92

991259944.UG.FTS.B,

29.49%,

11/19/24

.

48

49

991261749.UG.FTS.B,

29.49%,

11/19/24

.

76

77

991267836.UG.FTS.B,

29.49%,

11/19/24

.

74

76

991268203.UG.FTS.B,

29.49%,

11/19/24

.

166

169

991268346.UG.FTS.B,

29.49%,

11/19/24

.

41

42

991269656.UG.FTS.B,

29.49%,

11/19/24

.

8

8

991278085.UG.FTS.B,

29.49%,

11/19/24

.

298

307

991285961.UG.FTS.B,

29.49%,

11/19/24

.

212

14

991086006.UG.FTS.B,

18.97%,

11/20/24

.

326

329

991131248.UG.FTS.B,

18.97%,

11/20/24

.

147

148

991212667.UG.FTS.B,

18.97%,

11/20/24

.

538

541

991277364.UG.FTS.B,

18.97%,

11/20/24

.

839

844

991168973.UG.FTS.B,

19.21%,

11/20/24

.

69

69

991204096.UG.FTS.B,

19.8%,

11/20/24

..

83

83

991204791.UG.FTS.B,

19.8%,

11/20/24

..

61

62

991267411.UG.FTS.B,

19.8%,

11/20/24

..

108

109

991102000.UG.FTS.B,

19.99%,

11/20/24

.

256

–

991105915.UG.FTS.B,

19.99%,

11/20/24

.

86

88

991108309.UG.FTS.B,

19.99%,

11/20/24

.

125

126

991108487.UG.FTS.B,

19.99%,

11/20/24

.

152

153

991112938.UG.FTS.B,

19.99%,

11/20/24

..

62

63

991171504.UG.FTS.B,

19.99%,

11/20/24

.

170

171

991175975.UG.FTS.B,

19.99%,

11/20/24

.

72

73

991181647.UG.FTS.B,

19.99%,

11/20/24

.

41

42

991188505.UG.FTS.B,

19.99%,

11/20/24

.

83

84

991210688.UG.FTS.B,

19.99%,

11/20/24

.

29

30

991237192.UG.FTS.B,

19.99%,

11/20/24

.

564

575

991263955.UG.FTS.B,

19.99%,

11/20/24

.

47

48

991084611.UG.FTS.B,

20.46%,

11/20/24

.

297

300

991085501.UG.FTS.B,

20.46%,

11/20/24

.

444

449

991100911.UG.FTS.B,

20.46%,

11/20/24

..

198

200

991102814.UG.FTS.B,

20.46%,

11/20/24

.

101

102

991112817.UG.FTS.B,

20.46%,

11/20/24

..

1,623

219

991125492.UG.FTS.B,

20.46%,

11/20/24

.

82

82

991160910.UG.FTS.B,

20.46%,

11/20/24

.

51

51

991204119.UG.FTS.B,

20.46%,

11/20/24

.

7

7

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991204576.UG.FTS.B,

20.46%,

11/20/24

.

$

74

$

74

991086619.UG.FTS.B,

20.97%,

11/20/24

.

1,851

1,863

991171843.UG.FTS.B,

20.97%,

11/20/24

.

53

53

991085535.UG.FTS.B,

21.46%,

11/20/24

.

72

72

991133819.UG.FTS.B,

21.46%,

11/20/24

.

62

63

991215411.UG.FTS.B,

21.46%,

11/20/24

.

189

192

991151893.UG.FTS.B,

23.95%,

11/20/24

.

337

339

991089655.UG.FTS.B,

25.94%,

11/20/24

.

82

81

991128669.UG.FTS.B,

26.94%,

11/20/24

.

55

55

991137301.UG.FTS.B,

27.99%,

11/20/24

.

80

80

991099607.UG.FTS.B,

28.98%,

11/20/24

.

224

230

991100214.UG.FTS.B,

28.98%,

11/20/24

.

84

86

991105295.UG.FTS.B,

28.98%,

11/20/24

.

653

44

991107307.UG.FTS.B,

28.98%,

11/20/24

.

53

54

991110958.UG.FTS.B,

28.98%,

11/20/24

..

25

25

991115150.UG.FTS.B,

28.98%,

11/20/24

..

101

103

991118707.UG.FTS.B,

28.98%,

11/20/24

..

64

65

991122709.UG.FTS.B,

28.98%,

11/20/24

.

74

76

991122834.UG.FTS.B,

28.98%,

11/20/24

.

68

70

991123392.UG.FTS.B,

28.98%,

11/20/24

.

90

91

991125422.UG.FTS.B,

28.98%,

11/20/24

.

598

613

991126124.UG.FTS.B,

28.98%,

11/20/24

.

23

23

991130160.UG.FTS.B,

28.98%,

11/20/24

.

52

53

991133560.UG.FTS.B,

28.98%,

11/20/24

.

57

59

991133721.UG.FTS.B,

28.98%,

11/20/24

.

277

284

991136884.UG.FTS.B,

28.98%,

11/20/24

.

136

137

991137933.UG.FTS.B,

28.98%,

11/20/24

.

13

13

991139188.UG.FTS.B,

28.98%,

11/20/24

.

709

728

991139408.UG.FTS.B,

28.98%,

11/20/24

.

35

35

991140250.UG.FTS.B,

28.98%,

11/20/24

.

101

103

991145878.UG.FTS.B,

28.98%,

11/20/24

.

420

427

991150671.UG.FTS.B,

28.98%,

11/20/24

.

10

2

991151618.UG.FTS.B,

28.98%,

11/20/24

.

367

25

991159138.UG.FTS.B,

28.98%,

11/20/24

.

72

72

991163497.UG.FTS.B,

28.98%,

11/20/24

.

330

47

991179992.UG.FTS.B,

28.98%,

11/20/24

.

78

80

991187570.UG.FTS.B,

28.98%,

11/20/24

.

94

97

991190395.UG.FTS.B,

28.98%,

11/20/24

.

41

42

991194988.UG.FTS.B,

28.98%,

11/20/24

.

242

242

991198786.UG.FTS.B,

28.98%,

11/20/24

.

181

185

991203518.UG.FTS.B,

28.98%,

11/20/24

.

10

10

991204942.UG.FTS.B,

28.98%,

11/20/24

.

77

79

991226698.UG.FTS.B,

28.98%,

11/20/24

.

81

83

991232543.UG.FTS.B,

28.98%,

11/20/24

.

101

103

991247369.UG.FTS.B,

28.98%,

11/20/24

.

923

65

991263045.UG.FTS.B,

28.98%,

11/20/24

.

335

48

991267705.UG.FTS.B,

28.98%,

11/20/24

.

110

112

991268970.UG.FTS.B,

28.98%,

11/20/24

.

294

299

991272832.UG.FTS.B,

28.98%,

11/20/24

.

174

178

991276708.UG.FTS.B,

28.98%,

11/20/24

.

119

122

991280031.UG.FTS.B,

28.98%,

11/20/24

.

60

4

991298120.UG.FTS.B,

28.98%,

11/20/24

.

495

501

991098504.UG.FTS.B,

29.49%,

11/20/24

.

76

5

991098513.UG.FTS.B,

29.49%,

11/20/24

.

45

46

991100908.UG.FTS.B,

29.49%,

11/20/24

.

857

–

991106397.UG.FTS.B,

29.49%,

11/20/24

.

73

73

991107977.UG.FTS.B,

29.49%,

11/20/24

.

79

80

991110253.UG.FTS.B,

29.49%,

11/20/24

..

90

92

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)

991110617.UG.FTS.B,

29.49%,

11/20/24

..

$

161

$

165

991112071.UG.FTS.B,

29.49%,

11/20/24

..

122

124

991113693.UG.FTS.B,

29.49%,

11/20/24

..

83

86

991117048.UG.FTS.B,

29.49%,

11/20/24

..

71

73

991117581.UG.FTS.B,

29.49%,

11/20/24

..

241

245

991125322.UG.FTS.B,

29.49%,

11/20/24

.

101

104

991129659.UG.FTS.B,

29.49%,

11/20/24

.

120

8

991133485.UG.FTS.B,

29.49%,

11/20/24

.

54

54

991142389.UG.FTS.B,

29.49%,

11/20/24

.

446

458

991145294.UG.FTS.B,

29.49%,

11/20/24

.

40

40

991165138.UG.FTS.B,

29.49%,

11/20/24

.

89

91

991167362.UG.FTS.B,

29.49%,

11/20/24

.

223

230

991169205.UG.FTS.B,

29.49%,

11/20/24

.

1,118

1,145

991185927.UG.FTS.B,

29.49%,

11/20/24

.

60

61

991188097.UG.FTS.B,

29.49%,

11/20/24

.

14

14

991189207.UG.FTS.B,

29.49%,

11/20/24

.

4

4

991192873.UG.FTS.B,

29.49%,

11/20/24

.

14

14

991195573.UG.FTS.B,

29.49%,

11/20/24

.

148

154

991202228.UG.FTS.B,

29.49%,

11/20/24

.

127

9

991211764.UG.FTS.B,

29.49%,

11/20/24

.

33

33

991213653.UG.FTS.B,

29.49%,

11/20/24

.

203

208

991215595.UG.FTS.B,

29.49%,

11/20/24

.

222

231

991216973.UG.FTS.B,

29.49%,

11/20/24

.

280

285

991219254.UG.FTS.B,

29.49%,

11/20/24

.

30

31

991233863.UG.FTS.B,

29.49%,

11/20/24

.

992

1,020

991238431.UG.FTS.B,

29.49%,

11/20/24

.

798

54

991239349.UG.FTS.B,

29.49%,

11/20/24

.

181

13

991239830.UG.FTS.B,

29.49%,

11/20/24

.

331

338

991247212.UG.FTS.B,

29.49%,

11/20/24

.

144

147

991252193.UG.FTS.B,

29.49%,

11/20/24

.

6

6

991255946.UG.FTS.B,

29.49%,

11/20/24

.

43

44

991267259.UG.FTS.B,

29.49%,

11/20/24

.

66

68

991267347.UG.FTS.B,

29.49%,

11/20/24

.

106

109

991267709.UG.FTS.B,

29.49%,

11/20/24

.

105

106

991268841.UG.FTS.B,

29.49%,

11/20/24

.

62

–

991269003.UG.FTS.B,

29.49%,

11/20/24

.

391

401

991299902.UG.FTS.B,

29.49%,

11/20/24

.

184

187

991219638.UG.FTS.B,

6%,

11/21/24

.....

39

40

991093963.UG.FTS.B,

18.97%,

11/21/24

.

302

303

991224989.UG.FTS.B,

18.97%,

11/21/24

.

592

598

991254447.UG.FTS.B,

19.21%,

11/21/24

.

159

12

991141090.UG.FTS.B,

19.8%,

11/21/24

..

364

362

991101910.UG.FTS.B,

19.99%,

11/21/24

.

730

738

991110283.UG.FTS.B,

19.99%,

11/21/24

..

127

131

991129682.UG.FTS.B,

19.99%,

11/21/24

.

194

199

991170878.UG.FTS.B,

19.99%,

11/21/24

.

4

4

991174755.UG.FTS.B,

19.99%,

11/21/24

.

156

160

991091686.UG.FTS.B,

20.97%,

11/21/24

.

68

69

991282683.UG.FTS.B,

20.97%,

11/21/24

.

9

9

991109801.UG.FTS.B,

21.46%,

11/21/24

.

274

274

991135834.UG.FTS.B,

21.97%,

11/21/24

.

240

17

991206543.UG.FTS.B,

21.97%,

11/21/24

.

2,463

2,498

991109825.UG.FTS.B,

21.98%,

11/21/24

.

141

142

991114413.UG.FTS.B,

21.98%,

11/21/24

..

186

188

991207630.UG.FTS.B,

21.98%,

11/21/24

.

203

205

991156272.UG.FTS.B,

22.95%,

11/21/24

.

197

–

991104066.UG.FTS.B,

23.95%,

11/21/24

.

179

182

991091300.UG.FTS.B,

26.94%,

11/21/24

.

73

73

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991128509.UG.FTS.B,

27.99%,

11/21/24

.

$

118

$

121

991098805.UG.FTS.B,

28.98%,

11/21/24

.

27

27

991099584.UG.FTS.B,

28.98%,

11/21/24

.

62

9

991101503.UG.FTS.B,

28.98%,

11/21/24

.

541

555

991103359.UG.FTS.B,

28.98%,

11/21/24

.

485

497

991103415.UG.FTS.B,

28.98%,

11/21/24

.

21

21

991103484.UG.FTS.B,

28.98%,

11/21/24

.

7

7

991103505.UG.FTS.B,

28.98%,

11/21/24

.

232

238

991105102.UG.FTS.B,

28.98%,

11/21/24

.

27

27

991106632.UG.FTS.B,

28.98%,

11/21/24

.

177

181

991107547.UG.FTS.B,

28.98%,

11/21/24

.

183

185

991107910.UG.FTS.B,

28.98%,

11/21/24

.

38

38

991112083.UG.FTS.B,

28.98%,

11/21/24

..

1,047

152

991112673.UG.FTS.B,

28.98%,

11/21/24

..

52

53

991113938.UG.FTS.B,

28.98%,

11/21/24

..

165

–

991115757.UG.FTS.B,

28.98%,

11/21/24

..

74

76

991122560.UG.FTS.B,

28.98%,

11/21/24

.

119

122

991123355.UG.FTS.B,

28.98%,

11/21/24

.

28

28

991123406.UG.FTS.B,

28.98%,

11/21/24

.

11

11

991129275.UG.FTS.B,

28.98%,

11/21/24

.

321

324

991133989.UG.FTS.B,

28.98%,

11/21/24

.

12

12

991138300.UG.FTS.B,

28.98%,

11/21/24

.

27

27

991140811.UG.FTS.B,

28.98%,

11/21/24

..

53

54

991144473.UG.FTS.B,

28.98%,

11/21/24

.

121

124

991157081.UG.FTS.B,

28.98%,

11/21/24

.

8

8

991162098.UG.FTS.B,

28.98%,

11/21/24

.

147

150

991169889.UG.FTS.B,

28.98%,

11/21/24

.

243

248

991170155.UG.FTS.B,

28.98%,

11/21/24

.

594

600

991171491.UG.FTS.B,

28.98%,

11/21/24

.

29

29

991174647.UG.FTS.B,

28.98%,

11/21/24

.

196

200

991178506.UG.FTS.B,

28.98%,

11/21/24

.

143

146

991181062.UG.FTS.B,

28.98%,

11/21/24

.

562

570

991185383.UG.FTS.B,

28.98%,

11/21/24

.

306

313

991194541.UG.FTS.B,

28.98%,

11/21/24

.

71

73

991196539.UG.FTS.B,

28.98%,

11/21/24

.

28

28

991204271.UG.FTS.B,

28.98%,

11/21/24

.

76

78

991205445.UG.FTS.B,

28.98%,

11/21/24

.

207

212

991212789.UG.FTS.B,

28.98%,

11/21/24

.

58

59

991218149.UG.FTS.B,

28.98%,

11/21/24

.

738

758

991223136.UG.FTS.B,

28.98%,

11/21/24

.

240

243

991225496.UG.FTS.B,

28.98%,

11/21/24

.

18

18

991233789.UG.FTS.B,

28.98%,

11/21/24

.

121

122

991236869.UG.FTS.B,

28.98%,

11/21/24

.

185

13

991237119.UG.FTS.B,

28.98%,

11/21/24

.

825

846

991243049.UG.FTS.B,

28.98%,

11/21/24

.

59

61

991257871.UG.FTS.B,

28.98%,

11/21/24

.

78

79

991263992.UG.FTS.B,

28.98%,

11/21/24

.

132

134

991264140.UG.FTS.B,

28.98%,

11/21/24

.

390

397

991269555.UG.FTS.B,

28.98%,

11/21/24

.

151

–

991277474.UG.FTS.B,

28.98%,

11/21/24

.

21

21

991284800.UG.FTS.B,

28.98%,

11/21/24

.

134

9

991297297.UG.FTS.B,

28.98%,

11/21/24

.

148

10

991297865.UG.FTS.B,

28.98%,

11/21/24

.

110

112

991098822.UG.FTS.B,

29.49%,

11/21/24

.

126

129

991099891.UG.FTS.B,

29.49%,

11/21/24

.

131

132

991100418.UG.FTS.B,

29.49%,

11/21/24

.

207

214

991101168.UG.FTS.B,

29.49%,

11/21/24

..

16

16

991103642.UG.FTS.B,

29.49%,

11/21/24

.

123

122

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)

991104423.UG.FTS.B,

29.49%,

11/21/24

.

$

240

$

244

991107662.UG.FTS.B,

29.49%,

11/21/24

.

19

19

991107906.UG.FTS.B,

29.49%,

11/21/24

.

736

753

991108326.UG.FTS.B,

29.49%,

11/21/24

.

16

16

991112882.UG.FTS.B,

29.49%,

11/21/24

..

378

387

991113103.UG.FTS.B,

29.49%,

11/21/24

..

11

11

991123398.UG.FTS.B,

29.49%,

11/21/24

.

224

16

991123851.UG.FTS.B,

29.49%,

11/21/24

.

209

215

991124929.UG.FTS.B,

29.49%,

11/21/24

.

25

25

991125417.UG.FTS.B,

29.49%,

11/21/24

.

56

58

991125736.UG.FTS.B,

29.49%,

11/21/24

.

38

3

991130355.UG.FTS.B,

29.49%,

11/21/24

.

291

296

991131801.UG.FTS.B,

29.49%,

11/21/24

.

50

51

991132346.UG.FTS.B,

29.49%,

11/21/24

.

378

28

991132792.UG.FTS.B,

29.49%,

11/21/24

.

79

81

991133817.UG.FTS.B,

29.49%,

11/21/24

.

132

135

991137083.UG.FTS.B,

29.49%,

11/21/24

.

243

36

991137836.UG.FTS.B,

29.49%,

11/21/24

.

112

–

991138608.UG.FTS.B,

29.49%,

11/21/24

.

9

9

991139966.UG.FTS.B,

29.49%,

11/21/24

.

38

39

991155328.UG.FTS.B,

29.49%,

11/21/24

.

108

111

991157022.UG.FTS.B,

29.49%,

11/21/24

.

374

381

991157333.UG.FTS.B,

29.49%,

11/21/24

.

28

29

991159418.UG.FTS.B,

29.49%,

11/21/24

.

81

84

991179856.UG.FTS.B,

29.49%,

11/21/24

.

384

394

991187695.UG.FTS.B,

29.49%,

11/21/24

.

74

76

991191726.UG.FTS.B,

29.49%,

11/21/24

.

75

75

991195967.UG.FTS.B,

29.49%,

11/21/24

.

120

125

991197725.UG.FTS.B,

29.49%,

11/21/24

.

1,085

1,124

991221868.UG.FTS.B,

29.49%,

11/21/24

.

26

2

991222533.UG.FTS.B,

29.49%,

11/21/24

.

11

11

991243146.UG.FTS.B,

29.49%,

11/21/24

.

723

740

991248040.UG.FTS.B,

29.49%,

11/21/24

.

147

150

991255779.UG.FTS.B,

29.49%,

11/21/24

.

62

–

991257574.UG.FTS.B,

29.49%,

11/21/24

.

10

10

991259033.UG.FTS.B,

29.49%,

11/21/24

.

155

158

991263744.UG.FTS.B,

29.49%,

11/21/24

.

171

175

991264912.UG.FTS.B,

29.49%,

11/21/24

.

82

–

991269668.UG.FTS.B,

29.49%,

11/21/24

.

108

111

991273052.UG.FTS.B,

29.49%,

11/21/24

.

50

50

991275188.UG.FTS.B,

29.49%,

11/21/24

.

184

188

991298999.UG.FTS.B,

29.49%,

11/21/24

.

8

8

991114211.UG.FTS.B,

18.97%,

11/22/24

..

186

187

991122742.UG.FTS.B,

18.97%,

11/22/24

.

81

81

991154003.UG.FTS.B,

18.97%,

11/22/24

.

392

395

991118023.UG.FTS.B,

19.21%,

11/22/24

..

44

44

991119286.UG.FTS.B,

19.21%,

11/22/24

..

232

233

991199042.UG.FTS.B,

19.21%,

11/22/24

.

304

307

991103401.UG.FTS.B,

19.99%,

11/22/24

.

229

235

991121665.UG.FTS.B,

19.99%,

11/22/24

.

54

55

991132324.UG.FTS.B,

19.99%,

11/22/24

.

39

40

991157348.UG.FTS.B,

19.99%,

11/22/24

.

244

19

991181160.UG.FTS.B,

19.99%,

11/22/24

..

333

337

991270414.UG.FTS.B,

19.99%,

11/22/24

.

43

–

991213596.UG.FTS.B,

20.46%,

11/22/24

.

1,379

1,395

991264755.UG.FTS.B,

20.46%,

11/22/24

.

71

71

991118422.UG.FTS.B,

21.46%,

11/22/24

..

862

874

991131049.UG.FTS.B,

21.46%,

11/22/24

.

97

98

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991215119.UG.FTS.B,

21.46%,

11/22/24

.

$

274

$

22

991099821.UG.FTS.B,

21.98%,

11/22/24

.

94

95

991196292.UG.FTS.B,

22.97%,

11/22/24

.

95

96

991104265.UG.FTS.B,

27.99%,

11/22/24

.

1,637

1,684

991115779.UG.FTS.B,

27.99%,

11/22/24

..

640

649

991102922.UG.FTS.B,

28.98%,

11/22/24

.

228

234

991102964.UG.FTS.B,

28.98%,

11/22/24

.

80

82

991103009.UG.FTS.B,

28.98%,

11/22/24

.

132

135

991104196.UG.FTS.B,

28.98%,

11/22/24

.

149

153

991104504.UG.FTS.B,

28.98%,

11/22/24

.

153

23

991105023.UG.FTS.B,

28.98%,

11/22/24

.

1,683

1,728

991105794.UG.FTS.B,

28.98%,

11/22/24

.

720

737

991106035.UG.FTS.B,

28.98%,

11/22/24

.

77

79

991107556.UG.FTS.B,

28.98%,

11/22/24

.

385

386

991107575.UG.FTS.B,

28.98%,

11/22/24

.

135

137

991107921.UG.FTS.B,

28.98%,

11/22/24

.

723

734

991110155.UG.FTS.B,

28.98%,

11/22/24

..

35

35

991110358.UG.FTS.B,

28.98%,

11/22/24

..

79

81

991110618.UG.FTS.B,

28.98%,

11/22/24

..

36

36

991116602.UG.FTS.B,

28.98%,

11/22/24

..

190

194

991116973.UG.FTS.B,

28.98%,

11/22/24

..

165

169

991122119.UG.FTS.B,

28.98%,

11/22/24

..

44

46

991123827.UG.FTS.B,

28.98%,

11/22/24

.

393

400

991127224.UG.FTS.B,

28.98%,

11/22/24

.

372

382

991127588.UG.FTS.B,

28.98%,

11/22/24

.

55

56

991131367.UG.FTS.B,

28.98%,

11/22/24

.

206

210

991131812.UG.FTS.B,

28.98%,

11/22/24

.

91

93

991137246.UG.FTS.B,

28.98%,

11/22/24

.

297

302

991143933.UG.FTS.B,

28.98%,

11/22/24

.

191

196

991149223.UG.FTS.B,

28.98%,

11/22/24

.

32

32

991149451.UG.FTS.B,

28.98%,

11/22/24

.

372

382

991153364.UG.FTS.B,

28.98%,

11/22/24

.

200

204

991156074.UG.FTS.B,

28.98%,

11/22/24

.

77

79

991156523.UG.FTS.B,

28.98%,

11/22/24

.

50

50

991159179.UG.FTS.B,

28.98%,

11/22/24

.

202

207

991161581.UG.FTS.B,

28.98%,

11/22/24

.

196

199

991162076.UG.FTS.B,

28.98%,

11/22/24

.

15

15

991163227.UG.FTS.B,

28.98%,

11/22/24

.

210

215

991163510.UG.FTS.B,

28.98%,

11/22/24

.

254

17

991163764.UG.FTS.B,

28.98%,

11/22/24

.

68

70

991169488.UG.FTS.B,

28.98%,

11/22/24

.

129

133

991173036.UG.FTS.B,

28.98%,

11/22/24

.

46

47

991173716.UG.FTS.B,

28.98%,

11/22/24

.

370

377

991177122.UG.FTS.B,

28.98%,

11/22/24

.

228

54

991180530.UG.FTS.B,

28.98%,

11/22/24

.

117

120

991184097.UG.FTS.B,

28.98%,

11/22/24

.

138

141

991184113.UG.FTS.B,

28.98%,

11/22/24

..

658

664

991195764.UG.FTS.B,

28.98%,

11/22/24

.

52

53

991197771.UG.FTS.B,

28.98%,

11/22/24

.

84

87

991204158.UG.FTS.B,

28.98%,

11/22/24

.

13

13

991219493.UG.FTS.B,

28.98%,

11/22/24

.

81

83

991223597.UG.FTS.B,

28.98%,

11/22/24

.

106

108

991224526.UG.FTS.B,

28.98%,

11/22/24

.

121

124

991228922.UG.FTS.B,

28.98%,

11/22/24

.

71

73

991234896.UG.FTS.B,

28.98%,

11/22/24

.

249

254

991255263.UG.FTS.B,

28.98%,

11/22/24

.

76

77

991262138.UG.FTS.B,

28.98%,

11/22/24

.

72

74

991285685.UG.FTS.B,

28.98%,

11/22/24

.

520

35

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)

991299270.UG.FTS.B,

28.98%,

11/22/24

.

$

366

$

373

991304220.UG.FTS.B,

28.98%,

11/22/24

.

58

59

991304298.UG.FTS.B,

28.98%,

11/22/24

.

290

296

991307686.UG.FTS.B,

28.98%,

11/22/24

.

96

98

991311847.UG.FTS.B,

28.98%,

11/22/24

.

161

164

991099101.UG.FTS.B,

29.49%,

11/22/24

.

36

36

991100054.UG.FTS.B,

29.49%,

11/22/24

.

290

299

991100376.UG.FTS.B,

29.49%,

11/22/24

.

67

67

991100555.UG.FTS.B,

29.49%,

11/22/24

.

662

681

991101821.UG.FTS.B,

29.49%,

11/22/24

.

106

106

991102587.UG.FTS.B,

29.49%,

11/22/24

.

169

174

991102823.UG.FTS.B,

29.49%,

11/22/24

.

73

11

991103865.UG.FTS.B,

29.49%,

11/22/24

.

45

45

991104396.UG.FTS.B,

29.49%,

11/22/24

.

73

76

991105680.UG.FTS.B,

29.49%,

11/22/24

.

45

46

991107152.UG.FTS.B,

29.49%,

11/22/24

.

90

93

991107154.UG.FTS.B,

29.49%,

11/22/24

.

252

253

991107318.UG.FTS.B,

29.49%,

11/22/24

.

118

118

991107494.UG.FTS.B,

29.49%,

11/22/24

.

162

24

991108800.UG.FTS.B,

29.49%,

11/22/24

.

106

108

991109990.UG.FTS.B,

29.49%,

11/22/24

.

167

171

991112073.UG.FTS.B,

29.49%,

11/22/24

..

122

125

991112758.UG.FTS.B,

29.49%,

11/22/24

..

136

137

991113516.UG.FTS.B,

29.49%,

11/22/24

..

87

89

991115007.UG.FTS.B,

29.49%,

11/22/24

..

144

149

991116896.UG.FTS.B,

29.49%,

11/22/24

..

88

91

991119993.UG.FTS.B,

29.49%,

11/22/24

..

111

115

991120831.UG.FTS.B,

29.49%,

11/22/24

.

75

78

991124015.UG.FTS.B,

29.49%,

11/22/24

.

165

170

991124721.UG.FTS.B,

29.49%,

11/22/24

.

122

123

991126049.UG.FTS.B,

29.49%,

11/22/24

.

13

14

991132446.UG.FTS.B,

29.49%,

11/22/24

.

55

57

991138174.UG.FTS.B,

29.49%,

11/22/24

.

106

109

991141918.UG.FTS.B,

29.49%,

11/22/24

.

474

481

991144588.UG.FTS.B,

29.49%,

11/22/24

.

140

145

991146799.UG.FTS.B,

29.49%,

11/22/24

.

18

19

991149855.UG.FTS.B,

29.49%,

11/22/24

.

298

307

991150981.UG.FTS.B,

29.49%,

11/22/24

.

54

54

991153231.UG.FTS.B,

29.49%,

11/22/24

.

64

66

991155708.UG.FTS.B,

29.49%,

11/22/24

.

227

234

991162354.UG.FTS.B,

29.49%,

11/22/24

.

98

7

991168948.UG.FTS.B,

29.49%,

11/22/24

.

374

385

991173886.UG.FTS.B,

29.49%,

11/22/24

.

259

265

991175535.UG.FTS.B,

29.49%,

11/22/24

.

62

62

991176814.UG.FTS.B,

29.49%,

11/22/24

.

625

642

991179561.UG.FTS.B,

29.49%,

11/22/24

.

47

48

991182736.UG.FTS.B,

29.49%,

11/22/24

.

66

68

991219101.UG.FTS.B,

29.49%,

11/22/24

.

49

50

991223979.UG.FTS.B,

29.49%,

11/22/24

.

36

37

991255887.UG.FTS.B,

29.49%,

11/22/24

.

74

76

991267717.UG.FTS.B,

29.49%,

11/22/24

.

369

377

991274490.UG.FTS.B,

29.49%,

11/22/24

.

23

23

991278795.UG.FTS.B,

29.49%,

11/22/24

.

69

70

991279836.UG.FTS.B,

29.49%,

11/22/24

.

79

81

991281331.UG.FTS.B,

29.49%,

11/22/24

.

156

23

991281845.UG.FTS.B,

29.49%,

11/22/24

.

39

40

991288087.UG.FTS.B,

29.49%,

11/22/24

.

55

56

991290240.UG.FTS.B,

29.49%,

11/22/24

.

80

82

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991293465.UG.FTS.B,

29.49%,

11/22/24

.

$

125

$

128

991302610.UG.FTS.B,

29.49%,

11/22/24

.

260

265

991305981.UG.FTS.B,

29.49%,

11/22/24

.

15

15

991196638.UG.FTS.B,

14.98%,

11/23/24

.

325

328

991229244.UG.FTS.B,

18.97%,

11/23/24

.

324

326

991196293.UG.FTS.B,

19.21%,

11/23/24

.

266

268

991313399.UG.FTS.B,

19.21%,

11/23/24

.

116

118

991108230.UG.FTS.B,

19.99%,

11/23/24

.

32

32

991108654.UG.FTS.B,

19.99%,

11/23/24

.

67

69

991114531.UG.FTS.B,

19.99%,

11/23/24

..

106

109

991123941.UG.FTS.B,

19.99%,

11/23/24

.

777

804

991126181.UG.FTS.B,

19.99%,

11/23/24

.

253

35

991126600.UG.FTS.B,

19.99%,

11/23/24

.

823

844

991126654.UG.FTS.B,

19.99%,

11/23/24

.

123

126

991132671.UG.FTS.B,

19.99%,

11/23/24

.

73

75

991133827.UG.FTS.B,

19.99%,

11/23/24

.

156

158

991147270.UG.FTS.B,

19.99%,

11/23/24

.

34

34

991162960.UG.FTS.B,

19.99%,

11/23/24

.

11

11

991167674.UG.FTS.B,

19.99%,

11/23/24

.

162

163

991229310.UG.FTS.B,

19.99%,

11/23/24

.

119

122

991232620.UG.FTS.B,

19.99%,

11/23/24

.

89

–

991244136.UG.FTS.B,

19.99%,

11/23/24

.

214

216

991262811.UG.FTS.B,

19.99%,

11/23/24

.

54

56

991296137.UG.FTS.B,

19.99%,

11/23/24

.

95

97

991300760.UG.FTS.B,

19.99%,

11/23/24

.

100

102

991184027.UG.FTS.B,

20.97%,

11/23/24

.

103

105

991113758.UG.FTS.B,

21.46%,

11/23/24

..

59

60

991125579.UG.FTS.B,

21.46%,

11/23/24

.

325

330

991148866.UG.FTS.B,

21.46%,

11/23/24

.

1,737

1,761

991155217.UG.FTS.B,

21.46%,

11/23/24

.

152

153

991106966.UG.FTS.B,

21.98%,

11/23/24

.

372

376

991191830.UG.FTS.B,

22.95%,

11/23/24

.

175

178

991121850.UG.FTS.B,

26.94%,

11/23/24

.

110

110

991146136.UG.FTS.B,

26.94%,

11/23/24

.

735

748

991147765.UG.FTS.B,

27.95%,

11/23/24

.

97

99

991109616.UG.FTS.B,

27.99%,

11/23/24

.

307

316

991105483.UG.FTS.B,

28.98%,

11/23/24

.

318

324

991105842.UG.FTS.B,

28.98%,

11/23/24

.

127

129

991106197.UG.FTS.B,

28.98%,

11/23/24

.

648

665

991106233.UG.FTS.B,

28.98%,

11/23/24

.

48

49

991108227.UG.FTS.B,

28.98%,

11/23/24

.

134

136

991108887.UG.FTS.B,

28.98%,

11/23/24

.

61

62

991110526.UG.FTS.B,

28.98%,

11/23/24

..

100

100

991110800.UG.FTS.B,

28.98%,

11/23/24

..

256

265

991110924.UG.FTS.B,

28.98%,

11/23/24

..

70

72

991115378.UG.FTS.B,

28.98%,

11/23/24

..

64

65

991117626.UG.FTS.B,

28.98%,

11/23/24

..

1,140

1,165

991121613.UG.FTS.B,

28.98%,

11/23/24

.

110

112

991128711.UG.FTS.B,

28.98%,

11/23/24

..

4

4

991131479.UG.FTS.B,

28.98%,

11/23/24

.

283

290

991132396.UG.FTS.B,

28.98%,

11/23/24

.

259

19

991132894.UG.FTS.B,

28.98%,

11/23/24

.

75

77

991139844.UG.FTS.B,

28.98%,

11/23/24

.

88

90

991147458.UG.FTS.B,

28.98%,

11/23/24

.

185

27

991148591.UG.FTS.B,

28.98%,

11/23/24

.

118

118

991152386.UG.FTS.B,

28.98%,

11/23/24

.

159

11

991158618.UG.FTS.B,

28.98%,

11/23/24

.

101

104

991169414.UG.FTS.B,

28.98%,

11/23/24

.

72

72

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)

991170456.UG.FTS.B,

28.98%,

11/23/24

.

$

195

$

200

991178866.UG.FTS.B,

28.98%,

11/23/24

.

243

248

991181974.UG.FTS.B,

28.98%,

11/23/24

.

453

461

991187003.UG.FTS.B,

28.98%,

11/23/24

.

395

403

991187197.UG.FTS.B,

28.98%,

11/23/24

.

65

66

991194147.UG.FTS.B,

28.98%,

11/23/24

.

319

–

991216950.UG.FTS.B,

28.98%,

11/23/24

.

177

178

991221838.UG.FTS.B,

28.98%,

11/23/24

.

37

37

991225329.UG.FTS.B,

28.98%,

11/23/24

.

87

13

991234421.UG.FTS.B,

28.98%,

11/23/24

.

60

61

991238195.UG.FTS.B,

28.98%,

11/23/24

.

3

3

991238561.UG.FTS.B,

28.98%,

11/23/24

.

17

18

991239647.UG.FTS.B,

28.98%,

11/23/24

.

55

56

991239983.UG.FTS.B,

28.98%,

11/23/24

.

141

22

991240082.UG.FTS.B,

28.98%,

11/23/24

.

553

568

991245554.UG.FTS.B,

28.98%,

11/23/24

.

314

321

991263923.UG.FTS.B,

28.98%,

11/23/24

.

46

47

991264563.UG.FTS.B,

28.98%,

11/23/24

.

245

253

991268038.UG.FTS.B,

28.98%,

11/23/24

.

255

260

991271407.UG.FTS.B,

28.98%,

11/23/24

.

66

68

991282136.UG.FTS.B,

28.98%,

11/23/24

.

318

324

991299505.UG.FTS.B,

28.98%,

11/23/24

.

256

262

991308841.UG.FTS.B,

28.98%,

11/23/24

.

28

5

991105648.UG.FTS.B,

29.49%,

11/23/24

.

49

50

991105654.UG.FTS.B,

29.49%,

11/23/24

.

338

344

991106576.UG.FTS.B,

29.49%,

11/23/24

.

144

145

991106876.UG.FTS.B,

29.49%,

11/23/24

.

51

52

991109761.UG.FTS.B,

29.49%,

11/23/24

.

78

79

991110089.UG.FTS.B,

29.49%,

11/23/24

..

101

103

991111371.UG.FTS.B,

29.49%,

11/23/24

..

210

215

991111569.UG.FTS.B,

29.49%,

11/23/24

..

56

–

991112160.UG.FTS.B,

29.49%,

11/23/24

..

269

274

991112242.UG.FTS.B,

29.49%,

11/23/24

..

401

417

991113220.UG.FTS.B,

29.49%,

11/23/24

..

84

86

991113469.UG.FTS.B,

29.49%,

11/23/24

..

75

77

991116572.UG.FTS.B,

29.49%,

11/23/24

..

56

58

991117538.UG.FTS.B,

29.49%,

11/23/24

..

200

205

991124838.UG.FTS.B,

29.49%,

11/23/24

.

332

337

991125428.UG.FTS.B,

29.49%,

11/23/24

.

33

33

991133996.UG.FTS.B,

29.49%,

11/23/24

.

68

69

991136186.UG.FTS.B,

29.49%,

11/23/24

.

707

706

991141906.UG.FTS.B,

29.49%,

11/23/24

.

197

203

991144041.UG.FTS.B,

29.49%,

11/23/24

.

125

128

991145858.UG.FTS.B,

29.49%,

11/23/24

.

209

211

991146628.UG.FTS.B,

29.49%,

11/23/24

.

60

61

991151065.UG.FTS.B,

29.49%,

11/23/24

.

220

225

991154151.UG.FTS.B,

29.49%,

11/23/24

.

76

78

991154824.UG.FTS.B,

29.49%,

11/23/24

.

94

–

991155401.UG.FTS.B,

29.49%,

11/23/24

.

98

101

991159977.UG.FTS.B,

29.49%,

11/23/24

.

5

5

991165122.UG.FTS.B,

29.49%,

11/23/24

.

858

868

991171535.UG.FTS.B,

29.49%,

11/23/24

.

107

110

991175162.UG.FTS.B,

29.49%,

11/23/24

.

162

166

991180111.UG.FTS.B,

29.49%,

11/23/24

..

113

116

991183124.UG.FTS.B,

29.49%,

11/23/24

.

58

59

991208929.UG.FTS.B,

29.49%,

11/23/24

.

73

75

991211494.UG.FTS.B,

29.49%,

11/23/24

.

328

338

991230430.UG.FTS.B,

29.49%,

11/23/24

.

79

79

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991244025.UG.FTS.B,

29.49%,

11/23/24

.

$

52

$

54

991256878.UG.FTS.B,

29.49%,

11/23/24

.

77

78

991267903.UG.FTS.B,

29.49%,

11/23/24

.

107

109

991270894.UG.FTS.B,

29.49%,

11/23/24

.

46

47

991280169.UG.FTS.B,

29.49%,

11/23/24

.

156

159

991280901.UG.FTS.B,

29.49%,

11/23/24

.

280

283

991283471.UG.FTS.B,

29.49%,

11/23/24

.

32

33

991292477.UG.FTS.B,

29.49%,

11/23/24

.

83

7

991293772.UG.FTS.B,

29.49%,

11/23/24

.

304

45

991308017.UG.FTS.B,

29.49%,

11/23/24

.

34

–

991115361.UG.FTS.B,

19.21%,

11/24/24

..

277

280

991111330.UG.FTS.B,

19.8%,

11/24/24

...

364

369

991130672.UG.FTS.B,

19.99%,

11/24/24

.

48

49

991132353.UG.FTS.B,

19.99%,

11/24/24

.

812

116

991134660.UG.FTS.B,

19.99%,

11/24/24

.

54

55

991137740.UG.FTS.B,

19.99%,

11/24/24

.

69

10

991169645.UG.FTS.B,

19.99%,

11/24/24

.

203

209

991241069.UG.FTS.B,

19.99%,

11/24/24

.

326

335

991266535.UG.FTS.B,

19.99%,

11/24/24

.

204

209

991314125.UG.FTS.B,

19.99%,

11/24/24

.

99

–

991323110.UG.FTS.B,

19.99%,

11/24/24

.

288

297

991112640.UG.FTS.B,

21.46%,

11/24/24

..

194

197

991112744.UG.FTS.B,

21.46%,

11/24/24

..

882

890

991179536.UG.FTS.B,

21.46%,

11/24/24

.

57

57

991331734.UG.FTS.B,

21.46%,

11/24/24

.

663

669

991185001.UG.FTS.B,

21.98%,

11/24/24

.

182

183

991110984.UG.FTS.B,

28.98%,

11/24/24

..

159

161

991111495.UG.FTS.B,

28.98%,

11/24/24

..

125

18

991114456.UG.FTS.B,

28.98%,

11/24/24

..

40

41

991115106.UG.FTS.B,

28.98%,

11/24/24

..

51

51

991115731.UG.FTS.B,

28.98%,

11/24/24

..

269

276

991115771.UG.FTS.B,

28.98%,

11/24/24

..

40

41

991116765.UG.FTS.B,

28.98%,

11/24/24

..

74

75

991122909.UG.FTS.B,

28.98%,

11/24/24

.

49

–

991129331.UG.FTS.B,

28.98%,

11/24/24

.

241

248

991129823.UG.FTS.B,

28.98%,

11/24/24

.

14

14

991132332.UG.FTS.B,

28.98%,

11/24/24

.

965

985

991133108.UG.FTS.B,

28.98%,

11/24/24

.

77

78

991136873.UG.FTS.B,

28.98%,

11/24/24

.

38

39

991141492.UG.FTS.B,

28.98%,

11/24/24

.

302

310

991143702.UG.FTS.B,

28.98%,

11/24/24

.

101

103

991146475.UG.FTS.B,

28.98%,

11/24/24

.

176

13

991146950.UG.FTS.B,

28.98%,

11/24/24

.

140

143

991159323.UG.FTS.B,

28.98%,

11/24/24

.

151

155

991162240.UG.FTS.B,

28.98%,

11/24/24

.

61

5

991165417.UG.FTS.B,

28.98%,

11/24/24

.

245

252

991174153.UG.FTS.B,

28.98%,

11/24/24

.

26

26

991180982.UG.FTS.B,

28.98%,

11/24/24

.

1,818

123

991187157.UG.FTS.B,

28.98%,

11/24/24

.

41

–

991193965.UG.FTS.B,

28.98%,

11/24/24

.

70

71

991195043.UG.FTS.B,

28.98%,

11/24/24

.

117

–

991205194.UG.FTS.B,

28.98%,

11/24/24

.

256

263

991211967.UG.FTS.B,

28.98%,

11/24/24

.

535

542

991266274.UG.FTS.B,

28.98%,

11/24/24

.

73

75

991266369.UG.FTS.B,

28.98%,

11/24/24

.

922

940

991270229.UG.FTS.B,

28.98%,

11/24/24

.

72

73

991272606.UG.FTS.B,

28.98%,

11/24/24

.

85

86

991275524.UG.FTS.B,

28.98%,

11/24/24

.

7

7

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)

991280149.UG.FTS.B,

28.98%,

11/24/24

.

$

230

$

235

991281993.UG.FTS.B,

28.98%,

11/24/24

.

114

115

991306063.UG.FTS.B,

28.98%,

11/24/24

.

148

151

991320497.UG.FTS.B,

28.98%,

11/24/24

.

73

75

991321225.UG.FTS.B,

28.98%,

11/24/24

.

183

189

991118786.UG.FTS.B,

29.46%,

11/24/24

..

735

762

991110746.UG.FTS.B,

29.49%,

11/24/24

..

173

–

991113047.UG.FTS.B,

29.49%,

11/24/24

..

114

–

991113830.UG.FTS.B,

29.49%,

11/24/24

..

573

87

991115666.UG.FTS.B,

29.49%,

11/24/24

..

246

249

991117158.UG.FTS.B,

29.49%,

11/24/24

..

149

149

991117180.UG.FTS.B,

29.49%,

11/24/24

..

57

58

991122231.UG.FTS.B,

29.49%,

11/24/24

.

27

27

991122863.UG.FTS.B,

29.49%,

11/24/24

.

407

411

991124601.UG.FTS.B,

29.49%,

11/24/24

.

84

86

991124779.UG.FTS.B,

29.49%,

11/24/24

.

179

182

991124823.UG.FTS.B,

29.49%,

11/24/24

.

47

48

991129314.UG.FTS.B,

29.49%,

11/24/24

.

92

14

991132841.UG.FTS.B,

29.49%,

11/24/24

.

122

125

991133954.UG.FTS.B,

29.49%,

11/24/24

.

115

119

991136216.UG.FTS.B,

29.49%,

11/24/24

.

420

430

991136294.UG.FTS.B,

29.49%,

11/24/24

.

144

148

991136470.UG.FTS.B,

29.49%,

11/24/24

.

85

87

991139572.UG.FTS.B,

29.49%,

11/24/24

.

190

198

991140287.UG.FTS.B,

29.49%,

11/24/24

.

117

120

991141971.UG.FTS.B,

29.49%,

11/24/24

.

778

802

991142998.UG.FTS.B,

29.49%,

11/24/24

.

83

86

991143703.UG.FTS.B,

29.49%,

11/24/24

.

261

263

991155898.UG.FTS.B,

29.49%,

11/24/24

.

66

4

991156213.UG.FTS.B,

29.49%,

11/24/24

.

106

110

991163344.UG.FTS.B,

29.49%,

11/24/24

.

137

141

991164259.UG.FTS.B,

29.49%,

11/24/24

.

70

70

991168963.UG.FTS.B,

29.49%,

11/24/24

.

710

738

991170242.UG.FTS.B,

29.49%,

11/24/24

.

26

27

991176160.UG.FTS.B,

29.49%,

11/24/24

.

187

192

991181375.UG.FTS.B,

29.49%,

11/24/24

.

39

40

991186396.UG.FTS.B,

29.49%,

11/24/24

.

50

52

991187559.UG.FTS.B,

29.49%,

11/24/24

.

69

70

991204547.UG.FTS.B,

29.49%,

11/24/24

.

157

160

991210110.UG.FTS.B,

29.49%,

11/24/24

.

268

41

991214440.UG.FTS.B,

29.49%,

11/24/24

.

480

482

991222437.UG.FTS.B,

29.49%,

11/24/24

.

166

171

991235136.UG.FTS.B,

29.49%,

11/24/24

.

92

95

991236708.UG.FTS.B,

29.49%,

11/24/24

.

98

7

991268450.UG.FTS.B,

29.49%,

11/24/24

.

99

101

991270507.UG.FTS.B,

29.49%,

11/24/24

.

867

886

991277509.UG.FTS.B,

29.49%,

11/24/24

.

1,113

83

991279385.UG.FTS.B,

29.49%,

11/24/24

.

42

43

991281718.UG.FTS.B,

29.49%,

11/24/24

.

88

91

991282728.UG.FTS.B,

29.49%,

11/24/24

.

139

142

991288667.UG.FTS.B,

29.49%,

11/24/24

.

165

15

991323531.UG.FTS.B,

29.49%,

11/24/24

.

472

488

991114903.UG.FTS.B,

16.99%,

11/25/24

..

2,787

2,811

991125659.UG.FTS.B,

16.99%,

11/25/24

.

785

54

991143730.UG.FTS.B,

16.99%,

11/25/24

.

15

15

991117535.UG.FTS.B,

18.97%,

11/25/24

..

85

86

991306855.UG.FTS.B,

18.97%,

11/25/24

.

50

50

991313299.UG.FTS.B,

18.97%,

11/25/24

.

214

218

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991116937.UG.FTS.B,

19.21%,

11/25/24

..

$

117

$

119

991172772.UG.FTS.B,

19.21%,

11/25/24

.

67

68

991135355.UG.FTS.B,

19.8%,

11/25/24

..

219

221

991158798.UG.FTS.B,

19.8%,

11/25/24

..

972

–

991270419.UG.FTS.B,

19.8%,

11/25/24

..

100

103

991122293.UG.FTS.B,

19.99%,

11/25/24

.

169

175

991131747.UG.FTS.B,

19.99%,

11/25/24

.

131

134

991140060.UG.FTS.B,

19.99%,

11/25/24

.

118

120

991163175.UG.FTS.B,

19.99%,

11/25/24

.

186

193

991215203.UG.FTS.B,

19.99%,

11/25/24

.

68

69

991224252.UG.FTS.B,

19.99%,

11/25/24

.

59

60

991236723.UG.FTS.B,

19.99%,

11/25/24

.

52

53

991267063.UG.FTS.B,

19.99%,

11/25/24

.

61

64

991119847.UG.FTS.B,

20.46%,

11/25/24

..

48

49

991182494.UG.FTS.B,

20.46%,

11/25/24

.

442

447

991264715.UG.FTS.B,

20.46%,

11/25/24

.

45

46

991121647.UG.FTS.B,

21.46%,

11/25/24

.

626

639

991142513.UG.FTS.B,

21.46%,

11/25/24

.

250

253

991164983.UG.FTS.B,

21.46%,

11/25/24

.

136

136

991286579.UG.FTS.B,

21.46%,

11/25/24

.

135

20

991255671.UG.FTS.B,

21.98%,

11/25/24

.

41

3

991255163.UG.FTS.B,

22.97%,

11/25/24

.

141

10

991256379.UG.FTS.B,

22.97%,

11/25/24

.

478

33

991261427.UG.FTS.B,

22.97%,

11/25/24

.

40

40

991175860.UG.FTS.B,

23.95%,

11/25/24

.

843

868

991277527.UG.FTS.B,

23.95%,

11/25/24

.

86

88

991189173.UG.FTS.B,

26.94%,

11/25/24

.

206

212

991127467.UG.FTS.B,

27.95%,

11/25/24

.

1,343

202

991136925.UG.FTS.B,

27.95%,

11/25/24

.

19

19

991114837.UG.FTS.B,

28.98%,

11/25/24

..

439

456

991115331.UG.FTS.B,

28.98%,

11/25/24

..

17

17

991117612.UG.FTS.B,

28.98%,

11/25/24

..

14

14

991118441.UG.FTS.B,

28.98%,

11/25/24

..

75

78

991122683.UG.FTS.B,

28.98%,

11/25/24

.

231

240

991124327.UG.FTS.B,

28.98%,

11/25/24

.

165

172

991124698.UG.FTS.B,

28.98%,

11/25/24

.

449

467

991124999.UG.FTS.B,

28.98%,

11/25/24

.

265

276

991125540.UG.FTS.B,

28.98%,

11/25/24

.

84

87

991125717.UG.FTS.B,

28.98%,

11/25/24

.

130

137

991125944.UG.FTS.B,

28.98%,

11/25/24

.

53

55

991126266.UG.FTS.B,

28.98%,

11/25/24

.

880

915

991129030.UG.FTS.B,

28.98%,

11/25/24

.

234

242

991129208.UG.FTS.B,

28.98%,

11/25/24

.

445

456

991133589.UG.FTS.B,

28.98%,

11/25/24

.

67

70

991133888.UG.FTS.B,

28.98%,

11/25/24

.

11

11

991134858.UG.FTS.B,

28.98%,

11/25/24

.

1,024

1,066

991145121.UG.FTS.B,

28.98%,

11/25/24

.

75

11

991145424.UG.FTS.B,

28.98%,

11/25/24

.

240

247

991147130.UG.FTS.B,

28.98%,

11/25/24

.

76

79

991147206.UG.FTS.B,

28.98%,

11/25/24

.

126

131

991149439.UG.FTS.B,

28.98%,

11/25/24

.

331

336

991150565.UG.FTS.B,

28.98%,

11/25/24

.

9

9

991156387.UG.FTS.B,

28.98%,

11/25/24

.

523

535

991161711.UG.FTS.B,

28.98%,

11/25/24

..

272

42

991162242.UG.FTS.B,

28.98%,

11/25/24

.

232

239

991165048.UG.FTS.B,

28.98%,

11/25/24

.

108

112

991171282.UG.FTS.B,

28.98%,

11/25/24

.

147

10

991190392.UG.FTS.B,

28.98%,

11/25/24

.

143

147

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)

991192050.UG.FTS.B,

28.98%,

11/25/24

.

$

134

$

139

991194778.UG.FTS.B,

28.98%,

11/25/24

.

78

82

991217697.UG.FTS.B,

28.98%,

11/25/24

.

363

378

991271427.UG.FTS.B,

28.98%,

11/25/24

.

94

98

991287710.UG.FTS.B,

28.98%,

11/25/24

.

108

111

991298998.UG.FTS.B,

28.98%,

11/25/24

.

184

189

991300522.UG.FTS.B,

28.98%,

11/25/24

.

215

222

991315551.UG.FTS.B,

28.98%,

11/25/24

.

107

109

991321544.UG.FTS.B,

28.98%,

11/25/24

.

401

415

991116837.UG.FTS.B,

29.49%,

11/25/24

..

261

268

991117085.UG.FTS.B,

29.49%,

11/25/24

..

391

399

991117532.UG.FTS.B,

29.49%,

11/25/24

..

123

130

991117679.UG.FTS.B,

29.49%,

11/25/24

..

153

161

991118346.UG.FTS.B,

29.49%,

11/25/24

..

1,175

1,203

991121686.UG.FTS.B,

29.49%,

11/25/24

.

281

289

991122800.UG.FTS.B,

29.49%,

11/25/24

.

709

733

991124925.UG.FTS.B,

29.49%,

11/25/24

.

113

118

991125210.UG.FTS.B,

29.49%,

11/25/24

.

24

25

991125662.UG.FTS.B,

29.49%,

11/25/24

.

185

193

991131758.UG.FTS.B,

29.49%,

11/25/24

.

84

88

991134480.UG.FTS.B,

29.49%,

11/25/24

.

113

118

991136662.UG.FTS.B,

29.49%,

11/25/24

.

135

9

991143939.UG.FTS.B,

29.49%,

11/25/24

.

108

111

991144362.UG.FTS.B,

29.49%,

11/25/24

.

69

70

991158315.UG.FTS.B,

29.49%,

11/25/24

.

112

118

991160063.UG.FTS.B,

29.49%,

11/25/24

.

203

205

991163261.UG.FTS.B,

29.49%,

11/25/24

.

190

199

991164308.UG.FTS.B,

29.49%,

11/25/24

.

66

69

991166873.UG.FTS.B,

29.49%,

11/25/24

.

55

57

991168233.UG.FTS.B,

29.49%,

11/25/24

.

1,150

90

991170025.UG.FTS.B,

29.49%,

11/25/24

.

67

70

991170031.UG.FTS.B,

29.49%,

11/25/24

.

136

137

991173770.UG.FTS.B,

29.49%,

11/25/24

.

48

48

991191585.UG.FTS.B,

29.49%,

11/25/24

.

97

100

991193559.UG.FTS.B,

29.49%,

11/25/24

.

216

218

991194512.UG.FTS.B,

29.49%,

11/25/24

.

101

104

991196806.UG.FTS.B,

29.49%,

11/25/24

.

3,739

5

991196856.UG.FTS.B,

29.49%,

11/25/24

.

242

255

991197724.UG.FTS.B,

29.49%,

11/25/24

.

95

100

991200416.UG.FTS.B,

29.49%,

11/25/24

.

128

134

991200661.UG.FTS.B,

29.49%,

11/25/24

.

373

392

991206631.UG.FTS.B,

29.49%,

11/25/24

.

60

63

991206760.UG.FTS.B,

29.49%,

11/25/24

.

50

52

991226122.UG.FTS.B,

29.49%,

11/25/24

.

78

82

991230132.UG.FTS.B,

29.49%,

11/25/24

.

502

521

991233017.UG.FTS.B,

29.49%,

11/25/24

.

111

116

991244179.UG.FTS.B,

29.49%,

11/25/24

.

1

1

991245747.UG.FTS.B,

29.49%,

11/25/24

.

306

319

991252608.UG.FTS.B,

29.49%,

11/25/24

.

77

78

991261151.UG.FTS.B,

29.49%,

11/25/24

.

417

–

991263083.UG.FTS.B,

29.49%,

11/25/24

.

51

54

991283279.UG.FTS.B,

29.49%,

11/25/24

.

155

161

991288985.UG.FTS.B,

29.49%,

11/25/24

.

36

38

991301708.UG.FTS.B,

29.49%,

11/25/24

.

668

46

991321816.UG.FTS.B,

29.49%,

11/25/24

.

276

286

991321882.UG.FTS.B,

29.49%,

11/25/24

.

270

279

991322358.UG.FTS.B,

29.49%,

11/25/24

.

8

8

991238481.UG.FTS.B,

15%,

11/26/24

....

57

57

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991151613.UG.FTS.B,

15.97%,

11/26/24

.

$

103

$

103

991124907.UG.FTS.B,

16.99%,

11/26/24

.

808

812

991207377.UG.FTS.B,

16.99%,

11/26/24

.

307

309

991221696.UG.FTS.B,

16.99%,

11/26/24

.

233

233

991132812.UG.FTS.B,

18.97%,

11/26/24

.

816

825

991123371.UG.FTS.B,

19.21%,

11/26/24

.

56

56

991170972.UG.FTS.B,

19.21%,

11/26/24

.

26

26

991190181.UG.FTS.B,

19.8%,

11/26/24

..

93

95

991208065.UG.FTS.B,

19.8%,

11/26/24

..

354

24

991232410.UG.FTS.B,

19.8%,

11/26/24

..

594

601

991270877.UG.FTS.B,

19.8%,

11/26/24

..

198

200

991296143.UG.FTS.B,

19.8%,

11/26/24

..

239

16

991130530.UG.FTS.B,

19.99%,

11/26/24

.

6

6

991146497.UG.FTS.B,

19.99%,

11/26/24

.

12

12

991135690.UG.FTS.B,

20.46%,

11/26/24

.

89

89

991165225.UG.FTS.B,

20.46%,

11/26/24

.

88

89

991142576.UG.FTS.B,

20.97%,

11/26/24

.

228

16

991197495.UG.FTS.B,

20.97%,

11/26/24

.

5

5

991254536.UG.FTS.B,

20.97%,

11/26/24

.

246

250

991147177.UG.FTS.B,

21.46%,

11/26/24

.

31

32

991147747.UG.FTS.B,

21.46%,

11/26/24

.

305

308

991165687.UG.FTS.B,

21.46%,

11/26/24

.

468

472

991202672.UG.FTS.B,

21.46%,

11/26/24

.

37

38

991205269.UG.FTS.B,

21.46%,

11/26/24

.

94

94

991217520.UG.FTS.B,

21.46%,

11/26/24

.

411

417

991134541.UG.FTS.B,

21.98%,

11/26/24

.

893

905

991183089.UG.FTS.B,

21.98%,

11/26/24

.

59

59

991199081.UG.FTS.B,

22.97%,

11/26/24

.

10

10

991314717.UG.FTS.B,

22.97%,

11/26/24

.

89

90

991133863.UG.FTS.B,

23.95%,

11/26/24

.

1,223

1,237

991172299.UG.FTS.B,

26.94%,

11/26/24

.

187

191

991147362.UG.FTS.B,

28.98%,

11/26/24

.

78

80

991157120.UG.FTS.B,

29.49%,

11/26/24

.

75

6

991179397.UG.FTS.B,

29.49%,

11/26/24

.

5

5

991194474.UG.FTS.B,

14.98%,

11/27/24

.

347

350

991197902.UG.FTS.B,

15.97%,

11/27/24

.

2,803

2,828

991269633.UG.FTS.B,

15.97%,

11/27/24

.

1,773

1,780

991213989.UG.FTS.B,

16.99%,

11/27/24

.

319

321

991346650.UG.FTS.B,

16.99%,

11/27/24

.

1,645

1,655

991135757.UG.FTS.B,

17.99%,

11/27/24

.

910

916

991164583.UG.FTS.B,

17.99%,

11/27/24

.

111

112

991165876.UG.FTS.B,

17.99%,

11/27/24

.

721

722

991167230.UG.FTS.B,

17.99%,

11/27/24

.

546

549

991229636.UG.FTS.B,

17.99%,

11/27/24

.

77

77

991302342.UG.FTS.B,

17.99%,

11/27/24

.

57

57

991187964.UG.FTS.B,

18.97%,

11/27/24

.

1

1

991330539.UG.FTS.B,

18.97%,

11/27/24

.

86

87

991133969.UG.FTS.B,

19.21%,

11/27/24

.

703

710

991140136.UG.FTS.B,

19.21%,

11/27/24

.

249

251

991154356.UG.FTS.B,

19.21%,

11/27/24

.

135

136

991227450.UG.FTS.B,

19.21%,

11/27/24

.

101

102

991221997.UG.FTS.B,

19.8%,

11/27/24

..

238

241

991223353.UG.FTS.B,

19.8%,

11/27/24

..

144

145

991133653.UG.FTS.B,

19.99%,

11/27/24

.

411

419

991137535.UG.FTS.B,

19.99%,

11/27/24

.

462

475

991279516.UG.FTS.B,

20.46%,

11/27/24

.

282

284

991185213.UG.FTS.B,

20.97%,

11/27/24

.

21

21

991137442.UG.FTS.B,

21.46%,

11/27/24

.

200

203

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)

991142775.UG.FTS.B,

21.46%,

11/27/24

.

$

340

$

27

991139768.UG.FTS.B,

22.97%,

11/27/24

.

1,178

177

991151923.UG.FTS.B,

22.97%,

11/27/24

.

219

222

991157209.UG.FTS.B,

22.97%,

11/27/24

.

276

42

991342840.UG.FTS.B,

23.95%,

11/27/24

.

195

197

991145320.UG.FTS.B,

25.94%,

11/27/24

.

102

104

991133623.UG.FTS.B,

28.98%,

11/27/24

.

240

244

991136113.UG.FTS.B,

28.98%,

11/27/24

..

345

348

991141680.UG.FTS.B,

28.98%,

11/27/24

.

519

524

991145237.UG.FTS.B,

28.98%,

11/27/24

.

96

98

991146536.UG.FTS.B,

28.98%,

11/27/24

.

715

729

991154494.UG.FTS.B,

28.98%,

11/27/24

.

104

107

991155413.UG.FTS.B,

28.98%,

11/27/24

.

96

96

991157851.UG.FTS.B,

28.98%,

11/27/24

.

116

119

991136166.UG.FTS.B,

29.49%,

11/27/24

.

396

403

991138272.UG.FTS.B,

29.49%,

11/27/24

.

562

38

991138662.UG.FTS.B,

29.49%,

11/27/24

.

14

14

991139221.UG.FTS.B,

29.49%,

11/27/24

.

815

836

991140086.UG.FTS.B,

29.49%,

11/27/24

.

212

219

991141537.UG.FTS.B,

29.49%,

11/27/24

.

277

284

991141591.UG.FTS.B,

29.49%,

11/27/24

.

2,039

2,109

991142241.UG.FTS.B,

29.49%,

11/27/24

.

114

115

991147761.UG.FTS.B,

29.49%,

11/27/24

.

62

65

991149782.UG.FTS.B,

29.49%,

11/27/24

.

193

196

991154506.UG.FTS.B,

29.49%,

11/27/24

.

34

35

991148717.UG.FTS.B,

14.98%,

11/28/24

.

43

43

991195096.UG.FTS.B,

15.97%,

11/28/24

.

89

90

991144663.UG.FTS.B,

16.99%,

11/28/24

.

146

148

991149169.UG.FTS.B,

16.99%,

11/28/24

.

329

332

991213840.UG.FTS.B,

16.99%,

11/28/24

.

76

14

991345796.UG.FTS.B,

16.99%,

11/28/24

.

487

490

991146518.UG.FTS.B,

17.99%,

11/28/24

.

34

34

991193408.UG.FTS.B,

17.99%,

11/28/24

.

125

17

991217642.UG.FTS.B,

17.99%,

11/28/24

.

153

154

991195592.UG.FTS.B,

18.97%,

11/28/24

.

109

15

991196672.UG.FTS.B,

18.97%,

11/28/24

.

524

529

991217180.UG.FTS.B,

18.97%,

11/28/24

.

347

348

991254497.UG.FTS.B,

18.97%,

11/28/24

.

176

178

991331498.UG.FTS.B,

18.97%,

11/28/24

.

327

329

991188168.UG.FTS.B,

19.21%,

11/28/24

.

119

120

991198356.UG.FTS.B,

19.21%,

11/28/24

.

219

222

991201541.UG.FTS.B,

19.21%,

11/28/24

.

960

970

991274860.UG.FTS.B,

19.21%,

11/28/24

.

166

166

991293437.UG.FTS.B,

19.21%,

11/28/24

.

119

120

991151832.UG.FTS.B,

19.8%,

11/28/24

..

152

154

991222744.UG.FTS.B,

19.8%,

11/28/24

..

82

83

991252549.UG.FTS.B,

19.8%,

11/28/24

..

464

470

991258450.UG.FTS.B,

19.8%,

11/28/24

..

131

130

991355941.UG.FTS.B,

19.8%,

11/28/24

..

530

534

991145907.UG.FTS.B,

19.99%,

11/28/24

.

319

327

991159150.UG.FTS.B,

19.99%,

11/28/24

.

42

43

991150540.UG.FTS.B,

20.46%,

11/28/24

.

29

29

991146514.UG.FTS.B,

20.97%,

11/28/24

.

50

50

991169829.UG.FTS.B,

20.97%,

11/28/24

.

–

–

991190759.UG.FTS.B,

20.97%,

11/28/24

.

154

156

991153356.UG.FTS.B,

21.97%,

11/28/24

.

140

142

991143292.UG.FTS.B,

21.98%,

11/28/24

.

219

217

991182716.UG.FTS.B,

21.98%,

11/28/24

.

151

152

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991251155.UG.FTS.B,

21.98%,

11/28/24

.

$

506

$

512

991270842.UG.FTS.B,

22.97%,

11/28/24

.

169

171

991322514.UG.FTS.B,

22.97%,

11/28/24

.

736

744

991216089.UG.FTS.B,

26.94%,

11/28/24

.

114

114

991146472.UG.FTS.B,

27.99%,

11/28/24

.

373

385

991142817.UG.FTS.B,

28.98%,

11/28/24

.

4

4

991142924.UG.FTS.B,

28.98%,

11/28/24

.

65

66

991151631.UG.FTS.B,

28.98%,

11/28/24

.

46

47

991158343.UG.FTS.B,

28.98%,

11/28/24

.

713

729

991158370.UG.FTS.B,

28.98%,

11/28/24

.

111

112

991163899.UG.FTS.B,

28.98%,

11/28/24

.

38

38

991204352.UG.FTS.B,

28.98%,

11/28/24

.

7

7

991220671.UG.FTS.B,

28.98%,

11/28/24

.

237

242

991143196.UG.FTS.B,

29.49%,

11/28/24

.

139

144

991143321.UG.FTS.B,

29.49%,

11/28/24

.

122

125

991144250.UG.FTS.B,

29.49%,

11/28/24

.

103

108

991146041.UG.FTS.B,

29.49%,

11/28/24

.

182

188

991146864.UG.FTS.B,

29.49%,

11/28/24

.

62

64

991146991.UG.FTS.B,

29.49%,

11/28/24

.

32

33

991151597.UG.FTS.B,

29.49%,

11/28/24

.

109

109

991152923.UG.FTS.B,

29.49%,

11/28/24

.

264

271

991153896.UG.FTS.B,

29.49%,

11/28/24

.

106

7

991154246.UG.FTS.B,

29.49%,

11/28/24

.

17

17

991159070.UG.FTS.B,

29.49%,

11/28/24

.

107

110

991179981.UG.FTS.B,

29.49%,

11/28/24

.

18

18

991230823.UG.FTS.B,

29.49%,

11/28/24

.

13

13

991250338.UG.FTS.B,

29.49%,

11/28/24

.

762

51

991182908.UG.FTS.B,

15.97%,

11/29/24

.

152

153

991201692.UG.FTS.B,

16.99%,

11/29/24

.

52

52

991217625.UG.FTS.B,

16.99%,

11/29/24

.

497

502

991154797.UG.FTS.B,

17.99%,

11/29/24

.

301

304

991246744.UG.FTS.B,

17.99%,

11/29/24

.

334

338

991217075.UG.FTS.B,

18.8%,

11/29/24

..

308

308

991196288.UG.FTS.B,

18.97%,

11/29/24

.

5

5

991258245.UG.FTS.B,

18.97%,

11/29/24

.

72

72

991159773.UG.FTS.B,

19.21%,

11/29/24

.

367

372

991177776.UG.FTS.B,

19.21%,

11/29/24

.

536

541

991190438.UG.FTS.B,

19.21%,

11/29/24

.

827

835

991207694.UG.FTS.B,

19.21%,

11/29/24

.

699

702

991289288.UG.FTS.B,

19.21%,

11/29/24

.

122

123

991217431.UG.FTS.B,

19.8%,

11/29/24

..

68

69

991266355.UG.FTS.B,

19.8%,

11/29/24

..

150

151

991155273.UG.FTS.B,

19.99%,

11/29/24

.

126

128

991161380.UG.FTS.B,

19.99%,

11/29/24

.

2,320

2,348

991179894.UG.FTS.B,

19.99%,

11/29/24

.

200

206

991185891.UG.FTS.B,

19.99%,

11/29/24

.

790

812

991235853.UG.FTS.B,

19.99%,

11/29/24

.

48

4

991178388.UG.FTS.B,

20.46%,

11/29/24

.

91

92

991150621.UG.FTS.B,

20.97%,

11/29/24

.

85

86

991163927.UG.FTS.B,

20.97%,

11/29/24

.

457

461

991187935.UG.FTS.B,

20.97%,

11/29/24

.

44

45

991199463.UG.FTS.B,

20.97%,

11/29/24

.

17

17

991231794.UG.FTS.B,

20.97%,

11/29/24

.

1,034

1,045

991276814.UG.FTS.B,

21.46%,

11/29/24

.

13

13

991210617.UG.FTS.B,

21.98%,

11/29/24

.

22

22

991211732.UG.FTS.B,

21.98%,

11/29/24

.

11

11

991230066.UG.FTS.B,

21.98%,

11/29/24

.

66

67

991151698.UG.FTS.B,

22.97%,

11/29/24

.

467

475

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

234

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991178511.UG.FTS.B,

22.97%,

11/29/24

..

$

137

$

20

991270857.UG.FTS.B,

25.95%,

11/29/24

.

264

20

991149684.UG.FTS.B,

28.98%,

11/29/24

.

59

61

991149945.UG.FTS.B,

28.98%,

11/29/24

.

536

552

991151094.UG.FTS.B,

28.98%,

11/29/24

.

196

13

991151364.UG.FTS.B,

28.98%,

11/29/24

.

188

193

991151477.UG.FTS.B,

28.98%,

11/29/24

.

138

141

991152201.UG.FTS.B,

28.98%,

11/29/24

.

287

290

991155365.UG.FTS.B,

28.98%,

11/29/24

.

100

7

991157592.UG.FTS.B,

28.98%,

11/29/24

.

89

91

991157704.UG.FTS.B,

28.98%,

11/29/24

.

316

324

991157882.UG.FTS.B,

28.98%,

11/29/24

.

36

37

991158118.UG.FTS.B,

28.98%,

11/29/24

..

84

86

991158495.UG.FTS.B,

28.98%,

11/29/24

.

172

12

991158651.UG.FTS.B,

28.98%,

11/29/24

.

49

3

991162272.UG.FTS.B,

28.98%,

11/29/24

.

346

354

991165881.UG.FTS.B,

28.98%,

11/29/24

.

92

94

991202283.UG.FTS.B,

28.98%,

11/29/24

.

150

154

991203049.UG.FTS.B,

28.98%,

11/29/24

.

415

425

991241558.UG.FTS.B,

28.98%,

11/29/24

.

162

166

991249093.UG.FTS.B,

28.98%,

11/29/24

.

820

–

991250633.UG.FTS.B,

28.98%,

11/29/24

.

10

10

991352702.UG.FTS.B,

28.98%,

11/29/24

.

24

24

991367704.UG.FTS.B,

28.98%,

11/29/24

.

193

196

991155116.UG.FTS.B,

29.46%,

11/29/24

..

1,479

–

991149634.UG.FTS.B,

29.49%,

11/29/24

.

126

9

991150696.UG.FTS.B,

29.49%,

11/29/24

.

51

52

991151085.UG.FTS.B,

29.49%,

11/29/24

.

297

306

991151981.UG.FTS.B,

29.49%,

11/29/24

.

89

90

991153994.UG.FTS.B,

29.49%,

11/29/24

.

420

432

991158334.UG.FTS.B,

29.49%,

11/29/24

.

272

280

991159782.UG.FTS.B,

29.49%,

11/29/24

.

63

64

991164378.UG.FTS.B,

29.49%,

11/29/24

.

151

156

991171550.UG.FTS.B,

29.49%,

11/29/24

.

330

335

991171572.UG.FTS.B,

29.49%,

11/29/24

.

38

38

991178434.UG.FTS.B,

29.49%,

11/29/24

.

35

36

991178591.UG.FTS.B,

29.49%,

11/29/24

.

92

92

991241808.UG.FTS.B,

29.49%,

11/29/24

.

297

20

991350865.UG.FTS.B,

29.49%,

11/29/24

.

26

26

991352691.UG.FTS.B,

29.49%,

11/29/24

.

57

59

991167597.UG.FTS.B,

19.21%,

11/30/24

.

80

81

991377384.UG.FTS.B,

19.21%,

11/30/24

.

94

96

991157062.UG.FTS.B,

19.99%,

11/30/24

.

437

448

991158131.UG.FTS.B,

19.99%,

11/30/24

.

263

268

991162077.UG.FTS.B,

19.99%,

11/30/24

.

207

213

991198832.UG.FTS.B,

19.99%,

11/30/24

.

70

71

991210693.UG.FTS.B,

19.99%,

11/30/24

.

174

179

991220098.UG.FTS.B,

19.99%,

11/30/24

.

51

51

991222899.UG.FTS.B,

19.99%,

11/30/24

.

38

39

991238133.UG.FTS.B,

19.99%,

11/30/24

.

63

62

991239767.UG.FTS.B,

19.99%,

11/30/24

.

156

159

991157471.UG.FTS.B,

20.97%,

11/30/24

.

369

374

991266991.UG.FTS.B,

20.97%,

11/30/24

.

561

563

991273272.UG.FTS.B,

20.97%,

11/30/24

.

434

433

991178246.UG.FTS.B,

21.46%,

11/30/24

.

1,709

1,715

991222901.UG.FTS.B,

21.46%,

11/30/24

.

362

–

991227321.UG.FTS.B,

21.98%,

11/30/24

.

14

14

991179425.UG.FTS.B,

26.94%,

11/30/24

.

425

430

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991310873.UG.FTS.B,

27.99%,

11/30/24

.

$

128

$

131

991156770.UG.FTS.B,

28.98%,

11/30/24

.

115

119

991159902.UG.FTS.B,

28.98%,

11/30/24

.

138

142

991161179.UG.FTS.B,

28.98%,

11/30/24

..

421

421

991161240.UG.FTS.B,

28.98%,

11/30/24

.

530

537

991162342.UG.FTS.B,

28.98%,

11/30/24

.

341

351

991164810.UG.FTS.B,

28.98%,

11/30/24

.

34

34

991165694.UG.FTS.B,

28.98%,

11/30/24

.

338

348

991170960.UG.FTS.B,

28.98%,

11/30/24

.

77

77

991174311.UG.FTS.B,

28.98%,

11/30/24

..

122

125

991174605.UG.FTS.B,

28.98%,

11/30/24

.

543

559

991180572.UG.FTS.B,

28.98%,

11/30/24

.

148

152

991181728.UG.FTS.B,

28.98%,

11/30/24

.

124

126

991184808.UG.FTS.B,

28.98%,

11/30/24

.

140

144

991186519.UG.FTS.B,

28.98%,

11/30/24

.

103

106

991190495.UG.FTS.B,

28.98%,

11/30/24

.

222

224

991194174.UG.FTS.B,

28.98%,

11/30/24

.

132

135

991226444.UG.FTS.B,

28.98%,

11/30/24

.

61

62

991247306.UG.FTS.B,

28.98%,

11/30/24

.

1,806

1,808

991253813.UG.FTS.B,

28.98%,

11/30/24

.

33

34

991255130.UG.FTS.B,

28.98%,

11/30/24

.

210

213

991260489.UG.FTS.B,

28.98%,

11/30/24

.

11

11

991263077.UG.FTS.B,

28.98%,

11/30/24

.

198

203

991301389.UG.FTS.B,

28.98%,

11/30/24

.

175

179

991311760.UG.FTS.B,

28.98%,

11/30/24

.

549

37

991312114.UG.FTS.B,

28.98%,

11/30/24

.

222

227

991325045.UG.FTS.B,

28.98%,

11/30/24

.

57

58

991353871.UG.FTS.B,

28.98%,

11/30/24

.

51

53

991354445.UG.FTS.B,

28.98%,

11/30/24

.

98

99

991372018.UG.FTS.B,

28.98%,

11/30/24

.

120

125

991378438.UG.FTS.B,

28.98%,

11/30/24

.

103

106

991283230.UG.FTS.B,

29.48%,

11/30/24

.

104

105

991156148.UG.FTS.B,

29.49%,

11/30/24

.

340

51

991156343.UG.FTS.B,

29.49%,

11/30/24

.

253

256

991156625.UG.FTS.B,

29.49%,

11/30/24

.

230

238

991156672.UG.FTS.B,

29.49%,

11/30/24

.

228

4

991158386.UG.FTS.B,

29.49%,

11/30/24

.

399

405

991158421.UG.FTS.B,

29.49%,

11/30/24

.

418

28

991158842.UG.FTS.B,

29.49%,

11/30/24

.

171

14

991158862.UG.FTS.B,

29.49%,

11/30/24

.

201

14

991159301.UG.FTS.B,

29.49%,

11/30/24

.

53

55

991160218.UG.FTS.B,

29.49%,

11/30/24

.

17

17

991161270.UG.FTS.B,

29.49%,

11/30/24

.

126

126

991169195.UG.FTS.B,

29.49%,

11/30/24

.

446

461

991170244.UG.FTS.B,

29.49%,

11/30/24

.

35

35

991172465.UG.FTS.B,

29.49%,

11/30/24

.

78

78

991173687.UG.FTS.B,

29.49%,

11/30/24

.

4

4

991182361.UG.FTS.B,

29.49%,

11/30/24

.

69

71

991183630.UG.FTS.B,

29.49%,

11/30/24

.

412

423

991184149.UG.FTS.B,

29.49%,

11/30/24

.

261

266

991185246.UG.FTS.B,

29.49%,

11/30/24

.

201

207

991186053.UG.FTS.B,

29.49%,

11/30/24

.

54

8

991192752.UG.FTS.B,

29.49%,

11/30/24

.

92

95

991193473.UG.FTS.B,

29.49%,

11/30/24

.

85

88

991194009.UG.FTS.B,

29.49%,

11/30/24

.

49

50

991195243.UG.FTS.B,

29.49%,

11/30/24

.

1,883

1,943

991201454.UG.FTS.B,

29.49%,

11/30/24

.

101

104

991205442.UG.FTS.B,

29.49%,

11/30/24

.

626

631

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

235

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991206111.UG.FTS.B,

29.49%,

11/30/24

..

$

69

$

69

991215049.UG.FTS.B,

29.49%,

11/30/24

.

70

71

991218514.UG.FTS.B,

29.49%,

11/30/24

.

21

4

991219200.UG.FTS.B,

29.49%,

11/30/24

.

58

60

991220330.UG.FTS.B,

29.49%,

11/30/24

.

106

107

991221281.UG.FTS.B,

29.49%,

11/30/24

.

45

46

991237242.UG.FTS.B,

29.49%,

11/30/24

.

56

57

991252166.UG.FTS.B,

29.49%,

11/30/24

.

109

–

991262641.UG.FTS.B,

29.49%,

11/30/24

.

239

245

991273969.UG.FTS.B,

29.49%,

11/30/24

.

228

234

991282168.UG.FTS.B,

29.49%,

11/30/24

.

88

6

991295815.UG.FTS.B,

29.49%,

11/30/24

.

125

19

991295869.UG.FTS.B,

29.49%,

11/30/24

.

918

939

991302156.UG.FTS.B,

29.49%,

11/30/24

.

137

142

991319229.UG.FTS.B,

29.49%,

11/30/24

.

648

666

991321305.UG.FTS.B,

29.49%,

11/30/24

.

63

63

991323937.UG.FTS.B,

29.49%,

11/30/24

.

67

69

991354554.UG.FTS.B,

29.49%,

11/30/24

.

63

64

991360797.UG.FTS.B,

29.49%,

11/30/24

.

69

70

991368424.UG.FTS.B,

29.49%,

11/30/24

.

109

112

991169328.UG.FTS.B,

19.21%,

12/01/24

.

642

649

991194398.UG.FTS.B,

19.99%,

12/01/24

.

46

46

991239748.UG.FTS.B,

19.99%,

12/01/24

.

847

867

991262568.UG.FTS.B,

19.99%,

12/01/24

.

46

47

991324541.UG.FTS.B,

19.99%,

12/01/24

.

118

121

991334704.UG.FTS.B,

19.99%,

12/01/24

.

41

42

991359215.UG.FTS.B,

19.99%,

12/01/24

.

59

60

991231427.UG.FTS.B,

20.46%,

12/01/24

.

217

220

991225649.UG.FTS.B,

20.97%,

12/01/24

.

3,212

3,257

991167443.UG.FTS.B,

21.46%,

12/01/24

.

1,053

1,060

991167927.UG.FTS.B,

21.46%,

12/01/24

.

186

188

991165518.UG.FTS.B,

23.95%,

12/01/24

.

135

135

991164092.UG.FTS.B,

25.95%,

12/01/24

.

171

28

991164749.UG.FTS.B,

27.99%,

12/01/24

.

177

182

991162320.UG.FTS.B,

28.98%,

12/01/24

.

90

92

991162330.UG.FTS.B,

28.98%,

12/01/24

.

63

63

991165954.UG.FTS.B,

28.98%,

12/01/24

.

73

75

991170068.UG.FTS.B,

28.98%,

12/01/24

.

1,194

1,220

991174550.UG.FTS.B,

28.98%,

12/01/24

.

86

88

991176007.UG.FTS.B,

28.98%,

12/01/24

.

65

66

991181086.UG.FTS.B,

28.98%,

12/01/24

.

57

59

991182500.UG.FTS.B,

28.98%,

12/01/24

.

583

598

991189706.UG.FTS.B,

28.98%,

12/01/24

.

141

145

991190745.UG.FTS.B,

28.98%,

12/01/24

.

50

51

991196333.UG.FTS.B,

28.98%,

12/01/24

.

102

105

991200338.UG.FTS.B,

28.98%,

12/01/24

.

138

141

991203281.UG.FTS.B,

28.98%,

12/01/24

.

224

225

991213420.UG.FTS.B,

28.98%,

12/01/24

.

316

323

991217237.UG.FTS.B,

28.98%,

12/01/24

.

61

63

991219825.UG.FTS.B,

28.98%,

12/01/24

.

17

17

991226847.UG.FTS.B,

28.98%,

12/01/24

.

368

375

991228529.UG.FTS.B,

28.98%,

12/01/24

.

167

171

991230587.UG.FTS.B,

28.98%,

12/01/24

.

142

21

991231739.UG.FTS.B,

28.98%,

12/01/24

.

114

117

991251429.UG.FTS.B,

28.98%,

12/01/24

.

142

146

991267046.UG.FTS.B,

28.98%,

12/01/24

.

76

11

991267527.UG.FTS.B,

28.98%,

12/01/24

.

366

376

991305273.UG.FTS.B,

28.98%,

12/01/24

.

133

137

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991322131.UG.FTS.B,

28.98%,

12/01/24

.

$

66

$

–

991323706.UG.FTS.B,

28.98%,

12/01/24

.

305

312

991325531.UG.FTS.B,

28.98%,

12/01/24

.

473

483

991328743.UG.FTS.B,

28.98%,

12/01/24

.

548

560

991352854.UG.FTS.B,

28.98%,

12/01/24

.

26

26

991358666.UG.FTS.B,

28.98%,

12/01/24

.

367

374

991372098.UG.FTS.B,

28.98%,

12/01/24

.

25

26

991378052.UG.FTS.B,

28.98%,

12/01/24

.

58

60

991161940.UG.FTS.B,

29.46%,

12/01/24

.

234

239

991163350.UG.FTS.B,

29.49%,

12/01/24

.

185

192

991165411.UG.FTS.B,

29.49%,

12/01/24

.

154

159

991166278.UG.FTS.B,

29.49%,

12/01/24

.

47

48

991166742.UG.FTS.B,

29.49%,

12/01/24

.

78

79

991168466.UG.FTS.B,

29.49%,

12/01/24

.

247

252

991170942.UG.FTS.B,

29.49%,

12/01/24

.

178

180

991171218.UG.FTS.B,

29.49%,

12/01/24

.

672

693

991171281.UG.FTS.B,

29.49%,

12/01/24

.

10

10

991172237.UG.FTS.B,

29.49%,

12/01/24

.

23

23

991174137.UG.FTS.B,

29.49%,

12/01/24

.

169

175

991174516.UG.FTS.B,

29.49%,

12/01/24

.

246

255

991177853.UG.FTS.B,

29.49%,

12/01/24

.

478

493

991178641.UG.FTS.B,

29.49%,

12/01/24

.

35

36

991180960.UG.FTS.B,

29.49%,

12/01/24

.

155

160

991186231.UG.FTS.B,

29.49%,

12/01/24

.

93

96

991187762.UG.FTS.B,

29.49%,

12/01/24

.

47

48

991195836.UG.FTS.B,

29.49%,

12/01/24

.

55

56

991196169.UG.FTS.B,

29.49%,

12/01/24

.

86

88

991232611.UG.FTS.B,

29.49%,

12/01/24

.

4

4

991233016.UG.FTS.B,

29.49%,

12/01/24

.

26

26

991241447.UG.FTS.B,

29.49%,

12/01/24

.

110

114

991246447.UG.FTS.B,

29.49%,

12/01/24

.

228

234

991247481.UG.FTS.B,

29.49%,

12/01/24

.

310

317

991252877.UG.FTS.B,

29.49%,

12/01/24

.

10

10

991253430.UG.FTS.B,

29.49%,

12/01/24

.

42

43

991256494.UG.FTS.B,

29.49%,

12/01/24

.

471

483

991267008.UG.FTS.B,

29.49%,

12/01/24

.

214

15

991279786.UG.FTS.B,

29.49%,

12/01/24

.

26

27

991283740.UG.FTS.B,

29.49%,

12/01/24

.

48

49

991290418.UG.FTS.B,

29.49%,

12/01/24

.

125

129

991290834.UG.FTS.B,

29.49%,

12/01/24

.

86

87

991320615.UG.FTS.B,

29.49%,

12/01/24

.

9

9

991323578.UG.FTS.B,

29.49%,

12/01/24

.

185

189

991345338.UG.FTS.B,

29.49%,

12/01/24

.

22

22

991383117.UG.FTS.B,

29.49%,

12/01/24

.

167

174

991383396.UG.FTS.B,

29.49%,

12/01/24

.

73

76

991364689.UG.FTS.B,

19.99%,

12/02/24

.

61

64

991330023.UG.FTS.B,

28.98%,

12/02/24

.

74

77

991338460.UG.FTS.B,

28.98%,

12/02/24

.

13

13

991347910.UG.FTS.B,

28.98%,

12/02/24

.

100

104

991356309.UG.FTS.B,

28.98%,

12/02/24

.

63

64

991364192.UG.FTS.B,

28.98%,

12/02/24

.

73

76

991340524.UG.FTS.B,

29.49%,

12/02/24

.

134

–

991348609.UG.FTS.B,

29.49%,

12/02/24

.

43

45

991348696.UG.FTS.B,

29.49%,

12/02/24

.

51

53

991353863.UG.FTS.B,

29.49%,

12/02/24

.

50

52

991354003.UG.FTS.B,

29.49%,

12/02/24

.

47

49

991361643.UG.FTS.B,

29.49%,

12/02/24

.

21

21

991370712.UG.FTS.B,

29.49%,

12/02/24

.

67

70

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

236

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991373345.UG.FTS.B,

29.49%,

12/02/24

.

$

59

$

61

991187412.UG.FTS.B,

19.99%,

12/05/24

.

203

207

991195736.UG.FTS.B,

27.99%,

12/05/24

.

102

104

991190483.UG.FTS.B,

29.49%,

12/05/24

.

61

62

991200707.UG.FTS.B,

29.49%,

12/05/24

.

68

68

991249125.UG.FTS.B,

29.49%,

12/05/24

.

15

15

991357406.UG.FTS.B,

29.49%,

12/05/24

.

10

2

991191497.UG.FTS.B,

14.98%,

12/06/24

.

183

186

991214247.UG.FTS.B,

15.97%,

12/06/24

.

68

69

991191303.UG.FTS.B,

16.99%,

12/06/24

.

1,103

1,122

991200958.UG.FTS.B,

20.46%,

12/06/24

.

163

164

991419325.UG.FTS.B,

27.99%,

12/06/24

.

129

132

991201139.UG.FTS.B,

28.98%,

12/06/24

.

128

130

991202979.UG.FTS.B,

28.98%,

12/06/24

.

104

105

991317869.UG.FTS.B,

28.98%,

12/06/24

.

3

3

991378952.UG.FTS.B,

28.98%,

12/06/24

.

92

95

991201759.UG.FTS.B,

29.46%,

12/06/24

.

319

323

991190969.UG.FTS.B,

29.49%,

12/06/24

.

70

70

991223558.UG.FTS.B,

29.49%,

12/06/24

.

54

56

991350590.UG.FTS.B,

29.49%,

12/06/24

.

21

21

991409885.UG.FTS.B,

29.49%,

12/06/24

.

89

6

991204789.UG.FTS.B,

15.97%,

12/07/24

.

417

419

991410854.UG.FTS.B,

15.97%,

12/07/24

.

413

413

991199058.UG.FTS.B,

16.99%,

12/07/24

.

65

66

991205035.UG.FTS.B,

16.99%,

12/07/24

.

1,012

1,030

991202225.UG.FTS.B,

19.8%,

12/07/24

..

291

292

991202795.UG.FTS.B,

19.8%,

12/07/24

..

545

547

991199481.UG.FTS.B,

19.99%,

12/07/24

.

11

11

991313472.UG.FTS.B,

19.99%,

12/07/24

.

213

217

991284608.UG.FTS.B,

21.98%,

12/07/24

.

261

132

991203276.UG.FTS.B,

28.98%,

12/07/24

.

63

63

991218043.UG.FTS.B,

28.98%,

12/07/24

.

992

1,026

991221020.UG.FTS.B,

28.98%,

12/07/24

.

67

69

991433855.UG.FTS.B,

28.98%,

12/07/24

.

119

120

991204182.UG.FTS.B,

29.49%,

12/07/24

.

726

751

991206725.UG.FTS.B,

29.49%,

12/07/24

.

313

320

991403269.UG.FTS.B,

29.49%,

12/07/24

.

347

24

991405592.UG.FTS.B,

29.49%,

12/07/24

.

103

104

991217779.UG.FTS.B,

14.97%,

12/08/24

.

2,855

2,906

991233663.UG.FTS.B,

14.98%,

12/08/24

.

117

120

991345394.UG.FTS.B,

14.98%,

12/08/24

.

275

279

991238380.UG.FTS.B,

15.97%,

12/08/24

.

172

175

991340673.UG.FTS.B,

15.97%,

12/08/24

.

358

364

991205558.UG.FTS.B,

16.99%,

12/08/24

.

210

214

991206337.UG.FTS.B,

16.99%,

12/08/24

.

271

80

991206750.UG.FTS.B,

16.99%,

12/08/24

.

292

292

991206979.UG.FTS.B,

16.99%,

12/08/24

.

2,596

343

991218331.UG.FTS.B,

16.99%,

12/08/24

.

1,088

1,108

991287220.UG.FTS.B,

16.99%,

12/08/24

.

162

165

991212387.UG.FTS.B,

17.97%,

12/08/24

.

3,346

3,409

991233872.UG.FTS.B,

17.99%,

12/08/24

.

109

111

991360888.UG.FTS.B,

17.99%,

12/08/24

.

157

159

991362465.UG.FTS.B,

17.99%,

12/08/24

.

793

796

991386259.UG.FTS.B,

17.99%,

12/08/24

.

62

62

991213249.UG.FTS.B,

19.8%,

12/08/24

..

174

176

991262025.UG.FTS.B,

19.8%,

12/08/24

..

414

29

991273011.UG.FTS.B,

19.8%,

12/08/24

..

271

276

991029759.UG.FTS.B,

19.99%,

12/08/24

.

79

65

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991207067.UG.FTS.B,

19.99%,

12/08/24

.

$

185

$

190

991210935.UG.FTS.B,

19.99%,

12/08/24

.

358

371

991214641.UG.FTS.B,

19.99%,

12/08/24

.

1,868

1,934

991275636.UG.FTS.B,

19.99%,

12/08/24

.

53

54

991341216.UG.FTS.B,

19.99%,

12/08/24

.

260

19

991297237.UG.FTS.B,

20.46%,

12/08/24

.

113

113

991358922.UG.FTS.B,

20.46%,

12/08/24

.

139

18

991345837.UG.FTS.B,

21.46%,

12/08/24

.

254

35

991223797.UG.FTS.B,

22.97%,

12/08/24

.

192

195

991214712.UG.FTS.B,

28.98%,

12/08/24

.

956

990

991217143.UG.FTS.B,

28.98%,

12/08/24

.

326

326

991217853.UG.FTS.B,

28.98%,

12/08/24

.

1,225

1,265

991220601.UG.FTS.B,

28.98%,

12/08/24

.

117

120

991248557.UG.FTS.B,

28.98%,

12/08/24

.

63

4

991260535.UG.FTS.B,

28.98%,

12/08/24

.

44

45

991265277.UG.FTS.B,

28.98%,

12/08/24

.

76

76

991278212.UG.FTS.B,

28.98%,

12/08/24

.

442

456

991307338.UG.FTS.B,

28.98%,

12/08/24

.

32

32

991317659.UG.FTS.B,

28.98%,

12/08/24

.

58

60

991334924.UG.FTS.B,

28.98%,

12/08/24

.

616

636

991336471.UG.FTS.B,

28.98%,

12/08/24

.

21

21

991340573.UG.FTS.B,

28.98%,

12/08/24

.

980

62

991346915.UG.FTS.B,

28.98%,

12/08/24

.

125

131

991350123.UG.FTS.B,

28.98%,

12/08/24

.

124

129

991358361.UG.FTS.B,

28.98%,

12/08/24

.

86

88

991396086.UG.FTS.B,

28.98%,

12/08/24

.

68

70

991211572.UG.FTS.B,

29.47%,

12/08/24

.

1,246

2

991210459.UG.FTS.B,

29.48%,

12/08/24

.

652

653

991214958.UG.FTS.B,

29.48%,

12/08/24

.

574

596

991216602.UG.FTS.B,

29.48%,

12/08/24

.

523

157

991203718.UG.FTS.B,

29.49%,

12/08/24

.

260

270

991203729.UG.FTS.B,

29.49%,

12/08/24

.

158

164

991207112.UG.FTS.B,

29.49%,

12/08/24

.

79

27

991210195.UG.FTS.B,

29.49%,

12/08/24

.

965

1,001

991213079.UG.FTS.B,

29.49%,

12/08/24

.

682

711

991244332.UG.FTS.B,

29.49%,

12/08/24

.

83

84

991245178.UG.FTS.B,

29.49%,

12/08/24

.

346

360

991248866.UG.FTS.B,

29.49%,

12/08/24

.

315

85

991252807.UG.FTS.B,

29.49%,

12/08/24

.

220

227

991259595.UG.FTS.B,

29.49%,

12/08/24

.

150

151

991264409.UG.FTS.B,

29.49%,

12/08/24

.

329

336

991269323.UG.FTS.B,

29.49%,

12/08/24

.

8

8

991287259.UG.FTS.B,

29.49%,

12/08/24

.

19

19

991301956.UG.FTS.B,

29.49%,

12/08/24

.

30

31

991317879.UG.FTS.B,

29.49%,

12/08/24

.

198

205

991318654.UG.FTS.B,

29.49%,

12/08/24

.

44

45

991339390.UG.FTS.B,

29.49%,

12/08/24

.

482

112

991342288.UG.FTS.B,

29.49%,

12/08/24

.

88

89

991349015.UG.FTS.B,

29.49%,

12/08/24

.

434

450

991358257.UG.FTS.B,

29.49%,

12/08/24

.

110

8

991377012.UG.FTS.B,

29.49%,

12/08/24

.

791

820

991391597.UG.FTS.B,

29.49%,

12/08/24

.

201

207

991433950.UG.FTS.B,

29.49%,

12/08/24

.

51

52

991311660.UG.FTS.B,

14.98%,

12/09/24

.

1,139

1,145

991329494.UG.FTS.B,

15.97%,

12/09/24

.

136

137

991355729.UG.FTS.B,

16.99%,

12/09/24

.

104

104

991384624.UG.FTS.B,

16.99%,

12/09/24

.

11

11

991338916.UG.FTS.B,

18.97%,

12/09/24

.

274

275

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

237

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991405926.UG.FTS.B,

18.97%,

12/09/24

.

$

53

$

53

991333702.UG.FTS.B,

19.8%,

12/09/24

..

1,355

1,353

991326142.UG.FTS.B,

19.99%,

12/09/24

.

22

–

991341287.UG.FTS.B,

20.46%,

12/09/24

.

560

564

991355570.UG.FTS.B,

20.46%,

12/09/24

.

138

139

991370075.UG.FTS.B,

20.97%,

12/09/24

.

112

112

991329266.UG.FTS.B,

23.95%,

12/09/24

.

754

759

991173041.UG.FTS.B,

28.98%,

12/09/24

.

60

5

991311758.UG.FTS.B,

28.98%,

12/09/24

.

64

64

991319463.UG.FTS.B,

28.98%,

12/09/24

.

124

126

991327625.UG.FTS.B,

28.98%,

12/09/24

.

63

64

991336814.UG.FTS.B,

28.98%,

12/09/24

.

536

537

991344560.UG.FTS.B,

28.98%,

12/09/24

.

117

119

991425673.UG.FTS.B,

28.98%,

12/09/24

.

169

172

991300935.UG.FTS.B,

29.49%,

12/09/24

.

5

5

991308780.UG.FTS.B,

29.49%,

12/09/24

.

57

58

991317613.UG.FTS.B,

29.49%,

12/09/24

.

116

8

991322433.UG.FTS.B,

29.49%,

12/09/24

.

182

187

991352448.UG.FTS.B,

29.49%,

12/09/24

.

54

54

991367240.UG.FTS.B,

29.49%,

12/09/24

.

271

278

991393693.UG.FTS.B,

29.49%,

12/09/24

.

172

175

991407585.UG.FTS.B,

29.49%,

12/09/24

.

155

157

991366767.UG.FTS.B,

14.98%,

12/10/24

.

168

169

991416701.UG.FTS.B,

14.98%,

12/10/24

.

2,125

2,130

991464314.UG.FTS.B,

15%,

12/10/24

....

171

6

991354349.UG.FTS.B,

15.99%,

12/10/24

.

36

36

991441221.UG.FTS.B,

16.99%,

12/10/24

.

234

235

991372053.UG.FTS.B,

17.99%,

12/10/24

.

1,359

94

991402286.UG.FTS.B,

17.99%,

12/10/24

.

767

769

991338806.UG.FTS.B,

19.21%,

12/10/24

.

1,211

1,213

991361774.UG.FTS.B,

19.8%,

12/10/24

..

1

1

991323566.UG.FTS.B,

19.99%,

12/10/24

.

1,451

1,483

991391063.UG.FTS.B,

19.99%,

12/10/24

.

135

135

991334473.UG.FTS.B,

21.46%,

12/10/24

.

100

100

991302262.UG.FTS.B,

28.98%,

12/10/24

.

267

271

991302676.UG.FTS.B,

28.98%,

12/10/24

.

751

–

991308764.UG.FTS.B,

28.98%,

12/10/24

.

541

34

991318295.UG.FTS.B,

28.98%,

12/10/24

.

117

119

991326852.UG.FTS.B,

28.98%,

12/10/24

.

12

12

991333962.UG.FTS.B,

28.98%,

12/10/24

.

58

59

991360120.UG.FTS.B,

28.98%,

12/10/24

.

382

388

991312810.UG.FTS.B,

29.49%,

12/10/24

.

95

45

991314974.UG.FTS.B,

29.49%,

12/10/24

.

70

–

991331833.UG.FTS.B,

29.49%,

12/10/24

.

489

500

991334897.UG.FTS.B,

29.49%,

12/10/24

.

19

19

991397722.UG.FTS.B,

29.49%,

12/10/24

.

71

73

991398718.UG.FTS.B,

29.49%,

12/10/24

.

806

825

991407945.UG.FTS.B,

29.49%,

12/10/24

.

403

410

991423603.UG.FTS.B,

29.49%,

12/10/24

.

74

75

991275626.UG.FTS.B,

14.98%,

12/11/24

.

25

25

991383476.UG.FTS.B,

16.99%,

12/11/24

.

2,797

2,802

991421136.UG.FTS.B,

17.99%,

12/11/24

.

53

15

991322847.UG.FTS.B,

18.97%,

12/11/24

.

272

271

991309704.UG.FTS.B,

19.21%,

12/11/24

.

303

304

991313630.UG.FTS.B,

19.21%,

12/11/24

.

125

125

991359085.UG.FTS.B,

19.21%,

12/11/24

.

364

366

991299880.UG.FTS.B,

19.8%,

12/11/24

..

149

150

991302424.UG.FTS.B,

22.97%,

12/11/24

.

109

110

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991331015.UG.FTS.B,

22.97%,

12/11/24

.

$

95

$

95

991314763.UG.FTS.B,

26.94%,

12/11/24

.

268

78

991308149.UG.FTS.B,

28.98%,

12/11/24

.

65

66

991400497.UG.FTS.B,

28.98%,

12/11/24

.

200

204

991425034.UG.FTS.B,

28.98%,

12/11/24

.

496

502

991299810.UG.FTS.B,

29.49%,

12/11/24

.

88

26

991315059.UG.FTS.B,

29.49%,

12/11/24

.

86

6

991338982.UG.FTS.B,

29.49%,

12/11/24

.

171

175

991424582.UG.FTS.B,

29.49%,

12/11/24

.

70

5

991426474.UG.FTS.B,

29.49%,

12/11/24

.

224

14

991339855.UG.FTS.B,

15.97%,

12/12/24

.

215

217

991447662.UG.FTS.B,

15.97%,

12/12/24

.

428

429

991334534.UG.FTS.B,

16.99%,

12/12/24

.

103

104

991423157.UG.FTS.B,

16.99%,

12/12/24

.

420

29

991326016.UG.FTS.B,

17.97%,

12/12/24

.

761

766

991302143.UG.FTS.B,

17.99%,

12/12/24

.

249

250

991341778.UG.FTS.B,

17.99%,

12/12/24

.

329

331

991444022.UG.FTS.B,

19.21%,

12/12/24

.

279

279

991318950.UG.FTS.B,

19.99%,

12/12/24

.

144

147

991314252.UG.FTS.B,

20.46%,

12/12/24

.

370

373

991447468.UG.FTS.B,

23.95%,

12/12/24

.

574

577

991299959.UG.FTS.B,

28.98%,

12/12/24

.

63

64

991397130.UG.FTS.B,

28.98%,

12/12/24

.

699

709

991300821.UG.FTS.B,

29.49%,

12/12/24

.

211

216

991304189.UG.FTS.B,

29.49%,

12/12/24

.

30

30

991312106.UG.FTS.B,

29.49%,

12/12/24

.

83

83

991345307.UG.FTS.B,

29.49%,

12/12/24

.

68

68

991387894.UG.FTS.B,

29.49%,

12/12/24

.

344

352

991398771.UG.FTS.B,

29.49%,

12/12/24

.

111

111

991405158.UG.FTS.B,

29.49%,

12/12/24

.

49

49

991405712.UG.FTS.B,

29.49%,

12/12/24

.

3

3

991424612.UG.FTS.B,

29.49%,

12/12/24

.

80

81

991431493.UG.FTS.B,

29.49%,

12/12/24

.

959

971

991248124.UG.FTS.B,

14.98%,

12/13/24

.

72

73

991302421.UG.FTS.B,

14.98%,

12/13/24

.

1,340

1,365

991384387.UG.FTS.B,

15.97%,

12/13/24

.

384

385

991417112.UG.FTS.B,

15.97%,

12/13/24

.

3,217

3,231

991309513.UG.FTS.B,

16.99%,

12/13/24

.

486

487

991341019.UG.FTS.B,

17.99%,

12/13/24

.

273

272

991440734.UG.FTS.B,

18.97%,

12/13/24

.

101

101

991346666.UG.FTS.B,

19.21%,

12/13/24

.

110

111

991331713.UG.FTS.B,

19.99%,

12/13/24

.

72

73

991343301.UG.FTS.B,

19.99%,

12/13/24

.

349

355

991373941.UG.FTS.B,

20.46%,

12/13/24

.

191

193

991375502.UG.FTS.B,

20.46%,

12/13/24

.

71

71

991296644.UG.FTS.B,

20.97%,

12/13/24

.

467

478

991345917.UG.FTS.B,

21.46%,

12/13/24

.

470

474

991303612.UG.FTS.B,

28.98%,

12/13/24

.

158

161

991313210.UG.FTS.B,

28.98%,

12/13/24

.

152

151

991346962.UG.FTS.B,

28.98%,

12/13/24

.

88

26

991347766.UG.FTS.B,

28.98%,

12/13/24

.

54

54

991364308.UG.FTS.B,

28.98%,

12/13/24

.

116

118

991367977.UG.FTS.B,

28.98%,

12/13/24

.

136

138

991388005.UG.FTS.B,

28.98%,

12/13/24

.

39

15

991391691.UG.FTS.B,

28.98%,

12/13/24

.

785

803

991411685.UG.FTS.B,

28.98%,

12/13/24

.

288

293

991310090.UG.FTS.B,

29.49%,

12/13/24

.

186

191

991312918.UG.FTS.B,

29.49%,

12/13/24

.

111

114

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

238

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991334231.UG.FTS.B,

29.49%,

12/13/24

.

$

427

$

436

991334276.UG.FTS.B,

29.49%,

12/13/24

.

88

88

991455918.UG.FTS.B,

29.49%,

12/13/24

.

320

327

991249792.UG.FTS.B,

15.97%,

12/14/24

.

2,765

2,769

991254435.UG.FTS.B,

15.97%,

12/14/24

.

160

160

991258056.UG.FTS.B,

16.99%,

12/14/24

.

150

151

991248746.UG.FTS.B,

17.99%,

12/14/24

.

118

118

991324331.UG.FTS.B,

17.99%,

12/14/24

.

77

77

991447451.UG.FTS.B,

18.97%,

12/14/24

.

8

8

991267867.UG.FTS.B,

14.98%,

12/15/24

.

3,570

3,641

991305580.UG.FTS.B,

14.98%,

12/15/24

.

137

139

991375848.UG.FTS.B,

14.98%,

12/15/24

.

120

122

991274754.UG.FTS.B,

15.97%,

12/15/24

.

2,306

2,347

991289456.UG.FTS.B,

15.97%,

12/15/24

.

277

278

991481298.UG.FTS.B,

15.97%,

12/15/24

.

94

94

991484132.UG.FTS.B,

15.97%,

12/15/24

.

1,217

1,221

991255967.UG.FTS.B,

16.99%,

12/15/24

.

69

69

991265175.UG.FTS.B,

16.99%,

12/15/24

.

250

251

991256520.UG.FTS.B,

17.99%,

12/15/24

.

162

166

991290002.UG.FTS.B,

17.99%,

12/15/24

.

86

87

991341386.UG.FTS.B,

17.99%,

12/15/24

.

905

923

991425011.UG.FTS.B,

17.99%,

12/15/24

.

101

103

991447659.UG.FTS.B,

17.99%,

12/15/24

.

629

631

991286797.UG.FTS.B,

18.8%,

12/15/24

..

31

5

991405120.UG.FTS.B,

18.97%,

12/15/24

.

278

284

991313442.UG.FTS.B,

19.21%,

12/15/24

.

66

67

991484626.UG.FTS.B,

19.21%,

12/15/24

.

811

821

991409003.UG.FTS.B,

19.8%,

12/15/24

..

118

121

991341925.UG.FTS.B,

20.97%,

12/15/24

.

139

142

991415618.UG.FTS.B,

20.97%,

12/15/24

.

207

207

991256653.UG.FTS.B,

21.46%,

12/15/24

.

119

121

991296657.UG.FTS.B,

23.95%,

12/15/24

.

255

257

991272449.UG.FTS.B,

14.98%,

12/16/24

.

153

154

991478310.UG.FTS.B,

14.98%,

12/16/24

.

106

106

991298521.UG.FTS.B,

15%,

12/16/24

....

18

18

991375810.UG.FTS.B,

15%,

12/16/24

....

40

40

991391018.UG.FTS.B,

15%,

12/16/24

....

355

358

991263041.UG.FTS.B,

15.97%,

12/16/24

.

121

121

991260873.UG.FTS.B,

16.99%,

12/16/24

.

470

473

991260935.UG.FTS.B,

16.99%,

12/16/24

.

251

253

991263408.UG.FTS.B,

16.99%,

12/16/24

.

249

251

991298844.UG.FTS.B,

16.99%,

12/16/24

.

378

379

991331384.UG.FTS.B,

16.99%,

12/16/24

.

363

365

991263277.UG.FTS.B,

17.99%,

12/16/24

.

349

351

991282278.UG.FTS.B,

17.99%,

12/16/24

.

82

82

991291197.UG.FTS.B,

17.99%,

12/16/24

.

914

919

991288835.UG.FTS.B,

18.97%,

12/16/24

.

326

328

991339363.UG.FTS.B,

21.46%,

12/16/24

.

55

23

991324832.UG.FTS.B,

21.98%,

12/16/24

.

105

105

991515407.UG.FTS.B,

21.98%,

12/16/24

.

112

113

991513641.UG.FTS.B,

23.95%,

12/16/24

.

149

44

991270332.UG.FTS.B,

14.98%,

12/17/24

.

171

172

991398838.UG.FTS.B,

14.98%,

12/17/24

.

1,065

1,073

991309883.UG.FTS.B,

15%,

12/17/24

....

120

120

991366785.UG.FTS.B,

15%,

12/17/24

....

18

18

991473570.UG.FTS.B,

15%,

12/17/24

....

80

80

991333878.UG.FTS.B,

15.97%,

12/17/24

.

782

779

991515245.UG.FTS.B,

15.97%,

12/17/24

.

5

5

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991517884.UG.FTS.B,

15.97%,

12/17/24

.

$

2

$

2

991289176.UG.FTS.B,

16.99%,

12/17/24

.

1,569

1,575

991303485.UG.FTS.B,

16.99%,

12/17/24

.

88

88

991304516.UG.FTS.B,

16.99%,

12/17/24

.

657

661

991313589.UG.FTS.B,

16.99%,

12/17/24

.

663

663

991415822.UG.FTS.B,

16.99%,

12/17/24

.

460

463

991427457.UG.FTS.B,

16.99%,

12/17/24

.

37

37

991438848.UG.FTS.B,

16.99%,

12/17/24

.

2,172

2,163

991289039.UG.FTS.B,

17.99%,

12/17/24

.

260

262

991301102.UG.FTS.B,

17.99%,

12/17/24

.

73

73

991399977.UG.FTS.B,

17.99%,

12/17/24

.

362

362

991472819.UG.FTS.B,

17.99%,

12/17/24

.

312

310

991451584.UG.FTS.B,

18.97%,

12/17/24

.

383

385

991319714.UG.FTS.B,

19.21%,

12/17/24

.

46

46

991368537.UG.FTS.B,

19.21%,

12/17/24

.

58

57

991390886.UG.FTS.B,

19.21%,

12/17/24

.

173

174

991416998.UG.FTS.B,

19.21%,

12/17/24

.

309

21

991425383.UG.FTS.B,

19.21%,

12/17/24

.

100

101

991370788.UG.FTS.B,

19.8%,

12/17/24

..

984

991

991382959.UG.FTS.B,

19.8%,

12/17/24

..

28

28

991407951.UG.FTS.B,

19.8%,

12/17/24

..

404

118

991523409.UG.FTS.B,

19.8%,

12/17/24

..

5,617

5,632

991278450.UG.FTS.B,

20.46%,

12/17/24

.

95

96

991488102.UG.FTS.B,

20.46%,

12/17/24

.

256

256

991274898.UG.FTS.B,

20.97%,

12/17/24

.

334

23

991279256.UG.FTS.B,

20.97%,

12/17/24

.

72

73

991437221.UG.FTS.B,

21.46%,

12/17/24

.

464

136

991499186.UG.FTS.B,

21.98%,

12/17/24

.

143

144

991270128.UG.FTS.B,

28.98%,

12/17/24

.

50

51

991525181.UG.FTS.B,

14.98%,

12/18/24

.

21

9

991284992.UG.FTS.B,

15.99%,

12/18/24

.

354

356

991298134.UG.FTS.B,

15.99%,

12/18/24

.

192

193

991374578.UG.FTS.B,

16.99%,

12/18/24

.

75

76

991322304.UG.FTS.B,

17.99%,

12/18/24

.

179

180

991329588.UG.FTS.B,

17.99%,

12/18/24

.

646

650

991343423.UG.FTS.B,

17.99%,

12/18/24

.

628

633

991478169.UG.FTS.B,

17.99%,

12/18/24

.

2,362

2,372

991517094.UG.FTS.B,

17.99%,

12/18/24

.

61

61

991362772.UG.FTS.B,

18.97%,

12/18/24

.

1,035

–

991290938.UG.FTS.B,

19.21%,

12/18/24

.

1,033

1,038

991340064.UG.FTS.B,

19.21%,

12/18/24

.

110

28

991362195.UG.FTS.B,

19.21%,

12/18/24

.

115

16

991355888.UG.FTS.B,

20.46%,

12/18/24

.

1,718

526

991279501.UG.FTS.B,

20.97%,

12/18/24

.

216

216

991283292.UG.FTS.B,

21.46%,

12/18/24

.

286

284

991286343.UG.FTS.B,

21.46%,

12/18/24

.

844

852

991300398.UG.FTS.B,

23.95%,

12/18/24

.

281

38

991316123.UG.FTS.B,

23.95%,

12/18/24

.

250

253

991287107.UG.FTS.B,

14.98%,

12/19/24

.

91

91

991339453.UG.FTS.B,

15.97%,

12/19/24

.

83

83

991446289.UG.FTS.B,

15.97%,

12/19/24

.

107

107

991511356.UG.FTS.B,

15.97%,

12/19/24

.

328

329

991351714.UG.FTS.B,

16.99%,

12/19/24

.

572

575

991489325.UG.FTS.B,

16.99%,

12/19/24

.

88

88

991469894.UG.FTS.B,

17.99%,

12/19/24

.

156

157

991348742.UG.FTS.B,

18.97%,

12/19/24

.

60

60

991502273.UG.FTS.B,

19.8%,

12/19/24

..

7

7

991454147.UG.FTS.B,

20.46%,

12/19/24

.

60

60

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

239

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991395795.UG.FTS.B,

20.97%,

12/19/24

.

$

487

$

485

991294927.UG.FTS.B,

21.98%,

12/19/24

.

201

201

991328367.UG.FTS.B,

14.98%,

12/20/24

.

131

131

991296195.UG.FTS.B,

15%,

12/20/24

....

289

291

991333020.UG.FTS.B,

15%,

12/20/24

....

642

646

991380303.UG.FTS.B,

15%,

12/20/24

....

616

9

991348628.UG.FTS.B,

15.97%,

12/20/24

.

421

425

991365579.UG.FTS.B,

15.97%,

12/20/24

.

1,089

1,096

991375709.UG.FTS.B,

15.97%,

12/20/24

.

124

125

991457206.UG.FTS.B,

15.97%,

12/20/24

.

534

538

991504029.UG.FTS.B,

15.97%,

12/20/24

.

357

358

991303599.UG.FTS.B,

16.99%,

12/20/24

.

765

770

991310742.UG.FTS.B,

16.99%,

12/20/24

.

87

87

991350184.UG.FTS.B,

16.99%,

12/20/24

.

207

208

991371806.UG.FTS.B,

16.99%,

12/20/24

.

1,120

78

991423752.UG.FTS.B,

16.99%,

12/20/24

.

87

87

991440844.UG.FTS.B,

16.99%,

12/20/24

.

1,884

1,892

991458324.UG.FTS.B,

16.99%,

12/20/24

.

281

283

991521970.UG.FTS.B,

16.99%,

12/20/24

.

71

72

991304140.UG.FTS.B,

17.99%,

12/20/24

.

158

159

991346525.UG.FTS.B,

17.99%,

12/20/24

.

550

554

991349664.UG.FTS.B,

17.99%,

12/20/24

.

98

99

991512531.UG.FTS.B,

17.99%,

12/20/24

.

47

47

991381262.UG.FTS.B,

18.97%,

12/20/24

.

71

71

991422168.UG.FTS.B,

19.21%,

12/20/24

.

2,298

2,307

991425928.UG.FTS.B,

19.46%,

12/20/24

.

64

64

991305111.UG.FTS.B,

19.8%,

12/20/24

..

554

557

991309911.UG.FTS.B,

19.8%,

12/20/24

..

792

796

991415873.UG.FTS.B,

19.8%,

12/20/24

..

939

945

991340100.UG.FTS.B,

20.46%,

12/20/24

.

4,662

342

991438242.UG.FTS.B,

15.97%,

12/21/24

.

143

144

991484651.UG.FTS.B,

16.99%,

12/21/24

.

69

1

991495192.UG.FTS.B,

16.99%,

12/21/24

.

901

905

991505343.UG.FTS.B,

17.99%,

12/21/24

.

145

146

991520568.UG.FTS.B,

21.98%,

12/21/24

.

93

7

991152322.UG.FTS.B,

26.94%,

12/27/24

.

820

658

991216328.UG.FTS.B,

26.94%,

12/27/24

.

165

133

991182116.UG.FTS.B,

28.98%,

12/28/24

.

236

242

991039478.UG.FTS.B,

16.99%,

1/09/25

..

388

394

991031280.UG.FTS.B,

28.98%,

1/09/25

..

80

83

991389712.UG.FTS.B,

22.95%,

1/10/25

..

79

–

991063837.UG.FTS.B,

19.8%,

1/13/25

...

138

18

991130059.UG.FTS.B,

19.8%,

1/13/25

...

76

58

991070598.UG.FTS.B,

28.98%,

1/16/25

..

589

456

991071642.UG.FTS.B,

29.49%,

1/16/25

..

61

–

991145095.UG.FTS.B,

29.49%,

1/17/25

..

54

55

991254871.UG.FTS.B,

29.49%,

1/17/25

..

65

65

991198112.UG.FTS.B,

19.8%,

1/19/25

...

157

121

991125455.UG.FTS.B,

28.98%,

1/19/25

..

166

10

991166382.UG.FTS.B,

26.94%,

1/20/25

..

72

58

991149182.UG.FTS.B,

28.48%,

1/21/25

..

78

68

991112802.UG.FTS.B,

28.98%,

1/22/25

..

527

551

991179044.UG.FTS.B,

21.46%,

1/29/25

..

508

45

991236126.UG.FTS.B,

28.98%,

1/29/25

..

49

50

991278856.UG.FTS.B,

28.98%,

1/29/25

..

322

25

991191183.UG.FTS.B,

17.97%,

2/03/25

..

2,717

2,135

991015397.UG.FTS.B,

21.46%,

2/06/25

..

89

71

991089275.UG.FTS.B,

21.98%,

2/06/25

..

73

5

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991174773.UG.FTS.B,

29.49%,

2/06/25

..

$

69

$

70

991338381.UG.FTS.B,

16.99%,

2/09/25

..

131

132

991097430.UG.FTS.B,

18.97%,

2/09/25

..

348

22

991184036.UG.FTS.B,

19.21%,

2/09/25

..

95

95

991117587.UG.FTS.B,

19.99%,

2/09/25

..

170

3

991201385.UG.FTS.B,

28.98%,

2/09/25

..

182

45

991229420.UG.FTS.B,

18.97%,

2/10/25

..

230

182

991037811.UG.FTS.B,

19.8%,

2/10/25

...

20

20

991072361.UG.FTS.B,

21.46%,

2/10/25

..

346

349

991226484.UG.FTS.B,

21.46%,

2/10/25

..

418

420

991231578.UG.FTS.B,

18.97%,

2/12/25

..

2,139

2,144

991247002.UG.FTS.B,

19.8%,

2/12/25

...

216

165

991060601.UG.FTS.B,

22.97%,

2/12/25

..

172

136

991080455.UG.FTS.B,

19.8%,

2/13/25

...

116

1

991067852.UG.FTS.B,

21.46%,

2/13/25

..

211

15

991197057.UG.FTS.B,

21.46%,

2/13/25

..

449

34

991239064.UG.FTS.B,

23.95%,

2/13/25

..

306

308

991263681.UG.FTS.B,

29.49%,

2/14/25

..

76

60

991257818.UG.FTS.B,

28.98%,

2/15/25

..

126

99

991085325.UG.FTS.B,

29.49%,

2/15/25

..

257

263

991096721.UG.FTS.B,

19.21%,

2/16/25

..

193

194

991113882.UG.FTS.B,

29.49%,

2/17/25

..

233

13

991191984.UG.FTS.B,

29.49%,

2/17/25

..

61

54

991200919.UG.FTS.B,

21.46%,

2/18/25

..

81

6

991150600.UG.FTS.B,

29.49%,

2/18/25

..

713

724

991267091.UG.FTS.B,

21.98%,

2/19/25

..

1,534

1,545

991177091.UG.FTS.B,

28.98%,

2/19/25

..

563

578

991114374.UG.FTS.B,

29.49%,

2/19/25

..

218

222

991136618.UG.FTS.B,

29.49%,

2/19/25

..

112

–

991119833.UG.FTS.B,

19.21%,

2/20/25

..

615

618

991180574.UG.FTS.B,

26.94%,

2/20/25

..

194

152

991116156.UG.FTS.B,

29.49%,

2/20/25

..

75

77

991158905.UG.FTS.B,

29.49%,

2/20/25

..

202

–

991217394.UG.FTS.B,

29.49%,

2/20/25

..

92

95

991126095.UG.FTS.B,

19.46%,

2/21/25

..

68

68

991168372.UG.FTS.B,

19.8%,

2/21/25

...

1,024

815

991132382.UG.FTS.B,

19.99%,

2/21/25

..

78

80

991119625.UG.FTS.B,

21.46%,

2/21/25

..

330

258

991184569.UG.FTS.B,

21.98%,

2/21/25

..

105

7

991114478.UG.FTS.B,

28.98%,

2/21/25

..

176

180

991189874.UG.FTS.B,

28.98%,

2/21/25

..

1,026

1,072

991120312.UG.FTS.B,

29.49%,

2/21/25

..

1,652

233

991127127.UG.FTS.B,

29.49%,

2/21/25

..

146

21

991139033.UG.FTS.B,

29.49%,

2/21/25

..

636

91

991126948.UG.FTS.B,

28.98%,

2/22/25

..

895

913

991323210.UG.FTS.B,

28.98%,

2/22/25

..

458

477

991112012.UG.FTS.B,

29.49%,

2/22/25

..

71

–

991151961.UG.FTS.B,

29.49%,

2/22/25

..

227

–

991165060.UG.FTS.B,

29.49%,

2/22/25

..

185

13

991123245.UG.FTS.B,

26.94%,

2/23/25

..

420

322

991180816.UG.FTS.B,

29.49%,

2/23/25

..

146

117

991242467.UG.FTS.B,

29.49%,

2/23/25

..

272

18

991277503.UG.FTS.B,

19.8%,

2/24/25

...

233

233

991311828.UG.FTS.B,

17.99%,

2/25/25

..

269

34

991137424.UG.FTS.B,

19.8%,

2/25/25

...

778

100

991217112.UG.FTS.B,

21.46%,

2/25/25

..

280

213

991212968.UG.FTS.B,

19.8%,

2/26/25

...

580

585

991153501.UG.FTS.B,

20.97%,

2/27/25

..

122

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

240

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991198258.UG.FTS.B,

21.46%,

2/27/25

..

$

380

$

384

991151079.UG.FTS.B,

29.49%,

2/27/25

..

94

97

991157887.UG.FTS.B,

29.49%,

2/27/25

..

66

54

991277017.UG.FTS.B,

19.99%,

2/28/25

..

245

9

991168245.UG.FTS.B,

29.49%,

2/28/25

..

188

145

991242367.UG.FTS.B,

29.49%,

2/28/25

..

76

12

991186409.UG.FTS.B,

29.49%,

3/02/25

..

3,275

208

991201575.UG.FTS.B,

15%,

3/03/25

.....

601

42

991216498.UG.FTS.B,

19.99%,

3/05/25

..

3,484

3,619

991226863.UG.FTS.B,

28.98%,

3/05/25

..

166

172

991323235.UG.FTS.B,

18.97%,

3/07/25

..

261

262

991097574.UG.FTS.B,

28.98%,

3/09/25

..

264

18

991297454.UG.FTS.B,

28.98%,

3/09/25

..

56

57

991315274.UG.FTS.B,

28.98%,

3/09/25

..

420

347

991038962.UG.FTS.B,

29.49%,

3/09/25

..

43

44

991451736.UG.FTS.B,

19.8%,

3/10/25

...

758

772

991065324.UG.FTS.B,

21.98%,

3/11/25

..

680

53

991259405.UG.FTS.B,

22.97%,

3/12/25

..

821

645

991286205.UG.FTS.B,

15.97%,

3/13/25

..

4,163

39

991507545.UG.FTS.B,

16.99%,

3/15/25

..

168

12

991533128.UG.FTS.B,

20.46%,

3/16/25

..

560

–

991097752.UG.FTS.B,

29.49%,

3/17/25

..

83

85

991256789.UG.FTS.B,

28.98%,

3/18/25

..

393

401

991164566.UG.FTS.B,

29.49%,

3/18/25

..

129

131

991100133.UG.FTS.B,

28.98%,

3/19/25

..

103

106

991169914.UG.FTS.B,

28.98%,

3/20/25

..

301

20

991135109.UG.FTS.B,

29.49%,

3/21/25

..

318

22

991191859.UG.FTS.B,

29.49%,

3/21/25

..

105

7

991298763.UG.FTS.B,

29.49%,

3/21/25

..

151

–

991145592.UG.FTS.B,

29.49%,

3/22/25

..

108

111

991253796.UG.FTS.B,

29.49%,

3/22/25

..

108

112

991285509.UG.FTS.B,

29.49%,

3/22/25

..

1,043

1,071

991167168.UG.FTS.B,

29.49%,

3/23/25

..

1,082

74

991169188.UG.FTS.B,

29.49%,

3/23/25

..

468

482

991297898.UG.FTS.B,

29.49%,

3/23/25

..

72

76

991198311.UG.FTS.B,

29.49%,

3/28/25

..

133

137

991282718.UG.FTS.B,

29.49%,

3/28/25

..

57

59

991229899.UG.FTS.B,

28.98%,

3/29/25

..

92

14

991273718.UG.FTS.B,

28.98%,

3/29/25

..

76

78

991192314.UG.FTS.B,

29.49%,

3/29/25

..

803

117

991342598.UG.FTS.B,

28.98%,

4/05/25

..

84

87

991217222.UG.FTS.B,

29.46%,

4/05/25

..

650

–

991332591.UG.FTS.B,

29.49%,

4/05/25

..

261

–

991356417.UG.FTS.B,

29.49%,

4/05/25

..

139

144

991421184.UG.FTS.B,

29.49%,

4/06/25

..

185

44

991033516.UG.FTS.B,

23.95%,

4/10/25

..

1,561

108

991147993.UG.FTS.B,

20.46%,

4/12/25

..

279

205

991086704.UG.FTS.B,

19.8%,

4/17/25

...

172

12

991089356.UG.FTS.B,

28.98%,

4/17/25

..

101

103

991152518.UG.FTS.B,

18.97%,

4/23/25

..

144

147

991176181.UG.FTS.B,

19.99%,

4/23/25

..

1,130

891

991515123.UG.FTS.B,

17.99%,

5/17/25

..

904

666

991204148.UG.FTS.B,

21.98%,

5/17/25

..

5

5

991104826.UG.FTS.B,

29.49%,

5/20/25

..

91

94

991137652.UG.FTS.B,

29.49%,

5/20/25

..

74

76

991168137.UG.FTS.B,

19.8%,

5/21/25

...

260

261

991115956.UG.FTS.B,

28.98%,

5/22/25

..

1,171

917

991171681.UG.FTS.B,

17.99%,

5/25/25

..

106

80

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991223413.UG.FTS.B,

28.98%,

5/28/25

..

$

110

$

114

991182789.UG.FTS.B,

28.98%,

5/29/25

..

524

540

991014881.UG.FTS.B,

20.46%,

6/07/25

..

980

726

991098718.UG.FTS.B,

23.95%,

6/09/25

..

505

505

991031395.UG.FTS.B,

29.49%,

6/09/25

..

83

21

991031396.UG.FTS.B,

29.49%,

6/09/25

..

62

66

991147839.UG.FTS.B,

22.97%,

6/11/25

..

502

377

991358540.UG.FTS.B,

14.98%,

6/15/25

..

436

321

991329135.UG.FTS.B,

19.8%,

6/17/25

...

5,499

5,516

991260952.UG.FTS.B,

28.98%,

6/20/25

..

84

6

991148239.UG.FTS.B,

29.49%,

6/20/25

..

558

411

991138789.UG.FTS.B,

21.46%,

6/22/25

..

147

148

991159326.UG.FTS.B,

21.98%,

6/22/25

..

838

63

991119264.UG.FTS.B,

18.97%,

6/23/25

..

1,064

74

991299072.UG.FTS.B,

29.49%,

6/23/25

..

197

206

991201969.UG.FTS.B,

28.98%,

7/07/25

..

176

–

991213890.UG.FTS.B,

29.49%,

7/07/25

..

89

69

991131037.UG.FTS.B,

21.46%,

7/08/25

..

346

346

991341537.UG.FTS.B,

19.8%,

7/09/25

...

942

74

991074550.UG.FTS.B,

19.8%,

7/11/25

...

874

55

991052299.UG.FTS.B,

20.97%,

7/12/25

..

637

76

991293334.UG.FTS.B,

16.99%,

7/13/25

..

2,100

2,106

991215163.UG.FTS.B,

19.8%,

7/15/25

...

656

80

991184596.UG.FTS.B,

27.99%,

7/17/25

..

649

470

991146431.UG.FTS.B,

28.98%,

7/17/25

..

72

73

991169822.UG.FTS.B,

29.49%,

7/17/25

..

595

617

991131752.UG.FTS.B,

29.49%,

7/20/25

..

118

89

991144096.UG.FTS.B,

26.94%,

7/21/25

..

448

–

991112737.UG.FTS.B,

28.98%,

7/21/25

..

186

–

991125415.UG.FTS.B,

28.98%,

7/21/25

..

226

170

991119119.UG.FTS.B,

29.49%,

7/23/25

...

171

180

991149915.UG.FTS.B,

29.49%,

7/25/25

..

102

7

991252149.UG.FTS.B,

29.49%,

8/04/25

..

76

80

991300215.UG.FTS.B,

21.46%,

8/08/25

..

111

109

991108267.UG.FTS.B,

29.49%,

8/08/25

..

173

125

991074295.UG.FTS.B,

29.49%,

8/09/25

..

170

131

991305854.UG.FTS.B,

29.49%,

8/09/25

..

207

152

991168160.UG.FTS.B,

21.46%,

8/16/25

..

216

217

991280082.UG.FTS.B,

29.49%,

8/19/25

..

71

73

991103252.UG.FTS.B,

29.46%,

8/20/25

..

241

214

991239388.UG.FTS.B,

29.49%,

8/21/25

..

103

107

991155193.UG.FTS.B,

28.98%,

8/26/25

..

218

3

991192840.UG.FTS.B,

29.49%,

8/29/25

..

166

11

991330975.UG.FTS.B,

29.49%,

9/05/25

..

360

25

991369350.UG.FTS.B,

21.46%,

9/07/25

..

86

63

991319523.UG.FTS.B,

15.97%,

9/10/25

..

93

92

991054142.UG.FTS.B,

19.8%,

9/11/25

...

69

9

991054408.UG.FTS.B,

28.98%,

10/08/25

.

563

589

991418802.UG.FTS.B,

29.49%,

10/10/25

.

99

22

991178650.UG.FTS.B,

28.98%,

10/19/25

.

404

412

991104383.UG.FTS.B,

29.49%,

10/19/25

.

239

17

991218283.UG.FTS.B,

14.98%,

10/27/25

.

3,728

444

991162953.UG.FTS.B,

26.94%,

10/27/25

.

158

111

991037607.UG.FTS.B,

28.98%,

11/08/25

.

107

111

991046765.UG.FTS.B,

15.97%,

11/10/25

.

130

129

991120791.UG.FTS.B,

15.97%,

11/10/25

.

1,433

1,424

991058306.UG.FTS.B,

20.46%,

11/11/25

.

505

345

991258611.UG.FTS.B,

21.98%,

11/14/25

.

2,152

2,125

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

241

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991237888.UG.FTS.B,

28.98%,

11/15/25

.

$

592

$

600

991264341.UG.FTS.B,

29.49%,

11/16/25

.

337

241

991099491.UG.FTS.B,

29.49%,

11/17/25

.

250

258

991092476.UG.FTS.B,

21.46%,

11/19/25

.

240

237

991240407.UG.FTS.B,

28.98%,

11/20/25

.

671

654

991110330.UG.FTS.B,

29.49%,

11/20/25

..

443

425

991239091.UG.FTS.B,

29.49%,

11/20/25

.

759

770

991134257.UG.FTS.B,

29.49%,

11/21/25

.

3,521

3,611

991117478.UG.FTS.B,

29.49%,

11/22/25

..

648

663

991120297.UG.FTS.B,

22.97%,

11/23/25

.

1,821

1,854

991228566.UG.FTS.B,

29.49%,

11/23/25

.

153

114

991252958.UG.FTS.B,

18.97%,

11/24/25

.

294

197

991142242.UG.FTS.B,

20.97%,

11/25/25

.

237

–

991178342.UG.FTS.B,

28.98%,

11/28/25

.

343

352

991322375.UG.FTS.B,

28.98%,

11/28/25

.

742

85

991208980.UG.FTS.B,

29.49%,

11/28/25

.

642

35

991258407.UG.FTS.B,

29.49%,

11/28/25

.

197

201

991326057.UG.FTS.B,

29.49%,

11/28/25

.

117

116

991186676.UG.FTS.B,

29.49%,

11/29/25

.

605

618

991026129.UG.FTS.B,

29.49%,

12/06/25

.

461

318

991102904.UG.FTS.B,

29.49%,

12/09/25

.

104

79

991089727.UG.FTS.B,

17.99%,

12/10/25

.

5,812

3,779

991153454.UG.FTS.B,

19.99%,

12/27/25

.

240

17

991257232.UG.FTS.B,

28.98%,

12/28/25

.

236

243

991269532.UG.FTS.B,

29.46%,

1/05/26

..

134

92

991080210.UG.FTS.B,

28.98%,

1/08/26

..

290

212

991042430.UG.FTS.B,

17.99%,

1/10/26

..

2,464

1,764

991238529.UG.FTS.B,

19.8%,

1/16/26

...

1,699

1,677

991142024.UG.FTS.B,

28.98%,

2/19/26

..

1,520

1,031

991116103.UG.FTS.B,

29.49%,

2/23/26

..

141

149

991299503.UG.FTS.B,

17.99%,

2/27/26

..

282

280

991302771.UG.FTS.B,

19.99%,

2/28/26

..

362

–

991158407.UG.FTS.B,

29.49%,

2/28/26

..

124

89

991033157.UG.FTS.B,

22.97%,

3/09/26

..

1,070

1,068

991091528.UG.FTS.B,

29.49%,

3/17/26

..

375

26

991115841.UG.FTS.B,

29.49%,

4/21/26

..

977

669

991120820.UG.FTS.B,

29.49%,

4/21/26

..

812

100

991231725.UG.FTS.B,

29.49%,

5/18/26

..

290

204

991110203.UG.FTS.B,

29.49%,

5/19/26

..

195

130

991069043.UG.FTS.B,

26.49%,

6/09/26

..

258

178

991225567.UG.FTS.B,

19.8%,

6/18/26

...

239

143

991161030.UG.FTS.B,

29.49%,

6/18/26

..

146

148

991383601.UG.FTS.B,

20.97%,

7/29/26

..

238

17

991068855.UG.FTS.B,

25.94%,

8/16/26

..

243

10

991127641.UG.FTS.B,

29.49%,

8/22/26

..

427

295

991015912.UG.FTS.B,

20.97%,

9/07/26

..

588

354

991493847.UG.FTS.B,

17.99%,

9/15/26

..

843

498

991099825.UG.FTS.B,

29.49%,

9/19/26

..

252

158

991143728.UG.FTS.B,

18.21%,

9/26/26

..

529

326

991418120.UG.FTS.B,

14.98%,

10/13/26

.

168

104

991115930.UG.FTS.B,

29.49%,

10/19/26

.

630

625

991020944.UG.FTS.B,

15.99%,

11/08/26

.

2,632

2,684

991197071.UG.FTS.B,

21.98%,

11/09/26

.

218

148

991074802.UG.FTS.B,

22.36%,

11/11/26

.

6,102

6,395

991215907.UG.FTS.B,

16.99%,

11/12/26

.

1,330

1,356

991164893.UG.FTS.B,

19.99%,

11/13/26

.

61

61

991087378.UG.FTS.B,

21.36%,

11/15/26

.

565

109

991223479.UG.FTS.B,

29.49%,

11/18/26

.

192

188

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991262312.UG.FTS.B,

29.49%,

11/29/26

.

$

144

$

90

991415270.UG.FTS.B,

16.99%,

12/06/26

.

429

30

991356469.UG.FTS.B,

16.99%,

12/07/26

.

70

70

991226691.UG.FTS.B,

15.99%,

12/09/26

.

225

236

991249712.UG.FTS.B,

15.99%,

12/09/26

.

2,811

2,927

991265247.UG.FTS.B,

16.99%,

12/12/26

.

366

380

991359359.UG.FTS.B,

15.99%,

12/14/26

.

602

623

991467528.UG.FTS.B,

15.99%,

12/14/26

.

360

373

991258909.UG.FTS.B,

16.99%,

12/14/26

.

744

767

991280209.UG.FTS.B,

16.99%,

12/14/26

.

2,061

145

991469109.UG.FTS.B,

18.98%,

12/15/26

.

614

626

991326633.UG.FTS.B,

21.99%,

12/19/26

.

602

617

991389147.UG.FTS.B,

22.36%,

12/19/26

.

129

130

991266262.UG.FTS.B,

19.8%,

7/16/27

...

1,305

770

991363340.UG.FTS.B,

29.49%,

2/28/28

..

8

1

991188769.UG.FTS.B,

21.46%,

4/25/28

..

31

26

991149683.UG.FTS.B,

28.98%,

4/26/28

..

23

1

991409861.UG.FTS.B,

29.49%,

5/07/28

..

2

–

991263078.UG.FTS.B,

28.98%,

5/17/28

..

1

–

991209031.UG.FTS.B,

28.98%,

5/28/28

..

7

7

991169498.UG.FTS.B,

29.49%,

6/09/28

..

10

10

991150634.UG.FTS.B,

19.99%,

6/21/28

..

1

–

991080461.UG.FTS.B,

29.49%,

8/17/28

..

27

27

991146846.UG.FTS.B,

29.49%,

9/26/28

..

5

–

991233225.UG.FTS.B,

29.48%,

10/19/28

.

1

1

991217504.UG.FTS.B,

25.45%,

11/08/28

.

14

1

991169941.UG.FTS.B,

29.48%,

11/09/28

.

–

–

991034815.UG.FTS.B,

29.49%,

11/09/28

.

1

–

991049605.UG.FTS.B,

29.49%,

11/09/28

.

10

–

991061678.UG.FTS.B,

29.49%,

11/09/28

.

2

–

991078791.UG.FTS.B,

29.49%,

11/09/28

.

32

1

991086306.UG.FTS.B,

29.49%,

11/09/28

.

15

–

991113763.UG.FTS.B,

20.47%,

11/11/28

..

10

–

991063812.UG.FTS.B,

19.96%,

11/12/28

.

1

1

991048200.UG.FTS.B,

22.47%,

11/12/28

.

–

–

991076428.UG.FTS.B,

29.48%,

11/15/28

.

16

–

991089483.UG.FTS.B,

29.49%,

11/15/28

.

172

169

991096448.UG.FTS.B,

19.96%,

11/16/28

.

97

–

991132272.UG.FTS.B,

20.47%,

11/16/28

.

16

1

991096770.UG.FTS.B,

21.48%,

11/16/28

.

–

–

991087138.UG.FTS.B,

25.45%,

11/16/28

.

–

–

991105579.UG.FTS.B,

27.99%,

11/16/28

.

–

–

991101152.UG.FTS.B,

28.48%,

11/16/28

..

–

–

991102474.UG.FTS.B,

29.49%,

11/16/28

.

2,500

2,479

991081404.UG.FTS.B,

18.71%,

11/17/28

.

72

67

991218561.UG.FTS.B,

20.47%,

11/17/28

.

5

–

991110963.UG.FTS.B,

22.47%,

11/17/28

..

6

–

991113770.UG.FTS.B,

22.47%,

11/17/28

..

–

–

991161650.UG.FTS.B,

28.48%,

11/17/28

.

–

–

991081885.UG.FTS.B,

29.49%,

11/17/28

.

2

–

991145578.UG.FTS.B,

29.49%,

11/17/28

.

–

–

991088077.UG.FTS.B,

22.47%,

11/18/28

.

53

4

991101785.UG.FTS.B,

28.48%,

11/18/28

.

3

–

991183278.UG.FTS.B,

28.48%,

11/18/28

.

8

–

991115508.UG.FTS.B,

29.49%,

11/18/28

..

4

–

991182650.UG.FTS.B,

19.3%,

11/19/28

..

–

–

991190043.UG.FTS.B,

29.49%,

11/19/28

.

61

4

991105964.UG.FTS.B,

29.49%,

11/20/28

.

17

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

242

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991222931.UG.FTS.B,

29.49%,

11/20/28

.

$

10

$

1

991287696.UG.FTS.B,

20.96%,

11/21/28

.

34

2

991317220.UG.FTS.B,

28.48%,

11/21/28

.

49

3

991123210.UG.FTS.B,

29.49%,

11/21/28

.

38

35

991196579.UG.FTS.B,

29.49%,

11/21/28

.

140

8

991284842.UG.FTS.B,

29.49%,

11/21/28

.

22

2

991320036.UG.FTS.B,

26.44%,

11/22/28

.

20

1

991116817.UG.FTS.B,

29.49%,

11/22/28

..

5

5

991117471.UG.FTS.B,

29.49%,

11/22/28

..

16

1

991136422.UG.FTS.B,

20.96%,

11/23/28

.

13

–

991214609.UG.FTS.B,

29.49%,

11/23/28

.

44

3

991164225.UG.FTS.B,

18.71%,

11/24/28

.

18

–

991199452.UG.FTS.B,

21.48%,

11/24/28

.

29

–

991129050.UG.FTS.B,

29.48%,

11/24/28

.

3

3

991138758.UG.FTS.B,

19.3%,

11/25/28

..

169

–

991140958.UG.FTS.B,

22.47%,

11/25/28

.

46

3

991157290.UG.FTS.B,

28.48%,

11/25/28

.

12

–

991144902.UG.FTS.B,

29.49%,

11/25/28

.

30

–

991157467.UG.FTS.B,

29.49%,

11/27/28

.

29

2

991249622.UG.FTS.B,

29.49%,

11/28/28

.

23

–

991165167.UG.FTS.B,

29.49%,

11/29/28

.

70

5

991173753.UG.FTS.B,

29.49%,

11/29/28

.

1

1

991208461.UG.FTS.B,

29.49%,

11/29/28

.

17

1

991209332.UG.FTS.B,

29.49%,

11/29/28

.

152

10

991215380.UG.FTS.B,

29.49%,

11/29/28

.

10

–

991228271.UG.FTS.B,

29.49%,

11/29/28

.

1

–

991378439.UG.FTS.B,

29.49%,

11/29/28

.

18

1

991340317.UG.FTS.B,

29.49%,

11/30/28

.

–

–

991361331.UG.FTS.B,

29.49%,

11/30/28

.

220

15

991203822.UG.FTS.B,

21.48%,

12/03/28

.

57

4

991204768.UG.FTS.B,

29.49%,

12/04/28

.

15

1

991359463.UG.FTS.B,

19.96%,

12/05/28

.

127

9

991214878.UG.FTS.B,

28.48%,

12/05/28

.

105

7

991282274.UG.FTS.B,

28.48%,

12/05/28

.

64

4

991321964.UG.FTS.B,

28.48%,

12/05/28

.

–

–

991207166.UG.FTS.B,

29.48%,

12/05/28

.

–

–

991211029.UG.FTS.B,

29.48%,

12/05/28

.

212

101

991393014.UG.FTS.B,

28.48%,

12/06/28

.

–

–

991364368.UG.FTS.B,

29.49%,

12/06/28

.

113

8

991367687.UG.FTS.B,

29.49%,

12/06/28

.

3

1

991448905.UG.FTS.B,

29.49%,

12/06/28

.

59

12

991318209.UG.FTS.B,

27.99%,

12/07/28

.

39

3

991399394.UG.FTS.B,

29.49%,

12/08/28

.

–

–

991400100.UG.FTS.B,

29.49%,

12/08/28

.

2

–

991317469.UG.FTS.B,

29.49%,

12/09/28

.

37

–

991428519.UG.FTS.B,

29.49%,

12/10/28

.

43

3

991141427.UG.FTS.B,

18.97%,

12/11/28

.

51

3

991331167.UG.FTS.B,

16.49%,

12/12/28

.

1

1

991268786.UG.FTS.B,

19.3%,

12/12/28

..

–

–

991459556.UG.FTS.B,

17.49%,

12/13/28

.

20

1

991309417.UG.FTS.B,

20.47%,

12/15/28

.

245

17

991123035.UG.FTS.B,

28.98%,

12/17/28

.

7

1

991122169.UG.FTS.B,

29.49%,

12/17/28

.

3

1

991173118.UG.FTS.B,

19.99%,

12/18/28

.

3

1

991214129.UG.FTS.B,

29.49%,

12/22/28

.

–

–

991164249.UG.FTS.B,

28.98%,

12/29/28

.

–

–

991165471.UG.FTS.B,

29.49%,

12/29/28

.

13

–

991026874.UG.FTS.B,

28.98%,

1/08/29

..

11

1

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

990984188.UG.FTS.B,

28.48%,

1/19/29

..

$

37

$

–

991237095.UG.FTS.B,

29.49%,

1/21/29

..

3

–

991117166.UG.FTS.B,

28.98%,

1/22/29

..

–

–

991162513.UG.FTS.B,

28.48%,

1/23/29

..

–

–

991317211.UG.FTS.B,

28.98%,

1/23/29

..

12

1

991205086.UG.FTS.B,

21.46%,

1/24/29

..

3

3

991319283.UG.FTS.B,

29.49%,

2/05/29

..

6

6

991418451.UG.FTS.B,

29.49%,

2/07/29

..

3

3

991037303.UG.FTS.B,

28.98%,

2/09/29

..

30

2

991070132.UG.FTS.B,

29.49%,

2/09/29

..

1

1

991070551.UG.FTS.B,

29.49%,

2/09/29

..

345

21

991072454.UG.FTS.B,

29.49%,

2/09/29

..

36

7

991175105.UG.FTS.B,

29.49%,

2/09/29

..

4

4

991066592.UG.FTS.B,

23.45%,

2/12/29

..

29

2

991057953.UG.FTS.B,

25.45%,

2/13/29

..

93

48

991382185.UG.FTS.B,

21.46%,

2/14/29

..

1

1

991234093.UG.FTS.B,

19.99%,

2/15/29

..

4

4

991075400.UG.FTS.B,

28.48%,

2/15/29

..

6

6

991154165.UG.FTS.B,

29.49%,

2/16/29

..

4

4

991108107.UG.FTS.B,

29.49%,

2/17/29

..

9

2

991152530.UG.FTS.B,

22.97%,

2/18/29

..

4

4

991187953.UG.FTS.B,

29.49%,

2/18/29

..

2

2

991190202.UG.FTS.B,

29.49%,

2/19/29

..

4

4

991125565.UG.FTS.B,

29.49%,

2/21/29

..

30

28

991263852.UG.FTS.B,

18.97%,

2/23/29

..

6

–

991127249.UG.FTS.B,

29.48%,

2/23/29

..

139

23

991117874.UG.FTS.B,

29.49%,

2/23/29

..

14

14

991221375.UG.FTS.B,

18.47%,

2/24/29

..

9

9

991260944.UG.FTS.B,

22.97%,

2/27/29

..

3

3

991178587.UG.FTS.B,

19.96%,

2/28/29

..

171

3

991233145.UG.FTS.B,

28.48%,

2/28/29

..

1

1

991209146.UG.FTS.B,

29.49%,

2/28/29

..

16

1

991311530.UG.FTS.B,

29.49%,

2/28/29

..

1

1

618,119

Upstart

Network,

Inc.

L1410764.UP.FTS.B,

15.3%,

7/09/24

....

601

603

FW1612116.UP.FTS.B,

6%,

8/23/24

.....

1,211

1,203

L1612016.UP.FTS.B,

8.95%,

8/23/24

....

649

648

FW1611989.UP.FTS.B,

12.35%,

8/23/24

..

673

673

L1611926.UP.FTS.B,

17.14%,

8/23/24

....

237

238

L1612011.UP.FTS.B,

17.65%,

8/23/24

....

727

29

L1612903.UP.FTS.B,

17.72%,

8/23/24

....

1,190

1,199

L1612795.UP.FTS.B,

19.34%,

8/23/24

....

1,875

1,891

FW1611869.UP.FTS.B,

19.81%,

8/23/24

..

474

478

L1612495.UP.FTS.B,

22.7%,

8/23/24

....

962

154

L1612257.UP.FTS.B,

22.94%,

8/23/24

....

5,036

5,072

FW1606291.UP.FTS.B,

27.01%,

8/23/24

..

1,049

1,057

FW1604455.UP.FTS.B,

27.65%,

8/23/24

..

1,328

1,338

FW1613240.UP.FTS.B,

28.79%,

8/23/24

..

693

49

FW1613150.UP.FTS.B,

30.32%,

8/23/24

..

628

224

FW1611405.UP.FTS.B,

30.92%,

8/23/24

..

1,934

1,949

FW1612870.UP.FTS.B,

32.37%,

8/23/24

..

1,383

1,394

FW1618227.UP.FTS.B,

7.62%,

8/24/24

...

3,390

3,367

L1615041.UP.FTS.B,

7.72%,

8/24/24

....

1,278

1,268

L1617167.UP.FTS.B,

9.97%,

8/24/24

....

107

106

L1613537.UP.FTS.B,

10.76%,

8/24/24

....

1,985

1,979

L1616794.UP.FTS.B,

12.02%,

8/24/24

....

3,737

3,595

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

243

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1616172.UP.FTS.B,

14.22%,

8/24/24

..

$

881

$

848

L1618000.UP.FTS.B,

16.11%,

8/24/24

....

2

2

L1616524.UP.FTS.B,

16.36%,

8/24/24

....

1,173

1,173

L1617307.UP.FTS.B,

16.47%,

8/24/24

....

328

331

FW1612144.UP.FTS.B,

17.97%,

8/24/24

..

707

714

L1616998.UP.FTS.B,

18.36%,

8/24/24

....

1,035

340

FW1616441.UP.FTS.B,

18.68%,

8/24/24

..

587

593

L1613531.UP.FTS.B,

19.04%,

8/24/24

....

725

730

L1614540.UP.FTS.B,

20.1%,

8/24/24

....

1,587

1,599

L1616789.UP.FTS.B,

21.29%,

8/24/24

....

382

384

L1618119.UP.FTS.B,

21.46%,

8/24/24

....

1,699

1,717

L1613701.UP.FTS.B,

22.48%,

8/24/24

....

2,253

2,270

L1614621.UP.FTS.B,

22.87%,

8/24/24

....

2,230

2,254

L1614292.UP.FTS.B,

22.91%,

8/24/24

....

252

253

FW1616265.UP.FTS.B,

25.8%,

8/24/24

...

1,896

1,846

FW1613406.UP.FTS.B,

26.85%,

8/24/24

..

2,315

2,244

FW1617127.UP.FTS.B,

28.63%,

8/24/24

..

799

806

FW1617697.UP.FTS.B,

29%,

8/24/24

....

672

653

FW1617880.UP.FTS.B,

29.1%,

8/24/24

...

535

539

L1620409.UP.FTS.B,

9.92%,

8/25/24

....

437

436

L1609249.UP.FTS.B,

10.93%,

8/25/24

....

1,104

1,104

L1618433.UP.FTS.B,

12.74%,

8/25/24

....

3,383

3,382

L1618817.UP.FTS.B,

13.07%,

8/25/24

....

925

926

L1618890.UP.FTS.B,

13.2%,

8/25/24

....

983

983

L1619755.UP.FTS.B,

13.74%,

8/25/24

....

1,277

1,277

L1595806.UP.FTS.B,

16.33%,

8/25/24

....

798

804

FW1617392.UP.FTS.B,

16.64%,

8/25/24

..

2,339

169

FW1618611.UP.FTS.B,

19.46%,

8/25/24

..

1,008

1,018

L1620021.UP.FTS.B,

20.47%,

8/25/24

....

490

494

L1620934.UP.FTS.B,

22.56%,

8/25/24

....

952

959

L1618207.UP.FTS.B,

22.64%,

8/25/24

....

1,003

1,011

FW1618720.UP.FTS.B,

30.08%,

8/25/24

..

1,945

1,962

L1612835.UP.FTS.B,

11.9%,

8/26/24

.....

894

894

L1706751.UP.FTS.B,

6.12%,

9/13/24

....

2,309

2,291

L1707041.UP.FTS.B,

6.68%,

9/13/24

....

6,473

6,423

L1693379.UP.FTS.B,

10.32%,

9/13/24

....

1,840

112

L1706804.UP.FTS.B,

14.15%,

9/13/24

....

3,629

3,640

L1706939.UP.FTS.B,

15.26%,

9/13/24

....

442

444

L1706922.UP.FTS.B,

15.62%,

9/13/24

....

10,557

10,631

L1704236.UP.FTS.B,

15.99%,

9/13/24

....

2,347

2,363

L1705462.UP.FTS.B,

16.72%,

9/13/24

....

6,509

6,547

L1702670.UP.FTS.B,

17.62%,

9/13/24

....

863

273

FW1704884.UP.FTS.B,

18%,

9/13/24

....

332

333

FW1706133.UP.FTS.B,

18.48%,

9/13/24

..

1,297

1,300

L1704877.UP.FTS.B,

19.78%,

9/13/24

....

1,837

133

L1706370.UP.FTS.B,

22.24%,

9/13/24

....

846

852

L1706636.UP.FTS.B,

22.54%,

9/13/24

....

658

652

FW1690887.UP.FTS.B,

23.14%,

9/13/24

..

1,150

1,154

L1705591.UP.FTS.B,

23.35%,

9/13/24

....

1,413

1,416

FW1704787.UP.FTS.B,

26.17%,

9/13/24

..

874

870

FW1706468.UP.FTS.B,

26.54%,

9/13/24

..

505

169

FW1706959.UP.FTS.B,

28.41%,

9/13/24

..

599

603

L1705350.UP.FTS.B,

7.7%,

9/26/24

.....

975

971

L1880417.UP.FTS.B,

5.63%,

10/19/24

....

605

600

L1877544.UP.FTS.B,

9.08%,

10/19/24

....

285

284

L1828554.UP.FTS.B,

9.21%,

10/19/24

....

414

414

L1880929.UP.FTS.B,

9.86%,

10/19/24

....

1,391

1,388

L1877810.UP.FTS.B,

10.5%,

10/19/24

....

617

615

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1880015.UP.FTS.B,

10.71%,

10/19/24

.

$

4,793

$

4,785

FW1880412.UP.FTS.B,

11.4%,

10/19/24

..

2,828

2,824

FW1881446.UP.FTS.B,

11.54%,

10/19/24

.

283

282

L1879230.UP.FTS.B,

12.91%,

10/19/24

...

1,839

1,836

L1879927.UP.FTS.B,

13.42%,

10/19/24

...

1,588

1,597

L1881269.UP.FTS.B,

13.94%,

10/19/24

...

728

732

L1878015.UP.FTS.B,

14.68%,

10/19/24

...

292

294

FW1878235.UP.FTS.B,

16.59%,

10/19/24

.

298

300

L1876177.UP.FTS.B,

16.95%,

10/19/24

...

299

301

FW1880539.UP.FTS.B,

18.7%,

10/19/24

..

1,067

1,073

L1879219.UP.FTS.B,

18.95%,

10/19/24

...

1,308

1,316

L1877157.UP.FTS.B,

19.36%,

10/19/24

...

2,360

77

FW1877508.UP.FTS.B,

20.09%,

10/19/24

.

1,753

1,691

FW1880944.UP.FTS.B,

20.45%,

10/19/24

.

519

516

FW1876805.UP.FTS.B,

20.67%,

10/19/24

.

193

193

L1880362.UP.FTS.B,

23.34%,

10/19/24

...

310

312

FW1877656.UP.FTS.B,

23.66%,

10/19/24

.

548

549

FW1877532.UP.FTS.B,

24.41%,

10/19/24

.

973

981

FW1881583.UP.FTS.B,

25.39%,

10/19/24

.

1,623

1,630

FW1879233.UP.FTS.B,

26.7%,

10/19/24

..

329

331

FW1880823.UP.FTS.B,

27.61%,

10/19/24

.

1,161

1,167

FW1873483.UP.FTS.B,

27.95%,

10/19/24

.

465

468

FW1881404.UP.FTS.B,

28.73%,

10/19/24

.

1,399

413

FW1875773.UP.FTS.B,

28.85%,

10/19/24

.

2,221

2,237

FW1877809.UP.FTS.B,

28.9%,

10/19/24

..

1,643

1,651

FW1877220.UP.FTS.B,

29.16%,

10/19/24

.

539

542

L1877399.UP.FTS.B,

18.99%,

10/28/24

...

307

309

L1843265.UP.FTS.B,

9.92%,

11/01/24

....

3,711

3,696

L1876918.UP.FTS.B,

23.43%,

11/01/24

...

495

497

FW1991266.UP.FTS.B,

5.75%,

11/08/24

..

1,776

1,760

L1996492.UP.FTS.B,

5.82%,

11/08/24

....

739

732

L1994177.UP.FTS.B,

6.01%,

11/08/24

....

2,368

2,349

FW1997734.UP.FTS.B,

6.36%,

11/08/24

..

2,457

2,437

L1995781.UP.FTS.B,

7.12%,

11/08/24

....

745

738

L1991938.UP.FTS.B,

7.13%,

11/08/24

....

2,848

2,824

L1997129.UP.FTS.B,

7.49%,

11/08/24

....

2,104

2,097

L1989289.UP.FTS.B,

9.6%,

11/08/24

.....

1,072

1,067

FW1988815.UP.FTS.B,

10.61%,

11/08/24

.

465

463

L1990488.UP.FTS.B,

10.69%,

11/08/24

...

4,365

4,349

L1990483.UP.FTS.B,

10.71%,

11/08/24

...

308

307

L1989128.UP.FTS.B,

11.31%,

11/08/24

...

781

779

L1997576.UP.FTS.B,

11.59%,

11/08/24

...

313

313

L1998240.UP.FTS.B,

14.07%,

11/08/24

...

5,774

5,806

FW1989018.UP.FTS.B,

14.66%,

11/08/24

.

2,904

2,920

FW1999553.UP.FTS.B,

14.97%,

11/08/24

.

327

326

L1990825.UP.FTS.B,

15.23%,

11/08/24

...

1,299

1,306

FW1991866.UP.FTS.B,

15.28%,

11/08/24

.

2,436

2,450

L1989094.UP.FTS.B,

15.37%,

11/08/24

...

390

392

L1992799.UP.FTS.B,

15.97%,

11/08/24

...

1,633

1,643

L1994442.UP.FTS.B,

16.18%,

11/08/24

...

655

659

L1969331.UP.FTS.B,

16.28%,

11/08/24

...

328

330

L1991018.UP.FTS.B,

17.05%,

11/08/24

...

825

830

L1987185.UP.FTS.B,

17.72%,

11/08/24

...

548

546

FW1991976.UP.FTS.B,

18.69%,

11/08/24

.

1,408

1,416

FW1998538.UP.FTS.B,

20.31%,

11/08/24

.

1,663

1,668

L1991260.UP.FTS.B,

20.4%,

11/08/24

....

4,996

4,993

L1999186.UP.FTS.B,

20.9%,

11/08/24

....

1,187

1,190

L1993163.UP.FTS.B,

22.06%,

11/08/24

...

1,592

462

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

244

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1990534.UP.FTS.B,

22.07%,

11/08/24

...

$

3,489

$

3,490

FW1989573.UP.FTS.B,

22.36%,

11/08/24

.

520

522

L1994045.UP.FTS.B,

22.76%,

11/08/24

...

941

944

L1992601.UP.FTS.B,

23.37%,

11/08/24

...

373

372

L1995328.UP.FTS.B,

23.72%,

11/08/24

...

2,012

622

FW1998906.UP.FTS.B,

25.05%,

11/08/24

.

1,157

1,155

FW1990565.UP.FTS.B,

26.42%,

11/08/24

.

971

975

FW1999321.UP.FTS.B,

26.61%,

11/08/24

.

1,939

561

FW1993106.UP.FTS.B,

27.22%,

11/08/24

.

1,775

127

FW1990425.UP.FTS.B,

27.28%,

11/08/24

.

1,798

1,805

FW1997204.UP.FTS.B,

28.06%,

11/08/24

.

1,789

1,795

FW1999593.UP.FTS.B,

28.28%,

11/08/24

.

732

735

FW1999260.UP.FTS.B,

28.83%,

11/08/24

.

3,798

3,803

FW1989730.UP.FTS.B,

9.3%,

11/10/24

...

4,594

4,573

FW1984213.UP.FTS.B,

18.47%,

11/15/24

.

1,280

180

L1990206.UP.FTS.B,

19.65%,

11/15/24

...

1,230

1,183

L2074995.UP.FTS.B,

6.25%,

11/18/24

....

1,532

1,456

L2075196.UP.FTS.B,

6.5%,

11/18/24

.....

446

443

L2071075.UP.FTS.B,

6.65%,

11/18/24

....

2,637

2,616

L2067255.UP.FTS.B,

7.27%,

11/18/24

....

3,901

3,887

L2074717.UP.FTS.B,

9.11%,

11/18/24

....

2,444

2,439

L2071958.UP.FTS.B,

10.19%,

11/18/24

...

1,389

1,386

L2042230.UP.FTS.B,

10.36%,

11/18/24

...

371

371

L2069761.UP.FTS.B,

11.37%,

11/18/24

...

405

404

L2073296.UP.FTS.B,

11.88%,

11/18/24

...

2,889

2,889

L2074825.UP.FTS.B,

11.88%,

11/18/24

...

565

565

L2069517.UP.FTS.B,

12.06%,

11/18/24

...

3,151

3,145

L2074624.UP.FTS.B,

14.71%,

11/18/24

...

969

977

L2071744.UP.FTS.B,

15.58%,

11/18/24

...

4,764

348

L2071211.UP.FTS.B,

15.75%,

11/18/24

...

2,591

188

L2070735.UP.FTS.B,

15.91%,

11/18/24

...

3,591

3,621

L2070764.UP.FTS.B,

16.31%,

11/18/24

...

823

828

L2070361.UP.FTS.B,

16.86%,

11/18/24

...

2,880

2,783

L2043746.UP.FTS.B,

18%,

11/18/24

.....

2,182

2,109

L2075163.UP.FTS.B,

19.13%,

11/18/24

...

1,848

1,863

L2070689.UP.FTS.B,

19.39%,

11/18/24

...

3,688

3,556

L2072986.UP.FTS.B,

19.5%,

11/18/24

....

3,144

3,163

L2074866.UP.FTS.B,

20.36%,

11/18/24

...

366

366

FW2070210.UP.FTS.B,

21.14%,

11/18/24

.

6,520

966

L2069989.UP.FTS.B,

21.94%,

11/18/24

...

3,201

3,091

FW2074575.UP.FTS.B,

21.98%,

11/18/24

.

1,728

1,740

L2075360.UP.FTS.B,

22.53%,

11/18/24

...

347

350

L2071339.UP.FTS.B,

23.22%,

11/18/24

...

3,424

3,450

FW2074738.UP.FTS.B,

25.07%,

11/18/24

.

1,426

1,431

FW2072771.UP.FTS.B,

26.31%,

11/18/24

.

343

345

FW2073544.UP.FTS.B,

26.86%,

11/18/24

.

722

727

FW2074174.UP.FTS.B,

27.6%,

11/18/24

..

437

439

FW2074893.UP.FTS.B,

28.12%,

11/18/24

.

596

88

FW2074718.UP.FTS.B,

28.91%,

11/18/24

.

738

–

FW2074605.UP.FTS.B,

29%,

11/18/24

...

1,509

1,518

L1989270.UP.FTS.B,

6.75%,

11/23/24

....

1,944

1,927

L1998424.UP.FTS.B,

19%,

11/23/24

.....

1,714

1,724

L2215514.UP.FTS.B,

6.51%,

12/09/24

....

2,253

2,233

L2218454.UP.FTS.B,

6.62%,

12/09/24

....

1,046

1,037

L2218367.UP.FTS.B,

9.23%,

12/09/24

....

335

334

FW2216772.UP.FTS.B,

10.45%,

12/09/24

.

849

845

L2218057.UP.FTS.B,

12.68%,

12/09/24

...

1,525

1,520

L2214428.UP.FTS.B,

14.33%,

12/09/24

...

1,255

1,259

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2215617.UP.FTS.B,

17.98%,

12/09/24

.

$

1,081

$

1,087

L2217273.UP.FTS.B,

18.07%,

12/09/24

...

740

743

FW2217838.UP.FTS.B,

18.43%,

12/09/24

.

6,662

4,269

L2216494.UP.FTS.B,

18.54%,

12/09/24

...

5,308

5,324

L2215879.UP.FTS.B,

21.14%,

12/09/24

...

1,477

1,476

L2214773.UP.FTS.B,

21.94%,

12/09/24

...

1,245

1,245

L2214203.UP.FTS.B,

22.16%,

12/09/24

...

3,023

3,022

L2215694.UP.FTS.B,

22.23%,

12/09/24

...

2,268

2,276

L2217794.UP.FTS.B,

22.85%,

12/09/24

...

760

765

L2217826.UP.FTS.B,

23.12%,

12/09/24

...

1,525

1,524

FW2194665.UP.FTS.B,

23.32%,

12/09/24

.

455

456

L2219730.UP.FTS.B,

6.81%,

12/10/24

....

3,275

3,246

L2221277.UP.FTS.B,

9.11%,

12/10/24

....

3,349

3,334

L2220268.UP.FTS.B,

10.33%,

12/10/24

...

1,694

1,689

L2220173.UP.FTS.B,

10.59%,

12/10/24

...

668

666

L2220491.UP.FTS.B,

10.62%,

12/10/24

...

340

339

L2221024.UP.FTS.B,

11.5%,

12/10/24

....

1,474

1,471

FW2221592.UP.FTS.B,

12.68%,

12/10/24

.

1,531

1,526

FW2219110.UP.FTS.B,

14.72%,

12/10/24

.

2,567

2,562

FW2219902.UP.FTS.B,

15.07%,

12/10/24

.

5,316

5,347

L2219054.UP.FTS.B,

16.23%,

12/10/24

...

1,982

1,989

FW2220767.UP.FTS.B,

16.93%,

12/10/24

.

1,262

1,269

L2222176.UP.FTS.B,

17.82%,

12/10/24

...

1,090

1,097

FW2219362.UP.FTS.B,

18.87%,

12/10/24

.

1,651

1,662

L2221644.UP.FTS.B,

19.1%,

12/10/24

....

1,838

1,850

L2220530.UP.FTS.B,

19.78%,

12/10/24

...

1,105

1,109

L2222285.UP.FTS.B,

19.82%,

12/10/24

...

326

327

L2219790.UP.FTS.B,

20.59%,

12/10/24

...

2,053

1,278

L2221774.UP.FTS.B,

21.93%,

12/10/24

...

3,849

2,433

FW2219561.UP.FTS.B,

22.18%,

12/10/24

.

945

951

L2221302.UP.FTS.B,

22.2%,

12/10/24

....

3,318

983

L2219861.UP.FTS.B,

23.85%,

12/10/24

...

2,147

2,155

L2219041.UP.FTS.B,

24.61%,

12/10/24

...

3,199

3,195

FW2215089.UP.FTS.B,

25.18%,

12/10/24

.

6,741

1,920

FW2221043.UP.FTS.B,

26.33%,

12/10/24

.

2,370

2,371

L2220175.UP.FTS.B,

12.44%,

12/25/24

...

1,390

1,386

L2219716.UP.FTS.B,

17.42%,

12/25/24

...

2,158

2,171

L1612705.UP.FTS.B,

21.91%,

1/23/25

....

1,978

1,981

FW1611995.UP.FTS.B,

26.04%,

1/23/25

..

2,520

2,533

FW1611967.UP.FTS.B,

27.5%,

1/23/25

...

2,899

447

FW1618121.UP.FTS.B,

27.49%,

1/24/25

..

3,887

3,760

FW1615843.UP.FTS.B,

29.08%,

1/24/25

..

548

527

L1621220.UP.FTS.B,

21.82%,

1/25/25

....

1,434

64

FW1619402.UP.FTS.B,

29.13%,

1/25/25

..

1,104

1,111

L1706082.UP.FTS.B,

23.36%,

2/13/25

....

2,520

2,516

L1876344.UP.FTS.B,

21.57%,

3/19/25

....

1,431

1,427

L1878043.UP.FTS.B,

23%,

4/02/25

......

19,529

19,441

L1996950.UP.FTS.B,

14.91%,

4/08/25

....

2,510

686

FW1988077.UP.FTS.B,

17.51%,

4/08/25

..

1,566

220

L1995937.UP.FTS.B,

19.73%,

4/08/25

....

8,543

–

FW1996652.UP.FTS.B,

20.84%,

4/08/25

..

681

679

L1989183.UP.FTS.B,

20.95%,

4/08/25

....

6,448

6,439

L1992850.UP.FTS.B,

21.32%,

4/08/25

....

6,014

435

L1992210.UP.FTS.B,

21.73%,

4/16/25

....

1,384

1,330

FW2060208.UP.FTS.B,

8.38%,

4/18/25

...

1,514

1,508

L2074442.UP.FTS.B,

9.61%,

4/18/25

....

1,681

1,671

L2072070.UP.FTS.B,

14.5%,

4/18/25

....

1,600

1,604

L2071251.UP.FTS.B,

17.57%,

4/18/25

....

447

447

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

245

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1959123.UP.FTS.B,

23.14%,

4/18/25

....

$

2,276

$

2,180

FW2071617.UP.FTS.B,

24.28%,

4/18/25

..

4,880

4,877

L2215847.UP.FTS.B,

15.81%,

5/09/25

....

8,506

623

L2215619.UP.FTS.B,

17.97%,

5/09/25

....

1,200

341

FW2216954.UP.FTS.B,

19.2%,

5/09/25

...

3,210

1,920

L2215113.UP.FTS.B,

19.57%,

5/09/25

....

2,288

2,287

L2214186.UP.FTS.B,

22.58%,

5/09/25

....

1,648

1,633

L2218938.UP.FTS.B,

7.83%,

5/10/25

....

3,306

3,283

L2220009.UP.FTS.B,

18.38%,

5/10/25

....

1,528

219

FW2220220.UP.FTS.B,

21.76%,

5/10/25

..

2,123

304

FW2221895.UP.FTS.B,

22.51%,

5/10/25

..

2,933

2,915

FW2219263.UP.FTS.B,

25.61%,

5/10/25

..

4,483

390

FW2220602.UP.FTS.B,

22.35%,

5/25/25

..

3,166

–

FW1601279.UP.FTS.B,

28.41%,

6/25/25

..

1,195

84

L1701616.UP.FTS.B,

19.62%,

7/13/25

....

1,013

304

L1707019.UP.FTS.B,

22.94%,

7/28/25

....

4,885

4,868

L2000015.UP.FTS.B,

20.73%,

9/08/25

....

514

514

L1994247.UP.FTS.B,

23.34%,

9/08/25

....

960

958

L2215156.UP.FTS.B,

18.88%,

10/09/25

...

3,516

2,102

L1410769.UP.FTS.B,

17.3%,

7/09/26

....

2,831

1,631

L1410682.UP.FTS.B,

18.43%,

7/09/26

....

5,561

5,562

L1410871.UP.FTS.B,

19.36%,

7/09/26

....

2,475

2,475

L1406959.UP.FTS.B,

19.7%,

7/09/26

....

1,617

1,618

L1410905.UP.FTS.B,

21.33%,

7/09/26

....

15,991

–

L1410134.UP.FTS.B,

22.14%,

7/09/26

....

4,071

293

FW1410862.UP.FTS.B,

30.65%,

7/09/26

..

1,433

1,447

L1612245.UP.FTS.B,

7.13%,

8/23/26

....

2,685

2,668

L1612759.UP.FTS.B,

7.7%,

8/23/26

.....

3,105

3,089

L1613031.UP.FTS.B,

10.95%,

8/23/26

....

10,622

10,587

L1613160.UP.FTS.B,

11.35%,

8/23/26

....

18,190

17,226

L1612342.UP.FTS.B,

11.46%,

8/23/26

....

29,368

29,284

L1612983.UP.FTS.B,

11.8%,

8/23/26

.....

29,541

29,456

L1612198.UP.FTS.B,

11.94%,

8/23/26

....

7,625

7,611

L1606587.UP.FTS.B,

14.39%,

8/23/26

....

30,180

30,130

L1612751.UP.FTS.B,

14.6%,

8/23/26

....

9,092

9,098

L1612460.UP.FTS.B,

14.95%,

8/23/26

....

10,290

746

L1611811.UP.FTS.B,

15.17%,

8/23/26

....

12,516

11,915

FW1611006.UP.FTS.B,

15.64%,

8/23/26

..

12,760

12,735

L1613087.UP.FTS.B,

17.25%,

8/23/26

....

4,969

4,990

L1612462.UP.FTS.B,

18.65%,

8/23/26

....

6,150

6,170

L1611722.UP.FTS.B,

19.13%,

8/23/26

....

5,063

5,074

FW1613143.UP.FTS.B,

19.39%,

8/23/26

..

12,684

12,712

L1612696.UP.FTS.B,

19.76%,

8/23/26

....

7,001

7,085

L1611808.UP.FTS.B,

20.24%,

8/23/26

....

6,391

6,468

FW1613287.UP.FTS.B,

21.05%,

8/23/26

..

1,931

1,954

L1611961.UP.FTS.B,

21.45%,

8/23/26

....

3,554

3,597

L1611980.UP.FTS.B,

21.62%,

8/23/26

....

2,888

177

L1612389.UP.FTS.B,

21.85%,

8/23/26

....

4,125

4,142

FW1613265.UP.FTS.B,

23.28%,

8/23/26

..

3,939

3,987

L1612902.UP.FTS.B,

24.91%,

8/23/26

....

9,806

9,938

L1605896.UP.FTS.B,

25.03%,

8/23/26

....

20,740

20,025

L1612867.UP.FTS.B,

25.04%,

8/23/26

....

1,199

1,214

L1611991.UP.FTS.B,

25.15%,

8/23/26

....

743

739

L1612115.UP.FTS.B,

25.2%,

8/23/26

.....

818

789

L1612430.UP.FTS.B,

25.3%,

8/23/26

....

734

743

L1610778.UP.FTS.B,

25.4%,

8/23/26

....

2,819

2,857

L1612475.UP.FTS.B,

25.7%,

8/23/26

....

932

918

L1613041.UP.FTS.B,

26.53%,

8/23/26

....

3,956

3,998

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1612416.UP.FTS.B,

27.52%,

8/23/26

..

$

7,079

$

2,066

FW1613053.UP.FTS.B,

30.42%,

8/23/26

..

387

385

FW1612948.UP.FTS.B,

30.7%,

8/23/26

...

6,967

7,053

FW1598463.UP.FTS.B,

30.71%,

8/23/26

..

10,448

10,576

FW1612884.UP.FTS.B,

30.9%,

8/23/26

...

2,158

2,131

FW1614135.UP.FTS.B,

6%,

8/24/26

.....

10,079

10,269

L1613929.UP.FTS.B,

6.38%,

8/24/26

....

8,345

8,288

L1613779.UP.FTS.B,

8.38%,

8/24/26

....

7,966

7,926

L1614080.UP.FTS.B,

9.53%,

8/24/26

....

1,719

1,711

L1613335.UP.FTS.B,

10.66%,

8/24/26

....

874

870

L1615613.UP.FTS.B,

11.71%,

8/24/26

....

3,768

3,758

L1614345.UP.FTS.B,

12.28%,

8/24/26

....

2,355

2,351

L1617085.UP.FTS.B,

12.5%,

8/24/26

....

7,554

7,539

L1613877.UP.FTS.B,

13.09%,

8/24/26

....

9,437

2,447

L1613838.UP.FTS.B,

13.27%,

8/24/26

....

595

594

L1615725.UP.FTS.B,

13.27%,

8/24/26

....

3,232

3,224

L1617795.UP.FTS.B,

13.57%,

8/24/26

....

15,002

14,964

L1614941.UP.FTS.B,

13.72%,

8/24/26

....

5,761

5,749

FW1614076.UP.FTS.B,

14.66%,

8/24/26

..

6,029

6,019

L1617268.UP.FTS.B,

15.74%,

8/24/26

....

1,568

1,486

L1617016.UP.FTS.B,

15.82%,

8/24/26

....

10,673

10,682

L1616977.UP.FTS.B,

16.49%,

8/24/26

....

1,714

1,715

L1617004.UP.FTS.B,

16.62%,

8/24/26

....

3,709

3,712

L1613683.UP.FTS.B,

16.65%,

8/24/26

....

3,973

3,982

FW1613769.UP.FTS.B,

16.69%,

8/24/26

..

3,087

3,101

L1614266.UP.FTS.B,

16.7%,

8/24/26

....

2,156

155

L1616581.UP.FTS.B,

16.94%,

8/24/26

....

1,846

1,850

L1614751.UP.FTS.B,

17.63%,

8/24/26

....

9,291

9,331

L1618185.UP.FTS.B,

18.18%,

8/24/26

....

7,507

7,526

L1614375.UP.FTS.B,

18.88%,

8/24/26

....

5,050

5,063

L1616929.UP.FTS.B,

19.05%,

8/24/26

....

6,323

6,339

L1613574.UP.FTS.B,

19.14%,

8/24/26

....

1,898

1,903

L1617202.UP.FTS.B,

19.24%,

8/24/26

....

1,993

546

L1618259.UP.FTS.B,

19.27%,

8/24/26

....

5,069

5,131

L1613957.UP.FTS.B,

19.33%,

8/24/26

....

7,200

6,876

L1617047.UP.FTS.B,

19.37%,

8/24/26

....

1,050

1,045

L1614886.UP.FTS.B,

19.82%,

8/24/26

....

7,130

7,138

L1617537.UP.FTS.B,

20.26%,

8/24/26

....

2,365

2,371

L1613128.UP.FTS.B,

21.09%,

8/24/26

....

32,208

32,290

L1614925.UP.FTS.B,

21.15%,

8/24/26

....

601

608

FW1617037.UP.FTS.B,

21.16%,

8/24/26

..

6,685

6,458

L1617008.UP.FTS.B,

21.28%,

8/24/26

....

2,066

2,091

FW1617548.UP.FTS.B,

21.5%,

8/24/26

...

3,102

3,141

L1615113.UP.FTS.B,

21.5%,

8/24/26

.....

2,100

2,127

FW1616680.UP.FTS.B,

21.59%,

8/24/26

..

7,762

7,782

FW1615331.UP.FTS.B,

21.76%,

8/24/26

..

15,787

15,999

L1615740.UP.FTS.B,

22.58%,

8/24/26

....

2,731

788

L1617797.UP.FTS.B,

22.65%,

8/24/26

....

24,429

1,762

L1613261.UP.FTS.B,

22.8%,

8/24/26

....

2,224

2,251

L1617314.UP.FTS.B,

23.08%,

8/24/26

....

1,619

1,642

FW1614723.UP.FTS.B,

23.32%,

8/24/26

..

9,848

9,970

FW1614111.UP.FTS.B,

23.36%,

8/24/26

..

7,880

7,978

L1617338.UP.FTS.B,

23.46%,

8/24/26

....

1,644

1,664

L1617363.UP.FTS.B,

23.46%,

8/24/26

....

5,180

5,192

FW1616273.UP.FTS.B,

23.5%,

8/24/26

...

632

640

L1615756.UP.FTS.B,

23.61%,

8/24/26

....

6,583

6,665

L1615616.UP.FTS.B,

23.96%,

8/24/26

....

1,741

1,728

L1616072.UP.FTS.B,

24%,

8/24/26

......

3,984

4,030

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

246

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1599086.UP.FTS.B,

24.44%,

8/24/26

....

$

5,236

$

5,310

FW1613731.UP.FTS.B,

24.96%,

8/24/26

..

12,646

12,804

FW1615802.UP.FTS.B,

24.99%,

8/24/26

..

2,402

373

L1617884.UP.FTS.B,

24.99%,

8/24/26

....

799

809

FW1616803.UP.FTS.B,

25.11%,

8/24/26

..

3,334

3,376

L1617253.UP.FTS.B,

25.15%,

8/24/26

....

9,334

9,451

FW1591289.UP.FTS.B,

25.18%,

8/24/26

..

2,268

2,296

L1613599.UP.FTS.B,

25.21%,

8/24/26

....

1,668

1,689

L1613633.UP.FTS.B,

25.23%,

8/24/26

....

5,570

391

L1616132.UP.FTS.B,

25.25%,

8/24/26

....

801

811

L1614834.UP.FTS.B,

25.32%,

8/24/26

....

3,908

3,964

L1614231.UP.FTS.B,

25.4%,

8/24/26

....

1,269

1,285

L1613168.UP.FTS.B,

25.62%,

8/24/26

....

5,262

84

FW1618114.UP.FTS.B,

25.78%,

8/24/26

..

2,145

2,172

L1615232.UP.FTS.B,

25.93%,

8/24/26

....

2,885

2,921

FW1614557.UP.FTS.B,

26.33%,

8/24/26

..

8,701

1,349

FW1615022.UP.FTS.B,

26.47%,

8/24/26

..

4,222

1,231

L1617509.UP.FTS.B,

26.53%,

8/24/26

....

4,530

319

FW1616218.UP.FTS.B,

26.77%,

8/24/26

..

438

434

FW1616600.UP.FTS.B,

27.4%,

8/24/26

...

4,998

5,067

FW1617924.UP.FTS.B,

27.4%,

8/24/26

...

5,432

5,500

FW1614841.UP.FTS.B,

27.56%,

8/24/26

..

1,971

1,996

FW1617241.UP.FTS.B,

28.98%,

8/24/26

..

3,852

273

FW1618115.UP.FTS.B,

29.51%,

8/24/26

..

8,100

8,215

FW1614066.UP.FTS.B,

29.58%,

8/24/26

..

3,787

3,838

FW1617403.UP.FTS.B,

29.66%,

8/24/26

..

5,595

848

FW1617836.UP.FTS.B,

29.73%,

8/24/26

..

2,767

2,802

FW1614632.UP.FTS.B,

29.76%,

8/24/26

..

1,059

312

FW1614078.UP.FTS.B,

30.3%,

8/24/26

...

1,427

–

FW1613869.UP.FTS.B,

30.42%,

8/24/26

..

904

915

FW1615250.UP.FTS.B,

30.57%,

8/24/26

..

1,290

1,304

FW1615073.UP.FTS.B,

30.97%,

8/24/26

..

2,096

2,123

FW1612909.UP.FTS.B,

31.01%,

8/24/26

..

836

845

FW1617590.UP.FTS.B,

31.04%,

8/24/26

..

1,784

1,721

FW1617796.UP.FTS.B,

31.5%,

8/24/26

...

2,553

753

FW1614110.UP.FTS.B,

32.03%,

8/24/26

..

2,854

2,888

FW1616102.UP.FTS.B,

32.95%,

8/24/26

..

3,261

3,302

L1621070.UP.FTS.B,

8.8%,

8/25/26

.....

17,134

17,055

L1619126.UP.FTS.B,

9.43%,

8/25/26

....

5,751

5,725

L1618202.UP.FTS.B,

10.07%,

8/25/26

....

2,894

2,887

L1619565.UP.FTS.B,

11.35%,

8/25/26

....

4,752

4,742

L1619757.UP.FTS.B,

12.57%,

8/25/26

....

4,749

4,744

L1617914.UP.FTS.B,

12.61%,

8/25/26

....

2,977

2,971

L1572047.UP.FTS.B,

12.99%,

8/25/26

....

3,714

3,706

L1620282.UP.FTS.B,

13.89%,

8/25/26

....

7,116

7,107

L1620912.UP.FTS.B,

14.91%,

8/25/26

....

3,040

3,035

L1620125.UP.FTS.B,

15.38%,

8/25/26

....

611

612

FW1619311.UP.FTS.B,

16.02%,

8/25/26

..

3,676

3,688

L1619826.UP.FTS.B,

16.95%,

8/25/26

....

9,553

9,590

FW1619065.UP.FTS.B,

16.98%,

8/25/26

..

15,508

15,534

L1619610.UP.FTS.B,

17.18%,

8/25/26

....

3,083

3,099

L1620043.UP.FTS.B,

17.72%,

8/25/26

....

1,947

1,945

FW1618685.UP.FTS.B,

19.7%,

8/25/26

...

6,252

6,247

L1619055.UP.FTS.B,

19.81%,

8/25/26

....

1,956

1,979

FW1618558.UP.FTS.B,

20.33%,

8/25/26

..

3,644

3,652

L1618902.UP.FTS.B,

21.03%,

8/25/26

....

3,556

3,607

L1618616.UP.FTS.B,

21.44%,

8/25/26

....

6,461

6,548

FW1620348.UP.FTS.B,

22.68%,

8/25/26

..

2,373

2,379

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1619947.UP.FTS.B,

22.69%,

8/25/26

..

$

1,161

$

1,159

L1620763.UP.FTS.B,

23.08%,

8/25/26

....

3,539

3,586

L1620526.UP.FTS.B,

23.25%,

8/25/26

....

1,312

1,330

L1619423.UP.FTS.B,

24.53%,

8/25/26

....

2,620

186

L1619251.UP.FTS.B,

24.92%,

8/25/26

....

1,464

1,484

L1619746.UP.FTS.B,

25.05%,

8/25/26

....

4,132

4,192

L1621031.UP.FTS.B,

25.07%,

8/25/26

....

3,998

4,052

L1619585.UP.FTS.B,

25.33%,

8/25/26

....

4,874

4,941

L1603724.UP.FTS.B,

25.36%,

8/25/26

....

1

1

L1618792.UP.FTS.B,

25.43%,

8/25/26

....

2,272

2,303

FW1620759.UP.FTS.B,

25.44%,

8/25/26

..

2,673

2,710

L1621068.UP.FTS.B,

25.46%,

8/25/26

....

2,808

2,846

FW1617532.UP.FTS.B,

25.68%,

8/25/26

..

2,009

2,036

L1620151.UP.FTS.B,

26.66%,

8/25/26

....

10,474

10,612

L1612935.UP.FTS.B,

25.45%,

9/01/26

....

1,169

1,181

L1706439.UP.FTS.B,

8.12%,

9/13/26

....

6,137

408

L1706771.UP.FTS.B,

9.86%,

9/13/26

....

10,688

10,637

FW1703655.UP.FTS.B,

10.14%,

9/13/26

..

2,679

2,669

FW1705224.UP.FTS.B,

10.49%,

9/13/26

..

14,939

14,869

L1694396.UP.FTS.B,

11.41%,

9/13/26

....

6,058

6,030

L1706158.UP.FTS.B,

11.42%,

9/13/26

....

2,412

2,404

L1706444.UP.FTS.B,

12.27%,

9/13/26

....

3,649

3,632

L1704834.UP.FTS.B,

12.73%,

9/13/26

....

5,504

5,479

FW1704921.UP.FTS.B,

13.23%,

9/13/26

..

1,103

1,097

L1706652.UP.FTS.B,

13.34%,

9/13/26

....

13,426

13,377

L1705580.UP.FTS.B,

14.66%,

9/13/26

....

11,513

11,484

L1706707.UP.FTS.B,

14.84%,

9/13/26

....

12,465

12,422

L1706806.UP.FTS.B,

15.22%,

9/13/26

....

4,879

4,857

L1705731.UP.FTS.B,

15.3%,

9/13/26

....

10,077

10,054

L1704776.UP.FTS.B,

15.5%,

9/13/26

....

4,390

4,379

FW1705595.UP.FTS.B,

15.51%,

9/13/26

..

9,374

9,366

FW1701565.UP.FTS.B,

15.8%,

9/13/26

...

14,121

14,048

L1706683.UP.FTS.B,

16.01%,

9/13/26

....

1,512

1,507

L1705287.UP.FTS.B,

16.2%,

9/13/26

....

7,259

7,254

L1705607.UP.FTS.B,

16.78%,

9/13/26

....

19,958

5,425

FW1707042.UP.FTS.B,

16.94%,

9/13/26

..

8,245

8,222

L1705598.UP.FTS.B,

17.01%,

9/13/26

....

1,844

1,843

FW1706882.UP.FTS.B,

17.33%,

9/13/26

..

2,971

2,966

L1699552.UP.FTS.B,

17.37%,

9/13/26

....

2,679

2,680

L1706066.UP.FTS.B,

18.08%,

9/13/26

....

3,908

3,886

L1705021.UP.FTS.B,

18.29%,

9/13/26

....

5,188

5,181

FW1701942.UP.FTS.B,

19.32%,

9/13/26

..

9,743

9,727

L1705864.UP.FTS.B,

19.54%,

9/13/26

....

20,279

20,439

L1705415.UP.FTS.B,

19.86%,

9/13/26

....

6,078

6,077

L1699219.UP.FTS.B,

19.88%,

9/13/26

....

9,136

9,205

L1706913.UP.FTS.B,

20.18%,

9/13/26

....

4,807

4,852

L1705062.UP.FTS.B,

20.27%,

9/13/26

....

1,321

1,331

L1705666.UP.FTS.B,

20.28%,

9/13/26

....

1,544

41

L1706223.UP.FTS.B,

20.97%,

9/13/26

....

10,043

10,128

L1706832.UP.FTS.B,

21.04%,

9/13/26

....

3,886

3,920

L1706003.UP.FTS.B,

21.07%,

9/13/26

....

4,612

4,614

L1706013.UP.FTS.B,

21.25%,

9/13/26

....

5,938

5,940

FW1705757.UP.FTS.B,

21.7%,

9/13/26

...

2,384

2,408

L1706836.UP.FTS.B,

21.71%,

9/13/26

....

4,171

4,159

FW1706388.UP.FTS.B,

21.83%,

9/13/26

..

4,246

621

L1706178.UP.FTS.B,

22.1%,

9/13/26

....

2,326

2,349

L1706147.UP.FTS.B,

23.21%,

9/13/26

....

3,358

3,384

L1706970.UP.FTS.B,

23.23%,

9/13/26

....

1,355

1,366

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

247

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1706347.UP.FTS.B,

23.37%,

9/13/26

....

$

6,115

$

6,166

L1706443.UP.FTS.B,

23.44%,

9/13/26

....

2,035

2,051

L1706495.UP.FTS.B,

23.71%,

9/13/26

....

6,013

6,069

L1706931.UP.FTS.B,

24.04%,

9/13/26

....

810

818

L1706350.UP.FTS.B,

24.39%,

9/13/26

....

14,043

8,297

L1706467.UP.FTS.B,

24.5%,

9/13/26

....

872

871

L1705774.UP.FTS.B,

24.52%,

9/13/26

....

5,432

5,473

L1699725.UP.FTS.B,

24.98%,

9/13/26

....

1,382

1,393

L1705130.UP.FTS.B,

24.98%,

9/13/26

....

2,041

2,061

L1705055.UP.FTS.B,

24.99%,

9/13/26

....

1,279

1,288

FW1694399.UP.FTS.B,

25.04%,

9/13/26

..

2,064

2,081

L1706179.UP.FTS.B,

25.28%,

9/13/26

....

886

887

L1705964.UP.FTS.B,

25.31%,

9/13/26

....

3,478

3,512

L1671620.UP.FTS.B,

25.49%,

9/13/26

....

2,216

2,237

L1707003.UP.FTS.B,

25.5%,

9/13/26

....

1,161

1,173

FW1705410.UP.FTS.B,

26.37%,

9/13/26

..

13,076

13,177

FW1705619.UP.FTS.B,

26.39%,

9/13/26

..

1,927

138

L1706658.UP.FTS.B,

26.61%,

9/13/26

....

5,363

379

L1706122.UP.FTS.B,

26.74%,

9/13/26

....

5,793

5,851

FW1706840.UP.FTS.B,

26.82%,

9/13/26

..

24,880

25,071

FW1705300.UP.FTS.B,

26.94%,

9/13/26

..

1,520

1,535

FW1706600.UP.FTS.B,

28.17%,

9/13/26

..

5,577

5,632

FW1704833.UP.FTS.B,

28.32%,

9/13/26

..

1,445

103

FW1705464.UP.FTS.B,

28.92%,

9/13/26

..

5,259

5,311

FW1705970.UP.FTS.B,

29.06%,

9/13/26

..

2,689

2,704

FW1704923.UP.FTS.B,

29.37%,

9/13/26

..

1,796

1,063

FW1706656.UP.FTS.B,

29.5%,

9/13/26

...

1,582

235

FW1706055.UP.FTS.B,

29.52%,

9/13/26

..

1,241

1,251

FW1706229.UP.FTS.B,

30.24%,

9/13/26

..

3,166

3,196

FW1705888.UP.FTS.B,

30.31%,

9/13/26

..

2,101

2,120

FW1706453.UP.FTS.B,

30.32%,

9/13/26

..

399

397

FW1705881.UP.FTS.B,

30.81%,

9/13/26

..

3,799

1,103

FW1705876.UP.FTS.B,

30.83%,

9/13/26

..

1,210

1,219

FW1706907.UP.FTS.B,

30.87%,

9/13/26

..

1,280

1,293

FW1706713.UP.FTS.B,

30.93%,

9/13/26

..

4,130

4,162

FW1704990.UP.FTS.B,

31.11%,

9/13/26

..

912

917

FW1706597.UP.FTS.B,

31.11%,

9/13/26

..

1,353

1,367

FW1706293.UP.FTS.B,

31.37%,

9/13/26

..

1,515

1,519

FW1703542.UP.FTS.B,

31.45%,

9/13/26

..

18,757

5,443

FW1706582.UP.FTS.B,

31.84%,

9/13/26

..

2,065

301

FW1704764.UP.FTS.B,

32.03%,

9/13/26

..

2,436

169

FW1706420.UP.FTS.B,

32.09%,

9/13/26

..

3,514

3,549

FW1705022.UP.FTS.B,

32.46%,

9/13/26

..

6,164

434

FW1705213.UP.FTS.B,

29.91%,

9/28/26

..

4,586

1,332

FW1705791.UP.FTS.B,

30.47%,

9/28/26

..

3,574

3,611

L1880089.UP.FTS.B,

6%,

10/19/26

......

5,144

1,440

L1877184.UP.FTS.B,

9.06%,

10/19/26

....

5,483

5,456

L1851771.UP.FTS.B,

9.22%,

10/19/26

....

2,122

2,110

L1878256.UP.FTS.B,

9.69%,

10/19/26

....

5,564

5,538

L1880702.UP.FTS.B,

9.87%,

10/19/26

....

10,617

10,558

L1875318.UP.FTS.B,

10.07%,

10/19/26

...

3,651

3,639

FW1879016.UP.FTS.B,

10.84%,

10/19/26

.

15,398

15,333

L1881256.UP.FTS.B,

11.03%,

10/19/26

...

7,327

7,301

L1878336.UP.FTS.B,

11.06%,

10/19/26

...

956

948

L1879834.UP.FTS.B,

11.35%,

10/19/26

...

15,366

15,316

L1879823.UP.FTS.B,

11.68%,

10/19/26

...

12,731

12,678

FW1879031.UP.FTS.B,

13.13%,

10/19/26

.

4,734

658

FW1878185.UP.FTS.B,

13.38%,

10/19/26

.

25,236

25,132

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1879789.UP.FTS.B,

13.49%,

10/19/26

...

$

13,458

$

13,386

L1878258.UP.FTS.B,

14.16%,

10/19/26

...

5,232

4,947

L1877450.UP.FTS.B,

14.9%,

10/19/26

....

2,426

2,417

L1879966.UP.FTS.B,

14.94%,

10/19/26

...

7,012

333

L1880586.UP.FTS.B,

15.78%,

10/19/26

...

4,841

4,832

L1864741.UP.FTS.B,

16.15%,

10/19/26

...

3,886

3,879

L1881295.UP.FTS.B,

16.28%,

10/19/26

...

4,793

1,297

L1878278.UP.FTS.B,

16.38%,

10/19/26

...

6,482

6,470

L1877933.UP.FTS.B,

16.4%,

10/19/26

....

1,907

1,901

L1832966.UP.FTS.B,

16.66%,

10/19/26

...

12,791

12,783

L1860514.UP.FTS.B,

16.68%,

10/19/26

...

7,053

7,047

L1878027.UP.FTS.B,

16.7%,

10/19/26

....

6,409

6,404

L1881555.UP.FTS.B,

17.31%,

10/19/26

...

4,375

4,162

FW1876338.UP.FTS.B,

17.58%,

10/19/26

.

2,358

2,354

FW1881188.UP.FTS.B,

17.77%,

10/19/26

.

1,749

1,741

L1879412.UP.FTS.B,

17.84%,

10/19/26

...

3,443

3,431

L1880095.UP.FTS.B,

17.84%,

10/19/26

...

9,847

9,809

L1880587.UP.FTS.B,

18.12%,

10/19/26

...

2,632

2,627

L1876765.UP.FTS.B,

18.15%,

10/19/26

...

1,688

458

L1871080.UP.FTS.B,

18.23%,

10/19/26

...

3,961

3,957

FW1881398.UP.FTS.B,

18.35%,

10/19/26

.

2,303

2,302

FW1877226.UP.FTS.B,

19.27%,

10/19/26

.

8,451

8,536

L1879198.UP.FTS.B,

19.39%,

10/19/26

...

8,606

8,602

L1876835.UP.FTS.B,

19.58%,

10/19/26

...

666

666

L1879248.UP.FTS.B,

19.71%,

10/19/26

...

4,198

3,989

L1879737.UP.FTS.B,

19.73%,

10/19/26

...

3,684

3,503

L1877523.UP.FTS.B,

19.9%,

10/19/26

....

3,926

3,930

L1871750.UP.FTS.B,

19.96%,

10/19/26

...

3,998

4,042

FW1880709.UP.FTS.B,

20.07%,

10/19/26

.

4,683

4,675

L1876035.UP.FTS.B,

20.11%,

10/19/26

...

2,677

2,700

L1877722.UP.FTS.B,

20.57%,

10/19/26

...

11,185

10,650

FW1880186.UP.FTS.B,

20.64%,

10/19/26

.

3,774

3,807

L1879731.UP.FTS.B,

20.78%,

10/19/26

...

3,615

532

FW1877068.UP.FTS.B,

20.9%,

10/19/26

..

8,671

8,762

L1881502.UP.FTS.B,

21.09%,

10/19/26

...

5,992

907

L1876777.UP.FTS.B,

21.6%,

10/19/26

....

5,745

5,802

L1881182.UP.FTS.B,

21.66%,

10/19/26

...

3,723

3,722

L1881025.UP.FTS.B,

21.78%,

10/19/26

...

26,632

26,636

L1877982.UP.FTS.B,

21.8%,

10/19/26

....

1,326

1,314

L1876819.UP.FTS.B,

22.33%,

10/19/26

...

11,455

11,545

FW1878006.UP.FTS.B,

22.44%,

10/19/26

.

8,185

8,256

L1876562.UP.FTS.B,

22.64%,

10/19/26

...

964

953

L1862143.UP.FTS.B,

22.66%,

10/19/26

...

2,388

683

FW1875013.UP.FTS.B,

22.78%,

10/19/26

.

6,154

6,208

L1877299.UP.FTS.B,

22.84%,

10/19/26

...

8,211

8,282

FW1866351.UP.FTS.B,

22.85%,

10/19/26

.

1,710

1,725

FW1879854.UP.FTS.B,

22.85%,

10/19/26

.

7,711

177

FW1880160.UP.FTS.B,

22.89%,

10/19/26

.

3,516

3,546

L1876513.UP.FTS.B,

22.94%,

10/19/26

...

2,997

3,029

FW1880551.UP.FTS.B,

23.22%,

10/19/26

.

4,410

4,456

L1879610.UP.FTS.B,

23.28%,

10/19/26

...

4,969

4,780

FW1880088.UP.FTS.B,

23.43%,

10/19/26

.

6,323

6,378

FW1876728.UP.FTS.B,

23.57%,

10/19/26

.

10,034

10,128

L1880563.UP.FTS.B,

24.05%,

10/19/26

...

1,915

1,935

FW1877179.UP.FTS.B,

24.14%,

10/19/26

.

13,769

13,918

L1876901.UP.FTS.B,

24.3%,

10/19/26

....

4,147

298

L1877178.UP.FTS.B,

24.58%,

10/19/26

...

4,186

4,229

L1878749.UP.FTS.B,

24.6%,

10/19/26

....

2,822

2,718

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

248

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1881431.UP.FTS.B,

24.79%,

10/19/26

...

$

1,111

$

1,121

L1877594.UP.FTS.B,

24.95%,

10/19/26

...

2,434

2,456

L1880129.UP.FTS.B,

24.99%,

10/19/26

...

2,385

2,408

L1877074.UP.FTS.B,

25.09%,

10/19/26

...

22,144

21,293

FW1881461.UP.FTS.B,

25.38%,

10/19/26

.

4,186

4,223

L1876477.UP.FTS.B,

25.39%,

10/19/26

...

2,442

2,464

L1876404.UP.FTS.B,

25.47%,

10/19/26

...

1,397

1,409

L1873948.UP.FTS.B,

25.57%,

10/19/26

...

6,988

7,049

L1880045.UP.FTS.B,

25.59%,

10/19/26

...

1,674

1,643

L1880707.UP.FTS.B,

25.7%,

10/19/26

....

1,547

1,555

FW1879167.UP.FTS.B,

25.8%,

10/19/26

..

705

712

L1879783.UP.FTS.B,

25.86%,

10/19/26

...

2,312

2,332

L1878517.UP.FTS.B,

25.91%,

10/19/26

...

7,540

534

L1876834.UP.FTS.B,

26.05%,

10/19/26

...

11,168

11,266

FW1877802.UP.FTS.B,

26.08%,

10/19/26

.

5,282

5,330

L1877874.UP.FTS.B,

26.52%,

10/19/26

...

3,356

502

FW1877751.UP.FTS.B,

26.95%,

10/19/26

.

2,902

2,792

FW1878828.UP.FTS.B,

27.6%,

10/19/26

..

7,490

7,202

FW1862190.UP.FTS.B,

27.8%,

10/19/26

..

13,854

13,975

FW1877173.UP.FTS.B,

27.96%,

10/19/26

.

7,187

7,255

FW1877218.UP.FTS.B,

28.56%,

10/19/26

.

7,137

7,216

FW1876795.UP.FTS.B,

29.56%,

10/19/26

.

2,302

2,322

FW1880308.UP.FTS.B,

29.56%,

10/19/26

.

927

937

FW1879914.UP.FTS.B,

30.16%,

10/19/26

.

1,389

207

FW1871822.UP.FTS.B,

30.64%,

10/19/26

.

7,246

7,310

FW1878098.UP.FTS.B,

30.84%,

10/19/26

.

871

878

FW1878489.UP.FTS.B,

30.93%,

10/19/26

.

1,136

1,091

FW1878108.UP.FTS.B,

31%,

10/19/26

...

2,396

36

FW1878804.UP.FTS.B,

31.02%,

10/19/26

.

1,803

1,808

FW1880218.UP.FTS.B,

31.05%,

10/19/26

.

1,017

1,011

FW1880229.UP.FTS.B,

31.05%,

10/19/26

.

1,018

1,027

FW1881168.UP.FTS.B,

31.09%,

10/19/26

.

1,459

1,472

FW1881200.UP.FTS.B,

31.14%,

10/19/26

.

2,999

448

FW1880325.UP.FTS.B,

31.15%,

10/19/26

.

1,220

86

FW1877253.UP.FTS.B,

31.23%,

10/19/26

.

326

23

FW1878691.UP.FTS.B,

31.38%,

10/19/26

.

10,440

10,538

FW1876497.UP.FTS.B,

31.41%,

10/19/26

.

2,698

187

FW1880576.UP.FTS.B,

31.56%,

10/19/26

.

2,240

335

FW1877716.UP.FTS.B,

31.6%,

10/19/26

..

2,919

2,944

FW1876495.UP.FTS.B,

31.7%,

10/19/26

..

4,673

4,714

FW1876692.UP.FTS.B,

32.21%,

10/19/26

.

6,836

6,898

FW1879021.UP.FTS.B,

32.25%,

10/19/26

.

4,508

4,334

FW1876979.UP.FTS.B,

30.26%,

10/23/26

.

2,297

344

L1878742.UP.FTS.B,

25.52%,

10/25/26

...

3,604

3,631

L1879612.UP.FTS.B,

25.74%,

10/28/26

...

6,365

6,428

L1879363.UP.FTS.B,

23.97%,

11/03/26

...

4,980

5,017

FW1876658.UP.FTS.B,

27.58%,

11/03/26

.

2,560

2,579

L1990756.UP.FTS.B,

7.18%,

11/08/26

....

7,321

7,276

L1990115.UP.FTS.B,

8.12%,

11/08/26

....

3,078

3,059

L1991806.UP.FTS.B,

8.35%,

11/08/26

....

930

922

FW1995576.UP.FTS.B,

8.64%,

11/08/26

..

9,839

9,777

L1994718.UP.FTS.B,

8.83%,

11/08/26

....

11,779

11,701

L1991230.UP.FTS.B,

9.13%,

11/08/26

....

15,724

15,627

L1996991.UP.FTS.B,

9.23%,

11/08/26

....

17,274

17,170

L1988974.UP.FTS.B,

9.55%,

11/08/26

....

6,788

360

L1994652.UP.FTS.B,

9.68%,

11/08/26

....

11,247

11,180

L1993451.UP.FTS.B,

9.84%,

11/08/26

....

7,718

7,671

L1997701.UP.FTS.B,

10.05%,

11/08/26

...

2,705

360

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1993369.UP.FTS.B,

10.08%,

11/08/26

...

$

627

$

623

L1992632.UP.FTS.B,

10.14%,

11/08/26

...

3,389

3,372

L1996044.UP.FTS.B,

10.24%,

11/08/26

...

10,457

10,377

L1996355.UP.FTS.B,

10.29%,

11/08/26

...

8,169

8,128

L1992891.UP.FTS.B,

10.76%,

11/08/26

...

5,064

5,033

FW1995006.UP.FTS.B,

10.93%,

11/08/26

.

8,218

8,176

L1988958.UP.FTS.B,

10.98%,

11/08/26

...

949

944

L1994793.UP.FTS.B,

11.1%,

11/08/26

....

9,497

9,450

L1998866.UP.FTS.B,

11.49%,

11/08/26

...

10,795

10,741

L1993850.UP.FTS.B,

11.61%,

11/08/26

...

6,997

6,962

L1996448.UP.FTS.B,

11.66%,

11/08/26

...

26,397

6,806

FW1993483.UP.FTS.B,

11.78%,

11/08/26

.

12,332

12,263

L1994627.UP.FTS.B,

11.81%,

11/08/26

...

3,823

3,801

L1999369.UP.FTS.B,

11.96%,

11/08/26

...

1,216

1,209

L2000077.UP.FTS.B,

12.06%,

11/08/26

...

9,580

9,532

L1995371.UP.FTS.B,

12.23%,

11/08/26

...

2,559

2,546

L1995435.UP.FTS.B,

12.23%,

11/08/26

...

1,088

1,081

L1999575.UP.FTS.B,

12.84%,

11/08/26

...

708

704

L1989008.UP.FTS.B,

12.93%,

11/08/26

...

1,094

1,089

L1989940.UP.FTS.B,

12.93%,

11/08/26

...

1,802

1,794

L1988372.UP.FTS.B,

13.34%,

11/08/26

...

3,855

2,090

L1996493.UP.FTS.B,

13.68%,

11/08/26

...

13,411

7,232

L1995820.UP.FTS.B,

14.08%,

11/08/26

...

5,699

5,664

L1993366.UP.FTS.B,

14.1%,

11/08/26

....

1,301

1,295

L1994789.UP.FTS.B,

14.19%,

11/08/26

...

4,557

4,535

L1996580.UP.FTS.B,

14.28%,

11/08/26

...

5,536

5,509

FW1997293.UP.FTS.B,

14.33%,

11/08/26

.

3,258

3,242

L1995404.UP.FTS.B,

14.33%,

11/08/26

...

5,213

5,196

FW1992670.UP.FTS.B,

14.58%,

11/08/26

.

20,902

20,801

L1993869.UP.FTS.B,

14.59%,

11/08/26

...

4,288

4,253

L1993214.UP.FTS.B,

14.6%,

11/08/26

....

6,840

1,744

FW1997612.UP.FTS.B,

14.81%,

11/08/26

.

2,814

2,798

L1991804.UP.FTS.B,

14.89%,

11/08/26

...

5,241

5,211

L1995379.UP.FTS.B,

15.15%,

11/08/26

...

4,595

4,573

FW1998913.UP.FTS.B,

15.22%,

11/08/26

.

2,971

2,956

L1994098.UP.FTS.B,

15.34%,

11/08/26

...

9,860

9,813

L1992261.UP.FTS.B,

15.59%,

11/08/26

...

1,845

1,836

L1997630.UP.FTS.B,

15.64%,

11/08/26

...

3,654

3,634

L1992471.UP.FTS.B,

15.65%,

11/08/26

...

16,567

16,473

FW1998360.UP.FTS.B,

15.76%,

11/08/26

.

5,016

4,993

FW1991255.UP.FTS.B,

15.82%,

11/08/26

.

7,593

7,556

FW1994230.UP.FTS.B,

15.86%,

11/08/26

.

2,642

2,628

L1992540.UP.FTS.B,

16%,

11/08/26

.....

11,168

11,113

L1992970.UP.FTS.B,

16.04%,

11/08/26

...

9,857

9,821

L1989989.UP.FTS.B,

16.18%,

11/08/26

...

7,098

7,062

L1992622.UP.FTS.B,

16.26%,

11/08/26

...

4,186

149

FW1992743.UP.FTS.B,

16.8%,

11/08/26

..

2,742

1,538

L1989606.UP.FTS.B,

16.9%,

11/08/26

....

2,665

2,656

L1993463.UP.FTS.B,

16.94%,

11/08/26

...

6,330

6,309

L1997469.UP.FTS.B,

17.09%,

11/08/26

...

6,138

6,120

L1998067.UP.FTS.B,

17.15%,

11/08/26

...

32,990

2,398

FW1999118.UP.FTS.B,

17.22%,

11/08/26

.

4,008

3,994

L1993764.UP.FTS.B,

17.26%,

11/08/26

...

1,002

998

FW1998398.UP.FTS.B,

17.48%,

11/08/26

.

3,345

3,333

L1991180.UP.FTS.B,

17.58%,

11/08/26

...

2,364

2,353

FW1995939.UP.FTS.B,

17.87%,

11/08/26

.

10,750

10,695

L1995433.UP.FTS.B,

17.92%,

11/08/26

...

2,964

133

L1995974.UP.FTS.B,

18.08%,

11/08/26

...

6,343

6,320

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

249

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1988482.UP.FTS.B,

18.26%,

11/08/26

...

$

5,255

$

5,239

FW1989355.UP.FTS.B,

18.43%,

11/08/26

.

12,836

12,772

L1996438.UP.FTS.B,

18.51%,

11/08/26

...

3,105

3,077

FW1997639.UP.FTS.B,

18.71%,

11/08/26

.

6,786

6,749

L1990465.UP.FTS.B,

18.74%,

11/08/26

...

4,058

4,045

L1995842.UP.FTS.B,

18.87%,

11/08/26

...

2,369

2,358

L1998235.UP.FTS.B,

19.5%,

11/08/26

....

2,072

2,063

L1996217.UP.FTS.B,

19.54%,

11/08/26

...

3,106

3,095

FW1993731.UP.FTS.B,

19.61%,

11/08/26

.

1,846

134

FW1994680.UP.FTS.B,

20.27%,

11/08/26

.

2,144

304

L1998611.UP.FTS.B,

20.35%,

11/08/26

...

16,850

16,791

L1996185.UP.FTS.B,

20.69%,

11/08/26

...

3,435

3,423

L1996508.UP.FTS.B,

20.76%,

11/08/26

...

7,282

1,009

L1988462.UP.FTS.B,

20.81%,

11/08/26

...

4,404

4,389

L1991281.UP.FTS.B,

20.82%,

11/08/26

...

1,513

1,508

L1997930.UP.FTS.B,

20.97%,

11/08/26

...

3,030

3,020

L1992016.UP.FTS.B,

21%,

11/08/26

.....

22,187

22,287

L1994689.UP.FTS.B,

21.04%,

11/08/26

...

2,771

2,757

L1993906.UP.FTS.B,

21.28%,

11/08/26

...

3,795

3,820

L1989334.UP.FTS.B,

21.32%,

11/08/26

...

13,805

13,893

L1991956.UP.FTS.B,

21.37%,

11/08/26

...

1,382

1,377

L1999276.UP.FTS.B,

21.67%,

11/08/26

...

776

56

FW1991047.UP.FTS.B,

21.84%,

11/08/26

.

2,528

710

L1989095.UP.FTS.B,

21.91%,

11/08/26

...

6,232

6,202

L1991663.UP.FTS.B,

21.95%,

11/08/26

...

7,177

7,222

L1995141.UP.FTS.B,

22.04%,

11/08/26

...

21,774

12,833

FW1989899.UP.FTS.B,

22.28%,

11/08/26

.

1,932

1,944

L1991475.UP.FTS.B,

22.35%,

11/08/26

...

1,391

1,400

FW1998543.UP.FTS.B,

22.52%,

11/08/26

.

10,843

1,575

FW1998089.UP.FTS.B,

22.65%,

11/08/26

.

6,566

1,814

L1994202.UP.FTS.B,

22.77%,

11/08/26

...

37,558

10,450

FW1995331.UP.FTS.B,

23.11%,

11/08/26

.

5,249

5,282

FW1994811.UP.FTS.B,

23.15%,

11/08/26

.

7,297

7,272

L1996768.UP.FTS.B,

23.2%,

11/08/26

....

6,962

7,004

L1998723.UP.FTS.B,

23.2%,

11/08/26

....

2,187

615

L1999817.UP.FTS.B,

23.27%,

11/08/26

...

4,204

4,231

FW1998286.UP.FTS.B,

23.78%,

11/08/26

.

8,861

8,787

L1970963.UP.FTS.B,

23.87%,

11/08/26

...

3,853

3,873

L1989785.UP.FTS.B,

23.91%,

11/08/26

...

9,323

9,359

FW1995090.UP.FTS.B,

23.92%,

11/08/26

.

3,928

284

L1988349.UP.FTS.B,

24.02%,

11/08/26

...

2,540

364

L1996843.UP.FTS.B,

24.19%,

11/08/26

...

7,054

7,099

FW1994028.UP.FTS.B,

24.21%,

11/08/26

.

4,939

4,971

L1995969.UP.FTS.B,

24.32%,

11/08/26

...

2,733

127

L1997965.UP.FTS.B,

24.59%,

11/08/26

...

4,865

4,876

FW1991474.UP.FTS.B,

24.66%,

11/08/26

.

4,247

4,274

L1989848.UP.FTS.B,

24.75%,

11/08/26

...

5,476

5,496

FW1991387.UP.FTS.B,

24.97%,

11/08/26

.

3,006

3,020

L1991759.UP.FTS.B,

24.98%,

11/08/26

...

3,424

3,440

L1991265.UP.FTS.B,

25.27%,

11/08/26

...

1,947

1,957

L1919784.UP.FTS.B,

25.31%,

11/08/26

...

7,966

8,018

L1995398.UP.FTS.B,

25.36%,

11/08/26

...

1,850

1,862

L1988232.UP.FTS.B,

25.43%,

11/08/26

...

1,579

986

L1973901.UP.FTS.B,

25.44%,

11/08/26

...

5,492

5,515

L1992549.UP.FTS.B,

25.44%,

11/08/26

...

7,184

7,217

L1994841.UP.FTS.B,

25.44%,

11/08/26

...

26,356

128

L1989064.UP.FTS.B,

25.45%,

11/08/26

...

1,732

1,737

L1967532.UP.FTS.B,

25.5%,

11/08/26

....

3,135

1,840

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1994341.UP.FTS.B,

25.59%,

11/08/26

.

$

8,552

$

8,607

L1998016.UP.FTS.B,

25.76%,

11/08/26

...

3,968

3,987

L1995984.UP.FTS.B,

26.08%,

11/08/26

...

1,660

1,668

L1992732.UP.FTS.B,

26.2%,

11/08/26

....

3,221

3,242

L1989312.UP.FTS.B,

26.43%,

11/08/26

...

2,725

2,742

FW1998563.UP.FTS.B,

26.46%,

11/08/26

.

1,777

1,788

FW1995329.UP.FTS.B,

26.52%,

11/08/26

.

5,022

5,055

FW1998048.UP.FTS.B,

26.92%,

11/08/26

.

1,799

1,810

L1990551.UP.FTS.B,

26.95%,

11/08/26

...

8,607

8,655

FW1997243.UP.FTS.B,

26.96%,

11/08/26

.

3,403

3,416

FW1990199.UP.FTS.B,

27.43%,

11/08/26

.

10,803

10,871

FW1994909.UP.FTS.B,

27.53%,

11/08/26

.

12,552

887

FW1994443.UP.FTS.B,

27.95%,

11/08/26

.

7,253

7,283

FW1994756.UP.FTS.B,

28%,

11/08/26

...

2,542

2,553

FW1996342.UP.FTS.B,

28.14%,

11/08/26

.

5,079

5,112

FW1993779.UP.FTS.B,

28.2%,

11/08/26

..

10,887

10,957

FW1996228.UP.FTS.B,

28.64%,

11/08/26

.

9,301

9,351

FW1992877.UP.FTS.B,

28.84%,

11/08/26

.

804

800

FW1992839.UP.FTS.B,

29.33%,

11/08/26

.

3,657

3,681

FW1991541.UP.FTS.B,

29.36%,

11/08/26

.

4,389

4,417

FW1999851.UP.FTS.B,

29.4%,

11/08/26

..

3,665

3,681

FW1995866.UP.FTS.B,

29.41%,

11/08/26

.

2,387

2,400

FW1995850.UP.FTS.B,

29.69%,

11/08/26

.

781

785

FW1992347.UP.FTS.B,

29.82%,

11/08/26

.

22,015

22,157

FW1998032.UP.FTS.B,

29.86%,

11/08/26

.

3,382

3,391

FW1994293.UP.FTS.B,

30.31%,

11/08/26

.

1,044

1,049

FW1997312.UP.FTS.B,

30.32%,

11/08/26

.

737

741

FW1989533.UP.FTS.B,

30.48%,

11/08/26

.

1,187

1,184

FW1996257.UP.FTS.B,

30.52%,

11/08/26

.

1,344

1,337

FW1991024.UP.FTS.B,

30.67%,

11/08/26

.

820

824

FW1996943.UP.FTS.B,

30.67%,

11/08/26

.

2,235

2,210

FW1994569.UP.FTS.B,

30.87%,

11/08/26

.

4,723

335

FW1998245.UP.FTS.B,

30.99%,

11/08/26

.

6,581

6,623

FW1991582.UP.FTS.B,

31.04%,

11/08/26

.

6,806

6,850

FW1996197.UP.FTS.B,

31.07%,

11/08/26

.

3,107

3,127

FW1994376.UP.FTS.B,

31.11%,

11/08/26

.

1,184

1,192

FW1991890.UP.FTS.B,

31.12%,

11/08/26

.

2,221

2,235

FW1994027.UP.FTS.B,

31.13%,

11/08/26

.

2,000

2,009

FW1991332.UP.FTS.B,

31.15%,

11/08/26

.

3,043

3,057

FW1988381.UP.FTS.B,

31.18%,

11/08/26

.

3,349

3,343

FW1999282.UP.FTS.B,

31.18%,

11/08/26

.

6,581

6,619

FW1996902.UP.FTS.B,

31.33%,

11/08/26

.

7,088

7,125

FW1999590.UP.FTS.B,

31.42%,

11/08/26

.

3,708

3,732

L1995369.UP.FTS.B,

8.19%,

11/10/26

....

4,931

4,898

L1989003.UP.FTS.B,

15.35%,

11/12/26

...

16,388

16,308

L1992552.UP.FTS.B,

20.32%,

11/15/26

...

11,969

11,932

L1997541.UP.FTS.B,

23.86%,

11/15/26

...

5,302

5,277

FW1988425.UP.FTS.B,

30.92%,

11/16/26

.

968

972

L2073684.UP.FTS.B,

7.58%,

11/18/26

....

6,090

6,057

L2071601.UP.FTS.B,

7.69%,

11/18/26

....

1,840

1,829

L2070708.UP.FTS.B,

7.71%,

11/18/26

....

12,235

12,171

L2074361.UP.FTS.B,

7.81%,

11/18/26

....

7,983

7,937

L2070082.UP.FTS.B,

8.09%,

11/18/26

....

12,309

12,246

L2041907.UP.FTS.B,

9.16%,

11/18/26

....

2,487

2,475

L2073150.UP.FTS.B,

9.42%,

11/18/26

....

10,198

10,146

L2071865.UP.FTS.B,

10.09%,

11/18/26

...

4,704

4,688

L2075029.UP.FTS.B,

10.15%,

11/18/26

...

6,884

6,859

L2074643.UP.FTS.B,

10.22%,

11/18/26

...

12,436

12,379

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

250

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2072338.UP.FTS.B,

10.5%,

11/18/26

....

$

4,723

$

4,697

L2075077.UP.FTS.B,

11.07%,

11/18/26

...

1,899

1,892

L2074489.UP.FTS.B,

11.11%,

11/18/26

...

14,437

14,387

FW2074336.UP.FTS.B,

11.25%,

11/18/26

.

4,266

4,248

L2075040.UP.FTS.B,

11.45%,

11/18/26

...

8,877

8,846

FW2073066.UP.FTS.B,

11.7%,

11/18/26

..

3,029

3,016

L2074193.UP.FTS.B,

12.02%,

11/18/26

...

6,029

6,008

L2075044.UP.FTS.B,

12.3%,

11/18/26

....

2,560

2,552

L2074536.UP.FTS.B,

12.35%,

11/18/26

...

3,842

3,829

L2071456.UP.FTS.B,

12.81%,

11/18/26

...

23,899

23,798

L2073228.UP.FTS.B,

13.71%,

11/18/26

...

6,612

6,590

L2069740.UP.FTS.B,

13.83%,

11/18/26

...

10,456

10,411

L2073949.UP.FTS.B,

13.85%,

11/18/26

...

3,244

3,233

L2070988.UP.FTS.B,

13.92%,

11/18/26

...

5,195

5,178

L2070587.UP.FTS.B,

14.32%,

11/18/26

...

5,213

5,209

L2073985.UP.FTS.B,

14.6%,

11/18/26

....

3,266

3,256

L2074701.UP.FTS.B,

14.63%,

11/18/26

...

4,181

4,178

L2074516.UP.FTS.B,

14.71%,

11/18/26

...

6,358

6,014

FW2061676.UP.FTS.B,

14.9%,

11/18/26

..

13,100

13,059

FW2075148.UP.FTS.B,

14.93%,

11/18/26

.

2,621

2,618

FW2072385.UP.FTS.B,

15%,

11/18/26

...

5,203

380

FW2072823.UP.FTS.B,

15.21%,

11/18/26

.

1,617

1,612

L2074544.UP.FTS.B,

15.5%,

11/18/26

....

3,473

900

L1995487.UP.FTS.B,

15.52%,

11/18/26

...

3,307

3,290

L2074846.UP.FTS.B,

15.74%,

11/18/26

...

9,895

9,887

L2073860.UP.FTS.B,

16.19%,

11/18/26

...

1,987

1,985

L2071348.UP.FTS.B,

16.45%,

11/18/26

...

9,136

9,105

L2071149.UP.FTS.B,

16.73%,

11/18/26

...

16,930

16,910

L2071590.UP.FTS.B,

16.75%,

11/18/26

...

4,665

4,654

FW2074457.UP.FTS.B,

16.98%,

11/18/26

.

16,667

16,668

FW2075122.UP.FTS.B,

17.19%,

11/18/26

.

2,671

2,669

L2074833.UP.FTS.B,

17.19%,

11/18/26

...

9,585

9,092

FW2075446.UP.FTS.B,

17.4%,

11/18/26

..

2,632

2,628

FW2075299.UP.FTS.B,

17.67%,

11/18/26

.

2,682

2,680

L2069944.UP.FTS.B,

18.01%,

11/18/26

...

6,706

6,701

L2063418.UP.FTS.B,

18.03%,

11/18/26

...

2,690

2,688

L2074570.UP.FTS.B,

18.15%,

11/18/26

...

11,023

10,457

L2074700.UP.FTS.B,

18.17%,

11/18/26

...

4,377

4,374

L2073937.UP.FTS.B,

18.46%,

11/18/26

...

8,001

7,992

FW2070090.UP.FTS.B,

18.57%,

11/18/26

.

1,274

1,271

FW2072266.UP.FTS.B,

18.67%,

11/18/26

.

1,833

508

FW2074803.UP.FTS.B,

18.88%,

11/18/26

.

8,465

8,459

L2071288.UP.FTS.B,

18.9%,

11/18/26

....

2,876

2,869

FW2070966.UP.FTS.B,

18.96%,

11/18/26

.

4,065

4,066

L2071754.UP.FTS.B,

19.22%,

11/18/26

...

2,854

2,839

FW2072147.UP.FTS.B,

19.3%,

11/18/26

..

9,731

390

FW2074495.UP.FTS.B,

19.61%,

11/18/26

.

6,023

6,019

L2074954.UP.FTS.B,

19.66%,

11/18/26

...

3,848

1,069

L2067851.UP.FTS.B,

19.79%,

11/18/26

...

9,792

9,778

L2060606.UP.FTS.B,

19.84%,

11/18/26

...

26,417

25,099

L2073597.UP.FTS.B,

19.97%,

11/18/26

...

851

818

L2073933.UP.FTS.B,

20.06%,

11/18/26

...

4,055

4,054

FW2070506.UP.FTS.B,

20.1%,

11/18/26

..

3,350

240

L2072694.UP.FTS.B,

20.25%,

11/18/26

...

2,259

2,260

L2071378.UP.FTS.B,

20.26%,

11/18/26

...

5,152

5,142

FW2070300.UP.FTS.B,

20.46%,

11/18/26

.

6,899

6,955

L2074554.UP.FTS.B,

20.64%,

11/18/26

...

15,615

14,847

L2073048.UP.FTS.B,

20.74%,

11/18/26

...

3,436

3,437

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2074379.UP.FTS.B,

20.93%,

11/18/26

...

$

12,558

$

12,671

L2073994.UP.FTS.B,

21.04%,

11/18/26

...

3,444

3,445

L2074856.UP.FTS.B,

21.95%,

11/18/26

...

7,859

7,933

L2074792.UP.FTS.B,

22.51%,

11/18/26

...

3,732

559

L2072786.UP.FTS.B,

22.57%,

11/18/26

...

9,803

9,883

L2074611.UP.FTS.B,

22.62%,

11/18/26

...

19,675

1,422

L2074520.UP.FTS.B,

22.63%,

11/18/26

...

213

211

L2074658.UP.FTS.B,

22.83%,

11/18/26

...

6,984

7,055

L2074869.UP.FTS.B,

22.9%,

11/18/26

....

2,708

2,697

L2073707.UP.FTS.B,

22.91%,

11/18/26

...

1,957

1,977

L2074779.UP.FTS.B,

22.95%,

11/18/26

...

6,995

7,050

L2073694.UP.FTS.B,

22.99%,

11/18/26

...

4,152

4,192

L2075061.UP.FTS.B,

23.07%,

11/18/26

...

6,501

6,558

L2073355.UP.FTS.B,

23.21%,

11/18/26

...

3,501

3,537

L2074657.UP.FTS.B,

23.23%,

11/18/26

...

2,662

2,689

L2075024.UP.FTS.B,

23.38%,

11/18/26

...

3,263

3,285

L2069953.UP.FTS.B,

23.63%,

11/18/26

...

1,890

1,887

L2074932.UP.FTS.B,

23.75%,

11/18/26

...

6,678

6,420

L2074997.UP.FTS.B,

24.24%,

11/18/26

...

2,943

2,972

FW2074736.UP.FTS.B,

24.49%,

11/18/26

.

5,259

785

L2074747.UP.FTS.B,

24.82%,

11/18/26

...

2,136

2,153

L2073148.UP.FTS.B,

24.83%,

11/18/26

...

1,063

1,064

L2069647.UP.FTS.B,

24.91%,

11/18/26

...

3,328

3,342

L2069706.UP.FTS.B,

24.96%,

11/18/26

...

1,206

1,218

FW2073759.UP.FTS.B,

25.15%,

11/18/26

.

851

860

L2075027.UP.FTS.B,

25.16%,

11/18/26

...

4,265

4,299

L2070719.UP.FTS.B,

25.21%,

11/18/26

...

4,785

4,825

L2075204.UP.FTS.B,

25.29%,

11/18/26

...

3,484

3,520

L2073552.UP.FTS.B,

25.3%,

11/18/26

....

1,532

20

L2070829.UP.FTS.B,

25.31%,

11/18/26

...

710

711

FW2074782.UP.FTS.B,

25.34%,

11/18/26

.

2,136

327

L2070733.UP.FTS.B,

25.4%,

11/18/26

....

2,143

2,160

L2071257.UP.FTS.B,

25.4%,

11/18/26

....

698

704

L2072907.UP.FTS.B,

25.45%,

11/18/26

...

3,024

2,901

L2075025.UP.FTS.B,

25.46%,

11/18/26

...

200

190

L2071644.UP.FTS.B,

25.54%,

11/18/26

...

4,702

4,750

L2045168.UP.FTS.B,

25.61%,

11/18/26

...

6,362

6,411

FW2075060.UP.FTS.B,

26.35%,

11/18/26

.

3,834

582

FW2074102.UP.FTS.B,

27.44%,

11/18/26

.

1,871

1,890

FW2073976.UP.FTS.B,

27.83%,

11/18/26

.

1,337

1,346

FW2074553.UP.FTS.B,

28.4%,

11/18/26

..

764

222

FW2075115.UP.FTS.B,

29.25%,

11/18/26

.

4,386

4,432

FW2074160.UP.FTS.B,

29.41%,

11/18/26

.

751

744

FW2074435.UP.FTS.B,

29.62%,

11/18/26

.

5,519

5,573

FW2074265.UP.FTS.B,

29.67%,

11/18/26

.

6,231

6,296

FW2067233.UP.FTS.B,

29.68%,

11/18/26

.

1,320

1,334

FW2074064.UP.FTS.B,

29.92%,

11/18/26

.

1,322

1,336

FW2071058.UP.FTS.B,

30.15%,

11/18/26

.

1,766

1,785

FW2073506.UP.FTS.B,

30.43%,

11/18/26

.

712

718

FW2072059.UP.FTS.B,

30.46%,

11/18/26

.

3,413

3,282

FW2072695.UP.FTS.B,

30.47%,

11/18/26

.

737

745

FW2074740.UP.FTS.B,

30.66%,

11/18/26

.

23,706

23,900

FW2071291.UP.FTS.B,

30.75%,

11/18/26

.

2,597

183

FW2072339.UP.FTS.B,

30.87%,

11/18/26

.

1,700

1,717

FW2073859.UP.FTS.B,

30.99%,

11/18/26

.

1,553

1,569

FW2070830.UP.FTS.B,

31%,

11/18/26

...

2,884

2,914

FW2074592.UP.FTS.B,

31.05%,

11/18/26

.

776

227

FW2070865.UP.FTS.B,

31.17%,

11/18/26

.

1,271

375

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

251

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2070287.UP.FTS.B,

31.24%,

11/18/26

.

$

2,743

$

2,766

FW2074713.UP.FTS.B,

31.25%,

11/18/26

.

5,213

5,256

FW2070592.UP.FTS.B,

31.39%,

11/18/26

.

2,722

2,721

FW2073462.UP.FTS.B,

31.41%,

11/18/26

.

2,093

145

L1989271.UP.FTS.B,

15.62%,

11/22/26

...

7,955

7,910

FW1991256.UP.FTS.B,

25.07%,

11/22/26

.

15,857

15,936

L1990580.UP.FTS.B,

19.47%,

11/23/26

...

17,142

17,088

L2074195.UP.FTS.B,

15.15%,

11/24/26

...

6,581

6,554

L2070126.UP.FTS.B,

12.98%,

12/03/26

...

4,651

4,628

L2213943.UP.FTS.B,

8.37%,

12/09/26

....

6,133

6,095

L2216952.UP.FTS.B,

8.42%,

12/09/26

....

11,375

11,307

L2217859.UP.FTS.B,

8.75%,

12/09/26

....

12,712

12,628

FW2218197.UP.FTS.B,

9.08%,

12/09/26

..

31,897

31,688

L2215533.UP.FTS.B,

9.49%,

12/09/26

....

3,086

3,066

L2214523.UP.FTS.B,

9.75%,

12/09/26

....

16,123

16,021

L2214639.UP.FTS.B,

9.77%,

12/09/26

....

5,452

5,420

L2217330.UP.FTS.B,

10.1%,

12/09/26

....

2,769

2,749

L2217133.UP.FTS.B,

11.03%,

12/09/26

...

16,147

16,063

FW2216190.UP.FTS.B,

12.02%,

12/09/26

.

3,272

3,252

L2216322.UP.FTS.B,

12.95%,

12/09/26

...

7,124

7,081

L2215565.UP.FTS.B,

13.14%,

12/09/26

...

3,964

3,940

FW2214435.UP.FTS.B,

13.25%,

12/09/26

.

16,535

16,436

L2214819.UP.FTS.B,

13.75%,

12/09/26

...

3,967

3,947

L2215433.UP.FTS.B,

14.02%,

12/09/26

...

1,331

1,323

L2218351.UP.FTS.B,

14.35%,

12/09/26

...

653

650

L2215625.UP.FTS.B,

15.65%,

12/09/26

...

7,899

2,101

L2216039.UP.FTS.B,

16.11%,

12/09/26

...

3,386

3,368

FW2215838.UP.FTS.B,

16.38%,

12/09/26

.

5,423

5,403

L2215859.UP.FTS.B,

16.43%,

12/09/26

...

2,920

2,904

L2217862.UP.FTS.B,

16.51%,

12/09/26

...

7,476

7,435

L2215442.UP.FTS.B,

16.68%,

12/09/26

...

1,905

1,895

L2217548.UP.FTS.B,

17.23%,

12/09/26

...

10,251

10,213

L2218677.UP.FTS.B,

17.27%,

12/09/26

...

4,647

338

L2216029.UP.FTS.B,

17.52%,

12/09/26

...

4,826

4,802

L2217603.UP.FTS.B,

17.91%,

12/09/26

...

4,505

4,483

FW2216465.UP.FTS.B,

18.28%,

12/09/26

.

1,391

1,384

L2215903.UP.FTS.B,

18.3%,

12/09/26

....

2,742

2,732

L2214500.UP.FTS.B,

18.31%,

12/09/26

...

22,329

22,223

L2217227.UP.FTS.B,

18.97%,

12/09/26

...

7,622

7,579

L2213701.UP.FTS.B,

19.91%,

12/09/26

...

2,024

2,013

L2215303.UP.FTS.B,

20.05%,

12/09/26

...

4,890

4,919

L2216965.UP.FTS.B,

20.16%,

12/09/26

...

26,932

1,924

L2215373.UP.FTS.B,

20.25%,

12/09/26

...

700

696

FW2214210.UP.FTS.B,

20.55%,

12/09/26

.

3,507

3,487

FW2213572.UP.FTS.B,

21.18%,

12/09/26

.

1,762

1,768

FW2215010.UP.FTS.B,

21.32%,

12/09/26

.

1,417

1,410

L2214734.UP.FTS.B,

21.37%,

12/09/26

...

7,614

7,584

FW2215319.UP.FTS.B,

21.51%,

12/09/26

.

2,825

2,836

L2216377.UP.FTS.B,

21.52%,

12/09/26

...

12,413

895

L2216265.UP.FTS.B,

21.78%,

12/09/26

...

3,610

2,121

L2217016.UP.FTS.B,

21.8%,

12/09/26

....

3,194

3,204

L2214771.UP.FTS.B,

21.93%,

12/09/26

...

1,700

1,711

L2217244.UP.FTS.B,

21.96%,

12/09/26

...

3,544

3,524

FW2217920.UP.FTS.B,

22.05%,

12/09/26

.

2,893

1,700

FW2217042.UP.FTS.B,

22.14%,

12/09/26

.

3,858

278

L2213576.UP.FTS.B,

22.2%,

12/09/26

....

2,524

2,514

L2217530.UP.FTS.B,

22.65%,

12/09/26

...

3,208

3,220

L2199212.UP.FTS.B,

23.01%,

12/09/26

...

11,352

11,416

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1410812.UP.FTS.B,

23.09%,

12/09/26

...

$

7,470

$

4,349

FW2209695.UP.FTS.B,

23.37%,

12/09/26

.

3,545

3,565

L2214174.UP.FTS.B,

23.38%,

12/09/26

...

735

730

L2218623.UP.FTS.B,

23.41%,

12/09/26

...

3,152

3,164

FW2215830.UP.FTS.B,

23.46%,

12/09/26

.

788

791

L2217598.UP.FTS.B,

23.52%,

12/09/26

...

6,882

6,908

L2218003.UP.FTS.B,

23.87%,

12/09/26

...

1,741

1,750

L2214776.UP.FTS.B,

24.04%,

12/09/26

...

8,395

97

FW2218127.UP.FTS.B,

24.14%,

12/09/26

.

7,201

7,228

L2216002.UP.FTS.B,

24.2%,

12/09/26

....

3,420

3,435

FW2214164.UP.FTS.B,

24.23%,

12/09/26

.

25,364

25,225

L2215396.UP.FTS.B,

24.34%,

12/09/26

...

3,091

3,110

FW2214689.UP.FTS.B,

24.38%,

12/09/26

.

6,526

6,553

L2218752.UP.FTS.B,

24.44%,

12/09/26

...

1,170

1,174

L2217516.UP.FTS.B,

24.76%,

12/09/26

...

1,073

1,079

L2218428.UP.FTS.B,

25.03%,

12/09/26

...

1,087

1,091

L2216782.UP.FTS.B,

25.06%,

12/09/26

...

2,530

2,522

L2215729.UP.FTS.B,

25.13%,

12/09/26

...

10,982

11,031

L2214317.UP.FTS.B,

25.17%,

12/09/26

...

2,458

2,432

L2215559.UP.FTS.B,

25.19%,

12/09/26

...

1,078

1,073

L2215557.UP.FTS.B,

25.29%,

12/09/26

...

1,669

1,676

FW2217958.UP.FTS.B,

25.35%,

12/09/26

.

3,269

3,281

L2215431.UP.FTS.B,

25.39%,

12/09/26

...

1,838

131

L2213659.UP.FTS.B,

25.4%,

12/09/26

....

2,762

2,772

L2217765.UP.FTS.B,

25.4%,

12/09/26

....

799

804

L2215136.UP.FTS.B,

25.42%,

12/09/26

...

3,588

3,570

L2214897.UP.FTS.B,

25.44%,

12/09/26

...

11,917

11,962

L2214140.UP.FTS.B,

25.45%,

12/09/26

...

2,027

2,019

L2217964.UP.FTS.B,

25.45%,

12/09/26

...

4,650

4,668

L2213733.UP.FTS.B,

25.47%,

12/09/26

...

326

23

L2214064.UP.FTS.B,

25.48%,

12/09/26

...

3,561

3,575

L2216607.UP.FTS.B,

25.48%,

12/09/26

...

2,180

2,189

L2216927.UP.FTS.B,

25.5%,

12/09/26

....

941

67

FW2216203.UP.FTS.B,

25.54%,

12/09/26

.

4,980

5,005

L2214388.UP.FTS.B,

25.7%,

12/09/26

....

2,683

2,699

L2218260.UP.FTS.B,

25.7%,

12/09/26

....

4,804

4,823

L2218303.UP.FTS.B,

25.88%,

12/09/26

...

5,103

1,460

L2216795.UP.FTS.B,

26.15%,

12/09/26

...

9,858

9,896

L2217875.UP.FTS.B,

26.21%,

12/09/26

...

5,894

5,920

FW2214874.UP.FTS.B,

27.9%,

12/09/26

..

3,956

–

FW2214657.UP.FTS.B,

27.98%,

12/09/26

.

792

56

FW2215725.UP.FTS.B,

28.05%,

12/09/26

.

5,918

5,942

FW2216921.UP.FTS.B,

28.44%,

12/09/26

.

12,757

12,808

FW2215661.UP.FTS.B,

28.62%,

12/09/26

.

8,643

8,686

FW2217297.UP.FTS.B,

28.83%,

12/09/26

.

2,410

8

FW2216442.UP.FTS.B,

29.14%,

12/09/26

.

6,780

6,812

FW2218562.UP.FTS.B,

29.96%,

12/09/26

.

750

753

FW2217960.UP.FTS.B,

30.51%,

12/09/26

.

3,758

3,773

FW2217757.UP.FTS.B,

30.55%,

12/09/26

.

2,299

2,306

FW2214286.UP.FTS.B,

30.83%,

12/09/26

.

16,929

2,438

FW2216633.UP.FTS.B,

30.84%,

12/09/26

.

753

756

FW2213785.UP.FTS.B,

30.97%,

12/09/26

.

2,387

2,395

FW2205180.UP.FTS.B,

31.15%,

12/09/26

.

21,502

21,589

FW2214022.UP.FTS.B,

31.21%,

12/09/26

.

3,823

546

FW2217843.UP.FTS.B,

31.21%,

12/09/26

.

936

940

FW2216011.UP.FTS.B,

31.3%,

12/09/26

..

1,663

1,670

FW2215916.UP.FTS.B,

31.42%,

12/09/26

.

1,284

1,293

FW2215821.UP.FTS.B,

31.64%,

12/09/26

.

6,155

3,628

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

252

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2216867.UP.FTS.B,

31.83%,

12/09/26

.

$

3,996

$

4,021

FW2217138.UP.FTS.B,

32.58%,

12/09/26

.

5,377

5,400

FW2219336.UP.FTS.B,

7.29%,

12/10/26

..

6,269

6,231

L2221765.UP.FTS.B,

7.56%,

12/10/26

....

6,288

6,247

FW2218855.UP.FTS.B,

7.72%,

12/10/26

..

2,726

2,703

L2220935.UP.FTS.B,

8.04%,

12/10/26

....

6,946

6,900

L2220551.UP.FTS.B,

8.19%,

12/10/26

....

1,391

1,382

L2222014.UP.FTS.B,

9.11%,

12/10/26

....

15,940

15,837

L2220654.UP.FTS.B,

9.13%,

12/10/26

....

14,532

14,434

L2220216.UP.FTS.B,

9.67%,

12/10/26

....

11,379

11,290

L2221664.UP.FTS.B,

9.98%,

12/10/26

....

2,934

2,901

FW2219804.UP.FTS.B,

10.44%,

12/10/26

.

6,453

6,420

FW2222412.UP.FTS.B,

10.49%,

12/10/26

.

646

642

L2220336.UP.FTS.B,

11.03%,

12/10/26

...

3,582

3,559

L2220236.UP.FTS.B,

11.73%,

12/10/26

...

14,009

13,940

L2222184.UP.FTS.B,

12.02%,

12/10/26

...

5,497

5,464

L2220260.UP.FTS.B,

12.23%,

12/10/26

...

32,780

32,585

L2221618.UP.FTS.B,

12.8%,

12/10/26

....

3,641

1,974

FW2220027.UP.FTS.B,

13.09%,

12/10/26

.

6,604

6,572

L2221352.UP.FTS.B,

13.11%,

12/10/26

...

620

616

L2221255.UP.FTS.B,

13.17%,

12/10/26

...

4,961

4,932

L2220245.UP.FTS.B,

13.24%,

12/10/26

...

17,591

17,488

L2220618.UP.FTS.B,

13.32%,

12/10/26

...

31,538

2,279

L2218875.UP.FTS.B,

13.44%,

12/10/26

...

7,948

7,910

L2221936.UP.FTS.B,

13.59%,

12/10/26

...

4,246

4,221

L2220922.UP.FTS.B,

13.6%,

12/10/26

....

4,643

4,616

L2222570.UP.FTS.B,

13.7%,

12/10/26

....

3,330

3,311

L2211103.UP.FTS.B,

13.86%,

12/10/26

...

8,688

8,638

L2221071.UP.FTS.B,

14.15%,

12/10/26

...

5,023

4,989

FW2219337.UP.FTS.B,

14.64%,

12/10/26

.

3,624

3,601

L2221548.UP.FTS.B,

14.74%,

12/10/26

...

670

666

FW2222326.UP.FTS.B,

14.82%,

12/10/26

.

11,727

11,660

L2219252.UP.FTS.B,

15.58%,

12/10/26

...

3,445

1,956

L2218671.UP.FTS.B,

15.6%,

12/10/26

....

3,373

3,355

L2194261.UP.FTS.B,

15.71%,

12/10/26

...

7,781

7,745

FW2219230.UP.FTS.B,

15.75%,

12/10/26

.

7,522

7,486

L2222083.UP.FTS.B,

16.07%,

12/10/26

...

1,126

81

FW2221359.UP.FTS.B,

17.28%,

12/10/26

.

2,311

2,302

FW2221538.UP.FTS.B,

17.36%,

12/10/26

.

10,946

10,890

L2219356.UP.FTS.B,

17.56%,

12/10/26

...

7,334

7,297

L2183750.UP.FTS.B,

17.62%,

12/10/26

...

5,486

5,458

L2220037.UP.FTS.B,

17.77%,

12/10/26

...

2,196

2,185

L2219692.UP.FTS.B,

18.1%,

12/10/26

....

2,202

2,191

L2222111.UP.FTS.B,

18.1%,

12/10/26

....

3,785

3,766

FW2217304.UP.FTS.B,

18.29%,

12/10/26

.

659

656

L2220278.UP.FTS.B,

18.47%,

12/10/26

...

4,141

4,120

L2211401.UP.FTS.B,

18.86%,

12/10/26

...

22,993

991

L2210120.UP.FTS.B,

18.97%,

12/10/26

...

2,356

2,344

FW2219505.UP.FTS.B,

19.04%,

12/10/26

.

15,974

15,889

FW2219062.UP.FTS.B,

19.4%,

12/10/26

..

4,246

2,434

L2221797.UP.FTS.B,

19.44%,

12/10/26

...

11,922

11,864

L2221919.UP.FTS.B,

19.66%,

12/10/26

...

3,901

3,880

L2220257.UP.FTS.B,

19.73%,

12/10/26

...

3,617

2,032

L2221739.UP.FTS.B,

19.78%,

12/10/26

...

6,275

6,300

L2221097.UP.FTS.B,

19.86%,

12/10/26

...

1,645

1,636

L2220113.UP.FTS.B,

20.52%,

12/10/26

...

3,503

3,525

L2219823.UP.FTS.B,

20.59%,

12/10/26

...

4,079

2,285

L2221612.UP.FTS.B,

20.59%,

12/10/26

...

8,436

8,470

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2222005.UP.FTS.B,

20.98%,

12/10/26

...

$

10,008

$

9,962

L2221600.UP.FTS.B,

21.39%,

12/10/26

...

5,655

5,612

L2222012.UP.FTS.B,

21.64%,

12/10/26

...

2,489

2,500

FW2219145.UP.FTS.B,

21.86%,

12/10/26

.

11,899

11,947

FW2220653.UP.FTS.B,

22.15%,

12/10/26

.

4,306

4,326

FW2220221.UP.FTS.B,

22.46%,

12/10/26

.

4,979

5,000

L2219015.UP.FTS.B,

22.73%,

12/10/26

...

4,990

5,010

FW2220294.UP.FTS.B,

22.87%,

12/10/26

.

14,285

14,344

L2222328.UP.FTS.B,

22.95%,

12/10/26

...

15,382

1,113

L2219249.UP.FTS.B,

23.16%,

12/10/26

...

4,060

216

L2222062.UP.FTS.B,

23.82%,

12/10/26

...

8,500

8,458

L2220670.UP.FTS.B,

23.96%,

12/10/26

...

2,125

2,121

FW2214196.UP.FTS.B,

23.98%,

12/10/26

.

4,346

4,366

L2222118.UP.FTS.B,

24.15%,

12/10/26

...

2,324

29

L2219719.UP.FTS.B,

24.34%,

12/10/26

...

1,082

1,086

FW2220794.UP.FTS.B,

24.46%,

12/10/26

.

3,815

3,835

L2221940.UP.FTS.B,

24.71%,

12/10/26

...

3,976

3,992

FW2222025.UP.FTS.B,

24.95%,

12/10/26

.

7,262

7,294

L2221318.UP.FTS.B,

24.95%,

12/10/26

...

1,738

1,745

FW2221001.UP.FTS.B,

24.99%,

12/10/26

.

3,954

282

L2221560.UP.FTS.B,

25.03%,

12/10/26

...

1,733

1,744

L2220844.UP.FTS.B,

25.09%,

12/10/26

...

1,885

1,892

L2222466.UP.FTS.B,

25.12%,

12/10/26

...

7,613

7,645

L2222460.UP.FTS.B,

25.39%,

12/10/26

...

2,315

2,324

L2219737.UP.FTS.B,

25.45%,

12/10/26

...

1,806

517

L2222516.UP.FTS.B,

25.46%,

12/10/26

...

730

729

L2218665.UP.FTS.B,

25.47%,

12/10/26

...

1,937

139

L2222196.UP.FTS.B,

25.5%,

12/10/26

....

1,810

516

L2222524.UP.FTS.B,

25.5%,

12/10/26

....

1,962

1,975

L2219005.UP.FTS.B,

25.75%,

12/10/26

...

2,644

2,656

L2219909.UP.FTS.B,

25.83%,

12/10/26

...

2,342

670

FW2221345.UP.FTS.B,

26.17%,

12/10/26

.

2,259

–

L2220148.UP.FTS.B,

26.68%,

12/10/26

...

4,390

309

FW2219378.UP.FTS.B,

27.07%,

12/10/26

.

8,817

8,854

FW2220411.UP.FTS.B,

27.41%,

12/10/26

.

4,779

172

FW2218817.UP.FTS.B,

27.5%,

12/10/26

..

3,338

3,333

FW2221398.UP.FTS.B,

27.53%,

12/10/26

.

3,898

3,919

FW2221651.UP.FTS.B,

27.6%,

12/10/26

..

7,322

7,366

FW2220064.UP.FTS.B,

27.61%,

12/10/26

.

1,751

1,761

FW2219847.UP.FTS.B,

28.03%,

12/10/26

.

4,416

4,444

FW2220128.UP.FTS.B,

28.06%,

12/10/26

.

3,699

3,714

FW2221547.UP.FTS.B,

28.78%,

12/10/26

.

2,601

2,612

FW2222054.UP.FTS.B,

29.08%,

12/10/26

.

5,957

5,983

FW2218160.UP.FTS.B,

29.47%,

12/10/26

.

3,583

3,599

FW2219414.UP.FTS.B,

29.72%,

12/10/26

.

4,482

2,662

FW2220353.UP.FTS.B,

29.92%,

12/10/26

.

2,257

2,268

FW2221075.UP.FTS.B,

30.26%,

12/10/26

.

2,626

2,638

FW2221564.UP.FTS.B,

30.28%,

12/10/26

.

2,851

2,864

FW2217065.UP.FTS.B,

30.33%,

12/10/26

.

3,377

3,399

FW2221531.UP.FTS.B,

30.36%,

12/10/26

.

2,628

2,639

FW2221439.UP.FTS.B,

30.5%,

12/10/26

..

1,653

1,660

FW2219219.UP.FTS.B,

30.68%,

12/10/26

.

2,245

2,227

FW2222124.UP.FTS.B,

30.9%,

12/10/26

..

267

263

FW2215534.UP.FTS.B,

30.92%,

12/10/26

.

830

59

FW2219745.UP.FTS.B,

31.03%,

12/10/26

.

1,734

1,741

FW2221543.UP.FTS.B,

31.13%,

12/10/26

.

3,862

274

FW2216231.UP.FTS.B,

31.22%,

12/10/26

.

2,642

2,653

FW2218939.UP.FTS.B,

31.36%,

12/10/26

.

3,022

3,035

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

253

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2219989.UP.FTS.B,

31.38%,

12/10/26

.

$

2,983

$

3,001

FW2219361.UP.FTS.B,

31.69%,

12/10/26

.

11,128

11,178

FW2219266.UP.FTS.B,

31.97%,

12/10/26

.

27,361

7,852

L2220687.UP.FTS.B,

23.72%,

12/11/26

...

1,946

1,951

L2219088.UP.FTS.B,

10.44%,

12/13/26

...

13,885

13,800

FW2219637.UP.FTS.B,

30.65%,

12/13/26

.

2,250

2,264

L2217252.UP.FTS.B,

25.25%,

12/14/26

...

1,455

1,447

FW2221416.UP.FTS.B,

26.49%,

12/14/26

.

2,936

2,949

L2216987.UP.FTS.B,

17.24%,

12/16/26

...

6,831

6,792

FW2217553.UP.FTS.B,

16.03%,

12/23/26

.

4,066

4,046

FW2214828.UP.FTS.B,

15.83%,

12/24/26

.

7,481

7,442

FW2213955.UP.FTS.B,

18.45%,

12/24/26

.

6,258

6,227

FW2220958.UP.FTS.B,

32.58%,

12/25/26

.

5,760

5,801

L1612765.UP.FTS.B,

17.19%,

1/23/27

....

11,901

11,303

L1611110.UP.FTS.B,

20.52%,

1/23/27

....

12,576

12,062

L1612410.UP.FTS.B,

21.86%,

1/23/27

....

3,605

3,596

L1612489.UP.FTS.B,

23.23%,

1/23/27

....

3,084

3,102

L1613013.UP.FTS.B,

25.41%,

1/23/27

....

1,565

231

FW1612781.UP.FTS.B,

27.12%,

1/23/27

..

7,628

7,676

FW1611792.UP.FTS.B,

28.67%,

1/23/27

..

5,750

1,704

L1616604.UP.FTS.B,

10.09%,

1/24/27

....

8,915

8,863

L1614273.UP.FTS.B,

14.09%,

1/24/27

....

7,554

7,133

L1599969.UP.FTS.B,

14.68%,

1/24/27

....

5,158

4,871

L1616477.UP.FTS.B,

19.45%,

1/24/27

....

3,900

3,903

L1613477.UP.FTS.B,

20.77%,

1/24/27

....

2,918

2,918

L1614645.UP.FTS.B,

22.79%,

1/24/27

....

2,209

2,230

L1616362.UP.FTS.B,

23.47%,

1/24/27

....

4,382

4,426

L1613119.UP.FTS.B,

24.86%,

1/24/27

....

11,282

10,717

FW1613124.UP.FTS.B,

26.6%,

1/24/27

...

12,382

11,888

FW1617995.UP.FTS.B,

27.41%,

1/24/27

..

4,073

4,118

FW1605600.UP.FTS.B,

29.46%,

1/24/27

..

5,780

5,859

FW1616426.UP.FTS.B,

30.21%,

1/24/27

..

1,495

1,438

FW1615354.UP.FTS.B,

31.17%,

1/24/27

..

9,844

9,903

L1619050.UP.FTS.B,

15.55%,

1/25/27

....

2,711

2,700

L1618708.UP.FTS.B,

19.03%,

1/25/27

....

13,714

13,640

FW1615921.UP.FTS.B,

28.4%,

1/25/27

...

14,003

14,148

FW1620982.UP.FTS.B,

29.78%,

1/25/27

..

26,257

7,713

FW1705472.UP.FTS.B,

19.5%,

2/13/27

...

5,972

5,963

L1705495.UP.FTS.B,

19.78%,

2/13/27

....

2,196

619

L1705855.UP.FTS.B,

20.56%,

2/13/27

....

5,271

378

L1706676.UP.FTS.B,

24.2%,

2/13/27

....

13,006

13,084

L1704980.UP.FTS.B,

24.51%,

2/13/27

....

4,134

295

L1705353.UP.FTS.B,

25.94%,

2/13/27

....

3,089

879

L1706613.UP.FTS.B,

27.15%,

2/13/27

....

6,353

6,399

FW1704840.UP.FTS.B,

30.21%,

2/13/27

..

2,408

–

L1876648.UP.FTS.B,

22.83%,

3/19/27

....

8,786

1,341

L1880795.UP.FTS.B,

23.65%,

3/19/27

....

2,454

366

FW1880786.UP.FTS.B,

24.67%,

3/19/27

..

4,310

4,322

L1880423.UP.FTS.B,

25.24%,

3/19/27

....

5,442

5,456

FW1879017.UP.FTS.B,

25.45%,

3/19/27

..

18,439

25

L1878925.UP.FTS.B,

26.03%,

3/19/27

....

5,975

6,026

FW1878560.UP.FTS.B,

28.77%,

3/19/27

..

4,488

315

FW1880356.UP.FTS.B,

28.86%,

3/19/27

..

1,938

1,948

FW1878756.UP.FTS.B,

30.15%,

3/19/27

..

1,227

85

FW1876491.UP.FTS.B,

30.62%,

3/19/27

..

5,300

5,316

FW1880852.UP.FTS.B,

31.2%,

3/19/27

...

2,556

2,577

FW1876421.UP.FTS.B,

26.08%,

3/27/27

..

4,385

4,399

L1991593.UP.FTS.B,

11.07%,

4/08/27

....

33,503

33,170

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1989633.UP.FTS.B,

11.19%,

4/08/27

..

$

4,040

$

4,008

L1998298.UP.FTS.B,

13.53%,

4/08/27

....

3,308

3,282

L1993049.UP.FTS.B,

14.87%,

4/08/27

....

14,845

14,714

L1993514.UP.FTS.B,

16.68%,

4/08/27

....

2,735

383

L1990886.UP.FTS.B,

17.65%,

4/08/27

....

5,320

5,272

L1991140.UP.FTS.B,

17.85%,

4/08/27

....

3,742

3,710

L1999227.UP.FTS.B,

17.88%,

4/08/27

....

14,667

14,525

L1989102.UP.FTS.B,

19.31%,

4/08/27

....

8,901

2,406

FW1990125.UP.FTS.B,

20.11%,

4/08/27

..

6,021

6,001

L1991181.UP.FTS.B,

20.28%,

4/08/27

....

7,710

7,691

FW1995724.UP.FTS.B,

22.43%,

4/08/27

..

11,414

6,549

L1990332.UP.FTS.B,

24.87%,

4/08/27

....

9,862

9,877

L1996816.UP.FTS.B,

26.05%,

4/08/27

....

12,407

12,404

FW1996955.UP.FTS.B,

27.91%,

4/08/27

..

1,164

1,160

FW1999057.UP.FTS.B,

28%,

4/08/27

....

18,818

18,873

FW1993453.UP.FTS.B,

28.76%,

4/08/27

..

9,907

9,895

FW1996092.UP.FTS.B,

29.72%,

4/08/27

..

2,618

2,629

FW1988366.UP.FTS.B,

30.88%,

4/08/27

..

4,640

2,736

FW1990513.UP.FTS.B,

31.11%,

4/08/27

..

3,902

3,897

FW1995947.UP.FTS.B,

31.02%,

4/17/27

..

3,417

979

L2073169.UP.FTS.B,

10.97%,

4/18/27

....

14,945

3,803

FW2073202.UP.FTS.B,

16.18%,

4/18/27

..

12,083

3,241

L2075589.UP.FTS.B,

16.26%,

4/18/27

....

5,234

5,202

L2074108.UP.FTS.B,

16.87%,

4/18/27

....

2,159

2,141

L2070593.UP.FTS.B,

17.59%,

4/18/27

....

15,309

15,206

L2074593.UP.FTS.B,

18.9%,

4/18/27

....

1,309

1,303

FW2071863.UP.FTS.B,

19.94%,

4/18/27

..

37,723

37,507

L2074730.UP.FTS.B,

20.02%,

4/18/27

....

3,525

3,521

L2072150.UP.FTS.B,

21.62%,

4/18/27

....

23,031

6,245

L2074432.UP.FTS.B,

21.97%,

4/18/27

....

2,167

2,183

FW2075442.UP.FTS.B,

22.23%,

4/18/27

..

5,795

5,755

L2073235.UP.FTS.B,

22.81%,

4/18/27

....

5,560

5,254

FW2073821.UP.FTS.B,

23.18%,

4/18/27

..

5,996

433

FW2068660.UP.FTS.B,

25.77%,

4/18/27

..

4,209

298

L2072180.UP.FTS.B,

25.94%,

4/18/27

....

17,621

–

FW2075168.UP.FTS.B,

30.19%,

4/18/27

..

2,722

2,731

FW2069880.UP.FTS.B,

30.4%,

4/18/27

...

4,942

4,954

FW2072505.UP.FTS.B,

31.14%,

4/18/27

..

2,233

–

FW2069864.UP.FTS.B,

31.2%,

4/18/27

...

3,023

2,895

FW1990667.UP.FTS.B,

27.83%,

4/22/27

..

3,355

3,363

L1996800.UP.FTS.B,

25.32%,

4/23/27

....

18,676

18,521

L2214144.UP.FTS.B,

11.27%,

5/09/27

....

6,623

6,567

L2163677.UP.FTS.B,

11.56%,

5/09/27

....

22,240

22,036

L2218652.UP.FTS.B,

13.28%,

5/09/27

....

7,337

7,284

L1410942.UP.FTS.B,

18.88%,

5/09/27

....

7,090

7,001

L2218508.UP.FTS.B,

20.09%,

5/09/27

....

4,684

2,773

L2217490.UP.FTS.B,

20.86%,

5/09/27

....

20,619

20,460

L2217932.UP.FTS.B,

21.91%,

5/09/27

....

11,384

11,295

FW2216167.UP.FTS.B,

23.76%,

5/09/27

..

5,008

5,004

FW2215962.UP.FTS.B,

24.1%,

5/09/27

...

3,805

1,073

L2198465.UP.FTS.B,

24.17%,

5/09/27

....

3,790

3,796

FW2217399.UP.FTS.B,

24.73%,

5/09/27

..

5,960

5,963

L2216524.UP.FTS.B,

25.42%,

5/09/27

....

8,330

4,924

FW2214150.UP.FTS.B,

26.84%,

5/09/27

..

1,893

1,898

FW1410803.UP.FTS.B,

28.82%,

5/09/27

..

5,068

356

FW2218340.UP.FTS.B,

31.07%,

5/09/27

..

7,582

–

L2218865.UP.FTS.B,

12.56%,

5/10/27

....

2,319

1,236

L2211511.UP.FTS.B,

12.64%,

5/10/27

....

39,484

21,099

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

254

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2219474.UP.FTS.B,

13.95%,

5/10/27

..

$

8,124

$

4,336

L2220695.UP.FTS.B,

14.81%,

5/10/27

....

3,955

3,914

L2221125.UP.FTS.B,

15.5%,

5/10/27

.....

1,480

1,468

L2219741.UP.FTS.B,

18.33%,

5/10/27

....

4,314

4,286

L2221646.UP.FTS.B,

18.79%,

5/10/27

....

7,624

7,534

FW2218896.UP.FTS.B,

19.03%,

5/10/27

..

7,131

1,940

L2221701.UP.FTS.B,

19.55%,

5/10/27

....

5,239

5,189

L2220292.UP.FTS.B,

21.61%,

5/10/27

....

8,750

2,471

L2221731.UP.FTS.B,

23.05%,

5/10/27

....

5,327

763

L2222302.UP.FTS.B,

24.68%,

5/10/27

....

4,135

595

L2219046.UP.FTS.B,

24.89%,

5/10/27

....

5,016

5,012

FW2220970.UP.FTS.B,

26.98%,

5/10/27

..

681

682

L2219250.UP.FTS.B,

27.55%,

5/10/27

....

21,046

1,505

FW2219943.UP.FTS.B,

28.3%,

5/10/27

...

9,868

696

FW2218780.UP.FTS.B,

29.8%,

5/10/27

...

4,760

–

FW2222345.UP.FTS.B,

30.23%,

5/10/27

..

1,961

1,936

FW2220084.UP.FTS.B,

30.41%,

5/10/27

..

1,673

1,680

FW2219211.UP.FTS.B,

31.11%,

5/10/27

..

3,983

4,002

FW2218821.UP.FTS.B,

31.13%,

5/10/27

..

1,875

1,878

FW2219137.UP.FTS.B,

32.32%,

5/10/27

..

6,339

6,374

L2222173.UP.FTS.B,

23.88%,

5/14/27

....

12,254

885

FW2218331.UP.FTS.B,

30.75%,

5/14/27

..

4,709

4,705

FW2219236.UP.FTS.B,

30.82%,

5/25/27

..

1,727

1,732

L1600527.UP.FTS.B,

20.35%,

6/24/27

....

6,618

6,556

FW1613781.UP.FTS.B,

20.91%,

6/24/27

..

142

140

L1619343.UP.FTS.B,

16.69%,

6/25/27

....

7,377

7,368

FW1705037.UP.FTS.B,

26.99%,

7/13/27

..

1,472

1,456

L1988413.UP.FTS.B,

19.1%,

9/08/27

....

1,212

1,202

L1996074.UP.FTS.B,

24%,

9/08/27

......

10,608

758

L2074857.UP.FTS.B,

16.11%,

9/18/27

....

15,429

15,286

FW2072528.UP.FTS.B,

30.61%,

9/18/27

..

1,550

108

FW1992674.UP.FTS.B,

30.71%,

9/23/27

..

1,521

1,507

L2217220.UP.FTS.B,

24.27%,

10/09/27

...

4,602

4,608

FW2217284.UP.FTS.B,

26.82%,

10/09/27

.

3,674

3,635

FW2216935.UP.FTS.B,

30.07%,

10/09/27

.

1,044

74

L2221415.UP.FTS.B,

11.88%,

10/10/27

...

5,008

364

FW2221749.UP.FTS.B,

30.5%,

10/10/27

..

938

939

L1700175.UP.FTS.B,

15.87%,

9/13/28

....

11,688

11,666

L1703901.UP.FTS.B,

26.94%,

9/13/28

....

8,045

8,152

L2074618.UP.FTS.B,

27.13%,

4/18/29

....

3,269

3,271

5,630,968

Total

Marketplace

Loans

(Cost

$51,478,881)

....

$44,804,846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

255

At

January

31,

2024

,

the

Fund

had

the

following futures

contracts

outstanding.

At

January

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

....................

Long

426

$

47,851,781

3/19/24

$

1,013,692

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

105

12,271,875

3/19/24

(

162,571

)

U.S.

Treasury

2

Year

Notes

.....................

Long

234

48,123,562

3/28/24

436,625

U.S.

Treasury

5

Year

Notes

.....................

Long

2,042

221,333,656

3/28/24

4,320,702

U.S.

Treasury

Long

Bonds

.....................

Long

60

7,340,625

3/19/24

183,661

U.S.

Treasury

Ultra

Bonds

......................

Long

30

3,876,562

3/19/24

228,703

Total

Futures

Contracts

......................................................................

$6,020,812

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

.............

JPHQ

Buy

29,232,000

30,933,887

2/26/24

$

692,680

$

—

Euro

.............

JPHQ

Sell

29,252,000

32,028,512

2/26/24

380,307

—

Japanese

Yen

......

JPHQ

Buy

1,145,000,000

8,105,563

4/05/24

—

(

248,310

)

Total

Forward

Exchange

Contracts

...................................................

$1,072,987

$(248,310)

Net

unrealized

appreciation

(depreciation)

............................................

$824,677

*

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.

256

At

January

31,

2024

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

At

January

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.40

.

(5.00)%

Quarterly

6/20/28

111,640,000

$

(

7,210,467

)

$

(

1,249,658

)

$

(

5,960,809

)

Total

Centrally

Cleared

Swap

Contracts

.....................................

$(7,210,467)

$(1,249,658)

$(5,960,809)

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

7,880,000

(

461,134

)

(

966,062

)

504,928

B+

Traded

Index

CDX.NA.HY.33

.

5.00%

Quarterly

CITI

12/20/24

37,700,000

1,642,147

(

79,610

)

1,721,757

Non-

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$1,181,013

$(1,045,672)

$2,226,685

Total

Credit

Default

Swap

Contracts

....................................

$(6,029,454)

$

(

2,295,330

)

$(3,734,124)

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

1.924%

...

Annual

8/12/27

34,300,000

$

2,601,205

$

1,991

$

2,599,214

Total

Interest

Rate

Swap

Contracts

....................................

$2,601,205

$

1,991

$2,599,214

*

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

257

At

January

31,

2024

,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

A

bbreviations

on

page

271

.

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

MSCO

6/20/24

30,000,000

$

(

139,861

)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BNDP

9/20/24

30,000,000

(

252,051

)

Total

Return

Swap

Contracts

....................................................................

$(391,912)

*

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)

258

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)

259

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.

At

January

31,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Restricted

Securities

At

January

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules of

Investments.

At

January

31,

2024,

unfunded

commitments

were

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Low

Duration

Total

Return

Fund

12,326,925

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

92,077

$

—

1,226,701

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

911

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$92,988

$—

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Total

Return

Fund

28,762,824

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

221,469

$

—

2,862,311

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

2,125

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$223,594

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$—

as

of

January

31,

2024.

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

Osmosis

Buyer

Ltd.

$

227,743

$

227,743

2. Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

260

Quarterly

Schedules

of

Investments

5.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

January

31,

2024,

investments

in

“affiliated

companies”

were

as

follows:

6.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

January

31,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

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

....

$

—

$

—

$

—

$

—

$

—

$

—

11,563,612

$

—

Quarternorth

Energy

Holding,

Inc.

......

68,112,343

—

—

—

16,660,317

84,772,660

504,224

—

UTEX

Industries,

Inc.

..

16,595,090

—

—

—

—

a

—

a

—

a

—

UTEX

Industries,

Inc.,

2/20/49

..........

1,185

—

—

—

—

a

—

a

—

a

—

Total

Affiliated

Securities

(Value

is

5.9%

of

Net

Assets)

..........

$84,708,618

$—

$—

$—

$16,660,317

$84,772,660

$—

a

As

of

January

31,

2024,

no

longer

an

affiliate.

    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,

5.003%

$79,626,510

$191,552,698

$(198,526,605)

$—

$—

$72,652,603

72,652,603

$939,092

Total

Affiliated

Securities

...

$79,626,510

$191,552,698

$(198,526,605)

$—

$—

$72,652,603

$939,092

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

261

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$114,853,407

$189,995,391

$(213,399,947)

$—

$—

$91,448,851

91,448,851

$1,273,441

Total

Affiliated

Securities

...

$114,853,407

$189,995,391

$(213,399,947)

$—

$—

$91,448,851

$1,273,441

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$69,605,515

$4,973,703

$(2,147,223)

$—

$—

$72,431,995

72,431,995

$897,458

Total

Affiliated

Securities

...

$69,605,515

$4,973,703

$(2,147,223)

$—

$—

$72,431,995

$897,458

Franklin

Long

Duration

Credit

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$19,752,974

$4,368,927

$(23,774,816)

$—

$—

$347,085

347,085

$5,617

Total

Affiliated

Securities

...

$19,752,974

$4,368,927

$(23,774,816)

$—

$—

$347,085

$5,617

Franklin

Low

Duration

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$49,548,481

$—

$(47,436,579)

$(2,725,535)

$613,633

$—

—

$2,023,541

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

43,685,347

2,808,067

(4,287,059)

—

—

42,206,355

42,206,355

544,314

Total

Non-Controlled

Affiliates

$93,233,828

$2,808,067

$(51,723,638)

$

(2,725,535)

$

613,633

$42,206,355

$

2,567,855

Total

Affiliated

Securities

...

$93,233,828

$2,808,067

$(51,723,638)

$(2,725,535)

$613,633

$42,206,355

$2,567,855

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$9,206,156

$42,264,622

$(39,249,273)

$—

$—

$12,221,505

12,221,505

$151,025

Total

Affiliated

Securities

...

$9,206,156

$42,264,622

$(39,249,273)

$—

$—

$12,221,505

$151,025

6.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

262

Quarterly

Schedules

of

Investments

7. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

January

31,

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

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,

5.003%

17,699,568

170,265,902

(156,437,016)

—

—

31,528,454

31,528,454

601,181

Western

Asset

Diversified

Income

Fund

.............

3,116,240

3,496,542

—

—

537,218

7,150,000

500,000

178,127

Total

Non-Controlled

Affiliates

$57,148,208

$173,762,444

$(195,658,552)

$

10,667,686

$

(7,241,332)

$38,678,454

$

779,308

Total

Affiliated

Securities

...

$57,148,208

$173,762,444

$(195,658,552)

$10,667,686

$(7,241,332)

$38,678,454

$779,308

Franklin

Total

Return

Fund

Controlled

Affiliates

Dividends

Franklin

Investment

Grade

Corporate

ETF

...........

$274,724,000

$—

$—

$—

$24,081,600

$298,805,600

13,840,000

$3,172,626

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$26,002,517

$—

$(24,894,213)

$(1,731,315)

$623,011

$—

—

$1,061,933

Franklin

Senior

Loan

ETF

....

41,662,852

—

(42,193,127)

(1,470,103)

2,000,378

—

—

850,838

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

77,626,917

123,584,596

(182,842,816)

—

—

18,368,697

18,368,697

564,100

Total

Non-Controlled

Affiliates

$145,292,286

$123,584,596

$(249,930,156)

$(3,201,418)

$2,623,389

$18,368,697

$2,476,871

Total

Affiliated

Securities

...

$420,016,286

$123,584,596

$(249,930,156)

$(3,201,418)

$26,704,989

$317,174,297

$5,649,497

6.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

263

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Convertible

Securities

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

25,155,451

$

—

$

—

$

25,155,451

Convertible

Preferred

Stocks

................

103,195,800

—

—

103,195,800

Convertible

Bonds

.......................

—

2,465,987,278

—

2,465,987,278

Short

Term

Investments

...................

72,652,603

—

—

72,652,603

Total

Investments

in

Securities

...........

$201,003,854

$2,465,987,278

$—

$2,666,991,132

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

88,616,935

—

—

88,616,935

Air

Freight

&

Logistics

...................

60,307,500

—

—

60,307,500

Banks

...............................

265,578,701

—

—

265,578,701

Beverages

...........................

123,975,700

—

—

123,975,700

Capital

Markets

........................

315,871,775

—

—

315,871,775

Chemicals

...........................

41,595,155

18,645,282

—

60,240,437

Commercial

Services

&

Supplies

...........

8,556,000

—

—

8,556,000

Communications

Equipment

..............

66,739,400

—

—

66,739,400

Consumer

Finance

.....................

14,051,800

—

—

14,051,800

Consumer

Staples

Distribution

&

Retail

......

76,811,138

—

—

76,811,138

Diversified

Telecommunication

Services

.....

8,221,303

—

—

8,221,303

Electric

Utilities

........................

164,287,950

—

—

164,287,950

Electrical

Equipment

....................

89,731,200

—

—

89,731,200

Electronic

Equipment,

Instruments

&

Components

........................

49,482,120

—

—

49,482,120

Financial

Services

......................

37,148,000

—

—

37,148,000

Food

Products

........................

37,446,825

—

—

37,446,825

Ground

Transportation

..................

37,638,400

—

—

37,638,400

Health

Care

Equipment

&

Supplies

.........

148,395,750

—

—

148,395,750

Health

Care

Providers

&

Services

..........

155,186,200

—

—

155,186,200

Health

Care

REITs

.....................

37,449,800

—

—

37,449,800

Hotels,

Restaurants

&

Leisure

.............

46,835,200

—

—

46,835,200

Household

Products

....................

98,212,500

—

—

98,212,500

Industrial

REITs

.......................

33,776,568

—

—

33,776,568

Insurance

............................

8,125,600

—

—

8,125,600

Interactive

Media

&

Services

..............

23,817,000

—

—

23,817,000

Life

Sciences

Tools

&

Services

............

78,156,855

—

—

78,156,855

Machinery

............................

48,096,950

—

—

48,096,950

Media

...............................

49,099,700

—

—

49,099,700

Oil,

Gas

&

Consumable

Fuels

.............

356,467,429

—

—

356,467,429

Pharmaceuticals

.......................

192,814,500

—

—

192,814,500

Residential

REITs

......................

45,496,800

—

—

45,496,800

Semiconductors

&

Semiconductor

Equipment

.

145,831,640

—

—

145,831,640

Software

.............................

94,107,250

—

—

94,107,250

Specialty

Retail

........................

69,704,680

—

—

69,704,680

Trading

Companies

&

Distributors

..........

26,266,800

—

—

26,266,800

Equity-Linked

Securities

...................

—

351,731,711

—

351,731,711

Convertible

Preferred

Stocks

................

86,274,785

—

—

86,274,785

Short

Term

Investments

...................

91,448,851

—

—

91,448,851

Total

Investments

in

Securities

...........

$3,321,624,760

$370,376,993

b

$—

$3,692,001,753

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

264

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

—

$

101,333,122

$

—

$

101,333,122

Management

Investment

Companies

.........

12,935,752

—

—

12,935,752

Preferred

Stocks

.........................

—

10,225

—

10,225

Warrants

...............................

—

—

459

459

Corporate

Bonds

........................

—

78,419,661

—

78,419,661

Senior

Floating

Rate

Interests

...............

—

1,142,717,310

—

1,142,717,310

Asset-Backed

Securities

...................

—

9,508,827

—

9,508,827

Escrows

and

Litigation

Trusts

...............

—

—

—

c

—

Short

Term

Investments

...................

72,431,995

61,048,618

—

133,480,613

Total

Investments

in

Securities

...........

$85,367,747

$1,393,037,763

$459

$1,478,405,969

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$214

$—

$214

Total

Other

Financial

Instruments

.........

$—

$214

$—

$214

Franklin

Long

Duration

Credit

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

74,661,121

—

74,661,121

Foreign

Government

and

Agency

Securities

....

—

2,309,298

—

2,309,298

U.S.

Government

and

Agency

Securities

.......

—

1,471,646

—

1,471,646

Municipal

Bonds

.........................

—

889,266

—

889,266

Short

Term

Investments

...................

347,085

—

—

347,085

Total

Investments

in

Securities

...........

$347,085

$79,331,331

$—

$79,678,416

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

c

—

Hotels,

Restaurants

&

Leisure

.............

—

4,548

—

4,548

Machinery

............................

—

582,901

—

582,901

Oil,

Gas

&

Consumable

Fuels

.............

—

16,702,714

—

16,702,714

Specialty

Retail

........................

—

—

—

c

—

Preferred

Stocks

.........................

—

885

—

885

Warrants

...............................

—

—

573

573

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

15,214,041

—

15,214,041

Air

Freight

&

Logistics

...................

—

1,656,538

—

1,656,538

Automobile

Components

.................

—

2,117,912

—

2,117,912

Automobiles

..........................

—

7,104,577

—

7,104,577

Banks

...............................

—

230,726,467

—

230,726,467

Beverages

...........................

—

11,853,087

—

11,853,087

Biotechnology

.........................

—

12,256,332

—

12,256,332

Broadline

Retail

.......................

—

—

—

c

—

Capital

Markets

........................

—

64,385,265

—

64,385,265

Chemicals

...........................

—

3,171,872

—

3,171,872

Commercial

Services

&

Supplies

...........

—

7,285,243

—

7,285,243

Communications

Equipment

..............

—

716,292

—

716,292

Consumer

Finance

.....................

—

12,719,799

—

12,719,799

Consumer

Staples

Distribution

&

Retail

......

—

7,465,655

—

7,465,655

Containers

&

Packaging

.................

—

2,396,854

—

2,396,854

Diversified

Consumer

Services

............

—

1,944,802

—

1,944,802

Diversified

Telecommunication

Services

.....

—

20,887,961

—

20,887,961

Electric

Utilities

........................

—

46,636,625

—

46,636,625

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

265

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:

Entertainment

.........................

$

—

$

16,834,143

$

—

$

16,834,143

Financial

Services

......................

—

12,225,671

—

c

12,225,671

Food

Products

........................

—

6,179,467

—

6,179,467

Health

Care

Equipment

&

Supplies

.........

—

8,260,131

—

8,260,131

Health

Care

Providers

&

Services

..........

—

25,726,800

—

25,726,800

Health

Care

REITs

.....................

—

5,229,259

—

5,229,259

Health

Care

Technology

.................

—

3,438,488

—

3,438,488

Hotels,

Restaurants

&

Leisure

.............

—

5,154,915

—

5,154,915

Industrial

REITs

.......................

—

7,910,503

—

7,910,503

Insurance

............................

—

55,087,162

—

55,087,162

Interactive

Media

&

Services

..............

—

12,727,745

—

12,727,745

Life

Sciences

Tools

&

Services

............

—

4,903,421

—

4,903,421

Machinery

............................

—

4,665,537

—

4,665,537

Media

...............................

—

16,295,811

—

16,295,811

Metals

&

Mining

.......................

—

937,339

—

937,339

Multi-Utilities

..........................

—

6,254,338

—

6,254,338

Oil,

Gas

&

Consumable

Fuels

.............

—

47,769,892

—

47,769,892

Passenger

Airlines

.....................

—

4,128,656

—

4,128,656

Personal

Care

Products

.................

—

18,184,357

—

18,184,357

Pharmaceuticals

.......................

—

24,950,501

—

24,950,501

Semiconductors

&

Semiconductor

Equipment

.

—

9,958,409

—

9,958,409

Specialized

REITs

......................

—

1,334,380

—

1,334,380

Specialty

Retail

........................

—

5,125,476

—

5,125,476

Technology

Hardware,

Storage

&

Peripherals

.

—

5,698,352

—

5,698,352

Textiles,

Apparel

&

Luxury

Goods

..........

—

3,363,689

—

3,363,689

Tobacco

.............................

—

17,925,899

—

17,925,899

Trading

Companies

&

Distributors

..........

—

3,251,040

—

3,251,040

Wireless

Telecommunication

Services

.......

—

7,234,947

—

7,234,947

Senior

Floating

Rate

Interests

...............

—

42,035,176

—

42,035,176

Marketplace

Loans

.......................

—

—

48,567,503

48,567,503

Foreign

Government

and

Agency

Securities

....

—

36,592,175

—

36,592,175

U.S.

Government

and

Agency

Securities

.......

—

676,412,239

—

676,412,239

Asset-Backed

Securities

...................

—

265,282,520

—

265,282,520

Commercial

Mortgage-Backed

Securities

......

—

36,792,759

—

36,792,759

Mortgage-Backed

Securities

................

—

27,207,178

—

27,207,178

Municipal

Bonds

.........................

—

23,191,628

—

23,191,628

Residential

Mortgage-Backed

Securities

.......

—

81,813,767

—

81,813,767

Escrows

and

Litigation

Trusts

...............

—

118,750

—

c

118,750

Short

Term

Investments

...................

42,206,355

5,869,873

—

48,076,228

Total

Investments

in

Securities

...........

$42,206,355

$2,001,902,763

$48,568,076

$2,092,677,194

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$—

$1,133,876

$—

$1,133,876

Futures

contracts

........................

5,217,819

—

—

5,217,819

Swap

contracts

.........................

—

1,465,019

—

1,465,019

Total

Other

Financial

Instruments

.........

$5,217,819

$2,598,895

$—

$7,816,714

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$

—

$

29,441

$

—

$

29,441

Futures

contracts

........................

2,076,669

—

—

2,076,669

Total

Other

Financial

Instruments

.........

$2,076,669

$29,441

$—

$2,106,110

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

266

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

$

—

$

59,905,478

$

—

$

59,905,478

Commercial

Mortgage-Backed

Securities

......

—

89,566,268

—

89,566,268

Mortgage-Backed

Securities

................

—

268,071,822

—

268,071,822

Short

Term

Investments

...................

12,221,505

—

—

12,221,505

Total

Investments

in

Securities

...........

$12,221,505

$417,543,568

$—

$429,765,073

Other

Financial

Instruments:

Futures

contracts

........................

$571,108

$—

$—

$571,108

Total

Other

Financial

Instruments

.........

$571,108

$—

$—

$571,108

Liabilities:

Other

Financial

Instruments:

Futures

contracts

........................

$377,612

$—

$—

$377,612

Total

Other

Financial

Instruments

.........

$377,612

$—

$—

$377,612

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

963,724,538

—

—

963,724,538

Management

Investment

Companies

.........

7,150,000

—

—

7,150,000

Equity-Linked

Securities

...................

—

310,688,147

—

310,688,147

Convertible

Preferred

Stocks

................

18,605,000

—

—

18,605,000

Corporate

Bonds

........................

—

1,995,691,283

—

1,995,691,283

U.S.

Government

and

Agency

Securities

.......

—

186,180,078

—

186,180,078

Asset-Backed

Securities

...................

—

12,570,433

—

12,570,433

Mortgage-Backed

Securities

................

—

962,720

—

962,720

Short

Term

Investments

...................

31,528,454

—

—

31,528,454

Total

Investments

in

Securities

...........

$1,021,007,992

$2,506,092,661

$—

$3,527,100,653

Other

Financial

Instruments:

Futures

contracts

........................

$10,408,851

$—

$—

$10,408,851

Total

Other

Financial

Instruments

.........

$10,408,851

$—

$—

$10,408,851

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

c

—

Energy

Equipment

&

Services

.............

150,653

—

—

150,653

Hotels,

Restaurants

&

Leisure

.............

—

2,387

—

2,387

Machinery

............................

—

305,915

—

305,915

Oil,

Gas

&

Consumable

Fuels

.............

—

17,985,340

—

17,985,340

Management

Investment

Companies

:

Capital

Markets

........................

298,805,600

—

—

298,805,600

Preferred

Stocks

:

Banks

...............................

2,699,790

—

—

2,699,790

Hotels,

Restaurants

&

Leisure

.............

—

465

—

465

Warrants

...............................

—

—

301

301

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

23,962,461

—

23,962,461

Air

Freight

&

Logistics

...................

—

3,215,633

—

3,215,633

Banks

...............................

—

195,147,750

—

195,147,750

Beverages

...........................

—

5,087,878

—

5,087,878

Biotechnology

.........................

—

24,203,270

—

24,203,270

Broadline

Retail

.......................

—

—

—

c

—

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

267

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Capital

Markets

........................

$

—

$

52,237,559

$

—

$

52,237,559

Chemicals

...........................

—

12,514,756

—

12,514,756

Commercial

Services

&

Supplies

...........

—

73,013

—

73,013

Communications

Equipment

..............

—

7,501,607

—

7,501,607

Consumer

Finance

.....................

—

12,341,145

—

12,341,145

Consumer

Staples

Distribution

&

Retail

......

—

11,416,984

—

11,416,984

Containers

&

Packaging

.................

—

6,180,352

—

6,180,352

Diversified

Consumer

Services

............

—

55,917

—

55,917

Diversified

REITs

......................

—

3,688,346

—

3,688,346

Diversified

Telecommunication

Services

.....

—

24,521,408

—

24,521,408

Electric

Utilities

........................

—

48,497,901

—

48,497,901

Electrical

Equipment

....................

—

2,316,412

—

2,316,412

Electronic

Equipment,

Instruments

&

Components

........................

—

7,347,090

—

7,347,090

Entertainment

.........................

—

7,566,683

—

7,566,683

Financial

Services

......................

—

20,245,644

—

20,245,644

Food

Products

........................

—

15,332,761

—

15,332,761

Ground

Transportation

..................

—

11,909,835

—

11,909,835

Health

Care

Equipment

&

Supplies

.........

—

13,184,325

—

13,184,325

Health

Care

Providers

&

Services

..........

—

47,287,403

—

47,287,403

Health

Care

REITs

.....................

—

859,129

—

859,129

Health

Care

Technology

.................

—

4,480,454

—

4,480,454

Hotels,

Restaurants

&

Leisure

.............

—

8,140,810

—

8,140,810

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

2,616,526

—

2,616,526

Insurance

............................

—

47,247,653

—

47,247,653

Interactive

Media

&

Services

..............

—

18,929,900

—

18,929,900

Life

Sciences

Tools

&

Services

............

—

1,491,427

—

1,491,427

Media

...............................

—

32,216,107

—

32,216,107

Multi-Utilities

..........................

—

13,643,848

—

13,643,848

Oil,

Gas

&

Consumable

Fuels

.............

—

72,276,236

—

72,276,236

Paper

&

Forest

Products

.................

—

1,899,035

—

1,899,035

Passenger

Airlines

.....................

—

8,836,951

—

8,836,951

Personal

Care

Products

.................

—

12,970,517

—

12,970,517

Pharmaceuticals

.......................

—

35,902,179

—

35,902,179

Software

.............................

—

5,897,433

—

5,897,433

Technology

Hardware,

Storage

&

Peripherals

.

—

2,028,652

—

2,028,652

Textiles,

Apparel

&

Luxury

Goods

..........

—

11,142,812

—

11,142,812

Tobacco

.............................

—

26,612,252

—

26,612,252

Trading

Companies

&

Distributors

..........

—

6,603,675

—

6,603,675

Wireless

Telecommunication

Services

.......

—

11,351,500

—

11,351,500

Senior

Floating

Rate

Interests

...............

—

22,438,167

—

22,438,167

Marketplace

Loans

.......................

—

—

44,804,846

44,804,846

Foreign

Government

and

Agency

Securities

....

—

75,884,301

—

75,884,301

U.S.

Government

and

Agency

Securities

.......

—

834,520,273

—

834,520,273

Asset-Backed

Securities

...................

—

218,793,054

—

218,793,054

Commercial

Mortgage-Backed

Securities

......

—

45,176,447

—

45,176,447

Mortgage-Backed

Securities

................

—

944,889,352

—

944,889,352

Municipal

Bonds

.........................

—

60,908,019

—

60,908,019

Residential

Mortgage-Backed

Securities

.......

—

108,931,141

—

108,931,141

Escrows

and

Litigation

Trusts

...............

—

187,500

—

c

187,500

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

268

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At January

31,

2024,

the

reconciliations

are

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Options

purchased

.......................

$—

$

613,490

$—

$

613,490

Short

Term

Investments

...................

18,368,697

—

—

18,368,697

Total

Investments

in

Securities

...........

$320,024,740

$3,211,619,080

$44,805,147

$3,576,448,967

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$—

$1,072,987

$—

$1,072,987

Futures

contracts

........................

6,183,383

—

—

6,183,383

Swap

contracts

.........................

—

4,825,899

—

4,825,899

Total

Other

Financial

Instruments

.........

$6,183,383

$5,898,886

$—

$12,082,269

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$—

$248,310

$—

$248,310

Futures

contracts

........................

162,571

—

—

162,571

Options

written

..........................

—

210,729

—

210,729

Swap

contracts

..........................

—

6,352,722

—

6,352,722

Total

Other

Financial

Instruments

.........

$162,571

$6,811,760

$—

$6,974,331

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$18,645,282,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

financial

instruments

determined

to

have

no

value.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Specialty

Retail

.....

—

—

—

73,017

—

—

—

(73,017)

—

d

(73,017)

Warrants

:

Machinery

.........

—

699

—

—

—

—

—

(126)

573

(126)

Corporate

Bonds

:

Broadline

Retail

.....

—

d

—

—

—

—

—

—

—

—

d

—

Financial

Services

...

818,811

—

—

—

—

(1,913)

—

(816,898)

—

d

(816,898)

Marketplace

Loans

:

Financial

Services

...

55,313,777

2,938,476

(9,365,040)

—

—

—

(193,384)

(126,326)

48,567,503

(835,967)

Escrows

and

Litigation

Trusts

:

—

d

—

d

—

—

—

—

—

—

—

d

—

Total

Investments

in

Securities

............

$56,132,588

$2,939,175

$(9,365,040)

$73,017

$—

$(1,913)

$(193,384)

$(1,016,367)

$48,568,076

$(1,726,008)

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

269

Quarterly

Schedules

of

Investments

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Warrants

:

Machinery

.........

—

367

—

—

—

—

—

(66)

301

(66)

Corporate

Bonds

:

Broadline

Retail

.....

—

d

—

—

—

—

—

—

—

—

d

—

Marketplace

Loans

:

Financial

Services

...

48,961,503

5,334,559

(9,283,581)

—

—

—

(590,452)

382,817

44,804,846

(293,327)

Commercial

Mortgage-

Backed

Securities

:

Financial

Services

...

480

—

(480)

—

—

—

22

(22)

—

—

Escrows

and

Litigation

Trusts

:

—

d

—

d

—

—

—

—

—

—

—

d

—

Total

Investments

in

Securities

............

$48,961,983

$5,334,926

$(9,284,061)

$—

$—

$—

$(590,430)

$382,729

$44,805,147

$(293,393)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

7. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

270

Quarterly

Schedules

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

January

31,

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

........

$48,567,503

Discounted

cash

flow

Loss-adjusted

discount

rate

1.1%

-

19.2%

(9.4%)

Decrease

Projected

loss

rate

2.6%

-

37.0%

(16.5%)

Decrease

All

other

investments

..........

573

c,d

Total

.......................

$48,568,076

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Financial

Services

........

$44,804,846

Discounted

cash

flow

Loss-adjusted

discount

rate

2.5%

-

19.7%

(9.6%)

Decrease

Projected

loss

rate

1.3%

-

47.7%

(16.9%)

Decrease

All

other

investments

..........

301

c,d

Total

.......................

$44,805,147

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)

271

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BZWS

Barclays

Bank

plc

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

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

........................

5.32%

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

LIBOR

London

Interbank

Offered

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

TBD

To

Be

Determined

T-Note

Treasury

Note

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.